Date of valuation

Company name

Sep-13
Important: Before you run this spreadsheet, go
Tesla
There should be a check against the iteration b
Numbers from your base year below ( in consistent units)
This year
Last year
United States of America
Automotive
Auto & Truck
$
1,328.70 $ 413.26
$
(216.72) $ (394.28) Don't adjust operating income for le
$
19.83 $
(0.25)
$
629.43 $ 124.70
$
578.74 $ 452.34
Yes
If you want to capitalize R&D, you have to inpu
No
If you have operating leases, please enter your
$
201.89 $ 746.06
$
$
$
$
121.45
$
168.76
0.00%
35.00%

Country of incorporation
Industry (US)
Industry (Global)
Revenues
Operating income or EBIT
Interest expense
Book value of equity
Book value of debt
Do you have R&D expenses to capitalize?
Do you have operating lease commitments?
Cash and cross holdings
Non-operating assets
Minority interests
Number of shares outstanding =
Current stock price =
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 years = 70.00%
Target pre-tax operating margin (EBIT as % of sales in year 10) 1
=2.50%
Sales to capital ratio (for computing reinvestment) =
1.41
Market numbers
Riskfree rate
2.75%
Initial cost of capital =
10.03%
Other inputs
Do you have employee options outstanding?
Yes
Number of options outstanding =
25.01
Average strike price =
$21.20
Average maturity =
3.50
Standard deviation on stock price =
50.00%

Target Porsche revenues

95th percentile: Auto industry
Average for US
Year 10 ROC= 11.34%

See cost of capital worksheet

Treated it as 60% auto, 40% technology compa
From
From
From
Used

last 10K
last 10K
last 10K
80th percentile of US stock standard devi

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate +
Do you want to override this assumption =
Yes
Mature companies generally see their risk level
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in stable growth, m
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever co
Do you want to override this assumption =
No
Mature companies find it difficult to generate re
If yes, enter the return on capital you expect after year 10
12%
But there are significant exceptions among com
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
Yes
Many young, growth companies fail, especially
If yes, enter the probability of failure =
10%
Tough to estimate but a key input.
What do you want to tie your proceeds in failure to?
V
B: Book value of capital, V= Estimated fair valu
Enter the distress proceeds as percentage of book or fair value 50%
This can be zero, if the assets will be worth noth
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumptio
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 have a money lo
Do you want to override this assumption =
Yes
Check the financial statements.
If yes, enter the NOL that you are carrying over into year 1
$1,070.00
From last 10K

efore you run this spreadsheet, go into preferences in Excel and check under Calculation options
be a check against the iteration box. If there is not, you will get circular reasoning errors.
r below ( in consistent units)
-0.16311

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below)

o capitalize R&D, you have to input the numbers into the R&D worksheet.
perating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to industry.
If you are not working in US dollars, you should add the inflation differential to the industry averages.
Company Industry (US data)Industry (Global data)
Revenue growth in the most recent year =
221.52%
42.35%
78.00%
Pre-tax operating margin in the most recent year =
-1.64%
5.80%
5.98%
Sales to capital ratio in most recent year =
1.32
1.41
1.49
Return on invested capital in most recent year=
128.22%
5.77%
7.83%
Standard deviation in stock prices =
59.23%
Cost of capital =
6.79%
apital worksheet
60% auto, 40% technology company for the moment

rcentile of US stock standard deviatons

mature companies (riskfree rate + 4.5%)

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

growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt p
mate but a key input.
e of capital, V= Estimated fair value for the company
ero, if the assets will be worth nothing if the firm fails.
ear. If you override this assumption, I will leave the tax rate at your effective tax rate.

valuation. If you have a money losing company, you may want to override tis.
ancial statements.

y have trouble making debt payments.

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

1,328.70 $
-1.64%
(21.86) $
0.00%
(21.86) $
$
$
1,070.00 $

Cost of capital
Cumulated discount factor
PV(FCFF)

1
70.00%
2,258.78
-0.23%
(5.21)
0.00%
(5.21)
659.64
(664.84)
1,075.21

$
$
$
$
$
$

2
70.00%
3,839.93
1.18%
45.46
0.00%
45.46
1,121.38
(1,075.92)
1,029.74

$
$
$
$
$
$

3
70.00%
6,527.88
2.60%
169.63
0.00%
169.63
1,906.35
(1,736.72)
860.11

$
$
$
$
$
$

4
70.00%
11,097.40
4.01%
445.34
0.00%
445.34
3,240.79
(2,795.45)
414.78

10.03%
10.03%
10.03%
10.03%
0.9088
0.8260
0.7507
0.6822
$ (604.23) $ (888.67) $ (1,303.68) $ (1,907.10)

Terminal cash flow

$ 3,584.25
Terminal cost of capital
8.00%
Terminal value
$ 68,271.37
PV(Terminal value)
$ 27,750.37
PV (CF over next 10 years)
$ (14,936.06)
Sum of PV
$ 12,814.31
Probability of failure =
10.00%
Proceeds if firm fails =
$6,407.15
Value of operating assets$= 12,173.59
- Debt
$
578.74
- Minority interests
$
+ Cash
$
201.89
+ Non-operating assets $
Value of equity
$ 11,796.74
- Value of options
$3,644.97
Value of equity in common
$ stock
8,151.77
Number of shares
121.45
Estimated value /share $
67.12
Price
$
168.76
Price as % of value
251.43%
Implied variables
Sales to capital ratio
Invested capital
ROIC

1.41
1,698 $
2,358
-1.29%
-0.22%

1.41
$
3,479
1.31%

1.41
$
5,385
3.15%

1.41
$
8,626
5.16%

$
$
$
$
$
$

5
70.00%
18,865.58
5.43%
1,023.93
0.00%
1,023.93
5,509.35
(4,485.42)
-

$
$
$
$
$
$

6
56.55%
29,534.07
6.84%
2,020.72
7.00%
1,879.27
7,566.30
(5,687.03)
-

$
$
$
$
$
$

7
43.10%
42,263.25
8.26%
3,489.47
14.00%
3,000.94
9,027.79
(6,026.85)
-

$
$
$
$
$
$

8
29.65%
54,794.31
9.67%
5,299.16
21.00%
4,186.33
8,887.27
(4,700.94)
-

$
$
$
$
$
$

9
16.20%
63,670.99
11.09%
7,058.25
28.00%
5,081.94
6,295.52
(1,213.58)
-

$
$
$
$
$
$

10
2.75%
65,421.94
12.50%
8,177.74
35.00%
5,315.53
1,241.81
4,073.72
-

10.03%
9.63%
9.22%
8.81%
8.41%
8.00%
0.6200
0.5656
0.5178
0.4759
0.4390
0.4065
$ (2,781.02) $ (3,216.43) $ (3,120.90) $ (2,237.14) $ (532.75) $ 1,655.85

1.41
$
14,136
7.24%

1.41
$
21,702
8.66%

1.41
$
30,730
9.77%

1.41
$
39,617
10.57%

1.41
$
45,913
11.07%

1.41
$
47,154
11.27%

Compare this return on capital

a. the industry average(column E of works
b. the return on capital after year 10
If it is too high (low), you may want to low

b. the return on capital after year 10

If it is too high (low), you may want to low

Terminal year
2.75%
$ 67,221.04
12.50%
$ 8,402.63
35.00%
$ 5,461.71
$ 1,877.46
$ 3,584.25
$
-

Check these revenues against

a. Overall market size
b. Largest companies in this market
$

8,424.49

47,333.66

This is is how much your operating income

grew over the ten-year period.
This is how much capital you
invested over the ten year
period.

