Industry Averages Financial Ratios

Page 1 of 5
Industry averages (US)

A
Industry name
10
11
12
13
14
15
16
17
18
19
20
21
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
22
23
24
25
26
27
28
29
30
31
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
Industry name
32
33
34
35
36
37
38
39
40
41
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name
42
43
44
45
46
47
48
49
50
51
52
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Industry name
53
54
55
56
57
58
59
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Number
of firms
31
66
35
46
54
11
375
86
36
232
42
Number
of firms
18
18
32
73
19
181
68
123
199
Number
of firms
66
33
20
17
15
60
99
30
67
Number
of firms
36
61
225
104
10
6
28
19
21
25
Number
of firms
53
26
25
122
29
31
C
Avg
Annual
Rev
Growth:
Last 5
years
4.60%
12.33%
6.51%
7.48%
0.90%
9.66%
0.00%
0.00%
3.24%
23.92%
4.86%
Avg
Annual
Rev
Growth:
Last 5
years
8.74%
-6.24%
9.02%
11.69%
5.79%
10.34%
-0.77%
11.32%
23.48%
Avg
Annual
Rev
Growth:
Last 5
years
13.83%
3.59%
-2.25%
-9.80%
-5.02%
-2.61%
5.20%
13.10%
9.04%
Avg
Annual
Rev
Growth:
Last 5
years
5.45%
16.24%
19.02%
6.58%
-9.48%
6.73%
2.97%
7.12%
3.93%
14.61%
Avg
Annual
Rev
Growth:
Last 5
years
15.36%
7.33%
7.68%
6.30%
10.26%
0.00%
COGS as SG&A as
% of
% of
Revenue Revenues
52.63%
82.00%
77.46%
55.91%
83.49%
81.60%
NA
NA
45.47%
22.26%
83.22%
35.93%
8.01%
14.50%
33.39%
9.63%
11.85%
NA
NA
34.06%
55.46%
16.23%
COGS as SG&A as
% of
% of
Revenue Revenues
70.75%
76.02%
69.48%
74.61%
84.97%
28.13%
64.69%
73.36%
31.89%
10.11%
9.83%
14.80%
13.73%
4.83%
44.94%
19.43%
13.46%
42.46%
COGS as SG&A as
% of
% of
Revenue Revenues
49.31%
48.91%
78.41%
79.99%
81.85%
72.16%
82.99%
89.85%
63.94%
38.51%
38.39%
3.01%
0.00%
1.27%
21.10%
11.05%
4.96%
14.42%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Equity
(Levered)
Beta
Cost of
Equity
Industry name
-12.79%
5.12%
-10.55%
16.47%
7.47%
21.29%
NA
NA
4.26%
7.95%
8.14%
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
16.81%
23.03%
26.03%
18.85%
17.88%
17.79%
17.91%
21.88%
17.04%
2.63%
11.27%
1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28
8.67%
7.39%
7.64%
8.90%
10.56%
8.72%
6.14%
7.34%
6.61%
9.41%
9.46%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Cable TV
Chemical (Basic)
Coal
Computer Software
Diversified Co.
Drug
20.75%
21.56%
21.15%
15.52%
9.47%
13.43%
7.63%
20.27%
5.89%
0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99
6.59%
9.03%
9.24%
8.17%
7.51%
7.54%
9.51%
7.45%
8.00%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
10.24%
21.44%
28.85%
31.06%
28.24%
16.78%
11.65%
19.88%
14.87%
0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18
7.12%
7.30%
4.80%
4.32%
4.87%
9.76%
8.52%
8.78%
8.95%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Entertainment Tech
Environmental
Food Processing
Foreign Electronics
Funeral Services
Heavy Truck & Equip
Homebuilding
11.45%
10.82%
16.74%
21.85%
31.10%
27.80%
19.54%
18.01%
20.13%
7.09%
1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40
9.71%
4.74%
7.77%
6.84%
8.78%
7.08%
9.70%
8.42%
10.32%
10.04%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
14.48%
23.88%
25.63%
20.04%
17.00%
20.49%
1.14
0.86
1.50
0.68
1.02
1.66
8.75%
7.35%
10.53%
6.42%
8.15%
11.33%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
11.44%
9.99%
8.04%
10.70%
6.88%
6.55%
NA
NA
20.46%
22.27%
0.55%
19.14%
14.15%
15.73%
11.66%
10.20%
26.93%
15.88%
13.18%
25.65%
3.05%
3.59%
8.06%
2.92%
4.07%
6.00%
NA
NA
5.43%
5.02%
3.33%
12.51%
7.66%
6.58%
4.95%
14.52%
2.99%
3.76%
5.05%
3.86%
-8.88%
14.69%
16.18%
13.88%
7.03%
-11.17%
-0.65%
47.81%
8.29%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
12.17%
12.70%
18.58%
20.00%
16.88%
6.74%
5.97%
5.19%
21.64%
7.52%
4.11%
23.55%
28.77%
27.46%
4.34%
2.22%
1.51%
4.57%
-9.13%
-4.01%
8.30%
7.10%
-0.48%
14.57%
11.76%
5.90%
4.36%
COGS as SG&A as
% of
% of
Revenue Revenues
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
40.32%
73.54%
9.41%
72.26%
68.41%
72.15%
70.02%
42.08%
76.66%
106.32%
14.84%
14.23%
48.76%
9.23%
4.56%
14.72%
6.84%
13.68%
10.87%
-17.62%
44.84%
12.23%
41.83%
18.51%
27.03%
13.13%
23.14%
44.24%
12.47%
11.30%
COGS as SG&A as
% of
% of
Revenue Revenues
68.66%
53.64%
79.88%
78.20%
58.90%
NA
16.14%
29.43%
16.97%
11.58%
21.46%
NA
3.53%
9.36%
3.41%
3.45%
4.86%
3.96%
2.53%
5.39%
4.68%
0.55%
-7.70%
2.22%
37.15%
7.06%
3.84%
3.82%
14.14%
4.53%
20.83%
80.09%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
15.20%
16.93%
3.15%
10.23%
19.64%
NA
7.30%
4.10%
0.62%
7.52%
4.13%
NA
-5.77%
4.05%
5.30%
8.77%
4.22%
NA
E-Commerce
Electronics
Engineering & Const
Entertainment
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
1.30 9.54% Advertising

0.92 7.62% Aerospace/Defense
1.07 8.37% Air Transport
1.20 9.06% Apparel
1.66 11.35% Auto Parts
1.70 11.52% Automotive
0.88 7.45% Bank
0.95 7.80% Bank (Midwest)
0.81 7.08% Beverage
1.24 9.22% Biotechnology
1.69 11.50% Building Materials
Equity
(Levered)
Beta
Cost of
Equity
Industry name
0.96 7.83% Cable TV

1.32 9.63% Chemical (Basic)
1.32 9.62% Chemical (Diversified)
1.13 8.71% Chemical (Specialty)
1.44 10.26% Coal
0.85 7.28% Computer Software
1.28 9.45% Computers/Peripherals
1.15 8.79% Diversified Co.
1.04 8.25% Drug
Equity
(Levered)
Beta
0.82
0.78
0.55
0.39
0.54
1.35
1.14
1.10
1.33
Equity
(Levered)
Beta
Cost of
Equity
Industry name
7.13% E-Commerce
6.93% Educational Services
5.77% Electric Util. (Central)
4.99% Electric Utility (East)
5.76% Electric Utility (West)
9.77% Electrical Equipment
8.74% Electronics
8.56% Engineering & Const
9.71% Entertainment
Cost of
Equity
Industry name
1.06 8.35% Entertainment Tech

0.45 5.31% Environmental
1.19 8.98% Financial Svcs. (Div.)
0.85 7.29% Food Processing
1.11 8.57% Foreign Electronics
1.01 8.11% Funeral Services
1.39 10.01% Furn/Home Furnishings
1.07 8.37% Healthcare Information
1.79 12.01% Heavy Truck & Equip
1.79 11.98% Homebuilding
Equity
(Levered)
Beta
Cost of
Equity
Industry name
1.49 10.47% Hotel/Gaming

