Date of valuation

Company name

Feb-16
Important: Before you run this
LinkedIn
There should be a check against
Numbers from your base year below ( in co
This year
Last year
United States of America
Business & Consumer Services
Business & Consumer Services
$
2,990.91 $2,218.77
$
(150.94) $
36.14
$
51.48 $
6.80
$
4,495.45 $3,330.82
$
1,126.53 $1,081.55
Yes
If you want to capitalize R&D, y
Yes
If you have operating leases, ple
$
3,119.38 $3,443.31
$
###
$
###
116.51
$
112.50
35.00%
35.00%

Country of incorporation
Industry (US)
Industry (Global)
Revenues
Operating income or EBIT
Interest expense
Book value of equity
Book value of debt
Do you have R&D expenses to capitalize?
Do you have operating lease commitments?
Cash and Marketable Securities
Cross holdings and other non-operating assets
Minority interests
Number of shares outstanding =
Current stock price =
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 ye
Target pre-tax operating margin (EBIT as % of sales in y
Sales to capital ratio (for computing reinvestment) =
Market numbers
Riskfree rate
Initial cost of capital =
Other inputs
Do you have employee options outstanding?
Number of options outstanding =
Average strike price =
Average maturity =
Standard deviation on stock price =

25.00%
18.00%
1.50

Growth Lever
Profitability Lever
Efficency of Growth Lever

1.90%
7.57%
Yes
2.78
$94.24
3.70
40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption =
Yes
Mature companies generally see
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in st
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption =
Yes
Mature companies find it difficul
If yes, enter the return on capital you expect after year
12%
But there are significant excepti
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
No
Many young, growth companies
If yes, enter the probability of failure =
10%
Tough to estimate but a key inpu
What do you want to tie your proceeds in failure to?
V
B: Book value of capital, V= Esti
Enter the distress proceeds as percentage of book or fai
50%
This can be zero, if the assets wi
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
Do you want to override this assumption =
No

I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h
Do you want to override this assumption =
No
Check the financial statements.
If yes, enter the NOL that you are carrying over into yea
$250.00
An NOL will shield your income f
I have assumed that there is no acquisition escape hatch to bail you out.
Do you want to override this assumption =
Yes
If yes, enter the expected acquisition price
$8,000.00

I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming du
Do you want to override this assumption
No
If yes, enter the amount of trapped cash
$35,000.00
& Average tax rate of the foreign markets where the cash is t
15%

mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
here should be a check against the iteration box. If there is not, you will get circular reasoning errors.
your base year below ( in consistent units)

Years since last year

1
1

If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

rowth Lever
rofitability Lever
fficency of Growth Lever

Computed numbers: Here is what your company's numbers look like, relative to in
If you are not working in US dollars, you should add the inflation differential to the industry a
Company
Revenue growth in the most recent year =
34.80%
Pre-tax operating margin in the most recent year
5.02%
Sales to capital ratio in most recent year =
1.20
Return on invested capital in most recent year=
1.96%
Standard deviation in stock prices =
Cost of capital =

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth =
$
15,636
Pre-tax Operating Income in year 10, based on your operating marg $
2,814
Return on invested capital in year 10, based on your sales/capital ra
13.58%
Check the Diagnostics worksheet for more details.

o that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average
hough some sectors, even in stable growth, may have higher risk.
al after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
ut there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
ough to estimate but a key input.
: Book value of capital, V= Estimated fair value for the company
his can be zero, if the assets will be worth nothing if the firm fails.
your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

ming into the valuation. If you have a money losing company, you may want to override tis.
heck the financial statements.
n NOL will shield your income from taxes, even after you start making money.

o additional tax liability coming due

under Calculation options

reasoning errors.

sheet below and I will convert to debt

y's numbers look like, relative to industry.

he inflation differential to the industry averages.
Industry (US dataIndustry (Global data)
6.04%
8.78%
11.10%
8.83%
2.34
2.84
22.41%
20.39%
50.13%
47.26%
7.58%
8.31%

day will fade over time.

advantages.

y distressed companies fail, because they have trouble making debt payments.

effective tax rate.

Baseyear
Revenuegrowthrate
Revenues
EBIT(Operating)margin
EBIT(Operatingincome)
Taxrate
EBIT(1t)
Reinvestment
FCFF
NOL

$2,990.91
5.02%
$150.11
35.00%
$97.57

Costofcapital
Cumulateddiscountfactor
PV(FCFF)

1
25.00%
$3,738.64
6.32%
$236.17
35.00%
$153.51
$498.49
$(344.98)
$

2
25.00%
$4,673.30
7.62%
$355.87
35.00%
$231.32
$623.11
$(391.79)
$

3
25.00%
$5,841.62
8.91%
$520.67
35.00%
$338.44
$778.88
$(440.45)
$

7.57%
7.57%
7.57%
0.9297
0.8643
0.8035
$(320.71) $(338.61) $(353.88)

Terminalcashflow
$1,539.72
Terminalcostofcapital
8.00%
Terminalvalue
$25,241.34
PV(Terminalvalue)
$12,025.43
PV(CFovernext10years $(401.44)
SumofPV
$11,623.99
Probabilityoffailure=
0.00%
Proceedsiffirmfails=
$5,811.99
Valueofoperatingassets= $11,623.99
Debt
$2,567.03
Minorityinterests
$
+Cash
$3,119.38
+Nonoperatingassets
$
Valueofequity
$12,176.34
Valueofoptions
$118.30
Valueofequityincommon $12,058.04
Numberofshares
116.51
Estimatedvalue/share
$103.49
Price
$112.50
Priceas%ofvalue
108.70%
Impliedvariables
Salestocapitalratio
Investedcapital
ROIC

1.50
1.50
1.50
$4,987 $5,485 $6,108 $6,887
1.96%
2.80%
3.79%
4.91%

4
25.00%
$7,302.03
10.21%
$745.63
35.00%
$484.66
$973.60
$(488.94)
$

5
25.00%
$9,127.53
11.51%
$1,050.52
35.00%
$682.84
$1,217.00
$(534.16)
$

6
20.38%
$10,987.72
12.81%
$1,407.25
35.00%
$914.72
$1,240.13
$(325.41)
$

7
15.76%
$12,719.39
14.11%
$1,794.15
35.00%
$1,166.20
$1,154.44
$11.75
$

8
11.14%
$14,136.33
15.40%
$2,177.53
35.00%
$1,415.39
$944.63
$470.77
$

9
6.52%
$15,058.02
16.70%
$2,514.97
35.00%
$1,634.73
$614.46
$1,020.27
$

7.57%
7.57%
7.65%
7.74%
7.83%
7.91%
0.7470
0.6944
0.6450
0.5987
0.5552
0.5145
$(365.22) $(370.93) $(209.91) $7.04 $261.39 $524.96

1.50
1.50
1.50
1.50
1.50
1.50
$7,861 $9,078 $10,318 $11,472 $12,417 $13,032
6.17%
7.52%
8.87%
10.17%
11.40%
12.54%

Compare this return

a. the industry ave
b. the return on cap
If it is too high (low)

10
1.90%
$15,344.12
18.00%
$2,761.94
35.00%
$1,795.26
$190.73
$1,604.53
$
8.00%
0.4764
$764.43

Terminalyear
Check these revenues against
1.90% a. Overall market size
$15,635.66
b. Largest companies in this market
18.00%
$2,814.42 $ 2,664.31 This is is how much your operating
income grew over the ten-year period.
35.00%
$1,829.37
$289.65 $ 8,525.12 This is how much capital you
invested over the ten year
$1,539.72
period.
$
8.00%

Afteryear10
1.50
$13,222
13.58%

12.00%

Compare this return on capital in year 10 against

a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio

ValuingOptionsorWarrants
Enterthecurrentstockprice=
$112.50
Enterthestrikepriceontheoption=
$94.24
Entertheexpirationoftheoption=
3.70
Enterthestandarddeviationinstockprices=
40.00% (volatility)
Entertheannualizeddividendyieldonstock=
0.00%
Enterthetreasurybondrate=
1.90%
Enterthenumberofwarrants(options)outstan
2.78
Enterthenumberofsharesoutstanding=
116.51
Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
112.5 #Warrantsissued=
StockPrice=
94.24 #Sharesoutstanding=
StrikePrice=
110.86996434 T.Bondrate=
AdjustedS=
94.24 Variance=
AdjustedK=
3.7 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

0.6872923626
0.7540507447

d2=
N(d2)=

0.082123
0.4672744518

Valueperoption=
$42.56
Valueofalloptionsoutstanding=

$118.30

2.78
117
1.90%
0.1600
0.00%
1.90%

VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your calculated value as a percent of current price
Inputs
Revenuegrowthrate(inputcellB3)
LastperiodEBITas%ofrevenue(InputcellB14)
SalestoCapitalRatioorreinvestment(InputcellB15)
Returnoncapitalinperpetuity(B30&B31)

$
$
$
$

4,986.84
13,222.31
8,235.47
2,611.83
31.71%
13.58%
7.70%
91.99%

Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital

Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
2
!Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense=
$775.65 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year

R&DExpenses

536.18

!Year1istheyearpriortothecurrentyear

395.64

!Year2isthetwoyearspriortothecurrentyear

0
0
0
0
0
0
0
0
Output
Year

R&DExpense

Current

775.65

1.00

Unamortizedportion
775.65

536.18

0.50

268.09

$268.09

395.64

0.00

0.00

$197.82

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

ValueofResearchAsset=

Amortizationthisyear

$1,043.74 $465.91

Amortizationofassetforcurrentyear=

$465.91

AdjustmenttoOperatingIncome=

$309.74 !Apositivenumberindicatesanincreaseinoperatingincome(addtore
$108

Tax Effect of R&D Expensing

riateadjustmentstooperatingincome,net

Ifindoubt,usethelookuptablebelow
hemaximumallowedistenyears
minedbytheamortizationperiod

increaseinoperatingincome(addtoreportedEBIT)

OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.
Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$32.82
2
$149.96
3
$155.04
4
$174.39
5
$177.45
6andbeyond $1,183.65

$94.20

Output
PretaxCostofDebt=

3.65%

Numberofyearsembeddedinyr6estimate=

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $32.82 $31.66
2 $149.96 $139.58
3 $155.04 $139.23
4 $174.39 $151.09
5 $177.45 $148.33
6andbeyond $131.52 $830.59 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$1,440.50
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=
AdjustmenttoDepreciation=

$102.89 !Iusestraightlinedepreciation
($8.69) !Addthisamounttopretaxoperatingi
$1,440.50 !Addthisamounttodebt
$102.89

nverter
Pleaseenterthem.

ticratingestimator

overthefirstfiveyears
fexpensesinyr6

nnuityfortenyears

Iusestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt

EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding=
CurrentMarketPricepershare=

116.51
$112.50

Approachforestimatingbeta
Ifdirectinput,enterleveredbeta(orregressionbeta)
Unleveredbeta=
RiskfreeRate=
WhatapproachdoyouwanttousetoinputERP?
DirectinputforERP(ifyouchoose"willinput"
EquityRiskPremiumusedincostofequity=

Multibusiness(Global)
1.20
0.89
1.90%
Operatingregions
5.75%
6.65%

Debt
BookValueofStraightDebt=
InterestExpenseonDebt=
AverageMaturity=
Approachforestimatingpretaxcostofdebt
Ifdirectinput,inputthepretaxcostofdebt
Ifactualrating,inputtherating
Ifsynetheticrating,inputthetypeofcompany
PretaxCostofDebt=
TaxRate=
BookValueofConvertibleDebt=
InterestExpenseonConvertible=
MaturityofConvertibleBond=
MarketValueofConvertible=
Debtvalueofoperatingleases=

$1,126.53
$51.48
3
Actualrating
3.500%
Baa2/BBB
1
3.65%
35%
0
0
0
0
$1,440.50

PreferredStock
NumberofPreferredShares=
CurrentMarketPriceperShare=
AnnualDividendperShare=

0
70
5

Output
EstimatingMarketValueofStraightDebt=
EstimatedValueofStraightDebtinConvertible=
ValueofDebtinOperatingleases=
EstimatedValueofEquityinConvertible=
LeveredBetaforequity=

$1,155.48
$
$1,440.50
$
1.01

MarketValue
WeightinCostofCapital
CostofComponent

Equity
Debt
PreferredStock
$13,107.38 $2,595.97 $
83.47%
16.53%
0.00%
8.60%
2.37%
7.14%

OperatingCountriesERPcalculator
Country

Revenues

ERP

Argentina
Brazil
ElSalvador
Bolivia
India
UnitedStatesofAmerica

19
4
130
23
5
7

Total

188

Weight
17.17%
9.28%
11.37%
11.37%
9.28%
6.00%
0.00%
0.00%
0.00%
0.00%
0.00%

OperatingRegionsERPcalculator
Region
Revenues
ERP
Africa
0
Asia
247
Australia&NewZealand
Caribbean
0
CentralandSouthAmerica
168
EasternEurope&Russia
MiddleEast
0
NorthAmerica
1846
WesternEurope
730
RestoftheWorld
0
Total
2991

