Date of valuation Feb-17

Company name Snap

Numbers from your base year below
This year
Country of incorporation United States of America
Industry (US) Advertising
Industry (Global) Advertising
Revenues $ 404.48
Operating income or EBIT $ (520.39)
Interest expense $ 1.42
Book value of equity $ 1,519.00
Book value of debt $ 203.87
Do you have R&D expenses to capitalize? Yes
Do you have operating lease commitments? No
Cash and Marketable Securities $ 987.36
Cross holdings and other non-operating assets $ -
Minority interests $ -
Cash to company from IPO $ 3,000.00
Number of shares outstanding = 1243.10
Current stock price = $ 20.00
Effective tax rate = 30.00%
Marginal tax rate = 30.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 y 55.00%
Target pre-tax operating margin (EBIT as % of sales in y 25.00%
Margin improvement speed 0.50
Sales to capital ratio (for computing reinvestment) = 2.00
Market numbers
Riskfree rate 2.47%
Initial cost of capital = 9.94%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 44.90
Average strike price = $2.33
Average maturity = 3.00
Standard deviation on stock price = 40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes
If yes, enter the cost of capital after year 10 = 8%
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption = Yes
If yes, enter the return on capital you expect after year 12%
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes
If yes, enter the probability of failure = 10%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fai 20%
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you over
Do you want to override this assumption = No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h
Do you want to override this assumption = No
If yes, enter the NOL that you are carrying over into yea $250.00
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity 1.00%
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming du
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $140,000.00
& Average tax rate of the foreign markets where the cash is t 15%
 Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
mbers from your base year below ( in consistent units)
Last year

Last 10K Years since last 10K

$ 58.66 1
$ (381.73) 1
$ -
$ 764.00
$ 174.79
If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
If you have operating leases, please enter your lease commitments in the lease worksheet below and I will con
$ 640.81
$ -
$ -
Rumored offering
See share count worksheet
Computed numbers: Here is what your company's numbers look
If you are not working in US dollars, you should add the inflation different

Revenue growth in the most recent year =

Targeting revenues of $10 billion
Not Facebook, but Google!
Economies of scale kick in fast
Efficency of Growth Lever
Pre-tax operating margin in the most recent year
Sales to capital ratio in most recent year =
Return on invested capital in most recent year=
Standard deviation in stock prices =
Cost of capital =

Online services company; 85th percenValuation Output Feedback (for you to use to fine tune your inpu
Revenues in year 10, based on your revenue growth =
Pre-tax Operating Income in year 10, based on your operating m
See share count worksheet Return on invested capital in year 10, based on your sales/capita
Check the Diagnostics worksheet for more details.

ilar to that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average
Though some sectors, even in stable growth, may have higher risk.
capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fa
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
te by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

L) coming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
e rate. This allows for both valuation consistency and prevents "impossible" growth rates.

This can be negative, if you feel the company will decline (and disappear) after growth is done. If you let it exce
re is no additional tax liability coming due and that cash is a neutral asset.

Cash that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (beca
Additional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
nd check under Calculation options
t circular reasoning errors.

worksheet.
ase worksheet below and I will convert to debt

your company's numbers look like, relative to industry.

ou should add the inflation differential to the industry averages.
Company Industry (US dataIndustry (Global data)
589.54% 11.92% 11.97%
-96.62% 12.07% 10.57%
0.55 6.27 3.77
-39.45% 71.83% 33.48%
72.80% 40.86%
7.20% 8.25%

ou to use to fine tune your inputs, if you want)

evenue growth = $ 10,263
based on your operating m $ 2,566
based on your sales/capita 30.10%
more details.

oday will fade over time.

mpetitive advantages.

ash. Many distressed companies fail, because they have trouble making debt payments.
r effective tax rate.

ter growth is done. If you let it exceed the risk free rate, you are on your own in uncharted territory.

being discounted by the market (because of management mistrust)

ecause of mistrust.
ed territory.
 Number Comments
Class A 512.527
Class B 283.817
Class C 215.888
Class A for RSU on 12/31/16 138.003
Class B for RSU on 12/31/16 18.068
Class A stock for issuance of 2017 plan 42.653
Class A stock for ESPP 16.485
Other Class A set asides 2.5
Shares set aside to cover RSU 13.16
Total 1243.101

Class A for options exercised on 12/31/16 22.452

Class B for options exercised on 12/31/16 22.452
44.904
Weighted average exercise price 2.33
 Base year 1 2 3
Revenue growth rate 55.00% 55.00% 55.00%
Revenues $ 404.48 $ 626.95 $ 971.77 $ 1,506.24
EBIT (Operating) margin -96.62% -35.81% -5.40% 9.80%
EBIT (Operating income) $ (390.80) $ (224.50) $ (52.51) $ 147.58
Tax rate 30.00% 30.00% 30.00% 30.00%
EBIT(1-t) $ (390.80) $ (224.50) $ (52.51) $ 147.58
- Reinvestment $ 111.23 $ 172.41 $ 267.24
FCFF $ (335.73) $ (224.93) $ (119.66)
NOL $ - $ 224.50 $ 277.01 $ 129.43

Cost of capital 9.94% 9.94% 9.94%

Cumulated discount factor 0.9096 0.8273 0.7525
PV(FCFF) $ (305.37) $ (186.09) $ (90.04)

Terminal cash flow $ 1,426.29

Terminal cost of capital
Terminal value
PV(Terminal value)
PV (CF over next 10 years
Sum of PV
Probability of failure =
Proceeds if firm fails =
Value of operating assets =
- Debt
- Minority interests
+ Cash
+ Proceeds from IPO
+ Non-operating assets
Value of equity
- Value of options
Value of equity in common
Number of shares
Estimated value /share
Price
Price as % of value
8.00%
$ 25,791.78
$ 10,544.72
$ 946.34
$ 11,491.06
10.00%
$2,298.21
$ 10,571.77
$ 203.87
$ -
$ 987.36
$ 3,000.00
$ -
$ 14,355.26
$797.45
$ 13,557.81
1,243.10
$ 10.91
$ 20.00
183.38%

Implied variables
Sales to capital ratio 2.00 2.00 2.00
Invested capital $ 991 $ 1,102 $ 1,274 $ 1,542
ROIC -39.45% -20.37% -4.12% 9.57%
 4 5 6 7 8 9
55.00% 55.00% 44.49% 33.99% 23.48% 12.98%
$ 2,334.67 $ 3,618.74 $ 5,228.87 $ 7,006.05 $ 8,651.21 $ 9,773.80
17.40% 21.20% 23.10% 24.05% 24.52% 24.76%
$ 406.21 $ 767.16 $ 1,207.85 $ 1,684.95 $ 2,121.70 $ 2,420.23
30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
$ 323.18 $ 537.01 $ 845.50 $ 1,179.46 $ 1,485.19 $ 1,694.16
$ 414.22 $ 642.03 $ 805.06 $ 888.59 $ 822.58 $ 561.29
$ (91.04) $ (105.03) $ 40.44 $ 290.87 $ 662.61 $ 1,132.87
$ - $ - $ - $ - $ - $ -

