Professional Documents
Culture Documents
Company name
Sep-14
Important: Before you run this spreadsheet, go
Alibaba
There should be a check against the iteration b
Numbers from your base year below ( in consistent units)
This year
Last year
China
Alibaba gets about 90% of its revenues in China
Advertising
The bulk of Alibaba's revenues still come from a
Advertising
Year ended 3/31/13
$
9,268.00 $4,820.99 Updated to reflect filing in August 2
$
4,246.33 $1,777.02 Updated to reflect filing in August 2
$
245.75 $ 259.83 Updated to reflect filing in August 2
$
8,283.00 $5,027.60 Updated to reflect filing in August 2
$
10,012.00 $4,642.98 Updated to reflect filing in August 2
Yes
Am assuming product development expenses
Yes
Minimal, but took lease expenses for years 2-5
$
9,330.00 $5,402.64 From prospectus: Cash + Short ter
$
5,087.00 $ 400.99 Investments in Weibo, UCWeb,Aut
$
$
2440.91
Shares outstanding + RSUs. Prospectus (Aug 2
20000.00
News stories, not confirmed yet
$
65.00 No offering price yet (estimate based on $150 b
11.92%
Effective tax rate (Last fiscal year)
25.00%
China statutory rate
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 =
Expected proceeds from IPO =
Expected IPO price
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 years = 25.00%
Target pre-tax operating margin (EBIT as % of sales in year 10) 4
=0.00%
Sales to capital ratio (for computing reinvestment) =
2.00
Market numbers
Riskfree rate
2.41%
Initial cost of capital =
8.56%
Other inputs
Do you have employee options outstanding?
Yes
Number of options outstanding =
13.35
Average strike price =
$14.29
Average maturity =
4.20
Standard deviation on stock price =
37.20%
Prospectus.
Average exercise price from prospectus (Page
Average maturity from prospectus (Page 300)
Using standard deviation in online companies li
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
If yes, enter the cost of capital after year 10 =
8%
Slight drop in cost of capital as company becom
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
If yes, enter the return on capital you expect after year 10
12%
In steady state, this will be a tough business to
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
No
Already profitable, plenty of cash.
If yes, enter the probability of failure =
20%
What do you want to tie your proceeds in failure to?
V
Enter the distress proceeds as percentage of book or fair value 50%
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
Tax credits will disappear over time.
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 =
No
If yes, enter the NOL that you are carrying over into year 1
$250.00
Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
d be a check against the iteration box. If there is not, you will get circular reasoning errors.
ar below ( in consistent units)
s about 90% of its revenues in China and 10% internationally. The ERP I use reflects that mix
Alibaba's revenues still come from advertising, though it is building other revenue sources
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
Updated to reflect filing in August 2014 (and first quarter results for April -June 2014
ng product development expenses are R&D, with 2-year life
t took lease expenses for years 2-5 and averaged to get annual lease
From prospectus: Cash + Short term investments
Investments in Weibo, UCWeb,Autonavi, Cainiaio (from balance sheet). Marked Weibo and AutoNavi to market price. Added $3 billion for A
ate, this will be a tough business to generate excess returns in, even with network effects.
year. If you override this assumption, I will leave the tax rate at your effective tax rate.
will disappear over time.
e valuation. If you have a money losing company, you may want to override tis.
price. Added $3 billion for Alipay liquidity provision, entitling Alibaba to 37.5% of value (if a liquidity event occurs)
, relative to industry.
l to the industry averages.
Industry (Global data)
159.82%
9.24%
3.87
29.68%
Base year
Revenue growth rate
Revenues
$
EBIT (Operating) margin
EBIT (Operating income)$
Tax rate
EBIT(1-t)
$
- Reinvestment
FCFF
NOL
$
9,268.00 $
50.73%
4,701.61 $
11.92%
4,141.12 $
$
$
$
Cost of capital
Cumulated discount factor
PV(FCFF)
1
25.00%
11,585.00
49.66%
5,752.71
11.92%
5,066.92
1,158.50
3,908.42
-
8.56%
0.9211
$ 3,600.21
$
$
$
$
$
$
2
25.00%
14,481.25
48.58%
7,035.52
11.92%
6,196.79
1,448.13
4,748.67
-
8.56%
0.8485
$ 4,029.27
$
$
$
$
$
$
3
25.00%
18,101.56
47.51%
8,600.17
11.92%
7,574.92
1,810.16
5,764.77
-
8.56%
0.7816
$ 4,505.71
$
$
$
$
$
$
4
25.00%
22,626.95
46.44%
10,507.44
11.92%
9,254.82
2,262.70
6,992.12
-
8.56%
0.7200
$ 5,034.05
2.00
10,298 $
11,457
40.21%
44.23%
2.00
12,905
48.02%
2.00
14,715
51.48%
2.00
16,978
54.51%
$
$
$
$
$
$
5
25.00%
28,283.69
45.36%
12,830.83
11.92%
11,301.23
2,828.37
8,472.86
-
8.56%
0.6632
$ 5,619.08
2.00
19,806
57.06%
$
$
$
$
$
$
6
20.48%
34,076.76
44.29%
15,093.21
14.54%
12,899.11
2,896.53
10,002.57
-
8.45%
0.6115
$ 6,116.78
2.00
22,703
56.82%
$
$
$
$
$
$
7
15.96%
39,516.77
43.22%
17,078.70
17.15%
14,149.23
2,720.01
11,429.22
-
8.34%
0.5645
$ 6,451.39
2.00
25,423
55.66%
$
$
$
$
$
$
8
11.45%
44,039.86
42.15%
18,561.00
19.77%
14,891.76
2,261.54
12,630.22
-
8.22%
0.5216
$ 6,587.53
2.00
27,684
53.79%
$
$
$
$
$
$
9
6.93%
47,090.94
41.07%
19,341.64
22.38%
15,012.16
1,525.54
13,486.62
-
8.11%
0.4824
$ 6,506.39
2.00
29,210
51.39%
$
$
$
$
$
$
10
2.41%
48,225.83
40.00%
19,290.33
25.00%
14,467.75
567.45
13,900.30
-
8.00%
0.4467
$ 6,209.23
2.00
29,777
48.59%
Terminal year
2.41%
$ 49,388.08
40.00%
$ 19,755.23
25.00%
$ 14,816.42
$ 4,463.45
$ 10,352.98
$
-
15,053.62
23,942.36
8.00%
0.30125
After year 10
8.00%
2.49953407
0.99378216
d2 =
N (d2) =
1.73716093
0.95882062
$695.86
13.345
2,441
2.41%
0.1384
0.00%
2.41%
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)
$
$
$
$
10,298.30
29,777.22
19,478.92
14,588.72
74.89%
48.59%
8.39%
101.50%
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
2
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$ 971.90 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
0
0
0
0
0
0
0
0
Output
Year
Current
-1
-2
0
0
0
0
0
0
0
0
R& D Expenses
610.24
! Year -1 is the year prior to the current year
471.06
! Year -2 is the two years prior to the current year
R&D Expense
971.90
610.24
471.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Unamortized portion
1.00
971.90
0.50
305.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$1,277.03 $
305.12
235.53
-
540.65
$540.65
35.28
Output
Pre-tax Cost of Debt =
4.00%
! If you do not have a cost of debt, use the synthetic rating estimator
! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
$
$
nter them.
