Industry

Number of firms
Advanced Materials/Prd
18
Advertising Agencies
5
Advertising Sales
4
Advertising Services
1
Aerospace/Defense
10
Aerospace/Defense-Equip
11
Agricultural Biotech
8
Agricultural Chemicals
96
Agricultural Operations
79
Air Pollution Control Eq
3
Airlines
41
Airport Develop/Maint
10
Apparel Manufacturers
75
Appliances
44
Applications Software
71
Athletic Equipment
1
Athletic Footwear
6
Audio/Video Products
43
Auto Repair Centers
1
Auto/Trk Prts&Equip-Orig
103
Auto/Trk Prts&Equip-Repl
47
Auto-Cars/Light Trucks
63
Auto-Med&Heavy Duty Trks
20
B2B/E-Commerce
1
Batteries/Battery Sys
18
Beverages-Non-alcoholic
33
Beverages-Wine/Spirits
55
Bicycle Manufacturing
10
Bldg Prod-Air&Heating
11
Bldg Prod-Cement/Aggreg
193
Bldg Prod-Doors&Windows
3
Bldg Prod-Wood
15
Bldg&Construct Prod-Misc
52
Bldg-Residential/Commer
31
Brewery
56
Broadcast Serv/Program
15
Building&Construct-Misc
86
Building-Heavy Construct
88
Cable TV
13

Beta
1.44
0.83
0.74
1.60
1.03
1.49
1.17
1.35
1.14
1.42
1.61
1.30
1.24
1.29
1.31
0.40
0.78
1.32
1.49
1.10
1.20
1.46
1.31
NA
1.41
0.88
1.09
1.49
1.28
1.22
1.65
1.48
1.25
1.47
0.96
1.21
1.33
1.48
0.96

D/E Ratio
22.38%
0.18%
15.08%
0.30%
20.23%
68.63%
20.10%
78.65%
9.15%
13.14%
193.78%
38.42%
28.96%
65.90%
0.82%
5.78%
60.35%
43.33%
0.10%
23.03%
11.22%
85.73%
31.83%
0.00%
21.29%
6.97%
19.42%
31.48%
10.93%
28.25%
46.82%
130.40%
17.06%
165.53%
60.65%
5.09%
73.73%
28.48%
46.23%

Tax rate Unlevered Beta

18.07%
1.22
42.77%
0.83
19.04%
0.66
0.00%
1.59
44.30%
0.92
15.00%
0.94
18.81%
1.00
21.74%
0.83
15.34%
1.06
22.72%
1.29
27.25%
0.67
23.26%
1.00
16.30%
0.99
19.26%
0.84
10.54%
1.30
0.00%
0.38
10.96%
0.51
17.10%
0.97
0.00%
1.49
18.37%
0.93
30.06%
1.11
25.75%
0.89
26.43%
1.06
0.00%
NA
24.56%
1.22
20.14%
0.84
21.15%
0.94
13.74%
1.17
12.15%
1.17
17.55%
0.99
13.04%
1.17
17.88%
0.71
18.38%
1.10
18.65%
0.62
26.73%
0.67
17.34%
1.16
20.51%
0.84
19.80%
1.20
22.89%
0.71

Capacitors
Casino Hotels
Casino Services
Cellular Telecom
Ceramic Products
Chemicals-Diversified
Chemicals-Fibers
Chemicals-Other
Chemicals-Plastics
Chemicals-Specialty
Circuit Boards
Circuits
Coal
Coatings/Paint
Coffee
Collectibles
Commer Banks Non-US
Commercial Serv-Finance
Commercial Services
Communications Software
Computer Aided Design
Computer Data Security
Computer Services
Computer Software
Computers
Computers-Integrated Sys
Computers-Memory Devices
Computers-Other
Computers-Peripher Equip
Computers-Voice Recogn
Consulting Services
Consumer Products-Misc
Containers-Metal/Glass
Containers-Paper/Plastic
Cooperative Banks
Cosmetics&Toiletries
Cruise Lines
Crystal&Giftware
Data Processing/Mgmt
Decision Support Softwar

11
7
1
46
35
85
29
36
40
65
47
1
30
27
6
1
459
8
17
16
3
5
26
11
37
36
15
3
46
1
5
12
17
33
1
33
4
1
2
9

