Question

When was the data last

updated?

Response

What year are the numbers

from?

The most recent fiscal year data available. That would be 2012 for
most companies

What is the source of the

data?

For the industry averages, it is S&P Capital IQ which maintains a

database of publicly traded companies in the US and globally.

How are the industries

created?

These are the Value Line classifications applied to S&P Capital IQ

data. It is entirely possible that the same company may classified
differently by another data source. There are judgment calls made,
because some companies are tough to fit into specific boxes.

How are the market risk

numbers computed?

We use the betas and standard deviations reported by S&P Capital

IQ, which estimates these numbers over different time periods. The
beta is a 3-year beta, computed using weekly returns against the S&P
500 and the standard deviation is based on 3 years of weekly returns
(annualized). The averages reported for the beta and the standard
deviation are simple averages across companies in the industry.

How are the other averages

computed?

For all of the other numbers, obtained from financial statements, the
values are computed by first aggregating the absolute numbers and
then averaging. Thus, to compute the operating margin for
advertising companies, we add up the operating incomes of all
advertising companies to get an aggregate operating income. We
then add up the revenues of all advertising companies to get an
aggregate revenue. Dividing the aggregate operating income by
aggregate revenues gives us the operating margin. The advantage of
this approach is that not only are the values not skewed by outliers
but you do not have to throw out companies in your sample for
having negative earnings.

January 2014

How are the equity risk

premiums computed?

The historical premium is the geometric average premium earned by

US stocks over the treasury bond from 1928 through the end of the
year. The implied premium is a forward-looking estimate, computed
by using the level of the S&P 500 at the end of each year and
expected cash flows in the future. At the end of 2011, for instance,
the S&P 500 was 1426.19. We estimated the expected cash flows (in
dividends and stock buybacks) from buying the stocks in the index.
We then solved for the discount rate that would make the present
value of cash flows equal to the level of the index (1426.19) and
arrived at 7.54% as our solution. Subtracting out the treasury bond
rate of 1.76% on that day would have yielded an implied equity risk
premium of 5.78% (7.54% - 1.76%)

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
Industry name
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name

Number of
firms
31
66
35
46
54
11
375
86
36
232
42
Number of
firms
18
18
32
73
19
181
68
123
199
Number of
firms
66
33
20
17
15
60
99
30
67
Number of
firms

Avg Annual
Rev Growth:
Last 5 years
4.60%
12.33%
6.51%
7.48%
0.90%
9.66%
0.00%
0.00%
3.24%
23.92%
4.86%
Avg Annual
Rev Growth:
Last 5 years
8.74%
-6.24%
9.02%
11.69%
5.79%
10.34%
-0.77%
11.32%
23.48%
Avg Annual
Rev Growth:
Last 5 years
13.83%
3.59%
-2.25%
-9.80%
-5.02%
-2.61%
5.20%
13.10%
9.04%
Avg Annual
Rev Growth:
Last 5 years

COGS as % SG&A as %
of Revenue of Revenues
52.63%
82.00%
77.46%
55.91%
83.49%
81.60%
NA
NA
45.47%
22.26%
83.22%

35.93%
8.01%
14.50%
33.39%
9.63%
11.85%
NA
NA
34.06%
55.46%
16.23%

COGS as % SG&A as %
of Revenue of Revenues
70.75%
76.02%
69.48%
74.61%
84.97%
28.13%
64.69%
73.36%
31.89%

10.11%
9.83%
14.80%
13.73%
4.83%
44.94%
19.43%
13.46%
42.46%

COGS as % SG&A as %
of Revenue of Revenues
49.31%
48.91%
78.41%
79.99%
81.85%
72.16%
82.99%
89.85%
63.94%

38.51%
38.39%
3.01%
0.00%
1.27%
21.10%
11.05%
4.96%
14.42%

COGS as % SG&A as %
of Revenue of Revenues

EBIT as %
of Revenue
11.44%
9.99%
8.04%
10.70%
6.88%
6.55%
NA
NA
20.46%
22.27%
0.55%
EBIT as %
of Revenue
19.14%
14.15%
15.73%
11.66%
10.20%
26.93%
15.88%
13.18%
25.65%
EBIT as %
of Revenue
12.17%
12.70%
18.58%
20.00%
16.88%
6.74%
5.97%
5.19%
21.64%
EBIT as %
of Revenue

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Industry name
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Industry name
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Industry name
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution

36
61
225
104
10
6
28
19
21
25
Number of
firms
53
26
25
122
29
31
66
145
16
Number of
firms
55
82
51
74
127
106
25
71
30
Number of
firms
26
12
18
11

5.45%
40.32%
44.84%
16.24%
73.54%
12.23%
19.02%
9.41%
41.83%
6.58%
72.26%
18.51%
-9.48%
68.41%
27.03%
6.73%
72.15%
13.13%
2.97%
70.02%
23.14%
7.12%
42.08%
44.24%
3.93%
76.66%
12.47%
14.61%
106.32%
11.30%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
15.36%
68.66%
16.14%
7.33%
53.64%
29.43%
7.68%
79.88%
16.97%
6.30%
78.20%
11.58%
10.26%
58.90%
21.46%
0.00%
NA
NA
4.96%
NA
NA
18.48%
51.40%
34.35%
32.20%
28.96%
38.25%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
3.33%
69.23%
17.10%
3.47%
66.91%
20.58%
-7.04%
81.87%
7.29%
1.14%
37.20%
39.77%
11.25%
80.01%
12.22%
8.35%
76.16%
13.27%
0.74%
70.80%
15.51%
2.64%
72.70%
3.05%
-4.25%
71.56%
9.84%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
-7.97%
69.52%
18.53%
2.29%
54.56%
32.14%
0.49%
69.92%
23.11%
-2.80%
79.69%
7.76%

14.84%
14.23%
48.76%
9.23%
4.56%
14.72%
6.84%
13.68%
10.87%
-17.62%
EBIT as %
of Revenue
15.20%
16.93%
3.15%
10.23%
19.64%
NA
NA
14.24%
32.79%
EBIT as %
of Revenue
13.66%
12.51%
10.84%
23.03%
7.77%
10.56%
13.69%
24.25%
18.59%
EBIT as %
of Revenue
11.95%
13.30%
6.97%
12.54%

Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Industry name
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Industry name
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Industry name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

80
26
29
28
168
16
Number of
firms
62
92
74
76
20
21
131
13
53
Number of
firms
12
67
69
41
19
10
36
32
30
Number of
firms
136
10
12
32
91
61
24

14.20%
76.81%
7.18%
2.70%
80.07%
10.31%
5.05%
83.36%
7.93%
20.39%
84.75%
4.62%
7.01%
71.46%
4.31%
13.34%
81.45%
13.80%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
-1.75%
88.26%
3.09%
-2.13%
85.42%
6.83%
14.61%
59.39%
8.63%
-3.49%
54.74%
29.23%
14.68%
49.63%
17.28%
-3.12%
65.41%
26.49%
-5.51%
13.11%
6.71%
12.09%
69.95%
0.55%
10.80%
71.65%
16.13%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
0.00%
NA
NA
1.40%
72.65%
11.04%
10.42%
66.43%
24.88%
7.33%
62.65%
26.50%
11.71%
75.28%
17.89%
8.37%
67.22%
23.44%
8.73%
76.24%
18.24%
10.91%
81.07%
15.15%
-4.90%
63.63%
4.32%
Avg Annual
COGS as % SG&A as %
Rev Growth:
of Revenue of Revenues
Last 5 years
-4.41%
51.53%
30.19%
2.12%
61.98%
27.67%
5.03%
56.48%
32.35%
1.11%
91.63%
5.38%
1.39%
68.79%
31.36%
6.10%
58.07%
22.07%
0.01%
53.78%
30.27%

16.01%
9.62%
8.71%
10.63%
24.23%
4.76%
EBIT as %
of Revenue
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%
EBIT as %
of Revenue
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%
EBIT as %
of Revenue
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name

