FCFF VALUATION MODEL

Before you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and check
the iteration box.
What the model doeThis model is designed to value firms with operating income that is either positive or can be normalized to be
positive. It allows for up to 15 years of high growth, and can be used either as a 2­stage or a 3­stage model.
Inputs The inputs are in the following pages:
1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current
financial statements, and review and change the inputs for the valuation.
2. If you want to normalized operating income, use the earnings normalizer worksheet.
3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.
Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.
Options The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputs
for a stable growth phase (2­stage model) or it can be adjusted to allow for a transition phase (3­stage model). 
To switch from one to the other, enter yes in the master input page to the question of whether you want the 
inputs adjusted during the second half of the high growth phase.
You can even make it a stable growth model, by setting the length of the high growth period to zero.
Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet
1. Bottom­up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to 
input.
2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital, 
reinvestment rates and working capital.
Output The output is contained in the valuation model worksheet.
ODEL
ns (in excel) and check

n be normalized to be
or a 3­stage model.

from the current

hose worksheets.
 of your inputs.
ase and different inputs
hase (3­stage model). 
ether you want the 

hich you will have to 

 return on capital, 
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required
If you have negative operating income, you will either have to normalize it to make it positive, or use the highg
Master Input Sheet
Enter the name of the company that you are valuing Caramba
Date of valuation 1­Apr­17
Do you want to capitalize R&D expenses? No
Do you want to convert operating leases to debt? No
Do you want to normalize operating income? No

Inputs
From Current Financials
Current EBIT = $1,337.93  ! If negative, go back and choose to normaliz
Current Interest Expense = $255.26 
Current Capital Spending $603.39 
Current Depreciation & Amort'n = $356.20 
Effective tax rate (for use on operating income) 31.65%
Marginal tax rate (for use on cost of debt) 34.00% Previous year­end
Current Revenues = $7,010.31  $6,345.70
Current Non­cash Working Capital = $483.70 
Chg. Working Capital = ($62.00) Previous year­end
Book Value of Debt = $2,609.00  $2,207.20
Book Value of Equity = $915.40  $1,306.10

Cash & Marketable Securities = $960.20  $1,286.90

Value of Non­operating Assets = $609.80  $566.60
Minority interests $17.70  $0.00

Market Data for your firm
Is your stock currently traded? Yes
If yes, enter the following:
Current Stock Price = $38.34 
Number of shares outstanding = 441.71
Market Value of Debt = $2,609.00 
If no, enter the following
Would you like to use the book value debt ratio? No
If no, enter the debt ratio to use in valuation 35%

General Market Data
Long Term Riskfree rate= 11.28%
Equity Risk Premium = 7.85% You can use the cost of capital spreadsheet to

Ratings
Do you want to estimate the firm's synthetic rating = Yes ! If yes, use the rating estimator worksheet th
If yes, choose the type of firm 2
If not, what is the current rating of the firm? BBB
Enter the cost of debt associated with the rating = 5.75%

Options
Do you have equity options (management options, warrants) outstanding? No
If yes, enter the number of options 51.00
Average strike price  $40.35 
Average maturity 8.3
Standard Deviation in stock price 25%
Do you want to use the stock price to value the option or your estimated value Current Price

Valuation Inputs
High Growth Period The questions below, especially the yes or no ones, can be con
Length of high growth period = 10
Beta to use for high growth period for your firm= 1.14 You can use the cost of capital spreadsheet to
Do you want to keep the debt ratio computed from your inputs? Yes
If yes, the debt ratio that will be used to compute the cost of capital is 13.35%
If no, enter the debt ratio that you would like to use in the high growth period 7.00%
Do you want to keep the existing ratio of working capital to revenue? Yes
If yes, the working capital as a percent of revenues will be 6.90%
If no, enter the ratio of working capital to revenues to use in analysis 12%
Do you want to compute your growth rate from fundamentals? Yes
If no, enter the expected growth rate in operating income for high growth peri 15%
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital = 53.20%
Reinvestment Rate = 32.05%
Do you want to change these inputs? No
Return on Capital = 33.00%
Reinvestment Rate = 32.05%

Do you want me to gradually adjust your high growth inputs in the second hal Yes

Stable Growth Period
Growth rate during stable growth period = 10.00%
Beta to use in stable growth period = 1.00
Equity Risk Premium in stable growth = 7.50%
Debt Ratio to use in stable growth period = 30.00%
Pre­tax cost of debt in stable growth period = 9.00%
Tax Rate to use in stable growth period = 34.00%
To compute the reinvestment rate in stable growth, you have two options
Do you want to compute reinvestment needs in stable growth based on fundam Yes
If yes, enter the return on capital that the firm will have in stable growth 25.00%
If no,  enter capital expenditure as % of depreciation in stable growth 120% (in percent)
et. Many of the inputs are required only if you choose the appropriate option, though.
make it positive, or use the highgrowth.xls spreadsheet.

If yes, please input your numbers into R&D converter worksheet
If yes, please input your numbers into operating lease worksheet
If yes, please input your numbers into Earnings Normalizer worksheet

f negative, go back and choose to normalize earnings.

evious year­end

vious year­end

ou can use the cost of capital spreadsheet to compute this number

f yes, use the rating estimator worksheet that is attached
w, especially the yes or no ones, can be confusing. Please read the comments on the input cells.

ou can use the cost of capital spreadsheet to compute this number
Normalizing Earnings
Approach used to normalize earnings = 3

If historical average,
Average Earnings before interest and taxes = 3500

If historical average ROC,
Historical average pre­tax return on capital = 22%

If sector margin
Pre­tax Operating Margin for Sector = 14.72% ! Look at industry average

Normalized Earnings before interest and taxes = $1,031.69 

Worksheet for normalization (Last 5 years of data)
­5 ­4 ­3 ­2 ­1 Total
Revenues 2032 2376 2779 3155 3248 13590
EBIT 186 454 529 448 383 2000
Operating Margi 9.15% 19.11% 19.04% 14.20% 11.79% 14.72%
 R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $1,771.00  The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated  based on the input above.
Year R& D Expenses
­1 1678.00 ! Year ­1 is the year prior to the current year
­2 1529.00 ! Year ­2 is the two years prior to the current year
­3 1367.00
­4 1267.00
­5 1205.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 1771.00 1.00 1771.00
­1 1678.00 0.80 1342.40 $335.60 
­2 1529.00 0.60 917.40 $305.80 
­3 1367.00 0.40 546.80 $273.40 
­4 1267.00 0.20 253.40 $253.40 
­5 1205.00 0.00 0.00 $241.00 
0 0.00 0.00 0.00 $0.00 
0 0.00 0.00 0.00 $0.00 
0 0.00 0.00 0.00 $0.00 
0 0.00 0.00 0.00 $0.00 
 0 0.00 0.00 0.00 $0.00 
Value of Research Asset = $4,831.00 $1,409.20 

Amortization of asset for current year = $1,409.20

Adjustment to Operating Income = $361.80 ! A positive number indicates an increase in operating income (add to reported EBIT)

Tax Effect of R&D Expensing $123 

Look Up Table for Amortization Periods

Industry Name Amortization Period
Advertising 2
Aerospace/Defen 10 Non­technological Service 2 years
Air Transport 10 Retail, Tech Service 3 years
Aluminum 5 Light Manufacturing 5 years
Apparel 3 Heavy  Manufacturing 10 years
Auto & Truck 10 Research, with Patenting 10 years
Auto Parts (OE 5 Long Gestation Period 10 years
Auto Parts (Rep 5
Bank 2
Bank (Canadian) 2
Bank (Foreign) 2
Bank (Midwest) 2
Beverage (Alcoh 3
Beverage (Soft D 3
Building Materia 5
Cable TV 10
Canadian Energ 10
Cement & Aggre 10
Chemical (Basic 10
Chemical (Divers 10
Chemical (Specia 10
Coal/Alternate  5
Computer & Peri 5
Computer Softw 3
Copper 5
Diversified Co. 5
Drug 10
Drugstore 3
Educational Serv 3
Electric Util. (Ce 10
Electric Utility ( 10
Electric Utility  10
Electrical Equip 10
Electronics 5
Entertainment 3
Environmental 5
Financial Servic 2
Food Processing 3
Food Wholesaler 3
Foreign Electron 5
Foreign Telecom 10
Furn./Home Furn 3
Gold/Silver Min 5
Grocery 2
Healthcare Info 3
Home Appliance 5
Homebuilding 5
Hotel/Gaming 3
Household Produ 3
Industrial Servic 3
Insurance (Diver 3
Insurance (Life) 3
Insurance (Prop/ 3
Internet 3
Investment Co.  3
Investment Co. ( 3
Investment Co.  3
Machinery 10
Manuf. Housing 5
Maritime 10
Medical Service 3
Medical Supplie 5
Metal Fabricatin 10
Metals & Mining 5
Natural Gas (Dist 10
Natural Gas (Div 10
Newspaper 3
Office Equip &  5
Oilfield Service 5
Packaging & Con 5
Paper & Forest P 10
Petroleum (Integ 5
Petroleum (Prod 5
Precision Instru 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail (Special L 2
Retail Building  2
Retail Store 2
Securities Broke 2
Semiconductor 5
Semiconductor  5
Shoe 3
Steel (General) 5
Steel (Integrated 5
Telecom. Equip 10
Telecom. Servic 5
Textile 5
Thrift 2
Tire & Rubber 5
Tobacco 5
Toiletries/Cosme 3
Trucking/Transp 5
Utility (Foreign) 10
Water Utility 10
 Operating Lease Converter
Inputs
Operating lease expense in current year = $504.00 
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1  $          453.00 
2  $          371.00 
3  $          265.00 
4  $          180.00 
5  $          122.00 
6 and beyond  $          259.00 

Output
Pre­tax Cost of Debt = 12.41% ! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following
Reported Operating Income (EBIT) = $1,337.93  ! This is the EBIT reported in the current income statement
Reported Debt = $2,609.00  ! This is the interest­bearing debt reported on the balance sheet

Number of years embedded in yr 6 estimate = 1 ! 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  $          453.00  $403.01 
2  $          371.00  $293.63 
3  $          265.00  $186.59 
4  $          180.00  $112.75 
5  $          122.00  $67.99 
6 and beyond  $          259.00  $128.41  ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =  $       1,192.38 

Restated Financials
Depreciation on Operating Lease Asset = $198.73  ! I use straight line depreciation
Adjustment to Operating Earnings = $305.27  ! Operating lease expense ­ Depreciation
Adjustment to Total Debt outstanding =  $       1,192.38 
nverter

urrent income statement
ported on the balance sheet

er the first five years
expenses in yr 6

uity for ten years

 use straight line depreciation
Operating lease expense ­ Depreciation
 Two-Stage FCFF Discount Model

Input Summary
Normalized EBIT (before adjustments) $1,337.93 

Adjusted EBIT = $1,337.93 

Adjusted Interest Expense = $255.26 

Adjusted Capital Spending $603.39 

Adjusted Depreciation & Amort'n = $356.20 

Tax Rate on Income = 34.00%
Current Revenues = $7,010.31 

Current Non­cash Working Capital = $483.70 

Chg. Working Capital = $45.86 

Adjusted Book Value of Debt = $2,207.20 

Adjusted Book Value of Equity = $1,306.10 
Input Diagnostics
Length of High Growth Period = 10 Forever

Growth Rate = 17.05% 10.00%

Debt Ratio used in Cost of Capital Calcula 13.35% 30.00%

Beta used for stock = 1.14 1.00  

Riskfree rate = 11.28% 11.28%

Risk Premium = 7.85% 7.50%

Cost of Debt = 12.41% 9.00% Cost of debt is less than the riskfree rate ­ Not possible

Effective Tax rate (for cash flow) = 31.65% 34.00%

Marginal tax rate (for cost of debt) = 34.00% 34.00% If this is a US company, this tax rate is below the marginal tax rate. Move toward

Return on Capital = 53.20% 25.00% Your return on capital exceeds your cost of capital by more than 5%. That is unus

Page 15
 Two-Stage FCFF Discount Model

Reinvestment Rate = 32.05% 40.00% Imputed Return on capital foreve 25.00%

Page 16
 Two-Stage FCFF Discount Model

Output from the program
Cost of Equity = 20.23%

Equity/(Debt+Equity ) = 86.65%

After­tax Cost of debt = 8.19%

Debt/(Debt +Equity) = 13.35%

Cost of Capital = 18.62%

Intermediate Output
Expected Growth Rate 17.05%

Working Capital as percent of revenues = 6.90%  (in percent)