1.76
1.11
1.19
1.20
1.10
1.23
1.63
1.43
1.42
1.35
1.51
NA
1.62
0.82
0.85
0.63
1.34
0.51
1.04
1.28
1.86
0.98
0.92
1.27
1.50
1.44
2.06
2.33
1.52
0.20
0.71
1.06
1.33
1.27
NA
0.98
1.56
0.33
2.18
1.44

9.89%
2.54%
7.67%
18.56%
13.23%
61.39%
166.13%
51.55%
26.71%
35.43%
18.14%
0.00%
31.01%
34.62%
10.64%
0.01%
56.60%
3.34%
11.80%
4.62%
10.42%
0.01%
13.92%
5.10%
13.56%
7.65%
88.89%
27.21%
25.72%
0.00%
0.63%
3.84%
50.66%
5.89%
651.00%
3.68%
18.10%
64.90%
14.78%
8.59%

12.99%
23.82%
1.14%
24.49%
16.51%
19.04%
16.28%
17.53%
15.80%
21.62%
14.03%
6.90%
21.74%
20.27%
9.66%
14.70%
18.79%
21.87%
18.68%
4.21%
17.34%
33.81%
10.03%
22.43%
10.82%
15.28%
9.33%
2.71%
10.88%
0.00%
16.90%
16.93%
15.20%
18.22%
22.99%
23.22%
0.00%
24.86%
8.08%
15.38%

1.62
1.09
1.10
1.05
0.99
0.82
0.68
1.00
1.16
1.06
1.31
NA
1.30
0.64
0.77
0.63
0.92
0.50
0.95
1.22
1.72
0.98
0.82
1.23
1.34
1.35
1.14
1.84
1.24
0.20
0.70
1.03
0.93
1.22
NA
0.95
1.32
0.22
1.92
1.34

Dental Supplies&Equip
Diagnostic Equipment
Diagnostic Kits
Diamonds/Precious Stones
Disposable Medical Prod
Distribution/Wholesale
Divers Oper/Commer Serv
Diversified Finan Serv
Diversified Manufact Op
Diversified Minerals
Diversified Operations
Drug Delivery Systems
E-Commerce/Products
E-Commerce/Services
Educational Software
Electric Products-Misc
Electric-Distribution
Electric-Generation
Electric-Integrated
Electric-Transmission
Electronic Compo-Misc
Electronic Compo-Semicon
Electronic Connectors
Electronic Design Automa
Electronic Forms
Electronic Measur Instr
Electronic Parts Distrib
Electronic Secur Devices
Electronics-Military
Energy-Alternate Sources
Engineering/R&D Services
Engines-Internal Combust
Enterprise Software/Serv
Entertainment Software
Environ Consulting&Eng
E-Services/Consulting
Explosives
Extended Serv Contracts
Feminine Health Care Prd
Finance-Auto Loans

1
5
1
1
1
80
11
87
21
36
230
2
5
5
5
32
32
67
153
10
165
49
15
1
1
8
36
7
1
10
51
23
17
8
2
12
6
1
2
3

0.33
1.34
0.79
0.58
0.37
1.22
1.16
1.44
1.31
1.68
1.43
1.33
1.37
0.89
1.78
1.40
1.00
1.39
1.37
1.75
1.50
1.83
1.41
0.95
4.31
1.33
1.38
1.50
0.91
1.10
1.48
1.20
1.15
1.20
1.50
1.40
1.35
1.41
1.01
1.11

38.81%
5.45%
0.76%
8.76%
13.85%
29.07%
12.67%
151.08%
168.61%
4.42%
36.82%
11.89%
8.48%
4.26%
2.89%
95.12%
62.77%
47.63%
68.65%
32.59%
20.58%
17.69%
2.75%
0.00%
19.61%
3.91%
35.31%
5.33%
0.26%
2.57%
9.73%
12.91%
4.08%
0.65%
21.66%
11.23%
10.20%
40.32%
7.43%
221.85%

28.38%
13.21%
16.41%
46.20%
4.35%
21.47%
13.52%
17.48%
17.24%
30.95%
17.77%
15.83%
4.91%
13.03%
1.67%
21.11%
23.79%
22.27%
24.32%
28.72%
14.50%
9.38%
16.18%
3.25%
0.00%
12.48%
18.63%
10.28%
38.19%
20.10%
20.53%
21.67%
9.12%
15.41%
11.48%
23.97%
23.22%
0.00%
7.47%
17.64%

