Dividend Discount Model

Assumption 1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
3. The dividend payout ratio is consistent with the expected growth rate.
Inputs need 1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity
How the modThe expected dividends are estimated for the high growth period, using the payout
ratio for the high growth period and the expected growth rate in earnings per share.
The expected growth rate is estimated either using fundamentals:
Expected growth = Retention Ratio * Return on Equity
Alternatively, you can input the expected growth rate.
At the end of the high growth phase, the expected terminal price is estimated using
dividends per share one year after the high growth period, using the growth rate
in stable growth, the payout ratio in stable growth and the cost of equity in stable
growth.
The dividends per share and the terminal price are discounted back to the present at
the cost of equity changes.
If your cost of equity in stable growth is different from your cost of equity in high
growth, the cost of equity in the second half of the stable growth period will be
adjusted gradually from the high growth cost of equity to a stable growth cost of
equity.
Options AvaiYou can make this model into a three stage model by answering yes to the question
of whether you want me to adjust the inputs in the second half of the high growth
period. If you do, I will adjust the growth rate, the payout ratio and the cost of
equity from high-growth levels to stable growth levels gradually.
You can also make this a stable growth model by setting the high
growth period to zero.
e growth rate.

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nings per share.

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e high growth
 Input cell
Your Company inputs
Name of company: JP Morgan Chase
Date of valuation: 20-Feb-23
Inputs from current financials
Net Income = $37,676.00 Last year
Book Value of Equity = $264,828.00 $259,289.00
Current Earnings per share = $12.84 (in currency)
Current Dividends per share = $4.38 (in currency)
Do you want to normalize the net income/earnings p No

Inputs for Discount Rate

Beta of the stock = 1.08
Riskfree rate= 3.50% (in percent)
Equity Risk Premium 6.49% (in percent)

Inputs for High Growth Period

Length of high growth period 10 Up to 15 years

Do you want to calculate the growth rate from funda Yes (Yes or No)
If no, enter the expected growth rate in earnings in high growth period=
If yes, the following will be the inputs to the fundamental growth formulation:
ROE = 14.53% (in percent)
Retention = 65.87% (in percent)
Do you want to change any of these inputs for the hi No
If yes, specify the values for these inputs (Please enter all variables)
ROE = 30.00% (in percent)
Retention = 65.87% (in percent)
Do you want to change any of these inputs for the st Yes
If yes, specify the values for these inputs
ROE = 12.00% (in percent)
Do you want me to gradually adjust your inputs durin Yes

Inputs for Stable Growth Period

The model uses the riskfree rate as the growth rate in perpeutiy. If you want to change that assumption, y
Do you want to override the detault & use a different No
Enter growth rate in stable growth period? 1.50% (in percent)

Stable payout ratio from fundamentals is = 70.83% (in percent)

Do you want to change this payout ratio? No (Yes or No)
If yes, enter the stable payout ratio= (in percent)

Will the beta to change in the stable period? No (Yes or No)

If yes, enter the beta for stable period = 0.80
 Calculated cell

(in currency)
(in currency)

Use industry average sheet for guidance

Use the currrent riskfree rate in your curr
Use the ERP calculator for guidance

Use industry average sheet for guidance

Use industry average sheet for guidance

Use industry average sheet for guidance

to change that assumption, you can do so below (but you are entering dangerous territory)
 Normalized Earnings Calculation
If you feel that your base year's earnings and dividends are unusual (high or low), you can
normalize, by averaging net income over time or using a normalized return on equity.

Choose the approach to normaliz 1

Approach 1: Average Net Income over last 5 years
-5 -4 -3 -2 Current
Net Income ### ### ### ### ###

Approach 2: Normalized return on equity

Normalized ROE = 22%
ation
h or low), you can
eturn on equity.

Average
###
 Two-Stage Dividend Discount Model

Output from the program

Cost of Equity = 10.51%
Net Income = $37,676
Earnings per Share = $12.84
Growth rate in EPS = 9.57%
Payout Ratio for high growth p 34.13%

The dividends for the high growth phase are shown below (upto 10 years)
1 2 3 4 5 6
Expected Growth R 9.57% 9.57% 9.57% 9.57% 9.57% 8.36%
Earnings per share $14.07 $15.42 $16.89 $18.51 $20.28 $21.97
Payout ratio 34.13% 34.13% 34.13% 34.13% 34.13% 41.47%
Dividends per share $4.80 $5.26 $5.76 $6.32 $6.92 $9.11
Cost of Equity 10.51% 10.51% 10.51% 10.51% 10.51% 10.51%
Cumulative Cost of 110.51% 122.12% 134.96% 149.14% 164.81% 182.13%
Present Value $4.34 $4.31 $4.27 $4.24 $4.20 $5.00

Growth Rate in Stable Phase = 3.50%

Page
 Two-Stage Dividend Discount Model

Payout Ratio in Stable Phase = 70.83%

Cost of Equity in Stable Phase 10.51%
Price at the end of growth ph $282.73

Present Value of dividends in high growth $52.16

Present Value of Terminal Price = $104.09
Value of the stock = $156.25

Estimating the value of growth

Value of assets in place = $122.18
Value of stable growth = $12.12
Value of extraordinary growth = $21.94
Value of the stock = $156.25

Page
 Two-Stage Dividend Discount Model

7 8 9 10
7.14% 5.93% 4.71% 3.50%
$23.54 $24.94 $26.12 $27.03
48.81% 56.15% 63.49% 70.83%
$11.49 $14.00 $16.58 $19.15
10.51% 10.51% 10.51% 10.51%
201.27% 222.42% 245.79% 271.62%
$5.71 $6.30 $6.75 $7.05

