Date of valuation May-14 Important:

Company name Alibaba There should be a check against

Numbers from your base year below ( in consis
This year Last year
Country of incorporation China
Industry (US) Advertising The bulk of Alibaba's revenues s
Industry (Global) Advertising
Revenues $ 7,911.00 $4,100.00
Operating income or EBIT $ 3,882.00 $2,000.00
Interest expense $ 180.00 $ -
Book value of equity $ 5,490.00 $ 83.00
Book value of debt $ 6,484.00 $4,489.00
Do you have R&D expenses to capitalize? No Am assuming that product deve
Do you have operating lease commitments? Yes Minimal, but took lease expense
Cash and cross holdings $ 7,876.00 $5,258.00
Non-operating assets $ 5,087.00 $ 250.00
Minority interests $ - $ -
Number of shares outstanding = 2368.67 Shares outstanding + RSUs. Pros
Expected proceeds from IPO = 15000.00 News stories, not confirmed yet
Expected IPO price $ 70.00 No offering price yet
Effective tax rate = 11.42% Avg effective tax rate (2012 & 2
Marginal tax rate = 25.00% China statutory rate
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 27.00% China online retail growth
Target pre-tax operating margin (EBIT as % of sales in y 40.00% Competition is picking up
Sales to capital ratio (for computing reinvestment) = 2.00 More reinvestment in both intern
Market numbers and acquisitoins.
Riskfree rate 2.63% Valuation is done in US dollars
Initial cost of capital = 8.84% Cost of capital reflects business
Other inputs See cost of capital worksheet
Do you have employee options outstanding? Yes
Number of options outstanding = 54.28 Prospectus, page 18. Details on
Average strike price = $12.33 Average exercise price from pro
Average maturity = 4.10 Average maturity from prospectu
Standard deviation on stock price = 40.00% Using standard deviation in onlin

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes
If yes, enter the cost of capital after year 10 = 8% Slight drop in cost of capital as c
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption = No
If yes, enter the return on capital you expect after year 12% In steady state, this will be a tou
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Already profitable, plenty of cash
If yes, enter the probability of failure = 20%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fai 50%
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
Do you want to override this assumption = No Tax credits will disappear over ti
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h
Do you want to override this assumption = No
If yes, enter the NOL that you are carrying over into yea $250.00
 mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
r base year below ( in consistent units)

The bulk of Alibaba's revenues still come from advertising, though it is building other revenue sources

Added first quarter 2013 estimated revenues (from a Yahoo! filing) to 9 month number for April-Dec 2013 in Pro
Added first quarter 2013 operating income (estimated) to 9 month number for April-Dec 2013 in Prospectus
From prospectus
From prospectus pro forma column (reflecting conversion of preferred shares) for December 2013
Current Bank borrowings + Secured Borrowing + Non-current bank borrowings
Am assuming that product development expenses are not for long term growth but operating benefits in near term
Minimal, but took lease expenses for years 2-5 and averaged to get annual lease
From prospectus: Cash + Short term investments
Investments in Weibo, UCWeb,Autonavi, Cainiaio (from balance sheet). Marked Weibo and AutoNavi to market

Shares outstanding + RSUs. Prospectus, Page 18

News stories, not confirmed yet Computed numbers: Here is what your company's numbers look like, relative
No offering price yet If you are not working in US dollars, you should add the inflation differential to the indu
Avg effective tax rate (2012 & 2013) Company
China statutory rate Revenue growth in the most recent year = 92.95%
Pre-tax operating margin in the most recent year 49.79%
China online retail growth Sales to capital ratio in most recent year = 1.93
Competition is picking up Return on invested capital in most recent year= -367.39%
More reinvestment in both internal p Standard deviation in stock prices =
and acquisitoins. Cost of capital =
Valuation is done in US dollars
Cost of capital reflects business mix (advertising + online) and geographic exposure (80.6% in China, 19.4% rest of the wor
See cost of capital worksheet

Prospectus, page 18. Details on page 300 for some of these options.
Average exercise price from prospectus (Page 300)
Average maturity from prospectus (Page 300)
Using standard deviation in online companies listed in the US

o that of typical mature companies (riskfree rate + 4.5%)

Slight drop in cost of capital as company becomes mature

tal after year 10. I am assuming that whatever competitive advantages you have today will fade over time.

n steady state, this will be a tough business to generate excess returns in, even with network effects.

Already profitable, plenty of cash.

your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
Tax credits will disappear over time.
ming into the valuation. If you have a money losing company, you may want to override tis.
Calculation options

0.2210523
number for April-Dec 2013 in Prospectus
April-Dec 2013 in Prospectus

or December 2013

ng benefits in near term

Weibo and AutoNavi to market price. Added $3 billion for Alipay liquidity provision, entitling Alibaba to 37.5% of value (if a

s numbers look like, relative to industry.

e inflation differential to the industry averages.
Industry (US data) Industry (Global data)
4.60% 159.82%
11.44% 9.24%
1.3945714376 3.87
11.59% 29.68%
83.02%
7.90%

in China, 19.4% rest of the world)

fade over time.

ve tax rate.
libaba to 37.5% of value (if a liquidity event occurs)
 Base year 1 2 3
Revenue growth rate 27.00% 27.00% 27.00%
Revenues  $       7,911.00   $     10,046.97   $     12,759.65   $     16,204.76 
EBIT (Operating) margin 49.79% 48.81% 47.83% 46.85%
EBIT (Operating income)  $       3,938.72   $       4,903.84   $       6,102.99   $       7,592.18 
Tax rate 11.42% 11.42% 11.42% 11.42%
EBIT(1­t)  $       3,489.03   $       4,343.95   $       5,406.19   $       6,725.36 
 ­ Reinvestment  $       1,067.99   $       1,356.34   $       1,722.55 
FCFF  $       3,275.97   $       4,049.85   $       5,002.81 
NOL  $                  ­     $                  ­     $                  ­     $                  ­   

Cost of capital 8.84% 8.84% 8.84%

Cumulated discount factor 0.9188 0.8442 0.7757
PV(FCFF)  $       3,009.98   $       3,418.91   $       3,880.49 

Terminal cash flow  $       9,590.44 
Terminal cost of capital 8.00%
Terminal value  $   178,592.92 
PV(Terminal value)  $     78,370.71 
PV (CF over next 10 years  $     49,112.91 
Sum of PV  $   127,483.62 
Probability of failure = 0.00%
Proceeds if firm fails = $63,741.81
Value of operating assets =  $   127,483.62 
 ­ Debt  $       6,670.38 
 ­ Minority interests  $                  ­   
 +  Cash  $       7,876.00 
 + IPO Proceeds  $     15,000.00 
 + Non­operating assets  $       5,087.00 
Value of equity  $   148,776.24 
 ­ Value of options $3,189.61 
Value of equity in common  $   145,586.64 
Number of shares           2,368.67 
Estimated value /share  $            61.46 
Price  $            70.00 
Price as % of value 113.89%

Implied variables
Sales to capital ratio 2.00 2.00 2.00
Invested capital  $            4,284   $            5,352   $            6,709   $            8,431 
ROIC 81.44% 81.16% 80.58% 79.77%
 4 5 6 7 8 9
27.00% 27.00% 22.13% 17.25% 12.38% 7.50%
 $     20,580.04   $     26,136.65   $     31,919.65   $     37,426.43   $     42,059.07   $     45,215.18 
45.87% 44.89% 43.92% 42.94% 41.96% 40.98%
 $       9,440.64   $     11,733.78   $     14,017.57   $     16,069.56   $     17,646.97   $     18,528.64 
11.42% 11.42% 14.13% 16.85% 19.57% 22.28%
 $       8,362.77   $     10,394.10   $     12,036.35   $     13,361.77   $     14,194.00   $     14,399.82 
 $       2,187.64   $       2,778.31   $       2,891.50   $       2,753.39   $       2,316.32   $       1,578.06 
 $       6,175.13   $       7,615.79   $       9,144.85   $     10,608.38   $     11,877.68   $     12,821.76 
 $                  ­     $                  ­     $                  ­     $                  ­     $                  ­     $                  ­   

8.84% 8.84% 8.67% 8.50% 8.33% 8.17%

0.7127 0.6548 0.6026 0.5554 0.5126 0.4739
 $       4,400.92   $       4,986.98   $       5,510.51   $       5,891.51   $       6,088.93   $       6,076.60 

2.00 2.00 2.00 2.00 2.00 2.00

 $          10,619   $          13,397   $          16,289   $          19,042   $          21,358   $          22,936 
78.75% 77.58% 73.89% 70.17% 66.46% 62.78%
 10 Terminal year
Check these revenues against
2.63% 2.63% a. Overall market size
 $     46,404.34   $     47,624.78  b. Largest companies in this market
40.00% 40.00%
 $     18,561.74   $     19,049.91  $ 15,111.19 This is is how much your operating income grew
over the ten-year period.
25.00% 25.00%
 $     13,921.30   $     14,287.43 
 $          594.58   $       4,696.99  $ 23,943.67 This is how much capital you
invested over the ten year period.
 $     13,326.72   $       9,590.44 
 $                  ­     $                  ­   