0.25
1.28
0.79
0.55
0.32
1.00
1.04
0.64
0.55
1.63
1.10
1.21
1.27
0.86
1.73
0.80
0.67
1.01
0.90
1.42
1.28
1.57
1.38
0.95
3.60
1.28
1.07
1.44
0.91
1.08
1.38
1.09
1.11
1.19
1.26
1.29
1.25
1.01
0.94
0.39

Finance-Commercial
Finance-Consumer Loans
Finance-Credit Card
Finance-Invest Bnkr/Brkr
Finance-Investment Fund
Finance-Leasing Compan
Finance-Mtge Loan/Banker
Finance-Other Services
Firearms&Ammunition
Fisheries
Food-Baking
Food-Canned
Food-Catering
Food-Confectionery
Food-Dairy Products
Food-Flour&Grain
Food-Meat Products
Food-Misc/Diversified
Food-Retail
Food-Wholesale/Distrib
Footwear&Related Apparel
Forestry
Gambling (Non-Hotel)
Gas-Distribution
Gold Mining
Golf
Hazardous Waste Disposal
Healthcare Safety Device
Home Decoration Products
Home Furnishings
Hospital Beds/Equipment
Hotels&Motels
Housewares
Human Resources
Identification Sys/Dev
Import/Export
Inactive/Unknown
Independ Power Producer
Industr Audio&Video Prod
Industrial Automat/Robot

6
9
3
103
1
17
14
34
2
15
9
9
3
16
26
21
21
84
20
14
15
11
2
55
20
5
2
1
4
18
1
94
11
2
3
42
2
3
5
11

1.74
0.91
1.43
1.52
0.27
1.04
1.06
1.22
0.59
1.09
0.57
0.76
0.83
0.86
0.84
0.90
0.81
1.12
1.18
0.83
1.51
1.59
1.39
0.86
1.60
0.78
0.80
1.01
1.16
0.76
0.77
1.16
1.12
NA
1.07
1.28
1.74
0.54
1.19
1.11

95.74%
44.81%
117.99%
60.52%
0.00%
69.03%
91.82%
39.02%
11.74%
34.29%
51.63%
91.50%
16.84%
8.72%
3.82%
33.23%
46.02%
68.70%
12.90%
0.48%
17.92%
47.44%
1.24%
28.99%
0.18%
4.32%
6.65%
7.40%
30.09%
9.63%
0.17%
47.64%
42.43%
0.28%
52.37%
70.59%
1.98%
80.15%
1.26%
5.70%

9.98%
20.54%
17.00%
17.89%
0.00%
15.55%
12.78%
13.30%
13.34%
17.80%
11.22%
23.49%
37.43%
25.99%
23.05%
15.30%
14.22%
18.38%
26.45%
22.20%
17.79%
23.05%
29.63%
24.08%
17.69%
11.17%
27.10%
12.45%
19.63%
19.35%
2.76%
20.30%
24.76%
6.24%
9.68%
24.41%
0.00%
8.82%
14.99%
16.36%

0.94
0.67
0.72
1.02
0.27
0.66
0.59
0.91
0.53
0.85
0.39
0.44
0.76
0.81
0.81
0.70
0.58
0.72
1.08
0.83
1.32
1.17
1.37
0.70
1.60
0.75
0.76
0.95
0.93
0.71
0.77
0.84
0.85
NA
0.72
0.84
1.70
0.31
1.18
1.06

Industrial Gases
Instruments-Controls
Instruments-Scientific
Interior Design/Architec
Internet Applic Sftwr
Internet Connectiv Svcs
Internet Content-Entmnt
Internet Content-Info/Ne
Internet Incubators
Internet Infrastr Equip
Internet Infrastr Sftwr
Internet Security
Internet Telephony
Intimate Apparel
Invest Comp - Resources
Invest Mgmnt/Advis Serv
Investment Companies
Lasers-Syst/Components
Leisure&Rec Products
Leisure&Rec/Games
Life/Health Insurance
Lighting Products&Sys
Lottery Services
Mach Tools&Rel Products
Machinery-Constr&Mining
Machinery-Electric Util
Machinery-Electrical
Machinery-Farm
Machinery-General Indust
Machinery-Material Handl
Machinery-Print Trade
Machinery-Pumps
Machinery-Therml Process
Marine Services
Medical Imaging Systems
Medical Instruments
Medical Labs&Testing Srv
Medical Products
Medical Steriliz Product
Medical-Biomedical/Gene

