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Industry averages (US)


A

Industry name
10
11
12
13
14
15
16
17
18
19
20
21

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials

Industry name
22
23
24
25
26
27
28
29
30
31

Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug

Industry name
32
33
34
35
36
37
38
39
40
41

E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment

Industry name
42
43
44
45
46
47
48
49
50
51
52

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding

Industry name
53
54
55
56
57
58
59

Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)

Number
of firms

31
66
35
46
54
11
375
86
36
232
42

Number
of firms

18
18
32
73
19
181
68
123
199

Number
of firms

66
33
20
17
15
60
99
30
67

Number
of firms

36
61
225
104
10
6
28
19
21
25

Number
of firms

53
26
25
122
29
31

C
Avg
Annual
Rev
Growth:
Last 5
years
4.60%
12.33%
6.51%
7.48%
0.90%
9.66%
0.00%
0.00%
3.24%
23.92%
4.86%
Avg
Annual
Rev
Growth:
Last 5
years
8.74%
-6.24%
9.02%
11.69%
5.79%
10.34%
-0.77%
11.32%
23.48%
Avg
Annual
Rev
Growth:
Last 5
years
13.83%
3.59%
-2.25%
-9.80%
-5.02%
-2.61%
5.20%
13.10%
9.04%
Avg
Annual
Rev
Growth:
Last 5
years
5.45%
16.24%
19.02%
6.58%
-9.48%
6.73%
2.97%
7.12%
3.93%
14.61%
Avg
Annual
Rev
Growth:
Last 5
years
15.36%
7.33%
7.68%
6.30%
10.26%
0.00%

COGS as SG&A as
% of
% of
Revenue Revenues
52.63%
82.00%
77.46%
55.91%
83.49%
81.60%
NA
NA
45.47%
22.26%
83.22%

35.93%
8.01%
14.50%
33.39%
9.63%
11.85%
NA
NA
34.06%
55.46%
16.23%

COGS as SG&A as
% of
% of
Revenue Revenues
70.75%
76.02%
69.48%
74.61%
84.97%
28.13%
64.69%
73.36%
31.89%

10.11%
9.83%
14.80%
13.73%
4.83%
44.94%
19.43%
13.46%
42.46%

COGS as SG&A as
% of
% of
Revenue Revenues
49.31%
48.91%
78.41%
79.99%
81.85%
72.16%
82.99%
89.85%
63.94%

38.51%
38.39%
3.01%
0.00%
1.27%
21.10%
11.05%
4.96%
14.42%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Equity
(Levered)
Beta

Cost of
Equity

Industry name

-12.79%
5.12%
-10.55%
16.47%
7.47%
21.29%
NA
NA
4.26%
7.95%
8.14%

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials

16.81%
23.03%
26.03%
18.85%
17.88%
17.79%
17.91%
21.88%
17.04%
2.63%
11.27%

1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28

8.67%
7.39%
7.64%
8.90%
10.56%
8.72%
6.14%
7.34%
6.61%
9.41%
9.46%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug

20.75%
21.56%
21.15%
15.52%
9.47%
13.43%
7.63%
20.27%
5.89%

0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99

6.59%
9.03%
9.24%
8.17%
7.51%
7.54%
9.51%
7.45%
8.00%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

10.24%
21.44%
28.85%
31.06%
28.24%
16.78%
11.65%
19.88%
14.87%

0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18

7.12%
7.30%
4.80%
4.32%
4.87%
9.76%
8.52%
8.78%
8.95%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding

11.45%
10.82%
16.74%
21.85%
31.10%
27.80%
19.54%
18.01%
20.13%
7.09%

1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40

9.71%
4.74%
7.77%
6.84%
8.78%
7.08%
9.70%
8.42%
10.32%
10.04%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

14.48%
23.88%
25.63%
20.04%
17.00%
20.49%

1.14
0.86
1.50
0.68
1.02
1.66

8.75%
7.35%
10.53%
6.42%
8.15%
11.33%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
11.44%
9.99%
8.04%
10.70%
6.88%
6.55%
NA
NA
20.46%
22.27%
0.55%

19.14%
14.15%
15.73%
11.66%
10.20%
26.93%
15.88%
13.18%
25.65%

3.05%
3.59%
8.06%
2.92%
4.07%
6.00%
NA
NA
5.43%
5.02%
3.33%

12.51%
7.66%
6.58%
4.95%
14.52%
2.99%
3.76%
5.05%
3.86%

-8.88%
14.69%
16.18%
13.88%
7.03%
-11.17%
-0.65%
47.81%
8.29%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
12.17%
12.70%
18.58%
20.00%
16.88%
6.74%
5.97%
5.19%
21.64%

7.52%
4.11%
23.55%
28.77%
27.46%
4.34%
2.22%
1.51%
4.57%

-9.13%
-4.01%
8.30%
7.10%
-0.48%
14.57%
11.76%
5.90%
4.36%

COGS as SG&A as
% of
% of
Revenue Revenues

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue

40.32%
73.54%
9.41%
72.26%
68.41%
72.15%
70.02%
42.08%
76.66%
106.32%

14.84%
14.23%
48.76%
9.23%
4.56%
14.72%
6.84%
13.68%
10.87%
-17.62%

44.84%
12.23%
41.83%
18.51%
27.03%
13.13%
23.14%
44.24%
12.47%
11.30%

COGS as SG&A as
% of
% of
Revenue Revenues
68.66%
53.64%
79.88%
78.20%
58.90%
NA

16.14%
29.43%
16.97%
11.58%
21.46%
NA

3.53%
9.36%
3.41%
3.45%
4.86%
3.96%
2.53%
5.39%
4.68%
0.55%

-7.70%
2.22%
37.15%
7.06%
3.84%
3.82%
14.14%
4.53%
20.83%
80.09%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
15.20%
16.93%
3.15%
10.23%
19.64%
NA

7.30%
4.10%
0.62%
7.52%
4.13%
NA

-5.77%
4.05%
5.30%
8.77%
4.22%
NA

E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment

Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)

1.30 9.54% Advertising


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

Cost of
Equity

Industry name

0.96 7.83% Cable TV


1.32 9.63% Chemical (Basic)
1.32 9.62% Chemical (Diversified)
1.13 8.71% Chemical (Specialty)
1.44 10.26% Coal
0.85 7.28% Computer Software
1.28 9.45% Computers/Peripherals
1.15 8.79% Diversified Co.
1.04 8.25% Drug
Equity
(Levered)
Beta
0.82
0.78
0.55
0.39
0.54
1.35
1.14
1.10
1.33
Equity
(Levered)
Beta

Cost of
Equity

Industry name

7.13% E-Commerce
6.93% Educational Services
5.77% Electric Util. (Central)
4.99% Electric Utility (East)
5.76% Electric Utility (West)
9.77% Electrical Equipment
8.74% Electronics
8.56% Engineering & Const
9.71% Entertainment

Cost of
Equity

Industry name

1.06 8.35% Entertainment Tech


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

Cost of
Equity

Industry name

1.49 10.47% Hotel/Gaming


0.94 7.75% Household Products
1.47 10.40% Human Resources
0.93 7.68% Industrial Services
1.14 8.73% Information Services
1.62 11.14% Insurance (Life)

Industry name

EV/
Sales

EV/
EBITDA

EV/
EBIT

65.96% Advertising
38.94% Aerospace/Defense
48.91% Air Transport
62.44% Apparel
44.16% Auto Parts
32.06% Automotive
28.22% Bank
26.00% Bank (Midwest)
41.13% Beverage
76.27% Biotechnology
58.75% Building Materials

