Company name

Groupon
Numbers from your base year below:
Revenues
$
1,290.00
Operating income or EBIT
$
(554.50)
Book value of equity
$
(14.70)
Book value of debt
$
Cash
$
722.70
Number of shares outstanding =
696.00
Current stock price =
$
16.00
Tax rate =
35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 years 50.00%
=
Target pre-tax operating margin (EBIT as % of sales in year 23.00%
10) =
Sales to capital ratio (for computing reinvestment) =
2.00
Market numbers
Riskfree rate
2.05%
Initial cost of capital =
15.00%
Other inputs
Number of options outstanding =
18.40
Average strike price =
$1.11
Average maturity =
5.00
Standard deviation on stock price =
44.00%

Important: Before you run this spreadsheet, go into preferences in
There should be a check against the iteration box. If there is not, yo
S1 Filing (October 2011): Page 43 (1,118 -141+313)
S1 Filing (October 2011): Page 43 (-218.4-(-84.2)+(-420.3)
S1 Filing (October 2011): Page 45
S1 Filing (October 2011): No interest bearing debt* (See below for
S1 Filing (October 2011): Page 45 + Expected proceeds from IPO
S1 Filing (October 2011): Page 5 (630.4 million Class A shares + 2
Expected IPO price (from WSJ on October 31, 2011)
(Federal corporate tax rate)

Revenue growth rate last year was more than 300%...
Backed out the margin on revenues without customer acquisition c
Assumption based on the small revenues/subscriber and competiio
10 year treasury bond rate on November 1, 2011
Based on the top decile of publicly traded companies with no debt

S1 Filing: Page 5
S1 Filing: Page 5
Not available (My estimate. Employee options usually have 8-10 ye
S1 Filing: Page 69

Default assumptions
I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption =
Yes
Mature companies generally see their risk levels approach the aver
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in stable growth, may have higher risk
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10
Do you want to override this assumption =
Yes
Mature companies find it difficult to generate returns that exceed th
If yes, enter the return on capital you expect after year 10
10%
But there are significant exceptions among companies with long-las
I will assume that your firm has no chance of failure in the next 10 years
Do you want to override this assumption =
No
Many young, growth companies fail, especially if they have trouble
If yes, enter the probability of failure in the next 10 years =
20%
Tough to estimate but a key input.
I will asssume that you have no NOL coming into the valuation
Do you want to override this assumption =
Yes
Check the financial statements.
If yes, enter the NOL that you are carrying over into year 1 $800.00
An NOL will shield your income from taxes, even after you start ma

Groupon has operating lease commitments, but the numbers are small. If they had been larger, I would have capitalized them and brought t

4 million Class A shares + 2. Employee options usually have 8-10 year lives) kfree rate + 4. revenues without customer acquisition costs & portion of marketing expenses.118 -141+313) Page 43 (-218. . 2011) ear was more than 300%.2)+(-420. If there is not.6 million class A restricted stock shares + 49..his spreadsheet.4-(-84. go into preferences in Excel and check under Calculation options gainst the iteration box. Page 43 (1. even after you start making money (and Groupon has NOLs) ould have capitalized them and brought them in as debt.4 million Class B + 10.9 million shares for grants in 2011 WSJ on October 31. may have higher risk (which is my assumption with Groupon) fficult to generate returns that exceed the cost of capital ceptions among companies with long-lasting competitive advantages (and I am assuming that Groupon is one) anies fail. small revenues/subscriber and competiion. 2011 publicly traded companies with no debt .5%) ly see their risk levels approach the average n in stable growth.57188498 on November 1..3) No interest bearing debt* (See below for lease comment) Page 45 + Expected proceeds from IPO from S! Filing (Page 5) Page 5 (630. you will get circular reasoning errors. especially if they have trouble raising cash (I am being optimistic and assuming that Groupon has no chance of failure) ome from taxes. 3.

s for grants in 2011 .

614 $613.805 $814.414 -$554.118.844 $162.686 -$4.711 .637 $203.896 $290.173 $565.741 $37.941 $140.290.793 $187.266 $1.569 $196.2010 First 9 months .490 Cost of revenue Marketing SG&A Customer acquisition costs $42.640 -$76.543 Net income -$389.481 -$527.705 $89.642 $79.717 $1.546 Operating income -$420.344 -$84.215 -$218.Revenues 2010 10K First 9 months.183 $17.410 -$214.2011 Trailing 12 month value $312.582 $160.100 $682.

