Date of valuation

Company name

Sep-14
Important: Before you run this spreadsheet, go
Alibaba
There should be a check against the iteration b
Numbers from your base year below ( in consistent units)
This year
Last year
China
Alibaba gets about 90% of its revenues in China
Advertising
The bulk of Alibaba's revenues still come from a
Advertising
Year ended 3/31/13
$
9,268.00 $4,820.99 Updated to reflect filing in August 2
$
4,246.33 $1,777.02 Updated to reflect filing in August 2
$
245.75 $ 259.83 Updated to reflect filing in August 2
$
8,283.00 $5,027.60 Updated to reflect filing in August 2
$
10,012.00 $4,642.98 Updated to reflect filing in August 2
Yes
Am assuming product development expenses
Yes
Minimal, but took lease expenses for years 2-5
$
9,330.00 $5,402.64 From prospectus: Cash + Short ter
$
5,087.00 $ 400.99 Investments in Weibo, UCWeb,Aut
$
$
2440.91
Shares outstanding + RSUs. Prospectus (Aug 2
20000.00
News stories, not confirmed yet
$
65.00 No offering price yet (estimate based on $150 b
11.92%
Effective tax rate (Last fiscal year)
25.00%
China statutory rate

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 cross holdings
Non-operating assets
Minority interests
Number of shares outstanding =
Expected proceeds from IPO =
Expected IPO price
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 years = 25.00%
Target pre-tax operating margin (EBIT as % of sales in year 10) 4
=0.00%
Sales to capital ratio (for computing reinvestment) =
2.00
Market numbers
Riskfree rate
2.41%
Initial cost of capital =
8.56%
Other inputs
Do you have employee options outstanding?
Yes
Number of options outstanding =
13.35
Average strike price =
$14.29
Average maturity =
4.20
Standard deviation on stock price =
37.20%

China online retail growth

Competition is picking up
More reinvestment in both internal projects
and acquisitions.
Valuation is done in US dollars
Cost of capital reflects business mix (advertisin
See cost of capital worksheet

Prospectus.
Average exercise price from prospectus (Page
Average maturity from prospectus (Page 300)
Using standard deviation in online companies li

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate +
Do you want to override this assumption =
Yes
If yes, enter the cost of capital after year 10 =
8%
Slight drop in cost of capital as company becom
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever co
Do you want to override this assumption =
No
If yes, enter the return on capital you expect after year 10
12%
In steady state, this will be a tough business to
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
No
Already profitable, plenty of cash.
If yes, enter the probability of failure =
20%
What do you want to tie your proceeds in failure to?
V
Enter the distress proceeds as percentage of book or fair value 50%
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumptio
Do you want to override this assumption =
No
Tax credits will disappear over time.
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money lo
Do you want to override this assumption =
No
If yes, enter the NOL that you are carrying over into year 1
$250.00

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

s about 90% of its revenues in China and 10% internationally. The ERP I use reflects that mix
Alibaba's revenues still come from advertising, though it is building other revenue sources

Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
ng product development expenses are R&D, with 2-year life
t took lease expenses for years 2-5 and averaged to get annual lease
From prospectus: Cash + Short term investments
Investments in Weibo, UCWeb,Autonavi, Cainiaio (from balance sheet). Marked Weibo and AutoNavi to market price. Added $3 billion for A

tanding + RSUs. Prospectus (Aug 2014)

Computed numbers: Here is what your company's numbers look like, relative to industry.
s, not confirmed yet
price yet (estimate based on $150 billion)
If you are not working in US dollars, you should add the inflation differential to the industry averages.
x rate (Last fiscal year)
Company
Industry (US data)
Revenue growth in the most recent year =
92.24%
4.60%
Pre-tax operating margin in the most recent year =
50.73%
11.44%
e retail growth
Sales to capital ratio in most recent year =
1.03 1.3945714
is picking up
Return on invested capital in most recent year=
96.72%
11.59%
stment in both internal projects
Standard deviation in stock prices =
83.02%
Cost of capital =
7.90%
done in US dollars
tal reflects business mix (advertising + online) and geographic exposure (90.3% in China, 9.7% rest of the world)
capital worksheet

ercise price from prospectus (Page 300)

aturity from prospectus (Page 300)
ard deviation in online companies listed in the US

al mature companies (riskfree rate + 4.5%)

n cost of capital as company becomes mature

10. I am assuming that whatever competitive advantages you have today will fade over time.

ate, this will be a tough business to generate excess returns in, even with network effects.

fitable, plenty of cash.

year. If you override this assumption, I will leave the tax rate at your effective tax rate.
will disappear over time.
e valuation. If you have a money losing company, you may want to override tis.

price. Added $3 billion for Alipay liquidity provision, entitling Alibaba to 37.5% of value (if a liquidity event occurs)

, relative to industry.
l to the industry averages.
Industry (Global data)
159.82%
9.24%
3.87
29.68%

Base year
Revenue growth rate
Revenues
$
EBIT (Operating) margin
EBIT (Operating income)$
Tax rate
EBIT(1-t)
$
- Reinvestment
FCFF
NOL
$

9,268.00 $
50.73%
4,701.61 $
11.92%
4,141.12 $
$
$
$

Cost of capital
Cumulated discount factor
PV(FCFF)

1
25.00%
11,585.00
49.66%
5,752.71
11.92%
5,066.92
1,158.50
3,908.42
-

8.56%
0.9211
$ 3,600.21

$
$
$
$
$
$

2
25.00%
14,481.25
48.58%
7,035.52
11.92%
6,196.79
1,448.13
4,748.67
-

8.56%
0.8485
$ 4,029.27

$
$
$
$
$
$

3
25.00%
18,101.56
47.51%
8,600.17
11.92%
7,574.92
1,810.16
5,764.77
-

8.56%
0.7816
$ 4,505.71

$
$
$
$
$
$

4
25.00%
22,626.95
46.44%
10,507.44
11.92%
9,254.82
2,262.70
6,992.12
-

8.56%
0.7200
$ 5,034.05

Terminal cash flow

$ 10,352.98
Terminal cost of capital
8.00%
Terminal value
$185,205.28
PV(Terminal value)
$ 82,730.74
PV (CF over next 10 years)54,659.64
$
Sum of PV
$137,390.38
Probability of failure =
0.00%
Proceeds if firm fails =
$68,695.19
Value of operating assets$=137,390.38
- Debt
$ 10,068.28
- Minority interests
$
+ Cash
$ 9,330.00
+ IPO Proceeds
$ 20,000.00
+ Non-operating assets $ 5,087.00
Value of equity
$161,739.11
- Value of options
$695.86
Value of equity in common
$161,043.25
stock
Number of shares
2,440.91
Estimated value /share $
65.98
Price
$
65.00
Price as % of value
98.52%
Implied variables
Sales to capital ratio
Invested capital
ROIC

2.00
10,298 $
11,457
40.21%
44.23%

2.00
12,905
48.02%

2.00
14,715
51.48%

2.00
16,978
54.51%

$
$
$
$
$
$

5
25.00%
28,283.69
45.36%
12,830.83
11.92%
11,301.23
2,828.37
8,472.86
-

8.56%
0.6632
$ 5,619.08

2.00
19,806
57.06%

$
$
$
$
$
$

6
20.48%
34,076.76
44.29%
15,093.21
14.54%
12,899.11
2,896.53
10,002.57
-

8.45%
0.6115
$ 6,116.78

2.00
22,703
56.82%

$
$
$
$
$
$

7
15.96%
39,516.77
43.22%
17,078.70
17.15%
14,149.23
2,720.01
11,429.22
-

8.34%
0.5645
$ 6,451.39

2.00
25,423
55.66%

$
$
$
$
$
$

8
11.45%
44,039.86
42.15%
18,561.00
19.77%
14,891.76
2,261.54
12,630.22
-

8.22%
0.5216
$ 6,587.53

2.00
27,684
53.79%

$
$
$
$
$
$

9
6.93%
47,090.94
41.07%
19,341.64
22.38%
15,012.16
1,525.54
13,486.62
-

8.11%
0.4824
$ 6,506.39

2.00
29,210
51.39%

$
$
$
$
$
$

10
2.41%
48,225.83
40.00%
19,290.33
25.00%
14,467.75
567.45
13,900.30
-

8.00%
0.4467
$ 6,209.23

2.00
29,777
48.59%

Compare this return on capital

a. the industry average(column E of works

a. the industry average(column E of works

b. the return on capital after year 10
If it is too high (low), you may want to low

Terminal year
2.41%
$ 49,388.08
40.00%
$ 19,755.23
25.00%
$ 14,816.42
$ 4,463.45
$ 10,352.98
$
-

Check these revenues against

a. Overall market size
b. Largest companies in this market
$

15,053.62

23,942.36

This is is how much your operating income

grew over the ten-year period.
This is how much capital you
invested over the ten year
period.