1.67
1.31
1.01
2.08
0.93
0.98
NA
NA
3.59
8.17
1.64

10.91
10.54
7.89
15.70
9.56
8.76
5.40
5.43
14.36
28.37
26.98

14.64
13.08
12.56
19.42
13.48
15.02
5.40
5.43
17.56
36.70
298.53

EV/
Sales

EV/
EBITDA

EV/
EBIT

2.62
1.59
2.07
1.71
1.40
4.09
1.67
2.18
4.06

8.03
8.37
10.11
10.92
6.97
12.98
8.69
12.68
11.84

13.68
11.25
13.16
14.68
13.73
15.20
10.53
16.55
15.82

EV/
Sales

EV/
EBITDA

EV/
EBIT

6.01
1.02
2.61
3.09
2.46
1.91
0.83
0.61
3.31

30.97
5.95
8.51
9.56
8.32
18.40
9.61
9.17
12.88

49.33
8.02
14.04
15.46
14.60
28.29
13.95
11.81
15.27

EV/
Sales

EV/
EBITDA

EV/
EBIT

1.96
2.36
5.48
1.40
0.54
2.24
1.34
4.74
1.14
1.84

10.01
10.35
10.58
12.04
5.39
11.69
14.07
21.11
8.23
NA

13.18
16.55
11.24
15.15
11.74
15.25
19.64
34.62
10.51
NA

EV/
Sales

EV/
EBITDA

EV/
EBIT

3.10
2.65
0.52
1.56
4.05
NA

13.81
13.13
13.14
11.24
14.48
1.51

20.37
15.63
16.57
15.25
20.62
1.51

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
83.02%
44.75%
63.96%
67.00%
51.50%
49.51%
43.18%
32.12%
47.98%
83.67%
76.77%

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

26.35%
16.46%
30.31%
8.57%
18.11%
46.62%
45.74%
24.39%
18.12%
11.16%
30.25%

7.90%
6.77%
6.66%
8.54%
9.78%
7.28%
5.15%
6.49%
6.24%
8.56%
8.94%

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
37.32%
38.16%
44.72%
60.60%
46.07%
67.14%
77.26%
57.21%
84.78%

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

35.25%
18.89%
14.84%
16.36%
43.67%
7.05%
7.89%
37.79%
11.62%

5.92%
8.27%
8.56%
7.73%
6.84%
6.98%
8.95%
6.50%
7.67%

27.18% Cable TV
32.49% Chemical (Basic)
39.48% Chemical (Diversified)
52.78% Chemical (Specialty)
30.77% Coal
63.37% Computer Software
72.42% Computers/Peripherals
40.61% Diversified Co.
76.97% Drug

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
72.45%
81.04%
14.80%
13.08%
14.11%
67.15%
75.34%
56.11%
61.01%

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

7.30%
12.53%
44.44%
44.17%
41.24%
10.49%
15.50%
10.59%
16.95%

6.83%
6.47%
4.15%
3.73%
4.26%
9.06%
7.85%
7.95%
8.52%

4.04%
5.04%
4.54%
4.54%
4.04%
4.04%
4.04%
4.54%
4.04%
4.04%

6.01%
28.42%
35.09%
17.03%
24.76%
28.09%
12.04%
7.71%
29.49%
35.22%

8.00%
4.66%
6.79%
6.52%
7.05%
6.51%
9.10%
7.93%
9.18%
8.61%

4.54%
4.04%
4.54%
4.54%
4.54%
4.04%

30.65%
13.70%
8.33%
37.91%
16.06%
26.98%

8.10%
7.02%
9.76%
5.80%
7.76%
8.79%

Industry name

47.11% Entertainment Tech


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

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
58.46%
40.37%
50.44%
58.23%
55.92%
29.38%

Industry name

68.24% E-Commerce
73.00% Educational Services
9.81% Electric Util. (Central)
8.69% Electric Utility (East)
9.67% Electric Utility (West)
61.56% Electrical Equipment
66.12% Electronics
51.40% Engineering & Const
52.86% Entertainment

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
49.47%
77.98%
54.62%
51.38%
29.83%
25.91%
45.61%
54.31%
39.16%
41.47%

Industry name

Industry name

44.56% Hotel/Gaming
35.99% Household Products
47.10% Human Resources
41.28% Industrial Services
48.83% Information Services
23.20% Insurance (Life)

Price/ Trailing
Book
PE

3.24
4.58
5.00
4.60
2.90
1.59
1.21
1.59
4.79
6.46
2.42

23.81
18.98
20.19
27.98
18.33
13.60
14.83
15.44
21.00
NA
NA

Price/ Trailing
Book
PE

5.24
2.76
3.47
3.91
1.43
4.28
4.06
2.91
3.85

22.50
14.09
21.70
19.15
NA
22.56
16.09
19.57
21.67

Price/ Trailing
Book
PE

6.33
2.93
1.62
1.54
1.54
2.89
2.41
2.26
3.50

72.59
17.99
15.76
17.08
15.79
21.52
19.42
18.53
23.38

Price/ Trailing
Book
PE

1.92
2.56
2.36
3.27
1.21
2.87
2.95
5.37
3.58
2.25

24.76
26.35
21.60
20.25
NA
23.53
30.21
70.26
12.31
30.72

Price/ Trailing
Book
PE

5.45
4.38
3.20
2.35
5.10
1.03

55.84
20.42
29.59
22.70
25.60
12.97

AA

Industry name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials

Industry name

Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug

Industry name

E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment

Industry name

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding

Industry name

Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)

Page 2 of 5

60 Insurance (Prop/Cas.)
61 Internet
62 Investment Co.

66 4.96%
145 18.48%
16 32.20%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
63
years
64 IT Services
55 3.33%
65 Machinery
82 3.47%
66 Maritime
51 -7.04%
67 Med Supp Invasive
74 1.14%
68 Med Supp Non-Invasive
127 11.25%
69 Medical Services
106 8.35%
70 Metal Fabricating
25 0.74%
71 Metals & Mining (Div.)
71 2.64%
72 Natural Gas (Div.)
30 -4.25%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
73
years
74 Natural Gas Utility
26 -7.97%
75 Newspaper
12 2.29%
76 Office Equip/Supplies
18 0.49%
77 Oil/Gas Distribution
11 -2.80%
78 Oilfield Svcs/Equip.
80 14.20%
79 Packaging & Container
26 2.70%
80 Paper/Forest Products
29 5.05%
81 Petroleum (Integrated)
28 20.39%
82 Petroleum (Producing)
168 7.01%
83 Pharmacy Services
16 13.34%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
84
years
85 Pipeline MLPs
62 -1.75%
86 Power
92 -2.13%
87 Precious Metals
74 14.61%
88 Precision Instrument
76 -3.49%
89 Public/Private Equity
20 14.68%
90 Publishing
21 -3.12%
91 R.E.I.T.
131 -5.51%
92 Railroad
13 12.09%
93 Recreation
53 10.80%
Avg
Annual
Rev
Number
Industry name
of firms Growth:
Last 5
94
years
95 Reinsurance
12 0.00%
96 Restaurant
67 1.40%
97 Retail (Hardlines)
69 10.42%
98 Retail (Softlines)
41 7.33%
99 Retail Automotive
19 11.71%
100 Retail Building Supply
10 8.37%
101 Retail Store
36 8.73%
102 Retail/Wholesale Food
32 10.91%
103 Securities Brokerage
30 -4.90%
Avg
Annual
Number
Rev
Industry name
of firms Growth:
Last 5
104
years
105 Semiconductor
136 -4.41%
106 Semiconductor Equip
10 2.12%
107 Shoe
12 5.03%
108 Steel
32 1.11%
109 Telecom. Equipment
91 1.39%
110 Telecom. Services
61 6.10%
111 Telecom. Utility
24 0.01%
Avg
Annual

NA
51.40%
28.96%

NA
34.35%
38.25%

COGS as SG&A as
% of
% of
Revenue Revenues
69.23%
66.91%
81.87%
37.20%
80.01%
76.16%
70.80%
72.70%
71.56%