10.11%
2.13%
69.15%
12.23%
2.66%
3.72%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
Weight

11.76%
7.49%
6.00%
14.61%
10.42%
9.65%
7.11%
6.00%
7.16%
7.39%

0.00%
8.26%
0.00%
0.00%
5.62%
0.00%
0.00%
61.72%
24.41%
0.00%
100.00%

MultiBusiness(USIndustryAverages)
Business
Revenues
EV/Sales
Electronics(Consumer&O $90.00
1.1894
Entertainment
$10.00
2.8528
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company

100.00

EstimatedValu
$107.04
$28.53
$
$
$
$
$
$
$
$
$
$
$135.57

Capital
$15,703.35
100.00%
7.57%

MultiBusiness(GlobalIndustryAverages)
Business
Revenues
EV/Sales
Advertising
$581.00
1.9500
Business&ConsumerServ $2,409.00
1.5100
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company

$ 2,990.00

EstimatedValu
$1,132.95
$3,637.59
$
$
$
$
$
$
$
$
$
$
$4,770.54

WeightedERP
1.74%
0.20%
7.86%
1.39%
0.25%
0.22%
0.00%
0.00%
0.00%
0.00%
0.00%
11.65%
WeightedERP
0.0000%
0.6184%
0.0000%
0.0000%
0.5853%
0.0000%
0.0000%
3.7031%
1.7476%
0.0000%
6.6544%

UnleveredBeta
1.1642
0.9783
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.1251

UnleveredBeta
0.9600
0.8700
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.8914

Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm=
1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
Entercurrentinterestexpenses=
Enterlongtermriskfreerate=
Output
100000.00
Interestcoverageratio=
EstimatedBondRating=
EstimatedCompanyDefaultSpread=
EstimatedCountyDefaultSpread(ifany)=
EstimatedCostofDebt=

D2/D
20.00%
0.00%
21.90%

$(159.63) (Addbackonlylongterminterestexpensef
$104.06 (Useonlylongterminterestexpenseforfina
1.90%

Note: If you get REF! All over the place, set the
to No, and then reset it to Yes. It should work.

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
>
to
Ratingis
Spreadis
100000
0.199999
D2/D
20.00%
0.2
0.649999
Caa/CCC
16.00%
0.65
0.799999
Ca2/CC
12.00%
0.8
1.249999
C2/C
9.00%
1.25
1.499999
B3/B7.50%
1.5
1.749999
B2/B
6.50%
1.75
1.999999
B1/B+
5.50%
2
2.2499999
Ba2/BB
4.25%
2.25
2.49999
Ba1/BB+
3.25%
2.5
2.999999
Baa2/BBB
2.25%
3
4.249999
A3/A1.75%
4.25
5.499999
A2/A
1.25%
5.5
6.499999
A1/A+
1.10%
6.5
8.499999
Aa2/AA
1.00%
8.50
100000
Aaa/AAA
0.75%
Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan
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

Ratingis
D2/D
Caa/CCC
Ca2/CC
C2/C
B3/BB2/B
B1/B+

Spreadis
20.00%
16.00%
12.00%
9.00%
7.50%
6.50%
5.50%

Ratingis
A1/A+
A2/A
A3/AAa2/AA
Aaa/AAA
B1/B+

3
3.5
4
4.5
6
7.5
9.5
12.5

3.499999
3.9999999
4.499999
5.999999
7.499999
9.499999
12.499999
100000

Ba2/BB
Ba1/BB+
Baa2/BBB
A3/AA2/A
A1/A+
Aa2/AA
Aaa/AAA

4.25%
3.25%
2.25%
1.75%
1.25%
1.10%
1.00%
0.75%

B2/B
B3/BBa1/BB+
Ba2/BB
Baa2/BBB
C2/C
Ca2/CC
Caa/CCC
D2/D

ethisspreadsheet.

ationoptionsinexcel)ischecked.

Addbackonlylongterminterestexpenseforfinancialfirms)
Useonlylongterminterestexpenseforfinancialfirms)

et REF! All over the place, set the operating lease commitment question in cell F5
n reset it to Yes. It should work.

Spreadis
0.90%
1.00%
1.20%
0.70%
0.40%
4.00%

5.00%
6.00%
2.75%
3.25%
1.75%
7.00%
8.00%
10.00%
12.00%

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insur
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techno
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products

Number of
firms

44
92
20
63
19
65
9
644
22
43
29
42
39
159
19
42
9
104
38
118
64
52
26
411
157
40
120
25
167
51
84
97
37
272
89
14
30
28
254
127
126
34
58
73
134

Annual
Average
Revenue
growth - Last
5 years

-0.48%
4.66%
9.35%
14.68%
27.97%
5.26%
12.20%
13.29%
9.47%
8.80%
9.13%
5.53%
9.36%
6.04%
6.06%
5.93%
4.99%
7.21%
0.74%
9.13%
3.98%
11.62%
6.00%
20.30%
16.56%
-2.08%
11.64%
6.40%
5.61%
9.45%
11.50%
16.67%
13.17%
12.28%
12.05%
9.33%
6.30%
36.79%
11.98%
6.46%
20.06%
15.33%
14.56%
7.61%
8.44%

Pre-tax Operating
Margin

11.61%
12.45%
15.27%
12.13%
4.62%
7.65%
-0.12%
-0.13%
22.90%
18.04%
22.59%
0.01%
9.10%
11.10%
19.94%
9.57%
11.29%
14.65%
0.37%
8.82%
19.86%
10.44%
15.66%
35.17%
24.93%
8.00%
11.45%
9.84%
9.85%
3.66%
21.39%
12.03%
4.89%
5.88%
11.61%
2.90%
8.30%
13.42%
16.88%
4.75%
13.20%
9.96%
12.93%
16.46%
17.11%

After-tax ROC

59.68%
30.15%
18.57%
15.99%
5.06%
18.38%
-0.01%
-0.02%
15.85%
22.42%
19.38%
0.00%
15.91%
22.41%
16.04%
12.57%
12.75%
20.20%
0.22%
30.10%
35.70%
12.18%
7.71%
20.33%
15.19%
9.63%
24.35%
20.18%
12.50%
15.20%
33.00%
18.31%
7.43%
0.15%
23.13%
17.94%
15.07%
2.81%
16.75%
41.50%
14.34%
8.45%
9.50%
9.41%
29.01%

Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Management
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploratio
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Service
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)

70
20
25
53
145
130
114
24
7
351
79
143
25
20
73
113
39
221
21
12
55
65
3
83
26
5
83
19
17
39
124
4
87
46
11
11
17
308
241
36
19
121
65
20
21
12
26
3
20
18

9.46%
3.49%
2.83%
8.06%
13.39%
6.00%
32.83%
1.48%
-5.04%
10.46%
12.90%
11.53%
4.45%
7.63%
3.00%
9.11%
2.19%
12.81%
35.33%
8.68%
11.30%
5.24%
20.12%
9.76%
8.71%
6.64%
13.29%
3.62%
4.17%
13.19%
4.65%
0.92%
12.67%
3.82%
-3.45%
10.40%
-14.14%
14.22%
12.44%
1.79%
4.25%
1.46%
0.88%
2.37%
15.65%
8.74%
7.91%
0.00%
0.34%
10.79%

23.27%
13.23%
14.22%
14.72%
19.65%
12.83%
11.15%
10.61%
3.29%
-12.31%
10.11%
6.99%
10.08%
8.22%
18.18%
21.55%
8.27%
22.18%
-2.98%
14.74%
10.49%
11.88%
11.41%
13.70%
5.76%
10.67%
8.84%
4.81%
2.90%
4.48%
6.53%
11.04%
20.66%
13.15%
9.92%
12.59%
19.41%
20.47%
24.24%
-5.08%
2.69%
19.33%
13.13%
38.42%
8.79%
32.99%
10.13%
-17.02%
18.09%
31.06%

37.61%
6.26%
8.56%
11.69%
6.23%
22.54%
8.29%
23.02%
2.95%
-3.93%
9.21%
16.19%
17.10%
11.92%
7.20%
9.34%
13.24%
2.73%
-0.85%
3.13%
10.52%
14.80%
7.88%
15.87%
12.57%
21.62%
13.74%
12.46%
9.62%
20.81%
12.91%
20.05%
13.35%
9.98%
6.42%
22.41%
24.52%
13.47%
18.95%
-8.18%
1.52%
14.01%
12.81%
77.34%
20.14%
17.19%
12.42%
-3.01%
6.96%
8.77%

Average
effective tax
rate

31.65%
28.99%
20.97%
26.86%
28.11%
26.34%
26.73%
28.08%
27.11%
27.93%
31.09%
27.82%
33.87%
34.87%
36.31%
32.81%
28.37%
22.05%
0.98%
23.22%
24.14%
29.00%
36.94%
20.38%
25.23%
40.49%
32.04%
25.78%
21.45%
31.49%
26.78%
29.35%
30.15%
33.12%
23.29%
33.86%
22.85%
8.41%
21.67%
40.82%
16.58%
32.72%
23.90%
15.62%
33.12%

Unlevered
Beta

0.74
1.20
0.85
0.88
0.47
1.08
0.47
0.36
0.82
0.99
0.75
0.46
0.98
0.95
0.89
0.81
1.27
1.01
0.39
1.00
1.22
1.18
0.74
1.19
0.94
0.86
1.03
1.16
0.98
1.07
0.98
0.82
0.77
0.06
0.74
0.61
1.00
0.84
0.92
0.89
0.99
0.81
0.44
0.68
0.91

Equity
Std deviation Pre-tax cost of
(Levered) Beta Cost of equity in stock prices
debt

1.08
1.33
1.27
1.06
0.96
1.29
1.11
0.51
0.94
1.15
1.29
1.35
1.18
1.19
1.23
1.17
1.55
1.25
1.49
1.17
1.33
1.65
1.01
1.28
1.02
1.05
1.15
1.23
1.03
1.32
1.21
1.10
1.25
0.65
0.89
0.73
1.23
1.62
1.03
1.05
1.11
1.12
0.82
0.97
1.05

8.74%
10.25%
9.88%
8.61%
8.00%
9.98%
8.93%
5.34%
7.90%
9.19%
10.02%
10.36%
9.33%
9.40%
9.66%
9.28%
11.60%
9.75%
11.19%
9.30%
10.24%
12.17%
8.32%
9.96%
8.37%
8.59%
9.17%
9.65%
8.42%
10.17%
9.55%
8.90%
9.77%
6.16%
7.59%
6.65%
9.65%
12.01%
8.43%
8.57%
8.93%
9.00%
7.19%
8.10%
8.55%

71.03%
46.90%
51.95%
60.62%
33.71%
55.06%
32.77%
28.93%
58.51%
54.55%
47.22%
48.05%
44.27%
50.13%
41.58%
54.20%
40.56%
50.43%
86.78%
51.74%
63.91%
42.41%
27.37%
88.89%
77.30%
59.62%
71.04%
63.42%
59.34%
57.02%
63.16%
65.51%
48.69%
34.97%
38.29%
54.49%
44.49%
62.36%
62.16%
54.32%
60.52%
41.71%
36.49%
46.75%
62.02%

4.52%
3.52%
4.02%
4.02%
3.52%
4.02%
3.52%
3.52%
4.02%
4.02%
3.52%
3.52%
3.52%
4.02%
3.52%
4.02%
3.52%
4.02%
6.52%
4.02%
4.02%
3.52%
3.52%
6.52%
4.52%
4.02%
4.52%
4.02%
4.02%
4.02%
4.02%
4.52%
3.52%
3.52%
3.52%
4.02%
3.52%
4.02%
4.02%
4.02%
4.02%
3.52%
3.52%
3.52%
4.02%

Market
Debt/Capital

36.00%
17.01%
41.10%
21.79%
56.15%
24.76%
68.40%
44.01%
15.44%
18.68%
48.65%
74.06%
24.90%
26.11%
33.16%
38.25%
27.68%
23.88%
75.73%
22.40%
15.72%
37.14%
35.78%
12.50%
11.51%
31.62%
17.97%
12.90%
16.52%
29.53%
23.04%
27.96%
43.09%
93.05%
20.74%
19.98%
23.63%
57.07%
16.32%
22.25%
15.04%
37.84%
49.61%
35.66%
16.68%