9.94% 9.94% 9.55% 9.16% 8.78% 8.39%

0.6845 0.6226 0.5683 0.5206 0.4786 0.4415
$ (62.32) $ (65.39) $ 22.98 $ 151.42 $ 317.12 $ 500.22

2.00 2.00 2.00 2.00 2.00 2.00

$ 1,956 $ 2,598 $ 3,403 $ 4,291 $ 5,114 $ 5,675
16.52% 20.67% 24.85% 27.48% 29.04% 29.85%
 10 Terminal year Check these revenues against
2.47% 2.47% a. Overall market size
$ 10,015.21 $ 10,262.58 b. Largest companies in this market
24.88% 25.00%
$ 2,491.91 $ 2,565.65 $ 2,956.44
This is is how much your operating income grew
over the ten-year period.
30.00% 30.00%
$ 1,744.34 $ 1,795.95
$ 120.71 $ 369.67 $ 5,175.03
This is how much capital you
invested over the ten year period.
$ 1,623.63 $ 1,426.29
$ - $ -

8.00% 8.00%
0.4088
$ 663.81

After year 10
2.00
$ 5,796
30.10% 12.00%
Compare this return on capital in year 10 against
a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
 Snap
The Story
Snap is an online advertising company, with a social media platform. Its focus on the visual (pictures and short vide
viewed) makes it attractive to the young. It will continue to make its money on online advertising with the focus sta
marketplace. The focus on a sub-set of the market will cap its revenues much below the giants (Facebook & Google
to Google).
The Assumptions
Base year Years 1-5 Years 6-10
Revenues (a) $ 404 55.00% 2.47%
Operating margin (b) -96.62% -96.62% 25.00%
Tax rate 30.00% 30.00% 30.00%
Reinvestment (c ) Sales to capital ratio 2.00 RIR =
Return on capital -39.45% Marginal ROIC = 59.99%
Cost of capital (d) 9.94% 8.00%
The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $ 627 -35.81% $ (224) $ (224)
2 $ 972 -5.40% $ (53) $ (53)
3 $ 1,506 9.80% $ 148 $ 148
4 $ 2,335 17.40% $ 406 $ 323
5 $ 3,619 21.20% $ 767 $ 537
6 $ 5,229 23.10% $ 1,208 $ 845
7 $ 7,006 24.05% $ 1,685 $ 1,179
8 $ 8,651 24.52% $ 2,122 $ 1,485
9 $ 9,774 24.76% $ 2,420 $ 1,694
10 $ 10,015 24.88% $ 2,492 $ 1,744
Terminal year $ 10,263 25.00% $ 2,566 $ 1,796
The Value
Terminal value $ 25,792
PV(Terminal value) $ 10,545
PV (CF over next 10 years) $ 946
Value of operating assets = $ 11,491
Adjustment for distress $ 919 Probability of f
- Debt & Mnority Interests $ 204
+ Cash & Other Non-operating assets $ 3,987 Includes IPO proceeds of $3 billion
Value of equity $ 14,355
- Value of equity options $ 797
Number of shares 1,243.10
Value per share $ 10.91 Stock was tra
nap
Story
e visual (pictures and short videos) and the now (they both disappear after being Tell your story about the compan
ne advertising with the focus staying on the young, connected portion of the focuses on the company's busine
w the giants (Facebook & Google) but will allow it to deliver high profit margins (close it into the three key levers of valu
flows, growth and risk
umptions
After year 10 Link to story
2.47% Focus on market subset (young) will cap rev
25.00% Margins improve to Google levels
30.00% After NOL runs out, taxed at US marginal Tie each assumption to the part of your s
20.58% Reinvest like online tech companies to it.
12.00% User base & loyalty allow for high ROIC
8.00% Start of at 85th percentile; 10% failure risk
sh Flows
Reinvestment FCFF
$ 111 $ (336)
$ 172 $ (225) These are the numbers that com
$ 267 $ (120) assumptions. The revenues over
$ 414 $ (91) your revenue growth, the operati
$ 642 $ (105) evolve towards your target marg
tax rate will change, if you have
$ 805 $ 40
reinvestment is estimated using
$ 889 $ 291 capital ratio for the first 10 years
$ 823 $ 663 on a reinvestment rate in stable
$ 561 $ 1,133 ROC).
$ 121 $ 1,624
$ 370 $ 1,426
Value

This is the output from your valuation. It

Probability of failure = 10.00% cash flows being discounted back at the c
get to your operating asset value, which
adjusted for the likelihood that your firm
udes IPO proceeds of $3 billion We add cash and non-operating assets, s
and minority interests to get to value of e

Stock was trading at = $20.00

ur story about the company. Keep it
s on the company's businesses and tie
the three key levers of value: cash
growth and risk

assumption to the part of your story that relates

are the numbers that come from your

ptions. The revenues over time reflect
evenue growth, the operating margins
towards your target margin and your
e will change, if you have set it to. The
stment is estimated using the sales to
ratio for the first 10 years and based
einvestment rate in stable growth (g/

he output from your valuation. It reflects your

ws being discounted back at the cost of capital to
our operating asset value, which then gets
d for the likelihood that your firm will not make it.
cash and non-operating assets, subtract out debt
ority interests to get to value of equity.
Valuing Options or Warrants
Enter the current stock price = $ 20.00
Enter the strike price on the option = $ 2.33
Enter the expiration of the option = 3.00
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 2.47%
Enter the number of warrants (options) outstan 44.90
Enter the number of shares outstanding = 1,243.10

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 20 # Warrants issued= 44.904
Strike Price= 2.33 # Shares outstanding= 1,243
Adjusted S = 19.921873972 T.Bond rate= 2.47%
Adjusted K = 2.33 Variance= 0.1600
Expiration (in years) = 3 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.47%

d1 = 3.5507764038
N (d1) = 0.9998079517

d2 = 2.8579560808
N (d2) = 0.997868103

Value per option = $ 17.76

Value of all options outstanding = $797.45
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1–t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your calculated value as a percent of current price

Inputs
Revenue growth rate (input cell B3)
Last period EBIT as % of revenue (Input cell B14)
Sales to Capital Ratio or reinvestment (Input cell B15)
Return on capital in perpetuity (B30 & B31)
 $ 990.67
$ 5,796.04
$ 4,805.36
$ 2,882.70
59.99%
30.10%
9.36%
54.53%

If calculated value is negative or looks too low

Increase revenue growth rate
Increase the target pre-tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital
 If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital T
 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 = $ 183.67 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 82.24 ! Year -1 is the year prior to the current year
-2 50.00 ! Year -2 is the two years prior to the current year
-3 30.00
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 183.67 1.00 183.67
-1 82.24 0.67 54.83 $ 27.41
-2 50.00 0.33 16.67 $ 16.67
-3 30.00 0.00 0.00 $ 10.00
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Research Asset = $255.16 $ 54.08

