Operating Assumptions

Historical Projected
H3 H2 H1 P1 P2 P3
Revenue 69,577 73,990 76,847 79,199 81,745 83,789
Growth 6.34% 3.86% 3.06% 3.21% 2.50%

Cost of Goods Sold:

COGS 49,076 52,124 54,057 55,790 57,746 59,358
%Sales 70.53% 70.45% 70.34% 70.44% 70.64% 70.84%
Depreciation and Amortization 2,333 2,528 2,507 2,648 2,734 2,802
% Sales 3.35% 3.42% 3.26% 3.34% 3.34% 3.34%
Total COGS 51,409 54,652 56,564 58,438 60,480 62,159
% Sales 73.89% 73.86% 73.61% 73.79% 73.99% 74.19%

Gross Profit:
Cash Gross Profit 20,501 21,866 22,790 23,410 23,999 24,431
Margin 29.47% 29.55% 29.66% 29.56% 29.36% 29.16%
Less: Depreciation 2,333 2,528 2,507 2,648 2,734 2,802
Total Gross Profit 18,168 19,338 20,283 20,761 21,265 21,629
Margin 26.11% 26.14% 26.39% 26.21% 26.01% 25.81%

SG&A 14,156 15,417 15,871 16,324 16,849 17,270

% Sales 20.35% 20.84% 20.65% 20.61% 20.61% 20.61%

EBITDA 6,345 6,449 6,919 7,085 7,150 7,161

Margin 9.12% 8.72% 9.00% 8.95% 8.75% 8.55%
Growth 1.64% 7.29% 2.41% 0.91% 0.16%
Operating Profit (EBIT) 4,012 3,921 4,412 4,437 4,416 4,359
Margin 5.77% 5.30% 5.74% 5.60% 5.40% 5.20%

Capital Expenditures 2,066 3,186 3,054 2,970 3,065 3,142

% Sales 2.97% 4.31% 3.97% 3.75% 3.75% 3.75%

Working Capital Assumptions

Pro Forma Projected

H1 P1 P2 P3
Sales 76,847 79,199 81,745 83,789
Total COGS 54,652 56,564 58,438 60,480

Current Assets
Accounts Receivable 468 482 498 510
Inventory 9,122 9,401 9,703 9,946
Prepaid Expenses 1,341 1,382 1,426 1,462
Total Current Assets 10,931 11,266 11,628 11,918

Current Liabilities
Short Term Debt 1,153 1,188 1,226 1,257
Accounts Payable 9,152 9,472 9,786 10,128
Accrued Expenses 4,059 4,201 4,340 4,492
Total Current Liabilities 14,364 14,861 15,353 15,877

Net Cash Impact

Net Working Capital -3,433 -3,596 -3,725 -3,959
Cash (Used by) / Generated from Working Capital 163 129 234

Ratios
A/R % Sales 0.61% 0.61% 0.61% 0.61%
Inventory % sales 11.87% 11.87% 11.87% 11.87%
Prepaid % sales 1.75% 1.75% 1.75% 1.75%
Short-Term Debt % of Sales 1.50% 1.50% 1.50% 1.50%
Accts Payable % of COGS 16.75% 16.75% 16.75% 16.75%
Accrued Expenses % COGS 7.43% 7.43% 7.43% 7.43%

WACC
Total Debt 12,476 Shares Out 520.3
Market Cap 55739.739 Share P 107.13

Cost of Debt 2.93% Weight D 18.29%

Tax Rate 21% Weight E 81.71%
Beta 0.87
Risk Free Rate 1.68%
ERP 5.53%
Cost of Equity 6.47% WACC 5.71%

Valuation
2020 2021 2022
1 2 3
EBIT 4,437 4,416 4,359
Plus depreciation 2,648 2,734 2,802

EBITDA 7,085 7,150 7,161

Less CAPEX -2,970 -3,065 -3,142

EBITDA Less Capex 4,116 4,084 4,019

Less Taxes -932 -927 -915
Less Change in working capital -163 -129 -234

FCF 3,021 3,028 2,870

FCF weighted by WACC 2,858 2,710 2,429

Terminal
Total Cash Flow 2,858 2,710 2,429

Enterprise Value 66,459

Less Net Debt 10,820 WACC
$106.94 4.00% 5.00%
Equity 55,639 1.00%
SHOUT 520.3 Terminal 1.68%
Share Price $106.94 Growth 2.00%
Rate 3.00%
Projected
P4 P5
85,464 87,174
2.00% 2.00%

60,716 62,104
71.04% 71.24%
2,858 2,915
3.34% 3.34%
63,574 65,019
74.39% 74.59%

24,749 25,069
28.96% 28.76%
2,858 2,915
21,891 22,154
25.61% 25.41%

17,616 17,968
20.61% 20.61%

7,133 7,101
8.35% 8.15%
-0.39% -0.44%
4,275 4,186
5.00% 4.80%

3,205 3,269
3.75% 3.75%

Projected
P4 P5
85,464 87,174
62,159 63,574

520 531
10,145 10,348
 1,491 1,521
12,157 12,400

1,282 1,308
10,409 10,646
4,617 4,722
16,308 16,676

-4,151 -4,276
193 124

0.61% 0.61%
11.87% 11.87%
1.75% 1.75%
1.50% 1.50%
16.75% 16.75%
7.43% 7.43%

Terminal Value
2023 2024
4 5
4,275 4,186 g 1.68%
2,858 2,915 FCF 2,877
WACC 5.71%
7,133 7,101 Terminal Value 71,348
-3,205 -3,269

3,928 3,833
-898 -879
 -193 -124

2,838 2,829

2,272 2,143
54,046
2,272 56,189

WACC
5.71% 6.00% 7.00%
Target Corporation
TGT 87612E106 2259101 NYSE Common stock
Source: FactSet Fundamentals
JUL '19 APR '19 JAN '19 OCT '18 JUL '18
LTM LTM LTM LTM LTM
Sales 76,847 76,201 75,355 75,144 73,990
Cost of Goods Sold (COGS) incl. D&A 56,564 56,156 55,522 55,431 54,652
COGS excluding D&A 54,057 53,669 53,048 52,945 52,124
Depreciation & Amortization Expense 2,507 2,487 2,474 2,486 2,528
Gross Income 20,283 20,045 19,833 19,713 19,338
SG&A Expense 15,871 15,756 15,638 15,672 15,417
Other SG&A 15,871 15,756 15,638 15,672 15,417
EBIT (Operating Income) 4,412 4,289 4,195 4,041 3,921
Nonoperating Income - Net 41 32 27 204 366
Other Income (Expense) 41 32 27 204 366
Interest Expense 469 467 468 499 506
Gross Interest Expense 469 467 468 499 523
Interest Capitalized - - - - 17
Unusual Expense - Net - - - - -
Restructuring Expense 0 0 0 0 0
Unrealized Valuation Gain/Loss - - - - -
Hedges/Derivatives - - - - -
Pretax Income 3,965 3,770 3,676 3,680 3,582
Income Taxes 821 765 746 446 486
Consolidated Net Income 3,144 3,005 2,930 3,234 3,096
Net Income 3,144 3,005 2,930 3,234 3,096
Discontinued Operations 10 10 8 6 2
Net Income available to Common 3,154 3,015 2,938 3,240 3,098
Per Share
EPS (recurring) 6.11 5.80 5.60 6.10 5.78
EPS (diluted) 6.04 5.72 5.51 6.01 5.72
Diluted Shares Outstanding 516.10 519.50 524.30 531.20 536.30
Total Shares Outstanding 511.34 512.31 517.76 521.81 526.11
Dividends per Share 2.58 2.56 2.54 2.52 2.50
Payout Ratio 42.70 44.79 46.06 41.92 43.71
EBITDA
EBITDA 6,919 6,776 6,669 6,527 6,449
EBIT 4,412 4,289 4,195 4,041 3,921
Depreciation & Amortization Expense 2,507 2,487 2,474 2,486 2,528
All figures in millions of U.S. Dollar except per share items.
APR '18 JAN '18 OCT '17 JUL '17 APR '17
LTM LTM LTM LTM LTM
72,643 71,879 69,803 69,577 69,317
53,807 53,319 51,654 51,409 51,148
51,304 50,874 49,257 49,076 48,823
2,503 2,445 2,397 2,333 2,325
18,836 18,560 18,149 18,168 18,169
15,184 14,942 14,327 14,156 14,021
15,184 14,942 14,327 14,156 14,021
3,652 3,618 3,822 4,012 4,148
535 700 693 691 681
535 700 693 691 681
530 558 567 581 597
547 574 585 601 617
17 16 18 20 20
- 114 112 -18 130
0 0 0 -4 -11
- 9 11 14 20
- 9 11 14 20
3,539 3,646 3,836 4,140 4,102
571 718 1,189 1,363 1,371
2,968 2,928 2,647 2,777 2,731
2,968 2,928 2,647 2,777 2,731
3 6 3 1 55
2,971 2,934 2,650 2,778 2,786