8.00% 8.00%
0.4388
 $       5,848.07 

After year 10
2.00
 $          23,531 
59.16% 8.00%

Compare this return on capital in year 10 against

a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
Valuing Options or Warrants
Enter the current stock price =  $          70.00 
Enter the strike price on the option =  $          12.33 
Enter the expiration of the option = 4.10
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 2.63%
Enter the number of warrants (options) outstan 54.28
Enter the number of shares outstanding = 2,368.67

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 70 # Warrants issued= 54.28
Strike Price= 12.33 # Shares outstanding= 2,369
Adjusted S = 69.748244012 T.Bond rate= 2.63%
Adjusted K = 12.33 Variance= 0.1600
Expiration (in years) = 4.1 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.63%

d1 =  2.6775953305
N (d1) = 0.9962923626

d2 =  1.8676570613
N (d2) = 0.9690950563

Value per option =   $          58.76 
Value of all options outstanding = $3,189.61 
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1–t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your calculated value as a percent of current price

Inputs
Revenue growth rate (input cell B3)
Last period EBIT as % of revenue (Input cell B14)
Sales to Capital Ratio or reinvestment (Input cell B15)
Return on capital in perpetuity (B30 & B31)
 $ 4,284.38
$ 23,531.05
$ 19,246.67
$ 14,623.01
75.98%
59.16%
8.59%
87.80%

If calculated value is negative or looks too low
Increase revenue growth rate
Increase the target pre­tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital
 If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre­tax operating margin  
Increase the sales/capital ratio  
If higher than your cost of capital, lower towards your cost of capital T
 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 3 ! If in doubt, use the lookup table below
Enter the current year's R&D expense =  $            2.43  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 R& D Expenses
­1 2.52 ! Year ­1 is the year prior to the current year
­2 3.38 ! Year ­2 is the two years prior to the current year
­3 2.13
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 2.43 1.00 2.43
­1 2.52 0.67 1.68  $               0.84 
­2 3.38 0.33 1.13  $               1.13 
­3 2.13 0.00 0.00  $               0.71 
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
Value of Research Asset = $5.24  $            2.68 

Amortization of asset for current year = $2.68

Adjustment to Operating Income = ­$0.25 ! A positive number indicates an increase in operating income (add to report

Tax Effect of R&D Expensing ($0)
riate adjustments to operating income, net

If in doubt, use the lookup table below
he maximum allowed is ten years
mined by the amortization period

increase in operating income (add to reported EBIT)
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =  $          94.00 
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $40.80
2 $40.80
3 $40.80
4 $40.80
5 $40.80
6 and beyond $6.00

Output
Pre­tax Cost of Debt = 4.00% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 0 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1  $          40.80   $          39.23 
2  $          40.80   $          37.72 
3  $          40.80   $          36.27 
4  $          40.80   $          34.88 
5  $          40.80   $          33.53 
6 and beyond  $            6.00   $            4.74  ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =  $        186.38 

Restated Financials
Depreciation on Operating Lease Asset =  $          37.28  ! I use straight line depreciation
Adjustment to Operating Earnings = $56.72  ! Add this amount to pre­tax operating incom
Adjustment to Total Debt outstanding =  $        186.38  ! Add this amount to debt
Adjustment to Depreciation = $37.28
nverter
Please enter them.

tic rating estimator

over the first five years
f expenses in yr 6

nnuity for ten years

I use straight line depreciation
Add this amount to pre­tax operating income
Add this amount to debt
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 2368.67
Current Market Price per share =  $                        70.00 

Approach for estimating beta Multibusiness(Global)
If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 1.04
Riskfree Rate = 2.63%
What approach do you want to use to input ERP? Operating countries
Direct input for ERP (if you choose "will input" 5.75%
Equity Risk Premium used in cost of equity = 5.99%

Debt
Book Value of Straight Debt =  $                   6,484.00 
Interest Expense on Debt =  $                      180.00 
Average Maturity = 3
Approach for estimating pre­tax cost of debt Direct input
If direct input, input the pre­tax cost of debt 3.500%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of company 1
Pre­tax Cost of Debt = 4.00%
Tax Rate = 25%

Book Value of Convertible Debt = 0
Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases =  $                      186.38 

Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Output
Estimating Market Value of Straight Debt =  $     6,263.77 
Estimated Value of Straight Debt in Convertible =  $                ­   
Value of Debt in Operating leases =  $        186.38 
Estimated Value of Equity in Convertible =  $                ­   
Levered Beta for equity = 1.075
 Equity Debt  Preferred Stock
Market Value  $               165,806.90   $     6,450.15   $                ­   
Weight in Cost of Capital 96.26% 3.74% 0.00%
Cost of Component 9.06% 3.00% 7.14%
Operating Countries ERP calculator
Country Revenues ERP Weight
China 15637 5.90% 80.59%
Global 3765 6.35% 19.41%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 19402 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 10.04% 0.00%
Asia 3482 6.51% 37.20%
Australia & New Zealand 5.00% 0.00%
Caribbean 12.65% 0.00%
Central and South America 385 8.62% 4.11%
Eastern Europe & Russia 7.96% 0.00%
Global 6.35% 0.00%
Middle East 4680 6.14% 49.99%
North America 814 5.00% 8.70%

Total 9361 100.00%

Multi Business (US Industry Averages)
Business Revenues EV/Sales Estimated Valu
Advertising  $          50.00  1.6748  $          83.74 
Internet  $          50.00  5.5678  $        278.39 
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $ 100.00  $        362.13 
 Capital Multi Business (Global Industry Averages)
 $ 172,257.05  Business Revenues EV/Sales Estimated Valu
100.00% Advertising  $          70.00  1.5982  $        111.87 
8.84% Retail (Internet)  $          30.00  3.1883  $          95.65 
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $ 100.00  $        207.52 
Weighted ERP
4.76%
1.23%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.99%

Weighted ERP
0.0000%
2.4198%
0.0000%
0.0000%
0.3546%
0.0000%
0.0000%
3.0716%
0.4348%

6.2808%

Unlevered Beta
1.1259
1.0235
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0472
Unlevered Beta
0.8911
1.2231
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0441
Inputs for synthetic rating estimation
Please read the special cases worksheet (see below) before you use this spreadsheet.
Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm = 1
Enter current Earnings before interest and taxes (EBIT) =  $     3,938.72  (Add back only long term interest expense f
Enter current interest expenses = $187.46 (Use only long term interest expense for fina
Enter long term risk free rate  = 2.63%
Output
Interest  coverage ratio = 21.01
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the
Estimated Company Default Spread = 0.40% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.60%
Estimated Cost of Debt = 3.63%

 If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
­100000 0.199999 D2/D 12.00%
0.2 0.649999 Caa/CCC 10.50%
0.65 0.799999 Ca2/CC 9.50%
0.8 1.249999 C2/C 8.75%
1.25 1.499999 B3/B- 7.25%
1.5 1.749999 B2/B 6.50%
1.75 1.999999 B1/B+ 5.50%
2 2.2499999 Ba2/BB 4.00%
2.25 2.49999 Ba1/BB+ 3.00%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.30%
4.25 5.499999 A2/A 1.00%
5.5 6.499999 A1/A+ 0.85%
6.5 8.499999 Aa2/AA 0.70%
8.50 100000 Aaa/AAA 0.40%

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D2/D 12.00% Rating is
0.5 0.799999 Caa/CCC 10.50% A1/A+
0.8 1.249999 Ca2/CC 9.50% A2/A
1.25 1.499999 C2/C 8.75% A3/A-
1.5 1.999999 B3/B- 7.25% Aa2/AA
2 2.499999 B2/B 6.50% Aaa/AAA
2.5 2.999999 B1/B+ 5.50% B1/B+
3 3.499999 Ba2/BB 4.00% B2/B
3.5 3.9999999 Ba1/BB+ 3.00% B3/B-
 4 4.499999 Baa2/BBB 2.00% Ba1/BB+
4.5 5.999999 A3/A- 1.30% Ba2/BB
6 7.499999 A2/A 1.00% Baa2/BBB
7.5 9.499999 A1/A+ 0.85% Caa/CCC
9.5 12.499999 Aa2/AA 0.70% Ca2/CC
12.5 100000 Aaa/AAA 0.40% C2/C
D2/D
e this spreadsheet.
ation options in excel) is checked.

Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)

et REF! All over the place, set the operating lease commitment question in cell F5
n reset it to Yes. It should work.

