Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month

data)
I. Income Statement
Current EBIT =
$
(55.00)
Current Interest Expense =
$
0.51
Current Capital Spending
$ 459.27
Current Depreciation and Amortization
$ = 59.52
Current Revenues =
$ 1,246.30
II. Balance Sheet
This period Last period
Current Non-cash Working Capital =$
65.00 $
29.00
Book Value of Debt =
$ 198.47
108.165
Book Value of Equity =
$ 1,513.04
1097.267
Cash & Marketable Securities =
$ 792.26
Non-operating Assets
$ 194.48
III. Tax Information
NOL carried forward =
$ 1,289.00
Marginal tax rate =
37.50%
Adjustments to Current Financial Information
Do you have any operating leases?
Does your firm have R&D expenses?
Are there any other operating expenses to be capitalized?
Discount Rate Inputs
Current Beta =
Current Cost of Borrowing =
Current Market Value of Debt =

Yes
No
No

1.37
5.91%
$
143.14

Expectations for the future

Do you want to enter the growth rate in revenues each year?
If no, Compounded Annual Growth Rate in Revenues for next 10 years:

Yes
28.54%

Do you want me to use current working capital as percent of revenues for the future? No
If not, enter non-cash working capital as a percent of revenues in future periods
140.77%
How would you like capital expenditures to be estimated?
3
If you would chose 3, enter the sales to capital ratio that you would like maintained
3.02
Stable Growth Inputs
Expected Growth Rate in perpetutity =
Expected Operating Margin =
Expected Debt to Capital(MV) Ratio for the firm =
Expected Beta =
Expected Cost of Debt =
Return on Capital for the firm =

3%
Speed of convergence
14.19%
1.5
44.71%
1.10
7.20%
26.39%

Per Share Inputs

Number of Shares outstanding =
Current Stock Price =
$
Does your firm have equity options outstanding?
If yes, enter the number of options outstanding =
and the average exercise price of the options outstanding =
and the average maturity of the options outstanding =
and the standard deviation in the firm's stock price =
General Information
Current long term government bond rate =
Estimated Market Risk Premium =
Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied =
10
Value to Sales multiple in that year =
3.79650713

81.644
119.48
Yes
1.53631
251.31
9
61%

3.55%
4.56%

f possible, use trailing 12-month data)

Base
$1,246
-4.18%
-$52
$0
-$52
$60
$459
$36
-$488
$1,289

1
55.00%
$1,932
3.17%
$61
$0
$61
$80
-$658
$965
-$166
$1,228

2
45.00%
$2,801
7.58%
$212
$0
$212
$104
-$831
$1,224
-$76
$1,016

3
40.00%
$3,921
10.22%
$401
$0
$401
$125
-$1,081
$1,577
$30
$615

4
35.00%
$5,294
11.81%
$625
$4
$621
$144
-$1,333
$1,932
$167
$0

5
30.00%
$6,882
12.76%
$878
$329
$549
$161
-$1,548
$2,236
$23
$0

6
20.00%
$8,259
13.34%
$1,101
$413
$688
$174
-$1,307
$1,938
$233
$0

7
15.00%
$9,497
13.68%
$1,299
$487
$812
$185
-$1,149
$1,744
$402
$0

8
12.00%
$10,637
13.88%
$1,477
$554
$923
$190
-$1,037
$1,604
$546
$0

9
8.00%
$11,488
14.01%
$1,609
$603
$1,006
$196
-$720
$1,198
$724
$0

10
Terminal Year
6.00%
3%
$12,177
$12,543
14.08%
14.19%
$1,715
$1,780
$643
$668
$1,072
$1,113
$202
$208
-$540
-$180
$970
$514
$844
$986
$0
$0
$26,302

Cost of Capital Calculations

Tax Rate
0.00%
Debt Ratio
1.92%
Beta
1.37
Cost of Equity
9.80%
Cost of Debt
5.91%
After-tax cost of debt
5.91%
Cost of Capital
9.72%

0.00%
1.92%
1.37
9.80%
5.91%
5.91%
9.72%

0.00%
1.92%
1.37
9.80%
5.91%
5.91%
9.72%

0.00%
1.92%
1.37
9.80%
5.91%
5.91%
9.72%

0.64%
1.92%
1.37
9.80%
5.91%
5.87%
9.72%

37.50%
1.92%
1.37
9.80%
5.91%
3.69%
9.68%

37.50%
10.48%
1.32
9.55%
6.17%
3.86%
8.95%

37.50%
12.62%
1.26
9.30%
6.23%
3.90%
8.62%

37.50%
16.19%
1.21
9.06%
6.34%
3.96%
8.23%

37.50%
23.32%
1.15
8.81%
6.56%
4.10%
7.71%

37.50%
44.71%
1.10
8.57%
7.20%
4.50%
6.75%

Revenue Growth Rate

Revenues
Operating Margin
EBIT
Taxes
EBIT(1-t)
+ Depreciation
- Capital Expenditures
- Chg WC
FCFF
NOL
Terminal Value