8.00%

0.30125

After year 10

8.00%

ompare this return on capital in year 10 against

. the industry average(column E of worksheet)

. the industry average(column E of worksheet)

. the return on capital after year 10
it is too high (low), you may want to lower (raise) your sales to capital ratio

Valuing Options or Warrants

Enter the current stock price =
$
65.00
Enter the strike price on the option =
$
14.29
Enter the expiration of the option =
4.20
Enter the standard deviation in stock prices =
37.20% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
2.41%
Enter the number of warrants (options) outstanding 13.35
=
Enter the number of shares outstanding =
2,440.91
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
65 # Warrants issued=
Strike Price=
14.29 # Shares outstanding=
Adjusted S =
64.9300945 T.Bond rate=
Adjusted K =
14.29 Variance=
Expiration (in years) =
4.2 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

2.49953407
0.99378216

d2 =
N (d2) =

1.73716093
0.95882062

Value per option =

$
52.14
Value of all options outstanding =

$695.86

13.345
2,441
2.41%
0.1384
0.00%
2.41%

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
Revenue growth rate (input cell B3)
Last period EBIT as % of revenue (Input cell B14)
Sales to Capital Ratio or reinvestment (Input cell B15)
Return on capital in perpetuity (B30 & B31)

$
$
$
$

10,298.30
29,777.22
19,478.92
14,588.72
74.89%
48.59%
8.39%
101.50%

If calculated value is negative or looks too low

Increase revenue growth rate
Increase the target pre-tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital

If calculated value looks too high

Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital

R & D Converter

This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
2
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$ 971.90 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
0
0
0
0
0
0
0
0
Output
Year
Current
-1
-2
0
0
0
0
0
0
0
0

R& D Expenses
610.24
! Year -1 is the year prior to the current year
471.06
! Year -2 is the two years prior to the current year

R&D Expense
971.90
610.24
471.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
971.90
0.50
305.12
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

Value of Research Asset =

0.00

Amortization this year

$
$
$
$
$
$
$
$
$
$

$1,277.03 $

305.12
235.53
-

540.65

Amortization of asset for current year =

$540.65

Adjustment to Operating Income =

$431.25 ! A positive number indicates an increase in operating income (add to reported EB

$108

Tax Effect of R&D Expensing

e adjustments to operating income, net

se the lookup table below

allowed is ten years
ed by the amortization period

n operating income (add to reported EBIT)

Operating Lease Converter

The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =
$
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$32.20
2
$6.96
3
$6.96
4
$6.96
5
$6.96
6 and beyond
$1.30

35.28

Output
Pre-tax Cost of Debt =

4.00%

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

Number of years embedded in yr 6 estimate =

! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt

Year
Commitment Present Value
1 $
32.20 $
30.96
2 $
6.96 $
6.43
3 $
6.96 $
6.19
4 $
6.96 $
5.95
5 $
6.96 $
5.72
6 and beyond $
1.30 $
1.03 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$
56.28
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =
Adjustment to Depreciation =

$
$

11.26 ! I use straight line depreciation

$24.03 ! Add this amount to pre-tax operating income
56.28 ! Add this amount to debt
$11.26

nter them.

line depreciation
ount to pre-tax operating income

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding =
Current Market Price per share =

2440.91
65.00

Approach for estimating beta

Multibusiness(Global)
If direct input, enter levered beta (or regression beta)
1.20
Unlevered beta =
1.04
Riskfree Rate =
2.41%
What approach do you want to use to input ERP? Operating countries
Direct input for ERP (if you choose "will input"
5.75%
Equity Risk Premium used in cost of equity =
5.94%
Debt
Book Value of Straight Debt =
Interest Expense on Debt =
Average Maturity =
Approach for estimating pre-tax cost of debt
If direct input, input the pre-tax cost of debt
If actual rating, input the rating
If synethetic rating, input the type of company
Pre-tax Cost of Debt =
Tax Rate =

$
$

10,012.00
245.75
3
Direct input
3.500%
Baa2/BBB
1
4.00%
25%

Book Value of Convertible Debt =

Interest Expense on Convertible =
Maturity of Convertible Bond =
Market Value of Convertible =
Debt value of operating leases =

0
0
0
0
$

56.28

Preferred Stock
Number of Preferred Shares =
Current Market Price per Share=
Annual Dividend per Share =

0
70
5

Output
Estimating Market Value of Straight Debt =
Estimated Value of Straight Debt in Convertible =
Value of Debt in Operating leases =
Estimated Value of Equity in Convertible =
Levered Beta for equity =

$ 9,582.61
$
$
56.28
$
1.092
Equity

Debt

Preferred Stock

Capital

Market Value
Weight in Cost of Capital
Cost of Component

158,659.15 $ 9,638.88 $
94.27%
5.73%
8.90%
3.00%

0.00%
7.14%

#########
100.00%
8.56%

Operating Countries ERP calculator

Country

Revenues

China
Global

7275
782

Total

8057

ERP

Weight
5.90%
6.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

90.29%
9.71%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%

Weighted ERP
5.33%
0.62%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.94%

Operating Regions ERP calculator

Region
Revenues
ERP
Weight
Weighted ERP
Africa
10.04%
0.00%
0.0000%
Asia
3482
6.51%
37.20%
2.4198%
Australia & New Zealand
5.00%
0.00%
0.0000%
Caribbean
12.65%
0.00%
0.0000%
Central and South America
385
8.62%
4.11%
0.3546%
Eastern Europe & Russia
7.96%
0.00%
0.0000%
Global
6.35%
0.00%
0.0000%
Middle East
4680
6.14%
49.99%
3.0716%
North America
814
5.00%
8.70%
0.4348%
Total

9361

100.00%

6.2808%

Multi Business (US Industry Averages)

Business
Advertising
Internet

Company

Revenues
EV/Sales
$
70.00
1.6748
$
30.00
5.5678
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$

100.00

Estimated Value
Unlevered Beta
$ 117.24
1.1259
$ 167.03
1.0235
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 284.27
1.0657

Multi Business (Global Industry Averages)

Business
Advertising
Retail (Internet)

Company

Revenues
EV/Sales
$
70.00
1.5982
$
30.00
3.1883
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$

100.00

Estimated Value
Unlevered Beta
$ 111.87
0.8911
$
95.65
1.2231
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 207.52
1.0441

Inputs for synthetic rating estimation

Please read the special cases worksheet (see below) before you use this spreadsheet.

Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm =
1
Enter current Earnings before interest and taxes (EBIT) =
Enter current interest expenses =
Enter long term risk free rate =
Output
Interest coverage ratio =
17.22
Estimated Bond Rating =
Aaa/AAA
Estimated Company Default Spread =
0.40%
Estimated County Default Spread (if any) = 0.60%
Estimated Cost of Debt =
3.41%

$ 4,270.36 (Add back only long term interest expense for financ
$248.00 (Use only long term interest expense for financial firm
2.41%

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

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
>
to
Rating is
Spread is
-100000
0.199999
D2/D
12.00%
0.2
0.649999
Caa/CCC
10.50%
0.65
0.799999
Ca2/CC
9.50%
0.8
1.249999
C2/C
8.75%
1.25
1.499999
B3/B7.25%
1.5
1.749999
B2/B
6.50%
1.75
1.999999
B1/B+
5.50%
2
2.2499999
Ba2/BB
4.00%
2.25
2.49999
Ba1/BB+
3.00%
2.5
2.999999
Baa2/BBB
2.00%
3
4.249999
A3/A1.30%
4.25
5.499999
A2/A
1.00%
5.5
6.499999
A1/A+
0.85%
6.5
8.499999
Aa2/AA
0.70%
8.50
100000
Aaa/AAA
0.40%
For smaller and riskier firms
If interest coverage ratio is
greater than
to
Rating is
-100000
0.499999
D2/D
0.5
0.799999
Caa/CCC
0.8
1.249999
Ca2/CC
1.25
1.499999
C2/C
1.5
1.999999
B3/B2
2.499999
B2/B
2.5
2.999999
B1/B+
3
3.499999
Ba2/BB
3.5
3.9999999
Ba1/BB+
4
4.499999
Baa2/BBB
4.5
5.999999
A3/A6
7.499999
A2/A
7.5
9.499999
A1/A+
9.5
12.499999
Aa2/AA
12.5
100000
Aaa/AAA

Spread is
12.00%
10.50%
9.50%
8.75%
7.25%
6.50%
5.50%
4.00%
3.00%
2.00%
1.30%
1.00%
0.85%
0.70%
0.40%

Rating is
A1/A+
A2/A
A3/AAa2/AA
Aaa/AAA
B1/B+
B2/B
B3/BBa1/BB+
Ba2/BB
Baa2/BBB
Caa/CCC
Ca2/CC
C2/C

Spread is
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%
3.00%
4.00%
2.00%
8.75%
9.50%
10.50%

D2/D

12.00%

his spreadsheet.

on options in excel) is checked.

y long term interest expense for financial firms)

g term interest expense for financial firms)

ver the place, set the operating lease commitment question in cell F5
Yes. It should work.

Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising
31
4.60%
11.44%
Aerospace/Defense
66
12.33%
9.99%
Air Transport
35
6.51%
8.04%
Apparel
46
7.48%
10.70%
Auto Parts
54
0.90%
6.88%
Automotive
11
9.66%
6.55%
Bank
375
0.00%
NA
Bank (Midwest)
86
0.00%
NA
Beverage
36
3.24%
20.46%
Biotechnology
232
23.92%
22.27%
Building Materials
42
4.86%
0.55%
Cable TV
18
8.74%
19.14%
Chemical (Basic)
18
-6.24%
14.15%
Chemical (Diversified)
32
9.02%
15.73%
Chemical (Specialty)
73
11.69%
11.66%
Coal
19
5.79%
10.20%
Computer Software
181
10.34%
26.93%
Computers/Peripherals
68
-0.77%
15.88%
Diversified Co.
123
11.32%
13.18%
Drug
199
23.48%
25.65%
E-Commerce
66
13.83%
12.17%
Educational Services
33
3.59%
12.70%
Electric Util. (Central)
20
-2.25%
18.58%
Electric Utility (East)
17
-9.80%
20.00%
Electric Utility (West)
15
-5.02%
16.88%
Electrical Equipment
60
-2.61%
6.74%
Electronics
99
5.20%
5.97%
Engineering & Const
30
13.10%
5.19%
Entertainment
67
9.04%
21.64%
Entertainment Tech
36
5.45%
14.84%
Environmental
61
16.24%
14.23%
Financial Svcs. (Div.)
225
19.02%
48.76%
Food Processing
104
6.58%
9.23%
Foreign Electronics
10
-9.48%
4.56%
Funeral Services
6
6.73%
14.72%
Furn/Home Furnishings
28
2.97%
6.84%
Healthcare Information
19
7.12%
13.68%
Heavy Truck & Equip
21
3.93%
10.87%
Homebuilding
25
14.61%
-17.62%
Hotel/Gaming
53
15.36%
15.20%
Household Products
26
7.33%
16.93%
Human Resources
25
7.68%
3.15%
Industrial Services
122
6.30%
10.23%
Information Services
29
10.26%
19.64%
Insurance (Life)
31
0.00%
NA
Insurance (Prop/Cas.)
66
4.96%
NA
Internet
145
18.48%
14.24%
Investment Co.
16
32.20%
32.79%
IT Services
55
3.33%
13.66%
Machinery
82
3.47%
12.51%
Maritime
51
-7.04%
10.84%
Med Supp Invasive
74
1.14%
23.03%
Med Supp Non-Invasive
127
11.25%
7.77%
Medical Services
106
8.35%
10.56%
Metal Fabricating
25
0.74%
13.69%
Metals & Mining (Div.)
71
2.64%
24.25%

Natural Gas (Div.)

Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking

30
26
12
18
11
80
26
29
28
168
16
62
92
74
76
20
21
131
13
53
12
67
69
41
19
10
36
32
30
136
10
12
32
91
61
24
170
11
15
31
9
53

-4.25%
-7.97%
2.29%
0.49%
-2.80%
14.20%
2.70%
5.05%
20.39%
7.01%
13.34%
-1.75%
-2.13%
14.61%
-3.49%
14.68%
-3.12%
-5.51%
12.09%
10.80%
0.00%
1.40%
10.42%
7.33%
11.71%
8.37%
8.73%
10.91%
-4.90%
-4.41%
2.12%
5.03%
1.11%
1.39%
6.10%
0.01%
0.00%
20.51%
4.78%
1.26%
4.44%
11.83%

18.59%
11.95%
13.30%
6.97%
12.54%
16.01%
9.62%
8.71%
10.63%
24.23%
4.76%
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%
NA
23.01%
10.51%
7.85%
27.63%
7.57%

After-tax ROC
11.59%
18.08%
16.80%
14.62%
14.06%
6.10%
NA
NA
13.87%
16.57%
-0.38%
11.44%
15.30%
15.21%
14.17%
7.65%
25.52%
29.07%
8.83%
16.78%
9.11%
25.71%
6.29%
5.45%
6.45%
4.41%
12.06%
13.83%
11.79%
14.97%
7.15%
11.19%
12.40%
6.75%
8.41%
10.10%
10.00%
15.04%
-17.93%
10.23%
14.72%
11.69%
7.45%
12.07%
NA
NA
25.22%
93.10%
28.42%
11.76%
3.33%
16.28%
19.25%
13.73%
13.72%
13.22%

Average effective tax rate

16.81%
23.03%
26.03%
18.85%
17.88%
17.79%
17.91%
21.88%
17.04%
2.63%
11.27%
20.75%
21.56%
21.15%
15.52%
9.47%
13.43%
7.63%
20.27%
5.89%
10.24%
21.44%
28.85%
31.06%
28.24%
16.78%
11.65%
19.88%
14.87%
11.45%
10.82%
16.74%
21.85%
31.10%
27.80%
19.54%
18.01%
20.13%
7.09%
14.48%
23.88%
25.63%
20.04%
17.00%
20.49%
12.62%
11.27%
21.82%
18.61%
24.47%
5.99%
15.02%
11.14%
18.76%
16.65%
11.84%

Unlevered Beta
1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28
0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99
0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18
1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40
1.14
0.86
1.50
0.68
1.02
1.66
0.81
1.02
1.47
0.94
1.09
0.71
0.92
0.87
0.73
1.31
1.22

Equity (Levered) Beta Cost of equity

1.30
9.54%
0.92
7.62%
1.07
8.37%
1.20
9.06%
1.66
11.35%
1.70
11.52%
0.88
7.45%
0.95
7.80%
0.81
7.08%
1.24
9.22%
1.69
11.50%
0.96
7.83%
1.32
9.63%
1.32
9.62%
1.13
8.71%
1.44
10.26%
0.85
7.28%
1.28
9.45%
1.15
8.79%
1.04
8.25%
0.82
7.13%
0.78
6.93%
0.55
5.77%
0.39
4.99%
0.54
5.76%
1.35
9.77%
1.14
8.74%
1.10
8.56%
1.33
9.71%
1.06
8.35%
0.45
5.31%
1.19
8.98%
0.85
7.29%
1.11
8.57%
1.01
8.11%
1.39
10.01%
1.07
8.37%
1.79
12.01%
1.79
11.98%
1.49
10.47%
0.94
7.75%
1.47
10.40%
0.93
7.68%
1.14
8.73%
1.62
11.14%
0.81
7.09%
0.95
7.77%
1.19
9.01%
0.90
7.56%
1.19
8.99%
1.48
10.46%
0.97
7.87%
0.88
7.45%
0.91
7.60%
1.41
10.07%
1.39
9.98%