5.49 5.52 4.98 5.01 5.18

5.45 5.35 4.78 4.96 4.90
541.00 545.90 547.90 551.90 555.20
532.92 541.68 543.91 546.18 551.66
2.48 2.46 2.44 2.42 2.40
45.50 45.98 51.05 48.79 48.98

6,155 6,063 6,219 6,345 6,473

3,652 3,618 3,822 4,012 4,148
2,503 2,445 2,397 2,333 2,325
Target Corporation
TGT 87612E106 2259101 NYSE Common stock
Source: FactSet Fundamentals
JUL '19 APR '19 JAN '19
91 Days 91 Days 91 Days
Assets
Cash & Short-Term Investments 1,656 1,173 1,556
Cash Only 1,656 1,173 1,556
Short-Term Receivables 0 0 1,100
Accounts Receivables, Net - - 468
Accounts Receivables, Gross - - 468
Other Receivables - - 632
Inventories 9,122 9,060 9,497
Finished Goods 9,122 9,060 9,497
Other Current Assets 1,341 1,374 366
Prepaid Expenses - - 157
Miscellaneous Current Assets 1,341 1,374 209
Total Current Assets 12,119 11,607 12,519
Net Property, Plant & Equipment 28,074 27,725 27,498
Property, Plant & Equipment - Gross 46,940 46,181 46,185
Buildings 29,908 29,573 29,240
Land & Improvements 6,054 6,061 6,064
Construction in Progress 667 574 460
Computer Software and Equipment 2,627 2,553 2,544
Other Property, Plant & Equipment 5,622 5,401 5,912
Operating Lease Right-of-Use Assets 2,062 2,019 1,965
Accumulated Depreciation 18,866 18,456 18,687
Total Investments and Advances 0 0 380
Other Long-Term Investments 0 0 380
Intangible Assets - - 699
Goodwill 0 0 633
Other Intangible Assets - - 66
Other Assets 1,373 1,287 194
Deferred Charges - - 11
Tangible Other Assets 1,373 1,287 183
Total Assets 41,566 40,619 41,290
Liabilities & Shareholders' Equity
ST Debt & Curr. Portion LT Debt 1,153 1,056 1,218
Accounts Payable 9,152 8,360 9,761
Income Tax Payable - - -
Other Current Liabilities 4,059 3,823 4,035
Dividends Payable 0 0 331
Accrued Payroll - - 1,371
 Miscellaneous Current Liabilities 4,059 3,823 2,333
Total Current Liabilities 14,364 13,239 15,014

Long-Term Debt 12,476 13,421 12,227

Long-Term Debt excl Lease Obligations 10,365 11,357 9,300
Capital and Operating Lease Obligations 2,111 2,064 2,927
Provision for Risks & Charges 0 0 40
Deferred Tax Liabilities 1,082 1,034 972
Other Liabilities 1,808 1,808 1,740
Other Liabilities (excl. Deferred Income) 1,808 1,808 1,170
Deferred Income - - 570
Total Liabilities 29,730 29,502 29,993

Common Equity 11,836 11,117 11,297

Common Stock Par/Carry Value 43 43 43
Additional Paid-In Capital/Capital Surplus 6,114 5,908 6,042
Retained Earnings 6,461 5,958 6,017
Cumulative Translation Adjustment/Unrealized For. Exch. Gain -17 -17 -20
Other Appropriated Reserves -765 -775 -785
Treasury Stock 0 0 0
Repurchased Stock Value 99 677 344
Total Shareholders' Equity 11,836 11,117 11,297
Total Equity 11,836 11,117 11,297
Total Liabilities & Shareholders' Equity 41,566 40,619 41,290
Per Share
Book Value per Share 23.15 21.70 21.82
Tangible Book Value per Share 23.15 21.70 20.47
All figures in millions of U.S. Dollar except per share items.
OCT '18 JUL '18 APR '18 JAN '18 OCT '17 JUL '17 APR '17
91 Days 91 Days 91 Days 98 Days 91 Days 91 Days 91 Days

825 1,180 1,060 2,643 2,725 2,291 2,680

825 1,180 1,060 2,643 2,725 2,291 2,680
0 0 0 929 0 0 0
- - - 416 - - -
- - - 416 - - -
- - - 513 - - -
12,393 9,112 8,652 8,657 10,586 8,257 7,986
12,393 9,112 8,652 8,657 10,586 8,257 7,986
1,421 1,211 1,164 335 1,398 1,072 1,073
- - - 181 - - -
1,421 1,211 1,164 154 1,398 1,072 1,073
14,639 11,503 10,876 12,564 14,709 11,620 11,739
27,604 27,148 26,725 25,018 25,112 24,861 24,682
45,984 45,295 44,696 43,199 42,992 42,432 41,947
29,090 28,629 28,363 28,396 28,310 28,041 27,740
6,069 6,074 6,090 6,095 6,087 6,089 6,105
384 685 639 440 389 423 379
2,660 2,575 2,511 2,645 2,658 2,518 2,546
5,784 5,356 5,135 5,623 5,548 5,361 5,177
1,997 1,976 1,958 - - - -
18,380 18,147 17,971 18,181 17,880 17,571 17,265
0 0 0 383 0 0 0
0 0 0 383 0 0 0
- - - 782 - - -
0 0 0 630 0 0 0
- - - 152 - - -
1,329 1,345 1,328 252 887 885 797
- - - 46 - - -
1,329 1,345 1,328 206 887 885 797
43,572 39,996 38,929 38,999 40,708 37,366 37,218

1,697 1,199 433 270 1,354 1,354 1,717

11,959 9,116 8,131 8,677 9,986 7,584 6,537
- - - 26 - - -
3,934 3,723 3,480 4,228 4,036 3,791 4,138
0 0 0 336 0 0 0
- - - 1,350 - - -
 3,934 3,723 3,480 2,542 4,036 3,791 4,138
17,590 14,038 12,044 13,201 15,376 12,729 12,392

12,150 12,136 13,114 11,317 11,277 10,892 11,086

9,237 9,240 10,231 10,257 11,277 10,892 11,086
2,913 2,896 2,883 1,060 0 0 0
0 0 0 41 0 0 0
970 828 744 713 944 784 869
1,782 1,827 1,869 2,018 1,974 1,863 1,850
1,782 1,827 1,869 1,418 1,974 1,863 1,850
- - - 600 - - -
32,492 28,829 27,771 27,290 29,571 26,268 26,197

11,080 11,167 11,158 11,709 11,137 11,098 11,021

43 44 44 45 45 46 46
5,867 5,788 5,664 5,858 5,762 5,707 5,674
5,884 6,058 6,187 6,553 5,940 5,961 5,927
-23 -18 -16 -13 -18 -15 -17
-691 -705 -721 -734 -592 -601 -609
0 0 0 0 0 0 0
590 575 694 270 149 296 305
11,080 11,167 11,158 11,709 11,137 11,098 11,021
11,080 11,167 11,158 11,709 11,137 11,098 11,021
43,572 39,996 38,929 38,999 40,708 37,366 37,218