line depreciation
ount to pre-tax operating income
2440.91
65.00
$
$
10,012.00
245.75
3
Direct input
3.500%
Baa2/BBB
1
4.00%
25%
0
0
0
0
$
56.28
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 =
$ 9,582.61
$
$
56.28
$
1.092
Equity
Debt
Preferred Stock
Capital
Market Value
Weight in Cost of Capital
Cost of Component
158,659.15 $ 9,638.88 $
94.27%
5.73%
8.90%
3.00%
0.00%
7.14%
#########
100.00%
8.56%
Revenues
China
Global
7275
782
Total
8057
ERP
Weight
5.90%
6.35%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
90.29%
9.71%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
Weighted ERP
5.33%
0.62%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
5.94%
9361
100.00%
6.2808%
Company
Revenues
EV/Sales
$
70.00
1.6748
$
30.00
5.5678
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$
100.00
Estimated Value
Unlevered Beta
$ 117.24
1.1259
$ 167.03
1.0235
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 284.27
1.0657
Business
Advertising
Retail (Internet)
Company
Revenues
EV/Sales
$
70.00
1.5982
$
30.00
3.1883
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$
100.00
Estimated Value
Unlevered Beta
$ 111.87
0.8911
$
95.65
1.2231
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$ 207.52
1.0441
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 =
17.22
Estimated Bond Rating =
Aaa/AAA
Estimated Company Default Spread =
0.40%
Estimated County Default Spread (if any) = 0.60%
Estimated Cost of Debt =
3.41%
$ 4,270.36 (Add back only long term interest expense for financ
$248.00 (Use only long term interest expense for financial firm
2.41%
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
If interest coverage ratio is
>
to
Rating is
Spread is
-100000
0.199999
D2/D
12.00%
0.2
0.649999
Caa/CCC
10.50%
0.65
0.799999
Ca2/CC
9.50%
0.8
1.249999
C2/C
8.75%
1.25
1.499999
B3/B7.25%
1.5
1.749999
B2/B
6.50%
1.75
1.999999
B1/B+
5.50%
2
2.2499999
Ba2/BB
4.00%
2.25
2.49999
Ba1/BB+
3.00%
2.5
2.999999
Baa2/BBB
2.00%
3
4.249999
A3/A1.30%
4.25
5.499999
A2/A
1.00%
5.5
6.499999
A1/A+
0.85%
6.5
8.499999
Aa2/AA
0.70%
8.50
100000
Aaa/AAA
0.40%
For smaller and riskier firms
If interest coverage ratio is
greater than
to
Rating is
-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
Caa/CCC
Ca2/CC
C2/C
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.
ver the place, set the operating lease commitment question in cell F5
Yes. It should work.
Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising
31
4.60%
11.44%
Aerospace/Defense
66
12.33%
9.99%
Air Transport
35
6.51%
8.04%
Apparel
46
7.48%
10.70%
Auto Parts
54
0.90%
6.88%
Automotive
11
9.66%
6.55%
Bank
375
0.00%
NA
Bank (Midwest)
86
0.00%
NA
Beverage
36
3.24%
20.46%
Biotechnology
232
23.92%
22.27%
Building Materials
42
4.86%
0.55%
Cable TV
18
8.74%
19.14%
Chemical (Basic)
18
-6.24%
14.15%
Chemical (Diversified)
32
9.02%
15.73%
Chemical (Specialty)
73
11.69%
11.66%
Coal
19
5.79%
10.20%
Computer Software
181
10.34%
26.93%
Computers/Peripherals
68
-0.77%
15.88%
Diversified Co.
123
11.32%
13.18%
Drug
199
23.48%
25.65%
E-Commerce
66
13.83%
12.17%
Educational Services
33
3.59%
12.70%
Electric Util. (Central)
20
-2.25%
18.58%
Electric Utility (East)
17
-9.80%
20.00%
Electric Utility (West)
15
-5.02%
16.88%
Electrical Equipment
60
-2.61%
6.74%
Electronics
99
5.20%
5.97%
Engineering & Const
30
13.10%
5.19%
Entertainment
67
9.04%
21.64%
Entertainment Tech
36
5.45%
14.84%
Environmental
61
16.24%
14.23%
Financial Svcs. (Div.)
225
19.02%
48.76%
Food Processing
104
6.58%
9.23%
Foreign Electronics
10
-9.48%
4.56%
Funeral Services
6
6.73%
14.72%
Furn/Home Furnishings
28
2.97%
6.84%
Healthcare Information
19
7.12%
13.68%
Heavy Truck & Equip
21
3.93%
10.87%
Homebuilding
25
14.61%
-17.62%
Hotel/Gaming
53
15.36%
15.20%
Household Products
26
7.33%
16.93%
Human Resources
25
7.68%
3.15%
Industrial Services
122
6.30%
10.23%
Information Services
29
10.26%
19.64%
Insurance (Life)
31
0.00%
NA
Insurance (Prop/Cas.)
66
4.96%
NA
Internet
145
18.48%
14.24%
Investment Co.