5.47%
6.31%
12.66%
10.97%
6.46%
9.70%
11.37%
8.49%
12.64%
11.54%
8.27%
7.70%
3.17%
8.98%
13.41%
13.90%
8.55%
12.59%
12.36%
9.17%
NA
19.44%
14.89%
35.44%
9.54%
16.18%
13.70%
11.65%
5.43%
18.03%
9.54%
26.04%
2.14%
-6.38%
12.19%
9.15%
NA
33.57%
17.09%
12.48%
6.15%
4.09%

19.04%
25.74%
29.11%
22.90%
17.33%
19.53%
23.58%
12.27%
30.70%
13.09%
23.64%
5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%
6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%
11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%
16.03%
33.51%
29.96%
27.33%
34.28%
11.06%

1.04
0.40
1.90
0.94
0.67
1.29
0.87
0.93
1.01
1.23
0.90
0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15
0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80
1.44
1.88
1.39
1.22
1.27
0.90
0.47
0.79
0.81
0.97
1.19
0.31
0.93

1.29
0.56
2.01
1.14
1.01
1.47
1.09
1.17
1.07
1.48
1.00
0.56
1.50
0.83
1.12
1.67
1.13
1.35
1.40
1.37
0.81
1.00
1.68
1.27
1.27
1.17
1.18
0.78
1.18
1.38
1.73
1.32
1.66
1.05
1.05
0.77
0.69
0.88
1.03
1.40
0.45
1.18

9.51%
5.83%
13.08%
8.72%
8.11%
10.37%
8.48%
8.91%
8.38%
10.42%
8.05%
5.85%
10.53%
7.19%
8.65%
11.40%
8.70%
9.77%
10.03%
9.87%
7.08%
8.04%
11.44%
9.41%
9.40%
8.90%
8.95%
6.95%
8.95%
9.93%
11.71%
9.62%
11.36%
8.27%
8.30%
6.87%
6.51%
7.45%
8.18%
10.05%
5.27%
8.96%

Std deviation in stock pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA
83.02%
5.54%
26.35%
7.90%
1.39
1.67
10.91
44.75%
4.04%
16.46%
6.77%
2.67
1.31
10.54
63.96%
4.54%
30.31%
6.66%
2.72
1.01
7.89
67.00%
5.04%
8.57%
8.54%
1.92
2.08
15.70
51.50%
4.54%
18.11%
9.78%
2.53
0.93
9.56
49.51%
4.04%
46.62%
7.28%
1.32
0.98
8.76
43.18%
4.04%
45.74%
5.15%
NA
NA
5.40
32.12%
4.04%
24.39%
6.49%
NA
NA
5.43
47.98%
4.04%
18.12%
6.24%
0.86
3.59
14.36
83.67%
5.54%
11.16%
8.56%
0.93
8.17
28.37
76.77%
5.04%
30.25%
8.94%
1.07
1.64
26.98
37.32%
4.04%
35.25%
5.92%
0.86
2.62
8.03
38.16%
4.04%
18.89%
8.27%
1.42
1.59
8.37
44.72%
4.04%
14.84%
8.56%
1.38
2.07
10.11
60.60%
4.54%
16.36%
7.73%
1.70
1.71
10.92
46.07%
4.04%
43.67%
6.84%
0.87
1.40
6.97
67.14%
5.04%
7.05%
6.98%
1.26
4.09
12.98
77.26%
5.04%
7.89%
8.95%
2.45
1.67
8.69
57.21%
4.54%
37.79%
6.50%
0.86
2.18
12.68
84.78%
5.54%
11.62%
7.67%
0.82
4.06
11.84
72.45%
5.04%
7.30%
6.83%
1.00
6.01
30.97
81.04%
5.54%
12.53%
6.47%
3.30
1.02
5.95
14.80%
3.54%
44.44%
4.15%
0.49
2.61
8.51
13.08%
3.54%
44.17%
3.73%
0.40
3.09
9.56
14.11%
3.54%
41.24%
4.26%
0.51
2.46
8.32
67.15%
5.04%
10.49%
9.06%
1.46
1.91
18.40
75.34%
5.04%
15.50%
7.85%
2.68
0.83
9.61
56.11%
4.54%
10.59%
7.95%
3.76
0.61
9.17
61.01%
4.54%
16.95%
8.52%
0.79
3.31
12.88
49.47%
4.04%
6.01%
8.00%
1.27
1.96
10.01
77.98%
5.04%
28.42%
4.66%
0.76
2.36
10.35
54.62%
4.54%
35.09%
6.79%
0.32
5.48
10.58
51.38%
4.54%
17.03%
6.52%
1.78
1.40
12.04
29.83%
4.04%
24.76%
7.05%
2.23
0.54
5.39
25.91%
4.04%
28.09%
6.51%
0.85
2.24
11.69
45.61%
4.04%
12.04%
9.10%
1.94
1.34
14.07
54.31%
4.54%
7.71%
7.93%
1.11
4.74
21.11
39.16%
4.04%
29.49%
9.18%
1.95
1.14
8.23
41.47%
4.04%
35.22%
8.61%
0.94
1.84
NA
58.46%
4.54%
30.65%
8.10%
0.81
3.10
13.81
40.37%
4.04%
13.70%
7.02%
1.19
2.65
13.13
50.44%
4.54%
8.33%
9.76%
6.09
0.52
13.14
58.23%
4.54%
37.91%
5.80%
1.04
1.56
11.24
55.92%
4.54%
16.06%
7.76%
0.83
4.05
14.48
29.38%
4.04%
26.98%
8.79%
NA
NA
1.51
27.38%
4.04%
17.91%
6.25%
NA
NA
299.00
90.80%
6.04%
2.34%
7.67%
2.29
5.57
27.77
66.00%
5.04%
5.35%
8.69%
3.59
3.05
8.17
51.20%
4.54%
5.29%
7.31%
2.79
2.13
12.62
47.09%
4.04%
16.62%
7.90%
1.32
1.92
11.60
75.61%
5.04%
57.16%
6.21%
0.36
2.99
12.20
55.16%
4.54%
12.93%
7.20%
0.92
3.13
10.99
62.14%
4.54%
9.09%
7.02%
3.35
1.11
11.73
72.79%
5.04%
31.09%
6.18%
2.00
0.92
7.18
57.52%
4.54%
15.91%
8.90%
1.44
1.71
9.92
82.87%
5.54%
19.45%
8.68%
0.79
2.17
6.71

43.11%
29.29%
42.63%
56.56%
37.38%
53.47%
44.69%
43.52%
47.09%
72.91%
55.91%
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%
34.84%
30.12%
38.40%
42.67%
14.75%
62.14%

4.04%
4.04%
4.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
5.04%
4.54%
3.54%
5.54%
5.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
3.54%
4.54%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
3.54%
4.54%

26.18%
37.22%
16.94%
31.65%
39.32%
20.69%
28.58%
27.43%
17.47%
21.52%
15.78%
29.46%
57.27%
25.52%
13.23%
21.60%
26.84%
30.52%
17.33%
23.96%
13.79%
11.67%
11.18%
4.77%
28.17%
9.81%
18.54%
23.34%
63.94%
9.85%
11.65%
3.79%
38.89%
11.02%
25.17%
47.08%
8.01%
16.33%
15.71%
23.56%
40.25%
28.78%

