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Before you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and check
the iteration box.
What the model does
This model is designed to value firms with operating income that is either positive or can be normalized to be
positive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.
Inputs
The inputs are in the following pages:
1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current
financial statements, and review and change the inputs for the valuation.
2. If you want to normalized operating income, use the earnings normalizer worksheet.
3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.
Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.
Options
The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputs
for a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model).
To switch from one to the other, enter yes in the master input page to the question of whether you want the
inputs adjusted during the second half of the high growth phase.
You can even make it a stable growth model, by setting the length of the high growth period to zero.
Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet
1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to
input.
2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital,
reinvestment rates and working capital.
Output
The output is contained in the valuation model worksheet.
urn on capital,
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you choo
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spreads
No
No
Yes
Inputs
From Current Financials
Current EBIT =
Current Interest Expense =
Current Capital Spending
Current Depreciation & Amort'n =
Tax rate (for computing after-tax operating income) =
Marginal tax rate =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Book Value of Debt =
Book Value of Equity =
INR 17,527.00
INR 6,737.00
INR 40,291.00
INR 8,701.00
21.00%
33.99%
INR 265,868.00
-INR 4,085.00
INR 2,732.00
INR 131,657.00
INR 122,301.00
INR 11,418.00
INR 140,575.98
INR 0.00
2.10
Yes
INR 780.50
413.05
INR 109,197.99
No
35%
5.00%
4.50%
4.50%
R$ 1.00
R$ 1.00
No
2
B+
12.25%
No
n this sheet. Many of the inputs are required only if you choose the appropriate option, though.
alize it to make it positive, or use the highgrowth.xls spreadsheet.
! Yes or No
! Yes or No
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
Previous year-end
INR 292,226.00
Previous year-end
INR 62,805.00
INR 78,395.00
INR 23,973.00
INR 49,103.00
R$ 1.00
(in percent)
0.14508
0.13074
Investment
Number of units
Book Value (in millions)
Current market Market
price Value (in millions)
a. Investments with market value
Tata Steel
21440882
2699
633 13572.08
Tata Chemicals
70249
2.4
346 24.30615
Total
2701.4
13596.38
