THE YELLOW CELLS ARE YOUR ONLY REQUIRED INPUTS. ALL THE OTHER NUMBERS WILL BE CALCULATED.

Your inputs
Growth Lever
How much will Tesla have in revenues in 2030? A5: $300 billion (Toyota & VW-like)
If direct input, enter your revenue growth rate 100.00%
With that inputted growth rate, your revenues in 2030 ($ million) $ 284,249.87

Profitability Lever
What operating margin will Tesla have in 2025 (and beyond)? B7: Direct Input
If direct input, enter your expected operating margin 18.00%
With your operating margin, Tesla's operating profits in 2030 ($ mill $ 51,164.98

Investment Efficiency Lever

How many dollars of revenues will Tesla generate per $ of investme C7: Direct Input
If direct input, enter your sales to invested capital ratio 2.00
With your investment input, Tesla's return on capital in 2030 20.58%

Risk Levers
What cost of capital do you want to give Tesla initially? D1: Automobile Median
If direct input, enter the cost of capital 7.00%
What is the probability of failure E2: 10% (Marginal profitability, High Debt)

Your key inputs wrere

Expected Revenue Growth rate for next 5 years = 40.00%
Expected Pre-tax Operating Margin in year 5 = 18.00%
Sales to Invested Capital for first 5 years = 2.00
Cost of capital to start = 6.94%

And with these inptus, your value is

Tesla's value of equity today = $ 276,016.88
Tesla's value per share today = $ 1,509.57
 BE CALCULATED. Expected Revenues in 2030 (in $ millions) CAGR (next 5 years)
A1: $65 billion (Renault-lie) 15.00%
A2: $100 billion (BMW-like) 21.00%
A3: $150 billion (Ford & Honda-like) 28.00%
A4: $200 billion (Daimler-like) 33.00%
A5: $300 billion (Toyota & VW-like) 40.00%
A6: Direct Input (Enter % growth rate) 100.00%

Operating Margin in 2025 Target Operating Margin

B1: Auto Industry First Quartile -5.87%
B2: Auto Industry Median 3.01%
B3: Auto Industry Third Quartile 7.52%
B4: Technology Median 10.25%
B5: Software 21.24%
B6: FAANG Aggregate 19.87%
B7: Direct Input 18.00%

Sales to Invested Capital Sales to Capital (1st 5 years)

C1: Auto Industry First Quartile 0.75
C2: Auto Industry Median 1.37
, High Debt) C3: Auto Industry Third Quartile 2.42
C4: Technology Median 1.51
C5: Software 2.30
C6: FAANG Aggregate 1.27
C7: Direct Input 2.00

Cost of Capital Initial cost of capital

D1: Automobile Median 6.94%
D2: Technology Median 8.86%
D3: All companies - First Quartile 6.27%
D4: All companies - Median 7.58%
D5: All companies - Third Quartile 8.71%
D6: Direct Input 7.00%

Failure Likelihood Probability of failure

E1: No chance 0%
E2: 10% (Marginal profitability, High Debt 10%
E3: 20% (Money loser, High Debt) 20%
E4: 50% (Low Growth, Money loser, High 50%
Date of valuation Jan-20
Company name Tesla
Numbers from your base year below
This year
Country of incorporation United States
Industry (US) Auto & Truck
Industry (Global) Auto & Truck
Revenues $ 24,578.00
Operating income or EBIT $ (69.00)
Interest expense $ 685.00
Book value of equity $ 6,618.00
Book value of debt $ 13,419.00
Do you have R&D expenses to capitalize? Yes
Do you have operating lease commitments? Yes
Cash and Marketable Securities $ 6,514.00
Cross holdings and other non-operating assets $ -
Minority interests $ -
Number of shares outstanding = 177.00
Current stock price = $ 581.00
Effective tax rate = 25.00%
Marginal tax rate = 25.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 40.00%
Target pre-tax operating margin (EBIT as % of sales in y 18.00%
Year of convergence 5.00
Years 1-5
Sales to capital ratio (for computing reinvestment) = 2.00
Market numbers
Riskfree rate 1.75%
Initial cost of capital = 6.94%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 32.00
Average strike price = $350.00
Average maturity = 5.00
Standard deviation on stock price = 40.00%

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 = 7.40%
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 = Yes
If yes, enter the return on capital you expect after year 10%
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes
If yes, enter the probability of failure = 10%
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
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 year $250.00
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity 1.00%
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming du
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $140,000.00
& Average tax rate of the foreign markets where the cash is t 15%
 Important: 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.
mbers from your base year below ( in consistent units)
Last year

Last 10K Years since last 10K

$ 21,461.00 0.75
$ (388.00) 0.75
$ 663.00 $6,905.00
$ 4,923.20
$ 13,827.30
If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
If you have operating leases, please enter your lease commitments in the lease worksheet below and I will conv
$ 3,685.60
$ -
$ -

Computed numbers: Here is what your company's numbers look

If you are not working in US dollars, you should add the inflation different

Revenue growth in the most recent year =

Growth Lever Pre-tax operating margin in the most recent year
Profitability Lever Sales to capital ratio in most recent year =
Speed of convergence level Return on invested capital in most recent year=
Years 6-10 Standard deviation in stock prices =
1.33 Investment EfficienCost of capital =

Valuation Output Feedback (for you to use to fine tune your inputs, i
Revenues in year 10, based on your revenue growth =
Pre-tax Operating Income in year 10, based on your operating m
Return on invested capital in year 10, based on your sales/capital
Check the Diagnostics worksheet for more details.

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

Mature companies generally see their risk levels approach the average
Though some sectors, even in stable growth, may have higher risk.
capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fai
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
te by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

L) coming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
e rate. This allows for both valuation consistency and prevents "impossible" growth rates.

This can be negative, if you feel the company will decline (and disappear) after growth is done. If you let it exce
e is no additional tax liability coming due and that cash is a neutral asset.

Cash that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (beca
Additional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
nd check under Calculation options
t circular reasoning errors.

worksheet.
ase worksheet below and I will convert to debt

your company's numbers look like, relative to industry.

ou should add the inflation differential to the industry averages.
Company Industry (US dataIndustry (Global data)
19.82% 14.31% 4.97%
1.60% 3.41% 4.79%
1.32 0.87 1.06
1.59% 2.89% 4.60%
35.02% 33.62%
4.40% 6.48%

o use to fine tune your inputs, if you want)

evenue growth = $ 289,224
based on your operating m $ 52,060
based on your sales/capital 20.58%
more details.

oday will fade over time.

mpetitive advantages.

ash. Many distressed companies fail, because they have trouble making debt payments.
r effective tax rate.

ter growth is done. If you let it exceed the risk free rate, you are on your own in uncharted territory.

being discounted by the market (because of management mistrust)

ecause of mistrust.
d territory.
 Base year 1 2 3 4 5
Revenue growth rate 40.00% 40.00% 40.00% 40.00% 40.00%
Revenues $ 24,578.00 $ 34,409.20 $ 48,172.88 $ 67,442.03 $ 94,418.84 $ 132,186.38
EBIT (Operating) margin 1.60% 4.88% 8.16% 11.44% 14.72% 18.00%
EBIT (Operating income) $ 394.45 $ 1,680.52 $ 3,932.32 $ 7,716.69 $ 13,899.38 $ 23,793.55
Tax rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-t) $ 295.84 $ 1,260.39 $ 2,949.24 $ 5,787.52 $ 10,424.53 $ 17,845.16
- Reinvestment $ 4,915.60 $ 6,881.84 $ 9,634.58 $ 13,488.41 $ 18,883.77
FCFF $ (3,655.21) $ (3,932.60) $ (3,847.06) $ (3,063.87) $ (1,038.61)
NOL $ - $ - $ - $ - $ - $ -

Cost of capital 6.94% 6.94% 6.94% 6.94% 6.94%

Cumulated discount factor 0.9351 0.8744 0.8177 0.7646 0.7150
PV(FCFF) $ (3,418.00) $ (3,438.74) $ (3,145.64) $ (2,342.66) $ (742.59)

Terminal cash flow $ 32,212.35

Terminal cost of capital 7.40%
Terminal value $ 570,130.09
PV(Terminal value) $ 287,724.38
PV (CF over next 10 years) $ 11,444.65
Sum of PV $ 299,169.02
Probability of failure = 10.00%
Proceeds if firm fails = $149,584.51
Value of operating assets = $ 284,210.57
- Debt $ 14,707.69
- Minority interests $ -
+ Cash $ 6,514.00
+ Non-operating assets $ -
Value of equity $ 276,016.88
- Value of options $8,822.11
Value of equity in common $ 267,194.77
Number of shares 177.00
Estimated value /share $ 1,509.57
Price $ 581.00
Price as % of value 38.49%

Implied variables
Sales to capital ratio 2.00 2.00 2.00 2.00 2.00
Invested capital $ 18,627 $ 23,543 $ 30,425 $ 40,059 $ 53,548 $ 72,431
ROIC 1.59% 5.35% 9.69% 14.45% 19.47% 24.64%
 6 7 8 9 10 Terminal year Check these revenues against
32.35% 24.70% 17.05% 9.40% 1.75% 1.75% a. Overall market size
$ 174,948.68 $ 218,161.00 $ 255,357.45 $ 279,361.05 $ 284,249.87 $ 289,224.24 b. Largest companies in this market
18.00% 18.00% 18.00% 18.00% 18.00% 18.00%
$ 31,490.76 $ 39,268.98 $ 45,964.34 $ 50,284.99 $ 51,164.98 $ 52,060.36 $ 51,665.91 This is is how much your operating inc
grew over the ten-year period.
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
$ 23,618.07 $ 29,451.74 $ 34,473.26 $ 37,713.74 $ 38,373.73 $ 39,045.27
$ 32,071.72 $ 32,409.24 $ 27,897.34 $ 18,002.70 $ 3,666.61 $ 6,832.92 $ 174,684.73 This is how much capital you
invested over the ten year period.
$ (8,453.65) $ (2,957.51) $ 6,575.92 $ 19,711.04 $ 34,707.12 $ 32,212.35
$ - $ - $ - $ - $ - $ -

7.03% 7.12% 7.22% 7.31% 7.40% 7.40%

0.6680 0.6236 0.5816 0.5420 0.5047
$ (5,647.15) $ (1,844.27) $ 3,824.68 $ 10,683.57 $ 17,515.45
 After year 10
1.33 1.33 1.33 1.33 1.33
$ 104,503 $ 136,912 $ 164,810 $ 182,812 $ 186,479
22.60% 21.51% 20.92% 20.63% 20.58% 10.00%

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
 much your operating income
e ten-year period.

much capital you

r the ten year period.
capital ratio
 Tesla
Silence is golden!
With the wind behind its back, Tesla has consolidated its hold on the electric car market and will continue to grow t
makers. Pushing its production towards 2 million cars by 2030, it will also be able to deliver higher margins than co
in its market capitalization has reduced its cost of capital and the chance of failure. Wgile Tesla will be able to inves
capacity, its need to ramp up production will require more capital, creating negative cash flows in the near years. W
driverless cars in ride sharing) will supplement revenues, it will remain at its core an electric car company.