Number of
firms
170
11
15
31
9
53
5748
Number of
firms

Avg Annual
COGS as %
Rev Growth:
of Revenue
Last 5 years
0.00%
NA
20.51%
67.16%
4.78%
37.64%
1.26%
87.89%
4.44%
65.98%
11.83%
59.06%
7.56%
66.35%
Avg Annual
COGS as %
Rev Growth:
of Revenue
Last 5 years

SG&A as %
of Revenues

EBIT as %
of Revenue

NA
9.83%
51.85%
4.26%
6.39%
33.37%
17.10%

NA
23.01%
10.51%
7.85%
27.63%
7.57%
16.56%

SG&A as %
of Revenues

EBIT as %
of Revenue

Non-cash
Capex as %
WC as % of
of Revenue
Revenue
3.05%
-12.79%
3.59%
5.12%
8.06%
-10.55%
2.92%
16.47%
4.07%
7.47%
6.00%
21.29%
NA
NA
NA
NA
5.43%
4.26%
5.02%
7.95%
3.33%
8.14%
Non-cash
Capex as %
WC as % of
of Revenue
Revenue
12.51%
-8.88%
7.66%
14.69%
6.58%
16.18%
4.95%
13.88%
14.52%
7.03%
2.99%
-11.17%
3.76%
-0.65%
5.05%
47.81%
3.86%
8.29%
Non-cash
Capex as %
WC as % of
of Revenue
Revenue
7.52%
-9.13%
4.11%
-4.01%
23.55%
8.30%
28.77%
7.10%
27.46%
-0.48%
4.34%
14.57%
2.22%
11.76%
1.51%
5.90%
4.57%
4.36%
Non-cash
Capex as %
WC as % of
of Revenue
Revenue

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
Industry name
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name

Average
Effective
Tax Rate
16.81%
23.03%
26.03%
18.85%
17.88%
17.79%
17.91%
21.88%
17.04%
2.63%
11.27%
Average
Effective
Tax Rate
20.75%
21.56%
21.15%
15.52%
9.47%
13.43%
7.63%
20.27%
5.89%
Average
Effective
Tax Rate
10.24%
21.44%
28.85%
31.06%
28.24%
16.78%
11.65%
19.88%
14.87%
Average
Effective
Tax Rate

Asset
(Unlevered)
Beta
1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28
Asset
(Unlevered)
Beta
0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99
Asset
(Unlevered)
Beta
0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18
Asset
(Unlevered)
Beta

Unlevered
Cost of Equity
8.67%
7.39%
7.64%
8.90%
10.56%
8.72%
6.14%
7.34%
6.61%
9.41%
9.46%
Unlevered
Cost of Equity
6.59%
9.03%
9.24%
8.17%
7.51%
7.54%
9.51%
7.45%
8.00%
Unlevered
Cost of Equity
7.12%
7.30%
4.80%
4.32%
4.87%
9.76%
8.52%
8.78%
8.95%
Unlevered
Cost of Equity

3.53%
9.36%
3.41%
3.45%
4.86%
3.96%
2.53%
5.39%
4.68%
0.55%
Capex as %
of Revenue
7.30%
4.10%
0.62%
7.52%
4.13%
NA
NA
6.77%
5.40%
Capex as %
of Revenue
2.30%
4.19%
19.40%
4.62%
1.32%
2.19%
4.10%
23.72%
79.63%
Capex as %
of Revenue
16.90%
2.93%
1.86%
15.36%

-7.70%
2.22%
37.15%
7.06%
3.84%
3.82%
14.14%
4.53%
20.83%
80.09%
Non-cash
WC as % of
Revenue
-5.77%
4.05%
5.30%
8.77%
4.22%
NA
NA
-5.45%
-9.95%
Non-cash
WC as % of
Revenue
3.97%
16.45%
4.26%
28.87%
3.19%
-0.97%
17.60%
4.31%
-4.32%
Non-cash
WC as % of
Revenue
6.00%
-3.10%
6.63%
0.10%

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Industry name
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Industry name
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Industry name
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution

11.45%
10.82%
16.74%
21.85%
31.10%
27.80%
19.54%
18.01%
20.13%
7.09%
Average
Effective
Tax Rate
14.48%
23.88%
25.63%
20.04%
17.00%
20.49%
12.62%
11.27%
21.82%
Average
Effective
Tax Rate
18.61%
24.47%
5.99%
15.02%
11.14%
18.76%
16.65%
11.84%
19.04%
Average
Effective
Tax Rate
25.74%
29.11%
22.90%
17.33%

1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40
Asset
(Unlevered)
Beta
1.14
0.86
1.50
0.68
1.02
1.66
0.81
1.02
1.47
Asset
(Unlevered)
Beta
0.94
1.09
0.71
0.92
0.87
0.73
1.31
1.22
1.04
Asset
(Unlevered)
Beta
0.40
1.90
0.94
0.67

9.71%
4.74%
7.77%
6.84%
8.78%
7.08%
9.70%
8.42%
10.32%
10.04%
Unlevered
Cost of Equity
8.75%
7.35%
10.53%
6.42%
8.15%
11.33%
7.08%
8.16%
10.40%
Unlevered
Cost of Equity
7.74%
8.48%
6.58%
7.64%
7.41%
6.68%
9.60%
9.16%
8.25%
Unlevered
Cost of Equity
5.02%
12.52%
7.73%
6.40%

15.99%
4.53%
4.86%
8.91%
32.19%
1.28%
Capex as %
of Revenue
11.15%
17.19%
42.70%
3.72%
1.76%
4.17%
8.72%
19.49%
7.33%
Capex as %
of Revenue
NA
7.70%
7.58%
4.47%
2.51%
2.03%
2.83%
2.36%
3.06%
Capex as %
of Revenue
14.55%
6.65%
2.55%
6.25%
2.92%
15.62%
13.96%

18.95%
8.87%
11.49%
2.42%
1.49%
2.36%
Non-cash
WC as % of
Revenue
0.00%
6.06%
10.36%
19.51%
10.04%
12.31%
0.52%
-0.87%
-3.08%
Non-cash
WC as % of
Revenue
NA
-4.12%
8.78%
3.26%
14.50%
4.88%
0.79%
0.90%
NA
Non-cash
WC as % of
Revenue
9.22%
13.78%
16.61%
20.26%
-3.64%
-11.81%
-6.47%

Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Industry name
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Industry name
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Industry name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

19.53%
23.58%
12.27%
30.70%
13.09%
23.64%
Average
Effective
Tax Rate
5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%
Average
Effective
Tax Rate
6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%
Average
Effective
Tax Rate
11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%

1.29
0.87
0.93
1.01
1.23
0.90
Asset
(Unlevered)
Beta
0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15
Asset
(Unlevered)
Beta
0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80
Asset
(Unlevered)
Beta
1.44
1.88
1.39
1.22
1.27
0.90
0.47

9.49%
7.39%
7.67%
8.08%
9.20%
7.53%
Unlevered
Cost of Equity
5.08%
6.69%
6.68%
8.43%
10.93%
7.64%
7.95%
9.25%
8.78%
Unlevered
Cost of Equity
7.55%
7.72%
11.03%
9.67%
8.22%
8.56%
8.27%
6.43%
7.05%
Unlevered
Cost of Equity
10.22%
12.42%
10.01%
9.14%
9.39%
7.54%
5.39%

Non-cash
Capex as %
WC as % of
of Revenue
Revenue
NA
NA
1.41%
-1.71%
3.20%
7.51%
10.95%
4.11%
29.00%
5.96%
7.70%
5.00%
7.79%
6.22%
Non-cash
Capex as %
WC as % of
of Revenue
Revenue

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name

Average
Effective
Tax Rate
16.03%
33.51%
29.96%
27.33%
34.28%
11.06%
15.74%
Average
Effective
Tax Rate

Asset
(Unlevered)
Beta
0.79
0.81
0.97
1.19
0.31
0.93
0.96
Asset
(Unlevered)
Beta

Unlevered
Cost of Equity
7.01%
7.07%
7.90%
9.01%
4.60%
7.69%
7.83%
Unlevered
Cost of Equity