Amortization of asset for current year = $54.08

Adjustment to Operating Income = $129.59 ! A positive number indicates an increase in operating income (add to report
Tax Effect of R&D Expensing $39
priate adjustments to operating income, net

If in doubt, use the lookup table below

he maximum allowed is ten years
mined by the amortization period

increase in operating income (add to reported EBIT)

 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 380.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $56.00
2 $47.00
3 $39.00
4 $35.00
5 $31.00
6 and beyond $93.00

Output
Pre-tax Cost of Debt = 5.00% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 2 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1 $ 56.00 $ 53.33
2 $ 47.00 $ 42.63
3 $ 39.00 $ 33.69
4 $ 35.00 $ 28.79
5 $ 31.00 $ 24.29
6 and beyond $ 46.50 $ 67.75 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 250.48

Restated Financials
Depreciation on Operating Lease Asset = $ 35.78 ! I use straight line depreciation
Adjustment to Operating Earnings = $344.22 ! Add this amount to pre-tax operating incom
Adjustment to Total Debt outstanding = $ 250.48 ! Add this amount to debt
Adjustment to Depreciation = $35.78
nverter
Please enter them.

tic rating estimator

over the first five years

f expenses in yr 6

nnuity for ten years

I use straight line depreciation

Add this amount to pre-tax operating income
Add this amount to debt
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 1243.10
Current Market Price per share = $ 20.00

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 1.17
Riskfree Rate = 2.47%
What approach do you want to use to input ERP? Operating regions
Direct input for ERP (if you choose "will input" 5.75%
Equity Risk Premium used in cost of equity = 6.39%

Debt
Book Value of Straight Debt = $ 203.87
Interest Expense on Debt = $ 1.42
Average Maturity = 3
Approach for estimating pre-tax cost of debt Direct input
If direct input, input the pre-tax cost of debt 3.500%
If actual rating, input the rating Aa2/AA
If synethetic rating, input the type of company 1
Pre-tax Cost of Debt = 5.00%
Tax Rate = 30%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

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 = $ 179.99
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.18
 Equity Debt Preferred Stock
Market Value $ 24,862.00 $ 179.99 $ -
Weight in Cost of Capital 99.28% 0.72% 0.00%
Cost of Component 9.99% 3.50% 7.14%
Operating Countries ERP calculator
Country Revenues ERP Weight
United States of America 48421 5.69% 100.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00%
0.00%
Total 48421 100.00%
Operating Regions ERP calculator
Region Users (millions ERP Weight
Africa 0 12.00% 0.00%
Asia 7.12% 0.00%
Australia & New Zealand 5.70% 0.00%
Caribbean 0 13.92% 0.00%
Central and South America 0 10.21% 0.00%
Eastern Europe & Russia 9.09% 0.00%
Middle East 0 7.03% 0.00%
North America 68 5.69% 42.77%
Western Europe 52 6.81% 32.70%
Rest of the World 39 7.06% 24.53%
0.00%
Total 159 100.00%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated Valu
Advertising $ 84.00 1.7101 $ 143.64
Entertainment $ 16.00 2.8755 $ 46.01
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
 0.0000 $ -
Capital 0.0000 $ -
$ 25,041.99 Company $ 100.00 $ 189.65
100.00%
9.94% Multi Business (Global Industry Averages)
Business Revenues EV/Sales Estimated Valu
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Online Advertising $ 404.48 2.5000 $ 1,011.20
Company $ 404.48 $ 1,011.20
Weighted ERP
5.69%
0.00%
0.00%
The last two rows in each of country/region risk premium tables is set aside
0.00% for your input to provide you with flexibility to enter some numbers directly.
0.00% For instance, assume that you have a company that breaks its revenues down
0.00% into three countries and then puts the rest into "Rest of the World". You can
enter the "Rest of the World" in one of these two rows and enter an equity risk
0.00% premium for the rest of the world. The easiest way to do that is to go into the
0.00% country equity risk premium worksheet and change the GDP for the three
0.00% countries that you have data for to zero and compute the global weighted
average ERP for the remaining countries. With the regional worksheet, you
0.00% can use the last two rows to enter the data for an individual country (usually
0.00% the domestic country) that might be broken out though the rest of the revenues
0.00% are broken down by region. You can look up the ERP for the country in the
country ERP worksheet.
0.00%
5.69%

Weighted ERP
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
2.4335%
2.2285%
1.7317%
0.0000%
6.3937%

Unlevered Beta
0.9102
0.9658
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
 0.0000
0.0000
0.9237

Unlevered Beta
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.1700
1.1700
Inputs for synthetic rating estimation
Please read the special cases worksheet (see below) before you use this spreadsheet.
Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm = 1
Enter current Earnings before interest and taxes (EBIT) = $ (520.39) (Add back only long term interest expense f
Enter current interest expenses = $1.42 (Use only long term interest expense for fina
Enter long term risk free rate = 2.47%
Output
Interest coverage ratio = -100000.00
Estimated Bond Rating = D2/D Note: If you get REF! All over the place, set the
Estimated Company Default Spread = 14.00% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 16.47%

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
-100000 0.199999 D2/D 14.00%
0.2 0.649999 Caa/CCC 10.50%
0.65 0.799999 Ca2/CC 8.00%
0.8 1.249999 C2/C 6.50%
1.25 1.499999 B3/B- 5.50%
1.5 1.749999 B2/B 4.50%
1.75 1.999999 B1/B+ 3.75%
2 2.2499999 Ba2/BB 3.00%
2.25 2.49999 Ba1/BB+ 2.50%
2.5 2.999999 Baa2/BBB 1.60%
3 4.249999 A3/A- 1.25%
4.25 5.499999 A2/A 1.10%
5.5 6.499999 A1/A+ 1.00%
6.5 8.499999 Aa2/AA 0.80%
8.50 100000 Aaa/AAA 0.60%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 14.00% Rating is
0.5 0.799999 Caa/CCC 10.50% A1/A+
0.8 1.249999 Ca2/CC 8.00% A2/A
1.25 1.499999 C2/C 6.50% A3/A-
1.5 1.999999 B3/B- 5.50% Aa2/AA
2 2.499999 B2/B 4.50% Aaa/AAA
2.5 2.999999 B1/B+ 3.75% B1/B+
 3 3.499999 Ba2/BB 3.00% B2/B
3.5 3.9999999 Ba1/BB+ 2.50% B3/B-
4 4.499999 Baa2/BBB 1.60% Ba1/BB+
4.5 5.999999 A3/A- 1.25% Ba2/BB
6 7.499999 A2/A 1.10% Baa2/BBB
7.5 9.499999 A1/A+ 1.00% C2/C
9.5 12.499999 Aa2/AA 0.80% Ca2/CC
12.5 100000 Aaa/AAA 0.60% Caa/CCC
D2/D
e this spreadsheet.
ation options in excel) is checked.

Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)

et REF! All over the place, set the operating lease commitment question in cell F5
en reset it to Yes. It should work.