37.50%
44.71%
1.10
8.57%
7.20%
4.50%
6.75%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $ 1,711.51 $
1,938 $
2,226 $
2,597 $
3,052 $
3,578 $
4,033 $
4,444 $
4,821 $
5,103 $
5,331 $
5,458
Reinvestment Rate
NMF
371.04%
135.62%
92.54%
73.15%
95.78%
78.90%
74.68%
67.65%
53.58%
11.37%
11.37%
Increase in Revenue/Increase in Capital
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
3.02
2.89
Return on Capital
3.57%
10.95%
18.01%
23.92%
17.99%
19.24%
20.13%
20.77%
20.86%
21.00%
26.39%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

1.09721575
1.2038824 1.32091873 1.44932323 1.589602415 1.731926011 1.881246989 2.036139682 2.193186029 2.341210317
$
(151) $
(63) $
23 $
115 $
15 $
134 $
214 $
268 $
330 $
360
$
11,235

The Valuation
PV of FCFF during high growth phase =
PV of Terminal Value =
Value of Operating Assets of the firm =
Value of Cash & Non-operating assets=
Value of Firm =
- Value of Outstanding Debt =
Value of Equity =
- Value of Equity Options =
Value of Equity in Common Stock =
Value of Equity per share =

$
$
$
$
$
$
$
$
$
$

1,245
11,235
12,479
986.74
13,466
191
13,275
95
13,180
161.43

Treasury Stock Approach

$
164.23

Summary Output
Revenues
EBIT
EBIT(1-t)
- Reinvestment
FCFF

$1,932
$61
$61
$227
-$166

$2,801
$212
$212
$288
-$76

$3,921
$401
$401
$371
$30

$5,294
$625
$621
$454
$167

$6,882
$878
$549
$526
$23

$8,259
$1,101
$688
$456
$233

$9,497
$1,299
$812
$410
$402

$10,637
$1,477
$923
$377
$546

$11,488
$1,609
$1,006
$282
$724

$12,177
$1,715
$1,072
$228
$844

$12,543
$1,780
$1,113
$127
$986

Relative Valuation Output

Year in which multiple is used =
10
Value to Sales Ratio for Specialty retailers= 3.79650713
Revenue in chosen year =
$
Value in chosen year =
$
Cost of capital in chosen year
Value today =
$
+ Cash & Securities =
$
- Debt outstanding =
$
-Equity options outstanding= $
Value of Equity in stock =
$
Value per share =
$

12,177
46,232
2.3412
19,747
987
191
95
20,447
250.44

Year
1
2
3
4
5
6
7
8
9
10

Revenues
$
1,932
$
2,801
$
3,921
$
5,294
$
6,882
$
8,259
$
9,497
$
10,637
$
11,488
$
12,177

Cumulated Cost of Capital

109.72%
120.39%
132.09%
144.93%
158.96%
173.19%
188.12%
203.61%
219.32%
234.12%

Company

Market Value Percent Owned

Operating Lease Converter

Inputs
Operating lease expense in current year =
$
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$
9.38
2
$
5.30
3
$
4.85
4
$
4.05
5
$
3.92
6 and beyond $
41.68

43.00

Output
Pre-tax Cost of Debt =

5.91%

! 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) =
$ 438.34 ! This is the EBIT reported in the current income statement
Reported Debt =
$ 254.63 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate =

! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6

Converting Operating Leases into debt

Year
Commitment Present Value
1 $
9.38 $
8.86
2 $
5.30 $
4.72
3 $
4.85 $
4.08
4 $
4.05 $
3.22
5 $
3.92 $
2.94
6 and beyond $
5.21 $
24.36 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$
48.18
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$
$

3.71 ! I use straight line depreciation

$2.85 ! PV of operating leases * Pre-tax cost of debt
48.18

come statement
on the balance sheet

line depreciation
ing leases * Pre-tax cost of debt

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
3
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$
34.42 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
0
0
0
0
0
0
0
Output
Year
Current
-1
-2
-3
0
0
0
0
0
0
0

