Zomato

The Story
Zomato sẽ được hưởng lợi khi thị trường giao đồ ăn ở Ấn Độ phát triển, được thúc đẩy bởi tăng trưởng kinh tế nói
internet nhiều hơn, và nó sẽ là một trong số ít (hai hoặc ba) người chơi thống trị thị trường; sẽ có hiệu ứng phản hồ
Trong khi Amazon Food vẫn là đối thủ cạnh tranh lớn. Lợi ích kinh tế theo quy mô sẽ cho phép công ty tạo ra biên lợ
công ty sẽ tiếp tục tái đầu tư (mua lại và công nghệ) khi nó phát triển. Rủi ro thất bại là thấp, do số dư tiền mặt sau
của công ty và rủi ro hoạt động của công ty phản ánh mức độ rủi ro của công ty đối với quốc gia Ấn Độ.
Các giả định
Base year Next year Years 2-5 Years 6-10

Dịch vụ giao đồ ăn
của Ấn Độ #REF! #REF! 30.00% #REF!

Thị phần #REF! #REF! #REF!

Doanh thu với tỉ
lệ % của GOV #REF! #REF!
Tổng thị trường*Thị
phần*Doanh thu theo tỉ lệ của
GOV
Doanh thu (a) #REF! #REF!
Biên lợi nhuận
hoạt động (b) #REF! -10.0% -10.00% #REF!
Thuế suất #REF! #REF! #REF!

Tỉ lệ tái đầu tư (c ) 5.00 2.50 3.00

Khả năng sinh lời
trên vốn (ROC) #REF! Marginal ROIC = #REF!
Chi phí vốn (d) #REF! #REF!
The Cash Flows
Tổng thị trường Thị phần Doanh thu EBIT (1-t)
1 #REF! #REF! #REF! #REF!
2 #REF! #REF! #REF! #REF!
3 #REF! #REF! #REF! #REF!
4 #REF! #REF! #REF! #REF!
5 #REF! #REF! #REF! #REF!
6 #REF! #REF! #REF! #REF!
7 #REF! #REF! #REF! #REF!
8 #REF! #REF! #REF! #REF!
9 #REF! #REF! #REF! #REF!
10 #REF! #REF! #REF! #REF!
Năm cuối cùng #REF! #REF! #REF! #REF!
 Định giá
Giá trị cuối cùng #REF!
PV(Giá trị cuối cùng) #REF!
PV(Dòng tiền trong 10 năm tới) #REF!
Giá trị của tài sản hoạt động #REF!
Điều chỉnh: #REF! Xác suất thất bại =
- Nợ và lãi vay #REF!
+ Tiền mặt và các tài sản phi hoạt động khác #REF! Cộng với tiền mặt từ IPO =
Giá trị VCSH #REF!
- Giá trị của quyền chọn #REF!
Số lượng cổ phiếu #REF!
Giá trị mỗi cổ phiếu #REF! Stock was offered at =
 Jul-21
ory
ược thúc đẩy bởi tăng trưởng kinh tế nói chung và khả năng tiếp cận
ống trị thị trường; sẽ có hiệu ứng phản hồi COVID trong ngắn hạn.
quy mô sẽ cho phép công ty tạo ra biên lợi nhuận hoạt động cao và
o thất bại là thấp, do số dư tiền mặt sau IPO và khả năng tiếp cận vốn
ng ty đối với quốc gia Ấn Độ.
định
After year 10 Câu chuyện

Thị trường đồ ăn Ấn Độ phục hồi

vào năm 2021 và tăng trưởng
#REF! khoản $25 tỉ trong 10 năm
Zomato là một trong ba người chơi
lớn nhất trên thị trường giao đồ ăn
#REF! của Ấn Độ

#REF!

Phục hồi từ Covid năm 2021+ Tăng

trưởng của thị trường giao đồ ăn
#REF! trong dài hạn ở Ấn Độ
Biên lợi nhuận tăng do khả năng
#REF! canh tranh
#REF! Thuế thu nhập DN của Ấn Độ
Sát nhập và đầu tư công nghệ cần
#REF! để duy trì tăng trưởng
Lợi ích của mạng kết nối cho phép
#REF! ROIC cao
Chi phí trong
vốn phảnngắn
ảnhvà
rủidài
ro hạn
quốc
#REF! gia
Flows
Tái đầu tư FCFF
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
#REF! #REF!
iá

uất thất bại = #REF!

với tiền mặt từ IPO = ₹ 90,000

Stock was offered at = ₹ 70.00

5.25333333
Date of valuation Jul-21
Company name Zomato
Numbers from your base year below ( in consistent units)
Năm nay Năm trước
Quốc gia India
Ngành nghề (Mỹ) Restaurant/Dining
Ngành nghề (toàn cầu Restaurant/Dining Last 10K Years since last 10K
Tổng giá trị đặt hàng (GOV) ₹ 94,828.70 ₹ 112,209.00
Doanh thu ₹ 19,937.89 ₹ 26,047.00 1
LN hoạt động (EBIT) -₹ 4,804.56 ₹ 22,762.08 1
Chi phí lãi vay ₹ 100.82 ₹ 126.36
Giá trị số sách VCSH ₹ 80,987.17 ₹ 7,097.81
Giá trị số sách nợ vây ₹ 1,534.63 ₹ 3,260.76
Chi phí R&D có được vốn hoá không No
Công ty có Hợp đồng thuê tài chính không No
Tiền và tương đương tiền ₹ 15,332.03 ₹ 4,710.16
Tài sản phi hoạt động và sở hữu chéo ₹ 30,627.67 ₹ 104.76
Lợi ích thiểu số ₹ 57.09 ₹ 65.00
IPO ₹ 90,000.00
Số lượng cổ phiếu lưu hành 6660.97
Giá cổ phiếu hiện tại ₹ 70.00
Mức thuế suất hiệu lực 30.00%
Mức thuế suất biên 30.00%
Các động lực tạo gía trị
Thị trường giao đồ ăn của Ấn Độ năm 2020 ₹ 225,000.00
Tốc độ tăng trưởng năm tới 50.00%
Tốc dộ tăng trưởng từ năm 2-5 30.00%
Thị phần của Zomato năm thứ 5 40.00%
DT/GOV trong tương lai 22.00%
Biên LN hoạt động cho năm tới -10.00%
Target pre-tax operating margin (EBIT as % of sales in 35.00%
Năm hội tụ 8.00
Tỉ lệ DT/Vốn năm tới 5.00
Tỉ lệ DT/Vốn (năm 2-5) = 2.50
Tỉ lệ DT/Vốn (năm 6-10) 3.00
Số liệu của thị trường
Lãi suất phi rủi ro 4.25%
Chi phí vốn bình quân hiện tại 10.25%
Các số liệu khác
Do you have employee options outstanding? Yes
Number of options outstanding = 1075.18
Average strike price = $2.00
Average maturity = 5.00
Standard deviation on stock price = 50.00%

Giả định về rủi ro phá sản

In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption = No
If yes, enter the cost of capital after year 10 = 7.50%
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive
Do you want to override this assumption = Yes
If yes, enter the return on capital you expect after year 1 12%
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes
If yes, enter the probability of failure = 10%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fair 50%
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will l
Do you want to override this assumption = No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing compa
Do you want to override this assumption = No
If yes, enter the NOL that you are carrying over into yea $731.40
I will asssume that today's risk free rate will prevail in perpetuity. If you override this assumption, I will change the riskfree rate after year 1
Do you want to override this assumption = No
If yes, enter the riskfree rate after year 10 2.00%
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation consistency and prevents "im
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity -5.00%
I 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 ass
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $140,000.00
& Average tax rate of the foreign markets where the cash is t 15%
w ( in consistent units)

s since last 10K

Biên LN =EBIT/DT -0.2409764

panies (riskfree rate + 4.5%)

ing that whatever competitive advantages you have today will fade over time.
erride this assumption, I will leave the tax rate at your effective tax rate.

ou have a money losing company, you may want to override tis.

ge the riskfree rate after year 10.

on consistency and prevents "impossible" growth rates.

due and that cash is a neutral asset.