Spread is
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%
 3.00%
4.00%
2.00%
8.75%
9.50%
10.50%
12.00%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising 31 4.60% 11.44%
Aerospace/Defense 66 12.33% 9.99%
Air Transport 35 6.51% 8.04%
Apparel 46 7.48% 10.70%
Auto Parts 54 0.90% 6.88%
Automotive 11 9.66% 6.55%
Bank 375 0.00% NA
Bank (Midwest) 86 0.00% NA
Beverage 36 3.24% 20.46%
Biotechnology 232 23.92% 22.27%
Building Materials 42 4.86% 0.55%
Cable TV 18 8.74% 19.14%
Chemical (Basic) 18 -6.24% 14.15%
Chemical (Diversified) 32 9.02% 15.73%
Chemical (Specialty) 73 11.69% 11.66%
Coal 19 5.79% 10.20%
Computer Software 181 10.34% 26.93%
Computers/Peripherals 68 -0.77% 15.88%
Diversified Co. 123 11.32% 13.18%
Drug 199 23.48% 25.65%
E-Commerce 66 13.83% 12.17%
Educational Services 33 3.59% 12.70%
Electric Util. (Central) 20 -2.25% 18.58%
Electric Utility (East) 17 -9.80% 20.00%
Electric Utility (West) 15 -5.02% 16.88%
Electrical Equipment 60 -2.61% 6.74%
Electronics 99 5.20% 5.97%
Engineering & Const 30 13.10% 5.19%
Entertainment 67 9.04% 21.64%
Entertainment Tech 36 5.45% 14.84%
Environmental 61 16.24% 14.23%
Financial Svcs. (Div.) 225 19.02% 48.76%
Food Processing 104 6.58% 9.23%
Foreign Electronics 10 -9.48% 4.56%
Funeral Services 6 6.73% 14.72%
Furn/Home Furnishings 28 2.97% 6.84%
Healthcare Information 19 7.12% 13.68%
Heavy Truck & Equip 21 3.93% 10.87%
Homebuilding 25 14.61% -17.62%
Hotel/Gaming 53 15.36% 15.20%
Household Products 26 7.33% 16.93%
Human Resources 25 7.68% 3.15%
Industrial Services 122 6.30% 10.23%
Information Services 29 10.26% 19.64%
Insurance (Life) 31 0.00% NA
Insurance (Prop/Cas.) 66 4.96% NA
Internet 145 18.48% 14.24%
Investment Co. 16 32.20% 32.79%
IT Services 55 3.33% 13.66%
Machinery 82 3.47% 12.51%
Maritime 51 -7.04% 10.84%
Med Supp Invasive 74 1.14% 23.03%
Med Supp Non-Invasiv 127 11.25% 7.77%
Medical Services 106 8.35% 10.56%
Metal Fabricating 25 0.74% 13.69%
Metals & Mining (Div.) 71 2.64% 24.25%
Natural Gas (Div.) 30 -4.25% 18.59%
Natural Gas Utility 26 -7.97% 11.95%
Newspaper 12 2.29% 13.30%
Office Equip/Supplies 18 0.49% 6.97%
Oil/Gas Distribution 11 -2.80% 12.54%
Oilfield Svcs/Equip. 80 14.20% 16.01%
Packaging & Container 26 2.70% 9.62%
Paper/Forest Products 29 5.05% 8.71%
Petroleum (Integrated) 28 20.39% 10.63%
Petroleum (Producing) 168 7.01% 24.23%
Pharmacy Services 16 13.34% 4.76%
Pipeline MLPs 62 -1.75% 8.65%
Power 92 -2.13% 7.75%
Precious Metals 74 14.61% 31.98%
Precision Instrument 76 -3.49% 16.03%
Public/Private Equity 20 14.68% 33.10%
Publishing 21 -3.12% 8.10%
R.E.I.T. 131 -5.51% 80.18%
Railroad 13 12.09% 29.50%
Recreation 53 10.80% 12.22%
Reinsurance 12 0.00% NA
Restaurant 67 1.40% 16.31%
Retail (Hardlines) 69 10.42% 8.70%
Retail (Softlines) 41 7.33% 10.85%
Retail Automotive 19 11.71% 6.83%
Retail Building Supply 10 8.37% 9.34%
Retail Store 36 8.73% 5.53%
Retail/Wholesale Food 32 10.91% 3.78%
Securities Brokerage 30 -4.90% 32.05%
Semiconductor 136 -4.41% 18.28%
Semiconductor Equip 10 2.12% 10.34%
Shoe 12 5.03% 11.18%
Steel 32 1.11% 2.99%
Telecom. Equipment 91 1.39% -0.15%
Telecom. Services 61 6.10% 19.86%
Telecom. Utility 24 0.01% 15.94%
Thrift 170 0.00% NA
Tobacco 11 20.51% 23.01%
Toiletries/Cosmetics 15 4.78% 10.51%
Trucking 31 1.26% 7.85%
Water Utility 9 4.44% 27.63%
Wireless Networking 53 11.83% 7.57%
After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity
11.59% 16.81% 1.13 1.30 9.54%
18.08% 23.03% 0.87 0.92 7.62%
16.80% 26.03% 0.92 1.07 8.37%
14.62% 18.85% 1.17 1.20 9.06%
14.06% 17.88% 1.50 1.66 11.35%
6.10% 17.79% 1.14 1.70 11.52%
NA 17.91% 0.62 0.88 7.45%
NA 21.88% 0.86 0.95 7.80%
13.87% 17.04% 0.71 0.81 7.08%
16.57% 2.63% 1.27 1.24 9.22%
-0.38% 11.27% 1.28 1.69 11.50%
11.44% 20.75% 0.71 0.96 7.83%
15.30% 21.56% 1.20 1.32 9.63%
15.21% 21.15% 1.24 1.32 9.62%
14.17% 15.52% 1.03 1.13 8.71%
7.65% 9.47% 0.89 1.44 10.26%
25.52% 13.43% 0.90 0.85 7.28%
29.07% 7.63% 1.29 1.28 9.45%
8.83% 20.27% 0.88 1.15 8.79%
16.78% 5.89% 0.99 1.04 8.25%
9.11% 10.24% 0.82 0.82 7.13%
25.71% 21.44% 0.85 0.78 6.93%
6.29% 28.85% 0.35 0.55 5.77%
5.45% 31.06% 0.26 0.39 4.99%
6.45% 28.24% 0.37 0.54 5.76%
4.41% 16.78% 1.34 1.35 9.77%
12.06% 11.65% 1.10 1.14 8.74%
13.83% 19.88% 1.15 1.10 8.56%
11.79% 14.87% 1.18 1.33 9.71%
14.97% 11.45% 1.33 1.06 8.35%
7.15% 10.82% 0.34 0.45 5.31%
11.19% 16.74% 0.95 1.19 8.98%
12.40% 21.85% 0.76 0.85 7.29%
6.75% 31.10% 1.15 1.11 8.57%
8.41% 27.80% 0.81 1.01 8.11%
10.10% 19.54% 1.33 1.39 10.01%
10.00% 18.01% 1.08 1.07 8.37%
15.04% 20.13% 1.46 1.79 12.01%
-17.93% 7.09% 1.40 1.79 11.98%
10.23% 14.48% 1.14 1.49 10.47%
14.72% 23.88% 0.86 0.94 7.75%
11.69% 25.63% 1.50 1.47 10.40%
7.45% 20.04% 0.68 0.93 7.68%
12.07% 17.00% 1.02 1.14 8.73%
NA 20.49% 1.66 1.62 11.14%
NA 12.62% 0.81 0.81 7.09%
25.22% 11.27% 1.02 0.95 7.77%
93.10% 21.82% 1.47 1.19 9.01%
28.42% 18.61% 0.94 0.90 7.56%
11.76% 24.47% 1.09 1.19 8.99%
3.33% 5.99% 0.71 1.48 10.46%
16.28% 15.02% 0.92 0.97 7.87%
19.25% 11.14% 0.87 0.88 7.45%
13.73% 18.76% 0.73 0.91 7.60%
13.72% 16.65% 1.31 1.41 10.07%
13.22% 11.84% 1.22 1.39 9.98%
5.47% 19.04% 1.04 1.29 9.51%
6.31% 25.74% 0.40 0.56 5.83%
12.66% 29.11% 1.90 2.01 13.08%
10.97% 22.90% 0.94 1.14 8.72%
6.46% 17.33% 0.67 1.01 8.11%
9.70% 19.53% 1.29 1.47 10.37%
11.37% 23.58% 0.87 1.09 8.48%
8.49% 12.27% 0.93 1.17 8.91%
12.64% 30.70% 1.01 1.07 8.38%
11.54% 13.09% 1.23 1.48 10.42%
8.27% 23.64% 0.90 1.00 8.05%
7.70% 5.50% 0.41 0.56 5.85%
3.17% 8.99% 0.73 1.50 10.53%
8.98% 10.50% 0.73 0.83 7.19%
13.41% 13.41% 1.08 1.12 8.65%
13.90% 20.12% 1.58 1.67 11.40%
8.55% 23.36% 0.92 1.13 8.70%
12.59% 0.50% 0.98 1.35 9.77%
12.36% 30.96% 1.24 1.40 10.03%
9.17% 20.89% 1.15 1.37 9.87%
NA 6.53% 0.90 0.81 7.08%
19.44% 22.49% 0.94 1.00 8.04%
14.89% 23.83% 1.60 1.68 11.44%
35.44% 26.53% 1.33 1.27 9.41%
9.54% 32.89% 1.04 1.27 9.40%
16.18% 24.71% 1.10 1.17 8.90%
13.70% 23.46% 1.05 1.18 8.95%
11.65% 29.85% 0.68 0.78 6.95%
5.43% 24.32% 0.80 1.18 8.95%
18.03% 11.02% 1.44 1.38 9.93%
9.54% 20.20% 1.88 1.73 11.71%
26.04% 23.43% 1.39 1.32 9.62%
2.14% 26.96% 1.22 1.66 11.36%
-6.38% 17.41% 1.27 1.05 8.27%
12.19% 17.82% 0.90 1.05 8.30%
9.15% 19.76% 0.47 0.77 6.87%
NA 16.03% 0.79 0.69 6.51%
33.57% 33.51% 0.81 0.88 7.45%
17.09% 29.96% 0.97 1.03 8.18%
12.48% 27.33% 1.19 1.40 10.05%