R& D Expenses
16.91
! Year -1 is the year prior to the current year
7.26
! Year -2 is the two years prior to the current year
3.27
1.24
3.84

R&D Expense
34.42
16.91
7.26
3.27
1.24
3.84
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
34.42
0.67
11.27
0.33
2.42
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

Value of Research Asset =

Amortization of asset for current year =
Adjustment to Operating Income =
Tax Effect of R&D Expensing

0.00

Amortization this year

$
$
$
$
$
$
$
$
$
$

$48.11 $

5.64
2.42
1.09
-

9.15

$9.15

$25.27 ! A positive number indicates an increase in operating income (add to reported EB

$9

Look Up Table for Amortization Periods

Industry NameAmortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
Auto Parts (Replacement) 5
Bank
2
Bank (Canadian)
2
Bank (Foreign)
2

Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period

2 years
3 years
5 years
10 years
10 years
10 years

Bank (Midwest)
2
Beverage (Alcoholic)
3
Beverage (Soft Drink)
3
Building Materials
5
Cable TV
10
Canadian Energy
10
Cement & Aggregates 10
Chemical (Basic)
10
Chemical (Diversified) 10
Chemical (Specialty)
10
Coal/Alternate Energy
5
Computer & Peripherals 5
Computer Software & Svcs3
Copper
5
Diversified Co.
5
Drug
10
Drugstore
3
Educational Services
3
Electric Util. (Central) 10
Electric Utility (East)
10
Electric Utility (West) 10
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings 3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems 3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified) 3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic)3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.) 5
Natural Gas (Distrib.) 10
Natural Gas (Diversified)10

Newspaper
3
Office Equip & Supplies 5
Oilfield Services/Equip. 5
Packaging & Container 5
Paper & Forest Products 10
Petroleum (Integrated)
5
Petroleum (Producing)
5
Precision Instrument
5
Publishing
3
R.E.I.T.
3
Railroad
5
Recreation
5
Restaurant
2
Retail (Special Lines)
2
Retail Building Supply 2
Retail Store
2
Securities Brokerage
2
Semiconductor
5
Semiconductor Cap Equip 5
Shoe
3
Steel (General)
5
Steel (Integrated)
5
Telecom. Equipment
10
Telecom. Services
5
Textile
5
Thrift
2
Tire & Rubber
5
Tobacco
5
Toiletries/Cosmetics
3
Trucking/Transp. Leasing 5
Utility (Foreign)
10
Water Utility
10

e adjustments to operating income, net

se the lookup table below

allowed is ten years
ed by the amortization period

n operating income (add to reported EBIT)

Other Expenses to Capitalize

This spreadsheet converts any 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 these expenses
10
Enter the current year's operating expense =
$ 206.54 The maximum allowed is ten years
Enter operating expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
Output
Year
Current
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10

Operating Expenses
99.12
! Year -1 is the year prior to the current year
45.07
! Year -2 is the two years prior to the current year
19.00
10.21
11.98

R&D Expense
206.54
99.12
45.07
19.00
10.21
11.98
0.00
0.00
0.00
0.00

Unamortized portion
1.00
206.54
0.90
89.20
0.80
36.06
0.70
13.30
0.60
6.13
0.50
5.99
0.40
0.00
0.30
0.00
0.20
0.00
0.10
0.00

0.00

Value of Expensing Asset =

Amortization of asset for current year =
Adjustment to Operating Income =
Tax Effect of Expensing

0.00

0.00

Amortization this year

$
$
$
$
$
$
$
$
$
$

$357.22 $

9.91
4.51
1.90
1.02
1.20
-

18.54

$18.54

$188.00 ! A positive number indicates an increase in operating income (add to report

$70

ments to operating income, net

allowed is ten years

by the amortization period

n operating income (add to reported EBIT)

Enter the expected growth rate in revenues each year for the next 10 years
Year
Expected Growth Rate
1
55.00%
2
45.00%
3
40.00%
4
35.00%
5
30.00%
6
20.00%
7
15.00%
8
12.00%
9
8.00%
10
6.00%
Compounded Average
25.60%

Valuing Options or Warrants

Enter the current stock price =
$
161.43
Enter the strike price on the option =
251.31
Enter the expiration of the option =
9
Enter the standard deviation in stock prices =
61.18% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
3.55%
Enter the number of warrants (options) outstanding
1.53631
=
Enter the number of shares outstanding =
81.64
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
161.428151 # Warrants issued=
Strike Price=
251.31 # Shares outstanding=
Adjusted S (DO NOT ENTER)=
160.274831 T.Bond rate=
Adjusted K (DO NOT ENTER)= 251.31 Variance=
Expiration (in years) =
9 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