Page
Two-Stage Dividend Discount Model

Page
 Annual
Average Pre-tax
Revenue Operating
growth - Margin Average
Number of Last 5 (Unadjusted After-tax effective Unlevered
Industry Name firms years ) ROC tax rate Beta Equity (Levered) Beta
Advertising 58 18.17% 10.62% 36.62% 24.71% 1.35 1.63
Aerospace/Defense 77 3.99% 8.64% 15.25% 16.51% 1.23 1.41
Air Transport 21 2.24% 2.11% 3.08% 35.99% 0.69 1.42
Apparel 39 5.84% 10.16% 20.57% 20.51% 1.02 1.32
Auto & Truck 31 28.06% 6.43% 6.46% 10.58% 1.23 1.54
Auto Parts 37 7.07% 5.06% 10.26% 21.56% 1.20 1.47
Bank (Money Cente 7 1.94% 0.00% 0.03% 17.16% 0.74 1.08
Banks (Regional) 557 11.02% 0.00% -0.04% 21.05% 0.41 0.50
Beverage (Alcoholi 23 12.54% 20.06% 14.66% 34.93% 0.88 1.01
Beverage (Soft) 31 15.05% 19.04% 28.72% 18.19% 1.20 1.30
Broadcasting 26 19.54% 14.58% 13.52% 21.95% 0.70 1.32
Brokerage & Inves 30 14.23% 0.41% 0.06% 20.82% 0.69 1.20
Building Materials 45 10.60% 13.81% 34.60% 22.05% 1.10 1.28
Business & Consum 164 8.46% 9.03% 23.99% 22.54% 1.02 1.17
Cable TV 10 20.05% 19.90% 12.13% 29.82% 0.71 1.26
Chemical (Basic) 38 27.02% 13.05% 25.38% 20.97% 0.96 1.25
Chemical (Diversifi 4 1.75% 13.52% 20.35% 17.55% 1.09 1.41
Chemical (Specialty 76 9.48% 14.62% 17.83% 21.52% 1.12 1.28
Coal & Related Ene 19 -3.71% 22.15% 41.79% 5.79% 1.43 1.45
Computer Services 80 10.48% 6.57% 28.39% 20.90% 0.99 1.17
Computers/Peripher 42 16.36% 21.41% 42.63% 16.70% 1.23 1.29
Construction Suppl 49 5.02% 11.13% 14.55% 21.15% 1.08 1.26
Diversified 23 7.69% 3.44% 2.85% 15.97% 0.94 1.04
Drugs (Biotechnolo 598 27.23% 12.02% 6.49% 14.25% 1.20 1.24
Drugs (Pharmaceuti 281 42.35% 27.39% 19.58% 12.15% 1.18 1.27
Education 33 4.13% 5.28% 6.77% 28.83% 0.99 1.10
Electrical Equipmen 110 13.90% 9.97% 18.40% 20.10% 1.43 1.59
Electronics (Consu 16 -0.47% 1.85% 5.46% 10.06% 1.61 1.54
Electronics (Genera 138 10.63% 9.74% 17.47% 19.00% 1.12 1.20
Engineering/Constr 43 12.14% 4.42% 13.83% 22.88% 1.02 1.20
Entertainment 110 28.59% 7.51% 11.23% 21.09% 1.25 1.45
Environmental & Wa 62 10.13% 12.59% 28.32% 22.11% 0.86 1.02
Farming/Agriculture 39 17.57% 7.62% 15.17% 20.03% 0.93 1.14
Financial Svcs. (N 223 10.44% 15.89% 0.65% 20.88% 0.11 0.89
Food Processing 92 25.21% 11.77% 18.60% 19.90% 0.77 0.92
Food Wholesalers 14 9.84% 2.10% 15.54% 22.25% 0.85 1.12
Furn/Home Furnish 32 14.45% 7.66% 15.24% 32.78% 0.95 1.27
Green & Renewabl 19 ### 26.10% 4.68% 14.04% 0.88 1.60
Healthcare Product 254 19.90% 15.02% 15.88% 15.50% 1.10 1.16
Healthcare Support 131 20.16% 4.07% 33.79% 22.03% 1.07 1.16
Heathcare Informat 138 20.45% 16.93% 19.10% 15.82% 1.37 1.47
Homebuilding 32 15.82% 18.76% 28.17% 23.12% 1.33 1.50
Hospitals/Healthcare 34 1.60% 11.62% 20.45% 24.11% 0.72 1.17
Hotel/Gaming 69 7.58% 7.25% 2.34% 23.85% 1.06 1.46
Household Product 127 11.55% 16.99% 34.92% 20.16% 1.06 1.16
Information Service 73 11.06% 24.02% 32.89% 19.11% 1.33 1.40
Insurance (General 21 6.90% 21.82% 19.31% 20.38% 1.03 1.23
Insurance (Life) 27 8.29% 8.34% 4.83% 14.55% 0.67 0.94
Insurance (Prop/Ca 51 3.82% 6.41% 7.08% 19.87% 0.73 0.80
Investments & Ass 600 10.79% 18.36% 9.16% 18.20% 0.54 0.62
Machinery 116 8.50% 13.80% 27.44% 20.98% 1.09 1.22
Metals & Mining 68 5.88% 22.89% 34.72% 38.41% 1.22 1.29
Office Equipment & 16 15.79% 5.94% 12.19% 24.23% 0.84 1.18
Oil/Gas (Integrated 4 12.12% 17.32% 22.37% 23.13% 0.95 0.98
Oil/Gas (Production 174 29.57% 35.55% 39.82% 20.96% 1.14 1.26
Oil/Gas Distribution 23 21.86% 10.55% 7.18% 16.73% 0.66 0.99
Oilfield Svcs/Equip. 101 7.72% 7.26% 28.09% 21.08% 1.19 1.38
Packaging & Conta 25 5.90% 9.43% 16.04% 20.38% 0.67 0.95
Paper/Forest Produ 7 7.00% 18.47% 42.83% 25.80% 1.13 1.38
Power 48 6.41% 15.57% 6.04% 13.47% 0.46 0.73
Precious Metals 74 3.74% 10.03% 5.28% 44.61% 1.19 1.23
Publishing & News 20 3.32% 7.73% 15.25% 15.30% 0.91 1.11
R.E.I.T. 223 9.57% 25.46% 3.29% 4.28% 0.69 1.06
Real Estate (Devel 18 10.16% 18.64% 6.12% 22.96% 0.88 1.52
Real Estate (Genera 12 8.74% 18.57% 6.51% 22.88% 0.66 0.79
Real Estate (Operat 60 16.00% 1.17% 1.08% 20.23% 0.81 1.35
Recreation 57 7.79% 9.19% 12.25% 20.05% 1.08 1.42
Reinsurance 1 5.63% 4.65% 5.25% 6.48% 0.83 0.83
Restaurant/Dining 70 6.28% 15.42% 18.38% 21.30% 1.17 1.41
Retail (Automotive) 30 17.12% 6.19% 15.60% 23.56% 1.08 1.52
Retail (Building Sup 15 13.02% 13.85% 50.28% 24.92% 1.57 1.79
Retail (Distributors) 69 7.33% 11.66% 21.34% 23.46% 1.01 1.28
Retail (General) 15 4.32% 4.35% 17.89% 25.41% 1.22 1.36
Retail (Grocery an 13 4.96% 3.32% 12.77% 22.30% 0.47 0.67
Retail (Online) 63 20.71% 2.30% 5.09% 0.44% 1.36 1.49
Retail (Special Line 78 13.32% 5.43% 15.72% 20.57% 1.19 1.48
Rubber& Tires 3 12.42% 5.55% 9.62% 0.00% 0.27 0.84
Semiconductor 68 8.88% 25.44% 18.52% 10.21% 1.53 1.61
Semiconductor Equ 30 15.70% 27.30% 38.17% 13.50% 1.69 1.76
Shipbuilding & Mar 8 15.54% 25.50% 28.79% 15.56% 0.78 0.94
Shoe 13 11.90% 12.86% 33.42% 14.21% 1.29 1.33
Software (Entertai 91 30.38% 25.91% 21.87% 15.92% 1.36 1.36
Software (Internet) 33 25.94% -5.85% -1.03% 19.11% 1.42 1.55
Software (System & 390 20.10% 21.81% 22.47% 17.78% 1.41 1.47
Steel 28 15.21% 19.84% 48.63% 20.63% 1.21 1.34
Telecom (Wireless) 16 18.50% 14.05% 6.15% 4.74% 0.71 1.03
Telecom. Equipmen 79 3.51% 18.34% 25.99% 18.45% 1.18 1.23
Telecom. Services 49 16.81% 19.98% 12.38% 22.10% 0.47 0.88
Tobacco 15 5.77% 43.76% 70.88% 25.22% 1.74 2.00
Transportation 18 14.99% 9.35% 24.20% 22.17% 0.92 1.06
Transportation (Rai 4 3.78% 40.06% 16.94% 22.29% 0.93 1.11
Trucking 35 14.16% 8.93% 13.53% 24.44% 1.23 1.55
Utility (General) 15 4.05% 18.19% 5.82% 16.65% 0.41 0.64
Utility (Water) 16 14.35% 29.51% 6.91% 18.06% 0.87 1.15
 Std
deviation Market
Cost of in stock Pre-tax Debt/Capit Cost of Sales/ EV/
equity prices cost of debt al capital Capital EV/Sales EBITDA EV/EBIT Price/Book
13.57% 52.72% 5.88% 31.03% 10.73% 3.51 1.96 10.36 17.03 4.59
12.28% 37.56% 5.50% 20.67% 10.59% 1.87 2.55 14.59 23.98 4.93