16
32.20%
32.79%
IT Services
55
3.33%
13.66%
Machinery
82
3.47%
12.51%
Maritime
51
-7.04%
10.84%
Med Supp Invasive
74
1.14%
23.03%
Med Supp Non-Invasive
127
11.25%
7.77%
Medical Services
106
8.35%
10.56%
Metal Fabricating
25
0.74%
13.69%
Metals & Mining (Div.)
71
2.64%
24.25%
30
26
12
18
11
80
26
29
28
168
16
62
92
74
76
20
21
131
13
53
12
67
69
41
19
10
36
32
30
136
10
12
32
91
61
24
170
11
15
31
9
53
-4.25%
-7.97%
2.29%
0.49%
-2.80%
14.20%
2.70%
5.05%
20.39%
7.01%
13.34%
-1.75%
-2.13%
14.61%
-3.49%
14.68%
-3.12%
-5.51%
12.09%
10.80%
0.00%
1.40%
10.42%
7.33%
11.71%
8.37%
8.73%
10.91%
-4.90%
-4.41%
2.12%
5.03%
1.11%
1.39%
6.10%
0.01%
0.00%
20.51%
4.78%
1.26%
4.44%
11.83%
18.59%
11.95%
13.30%
6.97%
12.54%
16.01%
9.62%
8.71%
10.63%
24.23%
4.76%
8.65%
7.75%
31.98%
16.03%
33.10%
8.10%
80.18%
29.50%
12.22%
NA
16.31%
8.70%
10.85%
6.83%
9.34%
5.53%
3.78%
32.05%
18.28%
10.34%
11.18%
2.99%
-0.15%
19.86%
15.94%
NA
23.01%
10.51%
7.85%
27.63%
7.57%
After-tax ROC
11.59%
18.08%
16.80%
14.62%
14.06%
6.10%
NA
NA
13.87%
16.57%
-0.38%
11.44%
15.30%
15.21%
14.17%
7.65%
25.52%
29.07%
8.83%
16.78%
9.11%
25.71%
6.29%
5.45%
6.45%
4.41%
12.06%
13.83%
11.79%
14.97%
7.15%
11.19%
12.40%
6.75%
8.41%
10.10%
10.00%
15.04%
-17.93%
10.23%
14.72%
11.69%
7.45%
12.07%
NA
NA
25.22%
93.10%
28.42%
11.76%
3.33%
16.28%
19.25%
13.73%
13.72%
13.22%
Unlevered Beta
1.13
0.87
0.92
1.17
1.50
1.14
0.62
0.86
0.71
1.27
1.28
0.71
1.20
1.24
1.03
0.89
0.90
1.29
0.88
0.99
0.82
0.85
0.35
0.26
0.37
1.34
1.10
1.15
1.18
1.33
0.34
0.95
0.76
1.15
0.81
1.33
1.08
1.46
1.40
1.14
0.86
1.50
0.68
1.02
1.66
0.81
1.02
1.47
0.94
1.09
0.71
0.92
0.87
0.73
1.31
1.22
5.47%
6.31%
12.66%
10.97%
6.46%
9.70%
11.37%
8.49%
12.64%
11.54%
8.27%
7.70%
3.17%
8.98%
13.41%
13.90%
8.55%
12.59%
12.36%
9.17%
NA
19.44%
14.89%
35.44%
9.54%
16.18%
13.70%
11.65%
5.43%
18.03%
9.54%
26.04%
2.14%
-6.38%
12.19%
9.15%
NA
33.57%
17.09%
12.48%
6.15%
4.09%
19.04%
25.74%
29.11%
22.90%
17.33%
19.53%
23.58%
12.27%
30.70%
13.09%
23.64%
5.50%
8.99%
10.50%
13.41%
20.12%
23.36%
0.50%
30.96%
20.89%
6.53%
22.49%
23.83%
26.53%
32.89%
24.71%
23.46%
29.85%
24.32%
11.02%
20.20%
23.43%
26.96%
17.41%
17.82%
19.76%
16.03%
33.51%
29.96%
27.33%
34.28%
11.06%
1.04
0.40
1.90
0.94
0.67
1.29
0.87
0.93
1.01
1.23
0.90
0.41
0.73
0.73
1.08
1.58
0.92
0.98
1.24
1.15
0.90
0.94
1.60
1.33
1.04
1.10
1.05
0.68
0.80
1.44
1.88
1.39
1.22
1.27
0.90
0.47
0.79
0.81
0.97
1.19
0.31
0.93
1.29
0.56
2.01
1.14
1.01
1.47
1.09
1.17
1.07
1.48
1.00
0.56
1.50
0.83
1.12
1.67
1.13
1.35
1.40
1.37
0.81
1.00
1.68
1.27
1.27
1.17
1.18
0.78
1.18
1.38
1.73
1.32
1.66
1.05
1.05
0.77
0.69
0.88
1.03
1.40
0.45
1.18
9.51%
5.83%
13.08%
8.72%
8.11%
10.37%
8.48%
8.91%
8.38%
10.42%
8.05%
5.85%
10.53%
7.19%
8.65%
11.40%
8.70%
9.77%
10.03%
9.87%
7.08%
8.04%
11.44%
9.41%
9.40%
8.90%
8.95%
6.95%
8.95%
9.93%
11.71%
9.62%
11.36%
8.27%
8.30%
6.87%
6.51%
7.45%
8.18%
10.05%
5.27%
8.96%
Std deviation in stock pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA
83.02%
5.54%
26.35%
7.90%
1.39
1.67
10.91
44.75%
4.04%
16.46%
6.77%
2.67
1.31
10.54
63.96%
4.54%
30.31%
6.66%
2.72
1.01
7.89
67.00%
5.04%
8.57%
8.54%
1.92
2.08
15.70
51.50%
4.54%
18.11%
9.78%
2.53
0.93
9.56
49.51%
4.04%
46.62%
7.28%
1.32
0.98
8.76
43.18%
4.04%
45.74%
5.15%
NA
NA
5.40
32.12%
4.04%
24.39%
6.49%
NA
NA
5.43
47.98%
4.04%
18.12%
6.24%
0.86
3.59
14.36
83.67%
5.54%
11.16%
