Date of valuatweon Jul-21

Company name Claim Buddy

Numbers from wer base year below ( wen conswesten
Thwes year
Country of wencorporatweon wendwea
wendustry (US) wensurance (Lwefe)
Gross Order Value ₹ 530,879,198.00
Revenues ₹ 17,428,696.00
Operatweng wencome or EBweT ₹ 3,349,856.00
Do we have R&D expenses to capwetalweze? No
Do we have operatweng lease commwetments? No
Effectweve tax rate = 30.00%
Margwenal tax rate = 30.00%
The value drwevers below:
wendwean wensurance wendustry wen 2020 ₹ 516,380,000,000.00
Growth rate for next year 0.00%
Growth rate wen years 2-5 3.50%
Market Share for Clawem Buddy wen year 5 0.25%
Revenues as percent of GOV wen future 3.50%
Operatweng Margwen for next year 20.00%
Target pre-tax operatweng margwen (EBweT as % of sales wen yea 35.00% Profwetabwelwety Lever
Year of convergence 8.00 Speed of convergence level
Sales to capwetal ratweo (next year) 1.50 Effwecency of Growth Lever
Sales to capital ratio (for years 2-5) = 2.50
Sales to capital ratio (for years 6-10) 3.00
Market numbers
Riskfree rate 4.25%
Initial cost of capital = 12.00%
Other inputs
Do we have employee options outstanding? No
Number of options outstanding = 0.00
Average strike price = $0.00
Average maturity = 0.00
Standard deviation on stock price = 0.00%

Default assumptions.
In stable growth, we will assume that wer firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do we want to override this assumption = No Mature companies generally see their risk
If yes, enter the cost of capital after year 10 = 7.50% Though some sectors, even in stable growt
We will assume that wer firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitiv
Do we want to override this assumption = No
If yes, enter the return on capital we expect after year 10 12%
We will assume that wer firm has no chance of failure over the foreseeable future.
Do we want to override this assumption = Yes
If yes, enter the probability of failure = 10%
What do we want to tie wer proceeds in failure to? V
Enter the distress proceeds as percentage of book or fair value 50%
We will assume that wer effective tax rate will adjust to wer marginal tax rate by wer terminal year. If we override this assumption, I will le
Do we want to override this assumption = No
We will assume that we have no losses carried forward from prior years ( NOL) coming into the valuation. If we have a money losing comp
Do we want to override this assumption = No
If yes, enter the NOL that we are carrying over into year 1 $0.00
We will asssume that today's risk free rate will prevail in perpetuity. If we override this assumption, I will change the riskfree rate after year
Do we want to override this assumption = No If yes, we will be asked to enter a normal r
If yes, enter the riskfree rate after year 10 0.00% Enter wer estimate of what the riskfree rat
We will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation consistency and prevents
Do we want to override this assumption = No This is an option to let we use a negative g
If yes, enter the growth rate in perpetuity 0.00% This can be negative, if we feel the compan
We have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming due and that cash is a neutral a
Do we want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistrust) $0.00 Cash that is trapped in foreign markets (and su
& Average tax rate of the foreign markets where the cash is trapped 15% Additional tax rate due on trapped cash or disc
r base year below ( wen conswestent unwets)

Annualwesed Growth rat 6%

Monthly Growth Rate 0
Half Yearly Growth Rat 0.00%

wetabwelwety Lever
d of convergence level
ecency of Growth Lever
Valuatweon Output Feedback (for we to use to fwene tune wer wenputs, wef we want)
Revenues wen year 10, based on wer revenue growth = ₹ 65,604,386
Pre-tax Operatweng wencome wen year 10, based on wer operatweng mar ₹ 22,961,535
Return on invested capital in year 10, based on wer sales/capital ratio = 28.72%
Check the Diagnostics worksheet for more details.

ure companies (riskfree rate + 4.5%)

re companies generally see their risk levels approach the average
gh some sectors, even in stable growth, may have higher risk. If we change wer risk free rate after year 10 (see cell B57 & 58), we should incorporate the
m assuming that whatever competitive advantages we have today will fade over time.

we override this assumption, I will leave the tax rate at wer effective tax rate.

tion. If we have a money losing company, we may want to override tis.