Spread is
1.00%
1.10%
1.25%
0.80%
0.60%
3.75%
4.50%
5.50%
2.50%
3.00%
1.60%
10.50%
8.00%
6.50%
14.00%
 Annual
Average
Revenue
Number of growth - Last Pre-tax Operating
Industry Name firms 5 years Margin After-tax ROC
Advertising 41 11.92% 12.07% 71.83%
Aerospace/Defense 96 4.85% 11.14% 31.88%
Air Transport 18 3.54% 16.31% 17.86%
Apparel 58 16.20% 11.32% 14.81%
Auto & Truck 15 14.98% 5.44% 5.87%
Auto Parts 63 5.23% 9.12% 21.28%
Bank (Money Center) 10 4.37% -0.12% -0.01%
Banks (Regional) 645 10.86% -0.13% -0.03%
Beverage (Alcoholic) 25 8.57% 24.26% 17.93%
Beverage (Soft) 36 48.94% 18.87% 25.31%
Broadcasting 30 7.72% 23.08% 19.50%
Brokerage & Investment Banking 45 4.45% -0.06% -0.01%
Building Materials 41 10.09% 10.46% 18.39%
Business & Consumer Services 165 7.75% 10.48% 23.85%
Cable TV 14 0.63% 19.21% 14.66%
Chemical (Basic) 45 3.25% 10.24% 14.85%
Chemical (Diversified) 8 -2.27% 12.32% 15.62%
Chemical (Specialty) 100 2.00% 14.12% 17.15%
Coal & Related Energy 38 -4.00% -14.08% -8.03%
Computer Services 117 9.64% 8.73% 29.66%
Computers/Peripherals 55 -2.42% 19.83% 24.35%
Construction Supplies 51 8.94% 9.05% 9.45%
Diversified 24 5.42% 13.77% 8.08%
Drugs (Biotechnology) 426 16.88% 31.16% 15.33%
Drugs (Pharmaceutical) 164 22.30% 24.48% 16.55%
Education 36 -3.90% 8.01% 12.03%
Electrical Equipment 119 0.06% 12.15% 21.63%
Electronics (Consumer & Office) 24 -0.77% 3.38% 5.79%
Electronics (General) 164 3.97% 8.60% 10.74%
Engineering/Construction 48 7.18% 3.98% 15.45%
Entertainment 79 2.50% 21.51% 33.15%
Environmental & Waste Services 89 16.05% 12.00% 20.48%
Farming/Agriculture 37 5.52% 4.53% 6.73%
Financial Svcs. (Non-bank & Insur 258 11.16% 7.80% 0.21%
Food Processing 87 9.91% 13.67% 19.45%
Food Wholesalers 16 10.36% 2.85% 20.09%
Furn/Home Furnishings 30 6.62% 10.02% 18.14%
Green & Renewable Energy 25 12.16% 16.74% 3.78%
Healthcare Products 254 9.88% 16.49% 16.50%
Healthcare Support Services 121 11.95% 4.61% 41.84%
Heathcare Information and Techno 125 6.52% 13.85% 15.81%
Homebuilding 33 23.18% 10.02% 8.71%
Hospitals/Healthcare Facilities 38 8.29% 9.74% 13.44%
Hotel/Gaming 69 6.27% 18.09% 10.71%
Household Products 129 6.76% 18.34% 31.04%
Information Services 64 6.11% 23.41% 36.41%
Insurance (General) 19 3.02% 8.42% 4.37%
Insurance (Life) 22 2.06% 12.51% 7.27%
Insurance (Prop/Cas.) 50 9.75% 11.43% 9.36%
Investments & Asset Management 156 12.04% 17.96% 5.85%
Machinery 127 1.81% 13.30% 23.85%
Metals & Mining 97 18.83% 5.09% 3.73%
Office Equipment & Services 24 0.15% 10.21% 22.72%
Oil/Gas (Integrated) 7 -11.75% -3.05% -2.19%
Oil/Gas (Production and Exploratio 330 0.18% -28.91% -7.17%
Oil/Gas Distribution 78 11.08% 13.66% 7.37%
Oilfield Svcs/Equip. 148 0.10% 2.75% 4.38%
Packaging & Container 26 1.69% 10.10% 14.74%
Paper/Forest Products 23 13.35% 4.92% 7.37%
Power 68 0.54% 18.42% 7.32%
Precious Metals 109 2.39% 14.74% 6.43%
Publishing & Newspapers 37 -2.38% 6.96% 13.42%
R.E.I.T. 238 13.35% 22.99% 3.01%
Real Estate (Development) 18 19.38% 5.21% 1.58%
Real Estate (General/Diversified) 11 12.47% 21.24% 5.13%
Real Estate (Operations & Service 54 24.17% 7.90% 11.22%
Recreation 66 2.95% 12.21% 16.44%
Reinsurance 3 25.27% 11.31% 9.15%
Restaurant/Dining 86 23.23% 13.65% 15.88%
Retail (Automotive) 25 14.36% 5.63% 10.97%
Retail (Building Supply) 6 6.20% 11.13% 25.61%
Retail (Distributors) 88 8.10% 8.42% 12.84%
Retail (General) 19 3.07% 4.33% 11.57%
Retail (Grocery and Food) 14 2.73% 2.56% 8.10%
Retail (Online) 57 11.44% 5.40% 17.86%
Retail (Special Lines) 108 4.34% 6.20% 11.98%
Rubber& Tires 4 -4.77% 11.76% 17.60%
Semiconductor 80 4.77% 21.78% 12.88%
Semiconductor Equip 45 -2.76% 17.54% 15.89%
Shipbuilding & Marine 11 -9.08% 7.75% 4.43%
Shoe 10 7.60% 12.10% 22.14%
Software (Entertainment) 13 1.19% 18.65% 25.89%
Software (Internet) 297 18.37% 23.55% 15.00%
Software (System & Application) 236 9.50% 16.52% 15.20%
Steel 38 -6.99% 0.64% 1.02%
Telecom (Wireless) 17 -0.36% 4.29% 2.44%
Telecom. Equipment 107 5.64% 18.81% 15.53%
Telecom. Services 67 4.90% 18.73% 15.82%