21.23 21.23 20.94 21.62 20.48 20.32 19.98

21.23 21.23 20.94 20.17 20.48 20.32 19.98
Target Corporation
TGT 87612E106 2259101 NYSE Common stock
Source: FactSet Fundamentals
JUL '19 APR '19 JAN '19 OCT '18 JUL '18
LTM LTM LTM LTM LTM
Operating Activities
Net Income / Starting Line 3,144 3,005 2,930 3,234 3,091
Depreciation, Depletion & Amortization 2,507 2,487 2,474 2,487 2,528
Amortization of Intangible Assets 14 14 14 16 16
Deferred Taxes & Investment Tax Credit 297 333 322 32 24
Deferred Taxes 297 333 322 32 24
Other Funds 189 202 230 234 495
Funds from Operations 6,137 6,027 5,956 5,987 6,138
Changes in Working Capital -76 -245 17 71 586
Inventories -10 -407 -900 -1,867 -915
Accounts Payable 54 329 1,127 1,867 1,317
Other Accruals 116 141 89 290 425
Other Assets/Liabilities -236 -308 -299 -219 -241
Net Operating Cash Flow 6,061 5,782 5,973 6,058 6,724
Investing Activities
Capital Expenditures -3,054 -3,344 -3,516 -3,357 -3,186
Capital Expenditures (Fixed Assets) -3,054 -3,344 -3,516 -3,357 -3,186
Net Assets from Acquisitions - - - - -
Sale of Fixed Assets & Businesses 80 86 85 43 24
Purchase/Sale of Investments 12 11 15 15 3
Purchase of Investments - - - - -
Sale/Maturity of Investments 12 11 15 15 3
Net Investing Cash Flow -2,962 -3,247 -3,416 -3,810 -3,652
Financing Activities
Cash Dividends Paid -1,328 -1,331 -1,335 -1,338 -1,340
Common Dividends -1,328 -1,331 -1,335 -1,338 -1,340
Change in Capital Stock -1,762 -1,828 -2,028 -1,600 -1,236
Repurchase of Common & Preferred Stk. -1,832 -1,920 -2,124 -1,774 -1,385
Sale of Common & Preferred Stock 70 92 96 174 149
Proceeds from Stock Options 70 92 96 174 149
Issuance/Reduction of Debt, Net -58 712 -281 -871 -1,082
Change in Current Debt 0 0 0 0 0
Change in Long-Term Debt -58 712 -281 -871 -1,082
Issuance of Long-Term Debt 994 994 0 490 739
Reduction in Long-Term Debt -1,052 -282 -281 -1,361 -1,821
Other Funds 525 25 0 -339 -525
Other Uses 525 25 0 -339 -525
 Net Financing Cash Flow -2,623 -2,422 -3,644 -4,148 -4,183

Net Change in Cash 476 113 -1,087 -1,900 -1,111

Free Cash Flow 3,007 2,438 2,457 2,701 3,538

Free Cash Flow per Share 6 5 5 5 7
Free Cash Flow Yield (%) 7.15 6.18 6.58 6.02 8.10
All figures in millions of U.S. Dollar except per share items.
APR '18 JAN '18 OCT '17 JUL '17 APR '17
LTM LTM LTM LTM LTM

2,964 2,928 2,716 2,778 2,786

2,503 2,445 2,396 2,333 2,325
16 16 18 18 18
-147 -192 -5 33 32
-147 -192 -5 33 32
553 501 412 257 358
5,873 5,682 5,519 5,401 5,501
261 1,241 1,525 1,470 991
-726 -348 -529 374 474
1,418 1,307 2,092 1,255 182
-267 450 - - -
-164 -168 -40 -30 -49
6,134 6,923 7,044 6,871 6,492

-2,874 -2,533 -2,412 -2,066 -1,748

-2,874 -2,533 -2,412 -2,066 -1,748
- -518 0 0 0
22 31 50 54 56
-41 -55 5 27 25
46 55 - - -
5 0 5 27 25
-3,411 -3,075 -2,419 -2,065 -1,676

-1,340 -1,338 -1,338 -1,345 -1,344

-1,340 -1,338 -1,338 -1,345 -1,344
-1,133 -938 -1,349 -2,004 -3,040
-1,253 -1,046 -1,429 -2,083 -3,125
120 108 80 79 85
120 108 80 79 85
-1,445 -1,441 -453 -646 -1,788
0 0 -89 0 0
-1,445 -1,441 -364 -646 -1,788
739 739 739 -2 -2
-2,184 -2,180 -1,103 -644 -1,786
-425 0 9 0 0
-425 0 9 0 0
-4,343 -3,717 -3,131 -3,995 -6,172

-1,620 131 1,494 811 -1,356

3,260 4,390 4,632 4,805 4,744

6 8 8 9 9
8.48 11.02 14.03 15.52 15.30
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
­100000 0.199999 D2/D 19.38%
0.2 0.649999 Caa/CCC 14.54%
0.65 0.799999 Ca2/CC 11.08%
0.8 1.249999 C2/C 9.00%
1.25 1.499999 B3/B- 6.60%
1.5 1.749999 B2/B 5.40%
1.75 1.999999 B1/B+ 4.50%
2 2.2499999 Ba2/BB 3.60%
2.25 2.49999 Ba1/BB+ 3.00%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.56%
4.25 5.499999 A2/A 1.38%
5.5 6.499999 A1/A+ 1.25%
6.5 8.499999 Aa2/AA 1.00%
8.50 100000 Aaa/AAA 0.75%

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D2/D 19.38% Rating is Spread is
0.5 0.799999 Caa/CCC 14.54% A1/A+ 1.25%
0.8 1.249999 Ca2/CC 11.08% A2/A 1.38%
1.25 1.499999 C2/C 9.00% A3/A- 1.56%
1.5 1.999999 B3/B- 6.60% Aa2/AA 1.00%
2 2.499999 B2/B 5.40% Aaa/AAA 0.75%
2.5 2.999999 B1/B+ 4.50% B1/B+ 4.50%
3 3.499999 Ba2/BB 3.60% B2/B 5.40%
3.5 3.9999999 Ba1/BB+ 3.00% B3/B- 6.60%
4 4.499999 Baa2/BBB 2.00% Ba1/BB+ 3.00%
4.5 5.999999 A3/A- 1.56% Ba2/BB 3.60%
6 7.499999 A2/A 1.38% Baa2/BBB 2.00%
7.5 9.499999 A1/A+ 1.25% C2/C 9.00%
9.5 12.499999 Aa2/AA 1.00% Ca2/CC 11.08%
12.5 100000 Aaa/AAA 0.75% Caa/CCC 14.54%
D2/D 19.38%
Mature Market ERP + 5.53%