8.56%
0.93
8.17
28.37
76.77%
5.04%
30.25%
8.94%
1.07
1.64
26.98
37.32%
4.04%
35.25%
5.92%
0.86
2.62
8.03
38.16%
4.04%
18.89%
8.27%
1.42
1.59
8.37
44.72%
4.04%
14.84%
8.56%
1.38
2.07
10.11
60.60%
4.54%
16.36%
7.73%
1.70
1.71
10.92
46.07%
4.04%
43.67%
6.84%
0.87
1.40
6.97
67.14%
5.04%
7.05%
6.98%
1.26
4.09
12.98
77.26%
5.04%
7.89%
8.95%
2.45
1.67
8.69
57.21%
4.54%
37.79%
6.50%
0.86
2.18
12.68
84.78%
5.54%
11.62%
7.67%
0.82
4.06
11.84
72.45%
5.04%
7.30%
6.83%
1.00
6.01
30.97
81.04%
5.54%
12.53%
6.47%
3.30
1.02
5.95
14.80%
3.54%
44.44%
4.15%
0.49
2.61
8.51
13.08%
3.54%
44.17%
3.73%
0.40
3.09
9.56
14.11%
3.54%
41.24%
4.26%
0.51
2.46
8.32
67.15%
5.04%
10.49%
9.06%
1.46
1.91
18.40
75.34%
5.04%
15.50%
7.85%
2.68
0.83
9.61
56.11%
4.54%
10.59%
7.95%
3.76
0.61
9.17
61.01%
4.54%
16.95%
8.52%
0.79
3.31
12.88
49.47%
4.04%
6.01%
8.00%
1.27
1.96
10.01
77.98%
5.04%
28.42%
4.66%
0.76
2.36
10.35
54.62%
4.54%
35.09%
6.79%
0.32
5.48
10.58
51.38%
4.54%
17.03%
6.52%
1.78
1.40
12.04
29.83%
4.04%
24.76%
7.05%
2.23
0.54
5.39
25.91%
4.04%
28.09%
6.51%
0.85
2.24
11.69
45.61%
4.04%
12.04%
9.10%
1.94
1.34
14.07
54.31%
4.54%
7.71%
7.93%
1.11
4.74
21.11
39.16%
4.04%
29.49%
9.18%
1.95
1.14
8.23
41.47%
4.04%
35.22%
8.61%
0.94
1.84
NA
58.46%
4.54%
30.65%
8.10%
0.81
3.10
13.81
40.37%
4.04%
13.70%
7.02%
1.19
2.65
13.13
50.44%
4.54%
8.33%
9.76%
6.09
0.52
13.14
58.23%
4.54%
37.91%
5.80%
1.04
1.56
11.24
55.92%
4.54%
16.06%
7.76%
0.83
4.05
14.48
29.38%
4.04%
26.98%
8.79%
NA
NA
1.51
27.38%
4.04%
17.91%
6.25%
NA
NA
299.00
90.80%
6.04%
2.34%
7.67%
2.29
5.57
27.77
66.00%
5.04%
5.35%
8.69%
3.59
3.05
8.17
51.20%
4.54%
5.29%
7.31%
2.79
2.13
12.62
47.09%
4.04%
16.62%
7.90%
1.32
1.92
11.60
75.61%
5.04%
57.16%
6.21%
0.36
2.99
12.20
55.16%
4.54%
12.93%
7.20%
0.92
3.13
10.99
62.14%
4.54%
9.09%
7.02%
3.35
1.11
11.73
72.79%
5.04%
31.09%
6.18%
2.00
0.92
7.18
57.52%
4.54%
15.91%
8.90%
1.44
1.71
9.92
82.87%
5.54%
19.45%
8.68%
0.79
2.17
6.71
43.11%
29.29%
42.63%
56.56%
37.38%
53.47%
44.69%
43.52%
47.09%
72.91%
55.91%
22.33%
88.17%
66.24%
57.51%
33.66%
54.21%
29.77%
32.21%
46.18%
20.86%
53.50%
52.44%
56.84%
36.44%
28.59%
40.98%
30.14%
43.92%
49.52%
36.83%
49.98%
39.65%
61.81%
62.49%
41.97%
34.84%
30.12%
38.40%
42.67%
14.75%
62.14%
4.04%
4.04%
4.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
5.04%
4.54%
3.54%
5.54%
5.04%
4.54%
4.04%
4.54%
4.04%
4.04%
4.04%
3.54%
4.54%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.04%
4.54%
4.54%
4.04%
4.04%
4.04%
4.04%
4.04%
3.54%
4.54%
26.18%
37.22%
16.94%
31.65%
39.32%
20.69%
28.58%
27.43%
17.47%
21.52%
15.78%
29.46%
57.27%
25.52%
13.23%
21.60%
26.84%
30.52%
17.33%
23.96%
13.79%
11.67%
11.18%
4.77%
28.17%
9.81%
18.54%
23.34%
63.94%
9.85%
11.65%
3.79%
38.89%
11.02%
25.17%
47.08%
8.01%
16.33%
15.71%
23.56%
40.25%
28.78%
7.66%
4.56%
11.27%
6.82%
5.88%
8.79%
6.75%
7.13%
7.34%
8.83%
7.21%
4.75%
6.40%
6.13%
7.86%
9.46%
7.09%
7.53%
8.71%
8.08%
6.39%
7.42%
10.46%
9.09%
7.43%
8.27%
7.74%
5.90%
4.78%
9.19%
10.63%
9.34%
7.88%
7.66%
6.90%
4.77%
6.18%
6.63%
7.27%
8.26%
4.01%
7.17%
0.40
0.74
1.31
2.20
0.66
0.80
1.62
1.39
2.04
0.75
2.73
0.92
0.61
0.39
1.00
0.48
1.53
0.17
0.64
0.95
NA
1.72
2.55
5.21
2.17
2.71
3.68
4.53
0.27
1.20
1.19
3.14
1.15
2.05
0.92
0.79
NA
2.13
2.57
2.36
0.33
0.70
4.09
2.12
2.13
0.66
2.49
2.16
1.29
1.32
0.67
1.94
0.76
2.12
1.72
2.03
2.66
3.21
1.44
7.13
3.98
2.03
NA
2.71
