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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.
e worksheets.
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 cho
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spread
No
No
Yes
! Yes or No
! Yes or No
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
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 =
Cash & Marketable Securities =
Value of Non-operating Assets =
Minority Interests (this is a liability) =
Price to Book Ratio of sector with minority holdings =
Market Data for your firm
Is your stock currently traded?
If yes, enter the following:
Current Stock Price =
Number of shares outstanding =
Market Value of Debt =
If no, enter the following
Would you like to use the book value debt ratio?
If no, enter the debt ratio to use in valuation
General Market Data
Long Term Treasury bond rate=
Mature Market Equity Premium =
Country Equity Risk Premium =
Exchange Rate for fiscal year items (BR/$) =
Exchange Rate for currrent price conversions =
Ratings
Do you want to estimate the firm's synthetic rating =
If yes, choose the type of firm
If not, what is the current rating of the firm?
Enter the cost of debt associated with the rating =
###
! If negative, go back and choose to normalize earning
INR 6,737.00
###
INR 8,701.00
21.00%
33.99%
Previous year-end
###
###
-INR 4,085.00
INR 2,732.00Previous year-end
###
###
###
###
###
###
###
INR 0.00
###
2.10
Yes
INR 780.50
413.05
###
No
35%
5.00%
4.50%
4.50%
R$ 1.00
R$ 1.00
No
2
B+
12.25%
Options
Do you have equity options (management options, warrants) outstanding? No
If yes, enter the number of options
2.23
Average strike price
R$ 13.85
Average maturity
1.5
R$ 1.00
e inputs are required only if you choose the appropriate option, though.
e, or use the highgrowth.xls spreadsheet.
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
0.14508
0.13074
3
Revenues
EBIT
Pre-tax Oper Mgn
2005
192792
17950
9.31%
EBIT (1-t)
14181
BV of debt (start)
33621
BV of equity (start)
37019
Cash holdings
5546
Invested Capital R$ 65,094
ROIC
21.78%
2006
231523
22526
9.73%
2007
314044
30011
9.56%
2008
342586
30984
9.04%
2009
Aggregate
747837
###
42684
R$ 144,155
5.71%
7.88%
17796
23709
24477
33720
R$ 27,142
R$ 63,293
R$ 97,479 R$ 157,163
R$ 44,602
R$ 63,054
R$ 79,717
R$ 91,658
R$ 20,209
R$ 4,838
R$ 6,998
R$ 6,450
R$ 51,535 R$ 121,509 R$ 170,198 R$ 242,371
34.53%
19.51%
14.38%
13.91%
Cap ex
8740 R$ 12,592
R$ 27,588
R$ 52,804
Acquisitions
5844 R$ 1,321
R$ 891
R$ 9,937
Depreciation
5377 R$ 6,274
R$ 6,850
R$ 7,826
Chg in WC
5628 R$ 23,450
R$ 41,370 -R$ 20,422
Reinvestment
R$ 14,835
R$ 31,089
R$ 62,999
R$ 34,493
Reinvestment Rate 104.62%
174.70%
265.72%
140.92%
Reinvestment Rate without
63.40%
acquisitions
167.28%
261.96%
100.32%
R$ 113,882
R$ 378,698
R$ 316,050
R$ 44,041
R$ 650,707
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%
190.74%
261.22%
179.59%
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
b. Investments without quoted market price
All other investments
2701.4
### NA
13596.38
###
Business
Revenues
Shipbuilding
8341
Offshore & Engineering 2563
Industrial plant
1200
Engine and Machinery
2252
Electro Electric System 1753
Construction Equipment 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 =
INR 19,738
22%
If sector margin
Pre-tax Operating Margin for Sector =
7.04%
$25,464.20
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
$39.62
151.76
-222.74
1121.56
314.02
291.92
521.17
1429.07
196.02
1502.9
2371.09
1386.19
474.46
615.72
2113.12
Total
###
INR 98,688
7.04%
490.78
2527.08
###
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
$1,109.40 ! A positive number indicates an increase in operating income (add to reported EBIT)
$377
Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period
2 years
3 years
5 years
10 years
10 years
10 years
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings
3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems
3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified)
3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic) 3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.)
5
Natural Gas (Distrib.)
10
Natural Gas (Diversified) 10
Newspaper
3
Office Equip & Supplies
5
Oilfield Services/Equip.