0.94 7.75% Household Products
1.47 10.40% Human Resources
0.93 7.68% Industrial Services
1.14 8.73% Information Services
1.62 11.14% Insurance (Life)
Industry name
EV/
Sales
EV/
EBITDA
EV/
EBIT
65.96% Advertising
38.94% Aerospace/Defense
48.91% Air Transport
62.44% Apparel
44.16% Auto Parts
32.06% Automotive
28.22% Bank
26.00% Bank (Midwest)
41.13% Beverage
76.27% Biotechnology
58.75% Building Materials
1.67
1.31
1.01
2.08
0.93
0.98
NA
NA
3.59
8.17
1.64
10.91
10.54
7.89
15.70
9.56
8.76
5.40
5.43
14.36
28.37
26.98
14.64
13.08
12.56
19.42
13.48
15.02
5.40
5.43
17.56
36.70
298.53
EV/
Sales
EV/
EBITDA
EV/
EBIT
2.62
1.59
2.07
1.71
1.40
4.09
1.67
2.18
4.06
8.03
8.37
10.11
10.92
6.97
12.98
8.69
12.68
11.84
13.68
11.25
13.16
14.68
13.73
15.20
10.53
16.55
15.82
EV/
Sales
EV/
EBITDA
EV/
EBIT
6.01
1.02
2.61
3.09
2.46
1.91
0.83
0.61
3.31
30.97
5.95
8.51
9.56
8.32
18.40
9.61
9.17
12.88
49.33
8.02
14.04
15.46
14.60
28.29
13.95
11.81
15.27
EV/
Sales
EV/
EBITDA
EV/
EBIT
1.96
2.36
5.48
1.40
0.54
2.24
1.34
4.74
1.14
1.84
10.01
10.35
10.58
12.04
5.39
11.69
14.07
21.11
8.23
NA
13.18
16.55
11.24
15.15
11.74
15.25
19.64
34.62
10.51
NA
EV/
Sales
EV/
EBITDA
EV/
EBIT
3.10
2.65
0.52
1.56
4.05
NA
13.81
13.13
13.14
11.24
14.48
1.51
20.37
15.63
16.57
15.25
20.62
1.51
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
83.02%
44.75%
63.96%
67.00%
51.50%
49.51%
43.18%
32.12%
47.98%
83.67%
76.77%
5.54%
4.04%
4.54%
5.04%
4.54%
4.04%
4.04%
4.04%
4.04%
5.54%
5.04%
26.35%
16.46%
30.31%
8.57%
18.11%
46.62%
45.74%
24.39%
18.12%
11.16%
30.25%
7.90%
6.77%
6.66%
8.54%
9.78%
7.28%
5.15%
6.49%
6.24%
8.56%
8.94%
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
37.32%
38.16%
44.72%
60.60%
46.07%
67.14%
77.26%
57.21%
84.78%
4.04%
4.04%
4.04%
4.54%
4.04%
5.04%
5.04%
4.54%
5.54%
35.25%
18.89%
14.84%
16.36%
43.67%
7.05%
7.89%
37.79%
11.62%
5.92%
8.27%
8.56%
7.73%
6.84%
6.98%
8.95%
6.50%
7.67%
27.18% Cable TV
32.49% Chemical (Basic)
39.48% Chemical (Diversified)
52.78% Chemical (Specialty)
30.77% Coal
63.37% Computer Software
72.42% Computers/Peripherals
40.61% Diversified Co.
76.97% Drug
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
72.45%
81.04%
14.80%
13.08%
14.11%
67.15%
75.34%
56.11%
61.01%
5.04%
5.54%
3.54%
3.54%
3.54%
5.04%
5.04%
4.54%
4.54%
7.30%
12.53%
44.44%
44.17%
41.24%
10.49%
15.50%
10.59%
16.95%
6.83%
6.47%
4.15%
3.73%
4.26%
9.06%
7.85%
7.95%
8.52%
4.04%
5.04%
4.54%
4.54%
4.04%
4.04%
4.04%
4.54%
4.04%
4.04%
6.01%
28.42%
35.09%
17.03%
24.76%
28.09%
12.04%
7.71%
29.49%
35.22%
8.00%
4.66%
6.79%
6.52%
7.05%
6.51%
9.10%
7.93%
9.18%
8.61%
4.54%
4.04%
4.54%
4.54%
4.54%
4.04%
30.65%
13.70%
8.33%
37.91%
16.06%
26.98%
8.10%
7.02%
9.76%
5.80%
7.76%
8.79%
Industry name
47.11% Entertainment Tech