The Assumptions
Base year Years 1-5 Years 6-10

Revenues (a) $ 24,578 40.00% 1.75%

Operating margin (b) 1.60% 1.60% 18.00%
Tax rate 25.00% 25.00% 25.00%

Reinvestment (c ) Sales to capital ratio 2.00 RIR =

Return on capital 1.59% Marginal ROIC = 30.25%
Cost of capital (d) 6.94% 7.40%
The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $ 34,409 4.88% $ 1,681 $ 1,260
2 $ 48,173 8.16% $ 3,932 $ 2,949
3 $ 67,442 11.44% $ 7,717 $ 5,788
4 $ 94,419 14.72% $ 13,899 $ 10,425
5 $ 132,186 18.00% $ 23,794 $ 17,845
6 $ 174,949 18.00% $ 31,491 $ 23,618
7 $ 218,161 18.00% $ 39,269 $ 29,452
8 $ 255,357 18.00% $ 45,964 $ 34,473
9 $ 279,361 18.00% $ 50,285 $ 37,714
10 $ 284,250 18.00% $ 51,165 $ 38,374
Terminal year $ 289,224 18.00% $ 52,060 $ 39,045
The Value
Terminal value $ 570,130
PV(Terminal value) $ 287,724
PV (CF over next 10 years) $ 11,445
Value of operating assets = $ 299,169
Adjustment for distress $ 14,958 Probability of
- Debt & Mnority Interests $ 14,708
+ Cash & Other Non-operating assets $ 6,514
Value of equity $ 276,017
- Value of equity options $ 8,822
Number of shares 177.00
Value per share $ 1,509.57 Stock was tra
 sla
s golden!
arket and will continue to grow that market, at the expense of conventional car
deliver higher margins than conventional auto companies in steady state. The rise
Wgile Tesla will be able to invest less than other auto companies to add to Tell your story about the company
e cash flows in the near years. While other revenue sources (green energy, focuses on the company's busines
n electric car company. it into the three key levers of value
flows, growth and risk
umptions
After year 10 Link to story
Growth in EV market & Tesla's early mover
1.75% advantage work in its favor.
18.00% Continued economies of scale & brand
25.00% Global tax rate Tie each assumption to the part of your sto
relates to it.
Capacity build up allows for less
17.50% reinvestment in the near years.
10.00% Cost of entry will limit competition.
7.40% Moves to median company cost of capital
h Flows
Reinvestment FCFF
$ 4,916 $ (3,655)
$ 6,882 $ (3,933) These are the numbers that come
$ 9,635 $ (3,847) assumptions. The revenues over ti
$ 13,488 $ (3,064) your revenue growth, the operatin
$ 18,884 $ (1,039) evolve towards your target margin
tax rate will change, if you have se
$ 32,072 $ (8,454)
reinvestment is estimated using th
$ 32,409 $ (2,958) capital ratio for the first 10 years a
$ 27,897 $ 6,576 on a reinvestment rate in stable gr
$ 18,003 $ 19,711 ROC).
$ 3,667 $ 34,707
$ 6,833 $ 32,212
Value

This is the output from your valuation. It re

Probability of failure = 10.00% cash flows being discounted back at the co
to get to your operating asset value, which
adjusted for the likelihood that your firm w
it. We add cash and non-operating assets,
debt and minority interests to get to value
 cash flows being discounted back at the co
to get to your operating asset value, which
adjusted for the likelihood that your firm w
it. We add cash and non-operating assets,
debt and minority interests to get to value

Stock was trading at = $581.00

ur story about the company. Keep it
s on the company's businesses and tie
the three key levers of value: cash
growth and risk

assumption to the part of your story that

o it.

are the numbers that come from your

ptions. The revenues over time reflect
evenue growth, the operating margins
towards your target margin and your
e will change, if you have set it to. The
stment is estimated using the sales to
ratio for the first 10 years and based
einvestment rate in stable growth (g/

he output from your valuation. It reflects your

ws being discounted back at the cost of capital
your operating asset value, which then gets
d for the likelihood that your firm will not make
dd cash and non-operating assets, subtract out
d minority interests to get to value of equity.
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)
 $ 18,627.21
$ 186,479.02
$ 167,851.81
$ 50,770.53
30.25%
20.58%
7.08%
259.82%
Value seems high. See below
If calculated value is negative or looks too low
Increase revenue growth rate
Increase the target pre-tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital
 Value seems high. See below
If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital T
 Revenue Pre-Tax Pre-Tax After-Tax
Year Revenues Growth Rate Operating Operating NOL Taxes Operating
Margin Income Income
Traling 12 month $ 24,578.00 1.60% $ 394.45 $ - $ 98.61 $ 295.84
1 $ 34,409.20 40.00% 4.88% $ 1,680.52 $ - $ 420.13 $ 1,260.39
2 $ 48,172.88 40.00% 8.16% $ 3,932.32 $ - $ 983.08 $ 2,949.24
3 $ 67,442.03 40.00% 11.44% $ 7,716.69 $ - $ 1,929.17 $ 5,787.52
4 $ 94,418.84 40.00% 14.72% $ 13,899.38 $ - $ 3,474.84 $ 10,424.53
5 $ 132,186.38 40.00% 18.00% $ 23,793.55 $ - $ 5,948.39 $ 17,845.16
6 $ 174,948.68 32.35% 18.00% $ 31,490.76 $ - $ 7,872.69 $ 23,618.07
7 $ 218,161.00 24.70% 18.00% $ 39,268.98 $ - $ 9,817.25 $ 29,451.74
8 $ 255,357.45 17.05% 18.00% $ 45,964.34 $ - $ 11,491.09 $ 34,473.26
9 $ 279,361.05 9.40% 18.00% $ 50,284.99 $ - $ 12,571.25 $ 37,713.74
10 $ 284,249.87 1.75% 18.00% $ 51,164.98 $ - $ 12,791.24 $ 38,373.73

After-Tax
Year Operating Change in Sales to Reinvestment FCFF Capital Implied ROC
Income Revenues Capital Invested

Traling 12 month $ 295.84 $ 18,627.21 1.59%

1 $ 1,260.39 $ 9,831.20 2.00 $ 4,915.60 $ (3,655.21) $ 23,542.81 5.35%
2 $ 2,949.24 $ 13,763.68 2.00 $ 6,881.84 $ (3,932.60) $ 30,424.65 9.69%
3 $ 5,787.52 $ 19,269.15 2.00 $ 9,634.58 $ (3,847.06) $ 40,059.23 14.45%
4 $ 10,424.53 $ 26,976.81 2.00 $ 13,488.41 $ (3,063.87) $ 53,547.63 19.47%
5 $ 17,845.16 $ 37,767.54 2.00 $ 18,883.77 $ (1,038.61) $ 72,431.40 24.64%
6 $ 23,618.07 $ 42,762.29 1.33 $ 32,071.72 $ (8,453.65) $ 104,503.12 22.60%
7 $ 29,451.74 $ 43,212.32 1.33 $ 32,409.24 $ (2,957.51) $ 136,912.37 21.51%
8 $ 34,473.26 $ 37,196.45 1.33 $ 27,897.34 $ 6,575.92 $ 164,809.71 20.92%
9 $ 37,713.74 $ 24,003.60 1.33 $ 18,002.70 $ 19,711.04 $ 182,812.41 20.63%
10 $ 38,373.73 $ 4,888.82 1.33 $ 3,666.61 $ 34,707.12 $ 186,479.02 20.58%

Pre-Tax Cost After-Tax Cost Cost of

Year Beta Cost of Equity of Debt Tax Savings of Debt Debt Ratio Capital
1 6.94%
2 6.94%
3 6.94%
4 6.94%
5 6.94%
6 7.03%
7 7.12%
8 7.22%
9 7.31%
10 7.40%

Cost of Cumulated Terminal

Year Capital Cost of FCFF Value Present Value
Capital
1 6.94% 1.0694 $ (3,655.21) $ (3,418.00)
2 6.94% 1.1436 $ (3,932.60) $ (3,438.74)
3 6.94% 1.2230 $ (3,847.06) $ (3,145.64)
4 6.94% 1.3079 $ (3,063.87) $ (2,342.66)
5 6.94% 1.3986 $ (1,038.61) $ (742.59)
 6 7.03% 1.4970 $ (8,453.65) $ (5,647.15)
7 7.12% 1.6036 $ (2,957.51) $ (1,844.27)
8 7.22% 1.7193 $ 6,575.92 $ 3,824.68
9 7.31% 1.8450 $19,711.04 $10,683.57
10 7.40% 1.9815 $34,707.12 ### ###
Value of operating assets = ###
Valuing Options or Warrants
Enter the current stock price = $ 581.00
Enter the strike price on the option = $ 350.00
Enter the expiration of the option = 5.00
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock 0.00%
Enter the treasury bond rate = 1.75%
Enter the number of warrants (options) outst 32.00
Enter the number of shares outstanding = 177.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 581 # Warrants issued= 32
Strike Price= 350 # Shares outstanding= 177
Adjusted S = 534.25410323 T.Bond rate= 1.75%
Adjusted K = 350 Variance= 0.1600
Expiration (in years) = 5 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 1.75%

d1 = 1.0179010983
N (d1) = 0.8456375202

d2 = 0.1234739073
N (d2) = 0.5491340824

Value per option = $ 275.69

Value of all options outstanding = $8,822.11
You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (be
ERP data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding = 177.00
Current Market Price per share = $ 581.00

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 0.76
Riskfree Rate = 1.75%
What approach do you want to use to input ERP? Operating countries
Direct input for ERP (if you choose "will input" 6.00%
Equity Risk Premium used in cost of equity = 5.33%

Debt
Book Value of Straight Debt = $ 13,419.00
Interest Expense on Debt = $ 685.00
Average Maturity = 3
Approach for estimating pre-tax cost of debt Actual rating
If direct input, input the pre-tax cost of debt 4.000%
If actual rating, input the rating Ba2/BB
If synethetic rating, input the type of company 1
Pre-tax Cost of Debt = 4.15%
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 = $ 1,288.69

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 = $ 13,773.51
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ 1,288.69
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 0.84

Equity Debt Preferred Stock

Market Value $ 102,837.00 $ 15,062.20 $ -
Weight in Cost of Capital 87.22% 12.78% 0.00%

Cost of Component 6.23% 3.11% 7.14%

uilt-in data to compute key inputs (beta, equity risk premium, default spread) or enter them directly. If you choose to use the built in
remuum (since the spreadsheet uses the start of the year numbers).

Operating Countries ERP calculator

Country Revenues ERP Weight
United States of America 5,622.7 5.20% 77.81%
China 311.9 5.89% 4.32%
Netherlands 338.8 5.20% 4.69%
Norway 201.5 5.20% 2.79%
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%
Rest of the World 751 6.18% 10.39%
0.00%
Total 7225.915 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 0 9.89% 0.00%
Asia 7440 6.21% 7.34%
Australia & New Zealand 5.20% 0.00%
Caribbean 0 10.62% 0.00%
Central and South America 0 8.48% 0.00%
Eastern Europe & Russia 7.34% 0.00%
Middle East 0 6.77% 0.00%
North America 93864 5.20% 92.66%
Western Europe 6.01% 0.00%
0.00%
0.00%
Total 101304 100.00%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 20,821.00 1.2597 $ 26,229.15
Green & Renewable Energy $ 1,531.00 9.9382 $ 15,215.32
Auto Parts $ 2,226.00 0.7546 $ 1,679.72
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
 0.0000 $ -
0.0000 $ -
0.0000 $ -
Capital 0.0000 $ -
$ 117,899.20 Company $ 24,578.00 $ 43,124.20
100.00%

5.83% Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 4,217.00 0.9044 $ 3,813.87
Green & Renewable Energy $ 325.00 6.7575 $ 2,196.19
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Company $ 4,542.00 $ 6,010.07
y. If you choose to use the built in

Weighted ERP
4.05%
0.25%
0.24%
The last two rows in each of country/region risk premium tables is set
0.15% aside for your input to provide you with flexibility to enter some numbers
0.00% directly. For instance, assume that you have a company that breaks its
0.00% revenues down into three countries and then puts the rest into "Rest of the
World". You can enter the "Rest of the World" in one of these two rows
0.00% and enter an equity risk premium for the rest of the world. The easiest way
0.00% to do that is to go into the country equity risk premium worksheet and
0.00% change the GDP for the three countries that you have data for to zero and
compute the global weighted average ERP for the remaining countries.
0.00% With the regional worksheet, you can use the last two rows to enter the
0.00% data for an individual country (usually the domestic country) that might be
broken out though the rest of the revenues are broken down by region. You
0.64%
can look up the ERP for the country in the country ERP worksheet.
0.00%
5.33%

Weighted ERP
0.0000%
0.4563%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
4.8181%
0.0000%
0.0000%
0.0000%
5.2744%

Unlevered Beta
0.5257
0.5938
0.9470
0.0000
0.0000
0.0000
0.0000
0.0000
 0.0000
0.0000
0.0000
0.0000
0.5661

Unlevered Beta
0.8541
0.5867
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.7564
 R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 1,343.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
-1 1460.40 ! Year -1 is the year prior to the current year
-2 1378.10 ! Year -2 is the two years prior to the current year
-3 834.40
-4 717.90
-5 464.70
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 1343.00 1.00 1343.00
-1 1460.40 0.80 1168.32 $ 292.08
-2 1378.10 0.60 826.86 $ 275.62
-3 834.40 0.40 333.76 $ 166.88
-4 717.90 0.20 143.58 $ 143.58
-5 464.70 0.00 0.00 $ 92.94
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 = $3,815.52 $ 971.10

Amortization of asset for current year = $971.10

Adjustment to Operating Income = $371.90 ! A positive number indicates an increase in operating income (add to reported
Tax Effect of R&D Expensing $93
stments to operating income, net

the lookup table below

llowed is ten years
he amortization period

perating income (add to reported EBIT)

 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 275.65
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 209.2
2 258.4
3 228.7
4 182.3
5 153.5
6 and beyond 477.9

Output
Pre-tax Cost of Debt = 4.15% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 2 ! 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 $ 209.20 $ 200.86
2 $ 258.40 $ 238.22
3 $ 228.70 $ 202.44
4 $ 182.30 $ 154.94
5 $ 153.50 $ 125.26
6 and beyond $ 238.95 $ 366.98 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,288.69

Restated Financials
Depreciation on Operating Lease Asset = $ 184.10 ! I use straight line depreciation
Adjustment to Operating Earnings = $91.55 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 1,288.69 ! Add this amount to debt
Adjustment to Depreciation = $184.10
ter them.