Equity
(Levered)
Beta
1.30
0.92
1.07
1.20
1.66
1.70
0.88
0.95
0.81
1.24
1.69
Equity
(Levered)
Beta
0.96
1.32
1.32
1.13
1.44
0.85
1.28
1.15
1.04
Equity
(Levered)
Beta
0.82
0.78
0.55
0.39
0.54
1.35
1.14
1.10
1.33
Equity
(Levered)
Beta

Cost of
Equity
9.54%
7.62%
8.37%
9.06%
11.35%
11.52%
7.45%
7.80%
7.08%
9.22%
11.50%
Cost of
Equity
7.83%
9.63%
9.62%
8.71%
10.26%
7.28%
9.45%
8.79%
8.25%
Cost of
Equity
7.13%
6.93%
5.77%
4.99%
5.76%
9.77%
8.74%
8.56%
9.71%
Cost of
Equity

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
Industry name
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name

Std Dev'n in
Stock Prices
83.02%
44.75%
63.96%
67.00%
51.50%
49.51%
43.18%
32.12%
47.98%
83.67%
76.77%
Std Dev'n in
Stock Prices
37.32%
38.16%
44.72%
60.60%
46.07%
67.14%
77.26%
57.21%
84.78%
Std Dev'n in
Stock Prices
72.45%
81.04%
14.80%
13.08%
14.11%
67.15%
75.34%
56.11%
61.01%
Std Dev'n in
Stock Prices

Pre-tax
Cost of
Debt
5.54%
4.04%
4.54%
5.04%
4.54%
4.04%
4.04%
4.04%
4.04%
5.54%
5.04%
Pre-tax
Cost of
Debt
4.04%
4.04%
4.04%
4.54%
4.04%
5.04%
5.04%
4.54%
5.54%
Pre-tax
Cost of
Debt
5.04%
5.54%
3.54%
3.54%
3.54%
5.04%
5.04%
4.54%
4.54%
Pre-tax
Cost of
Debt

Market
Debt/Capital
26.35%
16.46%
30.31%
8.57%
18.11%
46.62%
45.74%
24.39%
18.12%
11.16%
30.25%
Market
Debt/Capital
35.25%
18.89%
14.84%
16.36%
43.67%
7.05%
7.89%
37.79%
11.62%
Market
Debt/Capital
7.30%
12.53%
44.44%
44.17%
41.24%
10.49%
15.50%
10.59%
16.95%
Market
Debt/Capital

1.06
0.45
1.19
0.85
1.11
1.01
1.39
1.07
1.79
1.79
Equity
(Levered)
Beta
1.49
0.94
1.47
0.93
1.14
1.62
0.81
0.95
1.19
Equity
(Levered)
Beta
0.90
1.19
1.48
0.97
0.88
0.91
1.41
1.39
1.29
Equity
(Levered)
Beta
0.56
2.01
1.14
1.01

8.35%
5.31%
8.98%
7.29%
8.57%
8.11%
10.01%
8.37%
12.01%
11.98%
Cost of
Equity
10.47%
7.75%
10.40%
7.68%
8.73%
11.14%
7.09%
7.77%
9.01%
Cost of
Equity
7.56%
8.99%
10.46%
7.87%
7.45%
7.60%
10.07%
9.98%
9.51%
Cost of
Equity
5.83%
13.08%
8.72%
8.11%

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Industry name
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Industry name
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Industry name
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution

49.47%
77.98%
54.62%
51.38%
29.83%
25.91%
45.61%
54.31%
39.16%
41.47%
Std Dev'n in
Stock Prices
58.46%
40.37%
50.44%
58.23%
55.92%
29.38%
27.38%
90.80%
66.00%
Std Dev'n in
Stock Prices
51.20%
47.09%
75.61%
55.16%
62.14%
72.79%
57.52%
82.87%
43.11%
Std Dev'n in
Stock Prices
29.29%
42.63%
56.56%
37.38%

4.04%
6.01%
5.04%
28.42%
4.54%
35.09%
4.54%
17.03%
4.04%
24.76%
4.04%
28.09%
4.04%
12.04%
4.54%
7.71%
4.04%
29.49%
4.04%
35.22%
Pre-tax
Market
Cost of
Debt/Capital
Debt
4.54%
30.65%
4.04%
13.70%
4.54%
8.33%
4.54%
37.91%
4.54%
16.06%
4.04%
26.98%
4.04%
17.91%
6.04%
2.34%
5.04%
5.35%
Pre-tax
Market
Cost of
Debt/Capital
Debt
4.54%
5.29%
4.04%
16.62%
5.04%
57.16%
4.54%
12.93%
4.54%
9.09%
5.04%
31.09%
4.54%
15.91%
5.54%
19.45%
4.04%
26.18%
Pre-tax
Market
Cost of
Debt/Capital
Debt
4.04%
37.22%
4.04%
16.94%
4.54%
31.65%
4.04%
39.32%

1.47
1.09
1.17
1.07
1.48
1.00
Equity
(Levered)
Beta
0.56
1.50
0.83
1.12
1.67
1.13
1.35
1.40
1.37
Equity
(Levered)
Beta
0.81
1.00
1.68
1.27
1.27
1.17
1.18
0.78
1.18
Equity
(Levered)
Beta
1.38
1.73
1.32
1.66
1.05
1.05
0.77

10.37%
8.48%
8.91%
8.38%
10.42%
8.05%
Cost of
Equity
5.85%
10.53%
7.19%
8.65%
11.40%
8.70%
9.77%
10.03%
9.87%
Cost of
Equity
7.08%
8.04%
11.44%
9.41%
9.40%
8.90%
8.95%
6.95%
8.95%
Cost of
Equity
9.93%
11.71%
9.62%
11.36%
8.27%
8.30%
6.87%

Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Industry name
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Industry name
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Industry name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

53.47%
44.69%
43.52%
47.09%
72.91%
55.91%
Std Dev'n in
Stock Prices
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%
Std Dev'n in
Stock Prices
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%
Std Dev'n in
Stock Prices
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%

4.54%
20.69%
4.04%
28.58%
4.04%
27.43%
4.04%
17.47%
5.04%
21.52%
4.54%
15.78%
Pre-tax
Market
Cost of
Debt/Capital
Debt
3.54%
29.46%
5.54%
57.27%
5.04%
25.52%
4.54%
13.23%
4.04%
21.60%
4.54%
26.84%
4.04%
30.52%
4.04%
17.33%
4.04%
23.96%
Pre-tax
Market
Cost of
Debt/Capital
Debt
3.54%
13.79%
4.54%
11.67%
4.54%
11.18%
4.54%
4.77%
4.04%
28.17%
4.04%
9.81%
4.04%
18.54%
4.04%
23.34%
4.04%
63.94%
Pre-tax
Market
Cost of
Debt/Capital
Debt
4.04%
9.85%
4.04%
11.65%
4.04%
3.79%
4.04%
38.89%
4.54%
11.02%
4.54%
25.17%
4.04%
47.08%

Equity
(Levered)
Beta
0.69
0.88
1.03
1.40
0.45
1.18
1.11
Equity
(Levered)
Beta

Cost of
Equity
6.51%
7.45%
8.18%
10.05%
5.27%
8.96%
8.58%
Cost of
Equity

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name

Std Dev'n in
Stock Prices
34.84%
30.12%
38.40%
42.67%
14.75%
62.14%
56.51%
Std Dev'n in
Stock Prices

Pre-tax
Market
Cost of
Debt/Capital
Debt
4.04%
8.01%
4.04%
16.33%
4.04%
15.71%
4.04%
23.56%
3.54%
40.25%
4.54%
28.78%
4.54%
24.55%
Pre-tax
Market
Cost of
Debt/Capital
Debt

Cost of
Capital
7.90%
6.77%
6.66%
8.54%
9.78%
7.28%
5.15%
6.49%
6.24%
8.56%
8.94%
Cost of
Capital
5.92%
8.27%
8.56%
7.73%
6.84%
6.98%
8.95%
6.50%
7.67%
Cost of
Capital
6.83%
6.47%
4.15%
3.73%
4.26%
9.06%
7.85%
7.95%
8.52%
Cost of
Capital