8.00%

After year 10

8.00%

ompare this return on capital in year 10 against

. the industry average(column E of worksheet)
. the return on capital after year 10
it is too high (low), you may want to lower (raise) your sales to capital ratio

. the return on capital after year 10

it is too high (low), you may want to lower (raise) your sales to capital ratio

Valuing Options or Warrants

Enter the current stock price =
$ 168.76
Enter the strike price on the option =
$
21.20
Enter the expiration of the option =
3.50
Enter the standard deviation in stock prices =
50.00% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
2.75%
Enter the number of warrants (options) outstanding 25.01
=
Enter the number of shares outstanding =
121.45
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
168.76 # Warrants issued=
Strike Price=
21.2 # Shares outstanding=
Adjusted S =
164.831357 T.Bond rate=
Adjusted K =
21.2 Variance=
Expiration (in years) =
3.495 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

2.76429031
0.99714766

d2 =
N (d2) =

1.82954436
0.96634095

Value per option =

$ 145.75
Value of all options outstanding =

$3,644.97

25.008
121
2.75%
0.2500
0.00%
2.75%

VALUATION DIAGNOSTICS
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 (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)

$
$
$
$

1,698.11
47,154.31
45,456.20
8,199.60
18.04%
11.27%
9.42%
39.77%
Value seems low. 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 low. 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

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 =
$ 310.06 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
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0

R& D Expenses
273.98
! Year -1 is the year prior to the current year
208.98
! Year -2 is the two years prior to the current year
93.00

R&D Expense
310.06
273.98
208.98
93.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
310.06
0.80
219.18
0.60
125.39
0.40
37.20
0.20
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

Amortization this year

$
$
$
$
$
$
$
$
$
$

54.80
41.80
18.60
-

Value of Research Asset =

$691.83 $

Amortization of asset for current year =

$115.19

Adjustment to Operating Income =

$194.87 ! A positive number indicates an increase in operating income (add to reported EB

$68

Tax Effect of R&D Expensing

115.19

e adjustments to operating income, net

se the lookup table below

allowed is ten years
ed by the amortization period

n operating income (add to reported EBIT)

Operating Lease Converter

The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =
$
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$56.00
2
$47.00
3
$39.00
4
$35.00
5
$31.00
6 and beyond
$93.00

380.00

Output
Pre-tax Cost of Debt =

7.00%

! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate =

! 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 $
56.00 $
52.34
2 $
47.00 $
41.05
3 $
39.00 $
31.84
4 $
35.00 $
26.70
5 $
31.00 $
22.10
6 and beyond $
46.50 $
59.94 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$ 233.97
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

33.42 ! I use straight line depreciation

$346.58 ! Add this amount to pre-tax operating income
$ 233.97 ! Add this amount to debt

nter them.

line depreciation
ount to pre-tax operating income

Estimation of Current Cost of Capital

Your inputs
Computed number

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

121.45
168.76

Approach for estimating beta

Multibusiness(US)
If direct input, enter levered beta (or regression beta)
1.20
Unlevered beta =
1.26
Riskfree Rate =
2.75%
What approach do you want to use to input ERP?Country of incorporation
Direct input for ERP (if you choose "will input"
5.75%
Equity Risk Premium used in cost of equity =
5.80%
Debt
Book Value of Straight Debt =
Interest Expense on Debt =
Average Maturity =
Approach for estimating pre-tax cost of debt
If direct input, input the pre-tax cost of debt
If actual rating, input the rating
If synethetic rating, input the type of company
Pre-tax Cost of Debt =
Tax Rate =

$
$

578.74
19.83
2
Direct input
7.000%
Baa2/BBB
1
7.00%
35%

Book Value of Convertible Debt =

Interest Expense on Convertible =
Maturity of Convertible Bond =
Market Value of Convertible =
Debt value of operating leases =

0
0
0
0
$

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

0
70
5

Output
Estimating Market Value of Straight Debt =
Estimated Value of Straight Debt in Convertible =
Value of Debt in Operating leases =
Estimated Value of Equity in Convertible =
Levered Beta for equity =

$
$
$
$

Equity

541.34
1.28
Debt

Preferred Stock

Capital

Market Value
Weight in Cost of Capital
Cost of Component

20,495.90 $
97.43%
10.18%

541.34 $
2.57%
4.55%

$ 21,037.24
0.00%
100.00%
7.14%
10.03%

Operating Regions ERP calculator

Country

Revenues

ERP

Weight

Weighted ERP

Argentina
Bolivia
Brazil
Canada

19
4
130
23

14.80%
10.68%
8.43%
5.80%

9.31%
1.96%
63.73%
11.27%

1.38%
0.21%
5.37%
0.65%

Chile
Ecuador
Paraguay
Peru

7
6
3
12

6.85%
16.30%
11.80%
8.43%
0.00%
0.00%

3.43%
2.94%
1.47%
5.88%
0.00%
0.00%
100.00%

0.24%
0.48%
0.17%
0.50%
0.00%
0.00%
9.00%

Total

204

Operating Regions ERP calculator

Region
Revenues
ERP
Weight
Weighted ERP
Africa
0
10.09%
0.00%
0.0000%
Australia & New Zealand
56
5.80%
4.21%
0.2444%
Caribbean
12.57%
0.00%
0.0000%
Central and South America
100
9.18%
7.52%
0.6907%
Eastern Europe & Russia
8.48%
0.00%
0.0000%
Middle East
6.96%
0.00%
0.0000%
North America
631
5.80%
47.48%
2.7538%
Western Europe
374
6.85%
28.14%
1.9277%
Asia without Japan
168
7.58%
12.64%
0.9582%
Japan
0
6.85%
0.00%
0.0000%
Total
1329
100.00%
6.5748%

Multi Business (US Industry Averages)

Business
Revenues
EV/Sales
Automotive
$
60.00
0.8100
Computers/Peripherals $
40.00
1.3800
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company

100.00

Estimated Value
Unlevered Beta
$
48.60
1.1100
$
55.20
1.3900
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 103.80
1.2589

Multi Business (Global Industry Averages)

Business
Revenues
EV/Sales
Advertising
$
84.00
0.9383
Internet software and services
$
16.00
4.3369
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company

100.00

Estimated Value
Unlevered Beta
$
78.82
0.9813
$
69.39
1.2164
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 148.21
1.0914

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) =
Enter current interest expenses =
Enter long term risk free rate =
Output
Interest coverage ratio =
-100000.00
Estimated Bond Rating =
D2/D
Estimated Company Default Spread =
12.00%
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt =
14.75%

(216.72) (Add back only long term interest expense for financ
$19.83 (Use only long term interest expense for financial firm
2.75%

Note: If you get REF! All over the place, set the operating leas
to No, and then reset it to Yes. It should work.

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
Ratings and Default spreads (reordered from highest to lowest)
If interest coverage ratio is
If long term interest coverage ratio is
>
to
Rating is
Spread is
greater than
to
Rating is
-100000
0.199999
D2/D
12.00%
3
100000
Aaa/AAA
0.2
0.649999
Caa/CCC
10.50%
2.5
2.99999
Aa2/AA
0.65
0.799999
Ca2/CC
9.50%
2
2.49999
A1/A+
0.8
1.249999
C2/C
8.75%
1.5
1.99999
A2/A
1.25
1.499999
B3/B7.25%
1.2
1.49999
A3/A1.5
1.749999
B2/B
6.50%
0.9
1.199999
Baa2/BBB
1.75
1.999999
B1/B+
5.50%
0.75
0.899999
Ba1/BB+
2
2.2499999
Ba2/BB
4.00%
0.6
0.749999
Ba2/BB
2.25
2.49999
Ba1/BB+
3.00%
0.5
0.599999
B1/B+
2.5
2.999999
Baa2/BBB
2.00%
0.4
0.499999
B2/B
3
4.249999
A3/A1.30%
0.3
0.399999
B3/B4.25
5.499999
A2/A
1.00%
0.2
0.299999
C2/C
5.5
6.499999
A1/A+
0.85%
0.1
0.199999
Ca2/CC
6.5
8.499999
Aa2/AA
0.70%
0.05
0.099999
Caa/CCC
8.50
100000
Aaa/AAA
0.40%
-100000
0.049999
D2/D
For smaller and riskier firms
If interest coverage ratio is
greater than
to
Rating is
-100000
0.499999
D2/D
0.5
0.799999
Caa/CCC
0.8
1.249999
Ca2/CC
1.25
1.499999
C2/C
1.5
1.999999
B3/B2
2.499999
B2/B
2.5
2.999999
B1/B+
3
3.499999
Ba2/BB
3.5
3.9999999
Ba1/BB+
4
4.499999
Baa2/BBB
4.5
5.999999
A3/A6
7.499999
A2/A
7.5
9.499999
A1/A+
9.5
12.499999
Aa2/AA
12.5
100000
Aaa/AAA

Spread is
12.00%
10.50%
9.50%
8.75%
7.25%
6.50%
5.50%
4.00%
3.00%
2.00%
1.30%
1.00%
0.85%
0.70%
0.40%

Rating is
A1/A+
A2/A
A3/AAa2/AA
Aaa/AAA
B1/B+
B2/B
B3/BBa1/BB+
Ba2/BB
Baa2/BBB
C2/C
Ca2/CC
Caa/CCC