Chỉ tiêu 0 1 2 3 4
Tốc độ tăng trưởng của thị trường 50.00% 30.00% 30.00% 30.00%
Tổng gía trị thị trường ### ### ### ### ###
Thị phần 42.15% 41.72% 41.29% 40.86% 40.43%
Tổng giá trị đặt hàng GOV ### ### ### ### ###
Tỉ lệ % DT trên GOV 0.210 0.220 0.220 0.220 0.220
Doanh thu ### ### ### ### ###
Biên LN hoạt động (0.241) (0.100) 0.013 0.069 0.125
EBIT (LN hoạt động) ### ### 498.161 3,524.825 8,243.884
Thuế suất 0.300 0.300 0.300 0.300 0.300
EBIT(1-t) ### ### 498.161 3,247.173 5,770.719
-Tái đầu tư (cho chi tiêu vốn + VLĐ) 2,207.377 3,551.252 4,566.912 5,872.354
FCFF ### ### ### (101.635)
NOL - 3,097.478 2,599.316 - -

Chi phí vốn bình quân 0.103 0.103 0.103 0.103

Nhân tố chiết khấu 0.907 0.823 0.746 0.677
PV(FCFF) ### ### (984.742) (68.784)

Dòng tiền cuối cùng ###

Chi phí vốn cho gđ cuối cùng 8.97%
Giá trị cuối cùng (TV) ###
PV(TV) ###
PV(dòng tiền 10 năm) ###
Tổng PV ###
Xác suất phá sản 10.00%
Giá trị công ty nếu phá sản ###
Giá trị tài sản hoạt động ###
-Nợ vay ₹ 1,534.63
- Nghĩa vụ khác ₹ 57.09
+ TM ###
+ TM từ IPO ###
'+ TS không hoạt động khác ###
Gía trị VCSH ###
- Giá trị quyền chọn ₹ 0.00
Gía trị VCSH của cổ đông th ###
Số lượng cổ phiếu 7,946.68
Giá cổ phiếu ₹ 50.01
Thị giá ₹ 70.00
Thị giá/giá trị 139.99%

DT/Vốn 5.00 2.50 2.50 2.50

Tổng vốn đầu tư ### ### ### ### ###
ROIC -7.15% -4.46% 0.68% 4.19% 6.92%
 5 6 7 8 9 10 Terminal year
30.00% 24.85% 19.70% 14.55% 9.40% 4.25% 4.25%
### ### ### ### ### ### ###
40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
### ### ### ### ### ### ###
0.220 0.220 0.220 0.220 0.220 0.220 0.220
### ### ### ### ### ### ###
0.181 0.202 0.276 0.350 0.350 0.350 0.350
### ### ### ### ### ### ###
0.300 0.300 0.300 0.300 0.300 0.300 0.300
### ### ### ### ### ### ###
6,291.700 7,026.434 6,954.459 6,148.289 4,550.030 2,250.571 ###
4,470.621 7,967.571 ### ### ### ### ###
- - - - - - -

0.103 0.100 0.097 0.095 0.092 0.090 0.090

0.614 0.558 0.509 0.464 0.425 0.390
2,744.260 4,446.379 8,924.027 ### ### ###
 After year 10
3.00 3.00 3.00 3.00 3.00 3.00
### ### ### ### ### ###
12.00% 15.50% 23.64% 32.40% 34.03% 34.80% 12.00%
rminal year
ter year 10
Dữ liệu đầu vào
VCSH
Số lượng cổ phiếu lưu hành 6660.97
Thị giá cổ phiếu hiện tại $ 70.00

Cách tiếp cận tính Beta Single Business(Global)

Beta hồi quy 1.20
Beta không có đòn bảy tài chính 0.90
Lãi suất phi rủi ro 4.25%
Cách tiếp cận tính ERP Operating countries
Direct input for ERP (if you choose "will inp 6.00%
Mức bù rủi ro vốn chủ sở hữu (ERP) 6.65%

Nợ vay
Giá trị sổ sách của nợv ay $ 1,534.63
Chi phí lãi vay $ 100.82
Thời gian đáo hạn trung bình 3
Cách tiếp cận tính chi phí nợ vay Actual rating
If direct input, input the pre-tax cost of debt 4.000%
Mức xếp hạng tín dụng của công ty Baa2/BBB
If synethetic rating, input the type of compan 2
Chi phí nợ vay trước thuế 5.96%
Thuế suất 30%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ -

Cổ phiếu ưu đãi
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Đầu ra
Ước lượng gía trị thị trường của nợ vay $1,559.66
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Beta có đòn bảy 0.906

VCSH Nợ vay Cổ phiếu ưu đãi Tổng vốn

Giá trị thị trường $ 466,267.90 $1,559.66 $ - $ 467,827.56
Trọng số 99.67% 0.33% 0.00% 100.00%
Chi phí vốn 10.27% 4.17% 7.14% 10.25%

50% 0.50 7.22%

Operating Countries ERP calculator
Quốc gia Doanh thu ERP Trọng số ERP có trọng số
India 22185 6.85% 84.72% 5.80%
United Arab Emirates 2731 5.20% 10.43% 0.54%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Rest of the World 1271 6.18% 4.85% 0.30%
0.00% 0.00%
Total 26187 100.00% 6.65%
 Enter the type of firm = 2
EBIT hiện tại ### (Add back only long term interest expense for financial firms)
Chi phí lãi vay hiện tại $100.82 (Use only long term interest expense for financial firms)
Lãi suất phi rủi ro dài hạn 4.25%
Đầu ra
Hệ số khả năng thanh toán lãi vay -100000.00 -47.65
Mức xếp hạng trái phiếu D2/D Note: If you get REF! All over the place, set the operating lease commitment q
Mức bù rủi ro vỡ nợ của công ty 17.44% to No, and then reset it to Yes. It should work.
Mức bù rủi ro vỡ nợ quốc gia 1.95%
Chi phí nợ vay 23.64%

If you want to update the spreads listed below, please visit http://www.bondsonline.com
Đối với công ty sản xuất lớn
Nếu hệ số khả năng thanh toán lãi vay là Rating
> ≤ to Mức xếp hạng
Mức bù rủi ro AAA
-100000 0.199999 D2/D 17.44% AA
0.2 0.649999 C2/C 13.09% A
0.65 0.799999 Ca2/CC 9.97% BBB
0.8 1.249999 Caa/CCC 9.46% BB
1.25 1.499999 B3/B- 5.94% B
1.5 1.749999 B2/B 4.86% CCC/C
1.75 1.999999 B1/B+ 4.05%
2 2.2499999 Ba2/BB 2.77%
2.25 2.49999 Ba1/BB+ 2.31%
2.5 2.999999 Baa2/BBB 1.71%
3 4.249999 A3/A- 1.33%
4.25 5.499999 A2/A 1.18%
5.5 6.499999 A1/A+ 1.07%
6.5 8.499999 Aa2/AA 0.85%
8.50 100000 Aaa/AAA 0.69%