will change the riskfree rate after year 10.
, we will be asked to enter a normal risk free rate and wer growth in perpetuity will be adjusted accordingly.
r wer estimate of what the riskfree rate (in wer currency of choice) will be after year 10
h valuation consistency and prevents "impossible" growth rates.
is an option to let we use a negative growth rate in perpetuity or to even liquidate the firm.
can be negative, if we feel the company will decline (and disappear) after growth is done. If we let it exceed the risk free rate, we are on wer own in uncha
ty coming due and that cash is a neutral asset.

that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (because of management mistrust)
ional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
B57 & 58), we should incorporate the change into wer stable cost of capital estimate.
ree rate, we are on wer own in uncharted territory.

gement mistrust)
 Jul- Dec 21 Jan-June 22 Jul- Dec 22
Jan-Jun 1 2 3
Indian Health Insurance Growth 0.00% 3.50% 3.50%
Total Health insurance ### ₹ 516,380,000,000.00 ₹ 534,453,300,000.00 ₹ 553,159,165,500.00
Market Share 0.10% 0.13% 0.16% 0.19%
Gross Order Value ₹ 530,879,198.00 ₹ 682,893,358.40 ₹ 864,129,281.96 ₹ 1,057,215,175.80
Revenue as % of GOV 3.28% 3.50% 3.50% 3.50%
Revenues ₹ 17,428,696.00 ₹ 23,901,267.54 ₹ 30,244,524.87 ₹ 37,002,531.15
EBIT (Operating) margin 19.22% 20.00% 23.75% 25.63%
EBIT (Operating income) ₹ 3,349,856.00 ₹ 4,780,253.51 ₹ 7,183,074.66 ₹ 9,481,898.61
Tax rate 30.00% 30.00% 30.00% 30.00%
EBIT(1-t) ₹ 2,344,899.20 ₹ 3,346,177.46 ₹ 5,028,152.26 ₹ 6,637,329.03
- Reinvestment ₹ 4,315,047.70 ₹ 2,537,302.93 ₹ 2,703,202.51
FCFF -₹ 968,870.24 ₹ 2,490,849.33 ₹ 3,934,126.51
NOL ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

Cost of capital 12.00% 12.00% 12.00%

Cumulated discount factor 0.8929 0.7972 0.7118
PV(FCFF) -865062.714142857 1985689.83544413 2800233.54347945

Terminal cash flow 8457626.76357307

Terminal cost of capital 8.97%
Terminal value 179187007.702819
PV(Terminal value) 62622274.4665802
PV (CF over next 10 years) 39389226.9520793
Sum of PV or Valuation of the Fi 102011501.41866
Probability of failure = 10.00%
Proceeds if firm fails = Err:508
Value of operating assets = 96910926.3477266
Implied variables
Sales to capital ratio 1.50 2.50 2.50
Invested capital ₹ 35,000,000.00 ₹ 39,315,047.70 ₹ 41,852,350.63 ₹ 44,555,553.14
ROIC 6.70% 8.51% 12.01% 14.90%

Invested Capital PV (FCFF)