60.74% Environmental
39.84% Financial Svcs. (Div.)
44.48% Food Processing
24.06% Foreign Electronics
20.24% Funeral Services
41.26% Furn/Home Furnishings
50.98% Healthcare Information
30.19% Heavy Truck & Equip
30.21% Homebuilding
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
58.46%
40.37%
50.44%
58.23%
55.92%
29.38%
Industry name
68.24% E-Commerce
9.81% Electric Util. (Central)
8.69% Electric Utility (East)
9.67% Electric Utility (West)
66.12% Electronics
51.40% Engineering & Const
52.86% Entertainment
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
49.47%
77.98%
54.62%
51.38%
29.83%
25.91%
45.61%
54.31%
39.16%
41.47%
Industry name
Industry name
44.56% Hotel/Gaming
35.99% Household Products
47.10% Human Resources
41.28% Industrial Services
48.83% Information Services
23.20% Insurance (Life)
Price/ Trailing
Book
PE
3.24
4.58
5.00
4.60
2.90
1.59
1.21
1.59
4.79
6.46
2.42
23.81
18.98
20.19
27.98
18.33
13.60
14.83
15.44
21.00
NA
NA
Price/ Trailing
Book
PE
5.24
2.76
3.47
3.91
1.43
4.28
4.06
2.91
3.85
22.50
14.09
21.70
19.15
NA
22.56
16.09
19.57
21.67
Price/ Trailing
Book
PE
6.33
2.93
1.62
1.54
1.54
2.89
2.41
2.26
3.50
72.59
17.99
15.76
17.08
15.79
21.52
19.42
18.53
23.38
Price/ Trailing
Book
PE
1.92
2.56
2.36
3.27
1.21
2.87
2.95
5.37
3.58
2.25
24.76
26.35
21.60
20.25
NA
23.53
30.21
70.26
12.31
30.72
Price/ Trailing
Book
PE
5.45
4.38
3.20
2.35
5.10
1.03
55.84
20.42
29.59
22.70
25.60
12.97
AA
Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
Cable TV
Chemical (Basic)
Coal
Computer Software
Diversified Co.
Drug
Industry name
E-Commerce
Electronics
Engineering & Const
Entertainment
Industry name
Entertainment Tech
Environmental
Food Processing
Foreign Electronics
Funeral Services
Heavy Truck & Equip
Homebuilding
Industry name
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Insurance (Life)
Page 2 of 5
60 Insurance (Prop/Cas.)
61 Internet
62 Investment Co.
66 4.96%
145 18.48%
16 32.20%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
63
years
64 IT Services
55 3.33%
65 Machinery
82 3.47%
66 Maritime
51 -7.04%
67 Med Supp Invasive
74 1.14%
68 Med Supp Non-Invasive
127 11.25%
69 Medical Services
106 8.35%
70 Metal Fabricating
25 0.74%
71 Metals & Mining (Div.)
71 2.64%
72 Natural Gas (Div.)
30 -4.25%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
73
years
74 Natural Gas Utility
26 -7.97%
75 Newspaper
12 2.29%
76 Office Equip/Supplies
18 0.49%
77 Oil/Gas Distribution
11 -2.80%
78 Oilfield Svcs/Equip.
80 14.20%
79 Packaging & Container
26 2.70%
80 Paper/Forest Products
29 5.05%
81 Petroleum (Integrated)
28 20.39%
82 Petroleum (Producing)
168 7.01%
83 Pharmacy Services
16 13.34%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
84
years
85 Pipeline MLPs
62 -1.75%
86 Power
92 -2.13%
87 Precious Metals
74 14.61%
88 Precision Instrument
76 -3.49%
89 Public/Private Equity
20 14.68%
90 Publishing
21 -3.12%
91 R.E.I.T.
131 -5.51%
92 Railroad
13 12.09%
93 Recreation
53 10.80%
Avg
Annual
Rev
Number
Industry name
of firms Growth:
Last 5
94
years
95 Reinsurance
12 0.00%
96 Restaurant
67 1.40%
97 Retail (Hardlines)
69 10.42%
98 Retail (Softlines)
41 7.33%
99 Retail Automotive
19 11.71%
100 Retail Building Supply
10 8.37%
101 Retail Store
36 8.73%
102 Retail/Wholesale Food
32 10.91%
103 Securities Brokerage
30 -4.90%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
104
years
105 Semiconductor
136 -4.41%
106 Semiconductor Equip
10 2.12%
107 Shoe
12 5.03%
108 Steel
32 1.11%
109 Telecom. Equipment
91 1.39%
110 Telecom. Services
61 6.10%
111 Telecom. Utility
24 0.01%
Avg
Annual
NA
51.40%
28.96%
NA
34.35%
38.25%
COGS as SG&A as
% of
% of
Revenue Revenues
69.23%
66.91%
81.87%
37.20%
80.01%
76.16%
70.80%
72.70%
71.56%
17.10%
20.58%
7.29%
39.77%
12.22%
13.27%
15.51%
3.05%
9.84%
COGS as SG&A as
% of
% of
Revenue Revenues
69.52%
54.56%
69.92%
79.69%
76.81%
80.07%
83.36%
84.75%
71.46%
81.45%
18.53%
32.14%
23.11%
7.76%
7.18%
10.31%
7.93%
4.62%
4.31%
13.80%
COGS as SG&A as
% of
% of
Revenue Revenues
88.26%
85.42%
59.39%
54.74%
49.63%
65.41%
13.11%
69.95%
71.65%
3.09%
6.83%
8.63%
29.23%
17.28%
26.49%
6.71%
0.55%
16.13%
COGS as SG&A as
% of
% of
Revenue Revenues
NA
72.65%
66.43%
62.65%
75.28%
67.22%
76.24%
81.07%
63.63%
NA
11.04%
24.88%
26.50%
17.89%
23.44%
18.24%
15.15%
4.32%
COGS as SG&A as
% of
% of
Revenue Revenues
51.53%
61.98%
56.48%
91.63%
68.79%
58.07%
53.78%
30.19%
27.67%
32.35%
5.38%
31.36%
22.07%
30.27%
NA
14.24%
32.79%
NA
6.77%
5.40%
NA
Insurance (Prop/Cas.)
-5.45% Internet
-9.95% Investment Co.
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
13.66%
12.51%
10.84%
23.03%
7.77%
10.56%
13.69%
24.25%
18.59%
2.30%
4.19%
19.40%
4.62%
1.32%
2.19%
4.10%
23.72%
79.63%
3.97%
16.45%
4.26%
28.87%
3.19%
-0.97%
17.60%
4.31%
-4.32%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
11.95%
13.30%
6.97%
12.54%
16.01%
9.62%
8.71%
10.63%
24.23%
4.76%
16.90%
2.93%
1.86%
15.36%
15.99%
4.53%
4.86%
8.91%
32.19%
1.28%
6.00%
-3.10%
6.63%
0.10%
18.95%
8.87%
11.49%
2.42%
1.49%
2.36%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%
11.15%
17.19%
42.70%
3.72%
1.76%
4.17%
8.72%
19.49%
7.33%
0.00%
6.06%
10.36%
19.51%
10.04%
12.31%
0.52%
-0.87%
-3.08%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%
NA
7.70%
7.58%
4.47%
2.51%
2.03%
2.83%
2.36%
3.06%
NA
-4.12%
8.78%
3.26%
14.50%
4.88%
0.79%
0.90%
NA
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%
14.55%
6.65%
2.55%
6.25%
2.92%
15.62%
13.96%
9.22%
13.78%
16.61%
20.26%
-3.64%
-11.81%
-6.47%
Non-cash
12.62%
11.27%
21.82%
0.81
1.02
1.47
7.08%
8.16%
10.40%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
18.61%
24.47%
5.99%
15.02%
11.14%
18.76%
16.65%
11.84%
19.04%
0.94
1.09
0.71
0.92
0.87
0.73
1.31
1.22
1.04
7.74%
8.48%
6.58%
7.64%
7.41%
6.68%
9.60%
9.16%
8.25%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Natural Gas Utility

Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
25.74%
29.11%
22.90%
17.33%
19.53%
23.58%
12.27%
30.70%
13.09%
23.64%
0.40
1.90
0.94
0.67
1.29
0.87
0.93
1.01
1.23
0.90
5.02%
12.52%
7.73%
6.40%
9.49%
7.39%
7.67%
8.08%
9.20%
7.53%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%
0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15
5.08%
6.69%
6.68%
8.43%
10.93%
7.64%
7.95%
9.25%
8.78%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%
0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80
7.55%
7.72%
11.03%
9.67%
8.22%
8.56%
8.27%
6.43%
7.05%
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%
1.44
1.88
1.39
1.22
1.27
0.90
0.47
10.22%
12.42%
10.01%
9.14%
9.39%
7.54%
5.39%
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
0.81
0.95
1.19
Equity
(Levered)
Beta
7.09% Insurance (Prop/Cas.)

7.77% Internet
9.01% Investment Co.
Cost of
Equity
Industry name
0.90 7.56% IT Services

1.19 8.99% Machinery
1.48 10.46% Maritime
0.97 7.87% Med Supp Invasive
0.88 7.45% Med Supp Non-Invasive
0.91 7.60% Medical Services
1.41 10.07% Metal Fabricating
1.39 9.98% Metals & Mining (Div.)
1.29 9.51% Natural Gas (Div.)
Equity
(Levered)
Beta
Cost of
Equity
Industry name
0.56 5.83% Natural Gas Utility

2.01 13.08% Newspaper
1.14 8.72% Office Equip/Supplies
1.01 8.11% Oil/Gas Distribution
1.47 10.37% Oilfield Svcs/Equip.
1.09 8.48% Packaging & Container
1.17 8.91% Paper/Forest Products
1.07 8.38% Petroleum (Integrated)
1.48 10.42% Petroleum (Producing)
1.00 8.05% Pharmacy Services
Equity
(Levered)
Beta
Cost of
Equity
Industry name
0.56 5.85% Pipeline MLPs

1.50 10.53% Power
0.83 7.19% Precious Metals
1.12 8.65% Precision Instrument
1.67 11.40% Public/Private Equity
1.13 8.70% Publishing
1.35 9.77% R.E.I.T.
1.40 10.03% Railroad
1.37 9.87% Recreation
Equity
(Levered)
Beta
Cost of
Equity
Industry name
0.81 7.08% Reinsurance

1.00 8.04% Restaurant
1.68 11.44% Retail (Hardlines)
1.27 9.41% Retail (Softlines)
1.27 9.40% Retail Automotive
1.17 8.90% Retail Building Supply
1.18 8.95% Retail Store
0.78 6.95% Retail/Wholesale Food
1.18 8.95% Securities Brokerage
Equity
(Levered)
Beta
Cost of
Equity
Industry name
1.38 9.93% Semiconductor

1.73 11.71% Semiconductor Equip
1.32 9.62% Shoe
1.66 11.36% Steel
1.05 8.27% Telecom. Equipment
1.05 8.30% Telecom. Services
0.77 6.87% Telecom. Utility
27.38%
90.80%
66.00%
4.04%
6.04%
5.04%
17.91%
2.34%
5.35%
6.25%
7.67%
8.69%