ne depreciation
nt to pre-tax operating income
Mature Market ERP + 5.20%

Country Moody's rating Adj. Default Spread Equity Risk Premium

Abu Dhabi Aa2 0.41% 5.69%
Albania B1 3.76% 9.64%
Algeria NA 5.44% 11.62%
Andorra (Principality of) Baa2 1.59% 7.08%
Angola B3 5.44% 11.62%
Anguilla NA 4.60% 10.62%
Antigua & Barbuda NA 4.60% 10.62%
Argentina Caa2 7.53% 14.08%
Armenia Ba3 3.01% 8.75%
Aruba Baa1 1.34% 6.77%
Australia Aaa 0.00% 5.20%
Austria Aa1 0.33% 5.59%
Azerbaijan Ba2 2.51% 8.16%
Bahamas Baa3 1.84% 7.37%
Bahrain B2 4.60% 10.63%
Bangladesh Ba3 3.01% 8.75%
Barbados Caa1 6.27% 12.59%
Belarus B3 5.44% 11.62%
Belgium Aa3 0.51% 5.80%
Belize B3 5.44% 11.62%
Benin B2 4.60% 10.63%
Bermuda A2 0.71% 6.04%
Bolivia Ba3 3.01% 8.75%
Bosnia and Herzegovina B3 5.44% 11.62%
Botswana A2 0.71% 6.04%
Brazil Ba2 2.51% 8.16%
British Virgin Islands NA 4.60% 10.62%
Brunei NA 0.33% 5.59%
Bulgaria Baa2 1.59% 7.08%
Burkina Faso B2 4.60% 10.63%
Cambodia B2 4.60% 10.63%
Cameroon B2 4.60% 10.63%
Canada Aaa 0.00% 5.20%
Cape Verde B2 4.60% 10.63%
Cayman Islands Aa3 0.51% 5.80%
Channel Islands NA 0.69% 6.01%
Chile A1 0.59% 5.89%
China A1 0.59% 5.89%
Colombia Baa2 1.59% 7.08%
Congo (Democratic Republic of) Caa1 6.27% 12.59%
Congo (Republic of) Caa2 7.53% 14.08%
Cook Islands B1 3.76% 9.64%
Costa Rica B1 3.76% 9.64%
Croatia Ba2 2.51% 8.16%
Cuba Caa2 7.53% 14.08%
Curaçao Baa1 1.34% 6.77%
Cyprus Ba2 2.51% 8.16%
Czech Republic Aa3 0.51% 5.80%
Denmark Aaa 0.00% 5.20%
Dominican Republic Ba3 3.01% 8.75%
Ecuador B3 5.44% 11.62%
Egypt B2 4.60% 10.63%
El Salvador B3 7.53% 14.08%
Estonia A1 0.59% 5.89%
Ethiopia B1 3.76% 9.64%
Falkland Islands NA 2.74% 8.43%
Fiji Ba3 3.01% 8.75%
Finland Aa1 0.33% 5.59%
France Aa2 0.41% 5.69%
Gabon Caa1 6.27% 12.59%
Gambia NA 5.44% 11.62%
Georgia Ba2 2.51% 8.16%
Germany Aaa 0.00% 5.20%
Ghana B3 5.44% 11.62%
Gibraltar NA 0.69% 6.01%
Greece B1 3.76% 9.64%
Greenland NA 0.69% 6.01%
Guatemala Ba1 2.09% 7.66%
Guernsey Baa1 1.34% 6.77%
Guinea NA 8.36% 15.06%
Guinea-Bissau NA 5.44% 11.62%
Guyana NA 5.44% 11.62%
Haiti NA 7.53% 14.08%
Honduras B1 3.76% 9.64%
Hong Kong Aa2 0.41% 5.69%
Hungary Baa3 1.84% 7.37%
Iceland A2 0.71% 6.04%
India Baa2 1.59% 7.08%
Indonesia Baa2 1.59% 7.08%
Iran NA 5.44% 11.62%
Iraq Caa1 6.27% 12.59%
Ireland A2 0.71% 6.04%
Isle of Man Aa2 0.41% 5.69%
Israel A1 0.59% 5.89%
Italy Baa3 1.84% 7.37%
Ivory Coast Ba3 3.01% 8.75%
Jamaica B2 4.60% 10.63%
Japan A1 0.59% 5.89%
Jersey A1 0.59% 5.89%
Jordan B1 3.76% 9.64%
Kazakhstan Baa3 1.84% 7.37%
Kenya B2 4.60% 10.63%
Korea, D.P.R. NA 10.03% 17.03%
Kuwait Aa2 0.41% 5.69%
Kyrgyzstan B2 4.60% 10.63%
Laos B2 4.60% 10.63%
Latvia A3 1.00% 6.38%
Lebanon Caa2 7.53% 14.08%
Liberia NA 14.00% 21.71%
Libya NA 2.51% 8.16%
Liechtenstein Aaa 0.00% 5.20%
Lithuania A3 1.00% 6.38%
Luxembourg Aaa 0.00% 5.20%
Macao Aa3 0.51% 5.80%
Macedonia Ba3 3.01% 8.75%
Madagascar NA 4.60% 10.63%
Malawi NA 5.44% 11.62%
Malaysia A3 1.00% 6.38%
Mali B3 5.44% 11.62%
Malta A2 0.71% 6.04%
Mauritius Baa1 1.34% 6.77%
Mexico A3 1.00% 6.38%
Moldova B3 5.44% 11.62%
Mongolia B3 5.44% 11.62%
Montenegro B1 3.76% 9.64%
Montserrat Baa3 1.84% 7.37%
Morocco Ba1 2.09% 7.66%
Mozambique Caa2 7.53% 14.08%
Myanmar NA 5.44% 11.62%
Namibia Ba2 2.51% 8.16%
Netherlands Aaa 0.00% 5.20%
Netherlands Antilles NA 4.60% 10.62%
New Zealand Aaa 0.00% 5.20%
Nicaragua B2 4.60% 10.63%
Niger B3 5.44% 11.62%
Nigeria B2 4.60% 10.63%
Norway Aaa 0.00% 5.20%
Oman Ba1 2.09% 7.66%
Pakistan B3 5.44% 11.62%
Palestinian Authority NA 1.34% 6.77%
Panama Baa1 1.34% 6.77%
Papua New Guinea B2 4.60% 10.63%
Paraguay Ba1 2.09% 7.66%
Peru A3 1.00% 6.38%
Philippines Baa2 1.59% 7.08%
Poland A2 0.71% 6.04%
Portugal Baa3 1.84% 7.37%
Qatar Aa3 0.51% 5.80%
Ras Al Khaimah (Emirate of) Caa1 6.27% 12.59%
Reunion NA 0.86% 6.21%
Romania Baa3 1.84% 7.37%
Russia Baa3 1.84% 7.37%
Rwanda B2 4.60% 10.63%
Saint Lucia NA 4.60% 10.62%
Saudi Arabia A1 0.59% 5.89%
Senegal Ba3 3.01% 8.75%
Serbia Ba3 3.01% 8.75%
Sharjah A3 1.00% 6.38%
Sierra Leone NA 8.36% 15.06%
Singapore Aaa 0.00% 5.20%
Slovakia A2 0.71% 6.04%
Slovenia Baa1 1.34% 6.77%
Solomon Islands B3 5.44% 11.62%
Somalia NA 10.03% 17.03%
South Africa Baa3 1.84% 7.37%
South Korea Aa2 0.41% 5.69%
Spain Baa1 1.34% 6.77%
Sri Lanka B2 4.60% 10.63%
St. Maarten Baa3 1.84% 7.37%
St. Vincent & the Grenadines B3 5.44% 11.62%
Sudan NA 14.00% 21.71%
Suriname B2 4.60% 10.63%
Swaziland B2 4.60% 10.63%
Sweden Aaa 0.00% 5.20%
Switzerland Aaa 0.00% 5.20%
Syria NA 10.03% 17.03%
Taiwan Aa3 0.51% 5.80%
Tajikistan B3 5.44% 11.62%
Tanzania B1 3.76% 9.64%
Thailand Baa1 1.34% 6.77%
Togo B3 5.44% 11.62%
Trinidad and Tobago Ba1 2.09% 7.66%
Tunisia B2 4.60% 10.63%
Turkey B1 3.76% 9.64%
Turks and Caicos Islands Baa1 1.34% 6.77%
Uganda B2 4.60% 10.63%
Ukraine Caa1 6.27% 12.59%
United Arab Emirates Aa2 0.41% 5.69%
United Kingdom Aa2 0.41% 5.69%
United States Aaa 0.00% 5.20%
Uruguay B1 3.76% 9.64%
Venezuela C 15.00% 22.89%
Vietnam Ba3 3.01% 8.75%
Yemen NA 10.03% 17.03%
Zambia Caa2 7.53% 14.08%
Zimbabwe NA 10.03% 17.03%

ERP Default Spread Tax rate

Africa 9.89% 3.97% 28.49%
Asia 6.21% 0.86% 26.12%
Australia & New Zealand 5.20% 0.00% 29.75%
Caribbean 10.62% 4.60% 23.88%
Central and South America 8.48% 2.78% 30.96%
Eastern Europe & Russia 7.34% 1.81% 18.36%
Middle East 6.77% 1.34% 27.37%
North America 5.20% 0.00% 25.12%
Western Europe 6.01% 0.69% 25.04%

Global 6.18% 0.83% 25.70%

Country Risk Premium Corporate Tax Rate
0.49% 55.00%
4.44% 15.00%
6.42% 26.00%
1.88% 10.00%
6.42% 30.00%
5.42% 23.88%
5.42% 23.88%
8.88% 30.00%
3.55% 20.00%
1.57% 25.00%
0.00% 30.00%
0.39% 25.00%
2.96% 20.00%
2.17% 0.00%
5.43% 0.00%
3.55% 25.00%
7.39% 5.50%
6.42% 18.00%
0.60% 29.00%
6.42% 32.36%
5.43% 30.00%
0.84% 0.00%
3.55% 25.00%
6.42% 10.00%
0.84% 22.00%
2.96% 34.00%
5.42% 23.88%
0.39% 18.50%
1.88% 10.00%
5.43% 28.00%
5.43% 20.00%
5.43% 33.00%
0.00% 26.50%
5.43% 0.00%
0.60% 0.00%
0.81% 25.04%
0.69% 27.00%
0.69% 25.00%
1.88% 33.00%
7.39% 35.00%
8.88% 32.36%
4.44% 28.43%
4.44% 30.00%
2.96% 18.00%
8.88% 27.24%
1.57% 22.00%
2.96% 12.50%
0.60% 19.00%
0.00% 22.00%
3.55% 27.00%
6.42% 25.00%
5.43% 22.50%
8.88% 30.00%
0.69% 20.00%
4.44% 30.00%
3.23% 31.02%
3.55% 20.00%
0.39% 20.00%
0.49% 31.00%
7.39% 30.00%
6.42% 31.00%
2.96% 15.00%
0.00% 30.00%
6.42% 25.00%
0.81% 25.04%
4.44% 28.00%
0.81% 25.04%
2.46% 25.00%
1.57% 0.00%
9.86% 29.15%
6.42% 29.15%
6.42% 18.64%
8.88% 18.64%
4.44% 25.00%
0.49% 16.50%
2.17% 9.00%
0.84% 20.00%
1.88% 30.00%
1.88% 25.00%
6.42% 20.23%
7.39% 15.00%
0.84% 12.50%
0.49% 0.00%
0.69% 23.00%
2.17% 24.00%
3.55% 25.00%
5.43% 25.00%
0.69% 30.62%
0.69% 0.00%
4.44% 20.00%
2.17% 20.00%
5.43% 30.00%
11.83% 23.10%
0.49% 15.00%
5.43% 10.00%
5.43% 20.00%
1.18% 20.00%
8.88% 17.00%
16.51% 29.15%
2.96% 20.00%
0.00% 12.50%
1.18% 15.00%
0.00% 26.01%
0.60% 12.00%
3.55% 10.00%
5.43% 20.00%
6.42% 30.00%
1.18% 24.00%
6.42% 28.24%
0.84% 35.00%
1.57% 15.00%
1.18% 30.00%
6.42% 12.00%
6.42% 25.00%
4.44% 9.00%
2.17% 27.24%
2.46% 31.00%
8.88% 32.00%
6.42% 25.00%
2.96% 32.00%
0.00% 25.00%
5.42% 23.88%
0.00% 28.00%
5.43% 30.00%
6.42% 32.36%
5.43% 30.00%
0.00% 22.00%
2.46% 15.00%
6.42% 30.00%
1.57% 27.37%
1.57% 25.00%
5.43% 30.00%
2.46% 10.00%
1.18% 29.50%
1.88% 30.00%
0.84% 19.00%
2.17% 21.00%
0.60% 10.00%
7.39% 0.00%
1.01% 26.12%
2.17% 16.00%
2.17% 20.00%
5.43% 30.00%
5.42% 23.88%
0.69% 20.00%
3.55% 30.00%
3.55% 15.00%
1.18% 0.00%
9.86% 30.00%
0.00% 17.00%
0.84% 21.00%
1.57% 19.00%
6.42% 30.00%
11.83% 29.15%
2.17% 28.00%
0.49% 25.00%
1.57% 25.00%
 5.43% 28.00%
2.17% 35.00%
6.42% 30.00%
16.51% 35.00%
5.43% 36.00%
5.43% 27.50%
0.00% 21.40%
0.00% 18.00%
11.83% 28.00%
0.60% 20.00%
6.42% 30.19%
4.44% 30.00%
1.57% 20.00%
6.42% 32.36%
2.46% 25.00%
5.43% 25.00%
4.44% 22.00%
1.57% 0.00%
5.43% 30.00%
7.39% 18.00%
0.49% 55.00%
0.49% 19.00%
0.00% 25.00%
4.44% 25.00%
17.69% 34.00%
3.55% 20.00%
11.83% 20.00%
8.88% 35.00%
11.83% 25.00%

