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Company name

YoungGrowth Co
Numbers from your base year below:
Revenues
$860.00
Based on public information
Operating income or EBIT
$(7.00)
Based on public information
Book value of equity
$1,000.00
Don't know. Estimated number but does not affect
Book value of debt
$Based on public information
Cash
$200.00
Don't know but made up this number
Number of shares outstanding =
1.00
Valuing entire company
Current stock price =
$8,500.00
Entered the Microsoft bid
Tax rate =
38.00%
Marginal tax rate in US
The value drivers below:
Compounded annual revenue growth rate over next 5 years20.00%
=
Revenue growth last year was 20%
Target pre-tax operating margin (EBIT as % of sales in year 30.00%
10) =
At upper end of tech company operating margins
Sales to capital ratio (for computing reinvestment) =
2.14
Set to industry average for software companies
Market numbers
Riskfree rate
3.30%
10 year treasury bond rate
Initial cost of capital =
12.00%
Top decile of public companies

Default assumptions
I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption =
No
Mature companies generally see their risk levels ap
If yes, enter the cost of capital after year 10 =
9%
Though some sectors, even in stable growth, may h
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10
Do you want to override this assumption =
No
Mature companies find it difficult to generate return
If yes, enter the return on capital you expect after year 10 15%
But there are significant exceptions among compan
I will assume that your firm has no chance of failure in the next 10 years
Do you want to override this assumption =
No
Many young, growth companies fail, especially if th
If yes, enter the probability of failure in the next 10 years = 20%
Tough to estimate but a key input.
I will asssume that you have no NOL coming into the valuation
Do you want to override this assumption =
No
Check the financial statements.
If yes, enter the NOL that you are carrying over into year 1 $100.00
An NOL will shield your income from taxes, even af

c information
c information
timated number but does not affect value
c information
ut made up this number

h last year was 20%


f tech company operating margins
average for software companies

ry bond rate
ublic companies

ompanies (riskfree rate + 4.5%)


nies generally see their risk levels approach the average
sectors, even in stable growth, may have higher risk

nies find it difficult to generate returns that exceed the cost of capital
ignificant exceptions among companies with long-lasting competitive advantages

rowth companies fail, especially if they have trouble raising cash


ate but a key input.

ncial statements.
eld your income from taxes, even after you start making money

Base year
Revenue growth rate
Revenues
EBIT (Operating) margin
EBIT (Operating income)
EBIT(1-t)
- Reinvestment
FCFF
NOL

$860.00
-0.81%
$(7.00)
$(7.00)

$-

WACC
Discount factor
PV(FCFF)

1
20.00%
$1,032.00
2.27%
$23.40
$14.51
$80.37
$(65.87)
$-

2
20.00%
$1,238.40
5.35%
$66.24
$41.07
$96.45
$(55.38)
$-

3
20.00%
$1,486.08
8.43%
$125.28
$77.67
$115.74
$(38.06)
$-

4
20.00%
$1,783.30
11.51%
$205.29
$127.28
$138.89
$(11.61)
$-

5
20.00%
$2,139.96
14.59%
$312.28
$193.62
$166.66
$26.95
$-

12.00%
0.893
$(58.81)

12.00%
0.797
$(44.15)

12.00%
0.712
$(27.09)

12.00%
0.636
$(7.38)

12.00%
0.567
$15.29

2.14
$880
1.65%

2.14
$977
4.20%

2.14
$1,093
7.11%

2.14
$1,231
10.34%

2.14
$1,398
13.85%

Terminal cash flow


$379.93
Terminal Cost of capital
7.80%
Terminal value
$8,442.79
PV(Terminal value)
$3,046.84
PV (CF over next 10 years)
$557.07
Sum of PV
$3,603.91
Probability of failure =
0.00%
Value of operating assets = $3,603.91
Debt
$Cash
$200.00
Value of equity
$3,803.91
Number of shares
1.00
Estimated value
$3,803.91
Price paid by Microsoft
$8,500.00
Price as % of value
223.45%
Implied variables
Sales to capital ratio
Invested capital
ROIC