3
6
1
2
6
3
8
2
2
1
4
4
2
5
2
15
102
4
3
2
17
12
4
18
26
5
7
8
81
7
2
5
12
8
2
4
1
10
1
21

0.46
1.06
NA
0.65
0.67
1.45
1.04
NA
0.76
1.85
1.26
1.31
1.59
1.10
1.68
1.46
1.17
1.03
0.26
2.06
1.17
1.37
1.59
1.24
1.36
1.41
1.09
1.37
1.49
1.54
1.92
1.44
1.26
1.05
NA
1.27
NA
1.25
1.24
1.36

2.63%
3.34%
0.00%
3.43%
0.76%
82.59%
0.18%
0.11%
0.10%
17.85%
0.62%
0.69%
2.42%
40.43%
120.00%
110.96%
54.48%
8.19%
8.03%
22.87%
1.69%
15.34%
24.57%
34.45%
12.69%
26.76%
39.93%
28.18%
28.24%
38.29%
17.36%
3.52%
28.83%
21.18%
0.21%
28.96%
5.31%
12.86%
40.87%
4.81%

14.70%
9.32%
28.96%
12.78%
4.69%
0.00%
16.12%
15.15%
18.08%
0.00%
4.03%
8.40%
0.24%
15.31%
12.59%
20.68%
5.92%
4.35%
23.38%
15.00%
18.19%
13.49%
36.46%
20.02%
24.32%
11.61%
19.09%
24.02%
20.38%
10.71%
17.19%
18.17%
17.20%
10.61%
0.00%
6.25%
0.00%
20.22%
0.00%
13.61%

0.45
1.03
NA
0.63
0.66
0.80
1.04
NA
0.76
1.57
1.26
1.30
1.55
0.82
0.82
0.78
0.77
0.95
0.24
1.73
1.15
1.21
1.38
0.97
1.24
1.14
0.82
1.13
1.22
1.15
1.67
1.40
1.02
0.89
NA
1.00
NA
1.13
0.88
1.31

Medical-Drugs
Medical-Generic Drugs
Medical-Hospitals
Medical-Outptnt/Home Med
Medical-Whsle Drug Dist
Metal Processors&Fabrica
Metal Products-Distrib
Metal Products-Fasteners
Metal-Aluminum
Metal-Copper
Metal-Diversified
Metal-Iron
Mining Services
Miscellaneous Manufactur
Mortgage Banks
Motion Pictures&Services
Motorcycle/Motor Scooter
Multilevel Dir Selling
Multi-line Insurance
Multimedia
Music
Networking Products
Non-Ferrous Metals
Non-hazardous Waste Disp
Office Automation&Equip
Office Furnishings-Orig
Office Supplies&Forms
Oil Comp-Explor&Prodtn
Oil Comp-Integrated
Oil Field Mach&Equip
Oil Refining&Marketing
Oil&Gas Drilling
Oil-Field Services
Optical Supplies
Paper&Related Products
Pastoral&Agricultural
Patient Monitoring Equip
Petrochemicals
Pharmacy Services
Photo Equipment&Supplies

205
6
21
1
10
71
4
12
28
14
26
16
5
28
5
15
20
3
62
21
8
26
25
5
6
4
4
41
53
4
77
4
16
5
83
24
2
69
1
9

1.13
0.64
0.80
0.48
1.15
1.59
0.95
1.15
1.55
1.14
1.35
1.19
1.16
1.09
1.07
1.55
1.33
0.36
0.95
1.27
0.93
1.52
1.46
1.41
1.28
0.97
0.81
1.44
1.54
1.33
1.44
1.57
1.38
0.52
1.23
1.19
1.86
1.59
NA
1.85

9.26%
1.93%
16.06%
0.00%
14.31%
59.12%
6.96%
19.72%
30.98%
7.68%
21.59%
3.22%
35.50%
11.24%
121.46%
1.93%
7.77%
0.21%
2.71%
72.44%
17.00%
3.67%
10.18%
15.45%
2.22%
0.85%
1.01%
5.87%
13.81%
16.06%
87.76%
60.80%
7.70%
5.80%
22.08%
144.78%
2.26%
40.29%
33.52%
6.12%