The FCFF for the high growth phase are shown below (upto 10 years)

Current 1 2 3 4 5 6

Expected Growth Rate 17.05% 17.05% 17.05% 17.05% 17.05% 15.64%

Cumulated Growth 117.05% 137.01% 160.37% 187.71% 219.71% 254.07%

Reinvestment Rate 32.05% 32.05% 32.05% 32.05% 32.05% 33.64%

EBIT $1,338  $1,566  $1,833  $2,146  $2,511  $2,940  $3,399 

Tax rate (for cash flow 31.65% 31.89% 32.12% 32.36% 32.59% 32.83% 33.06%

EBIT * (1 ­ tax rate) $914  $1,067  $1,244  $1,451  $1,693  $1,975  $2,275 

 ­ (CapEx­Depreciation $247  $259  $302  $352  $410  $478  $599 

 ­Chg. Working Capital $46  $82  $97  $113  $132  $155  $166 

Free Cashflow to Firm $621  $725  $845  $986  $1,150  $1,342  $1,510 

Cost of Capital 18.62% 18.62% 18.62% 18.62% 18.62% 17.88%

Cumulated Cost of Capital 1.1862 1.4071 1.6691 1.9799 2.3486 2.7686

Page 17
 Two-Stage FCFF Discount Model

Present Value $611  $601  $591  $581  $571  $545 

Growth Rate in Stable Phase = 10.00%

Reinvestment Rate in Stable Phase = 40.00%

FCFF in Stable Phase = $2,338.63 

Cost of Equity in Stable Phase = 18.78%

Equity/ (Equity + Debt) = 70.00%
AT Cost of Debt in Stable Phase = 5.94%

Debt/ (Equity + Debt)  = 30.00%

Cost of Capital in Stable Phase = 14.93%
Value at the end of growth phase = $47,455.92 
Valuation
Present Value of FCFF in high growth phase = $5,384.55 
Present Value of Terminal Value of Firm = $9,455.73 

Value of operating assets of the firm = $14,840.28 

Value of Cash, Marketable Securities & Non­operating assets = $1,570.00 

Value of Firm = $16,410.28 

Market Value of outstanding debt = $2,609.00 

Minority Interests $17.70 

Market Value of Equity = $13,783.58 
Value of Equity in Options = $0.00 

Value of Equity in Common Stock = $13,783.58 
Value of equity per share = $31.21 

Page 18
 Two-Stage FCFF Discount Model

Stock price = $38.34 
% Under or Over valued = 22.86%

Page 19
 Two-Stage FCFF Discount Model

Input Diagnostics Revisit input cell
B54
B74
B77
B75

B78

arginal tax rate. Move towards a marginal tax rate B79
by more than 5%. That is unusually high. Does your company have that sustainable a competit B82

Page 20
Two-Stage FCFF Discount Model

B81­83

Page 21
 Two-Stage FCFF Discount Model

7 8 9 10           Terminal Year

14.23% 12.82% 11.41% 10.00%          

290.23% 327.43% 364.79% 401.27%          

35.23% 36.82% 38.41% 40.00%          

$3,883  $4,381  $4,881  $5,369           

33.30% 33.53% 33.77% 34.00%           34.00%

$2,590  $2,912  $3,233  $3,543            $3,897.71 

$738  $892  $1,061  $1,241            $1,325.59 

$175  $180  $181  $176            $233.50 

$1,678  $1,840  $1,991  $2,126            $2,338.63 

17.14% 16.41% 15.67% 14.93%          

3.2433 3.7754 4.3669 5.0187          

Page 22
 Two-Stage FCFF Discount Model

$517  $487  $456  $424           

Page 23
Company Name: Caramba
The Story

High growth Stable growth

High growth period 10 Forever
Growth rate 17.05% 10.00%
Return on capital 53.20% 25.00%
Cost of capital 18.62% 14.93%
ROC - Cost of capital 34.58% 10.07%
Reinvestment Rate 32.05% 40.00%
New Investment growth 17.05% 10.0%
Effiiciency growth 0.00% 0.00%

Valuation Output
PV of cash flows in high growth = $5,384.55
Terminal Value = $47,455.92
PV of Terminal Value = $9,455.73
Value of the operating assets = $14,840.28
+ Cash & Cross holdings $1,570.00
- Debt & Minority Interests (if any) $2,626.70
Value of equity = $13,783.58
- Value of employee options $0.00
Value of equity in common stock = $13,783.58
Value of equity per share = $31.21
Stock Price per share = $38.34
% Under or Over Valued = 22.86%
 The Story

Story to Numbers

Valuation Output $ Value % Value

Value of assets in place = $8,962.52 60.39%
Value created/destroyed by growth = $5,877.76 39.61%
Valuing Options or Warrants
Enter the current stock price = $38.34 
Enter the strike price on the option = $40.35 
Enter the expiration of the option = 8.3
Enter the standard deviation in stock prices = 25.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 11.28%
Enter the number of warrants (options) outstandi 51.00
Enter the number of shares outstanding = 441.71

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 38.34 # Warrants issued= 50.998
Strike Price= 40.35 # Shares outstanding= 442
Adjusted S = 36.6287168684 T.Bond rate= 11.28%
Adjusted K = 40.35 Variance= 0.0625
Expiration (in years) = 8.3 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 11.28%

d1 =  1.5256741541
N (d1) = 0.9364544828

d2 =  0.8054311395
N (d2) = 0.7897145358

Value per option =  $21.81 
Value of all options outstanding = $1,112.11 
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 441.71 The last two rows in each of country/regiion risk 
Current Market Price per share = $38.34  premium tables is set aside for your input to 
provide you with flexibility to enter some 
numbers directly. For instance, assume that you 
Unlevered beta = 1.15
have a company that breaks its revenues down 
Riskfree Rate = 11.28%
into three countries and then puts the rest into 
Equity Risk Premium = 6.58% "Rest of the World". You can enter the "Rest of 
the World" in one of these two rows and enter an 
Debt equity risk premium for the rest of the world. 
Book Value of Straight Debt = $2,609.00  The easiest way to do that is to go into the 
Interest Expense on Debt = $255.26  country equity risk premium worksheet and 
Average Maturity = 5 change the GDP for the three countries that you 
Pre­tax Cost of Debt = 3.65% have data for to zero and compute the global 
Tax Rate = 34% weighted average ERP for the remaining 
countries. With the regional worksheet, you can 
use the last two rows to enter the data for an 
Book Value of Convertible Debt = 0
individual country (usually the domestic 
Interest Expense on Convertible = 0
country) that might be broken out though the 
Maturity of Convertible Bond = 0
rest of the revenues are broken down by region. 
Market Value of Convertible = 0
You can look up the ERP for the country in the 
country ERP worksheet.
Debt value of operating leases =  $                  ­   

Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Output
Estimating Market Value of Straight Debt = $3,328.48 
Estimated Value of Straight Debt in Convertible = $0.00 
Value of Debt in Operating leases = $0.00 
Estimated Value of Equity in Convertible = $0.00 
Levered Beta for equity = 1.30

Equity Debt  Preferred Stock Capital

Market Value $16,935.00  $3,328.48  $0.00   $     20,263.48 
Weight in Cost of Capital 83.57% 16.43% 0.00% 100.00%
Cost of Component 19.84% 2.41% 7.14% 16.97%
 If you are a multinational company and have a breakdown by country, you can use thi
Country Revenues ERP Weight Weighted ERP
Angola 300 11.42% 30.00% 3.43%
in each of country/regiion risk  Armenia 200 10.27% 20.00% 2.05%
is set aside for your input to  Australia 500 5.08% 50.00% 2.54%
th flexibility to enter some 
0.00% 0.00% 0.00%
For instance, assume that you 
0.00% 0.00% 0.00%
hat breaks its revenues down 
0.00% 0.00% 0.00%
es and then puts the rest into 
d". You can enter the "Rest of  0.00% 0.00% 0.00%
of these two rows and enter an  0.00% 0.00% 0.00%
um for the rest of the world.  0.00% 0.00% 0.00%
y to do that is to go into the  0.00% 0.00% 0.00%
isk premium worksheet and  0.00% 0.00% 0.00%
or the three countries that you  0.00% 0.00%
zero and compute the global  0.00% 0.00%
age ERP for the remaining  Total 1000 100.00% 8.02%
e regional worksheet, you can  If you are a multinational company and have a breakdown only by region, you can use
rows to enter the data for an  \ Region Revenues ERP Weight Weighted ERP
ntry (usually the domestic 
Africa & Mid East 0 8.11% 0.00% 0.0000%
ght be broken out though the 
Australia, NZ & Canada 0 5.08% 0.00% 0.0000%
s are broken down by region. 
Latin America & Caribbean 8.75% 0.00% 0.0000%
he ERP for the country in the 
y ERP worksheet. Japan 10 5.89% 11.11% 0.6546%
US 5.08% 0.00% 0.0000%
Europe 6.01% 0.00% 0.0000%
Emerging Markets 30 7.14% 33.33% 2.3803%
Small Asia (No India, C 35 6.93% 38.89% 2.6936%
North America 15 5.08% 16.67% 0.8467%
0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
Total 90 100.00% 6.5752%

If you are a multi­business company, you can input the following
Business Revenues EV/Sales Estimated ValueUnlevered Beta
Toiletries/Cosmetics  $          100.00  6.6307  $          663.07  1.1518
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
 0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
0.0000  $                  ­    0.0000
Company $ 100.00  $          663.07  1.1518
 country, you can use this table (for up to 10 countries)

ly by region, you can use this table instead
Inputs for synthetic rating estimation
Enter the type of firm = 2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)
Enter current Earnings before interest and taxes (EBIT) = $1,337.93  (Add back only long term interest expen
Enter current interest expenses = $255.26  (Use only long term interest expense for 
Enter current long term government bond rate = 11.28%
Output
Interest  coverage ratio = 5.24
Estimated Bond Rating = A3/A-
Estimated Default Spread = 1.13%
Estimated Cost of Debt = 12.41%

For large manufacturing firms For financial service firms
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to
­100000 0.199999 D2/D 18.60% ­100000 0.049999
0.2 0.649999 C2/C 13.95% 0.05 0.099999
0.65 0.799999 Ca2/CC 10.63% 0.1 0.199999
0.8 1.249999 Caa/CCC 8.64% 0.2 0.299999
1.25 1.499999 B3/B- 4.37% 0.3 0.399999
1.5 1.749999 B2/B 3.57% 0.4 0.499999
1.75 1.999999 B1/B+ 2.98% 0.5 0.599999
2 2.2499999 Ba2/BB 2.38% 0.6 0.749999
2.25 2.49999 Ba1/BB+ 1.98% 0.75 0.899999
2.5 2.999999 Baa2/BBB 1.27% 0.9 1.199999
3 4.249999 A3/A- 1.13% 1.2 1.49999
4.25 5.499999 A2/A 0.99% 1.5 1.99999
5.5 6.499999 A1/A+ 0.90% 2 2.49999
6.5 8.499999 Aa2/AA 0.72% 2.5 2.99999
8.50 100000 Aaa/AAA 0.54% 3 100000