28.08%
27.69%
28.48%
28.71%
21.14%
29.00%
36.67%
34.13%
28.01%
31.79%
9.01%
29.92%
30.47%
29.50%
31.59%
47.23%
18.22%
2.93%
17.35%
23.33%
31.99%
29.77%
30.77%
31.17%
36.49%
36.58%
35.07%
33.50%
35.64%
28.72%
34.75%
7.38%
19.27%
15.51%
11.40%
20.82%
13.74%
22.21%
28.15%
29.08%
26.60%
20.51%
31.11%
35.58%
34.68%
36.80%
36.05%
0.00%
30.97%
32.36%

0.92
0.82
0.91
0.75
0.81
1.23
0.87
1.29
1.38
0.95
0.65
1.41
0.91
0.89
0.50
1.03
1.07
0.41
0.93
1.03
0.99
0.75
0.89
0.64
0.76
1.31
0.83
0.92
0.77
1.53
0.81
1.18
1.32
1.22
0.84
0.81
1.46
1.33
1.25
0.86
0.65
1.17
0.57
1.66
1.19
0.93
1.03
0.11
0.36
0.33

1.00
1.04
1.28
0.90
1.17
1.44
1.55
1.82
1.54
1.63
1.22
1.74
1.26
1.52
0.80
1.29
1.45
0.76
1.41
1.22
1.50
0.91
1.03
0.76
1.06
1.47
1.22
1.16
1.04
1.58
1.07
1.66
1.39
1.40
1.24
0.82
1.42
1.34
1.33
1.43
1.48
1.29
0.95
1.91
1.41
1.15
1.69
0.23
0.55
0.47

8.27%
8.52%
9.97%
7.65%
9.31%
10.88%
11.60%
13.16%
11.49%
12.05%
9.61%
12.72%
9.85%
11.37%
7.05%
10.03%
10.95%
6.86%
10.71%
9.57%
11.24%
7.76%
8.44%
6.83%
8.63%
11.10%
9.60%
9.24%
8.50%
11.72%
8.71%
12.23%
10.59%
10.66%
9.72%
7.20%
10.77%
10.30%
10.23%
10.83%
11.13%
10.02%
7.94%
13.75%
10.74%
9.18%
12.40%
3.65%
5.57%
5.07%

40.74%
33.57%
35.59%
32.93%
37.84%
46.07%
91.02%
41.58%
50.24%
80.22%
47.82%
69.62%
32.10%
38.53%
29.31%
93.13%
51.60%
25.71%
36.15%
40.76%
43.44%
45.47%
29.15%
40.67%
46.34%
50.34%
52.36%
46.87%
51.57%
50.54%
50.69%
38.00%
51.24%
54.21%
60.89%
39.02%
54.18%
64.71%
59.22%
51.52%
45.11%
57.78%
52.25%
48.90%
40.03%
31.20%
43.08%
24.61%
25.03%
36.78%

3.52%
3.52%
3.52%
3.52%
3.52%
3.52%
7.77%
3.52%
4.02%
6.52%
3.52%
4.52%
3.52%
3.52%
3.52%
7.77%
4.02%
3.52%
3.52%
3.52%
3.52%
3.52%
3.52%
3.52%
3.52%
4.02%
4.02%
3.52%
4.02%
4.02%
4.02%
3.52%
4.02%
4.02%
4.02%
3.52%
4.02%
4.02%
4.02%
4.02%
3.52%
4.02%
4.02%
3.52%
3.52%
3.52%
3.52%
3.02%
3.52%
3.52%

13.44%
29.95%
44.16%
23.89%
43.30%
21.61%
46.17%
37.72%
14.16%
45.20%
48.55%
28.10%
35.37%
47.11%
45.49%
33.35%
33.14%
47.32%
38.61%
20.30%
39.22%
24.02%
28.30%
20.54%
34.71%
15.78%
37.63%
28.31%
31.92%
7.83%
31.83%
39.49%
11.17%
27.31%
36.28%
6.36%
9.28%
4.24%
10.86%
47.85%
60.09%
17.16%
43.85%
16.55%
23.73%
23.37%
50.30%
50.10%
41.35%
32.88%

Cost of capital

6.57%
8.86%
6.81%
7.26%
4.70%
8.11%
4.27%
3.92%
7.05%
7.92%
6.17%
4.25%
7.54%
7.58%
7.16%
6.65%
8.97%
8.00%
5.68%
7.75%
9.01%
8.43%
6.10%
9.20%
7.72%
6.63%
8.01%
8.72%
7.43%
7.88%
7.90%
7.17%
6.47%
2.39%
6.45%
5.80%
7.87%
6.53%
7.45%
7.20%
7.95%
6.40%
4.67%
5.96%
7.53%

Sales/Capital

5.35
2.80
1.49
1.53
1.19
2.64
0.13
0.24
0.78
1.32
1.09
0.20
2.25
2.34
0.97
1.43
1.39
1.51
0.60
3.92
1.90
1.40
0.58
0.59
0.63
1.37
2.28
2.24
1.40
4.70
1.60
1.64
1.68
0.03
2.32
7.34
2.15
0.21
1.06
10.14
1.17
1.08
0.82
0.64
1.86

EV/Sales

1.70
1.58
1.48
1.97
1.04
0.78
7.74
5.45
5.53
3.55
2.93
5.82
1.47
1.92
3.07
1.06
1.55
2.19
1.35
0.97
1.76
1.25
2.74
8.32
4.76
1.37
1.79
1.19
1.46
0.50
2.85
2.24
0.74
33.16
2.23
0.43
1.26
7.86
3.75
0.60
4.02
1.46
2.38
3.30
2.80

EV/EBITDA

EV/EBIT

8.94
10.33
5.80
10.84
10.03
7.34
NA
NA

14.56
12.76
9.71
16.39
20.93
10.78
NA
NA

19.93
15.82
9.53
NA

24.13
19.66
12.98
NA

11.42
11.14
9.32
6.59
9.10
10.68
6.04
8.27
6.97
8.37
12.71
13.60
13.63
6.96
9.87
9.15
9.48
7.52
10.36
10.13
10.04
NA

16.09
17.15
15.16
10.93
13.62
14.81
184.31
10.89
9.03
12.03
17.47
21.02
19.35
16.42
14.36
13.15
15.29
13.68
13.21
18.59
15.15
NA

14.93
10.15
9.97
11.57
14.27
10.06
17.94
13.69
10.69
11.89
12.96

19.16
14.67
15.03
51.02
21.69
12.54
29.93
14.66
18.39
20.05
16.34

Price/Book

6.81
4.39
3.48
3.73
2.26
2.56
0.96
1.16
4.43
8.13
2.39
1.16
4.06
3.88
4.57
1.59
3.10
3.71
0.75
4.43
3.22
2.47
1.86
7.50
4.05
1.79
3.45
2.72
2.01
1.48
3.20
3.15
1.73
1.73
2.71
3.28
2.84
0.73
3.84
3.09
4.24
1.60
2.20
3.13
5.37

Trailing PE

110.61
31.25
12.01
18.42
12.19
254.74
13.43
18.15
38.20
39.02
24.16
43.78
28.88
25.70
29.37
13.09
25.40
48.33
6.84
31.90
32.93
35.85
24.79
79.14
41.82
22.74
25.87
20.81
42.27
21.99
372.57
56.02
19.29
66.90
64.36
24.43
20.10
90.28
72.60
40.30
65.64
15.59
38.98
185.89
30.37

7.44%
6.60%
6.50%
6.32%
6.19%
8.99%
8.40%
8.99%
10.20%
8.37%
5.97%
9.91%
7.12%
7.01%
4.81%
8.24%
8.12%
4.61%
7.39%
8.05%
7.66%
6.40%
6.65%
5.86%
6.37%
9.73%
6.89%
7.22%
6.56%
10.99%
6.71%
8.23%
9.68%
8.41%
7.07%
6.87%
10.00%
9.97%
9.39%
6.80%
5.71%
8.71%
5.52%
11.82%
8.69%
7.53%
7.22%
2.73%
4.14%
4.10%

1.93
0.60
0.75
1.02
0.34
2.07
0.75
2.68
0.98
0.33
0.97
2.56
2.16
1.72
0.52
0.44
1.85
0.13
0.29
0.24
1.13
1.40
0.87
1.42
2.77
2.64
1.86
3.44
4.33
5.20
2.47
2.01
0.71
0.85
0.73
2.17
1.28
0.68
0.83
1.82
0.62
0.80
1.11
2.28
2.82
0.61
1.78
0.18
0.52
0.33

4.64
1.58
1.29
1.41
4.38
1.62
1.59
1.08
1.48
3.07
2.10
0.63
1.44
1.27
2.79
1.97
1.35
12.02
5.75
5.58
2.33
1.95
1.09
3.07
1.00
1.89
1.17
0.64
0.59
3.61
1.12
0.84
3.15
2.35
1.51
2.92
4.58
7.04
5.26
0.62
2.04
2.77
2.53
6.10
1.31
3.31
1.42
6.85
2.96
5.54

15.72
8.27
8.38
8.53
18.35
9.60
6.62
7.39
9.02
5.59
11.81
5.77
9.45
9.08
8.92
4.76
8.85
21.46
28.57
14.81
13.42
10.42
7.89
12.68
11.49
13.03
10.72
7.92
8.78
35.07
8.81
5.17
9.56
11.54
6.40
17.25
17.79
23.81
15.71
7.40
7.60
10.60
8.42
14.91
8.85
7.73
8.23
73.06
9.83
12.05

19.90
11.97
9.05
9.54
21.27
12.60
13.52
10.17
44.71
NA
19.28
8.87
14.29
15.41
15.32
8.68
16.44
48.19
NA
24.52
21.97
16.55
9.25
22.35
17.36
17.75
13.21
13.24
20.34
82.85
17.19
7.65
15.44
18.07
13.51
23.22
23.13
39.05
20.84
NA
75.04
13.68
19.21
15.87
14.86
10.02
13.98
NA
16.37
17.60

5.76
0.91
0.95
1.38
1.11
3.00
1.21
3.81
1.49
1.14
1.19
1.42
3.31
3.26
1.60
0.73
1.75
2.06
1.37
1.69
2.22
3.76
0.95
10.48
5.90
14.32
2.80
3.02
4.92
12.74
3.51
1.92
2.98
2.27
1.05
6.59
4.05
4.59
5.17
1.34
1.47
2.56
2.70
29.94
5.65
2.53
3.03
1.21
1.83
2.29

26.22
24.85
13.98
21.60
24.48
28.01
24.17
13.86
17.96
18.94
26.55
27.19
32.96
48.08
21.38
12.89
46.12
82.14
327.16
71.62
81.31
34.19
12.16
29.84
16.56
37.89
28.79
22.74
26.88
104.32
28.43
95.30
70.95
241.44
10.75
16.35
25.66
77.74
63.18
52.45
23.02
91.57
60.37
19.88
23.03
34.20
12.99
5.13
27.55
20.74

Non-cash WC
as % of
Cap Ex as %
Revenues
of Revenues

-0.54%
27.61%
3.48%
27.82%
-1.35%
10.10%
NA
NA
24.56%
1.02%
20.47%
NA
16.92%
15.68%
9.46%
19.13%
20.98%
20.67%
5.70%
11.10%
4.97%
16.64%
5.68%
20.33%
25.28%
11.23%
20.27%
18.81%
21.07%
15.00%
12.06%
11.04%
12.09%
NA
8.71%
7.79%
13.85%
13.16%
26.49%
-3.42%
24.10%
79.71%
19.76%
4.83%
14.12%

2.31%
2.64%
10.46%
3.45%
9.41%
3.98%
1.36%
5.69%
8.35%
4.56%
2.78%
2.56%
3.05%
3.22%
12.06%
7.61%
7.45%
6.49%
12.02%
1.78%
4.51%
5.58%
7.97%
4.68%
4.15%
5.03%
5.91%
2.98%
4.88%
1.46%
4.40%
7.37%
3.33%
7.95%
3.51%
1.28%
3.50%
171.42%
5.68%
0.71%
3.35%
0.36%
4.76%
10.77%
4.06%

Net Cap Ex
as % of
Revenues

Equity
Dividend
Reinvestmen
Payout Ratio t Rate

Reinvestmen
t Rate
ROE

0.96%
11.34%
4.19%
65.32%
6.13%
47.19%
6.08%
91.82%
10.09%
327.79%
5.02%
108.21%
1.36% NA
-3.32% NA
12.97%
85.78%
6.53%
47.10%
6.19%
51.94%
3.50% NA
8.57%
143.60%
7.28%
114.38%
0.29%
2.44%
13.79%
157.06%
10.72%
134.02%
15.92%
145.55%
-2.97%
-252.12%
3.16%
43.99%
6.43%
33.62%
6.58%
88.49%
15.63%
159.87%
32.65%
170.74%
20.21%
121.25%
5.41%
118.10%
9.88%
139.49%
10.43%
190.86%
12.07%
172.25%
4.79%
170.32%
1.59%
80.70%
4.47%
62.81%
5.43%
179.37%
12.20%
338.66%
10.00%
102.73%
1.75%
108.77%
9.57%
154.58%
243.22%
2069.68%
22.17%
183.32%
3.24%
127.62%
7.39%
89.44%
1.05%
126.50%
8.15%
125.06%
8.36%
66.47%
6.58%
52.03%