17.10%
20.58%
7.29%
39.77%
12.22%
13.27%
15.51%
3.05%
9.84%

COGS as SG&A as
% of
% of
Revenue Revenues
69.52%
54.56%
69.92%
79.69%
76.81%
80.07%
83.36%
84.75%
71.46%
81.45%

18.53%
32.14%
23.11%
7.76%
7.18%
10.31%
7.93%
4.62%
4.31%
13.80%

COGS as SG&A as
% of
% of
Revenue Revenues
88.26%
85.42%
59.39%
54.74%
49.63%
65.41%
13.11%
69.95%
71.65%

3.09%
6.83%
8.63%
29.23%
17.28%
26.49%
6.71%
0.55%
16.13%

COGS as SG&A as
% of
% of
Revenue Revenues
NA
72.65%
66.43%
62.65%
75.28%
67.22%
76.24%
81.07%
63.63%

NA
11.04%
24.88%
26.50%
17.89%
23.44%
18.24%
15.15%
4.32%

COGS as SG&A as
% of
% of
Revenue Revenues
51.53%
61.98%
56.48%
91.63%
68.79%
58.07%
53.78%

30.19%
27.67%
32.35%
5.38%
31.36%
22.07%
30.27%

NA
14.24%
32.79%

NA
6.77%
5.40%

NA
Insurance (Prop/Cas.)
-5.45% Internet
-9.95% Investment Co.

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
13.66%
12.51%
10.84%
23.03%
7.77%
10.56%
13.69%
24.25%
18.59%

2.30%
4.19%
19.40%
4.62%
1.32%
2.19%
4.10%
23.72%
79.63%

3.97%
16.45%
4.26%
28.87%
3.19%
-0.97%
17.60%
4.31%
-4.32%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
11.95%
13.30%
6.97%
12.54%
16.01%
9.62%
8.71%
10.63%
24.23%
4.76%

16.90%
2.93%
1.86%
15.36%
15.99%
4.53%
4.86%
8.91%
32.19%
1.28%

6.00%
-3.10%
6.63%
0.10%
18.95%
8.87%
11.49%
2.42%
1.49%
2.36%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%

11.15%
17.19%
42.70%
3.72%
1.76%
4.17%
8.72%
19.49%
7.33%

0.00%
6.06%
10.36%
19.51%
10.04%
12.31%
0.52%
-0.87%
-3.08%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%

NA
7.70%
7.58%
4.47%
2.51%
2.03%
2.83%
2.36%
3.06%

NA
-4.12%
8.78%
3.26%
14.50%
4.88%
0.79%
0.90%
NA

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%

14.55%
6.65%
2.55%
6.25%
2.92%
15.62%
13.96%

9.22%
13.78%
16.61%
20.26%
-3.64%
-11.81%
-6.47%
Non-cash

12.62%
11.27%
21.82%

0.81
1.02
1.47

7.08%
8.16%
10.40%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)

18.61%
24.47%
5.99%
15.02%
11.14%
18.76%
16.65%
11.84%
19.04%

0.94
1.09
0.71
0.92
0.87
0.73
1.31
1.22
1.04

7.74%
8.48%
6.58%
7.64%
7.41%
6.68%
9.60%
9.16%
8.25%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Natural Gas Utility


Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services

25.74%
29.11%
22.90%
17.33%
19.53%
23.58%
12.27%
30.70%
13.09%
23.64%

0.40
1.90
0.94
0.67
1.29
0.87
0.93
1.01
1.23
0.90

5.02%
12.52%
7.73%
6.40%
9.49%
7.39%
7.67%
8.08%
9.20%
7.53%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%

0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15

5.08%
6.69%
6.68%
8.43%
10.93%
7.64%
7.95%
9.25%
8.78%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage

6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%

0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80

7.55%
7.72%
11.03%
9.67%
8.22%
8.56%
8.27%
6.43%
7.05%

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%

1.44
1.88
1.39
1.22
1.27
0.90
0.47

10.22%
12.42%
10.01%
9.14%
9.39%
7.54%
5.39%

Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation

Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

0.81
0.95
1.19
Equity
(Levered)
Beta

7.09% Insurance (Prop/Cas.)


7.77% Internet
9.01% Investment Co.

Cost of
Equity

Industry name

0.90 7.56% IT Services


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

Cost of
Equity

Industry name

0.56 5.83% Natural Gas Utility


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

Cost of
Equity

Industry name

0.56 5.85% Pipeline MLPs


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

Cost of
Equity

Industry name

0.81 7.08% Reinsurance


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

Cost of
Equity

Industry name

1.38 9.93% Semiconductor


1.73 11.71% Semiconductor Equip
1.32 9.62% Shoe
1.66 11.36% Steel
1.05 8.27% Telecom. Equipment
1.05 8.30% Telecom. Services
0.77 6.87% Telecom. Utility

27.38%
90.80%
66.00%

4.04%
6.04%
5.04%

17.91%
2.34%
5.35%

6.25%
7.67%
8.69%

23.52% Insurance (Prop/Cas.)


89.11% Internet
63.19% Investment Co.

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
51.20%
47.09%
75.61%
55.16%
62.14%
72.79%
57.52%
82.87%
43.11%

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

5.29%
16.62%
57.16%
12.93%
9.09%
31.09%
15.91%
19.45%
26.18%

7.31%
7.90%
6.21%
7.20%
7.02%
6.18%
8.90%
8.68%
7.66%

49.04% IT Services
40.92% Machinery
43.68% Maritime
49.52% Med Supp Invasive
57.65% Med Supp Non-Invasive
55.25% Medical Services
50.29% Metal Fabricating
70.20% Metals & Mining (Div.)
34.31% Natural Gas (Div.)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
29.29%
42.63%
56.56%
37.38%
53.47%
44.69%
43.52%
47.09%
72.91%
55.91%

4.04%
4.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
5.04%
4.54%

37.22% 4.56%
16.94% 11.27%
31.65% 6.82%
39.32% 5.88%
20.69% 8.79%
28.58% 6.75%
27.43% 7.13%
17.47% 7.34%
21.52% 8.83%
15.78% 7.21%

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

29.46%
57.27%
25.52%
13.23%
21.60%
26.84%
30.52%
17.33%
23.96%

4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%

3.54%
4.54%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%

13.79% 6.39%
11.67% 7.42%
11.18% 10.46%
4.77% 9.09%
28.17% 7.43%
9.81% 8.27%
18.54% 7.74%
23.34% 5.90%
63.94% 4.78%

4.04%
4.04%
4.04%
4.04%
4.54%
4.54%
4.04%

9.85% 9.19%
11.65% 10.63%
3.79% 9.34%
38.89% 7.88%
11.02% 7.66%
25.17% 6.90%
47.08% 4.77%

Industry name

18.59% Reinsurance
48.56% Restaurant
47.80% Retail (Hardlines)
54.68% Retail (Softlines)
28.45% Retail Automotive
26.37% Retail Building Supply
35.00% Retail Store
24.63% Retail/Wholesale Food
23.56% Securities Brokerage

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%

Industry name

17.22% Pipeline MLPs


50.88% Power
53.05% Precious Metals
51.49% Precision Instrument
27.96% Public/Private Equity
42.87% Publishing
22.72% R.E.I.T.
27.81% Railroad
37.52% Recreation

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%

Industry name

20.91% Natural Gas Utility


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

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%

Industry name

Industry name

45.65% Semiconductor
33.43% Semiconductor Equip
48.46% Shoe
27.83% Steel
56.41% Telecom. Equipment
50.20% Telecom. Services
27.04% Telecom. Utility