CRP
4.69%
1.01%
0.00%
5.42%
3.28%
2.14%
1.57%
0.00%
0.81%

0.98%
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) = $ 22.55 (Add back only long term interest expense for fin
Enter current interest expenses = $738.48 (Use only long term interest expense for financia
Enter long term risk free rate = 1.75%
Output
Interest coverage ratio = 0.03
Estimated Bond Rating = D2/D Note: If you get REF! All over the place, set the ope
Estimated Company Default Spread = 15.12% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 1.34%
Estimated Cost of Debt = 18.20%

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 15.12%
0.2 0.649999 Caa/CCC 11.34%
0.65 0.799999 Ca2/CC 8.64%
0.8 1.249999 C2/C 8.20%
1.25 1.499999 B3/B- 5.15%
1.5 1.749999 B2/B 4.21%
1.75 1.999999 B1/B+ 3.51%
2 2.2499999 Ba2/BB 2.40%
2.25 2.49999 Ba1/BB+ 2.00%
2.5 2.999999 Baa2/BBB 1.56%
3 4.249999 A3/A- 1.22%
4.25 5.499999 A2/A 1.08%
5.5 6.499999 A1/A+ 0.98%
6.5 8.499999 Aa2/AA 0.78%
8.50 100000 Aaa/AAA 0.63%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 15.12% Rating is Spread is
0.5 0.799999 Caa/CCC 11.34% A1/A+ 0.98%
0.8 1.249999 Ca2/CC 8.64% A2/A 1.08%
1.25 1.499999 C2/C 8.20% A3/A- 1.22%
1.5 1.999999 B3/B- 5.15% Aa2/AA 0.78%
2 2.499999 B2/B 4.21% Aaa/AAA 0.63%
2.5 2.999999 B1/B+ 3.51% B1/B+ 3.51%
 3 3.499999 Ba2/BB 2.40% B2/B 4.21%
3.5 3.9999999 Ba1/BB+ 2.00% B3/B- 5.15%
4 4.499999 Baa2/BBB 1.56% Ba1/BB+ 2.00%
4.5 5.999999 A3/A- 1.22% Ba2/BB 2.40%
6 7.499999 A2/A 1.08% Baa2/BBB 1.56%
7.5 9.499999 A1/A+ 0.98% C2/C 11.34%
9.5 12.499999 Aa2/AA 0.78% Ca2/CC 8.64%
12.5 100000 Aaa/AAA 0.63% Caa/CCC 8.20%
D2/D 15.12%
preadsheet.
tions in excel) is checked.

long term interest expense for financial firms)

erm interest expense for financial firms)