Spread is
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%
3.00%
4.00%
2.00%
8.75%
9.50%
10.50%

D2/D

12.00%

his spreadsheet.

on options in excel) is checked.

y long term interest expense for financial firms)

g term interest expense for financial firms)

ver the place, set the operating lease commitment question in cell F5
Yes. It should work.

ds (reordered from highest to lowest)

Spread is
0.40%
0.70%
0.85%
1.00%
1.30%
2.00%
3.00%
4.00%
5.50%
6.50%
7.25%
8.75%
9.50%
10.50%
12.00%

Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising
32
8.67%
11.77%
Aerospace/Defense
66
12.56%
10.24%
Air Transport
36
13.21%
8.38%
Apparel
54
7.69%
10.37%
Auto Parts
54
20.10%
6.72%
Automotive
12
42.35%
5.80%
Bank
416
0.00%
NA
Bank (Midwest)
68
0.00%
NA
Beverage
35
2.62%
20.74%
Biotechnology
214
20.93%
18.54%
Building Materials
43
1.28%
4.30%
Cable TV
20
9.08%
19.19%
Chemical (Basic)
18
18.73%
14.84%
Chemical (Diversified)
33
15.70%
15.02%
Chemical (Specialty)
70
25.40%
11.16%
Coal
20
7.08%
14.19%
Computer Software
191
14.81%
29.99%
Computers/Peripherals
81
3.89%
16.94%
Diversified Co.
113
17.36%
14.91%
Drug
223
20.19%
25.24%
E-Commerce
64
15.67%
8.24%
Educational Services
33
10.29%
18.69%
Electric Util. (Central)
20
4.05%
17.55%
Electric Utility (East)
17
1.50%
20.51%
Electric Utility (West)
15
2.83%
16.44%
Electrical Equipment
64
9.11%
13.77%
Electronics
123
3.54%
6.39%
Engineering & Const
30
8.58%
4.83%
Entertainment
76
10.73%
19.12%
Entertainment Tech
42
6.07%
17.30%
Environmental
84
20.11%
14.65%
Financial Svcs. (Div.)
256
5.86%
61.83%
Food Processing
119
14.61%
9.73%
Foreign Electronics
10
-4.59%
3.41%
Funeral Services
6
8.91%
14.37%
Furn/Home Furnishings
32
2.78%
8.48%
Healthcare Information
20
20.68%
16.53%
Heavy Truck & Equip
23
27.10%
11.12%
Homebuilding
22
11.34%
9.44%
Hotel/Gaming
57
14.27%
15.55%
Household Products
27
13.01%
16.56%
Human Resources
25
16.17%
3.05%
Industrial Services
136
8.41%
7.90%
Information Services
28
8.56%
20.35%
Insurance (Life)
32
0.00%
NA
Insurance (Prop/Cas.)
62
2.17%
NA
Internet
194
11.68%
13.12%
Investment Companies
31
42.77%
26.90%
IT Services
63
6.33%
11.19%
Machinery
94
17.69%
11.95%
Maritime
51
0.35%
12.18%
Med Supp Invasive
87
7.09%
21.19%
Med Supp Non-Invasive
143
8.96%
6.43%
Medical Services
118
4.57%
10.05%
Metal Fabricating
25
19.43%
14.66%
Metals & Mining (Div.)
77
21.71%
34.97%

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 (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking
Total Market

31
27
14
22
12
81
27
32
26
176
18
53
101
83
82
31
12
29
127
12
51
11
65
79
42
19
10
38
30
27
142
10
17
33
105
76
23
170
11
14
34
11
58
6177

11.77%
0.45%
-6.65%
12.17%
8.28%
26.77%
10.50%
6.15%
24.94%
32.94%
16.76%
20.21%
8.17%
28.17%
10.50%
14.32%
-8.37%
6.27%
0.01%
44.26%
5.39%
0.00%
6.61%
8.37%
9.79%
22.30%
5.08%
16.35%
8.91%
1.86%
6.94%
-5.75%
13.34%
26.86%
1.06%
19.34%
0.46%
0.00%
13.51%
9.53%
15.05%
4.16%
6.59%
12.24%

28.13%
7.26%
12.30%
6.59%
19.29%
16.51%
9.63%
10.40%
11.99%
21.76%
5.48%
8.99%
6.97%
39.11%
7.02%
13.68%
38.25%
10.07%
161.63%
28.08%
11.54%
NA
16.78%
8.22%
9.37%
6.78%
8.35%
5.24%
3.34%
32.82%
20.38%
11.80%
8.37%
8.19%
14.90%
20.13%
14.69%
NA
22.35%
11.07%
7.47%
26.21%
15.93%
17.13%

After-tax ROC
11.49%
19.40%
17.97%
13.86%
17.65%
5.77%
NA
NA
14.56%
14.57%
2.98%
10.52%
17.75%
18.12%
12.48%
10.10%
43.31%
34.66%
9.21%
16.94%
5.46%
42.33%
6.47%
6.69%
6.17%
15.98%
14.60%
13.16%
10.41%
19.51%
8.90%
7.33%
13.56%
5.44%
8.28%
14.06%
11.68%
15.21%
7.68%
10.21%
14.81%
12.19%
9.95%
12.71%
NA
NA
21.54%
5.87%
21.77%
13.43%
3.54%
14.91%
19.94%
14.44%
14.39%
25.19%

Average effective tax rate

16.02%
20.08%
21.35%
18.57%
18.77%
16.24%
16.39%
20.99%
18.82%
2.98%
9.48%
21.23%
21.89%
19.75%
15.35%
11.27%
12.43%
10.01%
17.18%
5.14%
10.52%
21.72%
30.12%
33.49%
29.09%
16.15%
11.31%
25.00%
12.56%
11.01%
7.60%
16.23%
21.63%
23.12%
28.66%
16.69%
20.31%
22.74%
7.12%
17.52%
24.66%
26.61%
20.19%
18.33%
21.09%
10.73%
8.43%
2.26%
16.27%
22.73%
7.92%
12.60%
10.61%
17.72%
23.30%
11.24%

Unlevered Beta
1.44
0.92
0.82
1.29
1.66
1.11
0.45
0.76
0.84
1.30
1.05
0.96
1.24
1.47
1.05
0.99
1.11
1.39
0.86
1.03
1.09
1.09
0.36
0.30
0.38
1.45
1.17
1.40
1.31
1.33
0.49
0.56
0.77
1.12
0.85
1.47
0.98
1.45
1.25
1.29
0.88
1.46
0.83
1.05
1.41
0.90
1.31
1.21
1.11
1.18
0.60
0.82
1.10
0.66
1.56
1.54

Equity (Levered) Beta Cost of equity

1.68
11.51%
0.98
7.45%
1.03
7.73%
1.36
9.68%
1.76
11.94%
1.73
11.79%
0.77
6.24%
0.89
6.95%
0.95
7.26%
1.23
8.89%
1.57
10.87%
1.40
9.90%
1.37
9.73%
1.55
10.75%
1.18
8.59%
1.47
10.28%
0.98
7.42%
1.37
9.68%
1.22
8.82%
1.08
8.00%
1.05
7.86%
0.91
7.01%
0.57
5.08%
0.43
4.24%
0.58
5.14%
1.43
10.03%
1.22
8.81%
1.28
9.19%
1.60
11.05%
1.11
8.20%
0.66
5.62%
1.34
9.53%
0.87
6.83%
1.10
8.13%
1.12
8.26%
1.63
11.20%
0.97
7.36%
1.80
12.22%
1.55
10.73%
1.65
11.33%
0.98
7.42%
1.38
9.76%
0.97
7.38%
1.25
9.00%
1.44
10.11%
0.85
6.69%
1.17
8.56%
1.27
9.11%
1.05
7.83%
1.26
9.07%
1.51
10.53%
0.87
6.78%
1.07
7.94%
0.84
6.62%
1.63
11.19%
1.62
11.14%

7.36%
7.04%
10.99%
10.89%
7.62%
9.50%
11.11%
11.16%
14.65%
14.99%
11.53%
9.50%
2.62%
11.91%
5.78%
4.72%
8.83%
11.20%
14.58%
12.37%
9.09%
NA
21.41%
14.89%
30.03%
9.57%
13.54%
12.85%
11.26%
7.09%
22.88%
11.35%
17.66%
7.59%
26.25%
13.66%
7.49%
NA
31.97%
21.44%
11.97%
5.89%
12.27%
12.88%