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D2/D 18.60%
0.5 0.799999 C2/C 13.95%
0.8 1.249999 Ca2/CC 10.63%
1.25 1.499999 Caa/CCC 8.64%
1.5 1.999999 B3/B- 4.37%
2 2.499999 B2/B 3.57%
2.5 2.999999 B1/B+ 2.98%
3 3.499999 Ba2/BB 2.38%
3.5 3.9999999 Ba1/BB+ 1.98%
4 4.499999 Baa2/BBB 1.27%
4.5 5.999999 A3/A- 1.13%
6 7.499999 A2/A 0.99%
 7.5 9.499999 A1/A+ 0.90%
9.5 12.499999 Aa2/AA 0.72%
12.5 100000 Aaa/AAA 0.54%
riskier firm, 3 if financial service firm)
dd back only long term interest expense for financial firms)
se only long term interest expense for financial firms)

t coverage ratio is
Rating is Spread is
Operating Income Decline
D2/D 18.60% ­50.00%
C2/C 13.95% ­40.00%
Ca2/CC 10.63% ­40.00%
Caa/CCC 8.64% ­40.00%
B3/B- 4.37% ­25.00%
B2/B 3.57% ­20.00%
B1/B+ 2.98% ­20.00%
Ba2/BB 2.38% ­20.00%
Ba1/BB+ 1.98% ­20.00%
Baa2/BBB 1.27% ­20.00%
A3/A- 1.13% ­17.50%
A2/A 0.99% ­15.00%
A1/A+ 0.90% ­10.00%
Aa2/AA 0.72% ­5.00%
Aaa/AAA 0.54% 0.00%
 Annual Pre-tax
Average Operating
Revenue Margin (Lease Average
Number of growth - Last & R&D effective
Industry Name firms 5 years adjusted) After-tax ROC tax rate
Advertising 40 11.77% 12.41% 77.57% 30.39%
Aerospace/Defense 87 3.35% 11.63% 37.05% 29.15%
Air Transport 17 6.20% 12.84% 13.50% 37.15%
Apparel 51 20.67% 10.98% 14.18% 18.58%
Auto & Truck 18 22.61% 4.21% 3.97% 27.72%
Auto Parts 62 7.64% 9.55% 23.79% 20.11%
Bank (Money Center) 11 5.22% -0.07% -0.01% 28.35%
Banks (Regional) 612 8.96% -0.16% -0.03% 29.31%
Beverage (Alcoholic) 28 11.33% 23.41% 24.32% 30.02%
Beverage (Soft) 35 9.48% 19.33% 24.92% 26.19%
Broadcasting 27 8.12% 23.45% 21.38% 28.58%
Brokerage & Investment Bankin 42 7.82% 0.11% 0.02% 28.54%
Building Materials 39 12.73% 10.33% 18.27% 30.03%
Business & Consumer Services 169 5.15% 10.53% 26.37% 30.96%
Cable TV 14 11.79% 18.25% 12.72% 33.56%
Chemical (Basic) 38 1.63% 10.94% 14.43% 23.56%
Chemical (Diversified) 7 -2.54% 12.24% 16.59% 22.26%
Chemical (Specialty) 99 1.47% 13.56% 16.74% 22.87%
Coal & Related Energy 30 -4.09% 8.71% 8.53% 4.83%
Computer Services 111 15.31% 8.35% 27.96% 14.35%
Computers/Peripherals 58 -2.67% 20.01% 23.86% 24.01%
Construction Supplies 49 6.95% 9.62% 10.59% 30.82%
Diversified 24 2.87% 13.01% 10.98% 24.05%
Drugs (Biotechnology) 459 32.28% 26.17% 11.60% 20.66%
Drugs (Pharmaceutical) 185 28.08% 25.21% 17.68% 19.40%
Education 34 -2.42% 8.26% 11.47% 26.75%
Electrical Equipment 118 -2.14% 12.00% 21.88% 27.80%
Electronics (Consumer & Office 24 -0.49% -4.17% -5.54% 32.28%
Electronics (General) 167 6.84% 9.81% 13.55% 25.99%
Engineering/Construction 49 9.64% 4.28% 18.43% 30.56%
Entertainment 90 3.33% 20.72% 31.11% 29.21%
Environmental & Waste Service 87 15.92% 12.54% 21.28% 35.71%
Farming/Agriculture 34 13.08% 4.50% 7.14% 27.69%
Financial Svcs. (Non­bank & Ins 264 10.35% 7.39% 0.21% 33.11%
Food Processing 87 4.12% 14.21% 19.71% 28.58%
Food Wholesalers 15 8.87% 2.98% 19.96% 33.72%
Furn/Home Furnishings 31 9.95% 9.48% 17.56% 23.32%
Green & Renewable Energy 22 -4.74% 11.73% 1.94% 18.07%
Healthcare Products 251 10.54% 15.98% 16.30% 15.84%
Healthcare Support Services 115 16.55% 4.67% 50.54% 31.92%
Heathcare Information and Tech 112 6.68% 14.34% 15.73% 17.55%
Homebuilding 32 22.91% 10.11% 9.31% 33.62%
Hospitals/Healthcare Facilities 35 8.19% 8.81% 11.84% 31.06%
Hotel/Gaming 70 7.86% 19.59% 11.33% 20.30%
Household Products 131 7.34% 18.30% 29.52% 25.47%
Information Services 61 6.94% 25.40% 33.51% 32.56%
Insurance (General) 21 4.97% 5.11% 2.82% 21.02%
Insurance (Life) 25 1.30% 8.21% 4.40% 26.45%
Insurance (Prop/Cas.) 50 6.82% 9.30% 8.32% 28.29%
Investments & Asset Manageme 165 7.86% 19.98% 9.89% 24.21%
Machinery 126 1.84% 13.68% 25.89% 26.16%
Metals & Mining 102 14.72% 17.93% 14.34% 42.30%
Office Equipment & Services 24 4.26% 8.60% 17.72% 34.66%
Oil/Gas (Integrated) 5 -12.33% 2.93% 2.15% 18.22%
Oil/Gas (Production and Explora 311 -1.72% 0.23% 0.09% 5.16%
Oil/Gas Distribution 16 13.89% 17.80% 6.13% 25.78%
Oilfield Svcs/Equip. 130 -4.93% 3.20% 6.42% 29.40%
Packaging & Container 25 1.67% 10.00% 14.58% 27.46%
Paper/Forest Products 21 7.23% 5.44% 8.48% 22.86%
Power 61 7.78% 17.92% 6.43% 17.17%
Precious Metals 111 -5.54% 17.39% 7.53% 35.62%
Publishing & Newspapers 41 -1.65% 7.43% 13.48% 30.89%
R.E.I.T. 244 15.02% 22.31% 3.08% 2.23%
Real Estate (Development) 20 13.90% 11.59% 2.27% 35.93%
Real Estate (General/Diversified 10 30.99% 14.64% 4.32% 26.41%
Real Estate (Operations & Servi 60 0.19% 7.58% 11.05% 28.26%
Recreation 70 0.86% 11.09% 14.59% 47.66%
Reinsurance 3 -2.87% 7.31% 5.97% 28.52%
Restaurant/Dining 81 14.11% 14.55% 17.01% 31.12%
Retail (Automotive) 25 9.94% 5.39% 10.38% 34.17%
Retail (Building Supply) 8 5.41% 11.63% 30.30% 36.29%
Retail (Distributors) 92 6.46% 7.97% 13.18% 34.22%
Retail (General) 18 2.08% 4.21% 11.90% 32.78%
Retail (Grocery and Food) 14 5.39% 2.33% 8.75% 33.75%
Retail (Online) 61 10.16% 4.14% 13.40% 23.31%
Retail (Special Lines) 106 4.90% 5.82% 11.69% 32.95%
Rubber& Tires 4 -6.47% 10.33% 13.96% 7.88%
Semiconductor 72 8.72% 26.07% 16.13% 18.90%
Semiconductor Equip 45 5.40% 23.66% 29.06% 11.67%
Shipbuilding & Marine 9 -4.44% 7.40% 4.88% 36.46%
Shoe 11 6.64% 11.37% 20.40% 13.90%
Software (Entertainment) 13 2.96% 22.05% 27.79% 13.93%
Software (Internet) 305 19.72% 26.04% 16.63% 15.82%
Software (System & Application 255 12.71% 21.09% 14.82% 14.40%
Steel 37 -4.38% 7.29% 15.67% 26.18%
Telecom (Wireless) 18 0.81% 8.78% 5.43% 47.78%
Telecom. Equipment 104 4.36% 18.51% 13.59% 21.57%
Telecom. Services 66 6.32% 17.58% 15.97% 33.20%
Tobacco 24 85.32% 40.62% 95.59% 31.47%
Transportation 18 19.12% 7.72% 17.61% 33.29%
Transportation (Railroads) 8 4.26% 34.33% 13.55% 37.53%
Trucking 30 3.48% 7.66% 7.07% 35.96%
Utility (General) 18 2.46% 19.39% 6.21% 31.12%
Utility (Water) 23 3.77% 28.27% 8.86% 32.86%
 Equity
(Levered) Cost of Std deviation in
Unlevered Beta Beta equity stock prices Pre-tax cost of debt
0.78 1.15 8.27% 80.95% 6.91%
0.99 1.08 7.91% 49.06% 3.91%
0.67 1.01 7.54% 40.20% 3.91%
0.85 1.02 7.58% 59.71% 3.91%
0.59 1.20 8.49% 38.59% 3.61%
0.92 1.04 7.68% 56.74% 3.91%
0.32 0.64 5.65% 33.37% 3.61%
0.39 0.50 4.96% 32.08% 3.61%
1.12 1.33 9.15% 50.14% 3.91%
0.63 0.70 5.99% 45.33% 3.91%
0.65 1.12 8.10% 52.30% 3.91%
0.54 1.24 8.70% 42.48% 3.91%
0.99 1.11 8.04% 41.01% 3.91%
1.01 1.17 8.35% 49.45% 3.91%
0.67 0.92 7.09% 36.33% 3.61%
0.96 1.20 8.49% 59.39% 3.91%
1.79 2.03 12.74% 68.62% 4.66%
0.95 1.11 8.07% 59.69% 3.91%
1.04 1.25 8.75% 90.61% 8.16%
0.94 1.10 8.00% 48.53% 3.91%
0.93 1.01 7.54% 61.38% 3.91%
0.95 1.12 8.10% 45.67% 3.91%
1.01 1.19 8.48% 26.82% 3.61%
1.36 1.44 9.72% 94.78% 8.16%
1.13 1.21 8.55% 85.70% 6.91%
0.96 1.15 8.27% 53.59% 3.91%
1.02 1.08 7.92% 66.17% 4.66%
1.08 1.09 7.96% 70.22% 4.66%
0.91 0.94 7.17% 60.25% 3.91%
1.13 1.27 8.86% 53.02% 3.91%
0.96 1.15 8.26% 54.94% 3.91%
0.70 0.88 6.87% 65.74% 4.66%
0.56 0.74 6.19% 42.57% 3.91%
0.07 0.61 5.49% 36.63% 3.61%
0.56 0.68 5.84% 41.18% 3.91%
1.41 1.79 11.48% 55.42% 3.91%
0.67 0.79 6.42% 51.26% 3.91%
0.72 1.20 8.51% 60.29% 3.91%
0.89 0.94 7.19% 66.92% 4.66%
0.82 0.90 6.97% 57.44% 3.91%
0.88 0.98 7.38% 58.64% 3.91%
0.89 1.11 8.04% 44.70% 3.91%
0.51 1.18 8.40% 60.63% 3.91%
0.74 0.94 7.18% 45.51% 3.91%
0.88 1.00 7.47% 56.30% 3.91%
0.82 0.88 6.89% 41.35% 3.91%
0.63 0.78 6.39% 37.21% 3.61%
0.81 1.01 7.53% 37.34% 3.61%
0.73 0.84 6.67% 34.65% 3.61%
0.87 0.99 7.43% 41.00% 3.91%
1.04 1.15 8.25% 43.17% 3.91%
0.96 1.10 8.01% 82.33% 6.91%
1.10 1.37 9.39% 49.66% 3.91%
1.25 1.37 9.38% 20.21% 3.11%
1.00 1.26 8.80% 78.88% 6.91%
0.72 1.21 8.54% 62.79% 3.91%
1.06 1.23 8.64% 73.29% 4.66%
0.55 0.74 6.16% 27.67% 3.61%
0.98 1.20 8.50% 56.81% 3.91%
0.32 0.50 4.97% 31.23% 3.61%
0.95 0.96 7.30% 91.35% 8.16%
0.83 1.02 7.59% 54.14% 3.91%
0.42 0.66 5.76% 32.14% 3.61%
0.61 0.75 6.22% 44.27% 3.91%
0.73 0.75 6.20% 41.07% 3.91%
0.80 1.02 7.60% 54.01% 3.91%
0.73 0.85 6.73% 50.85% 3.91%