137874.6
Business
Shipbuilding
Offshore & Engineering
Industrial plant
Engine and Machinery
Electro Electric System
Construction Equipment
Revenues
8341
2563
1200
2252
1753
1823
EV/Sales
3.23
1.97
1.55
1.36
1.8
1.21
Value
26941
5049
1860
3063
3155
2206
42274
Normalizing Earnings
Approach used to normalize earnings =
If historical average,
Average Earnings before taxes =
19737.6
22%
If sector margin
Pre-tax Operating Margin for Sector =
7.04%
$25,464.20
Normalized reinvestment =
-3
-2
INR 320,648 INR 335,771
INR 25,732 INR 25,765
8.02%
7.67%
282
26.07
-112
305.82
-27
915.03
367.38
74.48
34.23
190.06
259.96
682.72
149.74
57.17
248.98
334.83
1281.06
537.37
174.73
358.23
719.9
151.76
-222.74
1121.56
314.02
291.92
521.17
1429.07
-1
Total
INR 295,252 INR 1,401,063
INR 10,138
INR 98,688
3.43%
7.04%
196.02
1502.9
2371.09
1386.19
474.46
615.72
2113.12
490.78
2527.08
18727.19584
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
5
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$1,594.00 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 by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0
R& D Expenses
1026.00
! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00
211.00
89.00
R&D Expense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00
Unamortized portion
1.00
1594.00
0.80
820.80
0.60
418.80
0.40
159.60
0.20
42.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$3,035.40
$484.60
$484.60
Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
2 years
3 years
5 years
10 years
10 years
5
5
2
2
2
2
3
3
5
10
10
10
10
10
10
5
5
3
5
5
10
3
3
10
10
10
10
5
3
5
2
3
3
5
10
3
5
2
3
5
5
3
3
3
3
3
3
3
3
3
3
10 years
Machinery
Manuf. Housing/Rec Veh
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified)
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility
10
5
10
3
5
10
5
10
10
3
5
5
5
10
5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10
$121.00
Output
Pre-tax Cost of Debt =
12.25%
! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
nverter
EBIT (1 -t) =
#########
Expected growth rate in perpetuity =
5.00%
Cost of capital =
10.39%
Return on capital =
12.00%
Reinvestment Rate =
Terminal Value =
41.67%
#########
Input Summary
Rupees
Normalized EBIT (before adjustments) INR 25,464.20
INR 25,464.20
Adjusted EBIT =
INR 25,464.20
INR 25,464.20
Revenues
INR 6,737.00
INR 6,737.00
INR 40,291.00
INR 40,291.00
INR 8,701.00
INR 8,701.00
21.00%
2005
2006
2007
2008
192792
231523
314044
342586
17950
22526
30011
30984
9.31%
9.73%
9.56%
9.04%
21.00%
EBIT (1-t)
14181
17796
23709
24477
33.99%
33.99%
BV of debt (start)
33621
R$ 27,142
R$ 63,293
R$ 97,479
BV of equity (start)
37019
R$ 44,602
R$ 63,054
R$ 79,717
5546
R$ 20,209
R$ 4,838
R$ 6,998
R$ 65,094
R$ 51,535
R$ 121,509
R$ 170,198
21.78%
34.53%
19.51%
14.38%
