NVIDIA2024

Date of valuation Feb-24
Company name Nvidia

Numbers from your base year below ( in
This year
Country of incorporation United States
Industry (US) Semiconductor
Industry (Global) Semiconductor
Revenues $ 44,870.00
Operating income or EBIT $ 10,729.00
Interest expense $ 258.00
Book value of equity $ 24,520.00
Book value of debt $ 11,027.00
Do you have R&D expenses to capitalize? Yes
Do you have operating lease commitments? No
Cash and Marketable Securities $ 18,281.00
Cross holdings and other non-operating assets $ 1,172.00
Minority interests $ -
Number of shares outstanding = 2470.00
Current stock price = $ 681.00
Effective tax rate = 10.10%
Marginal tax rate = 25.00%
The value drivers below (non-AI)
Revenue growth rate for next year 30.00%
Operating Margin for next year 30.00%
Compounded annual revenue growth rate - years 2-5 = 30.00%
Target pre-tax operating margin = 40.00%
Year of convergence for margin 5.00
Sales to capital ratio (for years 1-5) 1.15
Sales to capital ratio (for years 6-10) 1.15
Market numbers
Riskfree rate 4.08%
Initial cost of capital = 8.84%
Other inputs
Do you have employee options outstanding? No
Number of options outstanding = 7.72
Average strike price = $1.29
Average maturity = 7.00
Standard deviation on stock price = 45.00%
Value Drivers for AI Chip business
Current
Total Market $35,000.00
NVIDIA's Market Share 75.00%
Operating margin 35.00%
Value Drivers for Auto Chip business

Current
Total Market $20,000.00
NVIDIA's Market Share 3.00%
Operating margin 35.00%
Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (
Do you want to override this assumption = No
If yes, enter the cost of capital after year 10 = 8.00%
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming tha
Do you want to override this assumption = Yes
If yes, enter the return on capital you expect after year 10 20%
I will assume that your firm has no chance of failure over the foreseeable future.
If yes, enter the probability of failure = 12%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fair value 50%
I assume that reinvestment in a year translates into growth in the next year, i.e., there is a one year lag between reinv
Do you want override this assumption = No
If yes, enter a different lag (0 = no lag to 3 = lag of 3 years) 2
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override t
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have
If yes, enter the NOL that you are carrying over into year 1 $731.40
I will asssume that today's risk free rate will prevail in perpetuity. If you override this assumption, I will change the r
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 cons
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 com
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistrust) $140,000.00
& Average tax rate of the foreign markets where the cash is trapped 15%
Input cell Calculated cell
Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
from your base year below ( in consistent units)
Last year Updated on January 2023 with updated Industry averages and risk premiums
Last 10K Years since last 10K

$ 29,974.00 0.75
$ 9,779.00 0.75
$ 262.00
$ 22,101.00
$ 12,031.00
If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
If you lease or other contractual commitments that have not been converteed to debt already, say yes to this option a
$ 13,296.00
$ 299.00
$ -
Computed numbers: Here is what your company's numbers lo

If you are not working in US dollars, you should add the inflation differential to
Company
Revenue growth in the most recent year 71.24%
Pre-tax operating margin in the most rece 25.42%
Growth Lever Sales to capital ratio in most recent year 1.25
Profitability Lever Marginal sales to capital ratio = NA
Speed of convergence level Return on invested capital in most recent 11.43%
Efficency of Growth Lever Standard deviation in stock prices =
Cost of capital =
Do not input. Go to cost of capital Valuation Output Feedback (for you to use to fine tune your inputs, if
sheet. Revenues in year 10, based on your revenue growth =
Pre-tax Operating Income in year 10, based on your operatin

Return on invested capital in year 10, based on your sales/capi
Check the Diagnostics worksheet for more details.
Year 10
$325,000.00
60.00%
40.00%
Year 10
$200,000.00
15.00%
40.00%
that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average
Though some sectors, even in stable growth, may have higher risk. If you change your risk free rate after year 10 (se
l after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.
Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, be
Tough to estimate but a key input. Use the failure rate worksheet, if necessary.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
ere is a one year lag between reinvesting and generating growth from that reinvestment.
our terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
ming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
his assumption, I will change the riskfree rate after year 10.
If yes, you will be asked to enter a normal risk free rate and your growth in perpetuity will be adjusted accordingly.
Enter your estimate of what the riskfree rate (in your currency of choice) will be after year 10
his allows for both valuation consistency and prevents "impossible" growth rates.
This is an option to let you use a negative growth rate in perpetuity or to even liquidate the firm.
This can be negative, if you feel the company will decline (and disappear) after growth is done. If you let it exceed th
re is no additional tax liability coming due and that cash is a neutral asset.
Cash that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market
Additional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
nder Calculation options
easoning errors.
averages and risk premiums
ready, say yes to this option and do the conversion.
your company's numbers look like, relative to industry.

add the inflation differential to the industry averages.
Industry (US) Industry (Global Global Distribution Stats
Average Average 1st Quartile Median3rd Quartile
6.44% 5.77% 2.34% 12.80% 24.40%
19.71% 16.32% 6.77% 13.63% 22.85%
0.58 0.74 0.70 1.15 1.94
11.37% 11.42%
41.47% 34.38%
10.36% 13.94% 14.88% 15.44% 15.64%
fine tune your inputs, if

$ 355,029
$ 147,806
37.30%
risk free rate after year 10 (see cell B57 & 58), you should incorporate the change into your stable cost of capital estimate.
distressed companies fail, because they have trouble making debt payments.
will be adjusted accordingly.
is done. If you let it exceed the risk free rate, you are on your own in uncharted territory.
eing discounted by the market (because of management mistrust)
ause of mistrust.
st of capital estimate.
Base year 1 2 3 4 5 6 7
Rest Revenue growth rate 30.00% 30.00% 30.00% 30.00% 30.00% 24.82% 19.63%
Rest Revenues $ 18,020.00 $23,426.00 $30,453.80 $39,589.94 $51,466.92 $66,907.00 $83,510.64 $99,905.45
EBIT (Operating) m 25.42% 30.00% 37.00% 36.00% 38.00% 40.00% 40.00% 40.00%
EBIT (Operating in $ 4,580.30 $ 7,027.80 $11,267.91 $14,252.38 $19,557.43 $26,762.80 $33,404.26 $39,962.18
Tax rate 10.10% 10.10% 10.10% 10.10% 10.10% 10.10% 13.08% 16.06%
EBIT(1-t) $ 4,117.69 $ 6,317.99 $10,129.85 $12,812.89 $17,582.13 $24,059.76 $29,034.98 $33,544.25
- Reinvestment $ 6,111.13 $ 7,944.47 $10,327.81 $13,426.15 $14,437.95 $14,256.36 $12,551.60
FCFF $ 206.86 $ 2,185.38 $ 2,485.08 $ 4,155.98 $ 9,621.81 $14,778.62 $20,992.65
NOL $ - $ - $ - $ - $ - $ - $ - $ -
Total Market (AI) $ 35,000.00 $58,200.00 $81,400.00 ### ### ### ### ###
Nvidia Market share 75.00% 73.50% 72.00% 70.50% 69.00% 67.50% 66.00% 64.50%
Revenues from AI $ 26,250.00 $42,777.00 $58,608.00 $73,743.00 $88,182.00 ### ### ###
Operating Margin 35.00% 35.00% 37.00% 38.00% 39.00% 40.00% 40.00% 40.00%
Operating Income $ 9,187.50 $14,971.95 $21,684.96 $28,022.34 $34,390.98 $40,770.00 $49,051.20 $56,914.80
EBIT (1-t) $ 8,259.56 $13,459.78 $19,494.78 $25,192.08 $30,917.49 $36,652.23 $42,635.30 $47,774.28
- Reinvestment $13,766.09 $13,160.87 $12,555.65 $11,950.43 $18,002.61 $17,094.78 $16,186.96
FCFF (AI) $ (306.30) $ 6,333.91 $12,636.43 $18,967.06 $18,649.62 $25,540.52 $31,587.33
Total Market (Auto) $ 20,000.00 $44,000.00 $68,000.00 $92,000.00 ### ### ### ###
Nvidia Market shar 3.00% 4.20% 5.40% 6.60% 7.80% 9.00% 10.20% 11.40%
Revenues from Aut $ 600.00 $ 1,848.00 $ 3,672.00 $ 6,072.00 $ 9,048.00 $12,600.00 $15,504.00 $18,696.00
Operating Margin 35.00% 30.00% 34.00% 36.00% 38.00% 40.00% 40.00% 40.00%
Operating Income $ 210.00 $ 554.40 $ 1,248.48 $ 2,185.92 $ 3,438.24 $ 5,040.00 $ 6,201.60 $ 7,478.40
EBIT (1-t) $ 188.79 $ 498.41 $ 1,122.38 $ 1,965.14 $ 3,090.98 $ 4,530.96 $ 5,390.43 $ 6,277.37
- Reinvestment $ 1,586.09 $ 2,086.96 $ 2,587.83 $ 3,088.70 $ 2,525.22 $ 2,775.65 $ 3,026.09
FCFF (AI) $ (1,087.68) $ (964.57) $ (622.68) $ 2.28 $ 2,005.74 $ 2,614.78 $ 3,251.28
Cost of capital 8.84% 8.84% 8.84% 8.84% 8.84% 8.79% 8.74%

Cumulated discount factor 0.9188 0.8442 0.7756 0.7126 0.6547 0.6018 0.5535
PV(FCFF from rest) $ 190.06 $ 1,844.80 $ 1,927.41 $ 2,961.55 $ 6,299.62 $ 8,894.27 $11,619.04
PV (FCFF frrom AI) $ (281.43) $ 5,346.81 $ 9,800.74 $13,515.93 $12,210.33 $15,371.14 $17,483.00
PV(FCFF from Auto) $ (999.34) $ (814.25) $ (482.95) $ 1.63 $ 1,313.21 $ 1,573.66 $ 1,799.52
Value of Rest ###

Value of AI ###
Value of Auto $ 81,485.11
Value as Going Con ###
Probability of failur 0.00%
Proceeds if firm fai $534,665.61
Value of operating ###
- Debt $ 11,027.00
- Minority interests $ -
+ Cash $ 18,281.00
+ Non-operating a $ 1,172.00
Value of equity ###
- Value of options $0.00
Value of equity in ###
Number of shares 2,470.00
Estimated value /s $ 436.34
Price $ 681.00
Price as % of value 156.07%
Implied variables
Sales to capital ratio 1.15 1.15 1.15 1.15 1.15 1.15 1.15
Invested capital $ 36,029 $ 57,493 $ 80,685 $ 106,156 $ 134,622 $ 169,587 $ 203,714 $ 235,479
ROIC 34.88% 56.28% 53.48% 49.54% 48.60% 48.46% 45.44% 43.00%
8 9 10 Terminal year
Terminal Value
14.45% 9.26% 4.08% 4.08%
### ### ### ###
40.00% 40.00% 40.00% 40.00%
$45,735.91 $49,972.89 $52,011.78 $54,133.86
19.04% 22.02% 25.00% 25.00%
$37,027.80 $38,968.86 $39,008.84 $40,600.40
$ 9,210.82 $ 4,432.38 $ 4,613.22 $ 8,282.48
$27,816.98 $34,536.48 $34,395.62 $32,317.92 ###
$ - $ - $ - $ -
### ### ### ###

63.00% 61.50% 60.00% 60.00%
### ### ### ###
40.00% 40.00% 40.00% 40.00%
$64,360.80 $71,389.20 $78,000.00 $81,182.40
$52,106.50 $55,669.30 $58,500.00 $60,886.80
$15,279.13 $14,371.30 $ 6,918.26 $12,420.91
$36,827.37 $41,297.99 $51,581.74 $48,465.89 ###
### ### ### ###

12.60% 13.80% 15.00% 15.00%
$22,176.00 $25,944.00 $30,000.00 $31,224.00
40.00% 40.00% 40.00% 40.00%
$ 8,870.40 $10,377.60 $12,000.00 $12,489.60
$ 7,181.48 $ 8,092.45 $ 9,000.00 $ 9,367.20
$ 3,276.52 $ 3,526.96 $ 1,064.35 $ 1,910.91
$ 3,904.95 $ 4,565.50 $ 7,935.65 $ 7,456.29 ###
8.68% 8.63% 8.58% 8.58%

0.5093 0.4688 0.4317
$14,166.00 $16,190.40 $14,850.22
$18,754.61 $19,360.14 $22,270.28
$ 1,988.63 $ 2,140.27 $ 3,426.20
After year 10
1.15 1.15 1.15
$ 263,245 $ 285,576 $ 298,172
40.90% 39.02% 37.30% Err:508
Nvidia
The Opportunistic Chip Maker
NVIDIA has a history of innovation and opportunism in the chip business, often investing ahead of large trends in de
gaming and now in AI and auto. Its early entry into the AI chip business will allow it to dominate this business, as it
though competition will eat into its market share. In the auto chip business, NVidia will grow to gain a significant, a
share as that market grows. Across all of its busineses, NVIDIA will see improvement in operating margins, while re
acquisitions at industry-levels.
The Assumptions
Base year Next year Years 2-5 Years 6-10
Revenues (a) $18,020.00 30.0% 30.00%
Operating margin ( 25.42% 30.0%

Tax rate 10.10% 10.10%
Reinvestment (c ) 1.15 1.15 1.15
Return on capital 34.88% Marginal ROIC = 35.76%
Cost of capital (d) 8.84%

The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $68,051.00 30.00% $20,415.30 $6,317.99
2 $92,733.80 37.00% $34,311.51 $10,129.85
3 $119,404.94 36.00% $42,985.78 $12,812.89
4 $148,696.92 38.00% $56,504.83 $17,582.13
5 $181,432.00 40.00% $72,572.80 $24,059.76
6 $221,642.64 40.00% $88,657.06 $29,034.98
7 $260,888.45 40.00% $104,355.38 $33,544.25
8 $297,417.79 40.00% $118,967.11 $37,027.80
9 $329,349.23 40.00% $131,739.69 $38,968.86
10 $355,029.46 40.00% $142,011.78 $39,008.84
Terminal year $369,514.66 40.00% $147,805.86 $40,600.40
The Value
Value of Gaming & Other $ 389,014.00
Value of AI $ 598,832.10
Value of Auto $ 81,485.11
Value of operating assets = $1,069,331.21
Adjustment for distress $0.00 Probability of failure =
- Debt & Minority Interests $11,027.00
+ Cash & Other Non-operating assets $19,453.00
Value of equity $1,077,757.21
- Value of equity options $0.00
Number of shares 2,470.00
Value per share $436.34 Stock was trading at =
Feb-24
Chip Maker
ften investing ahead of large trends in demand in crypto and
allow it to dominate this business, as it grows over the decade, Tell your story about the company. Keep it
s, NVidia will grow to gain a significant, albeit not dominant, market focuses on the company's businesses and tie
rovement in operating margins, while reinvesting in R&D and it into the three key levers of value: cash
flows, growth and risk
ptions
After year 10 Link to story
Even as gaming and other chip
businesses mature, NVIDIA''s
investments in the AI and Auto
chip businesses will deliver
healthy growth over the next
4.08% decade.
Margins improve, first as NVIDIA
rebounds from a down-year and
then long term, because of
competitive advantages,
especially in their growth
businesses and economies of
40.00% scale.
25.00% Global/US marginal tax rate over t
Sales to capital moves to industry
median, as company is able to Tie each assumption to the part of your story
slow its investment pace, and see that relates to it.
payoffs from past investments in
20.40% AI & Auto.
Strong competitive edges allow
NVIDIA to earn well above its cost
of capital for the next decade and
20.00% beyond.
Initial cost of capital set equal to

semiconductor industry average,
for first 5 years, moving towards
average for entire market over
time. Dependence on TSMC for
chip production creates risk
8.58% exposures to Taiwan and China.
lows
Reinvestment FCFF
$6,111.13 $206.86
$7,944.47 $2,185.38 These are the numbers that come from your
$10,327.81 $2,485.08 assumptions. The revenues over time reflect
$13,426.15 $4,155.98 your revenue growth, the operating margins
$14,437.95 $9,621.81 evolve towards your target margin and your
tax rate will change, if you have set it to. The
$14,256.36 $14,778.62 reinvestment is estimated using the sales to
capital ratio for the first 10 years and based
on a reinvestment rate in stable growth (g/
ROC).
These are the numbers that come from your
assumptions. The revenues over time reflect
your revenue growth, the operating margins
evolve towards your target margin and your
tax rate will change, if you have set it to. The
reinvestment is estimated using the sales to
$12,551.60 $20,992.65 capital ratio for the first 10 years and based
$9,210.82 $27,816.98 on a reinvestment rate in stable growth (g/
$4,432.38 $34,536.48 ROC).
$4,613.22 $34,395.62
$8,282.48 $32,317.92
ue
Probability of failure = 0.00%
Stock was trading at = $681.00

You can modify this picture and bring in relevant details to back up your cost of capita
Nvidia
Base Year and Comparison Growth Story (Revenue)

Company Industry Even as gaming
Revenue Growth 71.24% 5.77% and other chip
Revenue $18,020 businesses
Operating Margin 25.42% ### mature,
Operating Income $4,580 NVIDIA''s
EBIT (1-t) $4,118 investments in
the AI and Auto
chip businesses
Value of Rest $389,014 1 2