NA
5.57
3.05

NA
27.77
8.17

NA
39.09
9.31

EV/
Sales

EV/
EBITDA

EV/
EBIT

2.13
1.92
2.99
3.13
1.11
0.92
1.71
2.17
4.09

12.62
11.60
12.20
10.99
11.73
7.18
9.92
6.71
8.25

15.60
15.31
27.61
13.61
14.28
8.72
12.49
8.96
22.00

EV/
Sales

EV/
EBITDA

EV/
EBIT

2.12
2.13
0.66
2.49
2.16
1.29
1.32
0.67
1.94
0.76

11.43
11.17
6.33
13.84
8.89
9.05
8.97
4.62
5.04
11.70

17.75
15.98
9.43
19.83
13.50
13.43
15.10
6.34
8.00
15.88

EV/
Sales

EV/
EBITDA

EV/
EBIT

2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03

16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30

24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58

EV/
Sales

EV/
EBITDA

EV/
EBIT

NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35

37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02

37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58

EV/
Sales

EV/
EBITDA

EV/
EBIT

2.78
2.07
2.06
0.84
1.59
2.00
1.86

9.35
11.55
15.75
10.62
42.19
5.68
5.42

15.19
19.97
18.40
27.92
NA
10.05
11.68

1.36
6.83
3.92

15.49
56.41
14.41

Price/ Trailing
Book
PE

5.20
3.24
1.20
3.32
3.92
2.55
2.88
1.93
2.00

22.36
23.60
NA
18.61
21.77
15.66
18.01
12.10
29.06

Price/ Trailing
Book
PE

2.30
3.48
1.67
2.71
1.99
3.35
2.46
1.44
1.62
2.48

28.14
16.53
11.86
28.77
18.49
20.07
NA
9.54
15.94
24.40

Price/ Trailing
Book
PE

3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53

25.58
NA
8.85
23.34
6.78
46.87
11.65
19.50
23.26

Price/ Trailing
Book
PE

0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35

9.65
24.21
34.01
21.18
20.64
25.38
17.34
21.20
22.36

Price/ Trailing
Book
PE

3.12
2.28
5.11
0.94
2.40
2.25
2.38

20.22
38.37
26.30
41.46
19.08
15.66
13.57

Insurance (Prop/Cas.)
Internet
Investment Co.

Industry name

IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)

Industry name

Natural Gas Utility


Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services

Industry name

Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation

Industry name

Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage

Industry name

Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

Page 3 of 5

Industry name
112
113
114
115
116
117
118
119

Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market

Industry name

Number
of firms
170
11
15
31
9
53
5748

Number
of firms

120
121

Rev
Growth:
Last 5
years
0.00%
20.51%
4.78%
1.26%
4.44%
11.83%
7.56%
Avg
Annual
Rev
Growth:
Last 5
years

COGS as SG&A as
% of
% of
Revenue Revenues
NA
67.16%
37.64%
87.89%
65.98%
59.06%
66.35%

NA
9.83%
51.85%
4.26%
6.39%
33.37%
17.10%

COGS as SG&A as
% of
% of
Revenue Revenues

WC as %
EBIT as Capex as
of
% of
% of
Revenue
Revenue Revenue
NA
23.01%
10.51%
7.85%
27.63%
7.57%
16.56%

NA
1.41%
3.20%
10.95%
29.00%
7.70%
7.79%

NA
-1.71%
7.51%
4.11%
5.96%
5.00%
6.22%

Non-cash
EBIT as Capex as
WC as %
% of
% of
of
Revenue Revenue
Revenue

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market

Industry name

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

16.03%
33.51%
29.96%
27.33%
34.28%
11.06%
15.74%

0.79
0.81
0.97
1.19
0.31
0.93
0.96

7.01%
7.07%
7.90%
9.01%
4.60%
7.69%
7.83%

Average
Effective
Tax Rate

Asset
(Unlevered)
Beta

Unlevered
Cost of
Equity

Equity
(Levered)
Beta

Cost of
Equity

Industry name

0.69 6.51% Thrift


0.88 7.45% Tobacco
1.03 8.18% Toiletries/Cosmetics
1.40 10.05% Trucking
0.45 5.27% Water Utility
1.18 8.96% Wireless Networking
1.11 8.58% Total Market
Equity
(Levered)
Beta

Cost of
Equity

Industry name

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
34.84% 4.04%
30.12% 4.04%
38.40% 4.04%
42.67% 4.04%
14.75% 3.54%
62.14% 4.54%
56.51% 4.54%

8.01%
16.33%
15.71%
23.56%
40.25%
28.78%
24.55%

6.18%
6.63%
7.27%
8.26%
4.01%
7.17%
7.14%

Industry name

32.62% Thrift
26.24% Tobacco
33.64% Toiletries/Cosmetics
34.80% Trucking
10.21% Water Utility
48.23% Wireless Networking
45.66% Total Market

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt

Industry name

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/ Trailing
Book
PE

NA
2.41
1.73
1.06
4.34
3.28
1.88

5.52
9.71
12.81
7.72
10.65
16.11
8.60

5.52
10.48
16.48
13.47
15.69
43.41
11.35

1.32
14.45
7.13
4.02
1.97
3.95
2.49

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/ Trailing
Book
PE

22.91
17.61
30.43
26.32
20.53
NA
18.98

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market

Industry name

Industry averages (Global)


A

Industry name
10
11
12
13
14
15
16
17
18
19
20

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)

Industry name
21
22 Biotechnology
23 Broadcasting
Brokerage & Investment
24 Banking
25 Building Materials
Business & Consumer
26 Services
27 Cable TV
28 Chemical (Basic)
29 Chemical (Diversified)
30 Chemical (Specialty)
31 Coal & Related Energy

32
33
34
35
36
37
38
39
40
41
42

43

707
134

C
Avg
Annual
Rev
Growth:
Last 5
years
5.04%
4.86%
7.67%
6.38%
6.71%
6.04%
8.98%
6.44%
6.04%
6.88%
Avg
Annual
Rev
Growth:
Last 5
years
11.03%
4.12%

521
414
714

Number
of firms

243
207
157
1170
129
609
580
947
107
209

Number
of firms

Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue
67.62%
80.12%
88.78%
60.85%
83.57%
85.19%
58.34%
50.91%
50.81%
52.95%

24.08%
10.50%
6.12%
26.91%
10.72%
8.20%
41.42%
49.09%
34.84%
27.09%

8.30%
9.38%
5.10%
12.24%
5.71%
6.61%
0.24%
0.00%
14.34%
19.97%

2.04%
2.98%
9.63%
4.09%
6.88%
5.35%
4.15%
4.90%
4.83%
5.59%

-6.07%
19.67%
-3.53%
23.27%
0.32%
9.13%
NA
NA
0.93%
7.98%

Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue
55.42%
64.76%

29.00%
18.78%

15.58%
16.46%

4.80%
3.46%

4.59%

69.60%

29.98%

0.43%

3.21%

5.37%

74.44%

18.93%

6.63%

4.48%

7.52%

75.77%

16.42%

7.81%

3.05%

Industry name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)

Industry name

27.86% Biotechnology
12.17% Broadcasting
Brokerage & Investment
NA
Banking
17.21% Building Materials
Business & Consumer
9.52%
Services
0.82% Cable TV
12.35% Chemical (Basic)
17.93% Chemical (Diversified)
14.65% Chemical (Specialty)
5.75% Coal & Related Energy

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
17.09%
13.25%
15.59%
14.75%
13.90%
18.98%
18.14%
19.85%
10.40%
18.10%

0.89
0.91
0.60
0.82
0.85
1.11
0.40
0.50
0.89
0.71

8.70%
8.82%
6.83%
8.27%
8.44%
10.11%
5.60%
6.20%
8.71%
7.58%

1.03
1.00
1.05
0.91
1.28
1.23
1.12
0.67
1.01
0.82

9.56% Advertising
9.36% Aerospace/Defense
9.70% Air Transport
8.84% Apparel
11.15% Auto & Truck
10.85% Auto Parts
10.16% Bank
7.27% Banks (Regional)
9.44% Beverage
8.22% Beverage (Alcoholic)