7.66%
4.56%
11.27%
6.82%
5.88%
8.79%
6.75%
7.13%
7.34%
8.83%
7.21%
4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%
6.39%
7.42%
10.46%
9.09%
7.43%
8.27%
7.74%
5.90%
4.78%
9.19%
10.63%
9.34%
7.88%
7.66%
6.90%
4.77%
6.18%
6.63%
7.27%
8.26%
4.01%
7.17%

0.40
0.74
1.31
2.20
0.66
0.80
1.62
1.39
2.04
0.75
2.73
0.92
0.61
0.39
1.00
0.48
1.53
0.17
0.64
0.95
NA
1.72
2.55
5.21
2.17
2.71
3.68
4.53
0.27
1.20
1.19
3.14
1.15
2.05
0.92
0.79
NA
2.13
2.57
2.36
0.33
0.70

4.09
2.12
2.13
0.66
2.49
2.16
1.29
1.32
0.67
1.94
0.76
2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03
NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35
2.78
2.07
2.06
0.84
1.59
2.00
1.86
NA
2.41
1.73
1.06
4.34
3.28

8.25
11.43
11.17
6.33
13.84
8.89
9.05
8.97
4.62
5.04
11.70
16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30
37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02
9.35
11.55
15.75
10.62
42.19
5.68
5.42
5.52
9.71
12.81
7.72
10.65
16.11

EV/EBIT Price/Book Trailing PE

14.64
3.24
49.37
13.08
4.58
24.32
12.56
5.00
16.16
19.42
4.60
21.97
13.48
2.90
23.26
15.02
1.59
12.65
5.40
1.21
18.14
5.43
1.59
18.57
17.56
4.79
28.96
36.70
6.46
63.71
298.53
2.42
755.50
13.68
5.24
25.95
11.25
2.76
14.55
13.16
3.47
22.16
14.68
3.91
30.18
13.73
1.43
36.36
15.20
4.28
65.03
10.53
4.06
51.52
16.55
2.91
28.68
15.82
3.85
49.11
49.33
6.33
150.17
8.02
2.93
24.10
14.04
1.62
16.69
15.46
1.54
16.67
14.60
1.54
16.85
28.29
2.89
23.36
13.95
2.41
25.26
11.81
2.26
22.41
15.27
3.50
25.36
13.18
1.92
20.10
16.55
2.56
28.06
11.24
2.36
26.69
15.15
3.27
31.35
11.74
1.21
34.22
15.25
2.87
22.40
19.64
2.95
22.35
34.62
5.37
1058.24
10.51
3.58
19.88
NA
2.25
25.56
20.37
5.45
37.99
15.63
4.38
21.02
16.57
3.20
26.37
15.25
2.35
37.63
20.62
5.10
214.35
1.51
1.03
14.72
301.42
1.36
17.61
39.09
6.83
149.75
9.31
3.92
22.44
15.60
5.20
36.04
15.31
3.24
27.41
27.61
1.20
33.50
13.61
3.32
31.42
14.28
3.92
42.85
8.72
2.55
28.01
12.49
2.88
19.53
8.96
1.93
94.26

22.00
17.75
15.98
9.43
19.83
13.50
13.43
15.10
6.34
8.00
15.88
24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58
37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58
15.19
19.97
18.40
27.92
NA
10.05
11.68
5.52
10.48
16.48
13.47
15.69
43.41

2.00
2.30
3.48
1.67
2.71
1.99
3.35
2.46
1.44
1.62
2.48
3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53
0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35
3.12
2.28
5.11
0.94
2.40
2.25
2.38
1.32
14.45
7.13
4.02
1.97
3.95

51.23
17.95
26.37
20.21
26.58
31.86
21.90
22.48
17.57
51.32
15.14
40.98
206.85
18.03
32.15
23.33
18.78
19.03
21.75
26.53
10.51
35.82
24.22
23.20
20.02
31.29
23.95
29.78
28.12
41.18
41.76
21.06
24.37
33.44
108.85
20.70
55.55
16.95
29.82
21.22
21.52
74.73

Industry Name
Number of firms Unlevered beta corrected for cashMarket D/E Ratio Market Debt to Capital
Advertising
243
0.89
29.21%
22.60%
Aerospace/Defense
207
0.91
20.64%
17.11%
Air Transport
157
0.60
112.37%
52.91%
Apparel
1170
0.82
20.20%
16.80%
Auto & Truck
129
0.85
79.90%
44.41%
Auto Parts
609
1.11
28.99%
22.47%
Bank
580
0.40
292.47%
74.52%
Banks (Regional)
947
0.50
108.37%
52.01%
Beverage
107
0.89
22.46%
18.34%
Beverage (Alcoholic)
209
0.71
23.02%
18.71%
Biotechnology
707
1.03
8.69%
8.00%
Broadcasting
134
1.08
34.41%
25.60%
Brokerage & Investment Banking
521
0.35
319.89%
76.18%
Building Materials
414
0.81
36.58%
26.79%
Business & Consumer Services
714
0.77
24.95%
19.97%
Cable TV
63
0.72
50.82%
33.70%
Chemical (Basic)
735
0.92
14.60%
12.74%
Chemical (Diversified)
84
1.02
38.57%
27.83%
Chemical (Specialty)
681
0.88
22.78%
18.55%
Coal & Related Energy
322
0.90
57.62%
36.56%
Computer Services
939
0.87
18.06%
15.30%
Computer Software
1059
1.02
8.12%
7.51%
Computers/Peripherals
316
1.11
13.70%
12.05%
Construction
477
0.68
52.37%
34.37%
Diversified
341
0.59
71.91%
41.83%
Educational Services
161
0.79
27.72%
21.70%
Electrical Equipment
863
0.98
25.40%
20.26%
Electronics
1167
1.07
25.77%
20.49%
Electronics (Consumer & Office)
185
1.04
42.70%
29.92%
Engineering
1167
0.86
85.93%
46.22%
Entertainment
352
0.87
27.07%
21.30%
Environmental & Waste Services
312
0.86
37.33%
27.18%
Farming/Agriculture
341
0.66
45.02%
31.04%
Financial Svcs.
548
0.21
512.70%
83.68%
Financial Svcs. (Non-bank & Insurance)
133
0.28
297.89%
74.87%
Food Processing
1201
0.66
26.33%
20.84%
Food Wholesalers
115
0.59
79.91%
44.42%
Furn/Home Furnishings
319
0.87
23.46%
19.00%
Healthcare Equipment
448
0.81
16.06%
13.83%
Healthcare Facilities
170
0.49
75.84%
43.13%
Healthcare Products
159
0.81
15.03%
13.06%
Healthcare Services
322
0.70
30.65%
23.46%
Heathcare Information and Technology
278
1.02
15.72%
13.58%
Heavy Construction
335
0.95
58.48%
36.90%
Homebuilding
164
1.04
55.58%
35.72%
Hotel/Gaming
648
0.74
34.47%
25.63%
Household Products
458
0.76
14.12%
12.37%
Information Services
177
0.79
11.07%
9.97%
Insurance (General)
235
0.66
41.00%
29.08%
Insurance (Life)
121
1.05
51.73%
34.09%
Insurance (Prop/Cas.)
219
0.63
32.80%
24.70%
Internet software and services
706
1.10
3.96%
3.81%
Investment Co.
433
0.58
85.62%
46.13%
Machinery
1270
1.01
21.45%
17.66%
Metals & Mining
1691
1.03
38.74%
27.92%
Office Equipment & Services
161
0.62
38.62%
27.86%

Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Tranportation
Trucking
Utility (General)
Utility (Water)
Grand Total

53
1172
199
593
398
303
820
743
1181
390
49
54
422
647
481
286
37
304
148
50
848
229
174
118
543
93
559
263
356
92
714
116
525
317
281
53
228
191
55
97
40943

1.04
0.74
0.73
0.92
0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58
0.70
0.31
0.55
0.86
0.89
0.64
0.64
0.74
0.57
0.73
0.53
1.22
0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75
1.13
0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.64