6.15% 34.28% 0.31 0.45 5.27%
4.09% 11.06% 0.93 1.18 8.96%
Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
83.02% 5.54% 26.35% 7.90% 1.39 1.67
44.75% 4.04% 16.46% 6.77% 2.67 1.31
63.96% 4.54% 30.31% 6.66% 2.72 1.01
67.00% 5.04% 8.57% 8.54% 1.92 2.08
51.50% 4.54% 18.11% 9.78% 2.53 0.93
49.51% 4.04% 46.62% 7.28% 1.32 0.98
43.18% 4.04% 45.74% 5.15% NA NA
32.12% 4.04% 24.39% 6.49% NA NA
47.98% 4.04% 18.12% 6.24% 0.86 3.59
83.67% 5.54% 11.16% 8.56% 0.93 8.17
76.77% 5.04% 30.25% 8.94% 1.07 1.64
37.32% 4.04% 35.25% 5.92% 0.86 2.62
38.16% 4.04% 18.89% 8.27% 1.42 1.59
44.72% 4.04% 14.84% 8.56% 1.38 2.07
60.60% 4.54% 16.36% 7.73% 1.70 1.71
46.07% 4.04% 43.67% 6.84% 0.87 1.40
67.14% 5.04% 7.05% 6.98% 1.26 4.09
77.26% 5.04% 7.89% 8.95% 2.45 1.67
57.21% 4.54% 37.79% 6.50% 0.86 2.18
84.78% 5.54% 11.62% 7.67% 0.82 4.06
72.45% 5.04% 7.30% 6.83% 1.00 6.01
81.04% 5.54% 12.53% 6.47% 3.30 1.02
14.80% 3.54% 44.44% 4.15% 0.49 2.61
13.08% 3.54% 44.17% 3.73% 0.40 3.09
14.11% 3.54% 41.24% 4.26% 0.51 2.46
67.15% 5.04% 10.49% 9.06% 1.46 1.91
75.34% 5.04% 15.50% 7.85% 2.68 0.83
56.11% 4.54% 10.59% 7.95% 3.76 0.61
61.01% 4.54% 16.95% 8.52% 0.79 3.31
49.47% 4.04% 6.01% 8.00% 1.27 1.96
77.98% 5.04% 28.42% 4.66% 0.76 2.36
54.62% 4.54% 35.09% 6.79% 0.32 5.48
51.38% 4.54% 17.03% 6.52% 1.78 1.40
29.83% 4.04% 24.76% 7.05% 2.23 0.54
25.91% 4.04% 28.09% 6.51% 0.85 2.24
45.61% 4.04% 12.04% 9.10% 1.94 1.34
54.31% 4.54% 7.71% 7.93% 1.11 4.74
39.16% 4.04% 29.49% 9.18% 1.95 1.14
41.47% 4.04% 35.22% 8.61% 0.94 1.84
58.46% 4.54% 30.65% 8.10% 0.81 3.10
40.37% 4.04% 13.70% 7.02% 1.19 2.65
50.44% 4.54% 8.33% 9.76% 6.09 0.52
58.23% 4.54% 37.91% 5.80% 1.04 1.56
55.92% 4.54% 16.06% 7.76% 0.83 4.05
29.38% 4.04% 26.98% 8.79% NA NA
27.38% 4.04% 17.91% 6.25% NA NA
90.80% 6.04% 2.34% 7.67% 2.29 5.57
66.00% 5.04% 5.35% 8.69% 3.59 3.05
51.20% 4.54% 5.29% 7.31% 2.79 2.13
47.09% 4.04% 16.62% 7.90% 1.32 1.92
75.61% 5.04% 57.16% 6.21% 0.36 2.99
55.16% 4.54% 12.93% 7.20% 0.92 3.13
62.14% 4.54% 9.09% 7.02% 3.35 1.11
72.79% 5.04% 31.09% 6.18% 2.00 0.92
57.52% 4.54% 15.91% 8.90% 1.44 1.71
82.87% 5.54% 19.45% 8.68% 0.79 2.17
43.11% 4.04% 26.18% 7.66% 0.40 4.09
29.29% 4.04% 37.22% 4.56% 0.74 2.12
42.63% 4.04% 16.94% 11.27% 1.31 2.13
56.56% 4.54% 31.65% 6.82% 2.20 0.66
37.38% 4.04% 39.32% 5.88% 0.66 2.49
53.47% 4.54% 20.69% 8.79% 0.80 2.16
44.69% 4.04% 28.58% 6.75% 1.62 1.29
43.52% 4.04% 27.43% 7.13% 1.39 1.32
47.09% 4.04% 17.47% 7.34% 2.04 0.67
72.91% 5.04% 21.52% 8.83% 0.75 1.94
55.91% 4.54% 15.78% 7.21% 2.73 0.76
22.33% 3.54% 29.46% 4.75% 0.92 2.12
88.17% 5.54% 57.27% 6.40% 0.61 1.72
66.24% 5.04% 25.52% 6.13% 0.39 2.03
57.51% 4.54% 13.23% 7.86% 1.00 2.66
33.66% 4.04% 21.60% 9.46% 0.48 3.21
54.21% 4.54% 26.84% 7.09% 1.53 1.44
29.77% 4.04% 30.52% 7.53% 0.17 7.13
32.21% 4.04% 17.33% 8.71% 0.64 3.98
46.18% 4.04% 23.96% 8.08% 0.95 2.03
20.86% 3.54% 13.79% 6.39% NA NA
53.50% 4.54% 11.67% 7.42% 1.72 2.71
52.44% 4.54% 11.18% 10.46% 2.55 1.87
56.84% 4.54% 4.77% 9.09% 5.21 1.27
36.44% 4.04% 28.17% 7.43% 2.17 1.08
28.59% 4.04% 9.81% 8.27% 2.71 1.51
40.98% 4.04% 18.54% 7.74% 3.68 0.65
30.14% 4.04% 23.34% 5.90% 4.53 0.54
43.92% 4.04% 63.94% 4.78% 0.27 4.35
49.52% 4.04% 9.85% 9.19% 1.20 2.78
36.83% 4.04% 11.65% 10.63% 1.19 2.07
49.98% 4.04% 3.79% 9.34% 3.14 2.06
39.65% 4.04% 38.89% 7.88% 1.15 0.84
61.81% 4.54% 11.02% 7.66% 2.05 1.59
62.49% 4.54% 25.17% 6.90% 0.92 2.00
41.97% 4.04% 47.08% 4.77% 0.79 1.86
34.84% 4.04% 8.01% 6.18% NA NA
30.12% 4.04% 16.33% 6.63% 2.13 2.41
38.40% 4.04% 15.71% 7.27% 2.57 1.73
42.67% 4.04% 23.56% 8.26% 2.36 1.06
14.75% 3.54% 40.25% 4.01% 0.33 4.34
62.14% 4.54% 28.78% 7.17% 0.70 3.28
EV/EBITDA EV/EBIT Price/Book Trailing PE
10.91 14.64 3.24 49.37
10.54 13.08 4.58 24.32
7.89 12.56 5.00 16.16
15.70 19.42 4.60 21.97
9.56 13.48 2.90 23.26
8.76 15.02 1.59 12.65
5.40 5.40 1.21 18.14
5.43 5.43 1.59 18.57
14.36 17.56 4.79 28.96
28.37 36.70 6.46 63.71
26.98 298.53 2.42 755.50
8.03 13.68 5.24 25.95
8.37 11.25 2.76 14.55
10.11 13.16 3.47 22.16
10.92 14.68 3.91 30.18
6.97 13.73 1.43 36.36
12.98 15.20 4.28 65.03
8.69 10.53 4.06 51.52
12.68 16.55 2.91 28.68
11.84 15.82 3.85 49.11
30.97 49.33 6.33 150.17
5.95 8.02 2.93 24.10
8.51 14.04 1.62 16.69
9.56 15.46 1.54 16.67
8.32 14.60 1.54 16.85
18.40 28.29 2.89 23.36
9.61 13.95 2.41 25.26
9.17 11.81 2.26 22.41
12.88 15.27 3.50 25.36
10.01 13.18 1.92 20.10
10.35 16.55 2.56 28.06
10.58 11.24 2.36 26.69
12.04 15.15 3.27 31.35
5.39 11.74 1.21 34.22
11.69 15.25 2.87 22.40
14.07 19.64 2.95 22.35
21.11 34.62 5.37 1058.24
8.23 10.51 3.58 19.88
NA NA 2.25 25.56
13.81 20.37 5.45 37.99
13.13 15.63 4.38 21.02
13.14 16.57 3.20 26.37
11.24 15.25 2.35 37.63
14.48 20.62 5.10 214.35
1.51 1.51 1.03 14.72
299.00 301.42 1.36 17.61
27.77 39.09 6.83 149.75
8.17 9.31 3.92 22.44
12.62 15.60 5.20 36.04
11.60 15.31 3.24 27.41
12.20 27.61 1.20 33.50
10.99 13.61 3.32 31.42
11.73 14.28 3.92 42.85
7.18 8.72 2.55 28.01
9.92 12.49 2.88 19.53
6.71 8.96 1.93 94.26
8.25 22.00 2.00 51.23
11.43 17.75 2.30 17.95
11.17 15.98 3.48 26.37
6.33 9.43 1.67 20.21
13.84 19.83 2.71 26.58
8.89 13.50 1.99 31.86
9.05 13.43 3.35 21.90
8.97 15.10 2.46 22.48
4.62 6.34 1.44 17.57
5.04 8.00 1.62 51.32
11.70 15.88 2.48 15.14
16.96 24.45 3.18 40.98
9.78 22.23 1.11 206.85
4.55 6.34 0.77 18.03
12.13 16.62 2.96 32.15
8.95 9.70 1.62 23.33
10.62 17.80 3.52 18.78
7.71 8.89 1.26 19.03
10.43 13.48 3.60 21.75
11.30 16.58 2.53 26.53
37.10 37.10 0.92 10.51
12.96 16.61 7.29 35.82
15.81 21.50 6.80 24.22
9.12 11.69 5.72 23.20
12.73 15.83 4.47 20.02
12.95 16.19 5.64 31.29
8.65 11.83 3.24 23.95
9.51 14.31 3.78 29.78
12.02 13.58 1.35 28.12
9.35 15.19 3.12 41.18
11.55 19.97 2.28 41.76
15.75 18.40 5.11 21.06
10.62 27.92 0.94 24.37
42.19 NA 2.40 33.44
5.68 10.05 2.25 108.85
5.42 11.68 2.38 20.70
5.52 5.52 1.32 55.55
9.71 10.48 14.45 16.95
12.81 16.48 7.13 29.82
7.72 13.47 4.02 21.22
10.65 15.69 1.97 21.52
16.11 43.41 3.95 74.73
Industry Name Number of firms Unlevered beta corrected for cas Market D/E Ratio
Advertising 243 0.89 29.21%
Aerospace/Defense 207 0.91 20.64%
Air Transport 157 0.60 112.37%
Apparel 1170 0.82 20.20%
Auto & Truck 129 0.85 79.90%
Auto Parts 609 1.11 28.99%
Bank 580 0.40 292.47%
Banks (Regional) 947 0.50 108.37%
Beverage 107 0.89 22.46%
Beverage (Alcoholic) 209 0.71 23.02%