$800
-0.88%

6
16.66%
$2,496.47
17.67%
$441.24
$273.57
$166.60
$106.97
$-

7
13.32%
$2,829.00
20.76%
$587.18
$364.05
$155.39
$208.67
$-

8
9.98%
$3,111.34
23.84%
$741.66
$459.83
$131.93
$327.89
$-

9
6.64%
$3,317.93
26.92%
$893.14
$553.75
$96.54
$457.21
$-

10
Terminal year
3.30%
3.30%
$3,427.42
$3,540.53
30.00%
30.00%
$1,028.23
$1,062.16
$637.50
$658.54
$51.16
$278.61
$586.34
$379.93
$$-

11.16%
0.510
$54.60

10.32%
0.463
$96.55

9.48%
0.423
$138.58

8.64%
0.389
$177.87

7.80%
0.361
$211.60

2.14
$1,565
17.48%

2.14
$1,720
21.16%

2.14
$1,852
24.83%

2.14
$1,949
28.42%

2.14
$2,000
31.88%

7.80%

After year 10

7.80%

VALUATION DIAGNOSTICS: CONAME


Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years
Your calculated value as a percent of current price
Value seems low. See below
Inputs
Revenue growth rate
Last period EBIT as % of revenue
Last period EBIT as % of revenue needed to earn cost of capital

$800.00
$1,999.73
$1,199.73
$1,035.23
86.29%
31.88%
10.74%
44.75%
Value seems low. See below
If calculated value is
negative or looks too low
Increase revenue growth
rate
30%
10.11%

If calculated value looks too high


Decrease revenue growth rate
Decrease margin until return in year 10 = cost of capital

Industry Name
Number of Firms Average BetaUnlevered Beta corrected for cashMarket D/E Ratio
Advertising
28
1.79
1.55
36.55%
Aerospace/Defense
63
1.15
1.07
23.64%
Air Transport
40
1.21
0.95
52.64%
Apparel
48
1.35
1.32
15.80%
Auto Parts
47
1.78
1.58
24.67%
Automotive
19
1.50
0.93
108.58%
Bank
418
0.75
0.47
85.86%
Bank (Canadian)
7
0.86
0.84
13.77%
Bank (Midwest)
40
0.96
0.68
69.03%
Beverage
34
0.92
0.86
13.09%
Biotechnology
120
1.13
1.20
13.24%
Building Materials
47
1.33
0.88
71.38%
Cable TV
24
1.43
0.97
68.40%
Canadian Energy
10
1.14
0.94
28.44%
Chemical (Basic)
17
1.28
1.19
18.75%
Chemical (Diversified)
31
1.51
1.39
21.07%
Chemical (Specialty)
83
1.37
1.20
23.06%
Coal
25
1.59
1.45
16.16%
Computer Software/Svcs
247
1.06
1.12
4.68%
Computers/Peripherals
101
1.27
1.31
9.13%
Diversified Co.
111
1.22
0.76
99.77%
Drug
301
1.11
1.08
14.10%
E-Commerce
52
1.14
1.19
4.58%
Educational Services
37
0.79
0.84
8.89%
Electric Util. (Central)
23
0.78
0.46
96.84%
Electric Utility (East)
25
0.73
0.49
74.73%
Electric Utility (West)
14
0.75
0.49
83.18%
Electrical Equipment
79
1.32
1.29
10.91%
Electronics
158
1.13
1.13
18.40%
Engineering & Const
17
1.65
1.85
7.93%
Entertainment
75
1.72
1.38
37.99%
Entertainment Tech
31
1.39
1.55
7.80%
Environmental
69
0.85
0.64
41.13%
Financial Svcs. (Div.)
230
1.37
0.75
135.83%
Food Processing
109
0.87
0.74
28.98%
Foreign Electronics
9
1.14
1.23
29.55%
Funeral Services
5
1.22
0.94
50.78%
Furn/Home Furnishings
30
1.67
1.49
26.18%
Healthcare Information
26
0.94
0.96
4.86%
Heavy Truck/Equip Makers
8
1.94
1.55
46.41%
Homebuilding
24
1.39
1.05
89.05%
Hotel/Gaming
52
1.76
1.33
49.08%
Household Products
22
1.17
1.05
18.38%
Human Resources
24
1.44
1.57
9.14%
Industrial Services
137
0.96
0.86
26.26%
Information Services
26
1.10
0.98
20.21%
Insurance (Life)
31
1.39
1.44
18.28%
Insurance (Prop/Cas.)
67
0.92
0.94
11.12%
Internet
180
1.11
1.21
1.57%
Machinery
114
1.22
1.05
28.52%
Maritime
53
1.37
0.64
138.71%
Medical Services
139
0.88
0.80
38.70%
Medical Supplies
231
1.02
1.01
11.48%

Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Total Market

30
69
32
27
13
24
12
95
27
37
23
163
19
11
68
74
83
27
8
23
6
14
52
8
60
143
15
8
38
29
25
115
14
18
19
13
104
85
28
181
13
15
33
5
12
48
5928

1.44
1.33
1.25
0.65
1.71
1.45
0.97
1.48
1.06
1.52
1.21
1.36
0.96
0.85
1.34
1.18
1.27
1.20
2.18
1.30
1.29
1.28
1.50
0.98
1.33
1.54
1.44
0.92
1.33
0.74
1.25
1.56
1.79
1.31
1.59
1.72
1.04
1.01
1.03
0.70
0.73
1.27
1.20
0.99
0.70
1.25
1.15

1.44
1.25
0.99
0.45
1.34
1.19
0.61
1.34
0.85
1.01
1.12
1.17
0.87
0.61
0.78
1.15
1.31
0.58
1.20
0.96
1.07
1.10
1.21
1.09
1.21
1.48
1.25
0.85
1.19
0.63
0.75
1.68
1.97
1.48
1.43
1.43
1.22
0.84
0.66
0.74
0.66
1.19
0.97
0.70
0.47
1.15
0.96

18.24%
11.01%
34.98%
62.04%
46.80%
45.11%
75.32%
18.94%
44.52%
71.26%
18.37%
22.47%
20.38%
42.18%
98.86%
6.76%
11.20%
144.04%
104.42%
57.88%
30.86%
27.19%
37.21%
15.27%
16.09%
17.17%
27.52%
13.61%
25.22%
42.10%
149.83%
6.24%
5.84%
1.71%
23.47%
36.84%
10.71%
34.06%
84.06%
7.81%
21.57%
19.52%
42.14%
58.68%
77.89%
18.19%
36.04%

Cost of Equity Cost of Debt


11.80%
6.29%
8.74%
4.79%
9.01%
5.29%
9.70%
5.29%
11.71%
5.79%
10.40%
4.79%
6.82%
4.79%
7.39%
4.29%
7.84%
4.29%
7.63%
5.29%
8.66%
6.29%
9.60%
5.79%
10.07%
4.79%
8.69%
4.29%
9.38%
4.79%
10.46%
5.29%
9.78%
5.29%
10.82%
5.29%
8.31%
5.79%
9.33%
7.29%
9.07%
5.29%
8.55%
7.29%
8.68%
5.29%
7.05%
5.29%
6.99%
4.29%
6.74%
4.29%
6.83%
4.29%
9.54%
5.29%
8.63%
5.79%
11.12%
5.29%
11.44%
6.29%
9.87%
6.29%
7.32%
6.29%
9.79%
5.79%
7.41%
4.79%
8.68%
4.29%
9.08%
4.29%
11.19%
5.29%
7.76%
5.29%
12.50%
5.79%
9.88%
5.29%
11.63%
5.79%
8.82%
4.79%
10.13%
5.29%
7.83%
5.29%
8.49%
4.29%
9.86%
5.29%
7.66%
4.29%
8.54%
7.29%
9.05%
5.29%
9.79%
5.29%
7.47%
5.79%
8.13%
5.79%