1.87
1.27
1.08
1.51
0.65
0.54
4.35
2.78
2.07
2.06
0.84
1.59
2.00
1.86
NA
2.41
1.73
1.06
4.34
3.28
8.25
11.43
11.17
6.33
13.84
8.89
9.05
8.97
4.62
5.04
11.70
16.96
9.78
4.55
12.13
8.95
10.62
7.71
10.43
11.30
37.10
12.96
15.81
9.12
12.73
12.95
8.65
9.51
12.02
9.35
11.55
15.75
10.62
42.19
5.68
5.42
5.52
9.71
12.81
7.72
10.65
16.11
22.00
17.75
15.98
9.43
19.83
13.50
13.43
15.10
6.34
8.00
15.88
24.45
22.23
6.34
16.62
9.70
17.80
8.89
13.48
16.58
37.10
16.61
21.50
11.69
15.83
16.19
11.83
14.31
13.58
15.19
19.97
18.40
27.92
NA
10.05
11.68
5.52
10.48
16.48
13.47
15.69
43.41
2.00
2.30
3.48
1.67
2.71
1.99
3.35
2.46
1.44
1.62
2.48
3.18
1.11
0.77
2.96
1.62
3.52
1.26
3.60
2.53
0.92
7.29
6.80
5.72
4.47
5.64
3.24
3.78
1.35
3.12
2.28
5.11
0.94
2.40
2.25
2.38
1.32
14.45
7.13
4.02
1.97
3.95
51.23
17.95
26.37
20.21
26.58
31.86
21.90
22.48
17.57
51.32
15.14
40.98
206.85
18.03
32.15
23.33
18.78
19.03
21.75
26.53
10.51
35.82
24.22
23.20
20.02
31.29
23.95
29.78
28.12
41.18
41.76
21.06
24.37
33.44
108.85
20.70
55.55
16.95
29.82
21.22
21.52
74.73
Industry Name
Number of firms Unlevered beta corrected for cashMarket D/E Ratio Market Debt to Capital
Advertising
243
0.89
29.21%
22.60%
Aerospace/Defense
207
0.91
20.64%
17.11%
Air Transport
157
0.60
112.37%
52.91%
Apparel
1170
0.82
20.20%
16.80%
Auto & Truck
129
0.85
79.90%
44.41%
Auto Parts
609
1.11
28.99%
22.47%
Bank
580
0.40
292.47%
74.52%
Banks (Regional)
947
0.50
108.37%
52.01%
Beverage
107
0.89
22.46%
18.34%
Beverage (Alcoholic)
209
0.71
23.02%
18.71%
Biotechnology
707
1.03
8.69%
8.00%
Broadcasting
134
1.08
34.41%
25.60%
Brokerage & Investment Banking
521
0.35
319.89%
76.18%
Building Materials
414
0.81
36.58%
26.79%
Business & Consumer Services
714
0.77
24.95%
19.97%
Cable TV
63
0.72
50.82%
33.70%
Chemical (Basic)
735
0.92
14.60%
12.74%
Chemical (Diversified)
84
1.02
38.57%
27.83%
Chemical (Specialty)
681
0.88
22.78%
18.55%
Coal & Related Energy
322
0.90
57.62%
36.56%
Computer Services
939
0.87
18.06%
15.30%
Computer Software
1059
1.02
8.12%
7.51%
Computers/Peripherals
316
1.11
13.70%
12.05%
Construction
477
0.68
52.37%
34.37%
Diversified
341
0.59
71.91%
41.83%
Educational Services
161
0.79
27.72%
21.70%
Electrical Equipment
863
0.98
25.40%
20.26%
Electronics
1167
1.07
25.77%
20.49%
Electronics (Consumer & Office)
185
1.04
42.70%
29.92%
Engineering
1167
0.86
85.93%
46.22%
Entertainment
352
0.87
27.07%
21.30%
Environmental & Waste Services
312
0.86
37.33%
27.18%
Farming/Agriculture
341
0.66
45.02%
31.04%
Financial Svcs.
548
0.21
512.70%
83.68%
Financial Svcs. (Non-bank & Insurance)
133
0.28
297.89%
74.87%
Food Processing
1201
0.66
26.33%
20.84%
Food Wholesalers
115
0.59
79.91%
44.42%
Furn/Home Furnishings
319
0.87
23.46%
19.00%
Healthcare Equipment
448
0.81
16.06%
13.83%
Healthcare Facilities
170
0.49
75.84%
43.13%
Healthcare Products
159
0.81
15.03%
13.06%
Healthcare Services
322
0.70
30.65%
23.46%
Heathcare Information and Technology
278
1.02
15.72%
13.58%
Heavy Construction
335
0.95
58.48%
36.90%
Homebuilding
164
1.04
55.58%
35.72%
Hotel/Gaming
648
0.74
34.47%
25.63%
Household Products
458
0.76
14.12%
12.37%
Information Services
177
0.79
11.07%
9.97%
Insurance (General)
235
0.66
41.00%
29.08%
Insurance (Life)
121
1.05
51.73%
34.09%
Insurance (Prop/Cas.)
219
0.63
32.80%
24.70%
Internet software and services
706
1.10
3.96%
3.81%
Investment Co.