over the place, set the operating lease commitment question in cell F5
o Yes. It should work.
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 47 18.98% 12.07% 63.51% 24.14% 0.93
Aerospace/Defense 77 3.53% 11.37% 33.93% 19.06% 1.08
Air Transport 18 4.84% 11.60% 13.69% 23.04% 0.84
Apparel 51 -2.56% 10.58% 16.34% 15.61% 0.83
Auto & Truck 13 14.31% 3.41% 2.89% 5.54% 0.53
Auto Parts 46 4.98% 7.24% 17.00% 18.52% 0.95
Bank (Money Center) 7 2.11% 0.00% -0.03% 17.74% 0.56
Banks (Regional) 611 10.13% 0.00% -0.06% 20.33% 0.43
Beverage (Alcoholic) 21 10.77% 22.11% 14.95% 18.39% 0.92
Beverage (Soft) 34 30.75% 20.40% 26.21% 9.76% 1.09
Broadcasting 27 9.54% 21.99% 21.47% 7.24% 0.73
Brokerage & Investment B 39 6.66% 0.55% 0.04% 19.96% 0.57
Building Materials 42 12.31% 9.01% 18.65% 24.83% 1.02
Business & Consumer Ser 165 9.57% 10.19% 21.94% 20.24% 0.89
Cable TV 14 3.78% 17.95% 12.15% 21.22% 0.78
Chemical (Basic) 43 6.78% 8.30% 11.68% 25.88% 0.99
Chemical (Diversified) 6 -4.80% 10.75% 11.78% 23.10% 1.21
Chemical (Specialty) 94 6.78% 12.57% 12.93% 25.43% 0.96
Coal & Related Energy 22 -11.69% 6.63% 12.70% 2.65% 1.05
Computer Services 106 15.83% 7.65% 24.89% 24.76% 0.95
Computers/Peripherals 48 -1.92% 15.51% 22.64% 15.80% 1.64
Construction Supplies 44 4.33% 11.93% 15.98% 22.15% 1.10
Diversified 23 15.16% 13.72% 11.55% 17.90% 1.25
Drugs (Biotechnology) 503 31.89% 11.25% 8.64% 14.88% 1.39
Drugs (Pharmaceutical) 267 31.72% 24.85% 18.29% 13.19% 1.29
Education 35 2.76% 8.75% 10.85% 28.48% 1.36
Electrical Equipment 113 9.12% 13.61% 25.60% 18.09% 1.31
Electronics (Consumer & O 20 5.86% -1.27% -2.12% 62.78% 1.25
Electronics (General) 153 7.86% 8.87% 13.97% 18.68% 1.07
Engineering/Construction 54 8.43% 3.89% 14.55% 24.51% 1.33
Entertainment 107 8.05% 13.52% 18.57% 20.41% 1.20
Environmental & Waste Se 82 21.03% 12.10% 20.00% 20.97% 1.05
Farming/Agriculture 31 0.02% 4.02% 6.27% 21.18% 0.63
Financial Svcs. (Non-bank 232 10.87% 7.51% 0.23% 19.83% 0.10
Food Processing 88 4.24% 12.00% 15.55% 14.82% 0.70
Food Wholesalers 17 22.86% 2.72% 16.82% 19.17% 0.66
Furn/Home Furnishings 35 9.71% 7.09% 13.36% 22.03% 0.82
Green & Renewable Ener 22 19.48% 11.82% 1.39% 32.66% 0.59
Healthcare Products 242 13.40% 15.00% 15.87% 12.50% 0.98
Healthcare Support Servic 128 18.44% 4.37% 37.91% 23.60% 0.95
Heathcare Information an 129 18.17% 12.58% 14.40% 13.30% 1.15
Homebuilding 32 33.64% 10.15% 11.25% 23.56% 0.66
Hospitals/Healthcare Facili 36 5.20% 10.76% 15.31% 21.48% 0.63
Hotel/Gaming 65 8.35% 19.22% 11.64% 17.42% 0.91
Household Products 127 17.42% 17.43% 28.18% 26.92% 0.94
Information Services 69 13.12% 28.28% 41.52% 18.86% 1.03
Insurance (General) 19 7.80% 12.18% 9.61% 21.42% 0.59
Insurance (Life) 24 1.50% 13.29% 8.20% 19.82% 0.73
Insurance (Prop/Cas.) 51 7.05% 10.67% 10.48% 19.78% 0.59
Investments & Asset Man 192 0.90% 17.46% 7.31% 17.26% 0.86
Machinery 120 3.50% 13.84% 24.49% 22.33% 1.10
Metals & Mining 92 14.84% 11.28% 11.26% 53.29% 1.09
Office Equipment & Servic 22 3.74% 8.85% 17.48% 22.94% 1.24
Oil/Gas (Integrated) 4 -6.48% 7.33% 5.36% 30.25% 1.12
Oil/Gas (Production and Ex 269 -3.73% 19.87% 9.03% 19.37% 1.08
Oil/Gas Distribution 24 14.94% 20.90% 7.99% 22.34% 0.62
Oilfield Svcs/Equip. 136 1.49% 4.16% 11.59% 20.96% 1.22
Packaging & Container 24 5.52% 10.14% 16.83% 21.71% 0.68
Paper/Forest Products 15 18.88% 5.40% 9.37% 19.62% 1.25
Power 52 3.50% 18.32% 6.48% 17.05% 0.38
Precious Metals 83 14.08% 14.51% 8.07% 27.18% 1.33
Publishing & Newspapers 31 0.13% 5.43% 10.47% 25.95% 0.76
R.E.I.T. 234 10.67% 27.15% 2.92% 2.18% 0.43
Real Estate (Development 20 -2.50% 10.28% 2.08% 22.53% 0.89
Real Estate (General/Diver 12 2.41% 29.91% 7.41% 16.33% 1.50
Real Estate (Operations & 57 3.48% 5.75% 11.47% 22.27% 0.68
Recreation 63 5.47% 9.58% 14.08% 23.58% 0.75
Reinsurance 2 6.64% 6.61% 5.90% 21.03% 0.77
Restaurant/Dining 77 7.92% 15.69% 19.08% 20.49% 0.75
Retail (Automotive) 26 4.70% 5.63% 9.48% 23.49% 0.87
Retail (Building Supply) 17 6.34% 11.20% 28.83% 25.15% 1.15
Retail (Distributors) 80 7.23% 8.35% 13.57% 23.22% 0.89
Retail (General) 18 1.51% 4.18% 13.82% 24.94% 0.95
Retail (Grocery and Food) 13 5.57% 2.29% 7.13% 24.14% 0.35
Retail (Online) 70 18.27% 6.71% 9.99% 14.32% 1.16
Retail (Special Lines) 89 7.65% 5.76% 12.04% 22.33% 0.69
Rubber& Tires 4 -6.17% 5.51% 6.12% 41.97% 0.45
Semiconductor 72 8.35% 24.62% 17.00% 14.08% 1.24
Semiconductor Equip 39 5.31% 19.22% 22.14% 13.52% 1.25
Shipbuilding & Marine 10 9.78% 7.41% 6.02% 22.82% 1.57
Shoe 11 3.12% 12.47% 30.57% 15.30% 0.83
Software (Entertainment) 86 13.53% 22.64% 17.01% 18.77% 1.29
Software (Internet) 30 30.92% 9.15% 11.12% 15.35% 1.50
Software (System & Applic 363 15.04% 22.25% 20.03% 11.24% 1.15
Steel 32 2.29% 7.75% 16.31% 18.28% 1.29
Telecom (Wireless) 18 3.48% 10.39% 5.65% 25.25% 0.60
Telecom. Equipment 91 4.86% 19.28% 20.70% 21.98% 0.84
Telecom. Services 67 10.08% 18.29% 13.05% 18.21% 0.67
Tobacco 17 3.84% 39.34% 54.11% 29.89% 1.43
Transportation 18 14.35% 5.04% 10.45% 21.53% 0.96
Transportation (Railroads) 8 0.08% 38.69% 15.44% 23.38% 1.89
Trucking 33 12.98% -4.62% 0.33% 26.64% 1.04
Utility (General) 16 2.27% 17.45% 6.63% 14.43% 0.19
Utility (Water) 17 7.54% 30.26% 7.87% 22.26% 0.57
Total Market 7053 10.15% 10.70% 7.31% 18.57% 0.83
Total Market (without finan 5878 10.53% 11.15% 12.96% 18.43% 1.01
 Std deviation
Cost of in stock Pre-tax cost Market Cost of
Equity (Levered) Beta equity prices of debt Debt/Capital capital Sales/Capital
1.44 9.41% 62.38% 3.67% 45.97% 6.35% 5.43
1.23 8.32% 38.74% 3.27% 19.54% 7.18% 3.15
1.44 9.38% 31.74% 3.27% 50.84% 5.86% 1.50
1.06 7.41% 51.10% 3.67% 29.46% 6.04% 1.72
1.10 7.61% 35.02% 3.27% 62.25% 4.40% 0.87
1.21 8.22% 50.43% 3.67% 33.72% 6.37% 2.46
1.00 7.12% 17.74% 2.72% 64.00% 3.87% 0.20
0.57 4.87% 18.26% 2.72% 38.62% 3.78% 0.26
1.13 7.78% 42.46% 3.67% 23.83% 6.58% 0.72
1.22 8.26% 57.08% 3.67% 16.13% 7.37% 1.33
1.21 8.23% 32.65% 3.27% 49.61% 5.36% 1.13
1.46 9.52% 27.36% 3.27% 72.85% 4.37% 0.20
1.23 8.32% 30.78% 3.27% 24.28% 6.90% 2.42
1.07 7.46% 43.80% 3.67% 23.26% 6.37% 2.28
1.11 7.72% 25.03% 3.27% 37.57% 5.74% 0.79
1.37 9.03% 51.96% 3.67% 37.92% 6.65% 1.50
1.85 11.55% 35.92% 3.27% 44.03% 7.55% 1.24
1.14 7.82% 48.36% 3.67% 22.19% 6.70% 1.13
1.40 9.18% 54.71% 3.67% 44.35% 6.33% 1.86
1.20 8.18% 45.52% 3.67% 30.87% 6.50% 3.37
1.75 11.01% 50.41% 3.67% 13.41% 9.90% 1.52
1.36 9.01% 29.91% 3.27% 28.64% 7.13% 1.57
1.40 9.21% 38.16% 3.27% 23.76% 7.60% 0.91
1.43 9.37% 67.45% 4.42% 12.73% 8.60% 0.43
1.36 9.00% 77.14% 6.92% 12.99% 8.51% 0.76
1.61 10.27% 37.64% 3.27% 25.19% 8.30% 1.31
1.44 9.43% 53.67% 3.67% 17.35% 8.27% 1.90
1.28 8.55% 62.17% 3.67% 17.13% 7.56% 1.87
1.15 7.90% 42.78% 3.67% 15.42% 7.11% 1.63
1.60 10.23% 33.19% 3.27% 28.20% 8.03% 3.92
1.33 8.85% 55.57% 3.67% 16.71% 7.83% 1.41
1.27 8.52% 44.34% 3.67% 24.06% 7.13% 1.69
0.89 6.57% 46.88% 3.67% 38.42% 5.10% 1.59
0.73 5.73% 25.70% 3.27% 89.82% 2.79% 0.04
0.88 6.47% 31.53% 3.27% 27.21% 5.38% 1.36
0.87 6.43% 31.58% 3.27% 30.53% 5.22% 6.78
1.08 7.52% 43.38% 3.67% 32.59% 5.97% 1.96
1.07 7.50% 53.76% 3.67% 52.97% 4.98% 0.16
1.04 7.34% 53.09% 3.67% 11.70% 6.81% 1.03
1.17 8.01% 49.95% 3.67% 28.52% 6.51% 9.69
1.24 8.39% 53.86% 3.67% 12.79% 7.67% 1.14
0.83 6.22% 36.55% 3.27% 30.65% 5.07% 1.33
1.22 8.27% 42.63% 3.67% 56.56% 5.15% 1.59
1.26 8.48% 34.10% 3.27% 36.07% 6.31% 0.72
1.03 7.28% 50.91% 3.67% 14.66% 6.61% 1.71
1.09 7.60% 37.80% 3.27% 10.62% 7.06% 1.59
0.74 5.78% 31.00% 3.27% 29.29% 4.81% 0.93
1.08 7.52% 25.13% 3.27% 49.37% 5.02% 0.72
0.68 5.45% 21.71% 2.72% 20.86% 4.74% 1.14
1.03 7.26% 27.88% 3.27% 35.24% 5.57% 0.46
1.25 8.40% 35.39% 3.27% 19.26% 7.26% 1.98
1.31 8.73% 73.25% 4.42% 27.65% 7.24% 1.01
1.65 10.48% 31.28% 3.27% 35.43% 7.63% 2.25
1.30 8.68% 28.62% 3.27% 21.15% 7.37% 0.96
1.48 9.61% 59.37% 3.67% 36.06% 7.14% 0.46
1.02 7.20% 32.66% 3.27% 47.28% 4.96% 0.40
1.58 10.13% 53.50% 3.67% 32.73% 7.72% 2.79
0.99 7.07% 33.14% 3.27% 39.74% 5.24% 1.85
1.54 9.91% 37.37% 3.27% 28.29% 7.80% 1.91
0.58 4.91% 18.49% 2.72% 42.03% 3.71% 0.41
1.44 9.38% 82.64% 6.92% 15.52% 8.73% 0.57
1.07 7.47% 38.18% 3.27% 40.32% 5.45% 2.14
0.68 5.48% 19.86% 2.72% 45.76% 3.90% 0.13
1.24 8.35% 47.22% 3.67% 41.18% 6.04% 0.28
1.63 10.41% 21.35% 2.72% 31.24% 7.80% 0.27
0.93 6.77% 39.15% 3.27% 37.03% 5.17% 2.11
0.90 6.61% 47.53% 3.67% 25.20% 5.64% 1.63
0.82 6.18% 14.87% 2.72% 22.49% 5.25% 1.09
0.97 6.98% 38.76% 3.27% 29.41% 5.65% 1.53
1.33 8.85% 37.37% 3.27% 42.15% 6.15% 2.26
1.36 8.99% 47.29% 3.67% 20.45% 7.71% 3.10
1.28 8.57% 42.83% 3.67% 37.83% 6.37% 1.79
1.14 7.87% 40.40% 3.67% 24.30% 6.62% 4.20
0.59 4.98% 37.18% 3.27% 49.15% 3.74% 4.26
1.23 8.32% 55.97% 3.67% 11.40% 7.68% 1.65
1.03 7.28% 44.95% 3.67% 41.37% 5.41% 2.45
0.98 7.03% 57.59% 3.67% 64.03% 4.29% 1.29
1.29 8.61% 43.69% 3.67% 10.55% 7.99% 0.71
1.28 8.57% 41.06% 3.67% 10.85% 7.94% 1.23
2.17 13.22% 34.05% 3.27% 35.78% 9.37% 0.76
0.87 6.43% 37.56% 3.27% 8.09% 6.11% 2.91
1.29 8.62% 61.37% 3.67% 3.66% 8.40% 0.71