22.02%
28.80%
18.35%
22.66%
18.11%
18.20%
23.09%
11.43%
30.34%
11.71%
23.18%
4.30%
6.19%
11.13%
14.13%
16.50%
19.17%
22.69%
0.04%
28.60%
20.31%
3.58%
19.23%
22.55%
25.57%
32.69%
25.56%
24.83%
31.18%
30.41%
11.71%
15.21%
19.89%
24.24%
14.01%
16.22%
26.94%
15.84%
32.82%
27.33%
25.94%
31.45%
10.06%
14.93%

1.01
0.32
1.50
1.05
0.72
1.45
0.88
1.07
1.10
1.21
1.07
0.52
0.58
1.00
1.21
0.73
1.94
0.96
1.12
1.15
1.18
0.91
1.08
1.65
1.51
1.10
1.04
1.14
0.58
0.66
1.60
2.01
1.37
1.27
1.37
1.00
0.53
0.78
0.79
1.09
0.87
0.33
1.17
0.96

1.28
0.46
1.86
1.43
1.02
1.66
1.20
1.37
1.17
1.45
1.17
0.74
1.35
1.03
1.27
1.30
2.02
1.17
1.43
1.32
1.45
0.82
1.16
1.79
1.43
1.39
1.11
1.29
0.68
1.07
1.49
1.79
1.26
1.65
1.07
1.15
0.92
0.68
0.86
1.17
1.09
0.49
1.35
1.17

9.16%
4.40%
12.56%
10.03%
7.65%
11.39%
8.72%
9.73%
8.55%
10.18%
8.53%
6.05%
9.61%
7.75%
9.12%
9.30%
13.48%
8.56%
10.04%
9.40%
10.14%
6.49%
8.48%
12.14%
10.05%
9.82%
8.22%
9.26%
5.69%
7.95%
10.41%
12.16%
9.09%
11.32%
7.96%
8.43%
7.08%
5.68%
6.75%
8.52%
8.08%
4.61%
9.62%
8.53%

Std deviation in stock pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA
97.40%
4.76%
29.00%
9.00%
1.40
1.22
7.77
44.98%
2.76%
21.03%
6.23%
2.71
0.94
7.42
64.94%
3.26%
37.14%
5.59%
2.74
0.78
6.00
74.88%
3.76%
12.11%
8.78%
1.89
1.52
11.73
57.43%
3.26%
19.59%
9.98%
3.40
0.60
6.40
59.23%
3.26%
50.84%
6.79%
1.41
0.81
7.46
50.34%
3.26%
56.18%
3.83%
NA
NA
4.87
36.37%
2.76%
33.27%
5.19%
NA
NA
4.79
47.17%
2.76%
18.22%
6.24%
0.93
3.23
12.74
79.99%
3.76%
13.73%
7.98%
0.99
5.70
22.46
79.76%
3.76%
39.48%
7.47%
0.88
1.54
14.45
40.45%
2.76%
39.80%
6.62%
0.80
2.37
7.08
39.24%
2.76%
19.83%
8.13%
1.56
1.44
7.44
49.02%
2.76%
14.30%
9.45%
1.63
1.67
8.53
62.90%
3.26%
17.03%
7.46%
1.58
1.70
10.86
56.54%
3.26%
40.61%
6.90%
0.90
1.32
5.99
68.39%
3.76%
6.15%
7.10%
1.87
3.33
9.70
81.83%
4.26%
8.84%
9.05%
2.66
1.38
6.92
60.46%
3.26%
44.04%
5.80%
0.84
1.92
10.09
80.68%
4.26%
12.89%
7.30%
0.90
3.05
8.93
80.60%
4.26%
6.31%
7.53%
1.17
5.07
32.19
83.08%
4.26%
19.83%
6.13%
3.42
0.54
2.41
17.29%
2.26%
45.95%
3.37%
0.54
2.27
7.98
13.21%
2.26%
40.44%
3.07%
0.49
2.78
8.96
14.19%
2.26%
44.87%
3.44%
0.54
2.26
7.87
67.79%
3.76%
10.94%
9.18%
1.58
1.49
8.57
74.24%
3.76%
18.34%
7.61%
3.03
0.59
6.63
46.03%
2.76%
11.68%
8.31%
3.96
0.50
7.98
70.99%
3.76%
25.30%
8.83%
0.79
2.34
9.53
53.25%
3.26%
10.35%
7.56%
1.34
1.79
7.97
79.24%
3.76%
30.11%
4.60%
0.90
1.87
8.44
55.15%
3.26%
67.15%
4.44%
0.15
8.15
12.56
52.26%
3.26%
19.03%
5.90%
1.84
1.22
10.10
31.24%
2.76%
31.37%
6.10%
2.30
0.39
4.44
26.75%
2.76%
33.10%
6.07%
0.85
1.84
9.73
55.60%
3.26%
18.07%
9.53%
2.00
0.95
8.34
44.41%
2.76%
10.41%
6.77%
1.07
3.60
14.37
55.26%
3.26%
32.11%
8.92%
1.85
1.12
7.96
66.75%
3.76%
33.14%
7.92%
0.88
2.19
21.15
55.66%
3.26%
30.91%
8.43%
0.82
2.43
10.68
50.86%
3.26%
15.33%
6.58%
1.23
2.24
11.12
51.64%
3.26%
9.75%
9.00%
6.81
0.34
8.69
57.24%
3.26%
26.77%
5.92%
1.85
0.99
8.87
48.75%
2.76%
22.15%
7.37%
0.79
3.16
10.89
42.20%
2.76%
35.84%
7.08%
NA
NA
1.37
28.57%
2.76%
17.68%
5.80%
NA
NA
291.86
97.81%
4.76%
2.24%
8.43%
2.40
4.15
23.16
24.10%
2.26%
7.02%
8.57%
0.26
4.89
15.67
56.11%
3.26%
5.41%
7.51%
2.98
1.79
12.22
45.07%
2.76%
14.81%
7.97%
1.53
1.55
9.93
62.52%
3.26%
64.44%
5.00%
0.36
2.64
10.36
55.49%
3.26%
14.15%
6.10%
0.92
2.71
10.16
67.73%
3.76%
11.42%
7.29%
4.21
0.78
9.78
74.16%
3.76%
33.44%
5.16%
2.19
0.74
6.02
60.59%
3.26%
19.09%
9.42%
1.38
1.28
6.90
93.05%
4.76%
13.36%
10.03%
0.99
2.18
5.27

44.57%
28.44%
54.39%
51.92%
35.63%
59.58%
36.52%
52.28%
47.25%
71.26%
42.23%
24.88%
84.63%
77.77%
60.11%
50.63%
42.00%
65.72%
34.76%
35.73%
52.30%
20.74%
50.92%
63.49%
42.54%
64.20%
31.82%
63.15%
29.93%
40.56%
53.65%
40.44%
47.32%
45.66%
64.86%
64.04%
43.85%
41.73%
36.44%
40.10%
48.32%
37.24%
62.91%
59.15%

2.76%
2.76%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
3.76%
2.76%
2.26%
4.26%
3.76%
3.26%
3.26%
2.76%
3.76%
2.76%
2.76%
3.26%
2.26%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
2.76%
3.26%
2.76%
2.76%
2.76%
3.26%
3.26%
2.76%
2.76%
2.76%
2.76%
2.76%
2.76%
3.26%
3.26%

29.12%
39.82%
28.21%
41.91%
34.81%
21.70%
35.97%
30.07%
16.99%
21.95%
15.88%
30.73%
62.04%
12.01%
17.50%
52.96%
22.32%
26.55%
27.01%
19.00%
27.41%
15.90%
11.62%
20.64%
5.29%
30.71%
10.49%
20.37%
25.84%
72.57%
9.14%
14.52%
1.90%
35.98%
11.75%
24.14%
51.98%
16.32%
15.87%
17.10%
29.74%
42.26%
20.43%
30.03%

6.97%
3.31%
9.57%
6.65%
5.56%
9.34%
6.18%
7.39%
7.38%
8.44%
7.44%
4.61%
5.23%
7.09%
7.86%
5.41%
10.84%
6.88%
7.78%
7.93%
7.90%
5.67%
7.72%
10.03%
9.60%
7.40%
7.53%
7.77%
4.65%
3.38%
9.64%
10.63%
8.94%
7.84%
7.25%
6.86%
4.26%
5.03%
5.94%
7.35%
6.17%
3.36%
8.05%
6.56%