12.29% 37.73% 5.50% 65.08% 6.98% 1.60 1.02 9.39 47.45 2.74
11.75% 38.51% 5.50% 34.02% 9.15% 2.10 1.16 7.02 10.38 2.42
13.03% 52.61% 5.88% 33.42% 10.15% 0.95 1.81 12.75 27.02 2.92
12.64% 39.52% 5.50% 29.90% 10.09% 1.97 0.82 7.18 14.54 1.89
10.30% 19.59% 4.73% 68.39% 5.68% 0.32 4.49 NA NA 0.99
6.88% 16.76% 4.73% 39.25% 5.57% 0.47 4.34 NA NA 1.24
9.90% 49.87% 5.50% 18.64% 8.82% 0.80 4.07 15.91 20.15 3.19
11.62% 41.72% 5.50% 13.25% 10.63% 1.60 4.67 20.01 24.14 8.23
11.73% 46.90% 5.50% 59.49% 7.21% 1.09 1.33 6.55 8.98 0.88
11.04% 28.00% 5.50% 66.79% 6.42% 0.26 4.46 NA NA 1.62
11.47% 29.19% 5.50% 22.44% 9.82% 2.96 1.36 7.85 9.73 3.19
10.84% 45.78% 5.50% 21.55% 9.39% 2.80 2.05 13.18 21.79 3.90
11.34% 25.41% 5.50% 51.75% 7.60% 0.80 2.43 7.39 12.43 2.04
11.29% 46.58% 5.50% 32.57% 8.95% 2.14 0.89 4.92 6.66 1.94
12.27% 39.49% 5.50% 36.81% 9.27% 1.70 0.91 5.02 6.71 1.89
11.47% 42.32% 5.50% 21.51% 9.89% 1.30 2.48 10.53 16.53 2.83
12.51% 61.96% 5.88% 17.84% 11.06% 1.91 1.43 3.81 5.31 2.46
10.84% 47.78% 5.50% 24.56% 9.19% 4.36 1.17 10.56 16.72 4.03
11.55% 48.73% 5.50% 8.69% 10.90% 2.12 3.67 14.73 17.08 25.56
11.39% 35.11% 5.50% 23.15% 9.71% 1.42 2.15 12.93 18.75 3.66
10.05% 57.84% 5.88% 17.52% 9.06% 0.81 2.50 30.96 69.44 1.85
11.26% 58.41% 5.88% 13.29% 10.35% 0.46 6.18 11.03 40.68 5.80
11.41% 64.88% 5.88% 11.98% 10.57% 0.75 4.85 12.34 17.37 5.28
10.42% 41.81% 5.50% 23.44% 8.94% 1.24 1.85 9.65 30.36 1.81
13.32% 58.55% 5.88% 18.38% 11.68% 1.78 2.77 12.69 22.72 3.13
13.02% 39.56% 5.50% 14.13% 11.76% 2.23 0.78 10.43 27.83 1.87
11.02% 44.94% 5.50% 15.84% 9.92% 1.83 1.94 11.92 19.25 3.06
10.99% 35.17% 5.50% 24.01% 9.34% 3.40 1.08 13.17 22.99 2.82
12.49% 57.81% 5.88% 24.97% 10.47% 1.46 3.06 17.46 39.96 2.22
9.91% 48.09% 5.50% 20.34% 8.73% 2.33 3.03 14.02 23.39 5.29
10.65% 54.43% 5.88% 25.30% 9.07% 2.05 1.22 12.61 15.58 3.47
9.14% 27.15% 5.50% 90.95% 4.58% 0.05 23.49 91.88 90.63 1.69
9.33% 34.23% 5.50% 22.40% 8.16% 1.69 2.10 13.24 17.40 2.61
10.55% 32.42% 5.50% 31.58% 8.52% 8.41 0.41 12.02 19.71 4.54
11.43% 41.91% 5.50% 35.87% 8.81% 2.19 0.88 6.28 10.05 1.82
13.39% 67.60% 7.01% 54.77% 8.93% 0.21 7.79 12.70 31.28 1.08
10.78% 50.94% 5.88% 11.19% 10.07% 1.03 5.15 19.09 32.02 4.70
10.77% 47.79% 5.50% 19.10% 9.50% 9.03 0.69 12.16 16.78 3.60
12.62% 53.87% 5.88% 12.44% 11.60% 1.13 5.33 19.36 30.49 4.33
12.80% 33.33% 5.50% 24.43% 10.68% 1.82 0.85 4.39 4.54 1.29
10.85% 51.19% 5.88% 46.59% 7.85% 1.95 1.57 8.70 13.48 5.33
12.55% 38.05% 5.50% 39.97% 9.18% 0.65 4.20 15.19 82.58 6.77
10.74% 56.83% 5.88% 13.44% 9.89% 2.19 3.65 16.85 21.19 9.17
12.22% 45.11% 5.50% 11.55% 11.29% 1.51 6.26 18.38 24.56 5.97
11.17% 43.76% 5.50% 23.37% 9.53% 0.98 2.16 7.43 9.81 2.59
9.46% 28.89% 5.50% 48.03% 6.90% 0.65 1.33 10.67 12.25 1.73
8.65% 27.67% 5.50% 17.67% 7.85% 1.22 1.39 14.62 21.02 2.20
7.58% 9.91% 4.73% 27.72% 6.47% 0.52 5.16 18.34 22.44 2.13
11.16% 32.36% 5.50% 17.25% 9.94% 2.16 2.67 14.08 18.89 4.06
11.54% 70.06% 7.01% 17.73% 10.43% 1.58 2.06 6.58 8.85 2.75
10.87% 35.22% 5.50% 40.05% 8.17% 2.38 0.93 8.45 14.91 2.02
9.69% 30.55% 5.50% 10.32% 9.11% 1.50 1.39 5.73 7.98 2.25
11.35% 56.98% 5.88% 16.72% 10.19% 1.17 2.12 4.28 5.87 2.43
9.77% 33.55% 5.50% 41.66% 7.42% 0.71 2.60 11.36 19.41 2.72
12.05% 46.90% 5.50% 24.59% 10.10% 4.10 0.58 5.90 7.78 2.07
9.54% 24.43% 4.73% 38.26% 7.25% 1.95 1.25 8.24 12.95 2.50
12.10% 42.84% 5.50% 30.49% 9.66% 2.64 0.77 3.43 4.16 2.85
8.19% 17.18% 4.73% 43.55% 6.17% 0.44 3.75 12.97 23.95 1.98
11.21% 72.54% 7.01% 14.03% 10.37% 0.52 3.55 10.88 33.92 1.68
10.50% 30.92% 5.50% 29.66% 8.61% 2.15 1.16 8.40 14.86 1.58
10.20% 21.54% 4.73% 43.61% 7.30% 0.15 11.06 19.89 43.36 1.93
12.89% 51.25% 5.88% 52.95% 8.40% 0.38 2.81 10.54 15.46 0.94
8.57% 28.66% 5.50% 28.48% 7.31% 0.39 4.02 14.89 21.39 0.97
11.87% 44.43% 5.50% 52.21% 7.83% 1.57 1.00 8.80 159.94 1.65
12.30% 42.13% 5.50% 34.24% 9.50% 1.59 1.77 9.66 20.26 3.24
8.81% 19.37% 4.73% 31.08% 7.17% 1.21 0.63 12.08 13.62 2.54
12.26% 41.15% 5.50% 23.53% 10.34% 1.57 4.07 16.79 31.71 NA
12.91% 35.71% 5.50% 36.50% 9.70% 3.23 0.91 9.75 15.11 6.07
14.51% 37.55% 5.50% 17.50% 12.69% 4.20 1.96 11.47 14.16 NA
11.45% 37.08% 5.50% 28.35% 9.38% 2.07 1.45 9.43 11.19 3.35
11.98% 31.53% 5.50% 16.65% 10.67% 5.51 0.81 11.90 19.73 5.45
7.85% 28.26% 5.50% 39.69% 6.37% 5.23 0.37 5.89 12.82 2.75
12.71% 59.41% 5.88% 16.09% 11.38% 1.34 1.87 16.07 98.64 6.16
12.64% 38.59% 5.50% 28.14% 10.25% 3.22 0.97 8.40 16.59 4.42
8.86% 39.79% 5.50% 76.76% 5.22% 1.59 0.55 4.81 9.42 0.55
13.43% 38.40% 5.50% 10.12% 12.49% 0.72 4.98 12.66 19.34 3.79
14.32% 41.57% 5.50% 10.54% 13.24% 1.51 3.66 11.78 13.34 6.40
9.49% 41.16% 5.50% 28.07% 7.98% 1.17 1.07 3.28 4.06 1.06
11.77% 39.37% 5.50% 8.27% 11.13% 2.91 3.22 20.23 25.05 9.04
11.98% 58.71% 5.88% 4.58% 11.63% 0.78 3.59 10.65 13.79 3.80
13.09% 55.24% 5.88% 15.01% 11.79% 0.67 6.33 14.84 NA 5.21
12.61% 52.11% 5.88% 8.56% 11.91% 0.96 7.59 21.33 31.83 8.39
11.85% 38.30% 5.50% 22.24% 10.14% 2.87 0.68 2.96 3.39 1.51
10.00% 51.92% 5.88% 39.45% 7.80% 0.52 3.18 8.74 25.66 2.19
11.20% 41.35% 5.50% 10.46% 10.46% 1.42 3.56 14.70 19.00 5.20
9.12% 55.37% 5.88% 54.07% 6.57% 0.66 2.18 5.98 10.88 1.29
15.76% 44.06% 5.50% 19.39% 13.51% 1.78 5.05 10.76 11.47 NA
10.17% 28.05% 5.50% 22.79% 8.79% 3.09 1.08 7.65 11.54 4.25
10.46% 16.34% 4.73% 21.54% 8.97% 0.51 6.32 12.48 15.87 6.75
13.06% 41.17% 5.50% 30.51% 10.33% 1.66 1.45 6.34 11.64 3.53
7.65% 14.97% 4.73% 42.59% 5.90% 0.37 4.28 13.75 23.76 1.92
10.73% 27.96% 5.50% 30.26% 8.73% 0.26 9.18 20.00 31.14 3.09
 Pre-tax
Operating
Non-cash Margin
WC as % Cap Ex as Net Cap Ex Equity (Lease &
Trailing of % of as % of Reinvestme Dividend Reinvestment R&D
PE Revenues Revenues Revenues nt Rate ROE Payout Ratio Rate adjusted)
13.99 3.14% 3.51% 1.78% 55.53% 13.57% 67.63% 67.63% 11.14%
53.69 46.91% 2.91% 0.63% 32.75% 9.87% 70.70% 70.70% 8.92%
71.79 1.05% 9.17% 4.03% 209.93% -11.37% 0.00% 0.00% 2.14%