1.67 10.62% 44.78% 3.67% 16.95% 9.29% 1.02
1.20 8.14% 49.50% 3.67% 8.82% 7.67% 0.85
1.62 10.34% 39.39% 3.27% 31.96% 7.82% 2.29
1.14 7.86% 41.85% 3.67% 56.75% 4.96% 0.59
0.89 6.57% 46.30% 3.67% 14.69% 6.01% 1.06
1.05 7.37% 54.47% 3.67% 44.19% 5.33% 0.76
1.68 10.66% 38.49% 3.27% 22.21% 8.83% 1.55
1.31 8.71% 27.99% 3.27% 35.16% 6.51% 2.45
2.24 13.57% 18.25% 2.72% 20.78% 11.17% 0.46
1.37 9.06% 41.85% 3.67% 36.66% 6.74% 1.14
0.28 3.40% 13.11% 2.72% 40.10% 2.85% 0.44
0.68 5.48% 17.88% 2.72% 26.34% 4.57% 0.29
1.13 7.79% 42.36% 3.67% 36.71% 5.94% 0.73
1.21 8.21% 46.41% 3.67% 24.01% 6.90% 1.22
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.94 9.20 15.12 5.98 23.77 0.05% 2.21% 6.90%
2.27 14.94 19.77 6.09 44.26 37.47% 2.79% 5.83%
1.34 6.54 12.00 2.34 10.55 1.16% 10.77% 5.43%
1.89 10.93 17.56 3.73 54.57 23.73% 2.52% 1.79%
1.26 14.39 36.55 1.82 16.76 -5.54% 9.45% 5.09%
0.75 6.38 10.18 1.95 17.58 12.62% 4.31% 6.19%
7.28 NA NA 1.27 10.23 NA 1.50% 1.50%
5.95 NA NA 1.37 15.41 NA 3.51% 0.62%
4.62 16.32 20.87 2.99 38.69 16.61% 7.25% 5.49%
4.88 19.92 23.73 8.05 39.87 -7.69% 4.70% 8.76%
2.72 9.06 12.44 2.08 8.56 21.62% 2.76% 29.53%
6.17 NA NA 1.27 18.05 NA 7.80% 7.44%
1.60 12.28 17.36 3.99 25.42 15.91% 2.81% 1.83%
2.39 14.00 22.57 5.00 47.54 14.66% 3.48% 1.14%
3.44 10.12 18.55 2.61 80.57 1.49% 11.19% 16.58%
1.30 8.24 15.40 2.12 16.11 16.09% 5.52% 5.92%
1.35 7.94 12.53 1.89 10.48 20.00% 5.66% 0.47%
2.09 10.56 16.38 2.61 25.34 16.33% 5.13% 4.70%
0.62 2.25 6.33 0.86 10.30 5.94% 7.93% -0.85%
1.28 10.36 15.92 3.81 29.13 12.77% 1.46% 10.91%
3.23 15.13 20.80 11.03 28.92 -8.13% 3.51% 0.67%
1.68 10.50 13.98 3.41 39.58 15.08% 5.17% 4.40%
2.45 12.92 17.84 1.93 22.78 5.55% 5.70% 2.80%
7.33 13.29 45.77 7.08 77.56 13.14% 4.04% 9.59%
5.44 14.57 21.08 6.33 58.18 20.67% 5.16% 9.47%
2.59 14.46 29.27 2.51 22.20 12.31% 5.20% 5.80%
2.56 12.82 17.79 4.85 29.85 19.73% 4.44% 5.54%
0.91 15.65 NA 2.76 64.24 17.30% 1.72% 0.20%
1.99 13.07 21.69 3.27 125.82 21.14% 5.37% 6.67%
0.70 9.75 16.43 1.87 18.71 17.74% 1.78% 2.80%
4.72 21.85 34.91 3.70 47.68 2.49% 5.28% 8.19%
3.08 13.93 24.91 4.29 735.05 9.95% 8.39% 5.70%
1.08 13.92 23.76 2.55 73.19 11.51% 3.55% 2.89%
30.15 NA NA 2.22 83.00 NA 8.24% 8.37%
2.30 14.26 18.84 2.58 42.25 6.53% 3.61% 2.77%
0.60 13.95 22.22 5.93 47.98 7.24% 1.18% 2.43%
1.11 9.27 14.80 2.21 14.79 13.27% 3.26% 4.85%
9.94 17.15 123.23 1.68 26.23 3.09% 38.26% 41.15%
5.94 22.67 37.55 5.13 84.43 24.30% 5.12% 6.22%
0.69 11.74 16.05 2.86 51.64 -5.18% 0.76% 5.15%
5.41 23.49 40.46 5.28 99.81 22.14% 3.99% 4.53%
1.21 10.95 11.89 1.63 16.26 73.08% 0.82% 1.29%
1.63 9.37 15.60 6.32 38.94 12.27% 6.36% 3.54%
 3.78 12.74 20.31 3.85 134.20 7.85% 9.57% 4.94%
3.74 16.57 21.32 8.20 33.23 8.78% 4.11% 5.17%
9.17 26.35 32.25 6.58 46.23 7.18% 3.19% 17.10%
1.95 10.27 15.89 1.48 67.57 -9.67% 0.75% 3.83%
1.36 9.53 10.23 0.71 21.05 7.03% 0.16% 0.23%
1.49 11.40 13.80 1.53 29.60 -51.85% 1.20% 0.63%
4.58 21.98 25.79 1.68 79.94 NA 3.47% 8.28%
2.58 13.88 18.35 4.09 36.10 23.40% 2.90% 8.78%
2.04 9.58 17.43 1.86 727.10 16.22% 10.65% 2.81%
1.20 8.77 13.29 2.96 34.53 9.55% 3.27% 1.19%
1.61 9.17 21.74 1.41 22.67 4.32% 10.48% 7.12%
2.71 4.89 13.29 1.19 8.66 1.98% 45.56% 14.26%
4.44 12.87 20.68 1.58 69.41 3.75% 30.02% 20.67%
0.74 8.58 16.78 1.47 25.44 7.98% 4.00% 1.58%
1.59 9.51 15.32 3.10 20.61 10.27% 5.30% 11.98%
0.77 7.53 14.03 1.59 24.92 14.02% 4.70% 1.77%
4.11 12.03 22.73 2.01 23.74 5.43% 34.13% 21.31%
5.05 13.65 34.17 1.74 76.84 13.97% 15.15% -5.91%
1.07 9.18 19.77 1.59 28.05 13.48% 3.22% 0.19%
13.48 22.64 51.01 2.26 48.00 89.25% 3.69% -9.79%
5.37 26.11 68.34 1.58 48.49 4.32% 3.35% -5.01%
6.57 7.68 13.48 0.88 110.21 345.67% 3.20% -5.90%
1.39 12.60 22.98 2.58 32.46 11.58% 1.28% 0.64%
2.35 13.31 23.24 6.04 30.51 18.67% 5.07% 4.01%
1.12 14.91 17.19 1.06 57.40 -4.08% 0.24% -0.07%
4.26 16.88 31.84 NA 38.00 0.39% 6.31% 2.22%
1.19 13.90 23.64 6.45 16.62 12.75% 2.14% 1.70%
2.03 13.60 18.57 43.05 238.80 7.74% 2.42% 0.74%
1.40 12.66 16.14 2.96 897.32 17.09% 7.33% 9.24%
0.88 12.21 22.57 4.84 18.64 2.00% 2.45% 0.49%
0.49 8.93 25.37 2.69 395.14 -0.12% 2.79% 0.65%
3.42 22.82 53.48 13.50 243.82 -0.99% 5.26% -0.21%
1.19 9.72 21.29 4.57 23.79 8.00% 2.39% 0.55%
0.74 5.93 12.44 0.80 21.55 19.27% 5.44% 0.30%
5.38 13.71 21.66 5.01 97.09 16.94% 14.12% 15.70%
4.00 15.71 20.43 5.85 39.73 29.00% 4.34% 11.99%
1.98 11.32 23.31 1.34 25.13 16.76% 12.98% 10.47%
3.55 22.08 29.03 12.21 23.09 20.76% 0.65% -0.84%
6.76 20.60 30.27 5.12 33.98 6.69% 16.71% 12.73%
7.64 20.23 58.76 9.39 66.75 9.70% 7.81% 9.53%
8.77 24.00 35.62 9.92 110.90 13.08% 6.52% 7.18%
0.70 6.24 8.90 1.44 14.34 19.61% 5.03% 3.32%
2.43 6.64 23.87 1.54 25.66 1.85% 22.94% 3.38%
3.50 13.42 17.72 5.00 57.04 18.13% 3.17% 9.55%
2.85 7.93 15.74 2.13 742.09 2.25% 12.30% -2.79%
5.19 12.30 13.16 89.12 24.30 16.28% 2.55% 2.65%
1.35 12.39 27.53 4.93 58.53 7.39% 7.06% 3.59%
6.32 12.56 16.55 4.91 20.48 2.61% 16.30% 5.94%
1.93 9.08 NA 2.81 18.36 5.50% 19.44% 17.41%
4.26 14.13 24.65 2.11 23.72 4.18% 27.57% 26.67%
8.83 19.02 29.10 3.34 48.13 7.23% 44.82% 32.21%
3.16 17.54 28.99 3.21 70.85 -23.20% 6.15% 5.18%
2.62 13.75 22.97 3.89 76.83 8.91% 6.48% 5.39%
 Pre-tax
Operating
Equity Margin (Lease
Reinvestmen Dividend Reinvestment & R&D
t Rate ROE Payout Ratio Rate adjusted)
65.38% 26.08% 101.33% 101.33% 12.20%
104.37% 31.42% 44.14% 44.14% 11.75%
61.33% 28.20% 15.08% 15.08% 11.16%
30.49% 16.72% 43.05% 43.05% 10.71%
118.37% 12.43% 51.58% 51.58% 3.51%
103.00% 12.56% 26.31% 26.31% 7.44%
NA 12.80% 27.40% 27.40% -0.16%
NA 12.05% 29.77% 29.77% -0.29%
41.61% 6.88% 67.00% 67.00% 22.11%
48.51% 40.25% 57.44% 57.44% 20.53%
166.27% 93.39% 38.15% 38.15% 21.83%
-7168.64% 14.06% 22.21% 22.21% 0.23%
30.10% 14.05% 26.75% 26.75% 9.22%
21.65% 10.24% 73.82% 73.82% 10.50%
124.40% 11.76% 23.15% 23.15% 17.93%
75.72% 9.16% 90.86% 90.86% 8.33%
6.58% 10.07% 62.72% 62.72% 10.81%
61.10% 5.68% 63.99% 63.99% 12.89%
12.65% 11.59% 16.81% 16.81% 6.90%
179.86% 17.29% 52.14% 52.14% 8.11%
9.31% 39.99% 26.84% 26.84% 15.86%
65.09% 24.78% 28.55% 28.55% 12.09%
28.60% 7.86% 18.22% 18.22% 13.65%
164.06% -0.94% 0.10% 0.10% 20.24%
43.56% 21.51% 61.39% 61.39% 24.34%
121.32% 12.90% 4.56% 4.56% 8.84%
53.75% 20.08% 36.80% 36.80% 14.03%
NA -10.11% 0.00% 0.00% -1.20%
106.02% 11.29% 24.67% 24.67% 9.18%
118.65% 3.43% 36.86% 36.86% 4.10%
83.21% 17.66% 22.14% 22.14% 13.46%
53.80% 10.68% 53.46% 53.46% 12.32%
133.06% 9.14% 56.24% 56.24% 4.20%
202.92% 0.07% 15.96% 15.96% 7.40%
27.87% 1.90% 303.82% 303.82% 12.18%
113.88% 15.51% 50.64% 50.64% 2.69%
86.54% 16.97% 24.22% 24.22% 7.41%
813.50% -5.80% 0.12% 0.12% 8.59%
70.87% 9.78% 30.27% 30.27% 15.99%
167.87% 13.16% 38.37% 38.37% 4.26%
59.11% 11.17% 8.54% 8.54% 13.07%
56.10% 15.26% 7.26% 7.26% 10.18%
55.29% 62.13% 23.62% 23.62% 10.40%
 39.81% 16.23% 54.30% 54.30% 18.59%
33.27% 10.59% 152.58% 152.58% 17.49%
80.52% 30.52% 24.91% 24.91% 28.55%
49.36% 7.42% 42.05% 42.05% 12.29%
9.74% 10.44% 26.07% 26.07% 13.29%
13.60% 10.58% 35.82% 35.82% 10.73%
60.78% 13.31% 49.33% 49.33% 17.17%
89.46% 20.03% 28.00% 28.00% 14.10%
38.41% 3.27% 202.98% 202.98% 11.36%
21.58% 18.22% 38.57% 38.57% 9.16%
137.09% 7.85% 89.07% 89.07% 7.40%
79.17% 6.36% 27.36% 27.36% 20.22%
125.60% 3.91% 303.21% 303.21% 20.90%
43.60% -8.40% 0.32% 0.32% 4.37%
148.07% 15.96% 44.97% 44.97% 10.35%
39.26% 2.05% 179.43% 179.43% 5.48%
139.95% 5.71% 97.59% 97.59% 18.10%
-17.95% 12.90% 20.77% 20.77% 14.45%
-5.13% -3.79% 0.80% 0.80% 5.33%
-43.64% 5.49% 192.44% 192.44% 23.47%
-209.89% 3.37% 0.05% 0.05% 7.59%
133.57% 5.71% 22.05% 22.05% 29.46%
55.47% 11.92% 19.23% 19.23% 5.77%
73.92% 4.27% 264.95% 264.95% 9.40%
12.28% 5.00% 18.26% 18.26% 6.54%
26.50% NA 53.91% 53.91% 13.34%
49.33% 34.60% 4.42% 4.42% 4.88%
25.76% 94.81% 53.71% 53.71% 10.93%
137.59% 16.47% 28.91% 28.91% 8.63%
17.01% 18.14% 44.44% 44.44% 3.89%
42.71% 18.11% 34.19% 34.19% 1.92%
21.88% 22.41% 3.60% 3.60% 6.24%
27.21% 19.92% 40.09% 40.09% 5.58%
77.35% 3.70% 76.43% 76.43% 5.97%
70.96% 20.29% 43.91% 43.91% 25.37%
69.04% 27.65% 29.20% 29.20% 19.91%
173.74% 2.69% 32.11% 32.11% 8.36%
-4.00% 40.16% 26.78% 26.78% 12.23%
85.61% 18.49% 0.00% 0.00% 24.57%
156.71% 6.14% 2.58% 2.58% 10.99%
44.38% 27.91% 30.55% 30.55% 24.06%
36.27% 18.41% 19.66% 19.66% 7.85%
123.92% 1.15% 13.80% 13.80% 10.16%
62.55% 17.58% 53.31% 53.31% 20.32%
-24.94% 5.67% 170.56% 170.56% 18.02%
19.18% -0.05% 143.69% 143.69% 39.35%
122.56% 21.61% 59.98% 59.98% 4.90%
19.13% 23.44% 33.86% 33.86% 38.21%
NA -32.07% 0.14% 0.14% -0.38%
185.51% 11.07% 75.43% 75.43% 17.28%
133.05% 13.63% 66.60% 45.97% 30.10%
65.65% 13.63% 45.97% 45.97% 10.81%
66.82% 13.30% 52.42% 52.42% 11.29%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 312 9.09% 8.73% 20.10% 26.81% 0.96
Aerospace/Defense 238 8.04% 9.60% 21.65% 20.49% 1.05
Air Transport 159 7.14% 8.46% 6.64% 22.12% 0.65
Apparel 1161 0.90% 11.54% 15.09% 25.12% 0.70
Auto & Truck 134 4.97% 4.79% 4.60% 22.32% 0.85
Auto Parts 682 5.28% 5.34% 7.46% 26.03% 1.11