0.43
1.40
1.22
2.34
0.56
0.79
1.56
1.32
2.03
1.07
3.34
1.10
0.61
0.43
1.23
0.40
0.28
1.66
0.09
0.67
0.96
NA
1.83
2.61
5.17
2.17
2.55
3.61
4.99
0.30
1.41
1.21
3.24
1.26
2.29
0.90
0.72
NA
2.10
2.83
2.44
0.32
0.94
1.04

2.89
1.03
1.57
0.46
3.42
2.00
1.08
1.18
0.70
1.26
0.66
1.70
1.51
3.64
1.89
3.12
4.00
1.32
13.11
3.32
1.70
NA
2.46
0.87
1.14
0.93
1.31
0.61
0.43
3.23
2.16
1.44
1.42
0.73
1.27
1.91
1.77
NA
2.30
1.37
0.82
4.36
2.68
1.64

5.41
9.89
8.72
4.76
12.02
7.98
7.57
7.22
4.39
4.06
9.57
13.43
8.92
7.17
14.89
15.96
10.30
8.76
7.25
9.13
9.89
28.62
11.50
7.65
9.02
11.03
12.23
8.39
8.27
8.79
6.98
8.07
14.09
5.63
6.74
5.39
5.08
4.08
9.48
10.10
6.19
11.20
10.48
7.37

EV/EBIT Price/Book Trailing PE

10.40
2.04
31.25
9.15
3.11
15.79
9.32
3.68
14.60
14.68
3.38
21.64
8.92
2.27
15.39
13.95
1.26
15.84
4.87
0.98
16.58
4.79
1.32
16.43
15.58
4.54
19.92
30.77
4.56
31.24
35.82
1.67
29.27
12.35
4.09
22.28
9.69
2.77
31.77
11.11
3.18
19.75
15.23
3.60
17.57
9.34
1.33
29.76
11.11
3.94
77.29
8.14
3.57
46.69
12.87
2.38
16.19
12.10
3.04
28.46
61.51
5.15
237.12
2.91
1.67
13.29
12.94
1.49
15.66
13.54
1.79
17.08
13.74
1.44
16.05
10.80
2.34
22.95
9.28
1.90
15.11
10.42
1.89
44.34
12.22
2.38
27.83
10.37
1.97
20.13
12.78
2.29
16.99
13.19
1.98
22.15
12.53
2.93
24.85
11.52
0.90
31.52
12.80
2.09
17.80
11.22
2.18
21.64
21.77
3.89
54.59
10.05
3.23
16.08
23.16
2.54
49.55
15.66
3.07
35.36
13.50
3.75
18.49
11.06
2.21
30.55
12.52
2.29
34.78
15.55
3.90
31.49
1.37
0.72
20.40
295.89
1.11
16.65
31.64
5.25
181.13
18.19
1.31
64.45
16.02
4.36
39.49
12.94
2.76
21.30
21.66
0.85
22.57
12.81
2.82
46.69
12.07
3.11
35.61
7.32
2.03
29.94
8.75
1.90
63.26
6.24
2.35
36.66

10.26
14.20
12.77
6.94
17.73
12.13
11.20
11.38
5.81
5.77
11.98
18.87
21.70
9.30
26.86
22.79
10.45
13.14
8.11
11.81
14.69
28.62
14.65
10.61
12.12
13.74
15.74
11.67
12.98
9.85
10.58
12.22
16.98
8.89
8.51
9.47
12.05
4.08
10.30
12.39
10.96
16.62
16.83
9.59

1.35
1.99
2.70
1.11
3.56
1.79
2.49
1.92
1.49
1.47
2.58
2.96
0.82
1.61
2.57
1.66
1.12
3.37
1.29
2.99
2.01
0.82
6.65
2.76
4.94
3.46
4.32
2.90
3.18
0.93
2.72
1.64
3.66
0.88
2.08
2.02
1.77
0.99
11.46
6.04
3.07
2.00
3.51
2.11

53.21
23.01
115.92
21.17
37.30
14.61
17.22
29.45
11.29
24.25
19.67
130.50
304.86
24.60
23.56
44.26
8.65
14.22
16.85
17.50
24.73
8.25
19.52
22.74
18.19
15.97
25.76
20.34
14.89
20.01
50.55
25.21
13.75
23.48
24.80
18.25
16.70
29.69
19.42
20.39
16.70
20.46
29.68
33.45

Country

Tax Rate
Afghanistan
20.00%
Albania
10.00%
Angola
35.00%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Bahamas
0.00%
Bahrain
0.00%
Bangladesh
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Bermuda
0.00%
Bolivia
25.00%
Bonaire
0.00%
Bosnia and Herzegovina 10.00%
Botswana
22.00%
Brazil
34.00%
Bulgaria
10.00%
Cambodia
20.00%
Canada
26.00%
Cayman Islands
0.00%
Chile
18.50%
China
25.00%
Colombia
33.00%
Costa Rica
30.00%
Croatia
20.00%
Curacao
27.50%
Cyprus
10.00%
Czech Republic
19.00%
Denmark
25.00%
Dominican Republic
29.00%
Ecuador
23.00%
Egypt
25.00%
Estonia
21.00%
El Salvador
30.00%
Fiji
28.00%
Finland
24.50%
France
33.33%
Georgia
0.00%
Germany
29.48%

Gibraltar
Greece
Guatemala
Guernsey
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Latvia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia
Malawi
Malaysia
Malta
Mauritius
Mexico
Montenegro
Mozambique
Namibia
Netherlands
New Zealand
Nigeria
Norway
Oman
Pakistan
Panama

10.00%
20.00%
31.00%
0.00%
35.00%
16.50%
19.00%
20.00%
32.45%
25.00%
12.50%
0.00%
25.00%
31.40%
33.33%
38.01%
0.00%
14.00%
20.00%
30.00%
24.20%
15.00%
15.00%
20.00%
12.50%
15.00%
28.80%
12.00%
10.00%
30.00%
25.00%
35.00%
15.00%
30.00%
9.00%
32.00%
34.00%
25.00%
28.00%
30.00%
28.00%
12.00%
35.00%
25.00%

Papua New Guinea

Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
Saba
Samoa
Saudi Arabia
Serbia
Singapore
Slovak Republic
Slovenia
South Africa
Spain
Sri Lanka
St Eustatius
St Maarten
Sudan
Sweden
Switzerland
Syria
Taiwan
Tanzania
Thailand
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
Africa average

30.00%
10.00%
30.00%
30.00%
19.00%
25.00%
10.00%
16.00%
20.00%
0.00%
27.00%
20.00%
10.00%
17.00%
19.00%
18.00%
34.55%
30.00%
28.00%
0.00%
34.50%
35.00%
26.30%
21.17%
28.00%
17.00%
30.00%
23.00%
25.00%
30.00%
20.00%
30.00%
21.00%
55.00%
24.00%
40.00%
25.00%
0.00%
34.00%
25.00%
20.00%
35.00%
25.75%
29.02%

North America average

Asia average
Europe average
Latin America average
Oceania average
EU average
OECD average
Global average

33.00%
22.89%
20.50%
28.30%
28.60%
22.60%
25.25%
24.43%

Country
Long-Term Rating
Adj. Default Spread
Albania
B1
4.00%
Angola
Ba3
3.25%
Argentina
B3
6.00%
Armenia
Ba2
2.75%
Australia
Aaa
0.00%
Austria
Aaa
0.00%
Azerbaijan
Baa3
2.00%
Bahamas
Baa1
1.50%
Bahrain
Baa1
1.50%
Bangladesh
Ba3
3.25%
Barbados
Baa3
2.00%
Belarus
B3
6.00%
Belgium
Aa3
0.70%
Belize
Caa3
10.00%
Bermuda
Aa2
0.50%
Bolivia
Ba3
3.25%
Bosnia and Herzegovina B3
6.00%
Botswana
A2
1.00%
Brazil
Baa2
1.75%
Bulgaria
Baa2
1.75%
Cambodia
B2
5.00%
Canada
Aaa
0.00%
Cayman Islands
Aa3
0.70%
Chile
Aa3
0.70%
China
Aa3
0.70%
Colombia
Baa3
2.00%
Costa Rica
Baa3
2.00%
Croatia
Baa3
2.00%
Cuba
Caa1
7.00%
Cyprus
B3
6.00%
Czech Republic
A1
0.85%
Denmark
Aaa
0.00%
Dominican Republic
B1
4.00%
Ecuador
Caa1
7.00%
Egypt
B2
5.00%
El Salvador
Ba3
3.25%
Estonia
A1
0.85%
Fiji Islands
B1
4.00%
Finland
Aaa
0.00%
France
Aa1
0.25%
Georgia
Ba3
3.25%
Germany
Aaa
0.00%