13.80 26.21% 2.23% 1.53% 110.25% 13.52% 54.32% 54.32% 11.11%
10.30 -0.26% 8.32% 4.63% 89.08% 15.68% 10.55% 10.55% 7.03%
31.63 16.06% 3.61% 3.67% 162.71% 7.03% 37.14% 37.14% 5.68%
9.52 NA 1.31% 1.31% ### 11.35% 28.36% 28.36% 0.10%
24.60 NA 2.94% -4.35% NA 11.80% 29.11% 29.11% -0.10%
111.50 15.34% 7.88% 5.68% 56.82% 5.28% 79.00% 79.00% 20.17%
39.55 -9.06% 4.66% 5.68% 29.14% 31.94% 56.52% 56.52% 19.14%
6.93 10.62% 2.49% 2.55% 210.14% 20.76% 14.36% 14.36% 14.75%
15.40 NA 3.81% 2.51% ### 13.43% 28.69% 28.69% 0.26%
15.73 18.21% 2.46% 4.68% 72.99% 32.73% 12.95% 12.95% 14.00%
33.72 13.04% 2.84% 5.72% 102.04% 12.85% 28.23% 28.23% 9.42%
11.03 0.59% 11.05% -0.49% 1.52% 12.14% 29.05% 29.05% 19.53%
9.95 13.50% 4.69% 5.26% 58.55% 34.78% 27.40% 27.40% 13.15%
4.91 14.47% 3.80% 0.04% 23.18% 43.44% 14.61% 14.61% 13.63%
34.73 22.71% 5.93% 6.22% 91.87% 11.43% 40.46% 40.46% 15.30%
70.10 7.19% 6.65% 1.34% 16.33% 74.08% 20.43% 20.43% 22.33%
16.83 15.59% 1.23% -0.22% 30.66% 12.15% 93.58% 93.58% 6.95%
60.37 -8.76% 3.04% 1.82% 6.27% 96.26% 16.95% 16.95% 22.03%
23.67 20.31% 5.34% 6.04% 113.90% 18.78% 32.16% 32.16% 11.44%
14.46 7.61% 4.25% 2.76% 170.19% 0.82% 150.68% 150.68% 3.62%
113.80 13.00% 3.56% -0.02% 41.00% 0.68% 0.06% 0.06% 14.26%
17.77 19.45% 4.54% 2.73% 23.31% 24.54% 51.36% 51.36% 26.63%
18.21 7.96% 3.21% 9.24% 356.36% 3.19% 17.44% 17.44% 5.83%
50.35 25.55% 5.27% 15.00% 279.29% 13.20% 34.46% 34.46% 10.77%
78.61 13.68% 1.37% 2.41% 448.30% 1.28% 0.00% 0.00% 2.54%
58.25 22.42% 4.53% 13.58% 223.41% 12.42% 10.61% 10.61% 10.17%
29.06 20.01% 3.12% 7.93% 300.78% 7.50% 16.89% 16.89% 4.69%
47.74 4.19% 4.42% -0.50% 4.05% 1.18% 50.42% 50.42% 7.93%
76.99 10.04% 7.91% 9.63% 110.08% 16.47% 46.26% 46.26% 12.85%
22.12 14.83% 2.91% 3.34% 146.78% 23.65% 21.03% 21.03% 7.91%
32.70 NA 2.53% 3.64% 21.85% 48.08% 13.65% 13.65% 16.18%
52.47 6.76% 3.70% 3.71% 57.54% 11.54% 53.78% 53.78% 11.96%
25.14 6.34% 0.83% 0.90% 129.46% 18.98% 43.59% 43.59% 2.10%
14.03 15.84% 3.80% 3.80% 150.65% 5.45% 68.02% 68.02% 7.96%
34.62 -61.11% 45.96% 26.91% 158.40% 18.27% 56.85% 56.85% 24.44%
62.96 24.49% 4.86% 12.59% 129.31% 7.09% 46.13% 46.13% 15.92%
45.91 -7.14% 0.73% 0.80% 30.34% 12.34% 33.04% 33.04% 4.01%
 48.34 22.49% 4.91% 14.77% 129.68% -0.29% 0.04% 0.04% 17.59%
5.08 63.25% 0.51% 1.36% 69.96% 30.75% 5.45% 5.45% 18.79%
105.59 10.45% 6.03% 3.63% 63.44% 49.04% 13.56% 13.56% 11.62%
17.55 7.51% 8.08% 4.55% 255.83% 2.53% 49.43% 49.43% 3.95%
124.19 8.56% 3.73% 2.15% 30.09% 33.18% 63.69% 63.69% 17.13%
60.50 3.07% 2.98% 2.54% 21.79% 17.74% 28.07% 28.07% 24.73%
213.17 2.41% 0.91% 0.96% 67.91% 17.43% 16.85% 16.85% 21.86%
16.59 16.25% 0.15% 0.23% 0.68% 5.58% 38.24% 38.24% 8.39%
20.23 -51.12% 0.94% 0.58% 48.91% 5.71% 73.32% 73.32% 6.49%
413.14 NA 2.84% 7.45% 59.86% 17.17% 42.69% 42.69% 18.19%
43.77 25.95% 2.49% 10.79% 140.24% 15.49% 36.71% 36.71% 14.15%
17.60 12.05% 8.49% 2.34% 30.25% 21.10% 62.50% 62.50% 22.86%
23.35 10.58% 2.40% 5.74% 207.51% 7.96% 82.96% 82.96% 6.34%
6.71 3.16% 4.81% -1.24% -10.41% 32.42% 26.36% 26.36% 17.44%
20.68 -3.60% 18.86% 10.79% 44.23% 47.00% 23.15% 23.15% 35.68%
17.53 3.52% 8.00% 4.82% 67.11% 4.09% 314.97% 314.97% 10.82%
35.47 5.25% 1.90% 0.29% 23.85% 30.82% 17.58% 17.58% 7.37%
13.23 10.40% 5.75% 4.43% 86.94% 19.75% 28.64% 28.64% 9.63%
12.83 7.96% 4.84% 3.59% 37.23% 46.83% 7.88% 7.88% 18.59%
19.07 6.58% 29.22% 18.40% 145.69% 9.39% 60.56% 60.56% 15.68%
14.43 10.75% 23.69% 6.30% 116.48% 3.66% 160.36% 160.36% 10.50%
19.60 9.88% 3.45% 6.11% 120.37% 5.15% 52.37% 52.37% 7.84%
41.48 118.03% 3.06% -6.96% -30.90% 8.85% 107.80% 107.80% 23.20%
10.72 6.90% 1.67% -4.24% -52.57% 10.51% 0.00% 0.00% 17.48%
17.53 204.59% 1.81% -0.03% 66.78% 6.68% 33.20% 33.20% 18.60%
39.80 15.14% 1.19% -0.10% NA -3.58% 0.34% 0.34% 0.71%
18.80 18.85% 6.32% 8.46% 242.54% 3.95% 136.34% 136.34% 8.52%
16.52 -17.93% 0.14% -0.36% 5.92% 4.46% 34.96% 34.96% 4.64%
32.06 1.69% 5.51% 4.12% 45.04% NA 61.86% 61.86% 12.80%
10.00 8.14% 1.78% 5.13% 133.91% 43.25% 6.70% 6.70% 5.74%
14.31 10.00% 2.24% 0.63% 41.73% 0.48% 41.16% 41.16% 13.81%
27.14 17.14% 6.06% 7.95% 132.60% 27.37% 21.65% 21.65% 11.91%
18.55 2.62% 2.85% 1.26% 98.47% 18.29% 40.60% 40.60% 4.12%
16.75 -0.58% 2.16% 0.23% 42.41% 27.98% 19.82% 19.82% 2.92%
205.21 -0.43% 11.70% 8.25% 709.42% 2.54% 13.92% 13.92% 3.87%
19.97 7.81% 2.54% 1.60% 88.99% 24.16% 32.40% 32.40% 5.74%
7.09 13.33% 5.29% 0.86% 105.01% 19.81% 0.00% 0.00% 6.04%
29.66 20.33% 16.83% 9.42% 68.56% 22.77% 32.84% 32.84% 27.73%
20.07 34.29% 4.49% 15.24% 105.90% 46.52% 14.25% 14.25% 28.26%
10.02 9.40% 5.18% 0.15% 0.60% 35.29% 12.37% 12.37% 26.33%
13.49 24.98% 0.85% 2.24% 48.82% 36.28% 26.91% 26.91% 12.84%
105.43 6.68% 13.45% 14.04% 67.18% 22.77% 0.07% 0.07% 28.97%
28.70 11.33% 6.48% 11.03% NA -15.73% 0.00% 0.00% -1.67%
103.74 13.03% 8.17% 21.31% 137.64% 19.68% 34.01% 34.01% 24.17%
12.80 19.44% 4.05% 5.13% 48.70% 53.75% 5.25% 5.25% 19.89%
30.25 6.14% 17.16% 1.04% 62.19% 2.97% 6.28% 6.28% 12.27%
 36.73 23.11% 2.46% 3.52% 49.94% 20.13% 51.07% 51.07% 19.08%
145.85 0.37% 15.17% 5.76% 36.16% 15.76% 51.91% 51.91% 20.01%
13.55 11.37% 2.29% 2.11% 7.89% NA 107.17% 107.17% 44.06%
23.85 7.22% 4.73% 2.34% 50.48% 36.78% 33.45% 33.45% 9.38%
17.86 1.32% 14.80% 5.58% 18.86% 33.56% 35.88% 35.88% 39.86%
10.28 5.44% 12.29% 11.04% 192.67% 4.05% 35.60% 35.60% 9.50%
20.53 8.92% 32.90% 19.97% 150.35% 11.24% 59.28% 59.28% 18.01%
35.13 11.82% 50.56% 40.92% 178.69% 16.47% 45.39% 34.69% 29.37%
 Annual
Average Pre-tax
Revenue Operating Average Equity
Industry Number of growth - Last Margin After-tax effective tax Unlevered (Levered)
Name firms 5 years (Unadjusted) ROC rate Beta Beta Cost of equity
Advertising 58 18.17% 10.62% 36.62% 24.71% 1.35 1.63 13.57%
Aerospace/ 77 3.99% 8.64% 15.25% 16.51% 1.23 1.41 12.28%
Air Transpor 21 2.24% 2.11% 3.08% 35.99% 0.69 1.42 12.29%
Apparel 39 5.84% 10.16% 20.57% 20.51% 1.02 1.32 11.75%
Auto & Truc 31 28.06% 6.43% 6.46% 10.58% 1.23 1.54 13.03%