30.51%
87.13%
56.54%
37.39%
46.63%
78.76%
12.89%
101.76%
31.00%
33.16%
551.46%
47.73%
77.67%
352.08%
78.73%
27.88%
34.27%
30.25%
58.65%
29.98%
89.94%
45.48%
55.81%
6.14%
29.07%
40.19%
13.62%
18.75%
94.62%
11.17%
88.91%
40.71%
15.03%
66.59%
3737.43%
17.47%
47.23%
72.28%
95.19%
52.46%
98.96%

23.38%
46.56%
36.12%
27.21%
31.80%
44.06%
11.41%
50.44%
23.66%
24.90%
84.65%
32.31%
43.72%
77.88%
44.05%
21.80%
25.52%
23.23%
36.97%
23.07%
47.35%
31.26%
35.82%
5.78%
22.52%
28.67%
11.99%
15.79%
48.62%
10.05%
47.06%
28.93%
13.07%
39.97%
97.39%
14.87%
32.08%
41.96%
48.77%
34.41%
49.74%

Effective tax rate Dividend PayoutNet Margin Pre-tax Operating MarginROE

17.09%
45.34%
4.06%
9.24% 9.99%
13.25%
35.52%
5.55%
9.50% 17.77%
15.59%
38.95%
2.33%
5.93% 7.99%
14.75%
39.23%
6.63%
14.05% 12.94%
13.90%
27.00%
4.52%
5.86% 13.13%
18.98%
18.30%
4.23%
6.73% 12.75%
18.14%
55.19%
27.02%
1.29% 11.61%
19.85%
22.18%
22.31%
0.52% 8.16%
10.40%
48.83%
10.13%
14.54% 22.39%
18.10%
31.09%
17.36%
20.22% 23.05%
2.91%
48.09%
6.81%
15.51% 6.60%
17.82%
33.53%
14.14%
18.16% 21.25%
11.69%
26.21%
9.22%
1.79% 7.73%
18.24%
43.43%
3.00%
7.11% 6.42%
17.75%
49.04%
3.99%
8.69% 12.35%
15.62%
29.69%
7.69%
18.88% 21.29%
15.40%
54.60%
4.17%
8.94% 8.80%
22.63%
47.41%
4.76%
7.53% 12.91%
17.61%
38.20%
7.99%
11.62% 14.62%
6.27% NA
-0.97%
6.13% -2.01%
17.30%
26.59%
5.02%
7.98% 19.46%
11.78%
28.01%
16.92%
23.07% 18.21%
11.98%
30.46%
7.48%
10.59% 20.02%
14.84%
53.84%
5.41%
11.54% 7.79%
14.26%
34.41%
5.98%
9.18% 11.78%
14.13%
51.20%
2.61%
9.19% 4.28%
13.53%
61.98%
3.19%
7.14% 6.89%
13.29%
30.48%
3.54%
5.67% 7.43%
13.96%
48.63%
1.77%
3.78% 4.92%
16.25%
74.17%
1.92%
4.84% 7.57%
9.04%
20.35%
11.53%
17.28% 15.37%
11.45%
61.28%
3.46%
9.72% 7.40%
13.19%
48.66%
2.32%
4.13% 5.95%
17.33%
33.81%
11.77%
7.92% 6.26%
12.60%
15.41%
16.67%
5.14% 7.99%
16.40%
69.45%
4.88%
8.36% 12.12%
17.20%
44.01%
1.34%
2.95% 12.77%
16.03%
33.16%
4.27%
7.08% 13.00%
8.83%
36.54%
9.12%
18.70% 11.74%
16.65%
71.59%
3.53%
10.59% 15.02%
12.66%
30.87%
7.85%
12.86% 11.37%
17.26%
22.43%
2.38%
4.99% 11.96%
7.88%
30.60%
6.35%
12.33% 8.46%
17.11%
53.79%
3.13%
6.60% 8.67%
16.65%
16.67%
5.63%
5.52% 10.57%
12.36%
58.09%
5.82%
12.65% 8.37%
14.13%
75.58%
9.09%
14.84% 18.15%
17.57%
25.60%
15.11%
24.03% 22.69%
13.95%
45.22%
3.83%
8.75% 7.18%
18.80%
34.92%
4.69%
8.72% 9.37%
15.06%
24.53%
7.02%
11.08% 12.24%
8.65%
6.85%
14.93%
19.41% 13.84%
6.96%
34.66%
18.51%
13.91% 10.15%
17.45%
36.51%
5.80%
9.05% 10.97%
3.58%
316.32%
1.41%
13.41% 1.65%
17.66%
45.05%
3.39%
8.05% 9.81%

ROIC
Sales/Capital EV/Sales
29.68%
3.87
1.60
38.24%
4.64
1.40
6.49%
1.30
1.11
18.76%
1.57
1.78
7.83%
1.55
0.92
14.35%
2.63
0.78
0.11%
0.10
9.84
0.10%
0.24
4.12
22.04%
1.69
2.42
15.32%
0.93
3.55
12.88%
0.86
9.58
17.39%
1.17
2.78
0.28%
0.18
5.98
10.13%
1.74
1.15
21.52%
3.01
1.39
19.08%
1.20
3.17
11.00%
1.45
2.68
9.92%
1.70
1.16
15.00%
1.57
1.62
8.98%
1.56
0.99
27.79%
4.21
1.03
38.49%
1.89
4.05
29.25%
3.14
1.20
9.78%
0.99
1.72
7.86%
1.00
1.57
12.71%
1.61
1.60
12.91%
2.09
1.29
9.83%
2.00
0.97
8.06%
2.48
0.59
9.89%
2.44
0.62
23.13%
1.47
2.81
15.96%
1.86
1.74
6.55%
1.82
0.78
0.40%
0.06
13.99
0.64%
0.14
7.55
14.58%
2.09
1.39
14.29%
5.84
0.37
17.16%
2.88
0.91
25.53%
1.50
2.86
11.50%
1.30
1.77
16.25%
1.45
3.02
30.18%
7.31
0.58
17.89%
1.57
3.25
8.46%
1.55
1.16
5.48%
1.19
1.22
10.93%
0.99
2.60
27.19%
2.13
2.47
46.09%
2.33
4.18
12.88%
1.71
0.81
12.09%
1.71
0.95
13.02%
1.38
1.00
23.77%
1.34
6.76
4.46%
0.34
4.97
13.46%
1.80
1.50
11.73%
0.91
1.88
14.30%
2.16
1.06

24.53%
30.85%
6.93%
45.72%
9.63%
108.55%
13.98%
33.27%
17.72%
44.40%
12.53%
114.34%
13.54%
50.49%
14.72%
64.23%
2.16% NA
15.19%
187.87%
2.32%
84.29%
25.54%
26.19%
13.99%
26.13%
17.32%
34.06%
12.90%
25.16%
17.48%
40.63%
10.81%
32.45%
21.05%
50.33%
18.79%
22.32%
26.05%
36.81%
19.04%
34.70%
23.63%
35.52%
26.17%
46.19%
13.55%
8.66%
20.75%
34.63%
20.06%
20.20%
9.04%
29.08%
9.61%
170.91%
12.58%
110.06%
20.41%
30.99%
12.97% NA
15.35%
41.95%
9.56%
75.82%
12.92%
100.99%
18.73%
1.49%
20.52%
63.20%
20.49%
46.54%
23.30%
27.32%
25.18%
102.76%
15.09%
46.04%
13.40%
37.49%

7.34%
10.79%
4.24%
2.37%
3.62%
1.39%
14.89%
5.28%
-20.01%
1.66%
72.66%
11.61%
15.48%
19.06%
25.07%
6.72%
7.16%
5.48%
2.43%
4.51%
2.57%
2.86%
2.17%
3.13%
3.98%
5.72%
10.24%
1.34%
2.22%
7.50%
-0.21%
13.08%
3.76%
5.24%
150.80%
17.97%
5.12%
2.89%
3.38%
20.10%
5.74%

