GROUP ASSIGNMENT

PRINCIPLE OF CORPORATE FINANCE

FINANCIAL ANALYSIS

Group Members:
Lecturer: Nguyen Dinh Anh Duc
LinhVT Le Anh Phong
Truong Nhat Tan
Phan Ngọc Nhu Binh
Tran Hoang Long
 OVERVIEW

1.BASIC INFORMATION ABOUT THE COMPANY

KDC
HaiHa
BiBiCa
 OVERVIEW
2. FINANCIAL INFORMATION OF KINH
Total Current Liabilities
Period Ending:
DO
2019
Total Equity
COMPANY
2684940.0 2018
2635818.7
2317010.3
5893073.8
2017 6060683.7 6396845.0
 
31/12 31/12 31/12 2 5 9 2 8
Total Current Assets 4912948.95 5331754.62 5406718.26

Accounts Payable Redeemable 360903.49

Preferred576137.21
Stock, Total460169.61 - - -  
Payable/Accrued Preferred Stock - Non- Redeemable,- Net - - - -  
Cash and Short Term Investments 1122915.52 2724460.46 3183540.07
Accrued Expenses 341858.85 242331.7 321828.07 2566533.9 2566533.9
  2566533.9
Cash 475690.58 204993.69 262154.47 Common Stock, Total  
1490080.2 1471677.5 1027754.2 7 7 7
Cash & Equivalents 48900 Notes Payable/Short
439547.03 Term Debt
1545530  
7 4 3192080.9
3 3192080.9 3192080.9
Short Term Investments 598324.94 2079919.74 1375855.6 Additional Paid-In Capital  
Current Port. of LT Debt/Capital Leases 198847.02 248606.94 263560.54 7   7 7
Total Receivables, Net 2849781.02 Other Current liabilities,
1062055.26 1094332.07 Total Retained293250.39
Earnings (Accumulated
97065.31 1899216.3
243697.9   2410011.8
2063318.4  
Deficit) 6 3
Accounts Receivables - Trade, Net 509513.34 421691.62 611778.59 6039079.7 6352868.1
Total Liabilities 6473733.5 - - -
Total Inventory 907997.21 1195847.03 1022532.06 4 9
Treasury Stock - Common 1959478.5 1959478.5 1959478.5  
Prepaid Expenses 31722.73 62409.65 106314.05 1 1 1
Other Current Assets, Total 532.47 Total286982.21
Long Term Debt - 207981.97 476444.58 864687.26  
ESOP Debt Guarantee - - -  
Total Assets 11932153.63 Long Term Debt
12534417.22 12749713.27 207981.97
Unrealized Gain (Loss) 476444.58 864687.26 -   - -  
Capital Lease Obligations Other Equity, Total - - -
194721.1  198228.9 187696.81  
Deferred Income Tax 793197.67 800967.04 770505.95 11932153.  
12534417. 12749713.
Property/Plant/Equipment, Total - Net 871947.73 975958.85 1310362.59 Total Liabilities & Shareholders' Equity  
2262577.6 2346124.3 63 22 27
Minority Interest 2297732.5  
Property/Plant/Equipment, Total - Gross 2227351.61 2229642.08 2372567.72 3 1
Other Liabilities, Total 90382.45 262770.68 54540.32  
Accumulated Depreciation, Total -1355403.88 -1253683.23 -1062205.13