Country Moody's rating Adj. Default Spread Equity Risk Premium

Abu Dhabi Aa2 0.56% 6.22%
Albania B1 5.08% 11.78%
Algeria NA 6.21% 13.17%
Andorra (Principality of) Baa2 2.15% 8.17%
Angola B3 7.34% 14.56%
Argentina B2 6.21% 13.17%
Armenia B1 5.08% 11.78%
Aruba Baa1 1.80% 7.75%
Australia Aaa 0.00% 5.53%
Austria Aa1 0.45% 6.08%
Azerbaijan Ba2 3.39% 9.70%
Bahamas Baa3 2.48% 8.59%
Bahrain B2 6.21% 13.17%
Bangladesh Ba3 4.06% 10.53%
Barbados Caa3 11.28% 19.40%
Belarus B3 7.34% 14.56%
Belgium Aa3 0.68% 6.37%
Belize B3 7.34% 14.56%
Benin B1 5.08% 11.78%
Bermuda A2 0.96% 6.71%
Bolivia Ba3 4.06% 10.53%
Bosnia and Herzegovina B3 7.34% 14.56%
Botswana A2 0.96% 6.71%
Brazil Ba2 3.39% 9.70%
Brunei NA 0.79% 6.51%
Bulgaria Baa2 2.15% 8.17%
Burkina Faso B2 6.21% 13.17%
Cambodia B2 6.21% 13.17%
Cameroon B2 6.21% 13.17%
Canada Aaa 0.00% 5.53%
Cape Verde B2 6.21% 13.17%
Cayman Islands Aa3 0.68% 6.37%
Chile A1 0.79% 6.51%
China A1 0.79% 6.51%
Colombia Baa2 2.15% 8.17%
Congo (Democratic Republic of B3 7.34% 14.56%
Congo (Republic of) Caa2 10.16% 18.03%
Cook Islands B1 5.08% 11.78%
Costa Rica B1 5.08% 11.78%
Côte d'Ivoire Ba3 4.06% 10.53%
Croatia Ba2 3.39% 9.70%
Cuba Caa2 10.16% 18.03%
Curacao A3 1.35% 7.20%
Cyprus Ba2 3.39% 9.70%
Czech Republic A1 0.79% 6.51%
Denmark Aaa 0.00% 5.53%
Dominican Republic Ba3 4.06% 10.53%
Ecuador B3 7.34% 14.56%
Egypt B3 7.34% 14.56%
El Salvador Caa1 8.46% 15.94%
Estonia A1 0.79% 6.51%
Ethiopia B1 5.08% 11.78%
Fiji Ba3 4.06% 10.53%
Finland Aa1 0.45% 6.08%
France Aa2 0.56% 6.22%
Gabon Caa1 8.46% 15.94%
Gambia NA 7.34% 14.56%
Georgia Ba2 3.39% 9.70%
Germany Aaa 0.00% 5.53%
Ghana B3 7.34% 14.56%
Greece B3 7.34% 14.56%
Guatemala Ba1 2.82% 9.00%
Guernsey (States of) Aa3 0.68% 6.37%
Guinea NA 13.54% 22.18%
Guinea-Bissau NA 8.46% 15.94%
Guyana NA 5.08% 11.78%
Haiti NA 10.16% 18.03%
Honduras B1 5.08% 11.78%
Hong Kong Aa2 0.56% 6.22%
Hungary Baa3 2.48% 8.59%
Iceland A3 1.35% 7.20%
India Baa2 2.15% 8.17%
Indonesia Baa2 2.15% 8.17%
Iran NA 3.39% 9.70%
Iraq Caa1 8.46% 15.94%
Ireland A2 0.96% 6.71%
Isle of Man Aa2 0.56% 6.22%
Israel A1 0.79% 6.51%
Italy Baa3 2.48% 8.59%
Jamaica B3 7.34% 14.56%
Japan A1 0.79% 6.51%
Jersey (States of) Aa3 0.68% 6.37%
Jordan B1 5.08% 11.78%
Kazakhstan Baa3 2.48% 8.59%
Kenya B2 6.21% 13.17%
Korea Aa2 0.56% 6.22%
Korea, D.P.R. NA 13.54% 22.18%
Kuwait Aa2 0.56% 6.22%
Kyrgyzstan B2 6.21% 13.17%
Latvia A3 1.35% 7.20%
Lebanon B3 7.34% 14.56%
Liberia NA 13.54% 22.18%
Libya NA 5.08% 11.78%
Liechtenstein Aaa 0.00% 5.53%
Lithuania A3 1.35% 7.20%
Luxembourg Aaa 0.00% 5.53%
Macao Aa3 0.68% 6.37%
Macedonia Ba3 4.06% 10.53%
Madagascar NA 7.34% 14.56%
Malawi NA 8.46% 15.94%
Malaysia A3 1.35% 7.20%
Maldives B2 6.21% 13.17%
Mali NA 8.46% 15.94%
Malta A3 1.35% 7.20%
Mauritius Baa1 1.80% 7.75%
Mexico A3 1.35% 7.20%
Moldova B3 7.34% 14.56%
Mongolia B3 7.34% 14.56%
Montenegro B1 5.08% 11.78%
Montserrat Baa3 2.48% 8.59%
Morocco Ba1 2.82% 9.00%
Mozambique Caa3 11.28% 19.40%
Myanmar NA 8.46% 15.94%
Namibia Ba1 2.82% 9.00%
Netherlands Aaa 0.00% 5.53%
New Zealand Aaa 0.00% 5.53%
Nicaragua B2 6.21% 13.17%
Niger NA 13.54% 22.18%
Nigeria B2 6.21% 13.17%
Norway Aaa 0.00% 5.53%
Oman Baa3 2.48% 8.59%
Pakistan B3 7.34% 14.56%
Panama Baa2 2.15% 8.17%
Papua New Guinea B2 6.21% 13.17%
Paraguay Ba1 2.82% 9.00%
Peru A3 1.35% 7.20%
Philippines Baa2 2.15% 8.17%
Poland A2 0.96% 6.71%
Portugal Baa3 2.48% 8.59%
Qatar Aa3 0.68% 6.37%
Ras Al Khaimah (Emirate of) A2 0.96% 6.71%
Romania Baa3 2.48% 8.59%
Russia Ba1 2.82% 9.00%
Rwanda B2 6.21% 13.17%
Saudi Arabia A1 0.79% 6.51%
Senegal Ba3 4.06% 10.53%
Serbia Ba3 4.06% 10.53%
Sharjah A3 1.35% 7.20%
Sierra Leone NA 13.54% 22.18%
Singapore Aaa 0.00% 5.53%
Slovakia A2 0.96% 6.71%
Slovenia Baa1 1.80% 7.75%
Solomon Islands B3 7.34% 14.56%
Somalia NA 13.54% 22.18%
South Africa Baa3 2.48% 8.59%
Spain Baa1 1.80% 7.75%
Sri Lanka B1 5.08% 11.78%
St. Maarten Baa2 2.15% 8.17%
St. Vincent & the Grenadines B3 7.34% 14.56%
Sudan NA 18.00% 27.67%
Suriname B2 6.21% 13.17%
Swaziland B2 6.21% 13.17%
Sweden Aaa 0.00% 5.53%
Switzerland Aaa 0.00% 5.53%
Syria NA 13.54% 22.18%
Taiwan Aa3 1.80% 7.75%
Tajikistan B3 2.82% 9.00%
Tanzania B1 5.08% 11.78%
Thailand Baa1 1.80% 7.75%
Togo NA 8.46% 15.94%
Trinidad and Tobago Ba1 2.82% 9.00%
Tunisia B2 6.21% 13.17%
Turkey Ba3 4.06% 10.53%
Turks and Caicos Islands Baa1 1.80% 7.75%
Uganda B2 6.21% 13.17%
Ukraine Caa1 8.46% 15.94%
United Arab Emirates Aa2 0.56% 6.22%
United Kingdom Aa2 0.56% 6.22%
United States Aaa 0.00% 5.53%
Uruguay Baa2 2.15% 8.17%
Venezuela C 18.00% 27.67%
Vietnam Ba3 4.06% 10.53%
Yemen, Republic NA 18.00% 27.67%
Zambia Caa1 8.46% 15.94%
Zimbabwe NA 10.16% 18.03%

ERP Default Spread Tax rate

Africa & Mid East 9.08% 2.69% 29.25%
Australia, NZ & Canada 5.53% 0.00% 28.04%
Latin America & Caribbean 10.31% 2.00% 27.15%
Japan 6.51% 0.72% 30.86%
US 5.53% 0.00% 25.00%
Europe 6.68% 0.82% 22.29%
Emerging Markets 8.10% 0.93% 26.79%
Asia 7.00% 0.78% 26.65%
North America 5.53% 0.00% 25.00%