INR 265,868.00
INR 265,868.00
-INR 4,085.00
-INR 4,085.00
Cash holdings
INR 2,732.00
INR 2,732.00
Invested Capital
INR 62,805.00
INR 62,805.00
ROIC
INR 78,395.00
INR 78,395.00
Invested Capital
INR 117,227.00
INR 117,227.00
Cap ex
8740
R$ 12,592
R$ 27,588
R$ 52,804
Acquisitions
5844
R$ 1,321
R$ 891
R$ 9,937
10
Forever
Depreciation
5377
R$ 6,274
R$ 6,850
R$ 7,826
12.01%
5.00%
Chg in WC
5628
R$ 23,450
R$ 41,370
-R$ 20,422
25.30%
Reinvestment
R$ 14,835
R$ 31,089
R$ 62,999
R$ 34,493
104.62%
174.70%
265.72%
140.92%
Growth Rate =
1.20
1.00
Reinvestment Rate
0.80
0.80
Riskfree rate =
5.00%
5.00%
4.50%
4.50%
4.50%
3.00%
Cost of Debt =
12.25%
9.00%
21.00%
33.99%
33.99%
33.99%
Return on Capital =
17.16%
12.00%
Reinvestment Rate =
70.00%
41.67%
Page 21
63.40%
167.28%
261.96%
100.32%
Page 22
14.00%
Equity/(Debt+Equity ) =
74.70%
8.09%
Debt/(Debt +Equity) =
25.30%
Cost of Capital =
12.50%
Intermediate Output
Expected Growth Rate
12.01%
-1.54%
(in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
Current
12.01%
12.01%
12.01%
12.01%
12.01%
10.61%
9.21%
7.80%
Cumulated Growth
112.01%
125.47%
140.54%
157.42%
176.33%
195.04%
213.00%
229.62%
70.00%
64.33%
58.67%
53.00%
Reinvestment Rate
70.00%
70.00%
70.00%
70.00%
INR 22,533.20
INR 25,239.97
INR 28,271.88
INR 31,667.99
- (CapEx-Depreciation)
INR 31,590.00
INR 16,263.95
INR 18,217.62
INR 20,405.99
INR 22,857.22
-INR 490.70
-INR 549.65
-INR 615.67
-INR 689.63
INR 6,759.96
INR 7,571.99
INR 8,481.56
INR 9,500.40
Cost of Capital
12.50%
12.50%
12.50%
12.50%
12.50%
12.08%
11.66%
11.24%
1.1250
1.2657
1.4240
1.6020
1.8023
2.0201
2.2556
2.5091
$6,009
$5,982
$5,956
$5,930
$5,904
$6,927
$7,852
$8,653
Present Value
5.00%
41.67%
INR 26,411.96
11.90%
74.70%
5.94%
Page 23
-INR 772.47
-INR 764.24
-INR 733.59
-INR 679.10
25.30%
10.39%
Valuation
Present Value of FCFF in high growth phase =
INR 72,332.15
INR 159,581.99
INR 231,914.14
INR 151,993.98
Value of Firm =
INR 383,908.12
INR 109,197.99
INR 0.00
INR 274,710.13
INR 0.00
INR 274,710.13
INR 665.07
1
22533
15773
6760
INR 665.07
2
25240
17668
7572
3
28272
19790
8482
4
31668
22168
9500
5
35472
24830
10642
Page 24
6
39236
25242
13994
7
42848
25138
17711
8
46192
24482
21710
9
49150
23264
25886
2009
Aggregate
747837
##########
42684
R$ 144,155
5.71%
7.88%
33720
R$ 113,882
R$ 157,163
R$ 378,698
R$ 91,658
R$ 316,050
R$ 6,450
R$ 44,041
R$ 242,371
R$ 650,707
13.91%
17.50%
R$ 99,708
R$ 192,692
R$ 553
R$ 12,702
R$ 25,072
R$ 46,022
R$ 13,450
R$ 57,848
R$ 88,639
R$ 217,220
262.86%
261.22%
190.74%
179.59%
Page 25
Page 26
10
6.40%
5.00%
244.32%
256.54%
47.33%
41.67%
Terminal Year
########### ###########
###########
########### ###########
###########
-INR 600.56
-INR 499.03
-INR 635.07
########### ###########
###########
10.81%
10.39%
2.7804
3.0693
$9,310
$9,808