Asset
Volatility
65.96%
38.94%
48.91%
62.44%
44.16%
32.06%
28.22%
26.00%
41.13%
76.27%
58.75%
Asset
Volatility
27.18%
32.49%
39.48%
52.78%
30.77%
63.37%
72.42%
40.61%
76.97%
Asset
Volatility
68.24%
73.00%
9.81%
8.69%
9.67%
61.56%
66.12%
51.40%
52.86%
Asset
Volatility

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Industry name
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
Industry name
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

1.67
1.31
1.01
2.08
0.93
0.98
NA
NA
3.59
8.17
1.64

10.91
10.54
7.89
15.70
9.56
8.76
5.40
5.43
14.36
28.37
26.98

14.64
13.08
12.56
19.42
13.48
15.02
5.40
5.43
17.56
36.70
298.53

3.24
4.58
5.00
4.60
2.90
1.59
1.21
1.59
4.79
6.46
2.42

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

2.62
1.59
2.07
1.71
1.40
4.09
1.67
2.18
4.06

8.03
8.37
10.11
10.92
6.97
12.98
8.69
12.68
11.84

13.68
11.25
13.16
14.68
13.73
15.20
10.53
16.55
15.82

5.24
2.76
3.47
3.91
1.43
4.28
4.06
2.91
3.85

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

6.01
1.02
2.61
3.09
2.46
1.91
0.83
0.61
3.31

30.97
5.95
8.51
9.56
8.32
18.40
9.61
9.17
12.88

49.33
8.02
14.04
15.46
14.60
28.29
13.95
11.81
15.27

6.33
2.93
1.62
1.54
1.54
2.89
2.41
2.26
3.50

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

8.00%
4.66%
6.79%
6.52%
7.05%
6.51%
9.10%
7.93%
9.18%
8.61%
Cost of
Capital
8.10%
7.02%
9.76%
5.80%
7.76%
8.79%
6.25%
7.67%
8.69%
Cost of
Capital
7.31%
7.90%
6.21%
7.20%
7.02%
6.18%
8.90%
8.68%
7.66%
Cost of
Capital
4.56%
11.27%
6.82%
5.88%

47.11%
60.74%
39.84%
44.48%
24.06%
20.24%
41.26%
50.98%
30.19%
30.21%
Asset
Volatility
44.56%
35.99%
47.10%
41.28%
48.83%
23.20%
23.52%
89.11%
63.19%
Asset
Volatility
49.04%
40.92%
43.68%
49.52%
57.65%
55.25%
50.29%
70.20%
34.31%
Asset
Volatility
20.91%
36.94%
42.69%
26.13%

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding

1.96
2.36
5.48
1.40
0.54
2.24
1.34
4.74
1.14
1.84

10.01
10.35
10.58
12.04
5.39
11.69
14.07
21.11
8.23
NA

13.18
16.55
11.24
15.15
11.74
15.25
19.64
34.62
10.51
NA

1.92
2.56
2.36
3.27
1.21
2.87
2.95
5.37
3.58
2.25

Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

3.10
2.65
0.52
1.56
4.05
NA
NA
5.57
3.05

13.81
13.13
13.14
11.24
14.48
1.51
NA
27.77
8.17

20.37
15.63
16.57
15.25
20.62
1.51
NA
39.09
9.31

5.45
4.38
3.20
2.35
5.10
1.03
1.36
6.83
3.92

Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)

2.13
1.92
2.99
3.13
1.11
0.92
1.71
2.17
4.09

12.62
11.60
12.20
10.99
11.73
7.18
9.92
6.71
8.25

15.60
15.31
27.61
13.61
14.28
8.72
12.49
8.96
22.00

5.20
3.24
1.20
3.32
3.92
2.55
2.88
1.93
2.00

Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

2.12
2.13
0.66
2.49

11.43
11.17
6.33
13.84

17.75
15.98
9.43
19.83

2.30
3.48
1.67
2.71

Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.

Natural Gas Utility

Newspaper
Office Equip/Supplies
Oil/Gas Distribution

8.79%
6.75%
7.13%
7.34%
8.83%
7.21%
Cost of
Capital
4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%
Cost of
Capital
6.39%
7.42%
10.46%
9.09%
7.43%
8.27%
7.74%
5.90%
4.78%
Cost of
Capital
9.19%
10.63%
9.34%
7.88%
7.66%
6.90%
4.77%

44.79%
34.75%
34.22%
40.61%
60.60%
48.95%
Asset
Volatility
17.22%
50.88%
53.05%
51.49%
27.96%
42.87%
22.72%
27.81%
37.52%
Asset
Volatility
18.59%
48.56%
47.80%
54.68%
28.45%
26.37%
35.00%
24.63%
23.56%
Asset
Volatility
45.65%
33.43%
48.46%
27.83%
56.41%
50.20%
27.04%

Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services

2.16
1.29
1.32
0.67
1.94
0.76

8.89
9.05
8.97
4.62
5.04
11.70

13.50
13.43
15.10
6.34
8.00
15.88

1.99
3.35
2.46
1.44
1.62
2.48

Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03

16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30

24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58

3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35

37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02

37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58

0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

2.78
2.07
2.06
0.84
1.59
2.00
1.86

9.35
11.55
15.75
10.62
42.19
5.68
5.42

15.19
19.97
18.40
27.92
NA
10.05
11.68

3.12
2.28
5.11
0.94
2.40
2.25
2.38

Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Industry name
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Industry name
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

Cost of
Capital
6.18%
6.63%
7.27%
8.26%
4.01%
7.17%
7.14%
Cost of
Capital

Asset
Volatility
32.62%
26.24%
33.64%
34.80%
10.21%
48.23%
45.66%
Asset
Volatility

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

NA
2.41
1.73
1.06
4.34
3.28
1.88

5.52
9.71
12.81
7.72
10.65
16.11
8.60

5.52
10.48
16.48
13.47
15.69
43.41
11.35

1.32
14.45
7.13
4.02
1.97
3.95
2.49

EV/ Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE
23.81
18.98
20.19
27.98
18.33
13.60
14.83
15.44
21.00
NA
NA

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials

Trailing
PE

Industry name

22.50
14.09
21.70
19.15
NA
22.56
16.09
19.57
21.67

Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug

Trailing
PE

Industry name

72.59
17.99
15.76
17.08
15.79
21.52
19.42
18.53
23.38
Trailing
PE

E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Industry name

24.76
26.35
21.60
20.25
NA
23.53
30.21
70.26
12.31
30.72

Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding

Trailing
PE

Industry name

55.84
20.42
29.59
22.70
25.60
12.97
15.49
56.41
14.41

Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.

Trailing
PE

Industry name

22.36
23.60
NA
18.61
21.77
15.66
18.01
12.10
29.06

IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)

Trailing
PE

Industry name

28.14
16.53
11.86
28.77

Natural Gas Utility

Newspaper
Office Equip/Supplies
Oil/Gas Distribution

18.49
20.07
NA
9.54
15.94
24.40

Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services

Trailing
PE

Industry name

25.58
NA
8.85
23.34
6.78
46.87
11.65
19.50
23.26

Pipeline MLPs
Power
Precious Metals
Precision Instrument
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation

Trailing
PE

Industry name

9.65
24.21
34.01
21.18
20.64
25.38
17.34
21.20
22.36

Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage

Trailing
PE

Industry name

20.22
38.37
26.30
41.46
19.08
15.66
13.57

Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility

Trailing
PE
22.91
17.61
30.43
26.32
20.53
NA
18.98
Trailing
PE

Industry name
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market
Industry name

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering

Number of
firms
243
207
157
1170
129
609
580
947
107
209
Number of
firms
707
134
521
414
714
63
735
84
681
322
Number of
firms
939
1059
316
477
341
161
863
1167
185
1167

Avg Annual
Rev Growth:
Last 5 years
5.04%
4.86%
7.67%
6.38%
6.71%
6.04%
8.98%
6.44%
6.04%
6.88%
Avg Annual
Rev Growth:
Last 5 years
11.03%
4.12%
4.59%
5.37%
7.52%
10.40%
6.09%
2.78%
8.57%
15.68%
Avg Annual
Rev Growth:
Last 5 years
6.29%
7.96%
-0.84%
6.24%
7.97%
8.79%
4.67%
2.29%
2.59%
6.18%