Tobacco 22 10.42% 40.30% 60.73%
Transportation 17 17.49% 9.66% 23.86%
Transportation (Railroads) 7 4.26% 32.14% 12.51%
Trucking 30 5.45% 9.45% 7.84%
Utility (General) 18 -0.56% 19.79% 6.81%
Utility (Water) 22 4.42% 29.98% 8.73%
 Average
effective tax Unlevered Equity Std deviation Pre-tax cost of Market
rate Beta (Levered) Beta Cost of equity in stock prices debt Debt/Capital
30.93% 0.91 1.36 10.21% 72.80% 4.05% 38.64%
23.22% 0.94 1.07 8.56% 40.75% 3.70% 19.05%
28.52% 0.76 1.12 8.83% 38.61% 3.50% 41.22%
22.42% 0.71 0.88 7.46% 47.15% 3.70% 25.49%
12.66% 0.38 0.85 7.26% 29.21% 3.50% 60.07%
27.22% 0.94 1.12 8.84% 50.64% 3.70% 26.05%
30.23% 0.41 0.86 7.34% 25.85% 3.50% 65.28%
29.94% 0.36 0.47 5.14% 22.84% 3.05% 37.70%
26.91% 0.71 0.79 6.96% 44.18% 3.70% 22.49%
23.50% 0.78 0.91 7.64% 52.80% 3.70% 19.69%
29.32% 0.70 1.22 9.39% 41.01% 3.70% 48.96%
30.63% 0.42 1.08 8.58% 44.96% 3.70% 69.90%
30.05% 0.87 1.01 8.18% 33.77% 3.50% 21.25%
35.45% 0.85 1.07 8.54% 44.71% 3.70% 25.98%
37.20% 0.82 1.12 8.80% 30.78% 3.50% 32.99%
23.77% 0.68 1.00 8.15% 59.91% 3.70% 36.95%
11.56% 1.22 1.52 11.09% 45.48% 3.70% 26.21%
27.57% 0.98 1.20 9.27% 45.44% 3.70% 23.06%
0.69% 0.61 1.36 10.21% 73.31% 4.05% 58.08%
15.63% 0.83 0.99 8.06% 45.57% 3.70% 22.08%
25.59% 0.94 1.06 8.46% 60.29% 3.70% 16.39%
30.41% 1.02 1.31 9.93% 38.87% 3.50% 29.86%
22.37% 0.63 0.76 6.80% 23.28% 3.05% 26.46%
19.99% 1.25 1.40 10.43% 75.23% 5.20% 16.28%
18.18% 0.93 1.02 8.23% 67.61% 4.05% 12.72%
33.79% 1.05 1.23 9.42% 51.51% 3.70% 25.03%
28.74% 1.04 1.14 8.96% 54.63% 3.70% 16.07%
30.25% 0.97 1.08 8.61% 66.94% 4.05% 16.24%
22.36% 0.83 0.86 7.37% 48.91% 3.70% 15.16%
33.90% 1.01 1.18 9.17% 44.23% 3.70% 24.50%
30.64% 0.97 1.20 9.29% 44.71% 3.70% 23.56%
35.55% 0.63 0.85 7.30% 57.94% 3.70% 28.05%
23.82% 0.62 0.92 7.68% 41.14% 3.70% 37.51%
31.81% 0.07 0.65 6.17% 29.20% 3.50% 91.83%
30.10% 0.63 0.75 6.74% 30.98% 3.50% 21.16%
34.17% 0.93 1.20 9.30% 52.66% 3.70% 26.65%
23.72% 0.69 0.84 7.20% 42.94% 3.70% 22.49%
26.42% 0.47 1.14 8.94% 47.60% 3.70% 63.55%
16.51% 0.92 1.04 8.35% 56.59% 3.70% 15.22%
38.15% 0.82 0.94 7.79% 50.06% 3.70% 24.34%
17.53% 0.83 0.95 7.86% 52.46% 3.70% 17.15%
34.37% 0.77 1.08 8.58% 33.76% 3.50% 39.86%
31.40% 0.45 1.10 8.70% 44.67% 3.70% 63.07%
12.10% 0.67 0.96 7.92% 39.32% 3.50% 35.60%
26.65% 0.69 0.80 6.98% 50.91% 3.70% 17.49%
27.15% 0.87 0.98 8.03% 36.65% 3.50% 16.98%
24.92% 0.71 0.90 7.60% 30.38% 3.50% 28.03%
25.47% 0.80 1.03 8.34% 27.80% 3.50% 41.66%
27.32% 0.70 0.83 7.17% 25.41% 3.50% 23.73%
23.02% 0.68 0.90 7.55% 34.30% 3.50% 38.11%
27.05% 0.93 1.06 8.49% 38.59% 3.50% 17.83%
33.52% 0.89 1.30 9.87% 77.36% 5.20% 34.20%
31.30% 1.09 1.49 10.93% 33.85% 3.50% 35.20%
8.01% 0.95 1.08 8.60% 46.30% 3.70% 14.46%
7.08% 0.99 1.38 10.29% 75.08% 5.20% 31.97%
7.78% 0.69 1.20 9.25% 45.13% 3.70% 43.52%
28.22% 1.11 1.37 10.22% 60.50% 3.70% 24.62%
27.68% 0.60 0.84 7.22% 29.58% 3.50% 35.91%
12.58% 0.83 1.12 8.81% 38.67% 3.50% 33.04%
29.22% 0.33 0.54 5.55% 24.11% 3.05% 46.61%
90.15% 1.10 1.25 9.57% 78.31% 5.20% 19.42%
35.32% 0.96 1.32 9.96% 48.08% 3.70% 36.28%
2.16% 0.41 0.72 6.57% 24.67% 3.05% 44.28%
28.58% 0.47 0.68 6.34% 39.45% 3.50% 37.70%
22.36% 1.09 1.27 9.68% 24.99% 3.05% 19.57%
33.52% 0.62 0.99 8.09% 50.15% 3.70% 43.40%
28.28% 0.76 0.92 7.69% 46.01% 3.70% 23.73%
27.88% 0.65 0.75 6.70% 21.23% 3.05% 24.46%
30.14% 0.61 0.77 6.82% 39.10% 3.50% 25.93%
35.73% 0.63 0.91 7.65% 28.30% 3.50% 37.46%
38.63% 1.12 1.30 9.84% 39.62% 3.50% 17.94%
34.22% 0.77 1.10 8.74% 40.48% 3.70% 36.29%
30.58% 0.82 1.05 8.42% 40.00% 3.70% 28.35%
34.01% 0.46 0.69 6.38% 35.13% 3.50% 40.07%
32.20% 1.17 1.23 9.43% 48.86% 3.70% 8.78%
34.23% 0.76 1.02 8.27% 42.19% 3.70% 34.27%
20.10% 0.89 1.35 10.11% 63.88% 3.70% 41.98%
18.94% 1.11 1.20 9.25% 42.08% 3.70% 12.35%
16.61% 1.10 1.10 8.69% 38.24% 3.50% 14.05%
36.76% 0.85 1.20 9.29% 73.54% 4.05% 32.62%
16.65% 0.83 0.85 7.30% 37.21% 3.50% 9.30%
6.79% 0.96 0.98 8.03% 48.14% 3.70% 12.85%
20.12% 1.12 1.13 8.90% 55.85% 3.70% 4.09%
22.27% 0.99 1.13 8.86% 47.40% 3.70% 17.70%
27.60% 1.19 1.60 11.55% 54.19% 3.70% 32.40%