Biotechnology 707 1.03 8.69%
Broadcasting 134 1.08 34.41%
Brokerage & Investment Banking 521 0.35 319.89%
Building Materials 414 0.81 36.58%
Business & Consumer Services 714 0.77 24.95%
Cable TV 63 0.72 50.82%
Chemical (Basic) 735 0.92 14.60%
Chemical (Diversified) 84 1.02 38.57%
Chemical (Specialty) 681 0.88 22.78%
Coal & Related Energy 322 0.90 57.62%
Computer Services 939 0.87 18.06%
Computer Software 1059 1.02 8.12%
Computers/Peripherals 316 1.11 13.70%
Construction 477 0.68 52.37%
Diversified 341 0.59 71.91%
Educational Services 161 0.79 27.72%
Electrical Equipment 863 0.98 25.40%
Electronics 1167 1.07 25.77%
Electronics (Consumer & Office) 185 1.04 42.70%
Engineering 1167 0.86 85.93%
Entertainment 352 0.87 27.07%
Environmental & Waste Services 312 0.86 37.33%
Farming/Agriculture 341 0.66 45.02%
Financial Svcs. 548 0.21 512.70%
Financial Svcs. (Non-bank & Insuranc 133 0.28 297.89%
Food Processing 1201 0.66 26.33%
Food Wholesalers 115 0.59 79.91%
Furn/Home Furnishings 319 0.87 23.46%
Healthcare Equipment 448 0.81 16.06%
Healthcare Facilities 170 0.49 75.84%
Healthcare Products 159 0.81 15.03%
Healthcare Services 322 0.70 30.65%
Heathcare Information and Technolog 278 1.02 15.72%
Heavy Construction 335 0.95 58.48%
Homebuilding 164 1.04 55.58%
Hotel/Gaming 648 0.74 34.47%
Household Products 458 0.76 14.12%
Information Services 177 0.79 11.07%
Insurance (General) 235 0.66 41.00%
Insurance (Life) 121 1.05 51.73%
Insurance (Prop/Cas.) 219 0.63 32.80%
Internet software and services 706 1.10 3.96%
Investment Co. 433 0.58 85.62%
Machinery 1270 1.01 21.45%
Metals & Mining 1691 1.03 38.74%
Office Equipment & Services 161 0.62 38.62%
Oil/Gas (Integrated) 53 1.04 30.51%
Oil/Gas (Production and Exploration) 1172 0.74 87.13%
Oil/Gas Distribution 199 0.73 56.54%
Oilfield Svcs/Equip. 593 0.92 37.39%
Packaging & Container 398 0.64 46.63%
Paper/Forest Products 303 0.62 78.76%
Pharma & Drugs 820 0.83 12.89%
Power 743 0.49 101.76%
Precious Metals 1181 1.15 31.00%
Publshing & Newspapers 390 0.77 33.16%
R.E.I.T. 49 0.13 551.46%
Railroad 54 0.58 47.73%
Real Estate 422 0.70 77.67%
Real Estate (Development) 647 0.31 352.08%
Real Estate (Operations & Services) 481 0.55 78.73%
Recreation 286 0.86 27.88%
Reinsurance 37 0.89 34.27%
Restaurant 304 0.64 30.25%
Retail (Automotive) 148 0.64 58.65%
Retail (Building Supply) 50 0.74 29.98%
Retail (Distributors) 848 0.57 89.94%
Retail (General) 229 0.73 45.48%
Retail (Grocery and Food) 174 0.53 55.81%
Retail (Internet) 118 1.22 6.14%
Retail (Special Lines) 543 0.80 29.07%
Rubber& Tires 93 0.93 40.19%
Semiconductor 559 1.34 13.62%
Semiconductor Equip 263 1.23 18.75%
Shipbuilding & Marine 356 0.64 94.62%
Shoe 92 0.90 11.17%
Steel 714 0.78 88.91%
Telecom (Wireless) 116 0.75 40.71%
Telecom. Equipment 525 1.13 15.03%
Telecom. Services 317 0.57 66.59%
Thrift 281 0.02 3737.43%
Tobacco 53 0.61 17.47%
Tranportation 228 0.71 47.23%
Trucking 191 0.56 72.28%
Utility (General) 55 0.43 95.19%
Utility (Water) 97 0.61 52.46%
Grand Total 40943 0.64 98.96%
Market Debt to CapitalEffective tax rate Dividend Payout Net Margin Pre-tax Operating Margi ROE
22.60% 17.09% 45.34% 4.06% 9.24% 9.99%
17.11% 13.25% 35.52% 5.55% 9.50% 17.77%
52.91% 15.59% 38.95% 2.33% 5.93% 7.99%
16.80% 14.75% 39.23% 6.63% 14.05% 12.94%
44.41% 13.90% 27.00% 4.52% 5.86% 13.13%
22.47% 18.98% 18.30% 4.23% 6.73% 12.75%
74.52% 18.14% 55.19% 27.02% 1.29% 11.61%
52.01% 19.85% 22.18% 22.31% 0.52% 8.16%
18.34% 10.40% 48.83% 10.13% 14.54% 22.39%
18.71% 18.10% 31.09% 17.36% 20.22% 23.05%
8.00% 2.91% 48.09% 6.81% 15.51% 6.60%
25.60% 17.82% 33.53% 14.14% 18.16% 21.25%
76.18% 11.69% 26.21% 9.22% 1.79% 7.73%
26.79% 18.24% 43.43% 3.00% 7.11% 6.42%
19.97% 17.75% 49.04% 3.99% 8.69% 12.35%
33.70% 15.62% 29.69% 7.69% 18.88% 21.29%
12.74% 15.40% 54.60% 4.17% 8.94% 8.80%
27.83% 22.63% 47.41% 4.76% 7.53% 12.91%
18.55% 17.61% 38.20% 7.99% 11.62% 14.62%
36.56% 6.27% NA -0.97% 6.13% -2.01%
15.30% 17.30% 26.59% 5.02% 7.98% 19.46%
7.51% 11.78% 28.01% 16.92% 23.07% 18.21%
12.05% 11.98% 30.46% 7.48% 10.59% 20.02%
34.37% 14.84% 53.84% 5.41% 11.54% 7.79%
41.83% 14.26% 34.41% 5.98% 9.18% 11.78%
21.70% 14.13% 51.20% 2.61% 9.19% 4.28%
20.26% 13.53% 61.98% 3.19% 7.14% 6.89%
20.49% 13.29% 30.48% 3.54% 5.67% 7.43%
29.92% 13.96% 48.63% 1.77% 3.78% 4.92%
46.22% 16.25% 74.17% 1.92% 4.84% 7.57%
21.30% 9.04% 20.35% 11.53% 17.28% 15.37%
27.18% 11.45% 61.28% 3.46% 9.72% 7.40%
31.04% 13.19% 48.66% 2.32% 4.13% 5.95%
83.68% 17.33% 33.81% 11.77% 7.92% 6.26%
74.87% 12.60% 15.41% 16.67% 5.14% 7.99%
20.84% 16.40% 69.45% 4.88% 8.36% 12.12%
44.42% 17.20% 44.01% 1.34% 2.95% 12.77%
19.00% 16.03% 33.16% 4.27% 7.08% 13.00%
13.83% 8.83% 36.54% 9.12% 18.70% 11.74%
43.13% 16.65% 71.59% 3.53% 10.59% 15.02%
13.06% 12.66% 30.87% 7.85% 12.86% 11.37%
23.46% 17.26% 22.43% 2.38% 4.99% 11.96%
13.58% 7.88% 30.60% 6.35% 12.33% 8.46%
36.90% 17.11% 53.79% 3.13% 6.60% 8.67%
35.72% 16.65% 16.67% 5.63% 5.52% 10.57%
25.63% 12.36% 58.09% 5.82% 12.65% 8.37%
12.37% 14.13% 75.58% 9.09% 14.84% 18.15%
9.97% 17.57% 25.60% 15.11% 24.03% 22.69%
29.08% 13.95% 45.22% 3.83% 8.75% 7.18%
 34.09% 18.80% 34.92% 4.69% 8.72% 9.37%
24.70% 15.06% 24.53% 7.02% 11.08% 12.24%
3.81% 8.65% 6.85% 14.93% 19.41% 13.84%
46.13% 6.96% 34.66% 18.51% 13.91% 10.15%
17.66% 17.45% 36.51% 5.80% 9.05% 10.97%
27.92% 3.58% 316.32% 1.41% 13.41% 1.65%
27.86% 17.66% 45.05% 3.39% 8.05% 9.81%
23.38% 24.53% 30.85% 7.34% 10.15% 15.23%
46.56% 6.93% 45.72% 10.79% -5.04% 8.23%
36.12% 9.63% 108.55% 4.24% 8.21% 11.22%
27.21% 13.98% 33.27% 2.37% 4.48% 11.41%
31.80% 17.72% 44.40% 3.62% 8.01% 9.57%
44.06% 12.53% 114.34% 1.39% 5.75% 2.59%
11.41% 13.54% 50.49% 14.89% 21.35% 16.90%
50.44% 14.72% 64.23% 5.28% 11.62% 7.65%
23.66% 2.16% NA -20.01% 9.83% -11.36%
24.90% 15.19% 187.87% 1.66% 8.19% 2.87%
84.65% 2.32% 84.29% 72.66% 1.25% 12.51%
32.31% 25.54% 26.19% 11.61% 19.80% 12.90%
43.72% 13.99% 26.13% 15.48% 13.73% 8.56%
77.88% 17.32% 34.06% 19.06% 22.85% 14.43%
44.05% 12.90% 25.16% 25.07% 29.44% 9.81%
21.80% 17.48% 40.63% 6.72% 11.23% 11.56%
25.52% 10.81% 32.45% 7.16% 11.06% 10.68%
23.23% 21.05% 50.33% 5.48% 12.50% 17.79%
36.97% 18.79% 22.32% 2.43% 4.75% 16.48%
23.07% 26.05% 36.81% 4.51% 7.93% 15.90%
47.35% 19.04% 34.70% 2.57% 3.84% 10.06%
31.26% 23.63% 35.52% 2.86% 5.12% 13.49%