89.11% Internet
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
51.20%
47.09%
75.61%
55.16%
62.14%
72.79%
57.52%
82.87%
43.11%
4.54%
4.04%
5.04%
4.54%
4.54%
5.04%
4.54%
5.54%
4.04%
5.29%
16.62%
57.16%
12.93%
9.09%
31.09%
15.91%
19.45%
26.18%
7.31%
7.90%
6.21%
7.20%
7.02%
6.18%
8.90%
8.68%
7.66%
49.04% IT Services
40.92% Machinery
43.68% Maritime
49.52% Med Supp Invasive
57.65% Med Supp Non-Invasive
55.25% Medical Services
50.29% Metal Fabricating
70.20% Metals & Mining (Div.)
34.31% Natural Gas (Div.)
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
29.29%
42.63%
56.56%
37.38%
53.47%
44.69%
43.52%
47.09%
72.91%
55.91%
4.04%
4.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
5.04%
4.54%
37.22% 4.56%
16.94% 11.27%
31.65% 6.82%
39.32% 5.88%
20.69% 8.79%
28.58% 6.75%
27.43% 7.13%
17.47% 7.34%
21.52% 8.83%
15.78% 7.21%
3.54%
5.54%
5.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
29.46%
57.27%
25.52%
13.23%
21.60%
26.84%
30.52%
17.33%
23.96%
4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%
3.54%
4.54%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
13.79% 6.39%
11.67% 7.42%
11.18% 10.46%
4.77% 9.09%
28.17% 7.43%
9.81% 8.27%
18.54% 7.74%
23.34% 5.90%
63.94% 4.78%
4.04%
4.04%
4.04%
4.04%
4.54%
4.54%
4.04%
9.85% 9.19%
11.65% 10.63%
3.79% 9.34%
38.89% 7.88%
11.02% 7.66%
25.17% 6.90%
47.08% 4.77%
Industry name
18.59% Reinsurance
48.56% Restaurant
47.80% Retail (Hardlines)
54.68% Retail (Softlines)
28.45% Retail Automotive
26.37% Retail Building Supply
35.00% Retail Store
24.63% Retail/Wholesale Food
23.56% Securities Brokerage
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%
Industry name
17.22% Pipeline MLPs

50.88% Power
53.05% Precious Metals
51.49% Precision Instrument
27.96% Public/Private Equity
42.87% Publishing
22.72% R.E.I.T.
27.81% Railroad
37.52% Recreation
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%
Industry name
20.91% Natural Gas Utility

36.94% Newspaper
42.69% Office Equip/Supplies
26.13% Oil/Gas Distribution
44.79% Oilfield Svcs/Equip.
34.75% Packaging & Container
34.22% Paper/Forest Products
40.61% Petroleum (Integrated)
60.60% Petroleum (Producing)
48.95% Pharmacy Services
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%
Industry name
Industry name
45.65% Semiconductor
33.43% Semiconductor Equip
48.46% Shoe
27.83% Steel
56.41% Telecom. Equipment
50.20% Telecom. Services
27.04% Telecom. Utility
NA
5.57
3.05
NA
27.77
8.17
NA
39.09
9.31
EV/
Sales
EV/
EBITDA
EV/
EBIT
2.13
1.92
2.99
3.13
1.11
0.92
1.71
2.17
4.09
12.62
11.60
12.20
10.99
11.73
7.18
9.92
6.71
8.25
15.60
15.31
27.61
13.61
14.28
8.72
12.49
8.96
22.00
EV/
Sales
EV/
EBITDA
EV/
EBIT
2.12
2.13
0.66
2.49
2.16
1.29
1.32
0.67
1.94
0.76
11.43
11.17
6.33
13.84
8.89
9.05
8.97
4.62
5.04
11.70
17.75
15.98
9.43
19.83
13.50
13.43
15.10
6.34
8.00
15.88
EV/
Sales
EV/
EBITDA
EV/
EBIT
2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03
16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30
24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58
EV/
Sales
EV/
EBITDA
EV/
EBIT
NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35
37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02
37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58
EV/
Sales
EV/
EBITDA
EV/
EBIT
2.78
2.07
2.06
0.84
1.59
2.00
1.86
9.35
11.55
15.75
10.62
42.19
5.68
5.42
15.19
19.97
18.40
27.92
NA
10.05
11.68
1.36
6.83
3.92
15.49
56.41
14.41
Price/ Trailing
Book
PE
5.20
3.24
1.20
3.32
3.92
2.55
2.88
1.93
2.00
22.36
23.60
NA
18.61
21.77
15.66
18.01
12.10
29.06
Price/ Trailing
Book
PE
2.30
3.48
1.67
2.71
1.99
3.35
2.46
1.44
1.62
2.48
28.14
16.53
11.86
28.77
18.49
20.07
NA
9.54
15.94
24.40
Price/ Trailing
Book
PE
3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53
25.58
NA
8.85
23.34
6.78
46.87
11.65
19.50
23.26
Price/ Trailing
Book
PE
0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35
9.65
24.21
34.01
21.18
20.64
25.38
17.34
21.20
22.36
Price/ Trailing
Book
PE
3.12
2.28
5.11
0.94
2.40
2.25
2.38
20.22
38.37
26.30
41.46
19.08
15.66
13.57
Internet
Investment Co.
Industry name
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Industry name
Natural Gas Utility

Newspaper
Office Equip/Supplies
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Industry name
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Industry name
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Industry name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Page 3 of 5
Industry name
112
113
114
115
116
117
118
119
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name
Number
of firms
170
11
15
31
9
53
5748
Number
of firms
120
121
Rev
Growth:
Last 5
years
0.00%
20.51%
4.78%
1.26%
4.44%
11.83%
7.56%
Avg
Annual
Rev
Growth:
Last 5
years
COGS as SG&A as
% of
% of
Revenue Revenues
NA
67.16%
37.64%
87.89%
65.98%
59.06%
66.35%
NA
9.83%
51.85%
4.26%
6.39%
33.37%
17.10%
COGS as SG&A as
% of
% of
Revenue Revenues
WC as %
EBIT as Capex as
of
% of
% of
Revenue
Revenue Revenue
NA
23.01%
10.51%
7.85%
27.63%
7.57%
16.56%
NA
1.41%
3.20%
10.95%
29.00%
7.70%
7.79%
NA
-1.71%
7.51%
4.11%
5.96%
5.00%
6.22%
Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
Industry name
Thrift
Tobacco
Trucking
Water Utility
Wireless Networking
Total Market
Industry name
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
16.03%
33.51%
29.96%
27.33%
34.28%
11.06%
15.74%
0.79
0.81
0.97
1.19
0.31
0.93
0.96
7.01%
7.07%
7.90%
9.01%
4.60%
7.69%
7.83%
Average
Effective
Tax Rate
Asset
(Unlevered)
Beta
Unlevered
Cost of
Equity
Equity
(Levered)
Beta
Cost of
Equity
Industry name
0.69 6.51% Thrift

0.88 7.45% Tobacco
1.03 8.18% Toiletries/Cosmetics
1.40 10.05% Trucking
0.45 5.27% Water Utility
1.18 8.96% Wireless Networking
1.11 8.58% Total Market
Equity
(Levered)
Beta
Cost of
Equity
Industry name
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
34.84% 4.04%
30.12% 4.04%
38.40% 4.04%
42.67% 4.04%
14.75% 3.54%
62.14% 4.54%
56.51% 4.54%
8.01%
16.33%
15.71%
23.56%
40.25%
28.78%
24.55%
6.18%
6.63%
7.27%
8.26%
4.01%
7.17%
7.14%
Industry name
32.62% Thrift
26.24% Tobacco
33.64% Toiletries/Cosmetics
34.80% Trucking
10.21% Water Utility
48.23% Wireless Networking
45.66% Total Market
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
Industry name
EV/
Sales
EV/
EBITDA
EV/
EBIT
Price/ Trailing
Book
PE
NA
2.41
1.73
1.06
4.34
3.28
1.88
5.52
9.71
12.81
7.72
10.65
16.11
8.60
5.52
10.48
16.48
13.47
15.69
43.41
11.35
1.32
14.45
7.13
4.02
1.97
3.95
2.49
EV/
Sales
EV/
EBITDA
EV/
EBIT
Price/ Trailing
Book
PE
22.91
17.61
30.43
26.32
20.53
NA
18.98
Industry name
Thrift
Tobacco
Trucking
Water Utility
Wireless Networking
Total Market
Industry name
Industry averages (Global)