37.72% 0.58 1.12 8.80% 37.67% 3.50% 53.40%
19.63% 0.86 0.99 8.08% 49.24% 3.70% 19.71%
34.77% 0.68 1.04 8.38% 47.21% 3.70% 39.72%
33.40% 1.13 1.28 9.73% 61.73% 3.70% 14.66%
34.67% 0.83 1.01 8.22% 32.72% 3.50% 24.23%
35.87% 0.66 0.79 6.92% 27.05% 3.50% 21.84%
37.49% 0.76 1.21 9.31% 42.01% 3.70% 47.59%
30.09% 0.25 0.38 4.59% 19.32% 3.05% 40.61%
32.04% 0.47 0.65 6.14% 27.03% 3.50% 30.30%
Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
7.20% 6.27 1.71 9.02 14.10 13.98 110.96
7.36% 3.19 1.59 11.26 14.69 4.65 44.24
6.06% 1.42 1.53 5.62 9.35 3.19 13.94
6.12% 1.47 1.81 9.93 15.92 3.10 41.13
4.16% 1.17 1.07 9.73 19.85 1.84 12.90
7.11% 2.59 0.83 6.64 9.52 2.81 23.84
3.92% 0.14 8.24 NA NA 1.06 13.65
3.89% 0.26 6.28 NA NA 1.45 20.94
5.89% 0.83 5.39 18.49 22.19 3.70 65.81
6.57% 1.42 3.70 15.94 19.61 8.18 31.11
5.88% 1.04 3.02 9.74 13.09 5.45 27.67
4.13% 0.14 7.28 NA NA 1.37 23.56
6.89% 2.29 1.49 10.62 14.26 4.04 26.23
6.90% 2.60 1.83 11.51 17.36 4.36 31.94
6.59% 0.96 3.83 11.31 19.15 2.38 20.64
5.96% 1.57 1.68 9.40 16.23 2.60 19.05
8.77% 1.36 1.95 10.38 15.61 3.10 17.32
7.64% 1.34 2.42 11.81 17.01 3.84 33.69
5.69% 0.57 2.27 10.00 NA 2.74 16.03
6.77% 3.82 1.30 10.74 15.03 4.76 152.11
7.43% 1.30 2.33 9.14 11.70 4.14 20.15
7.59% 1.29 1.78 12.28 19.23 3.42 29.98
5.49% 0.66 2.64 13.68 18.79 2.19 39.74
9.24% 0.50 6.57 11.62 19.60 5.87 245.74
7.49% 0.69 4.61 13.27 18.74 4.14 43.69
7.62% 1.65 1.49 8.41 18.50 1.95 35.51
7.87% 1.89 2.24 12.73 17.62 4.15 2168.35
7.61% 1.75 1.24 9.99 49.46 3.03 19.28
6.59% 1.36 1.68 11.57 20.14 2.40 51.91
7.47% 4.58 0.68 9.40 16.49 2.00 543.30
7.63% 1.63 2.88 10.33 13.06 3.29 36.64
5.87% 1.80 2.45 11.11 20.16 3.70 43.63
5.63% 1.61 0.95 12.81 20.83 2.25 20.69
2.43% 0.03 31.81 NA NA 1.96 29.88
5.76% 1.67 2.38 13.64 17.37 3.08 36.05
7.41% 8.00 0.50 11.63 17.61 4.56 133.24
6.08% 2.12 1.36 9.50 13.49 2.94 27.31
4.67% 0.24 7.72 12.35 44.03 0.74 41.75
7.41% 1.06 3.79 14.87 22.91 3.63 112.40
6.44% 10.59 0.55 9.48 11.84 2.82 62.53
6.89% 1.22 3.80 16.98 27.70 3.95 63.21
6.00% 1.19 1.18 11.00 11.75 1.33 17.74
4.61% 1.57 1.33 7.89 13.59 3.49 28.99
5.85% 0.67 3.59 12.30 19.68 3.06 28.50
6.15% 1.86 3.13 13.55 16.99 5.22 60.99
7.03% 1.86 4.66 15.57 19.83 5.35 28.26
6.06% 0.64 1.78 12.48 21.15 1.07 36.69
5.74% 0.75 1.34 10.02 10.71 0.86 12.69
5.97% 1.05 1.43 10.36 12.21 1.44 20.19
5.47% 0.35 4.56 21.61 24.62 1.63 36.24
7.35% 2.03 2.22 12.61 16.58 3.98 38.04
7.56% 0.74 2.33 11.71 43.35 2.07 27.45
7.82% 2.67 1.18 8.20 11.58 3.88 249.58
7.68% 0.73 2.41 17.81 NA 1.85 41.87
8.00% 0.25 5.77 16.70 NA 2.20 15.84
6.19% 0.56 3.23 14.03 23.45 1.56 36.10
8.25% 1.66 1.23 13.49 41.98 1.95 170.78
5.38% 1.93 1.56 9.80 15.49 3.70 52.12
6.60% 1.75 0.92 8.62 18.53 1.68 39.78
3.81% 0.49 3.43 10.23 18.59 1.93 120.86
8.32% 0.44 3.22 7.89 20.89 1.40 84.15
7.15% 2.25 0.91 7.21 12.83 1.46 87.04
4.47% 0.13 11.43 20.52 45.52 2.03 129.15
4.74% 0.31 4.31 21.13 82.32 1.34 20.87
8.14% 0.29 6.72 19.90 29.53 2.11 75.10
5.54% 1.56 1.61 11.75 19.81 2.13 52.79
6.39% 1.55 2.03 10.86 16.70 3.86 23.03
5.51% 1.00 1.25 9.22 10.84 1.06 11.19
5.60% 1.39 2.99 12.06 21.88 21.76 32.77
5.57% 2.52 1.04 11.78 18.44 6.11 20.73
8.45% 2.88 1.71 11.47 15.30 17.44 30.82
6.37% 1.84 1.38 12.61 16.19 3.13 45.64
6.66% 3.44 0.66 8.19 14.93 3.21 37.07
4.66% 4.17 0.53 8.00 20.91 4.01 20.79
8.80% 3.59 2.99 26.41 56.72 9.95 58.54
6.20% 2.45 0.99 8.06 15.99 3.43 23.62
6.80% 1.67 0.88 4.97 7.39 1.76 16.83
8.38% 0.64 4.00 11.88 18.53 3.44 144.50
7.77% 1.02 2.86 12.08 16.50 3.74 39.68
7.05% 0.62 2.11 7.38 20.86 1.34 103.13
6.81% 2.14 2.24 13.71 18.53 5.48 17.73
7.28% 1.40 4.52 17.18 25.33 3.92 785.32
8.63% 0.66 6.76 20.69 30.31 4.15 59.26
7.68% 0.97 4.83 19.28 29.13 5.21 133.82
8.53% 1.72 1.07 11.07 151.52 2.50 44.56
5.22% 0.63 2.32 7.26 54.10 1.93 59.06
6.92% 0.88 2.97 11.70 15.62 2.82 50.77
5.93% 0.97 2.61 7.17 13.94 3.07 62.20
8.63% 1.65 6.47 15.20 16.06 22.99 19.24
6.74% 2.99 1.45 9.07 14.96 6.66 30.41
5.87% 0.50 4.58 10.20 14.24 3.19 19.60
5.93% 1.13 1.47 8.58 15.58 3.26 84.64