D/(D+E) Cost of Capital


26.77%
10.11%
19.12%
7.79%
34.49%
7.32%
13.64%
8.95%
19.79%
10.38%
52.06%
6.97%
46.20%
5.58%
12.10%
6.91%
40.84%
6.07%
11.57%
7.24%
11.69%
8.34%
41.65%
7.73%
40.62%
7.48%
22.14%
7.62%
15.79%
8.48%
17.40%
9.34%
18.74%
8.79%
13.91%
9.96%
4.47%
8.16%
8.37%
9.10%
49.94%
6.73%
12.36%
8.34%
4.38%
8.49%
8.16%
6.79%
49.20%
5.13%
42.77%
5.13%
45.41%
5.06%
9.83%
9.04%
15.54%
8.07%
7.35%
10.58%
27.53%
9.76%
7.24%
9.58%
29.14%
6.82%
57.60%
6.87%
22.47%
6.59%
22.81%
7.39%
33.68%
7.05%
20.75%
9.78%
4.64%
7.59%
31.70%
10.00%
47.10%
7.57%
32.92%
9.41%
15.53%
7.99%
8.38%
9.62%
20.80%
7.08%
16.81%
7.62%
15.46%
8.99%
10.01%
7.24%
1.54%
8.51%
22.19%
7.99%
58.11%
6.97%
27.90%
6.67%
10.29%
7.81%

ROC
9.79%
23.55%
12.96%
17.16%
14.31%
12.11%
NA
NA
NA
23.26%
13.79%
11.22%
14.10%
18.03%
21.71%
18.99%
17.58%
24.20%
41.96%
41.12%
10.98%
22.06%
16.02%
33.53%
10.21%
11.25%
10.78%
18.44%
15.92%
20.10%
11.56%
6.84%
12.00%
6.82%
15.80%
11.68%
10.66%
11.99%
17.97%
12.58%
-17.00%
8.66%
18.46%
10.12%
15.41%
15.75%
NA
NA
33.77%
15.27%
11.34%
16.71%
22.36%

ROE
Net MarginAfter-tax Operating Margin
0.46%
1.15%
7.70%
23.91%
2.77%
8.02%
0.11%
1.86%
5.83%
11.79%
6.49%
8.70%
4.15%
2.18%
5.79%
-24.81% -0.83%
6.66%
2.54%
NA
NA
11.01%
NA
NA
0.46%
NA
NA
28.15%
7.46%
16.12%
6.60%
6.97%
15.10%
1.99%
-0.57%
13.86%
11.20%
4.08%
21.19%
7.02%
10.01%
33.51%
19.70%
4.67%
14.35%
12.40%
3.46%
13.12%
13.65%
3.11%
10.52%
17.18%
10.06%
18.89%
24.38%
9.67%
19.61%
26.57%
4.94%
10.57%
13.13%
3.70%
17.08%
17.21%
8.32%
23.85%
6.76%
3.32%
8.15%
22.74%
7.06%
11.77%
9.70%
8.55%
18.55%
11.82%
4.88%
18.99%
9.75%
8.48%
19.23%
16.59%
5.78%
12.66%
9.03%
2.25%
5.62%
12.36%
3.17%
4.58%
9.20%
4.19%
15.41%
-1.60%
3.61%
6.38%
11.17%
3.57%
14.29%
-35.39%
5.54%
20.57%
17.91%
2.70%
7.81%
-0.31%
1.69%
5.38%
11.81%
9.07%
13.17%
5.49%
3.37%
5.98%
7.85%
3.39%
10.01%
3.47%
4.55%
6.70%
-38.66% -0.77%
-17.12%
4.81%
0.79%
13.37%
21.44%
11.96%
15.54%
3.69%
0.37%
1.83%
11.72%
1.88%
7.14%
14.09%
5.27%
16.37%
9.09%
NA
NA
11.48%
NA
NA
12.48%
7.73%
15.52%
14.36%
2.63%
10.10%
12.67%
3.37%
30.96%
13.47%
3.15%
6.13%
18.54%
3.74%
9.02%

10.12%
9.59%
9.23%
6.35%
11.40%
10.17%
7.90%
10.32%
8.32%
10.48%
9.03%
9.76%
7.85%
7.34%
9.64%
8.90%
9.32%
8.99%
13.62%
9.47%
9.40%
9.38%
10.40%
7.91%
9.58%
10.57%
10.10%
7.64%
9.61%
6.82%
9.21%
10.68%
11.77%
9.52%
10.83%
11.44%
8.24%
8.10%
8.16%
6.61%
6.77%
9.31%
8.97%
7.97%
6.61%
9.24%
8.72%