0.84678228
0.80144176

d2 =
N (d2) =

-0.98875408
0.16139174

Value per option =

98.98

Value of all options outstanding =

$152

1.53631
82
3.55%
0.3744
0.00%
3.55%

Industry Name
Number of firmsLevered Beta Unlevered Beta
Std Dev: Equity
Advertising
36
1.60
1.12
116.42%
Aerospace/Defense
67
1.19
1.09
64.87%
Air Transport
44
1.06
0.76
74.09%
Apparel
56
1.30
1.17
79.35%
Auto & Truck
22
1.72
0.83
52.03%
Auto Parts
54
1.75
1.38
67.05%
Bank
481
0.75
0.32
43.53%
Bank (Canadian)
7
0.86
0.82
23.74%
Bank (Midwest)
39
0.96
0.57
36.76%
Beverage
41
1.04
0.93
64.45%
Biotechnology
121
1.10
1.12
294.47%
Building Materials
53
1.45
0.89
72.48%
Cable TV
24
1.69
1.06
56.05%
Canadian Energy
10
1.18
0.98
33.08%
Chemical (Basic)
17
1.27
1.18
45.17%
Chemical (Diversified)
31
1.37
1.25
48.47%
Chemical (Specialty)
97
1.29
1.08
75.72%
Coal
21
1.67
1.45
53.61%
Computer Software/Svcs
333
1.02
1.08
598.70%
Computers/Peripherals
129
1.29
1.33
103.24%
Diversified Co.
121
1.20
0.64
68.45%
Drug
337
1.11
1.07
112.43%
E-Commerce
56
1.18
1.24
54.16%
Educational Services
38
0.75
0.78
62.68%
Electric Util. (Central)
23
0.79
0.48
25.86%
Electric Utility (East)
24
0.73
0.50
25.52%
Electric Utility (West)
14
0.75
0.49
21.92%
Electrical Equipment
87
1.41
1.33
75.73%
Electronics
183
1.16
1.10
86.80%
Entertainment
95
1.81
1.29
82.85%
Entertainment Tech
35
1.32
1.53
80.18%
Environmental
91
0.97
0.70
86.06%
Financial Svcs. (Div.)
296
1.39
0.47
87.65%
Food Processing
121
0.86
0.72
51.75%
Foreign Electronics
9
1.13
1.16
31.24%
Funeral Services
5
1.19
0.86
33.82%
Furn/Home Furnishings
35
1.52
1.23
70.15%
Healthcare Information
33
0.97
0.94
66.68%
Heavy Construction
14
1.42
1.63
48.31%
Homebuilding
28
1.45
0.98
66.60%
Hotel/Gaming
74
1.74
1.06
92.93%
Household Products
23
1.15
1.00
44.33%
Human Resources
30
1.38
1.47
59.07%
Industrial Services
168
1.07
0.91
74.25%
Information Services
29
1.28
1.12
49.65%
Insurance (Life)
31
1.38
1.75
66.33%
Insurance (Prop/Cas.)
85
0.92
1.00
34.68%
Internet
239
1.04
1.13
104.81%
Investment Co.
19
0.76
1.71
23.03%
Investment Co.(Foreign)
16
1.39
1.36
32.87%
Machinery
130
1.32
1.03
67.11%
Manuf. Housing/RV
15
1.21
1.35
62.57%
Maritime
53
1.38
0.61
39.35%
Medical Services
162
0.97
0.81
84.02%
Medical Supplies
264
1.04
1.02
82.45%
Metal Fabricating
36
1.54
1.51
54.08%

Market D/E
72.76%
22.94%
70.74%
23.61%
154.47%
51.24%
198.22%
16.44%
110.54%
16.92%
14.78%
83.80%
85.22%
30.86%
20.37%
19.85%
29.01%
23.68%
5.61%
10.93%
138.78%
12.58%
8.74%
7.21%
102.89%
75.74%
89.99%
16.91%
26.37%
56.83%
11.72%
49.42%
305.02%
29.31%
29.12%
56.52%
38.54%
13.57%
7.58%
102.34%
85.90%
22.36%
13.17%
33.96%
23.68%
36.81%
24.03%
2.28%
59.26%
9.38%
46.80%
3.98%
159.57%
43.09%
11.36%
18.80%

Metals & Mining (Div.)