21.47%
24.85%
20.93%
16.49%
29.05%
16.41%
20.32%
17.89%
22.33%
17.81%
20.50%
18.53%
33.74%
20.18%
17.53%
16.40%
15.19%
17.02%
12.31%
31.44%
12.67%
10.79%
21.18%
19.77%
14.92%
25.04%
11.18%
22.72%
19.67%
9.91%
17.95%
3.37%
11.81%
8.98%
18.47%
22.79%
1.30%
18.94%
81.53%
9.35%

1.05
0.63
0.71
0.48
1.04
1.06
0.90
0.99
1.25
1.07
1.15
1.16
0.94
1.00
0.53
1.52
1.25
0.35
0.93
0.85
0.81
1.47
1.35
1.26
1.26
0.97
0.80
1.38
1.39
1.16
0.84
0.99
1.30
0.50
1.04
0.56
1.82
1.20
NA
1.76

Phys Practice Mgmnt

Pipelines
Platinum
Pollution Control
Poultry
Power Conv/Supply Equip
Precious Metals
Printing-Commercial
Professional Sports
Property Trust
Property/Casualty Ins
Protection-Safety
Public Thoroughfares
Publishing-Books
Publishing-Newspapers
Publishing-Periodicals
Quarrying
Racetracks
Radio
Real Estate Mgmnt/Servic
Real Estate Oper/Develop
Recreational Centers
Recreational Vehicles
Recycling
Regional Banks-Non US
Reinsurance
REITS-Diversified
Rental Auto/Equipment
Resorts/Theme Parks
Respiratory Products
Retail-Apparel/Shoe
Retail-Appliances
Retail-Auto Parts
Retail-Automobile
Retail-Building Products
Retail-Computer Equip
Retail-Consumer Electron
Retail-Convenience Store
Retail-Discount
Retail-Drug Store

1
10
6
4
15
54
1
16
4
7
46
3
39
8
27
6
1
1
2
57
323
5
1
2
10
5
1
5
9
2
16
6
2
16
3
3
2
5
9
6

1.27
1.21
1.27
1.13
1.16
1.49
2.04
0.95
0.53
0.35
1.05
1.49
1.26
0.75
1.00
0.91
0.54
0.19
0.20
1.21
1.56
1.26
0.20
NA
0.90
0.76
0.14
1.63
1.43
1.66
1.40
1.07
1.05
1.14
0.62
1.73
1.47
0.55
0.67
1.52

0.85%
11.04%
4.87%
3.82%
113.17%
18.73%
5.74%
8.80%
0.00%
9.57%
1.63%
10.15%
21.69%
0.23%
16.44%
10.17%
37.96%
0.00%
27.30%
73.01%
40.22%
1.95%
17.29%
44.00%
12.40%
0.08%
54.01%
3.23%
16.58%
0.35%
2.95%
51.23%
22.03%
30.46%
33.16%
239.89%
26.12%
27.47%
9.82%
37.10%

0.00%
13.81%
15.88%
30.30%
11.68%
17.61%
0.00%
26.06%
9.04%
3.58%
17.13%
15.51%
22.69%
10.43%
25.68%
25.98%
32.18%
29.30%
1.68%
10.81%
19.62%
21.30%
20.60%
16.33%
18.11%
21.08%
4.54%
14.36%
6.45%
16.47%
17.56%
25.37%
18.45%
34.18%
29.92%
10.18%
20.17%
18.95%
21.26%
13.17%

1.26
1.10
1.22
1.10
0.58
1.29
1.93
0.89
0.53
0.32
1.04
1.38
1.08
0.75
0.89
0.85
0.43
0.19
0.16
0.73
1.18
1.24
0.18
NA
0.82
0.76
0.09
1.59
1.24
1.66
1.36
0.77
0.89
0.95
0.50
0.55
1.22
0.45
0.62
1.15