₹ 60,000,000 7000000

6000000
₹ 50,000,000
5000000
₹ 40,000,000 4000000

3000000
₹ 30,000,000
2000000
₹ 20,000,000
1000000

₹ 10,000,000 0
1 2 3 4 5 6
-1000000
₹0
1 2 3 4 5 6 7 8 9 10 11 -2000000

VALUATION DIAGNOSTICS
Invested capital at start of valuation ₹ 35,000,000.00
Invested capital at end of valuation ₹ 53,677,599.48
Change in invested capital over 10 y ₹ 18,677,599.48
Change in EBIT*(1–t) (after-tax oper ₹ 18,675,597.36
Marginal ROIC over 10 years 99.99%
ROIC at end of valuation 28.72%
Average WACC over the 10 years ( 11.09%
 Jan-June 23 Jul- Dec 23 Jan-June 24 Jul- Dec 24 Jan-June 25 Jul- Dec 25
4 5 6 7 8 9
3.50% 3.50% 3.65% 3.80% 3.95% 4.10%
₹ 572,519,736,292.50 ₹ 592,557,927,062.74 ### ₹ 637,525,370,473.75 ₹ 662,707,622,607.46 ₹ 689,878,635,134.37
0.22% 0.25% 0.25% 0.25% 0.25% 0.25%
₹ 1,262,758,523.84 ₹ 1,481,394,817.66 ₹ 1,535,465,728.50 ₹ 1,593,813,426.18 ₹ 1,656,769,056.52 ₹ 1,724,696,587.84
3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
₹ 44,196,548.33 ₹ 51,848,818.62 ₹ 53,741,300.50 ₹ 55,783,469.92 ₹ 57,986,916.98 ₹ 60,364,380.57
27.50% 29.38% 31.06% 33.03% 35.00% 35.00%
₹ 12,154,050.79 ₹ 15,230,590.47 ₹ 16,689,407.61 ₹ 18,423,909.78 ₹ 20,295,420.94 ₹ 21,127,533.20
30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
₹ 8,507,835.55 ₹ 10,661,413.33 ₹ 11,682,585.32 ₹ 12,896,736.85 ₹ 14,206,794.66 ₹ 14,789,273.24
₹ 2,877,606.87 ₹ 2,550,756.76 ₹ 630,827.29 ₹ 680,723.14 ₹ 734,482.35 ₹ 792,487.87
₹ 5,630,228.68 ₹ 8,110,656.57 ₹ 11,051,758.03 ₹ 12,216,013.71 ₹ 13,472,312.31 ₹ 13,996,785.38
₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00

12.00% 12.00% 11.39% 10.79% 10.18% 9.58%

0.6355 0.5674 0.5094 0.4598 0.4173 0.3808
3578112.11284176 4602204.35371618 5629624.8540909 5616747.18853979 5621948.40570419 5330372.67989304
 2.50 3.00 3.00 3.00 3.00 3.00
₹ 47,433,160.01 ₹ 49,983,916.77 ₹ 50,614,744.07 ₹ 51,295,467.21 ₹ 52,029,949.56 ₹ 52,822,437.43
17.94% 21.33% 23.08% 25.14% 27.31% 28.00%

PV (FCFF) Estimated revenue over the period

7000000 ₹ 70,000,000
6000000
₹ 60,000,000
5000000
₹ 50,000,000
4000000

3000000 ₹ 40,000,000

2000000 ₹ 30,000,000
1000000
₹ 20,000,000
0
1 2 3 4 5 6 7 8 9 10 ₹ 10,000,000
-1000000

-2000000 ₹-
1 2 3 4 5 6 7 8 9 10 11 12
 Jan-June 26 Jul- Dec 26
10 Terminal year
4.25% 4.25%
₹ 719,198,477,127.58 ₹ 749,764,412,405.50
0.25% 0.25%
₹ 1,797,996,192.82 ₹ 1,874,411,031.01
3.50% 3.50%
₹ 62,929,866.75 ₹ 65,604,386.09
35.00% 35.00%
₹ 22,025,453.36 ₹ 22,961,535.13 ₹ 19,611,679.13 This is is how much we operating income grew
over the ten-year period.
30.00% 30.00%
₹ 15,417,817.35 ₹ 16,073,074.59
₹ 855,162.06 ₹ 7,615,447.83 ₹ 26,293,047.31 This is how much capital we
invested over the ten year period.
₹ 14,562,655.30 ₹ 8,457,626.76
₹ 0.00 ₹ 0.00

8.97% 8.97%
0.3495
5089356.69251271
 After year 10
3.00
₹ 53,677,599.48
28.72% 8.97%
 Claim Buddy
The Story
Claim Buddy will benefit as the Indian Health Insurance market grows, driven by overall economic growth and more
bouncecback effect. Tthe company will continue to reinvest (acquisitions and technology) as it grows. The risk of fa

The Assumptions
Base year Next year Years 2-5

Health insurance ₹ 516,380,000,000 ₹ 516,380,000,000 3.50%

Market Share 0.10% 0.13%

Revenues as % of 3.28% 3.50%

Total Market * Market Share* Revenue

as % of GOV
Revenues (a) ₹ 17,428,696.00 ₹ 23,901,268
Operating margin ( 19.22% 20.0% 20.00%
Tax rate 30.00% 30.00%