Đối với công ty nhỏ và rủi ro

Nếu hệ số khả năng thanh toán lãi vay là
greater than ≤ to Mức xếp hạngMức bù rủi ro
-100000 0.499999 D2/D 17.44% Rating isSpread in 2021
0.5 0.799999 C2/C 13.09% A1/A+ 1.07%
0.8 1.249999 Ca2/CC 9.97% A2/A 1.18%
1.25 1.499999 Caa/CCC 9.46% A3/A- 1.33%
1.5 1.999999 B3/B- 5.94% Aa2/AA 0.85%
2 2.499999 B2/B 4.86% Aaa/AAA 0.69%
2.5 2.999999 B1/B+ 4.05% B1/B+ 4.05%
3 3.499999 Ba2/BB 2.77% B2/B 4.86%
3.5 3.9999999 Ba1/BB+ 2.31% B3/B- 5.94%
4 4.499999 Baa2/BBB 1.71% Ba1/BB+ 2.31%
4.5 5.999999 A3/A- 1.33% Ba2/BB 2.77%
6 7.499999 A2/A 1.18% Baa2/BBB 1.71%
7.5 9.499999 A1/A+ 1.07% C2/C 13.09%
9.5 12.499999 Aa2/AA 0.85% Ca2/CC 9.97%
12.5 100000 Aaa/AAA 0.69% Caa/CCC 9.46%
D2/D 17.44%
expense for financial firms)
se for financial firms)

e operating lease commitment question in cell F5

Default Probabilities over time (1 - 10 year time horizons)

1 2 3 4 5 6 7 8 9 10
0.00% 0.03% 0.13% 0.24% 0.35% 0.45% 0.51% 0.59% 0.64% 0.70%
0.02% 0.06% 0.12% 0.21% 0.31% 0.42% 0.50% 0.58% 0.65% 0.72%
0.05% 0.14% 0.23% 0.35% 0.47% 0.62% 0.79% 0.93% 1.08% 1.24%
0.16% 0.45% 0.78% 1.17% 1.58% 1.98% 2.33% 2.67% 3.00% 3.32%
0.61% 1.92% 3.48% 5.05% 6.52% 7.85% 9.01% 10.04% 10.97% 11.78%
3.33% 7.71% 11.55% 14.58% 16.93% 18.83% 20.36% 21.60% 22.70% 23.74%
27.08% 36.64% 41.41% 44.10% 46.19% 47.09% 48.26% 49.05% 49.76% 50.38%
Mature Market ERP 4.72% Updated January 1, 2021
Mature Market ERP + Mức bù
RR quốc gia 6.85%

Quóc gia Xếp hạng của Moody

Adj. Default SpreMức bủ rủi ro VCSH
Mức bù rủi ro quốc gia
Abu Dhabi Aa2 0.44% 5.20% 0.48%
Albania B1 3.98% 9.08% 4.36%
Algeria NR 7.96% 13.44% 8.72%
Andorra (Principality of) Caa1 6.63% 11.98% 7.26%
Angola Caa1 6.63% 11.98% 7.26%
Argentina Ca 10.60% 16.34% 11.62%
Armenia Ba3 3.18% 8.21% 3.49%
Aruba Baa1 1.41% 6.27% 1.55%
Australia Aaa 0.00% 4.72% 0.00%
Austria Aa1 0.35% 5.10% 0.38%
Azerbaijan Ba2 2.65% 7.63% 2.91%
Bahamas Ba2 2.65% 7.63% 2.91%
Bahrain B2 4.86% 10.05% 5.33%
Bangladesh Ba3 3.18% 8.21% 3.49%
Barbados Caa1 6.63% 11.98% 7.26%
Belarus B3 5.75% 11.02% 6.30%
Belgium Aa3 0.53% 5.31% 0.59%
Belize Caa3 8.83% 14.40% 9.68%
Benin B2 4.86% 10.05% 5.33%
Bermuda A2 0.75% 5.54% 0.82%
Bolivia B2 4.86% 10.05% 5.33%
Bosnia and Herzegovina B3 5.75% 11.02% 6.30%
Botswana A2 0.75% 5.54% 0.82%
Brazil Ba2 2.65% 7.63% 2.91%
British Virgin Islands NR 3.02% 8.03% 3.31%
Brunei NR 0.75% 5.54% 0.82%
Bulgaria Baa1 1.41% 6.27% 1.55%
Burkina Faso B2 4.86% 10.05% 5.33%
Cambodia B2 4.86% 10.05% 5.33%
Cameroon B2 4.86% 10.05% 5.33%
Canada Aaa 0.00% 4.72% 0.00%
Cape Verde B2 4.86% 10.05% 5.33%
Cayman Islands Aa3 0.53% 5.31% 0.59%
Chile A1 0.62% 5.40% 0.68%
China A1 0.62% 5.40% 0.68%
Colombia Baa2 1.68% 6.56% 1.84%
Congo (Democratic Republ Caa1 6.63% 11.98% 7.26%
Congo (Republic of) Caa2 7.96% 13.44% 8.72%
Cook Islands B1 3.98% 9.08% 4.36%
Costa Rica B2 4.86% 10.05% 5.33%
Croatia Ba1 2.21% 7.14% 2.42%
Cuba Caa2 7.96% 13.44% 8.72%
Curaçao A3 1.06% 5.88% 1.16%
Cyprus Ba2 2.65% 7.63% 2.91%
Czech Republic Aa3 0.53% 5.31% 0.59%
Denmark Aaa 0.00% 4.72% 0.00%
Dominican Republic Ba3 3.18% 8.21% 3.49%
Ecuador Caa3 8.83% 14.40% 9.68%
Egypt B2 4.86% 10.05% 5.33%
El Salvador B3 5.75% 11.02% 6.30%
Estonia A1 0.62% 5.40% 0.68%
Ethiopia B2 4.86% 10.05% 5.33%
Fiji Ba3 3.18% 8.21% 3.49%
Finland Aa1 0.35% 5.10% 0.38%
France Aa2 0.44% 5.20% 0.48%
Gabon Caa1 6.63% 11.98% 7.26%
Gambia NR 5.75% 11.02% 6.30%
Georgia Ba2 2.65% 7.63% 2.91%
Germany Aaa 0.00% 4.72% 0.00%
Ghana B3 5.75% 11.02% 6.30%
Greece Ba3 3.18% 8.21% 3.49%
Guatemala Ba1 2.21% 7.14% 2.42%
Guernsey Aaa 0.00% 4.72% 0.00%
Guinea NR 10.60% 16.34% 11.62%