Goodwill, Net 235726.5 270801.32 186544.08

Intangibles, Net 1996742.98 2096710.64 2081106.72

Long Term Investments 3721002.86 3573343.56 3433857.91

Note Receivable - Long Term 45442.41 75868.75 100621.13

Other Long Term Assets, Total 148342.18 209979.47 230502.57  
Other Assets, Total - - -  
 Income statement KDC
2019 2018 2017 Net Income After Taxes 207258.29 147630.51 535744.22
Period Ending:
31/12 31/12 31/12 Minority Interest -148781.78 -108652.68 -89901.4
Total Revenue 7209947.17 7608567.77 7016325.24 Equity In Affiliates - - -
U.S GAAP Adjustment - - -
Net Income Before Extraordinary Items 58476.5 38977.83 445842.81
Revenue 7209947.17 7608567.77 7016325.24Total Extraordinary Items - - -
Other Revenue, Total - - - Net Income 58476.5 38977.83 445842.81
Cost of Revenue, Total 5579074.79 Total Adjustments to Net Income
6313279.6 5563849.48 - -9436.71 -28525.67
Income Available to Common Excluding
Gross Profit 1630872.38 1295288.17 1452475.76 58476.5 38977.83 417317.14
Extraordinary Items
Total Operating Expenses 6951895.1 7441692.21 6346856.77 Dilution Adjustment - - -
Diluted Net Income 58476.5 38977.83 417317.14
Diluted Weighted Average Shares 205.66 205.66 205.66
Selling/General/Admin. Expenses, Total 1418673.22 1304473.57 1360738.33
Diluted EPS Excluding Extraordinary Items 284.33 189.52 2029.15
Research & Development - - -
DPS - Common Stock Primary Issue 1520 950 1520  
Depreciation / Amortization 169750.81 159079.4 131083.65
Diluted Normalized EPS 169.91 162.72 2026.33
Interest Expense (Income) - Net Operating -224264.11 -301974.86 -381513.64
Unusual Expense (Income) 30296.52 59830.05 8616.08
Other Operating Expenses, Total 8660.39 -33165.51 -327301.05
Operating Income 258052.07 166875.56 669468.47
Interest Income (Expense), Net Non-Operating - - -
Gain (Loss) on Sale of Assets 32168.31 6591.06 722.97
Other, Net -6906.56 3071.85 -2332.14
Net Income Before Taxes 283313.82 176538.47 667859.3
Provision for Income Taxes 76055.53 28907.96 132115.09
 HaiHa
Total Current
2019 Liabilities 2018 Total
479532.72
2017 Equity 295741.78 157600.26431443.52 392692.58 352302.57
Period Ending:
31/12 31/12 31/12
Total Current Assets 852036.68
Accounts Payable 754896.6 231929.06
Redeemable
122110 Preferred
98714.37Stock,86364.71
Total -   - -  
Payable/Accrued Preferred
- Stock - Non Redeemable,
- -  
- - -  
Accrued Expenses184876.46 Net
62461.33 42086.49 43695.83  
Cash and Short Term Investments 224752.49 77665.1
Notes Payable/Short Term Debt 56665.1 Common Stock,
140723.57 Total
101384.07 - 164250   164250 164250  
Cash 94752.49 32876.46
Current Port. of LT Debt/Capital Additional Paid-In Capital 33502.91 33502.91 33502.91  
Cash & Equivalents - - 2100085000 17500 252  
Leases Retained Earnings (Accumulated
Short Term Investments 130000 152000 - 43652.73 44876.86 36503.16  
Other Current liabilities, Total Deficit)
69237.82 36056.85 27287.72  
Total Receivables, Net 332349.93 220196.08 46989.4
Treasury Stock 619211.2
- Common 158169.19 - - -  
Total Liabilities 718352.14
Accounts Receivables - Trade, Net 206160.82 120805.2 ESOP Debt Guarantee
44385.66 - - -  
Unrealized Gain (Loss) - - -  
Total Inventory 85657.9
Total 115434.69
Long Term Debt 102869.63
237500 322500 -  
Other Equity, Total 190037.88 150062.81 118046.5  
Prepaid Expenses Long Term Debt234389.37
209276.37 237500
4404.93 322500 -  
Total Liabilities & Shareholders'
Other Current Assets, Total Capital- Lease Obligations- - - - 1149795.66
-   1011903.78 510471.76
Equity
Total Assets Deferred Income1011903.78
1149795.66 Tax 510471.76 -
Total Common -
Shares Outstanding - 16.43   16.43 16.43  
Minority Interest - - -  
Other Liabilities, Total 1319.42 969.42 568.92  
Property/Plant/Equipment, Total - Net 247681.43 202987.6 220594.74
Property/Plant/Equipment, Total - Gross 501418.63 439162.14 458853.92
Accumulated Depreciation, Total -253737.2 -236174.54 -238259.18
Goodwill, Net - - -
Intangibles, Net - - -
Long Term Investments - - -
Note Receivable - Long Term 209.45 234.45 234.45
Other Long Term Assets, Total 49868.1 53785.14 57713.51
Other Assets, Total - - -
 HaiHa income statement:
2019 2018 2017
Period Ending: Net Income Before Extraordinary Items 40850.94 42075.07 33701.38  
31/12 31/12 31/12