5.29%
7.29%
4.79%
4.29%
5.79%
5.29%
5.29%
4.79%
4.79%
6.29%
4.29%
6.29%
5.29%
4.29%
6.29%
6.29%
5.29%
5.29%
5.79%
4.79%
4.79%
4.29%
5.79%
4.29%
5.29%
5.79%
4.79%
4.29%
4.79%
4.29%
4.79%
5.29%
5.29%
4.79%
4.79%
5.29%
5.79%
5.29%
4.79%
4.79%
5.79%
4.79%
5.29%
4.29%
3.79%
5.29%
5.29%

15.42%
9.92%
25.91%
38.29%
31.88%
31.09%
42.96%
15.92%
30.80%
41.61%
15.52%
18.35%
16.93%
29.67%
49.71%
6.33%
10.07%
59.02%
51.08%
36.66%
23.58%
21.38%
27.12%
13.25%
13.86%
14.65%
21.58%
11.98%
20.14%
29.63%
59.97%
5.87%
5.52%
1.68%
19.01%
26.92%
9.68%
25.41%
45.67%
7.25%
17.74%
16.33%
29.65%
36.98%
43.78%
15.39%
26.49%

9.19%
9.31%
7.89%
5.17%
9.06%
8.41%
6.44%
9.31%
6.93%
8.34%
8.11%
9.02%
7.20%
6.40%
7.74%
8.70%
8.85%
6.32%
9.61%
7.31%
8.20%
8.05%
8.88%
7.35%
8.82%
9.71%
8.62%
7.10%
8.39%
5.63%
5.78%
10.34%
11.40%
9.42%
9.56%
9.55%
7.93%
7.19%
6.09%
6.43%
6.36%
8.40%
7.48%
6.29%
4.79%
8.53%
7.60%

18.19%
18.61%
14.08%
11.38%
10.07%
14.74%
11.66%
19.02%
17.60%
13.13%
15.12%
22.24%
14.08%
12.52%
11.83%
9.87%
15.47%
7.63%
-10.39%
23.00%
16.46%
12.95%
11.44%
NA
23.32%
20.14%
13.11%
15.06%
15.82%
16.96%
10.87%
23.32%
8.64%
30.79%
4.75%
14.67%
23.21%
22.89%
22.72%
NA
29.29%
27.12%
11.58%
9.53%
7.53%
15.42%
16.59%

11.85%
14.56%
9.93%
11.10%
5.86%
10.85%
13.13%
16.75%
15.15%
-6.09%
11.93%
9.69%
12.83%
14.89%
7.94%
5.44%
8.05%
3.23%
-6.59%
55.74%
9.77%
12.84%
8.99%
13.06%
27.13%
11.19%
15.84%
12.48%
15.70%
13.81%
11.17%
6.99%
-1.32%
15.53%
-2.01%
10.55%
6.63%
13.75%
16.35%
-1.59%
48.24%
32.29%
-0.38%
3.80%
7.07%
10.03%
10.28%

3.73%
3.98%
16.37%
2.49%
2.82%
3.66%
4.19%
5.00%
5.25%
1.04%
7.10%
4.41%
2.58%
7.47%
1.50%
12.43%
5.71%
3.66%
18.10%
3.47%
68.47%
8.68%
3.85%
NA
5.12%
2.05%
3.99%
4.71%
1.63%
1.73%
8.29%
10.57%
22.97%
8.95%
3.58%
2.11%
4.34%
4.85%
3.77%
NA
5.60%
6.50%
1.73%
0.31%
6.08%
5.65%
4.47%

11.91%
22.33%
32.41%
11.26%
8.25%
5.75%
20.98%
23.32%
10.66%
12.31%
8.91%
32.05%
4.32%
14.78%
15.44%
25.01%
11.77%
22.07%
-83.38%
12.72%
138.72%
24.70%
14.10%
NA
13.45%
5.86%
5.07%
6.49%
4.41%
3.63%
19.56%
18.35%
7.18%
8.66%
3.01%
15.05%
9.10%
28.64%
26.67%
NA
15.70%
8.81%
6.09%
8.62%
24.33%
14.73%
14.84%