50 -29.48) (1.00% 6.00% 15.91) 4.39% (704.00 2.75 (1.44% Implied variables Sales to capital ratio Invested capital ROIC $ (737) $ 75.497 (892.290.62 Price on IPO $ 16.50) $ $ $ $ 800.00 $ -42.49) 5.60) 725.37) Terminal cash flow $3.00 2.44 (2.611.632.00% 15.66 $ $ $ $ $ $ 3 50.25 $ $ $ $ $ $ 4 50.67) $ (1.088.504.171.530.902.53 Value of equity in common stock ######## Number of shares 696.870 0.00% 0.08% 2.48) 1.756 0.00 -36.00% 4.140.84% .07) 322.00% 2.94) $ (1.348.461.70% -1255.59) (864.00 (415) $ 69 $ 794 $ 169.59) 483.54% 2.795.83) 1.70 Value of equity ######## .19% (1.378.53 Probability of failure = 0.Reinvestment FCFF NOL $1.94 -9.440.34) 2.009.019.56 15.014.50) $ $ (554.00 1.026.00% Terminal value ######## PV(Terminal value) ######## PV (CF over next 10 years) ######## Sum of PV $9.Base year Revenue growth rate Revenues EBIT (Operating) margin EBIT (Operating income) EBIT(1-t) .935.00 Price as % of value 109.083.00% 15.00% Value of operating assets = $9.Value of options $275.53) $ (1.80) $ (1.60) (1.50 (1.75% -127.99% (978.73 $ $ $ $ $ $ 5 50.728.22) 3.368.728.79% (864.00 Estimated value /share $ 14.57) 1.572 0.00% 15.883 $ -57.53 Debt $ Cash $ 722.75 -23.083.658 0.20% 2.83) (978.98% $ (554.63 (1.07) (704.59% (1.241.298.66 (2.00 $ WACC Discount factor PV(FCFF) $ 1 50.00% 9.353.63 -16.07 $ $ $ $ $ $ 2 50.735.516 -27.27 Terminal Cost of capital 8.00% 1.009.00 3.

45% 2.54 $ 777.41% 13.39 3.00% 5.390 (601.61 3.00% 0.64% 24.138.119.82% 17.48 -3.55 2.76 16.63 2.298 786.00 5.813.07) 5.00 10.99 23.833.27 $ 8.00% $ 5.542.361.754.39% (466.$ $ $ $ $ $ 6 40.80) (466.05% $ 25.794 $ 34.330.32 $ $ $ $ $ $ 9 11.50% 2.05% 24.60% 0.36 $ $ $ $ $ $ 7 30.713.994.01 - $ $ $ $ $ $ 10 2.438 $ (1.96 3.979.27 $ 3.23 3.85) $ 10.192.64% 10.495 $ -8.014.446.352 80.57% 2.40% 8.791.910.032.138.465.322 0.41 2.40% 3.993.715.20% 576.524 $ 22.044 33.352.73 $ $ $ $ $ $ 8 21.00 7.65 9.41 1.269.13 $ 3.00% .907.63 576.00 11.070.00% 13.614 $ 7.76 - Terminal year 2.80) 1.66 2.47 $ 1.715.00 9.93) 5.62 3.851.54) $ 12.37 249.20% 0.80% 0.444.40 $ 9.45 23.02 228.27 (2.56 1.40% After year 10 $ 2.80% 2.56 (1.23% 21.

38% If calculated value is negative or looks too Increase revenue growth rate 23% Last period EBIT as % of revenue needed to earn cost of capital8.82% .64% 12.59 11.270.90% 91.46 53.043.99 6.VALUATION DIAGNOSTICS Invested capital at start of valuation $ Invested capital at end of valuation $ Change in invested capital over 10 years $ Change in EBIT*(1–t) (after-tax operating income) over 10 years $ Marginal ROIC over 10 years ROIC at end of valuation Average WACC over the 10 years Your calculated value as a percent of current price Inputs Revenue growth rate Last period EBIT as % of revenue (737.40) 11.780.23% 33.