0.47 0.52 5.06% 18.99% 3.11%
0.70 0.85 6.73% 48.41% 3.91%
0.65 1.01 7.55% 42.62% 3.91%
0.76 0.86 6.76% 53.44% 3.91%
0.87 1.15 8.25% 49.24% 3.91%
0.87 1.05 7.74% 49.94% 3.91%
0.44 0.71 6.00% 45.73% 3.91%
1.12 1.18 8.41% 60.64% 3.91%
0.82 1.11 8.05% 59.68% 3.91%
0.64 0.95 7.25% 56.24% 3.91%
1.16 1.17 8.37% 52.68% 3.91%
0.99 0.98 7.40% 61.04% 3.91%
1.01 1.34 9.22% 94.40% 8.16%
0.86 0.88 6.89% 44.39% 3.91%
0.91 0.89 6.94% 49.61% 3.91%
1.20 1.20 8.52% 65.60% 4.66%
1.02 1.09 7.93% 53.27% 3.91%
1.53 1.82 11.64% 70.40% 4.66%
0.71 1.30 9.02% 54.46% 3.91%
0.96 1.03 7.67% 57.87% 3.91%
0.72 1.08 7.91% 52.57% 3.91%
1.15 1.26 8.82% 45.16% 3.91%
0.80 0.95 7.23% 46.36% 3.91%
0.87 1.01 7.52% 29.77% 3.61%
0.81 1.20 8.50% 54.25% 3.91%
0.20 0.29 3.90% 20.67% 3.11%
0.27 0.34 4.15% 34.50% 3.61%
 Cost of
Market Debt/Capital capital Sales/Capital EV/Sales EV/EBITDA
42.49% 6.99% 6.68 1.66 8.35
15.58% 7.14% 3.61 2.09 13.96
41.52% 5.64% 1.39 1.56 6.56
25.48% 6.40% 1.44 1.99 10.97
59.69% 5.06% 1.02 1.22 10.62
22.06% 6.64% 2.69 0.98 7.59
61.13% 3.87% 0.14 8.45 NA
36.98% 4.14% 0.26 6.27 NA
20.73% 7.87% 1.16 5.05 17.26
18.74% 5.42% 1.38 4.20 17.92
52.87% 5.39% 1.10 2.83 9.19
68.74% 4.76% 0.19 6.75 NA
17.67% 7.15% 2.31 1.78 12.80
21.53% 7.19% 2.82 1.94 12.40
34.66% 5.58% 0.90 3.44 9.68
29.22% 6.88% 1.46 1.76 9.67
21.37% 10.78% 1.53 2.90 15.83
22.48% 6.93% 1.37 2.79 13.89
31.23% 7.96% 1.03 1.01 3.93
23.57% 6.82% 3.69 1.34 11.10
15.38% 6.84% 1.25 3.03 12.01
24.51% 6.85% 1.33 2.14 14.51
24.52% 7.07% 0.96 2.62 14.69
13.67% 9.24% 0.45 7.70 13.05
12.76% 8.13% 0.72 5.08 14.45
27.97% 6.79% 1.51 1.87 10.05
13.68% 7.32% 1.92 2.48 13.98
6.49% 7.67% 1.39 2.52 17.17
13.02% 6.63% 1.50 2.12 13.16
22.91% 7.51% 4.97 0.69 9.92
25.23% 6.93% 1.59 2.87 10.58
25.85% 6.01% 1.78 2.63 11.83
35.71% 5.04% 1.72 1.02 13.82
91.17% 2.99% 0.03 31.18 NA
23.56% 5.17% 1.63 2.42 13.38
27.25% 9.16% 7.61 0.53 11.63
21.79% 5.67% 2.12 1.41 10.38
49.55% 5.77% 0.17 8.40 15.13
14.59% 6.66% 1.07 4.79 18.97
19.89% 6.17% 12.54 0.62 10.72
16.17% 6.67% 1.16 4.95 20.51
28.39% 6.60% 1.21 1.49 13.78
63.84% 4.93% 1.50 1.32 8.24
28.52% 5.98% 0.67 4.15 13.37
17.37% 6.69% 1.74 3.30 14.19
13.58% 6.36% 1.57 6.03 18.74
27.80% 5.38% 0.65 1.84 16.44
36.33% 5.79% 0.63 1.45 8.37
20.90% 5.85% 1.10 1.52 11.91
29.62% 6.11% 0.54 4.96 21.42
16.49% 7.38% 2.20 2.65 14.85
23.39% 7.37% 0.81 2.54 8.81
34.06% 7.20% 2.52 1.02 8.37
13.26% 8.45% 0.83 2.07 12.95
29.53% 7.76% 0.38 4.33 10.56
48.30% 5.85% 0.36 4.52 14.58
23.65% 7.44% 2.12 1.02 12.15
33.43% 5.02% 1.88 1.65 10.30
28.58% 6.92% 1.82 0.97 8.90
43.30% 4.01% 0.45 3.51 10.55
15.15% 7.14% 0.44 3.24 8.38
30.79% 6.17% 2.06 1.04 8.02
43.98% 4.43% 0.14 11.48 20.79
31.18% 5.21% 0.21 7.42 28.92
19.10% 5.58% 0.34 6.20 11.96
31.84% 6.13% 1.60 1.99 14.08
22.83% 5.87% 1.46 2.02 11.68
21.71% 4.47% 0.92 1.23 14.25
24.36% 5.81% 1.38 3.54 13.84
43.17% 5.57% 2.38 0.95 11.00
15.15% 6.19% 3.08 2.05 13.52
31.31% 6.59% 1.93 1.36 13.48
23.75% 6.61% 3.67 0.74 9.47
45.56% 4.62% 4.75 0.41 7.16
10.24% 7.86% 3.47 3.58 32.47
34.64% 6.29% 2.57 0.94 7.91
43.82% 5.38% 1.47 0.92 5.60
11.58% 7.74% 0.67 4.35 11.82
10.34% 6.94% 1.34 3.23 11.66
31.95% 8.26% 0.72 2.29 10.70
8.80% 6.54% 2.16 2.68 16.79
6.06% 6.70% 1.29 6.39 21.97
3.21% 8.36% 0.65 8.04 22.89
12.39% 7.32% 0.73 7.27 22.62
26.59% 9.49% 2.31 0.96 8.44
54.54% 5.72% 0.67 2.15 6.24
17.17% 6.86% 0.80 3.48 13.58
44.30% 5.72% 0.99 2.57 7.32
14.63% 7.97% 2.48 6.63 15.31
23.09% 6.25% 2.92 1.54 11.22
18.48% 6.64% 0.52 5.40 11.56
41.11% 6.23% 1.16 1.79 11.46
40.21% 3.28% 0.46 3.73 11.81
27.61% 3.76% 0.37 6.48 15.21
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of Reinvestme
EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues nt Rate
13.15 9.16 57.18 -1.65% 2.32% -0.26% 21.52%
17.67 6.43 29.34 27.71% 2.71% 2.08% 40.17%
12.14 3.06 14.10 1.19% 12.56% 8.57% 101.67%
17.90 3.58 34.88 25.76% 2.70% 5.94% 61.79%
30.82 2.05 17.29 -2.06% 11.69% 4.64% 147.33%
10.69 2.92 20.03 11.20% 4.54% 7.39% 103.79%
NA 1.24 15.76 NA 0.91% 1.15% NA
NA 1.50 23.15 NA 4.44% 4.76% NA
21.55 4.01 49.29 16.51% 8.27% 67.32% 398.43%
21.73 9.95 39.44 -3.45% 4.60% 5.11% 41.27%
12.08 7.34 27.84 22.96% 2.68% 5.49% 43.57%
NA 1.56 47.56 NA 4.08% 6.26% 45397.06%
17.22 4.77 26.55 15.60% 2.90% 3.06% 54.49%
18.29 4.95 51.60 16.32% 2.49% 3.48% 64.09%
18.26 2.80 111.31 -1.12% 12.31% -2.40% -21.33%
16.06 3.47 38.30 20.27% 5.49% 3.13% 47.82%
24.09 1.74 30.22 34.35% 6.00% -1.21% -1.45%
20.60 4.15 165.88 21.49% 5.04% 10.44% 105.84%
9.24 2.03 1276.02 4.34% 3.26% -6.46% -49.88%
16.09 4.04 40.33 12.65% 1.97% 1.44% 23.00%
15.23 5.42 108.61 -2.62% 4.69% 1.99% 3.04%
22.18 4.21 42.00 15.83% 5.57% 3.54% 67.82%
20.26 2.04 25.96 14.41% 4.84% 3.88% 41.67%
24.22 6.20 69.61 14.85% 3.94% 0.99% 9.83%
20.73 4.85 366.69 22.58% 4.34% 16.27% 81.49%
21.58 2.33 32.35 10.56% 4.40% 3.28% 62.84%
19.89 4.31 23.65 19.90% 4.43% 8.58% 102.31%
NA 7.91 79.94 19.76% 3.14% -0.13% NA
21.93 3.04 182.30 18.58% 4.70% 7.72% 122.02%
16.11 2.08 33.84 15.07% 1.62% 1.31% 61.05%
13.81 3.05 70.07 10.59% 4.34% 4.27% 85.18%
20.80 4.10 132.15 10.13% 7.08% 2.34% 28.49%
22.60 2.42 23.28 10.29% 3.32% 2.38% 106.96%
NA 2.20 31.99 NA 7.12% 11.69% 216.31%
16.92 2.88 100.85 7.32% 3.68% 7.00% 68.65%
17.76 5.00 25.88 6.42% 1.10% 0.43% 35.21%
14.89 2.98 90.86 12.87% 4.22% 3.64% 59.90%
69.09 1.21 192.49 9.67% 18.67% 13.07% 160.79%
30.35 4.04 91.80 22.93% 4.75% 16.31% 130.59%
13.27 3.19 41.19 -6.15% 0.70% 1.45% 55.97%
35.15 4.05 69.03 23.13% 4.23% 12.09% 121.67%
 14.72 2.07 24.37 78.80% 0.53% 1.35% 70.68%
14.97 3.82 19.77 12.33% 5.10% 2.56% 110.41%
21.10 4.51 54.56 -1.45% 8.51% 1.43% 9.41%
18.04 5.09 48.59 10.46% 4.42% 3.74% 28.08%
23.46 7.63 34.31 -5.15% 3.27% 1.11% 13.57%
35.88 1.19 22.16 -16.80% 1.46% -1.11% 19.28%
11.37 1.04 18.17 5.65% 0.18% -0.28% 16.47%
15.36 1.70 49.69 -36.67% 0.86% 0.57% 16.37%
24.31 2.12 158.41 NA 3.11% 3.57% 36.90%
19.49 4.49 32.74 22.98% 2.67% 10.38% 112.48%
13.94 2.93 52.11 15.30% 8.11% -0.11% 25.88%
11.93 3.12 35.38 8.21% 2.89% 3.10% 40.66%
70.36 1.81 55.94 4.21% 9.81% -2.78% -92.81%
NA 1.93 126.15 -1.75% 53.97% 22.03% NA
25.30 1.63 43.87 4.24% 23.56% 12.98% 98.65%
30.03 1.64 131.00 9.77% 3.54% 1.15% 72.53%
16.46 3.88 26.44 10.41% 5.07% 6.49% 89.33%
17.71 1.89 75.09 13.99% 4.33% 1.50% 42.85%
19.56 1.88 25.95 7.32% 26.96% 18.48% 136.71%
18.14 1.49 36.16 13.56% 18.22% 1.08% 22.25%
13.85 1.76 69.17 11.34% 2.60% 0.63% 10.54%
46.80 2.05 42.50 46.35% 3.23% -8.39% -35.98%
63.22 1.60 38.11 65.06% 3.55% -5.11% 6.99%
29.07 1.25 28.47 197.48% 1.95% -11.85% -216.50%
24.61 3.06 75.20 15.00% 1.51% -1.28% 3.60%
18.39 4.12 21.94 19.93% 4.85% 3.90% 50.39%
16.72 1.13 486.86 3.87% 0.45% 0.38% 79.88%
24.32 77.39 49.46 0.97% 6.00% 2.28% 24.70%
17.54 5.22 16.09 12.99% 2.06% 2.15% 82.04%
17.66 32.98 34.85 5.99% 1.80% 0.36% 3.46%
17.06 3.47 111.56 17.16% 4.34% 5.25% 111.03%
17.42 4.00 21.02 2.24% 2.27% 0.04% -22.92%
17.37 3.30 40.72 0.66% 2.62% 0.73% 46.14%
93.53 9.37 64.87 -0.43% 4.92% 4.85% 158.75%
16.16 3.43 34.98 7.00% 2.08% 0.38% -3.60%
8.87 1.55 77.73 15.99% 6.46% 1.72% 40.14%
17.05 3.94 43.80 17.81% 11.43% 23.55% 131.18%
14.30 4.50 23.71 23.10% 3.76% 4.57% 41.95%
26.31 1.47 24.79 22.21% 15.57% 15.95% 383.61%
23.50 6.85 35.88 20.19% 0.52% -1.51% -15.62%
30.10 5.53 42.65 20.73% 2.23% -0.67% 8.57%
31.93 4.97 76.03 9.86% 10.47% 8.92% 56.72%
35.02 6.60 362.14 12.76% 5.88% 16.89% 109.14%
12.93 2.26 32.30 21.05% 2.86% 1.74% 63.72%
24.56 1.79 118.33 3.08% 13.86% -5.15% 50.02%
18.12 3.22 56.53 17.50% 3.48% 5.67% 44.11%
14.58 2.82 45.55 -2.89% 14.54% 2.44% 38.62%
16.29 78.25 26.31 18.05% 3.29% -6.42% -17.29%
20.01 7.26 31.81 8.46% 6.67% 3.46% 92.44%
15.72 4.19 26.10 2.83% 17.45% 9.15% 42.80%
23.31 3.33 41.46 7.64% 17.35% 11.17% 231.02%
19.23 2.15 24.00 5.09% 29.38% 19.76% 149.07%
22.56 3.33 137.58 9.89% 34.65% 26.07% 157.21%
 Equity
Dividend Reinvestme
ROE Payout Ratio nt Rate
-0.88% 52.85% 52.85%