Global 6.96% 1.16% 25.40%

Country Risk Premium Corporate Tax Rate Region
0.69% 55.00% Middle East
6.25% 15.00% Eastern Europe & Russia
7.64% 26.00% Africa
2.64% 10.00% Western Europe
9.03% 30.00% Africa
7.64% 30.00% Central and South America
6.25% 20.00% Eastern Europe & Russia
2.22% 25.00% Caribbean
0.00% 30.00% Australia & New Zealand
0.55% 25.00% Western Europe
4.17% 20.00% Eastern Europe & Russia
3.06% 0.00% Caribbean
7.64% 0.00% Middle East
5.00% 25.00% Asia
13.87% 30.00% Caribbean
9.03% 18.00% Eastern Europe & Russia
0.84% 29.00% Western Europe
9.03% 28.21% Central and South America
6.25% 30.00% Africa
1.18% 0.00% Caribbean
5.00% 25.00% Central and South America
9.03% 10.00% Eastern Europe & Russia
1.18% 22.00% Africa
4.17% 34.00% Central and South America
0.98% 18.50% Asia
2.64% 10.00% Eastern Europe & Russia
7.64% 28.00% Africa
7.64% 20.00% Asia
7.64% 33.00% Africa
0.00% 26.50% North America
7.64% 28.00% Africa
0.84% 0.00% Caribbean
0.98% 26.00% Central and South America
0.98% 25.00% Asia
2.64% 33.00% Central and South America
9.03% 35.00% Africa
12.50% 28.00% Africa
6.25% 0.00% Australia & New Zealand
6.25% 30.00% Central and South America
 5.00% 25.00% Africa
4.17% 18.00% Eastern Europe & Russia
12.50% 24.00% Caribbean
1.67% 22.00% Caribbean
4.17% 12.50% Western Europe
0.98% 19.00% Eastern Europe & Russia
0.00% 22.00% Western Europe
5.00% 27.00% Caribbean
9.03% 25.00% Central and South America
9.03% 23.00% Africa
10.41% 30.00% Central and South America
0.98% 20.00% Eastern Europe & Russia
6.25% 30.00% Africa
5.00% 20.00% Asia
0.55% 20.00% Western Europe
0.69% 33.00% Western Europe
10.41% 30.00% Africa
9.03% 31.00% Africa
4.17% 31.00% Eastern Europe & Russia
0.00% 15.00% Western Europe
9.03% 25.00% Africa
9.03% 29.00% Western Europe
3.47% 25.00% Central and South America
0.84% 0.00% Western Europe
16.65% 29.15% Africa
10.41% 29.15% Africa
6.25% 18.64% Central and South America
12.50% 18.64% Caribbean
6.25% 25.00% Central and South America
0.69% 16.50% Asia
3.06% 9.00% Eastern Europe & Russia
1.67% 20.00% Western Europe
2.64% 35.00% Asia
2.64% 25.00% Asia
4.17% 20.23% Middle East
10.41% 15.00% Middle East
1.18% 12.50% Western Europe
0.69% 0.00% Western Europe
0.98% 23.00% Middle East
3.06% 24.00% Western Europe
9.03% 25.00% Caribbean
0.98% 30.86% Asia
0.84% 20.00% Western Europe
6.25% 20.00% Middle East
3.06% 20.00% Eastern Europe & Russia
7.64% 30.00% Africa
0.69% 25.00% Asia
16.65% 23.10% Asia
0.69% 15.00% Middle East
7.64% 10.00% Eastern Europe & Russia
1.67% 20.00% Eastern Europe & Russia
9.03% 15.00% Middle East
16.65% 29.15% Africa
6.25% 20.00% Africa
0.00% 12.50% Western Europe
1.67% 15.00% Eastern Europe & Russia
0.00% 26.01% Western Europe
0.84% 12.00% Asia
5.00% 10.00% Eastern Europe & Russia
9.03% 20.00% Africa
10.41% 30.00% Africa
1.67% 24.00% Asia
7.64% 0.00% Asia
10.41% 29.15% Africa
1.67% 35.00% Western Europe
2.22% 15.00% Asia
1.67% 30.00% Central and South America
9.03% 12.00% Eastern Europe & Russia
9.03% 33.00% Asia
6.25% 9.00% Eastern Europe & Russia
3.06% 27.98% Caribbean
3.47% 31.00% Africa
13.87% 32.00% Africa
10.41% 25.00% Asia
3.47% 32.00% Africa
0.00% 25.00% Western Europe
0.00% 28.00% Australia & New Zealand
7.64% 30.00% Central and South America
16.65% 28.21% Africa
7.64% 30.00% Africa
0.00% 23.00% Western Europe
3.06% 15.00% Middle East
9.03% 30.00% Asia
2.64% 25.00% Central and South America
7.64% 30.00% Asia
3.47% 10.00% Central and South America
1.67% 29.50% Central and South America
2.64% 30.00% Asia
1.18% 19.00% Eastern Europe & Russia
3.06% 21.00% Western Europe
0.84% 10.00% Middle East
1.18% 0.00% Middle East
3.06% 16.00% Eastern Europe & Russia
3.47% 20.00% Eastern Europe & Russia
7.64% 30.00% Africa
0.98% 20.00% Middle East
5.00% 30.00% Africa
5.00% 15.00% Eastern Europe & Russia
1.67% 20.00% Middle East
16.65% 30.00% Africa
0.00% 17.00% Asia
1.18% 21.00% Eastern Europe & Russia
2.22% 19.00% Eastern Europe & Russia
9.03% 30.00% Asia
16.65% 29.15% Africa
3.06% 28.00% Africa
2.22% 25.00% Western Europe
6.25% 28.00% Asia
2.64% 35.00% Caribbean
9.03% 20.00% Caribbean
22.14% 35.00% Africa
7.64% 36.00% Central and South America
7.64% 28.00% Africa
0.00% 22.00% Western Europe
0.00% 18.00% Western Europe
16.65% 28.00% Middle East
2.22% 20.00% Asia
3.47% 20.00% Eastern Europe & Russia
6.25% 30.00% Africa
2.22% 20.00% Asia
10.41% 29.15% Africa
3.47% 25.00% Caribbean
7.64% 25.00% Africa
5.00% 22.00% Western Europe
2.22% 0.00% Caribbean
7.64% 30.00% Africa
10.41% 18.00% Eastern Europe & Russia
0.69% 55.00% Middle East
0.69% 19.00% Western Europe
0.00% 25.00% North America
2.64% 25.00% Central and South America
22.14% 34.00% Central and South America
5.00% 20.00% Asia
22.14% 20.00% Africa
10.41% 35.00% Africa
12.50% 25.00% Africa