A
Industry name
10
11
12
13
14
15
16
17
18
19
20
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
21
22 Biotechnology
23 Broadcasting
Brokerage & Investment
24 Banking
25 Building Materials
Business & Consumer
26 Services
27 Cable TV
28 Chemical (Basic)
29 Chemical (Diversified)
30 Chemical (Specialty)
31 Coal & Related Energy
32
33
34
35
36
37
38
39
40
41
42
43
707
134
C
Avg
Annual
Rev
Growth:
Last 5
years
5.04%
4.86%
7.67%
6.38%
6.71%
6.04%
8.98%
6.44%
6.04%
6.88%
Avg
Annual
Rev
Growth:
Last 5
years
11.03%
4.12%
521
414
714
Number
of firms
243
207
157
1170
129
609
580
947
107
209
Number
of firms
Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue
67.62%
80.12%
88.78%
60.85%
83.57%
85.19%
58.34%
50.91%
50.81%
52.95%
24.08%
10.50%
6.12%
26.91%
10.72%
8.20%
41.42%
49.09%
34.84%
27.09%
8.30%
9.38%
5.10%
12.24%
5.71%
6.61%
0.24%
0.00%
14.34%
19.97%
2.04%
2.98%
9.63%
4.09%
6.88%
5.35%
4.15%
4.90%
4.83%
5.59%
-6.07%
19.67%
-3.53%
23.27%
0.32%
9.13%
NA
NA
0.93%
7.98%
Non-cash
WC as %
% of
% of
% of
% of
of
Revenue
55.42%
64.76%
29.00%
18.78%
15.58%
16.46%
4.80%
3.46%
4.59%
69.60%
29.98%
0.43%
3.21%
5.37%
74.44%
18.93%
6.63%
4.48%
7.52%
75.77%
16.42%
7.81%
3.05%
Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Industry name
27.86% Biotechnology
12.17% Broadcasting
NA
Banking
Business & Consumer
9.52%
Services
0.82% Cable TV
5.75% Coal & Related Energy
Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
17.09%
13.25%
15.59%
14.75%
13.90%
18.98%
18.14%
19.85%
10.40%
18.10%
0.89
0.91
0.60
0.82
0.85
1.11
0.40
0.50
0.89
0.71
8.70%
8.82%
6.83%
8.27%
8.44%
10.11%
5.60%
6.20%
8.71%
7.58%
1.03
1.00
1.05
0.91
1.28
1.23
1.12
0.67
1.01
0.82
9.56% Advertising
9.70% Air Transport
8.84% Apparel
11.15% Auto & Truck
10.85% Auto Parts
10.16% Bank
7.27% Banks (Regional)
9.44% Beverage
8.22% Beverage (Alcoholic)
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
2.91%
17.82%
1.03
1.08
9.58%
9.93%
1.06
1.33
11.69%
0.35
5.23%
1.08
18.24%
0.81
8.16%
0.96
17.75%
0.77
7.91%
0.87
63 10.40% 56.87%
24.85%
18.29% 11.83%
15.62%
0.72
7.60%
1.00
735 6.09%
83.54%
7.65%
8.81%
5.41%
15.40%
0.92
8.91%
1.00
84 2.78%
81.32%
11.30%
7.39%
5.74%
22.63%
1.02
9.54%
1.25
681 8.57%
74.27%
14.44%
11.30%
6.93%
17.61%
0.88
8.61%
0.97
322 15.68% 88.92%
5.16%
5.92%
8.12%
6.27%
0.90
8.73%
1.24
Avg
Annual
Non-cash
Average
Asset
Unlevered Equity
Number
Rev
WC as %
Industry name
% of
% of
% of
% of
Industry name
Cost of (Levered)
of firms Growth:
of
Tax Rate
Beta
Equity
Beta
Last 5
Revenue
years
Computer Services
939 6.29%
79.65%
12.80%
7.55%
1.55%
11.93% Computer Services
17.30%
0.87
8.54%
0.92
Computer Software
1059 7.96%
47.09%
30.17%
22.73%
3.82%
11.78%
1.02
9.55%
1.03
316 -0.84% 79.98%
9.47%
10.55%
3.22%
11.98%
1.11
10.11%
1.13
Construction
477 6.24%
71.81%
17.10%
11.08%
7.30%
9.05% Construction
14.84%
0.68
7.34%
0.92
Diversified
341 7.97%
79.77%
11.60%
8.63%
5.34%
3.85% Diversified
14.26%
0.59
6.82%
0.89
161 8.79%
55.51%
35.48%
9.01%
5.02%
14.13%
0.79
8.08%
0.89
863 4.67%
78.45%
14.70%
6.85%
4.37%
13.53%
0.98
9.27%
1.09
Electronics
1167 2.29%
82.30%
12.30%
5.40%
5.40%
18.11% Electronics
13.29%
1.07
9.84%
1.12
Electronics (Consumer &
185 2.59%
77.23%
19.47%
3.29%
3.76%
9.57%
13.96%
1.04
9.66%
1.22
Office)
Office)
Engineering
1167 6.18%
85.37%
10.60%
4.03%
2.87%
10.55% Engineering
16.25%
0.86
8.48%
1.22
Avg
Annual
Non-cash
Average
Asset
Unlevered Equity
Rev
Number
WC as %
Industry name
% of
% of
% of
% of
Industry name
Cost of (Levered)
of firms Growth:
of
Tax Rate
Beta
Equity
Beta
Last 5
Revenue
years
Industry name
Industry name
9.80% Biotechnology
11.50% Broadcasting
9.87%
Banking
Business & Consumer
8.60%
Services
9.38% Cable TV
10.91% Coal & Related Energy
Cost of
Equity
Industry name

8.86% Construction
8.70% Diversified
10.17% Electronics
10.76%
Office)
10.82% Engineering
Cost of
Equity
Industry name
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
92.64%
83.42%
68.64%
80.76%
71.70%
73.64%
56.13%
65.09%
79.12%
71.22%
6.94%
6.44%
5.94%
6.44%
5.94%
5.94%
5.44%
5.94%
5.94%
5.94%
17.05%
15.45%
44.56%
13.31%
44.09%
21.53%
74.41%
51.40%
17.51%
18.22%
8.75%
8.61%
7.23%
8.26%
8.07%
9.41%
5.43%
5.67%
8.51%
7.48%
7.33%
23.64%
86.04% 6.44%
76.00%
73.65% 5.94%
25.32%
78.50% 5.94%
16.56%
72.61%
74.24%
62.82%
74.57%
112.53%
5.94%
5.94%
5.44%
5.94%
7.94%
32.82%
12.51%
26.56%
17.56%
36.24%
Industry name
9.49% 113.32% Biotechnology

9.85% 67.01% Broadcasting
5.79% 40.55%
Banking
7.89% 58.27% Building Materials
Business & Consumer
7.86% 66.19%
Services
7.67% 53.71% Cable TV
8.74% 66.75% Chemical (Basic)
9.10% 49.21% Chemical (Diversified)
8.30% 63.68% Chemical (Specialty)
8.97% 80.88% Coal & Related Energy
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
80.48%
94.90%
86.41%
74.37%
60.97%
88.06%
79.86%
82.71%
Industry name
76.23% Advertising
41.53% Air Transport
70.06% Apparel
47.52% Auto & Truck
60.67% Auto Parts
26.90% Bank
39.77% Banks (Regional)
67.70% Beverage
60.73% Beverage (Alcoholic)
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
121.02% 7.94%
83.75% 6.44%
6.44%
6.94%
6.44%
5.94%
5.44%
6.44%
5.94%
6.44%
13.08%
6.48%
11.29%
33.62%
40.82%
12.34%
19.35%
19.62%
8.32%
9.26%
9.56%
7.28%
6.71%
8.17%
8.83%
9.06%
81.19% 6.44%
28.50%
8.98%
80.20% 6.44%
45.23%
7.96%
Industry name