Total Risk Premium

11.80%
10.68%
14.80%
9.93%
5.80%
5.80%
8.80%
8.05%
8.05%
10.68%
8.80%
14.80%
6.85%
20.80%
6.55%
10.68%
14.80%
7.30%
8.43%
8.43%
13.30%
5.80%
6.85%
6.85%
6.85%
8.80%
8.80%
8.80%
16.30%
14.80%
7.08%
5.80%
11.80%
16.30%
13.30%
10.68%
7.08%
11.80%
5.80%
6.18%
10.68%
5.80%

Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Lithuania
Luxembourg
Macao
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay

Caa1
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aaa
A1
Baa2
B3
Aa3
Ba2
Baa2
B1
Aa3
Aa2
Baa3
B1
Baa1
Aaa
Aa3
A3
A3
Baa1
Baa1
B3
B1
Ba3
Ba1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
B1

7.00%
2.40%
5.00%
0.25%
2.40%
2.00%
2.00%
2.00%
2.40%
0.00%
0.85%
1.75%
6.00%
0.70%
2.75%
1.75%
4.00%
0.70%
0.50%
2.00%
4.00%
1.50%
0.00%
0.70%
1.15%
1.15%
1.50%
1.50%
6.00%
4.00%
3.25%
2.40%
2.00%
0.00%
0.00%
6.00%
3.25%
0.00%
0.85%
7.00%
1.75%
4.00%
4.00%

16.30%
9.40%
13.30%
6.18%
9.40%
8.80%
8.80%
8.80%
9.40%
5.80%
7.08%
8.43%
14.80%
6.85%
9.93%
8.43%
11.80%
6.85%
6.55%
8.80%
11.80%
8.05%
5.80%
6.85%
7.53%
7.53%
8.05%
8.05%
14.80%
11.80%
10.68%
9.40%
8.80%
5.80%
5.80%
14.80%
10.68%
5.80%
7.08%
16.30%
8.43%
11.80%
11.80%

Peru
Baa2
Philippines
Ba1
Poland
A2
Portugal
Ba3
Qatar
Aa2
Romania
Baa3
Russia
Baa1
Saudi Arabia
Aa3
Senegal
B1
Singapore
Aaa
Slovakia
A2
Slovenia
Baa2
South Africa
Baa1
Spain
Baa3
Sri Lanka
B1
St. Maarten
Baa1
St. Vincent & the Grenadines
B2
Suriname
Ba3
Sweden
Aaa
Switzerland
Aaa
Taiwan
Aa3
Thailand
Baa1
Trinidad and Tobago
Baa1
Tunisia
Baa3
Turkey
Ba1
Ukraine
B3
United Arab Emirates
Aa2
United Kingdom
Aaa
United States of America Aaa
Uruguay
Baa3
Venezuela
B1
Vietnam
B2
Zambia
B1

1.75%
2.40%
1.00%
3.25%
0.50%
2.00%
1.50%
0.70%
4.00%
0.00%
1.00%
1.75%
1.50%
2.00%
4.00%
1.50%
5.00%
3.25%
0.00%
0.00%
0.70%
1.50%
1.50%
2.00%
2.40%
6.00%
0.50%
0.00%
0.00%
2.00%
4.00%
5.00%
4.00%

8.43%
9.40%
7.30%
10.68%
6.55%
8.80%
8.05%
6.85%
11.80%
5.80%
7.30%
8.43%
8.05%
8.80%
11.80%
8.05%
13.30%
10.68%
5.80%
5.80%
6.85%
8.05%
8.05%
8.80%
9.40%
14.80%
6.55%
5.80%
5.80%
8.80%
11.80%
13.30%
11.80%

Row Labels
Default Spread (Weighted
Total ERP average)
(Weighted Average) Country Risk Premium (Weighted Average)
Africa
2.86%
10.09%
4.29%
Australia & New Zealand
0.00%
5.80%
0.00%
Caribbean
4.52%
12.57%
6.77%
Central and South America
2.26%
9.18%
3.38%
Eastern Europe & Russia
1.79%
8.48%
2.68%
Middle East
0.77%
6.96%
1.16%
North America
0.00%
5.80%
0.00%
Western Europe
0.70%
6.85%
1.05%
Asia without Japan
1.18%
7.58%
1.78%
Japan
0.70%
6.85%
1.05%

Country Risk PremiumRegion

6.00%
Eastern Europe & Russia
4.88%
Africa
9.00%
Central and South America
4.13%
Eastern Europe & Russia
0.00%
Australia & New Zealand
0.00%
Western Europe
3.00%
Eastern Europe & Russia
2.25%
Caribbean
2.25%
Middle East
4.88%
Asia
3.00%
Caribbean
9.00%
Eastern Europe & Russia
1.05%
Western Europe
15.00%
Central and South America
0.75%
Caribbean
4.88%
Central and South America
9.00%
Eastern Europe & Russia
1.50%
Africa
2.63%
Central and South America
2.63%
Eastern Europe & Russia
7.50%
Asia
0.00%
North America
1.05%
Caribbean
1.05%
Central and South America
1.05%
Asia
3.00%
Central and South America
3.00%
Central and South America
3.00%
Eastern Europe & Russia
10.50%
Caribbean
9.00%
Western Europe
1.28%
Eastern Europe & Russia
0.00%
Western Europe
6.00%
Caribbean
10.50%
Central and South America
7.50%
Africa
4.88%
Central and South America
1.28%
Eastern Europe & Russia
6.00%
Asia
0.00%
Western Europe
0.38%
Western Europe
4.88%
Eastern Europe & Russia
0.00%
Western Europe

10.50%
3.60%
7.50%
0.38%
3.60%
3.00%
3.00%
3.00%
3.60%
0.00%
1.28%
2.63%
9.00%
1.05%
4.13%
2.63%
6.00%
1.05%
0.75%
3.00%
6.00%
2.25%
0.00%
1.05%
1.73%
1.73%
2.25%
2.25%
9.00%
6.00%
4.88%
3.60%
3.00%
0.00%
0.00%
9.00%
4.88%
0.00%
1.28%
10.50%
2.63%
6.00%
6.00%

Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America

2.63%
3.60%
1.50%
4.88%
0.75%
3.00%
2.25%
1.05%
6.00%
0.00%
1.50%
2.63%
2.25%
3.00%
6.00%
2.25%
7.50%
4.88%
0.00%
0.00%
1.05%
2.25%
2.25%
3.00%
3.60%
9.00%
0.75%
0.00%
0.00%
3.00%
6.00%
7.50%
6.00%

emium (Weighted Average)

Central and South America

Asia
Eastern Europe & Russia
Western Europe
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Middle East
Africa
Asia
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Asia
Caribbean
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

Last 10K
$413.26
Revenues
$273.98
R&D expense
-$394.28
Operating income or EBIT
$0.25
Interest expenses
$124.70
Book value of equity
$452.34
Book value of debt
Do you have operating lease commitments?
$201.89
Cash and cross holdings
$0.00
Non-operating assets
$0.00
Minority interests
$121.45
Number of shares outstanding =
Current stock price =
0.00%
Effective tax rate =
Marginal tax rate =
Lease commitments
$142.00
Year 1
$128.00
Year 2
$117.00
Year 3
$110.00
Year 4
$102.00
Year 5
$252.00
Beyond year 5

First X months: Last yearFirst X months: Current year

$41.30
$956.74
$107.17
$143.25
-$194.94
-$17.38
$20.23
$0.15
$629.43
$578.74
$746.06
$0.00
$0.00
$121.45
22.31%

0.00%

NA
NA
NA
NA
NA
NA

Trailing 12 month
$1,328.70
$310.06
-$216.72
-$19.83

Yes/No Book or Market ValueERP choices

Cost of debt Synthetic rating
Beta
Yes
B
Will input
Direct input
1 Direct input
No
V
Country of incorporationSynthetic rating
2 Single Business(US)
Operating countries
Actual rating
Single Business(Global)
Operating regions
Multibusiness(US)
Multibusiness(Global)