Value of AI $598,832 Revenue (Gaming/O ### ###
Value of Auto $81,485 Revenue (AI) ### ###
Probability of failur 0.00% Revenue (Auto) $1,848 ###
Value of operating ### Revenues (Total) ### ###
- Debt $11,027 R&D Adj Operating 30.00% 37.00%
- Minority interests $0 Operating Income ### ###
+ Cash $18,281 EBIT (1-t) ### ###
+ Non-operating as $1,172 Reinvestment ### ###
Value of equity ### FCFF ### ###
- Value of options $0
Value of equity in ###
Number of shares 2,470.00 Cost of Capital 8.84% 8.84%
Estimated value /sh $436.34 Cumulated WACC 0.9188 0.8442
Price per share $681.00 Sales to Capital 1.15 1.15

% Under or Over Va 56.07% ROIC 56.28% 53.48%
Risk Story
Initial cost of capital set
equal to semiconductor
industry average, for first
5 years, moving towards
average for entire market
over time. Dependence on
up your cost of capital and other details that you think flesh out your company's valuation sto
Nvidia
Profitability Story (Margin) Growth Efficiency Story

Margins improve, Sales to capital
first as NVIDIA moves to industry
rebounds from a median, as company
down-year and is able to slow its
then long term, investment pace,
because of and see payoffs from
competitive past investments in
advantages, AI & Auto.
3 4 5 6 7 8 9 10
### ### $ 66,907 ### ### $ 114,340 ### $130,029
### ### $ 101,925 ### ### $ 160,902 ### $195,000
### ### $ 12,600 ### ### $ 22,176 ### $ 30,000
### ### $ 181,432 ### ### $ 297,418 ### $355,029
36.00% 38.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
### ### $ 72,573 ### ### $ 118,967 ### $142,012
### ### $ 65,243 ### ### $ 96,316 ### $106,509
### ### $ 34,966 ### ### $ 27,766 ### $ 12,596
### ### $ 30,277 ### ### $ 68,549 ### $ 93,913
###
8.84% 8.84% 8.84% 8.79% 8.74% 8.68% 8.63% 8.58%

0.7756 0.7126 0.6547 0.6018 0.5535 0.5093 0.4688 0.4317
1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15

49.54% 48.60% 48.46% 45.44% 43.00% 40.90% 39.02% 37.30%
Competitive Advantages AI and Auto Business: Market Size and M

Strong competitive edges AI
allow NVIDIA to earn well Current In 2033
above its cost of capital Total Market $15,000 $325,000
for the next decade and Market Shar 75% 60%
beyond. NVIDIA reve $11,250 $195,000
ny's valuation story.
Feb-24
Terminal Value
Growth Rate 4.08%
Cost of capital 8.58%
Return on capit ###
Reinvestment ###
Terminal year
$ 135,335
$ 202,956
$ 31,224
$ 369,515
40.00%
$ 147,806
$ 110,854
$ 22,614
$ 88,240
20.00%
Market Size and Market Share

Auto
Current In 2033
$20,000 ###
3.00% 15%
$600 ###
Step 1: Check revenue growth rate
Industry AverageMost Recent year
Annual Revenue Growth Rate 6.44% 71.24%
Step 2: Check dollar revenues

Most Recent year Next year
Revenues $ 44,870.00 $ 68,051.00
Step 3: Check your margins Most Recent year Next year
Operating Margin 25.42% 30.00%
Step 4: Check how much you are reinvesting

Most Recent year Next year
Sales to Capital 1.25 1.15
Reinvestment effect on cash flows

$ Value As % of value
PV of after-tax operating income for next 10 years $444,992.05 100.00%
Value effect of reinvestment for next 10 years $222,270.55 49.95%
PV of FCFF for next ten years $222,721.50 50.05%
Return on capital effects

Most recent year Marginal (1-10)
Return on capital 34.88% 35.76%
Step 5: Risk Metrics

Industry Average Compounded
Cost of capital 10.36% 8.76%
Failure Rate 0.00%
Step 6: Price versus Value

Your calculated value as a percent of current price 64.07%
If calculated
If calculated
value is
Inputs value looks too
negative or
high
looks too low
Increase Decrease
Revenue growth rate (input cell B25, B27) revenue revenue growth
growth rate rate
Increase the Decrease the
Operating margin (B26, B28) target pre-tax target pre-tax
operating operating
margin the
Increase margin
Decrease the
sales/capital sales/capital
Sales to Capital (B30-B32)
ratio ratio
Increase If higher than
relative to your cost of
your cost of capital, lower
Return on capital in perpetuity (B48, B49)
capital towards your
Your forecasts
Next year Years 2-5
51.66% 32.24%
Year 5 Year 10
$ 181,432.00 $ 355,029.46
Year 5 Year 10
40.00% 40.00%
Year 5 Year 10
1.15 1.15
ROC in year 10 Stable ROC

37.30% 20.00%
Year 1-5 Stable Growth

8.84% 8.58%
Questions to ask
1. If you are forecasting a revenue growth rate > industry
average, is your company small?
2. If your forecasted revenue growth rate is very different
from your company's most recent year of growth, what is the
reason?
1. How big is the total market today?

2. How much revenues do the biggest companies in that market make today?
3. How much growth is there in the total market?
4. What type of market share are you forecasting for your company in year 10?
1. What are the margins of the industry that the company is in?
2. What are the unit economics of the business? (How much
does it cost you to make the extra unit that you sell?
3. What does the competition in this business look like?
1. is the growth that you are forecasting bounce-back growth or new growth?
2. How much excess capacity do you have to service near term growth?
3. Does investment efficiency in this business change as companies get bigger?
1. Is your reinvestment consitent with your revenue growth forecast?

2. Are you comfortable with your return on capital in year 10?
1. How does your cost of capital compare to the industry average?

2. What is happenign to your cost of capital over time? Why?
3. Is your failure rate consistent with your company's characteristics?
Note: This worksheet is the most finicky of all of the worksheets in this
spreadsheet. If you start to get errors, here is a quick fix. Go into cell B12
and replace the contents with a number (say 5), and then undo your
action. Options
Valuing The spreadsheet
or Warrants will fix itself magically.
Enter the current stock price = $ 681.00
Enter the strike price on the o $ 1.29
Enter the expiration of the opt 7.00
Enter the standard deviation in 45.00% (volatility)
Enter the annualized dividend y 0.00%
Enter the treasury bond rate = 4.08%
Enter the number of warrants ( 7.72
Enter the number of shares out 2,470.00
Do not input any numbers below this line

Dilution-adjusted Black-Scholes
Stock Price= $681.00 # Warrants issued=
Strike Price= 1.29 # Shares outstanding
Adjusted S = $681.00 T.Bond rate=
Adjusted K = 1.29 Variance=
Expiration (in years) = 7 Annualized dividend y
Div. Adj. interest rate
d1 = 6.1006
N (d1) = 1.0000
d2 = 4.9074
N (d2) = 1.0000
Value per option = $ 680.03

Value of all options outstandin $5,249.81
worksheets in this
k fix. Go into cell B12
then undo your
7.72
2,470
4.08%
0.2025
0.00%
4.08%
Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs Until 2019, this worksheet had to be used for every fir
Operating lease expense in current year = $ 295.00 with operating lease commitments, since accountants
Operating Lease Commitments (From footnote to financials) treated operating lease expenses as operating expenses
Year Commitment! Year 1 is next year, …. 2019, IFRS and GAAP made the long-overdue change
treat leases as debt, and for firms that follow these
1 287.0
standards, the conversion that I am doing on this
2 235.0 spreadsheet is being done by accountants, with lease d
3 194.0 and operating income already adjusted. If that is the ca
4 151.0 and you showed the lease debt as part of debt in the in
5 98.0 page, please do not use this spreadsheet, since you wil
6 and beyond 605 double counting.
Output
Pre-tax Cost of Debt = 5.50% ! If you do not have a cost of debt, use the synthetic rating estimator
Number of years embedded in yr 6 e 3 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1 $ 287.00 $ 272.04
2 $ 235.00 $ 211.14
3 $ 194.00 $ 165.21
4 $ 151.00 $ 121.89
5 $ 98.00 $ 74.98
6 and beyon $ 201.67 $ 416.30 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $1,261.56
Restated Financials
Depreciation on Operating Lease Asset = $ 157.69 ! I use straight line depreciation
Adjustment to Operating Earnings = $137.31 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $1,261.56 ! Add this amount to debt
Adjustment to Depreciation = $157.69
heet had to be used for every firm
ommitments, since accountants
expenses as operating expenses. In
P made the long-overdue change to
d for firms that follow these
on that I am doing on this
one by accountants, with lease debt
already adjusted. If that is the case,
ase debt as part of debt in the input
e this spreadsheet, since you will be
If you have negative operating income, this spreadsheet will offer you a D rating. Do n
use that rating as your cost of debt for a going concern. Insread give your company a
but going concern rating like BB and use that cost of debt.
Inputs for synthetic rating estimation

Please read the special cases worksheet (see below) before you use this spreadshee
Before you use this spreadsheet, make sure that the iteration box (under calculation
Enter the type o 2
Enter current Earnings before interest ### (Add back only long term interest expe
Enter current interest expenses = $258.00 (Use only long term interest expense f
Enter long term risk free rate = 4.08%
Output
Interest coverage ratio 41.59
Estimated Bond RatingAaa/AAA Note: If you get REF! All over the place, set the
Estimated Company Def0.69% to No, and then reset it to Yes. It should work.
Estimated County Defaul 9.81%
Estimated Cost of Debt14.58%
If you want to update the spreads listed below, please visit http://www.bondsonline.c
For large manufacturing firms De
If interest coverage ratio is Rating
> ≤ to Rating isSpread is AAA
-1E+05 0.2 D2/D 20.00% AA
0.2 0.65 C2/C 17.50% A
0.65 0.8 Ca2/CC 15.78% BBB
0.8 1.25 Caa/CCC11.57% BB
1.25 1.5 B3/B- 7.37% B
1.5 1.75 B2/B 5.26% CCC/C
1.75 2 B1/B+ 4.55%
2 2.25 Ba2/BB 3.13%
2.25 2.5 Ba1/BB+ 2.42%
2.5 3 Baa2/BBB2.00%
3 4.25 A3/A- 1.62%
4.25 5.5 A2/A 1.42%
5.5 6.5 A1/A+ 1.23%
6.5 8.5 Aa2/AA 0.85%
8.50 100000Aaa/AAA 0.69%
For smaller and riskier firms

If interest coverage ratio is
greater than≤ to Rating is
Spread is
-1E+05 0.5 D2/D 20.00% Rating is
Spread is
0.5 0.8 C2/C 17.50% A1/A+ 1.23%
0.8 1.25 Ca2/CC 15.78% A2/A 1.42%
1.25 1.5 Caa/CCC11.57% A3/A- 1.62%
1.5 2 B3/B- 7.37% Aa2/AA 0.85%
2 2.5 B2/B 5.26% Aaa/AAA 0.69%
2.5 3 B1/B+ 4.55% B1/B+ 4.55%
3 3.5 Ba2/BB 3.13% B2/B 5.26%
3.5 4 Ba1/BB+ 2.42% B3/B- 7.37%
4 4.5 Baa2/BBB2.00% Ba1/BB+ 2.42%
4.5 6 A3/A- 1.62% Ba2/BB 3.13%
6 7.5 A2/A 1.42% Baa2/BBB2.00%
7.5 9.5 A1/A+ 1.23% C2/C 17.50%
9.5 12.5 Aa2/AA 0.85% Ca2/CC 15.78%
12.5 100000Aaa/AAA 0.69% Caa/CCC11.57%
D2/D 20.00%
ou a D rating. Do not
e your company a low,
e this spreadsheet.
nder calculation options in excel) is checked.
erm interest expense for financial firms)

nterest expense for financial firms)
he place, set the operating lease commitment question in cell F5

. It should work.
ww.bondsonline.com
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%
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriat
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortiz 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = ### The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined
Do not input numbers in the first column (Year). It will get automatically updated based on the input a
YearR& D Expenses
-1 7339.00 ! Year -1 is the year prior to the current year
-2 5268.00 ! Year -2 is the two years prior to the current year
-3 3924.00
-4 2829.00
-5 2376.00
0
0
0
0
0
Output
Year R&D Expense
Unamortized portionAmortization this year
Current 7596.00 1.00 7596.00
-1 7339.00 0.80 5871.20 ###
-2 5268.00 0.60 3160.80 ###
-3 3924.00 0.40 1569.60 $ 784.80
-4 2829.00 0.20 565.80 $ 565.80
-5 2376.00 0.00 0.00 $ 475.20
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Research Asset = ### ###
Amortization of asset for cu ###
Adjustment to Operating I ### ! A positive number indicates an increase in operating income (ad
Tax Effect of R&D Expensing $812
makes the appropriate adjustments to operating income, net
up table below
nter will be determined by the amortization period

d based on the input above.
operating income (add to reported EBIT)

You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (beta, equity risk premium, default
data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses the start of the year numbers).
Estimation of Current Cost of Capital

There are four ways in whch you can estimate your cost of capital. In the first, you can
directly input a cost of captial. In the second, you can work through your company's
cost of capital inputs in detail, entering business, geogaphical mix and debt, and I will
help you estimate a cost of capital. In the third, you can look up the cost of capital for
the industry your firm belongs to and in the fourth, you can use a crosssectoinal
distribution of costs of capital for companies at the start of the year to make your
estimate.
Which approach will you be using? Distribution

If direct input, enter cost of capital to 9.00%
use
Cost of capital based upon approach 8.84%
=
Approach 1: Detailed Cost of Capital
Inputs
Equity
Number of Shares outstanding = 2470.00
Current Market Price per share = $ 681.00
Approach for estimating beta Single Business(US)

If direct input, enter levered beta (or regressi 1.20
Unlevered beta = 1.46
Riskfree Rate = 4.08%
What approach do you want to use to input Operating countries
Direct input for ERP (if you choose "will inp 6.00%
Equity Risk Premium used in cost of equity 5.37%
Debt
Book Value of Straight Debt = $ 11,027.00
Interest Expense on Debt = $ 258.00
Average Maturity = 3
Approach for estimating pre-tax cost of debt Actual rating
If direct input, input the pre-tax cost of debt 4.000%
If actual rating, input the rating A2/A
If synethetic rating, input the type of compan 2
Pre-tax Cost of Debt = 5.50%
Tax Rate = 25%
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 = $ -
Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5
Output
Estimating Market Value of Straight Debt = $ 10,086.81
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.47
Equity Debt Preferred Stock Capital

Market Value $ 1,682,070.00 $ 10,087 $ - $1,692,157
Weight in Cost of Capital 99.40% 0.60% 0.00% 100.00%
Cost of Component 11.95% 4.13% 7.14% 11.91%
Approach 2: industry average cost of capital, adjusted for riskfre rate differences
Industry Single Business(US)
Cost of capital, adjusted for riskfree rate differenc 10.56%
Approach 3: Uae histogram of costs of capital of all publicly traded firms

Which grouping (US, Emerging Markets, Global) US
Which risk grouping does your company fall in? Third Quartile
Cost of capital based upon decile/group chosen 8.84%
Region First Decile First Quartile Median Third Quartile Ninth Decile
Emerging 6.45% 7.51% 8.82% 10.02% 11.85%
Europe 7.12% 8.26% 9.48% 10.95% 12.85%
Global 5.40% 6.53% 8.11% 9.07% 9.82%
Japan 6.68% 7.66% 8.82% 9.67% 10.91%
US 6.43% 7.75% 8.60% 8.84% 9.37%
These costs of capital are all in US dollars and reflect the US dollar riskfree rate at the start of the year. Once you make your
choice, though, I will adjust the rate by the difference in riskfree rates, effectively converting currency and bringing it up to date.
ts (beta, equity risk premium, default spread) or enter them directly. If you choose to use the built in ERP
the start of the year numbers).
Operating Countries ERP calculator

Country Revenues ERP Weight Weighted ERP
United States 8292 4.50% 30.76% 1.38%
China 5785 5.53% 21.46% 1.19% The last two rows in each of coun
Taiwan 6966 5.38% 25.84% 1.39% tables is set aside for your inpu
flexibility to enter some number
0.00% 0.00% 0.00% assume that you have a company
0.00% 0.00% 0.00% down into three countries and the
0.00% 0.00% 0.00% of the World". You can enter the "
of these two rows and enter an equ
0.00% 0.00% 0.00% rest of the world. The easiest way
0.00% 0.00% 0.00% country equity risk premium wo
0.00% 0.00% 0.00% GDP for the three countries that y
and compute the global weighte
0.00% 0.00% 0.00% remaining countries. With the reg
0.00% 0.00% 0.00% use the last two rows to enter the
country (usually the domestic coun
Rest of the World 5911 6.41% 21.93% 1.41%
out though the rest of the revenu
0.00% 0.00% region. You can look up the ER
Total 26954 100.00% 5.37% country ERP wo
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa 13.66% 0.00% 0.0000%
Asia 27899 6.18% 25.83% 1.5965%
Australia & New Zealand 4.50% 0.00% 0.0000%
Caribbean 18.65% 0.00% 0.0000%
Central and South America 10.26% 0.00% 0.0000%
Eastern Europe & Russia 9.56% 0.00% 0.0000%
Middle East 6.66% 0.00% 0.0000%
North America 8292 4.50% 7.68% 0.3455%
Western Europe 5389 5.79% 4.99% 0.2888%
0.00% 0.0000%
South Korea 66423 5.20% 61.50% 3.1981%
Total 108003 100.00% 5.4288%
Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta Cost of capital
Semiconductor $ 25,878.00 10.5967 ### 1.4602 10.36%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00% The cost of capital is in US dollars,
using the riskfree rate at the start of the
0.0000 $ - 0.0000 0.00% year. It will be adjusted for the
0.0000 $ - 0.0000 0.00% difference in riskfree rates to make it
0.0000 $ - 0.0000 0.00% more current and to change currencies
Company $ 25,878.00 ### 1.4602 10.36%
Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta Cost of capital
Semiconductor $ 25,878.00 6.3251 ### 1.6673 13.94%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00%
0.0000 $ - 0.0000 0.00% The cost of capital is in US dollars,
0.0000 $ - 0.0000 0.00% year. It will be adjusted for the
0.0000 $ - 0.0000 0.00% difference in riskfree rates to make it
more current and to change currencies
0.0000 $ - 0.0000 0.00%
Company $ 25,878.00 ### 1.6673 13.94%
The last two rows in each of country/region 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.
The cost of capital is in US dollars,
year. It will be adjusted for the
difference in riskfree rates to make it
more current and to change currencies.
The cost of capital is in US dollars,

year. It will be adjusted for the
difference in riskfree rates to make it
more current and to change currencies.
Estimating the likelihood of failure
Approach 1: Using a corporate bond rating
Default Probabilities over time (1 - 10 year time horizons)