Bank (Money Center) 595 16.39% 0.12% 0.02% 19.57% 0.40
Banks (Regional) 862 8.37% -0.02% -0.02% 18.28% 0.46
Beverage (Alcoholic) 216 9.26% 21.60% 13.24% 24.57% 0.80
Beverage (Soft) 94 9.90% 16.03% 20.21% 12.98% 0.71
Broadcasting 138 3.52% 17.16% 16.26% 13.01% 0.69
Brokerage & Investment B 559 11.28% 0.98% 0.15% 21.26% 0.44
Building Materials 426 4.94% 8.01% 10.73% 26.59% 0.83
Business & Consumer Ser 868 10.37% 8.57% 18.81% 25.27% 0.88
Cable TV 61 1.56% 16.69% 10.83% 23.73% 0.79
Chemical (Basic) 793 6.47% 7.92% 7.84% 20.56% 0.90
Chemical (Diversified) 73 2.71% 8.42% 7.55% 24.30% 0.95
Chemical (Specialty) 829 7.55% 10.68% 10.76% 22.76% 0.98
Coal & Related Energy 224 8.88% 16.64% 14.76% 23.40% 1.27
Computer Services 969 8.67% 7.04% 19.83% 25.28% 0.98
Computers/Peripherals 332 3.27% 9.99% 13.58% 19.69% 1.35
Construction Supplies 747 5.04% 10.39% 11.46% 22.70% 0.96
Diversified 319 7.49% 11.31% 8.73% 17.77% 0.69
Drugs (Biotechnology) 1024 23.00% 8.97% 7.18% 15.18% 1.40
Drugs (Pharmaceutical) 1263 13.44% 18.09% 11.95% 15.70% 1.20
Education 211 6.38% 11.43% 11.17% 19.03% 1.02
Electrical Equipment 902 7.89% 7.07% 11.58% 20.17% 1.15
Electronics (Consumer & O 142 1.42% 4.82% 9.41% 11.20% 1.30
Electronics (General) 1345 6.12% 6.05% 8.61% 21.00% 1.38
Engineering/Construction 1208 4.68% 5.29% 9.51% 25.04% 0.81
Entertainment 660 13.37% 11.77% 12.78% 22.57% 1.17
Environmental & Waste Se 325 11.70% 10.43% 12.53% 22.23% 1.01
Farming/Agriculture 406 8.36% 4.70% 5.38% 19.91% 0.60
Financial Svcs. (Non-bank 1059 13.24% 6.77% 0.39% 18.19% 0.15
Food Processing 1262 6.40% 8.53% 11.94% 21.38% 0.65
Food Wholesalers 151 15.60% 2.42% 10.67% 26.08% 0.52
Furn/Home Furnishings 328 6.49% 7.43% 15.56% 18.58% 1.01
Green & Renewable Ener 213 23.74% 35.65% 7.11% 16.70% 0.59
Healthcare Products 739 11.38% 14.87% 14.02% 15.28% 1.13
Healthcare Support Servic 402 18.36% 4.50% 27.23% 23.63% 0.82
Heathcare Information an 389 17.16% 12.30% 13.08% 15.76% 1.23
Homebuilding 167 11.34% 10.69% 10.54% 23.87% 0.75
Hospitals/Healthcare Facili 206 7.81% 10.34% 9.52% 21.68% 0.50
Hotel/Gaming 639 13.22% 14.33% 8.80% 18.61% 0.68
Household Products 536 7.90% 16.39% 22.84% 24.38% 0.96
Information Services 215 14.94% 25.33% 36.83% 19.48% 1.05
Insurance (General) 216 6.47% 9.53% 13.44% 24.16% 0.54
Insurance (Life) 137 10.36% 9.21% 11.58% 16.66% 0.98
Insurance (Prop/Cas.) 223 5.89% 8.72% 9.63% 18.05% 0.50
Investments & Asset Man 1066 10.67% 18.77% 5.27% 16.80% 0.55
Machinery 1332 5.51% 9.02% 12.22% 23.77% 1.16
Metals & Mining 1529 11.40% 8.97% 10.10% 31.33% 1.09
Office Equipment & Servic 146 3.13% 7.24% 13.16% 26.84% 0.94
Oil/Gas (Integrated) 49 0.75% 13.11% 13.70% 39.57% 1.14
Oil/Gas (Production and Ex 773 -0.96% 21.98% 9.10% 27.00% 1.14
Oil/Gas Distribution 160 16.27% 13.76% 7.24% 17.47% 0.83
Oilfield Svcs/Equip. 508 -0.90% 4.01% 8.22% 25.93% 1.06
Packaging & Container 400 5.89% 8.95% 11.67% 22.96% 0.61
Paper/Forest Products 279 6.52% 7.67% 6.51% 21.91% 0.74
Power 538 6.97% 12.62% 6.17% 19.47% 0.51
Precious Metals 844 18.56% 9.71% 6.81% 34.32% 1.00
Publishing & Newspapers 352 0.96% 5.95% 7.24% 24.20% 0.85
R.E.I.T. 753 11.28% 35.99% 3.48% 3.37% 0.35
Real Estate (Development 842 12.10% 20.38% 9.11% 35.45% 0.64
Real Estate (General/Diver 383 8.63% 19.83% 4.89% 22.67% 0.64
Real Estate (Operations & 691 7.88% 23.00% 4.12% 20.50% 0.49
Recreation 315 3.88% 11.04% 10.09% 25.32% 0.84
Reinsurance 34 4.68% 5.90% 7.63% 17.68% 0.92
Restaurant/Dining 376 6.70% 10.98% 15.30% 22.43% 0.67
Retail (Automotive) 184 8.16% 4.29% 7.87% 25.02% 0.66
Retail (Building Supply) 93 4.14% 9.78% 19.06% 25.70% 0.90
Retail (Distributors) 982 11.52% 4.10% 6.79% 23.33% 0.60
Retail (General) 210 1.56% 4.29% 8.37% 28.00% 0.86
Retail (Grocery and Food) 170 3.25% 3.69% 7.76% 26.88% 0.49
Retail (Online) 297 14.43% 5.06% 6.69% 13.55% 1.23
Retail (Special Lines) 479 2.97% 5.63% 11.99% 25.09% 0.75
Rubber& Tires 89 0.64% 8.57% 8.60% 25.61% 0.72
Semiconductor 542 4.34% 18.19% 12.61% 14.52% 1.53
Semiconductor Equip 291 6.26% 16.34% 15.10% 16.16% 1.82
Shipbuilding & Marine 345 3.93% 8.09% 4.44% 18.47% 0.71
Shoe 78 -0.37% 9.74% 16.66% 17.94% 0.90
Software (Entertainment) 280 16.81% 22.15% 16.32% 18.87% 1.18
Software (Internet) 131 29.01% 5.13% 8.35% 15.69% 1.22
Software (System & Applic 1375 15.16% 19.63% 18.19% 14.00% 1.25
Steel 695 6.41% 7.43% 6.44% 19.89% 0.82
Telecom (Wireless) 103 2.92% 13.78% 8.46% 28.10% 0.61
Telecom. Equipment 474 5.53% 10.75% 11.14% 23.91% 1.27
Telecom. Services 317 9.88% 15.02% 10.62% 23.36% 0.59
Tobacco 54 2.58% 31.97% 19.32% 27.13% 0.87
Transportation 265 11.46% 6.91% 10.19% 23.20% 0.79
Transportation (Railroads) 52 7.04% 23.18% 9.48% 24.88% 0.83
Trucking 208 6.09% 1.89% 4.26% 26.86% 0.65
Utility (General) 52 1.72% 9.48% 5.87% 18.51% 0.41
Utility (Water) 99 11.74% 28.03% 7.67% 23.31% 0.69
Total Market 44394 8.38% 9.28% 6.15% 22.44% 0.79
Total Market (without finan 39677 8.04% 9.78% 9.78% 23.58% 0.92
 Std
Cost of deviation in Pre-tax cost Market Cost of
Equity (Levered) Beta equity stock prices of debt Debt/Capital capital Sales/Capital
1.18 9.24% 46.39% 4.50% 33.05% 7.29% 2.64
1.18 9.24% 37.02% 4.10% 19.76% 8.02% 2.49
1.10 8.69% 30.61% 4.10% 51.58% 5.78% 1.01
0.80 6.88% 36.30% 4.10% 21.66% 6.05% 1.48
1.37 10.41% 33.62% 4.10% 53.44% 6.48% 1.06
1.26 9.71% 34.67% 4.10% 28.11% 7.84% 1.62
0.81 6.91% 22.54% 3.55% 71.14% 3.87% 0.14
0.63 5.83% 19.98% 3.55% 60.95% 3.89% 0.21
0.90 7.49% 29.17% 4.10% 18.38% 6.67% 0.74
0.79 6.82% 34.38% 4.10% 17.03% 6.18% 1.40
0.97 7.91% 33.69% 4.10% 40.21% 5.96% 1.14
1.00 8.10% 36.29% 4.10% 68.56% 4.64% 0.18
0.96 7.88% 31.42% 4.10% 24.38% 6.70% 1.60
1.00 8.10% 41.49% 4.50% 20.83% 7.11% 2.54
1.17 9.16% 30.69% 4.10% 41.62% 6.62% 0.76
1.06 8.50% 32.19% 4.10% 27.91% 6.98% 1.17
1.22 9.44% 29.94% 4.10% 32.77% 7.35% 1.08
1.12 8.82% 36.68% 4.10% 21.07% 7.61% 1.17
1.45 10.89% 55.46% 4.50% 34.39% 8.30% 0.98
1.08 8.59% 39.39% 4.10% 19.37% 7.52% 3.28
1.41 10.65% 37.67% 4.10% 14.64% 9.54% 1.51
1.15 9.02% 35.08% 4.10% 31.46% 7.14% 1.28
0.93 7.67% 26.62% 4.10% 40.43% 5.80% 0.90
1.43 10.74% 62.07% 4.50% 10.95% 9.93% 0.44
1.30 9.93% 52.03% 4.50% 15.45% 8.92% 0.71
1.14 8.94% 39.39% 4.10% 21.45% 7.68% 1.14
1.28 9.83% 38.22% 4.10% 22.42% 8.31% 1.32
1.45 10.89% 40.86% 4.50% 27.96% 8.78% 1.84
1.40 10.57% 39.67% 4.10% 15.06% 9.43% 1.55
1.10 8.72% 36.53% 4.10% 47.60% 6.02% 2.07
1.26 9.70% 48.01% 4.50% 16.33% 8.67% 1.23
1.22 9.44% 43.82% 4.50% 27.01% 7.79% 1.35
0.82 6.97% 38.16% 4.10% 36.97% 5.52% 1.28
0.79 6.80% 34.53% 4.10% 86.28% 3.56% 0.07
0.75 6.55% 32.02% 4.10% 21.54% 5.80% 1.66
0.76 6.59% 34.20% 4.10% 42.73% 5.08% 5.21
1.03 8.26% 34.40% 4.10% 19.35% 7.25% 2.41
0.89 7.40% 38.03% 4.10% 43.52% 5.51% 0.23
1.20 9.31% 48.36% 4.50% 11.06% 8.65% 0.97
1.01 8.16% 39.82% 4.10% 29.35% 6.66% 7.27
1.30 9.93% 53.76% 4.50% 10.76% 9.22% 1.10
0.89 7.39% 32.29% 4.10% 30.14% 6.08% 1.35
0.78 6.74% 31.47% 4.10% 44.48% 5.10% 1.22
0.90 7.46% 34.67% 4.10% 34.66% 5.93% 0.77
1.03 8.29% 40.58% 4.50% 12.57% 7.67% 1.60
1.10 8.73% 41.26% 4.50% 10.81% 8.15% 1.65
0.61 5.71% 26.83% 4.10% 29.76% 4.92% 1.66
0.99 8.05% 25.89% 4.10% 44.93% 5.80% 1.49
0.56 5.35% 24.73% 3.55% 22.83% 4.73% 1.33
0.81 6.94% 37.11% 4.10% 47.77% 5.08% 0.31
1.25 9.66% 35.09% 4.10% 18.06% 8.46% 1.50
1.33 10.17% 71.29% 5.25% 31.24% 8.21% 1.16
1.04 8.38% 36.39% 4.10% 25.25% 7.03% 2.09
1.30 9.93% 28.82% 4.10% 20.73% 8.50% 1.38
1.55 11.51% 63.69% 4.50% 36.21% 8.55% 0.43
1.28 9.86% 33.56% 4.10% 44.48% 6.83% 0.59
1.41 10.62% 44.97% 4.50% 35.83% 8.02% 2.24
0.82 6.97% 35.41% 4.10% 35.42% 5.58% 1.55
1.03 8.27% 35.35% 4.10% 39.73% 6.19% 0.98
0.82 7.02% 26.60% 4.10% 48.63% 5.09% 0.60
1.08 8.57% 81.37% 7.75% 16.00% 8.12% 0.72
0.96 7.83% 37.95% 4.10% 28.48% 6.47% 1.46
0.53 5.21% 18.54% 3.55% 43.48% 4.09% 0.11
1.08 8.56% 33.04% 4.10% 60.02% 5.25% 0.55
1.01 8.17% 29.90% 4.10% 49.49% 5.64% 0.29
0.72 6.34% 31.57% 4.10% 41.96% 4.96% 0.21
0.92 7.63% 37.72% 4.10% 21.96% 6.63% 1.07
0.95 7.79% 23.61% 3.55% 19.11% 6.80% 1.49
0.85 7.16% 34.40% 4.10% 29.34% 5.95% 1.83
0.98 7.96% 34.45% 4.10% 42.19% 5.88% 2.51
1.08 8.61% 36.34% 4.10% 23.07% 7.33% 2.49
0.92 7.61% 36.07% 4.10% 47.80% 5.43% 1.94
1.12 8.84% 29.10% 4.10% 33.47% 6.90% 2.76
0.73 6.42% 29.31% 4.10% 43.75% 4.94% 3.03
1.28 9.84% 51.87% 4.50% 10.63% 9.15% 1.59
0.96 7.83% 37.51% 4.10% 32.53% 6.28% 2.46
0.94 7.71% 28.62% 4.10% 35.42% 6.06% 1.17
1.57 11.62% 38.89% 4.10% 10.84% 10.69% 0.74
1.84 13.29% 41.00% 4.50% 9.32% 12.36% 1.03
1.13 8.90% 33.90% 4.10% 50.26% 5.96% 0.63
0.95 7.82% 34.37% 4.10% 11.59% 7.26% 2.01
1.18 9.19% 55.26% 4.50% 4.77% 8.91% 0.76
1.29 9.92% 46.67% 4.50% 13.00% 9.06% 1.46
1.28 9.85% 50.45% 4.50% 8.52% 9.30% 0.93
1.13 8.88% 37.09% 4.10% 41.41% 6.46% 0.99
0.90 7.49% 33.97% 4.10% 43.20% 5.57% 0.68
1.32 10.07% 42.66% 4.50% 14.83% 9.07% 1.11
0.89 7.41% 39.02% 4.10% 43.30% 5.52% 0.81
1.04 8.33% 29.53% 4.10% 24.47% 7.04% 0.73
1.09 8.64% 32.74% 4.10% 38.95% 6.46% 1.78
1.04 8.37% 19.15% 3.55% 28.23% 6.75% 0.52