35.82% 26.17% 46.19% 2.17% 4.38% 14.30%
5.78% 13.55% 8.66% 3.13% 4.77% 14.86%
22.52% 20.75% 34.63% 3.98% 8.29% 14.99%
28.67% 20.06% 20.20% 5.72% 10.00% 17.79%
11.99% 9.04% 29.08% 10.24% 13.92% 14.76%
15.79% 9.61% 170.91% 1.34% 4.92% 1.32%
48.62% 12.58% 110.06% 2.22% 7.90% 3.14%
10.05% 20.41% 30.99% 7.50% 10.69% 18.98%
47.06% 12.97% NA -0.21% 3.56% -0.48%
28.93% 15.35% 41.95% 13.08% 16.56% 18.12%
13.07% 9.56% 75.82% 3.76% 9.74% 5.87%
39.97% 12.92% 100.99% 5.24% 15.09% 8.85%
97.39% 18.73% 1.49% 150.80% 1.37% -92.45%
14.87% 20.52% 63.20% 17.97% 28.82% 53.36%
32.08% 20.49% 46.54% 5.12% 8.62% 15.64%
41.96% 23.30% 27.32% 2.89% 8.12% 9.12%
48.77% 25.18% 102.76% 3.38% 10.82% 7.01%
34.41% 15.09% 46.04% 20.10% 28.18% 14.98%
49.74% 13.40% 37.49% 5.74% 8.63% 10.49%
ROIC Sales/Capital EV/Sales Revenue Growth rate: Last 5 year Expected Earnings growth: Next 5 years
29.68% 3.87 1.60 5.04% 16.29%
38.24% 4.64 1.40 4.86% 13.36%
6.49% 1.30 1.11 7.67% 19.39%
18.76% 1.57 1.78 6.38% 20.51%
7.83% 1.55 0.92 6.71% 22.72%
14.35% 2.63 0.78 6.04% 18.26%
0.11% 0.10 9.84 8.98% 12.38%
0.10% 0.24 4.12 6.44% 8.34%
22.04% 1.69 2.42 6.04% 12.59%
15.32% 0.93 3.55 6.88% 10.94%
12.88% 0.86 9.58 11.03% 32.55%
17.39% 1.17 2.78 4.12% 11.19%
0.28% 0.18 5.98 4.59% 17.90%
10.13% 1.74 1.15 5.37% 17.79%
21.52% 3.01 1.39 7.52% 16.51%
19.08% 1.20 3.17 10.40% 11.06%
11.00% 1.45 2.68 6.09% 22.47%
9.92% 1.70 1.16 2.78% 22.26%
15.00% 1.57 1.62 8.57% 16.90%
8.98% 1.56 0.99 15.68% -0.79%
27.79% 4.21 1.03 6.29% 13.73%
38.49% 1.89 4.05 7.96% 21.44%
29.25% 3.14 1.20 -0.84% 16.87%
9.78% 0.99 1.72 6.24% 21.19%
7.86% 1.00 1.57 7.97% 15.32%
12.71% 1.61 1.60 8.79% 19.76%
12.91% 2.09 1.29 4.67% 21.87%
9.83% 2.00 0.97 2.29% 19.03%
8.06% 2.48 0.59 2.59% 21.94%
9.89% 2.44 0.62 6.18% 18.17%
23.13% 1.47 2.81 2.02% 25.22%
15.96% 1.86 1.74 8.64% 14.17%
6.55% 1.82 0.78 8.82% 19.48%
0.40% 0.06 13.99 9.27% 17.22%
0.64% 0.14 7.55 19.67% 14.34%
14.58% 2.09 1.39 7.16% 18.55%
14.29% 5.84 0.37 2.07% 14.61%
17.16% 2.88 0.91 3.04% 25.90%
25.53% 1.50 2.86 7.64% 17.56%
11.50% 1.30 1.77 12.96% 24.78%
16.25% 1.45 3.02 16.82% 17.06%
30.18% 7.31 0.58 12.41% 15.91%
17.89% 1.57 3.25 8.13% 18.02%
8.46% 1.55 1.16 3.60% 15.03%
5.48% 1.19 1.22 3.48% 7.33%
10.93% 0.99 2.60 9.11% 22.06%
27.19% 2.13 2.47 8.81% 17.01%
46.09% 2.33 4.18 6.21% 15.05%
12.88% 1.71 0.81 9.69% 13.58%
12.09% 1.71 0.95 12.08% 13.40%
13.02% 1.38 1.00 7.94% 15.06%
23.77% 1.34 6.76 9.58% 25.78%
4.46% 0.34 4.97 -2.32% 11.70%
13.46% 1.80 1.50 2.08% 18.51%
11.73% 0.91 1.88 9.15% 11.14%
14.30% 2.16 1.06 0.82% 13.47%
12.66% 1.65 0.80 6.66% 35.36%
-1.47% 0.31 4.50 12.46% 19.72%
8.65% 1.17 1.96 11.09% 15.43%
13.66% 3.55 0.58 9.00% 20.49%
11.57% 1.76 1.15 6.04% 15.75%
5.19% 1.03 1.18 2.19% 17.78%
21.64% 1.17 3.59 12.16% 21.07%
6.65% 0.67 1.86 12.80% 9.97%
5.17% 0.54 2.21 29.33% -1.21%
11.77% 1.70 1.57 0.47% 8.91%
0.03% 0.03 32.55 20.47% 5.47%
7.92% 0.54 2.76 4.64% 11.23%
3.68% 0.31 3.59 3.78% 17.10%
9.44% 0.50 6.77 13.65% 25.13%
5.31% 0.21 6.19 11.14% 12.35%
11.71% 1.26 1.84 2.77% 18.68%
13.03% 1.32 0.83 13.21% 8.41%
16.11% 1.63 2.05 5.91% 15.64%
11.44% 2.97 0.75 9.04% 19.76%
11.86% 2.02 1.25 4.20% 22.18%
6.19% 1.99 0.67 5.91% 14.68%
10.77% 2.76 0.75 8.91% 13.60%
11.05% 3.42 0.61 6.59% 14.50%
27.88% 6.75 3.19 9.44% 29.50%
15.98% 2.43 1.17 4.59% 14.41%
14.48% 1.81 0.94 6.75% 16.88%
18.11% 1.43 1.81 2.98% 20.75%
4.57% 1.03 2.41 -0.13% 20.03%
4.98% 0.72 1.65 3.58% 16.52%
20.37% 2.39 1.71 8.24% 13.36%
4.27% 1.38 0.80 1.63% 20.35%
13.56% 0.97 2.29 8.86% 13.91%
17.10% 1.94 1.75 4.09% 16.31%
13.89% 1.06 1.84 7.03% 9.14%
0.02% 0.02 60.82 9.30% 10.42%
55.99% 2.44 3.52 9.63% 10.78%
11.79% 1.72 1.36 11.70% 11.57%
9.39% 1.51 1.08 1.87% 14.48%
8.66% 1.07 1.27 4.05% 4.99%
8.97% 0.37 4.43 9.67% 16.97%
5.11% 0.77 1.76 8.94% 16.07%
: Next 5 years
Country Marginal tax rate
Abu Dhabi 19.22%
Albania 10.00%
Andorra 21.21%
Angola 35.00%
Anguilla 28.10%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 16.38%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 26.88%
Benin 28.10%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovi 10.00%
Botswana 22.00%
Brazil 34.00%
British Virgin Islands 14.92%
Bulgaria 10.00%
Burkina Faso 28.10%
Cambodia 20.00%
Cameroon 28.10%
Canada 26.00%
Cape Verde 28.10%
Cayman Islands 0.00%
Channel Islands 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Cook Islands 0.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 14.92%
Curacao 27.50%
Cyprus 12.50%
Czech Republic 19.00%
Democratic Republic  28.10%
Denmark 25.00%
Dominican Republic 29.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Islands 26.88%
Fiji 20.00%
Finland 24.50%
France 33.33%
Gabon 28.10%
Georgia 15.00%
Germany 29.55%
Ghana 21.21%
Greece 26.00%
Greenland 21.21%
Guatemala 31.00%
Honduras 35.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 25.00%
Italy 31.40%
Ivory Coast 28.10%
Jamaica 25.00%
Japan 38.01%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Kuwait 15.00%
Kyrgyzstan 16.38%
Laos 23.63%
Latvia 15.00%
Lebanon 19.22%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Marshall Islands 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 16.38%
Monaco 21.21%
Mongolia 23.63%
Montenegro 9.00%
Montserrat 14.92%
Morocco 28.10%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
Netherlands Antilles 14.92%
New Zealand 28.00%
Nicaragua 26.88%
Niger 28.10%
Nigeria 30.00%
Norway 28.00%
Oman 12.00%
Pakistan 35.00%
Palestinian Authority 19.22%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 25.00%
Qatar 10.00%
Ras Al Kaminah 19.22%
Republic of the Cong 28.10%
Reunion 28.10%
Romania 16.00%
Russia 20.00%
Rwanda 28.10%
Saudi Arabia 20.00%
Senegal 28.10%
Serbia 15.00%
Sierra Leone 28.10%
Singapore 17.00%
Slovakia 23.00%
Slovenia 17.00%
South Africa 28.00%
South Korea 24.20%
Spain 30.00%
Sri Lanka 28.00%
St. Maarten 14.92%
St. Vincent & the Gre 14.92%
Sudan 35.00%
Suriname 26.88%
Sweden 22.00%
Switzerland 18.01%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 28.10%
Trinidad & Tobago 25.00%
Tunisia 30.00%
Turkey 20.00%
Turks & Caicos Islan 28.10%
Uganda 30.00%
Ukraine 19.00%
United Arab Emirates 55.00%
United Kingdom 23.00%
United States 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 25.00%
Zambia 35.00%
Zimbabwe 25.75%