25.96%
20.19%
44.13%
14.51%
14.70%
21.81%
9.92%
9.23%
13.03%
21.98%
11.73%
7.98%
12.64%
10.00%
19.57%
-6.25%
17.72%
21.79%
-31.49%
32.23%
27.53%
14.62%
5.67%
22.35%
15.21%
0.79%
15.43%
17.74%
10.42%
1.74%
21.92%
8.21%
10.46%
-1.20%
17.57%
11.14%
13.56%
-4.06%
10.33%
14.57%
11.79%
16.01%
9.98%
20.35%
13.46%

64.60%
35.32%
6.78%
34.58%
45.18%
18.14%
21.28%
27.69%
30.96%
83.53%
20.40%
25.20%
24.88%
42.41%
43.10%
0.31%
43.96%
29.03%
2.89%
28.33%
23.51%
44.48%
50.08%
32.02%
69.18%
107.34%
44.32%
18.02%
19.95%
45.54%
27.51%
73.90%
35.85%
13.78%
40.22%
76.16%
24.54%
2.16%
42.16%
17.96%
9.44%
5.63%
110.47%
42.88%
91.91%

64.60%
35.32%
6.78%
34.58%
45.18%
18.14%
21.28%
27.69%
30.96%
83.53%
20.40%
25.20%
24.88%
42.41%
43.10%
0.31%
43.96%
29.03%
2.89%
28.33%
23.51%
44.48%
50.08%
32.02%
69.18%
107.34%
44.32%
18.02%
19.95%
45.54%
27.51%
73.90%
35.85%
13.78%
40.22%
76.16%
24.54%
2.16%
42.16%
17.96%
9.44%
5.63%
110.47%
42.88%
91.91%

1.62%
36.56%
8.50%
-21.09%
NA
22.80%
13.14%
9.99%
3.82%
5.97%
2.43%
10.26%
10.07%
15.69%
10.82%
15.07%
11.80%
55.26%
93.27%
17.29%
12.35%
20.87%
1.68%
1.87%
11.13%
7.08%
17.85%
3.94%
0.42%
0.23%
9.63%
15.24%
20.62%
24.95%
10.42%
21.74%
26.34%
13.25%
11.45%
19.69%
2.67%
18.53%
-2.11%
14.15%
8.08%
3.99%
4.90%
-15.03%
6.69%
7.12%

3.45%
2.26%
0.14%
0.84%
2.61%
2.90%
17.97%
3.03%
16.79%
68.02%
20.24%
4.50%
4.56%
5.41%
22.85%
29.65%
3.64%
4.57%
8.96%
9.41%
3.29%
5.34%
0.59%
6.32%
2.13%
1.84%
7.28%
2.52%
3.22%
4.27%
2.37%
5.59%
7.42%
13.56%
12.37%
0.55%
2.33%
12.53%
5.31%
2.63%
18.28%
3.77%
13.77%
2.29%
5.60%
21.96%
19.23%
0.10%
27.58%
33.74%

6.34%
3.15%
0.15%
1.07%
2.27%
5.97%
12.90%
6.12%
4.09%
8.25%
23.05%
3.25%
8.16%
2.36%
16.68%
21.76%
0.60%
-1.32%
-1.12%
21.19%
7.51%
5.75%
2.27%
4.19%
3.20%
0.96%
7.43%
2.74%
1.82%
6.44%
4.97%
5.62%
9.30%
22.98%
6.18%
0.56%
2.91%
19.61%
10.06%
-5.90%
3.90%
10.39%
10.53%
30.04%
6.19%
14.24%
17.01%
-30.06%
18.81%
24.13%

37.48%
31.20%
4.96%
15.48%
32.29%
66.54%
155.09%
97.55%
279.62%
NA
247.90%
53.31%
102.91%
47.77%
130.43%
218.15%
9.90%
-3.71%
NA
170.58%
115.04%
69.80%
41.78%
45.10%
118.88%
8.21%
121.18%
79.97%
98.19%
221.43%
121.89%
38.23%
63.51%
252.95%
204.40%
10.03%
-1.24%
163.43%
62.28%
NA
279.01%
71.72%
125.85%
124.56%
103.21%
67.04%
258.02%
NA
143.20%
131.19%

23.78%
4.67%
8.68%
11.91%
11.18%
12.76%
-23.49%
29.36%
5.84%
-27.53%
7.52%
8.26%
16.99%
6.34%
8.55%
-4.40%
4.18%
7.48%
-1.29%
1.70%
13.66%
11.21%
6.99%
31.92%
33.90%
45.64%
14.96%
15.15%
26.76%
15.96%
19.73%
0.49%
15.81%
6.23%
26.48%
25.95%
12.30%
9.12%
11.72%
-14.11%
-3.16%
12.40%
12.21%
-17.22%
20.32%
18.55%
22.26%
0.70%
9.17%
9.68%

23.81%
27.93%
27.26%
24.36%
63.04%
37.58%
0.21%
33.11%
99.94%
0.49%
225.73%
51.81%
35.85%
113.08%
68.68%
0.24%
112.88%
137.82%
0.00%
449.37%
10.08%
119.76%
9.25%
51.76%
3.55%
38.72%
31.51%
47.30%
19.62%
3.56%
27.03%
2.95%
39.73%
60.15%
2.69%
24.39%
11.18%
1.29%
55.99%
0.99%
0.20%
48.16%
124.64%
77.99%
52.56%
40.55%
10.70%
696.75%
76.53%
55.78%

23.81%
27.93%
27.26%
24.36%
63.04%
37.58%
0.21%
33.11%
99.94%
0.49%
225.73%
51.81%
35.85%
113.08%
68.68%
0.24%
112.88%
137.82%
0.00%
449.37%
10.08%
119.76%
9.25%
51.76%
3.55%
38.72%
31.51%
47.30%
19.62%
3.56%
27.03%
2.95%
39.73%
60.15%
2.69%
24.39%
11.18%
1.29%
55.99%
0.99%
0.20%
48.16%
124.64%
77.99%
52.56%
40.55%
10.70%
696.75%
76.53%
55.78%

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insur
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techno
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products

Number of
firms

240
211
160
1174
125
632
598
875
212
104
145
542
422
766
66
735
79
713
280
918
332
733
361
831
926
167
822
153
1219
1117
350
305
403
988
1228
119
303
172
661
335
298
160
211
651
481

Annual
Average
Revenue
growth Pre-tax Operating
Last 5 years
Margin

9.50%
8.10%
8.19%
5.87%
5.86%
7.40%
10.96%
10.86%
7.24%
6.44%
5.42%
7.81%
5.69%
8.78%
12.97%
7.01%
5.80%
7.91%
2.34%
6.98%
2.04%
6.75%
6.22%
16.50%
11.52%
5.75%
7.99%
-0.74%
4.83%
6.85%
9.70%
10.07%
8.90%
16.49%
7.62%
7.42%
5.90%
20.38%
9.99%
7.32%
12.82%
8.29%
12.13%
10.78%
10.83%

12.05%
10.08%
10.52%
11.42%
6.33%
7.09%
0.07%
-0.04%
20.17%
14.90%
17.97%
0.16%
7.95%
8.83%
18.03%
8.50%
8.94%
11.74%
6.31%
7.60%
11.71%
6.67%
13.38%
31.50%
20.08%
9.34%
7.33%
5.09%
7.02%
4.54%
18.05%
8.49%
5.35%
7.79%
8.38%
2.85%
7.86%
34.55%
16.47%
4.83%
12.53%
8.94%
11.72%
12.58%
15.45%

After-tax
ROC

34.40%
19.98%
9.83%
12.56%
6.35%
10.88%
0.01%
-0.01%
12.14%
18.23%
15.69%
0.03%
9.68%
20.39%
13.45%
7.64%
9.57%
12.23%
3.55%
21.34%
18.37%
6.10%
9.44%
17.99%
12.88%
10.24%
10.10%
9.52%
9.41%
7.66%
20.86%
12.01%
5.83%
0.30%
12.28%
13.59%
14.74%
6.69%
15.87%
29.94%
13.17%
8.13%
8.03%
8.51%
23.22%

Average
effective tax
rate

28.07%
28.02%
20.14%
26.43%
26.00%
26.69%
23.69%
28.04%
23.11%
28.00%
30.11%
24.57%
30.95%
30.91%
30.94%
20.46%
27.43%
22.21%
25.94%
25.53%
23.94%
25.12%
24.91%
20.18%
21.15%
29.19%
24.46%
23.68%
22.10%
27.32%
27.77%
27.11%
26.71%
27.60%
23.22%
26.96%
19.08%
18.29%
24.99%
37.86%
17.75%
28.70%
22.78%
15.99%
29.76%

Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Management
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploratio
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Service
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)

186
212
122
219
927
1245
1518
151
49
1029
207
548
403
293
565
947
364
493
731
428
586
289
38
318
157
51
882
221
172
130
549
88
552
262
337
88
118
762
986
732
110
478
292
61
222
54
193
48
57
96

8.89%
11.22%
7.83%
8.51%
10.18%
6.34%
8.41%
3.92%
3.16%
14.31%
11.81%
8.14%
6.07%
3.18%
9.26%
19.59%
-0.21%
10.11%
14.91%
10.98%
8.70%
4.47%
11.55%
7.69%
8.39%
7.86%
8.65%
5.23%
7.78%
21.27%
4.67%
2.90%
2.26%
5.27%
3.08%
7.76%
1.83%
11.63%
10.91%
2.65%
5.56%
3.66%
3.49%
5.81%
12.69%
4.76%
4.35%
10.90%
1.04%
12.52%

21.99%
8.52%
9.53%
11.09%
24.31%
9.67%
9.19%
9.77%
3.54%
0.97%
10.61%
4.74%
8.74%
7.07%
13.88%
4.41%
7.66%
30.66%
18.26%
21.37%
30.04%
11.09%
10.79%
10.58%
4.78%
8.91%
3.57%
4.44%
3.11%
4.55%
6.65%
10.87%
18.08%
12.63%
8.00%
10.41%
15.37%
20.98%
22.17%
2.59%
13.23%
12.96%
13.43%
27.15%
8.23%
23.23%
7.91%
66.23%
10.19%
25.70%

34.60%
10.24%
12.02%
11.48%
7.68%
11.86%
7.36%
15.80%
2.73%
0.33%
7.75%
8.47%
11.23%
5.69%
6.65%
2.18%
9.43%
3.32%
7.15%
5.00%
4.99%
10.17%
11.77%
13.43%
10.09%
14.86%
4.78%
8.74%
6.64%
17.91%
12.27%
11.68%
12.55%
9.88%
4.69%
14.98%
13.30%
15.17%
18.63%
2.28%
8.54%
11.13%
10.81%
44.53%
10.15%
9.58%
9.46%
3.85%
7.03%
7.13%

28.06%
25.01%
26.57%
24.31%
17.80%
28.03%
38.77%
32.47%
39.97%
31.88%
11.89%
28.48%
27.69%
24.89%
24.90%
41.13%
15.44%
3.26%
30.99%
17.30%
17.93%
29.01%
15.11%
30.74%
33.56%
34.28%
28.65%
31.94%
29.77%
29.68%
32.06%
28.66%
16.56%
16.96%
18.16%
21.80%
24.33%
22.63%
27.23%
31.26%
33.27%
22.80%
26.75%
30.06%
27.79%
32.52%
30.66%
0.77%
31.09%
21.67%

Unlevered
Beta

0.96
1.05
0.61
0.79
0.83
1.21
0.36
0.47
0.75
0.92
0.89
0.44
0.86
0.87
0.80
0.94
1.08
1.03
0.95
0.95
1.27
0.89
0.70
1.21
1.02
0.92
1.09
1.18
1.24
0.90
1.06
1.11
0.76
0.10
0.72
0.49
1.03
0.72
0.93
0.98
0.98
0.93
0.42
0.73
0.96

Equity
(Levered)
Beta

1.11
1.18
0.96
0.89
1.25
1.31
0.94
0.60
0.85
1.06
1.18
1.05
1.01
1.00
1.11
1.11
1.35
1.18
1.40
1.02
1.32
1.14
1.01
1.27
1.10
1.05
1.19
1.29
1.27
1.20
1.22
1.33
1.01
0.73
0.82
0.71
1.04
1.17
1.02
1.15
1.09
1.16
0.67
0.93
1.04