Guinea-Bissau NR 6.63% 11.98% 7.26%
Guyana NR 4.86% 10.05% 5.33%
Haiti NR 10.60% 16.34% 11.62%
Honduras B1 3.98% 9.08% 4.36%
Hong Kong Aa3 0.53% 5.31% 0.59%
Hungary Baa3 1.95% 6.85% 2.13%
Iceland A2 0.75% 5.54% 0.82%
India Baa3 1.95% 6.85% 2.13%
Indonesia Baa2 1.68% 6.56% 1.84%
Iran NR 7.96% 13.44% 8.72%
Iraq Caa1 6.63% 11.98% 7.26%
Ireland A2 0.75% 5.54% 0.82%
Isle of Man Aa3 0.53% 5.31% 0.59%
Israel A1 0.62% 5.40% 0.68%
Italy Baa3 1.95% 6.85% 2.13%
Ivory Coast Ba3 3.18% 8.21% 3.49%
Jamaica B2 4.86% 10.05% 5.33%
Japan A1 0.62% 5.40% 0.68%
Jersey Aaa 0.00% 4.72% 0.00%
Jordan B1 3.98% 9.08% 4.36%
Kazakhstan Baa3 1.95% 6.85% 2.13%
Kenya B2 4.86% 10.05% 5.33%
Korea, D.P.R. NR 10.60% 16.34% 11.62%
Kuwait A1 0.62% 5.40% 0.68%
Kyrgyzstan B2 4.86% 10.05% 5.33%
Laos Caa2 1.06% 5.88% 1.16%
Latvia A3 1.06% 5.88% 1.16%
Lebanon C 17.50% 23.90% 19.18%
Liberia NR 10.60% 16.34% 11.62%
Libya NR 7.96% 13.44% 8.72%
Liechtenstein Aaa 0.00% 4.72% 0.00%
Lithuania A3 1.06% 5.88% 1.16%
Luxembourg Aaa 0.00% 4.72% 0.00%
Macao Aa3 0.53% 5.31% 0.59%
Macedonia Ba3 3.18% 8.21% 3.49%
Madagascar NR 5.75% 11.02% 6.30%
Malawi NR 7.96% 13.44% 8.72%
Malaysia A3 1.06% 5.88% 1.16%
Mali Caa1 6.63% 11.98% 7.26%
Malta A2 0.75% 5.54% 0.82%
Mauritius Baa1 1.41% 6.27% 1.55%
Mexico Baa1 1.41% 6.27% 1.55%
Moldova B3 5.75% 11.02% 6.30%
Mongolia B3 5.75% 11.02% 6.30%
Montenegro B1 3.98% 9.08% 4.36%
Montserrat Baa3 1.95% 6.85% 2.13%
Morocco Ba1 2.21% 7.14% 2.42%
Mozambique Caa2 7.96% 13.44% 8.72%
Myanmar NR 5.75% 11.02% 6.30%
Namibia Ba3 3.18% 8.21% 3.49%
Netherlands Aaa 0.00% 4.72% 0.00%
New Zealand Aaa 0.00% 4.72% 0.00%
Nicaragua B3 5.75% 11.02% 6.30%
Niger B3 5.75% 11.02% 6.30%
Nigeria B2 4.86% 10.05% 5.33%
Norway Aaa 0.00% 4.72% 0.00%
Oman Ba3 3.18% 8.21% 3.49%
Pakistan B3 5.75% 11.02% 6.30%
Panama Baa1 1.41% 6.27% 1.55%
Papua New Guinea B2 4.86% 10.05% 5.33%
Paraguay Ba1 2.21% 7.14% 2.42%
Peru A3 1.06% 5.88% 1.16%
Philippines Baa2 1.68% 6.56% 1.84%
Poland A2 0.75% 5.54% 0.82%
Portugal Baa3 1.95% 6.85% 2.13%
Qatar Aa3 0.53% 5.31% 0.59%
Ras Al Khaimah (Emirate Aaa 0.00% 4.72% 0.00%
Romania Baa3 1.95% 6.85% 2.13%
Russia Baa3 1.95% 6.85% 2.13%
Rwanda B2 4.86% 10.05% 5.33%
Saint Lucia NR 3.02% 8.03% 3.31%
Saudi Arabia A1 0.62% 5.40% 0.68%
Senegal Ba3 3.18% 8.21% 3.49%
Serbia Ba3 3.18% 8.21% 3.49%
Sharjah Baa2 1.68% 6.56% 1.84%
Sierra Leone NR 7.96% 13.44% 8.72%
Singapore Aaa 0.00% 4.72% 0.00%
Slovakia A2 0.75% 5.54% 0.82%
Slovenia A3 1.06% 5.88% 1.16%
Solomon Islands B3 5.75% 11.02% 6.30%
Somalia NR 10.60% 16.34% 11.62%
South Africa Ba2 2.65% 7.63% 2.91%
South Korea Aa2 0.44% 5.20% 0.48%
Spain Baa1 1.41% 6.27% 1.55%
Sri Lanka Caa1 6.63% 11.98% 7.26%
St. Maarten Baa3 1.95% 6.85% 2.13%
St. Vincent & the Grenadi B3 5.75% 11.02% 6.30%
Sudan NR 17.50% 23.90% 19.18%
Suriname Caa3 8.83% 14.40% 9.68%
Swaziland B3 5.75% 11.02% 6.30%
Sweden Aaa 0.00% 4.72% 0.00%
Switzerland Aaa 0.00% 4.72% 0.00%
Syria NR 17.50% 23.90% 19.18%
Taiwan Aa3 0.53% 5.31% 0.59%
Tajikistan B3 5.75% 11.02% 6.30%
Tanzania B2 4.86% 10.05% 5.33%
Thailand Baa1 1.41% 6.27% 1.55%
Togo B3 5.75% 11.02% 6.30%
Trinidad and Tobago Ba1 2.21% 7.14% 2.42%
Tunisia B2 4.86% 10.05% 5.33%
Turkey B2 4.86% 10.05% 5.33%
Turks and Caicos Islands Baa1 1.41% 6.27% 1.55%
Uganda B2 4.86% 10.05% 5.33%
Ukraine B3 5.75% 11.02% 6.30%
United Arab Emirates Aa2 0.44% 5.20% 0.48%
United Kingdom Aa3 0.53% 5.31% 0.59%
United States Aaa 0.00% 4.72% 0.00%
Uruguay B1 3.98% 9.08% 4.36%
Venezuela C 17.50% 23.90% 19.18%
Vietnam Ba3 3.18% 8.21% 3.49%
Yemen NR 17.50% 23.90% 19.18%
Zambia Ca 10.60% 16.34% 11.62%
Zimbabwe NR 10.60% 16.34% 11.62%