If calculated value looks too high Decrease revenue growth rate Decrease margin until return in year 10 = cost of capital .

00% (volatility) Enter the annualized dividend yield on stock = 0.00 Do not input any numbers below this line VALUING WARRANTS WHEN THERE IS DILUTION Stock Price= 16 # Warrants issued= Strike Price= 1.973582 T.32253898 0.11 Enter the expiration of the option = 5.05% 0.Bond rate= Adjusted K = 1.97 Value of all options outstanding = $275.05% Enter the number of warrants (options) outstanding 18.9995275 d2 = N (d2) = 2.1936 0. interest rate= d1 = N (d1) = 3.4 696 2.00 Enter the strike price on the option = $ 1.Valuing Options or Warrants Enter the current stock price = $ 16.53 18.11 # Shares outstanding= Adjusted S = 15.00% 2.05% .40 = Enter the number of shares outstanding = 696.11 Variance= Expiration (in years) = 5 Annualized dividend yield= Div.98989803 Value per option = $ 14.00% Enter the treasury bond rate = 2.00 Enter the standard deviation in stock prices = 44.30640889 0. Adj.

71% 92.614 $613.686 -$4.118.896 $290.83% 50.00% 23.183 2010 (in %) 2011 (First 9 months) 2011(in %) Steady state margin 44.85% 62.Revenues Cost of revenue Marketing SG&A expenses Acquisition related costs Pre-tax operating margin 2010 $312.93% -134.00% 13.637 $203.00% 12.00% 45.00% 5.00% .941 $42.53% 15.43% -19.84% 64.173 $565.59% -0.54% 54.97% $1.00% 100.32% $162.266 100.569 $196.793 14.

32 1.11 1.24% 8.28% 9.80 38.77% 9.55 36.93% 11.22 0.94 1.01% 9.64% 8.20 23.64 41.80% 9.) 69 1.12% 7.Industry Name Number of FirmsAverage BetaUnlevered Beta corrected for cashMarket D/E Ratio Cost of Equity Advertising 28 1.50% Homebuilding 24 1.65 1.07 23.) 32 1.08 14.73% 6.09% 7.44% Entertainment Tech 31 1.47 85.80% 9.70% Auto Parts 47 1.01 11.14 0.86 13.84 13.29 10.68% 8.08% Furn/Home Furnishings 30 1.78% 9.66% Building Materials 47 1.12% Metals & Mining (Div.96 4.15 1.63% Biotechnology 120 1.78 0.71% 9.13% 7. (Central) 23 0.37 0.49 26.22 0.47% Medical Supplies 231 1.92 0.23 29.18% 6.97 68.41% Foreign Electronics 9 1.98% 9.44% 8.51 1.38% 9.94 11.21 1.19 18.86% Insurance (Prop/Cas.74 28.55 7.85 0.44 1.63% Engineering & Const 17 1.55% 8.67% 11.94 28.72 1.39% Bank (Midwest) 40 0.63% Household Products 22 1.96 0.16% 10.55 46.86% 6.37 1.57 9.13 1.05 89.40% 8.75 0.55% 11.05% Maritime 53 1.58 24.59 1.21% 8.40% Bank 418 0.75% 9.94 50.83% 9.39 21.68% Educational Services 37 0.98% 7.13% Industrial Services 137 0.64% 9.14 1.98 20.12 4.86 0.99% 11.50 0.33% Diversified Co.39 1.05% Electric Util.87 0.43 0.10 0.68 69.54% Machinery 114 1.77% 7.79% Medical Services 139 0.86% 7.33 49.) 67 0.89% 7.66% Internet 180 1.25 0.39 1.91% 9.13% 9.82% Computer Software/Svcs 247 1.24% 10.11 1.28 1.05% 9.21 0.35 1.87% Environmental 69 0.38% Chemical (Diversified) 31 1.83% Information Services 26 1.55% E-Commerce 52 1.07% Canadian Energy 10 1.76 1.45 16.10% 8.31% Computers/Peripherals 101 1.38% 8.13% Metal Fabricating 30 1.64 138.74% Air Transport 40 1.23% .05 18.49% Insurance (Life) 31 1.79% Food Processing 109 0.92 0.49 83.48% 8.82% Human Resources 24 1.76% Heavy Truck/Equip Makers 8 1.67 1.46 96.13 18.01% Apparel 48 1.95 52.52% 9.79 0. (Div.03% 7.20 13.86 26.) 230 1.25 11.44 1.08% 11.83% Electrical Equipment 79 1.60% Cable TV 24 1.73 0.71% Automotive 19 1.13 1.79 1.54% Electronics 158 1.76 99.44 18.14 1.18% 11.82% Bank (Canadian) 7 0.33 0.40% 10.27 1.19 4.31 9.58% 10.05 28.74% Electric Utility (West) 14 0.88 71.02 1.38 37.70% 7.46% Chemical (Specialty) 83 1.69% Chemical (Basic) 17 1.68% Funeral Services 5 1.33 1.75 0.49 74.37 0.22 1.57% 8.41% 12.44 18.06% 9.07% Drug 301 1.94 0.84% 6.99 34.06 1.32 15. 111 1.75 135.12% Entertainment 75 1.88% Hotel/Gaming 52 1.93 108.85 7.07% 10.32% Financial Svcs.78% Coal 25 1.78 1.99% Electric Utility (East) 25 0.84 8.59% Natural Gas (Div.17 1.39 1.58% 8.19% Healthcare Information 26 0.96 0.88 0.80% Aerospace/Defense 63 1.14% 10.26% 7.84% Beverage 34 0.