Cost of
equity

10.54%
11.05%
9.41%
8.90%
11.61%
12.00%
9.28%
6.76%
8.59%
10.17%
11.09%
10.11%
9.78%
9.70%
10.50%
10.56%
12.35%
11.04%
12.72%
9.85%
12.14%
10.78%
9.82%
11.76%
10.45%
10.13%
11.12%
11.87%
11.74%
11.17%
11.33%
12.19%
9.79%
7.68%
8.40%
7.52%
9.99%
10.96%
9.90%
10.80%
10.38%
10.94%
7.26%
9.16%
10.00%

Std
deviation in Pre-tax cost
Market
stock prices
of debt
Debt/Capital

56.26%
47.55%
39.84%
50.71%
42.42%
46.23%
30.16%
29.35%
41.27%
38.43%
43.59%
48.94%
44.26%
47.26%
37.52%
46.05%
40.55%
47.83%
69.05%
48.82%
50.01%
43.43%
35.84%
78.04%
54.45%
50.68%
51.61%
53.55%
50.23%
46.67%
55.77%
59.81%
44.87%
40.41%
40.10%
41.38%
45.68%
52.30%
57.36%
49.48%
60.83%
39.93%
35.73%
45.30%
49.86%

5.10%
4.60%
4.60%
5.10%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
5.60%
4.60%
5.10%
4.60%
4.60%
5.60%
5.10%
5.10%
5.10%
5.10%
5.10%
4.60%
5.10%
5.10%
4.60%
4.60%
4.60%
4.60%
4.60%
5.10%
5.10%
4.60%
5.10%
4.60%
4.60%
4.60%
4.60%

22.51%
18.76%
44.95%
19.40%
44.94%
18.42%
74.21%
55.00%
16.65%
19.07%
31.64%
68.16%
24.60%
21.45%
32.68%
25.27%
29.15%
20.47%
41.99%
15.73%
16.38%
33.26%
40.37%
11.19%
12.45%
25.72%
17.98%
27.53%
15.93%
42.32%
19.99%
22.81%
31.65%
89.47%
19.30%
41.29%
14.25%
42.88%
15.17%
23.02%
14.06%
31.47%
42.28%
30.18%
12.09%

Cost of
capital

8.97%
9.58%
6.63%
7.87%
7.84%
10.38%
4.78%
4.81%
7.69%
8.85%
8.60%
5.41%
8.16%
8.31%
8.12%
8.71%
9.69%
9.44%
9.03%
8.81%
10.74%
8.27%
7.15%
10.88%
9.60%
8.44%
9.76%
9.58%
10.44%
7.81%
9.78%
10.22%
7.71%
3.69%
7.40%
5.75%
9.03%
7.79%
8.94%
9.06%
9.43%
8.51%
5.55%
7.37%
9.18%

Sales/Capita
l

3.42
2.29
1.10
1.30
1.19
1.88
0.11
0.25
0.74
1.41
1.09
0.21
1.51
2.84
0.88
1.07
1.35
1.24
0.60
3.46
1.79
1.09
0.82
0.59
0.73
1.30
1.61
2.03
1.56
2.02
1.28
1.61
1.22
0.05
1.75
5.77
2.28
0.21
1.06
7.56
1.15
1.15
0.81
0.78
1.77

1.04
0.71
1.30
0.57
0.62
1.14
0.98
0.88
1.35
1.13
0.85
1.25
0.61
0.71
0.54
1.11
0.92
0.43
0.78
0.76
0.56
0.97
1.02
0.67
0.74
0.78
0.61
0.87
0.58
1.39
0.84
0.93
1.48
1.45
0.78
0.94
1.59
1.34
1.19
0.72
0.85
1.22
0.64
0.81
0.89
0.79
0.65
0.61
0.51
0.71

1.13
0.79
1.09
0.63
0.90
1.21
1.48
1.02
1.70
1.87
1.55
1.67
0.78
1.08
0.92
1.42
1.07
0.76
1.18
1.14
0.91
1.05
1.10
0.82
1.01
0.90
0.97
1.14
0.79
1.43
1.00
1.11
1.51
1.55
1.21
0.96
1.44
1.34
1.24
1.26
1.16
1.30
0.96
0.90
1.15
1.00
0.98
0.62
0.84
0.95

10.69%
8.13%
10.39%
6.99%
8.95%
11.32%
13.31%
9.85%
14.97%
16.17%
13.83%
14.70%
8.08%
10.33%
9.14%
12.87%
10.23%
7.95%
11.05%
10.79%
9.07%
10.12%
10.45%
8.37%
9.80%
8.97%
9.51%
10.76%
8.16%
12.94%
9.71%
10.56%
13.55%
13.84%
11.27%
9.40%
13.00%
12.26%
11.53%
11.69%
10.93%
11.92%
9.42%
9.01%
10.84%
9.76%
9.57%
6.90%
8.50%
9.33%

48.17%
32.81%
31.95%
32.24%
44.62%
46.43%
79.44%
46.53%
37.73%
77.83%
47.54%
56.47%
39.69%
45.91%
36.21%
85.98%
47.63%
25.20%
44.56%
42.91%
39.20%
44.71%
29.03%
38.87%
45.03%
38.25%
47.14%
41.44%
36.91%
61.79%
44.06%
39.38%
48.81%
52.35%
44.85%
50.35%
62.52%
65.10%
60.42%
50.47%
39.51%
55.35%
44.62%
39.76%
43.92%
29.91%
39.61%
26.39%
29.21%
42.87%

4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
5.60%
4.60%
4.60%
5.60%
4.60%
5.10%
4.60%
4.60%
4.60%
7.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
5.10%
4.60%
4.60%
4.60%
5.10%
4.60%
5.10%
5.10%
5.60%
5.10%
5.10%
4.60%
5.10%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%
4.60%

13.92%
28.56%
38.13%
22.90%
42.85%
16.82%
40.36%
24.60%
32.86%
43.98%
48.79%
33.70%
29.23%
41.54%
49.55%
30.32%
21.73%
45.25%
48.29%
43.16%
45.26%
18.50%
20.82%
24.81%
35.60%
18.95%
48.25%
33.10%
38.13%
8.40%
25.11%
26.57%
12.23%
19.32%
45.20%
8.96%
6.40%
4.43%
9.59%
51.62%
35.08%
15.06%
39.10%
15.02%
33.29%
28.14%
44.21%
6.66%
47.81%
33.06%

9.65%
6.73%
7.65%
6.13%
6.49%
9.95%
9.52%
8.22%
11.11%
10.78%
8.65%
10.95%
6.66%
7.38%
6.20%
10.58%
8.70%
5.81%
7.27%
7.52%
6.42%
8.84%
8.95%
7.09%
7.46%
7.88%
6.48%
8.27%
6.28%
12.15%
8.08%
8.61%
12.28%
11.86%
7.63%
8.88%
12.40%
11.89%
10.77%
7.50%
8.23%
10.66%
7.00%
8.14%
8.30%
7.92%
6.76%
6.65%
5.97%
7.31%

1.89
1.43
1.54
1.26
0.34
1.51
0.83
2.01
0.99
0.36
0.81
2.03
1.59
0.93
0.58
0.51
1.46
0.11
0.48
0.28
0.19
1.12
1.27
1.61
2.69
2.19
1.64
2.58
2.87
4.58
2.38
1.29
0.78
0.89
0.67
1.80
0.97
0.79
0.95
1.00
0.77
0.97
0.94
1.95
1.55
0.54
1.55
0.06
0.89
0.33

EV/Sales

EV/EBITDA

1.95
1.48
1.51
1.86
0.94
0.92
8.87 NA
4.44 NA
3.69
2.90
2.55
6.49 NA
1.30
1.51
3.90
1.43
1.16
1.81
1.91
1.12
1.12
1.41
1.73
8.67
4.32
1.70
1.61
0.56
1.19
0.67
3.02
2.04
1.31
21.42
1.64
0.38
1.23
6.95
3.90
0.65
3.95
1.24
2.63
2.56
2.82

EV/EBIT

10.21
10.92
6.89
10.56
8.89
8.08

15.47
14.52
14.29
15.74
14.32
12.89
NA
NA

14.11
14.73
10.43
NA
10.42
10.85
11.53
9.58
8.03
10.43
9.02
10.58
6.59
10.68
9.33
14.92
14.97
8.70
13.12
6.90
9.67
9.17
11.81
11.68
12.24
158.98 NA
13.34
8.52
11.28
11.21
15.43
10.25
18.06
10.48
12.01
11.66
14.36

18.22
19.45
14.19
16.15
16.35
21.48
15.63
12.78
14.99
26.20
14.31
9.54
19.72
12.68
24.32
21.62
17.38
20.35
14.69
16.54
14.30
16.19
23.57
18.94
19.02
13.13
15.52
19.78
23.17
13.03
30.37
13.35
22.01
20.04
17.99

Price/Book

3.02
4.10
2.49
2.66
1.44
1.97
0.99
0.97
3.35
5.91
2.38
1.51
2.11
3.69
5.06
1.74
1.96
2.68
1.10
3.68
2.10
1.64
1.22
7.29
3.65
1.90
2.67
1.51
2.01
1.47
3.04
3.09
2.20
1.35
2.66
1.42
2.62
1.46
3.56
2.77
4.40
1.58
2.48
2.13
5.09

Trailing PE

36.50
68.17
18.72
56.90
20.35
51.21
15.02
17.08
52.21
35.69
31.32
234.53
41.32
52.29
83.14
56.64
73.75
68.40
258.24
99.24
344.79
49.45
62.71
229.52
67.64
43.61
61.44
561.66
76.02
49.18
140.75
39.25
59.54
83.27
60.59
29.70
52.16
44.36
111.33
47.77
65.61
18.40
35.79
67.65
64.34

Non-cash
Net Cap Ex
WC as % of Cap Ex as %
as % of
Revenues of Revenues Revenues

-8.80%
21.11%
-4.24%
24.27%
7.18%
10.18%
NA
NA
11.01%
1.88%
13.42%
NA
17.78%
9.87%
4.19%
13.58%
17.45%
17.08%
2.80%
13.27%
7.62%
15.04%
-12.80%
22.03%
19.62%
8.65%
23.49%
6.21%
17.73%
11.34%
9.18%
9.37%
20.72%
NA
10.47%
3.87%
8.17%
0.74%
25.92%
-0.24%
23.36%
58.16%
14.22%
-1.70%
9.03%

2.30%
3.34%
10.85%
3.73%
6.93%
6.02%
4.60%
5.38%
4.82%
4.39%
3.48%
3.07%
4.36%
2.93%
12.61%
5.82%
6.73%
6.83%
12.76%
1.74%
5.23%
5.39%
5.33%
5.30%
4.21%
5.61%
4.28%
3.61%
5.16%
3.07%
4.60%
6.49%
4.19%
8.31%
4.60%
1.50%
3.32%
45.94%
5.59%
1.00%
3.82%
0.80%
5.60%
8.14%
3.92%

6.42%
4.49%
6.01%
4.04%
6.80%
6.30%
5.19%
0.87%
4.32%
5.41%
4.51%
3.47%
6.02%
4.68%
18.38%
6.60%
8.63%
9.41%
8.59%
2.55%
6.62%
5.27%
8.07%
29.25%
22.05%
9.35%
5.24%
5.51%
6.74%
2.96%
2.52%
4.30%
5.26%
12.04%
6.77%
1.74%
4.99%
41.59%
20.87%
3.13%
7.74%
0.86%
8.41%
7.70%
5.08%

4.42
0.86
0.67
1.06
4.64
1.63
1.22
1.27
0.90
2.59
2.18
0.68
1.43
1.32
2.01
1.97
1.72
12.39
2.76
3.97
6.25
2.17
0.89
2.31
0.82
1.57
0.75
0.75
0.63
3.26
1.19
1.06
2.72
2.23
1.70
2.06
3.58
6.98
5.15
0.82
2.03
2.28
2.16
4.41
1.32
3.09
1.21
14.32
1.48
5.36

15.56
8.16
6.13
8.61
16.66
11.60
6.40
8.92
6.40
5.00 NA
11.75
7.57
10.00
9.33
8.34
7.32
11.13
21.80
13.02
14.07
16.47
11.89
8.02
12.10
10.86
11.79
11.78
8.79
8.38
33.14
9.67
5.93
8.78
11.43
8.81
13.57
15.83
23.33
16.99
7.69
6.30
12.06
6.92
14.47
9.55
9.24
7.93
16.70
8.33
14.09

20.08
9.91
6.75
9.51
16.95
16.34
12.61
12.81
25.39
19.31
13.76
15.96
17.71
14.39
41.46
20.48
35.74
14.16
17.68
19.60
18.86
8.18
21.56
17.06
17.60
20.00
16.59
20.20
73.08
17.66
9.11
15.08
17.13
20.75
19.00
20.69
35.84
22.58
28.79
15.22
16.32
15.87
16.19
15.90
13.31
15.19
7.16
14.47
20.68