ERP Default Spread Tax rate CRP

Africa 9.66% 4.51% 28.31% 4.94%
Asia 5.75% 0.94% 25.70% 1.03%
Australia & New Zealand 4.72% 0.00% 29.74% 0.00%
Caribbean 10.03% 4.85% 24.25% 5.31%
Central and South America 8.71% 3.64% 31.04% 3.99%
Eastern Europe & Russia 6.80% 1.90% 18.31% 2.08%
Middle East 6.25% 1.40% 32.96% 1.53%
North America 4.72% 0.00% 26.96% 0.00%
Western Europe 5.56% 0.77% 24.41% 0.84%

Global 5.76% 0.95% 26.13% 1.04%

Thuế TN công ty
55.00%
15.00%
26.00%
10.00%
30.00%
30.00%
18.00%
25.00%
30.00%
25.00%
20.00%
0.00%
0.00%
25.00%
5.50%
18.00%
29.00%
28.25%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
16.98%
0.00%
10.00%
28.00%
20.00%
33.00%
26.50%
0.00%
0.00%
27.00%
25.00%
32.00%
35.00%
30.00%
28.43%
30.00%
18.00%
27.36%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
28.00%
30.00%
31.00%
15.00%
30.00%
25.00%
24.00%
25.00%
0.00%
28.25%
28.25%
27.36%
27.36%
25.00%
16.50%
9.00%
20.00%
30.00%
15.00%
21.13%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
25.00%
30.62%
0.00%
20.00%
20.00%
30.00%
21.13%
15.00%
10.00%
21.13%
20.00%
17.00%
28.25%
20.00%
12.50%
15.00%
24.94%
12.00%
10.00%
20.00%
30.00%
24.00%
28.25%
35.00%
15.00%
30.00%
12.00%
25.00%
9.00%
21.13%
31.00%
32.00%
25.00%
32.00%
25.00%
28.00%
30.00%
28.25%
30.00%
22.00%
15.00%
35.00%
25.00%
30.00%
10.00%
29.50%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
30.00%
16.98%
20.00%
30.00%
15.00%
0.00%
30.00%
17.00%
21.00%
19.00%
30.00%
28.25%
28.00%
25.00%
25.00%
28.00%
27.36%
27.36%
35.00%
36.00%
27.50%
21.40%
14.84%
28.00%
20.00%
19.12%
30.00%
20.00%
28.25%
30.00%
25.00%
22.00%
0.00%
30.00%
18.00%
55.00%
19.00%
27.00%
25.00%
34.00%
20.00%
28.25%
35.00%
24.00%
 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 Equity (Levered) Beta
Advertising 348 4.97% 4.64% 9.34% 24.99% 0.99 1.13
Aerospace/Defense 255 7.84% 5.47% 11.42% 21.36% 1.00 1.13
Air Transport 156 -2.62% -14.64% -9.24% 31.44% 0.92 1.56
Apparel 1188 -1.94% 7.90% 8.75% 27.63% 0.85 0.92
Auto & Truck 144 0.90% 2.61% 2.02% 26.40% 1.01 1.39
Auto Parts 709 1.85% 2.62% 3.40% 24.18% 1.28 1.40
Bank (Money Center 620 8.45% 0.20% 0.02% 20.18% 0.48 1.00
Banks (Regional) 850 7.10% -0.02% -0.03% 19.24% 0.54 0.69
Beverage (Alcoholic) 223 7.34% 20.27% 11.49% 25.18% 0.73 0.80
Beverage (Soft) 108 6.39% 15.00% 19.81% 22.09% 0.65 0.72
Broadcasting 146 1.32% 14.79% 12.96% 23.93% 0.69 0.98
Brokerage & Investm 575 8.36% 1.03% 0.15% 22.23% 0.42 0.86
Building Materials 439 1.99% 8.62% 12.21% 25.58% 0.91 0.99
Business & Consume 923 7.37% 7.61% 16.20% 25.59% 0.91 0.99
Cable TV 60 1.85% 18.12% 11.27% 22.91% 0.78 1.05
Chemical (Basic) 844 5.61% 6.49% 5.83% 22.47% 0.93 1.07
Chemical (Diversified 73 3.34% 3.81% 3.12% 24.81% 1.05 1.33
Chemical (Specialty) 861 5.37% 9.71% 8.83% 21.58% 0.99 1.08
Coal & Related Ener 222 6.57% 12.18% 10.53% 23.72% 0.90 1.01
Computer Services 1007 6.15% 6.92% 19.18% 22.24% 1.00 1.05
Computers/Periphera 337 0.58% 10.06% 15.10% 18.88% 1.23 1.27
Construction Supplie 753 3.73% 9.32% 9.45% 22.25% 0.95 1.10
Diversified 324 5.64% 12.43% 8.55% 20.38% 0.73 0.99
Drugs (Biotechnolog 1139 24.87% 6.21% 4.85% 13.52% 0.97 0.98
Drugs (Pharmaceutic 1319 16.98% 16.85% 12.50% 16.97% 0.93 1.00
Education 250 12.70% 7.21% 7.55% 19.57% 0.95 0.98
Electrical Equipment 950 6.30% 5.69% 8.17% 20.79% 1.06 1.09
Electronics (Consume 142 0.81% 4.83% 7.21% 9.75% 1.15 1.22
Electronics (General 1387 5.04% 6.13% 8.69% 20.99% 1.25 1.24
Engineering/Construc 1263 3.73% 4.93% 8.89% 25.90% 0.77 1.04
Entertainment 725 8.47% 7.71% 8.75% 15.40% 1.04 1.07
Environmental & Was 344 9.85% 10.33% 11.62% 21.08% 0.87 1.01
Farming/Agriculture 410 6.19% 6.76% 7.42% 19.35% 0.71 0.89
Financial Svcs. (Non 1096 8.98% 9.17% 0.52% 18.41% 0.16 0.80
Food Processing 1322 7.06% 9.42% 13.97% 21.67% 0.71 0.78
Food Wholesalers 155 4.76% 1.88% 7.69% 24.77% 0.54 0.76
Furn/Home Furnishi 357 4.74% 7.16% 14.95% 18.10% 1.02 1.01
Green & Renewable 226 12.06% 34.37% 7.23% 16.20% 0.69 0.95
Healthcare Products 816 12.11% 14.47% 13.14% 16.35% 0.93 0.96
Healthcare Support 413 12.89% 5.02% 26.55% 24.08% 0.76 0.87
Heathcare Informati 423 15.79% 12.88% 14.92% 17.03% 0.97 1.00
Homebuilding 167 6.43% 10.44% 9.50% 22.59% 1.16 1.31
Hospitals/Healthcare 216 5.77% 9.26% 8.54% 21.65% 0.66 0.86
Hotel/Gaming 641 -0.95% -5.75% -3.03% 20.95% 0.85 1.09
Household Products 568 5.95% 15.82% 22.37% 23.56% 0.87 0.91
Information Services 244 15.57% 20.18% 21.09% 20.72% 1.14 1.18
Insurance (General) 220 5.63% 8.44% 10.30% 23.03% 0.66 0.75
Insurance (Life) 133 9.32% 9.68% 10.70% 16.10% 0.96 1.00
Insurance (Prop/Cas. 229 4.31% 8.34% 9.45% 19.80% 0.65 0.72
Investments & Asse 1234 9.61% 17.10% 4.62% 21.14% 0.55 0.78
Machinery 1385 3.57% 7.82% 9.55% 23.83% 1.07 1.11
Metals & Mining 1620 15.56% 8.10% 8.65% 31.30% 0.83 0.97