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
2.91%
17.82%

1.03
1.08

9.58%
9.93%

1.06
1.33

11.69%

0.35

5.23%

1.08

18.24%

0.81

8.16%

0.96

17.75%

0.77

7.91%

0.87

63 10.40% 56.87%
24.85%
18.29% 11.83%
15.62%
0.72
7.60%
1.00
735 6.09%
83.54%
7.65%
8.81%
5.41%
15.40%
0.92
8.91%
1.00
84 2.78%
81.32%
11.30%
7.39%
5.74%
22.63%
1.02
9.54%
1.25
681 8.57%
74.27%
14.44%
11.30%
6.93%
17.61%
0.88
8.61%
0.97
322 15.68% 88.92%
5.16%
5.92%
8.12%
6.27%
0.90
8.73%
1.24
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
Average
Asset
Unlevered Equity
Number
Rev
WC as %
Industry name
% of
% of
% of
% of
Industry name
Effective (Unlevered)
Cost of (Levered)
of firms Growth:
of
Revenue Revenues Revenue Revenue
Tax Rate
Beta
Equity
Beta
Last 5
Revenue
years
Computer Services
939 6.29%
79.65%
12.80%
7.55%
1.55%
11.93% Computer Services
17.30%
0.87
8.54%
0.92
Computer Software
1059 7.96%
47.09%
30.17%
22.73%
3.82%
14.46% Computer Software
11.78%
1.02
9.55%
1.03
Computers/Peripherals
316 -0.84% 79.98%
9.47%
10.55%
3.22%
7.58% Computers/Peripherals
11.98%
1.11
10.11%
1.13
Construction
477 6.24%
71.81%
17.10%
11.08%
7.30%
9.05% Construction
14.84%
0.68
7.34%
0.92
Diversified
341 7.97%
79.77%
11.60%
8.63%
5.34%
3.85% Diversified
14.26%
0.59
6.82%
0.89
Educational Services
161 8.79%
55.51%
35.48%
9.01%
5.02%
7.44% Educational Services
14.13%
0.79
8.08%
0.89
Electrical Equipment
863 4.67%
78.45%
14.70%
6.85%
4.37%
18.05% Electrical Equipment
13.53%
0.98
9.27%
1.09
Electronics
1167 2.29%
82.30%
12.30%
5.40%
5.40%
18.11% Electronics
13.29%
1.07
9.84%
1.12
Electronics (Consumer &
Electronics (Consumer &
185 2.59%
77.23%
19.47%
3.29%
3.76%
9.57%
13.96%
1.04
9.66%
1.22
Office)
Office)
Engineering
1167 6.18%
85.37%
10.60%
4.03%
2.87%
10.55% Engineering
16.25%
0.86
8.48%
1.22
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
Average
Asset
Unlevered Equity
Rev
Number
WC as %
Industry name
% of
% of
% of
% of
Industry name
Effective (Unlevered)
Cost of (Levered)
of firms Growth:
of
Revenue Revenues Revenue Revenue
Tax Rate
Beta
Equity
Beta
Last 5
Revenue
years

Industry name

Industry name

9.80% Biotechnology
11.50% Broadcasting
Brokerage & Investment
9.87%
Banking
9.16% Building Materials
Business & Consumer
8.60%
Services
9.38% Cable TV
9.39% Chemical (Basic)
11.01% Chemical (Diversified)
9.19% Chemical (Specialty)
10.91% Coal & Related Energy

Cost of
Equity

Industry name

8.89% Computer Services


9.56% Computer Software
10.21% Computers/Peripherals
8.86% Construction
8.70% Diversified
8.68% Educational Services
9.95% Electrical Equipment
10.17% Electronics
Electronics (Consumer &
10.76%
Office)
10.82% Engineering

Cost of
Equity

Industry name

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
92.64%
83.42%
68.64%
80.76%
71.70%
73.64%
56.13%
65.09%
79.12%
71.22%

6.94%
6.44%
5.94%
6.44%
5.94%
5.94%
5.44%
5.94%
5.94%
5.94%

17.05%
15.45%
44.56%
13.31%
44.09%
21.53%
74.41%
51.40%
17.51%
18.22%

8.75%
8.61%
7.23%
8.26%
8.07%
9.41%
5.43%
5.67%
8.51%
7.48%

7.33%
23.64%

86.04% 6.44%

76.00%

73.65% 5.94%

25.32%

78.50% 5.94%

16.56%

72.61%
74.24%
62.82%
74.57%
112.53%

5.94%
5.94%
5.44%
5.94%
7.94%

32.82%
12.51%
26.56%
17.56%
36.24%

Industry name

9.49% 113.32% Biotechnology


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

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
80.48%
94.90%
86.41%
74.37%
60.97%
88.06%
79.86%
82.71%

Industry name

76.23% Advertising
72.17% Aerospace/Defense
41.53% Air Transport
70.06% Apparel
47.52% Auto & Truck
60.67% Auto Parts
26.90% Bank
39.77% Banks (Regional)
67.70% Beverage
60.73% Beverage (Alcoholic)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
121.02% 7.94%
83.75% 6.44%

6.44%
6.94%
6.44%
5.94%
5.44%
6.44%
5.94%
6.44%

13.08%
6.48%
11.29%
33.62%
40.82%
12.34%
19.35%
19.62%

8.32%
9.26%
9.56%
7.28%
6.71%
8.17%
8.83%
9.06%

81.19% 6.44%

28.50%

8.98%

80.20% 6.44%

45.23%

7.96%

Industry name

70.76% Computer Services


89.23% Computer Software
78.16% Computers/Peripherals
54.65% Construction
41.52% Diversified
73.07% Educational Services
67.15% Electrical Equipment
69.40% Electronics
Electronics (Consumer &
62.33%
Office)
52.15% Engineering

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt

Industry name

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.60
1.40
1.11
1.78
0.92
0.78
9.84
4.12
2.42
3.55

12.97
11.53
9.30
11.27
9.30
7.47
5.46
NA
13.43
12.33

16.45
14.66
18.25
12.44
15.32
11.44
NA
NA
16.59
15.43

2.92
3.71
1.94
2.52
1.51
1.72
1.15
0.95
4.12
2.95

24.54
19.98
14.99
20.02
11.47
14.79
9.31
11.71
20.47
17.04

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

9.58
2.78

22.75
12.85

48.17
15.17

7.33
2.53

31.81
12.22

5.98
1.15

10.75

3.13

1.31

16.91

10.77

15.88

1.83

23.39

1.39

12.39

15.80

3.44

24.23

3.17
2.68
1.16
1.62
0.99

10.20
8.24
9.50
10.05
8.53

16.74
12.07
15.30
13.46
15.41

5.25
4.36
2.08
2.38
1.22

21.77
16.69
16.59
16.02
11.77

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.03
4.05
1.20
1.72
1.57
1.60
1.29
0.97

10.43
12.92
8.55
9.82
11.72
10.55
11.78
8.76

12.64
15.76
11.22
14.58
16.60
16.90
17.24
16.55

3.50
3.93
2.85
1.45
1.49
2.20
2.23
1.65

16.87
19.51
14.18
17.30
15.46
22.16
21.91
19.48

0.59

7.61

15.35

1.30

17.15

0.62

8.68

11.52

1.36

12.73

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

AA

Industry name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)

Industry name

Biotechnology
Broadcasting
Brokerage & Investment
Banking
Building Materials
Business & Consumer
Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy

Industry name

Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer &
Office)
Engineering

Industry name

Page 4 of 5

44 Entertainment
Environmental & Waste
45 Services
46 Farming/Agriculture
47 Financial Svcs.
Financial Svcs. (Non48 bank & Insurance)
49 Food Processing
50 Food Wholesalers
51 Furn/Home Furnishings
52 Healthcare Equipment
53 Healthcare Facilities