54.65% Construction
41.52% Diversified
69.40% Electronics
62.33%
Office)
52.15% Engineering
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
Industry name
EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE
1.60
1.40
1.11
1.78
0.92
0.78
9.84
4.12
2.42
3.55
12.97
11.53
9.30
11.27
9.30
7.47
5.46
NA
13.43
12.33
16.45
14.66
18.25
12.44
15.32
11.44
NA
NA
16.59
15.43
2.92
3.71
1.94
2.52
1.51
1.72
1.15
0.95
4.12
2.95
24.54
19.98
14.99
20.02
11.47
14.79
9.31
11.71
20.47
17.04
EV/
EV/
EV/ Price/ Trailing
PE
9.58
2.78
22.75
12.85
48.17
15.17
7.33
2.53
31.81
12.22
5.98
1.15
10.75
3.13
1.31
16.91
10.77
15.88
1.83
23.39
1.39
12.39
15.80
3.44
24.23
3.17
2.68
1.16
1.62
0.99
10.20
8.24
9.50
10.05
8.53
16.74
12.07
15.30
13.46
15.41
5.25
4.36
2.08
2.38
1.22
21.77
16.69
16.59
16.02
11.77
EV/
EV/
EV/ Price/ Trailing
PE
1.03
4.05
1.20
1.72
1.57
1.60
1.29
0.97
10.43
12.92
8.55
9.82
11.72
10.55
11.78
8.76
12.64
15.76
11.22
14.58
16.60
16.90
17.24
16.55
3.50
3.93
2.85
1.45
1.49
2.20
2.23
1.65
16.87
19.51
14.18
17.30
15.46
22.16
21.91
19.48
0.59
7.61
15.35
1.30
17.15
0.62
8.68
11.52
1.36
12.73
EV/
EV/
EV/ Price/ Trailing
PE
AA
Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Industry name
Biotechnology
Broadcasting
Banking
Building Materials
Business & Consumer
Services
Cable TV
Chemical (Basic)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Construction
Diversified
Electronics
Office)
Engineering
Industry name
Page 4 of 5
44 Entertainment
Environmental & Waste
45 Services
46 Farming/Agriculture
47 Financial Svcs.
Financial Svcs. (Non48 bank & Insurance)
49 Food Processing
50 Food Wholesalers
51 Furn/Home Furnishings
52 Healthcare Equipment
53 Healthcare Facilities
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
352
2.02%
67.48%
15.29%
17.23%
3.97%
9.53%
312
8.64%
77.41%
13.62%
8.97%
5.63%
9.23%
341
548
8.82%
9.27%
90.06%
42.85%
5.99%
49.79%
3.95%
7.36%
3.91%
4.42%
16.81%
NA
133 19.67%
49.44%
46.59%
3.97%
3.52%
NA
Entertainment
Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Nonbank & Insurance)
Food Processing
Food Wholesalers
Healthcare Equipment
Healthcare Facilities
1201 7.16%
72.89%
19.02%
8.09%
4.42%
10.11%
115 2.07%
84.82%
12.11%
3.07%
1.83%
2.73%
319 3.04%
75.12%
18.24%
6.64%
3.05%
2.78%
448 7.64%
48.72%
32.92%
18.37%
4.51%
23.12%
170 12.96% 83.25%
6.19%
10.56%
5.94%
11.26%
Avg
Annual
Non-cash
Number
Rev
WC as %
Industry name
% of
% of
% of
% of
Industry name
of firms Growth:
of
Last 5
Revenue
years
Healthcare Products
159 16.82% 59.21%
28.20%
12.59%
6.63%
24.06% Healthcare Products
Healthcare Services
322 12.41% 86.50%
8.63%
4.86%
0.97%
-0.27% Healthcare Services
Heathcare Information
278 8.13%
62.33%
25.74%
11.93%
4.10%
23.29%
and Technology
and Technology
Heavy Construction
335 3.60%
83.18%
10.51%
6.31%
5.10%
21.62% Heavy Construction
Homebuilding
164 3.48%
80.29%
13.14%
6.57%
1.13%
55.48% Homebuilding
Hotel/Gaming
648 9.11%
71.95%
16.12%
11.94%
6.17%
-1.96% Hotel/Gaming
Household Products
458 8.81%
49.76%
35.52%
14.73%
4.08%
177 6.21%
58.03%
18.78%
23.19%
2.87%
Insurance (General)
235 9.69%
84.23%
7.01%
8.75%
0.84%
4.28% Insurance (General)
Insurance (Life)
121 12.08% 82.40%
8.93%
8.67%
0.43%
Avg
Annual
Non-cash
Number
Rev
WC as %
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Last 5
Revenue
years
219 7.94%
78.57%
10.46%
10.97%
0.71%
-26.30% Insurance (Prop/Cas.)
Internet software and
706 9.58%
52.01%
28.66%
19.33%
8.91%
3.34%
services
services
Investment Co.
433 -2.32% 46.57%
39.49%
13.93%
2.37%
NA
Investment Co.
Machinery
1270 2.08%
73.32%
18.01%
8.67%
4.05%
23.75% Machinery
Metals & Mining
1691 9.15%
74.81%
11.71%
13.48% 19.79%
9.43% Metals & Mining
Office Equipment &
Office Equipment &
161 0.82%
68.98%
24.02%
7.00%
3.32%
12.91%
Services
Services
Oil/Gas (Integrated)
53 6.66%
84.63%
5.05%
10.32% 11.44%
3.66% Oil/Gas (Integrated)
Oil/Gas (Production and
1172 12.46% 69.44%
7.87%
22.69% 44.93%
1.72%
Exploration)
Exploration)
199 11.09% 88.72%
3.30%
7.99%
14.19%
593 9.00%
92.03%
3.80%
4.17%
3.65%
Avg
Annual
Non-cash
WC as %
Number
Rev
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Revenue
Last 5
years
398 6.04%
78.99%
13.48%
7.53%
5.28%
303 2.19%
80.04%
14.33%
5.63%
6.23%
Pharma & Drugs
820 12.16% 49.00%
29.91%
21.09%
4.19%
18.16% Pharma & Drugs
Power
743 12.80% 80.64%
7.56%
11.80% 16.00%
1.83% Power
Precious Metals
1181 29.33% 81.96%
8.44%
9.60%
33.33%
Publshing & Newspapers
390 0.47%
71.86%
20.38%
7.76%
3.35%
8.16% Publshing & Newspapers
R.E.I.T.
49 20.47% 87.60%
11.18%
1.21%
1.76%
NA
R.E.I.T.
Railroad
54 4.64%
73.25%
7.42%
19.33% 14.92%
-2.34% Railroad
Real Estate
Real Estate
422 3.78%
72.72%
10.95%
16.33%
8.02%
80.89%
(General/Diversified)
Real Estate
Real Estate
647 13.65% 69.02%
8.49%
22.49%
3.51%
NA
(Development)
(Development)
Avg
Annual
Non-cash
Number
Rev
WC as %
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Last 5
Revenue
years
Real Estate (Operations &
481 11.14% 49.90%
20.69%
29.41%
8.03%
24.48%
Services)
Services)
Recreation
286 2.77%
67.60%
20.94%
11.46%
5.47%
15.51% Recreation
Reinsurance
37 13.21% 87.97%
0.95%
11.07%
0.07%
-54.10% Reinsurance
Restaurant
304 5.91%
72.62%
16.50%
10.88%
5.60%
-1.73% Restaurant
Retail (Automotive)
148 9.04%
82.89%
12.40%
4.71%
2.79%
7.77% Retail (Automotive)
Retail (Building Supply)
50 4.20%
67.70%
24.27%
8.02%
2.05%
7.46% Retail (Building Supply)
9.04%
0.87
8.59%
1.04
11.45%
0.86
8.49%
1.10
13.19%
17.33%
0.66
0.21
7.23%
4.38%
0.81
0.96
12.60%
0.28
4.82%
0.93
16.40%
17.20%
16.03%
8.83%
16.65%
0.66
0.59
0.87
0.81
0.49
7.24%
6.81%
8.54%
8.17%
6.14%
0.77
0.90
0.91
0.87
0.78
9.63% Entertainment
Services
8.21% Farming/Agriculture
9.12% Financial Svcs.
Financial Svcs. (Non8.93%
bank & Insurance)
8.74% Food Wholesalers
8.59% Healthcare Equipment
7.99% Healthcare Facilities
10.01%
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
12.66%
17.26%
0.81
0.70
8.18%
7.50%
0.87
0.82
7.88%
1.02
9.54%
1.11
17.11%
16.65%
12.36%
14.13%
17.57%
13.95%
18.80%
0.95
1.04
0.74
0.76
0.79
0.66
1.05
9.08%
9.63%
7.74%
7.90%
8.07%
7.26%
9.72%
1.29
1.36
0.90
0.82
0.83
0.74
1.21