Retail-Home Furnishings
Retail-Hypermarkets
Retail-Jewelry
Retail-Major Dept Store
Retail-Misc/Diversified
Retail-Office Supplies
Retail-Perfume&Cosmetics
Retail-Petroleum Prod
Retail-Regnl Dept Store
Retail-Restaurants
Retail-Sporting Goods
Retail-Toy Store
Retirement/Aged Care
Rubber&Vinyl
Rubber/Plastic Products
Rubber-Tires
Satellite Telecom
Schools
Security Services
Semicon Compo-Intg Circu
Semiconductor Equipment
Shipbuilding
Silver Mining
Soap&Cleaning Prepar
Special Purpose Banks
Specified Purpose Acquis
Steel Pipe&Tube
Steel-Producers
Steel-Specialty
Stevedoring
Storage/Warehousing
Sugar
Superconductor Prod&Sys
Tannery
Tea
Telecom Eq Fiber Optics
Telecom Services
Telecommunication Equip
Telephone-Integrated
Television

5
14
31
25
28
2
2
12
58
20
2
1
2
10
29
42
10
12
4
65
24
17
1
13
3
1
41
134
29
3
11
37
1
2
9
7
82
82
45
17

0.53
1.04
1.33
1.47
1.14
NA
2.06
1.09
1.26
0.96
NA
0.48
0.64
1.27
1.52
1.37
1.26
0.85
1.12
1.85
1.40
1.18
1.43
1.13
1.06
NA
1.45
1.64
1.39
0.77
1.21
1.58
1.02
0.55
1.45
1.58
1.50
1.58
1.26
1.23

6.50%
14.92%
14.52%
17.94%
1.39%
17.63%
0.56%
125.97%
46.22%
1.34%
12.36%
1.49%
13.55%
18.77%
390.34%
97.28%
110.63%
0.31%
0.56%
11.41%
10.61%
16.92%
2.35%
0.21%
65.60%
98.03%
45.79%
41.57%
66.52%
135.37%
31.04%
4.87%
37.75%
43.50%
29.60%
46.28%
17.67%
8.51%
66.76%
27.93%

23.02%
26.50%
18.10%
20.02%
25.43%
0.00%
14.35%
19.39%
28.31%
17.82%
27.12%
0.00%
0.00%
14.96%
14.86%
16.47%
17.02%
10.79%
25.16%
6.02%
12.31%
17.13%
7.98%
16.56%
8.82%
0.00%
26.28%
19.13%
18.01%
20.92%
16.39%
18.65%
17.29%
11.47%
15.45%
11.70%
17.93%
14.30%
26.26%
18.51%

0.51
0.94
1.19
1.28
1.13
NA
2.05
0.54
0.94
0.95
NA
0.48
0.56
1.10
0.35
0.76
0.66
0.85
1.12
1.67
1.28
1.04
1.40
1.13
0.66
NA
1.08
1.23
0.90
0.37
0.96
1.52
0.78
0.40
1.16
1.12
1.31
1.48
0.85
1.00

Textile-Apparel
Textile-Home Furnishings
Textile-Products
Theaters
Therapeutics
Tobacco
Tools-Hand Held
Toys
Transactional Software
Transport-Air Freight
Transport-Equip&Leasng
Transport-Marine
Transport-Rail
Transport-Services
Transport-Truck
Travel Services
Venture Capital
Veterinary Diagnostics
Veterinary Products
Vitamins&Nutrition Prod
Water
Water Treatment Systems
Web Portals/ISP
Whsing&Harbor Trans Serv
Wire&Cable Products
Wireless Equipment
Wool
Wound,Burn&Skin Care
X-Ray Equipment
Grand Total

59
4
113
7
39
31
8
6
1
3
1
93
7
54
14
22
10
1
5
5
23
8
11
24
33
37
4
1
1
8485

1.18
1.15
1.30
0.94
1.26
0.89
0.98
1.17
1.58
1.15
1.11
1.50
0.93
1.10
1.42
1.08
1.29
1.58
0.85
1.62
1.05
1.60
1.62
1.16
1.28
1.51
1.10
1.20
2.18
1.32

105.84%
16.33%
67.57%
18.86%
24.74%
12.82%
12.62%
12.74%
11.44%
12.47%
0.61%
72.50%
11.37%
26.45%
3.89%
1.04%
43.05%
28.52%
2.71%
1.11%
40.70%
3.31%
24.21%
21.54%
84.03%
34.52%
26.76%
4.22%
31.99%
38.04%