Page 27
10
51607
21503
30104
Page 28
$780.50
$13.85
1.5
30.00% (volatility)
0.00%
5.00%
2.23
413.05
11.36035409
1
d2 =
N (d2) =
10.99293063
1
$767.58
$1,711.71
2.23
413
5.00%
0.0900
0.00%
5.00%
Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%
Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%
Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA
Spread Operating
is
Income Decline
15.00%
15.00%
12.00%
10.00%
10.00%
8.00%
8.50%
6.00%
5.50%
5.00%
5.25%
4.50%
4.25%
4.00%
4.00%
3.00%
3.50%
2.50%
2.00%
1.50%
1.50%
1.30%
1.25%
1.20%
1.00%
1.15%
0.75%
0.90%
0.50%
0.70%
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Number of firms
30
66
44
53
20
54
477
8
39
41
108
52
25
12
19
33
88
18
322
125
113
342
54
34
24
26
16
83
173
84
33
79
296
109
18
10
34
14
29
14
32
68
26
31
167
34
35
78
208
17
Levered Beta
1.43
1.27
1.15
1.14
1.49
1.56
0.71
0.86
0.91
0.95
1.25
1.39
1.56
1.22
1.26
1.21
1.18
1.98
1.22
1.29
1.25
1.16
1.50
0.84
0.82
0.74
0.79
1.37
1.31
1.66
1.45
1.11
1.27
0.80
0.73
1.18
1.29
0.84
1.05
1.48
1.36
1.70
1.08
1.44
1.20
1.22
1.17
0.91
1.41
0.83
Unlevered Beta
0.87
1.20
0.86
0.93
0.76
1.10
0.47
0.83
0.66
0.85
1.27
0.80
0.95
0.99
1.10
1.10
0.98
1.43
1.33
1.39
0.60
1.14
1.76
0.89
0.49
0.50
0.50
1.26
1.23
1.09
2.33
0.80
0.45
0.65
0.54
1.40
0.94
0.78
1.04
1.74
0.65
0.84
0.95
1.61
0.98
1.24
1.27
0.92
1.66
0.90
Market
D/E
126.31%
27.21%
78.21%
44.32%
183.75%
94.19%
91.52%
10.36%
68.98%
19.02%
9.98%
103.11%
88.77%
35.70%
29.11%
26.70%
35.74%
48.02%
7.77%
18.36%
160.98%
14.51%
11.43%
2.22%
107.83%
73.30%
90.70%
23.53%
45.62%
79.23%
11.54%
49.86%
261.38%
35.15%
59.50%
42.29%
65.75%
13.91%
19.87%
9.49%
162.15%
142.62%
23.21%
18.42%
43.98%
21.88%
21.71%
1.89%
4.07%
14.84%
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Public/Private Equity
Funeral Services
Market
16
124
18
56
160
252
35
78
34
25
16
26
19
112
33
38
25
188
19
66
75
90
17
27
144
15
64
11
68
155
16
8
38
32
122
16
19
20
14
110
140
234
12
23
33
5
16
57
10
6
6870
1.31
1.39
1.32
1.30
1.10
1.17
1.56
1.69
1.20
0.69
1.16
1.11
0.89
1.56
1.27
1.20
1.34
1.24
0.94
1.63
1.41
1.47
1.38
1.24
1.35
1.25
1.41
0.91
1.26
1.26
1.31
1.01
1.01
1.37
1.81
1.78
1.23
1.71
1.96
1.49
1.43
0.66
0.71
0.95
1.17
1.23
0.86
1.54
2.08
1.41
1.19
1.36
1.08
1.38
0.52
0.90
1.13
1.55
1.48
0.85
0.43
0.72
0.84
0.53
1.27
0.81
0.64
1.30
0.97
0.81
0.95
1.37
1.59
0.46
0.62
0.92
0.99
1.01
1.00
1.09
1.22
0.93
0.86
0.86
0.37
2.11
2.20
1.39
1.53
1.54
1.87
1.06
0.69
0.69
0.79
0.66
0.85
0.57
1.28
0.48
1.02
0.93
28.87%
48.66%
47.67%
37.08%
86.84%
72.38%
60.00%
97.21%
35.65%
25.71%
34.32%
42.36%
36.90%
46.34%
39.90%
48.42%
37.35%
78.27%
30.96%
71.09%
67.33%
53.96%
32.79%
39.28%
36.52%
30.42%
57.75%
22.33%
48.95%
57.15%
35.23%
24.82%
40.30%
51.25%
59.20%
43.35%
39.32%
44.25%
49.03%
75.07%
82.14%
31.62%