Auto Parts 37 7.07% 5.06% 10.26% 21.56% 1.20 1.47 12.64%
Bank (Money 7 1.94% 0.00% 0.03% 17.16% 0.74 1.08 10.30%
Banks (Regi 557 11.02% 0.00% -0.04% 21.05% 0.41 0.50 6.88%
Beverage (Al 23 12.54% 20.06% 14.66% 34.93% 0.88 1.01 9.90%
Beverage (S 31 15.05% 19.04% 28.72% 18.19% 1.20 1.30 11.62%
Broadcastin 26 19.54% 14.58% 13.52% 21.95% 0.70 1.32 11.73%
Brokerage & 30 14.23% 0.41% 0.06% 20.82% 0.69 1.20 11.04%
Building Mat 45 10.60% 13.81% 34.60% 22.05% 1.10 1.28 11.47%
Business & 164 8.46% 9.03% 23.99% 22.54% 1.02 1.17 10.84%
Cable TV 10 20.05% 19.90% 12.13% 29.82% 0.71 1.26 11.34%
Chemical (B 38 27.02% 13.05% 25.38% 20.97% 0.96 1.25 11.29%
Chemical (Di 4 1.75% 13.52% 20.35% 17.55% 1.09 1.41 12.27%
Chemical (Sp 76 9.48% 14.62% 17.83% 21.52% 1.12 1.28 11.47%
Coal & Rela 19 -3.71% 22.15% 41.79% 5.79% 1.43 1.45 12.51%
Computer Se 80 10.48% 6.57% 28.39% 20.90% 0.99 1.17 10.84%
Computers/P 42 16.36% 21.41% 42.63% 16.70% 1.23 1.29 11.55%
Construction 49 5.02% 11.13% 14.55% 21.15% 1.08 1.26 11.39%
Diversified 23 7.69% 3.44% 2.85% 15.97% 0.94 1.04 10.05%
Drugs (Biot 598 27.23% 12.02% 6.49% 14.25% 1.20 1.24 11.26%
Drugs (Phar 281 42.35% 27.39% 19.58% 12.15% 1.18 1.27 11.41%
Education 33 4.13% 5.28% 6.77% 28.83% 0.99 1.10 10.42%
Electrical E 110 13.90% 9.97% 18.40% 20.10% 1.43 1.59 13.32%
Electronics 16 -0.47% 1.85% 5.46% 10.06% 1.61 1.54 13.02%
Electronics 138 10.63% 9.74% 17.47% 19.00% 1.12 1.20 11.02%
Engineering 43 12.14% 4.42% 13.83% 22.88% 1.02 1.20 10.99%
Entertainme 110 28.59% 7.51% 11.23% 21.09% 1.25 1.45 12.49%
Environment 62 10.13% 12.59% 28.32% 22.11% 0.86 1.02 9.91%
Farming/Agri 39 17.57% 7.62% 15.17% 20.03% 0.93 1.14 10.65%
Financial Sv 223 10.44% 15.89% 0.65% 20.88% 0.11 0.89 9.14%
Food Proces 92 25.21% 11.77% 18.60% 19.90% 0.77 0.92 9.33%
Food Wholes 14 9.84% 2.10% 15.54% 22.25% 0.85 1.12 10.55%
Furn/Home F 32 14.45% 7.66% 15.24% 32.78% 0.95 1.27 11.43%
Green & Re 19 -14.71% 26.10% 4.68% 14.04% 0.88 1.60 13.39%
Healthcare 254 19.90% 15.02% 15.88% 15.50% 1.10 1.16 10.78%
Healthcare 131 20.16% 4.07% 33.79% 22.03% 1.07 1.16 10.77%
Heathcare I 138 20.45% 16.93% 19.10% 15.82% 1.37 1.47 12.62%
Homebuildin 32 15.82% 18.76% 28.17% 23.12% 1.33 1.50 12.80%
Hospitals/He 34 1.60% 11.62% 20.45% 24.11% 0.72 1.17 10.85%
Hotel/Gamin 69 7.58% 7.25% 2.34% 23.85% 1.06 1.46 12.55%
Household P 127 11.55% 16.99% 34.92% 20.16% 1.06 1.16 10.74%
Information 73 11.06% 24.02% 32.89% 19.11% 1.33 1.40 12.22%
Insurance ( 21 6.90% 21.82% 19.31% 20.38% 1.03 1.23 11.17%
Insurance (L 27 8.29% 8.34% 4.83% 14.55% 0.67 0.94 9.46%
Insurance ( 51 3.82% 6.41% 7.08% 19.87% 0.73 0.80 8.65%
Investments 600 10.79% 18.36% 9.16% 18.20% 0.54 0.62 7.58%
Machinery 116 8.50% 13.80% 27.44% 20.98% 1.09 1.22 11.16%
Metals & Mi 68 5.88% 22.89% 34.72% 38.41% 1.22 1.29 11.54%
Office Equi 16 15.79% 5.94% 12.19% 24.23% 0.84 1.18 10.87%
Oil/Gas (Int 4 12.12% 17.32% 22.37% 23.13% 0.95 0.98 9.69%
Oil/Gas (Pro 174 29.57% 35.55% 39.82% 20.96% 1.14 1.26 11.35%
Oil/Gas Dist 23 21.86% 10.55% 7.18% 16.73% 0.66 0.99 9.77%
Oilfield Svc 101 7.72% 7.26% 28.09% 21.08% 1.19 1.38 12.05%
Packaging & 25 5.90% 9.43% 16.04% 20.38% 0.67 0.95 9.54%
Paper/Fores 7 7.00% 18.47% 42.83% 25.80% 1.13 1.38 12.10%
Power 48 6.41% 15.57% 6.04% 13.47% 0.46 0.73 8.19%
Precious Me 74 3.74% 10.03% 5.28% 44.61% 1.19 1.23 11.21%
Publishing 20 3.32% 7.73% 15.25% 15.30% 0.91 1.11 10.50%
R.E.I.T. 223 9.57% 25.46% 3.29% 4.28% 0.69 1.06 10.20%
Real Estate 18 10.16% 18.64% 6.12% 22.96% 0.88 1.52 12.89%
Real Estate 12 8.74% 18.57% 6.51% 22.88% 0.66 0.79 8.57%
Real Estate 60 16.00% 1.17% 1.08% 20.23% 0.81 1.35 11.87%
Recreation 57 7.79% 9.19% 12.25% 20.05% 1.08 1.42 12.30%
Reinsurance 1 5.63% 4.65% 5.25% 6.48% 0.83 0.83 8.81%
Restaurant/ 70 6.28% 15.42% 18.38% 21.30% 1.17 1.41 12.26%
Retail (Auto 30 17.12% 6.19% 15.60% 23.56% 1.08 1.52 12.91%
Retail (Buil 15 13.02% 13.85% 50.28% 24.92% 1.57 1.79 14.51%
Retail (Distr 69 7.33% 11.66% 21.34% 23.46% 1.01 1.28 11.45%
Retail (Gene 15 4.32% 4.35% 17.89% 25.41% 1.22 1.36 11.98%
Retail (Groc 13 4.96% 3.32% 12.77% 22.30% 0.47 0.67 7.85%
Retail (Onlin 63 20.71% 2.30% 5.09% 0.44% 1.36 1.49 12.71%
Retail (Spec 78 13.32% 5.43% 15.72% 20.57% 1.19 1.48 12.64%
Rubber& Tir 3 12.42% 5.55% 9.62% 0.00% 0.27 0.84 8.86%
Semiconduc 68 8.88% 25.44% 18.52% 10.21% 1.53 1.61 13.43%
Semiconduct 30 15.70% 27.30% 38.17% 13.50% 1.69 1.76 14.32%
Shipbuilding 8 15.54% 25.50% 28.79% 15.56% 0.78 0.94 9.49%
Shoe 13 11.90% 12.86% 33.42% 14.21% 1.29 1.33 11.77%
Software (En 91 30.38% 25.91% 21.87% 15.92% 1.36 1.36 11.98%
Software (In 33 25.94% -5.85% -1.03% 19.11% 1.42 1.55 13.09%
Software (Sy 390 20.10% 21.81% 22.47% 17.78% 1.41 1.47 12.61%
Steel 28 15.21% 19.84% 48.63% 20.63% 1.21 1.34 11.85%
Telecom (Wi 16 18.50% 14.05% 6.15% 4.74% 0.71 1.03 10.00%
Telecom. Eq 79 3.51% 18.34% 25.99% 18.45% 1.18 1.23 11.20%
Telecom. Se 49 16.81% 19.98% 12.38% 22.10% 0.47 0.88 9.12%
Tobacco 15 5.77% 43.76% 70.88% 25.22% 1.74 2.00 15.76%
Transportati 18 14.99% 9.35% 24.20% 22.17% 0.92 1.06 10.17%
Transportati 4 3.78% 40.06% 16.94% 22.29% 0.93 1.11 10.46%
Trucking 35 14.16% 8.93% 13.53% 24.44% 1.23 1.55 13.06%
Utility (Gene 15 4.05% 18.19% 5.82% 16.65% 0.41 0.64 7.65%
Utility (Wate 16 14.35% 29.51% 6.91% 18.06% 0.87 1.15 10.73%
Std deviation
in stock Pre-tax cost Market Cost of
prices of debt Debt/Capital capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book
52.72% 5.88% 31.03% 10.73% 3.51 1.96 10.36 17.03 4.59
37.56% 5.50% 20.67% 10.59% 1.87 2.55 14.59 23.98 4.93
37.73% 5.50% 65.08% 6.98% 1.60 1.02 9.39 47.45 2.74
38.51% 5.50% 34.02% 9.15% 2.10 1.16 7.02 10.38 2.42
52.61% 5.88% 33.42% 10.15% 0.95 1.81 12.75 27.02 2.92
39.52% 5.50% 29.90% 10.09% 1.97 0.82 7.18 14.54 1.89
19.59% 4.73% 68.39% 5.68% 0.32 4.49 NA NA 0.99
16.76% 4.73% 39.25% 5.57% 0.47 4.34 NA NA 1.24
49.87% 5.50% 18.64% 8.82% 0.80 4.07 15.91 20.15 3.19