54
55
56
57
58
59
60
61
62
63
64

65
66
67
68
69
70
71
72
73
74
75

76
77
78
79
80
81
82
83
84
85
86

87
88
89
90
91
92
93

352

2.02%

67.48%

15.29%

17.23%

3.97%

9.53%

312

8.64%

77.41%

13.62%

8.97%

5.63%

9.23%

341
548

8.82%
9.27%

90.06%
42.85%

5.99%
49.79%

3.95%
7.36%

3.91%
4.42%

16.81%
NA

133 19.67%

49.44%

46.59%

3.97%

3.52%

NA

Entertainment
Environmental & Waste
Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Nonbank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities

1201 7.16%
72.89%
19.02%
8.09%
4.42%
10.11%
115 2.07%
84.82%
12.11%
3.07%
1.83%
2.73%
319 3.04%
75.12%
18.24%
6.64%
3.05%
2.78%
448 7.64%
48.72%
32.92%
18.37%
4.51%
23.12%
170 12.96% 83.25%
6.19%
10.56%
5.94%
11.26%
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
Number
Rev
WC as %
Industry name
% of
% of
% of
% of
Industry name
of firms Growth:
of
Revenue Revenues Revenue Revenue
Last 5
Revenue
years
Healthcare Products
159 16.82% 59.21%
28.20%
12.59%
6.63%
24.06% Healthcare Products
Healthcare Services
322 12.41% 86.50%
8.63%
4.86%
0.97%
-0.27% Healthcare Services
Heathcare Information
Heathcare Information
278 8.13%
62.33%
25.74%
11.93%
4.10%
23.29%
and Technology
and Technology
Heavy Construction
335 3.60%
83.18%
10.51%
6.31%
5.10%
21.62% Heavy Construction
Homebuilding
164 3.48%
80.29%
13.14%
6.57%
1.13%
55.48% Homebuilding
Hotel/Gaming
648 9.11%
71.95%
16.12%
11.94%
6.17%
-1.96% Hotel/Gaming
Household Products
458 8.81%
49.76%
35.52%
14.73%
4.08%
9.97% Household Products
Information Services
177 6.21%
58.03%
18.78%
23.19%
2.87%
12.56% Information Services
Insurance (General)
235 9.69%
84.23%
7.01%
8.75%
0.84%
4.28% Insurance (General)
Insurance (Life)
121 12.08% 82.40%
8.93%
8.67%
0.43%
5.25% Insurance (Life)
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
Number
Rev
WC as %
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Revenue Revenues Revenue Revenue
Last 5
Revenue
years
Insurance (Prop/Cas.)
219 7.94%
78.57%
10.46%
10.97%
0.71%
-26.30% Insurance (Prop/Cas.)
Internet software and
Internet software and
706 9.58%
52.01%
28.66%
19.33%
8.91%
3.34%
services
services
Investment Co.
433 -2.32% 46.57%
39.49%
13.93%
2.37%
NA
Investment Co.
Machinery
1270 2.08%
73.32%
18.01%
8.67%
4.05%
23.75% Machinery
Metals & Mining
1691 9.15%
74.81%
11.71%
13.48% 19.79%
9.43% Metals & Mining
Office Equipment &
Office Equipment &
161 0.82%
68.98%
24.02%
7.00%
3.32%
12.91%
Services
Services
Oil/Gas (Integrated)
53 6.66%
84.63%
5.05%
10.32% 11.44%
3.66% Oil/Gas (Integrated)
Oil/Gas (Production and
Oil/Gas (Production and
1172 12.46% 69.44%
7.87%
22.69% 44.93%
1.72%
Exploration)
Exploration)
Oil/Gas Distribution
199 11.09% 88.72%
3.30%
7.99%
14.19%
3.55% Oil/Gas Distribution
Oilfield Svcs/Equip.
593 9.00%
92.03%
3.80%
4.17%
3.65%
6.96% Oilfield Svcs/Equip.
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
Number
Rev
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Revenue Revenues Revenue Revenue
Revenue
Last 5
years
Packaging & Container
398 6.04%
78.99%
13.48%
7.53%
5.28%
14.38% Packaging & Container
Paper/Forest Products
303 2.19%
80.04%
14.33%
5.63%
6.23%
17.20% Paper/Forest Products
Pharma & Drugs
820 12.16% 49.00%
29.91%
21.09%
4.19%
18.16% Pharma & Drugs
Power
743 12.80% 80.64%
7.56%
11.80% 16.00%
1.83% Power
Precious Metals
1181 29.33% 81.96%
8.44%
9.60%
33.33%
14.88% Precious Metals
Publshing & Newspapers
390 0.47%
71.86%
20.38%
7.76%
3.35%
8.16% Publshing & Newspapers
R.E.I.T.
49 20.47% 87.60%
11.18%
1.21%
1.76%
NA
R.E.I.T.
Railroad
54 4.64%
73.25%
7.42%
19.33% 14.92%
-2.34% Railroad
Real Estate
Real Estate
422 3.78%
72.72%
10.95%
16.33%
8.02%
80.89%
(General/Diversified)
(General/Diversified)
Real Estate
Real Estate
647 13.65% 69.02%
8.49%
22.49%
3.51%
NA
(Development)
(Development)
Avg
Annual
Non-cash
COGS as SG&A as EBIT as Capex as
Number
Rev
WC as %
% of
% of
% of
% of
Industry name
Industry name
of firms Growth:
of
Revenue Revenues Revenue Revenue
Last 5
Revenue
years
Real Estate (Operations &
Real Estate (Operations &
481 11.14% 49.90%
20.69%
29.41%
8.03%
24.48%
Services)
Services)
Recreation
286 2.77%
67.60%
20.94%
11.46%
5.47%
15.51% Recreation
Reinsurance
37 13.21% 87.97%
0.95%
11.07%
0.07%
-54.10% Reinsurance
Restaurant
304 5.91%
72.62%
16.50%
10.88%
5.60%
-1.73% Restaurant
Retail (Automotive)
148 9.04%
82.89%
12.40%
4.71%
2.79%
7.77% Retail (Automotive)
Retail (Building Supply)
50 4.20%
67.70%
24.27%
8.02%
2.05%
7.46% Retail (Building Supply)

9.04%

0.87

8.59%

1.04

11.45%

0.86

8.49%

1.10

13.19%
17.33%

0.66
0.21

7.23%
4.38%

0.81
0.96

12.60%

0.28

4.82%

0.93

16.40%
17.20%
16.03%
8.83%
16.65%

0.66
0.59
0.87
0.81
0.49

7.24%
6.81%
8.54%
8.17%
6.14%

0.77
0.90
0.91
0.87
0.78

9.63% Entertainment
Environmental & Waste
Services
8.21% Farming/Agriculture
9.12% Financial Svcs.
Financial Svcs. (Non8.93%
bank & Insurance)
7.92% Food Processing
8.74% Food Wholesalers
8.83% Furn/Home Furnishings
8.59% Healthcare Equipment
7.99% Healthcare Facilities

10.01%

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
12.66%
17.26%

0.81
0.70

8.18%
7.50%

0.87
0.82

7.88%

1.02

9.54%

1.11

17.11%
16.65%
12.36%
14.13%
17.57%
13.95%
18.80%

0.95
1.04
0.74
0.76
0.79
0.66
1.05

9.08%
9.63%
7.74%
7.90%
8.07%
7.26%
9.72%

1.29
1.36
0.90
0.82
0.83
0.74
1.21

8.59% Healthcare Products


8.23% Healthcare Services
Heathcare Information
and Technology
11.21% Heavy Construction
11.66% Homebuilding
8.76% Hotel/Gaming
8.27% Household Products
8.30% Information Services
7.76% Insurance (General)
10.71% Insurance (Life)
10.10%