29.03% 39.52% 39.52%
24.78% 15.27% 15.27%
7.62% 77.53% 77.53%
8.64% 69.49% 69.49%
24.14% 13.85% 13.85%
9.93% 24.57% 24.57%
9.03% 30.91% 30.91%
25.16% 20.37% 20.37%
28.39% 84.90% 84.90%
18.11% 40.58% 40.58%
11.41% 20.63% 20.63%
23.81% 15.29% 15.29%
18.32% 26.33% 26.33%
11.05% 33.21% 33.21%
18.60% 27.29% 27.29%
14.20% 58.06% 58.06%
17.00% 39.79% 39.79%
-646.39% 15.73% 15.73%
28.66% 38.55% 38.55%
28.55% 28.94% 28.94%
13.23% 57.63% 57.63%
9.59% 35.25% 35.25%
13.45% 60.26% 60.26%
14.39% 83.54% 83.54%
2.60% 29.69% 29.69%
13.54% 57.59% 57.59%
-29.60% 0.18% 0.18%
11.30% 20.22% 20.22%
7.71% 16.89% 16.89%
18.99% 29.81% 29.81%
9.47% 71.15% 71.15%
12.10% 40.75% 40.75%
-0.29% 15.29% 15.29%
11.54% 58.83% 58.83%
16.64% 46.22% 46.22%
17.62% 23.27% 23.27%
0.66% 735.69% 735.69%
9.51% 36.91% 36.91%
17.40% 18.64% 18.64%
10.80% 9.32% 9.32%
12.49% 8.36% 8.36%
8.21% 24.14% 24.14%
12.94% 63.06% 63.06%
29.25% 49.62% 49.62%
20.91% 27.26% 27.26%
1.97% 101.15% 101.15%
4.17% 65.77% 65.77%
7.29% 42.65% 42.65%
13.75% 36.33% 36.33%
19.08% 30.10% 30.10%
10.78% 18.57% 18.57%
8.70% 82.36% 82.36%
5.90% 116.21% 116.21%
-4.87% 0.83% 0.83%
1.97% 310.27% 310.27%
1.97% 242.27% 242.27%
20.54% 39.59% 39.59%
6.15% 46.74% 46.74%
15.55% 45.74% 45.74%
1.89% 63.78% 63.78%
-2.51% 0.63% 0.63%
9.54% 104.87% 104.87%
4.62% 0.00% 0.00%
4.17% 27.91% 27.91%
15.06% 9.90% 9.90%
5.26% 200.83% 200.83%
6.05% 11.40% 11.40%
95.67% 51.12% 51.12%
34.26% 4.59% 4.59%
91.26% 43.64% 43.64%
16.05% 30.21% 30.21%
16.10% 49.53% 49.53%
24.43% 21.02% 21.02%
18.72% 6.46% 6.46%
16.59% 40.02% 40.02%
21.44% 10.32% 10.32%
19.87% 37.48% 37.48%
33.63% 14.93% 14.93%
-1.88% 0.10% 0.10%
25.32% 28.49% 28.49%
16.33% 9.57% 9.57%
18.52% 0.27% 0.27%
17.08% 50.28% 50.28%
12.23% 34.26% 34.26%
1.87% 11.07% 11.07%
15.31% 43.90% 43.90%
 16.34% 84.41% 84.41%
-282.12% 50.44% 50.44%
28.97% 47.34% 47.34%
17.41% 38.15% 38.15%
7.87% 27.46% 27.46%
9.95% 76.33% 76.33%
13.63% 58.23% 42.94%
 Annual Pre-tax
Average Operating
Revenue Margin (Lease Average
Number of growth - Last & R&D effective tax
Industry Name firms 5 years adjusted) After-tax ROC rate
Advertising 258 6.81% 10.55% 35.91% 26.62%
Aerospace/Defense 229 7.93% 8.75% 20.44% 27.41%
Air Transport 155 6.85% 9.91% 8.87% 26.08%
Apparel 1160 2.69% 11.08% 14.03% 25.85%
Auto & Truck 133 5.82% 6.29% 6.51% 25.48%
Auto Parts 687 6.03% 7.85% 12.29% 23.52%
Bank (Money Center) 615 8.66% 0.10% 0.01% 22.49%
Banks (Regional) 853 7.86% -0.08% -0.01% 26.44%
Beverage (Alcoholic) 222 3.13% 20.92% 14.19% 26.75%
Beverage (Soft) 101 4.61% 15.39% 20.38% 27.05%
Broadcasting 139 6.50% 17.03% 15.45% 27.31%
Brokerage & Investment Ba 555 13.29% 0.30% 0.04% 25.32%
Building Materials 432 5.90% 9.32% 12.58% 26.03%
Business & Consumer Serv 834 8.91% 8.88% 22.15% 27.71%
Cable TV 65 7.90% 16.33% 12.06% 28.00%
Chemical (Basic) 787 6.28% 10.69% 11.07% 18.67%
Chemical (Diversified) 75 4.12% 11.20% 11.91% 22.74%
Chemical (Specialty) 770 5.81% 11.33% 12.16% 22.58%
Coal & Related Energy 254 -1.17% 17.23% 14.16% 21.80%
Computer Services 931 8.19% 7.57% 20.74% 20.77%
Computers/Peripherals 331 1.99% 12.45% 16.61% 23.97%
Construction Supplies 763 5.47% 8.77% 8.55% 23.78%
Diversified 349 5.57% 13.07% 10.80% 21.53%
Drugs (Biotechnology) 952 22.89% 23.09% 10.26% 20.06%
Drugs (Pharmaceutical) 1036 12.53% 19.80% 12.78% 20.38%
Education 185 3.85% 11.07% 11.48% 17.13%
Electrical Equipment 909 5.43% 9.21% 12.45% 22.23%
Electronics (Consumer & Of 152 -1.74% 5.11% 10.34% 33.97%
Electronics (General) 1298 6.12% 8.26% 11.37% 21.71%
Engineering/Construction 1185 5.10% 4.96% 9.50% 24.78%
Entertainment 374 7.56% 16.53% 20.75% 28.40%
Environmental & Waste Ser 320 14.82% 11.71% 15.97% 26.27%
Farming/Agriculture 412 9.87% 5.66% 6.93% 23.59%
Financial Svcs. (Non-bank 1030 15.42% 7.53% 0.40% 23.83%
Food Processing 1270 7.05% 9.08% 13.99% 25.26%
Food Wholesalers 148 14.29% 2.71% 12.40% 28.42%
Furn/Home Furnishings 316 6.94% 8.20% 19.26% 18.03%
Green & Renewable Energ 181 9.29% 35.86% 7.46% 17.45%
Healthcare Products 696 11.56% 15.38% 15.29% 17.18%
Healthcare Support Servic 355 15.55% 4.85% 35.18% 30.69%
Heathcare Information and 339 10.74% 13.44% 15.18% 19.10%
Homebuilding 171 8.77% 9.51% 9.54% 28.28%
Hospitals/Healthcare Facilit 198 8.47% 8.25% 8.38% 25.25%
Hotel/Gaming 658 14.18% 13.64% 9.15% 17.33%
Household Products 531 8.99% 15.74% 28.53% 27.03%
Information Services 193 12.53% 24.08% 31.48% 31.36%
Insurance (General) 220 8.92% 7.92% 9.96% 24.71%
Insurance (Life) 128 6.91% 8.29% 10.97% 24.02%
Insurance (Prop/Cas.) 225 6.98% 8.20% 9.24% 23.23%
Investments & Asset Mana 1065 12.69% 19.27% 7.05% 20.63%
Machinery 1309 3.84% 9.95% 13.03% 25.61%
Metals & Mining 1594 2.50% 12.46% 11.86% 32.62%
Office Equipment & Servic 157 2.57% 8.55% 13.85% 29.60%
Oil/Gas (Integrated) 48 -2.83% 5.68% 4.63% 28.71%
Oil/Gas (Production and Ex 928 -0.11% 8.10% 2.87% 18.12%
Oil/Gas Distribution 143 10.21% 12.91% 6.41% 24.37%
Oilfield Svcs/Equip. 524 -3.46% 5.29% 9.15% 26.13%
Packaging & Container 390 5.76% 9.05% 12.04% 25.27%
Paper/Forest Products 295 3.33% 8.85% 7.74% 22.12%
Power 563 6.13% 12.10% 6.35% 20.26%
Precious Metals 961 5.79% 12.24% 7.83% 27.55%
Publishing & Newspapers 371 -0.30% 7.17% 10.05% 24.12%
R.E.I.T. 714 11.69% 31.76% 3.70% 3.06%
Real Estate (Development) 784 14.22% 18.06% 7.95% 33.68%
Real Estate (General/Divers 415 13.58% 20.97% 5.43% 20.17%
Real Estate (Operations & 628 8.78% 27.86% 5.43% 19.98%
Recreation 321 2.94% 10.79% 10.08% 30.48%
Reinsurance 38 8.60% 5.42% 6.53% 18.67%
Restaurant/Dining 364 7.33% 11.02% 14.49% 28.54%
Retail (Automotive) 169 5.44% 4.40% 10.22% 29.98%
Retail (Building Supply) 53 4.13% 9.76% 19.72% 34.84%
Retail (Distributors) 976 7.75% 4.19% 6.26% 24.91%
Retail (General) 217 3.69% 4.12% 8.34% 31.21%
Retail (Grocery and Food) 168 10.68% 3.44% 8.89% 26.64%
Retail (Online) 200 13.29% 4.47% 12.75% 25.43%
Retail (Special Lines) 503 3.37% 6.22% 11.95% 30.12%
Rubber& Tires 94 -0.93% 10.01% 11.12% 26.21%
Semiconductor 542 6.04% 20.78% 14.71% 16.44%
Semiconductor Equip 284 7.92% 19.31% 20.23% 15.50%
Shipbuilding & Marine 342 2.04% 6.93% 4.52% 17.98%
Shoe 85 1.32% 9.61% 14.67% 16.36%
Software (Entertainment) 128 10.00% 20.42% 19.26% 20.48%
Software (Internet) 880 13.85% 23.53% 17.41% 17.98%
Software (System & Applica 1075 13.88% 19.28% 15.45% 16.90%
Steel 735 -1.33% 8.11% 8.89% 21.77%
Telecom (Wireless) 106 1.63% 13.52% 8.41% 32.95%
Telecom. Equipment 505 4.99% 10.19% 9.49% 20.67%
Telecom. Services 289 8.09% 15.22% 12.69% 29.19%
Tobacco 62 22.61% 31.19% 41.08% 29.12%
Transportation 235 10.28% 8.72% 12.58% 26.09%
Transportation (Railroads) 51 4.89% 23.33% 9.57% 30.32%
Trucking 199 6.04% 6.76% 7.69% 29.38%
Utility (General) 55 1.26% 9.74% 6.35% 29.35%
Utility (Water) 103 10.28% 26.65% 8.26% 23.13%
 Equity Std deviation
Unlevered (Levered) in stock Pre-tax cost Market Cost of
Beta Beta Cost of equity prices of debt Debt/Capital capital
0.97 1.15 9.55% 45.74% 4.91% 27.89% 7.92%
1.05 1.14 9.49% 42.29% 4.91% 17.24% 8.49%
0.64 0.93 8.15% 32.69% 4.61% 42.27% 6.17%
0.83 0.90 7.99% 37.06% 4.61% 17.94% 7.18%
1.03 1.50 11.70% 30.81% 4.61% 45.84% 7.93%
1.20 1.26 10.24% 34.65% 4.61% 17.79% 9.03%
0.50 1.00 8.64% 24.50% 4.11% 69.73% 4.78%
0.45 0.62 6.24% 30.94% 4.61% 56.32% 4.68%
0.67 0.76 7.11% 29.65% 4.61% 18.63% 6.43%
0.57 0.64 6.38% 32.79% 4.61% 19.03% 5.83%
0.80 1.07 9.02% 37.89% 4.61% 36.18% 7.02%
0.50 1.07 9.05% 37.22% 4.61% 66.32% 5.35%
0.84 0.95 8.30% 34.17% 4.61% 20.52% 7.31%
0.88 0.99 8.56% 40.50% 4.91% 19.66% 7.60%
0.83 1.15 9.54% 35.17% 4.61% 36.39% 7.33%
1.04 1.14 9.45% 34.36% 4.61% 20.42% 8.23%
1.31 1.50 11.73% 33.75% 4.61% 23.02% 9.83%
1.06 1.17 9.69% 39.16% 4.61% 18.47% 8.55%
1.11 1.25 10.14% 58.19% 4.91% 28.00% 8.34%
1.01 1.08 9.13% 39.26% 4.61% 15.80% 8.24%
1.21 1.27 10.29% 38.00% 4.61% 15.64% 9.22%
1.06 1.26 10.19% 34.65% 4.61% 29.20% 8.23%