COGS as % SG&A as %
of Revenue of Revenues
67.62%
80.12%
88.78%
60.85%
83.57%
85.19%
58.34%
50.91%
50.81%
52.95%

24.08%
10.50%
6.12%
26.91%
10.72%
8.20%
41.42%
49.09%
34.84%
27.09%

COGS as % SG&A as %
of Revenue of Revenues
55.42%
64.76%
69.60%
74.44%
75.77%
56.87%
83.54%
81.32%
74.27%
88.92%

29.00%
18.78%
29.98%
18.93%
16.42%
24.85%
7.65%
11.30%
14.44%
5.16%

COGS as % SG&A as %
of Revenue of Revenues
79.65%
47.09%
79.98%
71.81%
79.77%
55.51%
78.45%
82.30%
77.23%
85.37%

12.80%
30.17%
9.47%
17.10%
11.60%
35.48%
14.70%
12.30%
19.47%
10.60%

Industry name
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Industry name
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Industry name
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

Number of
firms
352
312
341
548
133
1201
115
319
448
170
Number of
firms
159
322
278
335
164
648
458
177
235
121
Number of
firms
219
706
433
1270
1691
161
53
1172
199
593

Avg Annual
Rev Growth:
Last 5 years
2.02%
8.64%
8.82%
9.27%
19.67%
7.16%
2.07%
3.04%
7.64%
12.96%
Avg Annual
Rev Growth:
Last 5 years
16.82%
12.41%
8.13%
3.60%
3.48%
9.11%
8.81%
6.21%
9.69%
12.08%
Avg Annual
Rev Growth:
Last 5 years
7.94%
9.58%
-2.32%
2.08%
9.15%
0.82%
6.66%
12.46%
11.09%
9.00%

COGS as % SG&A as %
of Revenue of Revenues
67.48%
77.41%
90.06%
42.85%
49.44%
72.89%
84.82%
75.12%
48.72%
83.25%

15.29%
13.62%
5.99%
49.79%
46.59%
19.02%
12.11%
18.24%
32.92%
6.19%

COGS as % SG&A as %
of Revenue of Revenues
59.21%
86.50%
62.33%
83.18%
80.29%
71.95%
49.76%
58.03%
84.23%
82.40%

28.20%
8.63%
25.74%
10.51%
13.14%
16.12%
35.52%
18.78%
7.01%
8.93%

COGS as % SG&A as %
of Revenue of Revenues
78.57%
52.01%
46.57%
73.32%
74.81%
68.98%
84.63%
69.44%
88.72%
92.03%

10.46%
28.66%
39.49%
18.01%
11.71%
24.02%
5.05%
7.87%
3.30%
3.80%

Industry name
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Industry name
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment

Number of
firms
398
303
820
743
1181
390
49
54
422
647
Number of
firms
481
286
37
304
148
50
848
229
174
118
Number of
firms
543
93
559
263
356
92
714
116
Number of
firms
525

Avg Annual
Rev Growth:
Last 5 years
6.04%
2.19%
12.16%
12.80%
29.33%
0.47%
20.47%
4.64%
3.78%
13.65%
Avg Annual
Rev Growth:
Last 5 years
11.14%
2.77%
13.21%
5.91%
9.04%
4.20%
5.91%
8.91%
6.59%
9.44%
Avg Annual
Rev Growth:
Last 5 years
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
Avg Annual
Rev Growth:
Last 5 years
4.09%

COGS as % SG&A as %
of Revenue of Revenues
78.99%
80.04%
49.00%
80.64%
81.96%
71.86%
87.60%
73.25%
72.72%
69.02%

13.48%
14.33%
29.91%
7.56%
8.44%
20.38%
11.18%
7.42%
10.95%
8.49%

COGS as % SG&A as %
of Revenue of Revenues
49.90%
67.60%
87.97%
72.62%
82.89%
67.70%
87.00%
74.94%
78.64%
69.54%

20.69%
20.94%
0.95%
16.50%
12.40%
24.27%
9.46%
20.18%
17.32%
25.54%

COGS as % SG&A as %
of Revenue of Revenues
68.45%
73.78%
72.69%
80.74%
86.73%
63.31%
88.99%
63.57%

24.80%
16.45%
13.51%
14.72%
7.21%
27.23%
7.62%
20.52%

COGS as % SG&A as %
of Revenue of Revenues
73.94%

16.81%

Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

317
281
53
228
191
55
97
40906
Number of
firms

7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
6.86%
Avg Annual
Rev Growth:
Last 5 years

67.33%
88.39%
55.93%
88.01%
87.63%
82.64%
59.65%
76.94%

18.85%
10.57%
15.44%
4.16%
6.04%
6.83%
12.19%
14.43%

COGS as % SG&A as %
of Revenue of Revenues

EBIT as %
of Revenue
8.30%
9.38%
5.10%
12.24%
5.71%
6.61%
0.24%
0.00%
14.34%
19.97%
EBIT as %
of Revenue
15.58%
16.46%
0.43%
6.63%
7.81%
18.29%
8.81%
7.39%
11.30%
5.92%
EBIT as %
of Revenue
7.55%
22.73%
10.55%
11.08%
8.63%
9.01%
6.85%
5.40%
3.29%
4.03%

Capex as % Non-cash WC as
of Revenue
% of Revenue
2.04%
2.98%
9.63%
4.09%
6.88%
5.35%
4.15%
4.90%
4.83%
5.59%

-6.07%
19.67%
-3.53%
23.27%
0.32%
9.13%
NA
NA
0.93%
7.98%

Capex as % Non-cash WC as
of Revenue
% of Revenue
4.80%
3.46%
3.21%
4.48%
3.05%
11.83%
5.41%
5.74%
6.93%
8.12%

27.86%
12.17%
NA
17.21%
9.52%
0.82%
12.35%
17.93%
14.65%
5.75%

Capex as % Non-cash WC as
of Revenue
% of Revenue
1.55%
3.82%
3.22%
7.30%
5.34%
5.02%
4.37%
5.40%
3.76%
2.87%

11.93%
14.46%
7.58%
9.05%
3.85%
7.44%
18.05%
18.11%
9.57%
10.55%

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering

EBIT as %
of Revenue
17.23%
8.97%
3.95%
7.36%
3.97%
8.09%
3.07%
6.64%
18.37%
10.56%
EBIT as %
of Revenue
12.59%
4.86%
11.93%
6.31%
6.57%
11.94%
14.73%
23.19%
8.75%
8.67%
EBIT as %
of Revenue
10.97%
19.33%
13.93%
8.67%
13.48%
7.00%
10.32%
22.69%
7.99%
4.17%

Capex as % Non-cash WC as
of Revenue
% of Revenue
3.97%
5.63%
3.91%
4.42%
3.52%
4.42%
1.83%
3.05%
4.51%
5.94%

9.53%
9.23%
16.81%
NA
NA
10.11%
2.73%
2.78%
23.12%
11.26%

Capex as % Non-cash WC as
of Revenue
% of Revenue
6.63%
0.97%
4.10%
5.10%
1.13%
6.17%
4.08%
2.87%
0.84%
0.43%

24.06%
-0.27%
23.29%
21.62%
55.48%
-1.96%
9.97%
12.56%
4.28%
5.25%

Capex as % Non-cash WC as
of Revenue
% of Revenue
0.71%
8.91%
2.37%
4.05%
19.79%
3.32%
11.44%
44.93%
14.19%
3.65%

-26.30%
3.34%
NA
23.75%
9.43%
12.91%
3.66%
1.72%
3.55%
6.96%

Industry name
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Industry name
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Industry name
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

EBIT as %
of Revenue
7.53%
5.63%
21.09%
11.80%
9.60%
7.76%
1.21%
19.33%
16.33%
22.49%
EBIT as %
of Revenue
29.41%
11.46%
11.07%
10.88%
4.71%
8.02%
3.55%
4.88%
4.04%
4.93%
EBIT as %
of Revenue
6.76%
9.77%
13.80%
4.54%
6.06%
9.46%
3.39%
15.91%
EBIT as %
of Revenue
9.25%