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities
Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services

Number of firms Unlevered beta corrected for cash

Market D/E Ratio
255
0.98
32.29%
210
0.89
26.27%
160
0.60
100.92%
1166
1.00
17.84%
130
0.77
93.91%
624
1.19
37.00%
568
0.31
367.12%
944
0.44
142.34%
99
0.74
21.29%
209
0.68
24.36%
666
1.05
13.07%
144
1.03
40.12%
525
0.28
415.35%
420
0.81
44.77%
709
0.83
25.13%
65
0.76
56.80%
760
0.86
40.13%
86
1.11
42.99%
693
0.99
20.55%
322
1.08
25.95%
938
0.97
15.82%
1068
1.12
7.33%
371
1.04
16.06%
466
0.75
48.57%
365
0.67
79.08%
145
1.10
20.26%
847
0.96
29.89%
1188
1.01
31.80%
208
0.96
57.73%
1141
0.81
83.04%
356
0.97
28.71%
307
0.86
40.91%
331
0.74
42.90%
520
0.18
656.46%
149
0.17
679.35%
1223
0.69
27.68%
115
0.56
70.98%
323
0.94
26.97%
448
0.92
17.33%
170
0.54
80.65%
155
0.78
19.42%
328
0.81
31.97%
266
0.96
20.13%
334
0.99
60.13%
155
1.00
58.09%
618
0.84
30.37%
456
0.82
14.25%
171
0.98
12.13%
220
0.71
57.51%
117
0.94
61.35%
220
0.65
39.18%
715
1.22
4.72%
448
0.58
95.78%
1249
1.06
25.23%
1700
1.08
27.00%
162
0.81
32.17%

Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Tranportation
Trucking
Utility (General)
Utility (Water)
Grand Total

55
1219
198
570
399
318
823
719
1237
401
48
56
415
611
439
292
35
298
138
51
842
226
170
108
536
91
564
264
351
95
725
117
550
325
295
48
223
185
61
97
40943

1.12
1.05
0.70
1.12
0.65
0.64
0.88
0.47
1.16
0.75
0.14
0.46
0.69
0.84
0.56
0.86
0.86
0.62
0.74
0.68
0.61
0.78
0.54
1.08
1.01
0.84
1.20
1.49
0.68
1.06
0.86
0.79
1.18
0.63
0.02
0.49
0.75
0.55
0.41
0.53
0.64

22.11%
30.67%
61.85%
36.67%
63.06%
91.95%
14.74%
105.84%
14.66%
39.77%
560.60%
65.38%
77.09%
64.59%
85.84%
31.84%
42.79%
23.26%
51.60%
18.80%
97.73%
32.07%
38.11%
5.00%
13.85%
51.66%
13.88%
22.44%
90.71%
7.42%
81.02%
31.99%
15.23%
65.54%
5432.46%
15.48%
48.75%
77.55%
107.15%
63.18%
98.96%

Market Debt toEffective

Capital tax rate
Dividend Payout
Net Margin Pre-tax Operating
ROEMargin ROIC
Sales/Capital
24.41%
13.92%
34.69%
3.86%
8.10%
9.42%
42.52%
4.53
20.80%
13.31%
33.18%
5.35%
8.91%
16.43%
35.50%
4.86
50.23%
16.15%
51.21%
1.66%
4.84%
6.35%
6.94%
1.67
15.14%
13.42%
37.80%
6.48%
11.70%
12.92%
15.05%
1.55
48.43%
12.66%
16.30%
5.81%
5.98%
18.61%
7.83%
1.49
27.00%
16.55%
12.54%
4.20%
6.60%
13.90%
14.33%
2.50
78.59%
18.93%
32.02%
20.42%
0.25%
8.97%
0.02%
0.09
58.74%
18.85%
15.95%
18.68%
0.00%
7.17%
0.00%
0.23
17.55%
12.82%
30.71%
10.12%
14.77%
21.29%
18.97%
1.60
19.59%
18.60%
33.05%
11.69%
18.89%
17.27%
14.32%
0.89
11.56%
2.91%
34.78%
8.08%
17.16%
7.25%
11.45%
0.80
28.63%
17.52%
31.74%
8.49%
15.89%
13.12%
15.03%
1.12
80.60%
11.36%
36.87%
5.02%
0.18%
4.13%
0.02%
0.17
30.93%
16.08%
36.75%
2.46%
6.14%
5.13%
7.58%
1.71
20.08%
18.11%
40.69%
4.20%
7.85%
12.28%
19.57%
3.23
36.22%
14.42%
15.91%
9.79%
18.41%
26.04%
15.33%
1.08
28.64%
13.56%
57.82%
3.79%
6.69%
8.03%
7.99%
1.32
30.07%
20.09%
43.49%
3.43%
7.96%
9.84%
10.52%
1.78
17.05%
16.99%
30.49%
8.00%
12.65%
14.69%
15.64%
1.48
20.60%
6.36%
55.14%
8.20%
15.68%
10.92%
15.36%
0.94
13.66%
17.31%
21.36%
5.44%
8.16%
20.43%
28.10%
4.56
6.83%
11.68%
27.50%
14.49%
22.50%
16.62%
40.08%
1.97
13.83%
12.32%
16.88%
5.02%
9.96%
17.06%
32.20%
3.28
32.69%
14.87%
50.95%
5.17%
10.85%
7.25%
7.89%
0.85
44.16%
13.26%
25.92%
6.18%
9.25%
11.53%
7.62%
0.88
16.84%
14.29% NA
-1.40%
11.08%
-2.57%
21.01%
2.64
23.01%
13.88%
50.70%
3.30%
6.86%
7.24%
11.05%
2.10
24.12%
12.33%
30.54%
2.78%
4.48%
6.20%
6.47%
1.85
36.60%
12.17% NA
-5.21%
2.32%
-13.51%
3.57%
2.45
45.37%
17.02%
59.23%
1.79%
4.52%
6.83%
7.93%
2.28
22.31%
8.79%
28.43%
7.88%
16.46%
10.39%
21.13%
1.69
29.03%
11.25%
62.60%
2.97%
8.92%
6.76%
13.28%
2.04
30.02%
13.56%
28.83%
3.84%
4.84%
10.86%
7.78%
1.82
86.78%
17.11%
16.51%
21.78%
6.43%
14.39%
0.38%
0.09
87.17%
13.67%
8.01%
13.70%
3.31%
6.42%
0.22%
0.09
21.68%
15.80%
43.33%
4.79%
8.05%
12.30%
13.63%
2.13
41.51%
18.45%
54.16%
1.06%
2.99%
10.56%
13.98%
5.51
21.24%
14.93%
30.24%
4.15%
6.11%
12.02%
13.60%
2.63
14.77%
8.87%
37.02%
9.98%
18.21%
13.27%
24.36%
1.50
44.65%
16.54%
15.05%
4.24%
10.37%
26.49%
14.16%
1.64
16.26%
13.49%
22.73%
7.95%
12.14%
12.03%
14.31%
1.32
24.23%
17.34%
16.77%
2.48%
4.77%
13.81%
30.87%
7.19
16.76%
8.16%
14.89%
6.27%
12.10%
7.84%
16.39%
1.54
37.55%
17.82%
31.37%
4.74%
8.32%
15.66%
11.92%
1.57
36.75%
19.22%
14.51%
4.16%
6.61%
7.73%
5.94%
1.24
23.29%
12.19%
36.52%
5.73%
11.80%
8.02%
10.35%
0.95
12.47%
13.98%
43.82%
8.68%
14.34%
16.86%
22.08%
2.14
10.81%
16.19%
31.17%
10.40%
22.04%
15.35%
42.97%
2.36
36.51%
13.65%
21.45%
5.89%
7.96%
11.52%
10.66%
1.56
38.02%
17.28%
34.76%
3.67%
6.60%
7.68%
8.95%
1.50
28.15%
11.96%
31.87%
4.42%
7.64%
7.35%
7.58%
1.23
4.51%
7.77%
4.29%
18.74%
21.16%
19.32%
24.00%
1.25
48.92%
5.97%
38.86%
14.53%
11.33%
8.11%
3.21%
0.29
20.15%
17.48%
32.02%
5.32%
8.92%
10.87%
12.83%
1.83
21.26%
4.26%
45.90%
7.44%
15.44%
10.76%
12.83%
1.00
24.34%
17.48%
41.76%
4.25%
7.35%
12.40%
15.21%
2.60