CRP
3.55%
0.00%
4.78%
0.98%
0.00%
1.15%
2.57%
1.47%
0.00%

1.43%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 48 23.49% 11.62% 64.62% 34.30% 0.87
Aerospace/Defense 85 1.63% 11.94% 39.77% 24.94% 1.09
Air Transport 18 6.65% 10.71% 13.64% 16.16% 0.63
Apparel 50 20.06% 10.09% 14.25% 34.53% 0.76
Auto & Truck 14 16.51% 4.21% 3.63% 53.34% 0.34
Auto Parts 52 9.57% 8.88% 20.63% 25.52% 0.97
Bank (Money Center) 10 4.94% 0.00% -0.01% 39.83% 0.43
Banks (Regional) 633 9.77% 0.00% -0.01% 22.30% 0.40
Beverage (Alcoholic) 31 7.83% 22.39% 18.21% 6.63% 1.05
Beverage (Soft) 37 17.97% 20.76% 26.12% 51.11% 1.04
Broadcasting 24 8.33% 20.42% 24.90% 12.24% 0.51
Brokerage & Investment 38 10.33% 0.41% 0.05% 38.78% 0.46
Building Materials 42 9.46% 9.37% 20.16% 31.34% 0.91
Business & Consumer Se 168 8.25% 10.56% 24.97% 17.97% 1.00
Cable TV 14 17.76% 18.41% 14.06% 3.55% 0.76
Chemical (Basic) 39 8.44% 12.73% 19.17% 18.68% 1.12
Chemical (Diversified) 6 -1.16% 13.59% 16.62% 4.00% 1.49
Chemical (Specialty) 89 6.17% 13.65% 17.23% 26.47% 0.99
Coal & Related Energy 23 -7.96% 7.99% 13.59% 5.32% 0.97
Computer Services 119 27.22% 8.35% 26.66% 38.85% 1.05
Computers/Peripherals 57 2.07% 16.34% 22.26% 20.81% 1.50
Construction Supplies 48 6.27% 11.79% 16.87% 35.46% 1.15
Diversified 23 5.24% 12.93% 10.93% 13.17% 1.14
Drugs (Biotechnology) 481 33.89% 19.31% 9.50% 49.72% 1.43
Drugs (Pharmaceutical) 237 70.67% 23.30% 16.79% 53.29% 1.38
Education 35 -0.48% 9.21% 13.16% 18.68% 1.11
Electrical Equipment 116 -0.10% 13.25% 26.85% 24.30% 1.18
Electronics (Consumer & 19 6.39% -2.23% -3.51% 36.86% 1.22
Electronics (General) 160 7.79% 9.52% 14.44% 67.64% 0.96
Engineering/Construction 52 11.39% 4.06% 21.26% 28.88% 0.81
Entertainment 120 9.11% 17.96% 26.85% 12.13% 1.21
Environmental & Waste S 91 9.50% 11.82% 21.22% 3.13% 0.96
Farming/Agriculture 33 2.76% 5.19% 8.77% 28.29% 0.50
Financial Svcs. (Non-ban 259 10.73% 8.70% 0.25% 47.30% 0.08
Food Processing 83 6.54% 13.22% 20.19% 9.23% 0.61
Food Wholesalers 18 11.49% 3.12% 23.33% 16.55% 1.23
Furn/Home Furnishings 30 10.60% 8.31% 14.66% 27.47% 0.67
Green & Renewable Ene 21 3.44% 16.15% 2.42% 0.00% 0.80
Healthcare Products 248 13.97% 15.30% 16.56% 38.59% 1.04
Healthcare Support Servi 111 12.49% 4.53% 43.96% 18.01% 1.03
Heathcare Information a 119 14.63% 13.11% 14.78% 29.07% 1.18
Homebuilding 31 23.69% 10.51% 11.55% 30.60% 0.72
Hospitals/Healthcare Facil 34 4.00% 10.13% 14.13% 28.87% 0.55
Hotel/Gaming 70 8.33% 20.42% 14.23% 12.89% 0.71
Household Products 141 7.40% 17.56% 26.99% 29.59% 1.00
Information Services 71 12.09% 26.86% 38.95% 23.04% 1.05
Insurance (General) 20 7.09% 11.00% 6.95% 94.79% 0.67
Insurance (Life) 23 0.60% 10.93% 8.45% 1.57% 0.70
Insurance (Prop/Cas.) 50 7.57% 12.29% 11.99% 15.58% 0.65
Investments & Asset Ma 172 5.19% 19.25% 8.22% 17.93% 0.87
Machinery 127 4.01% 13.85% 25.82% 29.93% 1.01
Metals & Mining 94 31.61% 23.70% 26.71% 45.47% 1.11
Office Equipment & Servi 24 3.03% 7.39% 18.43% 20.10% 1.33
Oil/Gas (Integrated) 5 -6.89% 8.45% 7.99% 12.64% 1.06
Oil/Gas (Production and E 301 -1.88% 13.74% 7.19% 16.58% 1.07
Oil/Gas Distribution 20 17.17% 16.61% 7.24% 36.17% 0.62
Oilfield Svcs/Equip. 134 4.99% 4.74% 13.71% 12.01% 1.07
Packaging & Container 27 3.09% 10.55% 17.68% 23.09% 0.74
Paper/Forest Products 20 6.93% 7.64% 15.40% 21.68% 1.17
Power 51 4.99% 18.88% 6.91% 15.51% 0.35
Precious Metals 91 -9.33% 10.29% 4.65% 114.81% 1.15
Publishing & Newspaper 33 -0.99% 7.29% 14.98% 46.48% 0.90
R.E.I.T. 238 14.61% 25.73% 3.17% 2.17% 0.41
Real Estate (Developmen 18 9.84% 9.07% 0.88% 0.00% 0.87
Real Estate (General/Dive 11 14.62% 34.01% 11.99% 15.51% 1.33
Real Estate (Operations 59 7.70% 7.13% 11.08% 33.50% 0.95
Recreation 72 4.93% 8.80% 12.73% 36.80% 0.81
Reinsurance 2 6.61% 11.85% 11.03% 10.63% 0.88
Restaurant/Dining 78 6.75% 15.78% 18.90% 26.33% 0.65
Retail (Automotive) 24 10.28% 5.69% 11.37% 17.13% 0.76
Retail (Building Supply) 17 4.68% 11.14% 26.26% 26.73% 0.97
Retail (Distributors) 88 6.75% 8.01% 15.56% 17.65% 0.99
Retail (General) 19 1.79% 4.36% 14.89% 21.66% 0.75
Retail (Grocery and Food 12 5.75% 2.14% 8.77% 0.69% 0.28
Retail (Online) 79 8.62% 6.54% 11.57% 18.43% 1.34
Retail (Special Lines) 91 3.18% 6.35% 14.12% 25.22% 0.80
Rubber& Tires 4 -8.35% 7.43% 8.28% 55.78% 0.24
Semiconductor 72 10.50% 29.61% 22.70% 30.05% 1.26
Semiconductor Equip 41 10.31% 23.99% 26.86% 29.97% 1.39
Shipbuilding & Marine 9 9.08% 7.53% 7.40% 0.00% 0.78
Shoe 10 3.07% 11.73% 21.54% 49.58% 0.74
Software (Entertainment) 92 23.51% 27.62% 19.76% 33.19% 1.27
Software (Internet) 44 32.87% 11.22% 15.59% 16.52% 1.31
Software (System & Appli 355 16.90% 21.28% 16.47% 47.58% 1.16
Steel 37 3.30% 8.85% 22.43% 9.26% 1.29
Telecom (Wireless) 21 4.06% 10.19% 6.66% 0.54% 0.71
Telecom. Equipment 98 14.43% 17.41% 13.65% 84.28% 1.02
Telecom. Services 67 5.80% 18.54% 17.46% 0.38% 0.74
Tobacco 17 34.54% 39.97% 64.53% 19.78% 1.13
Transportation 19 20.83% 8.43% 23.38% 12.93% 0.90
Transportation (Railroads 10 3.01% 36.64% 19.93% 0.00% 2.08
Trucking 28 6.64% 7.31% 10.53% 3.57% 0.71
Utility (General) 18 2.40% 17.23% 6.73% 15.04% 0.17
Utility (Water) 19 6.41% 30.82% 8.44% 31.49% 0.32
Total Market 7209 11.21% 11.31% 7.40% 27.38% 0.80
Total Market (without fina 6004 11.66% 11.85% 14.10% 25.32% 1.00
 Std deviation
Cost of in stock Pre-tax cost Market Cost of
Equity (Levered) Beta equity prices of debt Debt/Capital capital Sales/Capital
1.22 9.93% 66.44% 5.43% 41.54% 7.49% 5.78
1.24 10.07% 40.77% 4.56% 20.25% 8.72% 3.72
1.02 8.77% 34.19% 4.18% 47.32% 6.10% 1.40
0.93 8.23% 48.89% 4.56% 25.93% 6.98% 1.62