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

79
32
24
15
25
19
113
31
39
24
198
21
77
78
98
20
9
30
143
15
65
8
68
157
15
7
43
32
30
125
14
19
20
15
115
140
227
12
19
33
5
15
60
7036

1.23
1.29
0.68
1.94
1.19
0.89
1.45
1.20
1.63
1.24
1.16
0.88
1.23
1.18
1.24
1.63
2.40
1.43
1.60
1.29
1.43
1.07
1.34
1.43
1.46
0.95
1.35
0.73
1.18
1.56
1.93
1.34
1.61
1.85
1.15
1.10
0.73
0.78
1.23
1.30
1.07
0.82
1.50
1.17

1.11
0.97
0.43
1.44
0.89
0.58
1.27
0.83
0.96
1.21
0.97
0.79
0.69
1.13
1.24
0.63
1.02
0.94
1.01
1.07
1.06
1.28
1.17
1.38
1.16
0.85
1.16
0.63
0.55
1.67
2.13
1.47
1.40
1.55
1.33
0.83
0.72
0.71
1.10
0.86
0.59
0.51
1.34
0.90

113.41%
46.18%
28.15%
69.74%
52.67%
37.58%
51.68%
47.29%
66.54%
41.48%
95.98%
36.80%
86.83%
72.44%
284.85%
47.93%
67.97%
51.79%
50.27%
37.52%
83.39%
30.67%
86.62%
71.37%
47.06%
34.70%
69.29%
280.49%
62.66%
64.76%
58.57%
47.22%
48.49%
53.57%
89.43%
76.90%
43.55%
54.11%
55.18%
49.49%
30.56%
44.29%
80.08%
100.53%

14.78%
47.84%
80.53%
55.65%
56.84%
61.46%
25.97%
61.31%
86.48%
14.44%
27.01%
20.07%
103.58%
8.49%
15.02%
191.86%
169.66%
70.33%
67.45%
32.95%
49.77%
17.69%
22.48%
16.08%
44.57%
19.12%
26.98%
26.17%
281.05%
8.06%
7.28%
3.55%
30.81%
39.30%
10.90%
47.03%
21.74%
22.93%
26.33%
85.30%
101.26%
87.95%
19.83%
49.99%

Market Debt/Capital
42.11%
18.66%
41.43%
19.10%
60.70%
33.88%
66.47%
14.12%
52.50%
14.47%
12.88%
45.59%
46.01%
23.58%
16.92%
16.56%
22.49%
19.15%
5.32%
9.86%
58.12%
11.18%
8.04%
6.73%
50.71%
43.10%
47.37%
14.46%
20.87%
36.23%
10.49%
33.07%
75.31%
22.67%
22.55%
36.11%
27.82%
11.95%
7.05%
50.58%
46.21%
18.28%
11.64%
25.35%
19.14%
26.91%
19.38%
2.23%
37.21%
8.58%
31.88%
3.83%
61.47%
30.12%
10.20%
15.82%

ROE
ROC
-24.84%
42.20%
3.08%
16.38%
#######
12.81%
-3.89%
11.91%
0.77%
38.33%
12.21%
9.10%
8.89%
21.79%
41.43%
22.17%
19.00%
36.07%
49.28%
61.78%
33.94%
26.32%
12.35%
37.13%
11.14%
13.35%
11.25%
22.39%
8.37%
9.40%
-8.35%
12.37%
192.25%
27.83%
-8.93%
16.21%
7.38%
17.47%
24.22%
#######
10.54%
23.89%
13.83%
17.06%
15.54%
32.30%
14.19%
25.59%
558.82%
6.16%
26.37%
6.21%
20.70%
20.77%
24.96%
20.40%

12.94%
25.35%
17.77%
17.65%
11.51%
18.45%
NA
NA
NA
22.63%
12.50%
10.08%
14.56%
23.59%
29.30%
23.90%
19.19%
27.27%
41.44%
39.75%
12.05%
25.05%
17.11%
30.65%
9.67%
11.55%
11.13%
20.14%
15.90%
12.62%
2.70%
12.05%
6.62%
18.50%
16.80%
13.45%
12.21%
17.99%
24.12%
-20.01%
10.81%
17.23%
17.69%
18.66%
14.20%
NA
NA
33.78%
NA
1.52%
17.22%
8.69%
13.20%
18.15%
21.62%
20.43%