Rating 1 2 3 4 5 6 7 8 9
AAA 0.00% 0.03% 0.13% 0.24% 0.35% 0.45% 0.51% 0.59% 0.64%
AA 0.02% 0.06% 0.12% 0.21% 0.31% 0.42% 0.50% 0.58% 0.65%
A 0.05% 0.14% 0.23% 0.35% 0.47% 0.62% 0.79% 0.93% 1.08%
BBB 0.16% 0.45% 0.78% 1.17% 1.58% 1.98% 2.33% 2.67% 3.00%
BB 0.61% 1.92% 3.48% 5.05% 6.52% 7.85% 9.01% 10.04% 10.97%
B 3.33% 7.71% 11.55% 14.58% 16.93% 18.83% 20.36% 21.60% 22.70%
CCC/C 27.08% 36.64% 41.41% 44.10% 46.19% 47.09% 48.26% 49.05% 49.76%
Thus, if you use the 10-year likelihood of failure, the chance of failure for a BB rated firm is 11.78%.
Approach 2: Using corporate age (for young companies)
Agriculture Mining UtilitiesConstruction

ManufacturingRetailTransportation
Information
0 55.10% 67.70% 55.10% 75.30% 61.90% 61.00% 71.60% 74.50%
Failure Rate given age
1 37.40% 49.50% 39.10% 49.60% 44.70% 44.10% 48.50% 49.70%

2 29.90% 38.90% 28.60% 35.10% 34.30% 33.40% 35.20% 37.20%
3 21.20% 30.60% 22.10% 20.90% 24.10% 24.10% 23.90% 27.80%
4 16.30% 21.50% 18.00% 12.40% 16.00% 17.50% 16.60% 20.90%
5 12.50% 18.90% 11.60% 8.50% 11.30% 13.10% 12.70% 16.40%
6 9.20% 14.90% 10.70% 5.90% 8.20% 9.50% 9.30% 11.70%
7 6.70% 10.60% 6.70% 3.70% 5.70% 6.70% 6.50% 8.50%
8 4.60% 8.20% 5.40% 2.40% 3.40% 4.30% 4.00% 5.90%
9 1.60% 4.80% 2.70% 1.10% 1.90% 2.00% 2.10% 1.90%
10 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source; Bureau of Labor Statistics
Thus, if you are valuing a technology firm that is 6 years old, the chance of failure is 1
Factors to consider
1. The likelihood of failure decreases for larger firms.
2. The likelihood of failure decreases with access to capital, and is thus lower for pub
3. The likelihood of failure decreases as revenue growth increases, since hope for futu
4. The likelihood of failure decreases with better unit economics, higher gross margin
10
0.70%
0.72%
1.24%
3.32%
11.78%
23.74%
50.38%
ed firm is 11.78%.
Survial Rate Data from Bureau of Labor Statistics (2022)

Health Care
All Sectors Agriculture Mining UtilitiesConstruction
ManufacturingRetail
57.50% 67.20% 1 82.30% 81.80% 84.00% 74.30% 82.80% 83.10%
38.90% 45.50% 2 74.80% 71.20% 73.50% 59.80% 72.40% 72.40%
29.70% 33.40% 3 66.10% 62.90% 67.00% 45.60% 62.20% 63.10%
24.90% 23.80% 4 61.20% 53.80% 62.90% 37.10% 54.10% 56.50%
18.80% 17.00% 5 57.40% 51.20% 56.50% 33.20% 49.40% 52.10%
13.40% 12.60% 6 54.10% 47.20% 55.60% 30.60% 46.30% 48.50%
12.30% 9.50% 7 51.60% 42.90% 51.60% 28.40% 43.80% 45.70%
10.40% 6.80% 8 49.50% 40.50% 50.30% 27.10% 41.50% 43.30%
5.90% 4.30% 9 46.50% 37.10% 47.60% 25.80% 40.00% 41.00%
3.00% 2.00% 10 44.90% 32.30% 44.90% 24.70% 38.10% 39.00%
0.00% 0.00%
hance of failure is 11.70%.
s thus lower for publicly traded firms or firms with multiple high profile VCs
s, since hope for future growth will sustain the firm.
higher gross margins on the additional units sold
eau of Labor Statistics (2022)
Transportation
Information
Health Care
All Sectors
76.90% 75.20% 81.40% 78.30%
63.60% 62.70% 72.20% 66.20%
52.30% 53.30% 67.40% 56.60%
45.00% 46.40% 61.30% 49.80%
41.10% 41.90% 55.90% 45.40%
37.70% 37.20% 54.80% 42.30%
34.90% 34.00% 52.90% 39.60%
32.40% 31.40% 48.40% 37.10%
30.50% 27.40% 45.50% 34.80%
28.40% 25.50% 42.50% 32.80%
Revenue Pre-Tax Pre-Tax
Year Revenues Growth Operating Operating NOL
Rate Margin Income
Traling 12 month $18,020.00 25.42% $ 4,580.30 $ -
1 $23,426.00 30.00% 30.00% $ 7,027.80 $ -
2 $30,453.80 30.00% 37.00% $ 11,267.91 $ -
3 $39,589.94 30.00% 36.00% $ 14,252.38 $ -
4 $51,466.92 30.00% 38.00% $ 19,557.43 $ -
5 $66,907.00 30.00% 40.00% $ 26,762.80 $ -
6 $83,510.64 24.82% 40.00% $ 33,404.26 $ -
7 $99,905.45 19.63% 40.00% $ 39,962.18 $ -
8 ### 14.45% 40.00% $ 45,735.91 $ -
9 ### 9.26% 40.00% $ 49,972.89 $ -
10 ### 4.08% 40.00% $ 52,011.78 $ -
After-Tax
Change in Sales to
Year Operating Reinvestment FCFF
Revenues Capital
Income
Traling 12 month $ 4,117.69
1 $ 6,317.99 $5,406.00 1.15 $ 4,700.87 $ 1,617.12
2 $10,129.85 $7,027.80 1.15 $ 6,111.13 $ 4,018.72
3 $12,812.89 $9,136.14 1.15 $ 7,944.47 $ 4,868.42
4 $17,582.13 ### 1.15 $ 10,327.81 $ 7,254.32
5 $24,059.76 ### 1.15 $ 13,426.15 $ 10,633.60
6 $29,034.98 ### 1.15 $ 14,437.95 $ 14,597.03
7 $33,544.25 ### 1.15 $ 14,256.36 $ 19,287.90
8 $37,027.80 ### 1.15 $ 12,551.60 $ 24,476.20
9 $38,968.86 ### 1.15 $ 9,210.82 $ 29,758.04
10 $39,008.84 $5,097.23 1.15 $ 4,432.38 $ 34,576.46
Cost of Pre-Tax Cost After-Tax Cost

Year Beta Tax Savings
Equity of Debt of Debt
1
2
3
4
5
6
7
8
9
10
Cumulated
Cost of
Year Cost of FCFF Terminal Value Present Value
Capital
Capital
1 Err:509 Err:509 $ 1,617.12 Err:509
2 Err:509 Err:509 $ 4,018.72 Err:509
3 Err:509 Err:509 $ 4,868.42 Err:509
4 Err:509 Err:509 $ 7,254.32 Err:509
5 Err:509 Err:509 $ 10,633.60 Err:509
6 Err:509 Err:509 $ 14,597.03 Err:509
7 Err:509 Err:509 $ 19,287.90 Err:509
8 Err:509 Err:509 $ 24,476.20 Err:509
9 Err:509 Err:509 $ 29,758.04 Err:509
10 Err:509 Err:509 $ 34,576.46 $ 81,485.11 Err:509
Value of operating assets = Err:509
After-Tax
Taxes Operating
Income
$ 462.61 $4,117.69
$ 709.81 $6,317.99
$1,138.06 ###
$1,439.49 ###
$1,975.30 ###
$2,703.04 ###
$4,369.28 ###
$6,417.93 ###
$8,708.12 ###
### ###
### ###
Capital Implied
Invested ROC
### 11.43%
### 15.51%
### 21.63%
### 23.39%
### 27.00%
### 30.63%
### 31.23%
### 31.28%
### 30.91%
### 30.21%
### 29.24%
Cost of
Debt Ratio
Capital
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Err:509
Mature Market ERP + 4.50% Updated June 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 0.54% 5.22% 0.72%
Albania B1 4.90% 11.08% 6.58%
Algeria NR 4.90% 11.08% 6.58%
Andorra (Principality of) Baa2 2.07% 7.28% 2.78%
Angola B3 7.08% 14.01% 9.51%
Anguilla NR 10.54% 23.25% 18.75%
Antigua & Barbuda NR 10.54% 23.25% 18.75%
Argentina Ca 13.07% 22.05% 17.55%
Armenia Ba3 3.92% 9.76% 5.26%
Aruba Baa2 2.07% 7.28% 2.78%
Australia Aaa 0.00% 4.50% 0.00%
Austria Aa1 0.44% 5.08% 0.58%
Azerbaijan Ba1 2.73% 8.16% 3.66%
Bahamas B1 4.90% 11.08% 6.58%
Bahrain B2 5.99% 12.54% 8.04%
Bangladesh B1 4.90% 11.08% 6.58%
Barbados B3 7.08% 14.01% 9.51%
Belarus C 17.50% 27.99% 23.49%
Belgium Aa3 0.65% 5.38% 0.88%
Belize Caa2 9.81% 17.67% 13.17%
Benin B1 4.90% 11.08% 6.58%
Bermuda A2 0.92% 5.74% 1.24%
Bolivia Caa1 8.17% 15.47% 10.97%
Bosnia and Herzegovina B3 7.08% 14.01% 9.51%
Botswana A3 1.31% 6.25% 1.75%
Brazil Ba2 3.28% 8.90% 4.40%
British Virgin Islands Ba2 3.28% 8.90% 4.40%
Brunei NR 0.65% 5.38% 0.88%
Bulgaria Baa1 1.74% 6.84% 2.34%
Burkina Faso Caa1 8.17% 15.47% 10.97%
Cambodia B2 5.99% 12.54% 8.04%
Cameroon Caa1 8.17% 15.47% 10.97%
Canada Aaa 0.00% 4.50% 0.00%
Cape Verde B3 7.08% 14.01% 9.51%
Cayman Islands Aa3 0.65% 5.38% 0.88%
Channel Islands NR 0.96% 10.39% 5.89%
Chile A2 0.92% 5.74% 1.24%
China A1 0.77% 5.53% 1.03%
Colombia Baa2 2.07% 7.28% 2.78%
Congo (Democratic Republ B3 7.08% 14.01% 9.51%
Congo (Republic of) Caa2 9.81% 17.67% 13.17%
Cook Islands B1 4.90% 11.08% 6.58%
Costa Rica B1 4.90% 11.08% 6.58%
Croatia Baa2 2.07% 7.28% 2.78%
Cuba Ca 13.07% 22.05% 17.55%
Curaçao Baa2 2.07% 7.28% 2.78%
Cyprus Baa2 2.07% 7.28% 2.78%
Czech Republic Aa3 0.65% 5.38% 0.88%
Denmark Aaa 0.00% 4.50% 0.00%
Dominican Republic Ba3 3.92% 9.76% 5.26%
Ecuador Caa3 10.90% 19.13% 14.63%
Egypt Caa1 8.17% 15.47% 10.97%
El Salvador Caa3 10.90% 19.13% 14.63%
Estonia A1 0.77% 5.53% 1.03%
Ethiopia Caa2 9.81% 17.67% 13.17%
Falkland Islands NR 4.29% 14.86% 10.36%
Fiji B1 4.90% 11.08% 6.58%
Finland Aa1 0.44% 5.08% 0.58%
France Aa2 0.54% 5.22% 0.72%
French Guiana NR 4.29% 14.86% 10.36%
Gabon Caa1 8.17% 15.47% 10.97%
Gambia NR 4.90% 11.08% 6.58%
Georgia Ba2 3.28% 8.90% 4.40%
Germany Aaa 0.00% 4.50% 0.00%
Ghana Caa3 10.90% 19.13% 14.63%
Gibraltar NR 0.96% 10.39% 5.89%
Greece Ba1 2.73% 8.16% 3.66%
Greenland NR 0.00% 4.50% 0.00%
Guatemala Ba1 2.73% 8.16% 3.66%
Guernsey (States of) A1 0.77% 5.53% 1.03%
Guinea NR 9.81% 17.67% 13.17%
Guinea-Bissau NR 5.99% 12.54% 8.04%
Guyana NR 1.74% 6.84% 2.34%
Haiti NR 10.90% 19.13% 14.63%
Honduras B1 4.90% 11.08% 6.58%
Hong Kong Aa3 0.65% 5.38% 0.88%
Hungary Baa2 2.07% 7.28% 2.78%
Iceland A2 0.92% 5.74% 1.24%
India Baa3 2.39% 7.71% 3.21%
Indonesia Baa2 2.07% 7.28% 2.78%
Iran NR 7.08% 14.01% 9.51%
Iraq Caa1 8.17% 15.47% 10.97%
Ireland Aa3 0.65% 5.38% 0.88%
Isle of Man Aa3 0.65% 5.38% 0.88%
Israel A1 0.77% 5.53% 1.03%
Italy Baa3 2.39% 7.71% 3.21%
Ivory Coast Ba3 3.92% 9.76% 5.26%
Jamaica B1 4.90% 11.08% 6.58%
Japan A1 0.77% 5.53% 1.03%
Jersey (States of) Aa3 0.65% 5.38% 0.88%
Jordan B1 4.90% 11.08% 6.58%
Kazakhstan Baa2 2.07% 7.28% 2.78%
Kenya B3 7.08% 14.01% 9.51%
Korea, D.P.R. NR 17.50% 27.99% 23.49%
Kuwait A1 0.77% 5.53% 1.03%
Kyrgyzstan B3 7.08% 14.01% 9.51%
Laos Caa3 10.90% 19.13% 14.63%
Latvia A3 1.31% 6.25% 1.75%
Lebanon C 17.50% 27.99% 23.49%
Liberia NR 13.07% 22.05% 17.55%
Libya NR 2.07% 7.28% 2.78%
Liechtenstein Aaa 0.00% 4.50% 0.00%
Lithuania A2 0.92% 5.74% 1.24%
Luxembourg Aaa 0.00% 4.50% 0.00%
Macau Aa3 0.65% 5.38% 0.88%
Macedonia Ba3 3.92% 9.76% 5.26%
Madagascar NR 7.08% 14.01% 9.51%
Malawi NR 13.07% 22.05% 17.55%
Malaysia A3 1.31% 6.25% 1.75%
Maldives Caa1 8.17% 15.47% 10.97%
Mali Caa2 9.81% 17.67% 13.17%
Malta A2 0.92% 5.74% 1.24%
Martinique NR 0.00% 4.50% 0.00%
Mauritius Baa3 2.39% 7.71% 3.21%
Mexico Baa2 2.07% 7.28% 2.78%
Monaco NR 0.96% 10.39% 5.89%
Moldova B3 7.08% 14.01% 9.51%
Mongolia B3 7.08% 14.01% 9.51%
Montenegro B1 4.90% 11.08% 6.58%
Montserrat Baa3 2.39% 7.71% 3.21%
Morocco Ba1 2.73% 8.16% 3.66%
Mozambique Caa2 9.81% 17.67% 13.17%
Myanmar NR 10.90% 19.13% 14.63%
Namibia B1 4.90% 11.08% 6.58%
Netherlands Aaa 0.00% 4.50% 0.00%
Netherlands Antilles NR 10.54% 23.25% 18.75%
New Zealand Aaa 0.00% 4.50% 0.00%
Nicaragua B3 7.08% 14.01% 9.51%
Niger Caa2 9.81% 17.67% 13.17%
Nigeria Caa1 8.17% 15.47% 10.97%
Norway Aaa 0.00% 4.50% 0.00%
Oman Ba1 2.73% 8.16% 3.66%
Pakistan Caa3 10.90% 19.13% 14.63%
Palestinian Authority NR 1.61% 11.26% 6.76%
Panama Baa2 2.07% 7.28% 2.78%
Papua New Guinea B2 5.99% 12.54% 8.04%
Paraguay Ba1 2.73% 8.16% 3.66%
Peru Baa1 1.74% 6.84% 2.34%
Philippines Baa2 2.07% 7.28% 2.78%
Poland A2 0.92% 5.74% 1.24%
Portugal A3 1.31% 6.25% 1.75%
Qatar Aa3 0.65% 5.38% 0.88%
Ras Al Khaimah (Emirate A3 1.31% 6.25% 1.75%
Reunion NR 1.25% 10.78% 6.28%
Romania Baa3 2.39% 7.71% 3.21%
Russia NR 4.90% 11.08% 6.58%
Rwanda B2 5.99% 12.54% 8.04%
Saint Lucia NR 10.54% 23.25% 18.75%
Saudi Arabia A1 0.77% 5.53% 1.03%
Senegal Ba3 3.92% 9.76% 5.26%
Serbia Ba2 3.28% 8.90% 4.40%
Sharjah Ba1 2.73% 8.16% 3.66%
Sierra Leone NR 10.90% 19.13% 14.63%
Singapore Aaa 0.00% 4.50% 0.00%
Slovakia A2 0.92% 5.74% 1.24%
Slovenia A3 1.31% 6.25% 1.75%
Solomon Islands Caa1 8.17% 15.47% 10.97%
Somalia NR 13.07% 22.05% 17.55%
South Africa Ba2 3.28% 8.90% 4.40%
South Korea Aa2 0.54% 5.22% 0.72%
Spain Baa1 1.74% 6.84% 2.34%
Sri Lanka Ca 13.07% 22.05% 17.55%
St. Maarten Ba2 3.28% 8.90% 4.40%
St. Vincent & the Grenadi B3 7.08% 14.01% 9.51%
Sudan NR 17.50% 27.99% 23.49%
Suriname Caa3 10.90% 19.13% 14.63%
Swaziland B3 7.08% 14.01% 9.51%
Sweden Aaa 0.00% 4.50% 0.00%
Switzerland Aaa 0.00% 4.50% 0.00%
Syria NR 17.50% 27.99% 23.49%
Taiwan Aa3 0.65% 5.38% 0.88%
Tajikistan B3 7.08% 14.01% 9.51%
Tanzania B2 5.99% 12.54% 8.04%
Thailand Baa1 1.74% 6.84% 2.34%
Togo B3 7.08% 14.01% 9.51%
Trinidad &' Tobago Ba2 3.28% 8.90% 4.40%
Tunisia Caa2 9.81% 17.67% 13.17%
Turkey B3 7.08% 14.01% 9.51%
Turks & Caicos Islands Baa1 1.74% 6.84% 2.34%
Uganda B2 5.99% 12.54% 8.04%
Ukraine Ca 13.07% 22.05% 17.55%
United Arab Emirates Aa2 0.54% 5.22% 0.72%
United Kingdom Aa3 0.65% 5.38% 0.88%
United States Aaa 0.00% 4.50% 0.00%
Uruguay Baa2 2.07% 7.28% 2.78%
Uzbekistan Ba3 3.92% 9.76% 5.26%
Venezuela C 17.50% 27.99% 23.49%
Vietnam Ba2 3.28% 8.90% 4.40%
Yemen NR 10.90% 19.13% 14.63%
Zambia Caa3 10.90% 19.13% 14.63%
Zimbabwe NR 9.81% 17.67% 13.17%
Region ERP Default Spread Tax Rate CRP