Region Tax Rate

Africa 28.10%
Asia 23.63%
Australia & New Zealan 26.00%
Caribbean 14.92%
Central and South Amer 26.88%
Eastern Europe & Russi 16.38%
Middle East 19.22%
North America 33.00%
Western Europe 21.21%
Global 22.04%
Country Long­Term RatingAdj. Default Spread
Abu Dhabi Aa2 0.50%
Albania B1 4.50%
Andorra A3 1.20%
Angola Ba3 3.60%
Argentina B3 6.50%
Armenia Ba2 3.00%
Aruba Baa1 1.60%
Australia Aaa 0.00%
Austria Aaa 0.00%
Azerbaijan Baa3 2.20%
Bahamas Baa1 1.60%
Bahrain Baa2 1.90%
Bangladesh Ba3 3.60%
Barbados Ba1 2.50%
Belarus B3 6.50%
Belgium Aa3 0.60%
Belize Caa2 9.00%
Benin B2 5.50%
Bermuda Aa3 0.60%
Bolivia Ba3 3.60%
Bosnia and Herzegovina B3 6.50%
Botswana A2 0.85%
Brazil Baa2 1.90%
Bulgaria Baa2 1.90%
Burkina Faso B2 5.50%
Cambodia B2 5.50%
Cameroon B2 5.50%
Canada Aaa 0.00%
Cape Verde B2 5.50%
Cayman Islands Aa3 0.60%
Chile Aa3 0.60%
China Aa3 0.60%
Colombia Baa3 2.20%
Cook Islands B1 4.50%
Costa Rica Baa3 2.20%
Croatia Ba1 2.50%
Cuba Caa1 7.50%
Curacao B1 4.50%
Cyprus Caa3 10.00%
Czech Republic A1 0.70%
Democratic Republic of B3 6.50%
Denmark Aaa 0.00%
Dominican Republic B1 4.50%
Ecuador Caa1 7.50%
Egypt Caa1 7.50%
El Salvador Ba3 3.60%
Estonia A1 0.70%
Fiji B1 4.50%
Finland Aaa 0.00%
France Aa1 0.40%
Gabon Ba3 3.60%
Georgia Ba3 3.60%
Germany Aaa 0.00%
Ghana B1 4.50%
Greece Caa3 10.00%
Guatemala Ba1 2.50%
Honduras B2 5.50%
Hong Kong Aa1 0.40%
Hungary Ba1 2.50%
Iceland Baa3 2.20%
India Baa3 2.20%
Indonesia Baa3 2.20%
Ireland Ba1 2.50%
Isle of Man Aa1 0.40%
Israel A1 0.70%
Italy Baa2 1.90%
Jamaica Caa3 10.00%
Japan Aa3 0.60%
Jordan B1 4.50%
Kazakhstan Baa2 1.90%
Kenya B1 4.50%
Korea Aa3 0.60%
Kuwait Aa2 0.50%
Latvia Baa2 1.90%
Lebanon B1 4.50%
Liechtenstein Aaa 0.00%
Lithuania Baa1 1.60%
Luxembourg Aaa 0.00%
Macao Aa3 0.60%
Macedonia Ba3 3.60%
Malaysia A3 1.20%
Malta A3 1.20%
Mauritius Baa1 1.60%
Mexico Baa1 1.60%
Moldova B3 6.50%
Mongolia B1 4.50%
Montenegro Ba3 3.60%
Montserrat Baa3 2.20%
Morocco Ba1 2.50%
Mozambique B1 4.50%
Namibia Baa3 2.20%
Netherlands Aaa 0.00%
New Zealand Aaa 0.00%
Nicaragua B3 6.50%
Nigeria Ba3 3.60%
Norway Aaa 0.00%
Oman A1 0.70%
Pakistan Caa1 7.50%
Panama Baa2 1.90%
Papua New Guinea B1 4.50%
Paraguay Ba3 3.60%
Peru Baa2 1.90%
Philippines Baa3 2.20%
Poland A2 0.85%
Portugal Ba3 3.60%
Qatar Aa2 0.50%
Ras Al Kaminah A2 0.85%
Republic of the Congo Ba3 3.60%
Romania Baa3 2.20%
Russia Baa1 1.60%
Rwanda B2 5.50%
Saudi Arabia Aa3 0.60%
Senegal B1 4.50%
Serbia B1 4.50%
Singapore Aaa 0.00%
Slovakia A2 0.85%
Slovenia Ba1 2.50%
South Africa Baa1 1.60%
Spain Baa3 2.20%
Sri Lanka B1 4.50%
St. Maarten Baa1 1.60%
St. Vincent & the Grena B2 5.50%
Suriname Ba3 3.60%
Sweden Aaa 0.00%
Switzerland Aaa 0.00%
Taiwan Aa3 0.60%
Thailand Baa1 1.60%
Trinidad and Tobago Baa1 1.60%
Tunisia Ba3 3.60%
Turkey Baa3 2.20%
Uganda B1 4.50%
Ukraine Caa1 7.50%
United Arab Emirates Aa2 0.50%
United Kingdom Aa1 0.40%
United States of Americ Aaa 0.00%
Uruguay Baa3 2.20%
Venezuela Caa1 7.50%
Vietnam B2 5.50%
Zambia B1 4.50%