41.72% 5.50% 13.25% 10.63% 1.60 4.67 20.01 24.14 8.23
46.90% 5.50% 59.49% 7.21% 1.09 1.33 6.55 8.98 0.88
28.00% 5.50% 66.79% 6.42% 0.26 4.46 NA NA 1.62
29.19% 5.50% 22.44% 9.82% 2.96 1.36 7.85 9.73 3.19
45.78% 5.50% 21.55% 9.39% 2.80 2.05 13.18 21.79 3.90
25.41% 5.50% 51.75% 7.60% 0.80 2.43 7.39 12.43 2.04
46.58% 5.50% 32.57% 8.95% 2.14 0.89 4.92 6.66 1.94
39.49% 5.50% 36.81% 9.27% 1.70 0.91 5.02 6.71 1.89
42.32% 5.50% 21.51% 9.89% 1.30 2.48 10.53 16.53 2.83
61.96% 5.88% 17.84% 11.06% 1.91 1.43 3.81 5.31 2.46
47.78% 5.50% 24.56% 9.19% 4.36 1.17 10.56 16.72 4.03
48.73% 5.50% 8.69% 10.90% 2.12 3.67 14.73 17.08 25.56
35.11% 5.50% 23.15% 9.71% 1.42 2.15 12.93 18.75 3.66
57.84% 5.88% 17.52% 9.06% 0.81 2.50 30.96 69.44 1.85
58.41% 5.88% 13.29% 10.35% 0.46 6.18 11.03 40.68 5.80
64.88% 5.88% 11.98% 10.57% 0.75 4.85 12.34 17.37 5.28
41.81% 5.50% 23.44% 8.94% 1.24 1.85 9.65 30.36 1.81
58.55% 5.88% 18.38% 11.68% 1.78 2.77 12.69 22.72 3.13
39.56% 5.50% 14.13% 11.76% 2.23 0.78 10.43 27.83 1.87
44.94% 5.50% 15.84% 9.92% 1.83 1.94 11.92 19.25 3.06
35.17% 5.50% 24.01% 9.34% 3.40 1.08 13.17 22.99 2.82
57.81% 5.88% 24.97% 10.47% 1.46 3.06 17.46 39.96 2.22
48.09% 5.50% 20.34% 8.73% 2.33 3.03 14.02 23.39 5.29
54.43% 5.88% 25.30% 9.07% 2.05 1.22 12.61 15.58 3.47
27.15% 5.50% 90.95% 4.58% 0.05 23.49 91.88 90.63 1.69
34.23% 5.50% 22.40% 8.16% 1.69 2.10 13.24 17.40 2.61
32.42% 5.50% 31.58% 8.52% 8.41 0.41 12.02 19.71 4.54
41.91% 5.50% 35.87% 8.81% 2.19 0.88 6.28 10.05 1.82
67.60% 7.01% 54.77% 8.93% 0.21 7.79 12.70 31.28 1.08
50.94% 5.88% 11.19% 10.07% 1.03 5.15 19.09 32.02 4.70
47.79% 5.50% 19.10% 9.50% 9.03 0.69 12.16 16.78 3.60
53.87% 5.88% 12.44% 11.60% 1.13 5.33 19.36 30.49 4.33
33.33% 5.50% 24.43% 10.68% 1.82 0.85 4.39 4.54 1.29
51.19% 5.88% 46.59% 7.85% 1.95 1.57 8.70 13.48 5.33
38.05% 5.50% 39.97% 9.18% 0.65 4.20 15.19 82.58 6.77
56.83% 5.88% 13.44% 9.89% 2.19 3.65 16.85 21.19 9.17
45.11% 5.50% 11.55% 11.29% 1.51 6.26 18.38 24.56 5.97
43.76% 5.50% 23.37% 9.53% 0.98 2.16 7.43 9.81 2.59
28.89% 5.50% 48.03% 6.90% 0.65 1.33 10.67 12.25 1.73
27.67% 5.50% 17.67% 7.85% 1.22 1.39 14.62 21.02 2.20
9.91% 4.73% 27.72% 6.47% 0.52 5.16 18.34 22.44 2.13
32.36% 5.50% 17.25% 9.94% 2.16 2.67 14.08 18.89 4.06
70.06% 7.01% 17.73% 10.43% 1.58 2.06 6.58 8.85 2.75
35.22% 5.50% 40.05% 8.17% 2.38 0.93 8.45 14.91 2.02
30.55% 5.50% 10.32% 9.11% 1.50 1.39 5.73 7.98 2.25
56.98% 5.88% 16.72% 10.19% 1.17 2.12 4.28 5.87 2.43
33.55% 5.50% 41.66% 7.42% 0.71 2.60 11.36 19.41 2.72
46.90% 5.50% 24.59% 10.10% 4.10 0.58 5.90 7.78 2.07
24.43% 4.73% 38.26% 7.25% 1.95 1.25 8.24 12.95 2.50
42.84% 5.50% 30.49% 9.66% 2.64 0.77 3.43 4.16 2.85
17.18% 4.73% 43.55% 6.17% 0.44 3.75 12.97 23.95 1.98
72.54% 7.01% 14.03% 10.37% 0.52 3.55 10.88 33.92 1.68
30.92% 5.50% 29.66% 8.61% 2.15 1.16 8.40 14.86 1.58
21.54% 4.73% 43.61% 7.30% 0.15 11.06 19.89 43.36 1.93
51.25% 5.88% 52.95% 8.40% 0.38 2.81 10.54 15.46 0.94
28.66% 5.50% 28.48% 7.31% 0.39 4.02 14.89 21.39 0.97
44.43% 5.50% 52.21% 7.83% 1.57 1.00 8.80 159.94 1.65
42.13% 5.50% 34.24% 9.50% 1.59 1.77 9.66 20.26 3.24
19.37% 4.73% 31.08% 7.17% 1.21 0.63 12.08 13.62 2.54
41.15% 5.50% 23.53% 10.34% 1.57 4.07 16.79 31.71 NA
35.71% 5.50% 36.50% 9.70% 3.23 0.91 9.75 15.11 6.07
37.55% 5.50% 17.50% 12.69% 4.20 1.96 11.47 14.16 NA
37.08% 5.50% 28.35% 9.38% 2.07 1.45 9.43 11.19 3.35
31.53% 5.50% 16.65% 10.67% 5.51 0.81 11.90 19.73 5.45
28.26% 5.50% 39.69% 6.37% 5.23 0.37 5.89 12.82 2.75
59.41% 5.88% 16.09% 11.38% 1.34 1.87 16.07 98.64 6.16
38.59% 5.50% 28.14% 10.25% 3.22 0.97 8.40 16.59 4.42
39.79% 5.50% 76.76% 5.22% 1.59 0.55 4.81 9.42 0.55
38.40% 5.50% 10.12% 12.49% 0.72 4.98 12.66 19.34 3.79
41.57% 5.50% 10.54% 13.24% 1.51 3.66 11.78 13.34 6.40
41.16% 5.50% 28.07% 7.98% 1.17 1.07 3.28 4.06 1.06
39.37% 5.50% 8.27% 11.13% 2.91 3.22 20.23 25.05 9.04
58.71% 5.88% 4.58% 11.63% 0.78 3.59 10.65 13.79 3.80
55.24% 5.88% 15.01% 11.79% 0.67 6.33 14.84 NA 5.21
52.11% 5.88% 8.56% 11.91% 0.96 7.59 21.33 31.83 8.39
38.30% 5.50% 22.24% 10.14% 2.87 0.68 2.96 3.39 1.51
51.92% 5.88% 39.45% 7.80% 0.52 3.18 8.74 25.66 2.19
41.35% 5.50% 10.46% 10.46% 1.42 3.56 14.70 19.00 5.20
55.37% 5.88% 54.07% 6.57% 0.66 2.18 5.98 10.88 1.29
44.06% 5.50% 19.39% 13.51% 1.78 5.05 10.76 11.47 NA
28.05% 5.50% 22.79% 8.79% 3.09 1.08 7.65 11.54 4.25
16.34% 4.73% 21.54% 8.97% 0.51 6.32 12.48 15.87 6.75
41.17% 5.50% 30.51% 10.33% 1.66 1.45 6.34 11.64 3.53
14.97% 4.73% 42.59% 5.90% 0.37 4.28 13.75 23.76 1.92
27.96% 5.50% 30.26% 8.73% 0.26 9.18 20.00 31.14 3.09
 Pre-tax
Operating
Margin
Non-cash WC Net Cap Ex Equity (Lease &
as % of Cap Ex as % as % of Reinvestment Dividend Reinvestment R&D
Trailing PE Revenues of Revenues Revenues Rate ROE Payout Ratio Rate adjusted)
13.99 3.14% 3.51% 1.78% 55.53% 13.57% 67.63% 67.63% 11.14%
53.69 46.91% 2.91% 0.63% 32.75% 9.87% 70.70% 70.70% 8.92%
71.79 1.05% 9.17% 4.03% 209.93% -11.37% 0.00% 0.00% 2.14%
13.80 26.21% 2.23% 1.53% 110.25% 13.52% 54.32% 54.32% 11.11%
10.30 -0.26% 8.32% 4.63% 89.08% 15.68% 10.55% 10.55% 7.03%
31.63 16.06% 3.61% 3.67% 162.71% 7.03% 37.14% 37.14% 5.68%
9.52 NA 1.31% 1.31% ### 11.35% 28.36% 28.36% 0.10%
24.60 NA 2.94% -4.35% NA 11.80% 29.11% 29.11% -0.10%
111.50 15.34% 7.88% 5.68% 56.82% 5.28% 79.00% 79.00% 20.17%
39.55 -9.06% 4.66% 5.68% 29.14% 31.94% 56.52% 56.52% 19.14%
6.93 10.62% 2.49% 2.55% 210.14% 20.76% 14.36% 14.36% 14.75%
15.40 NA 3.81% 2.51% ### 13.43% 28.69% 28.69% 0.26%
15.73 18.21% 2.46% 4.68% 72.99% 32.73% 12.95% 12.95% 14.00%
33.72 13.04% 2.84% 5.72% 102.04% 12.85% 28.23% 28.23% 9.42%
11.03 0.59% 11.05% -0.49% 1.52% 12.14% 29.05% 29.05% 19.53%
9.95 13.50% 4.69% 5.26% 58.55% 34.78% 27.40% 27.40% 13.15%
4.91 14.47% 3.80% 0.04% 23.18% 43.44% 14.61% 14.61% 13.63%
34.73 22.71% 5.93% 6.22% 91.87% 11.43% 40.46% 40.46% 15.30%
70.10 7.19% 6.65% 1.34% 16.33% 74.08% 20.43% 20.43% 22.33%
16.83 15.59% 1.23% -0.22% 30.66% 12.15% 93.58% 93.58% 6.95%