Office Equipment & 148 3.17% 6.68% 10.69% 26.23% 1.01 1.04
Oil/Gas (Integrated) 49 0.74% 6.25% 4.59% 45.14% 1.08 1.27
Oil/Gas (Production 765 6.67% -7.50% -2.19% 41.03% 0.93 1.31
Oil/Gas Distribution 204 9.68% 16.79% 8.07% 10.94% 0.65 1.14
Oilfield Svcs/Equip. 513 -2.25% 1.27% 2.12% 14.76% 0.91 1.23
Packaging & Contain 412 2.81% 8.80% 10.18% 23.86% 0.71 0.88
Paper/Forest Produc 287 3.25% 7.03% 5.38% 22.56% 0.78 1.01
Power 553 6.42% 13.38% 6.15% 19.69% 0.51 0.82
Precious Metals 922 35.80% 19.25% 14.34% 27.75% 0.87 0.89
Publishing & Newspa 349 -0.29% 5.31% 6.74% 17.12% 0.84 0.89
R.E.I.T. 799 8.60% 33.19% 2.88% 3.28% 0.66 0.97
Real Estate (Develo 890 6.89% 17.31% 8.28% 35.87% 0.52 0.94
Real Estate (General/ 364 5.41% 16.29% 3.89% 31.95% 0.60 0.99
Real Estate (Operati 720 8.04% 23.22% 4.60% 23.85% 0.53 0.81
Recreation 331 0.43% 8.05% 6.67% 24.97% 0.93 1.01
Reinsurance 37 4.29% 3.80% 5.18% 13.76% 1.25 1.27
Restaurant/Dining 379 -0.53% 6.02% 5.42% 20.92% 0.90 1.10
Retail (Automotive) 185 3.50% 4.90% 8.40% 23.66% 0.82 1.07
Retail (Building Supp 90 2.82% 11.62% 24.98% 24.94% 1.06 1.14
Retail (Distributors) 1022 6.62% 3.65% 5.23% 23.16% 0.57 0.83
Retail (General) 217 -1.14% 4.31% 8.66% 26.86% 0.84 0.99
Retail (Grocery and 171 3.74% 4.31% 11.09% 25.33% 0.47 0.62
Retail (Online) 356 13.38% 4.75% 8.67% 14.08% 1.31 1.31
Retail (Special Lines 480 1.51% 3.47% 6.39% 27.42% 0.96 1.09
Rubber& Tires 92 0.31% 5.62% 4.42% 29.95% 0.86 1.04
Semiconductor 565 4.55% 18.19% 13.96% 12.09% 1.43 1.46
Semiconductor Equi 308 7.15% 18.84% 18.61% 16.11% 1.73 1.73
Shipbuilding & Marin 353 1.59% 8.18% 4.97% 19.10% 0.76 1.03
Shoe 79 -5.90% 6.26% 9.45% 18.57% 0.99 1.01
Software (Entertainm 339 8.14% 19.78% 14.00% 13.93% 1.13 1.13
Software (Internet) 155 23.83% 3.64% 5.51% 12.49% 0.93 0.95
Software (System & A 1478 14.37% 19.82% 19.31% 15.88% 1.06 1.08
Steel 718 5.72% 4.41% 4.54% 25.27% 0.93 1.17
Telecom (Wireless) 104 1.13% 14.17% 8.58% 32.42% 0.63 0.87
Telecom. Equipment 482 8.73% 10.81% 12.49% 19.45% 1.09 1.10
Telecom. Services 315 9.99% 15.08% 10.27% 22.10% 0.51 0.78
Tobacco 57 11.85% 32.81% 18.58% 28.83% 0.55 0.65
Transportation 284 5.64% 5.89% 7.77% 23.01% 0.77 0.95
Transportation (Rail 53 1.76% 15.27% 5.24% 23.92% 0.62 0.78
Trucking 217 2.54% 1.45% 0.45% 27.60% 0.81 1.05
Utility (General) 53 2.58% 11.86% 6.65% 23.33% 0.49 0.76
Utility (Water) 104 8.44% 26.79% 7.27% 26.54% 0.59 0.83
Total Market 46580 6.62% 8.00% 4.94% 22.12% 0.79 1.01
Total Market (without 41623 6.41% 8.31% 7.72% 22.89% 0.89 1.04
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/
equity stock prices of debt l capital Capital EV/Sales EV/EBITDA EV/EBIT Price/Book
7.45% 37.24% 3.53% 29.05% 6.04% 2.14 1.71 12.74 29.57 2.51
7.45% 32.56% 3.53% 23.06% 6.34% 2.11 1.93 14.01 26.86 4.62
9.89% 32.76% 3.53% 55.24% 5.87% 0.65 2.49 24.89 NA 2.62
6.23% 31.18% 3.53% 18.04% 5.57% 1.23 2.90 21.19 35.17 3.65
8.94% 30.83% 3.53% 42.91% 6.22% 0.86 1.53 19.79 53.78 1.76
9.00% 29.94% 3.53% 25.58% 7.37% 1.38 1.05 11.24 36.17 1.72
6.67% 21.18% 2.87% 75.42% 3.24% 0.12 7.75 NA NA 0.81
4.92% 19.26% 2.87% 66.12% 3.07% 0.18 4.94 NA NA 0.81
5.56% 24.28% 2.87% 15.01% 5.04% 0.68 5.86 22.59 28.80 4.95
5.07% 31.20% 3.53% 17.57% 4.64% 1.47 3.79 19.29 25.14 5.90
6.55% 31.23% 3.53% 43.51% 4.83% 1.00 1.80 8.14 11.77 1.35
5.87% 29.64% 3.53% 66.17% 3.71% 0.19 6.62 NA NA 1.60
6.64% 27.51% 3.53% 19.90% 5.83% 1.66 1.81 13.58 20.47 2.90
6.63% 32.24% 3.53% 17.75% 5.91% 2.45 2.17 17.28 27.40 4.54
7.00% 30.64% 3.53% 34.48% 5.49% 0.73 3.67 10.40 19.34 2.75
7.09% 28.52% 3.53% 25.80% 5.93% 1.04 1.76 13.32 26.30 1.90
8.57% 24.89% 2.87% 34.88% 6.32% 0.97 1.37 12.96 35.24 1.45
7.16% 30.27% 3.53% 17.80% 6.35% 1.06 2.75 15.89 27.73 2.87
6.77% 40.87% 3.95% 35.54% 5.40% 0.92 1.23 5.59 9.53 0.96
6.98% 31.02% 3.53% 15.55% 6.30% 3.21 1.44 14.01 20.07 3.87
8.22% 31.51% 3.53% 9.64% 7.68% 1.65 2.80 18.05 27.54 6.21
7.24% 28.73% 3.53% 28.91% 5.90% 1.16 1.59 10.90 16.46 1.76
6.63% 23.45% 2.87% 40.32% 4.81% 0.79 1.82 10.24 14.18 1.09
6.60% 45.63% 3.95% 9.87% 6.24% 0.49 10.37 18.61 106.34 7.30
6.67% 39.92% 3.53% 15.01% 6.06% 0.76 4.38 15.07 24.39 3.90
6.56% 32.66% 3.53% 12.58% 6.06% 1.09 4.88 23.88 58.55 4.84
7.20% 32.30% 3.53% 13.59% 6.57% 1.54 2.34 20.35 36.59 3.31
7.98% 34.39% 3.53% 23.94% 6.69% 1.57 1.08 11.50 21.32 2.07
8.10% 31.04% 3.53% 12.69% 7.40% 1.52 1.89 16.69 29.75 2.96
6.92% 29.24% 3.53% 49.91% 4.77% 2.02 0.60 8.22 11.64 0.99
7.10% 39.45% 3.53% 11.53% 6.58% 1.16 5.43 26.54 58.66 4.62
6.77% 35.25% 3.53% 24.78% 5.74% 1.26 2.80 14.66 26.16 3.14
6.08% 30.72% 3.53% 31.69% 4.98% 1.22 1.45 14.11 20.68 2.30
5.57% 29.68% 3.53% 85.72% 3.03% 0.07 17.21 113.76 154.77 1.42
5.45% 26.95% 3.53% 18.92% 4.91% 1.72 1.87 14.14 19.48 3.03