34 1.12 1.20 0.58 1.96 62.76% 11.79 1.97 1.64% 9.90% 10.47% 20.50 0.29 1.43 1.47 1.62% 9.45 0.52 1.40% 7.63 0.31% 8.57% 19.27 1.72 1.83% 6.61 1.74 0.20 2.74 1.15 0.16% 6.19 0.20 0.38% 42.10% 7.44 0.32% 8. Utility Thrift Tobacco Toiletries/Cosmetics Trucking Utility (Foreign) Water Utility Wireless Networking Total Market 27 13 24 12 95 27 37 23 163 19 11 68 74 83 27 8 23 6 14 52 8 60 143 15 8 38 29 25 115 14 18 19 13 104 85 28 181 13 15 33 5 12 48 5928 0.88% 30.33 1.28 1.25 0.03% 9.11% 75.07 1.04 1.31 0.84% 10.77% 9.81% 21.04% 46.84% 1.97% 7.21% 15.68% 11.52% 10.87 0.18 1.10% 149.70 0.32% 10.61% 25.83% 11.68 1.25 1.42% 57. Services Telecom.E.20% 144.77% 9.01 1.21 1.85 1.26% 18.75 1.90% 9.76% 7.18 1. Equipment Telecom.86% 27.99 0.19 0.22 0.10% 8.18% 98.57% 10.34 1.61% 9.30 1.31 1.56 1.80% 45.92 1.96 0.54 1.17% 7.T.47% 9.45 1.43 1.15 0.32% 8.59 1.70 1.17 0.73 1.04% 6.24% 8.40% 9.48% 9.44% 8.52% 42.94% 44.82% 9.06% 7.06 1.52% 71.27 1.64% 8.61 0.06% 84.71 1.47% 36.66 1.85 1.32% 18.99% 13.25 1.19 0.78 1.36 0.21 1.89% 18.85 1.19% 37.70 0.37% 22.52% 13.97 1.71% 23.I.03 0.85% 7.09 1.33 0.72% .14% 58.68% 77.84 0.Natural Gas Utility Newspaper Office Equip/Supplies Oil/Gas Distribution Oilfield Svcs/Equip.58% 10.97 0.38% 10.86% 6.71% 34.48 1.97% 6. Packaging & Container Paper/Forest Products Petroleum (Integrated) Petroleum (Producing) Pharmacy Services Pipeline MLPs Power Precious Metals Precision Instrument Property Management Public/Private Equity Publishing R.24% 5.96 1.17% 27.15 1.65 1.01 1.21 1.09% 17.98 1.34 0.27% 16.24% 8.21% 10.10 1. Railroad Recreation Reinsurance Restaurant Retail (Special Lines) Retail Automotive Retail Building Supply Retail Store Retail/Wholesale Food Securities Brokerage Semiconductor Semiconductor Equip Shoe Steel (General) Steel (Integrated) Telecom.91% 9.40% 10.34% 9.48 1.19% 36.22% 42.66 0.48 1.04% 104.61% 6.61% 6.35% 11.