60.37 -8.76% 3.04% 1.82% 6.27% 96.26% 16.95% 16.95% 22.03%
23.67 20.31% 5.34% 6.04% 113.90% 18.78% 32.16% 32.16% 11.44%
14.46 7.61% 4.25% 2.76% 170.19% 0.82% 150.68% 150.68% 3.62%
113.80 13.00% 3.56% -0.02% 41.00% 0.68% 0.06% 0.06% 14.26%
17.77 19.45% 4.54% 2.73% 23.31% 24.54% 51.36% 51.36% 26.63%
18.21 7.96% 3.21% 9.24% 356.36% 3.19% 17.44% 17.44% 5.83%
50.35 25.55% 5.27% 15.00% 279.29% 13.20% 34.46% 34.46% 10.77%
78.61 13.68% 1.37% 2.41% 448.30% 1.28% 0.00% 0.00% 2.54%
58.25 22.42% 4.53% 13.58% 223.41% 12.42% 10.61% 10.61% 10.17%
29.06 20.01% 3.12% 7.93% 300.78% 7.50% 16.89% 16.89% 4.69%
47.74 4.19% 4.42% -0.50% 4.05% 1.18% 50.42% 50.42% 7.93%
76.99 10.04% 7.91% 9.63% 110.08% 16.47% 46.26% 46.26% 12.85%
22.12 14.83% 2.91% 3.34% 146.78% 23.65% 21.03% 21.03% 7.91%
32.70 NA 2.53% 3.64% 21.85% 48.08% 13.65% 13.65% 16.18%
52.47 6.76% 3.70% 3.71% 57.54% 11.54% 53.78% 53.78% 11.96%
25.14 6.34% 0.83% 0.90% 129.46% 18.98% 43.59% 43.59% 2.10%
14.03 15.84% 3.80% 3.80% 150.65% 5.45% 68.02% 68.02% 7.96%
34.62 -61.11% 45.96% 26.91% 158.40% 18.27% 56.85% 56.85% 24.44%
62.96 24.49% 4.86% 12.59% 129.31% 7.09% 46.13% 46.13% 15.92%
45.91 -7.14% 0.73% 0.80% 30.34% 12.34% 33.04% 33.04% 4.01%
48.34 22.49% 4.91% 14.77% 129.68% -0.29% 0.04% 0.04% 17.59%
5.08 63.25% 0.51% 1.36% 69.96% 30.75% 5.45% 5.45% 18.79%
105.59 10.45% 6.03% 3.63% 63.44% 49.04% 13.56% 13.56% 11.62%
 17.55 7.51% 8.08% 4.55% 255.83% 2.53% 49.43% 49.43% 3.95%
124.19 8.56% 3.73% 2.15% 30.09% 33.18% 63.69% 63.69% 17.13%
60.50 3.07% 2.98% 2.54% 21.79% 17.74% 28.07% 28.07% 24.73%
213.17 2.41% 0.91% 0.96% 67.91% 17.43% 16.85% 16.85% 21.86%
16.59 16.25% 0.15% 0.23% 0.68% 5.58% 38.24% 38.24% 8.39%
20.23 -51.12% 0.94% 0.58% 48.91% 5.71% 73.32% 73.32% 6.49%
413.14 NA 2.84% 7.45% 59.86% 17.17% 42.69% 42.69% 18.19%
43.77 25.95% 2.49% 10.79% 140.24% 15.49% 36.71% 36.71% 14.15%
17.60 12.05% 8.49% 2.34% 30.25% 21.10% 62.50% 62.50% 22.86%
23.35 10.58% 2.40% 5.74% 207.51% 7.96% 82.96% 82.96% 6.34%
6.71 3.16% 4.81% -1.24% -10.41% 32.42% 26.36% 26.36% 17.44%
20.68 -3.60% 18.86% 10.79% 44.23% 47.00% 23.15% 23.15% 35.68%
17.53 3.52% 8.00% 4.82% 67.11% 4.09% 314.97% 314.97% 10.82%
35.47 5.25% 1.90% 0.29% 23.85% 30.82% 17.58% 17.58% 7.37%
13.23 10.40% 5.75% 4.43% 86.94% 19.75% 28.64% 28.64% 9.63%
12.83 7.96% 4.84% 3.59% 37.23% 46.83% 7.88% 7.88% 18.59%
19.07 6.58% 29.22% 18.40% 145.69% 9.39% 60.56% 60.56% 15.68%
14.43 10.75% 23.69% 6.30% 116.48% 3.66% 160.36% 160.36% 10.50%
19.60 9.88% 3.45% 6.11% 120.37% 5.15% 52.37% 52.37% 7.84%
41.48 118.03% 3.06% -6.96% -30.90% 8.85% 107.80% 107.80% 23.20%
10.72 6.90% 1.67% -4.24% -52.57% 10.51% 0.00% 0.00% 17.48%
17.53 204.59% 1.81% -0.03% 66.78% 6.68% 33.20% 33.20% 18.60%
39.80 15.14% 1.19% -0.10% NA -3.58% 0.34% 0.34% 0.71%
18.80 18.85% 6.32% 8.46% 242.54% 3.95% 136.34% 136.34% 8.52%
16.52 -17.93% 0.14% -0.36% 5.92% 4.46% 34.96% 34.96% 4.64%
32.06 1.69% 5.51% 4.12% 45.04% NA 61.86% 61.86% 12.80%
10.00 8.14% 1.78% 5.13% 133.91% 43.25% 6.70% 6.70% 5.74%
14.31 10.00% 2.24% 0.63% 41.73% 0.48% 41.16% 41.16% 13.81%
27.14 17.14% 6.06% 7.95% 132.60% 27.37% 21.65% 21.65% 11.91%
18.55 2.62% 2.85% 1.26% 98.47% 18.29% 40.60% 40.60% 4.12%
16.75 -0.58% 2.16% 0.23% 42.41% 27.98% 19.82% 19.82% 2.92%
205.21 -0.43% 11.70% 8.25% 709.42% 2.54% 13.92% 13.92% 3.87%
19.97 7.81% 2.54% 1.60% 88.99% 24.16% 32.40% 32.40% 5.74%
7.09 13.33% 5.29% 0.86% 105.01% 19.81% 0.00% 0.00% 6.04%
29.66 20.33% 16.83% 9.42% 68.56% 22.77% 32.84% 32.84% 27.73%
20.07 34.29% 4.49% 15.24% 105.90% 46.52% 14.25% 14.25% 28.26%
10.02 9.40% 5.18% 0.15% 0.60% 35.29% 12.37% 12.37% 26.33%
13.49 24.98% 0.85% 2.24% 48.82% 36.28% 26.91% 26.91% 12.84%
105.43 6.68% 13.45% 14.04% 67.18% 22.77% 0.07% 0.07% 28.97%
28.70 11.33% 6.48% 11.03% NA -15.73% 0.00% 0.00% -1.67%
103.74 13.03% 8.17% 21.31% 137.64% 19.68% 34.01% 34.01% 24.17%
12.80 19.44% 4.05% 5.13% 48.70% 53.75% 5.25% 5.25% 19.89%
30.25 6.14% 17.16% 1.04% 62.19% 2.97% 6.28% 6.28% 12.27%
36.73 23.11% 2.46% 3.52% 49.94% 20.13% 51.07% 51.07% 19.08%
145.85 0.37% 15.17% 5.76% 36.16% 15.76% 51.91% 51.91% 20.01%
13.55 11.37% 2.29% 2.11% 7.89% NA 107.17% 107.17% 44.06%
23.85 7.22% 4.73% 2.34% 50.48% 36.78% 33.45% 33.45% 9.38%
17.86 1.32% 14.80% 5.58% 18.86% 33.56% 35.88% 35.88% 39.86%
10.28 5.44% 12.29% 11.04% 192.67% 4.05% 35.60% 35.60% 9.50%
20.53 8.92% 32.90% 19.97% 150.35% 11.24% 59.28% 59.28% 18.01%
35.13 11.82% 50.56% 40.92% 178.69% 16.47% 45.39% 34.69% 29.37%
If you are a multinational company and have a breakdown by country, you can use this table (for up to 10 countr
Country Revenues ERP Weight Weighted ERP
China 800 7.16% 40.00% 2.86%
United States 1200 5.94% 60.00% 3.56%
0.00% 0.00% 0.00%
The last two rows in each of coun
0.00% 0.00% 0.00% set aside for your input to provide
0.00% 0.00% 0.00% numbers directly. For instance, a
0.00% 0.00% 0.00% that breaks its revenues down into
0.00% 0.00% 0.00% rest into "Rest of the World". You
in one of these two rows and ente
0.00% 0.00% 0.00% rest of the world. The easiest w
0.00% 0.00% 0.00% country equity risk premium work
0.00% 0.00% 0.00% three countries that you have da
0.00% 0.00% global weighted average ERP for
regional worksheet, you can use t
0.00% 0.00% for an individual country (usually
Total 2000 100.00% 6.43% be broken out though the rest of t
If you are a multinational company and have a breakdown only by region, you can use region. You can look up the ER
ERP wo
Region Revenues ERP Weight Weighted ERP
Africa 15.58% 0.00% 0.0000%
Asia 9654 7.87% 7.94% 0.6244%
Australia & New Zealand 5.94% 0.00% 0.0000%
Caribbean 17.13% 0.00% 0.0000%
Central and South Am 2756 12.51% 2.27% 0.2833%
Eastern Europe & Russia 13.73% 0.00% 0.0000%
Middle East 8.45% 0.00% 0.0000%
North America 92678 5.94% 76.18% 4.5254%
Western Europe 7.45% 0.00% 0.0000%
EMEA 16561 7.76% 13.61% 1.0564%
0.00% 0.0000%
Total 121649 100.00% 6.4895%
his table (for up to 10 countries)