0.76 1.00 8.63% 27.08% 4.61% 37.27% 6.71%
1.31 1.38 10.99% 73.16% 5.66% 12.71% 10.14%
1.06 1.14 9.49% 43.00% 4.91% 14.13% 8.67%
0.85 0.93 8.17% 41.89% 4.91% 19.50% 7.30%
1.13 1.22 9.98% 39.87% 4.61% 19.28% 8.72%
1.20 1.26 10.24% 43.23% 4.91% 23.58% 8.70%
1.28 1.27 10.28% 39.53% 4.61% 12.70% 9.41%
0.97 1.18 9.74% 36.79% 4.61% 39.31% 7.28%
1.02 1.19 9.80% 44.77% 4.91% 23.92% 8.34%
1.03 1.20 9.88% 46.29% 4.91% 22.33% 8.50%
0.69 0.89 7.95% 34.48% 4.61% 33.38% 6.45%
0.15 0.82 7.50% 35.98% 4.61% 86.43% 4.02%
0.72 0.81 7.44% 33.81% 4.61% 19.90% 6.65%
0.62 0.84 7.59% 33.44% 4.61% 37.29% 6.06%
0.93 0.96 8.38% 33.40% 4.61% 17.68% 7.51%
0.76 1.15 9.56% 38.08% 4.61% 43.57% 6.91%
1.00 1.07 9.02% 49.92% 4.91% 13.88% 8.28%
0.87 0.96 8.37% 42.39% 4.91% 20.93% 7.39%
0.98 1.05 8.92% 50.38% 4.91% 13.25% 8.23%
0.93 1.10 9.24% 38.66% 4.61% 28.21% 7.61%
0.58 0.90 8.01% 37.72% 4.61% 44.69% 5.98%
0.83 0.98 8.51% 35.26% 4.61% 26.20% 7.19%
0.91 0.98 8.49% 39.93% 4.61% 12.99% 7.84%
1.23 1.32 10.57% 40.66% 4.91% 13.35% 9.65%
0.72 0.78 7.26% 27.38% 4.61% 29.22% 6.15%
1.00 1.00 8.59% 27.75% 4.61% 41.09% 6.49%
0.64 0.70 6.73% 30.65% 4.61% 20.99% 6.04%
0.66 0.88 7.88% 38.37% 4.61% 41.75% 6.04%
1.13 1.17 9.66% 35.44% 4.61% 14.03% 8.80%
1.33 1.55 12.03% 73.25% 5.66% 25.60% 10.04%
0.85 0.95 8.33% 38.17% 4.61% 24.15% 7.15%
1.22 1.46 11.49% 27.87% 4.61% 27.42% 9.29%
1.33 1.67 12.74% 70.83% 5.66% 30.38% 10.17%
1.08 1.68 12.83% 39.86% 4.61% 44.41% 8.68%
1.17 1.42 11.20% 47.42% 4.91% 28.00% 9.10%
0.62 0.79 7.29% 32.26% 4.61% 30.49% 6.12%
0.80 1.04 8.84% 36.01% 4.61% 32.91% 7.08%
0.58 0.93 8.17% 28.37% 4.61% 47.37% 5.94%
1.22 1.33 10.67% 86.96% 7.91% 18.40% 9.81%
0.90 0.98 8.46% 39.44% 4.61% 22.13% 7.36%
0.45 0.68 6.60% 23.72% 4.11% 42.19% 5.12%
0.76 1.15 9.52% 32.51% 4.61% 52.18% 6.37%
0.78 1.09 9.18% 32.66% 4.61% 42.70% 6.74%
0.64 0.90 7.99% 32.83% 4.61% 38.44% 6.26%
0.82 0.88 7.85% 36.76% 4.61% 19.87% 6.98%
1.16 1.18 9.75% 28.19% 4.61% 18.47% 8.59%
0.70 0.85 7.68% 34.47% 4.61% 25.64% 6.61%
0.68 0.96 8.36% 33.45% 4.61% 39.40% 6.44%
0.66 0.75 7.07% 30.98% 4.61% 17.44% 6.44%
0.64 0.90 7.99% 37.40% 4.61% 42.43% 6.07%
0.92 1.18 9.71% 30.61% 4.61% 31.22% 7.76%
0.68 0.89 7.94% 28.97% 4.61% 35.48% 6.36%
1.18 1.24 10.07% 49.96% 4.91% 10.87% 9.38%
0.82 0.98 8.50% 39.40% 4.61% 26.47% 7.17%
0.82 0.97 8.40% 29.26% 4.61% 25.29% 7.16%
1.46 1.49 11.67% 37.94% 4.61% 13.53% 10.56%
1.29 1.28 10.37% 43.88% 4.91% 9.50% 9.73%
0.97 1.35 10.80% 35.85% 4.61% 41.48% 7.76%
1.08 1.11 9.28% 37.93% 4.61% 11.17% 8.63%
1.36 1.27 10.26% 51.49% 4.91% 4.18% 9.99%
1.25 1.24 10.13% 57.29% 4.91% 3.73% 9.89%
1.11 1.16 9.59% 48.59% 4.91% 10.60% 8.97%
1.00 1.31 10.53% 43.09% 4.91% 35.61% 8.10%
0.87 1.20 9.82% 30.88% 4.61% 36.76% 7.49%
1.22 1.27 10.26% 43.65% 4.91% 15.11% 9.27%
0.70 1.00 8.59% 35.53% 4.61% 39.56% 6.57%
0.63 0.68 6.63% 27.96% 4.61% 12.91% 6.22%
1.00 1.21 9.90% 32.14% 4.61% 28.64% 8.06%
0.77 0.97 8.45% 24.03% 4.11% 27.72% 6.97%
0.62 0.90 8.00% 31.75% 4.61% 41.29% 6.13%
0.50 0.79 7.30% 23.14% 4.11% 46.45% 5.35%
0.81 1.09 9.19% 31.87% 4.61% 36.32% 7.11%
 Non-cash WC
as % of
Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues
4.16 1.57 9.48 14.69 2.49 57.78 -3.56%
2.66 1.81 14.51 20.22 5.01 44.55 25.73%
1.08 1.69 7.56 16.95 2.43 37.31 -2.68%
1.51 2.04 12.02 18.10 2.99 66.70 22.98%
1.20 0.98 9.37 16.16 1.39 133.26 1.74%
1.90 1.00 8.29 13.06 1.94 33.37 11.24%
0.12 8.51 NA NA 1.08 19.88 NA
0.24 5.75 NA NA 1.12 22.78 NA
0.84 4.40 16.53 20.91 3.70 45.66 9.24%
1.53 3.19 16.08 20.70 6.23 176.05 -1.01%
1.11 2.36 10.04 13.82 2.64 95.78 16.04%
0.17 7.63 NA NA 1.49 45.72 NA
1.67 1.50 10.93 15.98 2.35 30.41 17.63%
3.07 1.76 12.98 18.87 4.32 59.60 9.96%
0.84 3.71 10.73 22.18 3.22 53.35 -1.34%
1.25 1.54 9.53 14.14 1.93 38.08 14.16%
1.31 1.79 10.22 16.03 1.77 22.34 22.06%
1.28 2.18 12.88 19.09 2.96 49.75 15.66%
0.90 1.70 6.43 9.47 1.46 122.67 1.28%
3.31 1.29 12.15 16.80 3.45 49.11 14.32%
1.52 1.66 9.45 13.30 2.89 61.58 5.48%
1.17 1.68 11.85 18.87 1.93 45.86 13.32%
0.98 1.69 9.52 12.74 1.24 27.21 -13.70%
0.45 7.93 14.77 29.36 5.53 298.16 19.16%
0.73 3.94 13.96 20.41 3.44 910.91 17.63%
1.23 2.35 11.76 20.59 2.49 81.65 7.66%
1.56 1.84 12.19 19.58 2.63 59.80 21.44%
2.27 0.76 8.63 15.33 1.92 116.99 1.84%
1.59 1.53 11.75 18.62 2.43 67.40 17.03%
2.32 0.72 9.57 14.17 1.52 42.85 10.90%
1.40 2.90 11.70 17.08 2.82 121.66 9.82%
1.56 2.59 13.38 21.82 3.29 101.61 11.54%
1.41 1.20 13.07 20.68 1.93 51.72 14.96%
0.06 16.26 148.89 NA 1.46 125.59 NA
1.85 1.69 13.01 18.41 2.77 45.32 10.52%
5.61 0.46 10.43 16.92 1.94 62.93 4.74%
2.81 1.41 11.95 17.28 2.84 58.12 8.05%
0.23 7.37 11.71 20.35 1.65 90.27 -6.58%
1.08 4.10 17.21 26.71 3.67 63.82 24.78%
8.77 0.69 10.97 14.08 2.90 84.72 -1.85%
1.22 5.05 21.65 37.42 4.43 124.88 19.61%
1.28 1.34 10.29 13.49 1.86 17.63 61.98%
1.21 1.91 11.25 22.98 3.11 45.75 7.80%
0.78 3.14 13.23 22.75 2.68 152.97 -2.45%
2.13 3.07 16.24 19.50 5.41 62.00 7.02%
1.58 5.64 18.34 23.20 7.14 43.91 -2.74%
1.49 0.97 9.91 11.96 1.26 24.70 -4.65%
1.58 0.95 9.43 10.49 1.26 53.34 -96.53%
1.36 1.13 11.11 13.26 1.39 27.51 -36.20%
0.40 5.01 21.35 23.86 1.61 158.42 NA
1.60 2.02 14.23 20.07 3.01 43.76 24.75%
1.00 1.82 8.62 14.09 1.89 57.42 9.13%
1.98 1.25 9.12 14.49 2.57 49.87 12.31%
1.05 1.16 7.16 20.31 1.17 42.68 2.55%
0.37 3.87 8.47 46.41 1.52 84.76 1.10%
0.57 2.97 13.45 22.53 1.56 29.93 2.29%
1.93 0.95 9.52 17.16 1.74 51.71 6.46%
1.64 1.53 10.25 16.75 2.75 27.28 13.15%
1.03 1.42 9.25 15.86 1.61 297.11 18.04%
0.65 2.14 9.37 17.65 1.35 31.32 1.22%
0.66 2.70 8.52 20.47 1.70 39.30 13.06%
1.65 1.29 9.94 17.35 1.71 79.45 11.07%
0.12 12.20 21.41 34.32 1.58 112.52 38.69%
0.54 2.68 13.20 14.21 1.16 203.77 156.92%
0.30 3.49 13.08 16.18 0.88 49.93 71.22%
0.23 6.39 18.23 21.51 1.17 56.33 19.73%
1.11 2.28 12.91 20.71 2.72 40.13 18.27%
1.40 0.79 12.06 13.63 1.02 63.33 -38.56%
1.64 2.45 12.69 22.12 7.56 55.74 -1.09%
2.90 0.76 10.40 16.42 2.89 36.48 10.75%
2.61 1.73 12.64 17.75 9.55 28.04 6.40%
1.82 0.80 12.16 18.60 1.50 66.26 15.21%
2.62 0.82 9.72 19.70 2.54 35.16 0.40%
3.39 0.64 8.40 18.49 2.07 36.18 -3.07%
3.27 3.16 29.72 74.59 7.84 65.25 0.95%
2.44 1.05 9.01 16.79 3.19 41.91 6.81%
1.35 1.25 7.77 12.48 1.83 29.84 20.61%
0.79 3.87 11.18 18.46 3.08 54.91 19.79%
1.19 3.20 13.32 17.10 3.92 39.93 25.99%
0.75 1.82 10.85 25.69 1.34 36.16 5.26%
1.87 2.04 14.67 21.17 4.05 36.45 19.63%
1.05 5.28 21.11 26.25 4.33 55.14 13.40%
0.80 7.82 24.24 33.95 5.58 95.11 5.10%
0.88 6.36 22.54 33.50 5.90 97.07 13.96%
1.28 1.02 7.42 12.23 1.29 39.94 14.27%
0.74 2.27 6.62 16.84 1.74 37.85 -1.51%
1.03 2.37 15.25 23.80 2.88 69.66 18.91%
0.96 2.15 6.55 14.08 1.96 118.80 -2.77%
1.55 5.62 15.79 17.98 11.35 23.68 21.02%
1.79 1.52 10.63 17.02 2.38 80.25 3.22%
0.53 3.71 10.81 15.89 2.61 26.54 11.77%
1.45 1.35 10.09 19.83 2.09 34.27 7.93%
0.89 1.78 9.81 18.30 1.68 29.70 -1.51%
0.37 4.98 12.70 18.56 1.94 42.02 4.90%
 Net Cap Ex as Equity
Cap Ex as % % of Reinvestment Dividend Reinvestment
of Revenues Revenues Rate ROE Payout Ratio Rate
1.98% 1.71% 34.98% 12.62% 54.54% 54.54%
3.33% 1.73% 60.03% 21.95% 42.28% 42.28%
12.26% 6.63% 92.54% 17.25% 32.47% 32.47%
3.97% 2.54% 39.70% 11.55% 50.25% 50.25%
7.00% 3.97% 99.95% 12.55% 33.93% 33.93%
5.76% 5.02% 104.60% 13.70% 24.86% 24.86%
4.13% 2.68% 3453.14% 10.26% 35.79% 35.79%
4.21% 4.71% NA 8.46% 31.29% 31.29%
4.20% 5.15% 26.08% 17.14% 62.59% 62.59%
4.55% 3.55% 37.39% 21.87% 76.57% 76.57%
3.88% 3.08% 34.62% 10.16% 51.01% 51.01%
3.77% 3.24% 19156.54% 9.97% 46.20% 46.20%
4.03% 3.31% 62.98% 11.46% 31.64% 31.64%
2.40% 2.15% 48.59% 16.66% 49.38% 49.38%
12.94% -2.57% -19.46% 10.26% 35.73% 35.73%
5.79% 3.74% 66.02% 14.36% 39.95% 39.95%
7.16% 4.00% 58.60% 14.10% 41.52% 41.52%
5.93% 5.82% 79.81% 13.56% 41.85% 41.85%
7.51% 2.45% 11.80% 14.93% 72.36% 72.36%
1.82% 1.93% 47.56% 18.96% 36.41% 36.41%
6.73% 6.71% 84.66% 18.86% 28.12% 28.12%
4.60% 3.51% 75.84% 10.17% 46.28% 46.28%