5.58
1.09
1.13
1.26
1.24
2.58
0.99
2.81
0.93
0.95
1.24
1.48
2.52
1.48
1.28
0.99
2.16
1.63
1.07
0.90
0.99
2.86
1.03
5.45
3.33
6.30
1.33
2.25
2.07
10.60
3.35
1.64
2.71
2.31
1.09
3.79
2.84
5.01
5.12
0.81
1.69
2.74
2.01
10.61
2.30
2.24
2.10
0.92
1.43
2.25

75.56
3.03%
19.60
14.59%
16.09
-148.87%
17.09
-26.53%
240.44 NA
78.91
24.67%
73.74
8.55%
38.52
13.13%
45.04
2.63%
84.56
3.67%
30.33
2.71%
42.85
8.27%
33.94
14.11%
43.80
18.25%
24.06
2.41%
41.30
11.92%
53.22
8.89%
56.52
44.15%
66.45
160.48%
51.69
78.90%
44.10
21.06%
59.46
17.37%
10.60
-48.41%
33.97
-0.47%
43.84
9.87%
20.47
7.16%
107.71
15.33%
48.59
0.54%
39.46
-2.35%
80.65
1.10%
37.34
9.23%
25.39
20.55%
76.14
18.05%
54.41
29.08%
33.20
1.35%
31.11
20.60%
29.45
17.25%
66.17
8.44%
108.49
12.70%
99.27
12.80%
77.40
-8.65%
227.74
20.22%
41.37
-1.32%
18.21
10.42%
32.34
3.48%
29.35
-0.41%
24.18
8.71%
307.02
67.22%
34.56
0.12%
49.63
7.17%

4.71%
1.10%
0.56%
0.68%
2.21%
3.95%
12.08%
3.38%
13.19%
53.06%
21.48%
4.48%
5.28%
6.60%
17.00%
23.01%
3.39%
7.31%
3.38%
7.69%
7.80%
6.17%
0.24%
5.35%
2.63%
2.10%
3.23%
3.18%
3.08%
3.74%
2.36%
4.85%
12.29%
9.18%
11.27%
1.84%
3.24%
10.32%
4.62%
5.84%
20.11%
3.83%
13.07%
3.10%
4.72%
17.71%
10.38%
1.16%
12.00%
21.04%

7.76%
0.21%
0.79%
1.17%
-0.35%
5.31%
10.96%
4.60%
4.94%
12.38%
22.77%
3.54%
7.63%
4.48%
12.97%
13.00%
3.07%
7.29%
5.02%
13.12%
15.07%
6.71%
0.78%
9.03%
3.34%
1.23%
3.00%
3.04%
2.70%
6.17%
3.76%
5.01%
13.72%
12.55%
9.06%
1.72%
3.67%
16.07%
10.87%
3.99%
10.79%
7.57%
2.69%
15.48%
3.56%
13.42%
8.83%
0.46%
6.58%
16.48%

Equity
Dividend
Reinvestmen
Payout Ratio t Rate

Reinvestme
nt Rate
ROE

72.42%
96.18%
66.14%
65.65%
167.58%
140.28%
731.31%
NA
35.03%
47.55%
43.10%
-53014.09%
118.51%
90.83%
143.89%
83.65%
134.53%
114.62%
277.38%
56.30%
82.07%
130.79%
97.52%
173.67%
153.26%
160.25%
121.16%
219.95%
152.90%
131.76%
86.88%
103.84%
148.63%
238.80%
111.73%
93.57%
59.56%
153.55%
186.54%
121.14%
99.90%
65.66%
130.16%
79.28%
46.60%

12.10%
12.48%
18.38%
11.39%
13.01%
12.33%
10.20%
8.79%
12.87%
17.62%
7.06%
13.54%
7.18%
11.79%
18.67%
8.10%
13.73%
14.20%
-3.07%
19.29%
17.15%
6.15%
9.63%
17.81%
16.40%
3.89%
5.97%
4.23%
10.06%
7.01%
18.39%
2.98%
5.85%
10.01%
11.93%
7.15%
15.05%
7.94%
9.68%
12.46%
10.65%
12.35%
10.95%
11.37%
17.18%

44.70%
51.76%
19.58%
41.97%
28.58%
26.04%
32.50%
24.93%
56.51%
79.02%
68.11%
26.69%
44.54%
54.26%
37.85%
59.18%
42.74%
41.85%
19.51%
32.62%
26.66%
72.57%
32.82%
36.28%
51.99%
60.43%
70.42%
52.79%
30.68%
104.03%
35.29%
165.23%
50.98%
37.25%
44.64%
72.39%
40.11%
77.27%
48.30%
26.03%
16.13%
20.07%
80.92%
44.30%
58.30%

44.70%
51.76%
19.58%
41.97%
28.58%
26.04%
32.50%
24.93%
56.51%
79.02%
68.11%
26.69%
44.54%
54.26%
37.85%
59.18%
42.74%
41.85%
19.51%
32.62%
26.66%
72.57%
32.82%
36.28%
51.99%
60.43%
70.42%
52.79%
30.68%
104.03%
35.29%
165.23%
50.98%
37.25%
44.64%
72.39%
40.11%
77.27%
48.30%
26.03%
16.13%
20.07%
80.92%
44.30%
58.30%

51.16%
2.66%
13.05%
11.78%
-2.34%
96.72%
164.49%
78.99%
175.97%
NA
243.12%
38.53%
118.78%
86.43%
121.26%
1571.07%
49.17%
26.68%
204.09%
93.46%
70.44%
112.36%
10.53%
122.65%
121.96%
20.57%
104.43%
107.75%
113.34%
230.74%
97.77%
59.44%
102.87%
156.90%
139.17%
32.32%
19.67%
122.04%
74.58%
157.54%
128.62%
88.66%
35.05%
79.38%
69.08%
87.00%
162.74%
1.42%
80.39%
96.67%

22.44%
7.82%
11.64%
11.06%
12.37%
9.64%
-1.96%
13.89%
2.35%
-16.03%
7.53%
3.39%
12.13%
4.50%
8.87%
-7.75%
7.65%
9.21%
12.36%
8.73%
9.16%
9.88%
10.74%
19.47%
17.45%
23.76%
6.60%
11.13%
3.06%
12.64%
15.65%
15.36%
15.73%
9.25%
5.25%
17.28%
9.80%
11.22%
11.84%
-3.18%
6.96%
10.42%
10.64%
61.71%
12.31%
13.64%
11.37%
3.40%
3.00%
9.55%

25.12%
46.02%
31.31%
27.98%
47.83%
45.63%
0.76%
34.20%
159.28%
3.41%
179.37%
103.70%
46.23%
76.08%
59.53%
0.35%
68.81%
82.31%
59.75%
30.68%
29.21%
57.76%
32.17%
55.03%
81.92%
37.67%
48.45%
48.33%
150.70%
6.97%
32.54%
27.56%
38.98%
37.57%
64.11%
43.36%
20.11%
6.65%
52.12%
0.95%
89.60%
52.18%
79.94%
66.94%
57.10%
33.40%
26.38%
60.55%
201.63%
59.51%

25.12%
46.02%
31.31%
27.98%
47.83%
45.63%
0.76%
34.20%
159.28%
3.41%
179.37%
103.70%
46.23%
76.08%
59.53%
0.35%
68.81%
82.31%
59.75%
30.68%
29.21%
57.76%
32.17%
55.03%
81.92%
37.67%
48.45%
48.33%
150.70%
6.97%
32.54%
27.56%
38.98%
37.57%
64.11%
43.36%
20.11%
6.65%
52.12%
0.95%
89.60%
52.18%
79.94%
66.94%
57.10%
33.40%
26.38%
60.55%
201.63%
59.51%

Country
Marginal tax rate
Abu Dhabi
55.00%
Albania
15.00%
Andorra
19.00%
Angola
35.00%
Anguilla
16.67%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Azerbaijan
25.00%
Bahamas
0.00%
Bahrain
0.00%
Bangladesh
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Belize
33.99%
Benin
27.85%
Bermuda
0.00%
Bolivia
25.00%
Bosnia and Herzegovina
10.00%
Botswana
22.00%
Brazil
25.00%
British Virgin Islands
16.67%
Bulgaria
10.00%
Burkina Faso
10.00%
Cambodia
20.00%
Cameroon
20.00%
Canada
26.50%
Cape Verde
26.50%
Cayman Islands
0.00%
Channel Islands
0.00%
Chile
20.00%
China
25.00%
Colombia
25.00%
Congo (Democratic Republ 27.85%
Congo (Republic of)
27.85%
Cook Islands
25.00%

Costa Rica
Croatia
Cuba
Curaao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Falkland Islands
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Ivory Coast
Jamaica
Japan
Jordan
Kazakhstan
Kenya

30.00%
20.00%
20.00%
27.50%
12.50%
19.00%
24.50%
28.00%
22.00%
25.00%
30.00%
21.00%
0.00%
20.00%
20.00%
33.33%
33.33%
15.00%
29.58%
25.00%
10.00%
26.00%
26.00%
28.00%
30.00%
30.00%
19.00%
20.00%
33.99%
25.00%
12.50%
0.00%
26.50%
31.40%
27.85%
25.00%
35.64%
14.00%
20.00%
30.00%

Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia
Malawi
Malaysia
Malta
Marshall Islands
Mauritius
Mexico
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
Netherlands Antilles
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Palestinian Authority
Panama
Papua New Guinea
Paraguay
Peru
Philippines

30.00%
15.00%
20.00%
21.91%
15.00%
15.00%
12.50%
15.00%
29.22%
12.00%
10.00%
30.00%
25.00%
35.00%
0.00%
15.00%
30.00%
25.00%
30.00%
30.00%
9.00%
20.00%
30.00%
32.00%
33.00%
25.00%
20.00%
28.00%
27.15%
27.85%
30.00%
27.00%
12.00%
34.00%
20.00%
25.00%
30.00%
10.00%
30.00%
30.00%

Poland
Portugal
Qatar
Reunion
Romania
Russia
Rwanda
Samoa
Saudi Arabia
Senegal
Serbia
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadi
Sudan
Suriname
Sweden
Switzerland
Taiwan
Tanzania
Thailand
Togo
Trinidad & Tobago
Tunisia
Turkey
Turks & Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Venezuela
Vietnam

19.00%
23.00%
10.00%
0.00%
16.00%
20.00%
27.85%
27.00%
20.00%
27.85%
15.00%
30.00%
17.00%
22.00%
17.00%
28.00%
30.00%
28.00%
20.00%
20.00%
35.00%
34.50%
22.00%
17.92%
17.00%
30.00%
20.00%
27.85%
25.00%
25.00%
20.00%
20.00%
30.00%
18.00%
55.00%
21.00%
40.00%
25.00%
34.00%
22.00%

Zambia
Zimbabwe
Region
Africa
Asia
Australia & New Zealand
Caribbean
Central and South America
Eastern Europe & Russia
Middle East
North America
Western Europe

Global

35.00%
27.85%
Tax Rate
27.85%
21.91%
26.00%
14.92%
27.15%
16.38%
19.22%
33.25%
19.68%

23.57%

Country
Country Default Spread
ERP
Marginal tax rate
CRP
Abu Dhabi 0.50%
6.50%
55.00%
0.750%
Albania
4.50%
12.50%
15.00%
6.750%
Andorra
0.75%
6.88%
19.00%
1.130%
Angola
3.00%
10.25%
35.00%
4.500%
Anguilla
5.75%
14.37%
16.67%
8.620%
Argentina 7.50%
17.00%
35.00% 11.250%
Armenia
3.00%
10.25%
20.00%
4.500%
Aruba
6.50%
15.50%
28.00%
9.750%
Australia
0.00%
5.75%
30.00%
0.000%
Austria
0.00%
5.75%
25.00%
0.000%
Azerbaijan 2.20%
9.05%
25.00%
3.300%
Bahamas
1.90%
8.60%
0.00%
2.850%
Bahrain
1.90%
8.60%
0.00%
2.850%
Banglades 3.60%
11.15%
27.50%
5.400%
Barbados 6.50%
15.50%
25.00%
9.750%
Belarus
6.50%
15.50%
18.00%
9.750%
Belgium
0.60%
6.65%
33.99%
0.900%
Belize
9.00%
19.25%
33.99% 13.500%
Benin
3.99%
11.73%
27.85%
5.980%
Bermuda
0.70%
6.80%
0.00%
1.050%
Bolivia
3.60%
11.15%
25.00%
5.400%
Bosnia and 6.50%
15.50%
10.00%
9.750%
Botswana 0.85%
7.03%
22.00%
1.275%
Brazil
1.90%
8.60%
25.00%
2.850%
British Vir 5.75%
14.37%
16.67%
8.620%
Bulgaria
1.90%
8.60%
10.00%
2.850%
Burkina Fa 6.50%
15.50%
10.00%
9.750%
Cambodia 5.50%
14.00%
20.00%
8.250%
Cameroon 5.50%
14.00%
20.00%
8.250%
Canada
0.00%
5.75%
26.50%
0.000%
Cape Verd 5.50%
14.00%
26.50%
8.250%
Cayman Is 5.50%
14.00%
0.00%
8.250%
Channel Is 0.75%
6.88%
0.00%
1.130%
Chile
0.60%
6.65%
20.00%
0.900%
China
0.60%
6.65%
25.00%
0.900%
Colombia
1.90%
8.60%
25.00%
2.850%
Congo (Dem6.50%
15.50%
27.85%
9.750%
Congo (Rep 3.60%
11.15%
27.85%
5.400%
Cook Islan 4.50%
12.50%
25.00%
6.750%