The last two rows in each of country/regiion risk premium tables is

set aside for your input to provide you with flexibility to enter some
numbers directly. For instance, assume that you have a company
that breaks its revenues down into three countries and then puts the
rest into "Rest of the World". You can enter the "Rest of the World"
in one of these two rows and enter an equity risk premium for the
rest of the world. The easiest way to do that is to go into the
country equity risk premium worksheet and change the GDP for the
three countries that you have data for to zero and compute the
global weighted average ERP for the remaining countries. With the
regional worksheet, you can use the last two rows to enter the data
for an individual country (usually the domestic country) that might
be broken out though the rest of the revenues are broken down by
region. You can look up the ERP for the country in the country
ERP worksheet.
Mature Market ERP + 5.94% Updated January 1, 2023
Changing this number will update all your country equity risk premiums.

Country Moody's rating

Adj. Default Spread
Equity Risk Premium
Country Risk Premium
Abu Dhabi Aa2 0.60% 6.79% 0.85%
Albania B1 5.51% 13.71% 7.77%
Algeria NR 3.68% 11.13% 5.19%
Andorra (Principality of Baa2 2.33% 9.23% 3.29%
Angola B3 7.95% 17.16% 11.22%
Argentina Ca 14.68% 26.65% 20.71%
Armenia Ba3 4.40% 12.15% 6.21%
Aruba Baa2 2.33% 9.23% 3.29%
Australia Aaa 0.00% 5.94% 0.00%
Austria Aa1 0.49% 6.63% 0.69%
Azerbaijan Ba1 3.06% 10.26% 4.32%
Bahamas B1 5.51% 13.71% 7.77%
Bahrain B2 6.73% 15.43% 9.49%
Bangladesh Ba3 4.40% 12.15% 6.21%
Barbados Caa1 9.17% 18.88% 12.94%
Belarus Ca 14.68% 26.65% 20.71%
Belgium Aa3 0.73% 6.97% 1.03%
Belize Caa2 11.02% 21.48% 15.54%
Benin B1 5.51% 13.71% 7.77%
Bermuda A2 1.04% 7.40% 1.46%
Bolivia B2 6.73% 15.43% 9.49%
Bosnia and Herzegovina B3 7.95% 17.16% 11.22%
Botswana A3 1.47% 8.01% 2.07%
Brazil Ba2 3.68% 11.13% 5.19%
Brunei NR 1.04% 7.40% 1.46%
Bulgaria Baa1 1.96% 8.70% 2.76%
Burkina Faso Caa1 9.17% 18.88% 12.94%
Cambodia B2 6.73% 15.43% 9.49%
Cameroon B2 6.73% 15.43% 9.49%
Canada Aaa 0.00% 5.94% 0.00%
Cape Verde B3 7.95% 17.16% 11.22%
Cayman Islands Aa3 0.73% 6.97% 1.03%
Chile A2 1.04% 7.40% 1.46%
China A1 0.86% 7.16% 1.22%
Colombia Baa2 2.33% 9.23% 3.29%
Congo (Democratic Repu B3 7.95% 17.16% 11.22%
Congo (Republic of) Caa2 11.02% 21.48% 15.54%
Cook Islands B1 5.51% 13.71% 7.77%
Costa Rica B2 6.73% 15.43% 9.49%
Côte d'Ivoire Ba3 4.40% 12.15% 6.21%
Croatia Baa2 2.33% 9.23% 3.29%
Cuba Ca 14.68% 26.65% 20.71%
Curacao Baa2 2.33% 9.23% 3.29%
Cyprus Ba1 3.06% 10.26% 4.32%
Czech Republic Aa3 0.73% 6.97% 1.03%
Denmark Aaa 0.00% 5.94% 0.00%
Dominican Republic Ba3 4.40% 12.15% 6.21%
Ecuador Caa3 12.24% 23.20% 17.26%
Egypt B2 6.73% 15.43% 9.49%
El Salvador Caa3 12.24% 23.20% 17.26%
Estonia A1 0.86% 7.16% 1.22%
Ethiopia Caa2 11.02% 21.48% 15.54%
Fiji B1 5.51% 13.71% 7.77%
Finland Aa1 0.49% 6.63% 0.69%
France Aa2 0.60% 6.79% 0.85%
Gabon Caa1 9.17% 18.88% 12.94%
Gambia NR 6.73% 15.43% 9.49%
Georgia Ba2 3.68% 11.13% 5.19%
Germany Aaa 0.00% 5.94% 0.00%
Ghana Ca 14.68% 26.65% 20.71%
Greece Ba3 4.40% 12.15% 6.21%
Guatemala Ba1 3.06% 10.26% 4.32%
Guernsey (States of) Aaa 0.00% 5.94% 0.00%
Guinea NR 11.02% 21.48% 15.54%
Guinea-Bissau NR 7.95% 17.16% 11.22%
Guyana NR 1.96% 8.70% 2.76%
Haiti NR 14.68% 26.65% 20.71%
Honduras B1 5.51% 13.71% 7.77%
Hong Kong Aa3 0.73% 6.97% 1.03%
Hungary Baa2 2.33% 9.23% 3.29%
Iceland A2 1.04% 7.40% 1.46%
India Baa3 2.69% 9.73% 3.79%
Indonesia Baa2 2.33% 9.23% 3.29%
Iran NR 5.51% 13.71% 7.77%
Iraq Caa1 9.17% 18.88% 12.94%
Ireland A1 0.86% 7.16% 1.22%
Isle of Man Aa3 0.73% 6.97% 1.03%
Israel A1 0.86% 7.16% 1.22%
Italy Baa3 2.69% 9.73% 3.79%
Jamaica B2 6.73% 15.43% 9.49%
Japan A1 0.86% 7.16% 1.22%
Jersey (States of) Aaa 0.00% 5.94% 0.00%
Jordan B1 5.51% 13.71% 7.77%
Kazakhstan Baa2 2.33% 9.23% 3.29%
Kenya B2 6.73% 15.43% 9.49%
Korea Aa2 0.60% 6.79% 0.85%
Korea, D.P.R. NR 14.68% 26.65% 20.71%
Kuwait A1 0.86% 7.16% 1.22%
Kyrgyzstan B3 7.95% 17.16% 11.22%
Laos Caa3 12.24% 23.20% 17.26%
Latvia A3 1.47% 8.01% 2.07%
Lebanon C 17.50% 30.63% 24.69%
Liberia NR 11.02% 21.48% 15.54%
Libya NR 3.68% 11.13% 5.19%
Liechtenstein Aaa 0.00% 5.94% 0.00%
Lithuania A2 1.04% 7.40% 1.46%
Luxembourg Aaa 0.00% 5.94% 0.00%
Macao Aa3 0.73% 6.97% 1.03%
Macedonia Ba3 4.40% 12.15% 6.21%
Madagascar NR 7.95% 17.16% 11.22%
Malawi NR 14.68% 26.65% 20.71%
Malaysia A3 1.47% 8.01% 2.07%
Maldives Caa1 9.17% 18.88% 12.94%
Mali Caa2 11.02% 21.48% 15.54%
Malta A2 1.04% 7.40% 1.46%
Mauritius Baa3 2.69% 9.73% 3.79%
Mexico Baa2 2.33% 9.23% 3.29%
Moldova B3 7.95% 17.16% 11.22%
Mongolia B3 7.95% 17.16% 11.22%
Montenegro B1 5.51% 13.71% 7.77%
Montserrat Baa3 2.69% 9.73% 3.79%
Morocco Ba1 3.06% 10.26% 4.32%
Mozambique Caa2 11.02% 21.48% 15.54%
Myanmar NR 12.24% 23.20% 17.26%
Namibia B1 5.51% 13.71% 7.77%
Netherlands Aaa 0.00% 5.94% 0.00%
New Zealand Aaa 0.00% 5.94% 0.00%
Nicaragua B3 7.95% 17.16% 11.22%
Niger B3 7.95% 17.16% 11.22%
Nigeria B3 7.95% 17.16% 11.22%
Norway Aaa 0.00% 5.94% 0.00%
Oman Ba3 4.40% 12.15% 6.21%
Pakistan Caa1 9.17% 18.88% 12.94%
Panama Baa2 2.33% 9.23% 3.29%
Papua New Guinea B2 6.73% 15.43% 9.49%
Paraguay Ba1 3.06% 10.26% 4.32%
Peru Baa1 1.96% 8.70% 2.76%
Philippines Baa2 2.33% 9.23% 3.29%
Poland A2 1.04% 7.40% 1.46%
Portugal Baa2 2.33% 9.23% 3.29%
Qatar Aa3 0.73% 6.97% 1.03%
Ras Al Khaimah (Emirat A3 1.47% 8.01% 2.07%
Romania Baa3 2.69% 9.73% 3.79%
Russia Caa1 9.17% 18.88% 12.94%
Rwanda B2 6.73% 15.43% 9.49%
Saudi Arabia A1 0.86% 7.16% 1.22%
Senegal Ba3 4.40% 12.15% 6.21%
Serbia Ba2 3.68% 11.13% 5.19%
Sharjah Ba1 3.06% 10.26% 4.32%
Sierra Leone NR 14.68% 26.65% 20.71%
Singapore Aaa 0.00% 5.94% 0.00%
Slovakia A2 1.04% 7.40% 1.46%
Slovenia A3 1.47% 8.01% 2.07%
Solomon Islands Caa1 9.17% 18.88% 12.94%
Somalia NR 14.68% 26.65% 20.71%
South Africa Ba2 3.68% 11.13% 5.19%
Spain Baa1 1.96% 8.70% 2.76%
Sri Lanka Ca 14.68% 26.65% 20.71%
St. Maarten Ba2 3.68% 11.13% 5.19%
St. Vincent & the Grena B3 7.95% 17.16% 11.22%
Sudan NR 17.50% 30.63% 24.69%
Suriname Caa3 12.24% 23.20% 17.26%
Swaziland B3 7.95% 17.16% 11.22%
Sweden Aaa 0.00% 5.94% 0.00%
Switzerland Aaa 0.00% 5.94% 0.00%
Syria NR 17.50% 30.63% 24.69%
Taiwan Aa3 0.73% 6.97% 1.03%
Tajikistan B3 7.95% 17.16% 11.22%
Tanzania B2 6.73% 15.43% 9.49%
Thailand Baa1 1.96% 8.70% 2.76%
Togo B3 7.95% 17.16% 11.22%
Trinidad and Tobago Ba2 3.68% 11.13% 5.19%
Tunisia Caa1 9.17% 18.88% 12.94%
Turkey B3 7.95% 17.16% 11.22%
Turks and Caicos Island Baa1 1.96% 8.70% 2.76%
Uganda B2 6.73% 15.43% 9.49%
Ukraine Caa3 12.24% 23.20% 17.26%
United Arab Emirates Aa2 0.60% 6.79% 0.85%
United Kingdom Aa3 0.73% 6.97% 1.03%
United States Aaa 0.00% 5.94% 0.00%
Uruguay Baa2 2.33% 9.23% 3.29%
Uzbekistan B1 5.51% 13.71% 7.77%
Venezuela C 17.50% 30.63% 24.69%
Vietnam Ba2 3.68% 11.13% 5.19%
Yemen, Republic NR 17.50% 30.63% 24.69%
Zambia Ca 14.68% 26.65% 20.71%
Zimbabwe NR 9.17% 18.88% 12.94%

Region Weighted Average:

Weighted
ERPAverage: Default Spreads Tax Rate Weighted Average: CRP
Africa 15.58% 6.83% 27.27% 9.64%
Asia 7.87% 1.37% 24.52% 1.93%
Australia & New Zealand 5.94% 0.00% 29.72% 0.00%
Caribbean 17.13% 7.93% 25.63% 11.19%
Central and South America 12.51% 4.65% 31.46% 6.57%
Eastern Europe & Russia 13.73% 5.52% 18.35% 7.79%
Middle East 8.45% 1.78% 15.18% 2.51%
North America 5.94% 0.00% 25.00% 0.00%
Western Europe 7.45% 1.07% 24.83% 1.51%
Global 7.98% 1.45% 24.67% 2.04%
Corporate Tax Rate
15.00%
15.00%
26.00%
18.98%
25.00%
35.00%
18.00%
25.00%
30.00%
24.00%
20.00%
0.00%
0.00%
32.50%
5.50%
18.00%
25.00%
27.18%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
18.50%
10.00%
28.00%
20.00%
33.00%
25.00%
0.00%
0.00%
27.00%
25.00%
35.00%
30.00%
28.00%
28.43%
30.00%
25.00%
18.00%
27.18%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
25.00%
30.00%
31.00%
15.00%
30.00%
25.00%
22.00%
25.00%
0.00%
29.15%
29.15%
18.64%
18.64%
25.00%
16.50%
9.00%
20.00%
30.00%
22.00%
20.23%
15.00%
12.50%
 0.00%
23.00%
24.00%
25.00%
23.20%
0.00%
20.00%
20.00%
30.00%
25.00%
23.10%
15.00%
10.00%
22.81%
20.00%
17.00%
29.15%
20.00%
12.50%
15.00%
24.94%
22.81%
10.00%
20.00%
30.00%
24.00%
22.81%
22.81%
35.00%
15.00%
30.00%
12.00%
25.00%
15.00%
27.18%
31.00%
32.00%
25.00%
32.00%
25.80%
28.00%
30.00%
22.81%
30.00%
22.00%
15.00%
29.00%
25.00%
30.00%
10.00%
29.50%
25.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
30.00%
20.00%
30.00%
15.00%
0.00%
30.00%
17.00%
21.00%
19.00%
30.00%
29.15%
27.00%
25.00%
24.00%
27.18%
27.18%
35.00%
36.00%
27.50%
20.60%
18.00%
28.00%
 20.00%
18.00%
30.00%
20.00%
22.81%
30.00%
15.00%
23.00%
0.00%
30.00%
18.00%
0.00%
25.00%
25.00%
25.00%
15.00%
34.00%
20.00%
20.00%
35.00%
25.00%

d Average: CRP
Yes
No