29.69%
51.70%
38.85%
28.01%
35.87%
58.41%
45.59%
29.93%
56.57%
5.16%
55.77%
50.13%
185.73%
54.66%
13.28%
25.44%
21.94%
58.57%
85.33%
86.43%
60.35%
81.95%
42.35%
84.83%
118.10%
14.67%
37.57%
23.50%
107.88%
11.77%
22.65%
282.91%
137.13%
53.19%
41.53%
62.58%
11.37%
24.97%
26.07%
66.88%
26.35%
30.29%
462.27%
13.32%
13.62%
3.66%
32.18%
64.96%
12.71%
51.32%
9.71%
8.84%
38.50%
126.80%
62.82%
82.79%
36.37%
391.15%
67.25%
48.81%
Market
Debt/Capital
55.81%
21.39%
43.89%
30.71%
64.76%
48.50%
47.79%
9.39%
40.82%
15.98%
9.08%
50.76%
47.03%
26.31%
22.55%
21.07%
26.33%
32.44%
7.21%
15.51%
61.68%
12.67%
10.26%
2.18%
51.88%
42.30%
47.56%
19.05%
31.33%
44.21%
10.35%
33.27%
72.33%
26.01%
37.30%
29.72%
39.67%
12.21%
16.58%
8.67%
61.85%
58.78%
18.84%
15.55%
30.55%
17.95%
17.84%
1.85%
3.91%
12.92%
ROE
21.54%
25.52%
31.77%
16.38%
85.35%
19.79%
14.58%
23.19%
17.19%
24.85%
22.16%
13.03%
7.00%
20.83%
25.33%
26.45%
18.88%
13.96%
47.49%
49.14%
29.12%
26.23%
10.10%
48.89%
11.46%
13.38%
10.89%
24.82%
10.63%
8.08%
-5.09%
14.34%
14.91%
20.98%
15.36%
12.30%
12.64%
17.58%
43.47%
21.05%
-63.59%
17.10%
21.67%
16.30%
19.74%
32.04%
20.91%
20.44%
25.60%
647.73%
ROC
18.90%
24.10%
23.00%
17.21%
24.36%
19.61%
25.91%
15.08%
26.81%
16.46%
3.59%
18.44%
22.97%
27.82%
19.29%
25.47%
18.99%
10.52%
12.65%
9.90%
20.23%
5.96%
13.09%
20.80%
33.02%
32.09%
30.47%
14.23%
11.87%
17.17%
13.67%
15.45%
17.93%
21.67%
27.39%
37.04%
23.99%
32.96%
16.47%
34.26%
6.13%
17.97%
29.87%
29.77%
19.26%
20.44%
25.86%
20.26%
7.50%
0.00%
4.90%
35.80%
33.39%
65.00%
35.34%
11.72%
20.28%
17.99%
36.94%
46.04%
46.36%
37.64%
45.04%
29.75%
45.90%
54.15%
12.79%
27.31%
19.03%
51.90%
10.53%
18.47%
73.88%
57.83%
34.72%
29.34%
38.49%
10.21%
19.98%
20.68%
40.08%
20.85%
23.25%
82.22%
11.75%
11.98%
3.53%
24.34%
39.38%
11.28%
33.91%
8.85%
8.12%
27.80%
55.91%
38.58%
45.29%
26.67%
79.64%
40.21%
32.80%
10.46%
23.51%
8.90%
19.95%
24.56%
23.17%
22.01%
30.86%
14.31%
12.36%
13.96%
19.85%
15.81%
25.10%
15.41%
5.75%
26.14%
16.75%
11.99%
19.05%
3.32%
15.26%
9.58%
-66.38%
8.95%
15.12%
14.49%
17.04%
29.70%
23.03%
16.17%
21.07%
19.89%
-11.10%
22.18%
32.37%
28.40%
27.03%
20.96%
35.37%
16.18%
6.69%
70.43%
98.41%
12.03%
3.89%
0.63%
7.85%
17.72%
15.04%
20.64%
NA
17.21%
9.47%
12.18%
18.25%
20.34%
21.33%
27.62%
15.08%
12.02%
11.21%
15.81%
11.69%
20.50%
17.06%
11.21%
25.61%
23.41%
12.17%
11.71%
8.54%
16.76%
9.81%
20.12%
8.49%
13.91%
14.02%
NA
22.15%
22.65%
11.67%
17.82%
15.19%
15.35%
28.67%
29.91%
28.46%
21.54%
19.41%
26.58%
22.22%
NA
32.64%
23.11%
12.67%
9.93%
8.11%
10.21%
6.46%
11.67%
17.73%
2.11%
22.71%
14.98%
7.08%
18.36%
12.51%
20.43%
9.29%
24.19%
24.52%
23.53%
22.76%
9.48%
22.07%
24.65%
13.66%
33.79%
13.98%
21.13%
6.25%
5.94%
14.38%
19.27%
20.73%
1.21%
30.62%
19.12%
8.87%
20.10%
23.08%
34.23%
28.12%
25.68%
22.16%