Costa Rica 2.50%

Croatia
2.50%
Cuba
9.00%
Curaao
5.75%
Cyprus
6.50%
Czech Repu 0.70%
Denmark
0.00%
Dominican 4.50%
Ecuador
6.50%
Egypt
7.50%
El Salvado 3.60%
Estonia
0.70%
Falkland Is 2.80%
Fiji
4.50%
Finland
0.00%
France
0.40%
Gabon
3.60%
Georgia
3.60%
Germany
0.00%
Ghana
5.50%
Gibraltar
0.75%
Greece
7.50%
Greenland 0.75%
Guatemala 2.50%
Honduras 6.50%
Hong Kong 0.40%
Hungary
2.50%
Iceland
2.20%
India
2.20%
Indonesia 2.20%
Ireland
1.60%
Isle of Man 0.40%
Israel
0.70%
Italy
1.90%
Ivory Coas 4.50%
Jamaica
10.00%
Japan
0.70%
Jordan
4.50%
Kazakhsta 1.90%
Kenya
4.50%

9.50%
9.50%
19.25%
14.37%
15.50%
6.80%
5.75%
12.50%
15.50%
17.00%
11.15%
6.80%
9.95%
12.50%
5.75%
6.35%
11.15%
11.15%
5.75%
14.00%
6.88%
17.00%
6.88%
9.50%
15.50%
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
12.50%
20.75%
6.80%
12.50%
8.60%
12.50%

30.00%
20.00%
20.00%
27.50%
12.50%
19.00%
24.50%
28.00%
22.00%
25.00%
30.00%
21.00%
0.00%
20.00%
20.00%
33.33%
33.33%
15.00%
29.58%
25.00%
10.00%
26.00%
26.00%
28.00%
30.00%
30.00%
19.00%
20.00%
33.99%
25.00%
12.50%
0.00%
26.50%
31.40%
27.85%
25.00%
35.64%
14.00%
20.00%
30.00%

3.750%
3.750%
13.500%
8.620%
9.750%
1.050%
0.000%
6.750%
9.750%
11.250%
5.400%
1.050%
4.200%
6.750%
0.000%
0.600%
5.400%
5.400%
0.000%
8.250%
1.130%
11.250%
1.130%
3.750%
9.750%
0.600%
3.750%
3.300%
3.300%
3.300%
2.400%
0.600%
1.050%
2.850%
6.750%
15.000%
1.050%
6.750%
2.850%
6.750%

Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon
Liechtenst
Lithuania
Luxembour
Macau
Macedonia
Malawi
Malaysia
Malta
Marshall I
Mauritius
Mexico
Moldova
Monaco
Mongolia
Montenegr
Montserrat
Morocco
Mozambiq
Namibia
Netherlan
Netherland
New Zeala
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Palestinian
Panama
Papua New
Paraguay
Peru
Philippines

0.60%
0.50%
2.22%
1.01%
1.60%
5.50%
0.00%
1.60%
0.00%
0.50%
3.60%
3.99%
1.20%
1.20%
1.01%
1.60%
1.20%
6.50%
0.00%
5.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
0.00%
6.50%
3.99%
3.60%
0.00%
0.70%
7.50%
7.50%
1.90%
4.50%
3.00%
1.20%
1.90%

6.65%
6.50%
9.08%
7.26%
8.15%
14.00%
5.75%
8.15%
5.75%
6.50%
11.15%
11.73%
7.55%
7.55%
7.26%
8.15%
7.55%
15.50%
5.75%
14.00%
11.15%
9.05%
9.50%
12.50%
9.05%
5.75%
5.75%
5.75%
15.50%
11.73%
11.15%
5.75%
6.80%
17.00%
17.00%
8.60%
12.50%
10.25%
7.55%
8.60%

30.00%
15.00%
20.00%
21.91%
15.00%
15.00%
12.50%
15.00%
29.22%
12.00%
10.00%
30.00%
25.00%
35.00%
0.00%
15.00%
30.00%
25.00%
30.00%
30.00%
9.00%
20.00%
30.00%
32.00%
33.00%
25.00%
20.00%
28.00%
27.15%
27.85%
30.00%
27.00%
12.00%
34.00%
20.00%
25.00%
30.00%
10.00%
30.00%
30.00%

0.900%
0.750%
3.330%
1.510%
2.400%
8.250%
0.000%
2.400%
0.000%
0.750%
5.400%
5.980%
1.800%
1.800%
1.510%
2.400%
1.800%
9.750%
0.000%
8.250%
5.400%
3.300%
3.750%
6.750%
3.300%
0.000%
0.000%
0.000%
9.750%
5.980%
5.400%
0.000%
1.050%
11.250%
11.250%
2.850%
6.750%
4.500%
1.800%
2.850%

Poland
Portugal
Qatar
Reunion
Romania
Russia
Rwanda
Samoa
Saudi Arab
Senegal
Serbia
Sierra Leo
Singapore
Slovakia
Slovenia
South Afri
Spain
Sri Lanka
St. Maarte
St. Vincen
Sudan
Suriname
Sweden
Switzerlan
Taiwan
Tanzania
Thailand
Togo
Trinidad &
Tunisia
Turkey
Turks & Ca
Uganda
Ukraine
United Ara
United Ki
United Sta
Uruguay
Venezuela
Vietnam

0.85%
2.50%
0.50%
0.00%
2.20%
1.90%
5.50%
5.50%
0.60%
4.50%
4.50%
3.99%
0.00%
0.85%
2.50%
1.90%
1.90%
4.50%
1.60%
6.50%
3.99%
3.60%
0.00%
0.00%
0.60%
3.99%
1.60%
3.99%
1.60%
3.60%
2.20%
2.20%
4.50%
10.00%
0.50%
0.40%
0.00%
1.90%
7.50%
4.50%

7.03%
9.50%
6.50%
5.75%
9.05%
8.60%
14.00%
14.00%
6.65%
12.50%
12.50%
11.73%
5.75%
7.03%
9.50%
8.60%
8.60%
12.50%
8.15%
15.50%
11.73%
11.15%
5.75%
5.75%
6.65%
11.73%
8.15%
11.73%
8.15%
11.15%
9.05%
9.05%
12.50%
20.75%
6.50%
6.35%
5.75%
8.60%
17.00%
12.50%

19.00%
23.00%
10.00%
0.00%
16.00%
20.00%
27.85%
27.00%
20.00%
27.85%
15.00%
30.00%
17.00%
22.00%
17.00%
28.00%
30.00%
28.00%
20.00%
20.00%
35.00%
34.50%
22.00%
17.92%
17.00%
30.00%
20.00%
27.85%
25.00%
25.00%
20.00%
20.00%
30.00%
18.00%
55.00%
21.00%
40.00%
25.00%
34.00%
22.00%

1.275%
3.750%
0.750%
0.000%
3.300%
2.850%
8.250%
8.250%
0.900%
6.750%
6.750%
5.980%
0.000%
1.275%
3.750%
2.850%
2.850%
6.750%
2.400%
9.750%
5.980%
5.400%
0.000%
0.000%
0.900%
5.980%
2.400%
5.980%
2.400%
5.400%
3.300%
3.300%
6.750%
15.000%
0.750%
0.600%
0.000%
2.850%
11.250%
6.750%

Zambia
4.50%
Zimbabwe 3.99%

12.50%
11.73%

35.00%
27.85%

6.750%
5.980%

Country
Marginal tax rate
Abu Dhabi 55.00%
Albania
15.00%
Andorra
19.00%
Angola
35.00%
Anguilla
16.67%
Argentina 35.00%
Armenia
20.00%
Aruba
28.00%
Australia 30.00%
Austria
25.00%
Azerbaijan 25.00%
Bahamas
0.00%
Bahrain
0.00%
Banglades 27.50%
Barbados 25.00%
Belarus
18.00%
Belgium
33.99%
Belize
33.99%
Benin
27.85%
Bermuda
0.00%
Bolivia
25.00%
Bosnia and 10.00%
Botswana 22.00%
Brazil
25.00%
British Vir 16.67%
Bulgaria
10.00%
Burkina Fa 10.00%
Cambodia 20.00%
Cameroon 20.00%
Canada
26.50%
Cape Verd 26.50%
Cayman Is 0.00%
Channel Is 0.00%
Chile
20.00%
China
25.00%
Colombia 25.00%
Congo (Dem27.85%
Congo (Rep 27.85%
Cook Islan 25.00%

Costa Rica 30.00%

Croatia
20.00%
Cuba
20.00%
Curaao
27.50%
Cyprus
12.50%
Czech Repu19.00%
Denmark 24.50%
Dominican 28.00%
Ecuador
22.00%
Egypt
25.00%
El Salvado 30.00%
Estonia
21.00%
Falkland Is 0.00%
Fiji
20.00%
Finland
20.00%
France
33.33%
Gabon
33.33%
Georgia
15.00%
Germany 29.58%
Ghana
25.00%
Gibraltar 10.00%
Greece
26.00%
Greenland 26.00%
Guatemala 28.00%
Honduras 30.00%
Hong Kong 30.00%
Hungary
19.00%
Iceland
20.00%
India
33.99%
Indonesia 25.00%
Ireland
12.50%
Isle of Man 0.00%
Israel
26.50%
Italy
31.40%
Ivory Coas 27.85%
Jamaica
25.00%
Japan
35.64%
Jordan
14.00%
Kazakhsta 20.00%
Kenya
30.00%

Korea
30.00%
Kuwait
15.00%
Kyrgyzstan 20.00%
Laos
21.91%
Latvia
15.00%
Lebanon
15.00%
Liechtenst 12.50%
Lithuania 15.00%
Luxembour 29.22%
Macau
12.00%
Macedonia 10.00%
Malawi
30.00%
Malaysia
25.00%
Malta
35.00%
Marshall I 0.00%
Mauritius 15.00%
Mexico
30.00%
Moldova
25.00%
Monaco
30.00%
Mongolia 30.00%
Montenegr 9.00%
Montserrat 20.00%
Morocco
30.00%
Mozambiq 32.00%
Namibia
33.00%
Netherlan 25.00%
Netherland 20.00%
New Zeala 28.00%
Nicaragua 27.15%
Niger
27.85%
Nigeria
30.00%
Norway
27.00%
Oman
12.00%
Pakistan
34.00%
Palestinian 20.00%
Panama
25.00%
Papua New 30.00%
Paraguay 10.00%
Peru
30.00%
Philippines 30.00%

Poland
Portugal
Qatar
Reunion
Romania
Russia
Rwanda
Samoa
Saudi Arab
Senegal
Serbia
Sierra Leo
Singapore
Slovakia
Slovenia
South Afri
Spain
Sri Lanka
St. Maarte
St. Vincen
Sudan
Suriname
Sweden
Switzerlan
Taiwan
Tanzania
Thailand
Togo
Trinidad &
Tunisia
Turkey
Turks & Ca
Uganda
Ukraine
United Ara
United Ki
United Sta
Uruguay
Venezuela
Vietnam

19.00%
23.00%
10.00%
0.00%
16.00%
20.00%
27.85%
27.00%
20.00%
27.85%
15.00%
30.00%
17.00%
22.00%
17.00%
28.00%
30.00%
28.00%
20.00%
20.00%
35.00%
34.50%
22.00%
17.92%
17.00%
30.00%
20.00%
27.85%
25.00%
25.00%
20.00%
20.00%
30.00%
18.00%
55.00%
21.00%
40.00%
25.00%
34.00%
22.00%