433
0.58
85.62%
46.13%
Machinery
1270
1.01
21.45%
17.66%
Metals & Mining
1691
1.03
38.74%
27.92%
Office Equipment & Services
161
0.62
38.62%
27.86%
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
53
1172
199
593
398
303
820
743
1181
390
49
54
422
647
481
286
37
304
148
50
848
229
174
118
543
93
559
263
356
92
714
116
525
317
281
53
228
191
55
97
40943
1.04
0.74
0.73
0.92
0.64
0.62
0.83
0.49
1.15
0.77
0.13
0.58
0.70
0.31
0.55
0.86
0.89
0.64
0.64
0.74
0.57
0.73
0.53
1.22
0.80
0.93
1.34
1.23
0.64
0.90
0.78
0.75
1.13
0.57
0.02
0.61
0.71
0.56
0.43
0.61
0.64
30.51%
87.13%
56.54%
37.39%
46.63%
78.76%
12.89%
101.76%
31.00%
33.16%
551.46%
47.73%
77.67%
352.08%
78.73%
27.88%
34.27%
30.25%
58.65%
29.98%
89.94%
45.48%
55.81%
6.14%
29.07%
40.19%
13.62%
18.75%
94.62%
11.17%
88.91%
40.71%
15.03%
66.59%
3737.43%
17.47%
47.23%
72.28%
95.19%
52.46%
98.96%
23.38%
46.56%
36.12%
27.21%
31.80%
44.06%
11.41%
50.44%
23.66%
24.90%
84.65%
32.31%
43.72%
77.88%
44.05%
21.80%
25.52%
23.23%
36.97%
23.07%
47.35%
31.26%
35.82%
5.78%
22.52%
28.67%
11.99%
15.79%
48.62%
10.05%
47.06%
28.93%
13.07%
39.97%
97.39%
14.87%
32.08%
41.96%
48.77%
34.41%
49.74%
ROIC
Sales/Capital EV/Sales
29.68%
3.87
1.60
38.24%
4.64
1.40
6.49%
1.30
1.11
18.76%
1.57
1.78
7.83%
1.55
0.92
14.35%
2.63
0.78
0.11%
0.10
9.84
0.10%
0.24
4.12
22.04%
1.69
2.42
15.32%
0.93
3.55
12.88%
0.86
9.58
17.39%
1.17
2.78
0.28%
0.18
5.98
10.13%
1.74
1.15
21.52%
3.01
1.39
19.08%
1.20
3.17
11.00%
1.45
2.68
9.92%
1.70
1.16
15.00%
1.57
1.62
8.98%
1.56
0.99
27.79%
4.21
1.03
38.49%
1.89
4.05
29.25%
3.14
1.20
9.78%
0.99
1.72
7.86%
1.00
1.57
12.71%
1.61
1.60
12.91%
2.09
1.29
9.83%
2.00
0.97
8.06%
2.48
0.59
9.89%
2.44
0.62
23.13%
1.47
2.81
15.96%
1.86
1.74
6.55%
1.82
0.78
0.40%
0.06
13.99
0.64%
0.14
7.55
14.58%
2.09
1.39
14.29%
5.84
0.37
17.16%
2.88
0.91
25.53%
1.50
2.86
11.50%
1.30
1.77
16.25%
1.45
3.02
30.18%
7.31
0.58
17.89%
1.57
3.25
8.46%
1.55
1.16
5.48%
1.19
1.22
10.93%
0.99
2.60
27.19%
2.13
2.47
46.09%
2.33
4.18
12.88%
1.71
0.81
12.09%
1.71
0.95
13.02%
1.38
1.00
23.77%
1.34
6.76
4.46%
0.34
4.97
13.46%
1.80
1.50
11.73%
0.91
1.88
14.30%
2.16
1.06
24.53%
30.85%
6.93%
45.72%
9.63%
108.55%
13.98%
33.27%
17.72%
44.40%
12.53%
114.34%
13.54%
50.49%
14.72%
64.23%
2.16% NA
15.19%
187.87%
2.32%
84.29%
25.54%
26.19%
13.99%
26.13%
17.32%
34.06%
12.90%
25.16%
17.48%
40.63%
10.81%
32.45%
21.05%
50.33%
18.79%
22.32%
26.05%
36.81%
19.04%
34.70%
23.63%
35.52%
26.17%
46.19%
13.55%
8.66%
20.75%
34.63%
20.06%
20.20%
9.04%
29.08%
9.61%
170.91%
12.58%
110.06%
20.41%
30.99%
12.97% NA
15.35%
41.95%
9.56%
75.82%
12.92%
100.99%
18.73%
1.49%
20.52%
63.20%
20.49%
46.54%
23.30%
27.32%
25.18%
102.76%
15.09%
46.04%
13.40%
37.49%
7.34%
10.79%
4.24%
2.37%
3.62%
1.39%
14.89%
5.28%
-20.01%
1.66%
72.66%
11.61%
15.48%
19.06%
25.07%
6.72%
7.16%
5.48%
2.43%
4.51%
2.57%
2.86%
2.17%
3.13%
3.98%
5.72%
10.24%
1.34%
2.22%
7.50%
-0.21%
13.08%
3.76%
5.24%
150.80%
17.97%
5.12%
2.89%
3.38%
20.10%
5.74%
10.15%
-5.04%
8.21%
4.48%
8.01%
5.75%
21.35%
11.62%
9.83%
8.19%
1.25%
19.80%
13.73%
22.85%
29.44%
11.23%
11.06%
12.50%
4.75%
7.93%
3.84%
5.12%
4.38%
4.77%
8.29%
10.00%
13.92%
4.92%
7.90%
10.69%
3.56%
16.56%
9.74%
15.09%
1.37%
28.82%
8.62%
8.12%
10.82%
28.18%
8.63%
15.23%
8.23%
11.22%
11.41%
9.57%
2.59%
16.90%
7.65%
-11.36%
2.87%
12.51%
12.90%
8.56%
14.43%
9.81%
11.56%
10.68%
17.79%
16.48%
15.90%
10.06%
13.49%
14.30%
14.86%
14.99%
17.79%
14.76%
1.32%
3.14%
18.98%
-0.48%
18.12%
5.87%
8.85%
-92.45%
53.36%
15.64%
9.12%
7.01%
14.98%
10.49%
12.66%
-1.47%
8.65%
13.66%
11.57%
5.19%
21.64%
6.65%
5.17%
11.77%
0.03%
7.92%
3.68%
9.44%
5.31%
11.71%
13.03%
16.11%
11.44%
11.86%
6.19%
10.77%
11.05%
27.88%
15.98%
14.48%
18.11%
4.57%
4.98%
20.37%
4.27%
13.56%
17.10%
13.89%
0.02%
55.99%
11.79%
9.39%
8.66%
8.97%
5.11%
1.65
0.31
1.17
3.55
1.76
1.03
1.17
0.67
0.54
1.70
0.03
0.54
0.31
0.50
0.21
1.26
1.32
1.63
2.97
2.02
1.99
2.76
3.42
6.75
2.43
1.81
1.43
1.03
0.72
2.39
1.38
0.97
1.94
1.06
0.02
2.44
1.72
1.51
1.07
0.37
0.77
0.80
4.50
1.96
0.58