Pre-tax Operating MarginSales/Capital Reinvestment Rate


13.75%
1.27
-21.48%
11.46%
2.94
2.92%
10.17%
2.22
25.03%
13.15%
1.97
7.62%
8.23%
2.47
-0.44%
8.33%
1.82
4.63%
NA
NA
0.00%
NA
NA
0.00%
NA
NA
0.00%
21.54%
1.44
2.52%
27.94%
0.91
-3.96%
14.55%
0.81
-11.33%
34.01%
0.67
-7.87%
37.52%
0.54
36.94%
17.14%
1.51
17.10%
19.29%
1.45
26.08%
14.36%
1.67
7.86%
23.53%
1.28
13.98%
27.49%
2.14
-6.93%
13.89%
3.89
-5.57%
21.19%
0.64
-6.31%
32.12%
0.92
-29.03%
12.02%
1.97
-1.19%
18.55%
2.85
-1.61%
26.80%
0.55
55.36%
28.32%
0.59
63.04%
28.36%
0.56
63.94%
17.55%
1.46
9.49%
7.97%
2.83
10.53%
6.69%
4.38
0.82%
24.01%
0.75
-5.43%
8.33%
1.07
-62.93%
23.70%
0.84
-2.37%
26.07%
0.33
24.40%
11.05%
2.02
11.36%
8.34%
2.17
-18.30%
20.61%
0.81
-6.00%
8.29%
2.01
-24.99%
15.26%
1.80
-23.43%
10.17%
1.88
-22.53%
1.02%
0.99
NA
18.60%
0.65
39.18%
22.00%
1.19
2.10%
3.71%
5.54
-12.80%
10.73%
2.16
12.53%
21.45%
0.96
-8.83%
NA
NA
0.77%
NA
NA
72.42%
20.64%
2.18
-7.15%
13.82%
1.51
13.86%
33.86%
0.37
76.91%
9.76%
2.73
0.33%
12.17%
2.48
0.02%

16.07%
35.73%
42.09%
16.80%
16.18%
8.14%
24.80%
30.58%
14.40%
14.96%
14.73%
43.05%
6.84%
15.13%
22.74%
36.82%
15.32%
31.67%
20.69%
18.87%
151.62%
37.26%
19.07%
NA
19.04%
9.76%
7.87%
10.03%
6.76%
5.44%
27.29%
27.31%
9.81%
12.00%
4.31%
19.54%
14.56%
39.07%
38.83%
NA
22.96%
12.77%
11.78%
14.64%
37.41%
21.16%
20.44%

1.53
0.83
0.43
1.01
1.22
2.56
0.56
0.82
1.65
1.07
1.70
0.69
3.26
0.85
0.77
0.39
1.31
0.35
0.12
1.81
0.12
0.52
0.81
NA
1.73
3.44
2.58
2.32
3.59
4.68
0.56
1.27
1.20
3.56
1.58
0.97
2.55
0.80
0.85
NA
1.87
3.08
1.90
1.11
0.31
1.05
1.12

26.23%
45.02%
99.83%
29.96%
-59.73%
-8.37%
87.33%
41.47%
-7.84%
-23.96%
61.48%
54.97%
1.22%
32.68%
81.59%
79.31%
-14.52%
47.28%
NA
-12.51%
-7.77%
32.15%
45.40%
9.74%
14.02%
41.81%
134.58%
-2.31%
19.03%
14.38%
-105.93%
-9.91%
225.40%
10.68%
121.34%
2.80%
-20.24%
-5.14%
-14.93%
0.00%
-1.38%
6.86%
38.78%
64.81%
90.25%
-62.83%
7.80%

Revenue growth rate (next 5 years)


10%
15%
20%
25%
30%
35%
40%

10%
$713
$805
$930
$1,095
$1,310
$1,589
$1,946

Target pre-tax operating margin


15%
20%
$1,113
$1,513
$1,344
$1,883
$1,648
$2,366
$2,044
$2,993
$2,555
$3,800
$3,207
$4,825
$4,032
$6,118

(in year 10)


25%
$1,913
$2,422
$3,084
$3,942
$5,045
$6,443
$8,203

n (in year 10)


30%
$2,313
$2,960
$3,803
$4,893
$6,290
$8,058
$10,289

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