Zambia
35.00%
Zimbabwe 27.85%

GDP(inbillions)Adj.DefaultSpread
Country
AbuDhabi
390
0.55%
Albania
13.2
4.99%
Andorra(Principalityof
3.25
2.44%
Angola
138.4
3.33%
Argentina
537.8
8.31%
Armenia
11.6
3.99%
Aruba
2.6
1.77%
Australia
1454.7
0.00%
Austria
436.9
0.00%
Azerbaijan
75.2
2.44%
Bahamas
8.5
2.11%
Bahrain
33.9
2.44%
Bangladesh
172.9
3.99%
Barbados
4.4
7.21%
Belarus
76.1
8.31%
Belgium
531.2
0.67%
Belize
1.7
9.98%
Bermuda
5.557
0.78%
Bolivia
33
3.99%
BosniaandHerzegovina
18.3
7.21%
Botswana
15.8
0.94%
Brazil
2346.1
2.44%
Bulgaria
56.7
2.11%
BurkinaFaso
12.5
7.21%
Cambodia
16.8
6.10%
Cameroon
32.1
6.10%
Canada
1785.4
0.00%
CaymanIslands
3.2
0.67%
CapeVerde
1.9
6.10%
Chile
258.1
0.67%
China
10354.8
0.67%
Colombia
377.7
2.11%
Congo(DemocraticRepu
33.1
7.21%
Congo(Republicof)
14.2
3.99%
CookIslands
1.2
4.99%
CostaRica
49.6
2.77%
Cted'Ivoire
34.2
3.99%
Croatia
57.1
2.77%
Cuba
77.2
9.98%

Curacao
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

1
23.2
205.3
342.4
64.1
100.9
286.5
25.2
26.5
55.6
4.5
272.2
2829.2
18.2
16.5
3868.3
38.6
235.6
58.8
0.5
19.4
290.1
138.4
17
2048.5
888.5
250.8
1.4
305.7
2141.2
13.9
4601.5
1
35.8
217.9
60.9
1410.4
163.6
31.3
45.7

1.33%
4.99%
0.78%
0.00%
4.99%
7.21%
7.21%
3.99%
0.78%
4.99%
4.99%
0.00%
0.55%
3.99%
3.99%
0.00%
7.21%
11.08%
2.77%
0.44%
7.21%
0.44%
2.77%
2.11%
2.44%
2.44%
1.77%
0.44%
0.78%
2.11%
9.98%
0.78%
0.44%
4.99%
2.11%
4.99%
0.55%
0.55%
1.33%
6.10%

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaimah(Emirat
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore

10.5
48.4
64.9
55.5
11.3
338.1
9.6
12.6
1294.7
8
12
4.6
1.5
110
15.9
13
879.3
166.1
11.8
568.5
499.8
81.8
243.6
46.2
16.9
30.9
202.6
284.8
545
230.1
210.1
5.2
199
1860.6
7.9
746.3
15.7
43.9
1
307.9

0.00%
1.33%
0.00%
0.55%
3.99%
1.33%
1.33%
1.77%
1.33%
7.21%
6.10%
3.99%
2.44%
2.77%
6.10%
2.44%
0.00%
0.00%
6.10%
3.99%
0.00%
0.78%
7.21%
2.11%
4.99%
2.77%
1.33%
2.11%
0.94%
2.77%
0.55%
0.94%
2.44%
2.77%
4.99%
0.67%
4.99%
4.99%
1.33%
0.00%

Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrena
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIsland
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmeric
Uruguay
Venezuela
Vietnam
Zambia

100.3
49.5
350.6
1381.3
78.8
1.5
0.713
5.2
571.1
701
970.9
404.8
28.9
48.6
798.4
1.5
27
131.8
399.5
2988.9
17419
57.5
381.3
186.2
27.1

Region
Weighted Average: TRP
Africa
11.76%
Asia
7.49%
Australia & New Zealand
6.00%
Caribbean
14.61%
Central and South Americ
10.42%
Eastern Europe & Russia
9.65%
Middle East
7.11%
North America
6.00%
Western Europe
7.16%
Global
7.45%

0.94%
2.44%
2.11%
2.11%
4.99%
1.77%
7.21%
3.99%
0.00%
0.00%
0.67%
1.77%
2.11%
3.99%
2.44%
1.77%
4.99%
11.08%
0.55%
0.44%
0.00%
2.11%
11.08%
4.99%
6.10%
Weighted Average: CRP
5.76%
1.49%
0.00%
8.61%
4.42%
3.65%
1.11%
0.00%
1.16%
1.45%

TotalRiskPremium
6.74%
12.71%
9.28%
10.48%
17.17%
11.37%
8.38%
6.00%
6.00%
9.28%
8.84%
9.28%
11.37%
15.70%
17.17%
6.90%
19.42%
7.05%
11.37%
15.70%
7.26%
9.28%
8.84%
15.70%
14.20%
14.20%
6.00%
6.90%
14.20%
6.90%
6.90%
8.84%
15.70%
11.37%
12.71%
9.72%
11.37%
9.72%
19.42%

CountryRiskPremium
0.74%
6.71%
3.28%
4.48%
11.17%
5.37%
2.38%
0.00%
0.00%
3.28%
2.84%
3.28%
5.37%
9.70%
11.17%
0.90%
13.42%
1.05%
5.37%
9.70%
1.26%
3.28%
2.84%
9.70%
8.20%
8.20%
0.00%
0.90%
8.20%
0.90%
0.90%
2.84%
9.70%
5.37%
6.71%
3.72%
5.37%
3.72%
13.42%

CorporateTaxRate
55.00%
15.00%
0.00%
30.00%
35.00%
20.00%
28.00%
30.00%
25.00%
20.12%
0.00%
0.00%
27.50%
25.00%
18.00%
33.99%
26.85%
0.00%
25.00%
10.00%
22.00%
34.00%
10.00%
27.92%
0.00%
33.00%
26.50%
0.00%
27.92%
22.50%
25.00%
25.00%
27.92%
27.92%
27.00%
30.00%
27.92%
20.00%
27.35%

Region
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Africa
North America
Caribbean
Africa
Central and South America
Asia
Central and South America
Africa
Africa
Australia & New Zealand
Central and South America
Africa
Eastern Europe & Russia
Caribbean

7.79%
12.71%
7.05%
6.00%
12.71%
15.70%
15.70%
11.37%
7.05%
12.71%
12.71%
6.00%
6.74%
11.37%
11.37%
6.00%
15.70%
20.90%
9.72%
6.59%
15.70%
6.59%
9.72%
8.84%
9.28%
9.28%
8.38%
6.59%
7.05%
8.84%
19.42%
7.05%
6.59%
12.71%
8.84%
12.71%
6.74%
6.74%
7.79%
14.20%

1.79%
6.71%
1.05%
0.00%
6.71%
9.70%
9.70%
5.37%
1.05%
6.71%
6.71%
0.00%
0.74%
5.37%
5.37%
0.00%
9.70%
14.90%
3.72%
0.59%
9.70%
0.59%
3.72%
2.84%
3.28%
3.28%
2.38%
0.59%
1.05%
2.84%
13.42%
1.05%
0.59%
6.71%
2.84%
6.71%
0.74%
0.74%
1.79%
8.20%

25.00%
12.50%
19.00%
23.50%
27.00%
22.00%
22.50%
30.00%
20.00%
27.92%
20.00%
20.00%
33.33%
27.92%
15.00%
29.65%
25.00%
29.00%
25.00%
0.00%
30.00%
16.50%
19.00%
20.00%
34.61%
25.00%
12.50%
0.00%
26.50%
31.40%
25.00%
33.06%
0.00%
20.00%
20.00%
30.00%
24.20%
15.00%
15.00%
15.00%

Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East

6.00%
7.79%
6.00%
6.74%
11.37%
7.79%
7.79%
8.38%
7.79%
15.70%
14.20%
11.37%
9.28%
9.72%
14.20%
9.28%
6.00%
6.00%
14.20%
11.37%
6.00%
7.05%
15.70%
8.84%
12.71%
9.72%
7.79%
8.84%
7.26%
9.72%
6.74%
7.26%
9.28%
9.72%
12.71%
6.90%
12.71%
12.71%
7.79%
6.00%

0.00%
1.79%
0.00%
0.74%
5.37%
1.79%
1.79%
2.38%
1.79%
9.70%
8.20%
5.37%
3.28%
3.72%
8.20%
3.28%
0.00%
0.00%
8.20%
5.37%
0.00%
1.05%
9.70%
2.84%
6.71%
3.72%
1.79%
2.84%
1.26%
3.72%
0.74%
1.26%
3.28%
3.72%
6.71%
0.90%
6.71%
6.71%
1.79%
0.00%

12.50%
15.00%
29.22%
12.00%
10.00%
25.00%
35.00%
15.00%
30.00%
12.00%
21.96%
9.00%
27.35%
30.00%
32.00%
33.00%
25.00%
28.00%
26.85%
30.00%
27.00%
12.00%
33.00%
25.00%
30.00%
10.00%
28.00%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
27.92%
20.00%
27.92%
15.00%
0.00%
17.00%

Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia

7.26%
9.28%
8.84%
8.84%
12.71%
8.38%
15.70%
11.37%
6.00%
6.00%
6.90%
8.38%
8.84%
11.37%
9.28%
8.38%
12.71%
20.90%
6.74%
6.59%
6.00%
8.84%
20.90%
12.71%
14.20%
Weighted Average: Default Spreads
4.29%
1.11%
0.00%
6.40%
3.29%
2.71%
0.82%
0.00%
0.86%
1.08%

1.26%
3.28%
2.84%
2.84%
6.71%
2.38%
9.70%
5.37%
0.00%
0.00%
0.90%
2.38%
2.84%
5.37%
3.28%
2.38%
6.71%
14.90%
0.74%
0.59%
0.00%
2.84%
14.90%
6.71%
8.20%
Tax Rate
28.18%
26.90%
29.79%
24.90%
31.19%
19.04%
30.34%
38.74%
26.80%
29.95%

22.00%
17.00%
28.00%
28.00%
28.00%
24.50%
26.85%
34.50%
22.00%
17.92%
17.00%
20.00%
25.00%
25.00%
20.00%
26.85%
30.00%
18.00%
55.00%
20.00%
40.00%
25.00%
34.00%
22.00%
35.00%

Eastern Europe & Russia

Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

astern Europe & Russia

Western Europe

entral and South America

astern Europe & Russia

ustralia & New Zealand

Western Europe

astern Europe & Russia

astern Europe & Russia

Western Europe

entral and South America

entral and South America

astern Europe & Russia

entral and South America

astern Europe & Russia

orth America

entral and South America

entral and South America

ustralia & New Zealand

entral and South America

astern Europe & Russia

Western Europe

astern Europe & Russia

Western Europe

entral and South America

entral and South America

astern Europe & Russia

Western Europe

Western Europe

astern Europe & Russia

Western Europe

Western Europe

entral and South America

Western Europe

entral and South America

astern Europe & Russia

Western Europe

Western Europe

Western Europe

Western Europe

Western Europe

astern Europe & Russia

astern Europe & Russia

Western Europe

astern Europe & Russia

Western Europe

astern Europe & Russia

Western Europe

entral and South America

astern Europe & Russia

astern Europe & Russia

Western Europe

ustralia & New Zealand

entral and South America

Western Europe

entral and South America

entral and South America

entral and South America

astern Europe & Russia

Western Europe

astern Europe & Russia

astern Europe & Russia

astern Europe & Russia

astern Europe & Russia

astern Europe & Russia

Western Europe

entral and South America

Western Europe

Western Europe

Western Europe

astern Europe & Russia

Western Europe

orth America

entral and South America

entral and South America

Last 10K

Revenues
$66,001.00
R&D expense
$9,832.00
Operating income or EBIT
$16,496.00
Interest expenses
$101.00
Book value of equity
$130,420.00
Book value of debt
$5,237.00
Do you have operating lease commitments?
Cash and cross holdings
$64,395.00
Non-operating assets
$0.00
Minority interests
$0.00
Number of shares outstanding =
Current stock price =
Effective tax rate =
26.37%
Marginal tax rate =
Lease commitments
Year 1
$772.00
Year 2
$774.00
Year 3
$744.00
Year 4
$715.00
Year 5
$674.00
Beyond year 5
$2,592.00

First X months: Last year

$47,898.00
$7,019.00
$12,097.00
$76.00

26.18%

First X months: Current yearTrailing 12 month

$53,660.00
$71,763.00
$8,772.00
$11,585.00
$13,980.00
$18,379.00
$78.00
$103.00
$144,281.00
$5,231.00
$72,767.00
$0.00
$0.00

25.28%

NA
NA
NA
NA
NA
NA

$75,872.00
$2,404.00
$24,171.00
$276.00

Yes/No Book or Market Value ERP choices

Yes
B
Will input
No
V
Country of incorporatio
Operating countries
Operating regions

Cost of debt Synthetic rati Beta

Direct input
1 Direct input
Synthetic rati
2 Single Business(US)
Actual rating
Single Business(Global)
Multibusiness(US)
Multibusiness(Global)

ingle Business(US)
ingle Business(Global)
ultibusiness(US)
ultibusiness(Global)