81% 11.56% 6.54% 3.99% -0.40% 9.86% 14.06% 11.53% 24.13% 9.26% 13.29% 5.73% 15.29% 23.19% 9.36% 3.31% 1.81% 0.89% ROC 9.96% 33.71% 11.00% 8.36% 16.76% 7.70% 8.85% 32.24% 11.17% -38.75% 23.29% 5.29% 4.78% 12.17% 11.38% 8.15% 12.57% 13.52% 19.69% 9.47% 4.55% 9.91% 9.09% 5.07% 17.82% 12.69% 8.70% 10.29% 5.71% 22.82% 4.42% 9.51% 37.39% 33.49% 8.20% 4.29% 4.29% 5.00% 47.70% -35.14% 6.17% 11.16% 8.29% 5.29% 5.48% 17.57% 7.79% 10.79% 5.94% 10.15% 7.08% 16.98% 22.56% 3.79% 4.79% 5.92% 9.29% 7.29% 5.68% 10.62% 15.29% 5.20% 41.91% 40.79% 49.97% 12.55% 18.15% 6.67% 3.61% 27.34% 16.81% 7.61% 14.54% 20.97% 15.20% 4.97% 12.39% 5.79% 8.66% -0.07% 14.29% 5.77% -17.83% 3.66% 11.29% 5.20% 5.57% 13.49% 3.01% -1.99% 8.55% 12.73% 9.07% 11.55% 9.62% 7.99% 17.20% 5.00% 6.53% 7.25% 10.12% 19.03% 2.14% 12.34% 18.58% 24.82% 57.06% 9.79% 8.03% 21.60% 6.88% 18.Cost of Debt 6.24% 1.61% 5.77% 10.79% 13.99% 10.68% 7.83% 10.58% 6.46% 10.44% 15.73% 14.29% 6.14% 10.29% 5.45% 9.37% 21.29% 5.62% 7.66% 8.66% 18.05% -0.21% 11.83% 6.29% 6.36% 2.15% 2.29% 4.23% 28.58% -17.02% 33.02% 4.01% 15.86% 5.29% 5.79% 7.10% 13.48% 19.12% 15.81% 9.49% 26.48% NA NA NA 12.79% D/(D+E) Cost of Capital 26.61% 6.10% 27.48% 7.63% 10.74% 7.81% -0.54% 8.29% 7.46% NA NA NA 28.29% 4.79% 11.55% 11.47% 3.32% 13.36% 18.94% 6.54% 22.79% 5.79% 5.99% 17.46% 0.67% 19.02% 22.46% 16.70% 13.19% 34.91% 16.91% 2.29% 6.29% 7.35% 10.73% 11.11% 10.88% 7.31% 25.91% 7.79% 5.21% 8.49% 8.34% 11.31% 12.58% 27.36% 8.71% 18.29% 5.19% 18.60% 6.46% 8.57% 26.25% 5.74% 8.79% 6.36% 17.60% 21.78% 4.29% 5.70% 17.65% 3.58% 12.80% 7.54% 6.12% 10.69% 5.00% 3.62% 20.89% 23.76% 18.12% 1.77% 5.96% 41.29% 4.85% 3.47% 6.93% 16.96% 4.17% 3.37% 30.10% 49.62% 15.22% 14.29% 4.02% 12.78% 18.11% 1.75% 8.01% NA NA NA 0.37% 1.33% 11.26% 3.67% 14.57% 4.10% 7.46% 13.29% 5.15% 7.79% 4.29% 13.41% 5.59% 31.08% ROE Net MarginAfter-tax Operating MarginPre-tax Operating Margin 0.84% 6.99% 28.07% 13.85% 3.79% 4.60% 3.73% 40.69% 0.96% 17.54% 8.96% 15.09% .80% 11.80% 11.01% 7.06% 16.32% 9.12% 21.59% 5.29% 7.29% 4.99% 58.48% 22.70% 10.98% 8.33% 35.04% 15.10% 11.29% 4.95% 19.29% 5.70% 13.79% 4.32% 23.05% 20.55% 26.08% 21.19% 17.66% 17.70% 7.57% 14.79% 4.75% NA NA 33.38% 8.37% 5.29% 7.77% 8.64% 8.55% 6.29% 5.79% 4.06% 18.16% 14.11% 19.41% 15.15% 4.79% 5.79% 5.09% NA NA NA 11.38% 9.16% 6.54% NA NA NA 11.10% 18.81% 7.73% 12.64% 14.02% 11.87% 22.27% 16.29% 6.08% 21.97% 46.51% 22.14% 7.29% 5.65% 7.18% 10.24% 9.11% 6.76% 3.39% 10.83% 9.38% 9.38% 52.11% NA NA NA 23.58% 29.06% 6.29% 5.47% 8.77% 18.29% 5.37% 9.29% 5.46% 1.13% 45.44% 11.37% 32.13% 42.84% 12.79% 13.35% 17.52% 20.23% -24.01% 33.92% 20.32% 8.33% 2.34% 41.59% 22.41% 42.70% 4.79% 4.41% 24.12% 7.27% 11.19% 7.07% 7.72% 1.40% 3.01% 7.89% 13.52% 14.49% 7.37% 18.19% 15.79% 4.64% 7.98% 22.75% 9.94% 1.97% 27.34% 4.67% 10.10% 6.29% 4.91% 2.12% 6.17% 4.02% 10.86% 13.82% 15.53% 10.53% 9.13% 3.74% 9.18% 5.17% 20.79% 23.92% 9.57% 32.29% 4.81% 15.41% 15.79% 34.77% 15.38% 8.90% 6.