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
15.06%

0.63

7.05%

0.72

8.65%

1.10

10.05%

1.09

6.96%
17.45%
3.58%

0.58
1.01
1.03

6.74%
9.48%
9.57%

0.89
1.08
1.32

17.66%

0.62

6.97%

0.74

24.53%

1.04

9.63%

1.19

6.93%

0.74

7.73%

1.30

9.63%
13.98%

0.73
0.92

7.69%
8.88%

1.09
1.14

0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58

7.13%
6.95%
8.31%
6.18%
10.36%
7.94%
3.85%
6.71%

0.84
0.97
0.88
0.88
1.38
0.91
0.79
0.76

13.99%

0.70

7.49%

1.06

17.32%

0.31

5.01%

1.13

0.55

6.54%

0.89

17.48%
10.81%
21.05%
18.79%
26.05%

0.86
0.89
0.64
0.64
0.74

8.49%
8.66%
7.12%
7.11%
7.72%

0.96
0.99
0.76
0.89
0.87

Industry name

8.37% Packaging & Container


9.21% Paper/Forest Products
8.64% Pharma & Drugs
8.60% Power
11.80% Precious Metals
8.85% Publshing & Newspapers
8.07% R.E.I.T.
7.90% Railroad
Real Estate
9.80%
(General/Diversified)
Real Estate
10.23%
(Development)

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta

12.90%

Industry name

7.64% Insurance (Prop/Cas.)


Internet software and
9.98%
services
8.69% Investment Co.
9.91% Machinery
11.42% Metals & Mining
Office Equipment &
7.76%
Services
10.62% Oil/Gas (Integrated)
Oil/Gas (Production and
11.27%
Exploration)
9.94% Oil/Gas Distribution
10.28% Oilfield Svcs/Equip.

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
17.72%
12.53%
13.54%
14.72%
2.16%
15.19%
2.32%
25.54%

Industry name

Industry name

Real Estate (Operations &


Services)
9.15% Recreation
9.32% Reinsurance
7.90% Restaurant
8.70% Retail (Automotive)
8.54% Retail (Building Supply)
8.69%

96.49% 6.94%

17.63%

8.79%

95.73% 6.94%

24.90%

8.72%

69.73% 5.94%
78.77% 5.94%

30.29%
83.58%

6.99%
4.97%

81.86% 6.44%

74.56%

5.63%

68.73%
71.74%
75.68%
94.01%
75.86%

19.67%
40.52%
17.30%
13.05%
38.41%

7.18%
6.88%
8.02%
8.10%
6.52%

5.94%
5.94%
5.94%
6.94%
5.94%

80.36% Entertainment
Environmental & Waste
75.45%
Services
52.95% Farming/Agriculture
34.63% Financial Svcs.
Financial Svcs. (Non39.10%
bank & Insurance)
57.49% Food Processing
47.55% Food Wholesalers
64.37% Furn/Home Furnishings
83.73% Healthcare Equipment
50.96% Healthcare Facilities

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
84.07% 6.44%
81.35% 6.44%

12.38%
21.15%

8.08%
7.44%

107.10% 7.94%

12.22%

9.54%

36.37%
31.92%
23.01%
11.41%
9.03%
27.91%
33.55%

8.64%
9.38%
7.70%
7.80%
7.93%
6.66%
8.39%

76.74%
82.32%
76.10%
79.65%
75.29%
60.69%
57.95%

5.94%
6.44%
5.94%
5.94%
5.94%
5.44%
5.44%

75.38% Healthcare Products


66.41% Healthcare Services
Heathcare Information
95.59%
and Technology
54.97% Heavy Construction
59.67% Homebuilding
60.87% Hotel/Gaming
71.85% Household Products
69.34% Information Services
46.97% Insurance (General)
42.70% Insurance (Life)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
61.43% 5.44%

23.61%

110.49% 7.94%

2.88%

90.22% 6.94%
72.55% 5.94%
124.96% 7.94%

6.74%

Industry name

Industry name

49.57% Insurance (Prop/Cas.)


Internet software and
services
58.73% Investment Co.
62.46% Machinery
97.80% Metals & Mining
Office Equipment &
58.34%
Services
43.81% Oil/Gas (Integrated)
Oil/Gas (Production and
74.58%
Exploration)
49.83% Oil/Gas Distribution
68.21% Oilfield Svcs/Equip.

2.81

12.68

15.99

2.92

17.94

1.74

11.27

17.40

2.57

25.60

0.78
13.99

12.84
17.54

18.14
20.75

1.46
1.35

17.71
12.89

7.55

8.16

7.48

0.91

12.21

1.39
0.37
0.91
2.86
1.77

12.35
8.71
9.98
11.36
11.41

16.32
12.31
12.48
14.75
16.61

2.67
1.31
2.21
3.26
3.43

21.19
15.78
17.18
21.46
20.06

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

3.02
0.58

15.25
9.63

22.58
11.63

3.41
2.16

26.88
19.15

3.25

16.71

25.39

3.74

33.41

1.16
1.22
2.60
2.47
4.18
0.81
0.95

11.08
12.67
14.07
13.42
14.91
7.61
10.24

16.57
20.63
19.87
16.50
17.37
8.84
10.86

1.96
1.52
2.62
4.13
5.59
1.18
1.34

16.66
11.30
24.45
22.95
25.18
14.87
15.20

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.00

8.33

8.37

1.27

11.35

9.85% 107.13%

6.76

22.50

31.85

5.50

35.49

45.22%
16.87%
26.99%

6.96%
8.94%
9.83%

4.97
1.50
1.88

12.54
11.90
7.96

11.33
16.15
13.16

1.30
2.39
1.52

15.13
20.24
15.61

74.50% 5.94%

23.01%

6.93%

1.06

10.37

12.76

2.35

20.12

53.63% 5.44%

19.25%

9.31%

0.80

5.08

7.91

1.22

8.97

115.11% 7.94%

22.87%

9.96%

4.50

9.50

NA

1.74

14.79

69.02% 5.94%
86.57% 6.44%

35.33%
25.41%

7.90%
8.81%

1.96
0.58

15.43
8.92

23.01
12.79

2.04
1.90

23.50
15.27

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
73.64%
76.88%
82.41%
66.87%
137.70%
78.10%
55.57%
48.02%

5.94%
5.94%
6.44%
5.94%
7.94%
5.94%
5.44%
4.94%

77.61% 5.94%
78.59% 5.94%

30.73% 7.08% 55.50% Packaging & Container


43.28% 7.02% 51.15% Paper/Forest Products
10.96% 8.18% 74.96% Pharma & Drugs
49.47% 6.40% 41.56% Power
23.45% 10.34% 112.20% Precious Metals
22.23% 7.81% 62.90% Publshing & Newspapers
84.65% 4.46% 24.23% R.E.I.T.
31.16% 6.51% 36.01% Railroad
Real Estate
41.25% 7.47% 51.82%
(General/Diversified)
Real Estate
77.86% 5.50% 36.43%
(Development)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt

74.83% 5.94%

43.29%

6.73%

76.90%
49.08%
66.03%
74.45%
63.52%

19.25%
24.75%
15.88%
31.28%
15.08%

8.19%
7.87%
7.30%
7.28%
7.83%

5.94%
4.94%
5.94%
5.94%
5.44%

Industry name

Industry name

Real Estate (Operations &


Services)
63.75% Recreation
39.30% Reinsurance
54.02% Restaurant
53.29% Retail (Automotive)
52.05% Retail (Building Supply)
49.79%