4.91% 4.12% 46.97% 9.84% 30.94% 30.94%
4.84% 4.23% 42.18% 8.93% 67.92% 67.92%
4.38% 5.75% 44.45% 11.86% 67.27% 67.27%
5.63% 4.61% 67.94% 8.90% 41.14% 41.14%
4.31% 4.33% 80.83% 11.09% 44.91% 44.91%
4.60% 2.89% 110.70% 6.94% 38.91% 38.91%
5.99% 5.55% 123.07% 11.51% 35.44% 35.44%
3.00% 2.06% 50.45% 9.98% 50.54% 50.54%
4.51% 5.37% 101.55% 13.55% 33.70% 33.70%
8.55% 5.82% 100.36% 11.45% 46.54% 46.54%
4.47% 2.63% 86.77% 10.33% 37.54% 37.54%
7.27% 10.18% 205.94% 20.81% 22.78% 22.78%
4.33% 4.74% 73.07% 12.15% 51.95% 51.95%
1.47% 0.83% 27.98% 10.54% 47.43% 47.43%
3.38% 6.04% 86.20% 20.83% 40.51% 40.51%
30.27% 10.86% 46.27% 10.12% 90.62% 90.62%
4.69% 9.33% 85.66% 10.69% 39.86% 39.86%
0.98% 1.97% 67.73% 14.76% 25.67% 25.67%
5.15% 10.68% 121.75% 10.07% 16.98% 16.98%
0.94% 1.32% 51.93% 12.45% 23.04% 23.04%
6.18% 4.42% 127.88% 10.18% 46.45% 46.45%
8.90% 3.25% 28.25% 9.52% 55.86% 55.86%
3.94% 8.54% 77.35% 25.25% 48.71% 48.71%
 3.21% 1.38% 14.38% 20.97% 28.05% 28.05%
0.84% 0.62% 23.11% 7.75% 50.57% 50.57%
0.64% 0.45% 12.87% 7.82% 41.09% 41.09%
0.59% 0.54% 29.53% 8.33% 40.36% 40.36%
2.19% 6.84% 52.73% 12.24% 37.73% 37.73%
3.66% 4.54% 84.25% 12.22% 38.94% 38.94%
7.06% 2.18% 47.68% 9.93% 44.12% 44.12%
3.65% 2.89% 46.90% 8.11% 55.90% 55.90%
9.28% 0.92% 32.44% 6.22% 67.45% 67.45%
42.30% 15.61% 327.98% -0.68% 0.56% 0.56%
16.42% 9.49% 105.35% 6.98% 112.12% 112.12%
3.54% 1.19% 64.33% 7.01% 74.53% 74.53%
5.78% 6.50% 106.97% 14.59% 41.63% 41.63%
7.06% 3.96% 62.12% 9.32% 41.97% 41.97%
15.60% 8.74% 100.71% 10.57% 54.59% 54.59%
18.96% 9.69% 129.59% 4.29% 71.47% 71.47%
3.02% 2.01% 38.10% 0.86% 471.40% 471.40%
6.46% 2.10% 11.28% 10.09% 74.78% 74.78%
2.83% 7.85% 78.15% 11.89% 53.77% 53.77%
8.25% 10.49% 47.53% 9.01% 30.28% 30.28%
5.35% 9.22% 50.88% 14.88% 24.21% 24.21%
7.32% 5.32% 76.20% 8.55% 56.02% 56.02%
0.12% 0.15% 18.51% 5.55% 64.82% 64.82%
4.94% 3.20% 42.98% 30.87% 55.70% 55.70%
2.27% 2.10% 103.15% 19.26% 28.63% 28.63%
2.04% 0.44% 10.92% 36.18% 42.83% 42.83%
2.73% 2.32% 110.13% 10.19% 37.65% 37.65%
2.98% 0.88% 28.68% 11.64% 49.68% 49.68%
2.93% 1.33% 37.44% 11.98% 42.65% 42.65%
4.34% 4.14% 155.78% 14.10% 11.51% 11.51%
2.02% 0.62% 12.46% 14.61% 41.21% 41.21%
4.91% 2.10% 48.27% 12.08% 35.78% 35.78%
15.32% 14.81% 108.91% 17.42% 38.46% 38.46%
5.52% 7.72% 68.06% 23.58% 21.49% 21.49%
10.39% 7.26% 135.26% 1.19% 468.40% 468.40%
1.73% -0.37% 3.40% 17.70% 35.85% 35.85%
2.83% 2.46% 31.44% 13.82% 23.43% 23.43%
8.01% 6.08% 45.26% 18.57% 5.47% 5.47%
5.14% 14.18% 104.77% 15.07% 47.52% 47.52%
4.71% 2.21% 71.77% 9.62% 34.89% 34.89%
12.13% -2.56% -9.93% 9.07% 61.86% 61.86%
3.52% 4.15% 74.42% 7.70% 70.41% 70.41%
13.16% -1.54% -3.33% 12.51% 78.88% 78.88%
3.73% -1.78% -9.52% 88.58% 59.88% 59.88%
4.84% 0.94% 30.84% 15.70% 46.69% 46.69%
15.73% 11.64% 74.76% 13.93% 29.85% 29.85%
8.61% 5.75% 131.19% 9.56% 32.24% 32.24%
12.67% 6.34% 91.44% 7.44% 115.07% 115.07%
20.70% 12.04% 95.65% 11.23% 54.93% 44.26%
Country Moody's rating Adj. Default SpreadEquity Risk Premiu
Abu Dhabi Aa2 0.51% 5.65%
Albania B1 4.62% 10.27%
Algeria NA 6.67% 12.58%
Andorra (Principality of) Baa2 1.95% 7.27%
Angola B2 5.64% 11.42%
Anguilla NA 5.61% 11.39%
Antigua & Barbuda NA 5.61% 11.39%
Argentina B2 5.64% 11.42%
Armenia B1 4.62% 10.27%
Aruba Baa1 1.64% 6.92%
Australia Aaa 0.00% 5.08%
Austria Aa1 0.41% 5.54%
Azerbaijan Ba2 3.08% 8.54%
Bahamas Baa3 2.26% 7.62%
Bahrain B1 4.62% 10.27%
Bangladesh Ba3 3.69% 9.23%
Barbados Caa3 10.25% 16.60%
Belarus Caa1 7.69% 13.72%
Belgium Aa3 0.62% 5.78%
Belize B3 6.67% 12.58%
Benin NA 4.86% 10.47%
Bermuda A2 0.87% 6.06%
Bolivia Ba3 3.69% 9.23%
Bosnia and Herzegovina B3 6.67% 12.58%
Botswana A2 0.87% 6.06%
Brazil Ba2 3.08% 8.54%
British Virgin Islands NA 5.61% 11.39%
Brunei NA 0.87% 6.06%
Bulgaria Baa2 1.95% 7.27%
Burkina Faso B2 5.64% 11.42%
Cambodia B2 5.64% 11.42%
Cameroon B2 5.64% 11.42%
Canada Aaa 0.00% 5.08%
Cape Verde B2 5.64% 11.42%
Cayman Islands Aa3 0.62% 5.78%
Channel Islands NA 0.82% 6.01%
Chile Aa3 0.62% 5.78%
China A1 0.72% 5.89%
Colombia Baa2 1.95% 7.27%
Congo (Democratic Republic of B3 6.67% 12.58%
Congo (Republic of) Caa2 9.23% 15.46%
Cook Islands B1 4.62% 10.27%
Costa Rica Ba2 3.08% 8.54%
Croatia Ba2 3.08% 8.54%
Cuba Caa2 9.23% 15.46%
Curaçao A3 1.23% 6.46%
Cyprus Ba3 3.69% 9.23%
Czech Republic A1 0.72% 5.89%
Denmark Aaa 0.00% 5.08%
Dominican Republic Ba3 3.69% 9.23%
Ecuador B3 6.67% 12.58%
Egypt B3 6.67% 12.58%
El Salvador Caa1 7.69% 13.72%
Estonia A1 0.72% 5.89%
Ethiopia B1 4.62% 10.27%
Falkland Islands NA 3.16% 8.63%
Fiji Ba3 3.69% 9.23%
Finland Aa1 0.41% 5.54%
France Aa2 0.51% 5.65%
Gabon B3 6.67% 12.58%
Gambia NA 9.23% 15.46%
Georgia Ba2 3.08% 8.54%
Germany Aaa 0.00% 5.08%
Ghana B3 6.67% 12.58%
Gibraltar NA 0.82% 6.01%
Greece Caa2 9.23% 15.46%
Greenland NA 0.82% 6.01%
Guatemala Ba1 2.56% 7.96%
Guernsey (States of) Aa3 0.62% 5.78%
Guinea NA 9.23% 15.46%
Guinea-Bissau NA 6.67% 12.58%
Guyana NA 3.69% 9.23%
Haiti NA 7.69% 13.73%
Honduras B1 4.62% 10.27%
Hong Kong Aa2 0.51% 5.65%
Hungary Baa3 2.26% 7.62%
Iceland A3 1.23% 6.46%
India Baa2 1.95% 7.27%
Indonesia Baa3 2.26% 7.62%
Iran NA 1.95% 7.27%
Iraq Caa1 7.69% 13.72%
Ireland A2 0.87% 6.06%
Isle of Man Aa2 0.51% 5.65%
Israel A1 0.72% 5.89%
Italy Baa2 1.95% 7.27%
Ivory Coast Ba3 3.69% 9.23%
Jamaica B3 6.67% 12.58%
Japan A1 0.72% 5.89%
Jersey (States of) Aa3 0.62% 5.78%
Jordan B1 4.62% 10.27%
Kazakhstan Baa3 2.26% 7.62%
Kenya B1 4.62% 10.27%
Korea Aa2 0.51% 5.65%
Korea, D.P.R. NA 10.25% 16.60%
Kuwait Aa2 0.51% 5.65%
Kyrgyzstan B2 5.64% 11.42%
Laos NA 1.06% 6.27%
Latvia A3 1.23% 6.46%
Lebanon B3 6.67% 12.58%
Liberia NA 12.30% 18.91%
Libya NA 7.69% 13.73%
Liechtenstein Aaa 0.00% 5.08%
Lithuania A3 1.23% 6.46%
Luxembourg Aaa 0.00% 5.08%
Macau Aa3 0.62% 5.78%
Macedonia Ba3 3.69% 9.23%
Madagascar NA 5.64% 11.42%
Malawi NA 7.69% 13.73%
Malaysia A3 1.23% 6.46%
Mali NA 7.69% 13.73%
Malta A3 1.23% 6.46%
Mauritius Baa1 1.64% 6.92%
Mexico A3 1.23% 6.46%
Moldova B3 6.67% 12.58%
Mongolia Caa1 7.69% 13.72%
Montenegro B1 4.62% 10.27%
Montserrat Baa3 2.26% 7.62%
Morocco Ba1 2.56% 7.96%
Mozambique Caa3 10.25% 16.60%
Myanmar NA 6.67% 12.58%
Namibia Ba1 2.56% 7.96%
Netherlands Aaa 0.00% 5.08%
Netherlands Antilles NA 5.61% 11.39%
New Zealand Aaa 0.00% 5.08%
Nicaragua B2 5.64% 11.42%
Niger NA 12.30% 18.91%
Nigeria B2 5.64% 11.42%
Norway Aaa 0.00% 5.08%
Oman Baa2 1.95% 7.27%
Pakistan B3 6.67% 12.58%
Palestinian Authority NA 1.43% 6.69%
Panama Baa2 1.95% 7.27%
Papua New Guinea B2 5.64% 11.42%
Paraguay Ba1 2.56% 7.96%
Peru A3 1.23% 6.46%
Philippines Baa2 1.95% 7.27%
Poland A2 0.87% 6.06%
Portugal Ba1 2.56% 7.96%
Qatar Aa3 0.62% 5.78%
Ras Al Khaimah (Emirate of) A2 0.87% 6.06%
Reunion NA 4.86% 10.47%
Romania Baa3 2.26% 7.62%
Russia Ba1 2.56% 7.96%
Rwanda B2 5.64% 11.42%
Saint Lucia NA 5.61% 11.39%
Saudi Arabia A1 0.72% 5.89%
Senegal Ba3 3.69% 9.23%
Serbia Ba3 3.69% 9.23%
Sharjah A3 1.23% 6.46%
Sierra Leone NA 12.30% 18.91%
Singapore Aaa 0.00% 5.08%
Slovakia A2 0.87% 6.06%
Slovenia Baa1 1.64% 6.92%
Solomon Islands NA 1.06% 6.27%
Somalia NA 12.30% 18.91%
South Africa Baa3 2.26% 7.62%
Spain Baa2 1.95% 7.27%
Sri Lanka B1 4.62% 10.27%
St. Maarten Baa2 1.95% 7.27%
St. Vincent & the Grenadines B3 6.67% 12.58%
Sudan NA 18.00% 25.32%
Suriname B1 4.62% 10.27%
Swaziland B2 0.00% 5.08%
Sweden Aaa 0.00% 5.08%
Switzerland Aaa 0.00% 5.08%
Syria NA 18.00% 25.32%
Taiwan Aa3 0.62% 5.78%
Tajikistan B3 2.56% 7.96%
Tanzania NA 6.67% 12.58%
Thailand Baa1 1.64% 6.92%
Togo NA 7.69% 13.73%
Trinidad & Tobago Ba1 2.56% 7.96%
Tunisia B1 4.62% 10.27%
Turkey Ba1 2.56% 7.96%
Turks & Caicos Islands Baa1 1.64% 6.92%
Uganda B2 5.64% 11.42%
Ukraine Caa2 9.23% 15.46%
United Arab Emirates Aa2 0.51% 5.65%
United Kingdom Aa2 0.51% 5.65%
United States Aaa 0.00% 5.08%
Uruguay Baa2 1.95% 7.27%
Venezuela Caa3 10.25% 16.60%
Vietnam B1 4.62% 10.27%
Yemen, Republic NA 18.00% 25.32%
Zambia B3 6.67% 12.58%
Zimbabwe NA 9.23% 15.46%