Africa 13.66% 6.83% 27.30% 9.16%
Asia 6.18% 1.25% 25.76% 1.68%
Australia & New Zealand 4.50% 0.00% 29.74% 0.00%
Caribbean 18.65% 10.54% 27.25% 14.15%
Central and South America 10.26% 4.29% 31.60% 5.76%
Eastern Europe & Russia 9.56% 3.77% 18.49% 5.06%
Middle East 6.66% 1.61% 18.76% 2.16%
North America 4.50% 0.00% 25.12% 0.00%
Western Europe 5.79% 0.96% 24.71% 1.29%
Global 6.31% 1.35% 25.23% 1.81%
Corporate Tax Rate
15.00%
15.00%
26.00%
18.98%
25.00%
27.25%
27.25%
35.00%
18.00%
25.00%
30.00%
24.00%
20.00%
0.00%
0.00%
30.00%
5.50%
18.00%
25.00%
28.53%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
34.00%
18.50%
10.00%
28.00%
20.00%
33.00%
26.50%
0.00%
0.00%
24.71%
27.00%
25.00%
35.00%
30.00%
28.00%
29.74%
30.00%
18.00%
28.53%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
31.60%
20.00%
20.00%
25.00%
31.60%
30.00%
31.00%
15.00%
30.00%
25.00%
24.71%
22.00%
0.00%
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%
25.00%
30.62%
0.00%
20.00%
20.00%
30.00%
23.10%
15.00%
10.00%
26.86%
20.00%
17.00%
29.15%
20.00%
12.50%
15.00%
24.94%
26.86%
10.00%
20.00%
30.00%
24.00%
26.86%
26.86%
35.00%
0.00%
15.00%
30.00%
24.71%
12.00%
25.00%
15.00%
28.53%
32.00%
32.00%
25.00%
32.00%
25.80%
27.25%
28.00%
30.00%
26.86%
30.00%
22.00%
15.00%
29.00%
18.76%
25.00%
30.00%
10.00%
29.50%
25.00%
19.00%
21.00%
10.00%
0.00%
25.76%
16.00%
25.00%
30.00%
27.25%
20.00%
30.00%
15.00%
0.00%
30.00%
17.00%
21.00%
19.00%
30.00%
29.15%
27.00%
25.00%
25.00%
24.00%
28.53%
28.53%
35.00%
36.00%
27.50%
20.60%
14.60%
28.00%
20.00%
18.00%
30.00%
20.00%
26.86%
30.00%
15.00%
25.00%
0.00%
30.00%
18.00%
25.00%
25.00%
25.00%
25.00%
15.00%
34.00%
20.00%
20.00%
35.00%
25.00%
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 57 11.57% 9.61% 31.52% 20.55% 1.18 1.37
Aerospace/Defense 70 7.59% 8.54% 16.17% 15.45% 0.93 1.08
Air Transport 25 2.90% 6.90% 10.92% 23.53% 0.64 1.27
Apparel 38 5.72% 8.76% 15.29% 32.17% 0.93 1.19
Auto & Truck 34 21.94% 4.82% 5.19% 13.21% 1.30 1.52
Auto Parts 39 6.28% 5.31% 10.16% 27.95% 1.12 1.34
Bank (Money Center 15 7.28% 0.00% 0.02% 15.86% 0.64 1.06
Banks (Regional) 625 9.22% 0.00% -0.05% 20.72% 0.33 0.46
Beverage (Alcoholic) 19 12.06% 20.63% 16.67% 25.60% 0.97 1.13
Beverage (Soft) 29 28.58% 19.30% 30.65% 18.73% 0.70 0.76
Broadcasting 22 5.48% 11.78% 12.06% 26.27% 0.50 1.06
Brokerage & Investm 27 12.79% 0.77% 0.13% 21.05% 0.55 1.12
Building Materials 44 6.41% 13.55% 25.27% 24.75% 1.21 1.32
Business & Consume 162 6.69% 11.10% 27.45% 24.24% 0.93 1.02
Cable TV 10 16.23% 19.47% 11.31% 25.56% 0.74 1.28
Chemical (Basic) 32 11.32% 7.88% 11.81% 23.97% 0.87 1.10
Chemical (Diversified 4 -0.76% 1.52% 1.57% 44.29% 0.81 1.13
Chemical (Specialty) 68 7.33% 13.09% 13.51% 18.27% 0.94 1.09
Coal & Related Ener 18 5.56% 20.51% 29.50% 13.13% 1.24 1.27
Computer Services 72 10.93% 6.98% 24.17% 18.86% 0.86 1.00
Computers/Periphera 36 2.31% 21.06% 37.80% 14.61% 1.10 1.13
Construction Supplie 11 9.32% 19.04% 16.92% 20.59% 0.85 0.94
Diversified 23 6.94% 22.93% 20.40% 17.65% 1.09 1.19
Drugs (Biotechnolog 572 18.95% 1.08% 1.56% 16.41% 1.09 1.12
Drugs (Pharmaceutic 245 41.54% 18.16% 13.38% 14.92% 0.94 1.03
Education 31 4.12% 5.82% 5.93% 32.16% 1.15 1.23
Electrical Equipment 103 14.91% 9.00% 13.27% 21.67% 1.15 1.24
Electronics (Consume 13 -6.32% -0.08% 0.95% 69.44% 1.30 1.30
Electronics (General 129 15.82% 9.48% 15.11% 22.61% 0.88 0.93
Engineering/Construc 77 6.55% 10.36% 18.53% 23.69% 0.92 1.06
Entertainment 98 15.47% 7.01% 7.56% 20.00% 0.87 0.99
Environmental & Was 57 13.38% 13.55% 29.94% 24.03% 0.79 0.91
Farming/Agriculture 42 21.38% 10.18% 17.93% 20.91% 0.77 0.99
Financial Svcs. (Non 192 19.12% 15.99% 0.96% 19.00% 0.33 1.14
Food Processing 93 6.45% 10.49% 16.63% 22.34% 0.57 0.71
Food Wholesalers 14 18.65% 2.23% 14.96% 24.40% 0.74 0.97
Furn/Home Furnishi 31 3.13% 5.86% 10.31% 34.49% 0.86 1.11
Green & Renewable 17 3.74% 23.44% 4.15% 7.06% 0.56 1.11
Healthcare Products 230 17.95% 13.29% 13.08% 20.58% 1.01 1.06
Healthcare Support 119 12.42% 3.92% 45.74% 22.53% 0.94 1.03
Heathcare Informati 128 19.67% 14.01% 14.28% 11.69% 1.19 1.27
Homebuilding 32 11.04% 16.24% 20.91% 23.44% 1.35 1.37
Hospitals/Healthcare 32 18.11% 11.57% 20.16% 20.30% 0.56 0.88
Hotel/Gaming 68 10.24% 17.14% 9.99% 19.27% 1.05 1.34
Household Products 19 1.30% 18.74% 34.64% 21.28% 0.72 0.78
Information Services 18 4.72% 11.63% 22.74% 25.78% 0.77 0.93
Insurance (General) 21 7.76% 15.23% 15.65% 20.67% 0.89 1.03
Insurance (Life) 23 -0.06% 0.07% 0.11% 17.73% 0.54 0.77
Insurance (Prop/Cas. 50 6.17% 7.41% 11.12% 18.94% 0.68 0.74
Investments & Asse 334 4.60% 15.00% 6.16% 18.98% 0.39 0.46
Machinery 103 4.71% 14.78% 24.91% 21.72% 0.94 1.03
Metals & Mining 68 -1.31% 19.62% 24.03% 35.29% 0.91 0.96
Office Equipment & 17 15.85% 7.29% 12.93% 44.32% 0.88 1.14
Oil/Gas (Integrated) 4 1.76% 15.60% 17.04% 29.51% 0.64 0.67
Oil/Gas (Production 166 23.28% 37.27% 28.41% 20.34% 0.82 0.93
Oil/Gas Distribution 24 27.45% 37.95% 20.60% 18.24% 0.53 0.79
Oilfield Svcs/Equip. 100 7.74% 8.72% 28.02% 21.84% 0.85 0.98
Packaging & Contain 11 4.63% 10.14% 14.47% 21.44% 0.59 0.87
Paper/Forest Produc 7 3.84% 9.96% 18.90% 30.91% 1.59 1.94
Power 50 5.33% 16.29% 5.78% 16.14% 0.39 0.65
Precious Metals 61 11.64% 9.48% 4.69% 22.88% 0.83 0.87
Publishing & Newspa 13 1.89% 7.59% 11.74% 33.50% 0.81 0.92
R.E.I.T. 181 7.95% 22.31% 2.60% 3.42% 0.65 1.02
Real Estate (Develo 17 55.56% 12.61% 2.93% 24.26% 0.43 0.67
Real Estate (General/ 11 9.08% 16.13% 5.31% 17.40% 0.51 0.56
Real Estate (Operati 60 5.44% -0.28% 0.07% 18.04% 0.88 1.08
Recreation 55 10.95% 9.66% 9.54% 27.91% 0.85 1.17
Reinsurance 1 6.95% 9.66% 30.12% 22.95% 0.61 0.66
Restaurant/Dining 64 6.80% 15.80% 19.56% 19.97% 1.02 1.19
Retail (Automotive) 30 17.50% 6.18% 13.20% 23.75% 1.06 1.49
Retail (Building Supp 16 8.91% 12.51% 39.43% 24.04% 1.70 1.94
Retail (Distributors) 62 5.81% 11.95% 18.61% 23.45% 0.91 1.11
Retail (General) 26 18.06% 4.41% 9.89% 21.72% 1.17 1.25
Retail (Grocery and 14 6.59% 2.42% 10.99% 22.91% 0.36 0.49
Retail (REITs) 28 4.11% 36.75% 4.46% 4.20% 0.79 1.12
Retail (Special Lines 105 12.07% 4.62% 13.50% 24.71% 0.97 1.18
Rubber& Tires 3 9.02% 1.84% 3.12% #DIV/0! 0.26 0.67
Semiconductor 63 6.44% 19.71% 11.37% 9.31% 1.46 1.50
Semiconductor Equi 30 9.93% 24.19% 25.68% 12.27% 1.51 1.53
Shipbuilding & Marin 8 -0.68% 10.65% 9.24% 18.85% 0.69 0.81
Shoe 13 11.49% 12.20% 24.04% 17.46% 1.27 1.29
Software (Entertainm 84 17.41% 26.80% 19.94% 16.57% 1.11 1.11
Software (Internet) 35 22.24% -3.36% -0.48% 17.88% 1.51 1.62
Software (System & A 351 15.90% 25.30% 23.22% 17.85% 1.27 1.29
Steel 29 7.87% 12.10% 22.18% 19.96% 1.08 1.13
Telecom (Wireless) 13 9.30% 16.79% 6.55% 24.65% 0.75 1.09
Telecom. Equipment 66 9.62% 19.58% 28.18% 16.91% 1.05 1.08
Telecom. Services 42 13.17% 20.86% 11.80% 21.77% 0.41 0.78
Tobacco 16 34.97% 40.82% 80.36% 21.14% 0.99 1.22
Transportation 110 7.39% 8.51% 16.09% 22.12% 0.84 1.00
Transportation (Rail 4 2.49% 35.11% 14.26% 22.98% 0.86 1.02
Trucking 22 6.19% 8.49% 12.75% 25.56% 1.03 1.15
Utility (General) 14 4.34% 21.81% 6.47% 16.02% 0.36 0.58
Utility (Water) 13 10.85% 30.79% 6.80% 14.92% 0.52 0.71
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
10.19% 56.41% 5.35% 25.24% 8.63% 3.28 2.26 12.94 22.24 5.76
8.83% 36.40% 5.09% 20.29% 7.81% 1.98 2.48 18.49 28.31 5.08
9.71% 44.65% 5.09% 61.85% 6.06% 1.78 0.91 6.17 13.02 2.24
9.38% 37.04% 5.09% 32.78% 7.55% 1.77 1.20 7.92 12.39 2.56
10.88% 59.70% 5.35% 23.68% 9.26% 1.05 2.49 21.65 49.58 4.60
10.06% 37.07% 5.09% 27.77% 8.33% 2.00 0.82 7.06 14.12 2.00
8.76% 22.51% 4.50% 68.37% 5.08% 0.27 5.27 NA NA 1.05
6.00% 18.68% 4.50% 50.48% 4.68% 0.37 4.47 NA NA 1.02
9.09% 49.70% 5.09% 19.66% 8.05% 0.90 3.89 14.84 18.68 3.10
7.40% 42.96% 5.09% 14.62% 6.87% 1.69 4.16 18.07 21.47 7.42
8.76% 38.46% 5.09% 63.82% 5.60% 1.12 1.25 7.31 10.67 0.80
9.03% 25.21% 5.09% 69.33% 5.41% 0.28 5.61 NA NA 1.66
9.94% 28.72% 5.09% 15.36% 9.00% 2.29 2.11 12.01 15.39 4.74
8.58% 41.29% 5.09% 15.21% 7.86% 2.72 2.68 16.12 23.49 5.54
9.75% 33.01% 5.09% 50.43% 6.76% 0.78 2.55 7.80 13.35 2.06
8.92% 38.92% 5.09% 31.35% 7.32% 1.62 1.15 8.10 14.06 1.98
9.09% 37.24% 5.09% 41.01% 6.93% 1.28 1.16 15.40 73.62 1.97
8.88% 36.60% 5.09% 21.15% 7.81% 1.16 2.68 12.85 20.00 2.67
9.73% 55.69% 5.35% 18.40% 8.67% 1.47 1.33 2.75 4.04 1.79
8.47% 49.61% 5.09% 22.57% 7.42% 3.59 1.37 12.61 18.86 4.37
9.09% 38.90% 5.09% 5.74% 8.79% 1.92 5.51 21.83 25.97 30.98
8.19% 30.30% 5.09% 13.98% 7.58% 1.05 4.10 14.94 21.87 3.77
9.38% 52.25% 5.35% 16.07% 8.51% 0.93 2.43 8.93 10.51 1.87
9.05% 61.98% 5.35% 14.08% 8.34% 0.41 6.89 13.52 NA 6.14
8.60% 65.30% 6.09% 13.83% 8.05% 0.64 5.08 16.62 27.43 5.20
9.52% 43.78% 5.09% 16.38% 8.58% 1.29 2.30 10.80 31.74 2.72
9.59% 54.42% 5.35% 17.62% 8.61% 1.47 2.98 14.65 28.89 2.92
9.84% 39.42% 5.09% 15.49% 8.90% 1.67 0.85 19.14 NA 1.90
8.18% 42.94% 5.09% 14.67% 7.54% 1.68 2.18 13.59 22.11 3.28
8.75% 36.59% 5.09% 21.10% 7.71% 2.04 1.57 11.04 14.82 3.75
8.45% 61.19% 5.35% 22.33% 7.46% 1.11 3.07 16.37 42.53 2.59
8.05% 46.07% 5.09% 18.00% 7.29% 2.29 3.38 15.00 24.26 6.25
8.44% 54.14% 5.35% 31.18% 7.06% 1.83 1.11 8.97 10.56 2.73
9.12% 38.10% 5.09% 77.42% 5.01% 0.07 18.64 57.68 77.49 3.38
7.13% 35.52% 5.09% 26.89% 6.24% 1.71 1.73 11.44 16.12 2.30
8.32% 27.30% 5.09% 30.86% 6.93% 8.02 0.40 11.26 18.05 4.10
8.97% 46.65% 5.09% 32.23% 7.31% 1.96 1.05 9.37 16.70 2.25
8.97% 57.34% 5.35% 58.58% 6.07% 0.20 7.47 12.63 33.58 0.85
8.77% 52.21% 5.35% 11.24% 8.23% 0.99 5.16 21.51 36.99 4.63
8.63% 49.53% 5.09% 21.18% 7.61% 12.88 0.61 11.29 15.46 3.34
9.74% 54.15% 5.35% 13.85% 8.95% 1.04 5.29 21.44 36.53 4.09
10.18% 32.31% 5.09% 14.10% 9.28% 1.55 1.32 7.79 8.11 2.00
7.93% 46.33% 5.09% 44.37% 6.10% 1.87 1.56 8.75 13.41 5.12
10.06% 40.80% 5.09% 32.74% 8.02% 0.81 4.23 14.98 30.73 11.06
7.47% 30.17% 5.09% 12.89% 7.00% 2.09 3.59 15.88 19.03 8.18
8.16% 33.83% 5.09% 26.29% 7.02% 2.19 2.33 12.15 19.06 4.06
8.63% 40.38% 5.09% 20.59% 7.64% 1.19 2.66 11.48 17.34 2.86
7.40% 30.85% 5.09% 47.98% 5.68% 0.94 1.57 17.24 NA 1.62
7.28% 27.40% 5.09% 16.24% 6.72% 1.69 1.36 11.77 15.66 2.30
5.98% 15.15% 4.50% 28.74% 5.23% 0.47 5.42 34.85 34.90 2.00
8.60% 33.44% 5.09% 14.43% 7.91% 1.87 3.07 15.46 20.31 4.34
8.31% 60.56% 5.35% 13.66% 7.72% 1.25 2.94 10.36 14.87 3.22
9.12% 30.28% 5.09% 34.46% 7.29% 2.07 1.17 9.34 15.61 2.54
6.96% 26.44% 5.09% 11.11% 6.61% 1.37 1.35 6.24 8.54 1.82
8.16% 46.31% 5.09% 18.88% 7.34% 0.80 2.65 4.67 6.98 1.94
7.52% 32.55% 5.09% 41.25% 5.99% 0.59 3.58 7.31 9.29 2.32
8.39% 43.73% 5.09% 24.32% 7.27% 3.55 0.63 5.42 7.08 1.98
7.87% 22.80% 4.50% 41.68% 6.00% 1.81 1.49 9.28 14.55 2.96
12.80% 43.04% 5.09% 27.20% 10.35% 2.14 1.04 7.06 10.31 2.42
6.87% 20.39% 4.50% 48.17% 5.19% 0.41 3.72 11.69 22.34 1.71
7.88% 63.61% 5.35% 13.20% 7.37% 0.51 3.96 13.01 40.06 2.04
8.10% 31.02% 5.09% 22.32% 7.15% 1.81 1.62 11.87 22.46 2.03
8.59% 23.59% 4.50% 44.37% 6.28% 0.14 11.74 21.91 53.48 1.98
6.96% 34.24% 5.09% 48.48% 5.43% 0.27 4.38 17.93 36.27 1.35
6.47% 35.91% 5.09% 24.17% 5.83% 0.37 4.78 18.01 28.44 1.25
8.85% 44.19% 5.09% 30.83% 7.30% 1.45 1.51 14.98 NA 2.87
9.27% 44.30% 5.09% 36.94% 7.25% 1.28 1.84 9.99 21.72 3.46
6.89% 17.09% 4.50% 29.84% 5.84% 4.05 0.69 7.28 7.14 1.31
9.38% 35.37% 5.09% 20.46% 8.24% 1.62 4.19 16.60 29.33 NA
10.75% 46.79% 5.09% 36.51% 8.22% 2.67 1.05 11.63 17.42 6.97
12.80% 45.21% 5.09% 16.61% 11.30% 3.64 2.17 13.33 17.19 NA
8.97% 37.74% 5.09% 24.41% 7.71% 1.82 1.81 11.63 13.82 4.03
9.61% 38.28% 5.09% 11.84% 8.93% 2.41 1.57 16.63 38.47 7.24
6.15% 25.65% 5.09% 35.83% 5.31% 4.76 0.41 6.38 19.80 2.90
9.04% 20.72% 4.50% 37.04% 6.94% 0.13 12.15 17.43 34.71 1.94
9.31% 44.01% 5.09% 26.55% 7.85% 3.11 0.98 9.34 20.32 4.78
6.98% 40.77% 5.09% 70.17% 4.76% 1.45 0.63 7.95 29.78 0.79
10.76% 41.47% 5.09% 5.70% 10.36% 0.58 10.60 31.59 53.32 7.38
10.91% 37.04% 5.09% 7.22% 10.40% 1.16 5.24 18.18 21.53 8.10
7.61% 45.07% 5.09% 22.94% 6.74% 0.83 1.70 8.38 14.23 1.36
9.82% 36.28% 5.09% 8.01% 9.34% 2.23 2.89 18.95 23.68 8.71
8.98% 52.79% 5.35% 3.06% 8.83% 0.74 6.03 17.16 22.22 6.24
11.31% 65.22% 6.09% 10.70% 10.59% 0.64 8.38 19.33 NA 9.00