5
Packaging & Container
5
Paper & Forest Products 10
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
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
EBIT (1 -t) =
Expected growth rate in perpetuity =
Cost of capital =
Return on capital =
###
5.00%
10.39%
12.00%
Reinvestment Rate =
Terminal Value =
41.67%
###
Rupees
Input Summary
Dollar
INR 25,464.20
Adjusted EBIT =
INR 25,464.20
INR 25,464.20
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%
21.00%
33.99%
33.99%
Current Revenues =
-INR 4,085.00
INR 2,732.00
INR 2,732.00
INR 62,805.00
INR 62,805.00
INR 78,395.00
INR 78,395.00
Invested Capital
10
Forever
12.01%
5.00%
25.30%
Growth Rate =
1.20
1.00
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
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%
(in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
Current
10
12.01%
12.01%
12.01%
12.01%
12.01%
10.61%
9.21%
7.80%
6.40%
5.00%
Cumulated Growth
112.01%
125.47%
140.54%
157.42%
176.33%
195.04%
213.00%
229.62%
244.32%
256.54%
Reinvestment Rate
70.00%
70.00%
70.00%
70.00%
70.00%
64.33%
58.67%
53.00%
47.33%
41.67%
INR 22,533.20
INR 25,239.97
INR 28,271.88
INR 31,667.99
INR 35,472.05
###
###
###
###
###
- (CapEx-Depreciation)
INR 31,590.00
INR 16,263.95
INR 18,217.62
INR 20,405.99
INR 22,857.22
INR 25,602.91
###
###
###
###
###
-INR 490.70
-INR 549.65
-INR 615.67
-INR 689.63
-INR 772.47
-INR 764.24
-INR 733.59
-INR 679.10
-INR 600.56
-INR 499.03
INR 6,759.96
INR 7,571.99
INR 8,481.56
INR 9,500.40
INR 10,641.62
###
###
###
###
###
Cost of Capital
12.50%
12.50%
12.50%
12.50%
12.50%
12.08%
11.66%
11.24%
10.81%
10.39%
1.1250
1.2657
1.4240
1.6020
1.8023
2.0201
2.2556
2.5091
2.7804
3.0693
$6,009
$5,982
$5,956
$5,930
$5,904
$6,927
$7,852
$8,653
$9,310
$9,808
Present Value
5.00%
41.67%
INR 26,411.96
11.90%
74.70%
5.94%
25.30%
Page
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
6
39236
25242
13994
7
42848
25138
17711
8
46192
24482
21710
9
49150
23264
25886
10
51607
21503
30104
Page
Terminal Year
###
###
-INR 635.07
###
Page
Page
$780.50
$13.85
1.5
30.00% (volatility)
0.00%
5.00%
2.23
413.05
#VALUE!
#VALUE!
d2 =
N (d2) =
#VALUE!
#VALUE!
#VALUE!
2.23
413
5.00%
0.0900
0.00%
5.00%
1.6363636364
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
SpreadOperating
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
Number of firmsLevered Beta Unlevered Beta
Std Dev: Equity
Advertising
30
1.43
0.87
80.69%
Aerospace/Defense
66
1.27
1.20
47.75%
Air Transport
44
1.15
0.86
60.46%
Apparel
53
1.14
0.93
68.33%
Auto & Truck
20
1.49
0.76
34.92%
Auto Parts
54
1.56
1.10
52.04%
Bank
477
0.71
0.47
27.49%
Bank (Canadian)
8
0.86
0.83
17.85%
Bank (Midwest)
39
0.91
0.66
27.13%
Beverage
41
0.95
0.85
54.53%
Biotechnology
108
1.25
1.27
69.85%
Building Materials
52
1.39
0.80
61.96%
Cable TV
25
1.56
0.95
44.91%
Canadian Energy
12
1.22
0.99
33.84%
Chemical (Basic)
19
1.26
1.10
37.09%
Chemical (Diversified)
33
1.21
1.10
39.47%
Chemical (Specialty)
88
1.18
0.98
57.61%
Coal
18
1.98
1.43
49.41%
Computer Software/Svcs
322
1.22
1.33
71.38%
Computers/Peripherals
125
1.29
1.39
82.96%
Diversified Co.
113
1.25
0.60
48.51%
Drug
342
1.16
1.14
96.99%
E-Commerce
54
1.50
1.76
57.18%
Educational Services
34
0.84
0.89
52.81%
Electric Util. (Central)
24
0.82
0.49
21.09%
Electric Utility (East)
26
0.74
0.50
22.24%
Electric Utility (West)
16
0.79
0.50
18.64%
Electrical Equipment
83
1.37
1.26
57.31%
Electronics
173
1.31
1.23
79.26%
Entertainment
84
1.66
1.09
50.24%
Entertainment Tech
33
1.45
2.33
70.79%
Environmental
79
1.11
0.80
87.19%
Financial Svcs. (Div.)
296
1.27
0.45
62.78%
Food Processing
109
0.80
0.65
40.11%
Food Wholesalers
18
0.73
0.54
46.75%
Foreign Electronics
10
1.18
1.40
25.56%
Furn/Home Furnishings
34
1.29
0.94
43.85%
Grocery
14
0.84
0.78
27.93%
Healthcare Information
29
1.05
1.04
50.75%
Heavy Construction
14
1.48
1.74
42.91%
Homebuilding
32
1.36
0.65
44.28%
Hotel/Gaming
68
1.70
0.84
64.47%
Household Products
26
1.08
0.95
37.34%
Human Resources
31
1.44
1.61
43.81%
Industrial Services
167
1.20
0.98
63.50%
Information Services
34
1.22
1.24
37.26%
Insurance (Life)
35
1.17
1.27
50.74%
Insurance (Prop/Cas.)