5.28% 30.09% 3.53% 44.07% 4.10% 4.77 0.45 12.84 23.74 2.07
6.76% 28.09% 3.53% 14.93% 6.14% 2.37 1.68 15.59 22.64 3.61
6.38% 31.15% 3.53% 35.73% 5.03% 0.24 8.97 15.68 25.87 2.12
6.45% 38.32% 3.53% 8.87% 6.11% 0.96 6.51 27.02 42.65 5.48
5.94% 33.20% 3.53% 24.77% 5.12% 6.24 0.73 10.85 14.31 2.64
6.67% 40.10% 3.95% 7.74% 6.38% 1.18 8.66 36.66 61.78 8.08
8.46% 28.33% 3.53% 29.01% 6.76% 1.26 1.21 9.93 12.77 1.57
5.88% 27.17% 3.53% 34.03% 4.77% 1.16 2.66 15.14 27.53 4.61
7.21% 31.46% 3.53% 35.18% 5.59% 0.46 5.26 30.70 NA 2.92
 6.17% 35.24% 3.53% 10.63% 5.79% 1.59 3.84 18.64 23.87 6.13
7.72% 38.54% 3.53% 8.75% 7.27% 1.20 9.67 32.31 46.25 8.32
5.27% 23.27% 2.87% 32.12% 4.26% 1.45 1.04 9.33 12.25 1.23
6.70% 23.85% 2.87% 49.24% 4.44% 1.30 0.91 8.59 9.21 0.95
5.09% 24.51% 2.87% 24.16% 4.38% 1.33 1.04 9.57 11.60 1.22
5.45% 30.37% 3.53% 44.81% 4.18% 0.29 5.79 18.31 23.24 1.54
7.33% 27.34% 3.53% 14.54% 6.65% 1.41 2.22 17.09 27.40 3.05
6.51% 53.80% 3.95% 26.73% 5.55% 1.10 1.64 10.20 19.25 1.98
6.92% 29.31% 3.53% 20.17% 6.05% 1.91 1.16 10.52 16.81 2.14
8.25% 24.70% 2.87% 25.97% 6.66% 0.85 1.66 9.65 26.38 1.59
8.49% 50.71% 3.95% 40.39% 6.24% 0.32 2.78 6.11 NA 1.05
7.50% 31.31% 3.53% 52.41% 4.94% 0.54 2.38 9.22 14.14 1.19
8.00% 37.62% 3.53% 38.26% 5.94% 1.65 0.85 12.81 54.87 1.41
6.02% 28.68% 3.53% 30.40% 4.98% 1.35 1.66 10.83 18.63 2.72
6.76% 29.44% 3.53% 35.15% 5.30% 0.87 1.57 10.99 21.68 1.47
5.67% 22.41% 2.87% 48.35% 3.95% 0.55 2.44 10.02 18.19 1.35
6.08% 54.78% 3.95% 12.61% 5.68% 0.77 3.52 9.83 16.60 2.53
6.07% 29.13% 3.53% 26.37% 5.16% 1.45 1.20 11.16 21.71 1.43
6.53% 23.99% 2.87% 41.47% 4.70% 0.10 13.48 23.08 38.37 1.62
6.37% 26.44% 3.53% 63.75% 3.97% 0.57 1.85 9.48 10.17 0.68
6.64% 24.40% 2.87% 53.09% 4.24% 0.28 3.35 13.56 19.50 0.73
5.61% 25.03% 3.53% 45.06% 4.26% 0.22 6.46 20.78 24.13 1.08
6.76% 33.21% 3.53% 20.03% 5.93% 0.95 3.37 20.53 39.26 3.70
8.24% 28.79% 3.53% 23.72% 6.91% 1.53 0.67 11.42 13.95 0.91
7.25% 31.96% 3.53% 26.74% 6.01% 1.46 3.37 22.80 80.66 16.01
7.09% 30.48% 3.53% 34.60% 5.54% 2.28 0.96 11.89 19.81 3.38
7.52% 28.19% 3.53% 17.02% 6.69% 2.78 1.84 12.33 16.22 10.73
5.71% 29.10% 3.53% 46.28% 4.28% 1.68 0.81 13.45 21.20 1.40
6.65% 25.73% 3.53% 26.95% 5.56% 2.71 0.96 12.76 24.54 3.34
4.51% 21.91% 2.87% 37.55% 3.61% 3.40 0.64 9.05 15.42 2.28
8.48% 39.84% 3.53% 5.74% 8.15% 1.76 5.06 36.23 91.77 8.84
7.20% 32.04% 3.53% 25.29% 6.04% 2.24 1.30 14.29 38.13 4.05
6.94% 25.61% 3.53% 34.33% 5.46% 1.00 1.18 8.39 20.16 1.33
9.34% 32.40% 3.53% 8.49% 8.77% 0.80 5.96 17.81 31.94 5.31
10.87% 33.70% 3.53% 5.91% 10.38% 1.08 5.58 22.86 29.16 6.70
6.86% 26.29% 3.53% 40.19% 5.15% 0.68 1.93 11.54 22.60 1.24
6.73% 29.35% 3.53% 9.13% 6.35% 1.72 3.73 33.75 60.07 7.74
7.44% 42.35% 3.95% 4.07% 7.26% 0.73 7.99 25.76 38.88 5.95
6.38% 34.77% 3.53% 7.09% 6.11% 1.26 11.15 44.21 185.25 12.49
7.12% 40.59% 3.95% 6.00% 6.87% 0.98 10.19 30.92 44.66 11.12
7.68% 30.40% 3.53% 36.27% 5.84% 1.14 0.99 8.96 21.06 1.19
5.95% 26.77% 3.53% 40.09% 4.61% 0.74 2.29 6.95 16.01 1.55
7.28% 34.27% 3.53% 12.66% 6.69% 1.21 2.52 15.55 22.16 3.68
5.45% 29.19% 3.53% 45.01% 4.17% 0.79 2.16 6.79 14.39 1.48
4.68% 24.63% 2.87% 23.96% 4.06% 0.68 3.87 10.35 11.77 3.58
6.38% 26.02% 3.53% 31.49% 5.19% 1.55 1.53 13.20 25.13 2.94
5.43% 17.28% 2.87% 29.21% 4.46% 0.40 4.83 17.09 31.01 2.48
7.00% 29.38% 3.53% 35.44% 5.44% 1.00 1.74 10.05 68.18 2.68
5.33% 17.73% 2.87% 46.37% 3.84% 0.70 2.38 10.76 19.00 1.67
5.70% 27.39% 3.53% 40.89% 4.43% 0.32 5.01 12.78 18.44 1.71
6.76% 32.36% 3.53% 38.68% 5.16% 0.69 2.66 15.84 27.99 2.21
6.90% 33.08% 3.53% 24.82% 5.84% 1.04 2.31 14.33 26.06 2.71
 Pre-tax
Operating
Margin
Non-cash Cap Ex as Net Cap Ex Dividend Equity (Lease &
WC as % of % of as % of Reinvestmen Payout Reinvestmen R&D
Trailing PE Revenues Revenues Revenues t Rate ROE Ratio t Rate adjusted)
69.03 -2.88% 1.90% 1.18% -10.61% -3.95% 0.90% 0.90% 4.96%
76.25 39.36% 3.30% -0.20% 66.51% -0.18% 1.03% 1.03% 5.93%
140.70 -7.42% 12.67% 0.44% NA -35.47% 2.09% 2.09% -15.15%
95.19 24.69% 4.34% 1.31% 24.78% 2.44% 171.53% 171.53% 8.03%
156.27 0.62% 6.76% 3.31% 107.02% 1.91% 121.63% 121.63% 2.71%
78.99 12.31% 5.82% 3.45% 175.13% -1.61% 0.71% 0.71% 2.79%
71.41 NA 3.32% 4.09% 1965.58% 7.70% 37.39% 37.39% 0.22%
17.68 NA 4.10% 2.66% NA 7.26% 54.40% 54.40% -0.21%
163.77 10.26% 5.02% 3.93% 24.69% 9.14% 72.96% 72.96% 20.31%
82.18 -5.54% 5.35% 4.95% 36.27% 19.34% 78.48% 78.48% 15.08%
26.64 14.64% 3.62% -0.03% 80.75% 1.95% 127.73% 127.73% 14.67%
44.20 -204.02% 3.72% 1.74% ### 10.25% 51.59% 51.59% 0.89%
66.92 17.07% 4.14% 3.13% 35.43% 8.69% 41.47% 41.47% 8.78%
90.75 8.91% 2.69% 0.88% -0.61% 8.88% 70.65% 70.65% 7.82%
41.40 -0.07% 11.70% -2.11% -15.90% 10.47% 32.91% 32.91% 18.07%
47.06 12.17% 8.99% 5.70% 104.08% 3.97% 135.95% 135.95% 6.60%