8.23% Healthcare Services
and Technology
11.66% Homebuilding
8.76% Hotel/Gaming
10.10%
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
15.06%
0.63
7.05%
0.72
8.65%
1.10
10.05%
1.09
6.96%
17.45%
3.58%
0.58
1.01
1.03
6.74%
9.48%
9.57%
0.89
1.08
1.32
17.66%
0.62
6.97%
0.74
24.53%
1.04
9.63%
1.19
6.93%
0.74
7.73%
1.30
9.63%
13.98%
0.73
0.92
7.69%
8.88%
1.09
1.14
0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58
7.13%
6.95%
8.31%
6.18%
10.36%
7.94%
3.85%
6.71%
0.84
0.97
0.88
0.88
1.38
0.91
0.79
0.76
13.99%
0.70
7.49%
1.06
17.32%
0.31
5.01%
1.13
0.55
6.54%
0.89
17.48%
10.81%
21.05%
18.79%
26.05%
0.86
0.89
0.64
0.64
0.74
8.49%
8.66%
7.12%
7.11%
7.72%
0.96
0.99
0.76
0.89
0.87
Industry name

8.64% Pharma & Drugs
8.60% Power
8.85% Publshing & Newspapers
8.07% R.E.I.T.
7.90% Railroad
Real Estate
9.80%
Real Estate
10.23%
(Development)
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
12.90%
Industry name

9.98%
services
9.91% Machinery
Office Equipment &
7.76%
Services
11.27%
Exploration)
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
17.72%
12.53%
13.54%
14.72%
2.16%
15.19%
2.32%
25.54%
Industry name
Industry name

Services)
9.15% Recreation
9.32% Reinsurance
7.90% Restaurant
8.69%
96.49% 6.94%
17.63%
8.79%
95.73% 6.94%
24.90%
8.72%
69.73% 5.94%
78.77% 5.94%
30.29%
83.58%
6.99%
4.97%
81.86% 6.44%
74.56%
5.63%
68.73%
71.74%
75.68%
94.01%
75.86%
19.67%
40.52%
17.30%
13.05%
38.41%
7.18%
6.88%
8.02%
8.10%
6.52%
5.94%
5.94%
5.94%
6.94%
5.94%
80.36% Entertainment
75.45%
Services
52.95% Farming/Agriculture
34.63% Financial Svcs.
Financial Svcs. (Non39.10%
bank & Insurance)
47.55% Food Wholesalers
83.73% Healthcare Equipment
50.96% Healthcare Facilities
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
84.07% 6.44%
81.35% 6.44%
12.38%
21.15%
8.08%
7.44%
107.10% 7.94%
12.22%
9.54%
36.37%
31.92%
23.01%
11.41%
9.03%
27.91%
33.55%
8.64%
9.38%
7.70%
7.80%
7.93%
6.66%
8.39%
76.74%
82.32%
76.10%
79.65%
75.29%
60.69%
57.95%
5.94%
6.44%
5.94%
5.94%
5.94%
5.44%
5.44%

66.41% Healthcare Services
95.59%
and Technology
59.67% Homebuilding
60.87% Hotel/Gaming
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
61.43% 5.44%
23.61%
110.49% 7.94%
2.88%
90.22% 6.94%
72.55% 5.94%
124.96% 7.94%
6.74%
Industry name
Industry name

services
62.46% Machinery
Office Equipment &
58.34%
Services
74.58%
Exploration)
2.81
12.68
15.99
2.92
17.94
1.74
11.27
17.40
2.57
25.60
0.78
13.99
12.84
17.54
18.14
20.75
1.46
1.35
17.71
12.89
7.55
8.16
7.48
0.91
12.21
1.39
0.37
0.91
2.86
1.77
12.35
8.71
9.98
11.36
11.41
16.32
12.31
12.48
14.75
16.61
2.67
1.31
2.21
3.26
3.43
21.19
15.78
17.18
21.46
20.06
EV/
EV/
EV/ Price/ Trailing
PE
3.02
0.58
15.25
9.63
22.58
11.63
3.41
2.16
26.88
19.15
3.25
16.71
25.39
3.74
33.41
1.16
1.22
2.60
2.47
4.18
0.81
0.95
11.08
12.67
14.07
13.42
14.91
7.61
10.24
16.57
20.63
19.87
16.50
17.37
8.84
10.86
1.96
1.52
2.62
4.13
5.59
1.18
1.34
16.66
11.30
24.45
22.95
25.18
14.87
15.20
EV/
EV/
EV/ Price/ Trailing
PE
1.00
8.33
8.37
1.27
11.35
9.85% 107.13%
6.76
22.50
31.85
5.50
35.49
45.22%
16.87%
26.99%
6.96%
8.94%
9.83%
4.97
1.50
1.88
12.54
11.90
7.96
11.33
16.15
13.16
1.30
2.39
1.52
15.13
20.24
15.61
74.50% 5.94%
23.01%
6.93%
1.06
10.37
12.76
2.35
20.12
53.63% 5.44%
19.25%
9.31%
0.80
5.08
7.91
1.22
8.97
115.11% 7.94%
22.87%
9.96%
4.50
9.50
NA
1.74
14.79
69.02% 5.94%
86.57% 6.44%
35.33%
25.41%
7.90%
8.81%
1.96
0.58
15.43
8.92
23.01
12.79
2.04
1.90
23.50
15.27
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
73.64%
76.88%
82.41%
66.87%
137.70%
78.10%
55.57%
48.02%
5.94%
5.94%
6.44%
5.94%
7.94%
5.94%
5.44%
4.94%
77.61% 5.94%
78.59% 5.94%
30.73% 7.08% 55.50% Packaging & Container

43.28% 7.02% 51.15% Paper/Forest Products
10.96% 8.18% 74.96% Pharma & Drugs
49.47% 6.40% 41.56% Power
23.45% 10.34% 112.20% Precious Metals
22.23% 7.81% 62.90% Publshing & Newspapers
84.65% 4.46% 24.23% R.E.I.T.
31.16% 6.51% 36.01% Railroad
Real Estate
41.25% 7.47% 51.82%
Real Estate
77.86% 5.50% 36.43%
(Development)
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
74.83% 5.94%
43.29%
6.73%
76.90%
49.08%
66.03%
74.45%
63.52%
19.25%
24.75%
15.88%
31.28%
15.08%
8.19%
7.87%
7.30%
7.28%
7.83%
5.94%
4.94%
5.94%
5.94%
5.44%
Industry name
Industry name

Services)
63.75% Recreation
39.30% Reinsurance
54.02% Restaurant
49.79%
EV/
EV/
EV/ Price/ Trailing
PE
1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
9.01
10.05
12.33
8.74
6.58
10.27
10.74
9.37
13.98
20.07
16.57
15.69
20.73
16.90
20.06
13.51
2.07
1.24
3.58
1.21
1.11
1.96
0.91
2.09
18.44
16.65
20.23
14.81
15.27
17.22
5.43
16.36
3.59
17.13
24.41
1.03
11.65
6.77
9.94
10.26
0.34
7.89
EV/
EV/
EV/ Price/ Trailing
PE
6.19
17.57
18.87
1.10
12.06
1.84
0.83
2.05
0.75
1.25
10.80
6.86
13.49
11.94
11.84
16.02
6.86
15.96
15.43
15.54
2.49
1.04
5.12
3.09
3.85
19.91
9.86
28.46
17.60
20.20
Entertainment
Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Nonbank & Insurance)
Food Processing
Food Wholesalers
Healthcare Equipment
Healthcare Facilities
Industry name
Healthcare Products
Healthcare Services
and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Insurance (General)
Insurance (Life)
Industry name
services
Investment Co.
Machinery
Metals & Mining
Office Equipment &
Services
Oil/Gas (Integrated)
Exploration)
Industry name

Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
Real Estate
(Development)
Industry name

Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Page 5 of 5
94
95
96
97
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
98
99
100
101
102
103
104
105
106
Retail (Special Lines)

Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
107
108
109
110
111
112
113
114
115
116
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name
117
118
848
229
174
118
Number
of firms
543
93
559
263
356
92
714
116
Number
of firms
525
317
281
53
228
191
55
97
40906
Number
of firms
5.91%
8.91%
6.59%
9.44%
Avg
Annual
Rev
Growth:
Last 5
years
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
Avg
Annual
Rev
Growth:
Last 5
years
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
6.86%
Avg
Annual
Rev
Growth:
Last 5
years
87.00%
74.94%
78.64%
69.54%
9.46%
20.18%
17.32%
25.54%
3.55%
4.88%
4.04%
4.93%
2.91%
3.32%
3.32%
4.90%
14.12%
0.28%
-3.65%
-2.65%
Non-cash
WC as %
% of
% of
% of
% of
of
Revenue
68.45%
73.78%
72.69%
80.74%
86.73%
63.31%
88.99%
63.57%
24.80%
16.45%
13.51%
14.72%
7.21%
27.23%
7.62%
20.52%
6.76%
9.77%
13.80%
4.54%
6.06%
9.46%
3.39%
15.91%
2.45%
7.14%
11.05%
5.80%
11.32%
1.75%
7.31%
17.27%
9.12%
17.08%
14.95%
31.80%
-0.96%
21.10%
13.24%
0.68%
Non-cash
WC as %
% of
% of
% of
% of
of
Revenue
73.94%
67.33%
88.39%
55.93%
88.01%
87.63%
82.64%
59.65%
76.94%
16.81%
18.85%
10.57%
15.44%
4.16%
6.04%
6.83%
12.19%
14.43%
9.25%
13.81%
1.04%
28.64%
7.83%
6.33%
10.53%
28.16%
8.63%
2.82%
14.60%
0.83%
3.14%
4.12%
8.76%
11.16%
19.17%
6.63%
13.45%
-1.62%
NA
16.81%
3.06%
4.50%
0.82%
13.65%
10.09%
Non-cash
WC as %
% of
% of
% of
% of
of
Revenue
Retail (General)
Retail (Internet)
Industry name

Rubber& Tires
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name
19.04%
23.63%
26.17%
13.55%
0.57
0.73
0.53
1.22
6.66%
7.68%
6.38%
10.81%
0.88
0.93
0.69
1.24
8.63% Retail (Distributors)

74.17%
8.94% Retail (General)
61.64%
7.42% Retail (Grocery and Food) 55.19%
10.91% Retail (Internet)
112.07%
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
20.75%
20.06%
9.04%
9.61%
12.58%
20.41%
12.97%
15.35%
0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75
8.11%
8.95%
11.54%
10.86%
7.10%
8.73%
8.00%
7.80%
0.93
1.15
1.37
1.30
1.06
0.92
1.26
0.95
8.97% Retail (Special Lines)

10.32% Rubber& Tires
9.78% Shipbuilding & Marine
8.86% Shoe
11.03% Steel
9.07% Telecom (Wireless)
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
9.56%
12.92%
18.73%
20.52%
20.49%
23.30%
25.18%
15.09%
13.80%
1.13
0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.66
10.21%
6.64%
3.16%
6.90%
7.54%
6.61%
5.77%
6.91%
7.21%
1.15
0.84
0.60
0.67
0.89
0.82
0.70
0.83
1.03
Industry name
Industry name

6.83% Thrift
7.29% Tobacco
8.72% Transportation
8.25% Trucking
7.47% Utility (General)
8.32% Utility (Water)
9.56% Total Market
Average
Asset
Unlevered Equity
Cost of
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
Industry name
5.94%
5.44%
5.44%
7.94%
45.80% 6.58% 47.65% Retail (Distributors)

23.61% 7.73% 46.70% Retail (General)
26.25% 6.47% 39.97% Retail (Grocery and Food)
4.42% 10.67% 106.91% Retail (Internet)
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
75.39%
72.06%
84.90%
89.25%
75.25%
72.19%
82.01%
69.73%
5.94%
5.94%
6.44%
6.44%
5.94%
5.94%
6.44%
5.94%
10.16% 8.48%
27.03% 8.65%
11.49% 10.93%
15.28% 10.23%
42.68% 7.38%
6.67% 8.54%
46.52% 8.00%
25.70% 7.81%
62.09% Retail (Special Lines)

55.99% Rubber& Tires
47.70% Shipbuilding & Marine
66.44% Shoe
52.85% Steel
54.05% Telecom (Wireless)
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
92.82%
79.59%
67.28%
56.99%
65.24%
65.81%
46.47%
66.98%
83.41%
6.94%
5.94%
5.94%
5.44%
5.94%
5.94%
4.94%
5.94%
6.44%
11.92% 9.71%
37.28% 6.78%
97.39% 4.23%
14.60% 6.78%
27.94% 7.45%
38.05% 6.69%
47.77% 5.55%
34.00% 6.91%
44.40% 7.32%
Industry name
Industry name

27.13% Thrift
50.29% Tobacco
49.04% Transportation
44.75% Trucking
29.41% Utility (General)
49.19% Utility (Water)
54.45% Total Market
Std Dev'n Pre-tax

Market
Cost of
Asset
in Stock Cost of
Prices
Debt
Industry name
0.67
0.75
0.61
3.19
12.70
10.32
9.86
38.01
16.83 1.34
14.39 2.36
13.98 2.06
65.19 10.20
13.31
16.91
15.53
80.99
EV/
EV/
EV/ Price/ Trailing
PE
1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29
12.78
6.64
7.29
17.06
11.53
14.20
9.26
7.28
13.88
9.32
12.66
44.21
19.29
15.21
21.41
13.78
3.27
1.82
2.16
2.22
1.18
3.14
0.96
1.96
20.67
12.17
13.25
23.61
14.94
20.68
14.31
11.42
EV/
EV/
EV/ Price/ Trailing
PE
1.75
1.84
NA
3.52
1.36
1.08
1.27
4.43
1.98
11.72
6.23
17.76
11.23
11.65
9.52
7.43
11.14
9.77
17.12 2.49
12.14 1.71
NA
1.21
12.19 10.01
15.74 2.40
13.18 2.05
11.70 1.26
15.61 2.12
14.83 1.80
17.26
17.69
0.99
17.11
18.44
19.93
19.17
14.91
14.60
EV/
EV/
EV/ Price/ Trailing
PE
Retail (General)
Retail (Internet)
Industry name

Rubber& Tires
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

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Page 1 of 5

Industry averages (US)

1.30 9.54% Advertising

0.96 7.83% Cable TV

1.06 8.35% Entertainment Tech

1.49 10.47% Hotel/Gaming

Std Dev'n Pre-tax

Std Dev'n Pre-tax

Std Dev'n Pre-tax

47.11% Entertainment Tech

Std Dev'n Pre-tax

Std Dev'n Pre-tax

Natural Gas Utility

7.09% Insurance (Prop/Cas.)

0.90 7.56% IT Services

0.56 5.83% Natural Gas Utility

0.56 5.85% Pipeline MLPs

0.81 7.08% Reinsurance

1.38 9.93% Semiconductor

23.52% Insurance (Prop/Cas.)

Std Dev'n Pre-tax

Std Dev'n Pre-tax

Std Dev'n Pre-tax

17.22% Pipeline MLPs

Std Dev'n Pre-tax

20.91% Natural Gas Utility

Std Dev'n Pre-tax

Natural Gas Utility

0.69 6.51% Thrift

Std Dev'n Pre-tax

Std Dev'n Pre-tax

Industry averages (Global)

8.89% Computer Services

Std Dev'n Pre-tax

9.49% 113.32% Biotechnology

Std Dev'n Pre-tax

Std Dev'n Pre-tax

70.76% Computer Services

Std Dev'n Pre-tax

8.59% Healthcare Products

8.37% Packaging & Container

7.64% Insurance (Prop/Cas.)

Real Estate (Operations &

Std Dev'n Pre-tax

75.38% Healthcare Products

Std Dev'n Pre-tax

49.57% Insurance (Prop/Cas.)

Std Dev'n Pre-tax

30.73% 7.08% 55.50% Packaging & Container

Std Dev'n Pre-tax

Real Estate (Operations &

Packaging & Container

Real Estate (Operations &

Retail (Special Lines)

Retail (Special Lines)

8.63% Retail (Distributors)

8.97% Retail (Special Lines)

10.37% Telecom. Equipment

45.80% 6.58% 47.65% Retail (Distributors)

Std Dev'n Pre-tax

62.09% Retail (Special Lines)

Std Dev'n Pre-tax

83.22% Telecom. Equipment

Std Dev'n Pre-tax