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76

9.01
10.05
12.33
8.74
6.58
10.27
10.74
9.37

13.98
20.07
16.57
15.69
20.73
16.90
20.06
13.51

2.07
1.24
3.58
1.21
1.11
1.96
0.91
2.09

18.44
16.65
20.23
14.81
15.27
17.22
5.43
16.36

3.59

17.13

24.41

1.03

11.65

6.77

9.94

10.26

0.34

7.89

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

6.19

17.57

18.87

1.10

12.06

1.84
0.83
2.05
0.75
1.25

10.80
6.86
13.49
11.94
11.84

16.02
6.86
15.96
15.43
15.54

2.49
1.04
5.12
3.09
3.85

19.91
9.86
28.46
17.60
20.20

Entertainment
Environmental & Waste
Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Nonbank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities

Industry name

Healthcare Products
Healthcare Services
Heathcare Information
and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)

Industry name

Insurance (Prop/Cas.)
Internet software and
services
Investment Co.
Machinery
Metals & Mining
Office Equipment &
Services
Oil/Gas (Integrated)
Oil/Gas (Production and
Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

Industry name

Packaging & Container


Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
(General/Diversified)
Real Estate
(Development)

Industry name

Real Estate (Operations &


Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)

Page 5 of 5

94
95
96
97

Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)

Industry name
98
99
100
101
102
103
104
105
106

Retail (Special Lines)


Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)

Industry name
107
108
109
110
111
112
113
114
115
116

Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

Industry name
117
118

848
229
174
118

Number
of firms

543
93
559
263
356
92
714
116

Number
of firms

525
317
281
53
228
191
55
97
40906

Number
of firms

5.91%
8.91%
6.59%
9.44%
Avg
Annual
Rev
Growth:
Last 5
years
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
Avg
Annual
Rev
Growth:
Last 5
years
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
6.86%
Avg
Annual
Rev
Growth:
Last 5
years

87.00%
74.94%
78.64%
69.54%

9.46%
20.18%
17.32%
25.54%

3.55%
4.88%
4.04%
4.93%

2.91%
3.32%
3.32%
4.90%

14.12%
0.28%
-3.65%
-2.65%

Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue
68.45%
73.78%
72.69%
80.74%
86.73%
63.31%
88.99%
63.57%

24.80%
16.45%
13.51%
14.72%
7.21%
27.23%
7.62%
20.52%

6.76%
9.77%
13.80%
4.54%
6.06%
9.46%
3.39%
15.91%

2.45%
7.14%
11.05%
5.80%
11.32%
1.75%
7.31%
17.27%

9.12%
17.08%
14.95%
31.80%
-0.96%
21.10%
13.24%
0.68%

Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue
73.94%
67.33%
88.39%
55.93%
88.01%
87.63%
82.64%
59.65%
76.94%

16.81%
18.85%
10.57%
15.44%
4.16%
6.04%
6.83%
12.19%
14.43%

9.25%
13.81%
1.04%
28.64%
7.83%
6.33%
10.53%
28.16%
8.63%

2.82%
14.60%
0.83%
3.14%
4.12%
8.76%
11.16%
19.17%
6.63%

13.45%
-1.62%
NA
16.81%
3.06%
4.50%
0.82%
13.65%
10.09%

Non-cash
COGS as SG&A as EBIT as Capex as
WC as %
% of
% of
% of
% of
of
Revenue Revenues Revenue Revenue
Revenue

Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)

Industry name

Retail (Special Lines)


Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)

Industry name

Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

Industry name

19.04%
23.63%
26.17%
13.55%

0.57
0.73
0.53
1.22

6.66%
7.68%
6.38%
10.81%

0.88
0.93
0.69
1.24

8.63% Retail (Distributors)


74.17%
8.94% Retail (General)
61.64%
7.42% Retail (Grocery and Food) 55.19%
10.91% Retail (Internet)
112.07%

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
20.75%
20.06%
9.04%
9.61%
12.58%
20.41%
12.97%
15.35%

0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75

8.11%
8.95%
11.54%
10.86%
7.10%
8.73%
8.00%
7.80%

0.93
1.15
1.37
1.30
1.06
0.92
1.26
0.95

8.97% Retail (Special Lines)


10.32% Rubber& Tires
11.77% Semiconductor
11.27% Semiconductor Equip
9.78% Shipbuilding & Marine
8.86% Shoe
11.03% Steel
9.07% Telecom (Wireless)

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta
9.56%
12.92%
18.73%
20.52%
20.49%
23.30%
25.18%
15.09%
13.80%

1.13
0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.66

10.21%
6.64%
3.16%
6.90%
7.54%
6.61%
5.77%
6.91%
7.21%

1.15
0.84
0.60
0.67
0.89
0.82
0.70
0.83
1.03

Industry name

Industry name

10.37% Telecom. Equipment


8.34% Telecom. Services
6.83% Thrift
7.29% Tobacco
8.72% Transportation
8.25% Trucking
7.47% Utility (General)
8.32% Utility (Water)
9.56% Total Market

Average
Asset
Unlevered Equity
Cost of
Effective (Unlevered)
Cost of (Levered)
Equity
Tax Rate
Beta
Equity
Beta

Industry name

5.94%
5.44%
5.44%
7.94%

45.80% 6.58% 47.65% Retail (Distributors)


23.61% 7.73% 46.70% Retail (General)
26.25% 6.47% 39.97% Retail (Grocery and Food)
4.42% 10.67% 106.91% Retail (Internet)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
75.39%
72.06%
84.90%
89.25%
75.25%
72.19%
82.01%
69.73%

5.94%
5.94%
6.44%
6.44%
5.94%
5.94%
6.44%
5.94%

10.16% 8.48%
27.03% 8.65%
11.49% 10.93%
15.28% 10.23%
42.68% 7.38%
6.67% 8.54%
46.52% 8.00%
25.70% 7.81%

62.09% Retail (Special Lines)


55.99% Rubber& Tires
76.84% Semiconductor
78.13% Semiconductor Equip
47.70% Shipbuilding & Marine
66.44% Shoe
52.85% Steel
54.05% Telecom (Wireless)

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt
92.82%
79.59%
67.28%
56.99%
65.24%
65.81%
46.47%
66.98%
83.41%

6.94%
5.94%
5.94%
5.44%
5.94%
5.94%
4.94%
5.94%
6.44%

11.92% 9.71%
37.28% 6.78%
97.39% 4.23%
14.60% 6.78%
27.94% 7.45%
38.05% 6.69%
47.77% 5.55%
34.00% 6.91%
44.40% 7.32%

Industry name

Industry name

83.22% Telecom. Equipment


55.25% Telecom. Services
27.13% Thrift
50.29% Tobacco
49.04% Transportation
44.75% Trucking
29.41% Utility (General)
49.19% Utility (Water)
54.45% Total Market

Std Dev'n Pre-tax


Market
Cost of
Asset
in Stock Cost of
Debt/Capital Capital Volatility
Prices
Debt

Industry name

0.67
0.75
0.61
3.19

12.70
10.32
9.86
38.01

16.83 1.34
14.39 2.36
13.98 2.06
65.19 10.20

13.31
16.91
15.53
80.99

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29

12.78
6.64
7.29
17.06
11.53
14.20
9.26
7.28

13.88
9.32
12.66
44.21
19.29
15.21
21.41
13.78

3.27
1.82
2.16
2.22
1.18
3.14
0.96
1.96

20.67
12.17
13.25
23.61
14.94
20.68
14.31
11.42

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

1.75
1.84
NA
3.52
1.36
1.08
1.27
4.43
1.98

11.72
6.23
17.76
11.23
11.65
9.52
7.43
11.14
9.77

17.12 2.49
12.14 1.71
NA
1.21
12.19 10.01
15.74 2.40
13.18 2.05
11.70 1.26
15.61 2.12
14.83 1.80

17.26
17.69
0.99
17.11
18.44
19.93
19.17
14.91
14.60

EV/
EV/
EV/ Price/ Trailing
Sales EBITDA EBIT Book
PE

Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)

Industry name

Retail (Special Lines)


Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)

Industry name

Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

Industry name