Capex as % Non-cash WC as
of Revenue
% of Revenue
5.28%
6.23%
4.19%
16.00%
33.33%
3.35%
1.76%
14.92%
8.02%
3.51%

14.38%
17.20%
18.16%
1.83%
14.88%
8.16%
NA
-2.34%
80.89%
NA

Capex as % Non-cash WC as
of Revenue
% of Revenue
8.03%
5.47%
0.07%
5.60%
2.79%
2.05%
2.91%
3.32%
3.32%
4.90%

24.48%
15.51%
-54.10%
-1.73%
7.77%
7.46%
14.12%
0.28%
-3.65%
-2.65%

Capex as % Non-cash WC as
of Revenue
% of Revenue
2.45%
7.14%
11.05%
5.80%
11.32%
1.75%
7.31%
17.27%

9.12%
17.08%
14.95%
31.80%
-0.96%
21.10%
13.24%
0.68%

Capex as % Non-cash WC as
of Revenue
% of Revenue
2.82%

13.45%

Industry name
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Industry name
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment

13.81%
1.04%
28.64%
7.83%
6.33%
10.53%
28.16%
8.63%
EBIT as %
of Revenue

14.60%
0.83%
3.14%
4.12%
8.76%
11.16%
19.17%
6.63%

-1.62%
NA
16.81%
3.06%
4.50%
0.82%
13.65%
10.09%

Capex as % Non-cash WC as
of Revenue
% of Revenue

Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

Average
Effective Tax
Rate
17.09%
13.25%
15.59%
14.75%
13.90%
18.98%
18.14%
19.85%
10.40%
18.10%
Average
Effective Tax
Rate
2.91%
17.82%
11.69%
18.24%
17.75%
15.62%
15.40%
22.63%
17.61%
6.27%
Average
Effective Tax
Rate
17.30%
11.78%
11.98%
14.84%
14.26%
14.13%
13.53%
13.29%
13.96%
16.25%

Asset
(Unlevered)
Beta
0.89
0.91
0.60
0.82
0.85
1.11
0.40
0.50
0.89
0.71
Asset
(Unlevered)
Beta
1.03
1.08
0.35
0.81
0.77
0.72
0.92
1.02
0.88
0.90
Asset
(Unlevered)
Beta
0.87
1.02
1.11
0.68
0.59
0.79
0.98
1.07
1.04
0.86

Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
8.70%
1.03
9.56%
8.82%
1.00
9.36%
6.83%
1.05
9.70%
8.27%
0.91
8.84%
8.44%
1.28
11.15%
10.11%
1.23
10.85%
5.60%
1.12
10.16%
6.20%
0.67
7.27%
8.71%
1.01
9.44%
7.58%
0.82
8.22%
Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
9.58%
1.06
9.80%
9.93%
1.33
11.50%
5.23%
1.08
9.87%
8.16%
0.96
9.16%
7.91%
0.87
8.60%
7.60%
1.00
9.38%
8.91%
1.00
9.39%
9.54%
1.25
11.01%
8.61%
0.97
9.19%
8.73%
1.24
10.91%
Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
8.54%
0.92
8.89%
9.55%
1.03
9.56%
10.11%
1.13
10.21%
7.34%
0.92
8.86%
6.82%
0.89
8.70%
8.08%
0.89
8.68%
9.27%
1.09
9.95%
9.84%
1.12
10.17%
9.66%
1.22
10.76%
8.48%
1.22
10.82%

Average
Effective Tax
Rate
9.04%
11.45%
13.19%
17.33%
12.60%
16.40%
17.20%
16.03%
8.83%
16.65%
Average
Effective Tax
Rate
12.66%
17.26%
7.88%
17.11%
16.65%
12.36%
14.13%
17.57%
13.95%
18.80%
Average
Effective Tax
Rate
15.06%
8.65%
6.96%
17.45%
3.58%
17.66%
24.53%
6.93%
9.63%
13.98%

Asset
(Unlevered)
Beta
0.87
0.86
0.66
0.21
0.28
0.66
0.59
0.87
0.81
0.49
Asset
(Unlevered)
Beta
0.81
0.70
1.02
0.95
1.04
0.74
0.76
0.79
0.66
1.05
Asset
(Unlevered)
Beta
0.63
1.10
0.58
1.01
1.03
0.62
1.04
0.74
0.73
0.92

Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
8.59%
1.04
9.63%
8.49%
1.10
10.01%
7.23%
0.81
8.21%
4.38%
0.96
9.12%
4.82%
0.93
8.93%
7.24%
0.77
7.92%
6.81%
0.90
8.74%
8.54%
0.91
8.83%
8.17%
0.87
8.59%
6.14%
0.78
7.99%
Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
8.18%
0.87
8.59%
7.50%
0.82
8.23%
9.54%
1.11
10.10%
9.08%
1.29
11.21%
9.63%
1.36
11.66%
7.74%
0.90
8.76%
7.90%
0.82
8.27%
8.07%
0.83
8.30%
7.26%
0.74
7.76%
9.72%
1.21
10.71%
Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta
7.05%
0.72
7.64%
10.05%
1.09
9.98%
6.74%
0.89
8.69%
9.48%
1.08
9.91%
9.57%
1.32
11.42%
6.97%
0.74
7.76%
9.63%
1.19
10.62%
7.73%
1.30
11.27%
7.69%
1.09
9.94%
8.88%
1.14
10.28%

Average
Effective Tax
Rate
17.72%
12.53%
13.54%
14.72%
2.16%
15.19%
2.32%
25.54%
13.99%
17.32%
Average
Effective Tax
Rate
12.90%
17.48%
10.81%
21.05%
18.79%
26.05%
19.04%
23.63%
26.17%
13.55%
Average
Effective Tax
Rate
20.75%
20.06%
9.04%
9.61%
12.58%
20.41%
12.97%
15.35%
Average
Effective Tax
Rate
9.56%

Asset
(Unlevered)
Beta
0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58
0.70
0.31
Asset
(Unlevered)
Beta
0.55
0.86
0.89
0.64
0.64
0.74
0.57
0.73
0.53
1.22
Asset
(Unlevered)
Beta
0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75
Asset
(Unlevered)
Beta
1.13

Equity
Unlevered Cost
(Levered
of Equity
) Beta
7.13%
0.84
6.95%
0.97
8.31%
0.88
6.18%
0.88
10.36%
1.38
7.94%
0.91
3.85%
0.79
6.71%
0.76
7.49%
1.06
5.01%
1.13
Equity
Unlevered Cost
(Levered
of Equity
) Beta
6.54%
0.89
8.49%
0.96
8.66%
0.99
7.12%
0.76
7.11%
0.89
7.72%
0.87
6.66%
0.88
7.68%
0.93
6.38%
0.69
10.81%
1.24
Equity
Unlevered Cost
(Levered
of Equity
) Beta
8.11%
0.93
8.95%
1.15
11.54%
1.37
10.86%
1.30
7.10%
1.06
8.73%
0.92
8.00%
1.26
7.80%
0.95
Equity
Unlevered Cost
(Levered
of Equity
) Beta
10.21%
1.15

Cost of Equity
8.37%
9.21%
8.64%
8.60%
11.80%
8.85%
8.07%
7.90%
9.80%
10.23%
Cost of Equity
8.69%
9.15%
9.32%
7.90%
8.70%
8.54%
8.63%
8.94%
7.42%
10.91%
Cost of Equity
8.97%
10.32%
11.77%
11.27%
9.78%
8.86%
11.03%
9.07%
Cost of Equity
10.37%

12.92%
18.73%
20.52%
20.49%
23.30%
25.18%
15.09%
13.80%
Average
Effective Tax
Rate

0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.66
Asset
(Unlevered)
Beta

6.64%
3.16%
6.90%
7.54%
6.61%
5.77%
6.91%
7.21%

0.84
8.34%
0.60
6.83%
0.67
7.29%
0.89
8.72%
0.82
8.25%
0.70
7.47%
0.83
8.32%
1.03
9.56%
Equity
Unlevered Cost
(Levered Cost of Equity
of Equity
) Beta