9.83% 52.09% 5.35% 5.84% 9.49% 0.92 10.72 28.43 39.48 11.03
9.06% 38.10% 5.09% 16.79% 8.18% 2.17 0.94 5.93 7.73 1.76
8.88% 60.31% 5.35% 39.08% 6.98% 0.48 3.51 9.01 23.51 2.53
8.85% 46.62% 5.09% 10.25% 8.33% 1.45 3.61 13.98 17.65 5.14
7.49% 50.42% 5.35% 55.54% 5.56% 0.60 2.36 6.18 11.21 1.30
9.51% 48.00% 5.09% 25.87% 8.03% 2.18 4.80 10.84 11.67 NA
8.47% 56.20% 5.35% 23.57% 7.42% 2.01 1.87 12.83 21.71 5.35
8.56% 22.28% 4.50% 21.14% 7.46% 0.49 6.63 14.32 18.97 6.91
9.16% 28.33% 5.09% 16.63% 8.27% 1.84 1.81 10.57 20.59 3.58
6.55% 14.93% 4.50% 45.90% 5.09% 0.35 4.13 11.70 19.08 1.65
7.16% 28.20% 5.09% 33.73% 6.03% 0.25 7.90 16.86 25.64 2.30
Pre-tax
Operating
Margin
Non-cash Cap Ex as Net Cap Ex Equity (Lease &
WC as % of % of as % of Reinvestmen Dividend Reinvestment R&D
Trailing PE Revenues Revenues Revenues t Rate ROE Payout Ratio Rate adjusted)
175.73 1.25% 1.83% -1.69% -0.99% 3.25% 282.84% 282.84% 10.14%
32.52 45.04% 2.83% 2.28% 39.25% 13.19% 53.69% 53.69% 8.77%
12.66 1.09% 11.16% 6.72% 118.59% 21.94% 7.86% 7.86% 6.72%
18.69 24.65% 2.42% 0.54% -7.29% 9.20% 74.98% 74.98% 9.60%
21.12 -2.20% 6.41% 2.66% 81.47% 9.37% 35.46% 35.46% 5.10%
39.03 15.45% 3.71% 3.17% 95.18% 5.72% 45.37% 45.37% 5.85%
8.55 NA 1.97% 1.30% 5572.88% 14.87% 24.34% 24.34% 0.08%
35.97 NA 2.73% -10.09% NA 12.14% 32.01% 32.01% -0.18%
35.38 17.12% 7.66% 9.39% 90.81% 8.70% 54.63% 54.63% 20.75%
33.67 -7.14% 4.65% 2.39% 25.68% 30.56% 66.39% 66.39% 19.40%
7.82 10.92% 2.52% -2.06% 211.44% -2.16% 0.22% 0.22% 11.73%
222.19 NA 3.41% 1.68% 5643.37% 10.41% 43.53% 43.53% 0.58%
24.85 18.36% 3.25% 2.45% -0.76% 21.35% 29.02% 29.02% 13.77%
86.90 13.48% 2.98% 1.69% 25.45% 14.00% 59.78% 59.78% 11.31%
16.12 -0.10% 14.08% 1.65% 15.77% 19.47% 21.93% 21.93% 19.09%
12.41 14.74% 5.51% 3.08% 17.37% 8.89% 131.27% 131.27% 8.02%
30.53 17.62% 4.51% -0.58% -555.65% -2.36% 1.04% 1.04% 1.46%
60.90 22.75% 8.46% 9.81% 103.48% 14.94% 33.25% 33.25% 13.05%
91.91 6.13% 9.30% 1.59% 13.28% 29.07% 15.16% 15.16% 20.55%
76.13 13.85% 1.23% 0.82% 23.80% 18.77% 57.07% 57.07% 7.30%
31.83 -9.87% 3.06% 0.90% 9.24% 0.00% 17.44% 17.44% 21.48%
63.10 22.90% 9.47% 3.45% 39.65% 17.20% 15.19% 15.19% 18.71%
13.80 5.00% 4.48% 4.61% 25.08% 15.87% 8.16% 8.16% 23.07%
30.39 9.98% 3.82% 3.47% NA -11.59% 0.09% 0.09% 3.83%
57.63 22.37% 5.31% 12.97% 85.39% 17.32% 69.96% 69.96% 21.33%
34.57 9.08% 2.92% 0.33% 97.50% 1.67% 38.08% 38.08% 5.16%
24.69 28.27% 6.16% 9.82% 214.64% 23.70% 17.18% 17.18% 9.57%
38.63 15.53% 1.56% -0.22% NA -6.63% 0.00% 0.00% 0.57%
102.26 24.01% 4.06% 4.12% 70.43% 8.80% 28.53% 28.53% 9.80%
36.14 18.94% 3.74% 2.84% 66.62% 21.24% 24.75% 24.75% 10.64%
31.17 3.81% 4.37% -2.26% -20.65% -0.27% 0.34% 0.34% 7.05%
31.28 10.18% 7.84% 6.48% 70.10% 21.01% 36.34% 36.34% 13.82%
21.61 14.72% 3.40% 2.70% 53.01% 27.51% 17.33% 17.33% 10.49%
25.81 1260.44% 2.84% 2.78% 20.11% 21.31% 31.70% 31.70% 16.01%
30.03 7.75% 4.47% 3.30% 46.46% 8.98% 76.42% 76.42% 10.67%
26.10 5.78% 0.93% 0.90% 47.19% 21.11% 38.16% 38.16% 2.22%
19.58 13.97% 3.24% 7.22% 97.31% -6.53% 0.86% 0.86% 6.11%
39.87 -27.98% 44.32% 20.46% 115.90% 10.68% 25.60% 25.60% 21.78%
61.89 25.57% 4.90% 2.08% 49.51% 8.31% 41.77% 41.77% 13.84%
80.17 -6.53% 0.71% 1.92% 62.75% 15.62% 29.63% 29.63% 3.86%
44.44 22.95% 4.51% 2.67% 31.34% 5.18% 19.73% 19.73% 14.15%
10.66 58.51% 0.51% 0.36% -5.00% 22.88% 6.43% 6.43% 16.30%
22.87 11.17% 6.25% 2.20% 34.92% 61.97% 12.78% 12.78% 11.55%
32.22 2.99% 6.71% 1.12% 21.81% 35.87% 8.43% 8.43% 13.54%
42.52 5.11% 3.52% 1.11% 2.04% 36.41% 66.56% 66.56% 18.90%
24.76 15.73% 1.90% -3.63% -26.31% 8.43% 60.70% 60.70% 12.34%
92.18 -0.01% 0.93% -2.60% 37.90% 13.52% 32.75% 32.75% 15.27%
176.38 28.62% 0.18% -2.56% NA 1.32% 381.21% 381.21% 0.13%
20.72 -40.94% 0.78% -0.13% 28.66% 10.36% 35.13% 35.13% 7.49%
69.38 NA 2.97% 6.14% 54.67% 13.78% 42.11% 42.11% 14.67%
26.95 25.17% 2.44% 6.43% 66.77% 19.02% 36.27% 36.27% 15.06%
33.13 15.32% 13.03% 5.91% 63.15% 12.17% 95.47% 95.47% 19.56%
249.16 9.13% 2.29% 1.98% 16.58% 2.66% 225.17% 225.17% 7.53%
8.02 3.37% 7.39% -0.02% -1.67% 19.85% 37.14% 37.14% 15.78%
16.33 1.00% 30.05% 16.05% 50.40% 31.09% 31.27% 31.27% 37.69%
18.41 2.53% 16.53% 13.12% 40.28% 42.41% 39.84% 39.84% 38.21%
70.30 6.34% 2.36% 0.58% 15.49% 29.65% 18.81% 18.81% 8.85%
17.37 7.67% 6.76% 3.86% 70.32% 19.62% 25.85% 25.85% 10.21%
19.99 12.90% 7.59% 5.07% 99.70% 15.17% 27.58% 27.58% 10.14%
23.19 8.26% 33.95% 22.70% 173.43% 8.60% 76.67% 76.67% 16.29%
34.23 9.83% 25.41% 9.54% 146.26% -2.33% 0.88% 0.88% 9.48%
33.97 11.80% 3.78% -1.45% -12.40% 2.54% 96.09% 96.09% 7.26%
123.36 117.77% 2.09% -16.89% -82.96% 4.15% 232.08% 232.08% 19.65%
8.02 4.08% 2.54% -5.93% -97.27% -8.54% 0.00% 0.00% 11.16%
33.23 201.30% 2.84% -5.14% -59.41% 9.11% 24.92% 24.92% 16.44%
104.24 9.69% 1.30% -1.17% NA -8.27% 0.76% 0.76% 0.05%
27.70 18.04% 7.11% 3.21% 56.16% 2.56% 199.59% 199.59% 8.10%
9.34 17.09% 0.14% 4.33% 75.61% 31.23% 18.93% 18.93% 9.66%
94.19 0.86% 5.79% 3.57% 34.51% NA 53.08% 53.08% 13.61%
17.89 9.98% 1.91% 2.18% 71.35% 47.33% 5.79% 5.79% 5.71%
27.87 8.47% 2.43% 0.85% 2.33% NA 46.64% 46.64% 12.38%
28.91 17.42% 6.26% 9.22% 103.75% 25.45% 25.22% 25.22% 12.17%
29.84 0.77% 5.20% 2.28% 79.45% 19.55% 21.74% 21.74% 4.70%
16.76 -0.24% 2.66% 1.33% 114.28% 14.78% 36.92% 36.92% 2.65%
74.09 -9.87% 5.17% -26.53% -81.80% 6.52% 155.57% 155.57% 35.01%
48.79 5.06% 2.59% 2.66% 55.23% 9.64% 87.04% 87.04% 4.80%
#DIV/0! 10.69% 5.42% 0.71% -32.00% -10.00% #DIV/0! #DIV/0! 2.16%
82.75 22.40% 17.00% 6.90% 49.86% 12.61% 48.87% 48.87% 20.54%
163.52 34.56% 5.08% 2.60% 13.88% 32.89% 20.09% 20.09% 25.00%
24.76 11.30% 10.24% 4.03% 50.27% 7.82% 29.34% 29.34% 11.94%
19.77 19.61% 0.86% -0.52% -20.18% 29.90% 32.26% 32.26% 12.18%
30.82 4.78% 12.67% 8.70% 46.79% 23.26% 0.25% 0.25% 28.17%
35.18 9.67% 5.58% 2.83% NA -14.54% 0.00% 0.00% -0.83%
88.72 11.20% 8.67% 5.92% 36.38% 24.44% 27.22% 27.22% 26.30%
14.54 19.02% 6.20% 4.21% 15.70% 22.19% 12.47% 12.47% 12.15%
67.85 6.27% 15.31% -0.30% 55.10% 9.74% 11.05% 11.05% 14.95%
70.49 23.09% 2.78% 3.98% 36.67% 24.55% 46.08% 46.08% 20.71%
77.10 -3.22% 16.72% 2.43% 20.12% -0.34% 0.16% 0.16% 20.98%
17.75 15.30% 2.71% 33.43% 117.64% NA 87.98% 87.98% 41.00%
26.99 7.71% 7.93% 4.79% 72.06% 22.06% 109.30% 109.30% 8.58%
22.29 2.26% 15.70% 5.60% 22.18% 31.68% 43.52% 43.52% 34.95%
36.08 6.75% 14.93% 9.10% 121.78% 12.97% 17.36% 17.36% 8.69%
17.48 13.37% 38.61% 25.91% 150.53% 11.15% 58.88% 58.88% 21.64%
34.88 11.35% 53.91% 40.18% 149.51% 15.98% 60.59% 39.24% 30.68%
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 391 6.07% 7.89% 22.32% 24.67% 1.23 1.35
Aerospace/Defense 289 9.31% 7.99% 13.94% 16.18% 0.90 0.98
Air Transport 155 2.48% 7.28% 7.61% 18.08% 0.81 1.29
Apparel 1152 2.99% 14.64% 21.31% 25.31% 0.78 0.83
Auto & Truck 165 8.13% 7.56% 8.62% 21.88% 1.10 1.36
Auto Parts 761 6.87% 5.01% 6.95% 24.08% 1.21 1.31
Bank (Money Center 607 12.03% 0.28% 0.04% 18.59% 0.42 0.88
Banks (Regional) 881 8.40% -0.01% -0.01% 19.18% 0.28 0.52
Beverage (Alcoholic) 220 8.25% 21.69% 16.07% 21.95% 0.69 0.75
Beverage (Soft) 100 13.11% 16.71% 26.08% 20.41% 0.66 0.71
Broadcasting 130 4.03% 9.91% 8.82% 25.29% 0.66 0.98
Brokerage & Investm 590 10.42% 1.18% 0.18% 18.96% 0.40 0.93
Building Materials 457 6.03% 10.64% 16.73% 22.84% 0.94 1.03
Business & Consume 980 7.48% 9.15% 21.05% 24.71% 0.96 1.04
Cable TV 48 4.19% 18.61% 12.00% 25.00% 0.61 1.02
Chemical (Basic) 888 8.59% 4.65% 4.64% 19.90% 0.90 1.07
Chemical (Diversified 64 8.10% 6.62% 5.45% 22.37% 0.85 1.09
Chemical (Specialty) 949 9.48% 11.95% 12.38% 20.89% 0.94 1.03
Coal & Related Ener 215 14.78% 24.03% 32.22% 22.56% 1.08 1.01
Computer Services 1164 10.30% 7.56% 21.09% 23.63% 1.00 1.04
Computers/Periphera 338 0.58% 11.39% 15.75% 15.10% 1.25 1.27
Construction Supplie 453 9.48% 9.89% 7.75% 22.83% 0.74 0.90
Diversified 326 8.09% 15.64% 11.94% 17.38% 0.74 0.95
Drugs (Biotechnolog 1259 20.21% -0.43% 0.69% 16.29% 1.15 1.17
Drugs (Pharmaceutic 1299 18.01% 18.17% 12.87% 16.61% 0.89 0.95
Education 260 10.49% 11.07% 9.27% 20.12% 0.76 0.83
Electrical Equipment 1072 10.65% 7.13% 10.90% 18.78% 1.10 1.13
Electronics (Consume 127 3.04% 4.68% 6.23% 14.51% 1.13 1.23
Electronics (General 1486 5.84% 5.28% 6.44% 18.36% 1.28 1.28
Engineering/Construc 1623 6.36% 5.68% 8.78% 22.55% 0.81 1.01
Entertainment 741 9.61% 7.30% 7.47% 22.10% 1.03 1.11
Environmental & Was 383 8.21% 10.59% 10.78% 22.83% 0.83 1.00
Farming/Agriculture 430 11.07% 8.16% 10.56% 21.47% 0.57 0.77
Financial Svcs. (Non 1258 12.56% 12.68% 0.94% 17.19% 0.28 0.91
Food Processing 1657 8.47% 7.66% 11.46% 23.28% 0.61 0.72
Food Wholesalers 173 7.76% 2.47% 10.68% 24.53% 0.50 0.67
Furn/Home Furnishi 383 5.15% 7.24% 13.13% 18.19% 0.93 0.95
Green & Renewable 253 13.56% 29.24% 7.17% 16.00% 0.61 0.87
Healthcare Products 849 15.23% 12.43% 11.04% 20.59% 1.04 1.10
Healthcare Support 463 12.62% 3.95% 28.93% 23.07% 0.82 0.91
Heathcare Informati 443 16.61% 13.60% 12.76% 14.06% 1.17 1.23
Homebuilding 173 7.83% 13.28% 14.42% 24.28% 1.01 1.09
Hospitals/Healthcare 232 11.02% 10.86% 12.32% 20.09% 0.58 0.76
Hotel/Gaming 650 3.48% 14.02% 8.27% 20.56% 0.79 0.98
Household Products 178 3.95% 16.56% 25.24% 22.23% 0.68 0.73
Information Services 81 2.07% 10.93% 21.88% 25.72% 1.02 1.21
Insurance (General) 202 8.46% 11.83% 18.16% 20.99% 0.63 0.69
Insurance (Life) 137 8.27% 10.82% 9.64% 14.30% 0.77 0.89
Insurance (Prop/Cas. 228 9.06% 9.76% 13.31% 18.70% 0.66 0.71
Investments & Asse 1374 11.47% 17.62% 5.58% 17.30% 0.54 0.75
Machinery 1492 6.07% 9.92% 12.71% 21.30% 1.04 1.07
Metals & Mining 1815 19.80% 10.66% 14.84% 30.84% 0.99 1.09
Office Equipment & 137 7.10% 7.10% 11.21% 26.68% 0.78 0.83
Oil/Gas (Integrated) 36 17.37% 18.33% 21.96% 41.15% 0.94 0.99
Oil/Gas (Production 590 26.67% 36.36% 24.16% 31.26% 0.96 1.09
Oil/Gas Distribution 174 14.22% 20.65% 12.63% 17.58% 0.58 0.85
Oilfield Svcs/Equip. 444 7.79% 6.72% 14.55% 23.02% 0.82 0.98
Packaging & Contain 164 5.77% 9.17% 12.16% 21.20% 0.63 0.83
Paper/Forest Produc 266 3.02% 6.55% 4.96% 20.85% 0.67 0.91
Power 488 10.55% 13.54% 7.78% 20.81% 0.45 0.74
Precious Metals 853 39.66% 11.72% 9.09% 25.66% 1.04 1.09
Publishing & Newspa 205 2.56% 7.57% 9.17% 11.85% 0.98 0.99
R.E.I.T. 633 9.18% 30.40% 3.19% 3.29% 0.52 0.80
Real Estate (Develo 884 10.49% 5.01% 2.05% 29.36% 0.42 0.98
Real Estate (General/ 336 4.39% 15.17% 3.51% 28.12% 0.54 0.94
Real Estate (Operati 748 8.53% 16.93% 3.91% 20.98% 0.56 0.88
Recreation 326 6.75% 11.26% 11.19% 24.55% 0.90 0.99
Reinsurance 34 8.03% 10.23% 23.30% 17.11% 1.09 1.14
Restaurant/Dining 394 3.63% 9.51% 12.88% 19.20% 0.85 0.98
Retail (Automotive) 204 7.40% 4.58% 10.48% 22.76% 0.72 1.00
Retail (Building Supp 120 5.39% 10.88% 24.34% 24.35% 0.96 1.11
Retail (Distributors) 1028 10.37% 5.22% 8.73% 22.08% 0.61 0.80
Retail (General) 256 0.96% 4.35% 8.35% 19.38% 0.99 1.09
Retail (Grocery and 201 5.33% 3.92% 10.89% 23.48% 0.55 0.71
Retail (REITs) 123 5.32% 48.37% 4.50% 4.50% 0.61 0.95
Retail (Special Lines 639 5.19% 5.04% 11.76% 25.22% 0.98 1.09
Rubber& Tires 89 5.15% 8.78% 8.67% 22.93% 0.88 1.04
Semiconductor 647 5.77% 16.32% 11.42% 12.20% 1.67 1.68
Semiconductor Equi 367 8.23% 21.82% 23.28% 15.58% 1.97 1.95
Shipbuilding & Marin 348 8.74% 17.22% 11.15% 13.25% 0.86 0.95
Shoe 85 -1.58% 9.68% 15.68% 18.94% 0.87 0.90
Software (Entertainm 317 9.02% 24.40% 15.96% 16.76% 1.36 1.36
Software (Internet) 151 12.34% -0.08% 1.31% 19.52% 1.30 1.36
Software (System & A 1616 14.32% 20.25% 18.34% 18.84% 1.29 1.30
Steel 718 8.99% 7.19% 9.05% 20.41% 1.01 1.17
Telecom (Wireless) 98 5.89% 14.60% 8.31% 22.35% 0.65 0.90
Telecom. Equipment 453 4.60% 11.00% 13.62% 14.78% 1.17 1.19
Telecom. Services 288 8.40% 15.47% 9.50% 21.85% 0.54 0.85
Tobacco 56 17.28% 33.76% 23.17% 22.44% 0.55 0.67
Transportation 814 6.88% 8.17% 11.09% 23.22% 0.83 0.96
Transportation (Rail 49 -0.31% 21.50% 6.91% 24.51% 0.50 0.63
Trucking 106 3.02% 8.60% 11.60% 25.77% 0.87 1.01
Utility (General) 50 7.82% 12.26% 8.32% 20.20% 0.45 0.68
Utility (Water) 102 6.43% 23.27% 6.23% 19.79% 0.43 0.67
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