18.11%
23.47%
38.21%
26.83%
38.67%
47.90%
12.85%
51.42%
12.78%
28.46%
84.86%
39.53%
43.53%
39.24%
46.19%
24.15%
29.97%
18.87%
34.04%
15.82%
49.42%
24.28%
27.59%
4.76%
12.16%
34.06%
12.19%
18.33%
47.56%
6.90%
44.76%
24.24%
13.22%
39.59%
98.19%
13.40%
32.77%
43.68%
51.73%
38.72%
49.74%

25.53%
27.55%
6.41%
44.13%
8.92%
115.27%
14.22%
26.59%
17.17%
43.18%
11.75%
80.79%
12.53%
44.83%
15.12%
93.77%
3.52%
61.89%
15.27%
1731.52%
2.99%
55.74%
21.56%
24.67%
12.96%
22.44%
17.32%
32.51%
13.51%
22.36%
15.30%
28.25%
11.47%
24.17%
20.90%
40.98%
19.42%
16.71%
23.15%
38.17%
19.16%
30.47%
22.21%
35.74%
23.43%
39.98%
11.10%
21.17%
20.10%
31.63%
16.86%
16.29%
8.19%
38.44%
7.82% NA
11.28%
497.14%
16.82%
18.13%
12.68%
411.43%
14.76%
111.38%
9.09%
46.05%
11.92%
103.40%
18.11%
9.16%
19.70%
63.68%
19.61%
42.98%
21.99%
21.81%
23.56%
91.00%
14.78%
54.81%
13.40%
37.49%

7.68%
7.34%
5.03%
2.36%
2.80%
1.95%
12.55%
3.62%
6.98%
0.16%
61.89%
9.07%
13.08%
19.74%
22.99%
5.97%
8.86%
6.14%
2.82%
3.91%
2.60%
2.82%
2.15%
2.83%
3.53%
4.71%
7.21%
-1.37%
0.35%
7.16%
0.33%
4.90%
5.90%
5.58%
39.07%
16.71%
5.01%
2.95%
3.71%
16.28%
5.74%

10.78%
17.88%
10.38%
4.24%
7.51%
5.18%
21.12%
10.49%
18.63%
7.95%
2.67%
18.00%
15.39%
24.18%
29.36%
11.01%
12.30%
11.37%
5.12%
7.43%
3.52%
5.10%
4.14%
5.02%
6.62%
8.10%
11.30%
7.82%
5.05%
9.81%
3.86%
16.86%
7.46%
14.71%
0.59%
28.10%
8.46%
6.16%
10.48%
27.53%
8.63%

16.80%
7.14%
11.00%
11.21%
7.73%
3.47%
13.76%
5.23%
4.97%
0.26%
10.89%
11.68%
8.51%
12.96%
8.76%
9.65%
14.39%
19.63%
17.68%
13.28%
11.51%
13.35%
12.11%
14.07%
13.63%
15.87%
10.20%
-1.66%
0.54%
16.29%
0.72%
6.29%
9.43%
9.01%
-12.11%
44.22%
13.01%
10.18%
7.06%
12.47%
10.49%

12.65%
8.66%
8.71%
11.01%
11.05%
3.98%
18.46%
5.14%
8.79%
10.44%
0.07%
7.27%
4.32%
7.28%
4.58%
10.47%
15.67%
18.98%
12.96%
12.75%
5.90%
12.28%
12.94%
44.11%
18.53%
11.74%
12.92%
7.97%
2.97%
18.16%
3.97%
12.46%
11.82%
12.33%
0.00%
47.52%
10.37%
7.81%
8.12%
8.81%
5.11%

1.69
0.68
0.73
3.28
1.74
1.02
1.13
0.64
0.58
1.79
0.02
0.60
0.31
0.36
0.18
1.31
1.25
2.20
3.11
2.72
2.06
3.28
3.96
7.82
3.94
1.77
1.30
1.21
0.82
2.12
1.36
0.96
1.93
0.98
0.01
2.44
1.60
1.72
1.00
0.36
0.77

EV/Sales
0.94
0.99
0.79
1.55
0.78
0.56
11.36
3.92
2.23
2.91
6.52
2.06
6.08
0.89
1.09
2.38
1.06
0.96
1.52
1.81
0.90
3.22
0.90
1.70
1.46
0.97
1.01
0.74
0.49
0.56
1.94
1.31
0.71
11.59
11.24
1.20
0.30
0.72
2.55
1.28
2.49
0.46
2.33
0.99
0.99
2.24
2.09
3.05
0.67
0.77
0.91
4.34
3.62
1.13
1.58
0.72

Revenue Growth
Expected
rate: Last
Earnings
5 yearsgrowth: Next 5 years
6.82%
21.10%
5.45%
12.24%
9.50%
21.78%
8.05%
14.17%
7.89%
16.78%
7.61%
15.87%
9.33%
15.27%
4.05%
7.68%
9.19%
14.06%
9.46%
17.42%
18.82%
21.89%
6.87%
5.90%
5.54%
16.91%
1.84%
19.07%
7.64%
15.23%
11.67%
5.51%
6.76%
16.00%
7.14%
15.67%
10.95%
15.12%
15.30%
14.80%
9.20%
14.72%
10.54%
19.64%
0.21%
48.32%
10.75%
18.76%
7.65%
13.98%
15.14%
20.40%
8.43%
20.52%
2.24%
18.27%
-1.34%
16.82%
8.60%
15.76%
3.98%
20.99%
12.01%
14.79%
17.26%
22.13%
10.60%
16.59%
13.81%
21.86%
10.36%
20.44%
3.43%
11.57%
3.67%
25.07%
8.27%
15.75%
17.71%
15.74%
14.20%
18.06%
13.17%
16.52%
12.10%
21.93%
9.79%
10.97%
1.36%
10.35%
10.03%
14.85%
11.76%
16.06%
6.26%
14.57%
5.98%
15.55%
5.07%
12.51%
8.42%
19.51%
9.16%
23.77%
8.47%
10.66%
3.89%
15.82%
20.44%
10.67%
2.53%
14.58%

0.74
2.21
2.23
0.52
0.89
1.06
2.78
1.80
3.02
1.18
47.03
2.27
3.24
3.10
6.03
1.31
0.73
1.55
0.63
0.95
0.57
0.65
0.48
2.11
0.79
0.78
1.66
1.52
1.24
1.27
0.75
1.87
1.37
1.56
112.28
3.33
1.14
0.79
1.24
4.03
1.76

14.00%
21.47%
16.37%
15.38%
9.61%
6.17%
13.72%
13.97%
40.88%
1.45%
2.02%
3.83%
5.65%
12.44%
10.18%
1.93%
6.02%
6.48%
6.02%
5.10%
6.29%
7.69%
5.93%
12.55%
5.00%
10.45%
5.70%
0.87%
8.50%
8.98%
8.35%
8.43%
3.55%
7.88%
7.27%
6.18%
11.17%
3.04%
8.49%
17.20%
8.94%

8.80%
18.55%
17.40%
26.79%
16.01%
13.86%
18.46%
11.64%
18.47%
-4.05%
4.94%
17.27%
18.54%
19.95%
15.90%
16.35%
15.30%
15.53%
15.76%
13.61%
16.59%
15.61%
13.19%
31.94%
12.17%
35.67%
17.73%
12.94%
1.87%
14.72%
17.15%
11.64%
18.69%
8.79%
8.29%
9.46%
14.34%
13.65%
5.63%
12.97%
16.07%

$70,000

$9,000

$8,000
$60,000
$7,000

$6,000

$5,000
$40,000
$4,000
$30,000
$3,000

$2,000

$20,000

$1,000
$10,000
$-

$-

$(1,000)

Base

10

Pre-tax Operating Income

Revenues (in billions)

$50,000

Revenues
Pre-tax operating income

Year
Base
1
2
3
4
5
6
7
8
9
10

Revenues
Pre-tax operating income
$
1,329 $
(22)
$
2,259 $
(5)
$
3,840 $
45
$
6,528 $
170
$
11,097 $
445
$
18,866 $
1,024
$
29,534 $
2,021
$
42,263 $
3,489
$
54,794 $
5,299
$
63,671 $
7,058
$
65,422 $
8,178