10.48%
22.03%
30.35%
29.15%
29.90%
12.08%
15.90%
17.04%
20.25%
23.28%
33.19%
15.01%
35.46%
14.08%
6.70%
33.26%
16.67%
NA
13.72%
3.83%
30.66%
12.69%
11.53%
14.65%
36.00%
34.06%
14.77%
21.90%
9.94%
15.24%
26.36%
13.39%
12.24%
17.96%
38.57%
6.41%
18.09%
32.80%
16.31%
35.51%
17.26%
18.11%
31.92%
19.56%
NA
16.35%
9.37%
6.72%
11.59%
6.93%
33.95%
27.73%
23.75%
12.52%
12.53%
18.78%
13.97%
39.80%
NA
9.68%
12.03%
13.28%
15.29%
40.45%
18.28%
53.29%
20.82%
20.77%
After-tax
Operating Margin
11.95%
8.31%
11.05%
10.18%
7.96%
5.56%
NA
NA
NA
14.75%
16.90%
10.51%
19.49%
28.84%
11.97%
14.14%
9.75%
15.76%
17.24%
8.78%
17.93%
22.65%
8.76%
11.69%
14.67%
17.24%
16.51%
11.48%
5.61%
15.00%
1.77%
13.42%
76.59%
8.59%
3.75%
7.43%
7.04%
3.81%
14.16%
3.85%
-16.36%
15.26%
15.33%
3.31%
8.27%
14.72%
NA
NA
13.94%
NA
Net Margin
2.26%
3.57%
0.17%
2.69%
0.57%
0.90%
NA
NA
NA
5.77%
8.33%
2.23%
3.28%
9.48%
6.40%
5.55%
2.69%
4.53%
8.24%
3.55%
4.85%
8.38%
3.38%
5.63%
3.61%
4.49%
3.72%
4.96%
1.40%
3.66%
-1.45%
3.48%
-22.60%
2.98%
0.94%
1.67%
1.43%
1.06%
7.79%
2.23%
-10.34%
3.26%
5.90%
1.20%
2.03%
5.92%
NA
NA
6.53%
NA
Cap Ex/
Depreciation
66.89%
115.91%
158.61%
141.22%
90.69%
94.73%
NA
NA
NA
115.01%
128.27%
130.86%
102.79%
211.40%
109.34%
118.69%
109.81%
139.17%
89.63%
95.27%
146.86%
61.72%
146.25%
106.44%
218.97%
206.28%
218.34%
126.55%
122.53%
91.06%
66.84%
99.42%
258.58%
123.88%
122.12%
87.71%
84.73%
165.00%
84.61%
142.75%
72.88%
330.71%
94.67%
81.85%
134.26%
98.29%
192725.00%
38706.98%
133.62%
20.00%
Non-cash
WC/
Revenues
-15.13%
-0.61%
-8.01%
19.55%
13.27%
6.44%
NA
NA
NA
5.16%
4.60%
6.64%
-10.57%
-5.37%
11.16%
13.88%
11.64%
4.69%
-6.37%
-0.69%
91.24%
10.48%
-14.07%
-11.48%
5.39%
5.64%
1.50%
12.14%
12.65%
-0.16%
-6.03%
3.48%
28.75%
6.15%
0.94%
8.53%
13.15%
-0.29%
4.58%
1.17%
57.77%
-3.58%
5.69%
5.48%
6.88%
-1.64%
NA
NA
-6.83%
NA
Payout
Ratio
7.17%
12.42%
9.33%
8.42%
8.71%
17.95%
36.07%
46.75%
54.64%
23.38%
0.49%
14.30%
11.78%
11.45%
16.37%
19.75%
17.73%
20.71%
10.17%
6.33%
20.12%
25.99%
1.20%
2.31%
31.65%
29.52%
24.77%
13.79%
7.35%
11.91%
NA
22.11%
22.83%
14.65%
11.15%
9.77%
13.14%
6.47%
3.84%
3.83%
NA
10.47%
21.58%
7.33%
5.16%
5.47%
23.35%
14.29%
0.20%
NA
Reinvestment
Rate
-1.16%
-0.05%
13.68%
-0.71%
6.48%
-4.20%
0.00%
0.00%
0.00%
5.26%
6.79%
9.21%
3.61%
28.10%
-6.47%
-9.92%
-2.32%
5.35%
-0.96%
-1.84%
-12.75%
-5.83%
8.42%
5.63%
31.79%
25.82%
34.95%
-2.87%
0.49%
-1.55%
51.10%
-4.43%
-612.73%
-7.14%
4.36%
-6.57%
-0.04%
18.50%
-6.78%
-4.58%
NA
52.78%
-2.39%
-7.15%
7.60%
0.90%
0.00%
-0.07%
6.25%
NA
NA
9.49%
2.37%
29.09%
8.16%
8.54%
10.22%
25.33%
23.75%
10.36%
16.06%
6.92%
12.24%
19.65%
10.04%
10.31%
10.45%
26.43%
4.13%
12.74%
23.79%
12.59%
27.99%
10.27%
16.08%
20.60%
15.62%
NA
13.16%
6.06%
4.31%
7.31%
4.47%
25.61%
21.97%
17.41%
8.44%
8.29%
14.41%
10.62%