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering

Std Dev'n in
Stock Prices
92.64%
83.42%
68.64%
80.76%
71.70%
73.64%
56.13%
65.09%
79.12%
71.22%
Std Dev'n in
Stock Prices
121.02%
83.75%
86.04%
73.65%
78.50%
72.61%
74.24%
62.82%
74.57%
112.53%
Std Dev'n in
Stock Prices
80.48%
94.90%
86.41%
74.37%
60.97%
88.06%
79.86%
82.71%
81.19%
80.20%

Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
6.94%
17.05% 8.75%
76.23%
6.44%
15.45% 8.61%
72.17%
5.94%
44.56% 7.23%
41.53%
6.44%
13.31% 8.26%
70.06%
5.94%
44.09% 8.07%
47.52%
5.94%
21.53% 9.41%
60.67%
5.44%
74.41% 5.43%
26.90%
5.94%
51.40% 5.67%
39.77%
5.94%
17.51% 8.51%
67.70%
5.94%
18.22% 7.48%
60.73%
Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
7.94%
7.33% 9.49% 113.32%
6.44%
23.64% 9.85%
67.01%
6.44%
76.00% 5.79%
40.55%
5.94%
25.32% 7.89%
58.27%
5.94%
16.56% 7.86%
66.19%
5.94%
32.82% 7.67%
53.71%
5.94%
12.51% 8.74%
66.75%
5.44%
26.56% 9.10%
49.21%
5.94%
17.56% 8.30%
63.68%
7.94%
36.24% 8.97%
80.88%
Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
6.44%
13.08% 8.32%
70.76%
6.94%
6.48% 9.26%
89.23%
6.44%
11.29% 9.56%
78.16%
5.94%
33.62% 7.28%
54.65%
5.44%
40.82% 6.71%
41.52%
6.44%
12.34% 8.17%
73.07%
5.94%
19.35% 8.83%
67.15%
6.44%
19.62% 9.06%
69.40%
6.44%
28.50% 8.98%
62.33%
6.44%
45.23% 7.96%
52.15%

Industry name
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Industry name
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Industry name
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

Std Dev'n in
Stock Prices
96.49%
95.73%
69.73%
78.77%
81.86%
68.73%
71.74%
75.68%
94.01%
75.86%
Std Dev'n in
Stock Prices
84.07%
81.35%
107.10%
76.74%
82.32%
76.10%
79.65%
75.29%
60.69%
57.95%
Std Dev'n in
Stock Prices
61.43%
110.49%
90.22%
72.55%
124.96%
74.50%
53.63%
115.11%
69.02%
86.57%

Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
6.94%
17.63% 8.79%
80.36%
6.94%
24.90% 8.72%
75.45%
5.94%
30.29% 6.99%
52.95%
5.94%
83.58% 4.97%
34.63%
6.44%
74.56% 5.63%
39.10%
5.94%
19.67% 7.18%
57.49%
5.94%
40.52% 6.88%
47.55%
5.94%
17.30% 8.02%
64.37%
6.94%
13.05% 8.10%
83.73%
5.94%
38.41% 6.52%
50.96%
Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
6.44%
12.38% 8.08%
75.38%
6.44%
21.15% 7.44%
66.41%
7.94%
12.22% 9.54%
95.59%
5.94%
36.37% 8.64%
54.97%
6.44%
31.92% 9.38%
59.67%
5.94%
23.01% 7.70%
60.87%
5.94%
11.41% 7.80%
71.85%
5.94%
9.03% 7.93%
69.34%
5.44%
27.91% 6.66%
46.97%
5.44%
33.55% 8.39%
42.70%
Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt
5.44%
23.61% 6.74%
49.57%
7.94%
2.88% 9.85% 107.13%
6.94%
45.22% 6.96%
58.73%
5.94%
16.87% 8.94%
62.46%
7.94%
26.99% 9.83%
97.80%
5.94%
23.01% 6.93%
58.34%
5.44%
19.25% 9.31%
43.81%
7.94%
22.87% 9.96%
74.58%
5.94%
35.33% 7.90%
49.83%
6.44%
25.41% 8.81%
68.21%

Industry name
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Industry name
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment

Std Dev'n in
Stock Prices
73.64%
76.88%
82.41%
66.87%
137.70%
78.10%
55.57%
48.02%
77.61%
78.59%
Std Dev'n in
Stock Prices
74.83%
76.90%
49.08%
66.03%
74.45%
63.52%
74.17%
61.64%
55.19%
112.07%
Std Dev'n in
Stock Prices
75.39%
72.06%
84.90%
89.25%
75.25%
72.19%
82.01%
69.73%
Std Dev'n in
Stock Prices
92.82%

Pre-tax
Cost of
Debt
5.94%
5.94%
6.44%
5.94%
7.94%
5.94%
5.44%
4.94%
5.94%
5.94%
Pre-tax
Cost of
Debt
5.94%
5.94%
4.94%
5.94%
5.94%
5.44%
5.94%
5.44%
5.44%
7.94%
Pre-tax
Cost of
Debt
5.94%
5.94%
6.44%
6.44%
5.94%
5.94%
6.44%
5.94%
Pre-tax
Cost of
Debt
6.94%

Market
Cost of
Debt/Capital Capital
30.73% 7.08%
43.28% 7.02%
10.96% 8.18%
49.47% 6.40%
23.45% 10.34%
22.23% 7.81%
84.65% 4.46%
31.16% 6.51%
41.25% 7.47%
77.86% 5.50%
Market
Cost of
Debt/Capital Capital
43.29% 6.73%
19.25% 8.19%
24.75% 7.87%
15.88% 7.30%
31.28% 7.28%
15.08% 7.83%
45.80% 6.58%
23.61% 7.73%
26.25% 6.47%
4.42% 10.67%
Market
Cost of
Debt/Capital Capital
10.16% 8.48%
27.03% 8.65%
11.49% 10.93%
15.28% 10.23%
42.68% 7.38%
6.67% 8.54%
46.52% 8.00%
25.70% 7.81%
Market
Cost of
Debt/Capital Capital
11.92%

9.71%

Asset
Volatility
55.50%
51.15%
74.96%
41.56%
112.20%
62.90%
24.23%
36.01%
51.82%
36.43%
Asset
Volatility
49.79%
63.75%
39.30%
54.02%
53.29%
52.05%
47.65%
46.70%
39.97%
106.91%
Asset
Volatility
62.09%
55.99%
76.84%
78.13%
47.70%
66.44%
52.85%
54.05%
Asset
Volatility
83.22%

Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

79.59%
67.28%
56.99%
65.24%
65.81%
46.47%
66.98%
83.41%
Std Dev'n in
Stock Prices

5.94%
37.28% 6.78%
55.25%
5.94%
97.39% 4.23%
27.13%
5.44%
14.60% 6.78%
50.29%
5.94%
27.94% 7.45%
49.04%
5.94%
38.05% 6.69%
44.75%
4.94%
47.77% 5.55%
29.41%
5.94%
34.00% 6.91%
49.19%
6.44%
44.40% 7.32%
54.45%
Pre-tax
Market
Cost of
Asset
Cost of
Debt/Capital Capital Volatility
Debt

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.60
1.40
1.11
1.78
0.92
0.78
9.84
4.12
2.42
3.55

12.97
11.53
9.30
11.27
9.30
7.47
5.46
NA
13.43
12.33

16.45
14.66
18.25
12.44
15.32
11.44
NA
NA
16.59
15.43

2.92
3.71
1.94
2.52
1.51
1.72
1.15
0.95
4.12
2.95

24.54
19.98
14.99
20.02
11.47
14.79
9.31
11.71
20.47
17.04

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

9.58
2.78
5.98
1.15
1.39
3.17
2.68
1.16
1.62
0.99

22.75
12.85
10.75
10.77
12.39
10.20
8.24
9.50
10.05
8.53

48.17
15.17
3.13
15.88
15.80
16.74
12.07
15.30
13.46
15.41

7.33
2.53
1.31
1.83
3.44
5.25
4.36
2.08
2.38
1.22

31.81
12.22
16.91
23.39
24.23
21.77
16.69
16.59
16.02
11.77

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.03
4.05
1.20
1.72
1.57
1.60
1.29
0.97
0.59
0.62