83% 9.29% 5.80% 7.74% 8.95% 11.48% 15.83% NA 22.85% 6.69% 12.23% -6.76% 7.19% 5.80% 41.01% 26.06% 27.39% 5.77% 11.79% 4.01% 15.29% 6.31% 6.31% 9.74% 16.81% 6.29% 4.02% 17.35% 8.63% 13.01% 10.72% NA 29.29% 5.29% 5.79% 5.38% 27.07% 14.25% 17.29% 5.36% 8.67% 49.07% -83.66% 4.35% 7.43% 5.00% 4.29% 4.09% 11.92% 9.95% 3.04% 7.41% 45.10% 28.29% 4.63% -10.49% 4.75% 20.07% 38.25% 13.29% 4.84% 8.15% -6.18% 8.79% 4.20% 8.42% 16.05% 8.94% 5.63% 1.87% 15.79% 4.63% 19.65% 4.50% 1.73% 0.79% 5.07% NA 19.79% 4.79% 8.87% 23.41% 3.66% 19.79% 5.10% 4.07% 6.93% 9.31% 8.29% 31.47% 8.10% 8.96% 12.81% 12.79% 4.05% 3.84% 16.53% -2.60% 11.02% 51.16% 20.96% 10.64% 37.44% 25.52% 18.52% 1.09% 8.47% 68.75% 14.87% 151.84% 15.05% 4.47% 7.92% 30.35% -1.66% 18.29% 6.24% 14.58% 9.78% 14.66% 3.76% 5.08% 36.32% 15.31% 19.89% 7.79% 5.10% 5.49% 5.71% 1.70% 13.59% 11.40% 9.67% NA 15.63% 5.43% 6.47% 1.29% 4.17% 6.79% 5.39% 26.29% 3.58% 14.79% 6.13% 15.71% 6.40% 7.29% 4.63% 59.29% 5.33% 14.82% 16.88% 7.33% 10.11% 9.99% 4.82% 15.12% 2.09% 6.60% 6.21% 22.85% NA 5.29% 6.97% 8.49% 2.19% 6.56% 39.48% 6.58% 11.29% 5.67% 7.38% 12.79% 4.44% .85% 13.38% 3.40% 14.86% 5.77% NA 5.86% 10.13% 16.29% 4.97% 5.82% 3.70% 8.85% 3.32% 20.10% 3.73% 14.34% 4.71% 3.29% 27.01% 11.05% 9.04% 9.08% 12.56% 18.52% 11.05% 6.87% 5.67% 23.77% 12.17% 9.74% 11.74% 36.4.68% 25.82% 9.69% 18.29% 5.18% 8.25% 5.75% 15.54% 14.41% 21.93% 8.42% 9.47% 11.08% 5.29% 5.91% 32.32% 31.29% 5.26% 19.55% 7.79% 5.33% 29.14% 24.66% 23.12% 13.12% 22.11% 15.29% 5.19% 15.24% 32.44% 9.44% 8.41% 6.06% 8.99% 13.25% 1.72% 138.65% 36.11% 4.93% 29.61% 15.58% 21.53% 7.79% 4.98% 20.32% 14.06% 15.72% 24.31% 8.12% 11.32% 8.07% 10.62% 7.34% 11.40% 7.65% 21.29% 4.41% 2.29% 5.78% 15.39% 23.05% 3.62% 37.96% 15.38% 10.67% 20.79% 4.44% 27.53% 15.98% 23.10% NA 13.26% 8.93% 7.29% -0.28% 2.29% 5.99% -1.00% 16.78% 10.58% 2.80% 16.20% 6.83% 14.87% 10.60% 13.13% 11.64% 30.32% 9.74% 9.14% 29.29% 4.03% 6.88% 31.29% 10.03% 10.13% 22.71% 8.55% 6.62% 24.81% 11.29% 27.79% 4.79% 5.32% 10.44% NA 23.98% 43.96% 14.59% 55.79% 4.70% 14.78% 15.80% 30.09% 42.75% 16.14% 13.79% 4.00% 5.73% 8.70% 8.50% 12.46% 12.53% 7.86% 14.79% 4.57% 22.29% 38.61% 7.73% 43.02% 7.68% 19.84% 12.68% 3.58% 7.89% 22.31% 6.34% 8.64% 26.59% 48.77% 22.35% 16.07% 59.45% 5.56% 9.66% 12.