Effective Tax Rate

13.01%
20.05%
17.63%
16.54%
13.25%
12.09%
17.50%
14.94%
20.65%
12.12%
4.46%
14.56%
21.86%
26.99%
21.59%
20.84%
12.86%
13.15%
10.12%
8.65%
18.93%
5.62%
13.50%
24.06%
32.27%
33.77%
32.45%
14.07%
10.63%
11.78%
6.28%
14.27%
16.53%
17.29%
10.71%
24.34%
17.48%
17.80%
33.76%
1.42%
12.93%
24.87%
23.63%
17.89%
19.37%
22.47%
15.68%
5.94%
0.00%
2.10%
20.41%
14.80%
9.70%
18.84%
11.24%
18.10%

Pre-tax Operating
After-tax
Margin
Operating Margin
15.97%
12.09%
12.32%
8.51%
10.15%
7.29%
12.48%
9.02%
7.66%
6.80%
7.42%
5.47%
NA
NA
NA
NA
NA
NA
19.19%
14.16%
21.94%
14.69%
12.64%
9.50%
34.54%
22.46%
41.62%
27.06%
16.20%
13.03%
18.14%
13.80%
13.55%
9.94%
22.92%
18.50%
26.29%
18.85%
12.49%
9.59%
20.56%
17.75%
32.59%
24.68%
12.67%
9.65%
19.77%
12.60%
20.90%
13.96%
26.54%
17.43%
23.87%
16.69%
15.57%
11.42%
7.14%
5.38%
23.65%
15.50%
3.65%
2.68%
21.81%
13.27%
58.00%
45.55%
12.18%
8.80%
7.97%
6.88%
20.75%
15.54%
7.43%
5.46%
18.80%
12.85%
6.52%
4.39%
-15.43%
-15.59%
19.84%
15.45%
20.88%
15.07%
4.82%
2.74%
10.16%
7.30%
21.37%
15.39%
NA
NA
NA
NA
20.99%
17.19%
NA
NA
7.18%
4.32%
12.98%
9.53%
4.09%
2.26%
30.03%
26.55%
11.27%
7.65%
11.81%
8.78%
12.70%
9.20%

12.87%
32.36%
44.61%
35.75%
36.24%
38.06%
20.61%
38.01%
46.37%
12.62%
21.27%
16.72%
50.88%
7.82%
13.06%
65.74%
62.92%
41.29%
40.28%
24.79%
33.23%
15.03%
18.36%
13.85%
30.83%
16.05%
21.25%
20.74%
73.76%
7.46%
6.79%
3.43%
23.55%
28.21%
9.83%
31.99%
17.86%
18.66%
20.84%
46.03%
50.31%
46.80%
16.55%
33.33%

21.34%
17.39%
13.55%
8.60%
24.60%
17.00%
23.90%
12.32%
-14.59%
31.96%
15.55%
10.57%
13.84%
4.46%
11.88%
3.56%
-16.73%
-77.36%
5.13%
17.45%
12.77%
13.67%
31.46%
16.20%
16.40%
15.14%
18.74%
17.37%
-12.91%
14.58%
14.29%
23.88%
23.19%
20.27%
13.59%
17.70%
-0.12%
94.26%
140.78%
-1.57%
-4.67%
7.13%
11.17%
14.72%

24.03%
16.04%
11.66%
13.60%
16.47%
11.85%
21.43%
18.82%
10.89%
24.87%
26.52%
13.20%
12.61%
9.45%
16.62%
9.98%
NA
26.25%
9.62%
14.70%
13.74%
NA
22.21%
20.58%
11.65%
14.04%
15.36%
16.73%
22.46%
28.55%
18.30%
25.81%
20.24%
21.99%
25.53%
23.03%
NA
30.69%
24.62%
13.51%
7.97%
7.51%
14.57%
18.01%

7.41%
25.01%
24.87%
27.26%
22.62%
7.15%
22.05%
18.18%
7.70%
33.00%
11.27%
24.36%
7.00%
8.41%
10.50%
9.03%
0.80%
15.54%
0.72%
27.39%
16.86%
4.17%
19.86%
18.49%
32.68%
27.05%
18.42%
30.39%
20.49%
10.85%
16.66%
22.11%
22.29%
22.94%
13.79%
12.80%
11.90%
26.03%
26.27%
30.87%
12.11%
31.16%
9.92%
14.07%

34.97%
40.16%
14.99%
16.35%
9.13%
13.81%
25.44%
13.16%
11.50%
14.46%
35.23%
6.71%
19.28%
34.24%
13.92%
30.58%
NA
18.30%
40.26%
31.65%
19.14%
NA
18.16%
8.28%
6.73%
9.49%
6.57%
5.58%
64.32%
26.57%
16.47%
11.41%
12.68%
17.03%
12.55%
39.19%
NA
24.46%
12.92%
11.34%
19.13%
37.35%
19.37%
21.25%