Total Revenue 1048622.57 982292.93 857984.3

Total Extraordinary Items - - -  
Net Income 40850.94 42075.07 33701.38  
Revenue 1048622.57 982292.93 857984.3
Total Adjustments to Net Income - -2100 -1685.07  
Other Revenue, Total - - -
Income Available to Common Excluding Extraordinary
Cost of Revenue, Total 816046.41 748429.06 682679.27 40850.94 39975.07 32016.31  
Items

Gross Profit Dilution Adjustment

232576.16 233863.86 175305.02 - - -  

Diluted Net Income 40850.94 39975.07 32016.31  

Total Operating Expenses 996951.46 929251.29 815706.4
Diluted Weighted Average Shares 16.43 16.43 16.43  

Diluted EPS Excluding Extraordinary Items 2487.12 2433.79 1949.24  

Selling/General/Admin. Expenses, Total 181996.8 180097.7
DPS - Common Stock Primary Issue 128376.18 - - -  

Research & Development - Normalized EPS

Diluted - - 2487.12 2433.79 1949.24  
Depreciation / Amortization 1323.83 1484.38 8280.14
Interest Expense (Income) - Net Operating -2599.51 -759.85 -3629.19
Unusual Expense (Income) - - -
Other Operating Expenses, Total 183.92 - -
Operating Income 51671.11 53041.64 42277.9
Interest Income (Expense), Net Non-Operating - - -
Gain (Loss) on Sale of Assets - - -
Other, Net -229.76 174.18 -20.88
Net Income Before Taxes 51441.35 53215.81 42257.02
Provision for Income Taxes 10590.4 11140.74 8555.64
 BiBica:
Total Current Liabilities Total Equity 548163.42 318535.43 279141.09
1003877.38 267550.91
917562.02 819448.49 752856.83
2019 2018 2017 2016
Period Ending:
31/12 31/12 31/12 31/12
Total Current Assets 841532.63Accounts Payable 817411.82 Redeemable
744872.7 225392.45
789309.8 Preferred 148156.48
Stock, Total 100434.21 - 95570.98 - - -
Payable/Accrued Preferred Stock - Non Redeemable,- -
Net - - - - - -
Cash and Short Term Investments 536848.91Accrued Expenses577829.82 Common
477376.39 585217.79 Stock,111004.17
Total 137547.79 155733.25
154207.82148762.02
154207.82 154207.82 154207.82
Cash 306922.19Notes73211.74
Payable/Short Term Debt
39908.12 Additional
65915.45 Paid-In Capital - - -
302726.58 -
302726.58 302726.58 302726.58
Cash & Equivalents 96600 Current Port.
226600 of LT Debt/Capital
355000 RetainedLeases
302772.8 -
Earnings (Accumulated - - -
94774.95 108863.72 81247.85 71368.46
Short Term Investments 133326.72Other Current liabilities,
177564.65 TotalDeficit)
182921.7 216529.54 211766.8 32831.16 22973.64 23217.91
Total Receivables, Net 153674.75 127052.14 Treasury
Total Liabilities
181569.54 87154.29 Stock - Common
566570.96 337074.94 300010.53 - 288291.23 - - -
Accounts Receivables - Trade, Net 129084.9 121908.22 108373.25 ESOP Debt Guarantee
74869.46 - - - -
Total Inventory 116077.82Total101126.74
Long Term Debt 104786.76 Unrealized
100903.64 Gain (Loss) - - - - - - - -
Prepaid Expenses 7036.36 Long12694.81
Term Debt 7743.1 Other Equity,
16034.08 Total - - 452168.03
- 351763.89
- 281266.24 224553.97