42% 2.83% NA 0.57% 0.54 -12.44% 1.82% 0.48 0.94% 1.97 -1.91% 2.86% 1.30% 0.40% 2.53 26.45 26.00% NA 0.02% 0.96 -8.23% 0.03% 1.18% 1.94% 1.51 13.10% 5.98% 2.44 2.53% 0.22 25.94 2.99 NA 0.93% 3.14 -6.51 17.52% 0.77% NA 72.02% 1.64 -6.93% 0.92% 2.28 13.00% NA 0.83% .84 -2.37% 0.43 99.00% 2.63% NA 0.03% 1.08% 1.37 76.02 11.81 -11.19 2.07 -62.18 -7.33% 2.61% 0.36% 2.15% 1.62% 2.75 -5.38 0.67 7.89 -5.81 -6.85 -1.88 -22.99% 1.47 -0.36% 0.16 12.43% 1.43% 1.97 7.Sales/CapitalReinvestment Rate 1.80 -23.31% 0.96% 0.17 -18.01 -24.48% 2.33% 0.92 -29.80% 2.00% 1.59 63.53% 4.73 0.83 45.56 63.53% 0.87% 0.19% 2.04% 0.86% 0.65 39.67 -7.49% 2.55 55.46 9.54 36.83 10.10% 1.27 -21.82 4.91 -3.33 24.

44 2.56 1.81% 134.97 2.96% -59.82 1.40% 9.93% -9.58 0.52 0.39 1.52% 47.35 0.97% 1.32 3.70 0.31% 19.69 3.1.87 3.65 1.25% -62.12 29.28% NA -12.80 0.77 0.68% 121.08 1.47% -7.48% 54.02% 41.31 1.56 1.58% -2.81 0.80% .15% 45.11 0.37% 87.91% 225.80% -20.34% 2.12 0.56 0.74% 14.12 1.40% 10.77% 32.27 1.81% 90.84% -23.73% -8.68% 81.85 0.55 0.26 0.33% 41.00% -1.38% 6.90 1.68 0.38% -105.93% 0.96% 61.07 1.78% 64.73 3.05 1.03% 14.22% 32.51% -7.56 0.24% -5.01 1.59% 79.58 2.31 0.59 4.31% -14.22 2.14% -14.85 NA 1.83% 7.86% 38.20 3.81 NA 1.

..9..420:73838            0.7031472.%7:.943          0.