1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
3.59
6.77
6.19
1.84
0.83
2.05
0.75
1.25
0.67
0.75
0.61
3.19
1.17
0.94
1.81
2.41
1.65
1.71
0.80
2.29
1.75
1.84
60.82
3.52
1.36
1.08
1.27
4.43
1.76
6.66%
12.46%
11.09%
9.00%
6.04%
2.19%
12.16%
12.80%
29.33%
0.47%
20.47%
4.64%
3.78%
13.65%
11.14%
2.77%
13.21%
5.91%
9.04%
4.20%
5.91%
8.91%
6.59%
9.44%
4.59%
6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
8.94%
35.36%
19.72%
15.43%
20.49%
15.75%
17.78%
21.07%
9.97%
-1.21%
8.91%
5.47%
11.23%
17.10%
25.13%
12.35%
18.68%
8.41%
15.64%
19.76%
22.18%
14.68%
13.60%
14.50%
29.50%
14.41%
16.88%
20.75%
20.03%
16.52%
13.36%
20.35%
13.91%
16.31%
9.14%
10.42%
10.78%
11.57%
14.48%
4.99%
16.97%
16.07%
Country
Marginal tax rate
Abu Dhabi
19.22%
Albania
10.00%
Andorra
21.21%
Angola
35.00%
Anguilla
28.10%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Azerbaijan
16.38%
Bahamas
0.00%
Bahrain
0.00%
Bangladesh
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Belize
26.88%
Benin
28.10%
Bermuda
0.00%
Bolivia
25.00%
Bosnia and Herzegovina
10.00%
Botswana
22.00%
Brazil
34.00%
British Virgin Islands 14.92%
Bulgaria
10.00%
Burkina Faso
28.10%
Cambodia
20.00%
Cameroon
28.10%
Canada
26.00%
Cape Verde
28.10%
Cayman Islands
0.00%
Channel Islands
0.00%
Chile
20.00%
China
25.00%
Colombia
25.00%
Cook Islands
0.00%
Costa Rica
30.00%
Croatia
20.00%
Cuba
14.92%
Curacao
27.50%
Cyprus
12.50%
Czech Republic
19.00%
Malawi
30.00%
Malaysia
25.00%
Malta
35.00%
Marshall Islands
0.00%
Mauritius
15.00%
Mexico
30.00%
Moldova
16.38%
Monaco
21.21%
Mongolia
23.63%
Montenegro
9.00%
Montserrat
14.92%
Morocco
28.10%
Mozambique
32.00%
Namibia
33.00%
Netherlands
25.00%
Netherlands Antilles 14.92%
New Zealand
28.00%
Nicaragua
26.88%
Niger
28.10%
Nigeria
30.00%
Norway
28.00%
Oman
12.00%
Pakistan
35.00%
Palestinian Authority 19.22%
Panama
25.00%
Papua New Guinea
30.00%
Paraguay
10.00%
Peru
30.00%
Philippines
30.00%
Poland
19.00%
Portugal
25.00%
Qatar
10.00%
Ras Al Kaminah
19.22%
Republic of the Congo 28.10%
Reunion
28.10%
Romania
16.00%
Russia
20.00%
Rwanda
28.10%
Saudi Arabia
20.00%
Senegal
28.10%
Serbia
15.00%
Sierra Leone
28.10%
Singapore
17.00%
Slovakia
23.00%
Slovenia
17.00%
South Africa
28.00%
South Korea
24.20%
Spain
30.00%
Sri Lanka
28.00%
St. Maarten
14.92%
St. Vincent & the Grenadines
14.92%
Sudan
35.00%
Suriname
26.88%
Sweden
22.00%
Switzerland
18.01%
Taiwan
17.00%
Tanzania
30.00%
Thailand
20.00%
Togo
28.10%
Trinidad & Tobago 25.00%
Tunisia
30.00%
Turkey
20.00%
Turks & Caicos Islands28.10%
Uganda
30.00%
Ukraine
19.00%
United Arab Emirates 55.00%
United Kingdom
23.00%
United States
40.00%
Uruguay
25.00%
Venezuela
34.00%
Vietnam
25.00%
Zambia
35.00%
Zimbabwe
25.75%
Region
Tax Rate
Africa
Asia
Australia & New Zealand
Caribbean
Central and South America
Eastern Europe & Russia
Middle East
North America
Western Europe
Global
28.10%
23.63%
26.00%
14.92%
26.88%
16.38%
19.22%
33.00%
21.21%
22.04%
Country
Long-Term Rating
Adj. Default Spread
Abu Dhabi
Aa2
0.50%
Albania
B1
4.50%
Andorra
A3
1.20%
Angola
Ba3
3.60%
Argentina
B3
6.50%
Armenia
Ba2
3.00%
Aruba
Baa1
1.60%
Australia
Aaa
0.00%
Austria
Aaa
0.00%
Azerbaijan
Baa3
2.20%
Bahamas
Baa1
1.60%
Bahrain
Baa2
1.90%
Bangladesh
Ba3
3.60%
Barbados
Ba1
2.50%
Belarus
B3
6.50%
Belgium
Aa3
0.60%
Belize
Caa2
9.00%
Benin
B2
5.50%
Bermuda
Aa3
0.60%
Bolivia
Ba3
3.60%
Bosnia and Herzegovina B3
6.50%
Botswana
A2
0.85%
Brazil
Baa2
1.90%
Bulgaria
Baa2
1.90%
Burkina Faso
B2
5.50%
Cambodia
B2
5.50%
Cameroon
B2
5.50%
Canada
Aaa
0.00%
Cape Verde
B2
5.50%
Cayman Islands
Aa3
0.60%
Chile
Aa3
0.60%
China
Aa3
0.60%
Colombia
Baa3
2.20%
Cook Islands
B1
4.50%
Costa Rica
Baa3
2.20%
Croatia
Ba1
2.50%
Cuba
Caa1
7.50%
Curacao
B1
4.50%
Cyprus
Caa3
10.00%
Czech Republic
A1
0.70%
Democratic Republic of Congo
B3
6.50%
Denmark
Aaa
0.00%
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
B1
Caa1
Caa1
Ba3
A1
B1
Aaa
Aa1
Ba3
Ba3
Aaa
B1
Caa3
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aa1
A1
Baa2
Caa3
Aa3
B1
Baa2
B1
Aa3
Aa2
Baa2
B1
Aaa
Baa1
Aaa
Aa3