Other Current Assets, Total 383.4 Capital600.96 Total Liabilities & Shareholders'
180533.56 - Equity 1570448.33 1254636.96 1119459.02 1041148.06
Lease Obligations - - - -
Total Common Shares Outstanding 15.42 15.42 15.42 15.42
Total Assets 1570448.33 1254636.96
Deferred Income1119459.02
Tax 1041148.06
Total Preferred Shares Outstanding - - - - - - - -
Minority Interest - - - -
Property/Plant/Equipment, Total - Net 560446.47Other Liabilities, Total
340755.71 256189.05 205316.8 18407.53 18539.51 20869.44 20740.32
Property/Plant/Equipment, Total - Gross 1060040.55 802989.63 674017.32 587391.15
Accumulated Depreciation, Total -499594.08 -462233.92 -417828.26 -382074.35
Goodwill, Net - - - -
Intangibles, Net 2572.68 2861.87 3408.98 4260.09
Long Term Investments - - - -
Note Receivable - Long Term - - - -
Other Long Term Assets, Total 165896.55 166146.68 42449.17 42261.37
Other Assets, Total - - - -
 BiBica income statement:
2019 2018 Net Income
2017 Before2016 Taxes 120541.81 133523.5 118330.06 97017.86
Period Ending:
31/12 31/12 Provision
31/12 for Income
31/12Taxes 25107.45 24000.36 21001.08 15736.58
Net Income After Taxes 95434.36 109523.14 97328.98 81281.27
Total Revenue 1503561.24 1421862.77 1289892.99 1263432.64
Minority Interest - - - -
Equity In Affiliates - - - -
Revenue 1503561.24 1421862.77 U.S GAAP Adjustment
1289892.99 1263432.64 - - - -
Other Revenue, Total - - Net Income
- Before Extraordinary
- Items 95434.36 109523.14 97328.98 81281.27
Total Extraordinary Items - - - -
Cost of Revenue, Total 1019916.54 996395.23 880639.53 818052.52
Net Income 95434.36 109523.14 97328.98 81281.27
Gross Profit 483644.7 425467.54 409253.46 445380.12
Total Adjustments to Net Income -5500 -5476.16 -4866.45 -6265.16
Income Available to Common Excluding
Total Operating Expenses 1393482.21 1295069.72 1174470.46 1167744.47 89934.36 104046.98 92462.53 75016.12
Extraordinary Items
Dilution Adjustment - - - -
Selling/General/Admin. Expenses, Total 387582.11 320280.99 Diluted Net Income
309970.21 358201.35 89934.36 104046.98 92462.53 75016.12
Diluted Weighted Average Shares 15.42 15.42 15.42 15.42
Research & Development - - - -
Diluted EPS Excluding Extraordinary Items 5832.02 6747 5995.97 4864.61
Depreciation / Amortization 4028.6 3677.68 3481.38 -
DPS - Common Stock Primary Issue - - 1140 1140
Interest Expense (Income) - Net Operating -17794.71 -25001.26 -22070.44 -17524.81
Diluted Normalized EPS 5826.87 6722.77 6137.17 5360.53
Unusual Expense (Income) - - 2647.22 9015.42
Other Operating Expenses, Total -250.33 -282.91 -197.44 -
Operating Income 110079.03 126793.05 115422.53 95688.17
Interest Income (Expense), Net Non-
- - - -
Operating
Gain (Loss) on Sale of Assets 100.34 455.55 - -112.66
Other, Net 10362.44 6274.9 2907.53 1442.35
Net Income Before Taxes 120541.81 133523.5 118330.06 97017.86
 ANALYZING THE FINANCIAL HEALTH BASED ON
FINANCIAL RATIOS
1. Liquidity Ratio: Current Ratio