0.94 7.74% 32.56% 4.10% 42.74% 5.73% 1.20
0.65 5.96% 20.13% 3.55% 46.04% 4.43% 0.76
0.95 7.78% 26.75% 4.10% 38.06% 5.98% 0.34
1.08 8.58% 39.22% 4.10% 41.49% 6.28% 0.75
1.11 8.79% 40.31% 4.50% 28.49% 7.24% 1.13
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.71 11.10 18.32 2.20 66.32 -2.43% 2.06% 3.09%
2.00 14.69 20.69 5.19 43.89 33.34% 3.28% 4.81%
1.64 8.16 20.91 2.00 21.68 -2.92% 11.22% 4.40%
2.30 12.58 19.05 3.01 31.98 22.85% 4.32% 2.82%
0.90 9.81 18.37 1.03 35.28 4.63% 7.00% 4.13%
0.75 7.08 13.61 1.29 36.52 11.54% 6.18% 5.17%
7.62 NA NA 0.94 14.38 NA 3.62% 3.36%
4.90 NA NA 0.72 14.93 NA 3.32% 1.78%
4.27 15.54 19.68 3.64 32.86 8.70% 4.92% 1.41%
3.64 17.58 22.49 5.78 72.48 -4.42% 4.71% 5.57%
2.03 8.46 11.71 1.56 46.47 16.96% 3.81% 14.73%
7.15 NA NA 1.41 60.36 NA 5.33% 4.83%
1.40 10.75 16.90 2.15 29.19 17.22% 4.24% 3.17%
1.93 9.73 21.45 4.22 44.56 9.46% 2.86% 2.04%
3.38 9.66 19.37 2.42 39.47 1.12% 12.73% 10.91%
1.31 9.60 16.08 1.49 36.38 12.24% 9.06% 6.71%
1.21 8.19 14.19 1.30 19.54 18.89% 7.76% 6.04%
2.03 11.48 18.61 2.28 30.04 17.68% 6.96% 5.93%
1.14 4.53 6.66 0.94 17.12 -2.21% 7.83% 4.01%
1.23 11.79 16.76 3.37 37.80 13.78% 1.68% 5.06%
1.84 11.76 18.14 3.81 43.67 2.71% 3.99% 2.04%
1.35 8.55 12.50 1.62 36.03 11.29% 4.89% 2.45%
1.59 9.69 13.78 1.08 27.05 -13.69% 5.11% 3.42%
7.93 16.03 64.01 6.75 156.28 18.43% 5.49% 9.75%
4.13 14.50 22.15 3.66 66.88 17.69% 4.98% 6.22%
3.18 15.17 27.66 2.77 57.39 3.08% 6.83% 8.50%
1.70 10.36 16.59 2.28 53.31 23.79% 4.74% 3.66%
0.78 7.94 14.72 1.63 56.47 2.41% 4.40% 3.69%
1.46 13.09 23.10 2.37 54.11 17.29% 6.45% 5.03%
0.64 8.22 11.62 1.11 52.56 15.41% 3.37% 3.52%
3.90 19.03 32.63 3.25 52.25 5.11% 4.60% 5.19%
2.48 13.46 22.78 2.95 139.86 11.58% 9.57% 7.43%
1.20 13.81 23.86 1.83 79.75 15.69% 4.94% 3.41%
15.97 152.52 NA 1.35 69.45 NA 6.89% 6.96%
1.73 13.72 20.08 2.75 41.68 10.50% 4.61% 3.77%
0.48 11.43 19.27 2.07 51.75 4.84% 1.50% 1.72%
1.19 10.93 15.28 2.72 28.37 4.77% 3.48% 2.63%
6.76 11.57 19.23 1.72 105.77 4.85% 28.77% 13.76%
5.17 21.35 33.23 4.56 52.19 24.36% 5.36% 6.43%
0.72 11.55 16.13 2.55 36.18 -1.25% 1.00% 4.64%
5.71 24.81 42.35 5.53 770.42 20.89% 5.62% 6.40%
1.15 9.29 11.47 1.58 16.18 59.54% 1.21% 1.26%
2.22 12.00 22.92 3.42 39.72 7.56% 6.92% 5.70%
 3.03 12.39 22.43 2.38 53.15 0.13% 8.60% 5.46%
3.40 16.10 20.52 5.96 73.77 6.71% 3.82% 3.47%
8.12 25.30 31.21 6.28 39.07 6.87% 3.26% 14.11%
1.08 9.05 11.05 1.33 28.44 -1.06% 0.73% 2.24%
0.89 8.85 9.52 1.03 24.90 -100.44% 0.69% 0.46%
1.11 10.56 12.53 1.30 42.81 -37.72% 0.86% 0.14%
4.88 20.14 24.68 1.36 119.48 NA 2.60% 14.36%
1.76 12.21 17.97 2.54 37.30 25.26% 4.32% 5.10%
1.26 7.57 13.20 1.44 155.38 9.46% 7.89% 4.57%
1.06 9.29 14.13 2.03 28.86 13.64% 2.61% 0.94%
1.42 6.77 11.01 1.74 23.56 2.75% 9.03% 3.44%
2.77 5.14 12.26 1.11 21.49 3.02% 35.12% 11.11%
2.86 12.80 20.58 1.57 25.89 3.30% 17.10% 10.59%
0.74 9.45 17.83 1.43 32.97 5.74% 4.24% 2.27%
1.43 9.33 15.58 2.24 31.04 13.83% 5.95% 8.50%
1.30 9.42 16.73 1.27 31.86 18.79% 6.88% 6.82%
2.25 9.68 17.84 1.33 29.29 1.46% 15.90% 8.24%
3.14 11.00 29.81 2.04 75.41 12.30% 17.41% 7.51%
1.22 10.07 19.77 1.44 88.49 12.51% 3.54% 1.85%
13.78 23.06 36.57 1.67 65.48 66.89% 6.30% 1.65%
2.10 9.45 10.11 0.86 48.49 161.31% 2.91% 4.88%
3.43 12.79 16.87 0.73 39.26 84.32% 8.67% 10.27%
5.64 17.02 23.00 1.01 429.93 21.02% 4.66% 4.57%
2.51 13.36 21.68 2.97 40.73 22.90% 6.19% 3.92%
0.88 13.22 14.84 1.11 19.61 -45.51% 0.44% 0.69%
2.78 14.99 27.46 13.25 75.37 -1.51% 4.86% 2.30%
0.86 12.09 21.27 3.09 42.52 11.14% 2.51% 1.81%
1.79 12.88 18.87 9.46 65.77 8.01% 2.42% 0.65%
0.72 10.90 16.71 1.28 114.37 13.94% 3.00% 2.60%
0.91 11.22 23.19 2.85 36.01 -0.43% 2.87% 0.74%
0.74 9.47 22.48 2.07 243.19 -3.82% 2.86% 0.76%
3.58 23.73 63.81 7.51 82.74 -0.50% 4.67% 0.51%
1.19 10.30 19.70 3.35 28.58 7.49% 2.20% 0.33%
1.04 6.63 11.80 1.23 44.02 21.23% 5.81% 3.38%
4.39 13.11 23.71 3.86 80.32 17.01% 17.07% 13.99%
3.91 17.31 23.37 4.64 52.13 29.05% 6.88% 8.23%
1.91 9.58 23.09 1.06 25.97 1.34% 9.41% 4.42%
2.67 18.84 26.78 5.99 27.97 20.00% 1.69% -0.28%
6.86 21.16 30.98 5.33 90.61 3.10% 13.49% 8.93%
5.04 19.63 53.90 8.03 62.07 3.57% 7.68% 8.21%
7.71 24.35 35.57 8.13 99.44 13.72% 5.62% 8.27%
0.76 5.92 9.88 0.90 47.73 13.91% 4.93% 2.70%
2.32 6.81 15.96 1.56 30.64 -5.19% 12.56% 0.63%
2.37 14.18 20.88 3.64 119.54 21.13% 3.71% 4.32%
2.35 7.06 15.54 1.74 92.74 1.51% 12.95% -3.32%
4.03 11.10 12.54 3.50 18.33 19.32% 3.54% 2.33%
1.30 10.47 18.46 1.86 85.83 3.10% 5.22% 4.10%
3.71 10.91 15.82 2.48 24.18 10.02% 17.07% 11.88%
1.47 8.84 46.04 2.00 21.05 8.03% 10.60% 8.38%
2.28 12.58 24.10 1.72 419.59 -1.89% 13.08% 9.13%
4.98 12.47 17.83 1.86 30.35 2.51% 25.79% 17.60%
2.28 14.08 23.08 1.90 65.24 -117.43% 5.87% 3.97%
1.89 11.19 18.66 2.26 66.07 10.92% 6.32% 4.10%
 Pre-tax
Operating
Margin
Equity (Lease &
Reinvestme Dividend Reinvestme R&D
nt Rate ROE Payout Ratio nt Rate adjusted)
54.25% 7.33% 78.46% 78.46% 9.09%
104.79% 22.03% 45.34% 45.34% 9.80%
71.87% 11.74% 43.62% 43.62% 7.81%
57.36% 11.86% 53.16% 53.16% 11.90%
132.03% 8.55% 45.20% 45.20% 5.01%
143.18% 6.96% 48.31% 48.31% 5.53%
3240.04% 10.94% 35.45% 35.45% 0.16%
NA 10.91% 25.78% 25.78% -0.12%
13.52% 15.40% 45.16% 45.16% 21.63%
40.87% 26.79% 58.58% 58.58% 16.17%
112.23% 31.76% 42.25% 42.25% 17.15%
-1876.79% 9.00% 49.32% 49.32% 0.99%
66.98% 10.16% 38.45% 38.45% 8.25%
43.25% 14.18% 51.63% 51.63% 8.94%
87.16% 19.12% 16.58% 16.58% 16.72%
117.42% 8.13% 71.03% 71.03% 8.00%
109.20% 12.52% 40.97% 40.97% 8.60%
92.37% 10.95% 47.58% 47.58% 10.89%
33.17% 13.06% 56.77% 56.77% 16.71%
104.29% 16.39% 38.37% 38.37% 7.30%
27.84% 18.18% 34.05% 34.05% 10.25%
56.12% 12.03% 49.33% 49.33% 10.54%
52.44% 8.24% 30.71% 30.71% 11.39%
248.23% -2.07% 0.23% 0.23% 16.48%
46.97% 11.03% 74.47% 74.47% 18.57%
122.20% 11.76% 34.15% 34.15% 11.32%
82.74% 6.70% 67.13% 67.13% 9.99%
121.72% 13.13% 23.70% 23.70% 5.64%
138.97% 7.90% 48.79% 48.79% 6.37%
156.88% 9.57% 52.94% 52.94% 5.54%
72.29% 9.11% 37.59% 37.59% 11.41%
126.75% 7.72% 69.24% 69.24% 10.68%
112.79% 6.75% 54.44% 54.44% 4.79%
195.11% 20.62% 21.15% 21.15% 6.65%
62.30% 7.94% 74.53% 74.53% 8.57%
98.46% 9.13% 54.52% 54.52% 2.48%
54.42% 14.26% 49.21% 49.21% 7.71%
69.90% 10.43% 77.84% 77.84% 34.86%
73.06% 9.69% 38.01% 38.01% 15.65%
157.31% 12.27% 39.05% 39.05% 4.41%
85.22% 10.18% 15.27% 15.27% 12.88%
62.00% 14.77% 21.82% 21.82% 9.99%
95.93% 12.87% 39.65% 39.65% 9.35%
 57.35% 11.44% 52.95% 52.95% 13.36%
30.26% 16.30% 74.39% 74.39% 16.53%
78.66% 27.33% 26.40% 26.40% 25.59%
35.87% 9.62% 49.79% 49.79% 9.54%
6.29% 11.23% 29.03% 29.03% 9.25%
11.64% 9.59% 36.64% 36.64% 8.73%
119.90% 10.25% 48.83% 48.83% 18.26%
96.45% 10.33% 44.50% 44.50% 9.81%
76.84% 7.56% 76.72% 76.72% 9.08%
34.87% 9.19% 47.20% 47.20% 7.54%
39.93% 14.15% 63.51% 63.51% 12.92%
66.13% 6.22% 56.67% 56.67% 22.31%
92.24% 7.20% 124.74% 124.74% 13.69%
70.00% 0.01% 0.64% 0.64% 4.09%
124.23% 9.92% 52.44% 52.44% 9.14%
123.22% 5.43% 72.55% 72.55% 7.72%
91.18% 7.86% 68.97% 68.97% 12.44%
168.90% 3.56% 100.12% 100.12% 9.88%
37.61% 2.79% 126.54% 126.54% 5.84%
5.61% 6.11% 118.69% 118.69% 33.11%
133.77% 12.83% 57.02% 57.02% 20.33%
130.72% 7.66% 40.86% 40.86% 19.87%
36.89% 8.11% 30.21% 30.21% 23.22%
95.36% 7.68% 66.20% 66.20% 11.03%
27.82% 6.12% 59.03% 59.03% 5.89%
32.87% 42.10% 52.85% 52.85% 10.07%
77.04% 14.86% 34.17% 34.17% 3.88%
26.62% 32.90% 54.40% 54.40% 9.49%
46.96% 10.44% 40.47% 40.47% 4.22%
32.89% 11.47% 50.20% 50.20% 3.91%
29.66% 10.18% 56.80% 56.80% 3.29%
66.25% 16.75% 8.96% 8.96% 4.78%
24.33% 14.11% 41.43% 41.43% 5.99%
64.29% 9.75% 41.36% 41.36% 8.84%
90.75% 14.55% 48.63% 48.63% 18.90%
62.67% 17.32% 39.60% 39.60% 17.02%
67.54% 5.18% 76.32% 76.32% 8.15%
4.68% 20.80% 36.84% 36.84% 9.93%
57.94% 18.70% 3.62% 3.62% 23.84%
245.65% 0.43% 580.31% 580.31% 6.15%
59.05% 21.17% 32.64% 32.64% 21.24%
62.21% 5.21% 60.95% 60.95% 7.54%
22.93% 6.28% 89.99% 89.99% 14.36%
69.87% 7.69% 81.77% 81.77% 11.02%
-30.53% 7.76% 100.79% 100.79% 15.10%
19.70% 20.84% 94.66% 94.66% 32.11%
98.00% 12.40% 60.77% 60.77% 7.05%
71.83% 15.30% 28.57% 28.57% 23.46%
1460.24% -3.89% 0.34% 0.34% 4.10%
117.66% 12.24% 58.93% 58.93% 9.45%
117.76% 10.69% 62.39% 48.53% 27.80%
69.13% 10.69% 48.53% 48.53% 9.42%
69.36% 10.41% 54.72% 54.72% 9.94%
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
R&D $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA

Current year's lease expense $ 107.00

$75,872.00
$2,404.00
$24,171.00
$276.00

G&A 630.29 286.14 426.61 770.76

Marketing Costs 2369.47 1128.78 1219.73 2460.42
Content Costs 9967.54 4703.01 5876.21 11140.74

Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/No Book or Market VaERP choices Cost of debt Synthetic ratiBeta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatioSynthetic rating 2 Single Business(US)
Operating countries Actual rating Single Business(Global
Operating regions Multibusiness(US)
Multibusiness(Global)
Rating is
Aaa/AAA
Aa2/AA
A1/A+
A2/A
A3/A-
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D