10.15%
-5.04%
8.21%
4.48%
8.01%
5.75%
21.35%
11.62%
9.83%
8.19%
1.25%
19.80%
13.73%
22.85%
29.44%
11.23%
11.06%
12.50%
4.75%
7.93%
3.84%
5.12%
4.38%
4.77%
8.29%
10.00%
13.92%
4.92%
7.90%
10.69%
3.56%
16.56%
9.74%
15.09%
1.37%
28.82%
8.62%
8.12%
10.82%
28.18%
8.63%

15.23%
8.23%
11.22%
11.41%
9.57%
2.59%
16.90%
7.65%
-11.36%
2.87%
12.51%
12.90%
8.56%
14.43%
9.81%
11.56%
10.68%
17.79%
16.48%
15.90%
10.06%
13.49%
14.30%
14.86%
14.99%
17.79%
14.76%
1.32%
3.14%
18.98%
-0.48%
18.12%
5.87%
8.85%
-92.45%
53.36%
15.64%
9.12%
7.01%
14.98%
10.49%

12.66%
-1.47%
8.65%
13.66%
11.57%
5.19%
21.64%
6.65%
5.17%
11.77%
0.03%
7.92%
3.68%
9.44%
5.31%
11.71%
13.03%
16.11%
11.44%
11.86%
6.19%
10.77%
11.05%
27.88%
15.98%
14.48%
18.11%
4.57%
4.98%
20.37%
4.27%
13.56%
17.10%
13.89%
0.02%
55.99%
11.79%
9.39%
8.66%
8.97%
5.11%

1.65
0.31
1.17
3.55
1.76
1.03
1.17
0.67
0.54
1.70
0.03
0.54
0.31
0.50
0.21
1.26
1.32
1.63
2.97
2.02
1.99
2.76
3.42
6.75
2.43
1.81
1.43
1.03
0.72
2.39
1.38
0.97
1.94
1.06
0.02
2.44
1.72
1.51
1.07
0.37
0.77

0.80
4.50
1.96
0.58
1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
3.59
6.77
6.19
1.84
0.83
2.05
0.75
1.25
0.67
0.75
0.61
3.19
1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29
1.75
1.84
60.82
3.52
1.36
1.08
1.27
4.43
1.76

Revenue Growth rate: Last 5 yearsExpected Earnings growth: Next 5 years

5.04%
16.29%
4.86%
13.36%
7.67%
19.39%
6.38%
20.51%
6.71%
22.72%
6.04%
18.26%
8.98%
12.38%
6.44%
8.34%
6.04%
12.59%
6.88%
10.94%
11.03%
32.55%
4.12%
11.19%
4.59%
17.90%
5.37%
17.79%
7.52%
16.51%
10.40%
11.06%
6.09%
22.47%
2.78%
22.26%
8.57%
16.90%
15.68%
-0.79%
6.29%
13.73%
7.96%
21.44%
-0.84%
16.87%
6.24%
21.19%
7.97%
15.32%
8.79%
19.76%
4.67%
21.87%
2.29%
19.03%
2.59%
21.94%
6.18%
18.17%
2.02%
25.22%
8.64%
14.17%
8.82%
19.48%
9.27%
17.22%
19.67%
14.34%
7.16%
18.55%
2.07%
14.61%
3.04%
25.90%
7.64%
17.56%
12.96%
24.78%
16.82%
17.06%
12.41%
15.91%
8.13%
18.02%
3.60%
15.03%
3.48%
7.33%
9.11%
22.06%
8.81%
17.01%
6.21%
15.05%
9.69%
13.58%
12.08%
13.40%
7.94%
15.06%
9.58%
25.78%
-2.32%
11.70%
2.08%
18.51%
9.15%
11.14%
0.82%
13.47%

6.66%
12.46%
11.09%
9.00%
6.04%
2.19%
12.16%
12.80%
29.33%
0.47%
20.47%
4.64%
3.78%
13.65%
11.14%
2.77%
13.21%
5.91%
9.04%
4.20%
5.91%
8.91%
6.59%
9.44%
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
8.94%

35.36%
19.72%
15.43%
20.49%
15.75%
17.78%
21.07%
9.97%
-1.21%
8.91%
5.47%
11.23%
17.10%
25.13%
12.35%
18.68%
8.41%
15.64%
19.76%
22.18%
14.68%
13.60%
14.50%
29.50%
14.41%
16.88%
20.75%
20.03%
16.52%
13.36%
20.35%
13.91%
16.31%
9.14%
10.42%
10.78%
11.57%
14.48%
4.99%
16.97%
16.07%

Country
Marginal tax rate
Abu Dhabi
19.22%
Albania
10.00%
Andorra
21.21%
Angola
35.00%
Anguilla
28.10%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Azerbaijan
16.38%
Bahamas
0.00%
Bahrain
0.00%
Bangladesh
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Belize
26.88%
Benin
28.10%
Bermuda
0.00%
Bolivia
25.00%
Bosnia and Herzegovina
10.00%
Botswana
22.00%
Brazil
34.00%
British Virgin Islands 14.92%
Bulgaria
10.00%
Burkina Faso
28.10%
Cambodia
20.00%
Cameroon
28.10%
Canada
26.00%
Cape Verde
28.10%
Cayman Islands
0.00%
Channel Islands
0.00%
Chile
20.00%
China
25.00%
Colombia
25.00%
Cook Islands
0.00%
Costa Rica
30.00%
Croatia
20.00%
Cuba
14.92%
Curacao
27.50%
Cyprus
12.50%
Czech Republic
19.00%

Democratic Republic of28.10%

Congo
Denmark
25.00%
Dominican Republic 29.00%
Ecuador
22.00%
Egypt
25.00%
El Salvador
30.00%
Estonia
21.00%
Falkland Islands
26.88%
Fiji
20.00%
Finland
24.50%
France
33.33%
Gabon
28.10%
Georgia
15.00%
Germany
29.55%
Ghana
21.21%
Greece
26.00%
Greenland
21.21%
Guatemala
31.00%
Honduras
35.00%
Hong Kong
16.50%
Hungary
19.00%
Iceland
20.00%
India
33.99%
Indonesia
25.00%
Ireland
12.50%
Isle of Man
0.00%
Israel
25.00%
Italy
31.40%
Ivory Coast
28.10%
Jamaica
25.00%
Japan
38.01%
Jordan
14.00%
Kazakhstan
20.00%
Kenya
30.00%
Kuwait
15.00%
Kyrgyzstan
16.38%
Laos
23.63%
Latvia
15.00%
Lebanon
19.22%
Liechtenstein
12.50%
Lithuania
15.00%
Luxembourg
29.22%
Macau
12.00%
Macedonia
10.00%

Malawi
30.00%
Malaysia
25.00%
Malta
35.00%
Marshall Islands
0.00%
Mauritius
15.00%
Mexico
30.00%
Moldova
16.38%
Monaco
21.21%
Mongolia
23.63%
Montenegro
9.00%
Montserrat
14.92%
Morocco
28.10%
Mozambique
32.00%
Namibia
33.00%
Netherlands
25.00%
Netherlands Antilles 14.92%
New Zealand
28.00%
Nicaragua
26.88%
Niger
28.10%
Nigeria
30.00%
Norway
28.00%
Oman
12.00%
Pakistan
35.00%
Palestinian Authority 19.22%
Panama
25.00%
Papua New Guinea
30.00%
Paraguay
10.00%
Peru
30.00%
Philippines
30.00%
Poland
19.00%
Portugal
25.00%
Qatar
10.00%
Ras Al Kaminah
19.22%
Republic of the Congo 28.10%
Reunion
28.10%
Romania
16.00%
Russia
20.00%
Rwanda
28.10%
Saudi Arabia
20.00%
Senegal
28.10%
Serbia
15.00%
Sierra Leone
28.10%
Singapore
17.00%
Slovakia
23.00%