Reinvestment (c ) 1.50 2.50

Return on capital 6.70% Marginal ROIC = 99.99%

Cost of capital (d) 12.00%

The Cash Flows
Total Market Market Share Revenues
1 ₹ 516,380,000,000 0.13% ₹ 23,901,267.54
2 ₹ 534,453,300,000 0.16% ₹ 30,244,524.87
3 ₹ 553,159,165,500 0.19% ₹ 37,002,531.15
4 ₹ 572,519,736,293 0.22% ₹ 44,196,548.33
5 ₹ 592,557,927,063 0.25% ₹ 51,848,818.62
6 ₹ 614,186,291,401 0.25% ₹ 53,741,300.50
7 ₹ 637,525,370,474 0.25% ₹ 55,783,469.92
8 ₹ 662,707,622,607 0.25% ₹ 57,986,916.98
9 ₹ 689,878,635,134 0.25% ₹ 60,364,380.57
10 ₹ 719,198,477,128 0.25% ₹ 62,929,866.75
Terminal year ₹ 749,764,412,405 0.25% ₹ 65,604,386.09
The Value
Terminal value ₹ 179,187,007.70
PV(Terminal value) ₹ 62,622,274.47
PV (CF over next 10 years) ₹ 39,389,226.95
Value of operating assets = ₹ 102,011,501.42
Adjustment for distress ₹ 5,100,575.07
 Jul-21
The Story
overall economic growth and more digital access.There will be a near term COVID
chnology) as it grows. The risk of failure is low.

Assumptions
Years 6-10 After year 10 Link to story
Indian Health Insurance sector is
4.82% ₹ 749,764,412,405 expected to grow at a rapid pace
Claim Buddy is yet to set a wider
footprint in the Health insurance
0.25% 0.25% sector of India
3.50%

et * Market Share* Revenue COVID rebound in 2021 + Growth

as % of GOV in Health Insurance industry in
₹ 65,604,386 India long term
35.00% 35.00% Margins improve as growth wanes
30.00% 30.00% Indian corporate tax rate over time
Acquisitions & technology
investments needed to sustain
3.00 47.38% growth
Newworking benefits allow for high
99.99% 8.97% ROIC, near and long term.
Cost of capital reflects Indian
8.97% 8.97% country risk
Cash Flows
EBIT (1-t) Reinvestment FCFF
₹ 3,346,177.46 ₹ 4,315,047.70 -₹ 968,870.24
₹ 5,028,152.26 ₹ 2,537,302.93 ₹ 2,490,849.33
₹ 6,637,329.03 ₹ 2,703,202.51 ₹ 3,934,126.51
₹ 8,507,835.55 ₹ 2,877,606.87 ₹ 5,630,228.68
₹ 10,661,413.33 ₹ 2,550,756.76 ₹ 8,110,656.57
₹ 11,682,585.32 ₹ 630,827.29 ₹ 11,051,758.03
₹ 12,896,736.85 ₹ 680,723.14 ₹ 12,216,013.71
₹ 14,206,794.66 ₹ 734,482.35 ₹ 13,472,312.31
₹ 14,789,273.24 ₹ 792,487.87 ₹ 13,996,785.38
₹ 15,417,817.35 ₹ 855,162.06 ₹ 14,562,655.30
₹ 16,073,074.59 ₹ 7,615,447.83 ₹ 8,457,626.76
he Value
Probability of failure = 10.00%
5.253333333
Mature Market ERP + 4.72% Updated January 1, 2021