23.53%
26.57%
10.29%
10.20%
6.36%
11.48%
19.12%
9.99%
9.54%
8.01%
26.28%
4.25%
14.61%
25.11%
11.72%
27.02%
NA
12.38%
40.23%
20.71%
15.41%
NA
12.75%
5.33%
4.39%
5.94%
4.25%
3.69%
51.46%
20.66%
12.14%
8.14%
8.47%
13.98%
9.38%
28.12%
NA
16.30%
8.53%
7.88%
15.19%
24.22%
14.18%
15.68%

Net Margin
-7.53%
5.34%
0.00%
3.67%
-3.31%
-1.47%
NA
NA
NA
10.83%
11.84%
2.68%
3.58%
8.36%
4.01%
7.83%
3.48%
8.94%
13.69%
5.95%
5.57%
17.97%
5.94%
11.08%
6.09%
7.95%
7.71%
4.82%
0.38%
3.75%
-5.51%
5.00%
-91.89%
5.51%
-3.45%
4.94%
0.46%
7.40%
3.57%
-19.44%
1.32%
11.21%
0.59%
2.49%
10.28%
NA
NA
12.02%
NA
10.63%
2.70%
-2.57%
5.31%
4.13%
6.96%
2.40%

Cap Ex/ Depreciation

Non-cash WC/Payout
Revenues
Ratio Reinvestment Sales/Capital
Rate
72.93%
-12.85%
NA
-16.35%
1.07
121.25%
0.87%
48.72%
2.54%
2.98
154.03%
-7.74%
2070.48%
34.34%
2.44
131.83%
19.29%
20.35%
-5.57%
1.96
90.41%
24.35%
NA
-129.34%
1.69
98.08%
5.28%
50.30%
-14.10%
3.37
NA
NA
NA
0.00%
NA
NA
NA
0.00%
0.00%
NA
NA
NA
0.00%
0.00%
NA
115.79%
3.93%
59.61%
-3.87%
1.60
97.13%
8.69%
0.54%
-50.32%
0.85
115.07%
7.90%
36.11%
-5.17%
1.06
95.57%
-10.66%
43.54%
-4.63%
0.65
229.39%
0.17%
100.30%
55.96%
0.87
145.13%
8.91%
45.60%
2.95%
2.25
127.87%
14.48%
99.55%
9.76%
1.73
106.23%
11.17%
88.45%
-12.67%
1.93
164.52%
7.06%
63.20%
17.72%
1.47
80.80%
-7.26%
8.03%
-3.32%
2.20
82.19%
-1.62%
37.99%
-7.44%
4.15
123.66%
80.01%
42.74%
-46.03%
0.68
57.91%
10.14%
27.33%
-13.94%
1.01
117.75%
-10.02%
0.68%
6.04%
1.77
107.65%
-9.71%
5.58%
-7.39%
2.43
243.73%
6.25%
518.59%
73.62%
0.69
232.75%
7.62%
385.66%
61.57%
0.66
219.42%
-0.55%
398.39%
70.57%
0.67
137.62%
11.79%
29.68%
-8.03%
1.76
103.04%
10.99%
26.06%
-29.00%
2.96
84.45%
-0.39%
43.82%
-4.57%
0.81
45.31%
-7.51%
NA
-261.25%
1.01
88.65%
1.20%
86.32%
-4.87%
0.91
319.76%
22.13%
NA
8.48%
0.15
134.70%
6.01%
33.59%
-3.08%
2.10
99.12%
3.59%
NA
-7.70%
2.44
110.91%
3.88%
16.43%
2.18%
0.87
79.87%
12.79%
35.92%
-49.19%
2.24
58.79%
2.41%
2.86%
-16.71%
1.40
119.87%
2.39%
7.87%
5.55%
5.50
32.28%
65.71%
NA
NA
1.28
225.06%
-1.52%
39.47%
61.71%
0.70
113.45%
6.42%
58.74%
1.27%
1.14
80.32%
4.26%
16.64%
-46.66%
6.45
111.27%
5.28%
18.41%
0.56%
2.56
74.03%
-2.52%
38.17%
-12.76%
0.92
197800.00%
NA
2.86%
0.00%
NA
25918.37%
NA
5.19%
1.05%
NA
116.98%
-3.10%
0.13%
6.83%
1.96
233.33%
NA
NA
NA
NA
38.46%
-7.24%
1.23%
-35.06%
0.35
137.96%
17.17%
67.92%
-25.71%
1.81
71.47%
8.09%
6.92%
-156.35%
3.84
370.98%
2.82%
93.23%
90.76%
0.50
119.92%
-6.78%
1.90%
1.40%
2.37
104.04%
7.91%
34.86%
1.65%
2.46
199.05%
10.56%
33.21%
-6.35%
2.22