ERP Default Spread Tax rate

Africa & Mid East 8.11% 2.69% 23.26%
Australia, NZ & Canada 5.08% 0.00% 28.03%
Latin America & Caribbean 8.75% 2.00% 27.15%
Japan 5.89% 0.72% 35.64%
US 5.08% 0.00% 40.00%
Europe 6.01% 0.82% 30.00%
Emerging Markets 7.14% 0.93% 25.00%
Small Asia (No India, China & 6.93% 0.78% 20.00%
North America 5.08% 0.00% 26.50%

Global 6.21% 1.00% 30.00%

Country Risk PremiumCorporate Tax Rate Region
0.57% 0.00% Middle East
5.19% 15.00% Eastern Europe & Russia
7.50% 26.00% Africa
2.19% 0.00% Western Europe
6.34% 30.00% Africa
6.31% 24.02% Caribbean
6.31% 24.02% Caribbean
6.34% 35.00% Central and South America
5.19% 20.00% Eastern Europe & Russia
1.84% 0.00% Caribbean
0.00% 30.00% Australia & New Zealand
0.46% 25.00% Western Europe
3.46% 20.00% Eastern Europe & Russia
2.54% 0.00% Caribbean
5.19% 0.00% Middle East
4.15% 25.00% Asia
11.52% 25.00% Caribbean
8.64% 18.00% Eastern Europe & Russia
0.70% 33.99% Western Europe
7.50% 28.21% Central and South America
5.46% 27.61% Africa
0.98% 0.00% Caribbean
4.15% 25.00% Central and South America
7.50% 10.00% Eastern Europe & Russia
0.98% 22.00% Africa
3.46% 34.00% Central and South America
6.31% 24.02% Caribbean
0.98% 18.50% Middle East
2.19% 10.00% Eastern Europe & Russia
6.34% 27.50% Africa
6.34% 20.00% Asia
6.34% 33.00% Africa
0.00% 26.50% North America
6.34% 28.21% Africa
0.70% 0.00% Caribbean
0.93% 25.51% Western Europe
0.70% 25.50% Central and South America
0.81% 25.00% Asia
2.19% 34.00% Central and South America
7.50% 35.00% Africa
10.38% 28.21% Africa
5.19% 0.00% Australia & New Zealand
3.46% 30.00% Central and South America
3.46% 20.00% Eastern Europe & Russia
10.38% 27.98% Caribbean
1.38% 22.00% Caribbean
4.15% 12.50% Western Europe
0.81% 19.00% Eastern Europe & Russia
0.00% 22.00% Western Europe
4.15% 27.00% Caribbean
7.50% 22.00% Central and South America
7.50% 22.50% Africa
8.64% 30.00% Central and South America
0.81% 20.00% Eastern Europe & Russia
5.19% 30.00% Africa
3.55% 31.73% Central and South America
4.15% 20.00% Asia
0.46% 20.00% Western Europe
0.57% 33.33% Western Europe
7.50% 30.00% Africa
10.38% 31.00% Africa
3.46% 15.00% Eastern Europe & Russia
0.00% 29.79% Western Europe
7.50% 25.00% Africa
0.93% 25.51% Western Europe
10.38% 29.00% Western Europe
0.93% 25.51% Western Europe
2.88% 25.00% Central and South America
0.70% 0.00% Western Europe
10.38% 28.21% Africa
7.50% 28.21% Africa
4.15% 27.98% Central and South America
8.65% 27.98% Caribbean
5.19% 25.00% Central and South America
0.57% 16.50% Asia
2.54% 9.00% Eastern Europe & Russia
1.38% 20.00% Western Europe
2.19% 30.00% Asia
2.54% 25.00% Asia
2.19% 21.28% Asia
8.64% 15.00% Middle East
0.98% 12.50% Western Europe
0.57% 0.00% Western Europe
0.81% 24.00% Middle East
2.19% 24.00% Western Europe
4.15% 25.00% Africa
7.50% 25.00% Caribbean
0.81% 30.86% Asia
0.70% 20.00% Western Europe
5.19% 20.00% Middle East
2.54% 20.00% Eastern Europe & Russia
5.19% 30.00% Africa
0.57% 22.00% Asia
11.52% 21.28% Asia
0.57% 15.00% Middle East
6.34% 15.00% Eastern Europe & Russia
1.19% 25.93% Asia
1.38% 15.00% Eastern Europe & Russia
7.50% 15.00% Middle East
13.83% 28.21% Africa
8.65% 20.00% Africa
0.00% 12.50% Western Europe
1.38% 15.00% Eastern Europe & Russia
0.00% 27.08% Western Europe
0.70% 12.00% Asia
4.15% 10.00% Eastern Europe & Russia
6.34% 20.00% Africa
8.65% 30.00% Africa
1.38% 24.00% Asia
8.65% 28.21% Africa
1.38% 35.00% Western Europe
1.84% 15.00% Asia
1.38% 30.00% Central and South America
7.50% 12.00% Eastern Europe & Russia
8.64% 25.00% Asia
5.19% 9.00% Eastern Europe & Russia
2.54% 27.98% Caribbean
2.88% 31.00% Africa
11.52% 32.00% Africa
7.50% 25.00% Asia
2.88% 32.00% Africa
0.00% 25.00% Western Europe
6.31% 24.02% Caribbean
0.00% 28.00% Australia & New Zealand
6.34% 30.00% Central and South America
13.83% 28.21% Africa
6.34% 30.00% Africa
0.00% 24.00% Western Europe
2.19% 15.00% Middle East
7.50% 31.00% Asia
1.61% 20.56% Middle East
2.19% 25.00% Central and South America
6.34% 30.00% Asia
2.88% 10.00% Central and South America
1.38% 29.50% Central and South America
2.19% 30.00% Asia
0.98% 19.00% Eastern Europe & Russia
2.88% 21.00% Western Europe
0.70% 10.00% Middle East
0.98% 0.00% Middle East
5.46% 27.61% Africa
2.54% 16.00% Eastern Europe & Russia
2.88% 20.00% Eastern Europe & Russia
6.34% 30.00% Africa
6.31% 24.02% Caribbean
0.81% 20.00% Middle East
4.15% 30.00% Africa
4.15% 15.00% Eastern Europe & Russia
1.38% 0.00% Middle East
13.83% 30.00% Africa
0.00% 17.00% Asia
0.98% 21.00% Eastern Europe & Russia
1.84% 19.00% Eastern Europe & Russia
1.19% 25.93% Asia
13.83% 20.00% Africa
2.54% 28.00% Africa
2.19% 25.00% Western Europe
5.19% 28.00% Asia
2.19% 34.50% Caribbean
7.50% 27.98% Caribbean
20.24% 35.00% Africa
5.19% 36.00% Central and South America
0.00% 27.50% Africa
0.00% 22.00% Western Europe
0.00% 17.77% Western Europe
20.24% 28.00% Middle East
0.70% 17.00% Asia
2.88% 0.00% Eastern Europe & Russia
7.50% 30.00% Africa
1.84% 20.00% Asia
8.65% 28.67% Africa
2.88% 25.00% Caribbean
5.19% 25.00% Africa
2.88% 20.00% Western Europe
1.84% 0.00% Caribbean
6.34% 30.00% Africa
10.38% 18.00% Eastern Europe & Russia
0.57% 55.00% Middle East
0.57% 20.00% Western Europe
0.00% 24.00% North America
2.19% 25.00% Central and South America
11.52% 34.00% Central and South America
5.19% 20.00% Asia
20.24% 20.00% Africa
7.50% 35.00% Africa
10.38% 25.00% Africa
 Last 10K
First X months:
FirstLast
X months:
year Current
Trailing
year
12 month
Revenues $5,089.00 $2,242.00 $3,271.00 $6,118.00
R&D expense $1,399.00 $858.00 $637.00 $1,178.00
Operating income or EBIT $538.00 -$362.00 $935.00 $1,835.00
Interest expenses $51.00 $24.00 $29.00 $56.00
Book value of equity $11,755.00 $12,349.00
Book value of debt $2,356.00 $2,167.00
Do you have operating lease commitments?
Cash and cross holdings $9,626.00 $10,252.00
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 41.00% 22.31% 38.90%
Marginal tax rate =
Lease commitments
Year 1 $142.00 NA
Year 2 $128.00 NA
Year 3 $117.00 NA
Year 4 $110.00 NA
Year 5 $102.00 NA
Beyond year 5 $252.00 NA
Yes/No
Yes Current Price
No Estimated Value