12.55% 38.89% 6.44% 23.97% 10.69% 3.23 1.56 11.94 18.47 2.60
10.19% 35.10% 6.44% 17.20% 9.26% 1.83 2.26 17.91 27.41 4.47
12.13% 30.06% 6.44% 50.98% 8.40% 1.20 1.42 8.42 18.09 2.40
9.22% 32.72% 6.44% 14.56% 8.58% 1.67 2.44 13.19 16.13 3.63
12.60% 36.46% 6.44% 35.61% 9.83% 1.23 1.20 9.84 15.28 1.67
12.25% 30.39% 6.44% 23.44% 10.50% 1.73 0.83 8.55 15.81 1.50
9.50% 21.28% 5.85% 74.42% 5.68% 0.16 6.77 189.90 NA 0.84
7.23% 18.30% 5.85% 71.76% 5.18% 0.17 5.84 NA NA 0.74
8.66% 27.49% 6.44% 15.74% 8.05% 0.88 3.65 13.89 16.68 3.18
8.41% 32.24% 6.44% 14.15% 7.90% 1.76 3.54 17.27 21.07 6.22
10.17% 31.54% 6.44% 46.66% 7.67% 1.05 1.19 7.87 11.67 0.75
9.83% 31.95% 6.44% 71.23% 6.25% 0.18 6.82 189.17 NA 1.26
10.49% 28.00% 6.44% 17.80% 9.48% 1.84 1.71 11.51 15.69 2.82
10.56% 33.31% 6.44% 16.02% 9.64% 2.72 2.06 15.44 21.52 4.43
10.43% 30.91% 6.44% 49.23% 7.66% 0.76 2.54 7.88 13.84 1.87
10.76% 28.88% 6.44% 30.06% 8.97% 1.14 1.33 12.71 26.91 1.46
10.88% 22.36% 5.85% 35.78% 8.55% 1.08 1.02 7.98 14.42 1.12
10.46% 31.22% 6.44% 17.87% 9.45% 1.21 2.25 12.47 18.49 2.45
10.33% 50.42% 6.70% 16.52% 9.45% 1.49 1.31 4.07 5.17 1.50
10.56% 32.90% 6.44% 12.39% 9.84% 3.29 1.52 14.68 19.46 4.00
12.00% 32.94% 6.44% 7.03% 11.49% 1.64 3.05 18.66 26.44 6.80
9.62% 26.87% 6.44% 29.92% 8.18% 0.95 1.65 10.17 16.39 1.32
9.99% 27.14% 6.44% 34.01% 8.23% 0.85 1.83 8.93 11.14 1.22
11.40% 53.28% 6.70% 12.54% 10.60% 0.42 6.96 15.32 NA 5.11
9.95% 41.51% 6.44% 13.36% 9.26% 0.71 4.05 14.60 21.71 3.88
9.21% 34.53% 6.44% 22.38% 8.22% 0.97 2.29 10.92 18.17 1.95
11.13% 35.11% 6.44% 14.98% 10.18% 1.67 1.94 15.55 24.89 2.82
11.75% 33.86% 6.44% 23.24% 10.13% 1.48 0.94 11.44 19.49 1.72
12.10% 32.53% 6.44% 15.71% 10.95% 1.36 1.59 14.16 28.29 2.27
10.38% 30.52% 6.44% 40.14% 8.14% 1.80 0.78 9.40 13.17 1.31
10.98% 41.35% 6.44% 18.21% 9.86% 1.09 2.91 15.78 36.44 2.48
10.30% 33.89% 6.44% 25.93% 8.88% 1.16 2.78 14.04 24.86 3.02
8.84% 34.05% 6.44% 36.69% 7.36% 1.45 1.08 9.75 12.67 1.83
9.69% 34.61% 6.44% 76.99% 5.93% 0.09 14.43 48.69 67.19 2.24
8.50% 28.61% 6.44% 25.10% 7.57% 1.76 1.39 12.15 17.80 2.27
8.17% 30.82% 6.44% 36.58% 6.94% 5.27 0.37 9.71 14.91 2.15
9.96% 29.72% 6.44% 21.84% 8.84% 2.09 1.03 9.74 13.62 2.05
9.43% 33.37% 6.44% 39.20% 7.62% 0.27 7.40 13.95 22.79 2.01
10.92% 42.34% 6.44% 11.70% 10.20% 0.93 4.41 20.07 33.89 3.58
9.71% 37.81% 6.44% 23.00% 8.59% 8.66 0.61 11.06 15.22 2.62
11.79% 44.93% 6.44% 12.09% 10.94% 0.98 5.25 21.66 36.68 3.94
10.90% 28.97% 6.44% 23.11% 9.49% 1.39 1.18 8.03 9.17 1.58
8.78% 29.53% 6.44% 32.21% 7.50% 1.38 2.31 12.44 20.58 4.08
10.16% 33.83% 6.44% 31.64% 8.46% 0.76 3.56 15.09 28.37 3.96
8.54% 29.78% 6.44% 13.33% 8.04% 1.78 3.10 15.11 18.46 6.04
11.64% 33.63% 6.44% 25.72% 9.88% 2.30 1.93 11.38 16.97 3.37
8.27% 24.79% 5.85% 26.01% 7.26% 1.81 1.17 8.14 8.60 1.78
9.56% 25.29% 6.44% 50.93% 7.14% 1.03 1.06 7.22 8.81 1.12
8.44% 26.74% 6.44% 18.25% 7.77% 1.65 1.13 9.25 10.82 1.59
8.71% 29.52% 6.44% 42.42% 7.05% 0.35 4.66 16.81 20.17 1.38
10.74% 29.76% 6.44% 13.31% 9.95% 1.48 2.15 14.74 20.51 2.93
10.87% 57.51% 6.70% 21.73% 9.60% 1.44 1.32 7.82 11.72 1.84
9.19% 27.91% 6.44% 22.26% 8.22% 1.95 1.06 9.43 14.41 1.84
10.23% 26.84% 6.44% 14.88% 9.42% 1.66 1.27 5.33 6.91 2.00
10.86% 48.39% 6.44% 21.37% 9.57% 0.72 2.38 4.22 6.40 1.54
9.36% 29.60% 6.44% 41.34% 7.48% 0.70 2.44 8.65 11.67 1.73
10.14% 36.10% 6.44% 29.36% 8.57% 2.48 0.64 6.44 8.89 1.49
9.18% 25.95% 6.44% 34.48% 7.67% 1.56 1.40 9.29 15.09 2.20
9.72% 29.23% 6.44% 39.22% 7.79% 0.87 1.31 10.15 19.41 1.07
8.60% 25.34% 6.44% 49.59% 6.72% 0.69 1.98 8.71 14.11 1.31
10.88% 60.16% 6.70% 15.54% 9.96% 0.81 2.39 8.81 18.83 1.68
10.20% 30.05% 6.44% 17.70% 9.25% 1.44 1.54 12.20 19.63 1.68
9.03% 19.44% 5.85% 44.10% 6.98% 0.11 11.93 21.66 36.91 1.49
10.19% 32.26% 6.44% 71.34% 6.35% 0.48 1.68 13.21 25.06 0.47
9.91% 25.55% 6.44% 54.74% 7.12% 0.26 3.35 13.53 19.76 0.68
9.49% 28.97% 6.44% 47.13% 7.28% 0.25 4.07 16.50 21.26 0.92
10.26% 31.55% 6.44% 21.27% 9.10% 1.22 2.16 11.79 19.32 3.04
11.19% 23.43% 5.85% 21.54% 9.72% 2.61 0.76 8.52 7.38 1.34
10.16% 29.86% 6.44% 21.47% 9.01% 1.72 2.69 16.48 29.13 9.19
10.28% 32.73% 6.44% 38.45% 8.18% 2.92 0.76 11.19 16.61 3.25
10.98% 30.07% 6.44% 18.64% 9.83% 2.83 1.86 12.92 17.01 19.81
9.02% 31.08% 6.44% 36.45% 7.49% 1.99 0.83 11.84 15.17 1.69
10.84% 29.73% 6.44% 16.81% 9.82% 2.13 1.48 15.61 34.18 4.78
8.40% 25.26% 6.44% 33.37% 7.20% 3.42 0.63 9.29 15.85 2.51
9.95% 17.43% 5.85% 43.60% 7.52% 0.10 12.06 18.14 23.00 1.17
10.87% 33.82% 6.44% 21.09% 9.59% 2.69 1.12 11.71 21.07 3.58
10.58% 26.90% 6.44% 29.81% 8.86% 1.18 1.03 6.94 11.45 1.25
14.66% 34.38% 6.44% 7.37% 13.94% 0.74 6.33 20.98 37.45 5.05
16.41% 33.51% 6.44% 5.80% 15.73% 1.18 5.14 19.32 23.20 6.02
9.94% 29.86% 6.44% 30.87% 8.36% 0.75 1.48 6.12 8.45 0.95
9.65% 31.72% 6.44% 11.00% 9.11% 1.88 2.27 17.31 23.14 4.85
12.58% 43.82% 6.44% 4.78% 12.21% 0.70 5.60 17.54 22.71 5.14
12.61% 46.98% 6.44% 9.98% 11.83% 0.88 6.01 20.44 NA 7.97
12.21% 43.59% 6.44% 5.85% 11.77% 0.93 9.20 28.48 41.07 9.15
11.35% 32.68% 6.44% 29.28% 9.43% 1.46 0.82 6.90 10.90 1.14
9.63% 29.27% 6.44% 40.04% 7.70% 0.71 2.25 7.37 15.64 1.54
11.48% 36.12% 6.44% 11.42% 10.72% 1.26 2.32 14.28 19.41 3.46
9.32% 30.13% 6.44% 45.67% 7.26% 0.70 2.16 6.88 13.87 1.38
8.15% 31.22% 6.44% 24.86% 7.32% 0.83 3.47 9.33 10.23 3.17
10.04% 33.83% 6.44% 23.40% 8.82% 1.57 1.75 13.10 20.73 2.98
7.91% 19.26% 5.85% 29.64% 6.86% 0.42 4.33 13.31 19.99 2.36
10.38% 29.12% 6.44% 22.29% 9.14% 1.66 1.59 9.98 17.98 2.86
8.26% 18.49% 5.85% 44.49% 6.53% 0.81 1.88 9.86 15.29 1.62
8.18% 23.64% 5.85% 46.44% 6.41% 0.31 4.59 12.67 19.57 1.48
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)
53.68 -2.51% 1.72% 0.17% 25.11% 7.54% 76.01% 76.01% 8.07%
77.15 38.81% 3.54% 2.15% 40.17% 14.14% 44.96% 44.96% 8.36%
96.63 -2.85% 9.87% 3.46% 30.36% 19.65% 25.21% 25.21% 7.23%
42.49 22.43% 5.16% 3.43% 52.15% 17.06% 42.38% 42.38% 14.80%
42.26 2.13% 6.07% 3.46% 70.38% 14.50% 26.55% 26.55% 7.74%
130.49 11.76% 5.37% 3.85% 116.14% 7.58% 41.66% 41.66% 4.83%
14.73 NA 3.33% 5.08% 1957.50% 12.65% 30.70% 30.70% 0.31%
28.98 NA 2.96% -4.27% NA 9.83% 29.09% 29.09% -0.10%
49.81 10.80% 5.11% 2.92% 39.67% 16.53% 44.61% 44.61% 21.74%
34.11 -4.62% 4.67% 2.27% 28.35% 25.76% 63.11% 63.11% 16.78%
45.34 12.36% 3.77% -0.27% 153.68% -0.36% 0.47% 0.47% 9.88%
115.18 NA 3.21% 1.78% 846.02% 7.66% 59.63% 59.63% 1.13%
28.79 17.49% 4.35% 5.16% 68.00% 13.39% 38.89% 38.89% 10.79%
215.35 10.54% 2.71% 1.45% 30.42% 13.59% 54.38% 54.38% 9.31%
34.88 0.75% 14.16% 1.41% 18.03% 15.88% 24.73% 24.73% 18.27%
113.95 13.11% 9.34% 6.65% 194.59% 3.84% 141.79% 141.79% 4.70%
82.99 19.33% 7.26% 3.00% 49.02% 2.91% 170.74% 170.74% 6.53%
46.35 18.24% 8.83% 6.74% 78.86% 12.07% 51.72% 51.72% 11.94%
25.30 -3.02% 9.05% 5.12% 24.95% 21.36% 76.43% 76.43% 24.08%
64.47 15.36% 1.53% 1.13% 27.66% 16.02% 53.07% 53.07% 7.68%
54.68 2.10% 5.68% 3.46% 38.94% 28.45% 24.87% 24.87% 11.01%
82.49 13.30% 7.87% 4.20% 78.19% 8.37% 46.49% 46.49% 9.85%
18.17 -9.45% 4.90% 3.61% 37.09% 13.10% 20.07% 20.07% 16.23%
127.84 17.16% 5.67% 9.62% NA -8.83% 0.47% 0.47% 1.63%
41.51 15.49% 5.01% 5.71% 44.22% 13.20% 63.54% 63.54% 19.79%
125.42 3.48% 5.72% 3.01% 57.59% 5.12% 57.71% 57.71% 10.89%
97.35 21.72% 6.89% 6.03% 162.24% 10.86% 39.38% 39.38% 7.39%
40.79 6.63% 4.20% 2.70% 87.12% 7.31% 32.24% 32.24% 4.75%
102.00 18.92% 6.31% 3.57% 96.58% 6.68% 61.91% 61.91% 5.34%
42.84 15.92% 3.37% 2.23% 107.28% 10.08% 53.47% 53.47% 5.77%
156.17 4.00% 3.72% -2.55% -34.12% 2.27% 89.24% 89.24% 7.48%
39.26 14.71% 8.65% 7.45% 134.69% 8.07% 63.17% 63.17% 10.71%
26.81 16.20% 4.19% 2.71% 59.83% 14.47% 33.02% 33.02% 8.38%
75.54 NA 4.00% -7.38% -68.66% 18.04% 25.76% 25.76% 12.77%
46.46 10.53% 4.62% 2.54% 61.95% 9.92% 65.85% 65.85% 7.71%
49.79 5.87% 1.42% 0.90% 48.47% 8.91% 56.95% 56.95% 2.47%
37.84 4.91% 3.59% 3.10% 53.44% 11.21% 70.05% 70.05% 7.33%
49.91 9.72% 41.56% 36.68% 152.14% 10.75% 66.39% 66.39% 29.15%
94.73 25.69% 5.43% 3.47% 67.33% 7.58% 50.70% 50.70% 12.86%
57.50 -2.73% 0.87% 1.66% 57.45% 12.15% 36.88% 36.88% 3.91%
128.07 23.90% 7.15% 6.14% 71.59% 6.03% 24.43% 24.43% 13.84%
20.55 60.93% 0.69% 0.51% 20.29% 16.61% 18.14% 18.14% 12.79%
41.98 6.96% 7.17% 2.45% 40.77% 11.95% 45.89% 45.89% 10.77%
60.19 -1.98% 6.31% 0.85% 16.02% 10.91% 27.14% 27.14% 12.34%
53.67 5.32% 3.57% 1.32% 7.06% 26.80% 65.69% 65.69% 16.66%
143.50 14.32% 1.97% -1.39% 0.15% 8.98% 55.28% 55.28% 11.38%
22.77 -1.59% 0.76% 0.42% 2.02% 15.20% 42.45% 42.45% 11.84%
45.47 -96.19% 0.69% 0.48% -7.88% 7.42% 61.91% 61.91% 10.83%
19.55 -28.48% 0.70% -0.31% 19.02% 12.31% 31.77% 31.77% 9.79%
56.35 NA 3.60% 7.68% 52.42% 10.45% 56.05% 56.05% 17.50%
59.82 28.32% 4.19% 4.24% 91.59% 12.00% 41.45% 41.45% 10.08%
54.20 11.98% 8.00% 4.90% 84.86% 10.50% 85.95% 85.95% 10.72%
148.71 13.32% 2.47% 1.61% 30.44% 8.26% 52.40% 52.40% 7.15%
14.03 3.25% 7.55% 1.79% 14.71% 21.12% 48.94% 48.94% 18.40%
17.55 1.14% 27.79% 14.23% 53.68% 21.87% 38.35% 38.35% 36.60%
379.61 4.04% 11.72% 8.02% 47.88% 19.80% 58.13% 58.13% 20.77%
46.83 6.44% 3.93% 2.15% 41.17% 16.71% 25.28% 25.28% 6.78%
29.95 13.50% 7.34% 4.09% 76.47% 12.44% 40.55% 40.55% 9.21%
53.23 19.30% 10.36% 6.83% 152.70% 6.47% 55.88% 55.88% 6.53%
19.75 5.13% 16.15% 9.78% 94.00% 12.43% 63.06% 63.06% 13.55%
250.17 10.88% 18.59% 11.28% 156.07% 4.32% 98.31% 98.31% 11.75%
41.06 8.44% 3.02% -1.31% -10.84% 8.91% 41.36% 41.36% 7.37%
65.22 94.40% 6.07% -5.90% -18.40% 2.03% 342.98% 342.98% 28.38%
85.62 193.73% 2.42% 1.56% -248.75% -3.48% 0.80% 0.80% 4.98%
82.38 112.97% 8.63% 8.26% 110.17% 3.97% 57.55% 57.55% 15.73%
66.29 19.38% 2.51% 2.32% 13.56% -2.82% 0.66% 0.66% 17.58%
65.71 16.35% 6.22% 3.06% 48.29% 9.45% 48.69% 48.69% 10.63%
13.50 -69.73% 0.07% 1.85% 31.39% 19.00% 21.04% 21.04% 10.23%
79.59 -1.56% 4.21% 1.65% 24.84% 24.65% 64.04% 64.04% 8.69%
30.24 10.71% 1.95% 1.73% 82.83% 20.77% 26.14% 26.14% 4.37%
33.62 8.97% 2.64% 0.85% 5.88% 85.23% 47.32% 47.32% 10.74%
47.96 15.95% 2.74% 2.79% 75.08% 14.33% 36.17% 36.17% 5.26%
65.25 -1.25% 4.72% 1.90% 72.59% 15.08% 25.89% 25.89% 4.60%
40.91 -3.03% 2.96% 0.99% 30.01% 10.05% 50.22% 50.22% 3.96%
77.56 -7.14% 3.46% -3.25% -8.53% 3.56% 165.16% 165.16% 47.50%
48.40 6.13% 2.26% 1.02% 22.25% 8.23% 71.10% 71.10% 5.16%
30.55 22.17% 6.43% 4.07% 70.27% 9.02% 36.94% 36.94% 8.84%
110.97 16.66% 20.55% 11.50% 93.44% 12.68% 50.89% 50.89% 16.74%
53.59 31.06% 10.52% 8.21% 60.57% 26.29% 28.64% 28.64% 22.43%
16.82 -0.49% 10.79% 5.45% 15.41% 13.64% 98.44% 98.44% 17.20%
37.92 20.00% 1.55% -0.48% -16.08% 18.73% 40.97% 40.97% 9.68%
235.21 1.24% 10.66% 6.94% 40.57% 20.90% 2.74% 2.74% 25.40%
62.97 5.21% 5.95% 3.35% NA -10.00% 0.37% 0.37% 1.49%
96.43 13.35% 7.23% 5.89% 47.63% 16.96% 32.89% 32.89% 21.28%
42.98 14.64% 6.05% 3.84% 53.66% 0.01% 50.76% 50.76% 7.22%
33.14 -13.70% 15.23% 1.56% 30.51% 8.18% 73.58% 73.58% 14.33%
120.32 24.68% 3.16% 2.56% 53.62% 12.94% 53.28% 53.28% 11.67%
41.99 -0.23% 14.74% -1.41% -3.28% 7.80% 89.73% 89.73% 15.57%
32.35 16.06% 2.79% 12.23% 54.79% 28.43% 71.67% 71.67% 33.88%
67.82 4.17% 4.79% 1.79% 26.74% 13.67% 70.69% 70.69% 8.25%
54.74 5.75% 15.78% 9.37% 60.00% 11.85% 40.05% 40.05% 21.54%
27.98 6.89% 11.44% 7.09% 105.34% 12.02% 20.67% 20.67% 8.76%
20.36 -0.60% 14.21% 7.75% 78.42% 10.61% 66.70% 66.70% 12.24%
26.69 7.35% 22.67% 11.57% 96.25% 0.86% 83.29% 46.71% 23.25%
Revenue Growth Rate = Last 3 yearsPre-tax Operating
Industry Group count Quartlie Median Quartile Quartlie
Advertising 362 -7.83% 1.87% 15.00% 4.05%
Aerospace/Defense 278 -6.01% 3.05% 10.90% 5.61%
Air Transport 155 -18.80% -8.33% 0.43% 7.17%
Apparel 1,146 -3.79% 4.51% 13.20% 3.92%
Auto & Truck 154 -5.89% 5.14% 15.10% 4.47%
Auto Parts 746 -1.44% 4.25% 12.40% 2.92%
Bank (Money Center) 596 2.48% 6.56% 13.90% 0.10%
Banks (Regional) 800 3.41% 7.65% 14.20% 0.09%
Beverage (Alcoholic) 220 0.08% 5.41% 13.90% 7.22%
Beverage (Soft) 100 -1.28% 5.95% 11.80% 6.67%
Broadcasting 135 -3.44% 0.37% 5.21% 7.21%
Brokerage & Investment Ban 592 -2.40% 11.90% 27.90% 0.71%
Building Materials 454 -0.56% 5.92% 14.10% 5.15%
Business & Consumer Servi 961 -1.64% 5.63% 15.20% 4.67%
Cable TV 54 -4.41% 0.81% 7.55% 6.98%