Country Moody's ratingAdj. Default SpreadEquity Risk Premium

Abu Dhabi Aa2 0.44% 5.20%
Albania B1 3.98% 9.08%
Algeria NR 7.96% 13.44%
Andorra (Principality of) Caa1 6.63% 11.98%
Angola Caa1 6.63% 11.98%
Argentina Ca 10.60% 16.34%
Armenia Ba3 3.18% 8.21%
Aruba Baa1 1.41% 6.27%
Australia Aaa 0.00% 4.72%
Austria Aa1 0.35% 5.10%
Azerbaijan Ba2 2.65% 7.63%
Bahamas Ba2 2.65% 7.63%
Bahrain B2 4.86% 10.05%
Bangladesh Ba3 3.18% 8.21%
Barbados Caa1 6.63% 11.98%
Belarus B3 5.75% 11.02%
Belgium Aa3 0.53% 5.31%
Belize Caa3 8.83% 14.40%
Benin B2 4.86% 10.05%
Bermuda A2 0.75% 5.54%
Bolivia B2 4.86% 10.05%
Bosnia and Herzegovina B3 5.75% 11.02%
Botswana A2 0.75% 5.54%
Brazil Ba2 2.65% 7.63%
British Virgin Islands NR 3.02% 8.03%
Brunei NR 0.75% 5.54%
Bulgaria Baa1 1.41% 6.27%
Burkina Faso B2 4.86% 10.05%
Cambodia B2 4.86% 10.05%
Cameroon B2 4.86% 10.05%
Canada Aaa 0.00% 4.72%
Cape Verde B2 4.86% 10.05%
Cayman Islands Aa3 0.53% 5.31%
Chile A1 0.62% 5.40%
China A1 0.62% 5.40%
Colombia Baa2 1.68% 6.56%
Congo (Democratic Republ Caa1 6.63% 11.98%
Congo (Republic of) Caa2 7.96% 13.44%
Cook Islands B1 3.98% 9.08%
Costa Rica B2 4.86% 10.05%
Croatia Ba1 2.21% 7.14%
Cuba Caa2 7.96% 13.44%
Curaçao A3 1.06% 5.88%
Cyprus Ba2 2.65% 7.63%
Czech Republic Aa3 0.53% 5.31%
Denmark Aaa 0.00% 4.72%
Dominican Republic Ba3 3.18% 8.21%
Ecuador Caa3 8.83% 14.40%
Egypt B2 4.86% 10.05%
El Salvador B3 5.75% 11.02%
Estonia A1 0.62% 5.40%
Ethiopia B2 4.86% 10.05%
Fiji Ba3 3.18% 8.21%
Finland Aa1 0.35% 5.10%
France Aa2 0.44% 5.20%
Gabon Caa1 6.63% 11.98%
Gambia NR 5.75% 11.02%
Georgia Ba2 2.65% 7.63%
Germany Aaa 0.00% 4.72%
Ghana B3 5.75% 11.02%
Greece Ba3 3.18% 8.21%
Guatemala Ba1 2.21% 7.14%
Guernsey Aaa 0.00% 4.72%
Guinea NR 10.60% 16.34%
Guinea-Bissau NR 6.63% 11.98%
Guyana NR 4.86% 10.05%
Haiti NR 10.60% 16.34%
Honduras B1 3.98% 9.08%
Hong Kong Aa3 0.53% 5.31%
Hungary Baa3 1.95% 6.85%
Iceland A2 0.75% 5.54%
India Baa3 1.95% 6.85%
Indonesia Baa2 1.68% 6.56%
Iran NR 7.96% 13.44%
Iraq Caa1 6.63% 11.98%
Ireland A2 0.75% 5.54%
Isle of Man Aa3 0.53% 5.31%
Israel A1 0.62% 5.40%
Italy Baa3 1.95% 6.85%
Ivory Coast Ba3 3.18% 8.21%
Jamaica B2 4.86% 10.05%
Japan A1 0.62% 5.40%
Jersey Aaa 0.00% 4.72%
Jordan B1 3.98% 9.08%
Kazakhstan Baa3 1.95% 6.85%
Kenya B2 4.86% 10.05%
Korea, D.P.R. NR 10.60% 16.34%
Kuwait A1 0.62% 5.40%