Region Weighted AverageWeighted Average: TRP

Africa 3.36% 10.04%
Asia 1.00% 6.51%
Australia & New Zealand 0.00% 5.00%
Caribbean 5.10% 12.65%
Central and South Americ 2.42% 8.62%
Eastern Europe & Russia 1.98% 7.96%
Global 0.90% 6.35%
Middle East 0.76% 6.14%
North America 0.00% 5.00%
Western Europe 0.86% 6.29%
Total Risk Premium Country Risk Premium Region
5.75% 0.75% Middle East
11.75% 6.75% Eastern Europe & Russia
6.80% 1.80% Western Europe
10.40% 5.40% Africa
14.75% 9.75% Central and South America
9.50% 4.50% Eastern Europe & Russia
7.40% 2.40% Caribbean
5.00% 0.00% Australia & New Zealand
5.00% 0.00% Western Europe
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Caribbean
7.85% 2.85% Middle East
10.40% 5.40% Asia
8.75% 3.75% Caribbean
14.75% 9.75% Eastern Europe & Russia
5.90% 0.90% Western Europe
18.50% 13.50% Central and South America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
10.40% 5.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
6.28% 1.28% Africa
7.85% 2.85% Central and South America
7.85% 2.85% Eastern Europe & Russia
13.25% 8.25% Africa
13.25% 8.25% Asia
13.25% 8.25% Africa
5.00% 0.00% North America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
5.90% 0.90% Central and South America
5.90% 0.90% Asia
8.30% 3.30% Central and South America
11.75% 6.75% Australia & New Zealand
8.30% 3.30% Central and South America
8.75% 3.75% Eastern Europe & Russia
16.25% 11.25% Caribbean
11.75% 6.75% Caribbean
20.00% 15.00% Western Europe
6.05% 1.05% Eastern Europe & Russia
14.75% 9.75% Africa
5.00% 0.00% Western Europe
11.75% 6.75% Caribbean
16.25% 11.25% Central and South America
16.25% 11.25% Africa
10.40% 5.40% Central and South America
6.05% 1.05% Eastern Europe & Russia
11.75% 6.75% Asia
5.00% 0.00% Western Europe
5.60% 0.60% Western Europe
10.40% 5.40% Africa
10.40% 5.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
11.75% 6.75% Africa
20.00% 15.00% Western Europe
8.75% 3.75% Central and South America
13.25% 8.25% Central and South America
5.60% 0.60% Asia
8.75% 3.75% Eastern Europe & Russia
8.30% 3.30% Western Europe
8.30% 3.30% Asia
8.30% 3.30% Asia
8.75% 3.75% Western Europe
5.60% 0.60% Western Europe
6.05% 1.05% Middle East
7.85% 2.85% Western Europe
20.00% 15.00% Caribbean
5.90% 0.90% Asia
11.75% 6.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Africa
5.90% 0.90% Asia
5.75% 0.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Middle East
5.00% 0.00% Western Europe
7.40% 2.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
5.90% 0.90% Asia
10.40% 5.40% Eastern Europe & Russia
6.80% 1.80% Asia
6.80% 1.80% Western Europe
7.40% 2.40% Asia
7.40% 2.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
11.75% 6.75% Asia
10.40% 5.40% Eastern Europe & Russia
8.30% 3.30% Caribbean
8.75% 3.75% Africa
11.75% 6.75% Africa
8.30% 3.30% Africa
 5.00% 0.00% Western Europe
5.00% 0.00% Australia & New Zealand
14.75% 9.75% Central and South America
10.40% 5.40% Africa
5.00% 0.00% Western Europe
6.05% 1.05% Middle East
16.25% 11.25% Asia
7.85% 2.85% Central and South America
11.75% 6.75% Asia
10.40% 5.40% Central and South America
7.85% 2.85% Central and South America
8.30% 3.30% Asia
6.28% 1.28% Eastern Europe & Russia
10.40% 5.40% Western Europe
5.75% 0.75% Middle East
6.28% 1.28% Middle East
10.40% 5.40% Africa
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Eastern Europe & Russia
13.25% 8.25% Africa
5.90% 0.90% Middle East
11.75% 6.75% Africa
11.75% 6.75% Eastern Europe & Russia
5.00% 0.00% Asia
6.28% 1.28% Eastern Europe & Russia
8.75% 3.75% Eastern Europe & Russia
7.40% 2.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Asia
7.40% 2.40% Caribbean
13.25% 8.25% Caribbean
10.40% 5.40% Central and South America
5.00% 0.00% Western Europe
5.00% 0.00% Western Europe
5.90% 0.90% Asia
7.40% 2.40% Asia
7.40% 2.40% Caribbean
10.40% 5.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Africa
16.25% 11.25% Eastern Europe & Russia
5.75% 0.75% Middle East
5.60% 0.60% Western Europe
5.00% 0.00% North America
8.30% 3.30% Central and South America
16.25% 11.25% Central and South America
 13.25% 8.25% Asia
11.75% 6.75% Africa

Weighted Average: CRP

5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.35%
1.14%
0.00%
1.29%
 Last 10K First X months: Last year
Revenues $5,089.00 $2,242.00
R&D expense $1,399.00 $858.00
Operating income or EBIT $538.00 -$362.00
Interest expenses $51.00 $24.00
Book value of equity $11,755.00
Book value of debt $2,356.00
Do you have operating lease commitments?
Cash and cross holdings $9,626.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 41.00% 22.31%
Marginal tax rate =
Lease commitments
Year 1 $142.00
Year 2 $128.00
Year 3 $117.00
Year 4 $110.00
Year 5 $102.00
Beyond year 5 $252.00
First X months: Current yearTrailing 12 month
$3,271.00 $6,118.00
$637.00 $1,178.00
$935.00 $1,835.00
$29.00 $56.00
$12,349.00
$2,167.00

$10,252.00
$0.00
$0.00

38.90%

NA
NA
NA
NA
NA
NA
Yes/No Book or Market Value ERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatio Synthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)
Company Business % of equity Value in balance shee% of Market Cap Market cap
Weibo Social media 18.00% $586 $558.00 $3,100
UCWeb Mobile Web Browser 66.00% $506
AutoNavi Digital Maps 28.00% $294 $316.40 $1,130
Zheijiang Logistics Infrastructure 43.00% $270
Shoprunner Online Shopping Platfor 39.00% $206