3.47% 0.46 3.72 11.57 18.79 2.10 29.51
4.92% 0.33 6.20 13.70 20.37 2.70 27.66
Non-cash WC Net Cap Ex Equity
as % of Cap Ex as % as % of Reinvestmen Dividend Reinvestmen
Revenues of Revenues Revenues t Rate ROE Payout Ratio t Rate
-3.57% 2.36% 1.36% -6.12% -1.06% 46.90% 46.90%
25.99% 2.85% 3.94% 42.08% 24.21% 36.45% 36.45%
0.66% 11.67% 6.61% 50.18% 41.28% 8.52% 8.52%
26.03% 3.66% 4.57% 54.38% 14.39% 38.98% 38.98%
-2.43% 11.06% 6.20% 121.32% 31.51% 28.44% 28.44%
12.00% 4.19% 4.48% 73.34% 20.38% 12.21% 12.21%
NA 0.86% 9.64% NA 9.46% 20.94% 20.94%
NA 5.53% 7.06% NA 9.03% 30.55% 30.55%
24.01% 9.27% 17.05% 106.37% 18.57% 30.59% 30.59%
-3.04% 4.92% 3.06% 13.39% 32.48% 58.49% 58.49%
22.03% 2.71% -0.49% 13.95% 25.85% 21.57% 21.57%
NA 4.47% -9.03% NA 8.48% 24.16% 24.16%
14.69% 3.11% 6.87% 92.90% 25.65% 15.25% 15.25%
15.86% 2.62% 3.26% 65.76% 14.54% 37.23% 37.23%
2.85% 11.44% 26.33% 203.50% 25.41% 18.20% 18.20%
20.55% 7.23% 13.20% 147.14% 8.84% 71.53% 71.53%
21.62% 7.30% 2.93% 21.08% 30.24% 32.57% 32.57%
20.93% 6.33% 5.01% 46.33% 11.26% 60.51% 60.51%
7.42% 8.09% -21.86% NA -33.82% 1.63% 1.63%
11.88% 1.99% 4.25% 59.61% 30.69% 35.86% 35.86%
-1.68% 5.00% 4.52% 20.20% 25.00% 28.29% 28.29%
15.72% 6.46% 3.87% 17.13% 10.63% 67.91% 67.91%
7.07% 5.77% 13.34% 133.88% 10.52% 30.30% 30.30%
15.51% 3.83% 6.31% 40.91% 16.78% 46.02% 46.02%
20.01% 4.41% 9.63% 54.75% 13.91% 82.76% 82.76%
9.38% 4.79% 8.01% 189.58% 3.10% 23.43% 23.43%
20.98% 3.90% 5.22% 57.63% 14.25% 54.04% 54.04%
18.04% 3.06% 5.33% 6221.21% -4.36% 0.07% 0.07%
17.86% 4.45% 1.34% 19.54% 9.22% 23.30% 23.30%
15.08% 1.53% 1.66% 21.26% 2.11% 46.11% 46.11%
11.29% 4.90% 3.22% 95.32% 19.56% 29.23% 29.23%
10.63% 7.67% 8.24% 106.46% 9.84% 67.29% 67.29%
10.00% 3.83% 3.23% 89.99% 11.57% 39.22% 39.22%
NA 7.44% 15.33% 277.70% -0.10% 18.99% 18.99%
6.48% 3.51% 4.07% 33.34% 10.91% 56.06% 56.06%
6.24% 0.94% 2.84% 128.27% 12.37% 54.33% 54.33%
14.05% 3.58% 3.13% 51.30% 18.61% 19.79% 19.79%
-15.25% 60.15% 184.11% 1433.43% -5.99% 0.98% 0.98%
22.37% 4.54% 8.36% 78.65% 11.90% 28.48% 28.48%
-4.92% 0.74% 1.44% 50.89% 16.46% 18.76% 18.76%
22.95% 3.90% 12.64% 125.61% 10.83% 9.94% 9.94%
72.33% 0.41% 0.40% 82.65% 13.12% 7.05% 7.05%
11.23% 5.42% 4.92% 139.34% 4.97% 29.35% 29.35%
0.13% 12.20% 7.51% 45.66% 12.73% 68.94% 68.94%
15.29% 4.20% 7.83% 48.73% 22.77% 68.07% 68.07%
 -2.12% 3.07% 12.12% 73.78% 20.36% 27.71% 27.71%
37.92% 1.73% -2.24% -34.58% 3.39% 57.41% 57.41%
13.22% 0.14% -0.08% 2.89% 8.06% 30.27% 30.27%
-25.60% 0.92% 0.22% 10.24% 9.94% 31.38% 31.38%
NA 2.57% 5.25% 34.84% 10.85% 53.61% 53.61%
21.86% 2.70% 3.78% 33.77% 13.18% 37.54% 37.54%
27.22% 15.17% 2.66% 55.80% -43.33% 0.20% 0.20%
9.39% 2.81% 1.93% 34.83% 25.15% 39.67% 39.67%
5.11% 13.92% -2.10% NA 0.49% 1.38% 1.38%
2.33% 47.57% -8.61% NA -39.05% 0.89% 0.89%
6.64% 24.15% 19.43% 162.14% 1.92% 648.42% 648.42%
11.15% 4.64% 1.48% 0.71% -8.40% 1.97% 1.97%
11.36% 5.36% 8.33% 105.84% 14.71% 53.17% 53.17%
15.00% 5.95% 3.09% 108.47% 29.90% 13.13% 13.13%
9.11% 28.44% 22.28% 162.17% 4.37% 154.13% 154.13%
33.49% 18.75% -2.97% 30.09% -9.47% 0.78% 0.78%
11.36% 2.32% 1.89% 37.72% 3.74% 116.68% 116.68%
56.38% 3.33% -9.85% -43.22% 8.56% 118.03% 118.03%
61.59% 3.92% -7.91% -321.82% 9.17% 0.07% 0.07%
18.02% 11.27% 12.30% 28.96% 1.85% 65.80% 65.80%
13.61% 1.88% 1.64% 53.69% 11.25% 11.49% 11.49%
19.19% 5.41% 5.41% 71.56% 18.30% 64.96% 64.96%
-0.47% 0.00% 0.33% 24.91% 9.41% 7.62% 7.62%
0.04% 6.20% 1.76% 21.50% 39.80% 50.67% 50.67%
11.76% 2.50% 2.71% 77.29% 35.64% 8.07% 8.07%
6.25% 1.75% 1.14% 14.38% 59.16% 44.03% 44.03%
17.53% 5.21% 7.39% 112.62% 13.95% 35.72% 35.72%
3.22% 2.29% 0.36% -6.01% 16.91% 45.95% 45.95%
0.60% 3.49% 1.79% 114.26% 23.74% 21.38% 21.38%
0.15% 4.31% 0.43% 20.10% 15.04% 4.74% 4.74%
7.96% 2.24% 0.90% 14.00% 15.51% 37.03% 37.03%
13.49% 6.68% 2.16% 38.33% 10.76% 17.94% 17.94%
19.16% 7.48% 19.12% 116.45% 14.24% 50.98% 50.98%
26.16% 4.40% 4.02% 49.15% 15.32% 29.41% 29.41%
16.50% 11.40% 6.44% 134.58% -6.56% 0.10% 0.10%
20.37% 0.69% -1.39% -12.84% 24.95% 25.38% 25.38%
21.12% 2.11% 34.07% 191.72% 13.95% 10.23% 10.23%