Chemical (Basic) 879 3.56% 9.58% 20.10% 4.91%
Chemical (Diversified) 68 4.44% 10.80% 19.60% 6.48%
Chemical (Specialty) 922 3.71% 11.20% 22.10% 6.03%
Coal & Related Energy 212 2.57% 16.30% 26.90% 14.13%
Computer Services 1,105 0.13% 7.78% 17.10% 3.81%
Computers/Peripherals 333 -2.45% 4.79% 13.50% 3.50%
Construction Supplies 790 -1.78% 4.96% 13.00% 4.23%
Diversified 314 -0.60% 7.78% 17.40% 6.42%
Drugs (Biotechnology) 1,267 -6.89% 12.60% 46.90% 8.69%
Drugs (Pharmaceutical) 1,352 -0.39% 7.97% 18.40% 6.52%
Education 251 -3.04% 6.30% 16.80% 7.90%
Electrical Equipment 1,045 0.62% 8.37% 19.20% 4.11%
Electronics (Consumer & Off 134 -5.81% 4.92% 12.90% 2.64%
Electronics (General) 1,457 -1.26% 6.57% 15.60% 4.71%
Engineering/Construction 1,269 -6.53% 1.82% 11.60% 3.41%
Entertainment 752 -9.44% 3.78% 21.80% 5.29%
Environmental & Waste Serv 370 -2.31% 6.23% 16.30% 5.53%
Farming/Agriculture 426 3.59% 12.70% 24.10% 4.90%
Financial Svcs. (Non-bank & 1,089 -2.71% 7.20% 18.40% 2.85%
Food Processing 1,397 1.02% 7.69% 16.20% 3.49%
Food Wholesalers 169 -4.06% 4.42% 15.10% 1.24%
Furn/Home Furnishings 362 -0.50% 6.93% 16.70% 5.03%
Green & Renewable Energy 248 1.16% 11.10% 27.80% 17.52%
Healthcare Products 896 1.38% 9.46% 23.10% 8.90%
Healthcare Support Services 460 1.76% 9.15% 20.30% 3.68%
Heathcare Information and 447 4.56% 14.90% 29.10% 8.21%
Homebuilding 171 -1.26% 6.04% 15.50% 6.26%
Hospitals/Healthcare Facilit 231 3.60% 8.61% 16.80% 7.50%
Hotel/Gaming 650 -17.80% -6.77% 2.95% 6.94%
Household Products 589 -2.32% 5.26% 13.10% 4.85%
Information Services 242 0.86% 8.79% 19.70% 7.23%
Insurance (General) 206 -1.75% 4.74% 10.70% 6.35%
Insurance (Life) 142 -1.78% 3.56% 13.20% 5.76%
Insurance (Prop/Cas.) 235 0.36% 6.95% 15.70% 7.20%
Investments & Asset Manag 1,660 -3.13% 9.46% 29.60% 18.56%
Machinery 1,463 -0.72% 5.29% 13.60% 5.12%
Metals & Mining 1,783 1.15% 13.30% 27.30% 4.74%
Office Equipment & Services 144 -3.09% 2.43% 9.61% 3.43%
Oil/Gas (Integrated) 36 10.60% 16.00% 24.60% 11.89%
Oil/Gas (Production and Expl 616 2.27% 18.20% 38.60% 23.21%
Oil/Gas Distribution 166 0.85% 8.91% 17.10% 3.91%
Oilfield Svcs/Equip. 455 -7.54% 4.64% 15.80% 2.88%
Packaging & Container 414 1.97% 7.20% 14.40% 4.19%
Paper/Forest Products 268 1.40% 6.67% 14.80% 4.50%
Power 485 3.01% 9.28% 16.90% 6.59%
Precious Metals 930 0.83% 13.70% 34.00% 11.19%
Publishing & Newspapers 327 -5.67% 0.18% 7.58% 4.01%
R.E.I.T. 792 -2.50% 3.48% 14.40% 34.38%
Real Estate (Development) 869 -13.00% 1.68% 18.90% 9.78%
Real Estate (General/Diversif 342 -10.50% 0.89% 14.50% 10.47%
Real Estate (Operations & Se 730 -3.97% 4.43% 18.60% 16.71%
Recreation 323 -2.80% 6.31% 15.50% 6.79%
Reinsurance 34 3.86% 6.08% 8.84% 3.54%
Restaurant/Dining 382 -9.20% -1.71% 5.02% 3.00%
Retail (Automotive) 193 0.38% 6.48% 16.00% 2.67%
Retail (Building Supply) 98 0.32% 5.52% 10.20% 4.72%
Retail (Distributors) 1,006 -2.69% 5.07% 15.60% 2.74%
Retail (General) 189 -15.30% -0.34% 6.36% 3.65%
Retail (Grocery and Food) 181 0.40% 4.70% 10.50% 2.32%
Retail (Online) 342 -0.98% 8.70% 26.20% 2.42%
Retail (Special Lines) 495 -5.24% 2.63% 10.50% 3.29%
Rubber& Tires 89 3.72% 6.71% 11.80% 2.86%
Semiconductor 624 2.34% 12.80% 24.40% 6.77%
Semiconductor Equip 342 5.52% 16.10% 27.20% 9.69%
Shipbuilding & Marine 349 0.37% 9.81% 21.70% 10.51%
Shoe 85 -10.60% 2.24% 13.90% 6.32%
Software (Entertainment) 320 -3.12% 9.18% 25.60% 5.92%
Software (Internet) 152 3.70% 12.80% 35.50% 4.69%
Software (System & Applicat 1,648 0.68% 10.70% 24.40% 5.57%
Steel 710 2.70% 10.70% 18.70% 3.71%
Telecom (Wireless) 99 -3.28% 2.39% 10.10% 9.22%
Telecom. Equipment 461 -5.45% 3.88% 12.90% 4.49%
Telecom. Services 295 -1.38% 4.45% 14.40% 7.00%
Tobacco 56 3.07% 6.48% 14.20% 18.58%
Transportation 302 1.77% 9.10% 20.30% 3.99%
Transportation (Railroads) 50 -7.90% -3.06% 2.78% 4.33%
Trucking 220 -6.14% 3.09% 12.00% 4.27%
Utility (General) 51 1.41% 7.65% 16.50% 8.49%
Utility (Water) 104 0.64% 5.11% 11.40% 13.01%
Pre-tax Operating Margin Sales to Invested Capital Cost of Capital
Median Quartile Quartlie Median Quartile Quartlie Median
8.59% 14.36% 1.15 3.09 5.83 11.41% 12.10%
9.02% 17.11% 0.62 1.22 1.89 10.11% 10.93%
13.16% 19.88% 0.31 0.72 1.41 8.56% 9.26%
7.70% 12.84% 0.74 1.28 1.96 9.75% 11.56%
7.11% 12.17% 0.65 1.54 2.91 10.06% 11.13%
5.17% 9.51% 0.92 1.41 2.06 12.25% 12.86%
0.21% 0.72% 0.12 0.23 0.48 7.26% 8.36%
0.23% 0.51% 0.22 0.44 0.88 5.78% 5.99%
12.31% 21.15% 0.58 1.06 2.02 8.71% 9.68%
10.11% 15.29% 1.02 1.58 2.50 8.61% 9.42%
11.98% 19.20% 0.56 0.86 1.57 8.83% 9.25%
6.59% 33.79% 0.08 0.21 0.87 7.06% 8.08%
9.03% 13.97% 0.88 1.39 2.31 10.35% 10.94%
9.18% 16.84% 0.91 2.08 4.88 9.82% 10.81%
18.69% 25.21% 0.35 0.69 1.20 7.50% 8.21%
9.42% 15.80% 0.81 1.28 1.95 10.59% 10.92%
10.32% 15.92% 0.90 1.23 1.78 10.16% 10.51%
10.94% 17.73% 0.80 1.25 1.89 10.67% 11.12%
26.47% 37.49% 0.57 1.22 2.57 11.94% 12.27%
7.15% 12.13% 1.31 3.07 5.82 10.83% 11.26%
6.98% 11.01% 0.86 1.72 2.91 11.75% 12.25%
8.41% 14.05% 0.63 1.04 1.60 10.10% 10.60%
10.58% 20.81% 0.31 0.78 1.63 8.63% 9.35%
21.27% 35.04% 0.12 0.47 1.03 11.26% 11.33%
12.38% 19.04% 0.46 0.83 1.40 9.80% 10.76%
13.70% 21.28% 0.43 0.91 2.21 9.02% 9.44%
7.29% 12.74% 0.80 1.37 2.09 11.16% 11.61%
5.02% 10.68% 1.01 1.89 2.90 10.59% 11.38%
8.59% 14.32% 0.74 1.21 1.99 12.29% 12.79%
5.76% 9.65% 0.70 1.44 2.75 8.87% 9.15%
11.56% 23.00% 0.42 1.01 2.38 10.44% 11.58%
11.09% 17.65% 0.42 1.00 2.43 9.23% 10.10%
10.48% 21.25% 0.52 0.95 1.81 8.29% 9.12%
20.25% 44.50% 0.09 0.20 0.52 4.84% 5.42%
6.79% 11.90% 0.94 1.49 2.26 8.58% 9.02%
2.87% 6.28% 1.23 3.32 5.93 7.17% 7.49%
7.85% 11.99% 1.05 1.68 2.55 11.28% 11.67%
32.38% 48.98% 0.13 0.19 0.36 8.71% 9.20%
15.02% 23.10% 0.60 1.05 1.79 10.25% 10.83%
7.96% 15.59% 1.13 2.21 4.60 9.35% 10.13%
14.96% 23.91% 0.57 1.21 2.30 11.39% 11.46%
11.43% 16.98% 0.61 1.31 2.08 9.83% 10.42%
12.55% 19.49% 0.63 1.07 1.79 7.31% 8.08%
14.29% 21.72% 0.16 0.35 0.82 8.95% 9.43%
9.13% 15.48% 0.78 1.39 2.33 9.59% 10.57%
11.19% 21.49% 1.10 2.13 4.51 11.84% 13.03%
10.81% 19.18% 0.83 1.51 2.56 7.99% 8.45%
9.77% 17.04% 0.49 1.09 2.75 8.64% 9.62%
12.27% 22.14% 0.68 1.19 2.06 7.99% 9.81%
37.96% 78.30% 0.06 0.25 1.04 7.26% 7.26%
8.99% 14.08% 0.81 1.22 1.89 10.88% 11.34%
9.96% 21.82% 0.09 0.89 1.76 10.49% 10.49%
5.46% 10.71% 0.94 1.68 2.78 9.45% 9.83%
16.45% 29.16% 1.00 1.70 2.15 10.34% 10.97%
40.99% 56.86% 0.34 0.69 1.47 10.85% 10.86%
10.61% 25.39% 0.28 0.56 1.87 7.93% 8.67%
6.42% 11.64% 0.62 1.54 3.06 9.36% 10.28%
7.45% 11.06% 0.92 1.34 1.96 8.35% 9.12%
7.68% 15.40% 0.69 1.02 1.64 8.92% 9.46%
12.86% 21.79% 0.36 0.64 1.18 6.91% 7.32%
21.90% 34.14% 0.10 0.55 1.04 10.42% 10.44%
8.58% 12.24% 0.73 1.27 2.26 9.79% 10.10%
53.90% 68.00% 0.06 0.08 0.13 6.73% 7.28%
16.80% 29.14% 0.11 0.25 0.54 7.50% 8.20%
21.04% 41.26% 0.07 0.17 0.40 7.46% 7.81%
39.81% 62.31% 0.06 0.10 0.34 7.19% 7.77%
11.42% 18.14% 0.52 1.14 2.06 9.76% 10.60%
6.76% 12.97% 0.70 1.08 1.79 11.64% 12.97%
6.32% 11.31% 0.99 1.63 2.47 8.88% 9.63%
4.72% 7.01% 1.55 2.64 4.50 8.35% 8.96%
7.56% 12.76% 1.24 1.78 3.09 9.28% 10.07%
5.91% 10.58% 0.68 1.75 3.38 7.96% 8.33%
6.76% 10.59% 0.51 1.30 2.52 8.64% 8.99%
4.04% 6.07% 1.85 2.75 4.14 7.42% 7.64%
4.95% 9.59% 1.56 3.45 8.08 12.72% 14.00%
6.08% 10.82% 1.32 2.26 3.54 9.57% 10.49%
5.96% 10.78% 0.91 1.21 1.60 10.09% 10.83%
13.63% 22.85% 0.70 1.15 1.94 14.88% 15.44%
16.74% 24.94% 0.78 1.21 1.89 16.73% 17.32%
19.33% 36.84% 0.34 0.57 1.11 10.84% 11.41%
10.50% 15.00% 0.86 1.45 2.15 10.47% 10.85%
12.58% 25.19% 1.04 2.38 6.01 12.56% 13.32%
9.61% 18.80% 0.71 1.49 3.24 11.35% 12.39%
11.57% 19.58% 0.78 1.79 3.71 11.69% 12.60%
7.42% 12.89% 0.95 1.44 2.35 10.74% 11.32%
13.69% 20.68% 0.55 0.80 1.45 7.80% 8.20%
8.73% 15.74% 0.81 1.30 2.48 10.87% 11.95%
14.04% 23.05% 0.48 0.82 1.60 7.07% 7.77%
22.70% 36.58% 1.09 1.58 2.88 8.50% 10.00%
7.37% 19.22% 0.45 1.56 3.25 9.31% 9.83%
10.28% 24.83% 0.26 0.38 0.56 7.46% 7.64%
7.71% 12.70% 0.64 1.26 2.29 8.75% 9.50%
17.33% 21.33% 0.32 0.43 1.54 6.41% 6.50%
25.32% 31.16% 0.20 0.31 0.52 6.92% 7.39%
of Capital Beta Debt to Capital Ratio
Quartile eta) Quartlie Median Quartile
12.32% 1.23 1.02% 9.10% 25.64%
11.45% 1.04 1.03% 9.81% 25.26%
10.96% 1.24 16.88% 41.69% 67.06%
12.09% 0.86 6.32% 24.96% 52.85%
12.53% 1.35 1.33% 15.65% 40.08%
13.31% 1.32 6.24% 21.74% 46.80%
10.86% 0.83 25.76% 54.62% 74.31%
6.03% 0.52 8.75% 30.12% 56.81%
11.68% 0.79 0.14% 6.56% 27.50%
10.81% 0.70 0.07% 4.47% 26.18%
11.11% 1.02 2.28% 23.32% 51.74%
8.43% 0.97 1.57% 19.31% 56.70%
12.85% 1.04 4.92% 17.25% 37.56%
11.03% 1.03 1.22% 11.27% 31.66%
9.81% 1.01 6.64% 38.74% 58.98%
13.01% 1.08 2.70% 13.32% 33.15%
12.98% 1.16 8.08% 26.22% 42.28%
13.52% 1.05 2.00% 11.03% 27.57%
14.00% 1.06 0.05% 4.90% 27.58%
12.61% 1.02 0.99% 7.52% 24.11%
12.47% 1.21 2.00% 12.91% 33.11%
12.92% 1.07 4.70% 20.08% 39.68%
11.07% 0.97 5.89% 31.14% 59.92%
12.40% 1.17 0.23% 3.53% 14.92%
11.03% 0.97 0.57% 7.50% 25.53%
10.24% 0.78 1.34% 10.57% 36.40%
11.79% 1.05 1.62% 10.94% 27.72%
11.72% 1.18 2.86% 16.76% 39.13%
13.06% 1.23 1.70% 10.22% 25.77%
10.91% 0.95 5.16% 24.50% 51.64%
12.06% 1.15 0.09% 5.01% 25.97%
10.31% 0.97 2.81% 16.65% 36.37%
10.35% 0.74 1.41% 19.59% 43.84%
6.10% 0.81 3.02% 33.31% 67.25%
10.65% 0.68 3.91% 19.63% 41.17%
8.63% 0.61 2.13% 21.10% 45.93%
13.86% 0.98 2.92% 13.85% 35.03%
11.10% 0.93 8.77% 29.59% 50.35%
11.52% 1.10 0.64% 5.18% 18.16%
10.49% 0.88 1.85% 14.36% 34.12%
12.84% 1.28 0.47% 3.70% 16.85%
10.92% 1.09 13.44% 41.69% 66.69%
9.44% 0.72 4.47% 17.38% 41.09%
11.17% 0.91 3.42% 24.04% 52.51%
11.04% 0.90 0.32% 6.81% 28.08%
14.51% 1.26 0.79% 5.74% 25.12%
10.74% 0.61 0.00% 5.18% 24.88%
12.85% 0.89 0.56% 12.32% 40.78%
12.30% 0.76 0.01% 2.59% 15.20%
7.95% 0.52 0.00% 0.05% 6.69%
11.50% 1.06 1.84% 10.78% 27.04%
11.08% 1.13 0.00% 0.30% 10.27%
11.64% 0.89 3.10% 15.24% 40.92%
13.55% 1.08 10.14% 33.85% 51.28%
11.94% 1.14 0.00% 6.53% 29.11%
10.18% 0.90 10.30% 36.09% 51.20%
12.03% 1.09 4.48% 22.95% 52.48%
10.24% 0.84 6.19% 24.75% 46.64%
11.18% 0.97 10.41% 26.81% 50.81%
8.68% 0.64 14.11% 39.38% 59.26%
10.44% 1.12 0.00% 0.30% 8.43%
11.93% 0.79 1.28% 11.47% 34.39%
8.34% 0.81 24.42% 40.37% 56.87%
8.91% 0.96 9.59% 43.28% 72.36%
9.09% 0.91 15.88% 45.23% 66.41%
8.62% 0.81 1.83% 33.91% 59.65%
10.93% 1.07 2.76% 13.86% 37.58%
13.97% 1.02 0.01% 13.12% 31.34%
9.83% 0.87 9.74% 27.33% 46.57%
10.61% 0.93 9.64% 31.67% 58.96%
10.59% 1.09 17.93% 34.16% 56.92%
9.74% 0.77 2.17% 18.49% 45.54%
9.28% 0.79 19.06% 40.15% 64.40%
8.20% 0.57 13.11% 27.72% 46.02%
14.57% 1.49 1.18% 14.31% 36.77%
10.99% 1.01 9.30% 26.36% 51.57%
12.88% 1.06 11.29% 28.39% 50.51%
15.64% 1.70 0.49% 5.71% 18.79%
17.76% 2.07 1.00% 8.32% 19.30%
14.01% 1.04 8.52% 30.12% 49.43%
13.18% 1.03 3.10% 12.92% 42.15%
14.32% 1.39 0.09% 3.35% 16.58%
12.91% 1.30 1.70% 8.36% 23.91%
13.31% 1.22 0.22% 3.05% 14.37%
13.74% 1.18 5.27% 26.96% 49.88%
9.72% 0.72 5.53% 18.70% 43.80%
12.26% 1.05 1.59% 8.99% 27.42%
9.15% 0.81 4.88% 20.38% 42.55%
12.89% 0.59 0.09% 3.93% 33.22%
11.80% 0.94 8.52% 26.30% 49.77%
7.96% 0.54 16.24% 39.34% 56.14%
11.54% 1.05 10.33% 29.22% 55.87%
7.24% 0.63 34.89% 45.26% 57.02%
8.22% 0.69 6.68% 31.77% 55.44%
Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
Technology & Content $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA
Current year's lease expense $ 107.00
$75,872.00
$2,404.00
$24,171.00
$276.00
G&A 630.29 286.14 426.61 770.76
Marketing Costs 2369.47 1128.78 1219.73 2460.42
Content Costs 9967.54 4703.01 5876.21 11140.74
Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/No Book or Market VaERP choices Cost of debt Synthetic rati Beta Rating is Region
Yes B Will input Direct input 1 Direct input Aaa/AAA US
No V Country of incorporati Synthetic ratin 2 Single Business(US) Aa2/AA Emerging Mar
Operating countries Actual rating Single Business(GlobaA1/A+ Europe
Operating regions Multibusiness(US) A2/A Japan
Multibusiness(Global)A3/A- Global
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D
Cost of Capital Approa Reinvestment lag Decile
I will input 0 First Decile
Detailed 1 First Quartile
Industry Average 2 Median
Distribution 3 Third Quartile
Ninth Decile