Ba3
A3
A3
Baa1
Baa1
B3
4.50%
7.50%
7.50%
3.60%
0.70%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
4.50%
10.00%
2.50%
5.50%
0.40%
2.50%
2.20%
2.20%
2.20%
2.50%
0.40%
0.70%
1.90%
10.00%
0.60%
4.50%
1.90%
4.50%
0.60%
0.50%
1.90%
4.50%
0.00%
1.60%
0.00%
0.60%
3.60%
1.20%
1.20%
1.60%
1.60%
6.50%
11.75%
16.25%
16.25%
10.40%
6.05%
11.75%
5.00%
5.60%
10.40%
10.40%
5.00%
11.75%
20.00%
8.75%
13.25%
5.60%
8.75%
8.30%
8.30%
8.30%
8.75%
5.60%
6.05%
7.85%
20.00%
5.90%
11.75%
7.85%
11.75%
5.90%
5.75%
7.85%
11.75%
5.00%
7.40%
5.00%
5.90%
10.40%
6.80%
6.80%
7.40%
7.40%
14.75%
Mongolia
B1
Montenegro
Ba3
Montserrat
Baa3
Morocco
Ba1
Mozambique
B1
Namibia
Baa3
Netherlands
Aaa
New Zealand
Aaa
Nicaragua
B3
Nigeria
Ba3
Norway
Aaa
Oman
A1
Pakistan
Caa1
Panama
Baa2
Papua New Guinea
B1
Paraguay
Ba3
Peru
Baa2
Philippines
Baa3
Poland
A2
Portugal
Ba3
Qatar
Aa2
Ras Al Kaminah
A2
Republic of the Congo
Ba3
Romania
Baa3
Russia
Baa1
Rwanda
B2
Saudi Arabia
Aa3
Senegal
B1
Serbia
B1
Singapore
Aaa
Slovakia
A2
Slovenia
Ba1
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
4.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.60%
1.90%
2.20%
0.85%
3.60%
0.50%
0.85%
3.60%
2.20%
1.60%
5.50%
0.60%
4.50%
4.50%
0.00%
0.85%
2.50%
1.60%
2.20%
4.50%
1.60%
5.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
11.75%
10.40%
8.30%
8.75%
11.75%
8.30%
5.00%
5.00%
14.75%
10.40%
5.00%
6.05%
16.25%
7.85%
11.75%
10.40%
7.85%
8.30%
6.28%
10.40%
5.75%
6.28%
10.40%
8.30%
7.40%
13.25%
5.90%
11.75%
11.75%
5.00%
6.28%
8.75%
7.40%
8.30%
11.75%
7.40%
13.25%
10.40%
5.00%
5.00%
5.90%
7.40%
7.40%
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia
Ba3
Baa3
B1
Caa1
Aa2
Aa1
Aaa
Baa3
Caa1
B2
B1
3.60%
2.20%
4.50%
7.50%
0.50%
0.40%
0.00%
2.20%
7.50%
5.50%
4.50%
Region
Weighted Average:
Weighted
Default Spreads
Average: TRP
Africa
3.36%
Asia
1.00%
Australia & New Zealand
0.00%
Caribbean
5.10%
Central and South America
2.42%
Eastern Europe & Russia
1.98%
Global
0.90%
Middle East
0.76%
North America
0.00%
Western Europe
0.86%
10.40%
8.30%
11.75%
16.25%
5.75%
5.60%
5.00%
8.30%
16.25%
13.25%
11.75%
Weighted Average: CRP
10.04%
6.51%
5.00%
12.65%
8.62%
7.96%
6.35%
6.14%
5.00%
6.29%
5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.35%
1.14%
0.00%
1.29%
6.75%
11.25%
11.25%
5.40%
1.05%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
6.75%
15.00%
3.75%
8.25%
0.60%
3.75%
3.30%
3.30%
3.30%
3.75%
0.60%
1.05%
2.85%
15.00%
0.90%
6.75%
2.85%
6.75%
0.90%
0.75%
2.85%
6.75%
0.00%
2.40%
0.00%
0.90%
5.40%
1.80%
1.80%
2.40%
2.40%
9.75%
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
6.75%
5.40%
3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
5.40%
2.85%
3.30%
1.28%
5.40%
0.75%
1.28%
5.40%
3.30%
2.40%
8.25%
0.90%
6.75%
6.75%
0.00%
1.28%
3.75%
2.40%
3.30%
6.75%
2.40%
8.25%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
Asia
Eastern Europe & Russia
Caribbean
Africa
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
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Africa
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
5.40%
3.30%
6.75%
11.25%
0.75%
0.60%
0.00%
3.30%
11.25%
8.25%
6.75%
Africa
Western Europe
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa
Last 10K
$7,275.00
Revenues
$821.00
R&D expense
$4,017.00
Operating income or EBIT
$354.00
Interest expenses
$4,945.85
Book value of equity
$6,678.86
Book value of debt
Do you have operating lease commitments?
$7,034.00
Cash and cross holdings
$0.00
Non-operating assets
$0.00
Minority interests
Number of shares outstanding =
Current stock price =
11.92%
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
11.71%
10.34%
NA
NA
NA
NA
NA
NA
Trailing 12 month
$7,945.15
$971.90
$4,246.33
$245.75
Company Business
% of equity Value in balance sheet
% of Market Cap Market cap
Weibo
Social media
18.00%
$586
$558.00
$3,100
UCWeb
Mobile Web Browser
66.00%
$506
AutoNavi Digital Maps
28.00%
$294
$316.40
$1,130
Zheijiang Logistics Infrastructure
43.00%
$270
Shoprunner Online Shopping Platform 39.00%
$206