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Current Ratio 1.83 2.02 2.33 1.54 2.34 2.93 1.78 2.55 1.47
 ANALYZING THE FINANCIAL HEALTH BASED ON
FINANCIAL RATIOS
1. Liquidity Ratio: Quick Ratio

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Quick Ratio 1.49 1.57 1.89 1.32 2.02 2.55 1.60 2.16 0.82
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Inventory Turnover

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Inventory Turnover 6.14 5.28 5.44 8.79 9.85 8.40 9.53 6.48 6.64
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Day’s Sales in Inventory

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Day's sales in inventory 59.40 69.14 67.08 41.54 37.04 43.43 38.31 56.30 55.00
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Account Receivable Turnover

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Account receivable turnover 2.53 7.16 6.41 8.28 9.25 10.15 3.16 4.46 18.26
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Day’s Sales Outstanding

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Day's sales outstanding 144.27 50.95 56.93 44.08 39.45 35.95 115.68 81.82 19.99
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Total Asset Turnover

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Total asset turnover 0.60 0.61 0.55 0.96 1.13 1.15 0.91 0.97 1.68
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
2. Efficiency Ratio: Fixed Asset Turnover

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Fixed asset turnover 8.27 7.80 5.35 2.68 4.17 5.03 4.23 4.84 3.89
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
3. Leverage Ratio: Total Debt Ratio

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Total Debt Ratio 0.51 0.52 0.50 0.36 0.27 0.27 0.62 0.61 0.31
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
3. Leverage Ratio: Debt to Equity Ratio

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Debt-to-euity Ratio 1.02 1.07 0.99 0.56 0.37 0.37 1.66 1.58 0.45
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
3. Leverage Ratio: Equity Multiplier

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Equity multiplier 2.02 2.07 1.99 1.56 1.37 1.37 2.66 2.58 1.45
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
3. Leverage Ratio: Times interest earned

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Time interest earned 2.15 1.55 2.75 7.19 6.07 6.23 8.9 9.18 12.65
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
3. Leverage Ratio: Cash Coverage

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Cash coverage
10.78 8.27 14.35 18.54 17 17.92 20.19 25.65 31.24
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: Gross Profit Margin

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

22.62 17.02 20.70 32.17 29.92 31.73 22.18 23.81 20.43

Gross profit margin % % % % % % % % %
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: Operating Profit Margin

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Operating profit margin 3.58% 2.19% 9.54% 7.32% 8.92% 8.95% 4.93% 5.40% 4.93%
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: Net Profit Margin

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Net profit margin 0.81% 0.51% 6.35% 6.35% 7.70% 7.55% 3.90% 4.28% 3.93%
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: EBIT Return on Asset

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

2.16 1.33 5.25 7.01 10.11 10.31 4.49 5.24 8.28

EBIT return on assets (EROA)
% % % % % % % % %
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: Return on Asset
  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Return on Asset (ROA) 0.49% 0.31% 3.50% 6.08% 8.73% 8.69% 3.55% 4.16% 6.60%
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
4. Profitability Ratio: Return on Equity
  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017

Return on Equity (ROE) 0.99% 0.64% 6.97% 9.51% 11.94% 11.88% 9.47% 10.71% 9.57%
 ANALYZING
ANALYZING THE
THE FINANCIAL
FINANCIAL HEALTH
HEALTH BASED
BASED ON
ON
FINANCIAL RATIOS
FINANCIAL RATIOS
5. DuPont Equation

  KDC BIBICA HAIHA

  2019 2018 2017 2019 2018 2017 2019 2018 2017
ROE 0.99% 0.64% 6.97% 9.51% 11.94% 11.88% 9.47% 10.71% 9.57%
ROA 0.49% 0.31% 3.50% 6.08% 8.73% 8.69% 3.55% 4.16% 6.60%
Net profit margin 0.81% 0.51% 6.35% 6.35% 7.70% 7.55% 3.90% 4.28% 3.93%
Total Asset Turnover 0.6 0.61 0.55 0.96 1.13 1.15 0.91 0.97 1.68
Equity Mutiplier 2.02 2.08 1.99 1.56 1.37 1.37 2.66 2.58 1.45