0.98%
8.20%
4.13%
-1.93%
1.99%
5.31%
9.92%
1.99%
-4.79%
4.19%
2.49%
2.56%
4.52%
13.32%
2.52%
2.78%
NA
6.65%
10.37%
10.93%
4.11%
NA
8.44%
2.01%
2.85%
3.64%
2.84%
1.85%
6.77%
1.27%
-3.33%
6.13%
0.04%
-2.44%
2.18%
5.14%
NA
11.76%
5.24%
-2.40%
0.02%
9.81%
5.82%
3.08%

237.06%
339.12%
167.27%
42.99%
74.46%
413.60%
233.72%
89.02%
75.53%
228.25%
283.11%
151.07%
308.88%
264.58%
54.93%
182.09%
3501.96%
71.37%
259.75%
189.92%
213.37%
NA
159.81%
116.49%
202.77%
153.65%
144.75%
147.60%
154.15%
76.92%
99.31%
138.68%
194.14%
108.20%
54.43%
96.75%
NA
99.13%
117.31%
534.77%
151.78%
322.90%
104.04%
147.89%

9.83%
1.70%
7.47%
-1.63%
8.94%
0.20%
12.98%
5.56%
13.57%
0.63%
1.19%
4.93%
4.95%
8.77%
12.95%
-14.26%
NA
4.31%
-8.65%
-3.06%
2.45%
NA
-4.59%
6.91%
13.22%
5.10%
1.56%
1.05%
166.54%
7.07%
18.44%
17.37%
13.09%
15.65%
2.03%
-9.14%
NA
-0.76%
8.99%
5.70%
12.25%
0.23%
8.54%
8.69%

87.52%
174.20%
178.34%
577.06%
19.67%
563.70%
63.91%
81.71%
NA
212.22%
49.28%
28.35%
3.71%
81.59%
2.26%
140.10%
NA
24.40%
813.56%
119.65%
15.06%
1.11%
85.89%
39.59%
2.59%
54.15%
87.90%
62.66%
38.44%
47.89%
5.16%
25.94%
54.99%
78.53%
27.82%
190.40%
NA
28.56%
30.46%
NA
NA
229.90%
1.27%
143.47%

21.38%
126.13%
13.96%
-52.11%
-22.96%
109.09%
41.40%
-10.44%
-20.51%
50.99%
59.09%
23.01%
85.61%
82.81%
-30.70%
24.17%
-30.39%
-13.81%
-60.89%
36.26%
41.98%
0.00%
22.18%
1.56%
-0.26%
18.02%
20.50%
24.72%
-101.94%
-21.85%
-55.00%
-0.13%
-28.83%
-33.79%
-22.23%
-4.02%
-509.80%
-2.34%
2.98%
273.82%
-0.01%
108.90%
9.11%
0.58%

1.02
0.60
1.13
1.33
2.59
1.03
1.12
1.88
1.14
3.11
1.01
3.11
0.86
0.38
1.42
0.37
NA
2.12
0.24
0.71
0.89
NA
1.74
3.86
2.66
2.36
3.62
4.54
0.44
1.38
1.51
3.17
2.39
1.57
2.72
0.82
NA
1.88
2.89
1.71
0.52
0.31
1.03
1.15

EV/Sales
1.40
0.90
0.80
1.01
0.82
0.46
NA
NA
NA
2.30
4.79
1.05
2.16
1.87
1.23
1.62
1.13
1.97
2.98
1.28
1.97
3.04
2.57
2.37
1.74
2.02
1.77
1.40
0.54
1.66
2.01
1.87
8.41
1.11
0.49
1.72
0.65
2.95
0.41
0.97
2.08
2.24
0.37
0.83
2.22
NA
NA
4.24
NA
4.31
0.98
0.42
2.11
0.70
1.28
0.98

2.90
2.46
1.18
1.37
0.66
1.50
1.67
0.94
1.17
0.60
1.54
0.66
1.65
6.41
1.52
3.36
NA
1.31
7.67
2.54
1.55
NA
1.74
0.67
0.68
0.85
0.57
0.54
2.61
2.49
1.82
1.18
0.66
0.85
1.39
1.96
NA
2.03
1.37
0.87
1.75
3.91
3.19
1.53