17.42%
10.58%
16.41%
14.78%
22.71%
26.10%
17.94%
11.20%
3.76%
8.60%
3.25%
8.10%
16.79%
21.91%
23.09%
24.18%
4.78%
0.33%
13.32%
24.52%
20.69%
18.99%
9.75%
21.83%
20.40%
14.26%
26.12%
6.50%
14.31%
18.30%

0.63
1.01
0.83
0.81
1.06
0.81
0.89
1.05
1.42
1.03
1.10
0.90
0.85
0.92
1.38
1.07
0.91
1.23
0.84
1.60
0.79
1.56
1.33
0.99
0.77
1.16
0.92
1.15
1.71
1.01

Cash/Firm Value
8.49%
18.85%
22.04%
0.00%
9.80%
9.37%
17.71%
8.55%
8.49%
10.66%
10.43%
9.90%
12.29%
13.94%
6.52%
5.21%
8.39%
14.46%
0.00%
9.54%
3.14%
15.68%
14.34%
0.16%
6.47%
6.28%
8.73%
14.51%
9.55%
5.38%
13.09%
7.43%
10.75%
5.80%
10.03%
6.50%
11.77%
11.73%
14.04%

Unlevered Beta corrected for cash

1.33
1.03
0.85
1.59
1.02
1.04
1.22
0.91
1.16
1.44
0.74
1.11
1.13
0.98
1.39
0.40
0.55
1.14
1.49
1.03
1.15
1.06
1.24
NA
1.30
0.89
1.03
1.37
1.29
1.04
1.35
0.77
1.23
0.66
0.74
1.24
0.95
1.36
0.83

5.68%
11.30%
6.51%
4.90%
6.72%
6.63%
12.28%
12.36%
8.36%
5.43%
7.09%
4.59%
12.23%
3.66%
3.26%
7.30%
24.84%
7.81%
7.11%
7.09%
1.37%
7.92%
11.16%
5.67%
11.87%
11.09%
15.85%
12.48%
14.26%
3.98%
6.99%
8.66%
4.61%
11.30%
94.27%
7.57%
1.26%
1.52%
1.88%
10.11%

1.72
1.23
1.18
1.11
1.06
0.88
0.78
1.15
1.26
1.12
1.41
NA
1.49
0.66
0.80
0.68
1.22
0.54
1.02
1.32
1.74
1.07
0.92
1.30
1.52
1.52
1.36
2.10
1.44
0.21
0.76
1.13
0.98
1.37
NA
1.03
1.34
0.22
1.96
1.49

0.13%
2.23%
0.95%
7.37%
4.81%
10.03%
3.68%
12.61%
14.40%
3.34%
10.19%
0.52%
1.58%
17.33%
3.05%
13.90%
6.57%
7.26%
8.80%
0.69%
10.15%
5.91%
6.62%
8.33%
0.05%
6.87%
13.24%
8.24%
29.40%
9.51%
7.65%
15.08%
8.09%
10.11%
9.11%
18.98%
11.95%
22.48%
3.12%
0.71%

0.25
1.30
0.79
0.60
0.34
1.11
1.08
0.73
0.64
1.69
1.22
1.21
1.29
1.04
1.79
0.93
0.72
1.09
0.99
1.43
1.42
1.67
1.48
1.03
3.60
1.38
1.23
1.56
1.29
1.19
1.49
1.29
1.21
1.33
1.38
1.59
1.42
1.30
0.97
0.40

2.98%
2.92%
2.08%
12.77%
0.00%
10.75%
8.79%
16.11%
2.50%
6.45%
12.97%
7.08%
7.64%
13.40%
7.20%
7.37%
14.20%
7.06%
11.15%
15.11%
6.41%
8.64%
52.98%
7.49%
3.34%
3.70%
1.39%
8.14%
15.61%
6.81%
13.08%
6.95%
15.53%
8.45%
12.32%
15.03%
0.24%
12.20%
4.90%
10.41%

0.96
0.69
0.74
1.17
0.27
0.74
0.64
1.08
0.55
0.91
0.45
0.48
0.82
0.93
0.88
0.76
0.68
0.77
1.21
0.98
1.41
1.28
2.92
0.76
1.65
0.78
0.77
1.03
1.11
0.76
0.88
0.91
1.01
NA
0.83
0.99
1.71
0.36
1.24
1.19