Slovenia
17.00%
South Africa
28.00%
South Korea
24.20%
Spain
30.00%
Sri Lanka
28.00%
St. Maarten
14.92%
St. Vincent & the Grenadines
14.92%
Sudan
35.00%
Suriname
26.88%
Sweden
22.00%
Switzerland
18.01%
Taiwan
17.00%
Tanzania
30.00%
Thailand
20.00%
Togo
28.10%
Trinidad & Tobago 25.00%
Tunisia
30.00%
Turkey
20.00%
Turks & Caicos Islands28.10%
Uganda
30.00%
Ukraine
19.00%
United Arab Emirates 55.00%
United Kingdom
23.00%
United States
40.00%
Uruguay
25.00%
Venezuela
34.00%
Vietnam
25.00%
Zambia
35.00%
Zimbabwe
25.75%
Region

Tax Rate

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

Global

28.10%
23.63%
26.00%
14.92%
26.88%
16.38%
19.22%
33.00%
21.21%

22.04%

Country
Long-Term Rating
Adj. Default Spread
Abu Dhabi
Aa2
0.50%
Albania
B1
4.50%
Andorra
A3
1.20%
Angola
Ba3
3.60%
Argentina
B3
6.50%
Armenia
Ba2
3.00%
Aruba
Baa1
1.60%
Australia
Aaa
0.00%
Austria
Aaa
0.00%
Azerbaijan
Baa3
2.20%
Bahamas
Baa1
1.60%
Bahrain
Baa2
1.90%
Bangladesh
Ba3
3.60%
Barbados
Ba1
2.50%
Belarus
B3
6.50%
Belgium
Aa3
0.60%
Belize
Caa2
9.00%
Benin
B2
5.50%
Bermuda
Aa3
0.60%
Bolivia
Ba3
3.60%
Bosnia and Herzegovina B3
6.50%
Botswana
A2
0.85%
Brazil
Baa2
1.90%
Bulgaria
Baa2
1.90%
Burkina Faso
B2
5.50%
Cambodia
B2
5.50%
Cameroon
B2
5.50%
Canada
Aaa
0.00%
Cape Verde
B2
5.50%
Cayman Islands
Aa3
0.60%
Chile
Aa3
0.60%
China
Aa3
0.60%
Colombia
Baa3
2.20%
Cook Islands
B1
4.50%
Costa Rica
Baa3
2.20%
Croatia
Ba1
2.50%
Cuba
Caa1
7.50%
Curacao
B1
4.50%
Cyprus
Caa3
10.00%
Czech Republic
A1
0.70%
Democratic Republic of Congo
B3
6.50%
Denmark
Aaa
0.00%

Total Risk Premium

5.75%
11.75%
6.80%
10.40%
14.75%
9.50%
7.40%
5.00%
5.00%
8.30%
7.40%
7.85%
10.40%
8.75%
14.75%
5.90%
18.50%
13.25%
5.90%
10.40%
14.75%
6.28%
7.85%
7.85%
13.25%
13.25%
13.25%
5.00%
13.25%
5.90%
5.90%
5.90%
8.30%
11.75%
8.30%
8.75%
16.25%
11.75%
20.00%
6.05%
14.75%
5.00%

Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova

B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3

4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%
5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%
1.20%
1.60%
1.60%
6.50%

11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%
13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%
6.80%
7.40%
7.40%
14.75%

Mongolia
B1
Montenegro
Ba3
Montserrat
Baa3
Morocco
Ba1
Mozambique
B1
Namibia
Baa3
Netherlands
Aaa
New Zealand
Aaa
Nicaragua
B3
Nigeria
Ba3
Norway
Aaa
Oman
A1
Pakistan
Caa1
Panama
Baa2
Papua New Guinea
B1
Paraguay
Ba3
Peru
Baa2
Philippines
Baa3
Poland
A2
Portugal
Ba3
Qatar
Aa2
Ras Al Kaminah
A2
Republic of the Congo
Ba3
Romania
Baa3
Russia
Baa1
Rwanda
B2
Saudi Arabia
Aa3
Senegal
B1
Serbia
B1
Singapore
Aaa
Slovakia
A2
Slovenia
Ba1
South Africa
Baa1
Spain
Baa3
Sri Lanka
B1
St. Maarten
Baa1
St. Vincent & the Grenadines
B2
Suriname
Ba3
Sweden
Aaa
Switzerland
Aaa
Taiwan
Aa3
Thailand
Baa1
Trinidad and Tobago
Baa1

4.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%
2.20%
4.50%
1.60%
5.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%

11.75%
10.40%
8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%
8.30%
11.75%
7.40%
13.25%
10.40%
5.00%
5.00%
5.90%
7.40%
7.40%

Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1

3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%

Region
Weighted Average:
Weighted
Default Spreads
Average: TRP
Africa
3.36%
Asia
1.00%
Australia & New Zealand
0.00%
Caribbean
5.10%
Central and South America
2.42%
Eastern Europe & Russia
1.98%
Global
0.90%
Middle East
0.76%
North America
0.00%
Western Europe
0.86%

10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%
Weighted Average: CRP
10.04%
6.51%
5.00%
12.65%
8.62%
7.96%
6.35%
6.14%
5.00%
6.29%

5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.35%
1.14%
0.00%
1.29%

Country Risk PremiumRegion

0.75%
Middle East
6.75%
Eastern Europe & Russia
1.80%
Western Europe
5.40%
Africa
9.75%
Central and South America
4.50%
Eastern Europe & Russia
2.40%
Caribbean
0.00%
Australia & New Zealand
0.00%
Western Europe
3.30%
Eastern Europe & Russia
2.40%
Caribbean
2.85%
Middle East
5.40%
Asia
3.75%
Caribbean
9.75%
Eastern Europe & Russia
0.90%
Western Europe
13.50%
Central and South America
8.25%
Africa
0.90%
Caribbean
5.40%
Central and South America
9.75%
Eastern Europe & Russia
1.28%
Africa
2.85%
Central and South America
2.85%
Eastern Europe & Russia
8.25%
Africa
8.25%
Asia
8.25%
Africa
0.00%
North America
8.25%
Africa
0.90%
Caribbean
0.90%
Central and South America
0.90%
Asia
3.30%
Central and South America
6.75%
Australia & New Zealand
3.30%
Central and South America
3.75%
Eastern Europe & Russia
11.25%
Caribbean
6.75%
Caribbean
15.00%
Western Europe
1.05%
Eastern Europe & Russia
9.75%
Africa
0.00%
Western Europe

6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%
8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%
1.80%
2.40%
2.40%
9.75%

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

6.75%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%
3.30%
6.75%
2.40%
8.25%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%

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

5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%

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

Last 10K
$7,275.00
Revenues
$821.00
R&D expense
$4,017.00
Operating income or EBIT
$354.00
Interest expenses
$4,945.85
Book value of equity
$6,678.86
Book value of debt
Do you have operating lease commitments?
$7,034.00
Cash and cross holdings
$0.00
Non-operating assets
$0.00
Minority interests
Number of shares outstanding =
Current stock price =
11.92%
Effective tax rate =
Marginal tax rate =
Lease commitments
$142.00
Year 1
$128.00
Year 2
$117.00
Year 3
$110.00
Year 4
$102.00
Year 5
$252.00
Beyond year 5

First X months: Last yearFirst X months: Current year

$1,481.85
$2,152.00
$164.10
$315.00
$873.67
$1,103.00
$174.25
$66.00
$8,283.00
$10,012.00
$9,330.00
$0.00
$0.00

11.71%

10.34%

NA
NA
NA
NA
NA
NA

Trailing 12 month
$7,945.15
$971.90
$4,246.33
$245.75

Yes/No Book or Market ValueERP choices

Cost of debt Synthetic rating
Beta
Yes
B
Will input
Direct input
1 Direct input
No
V
Country of incorporationSynthetic rating
2 Single Business(US)
Operating countries
Actual rating
Single Business(Global)
Operating regions
Multibusiness(US)
Multibusiness(Global)

Company Business
% of equity Value in balance sheet
% of Market Cap Market cap
Weibo
Social media
18.00%
$586
$558.00
$3,100
UCWeb
Mobile Web Browser
66.00%
$506
AutoNavi Digital Maps
28.00%
$294
$316.40
$1,130
Zheijiang Logistics Infrastructure
43.00%
$270
Shoprunner Online Shopping Platform 39.00%
$206