Kyrgyzstan B2 4.86% 10.05%
Laos Caa2 1.06% 5.88%
Latvia A3 1.06% 5.88%
Lebanon C 17.50% 23.90%
Liberia NR 10.60% 16.34%
Libya NR 7.96% 13.44%
Liechtenstein Aaa 0.00% 4.72%
Lithuania A3 1.06% 5.88%
Luxembourg Aaa 0.00% 4.72%
Macao Aa3 0.53% 5.31%
Macedonia Ba3 3.18% 8.21%
Madagascar NR 5.75% 11.02%
Malawi NR 7.96% 13.44%
Malaysia A3 1.06% 5.88%
Mali Caa1 6.63% 11.98%
Malta A2 0.75% 5.54%
Mauritius Baa1 1.41% 6.27%
Mexico Baa1 1.41% 6.27%
Moldova B3 5.75% 11.02%
Mongolia B3 5.75% 11.02%
Montenegro B1 3.98% 9.08%
Montserrat Baa3 1.95% 6.85%
Morocco Ba1 2.21% 7.14%
Mozambique Caa2 7.96% 13.44%
Myanmar NR 5.75% 11.02%
Namibia Ba3 3.18% 8.21%
Netherlands Aaa 0.00% 4.72%
New Zealand Aaa 0.00% 4.72%
Nicaragua B3 5.75% 11.02%
Niger B3 5.75% 11.02%
Nigeria B2 4.86% 10.05%
Norway Aaa 0.00% 4.72%
Oman Ba3 3.18% 8.21%
Pakistan B3 5.75% 11.02%
Panama Baa1 1.41% 6.27%
Papua New Guinea B2 4.86% 10.05%
Paraguay Ba1 2.21% 7.14%
Peru A3 1.06% 5.88%
Philippines Baa2 1.68% 6.56%
Poland A2 0.75% 5.54%
Portugal Baa3 1.95% 6.85%
Qatar Aa3 0.53% 5.31%
Ras Al Khaimah (Emirate Aaa 0.00% 4.72%
Romania Baa3 1.95% 6.85%
Russia Baa3 1.95% 6.85%
Rwanda B2 4.86% 10.05%
Saint Lucia NR 3.02% 8.03%
Saudi Arabia A1 0.62% 5.40%
Senegal Ba3 3.18% 8.21%
Serbia Ba3 3.18% 8.21%
Sharjah Baa2 1.68% 6.56%
Sierra Leone NR 7.96% 13.44%
Singapore Aaa 0.00% 4.72%
Slovakia A2 0.75% 5.54%
Slovenia A3 1.06% 5.88%
Solomon Islands B3 5.75% 11.02%
Somalia NR 10.60% 16.34%
South Africa Ba2 2.65% 7.63%
South Korea Aa2 0.44% 5.20%
Spain Baa1 1.41% 6.27%
Sri Lanka Caa1 6.63% 11.98%
St. Maarten Baa3 1.95% 6.85%
St. Vincent & the Grenadi B3 5.75% 11.02%
Sudan NR 17.50% 23.90%
Suriname Caa3 8.83% 14.40%
Swaziland B3 5.75% 11.02%
Sweden Aaa 0.00% 4.72%
Switzerland Aaa 0.00% 4.72%
Syria NR 17.50% 23.90%
Taiwan Aa3 0.53% 5.31%
Tajikistan B3 5.75% 11.02%
Tanzania B2 4.86% 10.05%
Thailand Baa1 1.41% 6.27%
Togo B3 5.75% 11.02%
Trinidad and Tobago Ba1 2.21% 7.14%
Tunisia B2 4.86% 10.05%
Turkey B2 4.86% 10.05%
Turks and Caicos Islands Baa1 1.41% 6.27%
Uganda B2 4.86% 10.05%
Ukraine B3 5.75% 11.02%
United Arab Emirates Aa2 0.44% 5.20%
United Kingdom Aa3 0.53% 5.31%
United States Aaa 0.00% 4.72%
Uruguay B1 3.98% 9.08%
Venezuela C 17.50% 23.90%
Vietnam Ba3 3.18% 8.21%
Yemen NR 17.50% 23.90%
Zambia Ca 10.60% 16.34%
Zimbabwe NR 10.60% 16.34%