2.22%
4.68%
2.67%
10.24%
5.32%
17.20%
6.74%
1.29%
41.07%
0.15%
6.27%
1.04%
14.77%
13.77%
4.37%
10.31%
6.60%
4.10%
4.07%
1.98%
17.96%
9.77%
3.84%
7.82%
9.31%
1.10%
9.52%
11.84%
15.26%
6.49%
9.68%
3.96%
15.21%
12.49%
12.30%
10.65%
0.11%
14.23%
19.47%
7.65%

0.46
1.08
NA
0.70
0.70
0.96
1.11
NA
1.30
1.58
1.34
1.32
1.82
0.95
0.86
0.86
0.83
1.00
0.26
1.76
1.40
1.34
1.43
1.05
1.37
1.15
0.91
1.28
1.44
1.23
1.85
1.46
1.20
1.01
NA
1.12
NA
1.32
1.10
1.41

5.64%
9.60%
3.81%
26.34%
11.95%
6.93%
4.43%
8.34%
6.66%
11.77%
4.32%
5.28%
3.88%
12.70%
4.76%
2.52%
11.99%
13.24%
16.11%
12.35%
11.12%
9.94%
8.62%
10.51%
12.94%
11.11%
17.24%
7.63%
4.75%
4.92%
3.32%
15.26%
9.12%
12.39%
6.32%
9.20%
0.08%
4.92%
0.52%
6.79%

1.12
0.69
0.73
0.65
1.19
1.14
0.94
1.08
1.34
1.22
1.21
1.22
0.98
1.14
0.56
1.56
1.42
0.41
1.10
0.97
0.91
1.63
1.48
1.40
1.44
1.09
0.97
1.49
1.46
1.22
0.87
1.17
1.43
0.57
1.12
0.62
1.82
1.26
NA
1.88

2.87%
2.97%
3.58%
6.98%
12.26%
11.58%
34.31%
11.07%
7.24%
4.41%
19.62%
4.70%
8.72%
7.76%
10.49%
5.03%
6.72%
4.53%
1.41%
6.40%
9.20%
6.62%
26.41%
14.35%
11.33%
30.38%
2.78%
0.79%
3.50%
0.63%
13.68%
8.45%
3.59%
9.83%
7.17%
14.26%
25.90%
12.56%
10.95%
12.71%

1.29
1.14
1.26
1.19
0.66
1.46
2.93
1.00
0.57
0.34
1.29
1.44
1.18
0.81
1.00
0.89
0.46
0.20
0.16
0.78
1.30
1.33
0.24
NA
0.93
1.09
0.10
1.60
1.28
1.67
1.58
0.84
0.93
1.06
0.54
0.64
1.64
0.51
0.70
1.32

12.26%
16.27%
8.56%
10.29%
6.66%
1.11%
16.70%
4.16%
17.29%
14.07%
21.68%
0.86%
0.08%
5.53%
10.21%
6.30%
15.19%
15.59%
6.49%
8.98%
7.34%
7.95%
0.31%
9.20%
7.11%
15.96%
2.85%
8.70%
7.34%
2.15%
9.76%
2.08%
0.90%
4.42%
3.28%
11.65%
5.88%
11.63%
6.28%
3.83%

0.58
1.12
1.30
1.43
1.21
NA
2.46
0.56
1.14
1.11
NA
0.48
0.57
1.16
0.39
0.81
0.78
1.01
1.20
1.84
1.38
1.13
1.41
1.25
0.72
NA
1.11
1.35
0.97
0.38
1.06
1.55
0.79
0.41
1.20
1.27
1.39
1.67
0.90
1.04

12.35%
4.30%
5.33%
3.25%
16.06%
4.51%
13.29%
14.58%
30.51%
10.84%
1.03%
9.07%
2.70%
9.73%
7.44%
17.47%
1.56%
12.89%
0.52%
9.25%
6.85%
15.87%
6.78%
10.17%
8.53%
16.99%
3.52%
0.04%
13.38%
9.90%

0.72
1.05
0.88
0.84
1.26
0.85
1.03
1.23
2.05
1.16
1.11
0.99
0.87
1.01
1.49
1.30
0.93
1.41
0.84
1.77
0.85
1.85
1.43
1.10
0.84
1.40
0.96
1.15
1.98
1.12