129.62 19.36% 6.77% 2.95% 71.18% -2.95% 3.33% 3.33% 3.92%
61.44 17.88% 7.59% 3.47% 35.00% 5.33% 89.61% 89.61% 9.80%
22.51 -1.76% 8.03% 2.34% 44.52% 7.60% 98.30% 98.30% 12.24%
60.30 13.18% 1.66% 1.02% 9.83% 14.32% 51.51% 51.51% 7.11%
57.75 1.62% 4.48% 2.92% 35.94% 19.09% 34.57% 34.57% 10.38%
49.38 10.10% 5.06% 1.83% 4.86% 7.99% 59.34% 59.34% 9.44%
38.05 -20.77% 5.34% 2.93% 34.76% 7.74% 33.96% 33.96% 12.45%
547.85 18.82% 5.30% 31.56% 1540.41% -4.38% 0.31% 0.31% 10.03%
78.51 17.08% 4.70% 5.09% 44.04% 10.90% 82.24% 82.24% 18.09%
58.53 2.19% 6.50% 6.57% 131.05% -0.28% 0.65% 0.65% 7.76%
71.44 23.33% 4.82% 3.47% 54.82% 6.63% 66.75% 66.75% 5.99%
46.44 -0.85% 5.52% 3.77% 75.48% 12.12% 23.66% 23.66% 5.10%
85.41 17.58% 5.98% 4.47% 103.69% 6.81% 59.84% 59.84% 6.48%
52.36 16.22% 3.52% 2.88% 129.78% 7.89% 62.95% 62.95% 5.21%
128.44 1.79% 4.27% 0.93% 15.88% -1.27% 0.21% 0.21% 8.04%
86.82 11.38% 9.87% 6.59% 109.95% 5.78% 93.63% 93.63% 10.45%
50.26 15.49% 5.80% 3.68% 53.80% 9.45% 40.75% 40.75% 6.88%
67.24 NA 5.91% 8.11% 117.19% 13.96% 27.98% 27.98% 9.14%
72.32 9.34% 4.68% 3.14% 44.80% 13.03% 47.24% 47.24% 9.48%
43.34 4.30% 1.33% 1.64% 68.53% 1.60% 304.31% 304.31% 1.86%
40.27 4.16% 3.43% 1.55% -6.37% 11.90% 58.73% 58.73% 7.40%
194.24 6.86% 27.23% 16.01% 69.27% 7.25% 107.12% 107.12% 34.26%
421.87 25.02% 5.25% 7.86% 78.36% 10.56% 37.17% 37.17% 14.68%
86.38 -1.69% 0.99% 0.84% 21.96% 14.37% 29.27% 29.27% 4.92%
117.85 22.07% 5.53% 2.78% 40.65% 12.88% 14.17% 14.17% 13.46%
174.93 60.81% 1.03% 1.22% 17.37% 13.35% 21.56% 21.56% 9.42%
80.44 3.99% 7.08% 2.41% 15.27% 6.71% 61.27% 61.27% 8.67%
125.16 0.65% 13.81% 5.80% NA -14.75% 1.38% 1.38% -7.15%
 73.09 5.63% 3.60% 3.14% 19.93% 16.80% 65.42% 65.42% 15.89%
62.48 4.48% 3.07% 0.35% -0.36% 13.12% 34.56% 34.56% 20.26%
72.14 -3.14% 0.70% -0.37% -15.00% 7.20% 46.27% 46.27% 8.45%
52.07 -104.40% 0.56% 0.44% 63.24% 7.89% 45.64% 45.64% 9.68%
26.18 -39.68% 0.86% 0.06% 13.85% 7.40% 46.02% 46.02% 8.34%
198.87 NA 2.43% 6.22% 57.93% 7.24% 67.27% 67.27% 17.02%
87.50 26.31% 4.25% 3.47% 48.14% 7.47% 56.22% 56.22% 8.01%
175.10 10.39% 8.05% 4.11% 88.51% 3.61% 179.98% 179.98% 8.16%
35.76 12.52% 2.31% 0.36% 1.65% 6.87% 58.26% 58.26% 6.66%
45.52 1.88% 11.18% 0.34% -17.52% -1.43% 1.45% 1.45% 6.30%
52.89 -0.05% 32.26% -13.78% NA -21.04% 0.83% 0.83% -7.12%
26.72 4.75% 13.59% 5.78% 42.13% 5.25% 201.87% 201.87% 16.76%
35.05 6.96% 4.95% 1.85% 90.28% -12.48% 0.53% 0.53% 1.38%
35.87 11.43% 6.04% 2.40% 28.17% 10.06% 53.28% 53.28% 8.93%
159.36 18.69% 7.36% 2.66% 17.01% 4.96% 59.66% 59.66% 7.07%
25.26 2.11% 17.48% 8.63% 85.25% 7.31% 81.59% 81.59% 13.38%
63.03 12.73% 13.90% 8.19% 78.16% 7.86% 45.15% 45.15% 19.30%
42.54 13.10% 3.20% 1.46% 40.75% -0.76% 0.54% 0.54% 5.29%
44.45 63.30% 5.40% -1.45% -1.00% 0.80% 823.36% 823.36% 30.35%
62.63 192.82% 3.05% 3.47% 103.72% 10.44% 69.21% 69.21% 17.31%
99.04 98.92% 10.07% 8.87% 136.57% 3.90% 83.99% 83.99% 16.14%
58.53 21.54% 3.25% 5.84% 36.32% 5.08% 48.89% 48.89% 24.07%
71.57 34.60% 6.91% 6.93% 144.74% 2.79% 192.60% 192.60% 7.98%
188.44 -41.18% 0.16% -0.01% 25.39% 3.34% 93.49% 93.49% 3.78%
127.25 -0.36% 4.87% 0.70% 34.96% 5.17% 459.50% 459.50% 4.03%
43.31 11.51% 2.30% 1.54% 0.39% 13.99% 36.42% 36.42% 4.45%
46.21 5.32% 2.08% 0.05% -25.48% 55.16% 43.42% 43.42% 11.36%
66.68 15.31% 3.02% 2.45% 42.86% 5.73% 75.55% 75.55% 3.68%
61.89 -1.86% 2.41% 0.18% -15.30% 9.99% 55.81% 55.81% 3.88%
53.40 -3.31% 2.65% 0.46% 24.83% 11.41% 47.07% 47.07% 4.11%
110.83 -2.97% 6.36% 3.99% 98.20% 14.89% 5.03% 5.03% 5.38%
38.36 6.06% 1.71% -0.64% -101.36% 2.29% 201.73% 201.73% 3.32%
30.65 19.35% 5.47% 1.14% -12.49% 2.65% 110.38% 110.38% 5.39%
254.65 16.63% 15.67% 14.78% 101.66% 16.89% 44.42% 44.42% 19.15%
84.83 29.83% 5.96% 3.66% 38.20% 21.38% 31.51% 31.51% 19.69%
915.77 -0.07% 9.45% 3.22% 42.72% 5.68% 61.79% 61.79% 8.35%
108.92 19.77% 1.63% -1.45% -39.76% 9.95% 65.38% 65.38% 6.16%
122.11 1.54% 10.83% 7.12% 51.13% 18.42% 3.72% 3.72% 21.05%
118.92 1.98% 10.43% 9.53% 414.73% -5.64% 0.32% 0.32% 4.72%
187.92 13.52% 5.65% 5.99% 43.79% 20.37% 33.25% 33.25% 21.44%
59.31 14.07% 6.22% 3.21% 50.37% 2.44% 154.05% 154.05% 4.52%
46.65 -6.55% 11.57% -4.38% -22.91% 8.19% 77.55% 77.55% 14.07%
105.51 21.75% 3.55% 2.66% 28.78% 10.42% 61.55% 61.55% 11.18%
59.00 2.27% 13.98% -3.32% -22.88% 8.78% 65.62% 65.62% 14.95%
39.89 17.49% 2.73% 0.00% -8.74% 19.35% 105.89% 105.89% 32.91%
37.67 3.96% 4.67% 0.68% 21.49% 8.26% 79.54% 79.54% 6.03%
56.83 7.99% 19.50% 12.72% 112.09% 5.66% 78.08% 78.08% 15.62%
35.79 5.95% 2.42% -2.78% -726.78% -5.76% 0.47% 0.47% 0.73%
37.33 -1.28% 15.37% 10.16% 107.97% 5.49% 122.28% 122.28% 11.79%
31.57 5.29% 27.09% 27.53% 172.58% 6.30% 56.83% 75.32% 26.79%
93.22 -137.39% 5.88% 2.72% 47.93% 6.30% 75.32% 75.32% 8.09%
93.93 11.58% 6.37% 2.75% 46.14% 5.54% 95.73% 95.73% 8.41%