ERP Default Spread Tax rate

Africa 9.66% 4.51% 28.31%
Asia 5.75% 0.94% 25.70%
Australia & New Zealand 4.72% 0.00% 29.74%
Caribbean 10.03% 4.85% 24.25%
Central and South America 8.71% 3.64% 31.04%
Eastern Europe & Russia 6.80% 1.90% 18.31%
Middle East 6.25% 1.40% 32.96%
North America 4.72% 0.00% 26.96%
Western Europe 5.56% 0.77% 24.41%

Global 5.76% 0.95% 26.13%

Country Risk PremiumCorporate Tax Rate 25.00%
0.48% 55.00%
4.36% 15.00%
8.72% 26.00% 20.00%
7.26% 10.00%
7.26% 30.00%
11.62% 30.00% 15.00%
3.49% 18.00%
1.55% 25.00%
0.00% 30.00% 10.00%
0.38% 25.00%
2.91% 20.00%
2.91% 0.00% 5.00%
5.33% 0.00%
3.49% 25.00%
7.26% 5.50% 0.00%
Abu Dhabi Bermuda Cook Islands Georgia Isle of Man Lithuani
6.30% 18.00%
0.59% 29.00% Equity Risk Premium Country R
9.68% 28.25%
5.33% 30.00%
0.82% 0.00%
5.33% 25.00%
6.30% 10.00%
0.82% 22.00%
2.91% 34.00%
3.31% 16.98%
0.82% 0.00%
1.55% 10.00%
5.33% 28.00%
5.33% 20.00%
5.33% 33.00%
0.00% 26.50%
5.33% 0.00%
0.59% 0.00%
0.68% 27.00%
0.68% 25.00%
1.84% 32.00%
7.26% 35.00%
8.72% 30.00%
4.36% 28.43%
5.33% 30.00%
2.42% 18.00%
8.72% 27.36%
1.16% 22.00%
2.91% 12.50%
0.59% 19.00%
0.00% 22.00%
3.49% 27.00%
9.68% 25.00%
5.33% 22.50%
6.30% 30.00%
0.68% 20.00%
5.33% 30.00%
3.49% 20.00%
0.38% 20.00%
0.48% 28.00%
7.26% 30.00%
6.30% 31.00%
2.91% 15.00%
0.00% 30.00%
6.30% 25.00%
3.49% 24.00%
2.42% 25.00%
0.00% 0.00%
11.62% 28.25%
7.26% 28.25%
5.33% 27.36%
11.62% 27.36%
4.36% 25.00%
0.59% 16.50%
2.13% 9.00%
0.82% 20.00%
2.13% 30.00%
1.84% 15.00%
8.72% 21.13%
7.26% 15.00%
0.82% 12.50%
0.59% 0.00%
0.68% 23.00%
2.13% 24.00%
3.49% 25.00%
5.33% 25.00%
0.68% 30.62%
0.00% 0.00%
4.36% 20.00%
2.13% 20.00%
5.33% 30.00%
11.62% 21.13%
0.68% 15.00%
5.33% 10.00%
1.16% 21.13%
1.16% 20.00%
19.18% 17.00%
11.62% 28.25%
8.72% 20.00%
0.00% 12.50%
1.16% 15.00%
0.00% 24.94%
0.59% 12.00%
3.49% 10.00%
6.30% 20.00%
8.72% 30.00%
1.16% 24.00%
7.26% 28.25%
0.82% 35.00%
1.55% 15.00%
1.55% 30.00%
6.30% 12.00%
6.30% 25.00%
4.36% 9.00%
2.13% 21.13%
2.42% 31.00%
8.72% 32.00%
6.30% 25.00%
3.49% 32.00%
0.00% 25.00%
0.00% 28.00%
6.30% 30.00%
6.30% 28.25%
5.33% 30.00%
0.00% 22.00%
3.49% 15.00%
6.30% 35.00%
1.55% 25.00%
5.33% 30.00%
2.42% 10.00%
1.16% 29.50%
1.84% 30.00%
0.82% 19.00%
2.13% 21.00%
0.59% 10.00%
0.00% 0.00%
2.13% 16.00%
2.13% 20.00%
5.33% 30.00%
3.31% 16.98%
0.68% 20.00%
3.49% 30.00%
3.49% 15.00%
1.84% 0.00%
8.72% 30.00%
0.00% 17.00%
0.82% 21.00%
1.16% 19.00%
6.30% 30.00%
11.62% 28.25%
2.91% 28.00%
0.48% 25.00%
1.55% 25.00%
7.26% 28.00%
2.13% 27.36%
6.30% 27.36%
19.18% 35.00%
9.68% 36.00%
6.30% 27.50%
0.00% 21.40%
0.00% 14.84%
19.18% 28.00%
0.59% 20.00%
6.30% 19.12%
5.33% 30.00%
1.55% 20.00%
 6.30% 28.25%
2.42% 30.00%
5.33% 25.00%
5.33% 22.00%
1.55% 0.00%
5.33% 30.00%
6.30% 18.00%
0.48% 55.00%
0.59% 19.00%
0.00% 27.00%
4.36% 25.00%
19.18% 34.00%
3.49% 20.00%
19.18% 28.25%
11.62% 35.00%
11.62% 24.00%

CRP
4.94%
1.03%
0.00%
5.31%
3.99%
2.08%
1.53%
0.00%
0.84%

1.04%
nds Georgia Isle of Man Lithuania Netherlands Rwanda Suriname Uruguay

Equity Risk Premium Country Risk Premium