0.79 7.41% 38.24% 4.18% 66.15% 4.58% 0.90
1.17 9.63% 44.28% 4.56% 28.55% 7.86% 2.50
0.71 6.93% 18.29% 3.58% 67.09% 4.08% 0.14
0.57 6.07% 20.60% 3.58% 43.35% 4.60% 0.27
1.30 10.42% 33.49% 4.18% 25.47% 8.57% 0.83
1.18 9.70% 50.32% 4.56% 19.05% 8.50% 1.30
1.02 8.76% 37.29% 4.18% 59.11% 5.44% 1.23
1.21 9.87% 32.08% 4.18% 74.79% 4.83% 0.19
1.10 9.21% 33.40% 4.18% 24.81% 7.70% 2.49
1.22 9.94% 44.86% 4.56% 26.30% 8.22% 2.47
1.13 9.43% 26.32% 4.18% 41.42% 6.82% 0.79
1.55 11.92% 54.33% 4.56% 39.93% 8.52% 1.61
1.82 13.51% 32.60% 4.18% 26.90% 10.72% 1.19
1.17 9.65% 42.33% 4.56% 24.60% 8.12% 1.37
1.17 9.64% 53.58% 4.56% 40.26% 7.14% 1.61
1.27 10.25% 41.69% 4.56% 28.15% 8.32% 3.39
1.68 12.69% 49.87% 4.56% 20.08% 10.83% 1.41
1.45 11.34% 32.24% 4.18% 31.45% 8.76% 1.61
1.36 10.78% 39.46% 4.18% 26.18% 8.78% 0.91
1.51 11.69% 68.96% 5.43% 15.91% 10.48% 0.42
1.47 11.41% 72.45% 5.43% 12.56% 10.49% 0.70
1.28 10.29% 37.66% 4.18% 23.51% 8.61% 1.47
1.32 10.56% 57.29% 4.56% 18.13% 9.27% 2.03
1.19 9.78% 62.71% 4.56% 8.90% 9.21% 1.81
1.02 8.74% 46.69% 4.56% 16.23% 7.87% 1.59
1.01 8.68% 40.14% 4.56% 32.83% 6.96% 5.31
1.33 10.61% 54.34% 4.56% 16.57% 9.42% 1.53
1.19 9.78% 46.15% 4.56% 25.17% 8.18% 1.78
0.72 6.95% 29.07% 4.18% 39.85% 5.43% 1.77
0.70 6.87% 27.33% 4.18% 91.92% 3.44% 0.04
0.81 7.51% 27.46% 4.18% 31.88% 6.12% 1.59
1.62 12.36% 40.99% 4.56% 30.97% 9.59% 7.68
0.88 7.95% 43.51% 4.56% 33.63% 6.43% 2.03
1.62 12.34% 69.48% 5.43% 59.42% 7.43% 0.19
1.12 9.37% 56.32% 4.56% 12.94% 8.60% 1.08
1.15 9.56% 48.13% 4.56% 26.59% 7.92% 10.79
1.29 10.36% 53.01% 4.56% 14.70% 9.34% 1.13
0.98 8.53% 34.08% 4.18% 38.36% 6.46% 1.44
1.12 9.34% 49.69% 4.56% 58.29% 5.89% 1.53
1.01 8.68% 35.01% 4.18% 38.99% 6.52% 0.79
1.13 9.42% 54.64% 4.56% 17.44% 8.37% 1.64
1.12 9.36% 37.11% 4.18% 13.09% 8.55% 1.58
0.87 7.88% 24.63% 3.58% 32.37% 6.20% 0.73
1.11 9.29% 27.64% 4.18% 51.16% 6.14% 0.80
0.74 7.09% 23.90% 3.58% 20.29% 6.20% 1.15
1.10 9.26% 35.43% 4.18% 40.24% 6.79% 0.47
1.17 9.66% 34.36% 4.18% 21.22% 8.27% 2.10
1.32 10.56% 75.46% 8.43% 29.47% 9.31% 1.16
1.81 13.49% 39.46% 4.18% 38.03% 9.55% 2.70
1.16 9.58% 17.62% 3.58% 14.71% 8.57% 1.03
1.45 11.34% 57.36% 4.56% 35.56% 8.52% 0.52
1.07 9.06% 36.03% 4.18% 50.32% 6.08% 0.47
1.33 10.59% 49.29% 4.56% 31.87% 8.31% 2.90
1.07 9.09% 27.47% 4.18% 39.91% 6.71% 1.89
1.40 11.00% 42.72% 4.56% 32.60% 8.53% 2.18
0.54 5.92% 20.53% 3.58% 44.26% 4.49% 0.43
1.19 9.78% 74.54% 5.43% 17.52% 8.78% 0.45
1.26 10.16% 39.32% 4.18% 41.22% 7.26% 2.34
0.68 6.72% 21.22% 3.58% 47.56% 4.80% 0.14
1.19 9.80% 40.78% 4.56% 40.99% 7.19% 0.18
1.36 10.81% 21.50% 3.58% 33.26% 8.11% 0.38
1.35 10.70% 42.49% 4.56% 39.52% 7.82% 1.68
0.98 8.51% 42.73% 4.56% 26.64% 7.16% 1.55
0.97 8.46% 16.27% 3.58% 23.00% 7.13% 1.04
0.80 7.44% 38.18% 4.18% 26.21% 6.31% 1.45
1.15 9.56% 33.22% 4.18% 41.83% 6.87% 2.39
1.12 9.34% 46.94% 4.56% 18.59% 8.24% 3.01
1.44 11.26% 44.59% 4.56% 39.63% 8.15% 2.03
0.91 8.12% 39.63% 4.18% 25.42% 6.85% 4.05
0.45 5.37% 33.06% 4.18% 45.48% 4.35% 4.70
1.42 11.12% 54.22% 4.56% 10.71% 10.30% 1.99
1.07 9.06% 49.17% 4.56% 34.05% 7.14% 2.53
0.42 5.17% 29.03% 4.18% 54.47% 4.06% 1.37
1.34 10.64% 42.66% 4.56% 12.39% 9.75% 0.82
1.39 10.96% 48.66% 4.56% 14.22% 9.88% 1.25
1.08 9.10% 55.89% 4.56% 36.19% 7.05% 0.87
0.75 7.18% 38.65% 4.18% 6.92% 6.90% 2.29
1.26 10.18% 65.58% 5.43% 2.14% 10.04% 0.69
1.46 11.37% 51.90% 4.56% 17.80% 9.95% 1.20
1.23 10.00% 50.68% 4.56% 11.40% 9.25% 0.75
1.62 12.33% 44.32% 4.56% 33.44% 9.35% 2.61
1.26 10.21% 44.49% 4.56% 53.66% 6.57% 0.66
1.09 9.18% 45.72% 4.56% 15.29% 8.30% 0.79
1.22 9.94% 54.23% 4.56% 47.15% 6.87% 0.99
1.29 10.37% 48.08% 4.56% 20.15% 8.97% 1.73
1.14 9.49% 33.82% 4.18% 29.81% 7.59% 2.94
2.47 17.39% 20.12% 3.58% 21.22% 14.27% 0.55
1.22 9.94% 41.51% 4.56% 50.76% 6.63% 1.30
0.27 4.27% 15.34% 3.58% 41.64% 3.61% 0.46
0.42 5.21% 22.94% 3.58% 30.07% 4.45% 0.30
1.12 9.38% 42.67% 4.56% 39.99% 7.00% 0.71
1.21 9.87% 46.24% 4.56% 25.66% 8.22% 1.25
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.57 7.86 12.66 5.54 10.81 0.72% 1.92% 1.12%
1.84 12.06 15.30 5.75 33.83 33.74% 2.66% 5.65%
1.25 6.18 12.07 2.46 7.99 1.96% 11.08% 5.78%
1.66 10.08 16.04 3.09 55.05 25.65% 2.63% 1.70%
1.18 10.57 27.65 1.63 17.75 -6.65% 10.94% 4.52%
0.67 5.20 7.41 1.91 18.92 11.25% 4.39% 3.67%
5.48 NA NA 1.02 12.69 NA 0.99% 1.07%
5.24 NA NA 1.17 25.30 NA 3.99% 3.94%
3.87 13.58 17.23 2.48 20.16 14.88% 7.36% 4.58%
4.55 18.26 21.72 7.38 35.13 -2.56% 4.32% 4.46%
2.56 8.84 12.29 3.53 17.66 21.97% 2.48% 15.33%
5.56 NA NA 1.14 28.79 NA 6.54% 5.90%
1.26 9.59 13.04 2.94 21.87 15.06% 3.16% 7.64%
1.93 11.05 17.33 3.91 20.60 14.13% 3.10% 2.63%
2.96 8.39 15.66 1.86 10.69 -0.25% 12.88% -2.37%
1.10 5.62 8.54 1.80 13.47 20.40% 5.58% 3.54%
1.65 8.03 12.12 1.28 18.59 22.70% 4.96% 3.31%
2.37 11.35 16.93 3.22 24.65 18.22% 5.42% 5.23%
0.74 3.37 7.85 1.38 10.44 3.83% 5.15% -4.50%
1.01 7.99 11.68 3.07 19.29 12.18% 1.90% 0.03%
2.08 9.39 12.65 5.27 50.94 -8.73% 3.96% 0.64%
1.47 9.07 12.31 2.95 14.37 16.00% 5.37% 4.35%
2.24 12.28 17.26 1.71 18.64 5.98% 5.10% 1.67%
6.46 11.99 26.12 6.24 68.57 13.44% 4.32% 17.93%
4.79 13.46 20.00 4.85 106.46 22.15% 4.59% 0.00%
2.16 11.59 22.80 2.41 48.47 11.63% 4.89% 1.17%
2.10 10.86 14.90 3.81 20.89 19.15% 4.36% 9.26%
1.34 22.43 NA 5.31 56.33 14.06% 2.34% -0.84%
1.64 10.46 16.63 2.66 46.32 20.36% 5.72% 9.43%
0.58 8.22 13.18 1.42 19.49 17.23% 1.60% 3.56%
3.45 14.18 19.28 3.91 64.02 9.70% 4.45% 1.98%
2.61 11.67 20.97 3.50 30.92 10.29% 7.71% 3.68%
0.93 11.35 17.35 2.07 41.10 12.15% 3.13% 4.98%
28.99 NA NA 1.86 50.79 NA 8.22% 9.31%
2.01 11.69 14.98 1.97 21.98 6.63% 3.63% 13.22%