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NVIDIA2024

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Date of valuation Feb-24

Company name Nvidia

Value Drivers for Auto Chip business

Last 10K Years since last 10K

Computed numbers: Here is what your company's numbers lo

Pre-tax Operating Income in year 10, based on your operatin

that of typical mature companies (riskfree rate + 4.5%)

averages and risk premiums

ready, say yes to this option and do the conversion.

your company's numbers look like, relative to industry.

fine tune your inputs, if

will be adjusted accordingly.

Cost of capital 8.84% 8.84% 8.84% 8.84% 8.84% 8.79% 8.74%

Value of Rest ###

### ### ### ###

### ### ### ###

8.68% 8.63% 8.58% 8.58%

Revenues (a) $18,020.00 30.0% 30.00%

Operating margin ( 25.42% 30.0%

Reinvestment (c ) 1.15 1.15 1.15

Return on capital 34.88% Marginal ROIC = 35.76%

Cost of capital (d) 8.84%

Initial cost of capital set equal to

Probability of failure = 0.00%

Stock was trading at = $681.00

Base Year and Comparison Growth Story (Revenue)

Value of Rest $389,014 1 2

Price per share $681.00 Sales to Capital 1.15 1.15

Profitability Story (Margin) Growth Efficiency Story

8.84% 8.84% 8.84% 8.79% 8.74% 8.68% 8.63% 8.58%

1.15 1.15 1.15 1.15 1.15 1.15 1.15 1.15

Competitive Advantages AI and Auto Business: Market Size and M

Market Size and Market Share

Industry AverageMost Recent year

Annual Revenue Growth Rate 6.44% 71.24%

Step 2: Check dollar revenues

Step 3: Check your margins Most Recent year Next year

Operating Margin 25.42% 30.00%

Step 4: Check how much you are reinvesting

Reinvestment effect on cash flows

Return on capital effects

Step 5: Risk Metrics

Failure Rate 0.00%

Step 6: Price versus Value

Next year Years 2-5

ROC in year 10 Stable ROC

Year 1-5 Stable Growth

1. How big is the total market today?

1. Is your reinvestment consitent with your revenue growth forecast?

1. How does your cost of capital compare to the industry average?

Do not input any numbers below this line

Value per option = $ 680.03

Inputs for synthetic rating estimation

For smaller and riskier firms

erm interest expense for financial firms)

he place, set the operating lease commitment question in cell F5

Amortization of asset for cu ###

nter will be determined by the amortization period

operating income (add to reported EBIT)

Estimation of Current Cost of Capital

Which approach will you be using? Distribution

Approach for estimating beta Single Business(US)

Book Value of Convertible Debt = 0

Equity Debt Preferred Stock Capital