10.43
12.92
8.55
9.82
11.72
10.55
11.78
8.76
7.61
8.68

12.64
15.76
11.22
14.58
16.60
16.90
17.24
16.55
15.35
11.52

3.50
3.93
2.85
1.45
1.49
2.20
2.23
1.65
1.30
1.36

16.87
19.51
14.18
17.30
15.46
22.16
21.91
19.48
17.15
12.73

Industry name

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities

2.81
1.74
0.78
13.99
7.55
1.39
0.37
0.91
2.86
1.77

12.68
11.27
12.84
17.54
8.16
12.35
8.71
9.98
11.36
11.41

15.99
17.40
18.14
20.75
7.48
16.32
12.31
12.48
14.75
16.61

2.92
2.57
1.46
1.35
0.91
2.67
1.31
2.21
3.26
3.43

17.94
25.60
17.71
12.89
12.21
21.19
15.78
17.18
21.46
20.06

Industry name

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)

3.02
0.58
3.25
1.16
1.22
2.60
2.47
4.18
0.81
0.95

15.25
9.63
16.71
11.08
12.67
14.07
13.42
14.91
7.61
10.24

22.58
11.63
25.39
16.57
20.63
19.87
16.50
17.37
8.84
10.86

3.41
2.16
3.74
1.96
1.52
2.62
4.13
5.59
1.18
1.34

26.88
19.15
33.41
16.66
11.30
24.45
22.95
25.18
14.87
15.20

Industry name

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.00
6.76
4.97
1.50
1.88
1.06
0.80
4.50
1.96
0.58

8.33
22.50
12.54
11.90
7.96
10.37
5.08
9.50
15.43
8.92

8.37
31.85
11.33
16.15
13.16
12.76
7.91
NA
23.01
12.79

1.27
5.50
1.30
2.39
1.52
2.35
1.22
1.74
2.04
1.90

11.35
35.49
15.13
20.24
15.61
20.12
8.97
14.79
23.50
15.27

Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

Industry name
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Industry name
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
3.59
6.77

9.01
10.05
12.33
8.74
6.58
10.27
10.74
9.37
17.13
9.94

13.98
20.07
16.57
15.69
20.73
16.90
20.06
13.51
24.41
10.26

2.07
1.24
3.58
1.21
1.11
1.96
0.91
2.09
1.03
0.34

18.44
16.65
20.23
14.81
15.27
17.22
5.43
16.36
11.65
7.89

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

6.19
1.84
0.83
2.05
0.75
1.25
0.67
0.75
0.61
3.19

17.57
10.80
6.86
13.49
11.94
11.84
12.70
10.32
9.86
38.01

18.87
16.02
6.86
15.96
15.43
15.54
16.83
14.39
13.98
65.19

1.10
2.49
1.04
5.12
3.09
3.85
1.34
2.36
2.06
10.20

12.06
19.91
9.86
28.46
17.60
20.20
13.31
16.91
15.53
80.99

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29

12.78
6.64
7.29
17.06
11.53
14.20
9.26
7.28

13.88
9.32
12.66
44.21
19.29
15.21
21.41
13.78

3.27
1.82
2.16
2.22
1.18
3.14
0.96
1.96

20.67
12.17
13.25
23.61
14.94
20.68
14.31
11.42

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

1.75

11.72

17.12

2.49

17.26

Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

1.84
NA
3.52
1.36
1.08
1.27
4.43
1.98

6.23
17.76
11.23
11.65
9.52
7.43
11.14
9.77

12.14
NA
12.19
15.74
13.18
11.70
15.61
14.83

1.71
1.21
10.01
2.40
2.05
1.26
2.12
1.80

17.69
0.99
17.11
18.44
19.93
19.17
14.91
14.60

EV/
Sales

EV/
EBITDA

EV/
EBIT

Price/
Book

Trailing
PE

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Industry name
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Industry name
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering

Industry name
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Industry name
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Industry name
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.

Industry name
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Industry name
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Industry name
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Industry name
Telecom. Equipment

Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market
Industry name

US Treasury 10-year and 30-year Bond Yields

(at year-end)
Source: Federal Reserve of St. Louis (FRED)
Year
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962

10 year T-Bond
3.17%
3.45%
3.36%
3.22%
3.93%
3.35%
3.53%
3.01%
2.84%
2.59%
2.73%
2.56%
2.35%
2.01%
2.47%
2.49%
2.49%
2.48%
2.33%
2.24%
2.39%
2.44%
2.19%
2.39%
2.70%
2.75%
2.59%
2.51%
2.96%
3.59%
3.21%
3.86%
4.69%
3.84%
4.06%
3.86%

30-year T.Bond
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA

1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003

4.13%
4.18%
4.62%
4.84%
5.70%
6.03%
7.65%
6.39%
5.93%
6.36%
6.74%
7.43%
8.00%
6.87%
7.69%
9.01%
10.39%
12.84%
13.72%
10.54%
11.83%
11.50%
9.26%
7.11%
8.99%
9.11%
7.84%
8.08%
7.09%
6.77%
5.77%
7.81%
5.71%
6.30%
5.81%
4.65%
6.44%
5.11%
5.05%
3.82%
4.25%

NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
8.18%
8.94%
10.60%
12.14%
14.22%
10.63%
11.75%
11.45%
9.40%
7.39%
8.83%
8.93%
8.26%
8.27%
7.58%
7.34%
6.29%
7.85%
6.05%
6.83%
5.81%
5.16%
6.63%
5.54%
5.45%
NA
NA

2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

4.22%
4.39%
4.70%
4.02%
2.21%
3.84%
3.29%
1.87%
1.76%
3.04%

NA
4.54%
4.85%
4.33%
3.13%
4.60%
4.52%
2.89%
2.95%
3.97%

Year
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999

Historical Equity Risk

Premium
6.62%
5.97%
6.36%
6.53%
6.66%
6.11%
6.57%
6.60%
6.33%
5.90%
5.87%
6.08%
5.50%
4.64%
5.17%
5.22%
4.93%
4.97%
5.21%
5.73%
5.37%
5.10%
5.34%
5.12%
5.13%
4.97%
5.07%
5.12%
5.24%
5.00%
5.14%
5.03%
4.90%
4.97%
5.08%
5.32%
5.53%
5.63%
5.96%

Implied Equity Risk

Premium
2.92%
3.56%
3.38%
3.31%
3.32%
3.68%
3.20%
3.00%
3.74%
3.41%
3.09%
2.72%
4.30%
5.59%
4.13%
4.55%
5.92%
5.72%
6.45%
5.03%
5.73%
4.90%
4.31%
5.11%
3.84%
3.58%
3.99%
3.77%
3.51%
3.89%
3.48%
3.55%
3.17%
3.55%
3.29%
3.20%
2.73%
2.26%
2.05%

2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

5.51%
5.17%
4.53%
4.82%
4.84%
4.80%
4.91%
4.79%
3.88%
4.29%
4.31%
4.10%
4.20%
4.62%

2.87%
3.62%
4.10%
3.69%
3.65%
4.08%
4.16%
4.37%
6.43%
4.36%
5.20%
6.04%
5.78%
4.96%

You can update the riskfree rate and equity risk premium
Riskfree rate
Equity risk premium (Mature/US)
Marginal tax rate (US)
Global equity risk premium
Marginal tax rate (Global)
Global default spread (to add to cost of debt) =

3.04%
5.00%
40.00%
6.35%
30.00%
0.90%

Cost of Debt Lookup Table (based on

std dev in stock prices)
Standard Deviation
0.00%
25.00%
50.00%
65.00%
80.00%
90.00%
100.00%

Cost of Debt Lookup Table (based on

std dev in stock prices)
Standard Deviation
Basis Spread
25.00%
0.50%
50.00%
1.00%
65.00%
1.50%
80.00%
2.00%
90.00%
2.50%
100.00%
3.00%
1000.00%
4.00%