0.53 11.27 16.48 4.29 18.84 7.31% 1.15% 1.99%
0.98 7.51 11.18 1.98 36.53 14.77% 4.27% 4.32%
8.90 15.57 68.28 1.09 16.64 6.42% 24.05% 51.62%
5.00 19.33 31.50 4.36 87.60 22.60% 5.32% 16.31%
0.63 10.70 14.11 3.15 38.68 -5.20% 0.82% 1.88%
4.58 19.33 33.18 4.14 195.14 22.46% 3.96% 6.15%
0.99 8.71 9.26 1.23 10.45 73.90% 0.66% 2.74%
1.45 8.63 14.62 6.10 17.87 11.87% 5.75% 2.75%
3.26 10.60 16.41 2.87 17.27 6.87% 10.92% 9.12%
3.04 13.38 17.14 5.59 40.46 11.72% 4.12% 1.88%
6.36 18.78 23.40 7.45 34.03 4.27% 3.38% 2.55%
 1.63 9.15 14.65 1.16 18.82 -26.41% 1.47% 2.94%
1.34 10.58 11.85 0.82 10.78 17.10% 0.17% 0.29%
1.34 9.26 10.82 1.56 18.25 -45.81% 0.67% 0.30%
3.80 16.80 19.21 1.36 29.80 NA 2.60% 5.09%
2.00 10.79 14.11 3.31 25.33 22.23% 2.93% 7.64%
1.41 4.09 5.54 1.73 43.79 13.83% 7.59% 0.26%
0.87 7.43 11.07 2.37 17.40 9.11% 2.63% 6.56%
1.38 7.70 16.14 1.46 12.96 3.66% 8.25% -0.80%
2.72 5.73 18.77 1.30 22.08 -3.22% 46.14% 20.29%
3.43 12.30 20.39 1.36 55.40 4.20% 23.86% 13.79%
0.64 7.19 12.90 1.17 21.75 8.46% 3.75% 1.62%
1.34 8.03 12.51 2.62 17.57 10.69% 5.75% 6.62%
0.59 4.76 7.58 1.21 33.35 12.77% 4.48% 0.62%
3.52 10.37 18.95 1.68 23.03 4.94% 30.78% 18.82%
3.13 8.15 29.54 1.40 263.95 15.00% 20.60% 0.48%
0.90 6.84 12.31 1.25 37.88 14.22% 3.10% 8.84%
10.64 19.20 42.23 1.88 36.58 61.60% 3.41% -4.80%
7.15 33.80 140.56 1.30 13.73 23.16% 26.99% 16.22%
4.38 6.97 10.70 0.82 21.51 215.51% 0.97% -5.56%
1.44 10.74 19.01 2.05 18.37 11.92% 1.47% -0.49%
1.90 12.32 21.27 3.86 21.26 18.90% 4.72% 6.29%
1.04 8.11 8.86 1.04 7.52 -0.61% 0.35% 0.21%
3.50 13.79 24.41 NA 30.27 0.81% 6.81% 5.55%
0.94 11.21 17.84 5.12 11.74 12.94% 1.92% 1.57%
1.64 10.97 14.98 19.28 27.48 6.89% 2.31% 0.45%
1.16 10.84 13.80 2.40 18.93 17.75% 6.71% 11.93%
0.70 9.31 16.77 3.73 18.48 2.07% 2.34% 1.71%
0.39 7.50 20.16 2.69 12.67 0.07% 2.69% 0.86%
3.32 23.40 53.91 6.11 38.96 -1.18% 5.54% 1.13%
0.95 7.34 14.60 3.88 15.49 7.89% 2.24% 1.73%
0.72 5.02 8.86 1.04 28.85 16.35% 5.56% 0.62%
3.71 8.92 12.45 3.72 77.82 16.87% 14.04% 15.43%
1.94 6.74 8.04 3.52 17.63 24.91% 4.41% 3.60%
1.70 9.20 18.43 1.17 7.79 18.46% 15.25% 16.46%
2.76 17.49 23.91 9.30 30.10 19.46% 0.42% -1.57%
5.90 16.22 21.43 4.30 48.65 6.33% 17.48% 13.88%
6.69 18.98 42.57 14.04 70.27 10.31% 4.79% 25.68%
6.99 20.21 29.57 8.03 109.84 11.27% 6.58% 9.77%
0.64 5.15 7.13 1.39 6.67 20.93% 3.55% 2.26%
2.12 5.82 20.31 1.44 11.58 1.58% 21.49% 2.12%
3.37 14.07 18.97 4.07 51.47 17.41% 3.37% 10.47%
2.58 7.11 14.00 1.75 21.22 1.80% 13.77% 12.71%
4.32 10.08 10.78 28.74 17.11 15.52% 3.44% 3.70%
1.16 8.29 13.78 4.66 17.67 7.99% 7.08% 3.68%
5.17 10.71 14.14 3.56 35.65 2.90% 15.26% 5.05%
1.30 8.19 15.79 2.01 8.56 6.69% 19.78% 14.73%
3.69 12.40 21.49 1.96 17.90 5.72% 27.49% 15.21%
7.35 15.85 23.71 3.05 76.63 7.81% 45.80% 41.85%
2.71 14.77 23.48 2.66 35.33 -24.07% 6.15% 4.64%
2.20 11.31 18.16 3.18 36.26 8.62% 6.52% 4.79%
 Equity
Reinvestmen Dividend Reinvestmen
t Rate ROE Payout Ratio t Rate
15.18% 22.55% 99.12% 99.12%
77.74% 32.01% 38.06% 38.06%
62.77% 27.62% 14.68% 14.68%
70.23% 11.32% 59.70% 59.70%
110.14% 7.32% 80.58% 80.58%
68.44% 20.40% 16.70% 16.70%
NA 8.42% 34.08% 34.08%
NA 11.48% 27.21% 27.21%
26.09% 25.34% 19.56% 19.56%
41.71% 24.29% 117.74% 117.74%
92.85% 82.32% 14.15% 14.15%
12558.91% 11.46% 23.42% 23.42%
123.59% 19.57% 18.22% 18.22%
45.10% 20.11% 26.08% 26.08%
-9.84% 36.40% 10.32% 10.32%
52.78% 29.23% 17.89% 17.89%
4.44% 5.02% 83.11% 83.11%
62.54% 16.73% 33.33% 33.33%
-88.11% 21.78% 11.93% 11.93%
3.34% 16.46% 63.37% 63.37%
-0.60% 33.65% 25.77% 25.77%
89.37% 22.72% 30.17% 30.17%
15.13% 9.23% 24.57% 24.57%
306.39% -1.57% 0.13% 0.13%
-3.53% 12.55% 98.10% 98.10%
45.46% 11.16% 4.24% 4.24%
102.97% 18.97% 66.70% 66.70%
NA -33.49% 0.00% 0.00%
189.46% 4.16% 58.80% 58.80%
157.90% 9.33% 16.69% 16.69%
26.03% 21.71% 20.01% 20.01%
34.64% 17.95% 36.08% 36.08%
208.08% 13.31% 35.72% 35.72%
105.39% 0.12% 19.75% 19.75%
108.57% 19.49% 34.87% 34.87%
77.10% 27.62% 30.38% 30.38%
74.81% 6.33% 55.10% 55.10%
432.94% 5.63% 149.32% 149.32%
167.67% 6.15% 50.68% 50.68%
53.24% 16.73% 24.81% 24.81%
83.38% 10.95% 7.56% 7.56%
79.36% 17.04% 8.34% 8.34%
88.62% 13.84% 58.95% 58.95%
51.59% 31.85% 30.94% 30.94%
9.78% 13.42% 102.34% 102.34%
18.22% 30.29% 22.46% 22.46%
 14.43% -1.49% 0.28% 0.28%
7.12% 11.93% 20.75% 20.75%
9.62% 14.03% 24.62% 24.62%
34.11% 16.18% 33.61% 33.61%
90.27% 17.24% 31.11% 31.11%
9.27% 16.62% 31.42% 31.42%
113.15% 17.35% 48.50% 48.50%
-4.44% 11.82% 58.96% 58.96%
185.69% 8.98% 23.25% 23.25%
114.10% 6.75% 157.94% 157.94%
51.03% 10.19% 46.59% 46.59%
78.91% 27.34% 28.16% 28.16%
20.25% 8.45% 41.71% 41.71%
119.37% 9.27% 66.78% 66.78%
121.63% -2.95% 0.07% 0.07%
171.50% -2.30% 0.92% 0.92%
-20.16% 9.49% 130.47% 130.47%
305.83% 5.36% 0.00% 0.00%
89.78% 18.28% 5.81% 5.81%
-5.90% 15.87% 15.79% 15.79%
88.73% 9.03% 92.55% 92.55%
20.97% 16.74% 4.93% 4.93%
52.45% 0.13% 44.53% 44.53%
35.37% 41.49% 3.68% 3.68%
6.39% 95.94% 40.64% 40.64%
198.10% 22.71% 21.79% 21.79%
46.74% 14.10% 59.13% 59.13%
48.29% 41.64% 12.24% 12.24%
36.31% 29.66% 0.66% 0.66%
41.09% 24.37% 34.20% 34.20%
-4.00% 8.23% 31.07% 31.07%
73.74% 23.01% 34.31% 34.31%
50.05% 26.22% 21.16% 21.16%
201.99% 10.30% 6.73% 6.73%
-22.12% 16.54% 49.12% 49.12%
85.63% 15.31% 0.00% 0.00%
284.29% 5.52% 0.00% 0.00%
103.56% 13.47% 58.53% 58.53%
64.79% 27.10% 15.53% 15.53%
40.96% 27.69% 0.78% 0.78%
106.98% 2.24% 302.59% 302.59%
79.43% 36.99% 38.89% 38.89%
17.03% -2.52% 69.47% 69.47%
62.77% 45.36% 29.32% 29.32%
16.47% 51.74% 15.08% 15.08%
198.30% 29.77% 7.08% 7.08%
106.69% 12.17% 63.65% 63.65%
198.73% 15.57% 65.23% 38.97%
60.50% 15.57% 38.97% 38.97%
58.77% 16.88% 41.33% 41.33%