28.38%
NA
6.66%
7.97%
8.54%
9.47%
25.93%
11.63%
47.57%
13.16%
14.61%
NA
3.49%
-1.61%
13.32%
2.38%
3.60%
2.71%
5.94%
9.41%
2.30%
2.18%
1.74%
4.25%
8.24%
1.97%
0.80%
5.11%
6.99%
1.43%
2.50%
9.32%
4.11%
4.02%
1.30%
61.19%
7.24%
4.49%
NA
4.10%
1.82%
1.26%
2.26%
1.56%
-1.40%
4.69%
4.57%
1.68%
4.36%
5.67%
2.81%
3.45%
NA
3.00%
3.04%
0.95%
0.01%
3.63%
3.52%
22.90%
2.96%
3.44%
84.21%
134.95%
81.33%
523.30%
146.47%
98.75%
195.35%
251.65%
281.53%
146.56%
71.55%
83.36%
373.42%
268.73%
95.74%
90.62%
186.98%
291.48%
163.33%
197.18%
230.19%
51.15%
608.41%
89.69%
607.00%
190.87%
201.19%
NA
178.56%
139.68%
233.04%
242.53%
202.23%
166.76%
110.68%
95.15%
135.60%
187.15%
124.02%
71.60%
190.13%
NA
331.23%
117.56%
682.72%
143.73%
262.28%
82.96%
15.66%
116.53%
158.90%
NA
16.14%
5.71%
7.18%
-6.66%
6.59%
10.84%
5.81%
-3.94%
5.17%
3.05%
9.33%
-0.45%
12.70%
5.96%
11.37%
2.22%
2.89%
5.33%
6.96%
0.02%
10.13%
-17.86%
4.17%
-4.12%
-4.11%
-0.80%
NA
-5.11%
6.30%
12.86%
5.07%
1.53%
120.39%
8.97%
15.62%
16.15%
14.33%
15.49%
0.25%
-10.85%
NA
0.78%
8.54%
5.27%
4.62%
1.68%
6.91%
33.11%
0.96%
9.07%
36.72%
10.21%
9.05%
17.67%
0.86%
15.25%
10.49%
10.00%
13.80%
30.14%
9.12%
10.66%
39.70%
6.06%
12.39%
28.92%
14.04%
5.13%
6.20%
0.19%
19.95%
4.96%
23.90%
80.61%
115.46%
14.10%
21.67%
12.85%
21.18%
9.70%
1.96%
14.55%
11.18%
28.02%
21.82%
5.01%
11.89%
9.43%
6.35%
13.06%
21.11%
64.16%
32.09%
16.72%
8.06%
0.00%
274.15%
1.53%
23.46%
17.83%
16.22%
-1.55%
-1.51%
9.17%
69.70%
5.72%
-3.33%
8.66%
10.91%
50.53%
8.35%
-4.55%
-5.75%
47.94%
18.86%
-3.29%
0.62%
12.52%
42.65%
2.63%
12.47%
51.75%
-14.88%
94.40%
-1.09%
242.89%
18.83%
20.73%
0.00%
14.97%
9.60%
24.14%
23.42%
22.28%
140.87%
1.50%
5.06%
1.42%
-13.36%
-8.04%
-7.29%
-1.41%
422.33%
24.30%
0.78%
170.96%
0.00%
18.42%
-32.77%
0.73%
1.70%
-30.90%
Sales/Capital
1.09
2.35
1.99
1.77
2.36
3.92
NA
NA
NA
1.29
0.87
1.08
0.56
0.88
1.84
1.67
1.84
1.28
2.12
3.75
0.60
1.00
1.43
4.01
0.70
0.68
0.70
1.79
2.32
0.67
2.55
1.02
0.16
1.82
3.90
2.27
1.97
4.56
1.74
4.80
1.42
0.71
1.12
5.24
2.20
1.44
NA
NA
1.90
NA
EV/Sales
0.94
0.73
0.65
0.64
0.51
0.29
NA
NA
NA
1.99
5.71
0.85
2.20
1.61
0.88
1.15
0.90
1.26
1.93
0.70
1.96
2.63
1.86
2.75
1.65
1.93
1.57
1.00
0.32
1.27
0.85
1.73
6.96
1.01
0.36
0.32
0.45
0.79
2.08
0.49
0.58
1.50
2.05
0.23
0.71
1.68
NA
NA
2.22
NA
NA
1.81
3.99
0.42
2.24
2.38
2.09
1.09
0.63
1.16
0.70
2.28
0.95
1.04
1.70
1.09
2.45
0.89
2.95
0.92
0.36
1.33
0.35
1.96
0.53
0.68
0.90
NA
1.68
3.74
2.70
2.44
3.40
0.60
1.30
1.72
3.37
2.60
1.35
2.50
0.78
NA
4.90
2.90
1.48
1.05
0.31
0.88
0.14
0.89
1.21
NA
0.70
0.17
2.23
0.59
1.08
0.59
1.49
2.00
1.09
1.12
0.52
1.36
1.24
0.72
0.74
0.65
1.29
0.56
1.54
4.72
0.92
2.90
0.89
4.05
2.03
1.16
NA
1.57
0.40
0.47
0.72
0.54
1.82
1.31
0.81
0.84
0.55
0.59
0.90
1.69
NA
1.47
0.98
0.75
0.90
3.80
2.36
4.01
1.40
1.28