78
0.91
0.92
26.47%
Internet
208
1.41
1.66
86.31%
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%
Market Debt/Capital
ROE
55.81% 21.54%
21.39% 25.52%
43.89% 31.77%
30.71% 16.38%
64.76% 85.35%
48.50% 19.79%
47.79% 14.58%
9.39%
23.19%
40.82% 17.19%
15.98% 24.85%
9.08%
22.16%
50.76% 13.03%
47.03%
7.00%
26.31% 20.83%
22.55% 25.33%
21.07% 26.45%
26.33% 18.88%
32.44% 13.96%
7.21%
47.49%
15.51% 49.14%
61.68% 29.12%
12.67% 26.23%
10.26% 10.10%
2.18%
48.89%
51.88% 11.46%
42.30% 13.38%
47.56% 10.89%
19.05% 24.82%
31.33% 10.63%
44.21%
8.08%
10.35%
-5.09%
33.27% 14.34%
72.33% 14.91%
26.01% 20.98%
37.30% 15.36%
29.72% 12.30%
39.67% 12.64%
12.21% 17.58%
16.58% 43.47%
8.67%
21.05%
61.85% -63.59%
58.78% 17.10%
18.84% 21.67%
15.55% 16.30%
30.55% 19.74%
17.95% 32.04%
17.84% 20.91%
1.85%
20.44%
3.91%
25.60%
Investment Co.
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
17
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
0.83
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
0.90
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
18.96%
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%
14.84%
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%
12.92%
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%
647.73%
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%
Funeral Services
Market
6
6870
1.41
1.19
1.02
0.93
29.93%
56.57%
67.25%
48.81%
40.21%
32.80%
15.04%
20.64%
ROC
13.01%
19.53%
22.00%
18.05%
18.80%
21.81%
NA
NA
NA
18.98%
14.78%
11.35%
10.91%
25.35%
21.96%
23.67%
17.93%
20.13%
36.64%
32.96%
10.79%
22.57%
12.54%
46.84%
10.28%
11.64%
11.52%
20.50%
13.01%
9.98%
4.51%
13.67%
12.33%
15.64%
14.62%
16.90%
13.85%
17.38%
24.69%
18.45%
-23.17%
10.83%
17.10%
17.34%
18.18%
21.20%
NA
NA
26.46%
Pre-tax Operating
After-tax
Margin
Operating Margin
Net Margin
17.93%
11.95%
2.26%
12.31%
8.31%
3.57%
13.57%
11.05%
0.17%
12.98%
10.18%
2.69%
13.10%
7.96%
0.57%
7.65%
5.56%
0.90%
NA
NA
NA
NA
NA
NA
NA
NA
NA
20.00%
14.75%
5.77%
26.91%
16.90%
8.33%
14.04%
10.51%
2.23%
34.41%
19.49%
3.28%
40.66%
28.84%
9.48%
15.05%
11.97%
6.40%
19.87%
14.14%
5.55%
14.08%
9.75%
2.69%
18.05%
15.76%
4.53%
24.51%
17.24%
8.24%
11.61%
8.78%
3.55%
22.39%
17.93%
4.85%
30.15%
22.65%
8.38%
12.69%
8.76%
3.38%
17.36%
11.69%
5.63%
21.86%
14.67%
3.61%
25.85%
17.24%
4.49%
24.38%
16.51%
3.72%
15.75%
11.48%
4.96%
7.57%
5.61%
1.40%
23.75%
15.00%
3.66%
3.93%
1.77%
-1.45%
21.85%
13.42%
3.48%
85.68%
76.59%
-22.60%
11.98%
8.59%
2.98%
5.66%
3.75%
0.94%
13.50%
7.43%
1.67%
10.51%
7.04%
1.43%
5.87%
3.81%
1.06%
20.66%
14.16%
7.79%
5.98%
3.85%
2.23%
-16.16%
-16.36%
-10.34%
22.98%
15.26%
3.26%
21.24%
15.33%
5.90%
5.69%
3.31%
1.20%
11.76%
8.27%
2.03%
21.26%
14.72%
5.92%
NA
NA
NA
NA
NA
NA
19.23%
13.94%
6.53%
NA
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%
0.00%
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%
NA
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%
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%
NA
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%
11.67%
17.73%
33.26%
16.67%
20.82%
20.77%
13.16%
14.61%
2.96%
3.44%
20.00%
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%
NA
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%
NA
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%
NA
-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%
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
NA
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
116.53%
158.90%
0.96%
9.07%
17.83%
16.22%
1.70%
-30.90%
0.89
1.21
1.40
1.28