9.95% 9.85% 8.32% 59.24% 9.62% 5.55% 5.55%
9.78% 5.54% 23.36% 190.62% 15.00% 51.51% 51.51%
21.58% 3.01% -2.93% NA -17.15% 0.71% 0.71%
1.72% 14.42% -4.79% 86.07% -3.91% 0.49% 0.49%
15.71% 3.73% 6.63% 45.88% 14.19% 44.17% 44.17%
-2.93% 13.90% 2.90% 28.74% 19.89% 68.91% 68.91%
13.51% 2.43% 1.82% 5.86% -14.86% 76.28% 76.28%
8.21% 5.63% 6.29% 98.93% 30.14% 42.46% 42.46%
3.09% 19.85% 9.21% 41.95% 16.27% 40.95% 40.95%
4.66% 17.62% 11.35% 202.23% 15.68% 13.96% 13.96%
5.28% 33.01% 26.76% 187.04% 9.57% 77.55% 77.55%
11.92% 38.95% 26.26% 64025.24% 10.38% 62.45% 56.09%
 Annual
Average
Revenue Average
Number of growth - Pre-tax Operating After-tax effective tax
Industry Name firms Last 5 years Margin ROC rate
Advertising 251 11.97% 10.57% 33.48% 28.55%
Aerospace/Defense 222 7.91% 9.01% 19.70% 21.90%
Air Transport 158 6.08% 11.05% 9.92% 23.75%
Apparel 1171 1.69% 10.45% 13.27% 26.75%
Auto & Truck 128 2.75% 6.65% 7.32% 22.58%
Auto Parts 642 6.60% 7.44% 12.10% 28.92%
Bank (Money Center) 623 9.44% 0.10% 0.01% 23.60%
Banks (Regional) 889 9.41% -0.01% 0.00% 27.10%
Beverage (Alcoholic) 223 3.49% 19.33% 13.16% 25.46%
Beverage (Soft) 103 15.24% 14.82% 22.02% 24.34%
Broadcasting 142 6.84% 17.06% 16.09% 28.72%
Brokerage & Investment Banking 569 8.28% 0.32% 0.04% 25.54%
Building Materials 434 5.01% 8.42% 11.98% 36.81%
Business & Consumer Services 772 8.07% 9.17% 22.66% 29.67%
Cable TV 63 11.77% 17.06% 13.52% 33.71%
Chemical (Basic) 774 2.69% 9.87% 9.31% 20.57%
Chemical (Diversified) 81 3.58% 10.36% 10.65% 17.73%
Chemical (Specialty) 731 6.00% 11.14% 11.24% 24.48%
Coal & Related Energy 278 -4.81% 5.22% 2.80% 28.49%
Computer Services 929 6.15% 7.68% 22.62% 20.98%
Computers/Peripherals 327 2.15% 10.89% 14.61% 25.72%
Construction Supplies 757 4.47% 7.32% 6.89% 25.35%
Diversified 356 4.41% 12.07% 9.29% 20.42%
Drugs (Biotechnology) 884 16.53% 27.40% 14.06% 19.71%
Drugs (Pharmaceutical) 971 11.56% 19.79% 12.72% 20.27%
Education 174 6.85% 9.29% 10.52% 26.43%
Electrical Equipment 856 5.31% 8.37% 10.66% 22.40%
Electronics (Consumer & Office) 153 -0.89% 4.88% 9.48% 25.00%
Electronics (General) 1239 4.55% 6.64% 9.32% 22.76%
Engineering/Construction 1118 4.42% 4.98% 9.27% 26.36%
Entertainment 353 10.52% 17.59% 23.92% 28.89%
Environmental & Waste Services 306 7.80% 10.27% 15.71% 29.70%
Farming/Agriculture 388 6.52% 5.26% 5.88% 23.52%
Financial Svcs. (Non-bank & Insur 1016 12.67% 7.53% 0.37% 20.21%
Food Processing 1275 5.62% 9.08% 13.91% 26.27%
Food Wholesalers 128 6.02% 2.53% 12.63% 30.40%
Furn/Home Furnishings 307 6.27% 8.14% 14.52% 19.26%
Green & Renewable Energy 179 18.98% 32.65% 7.16% 21.18%
Healthcare Products 677 9.22% 16.32% 15.15% 17.63%
Healthcare Support Services 334 10.65% 4.71% 30.86% 35.33%
Heathcare Information and Techno 322 10.67% 13.05% 15.14% 19.46%
Homebuilding 173 11.92% 8.79% 9.21% 27.22%
Hospitals/Healthcare Facilities 192 10.11% 9.14% 9.79% 27.15%
Hotel/Gaming 658 11.89% 13.07% 8.76% 14.71%
Household Products 494 9.14% 15.78% 25.16% 27.33%
Information Services 186 9.63% 22.31% 33.98% 27.51%
Insurance (General) 233 9.35% 7.67% 10.12% 27.29%
Insurance (Life) 123 8.32% 8.38% 11.36% 23.80%
Insurance (Prop/Cas.) 227 7.57% 10.47% 12.06% 22.78%
Investments & Asset Management 1013 11.00% 19.62% 5.66% 18.01%
Machinery 1270 2.97% 9.65% 12.57% 26.71%
Metals & Mining 1517 -2.36% 3.89% 3.01% 25.91%
Office Equipment & Services 159 3.60% 9.10% 15.80% 29.10%
Oil/Gas (Integrated) 49 -2.23% 2.18% 1.66% 22.01%
Oil/Gas (Production and Exploratio 964 1.91% -14.78% -4.02% 33.84%
Oil/Gas Distribution 210 8.33% 13.70% 7.02% 11.43%
Oilfield Svcs/Equip. 544 -1.16% 3.68% 5.65% 25.53%
Packaging & Container 395 4.32% 9.17% 12.15% 26.83%
Paper/Forest Products 296 3.59% 7.56% 6.52% 21.52%
Power 569 7.77% 13.56% 7.30% 24.73%
Precious Metals 961 8.10% 6.29% 3.24% 37.12%
Publishing & Newspapers 364 -0.38% 6.54% 9.52% 25.69%
R.E.I.T. 527 10.63% 30.58% 3.51% 2.80%
Real Estate (Development) 746 14.23% 16.15% 6.36% 30.97%
Real Estate (General/Diversified) 420 12.37% 18.44% 4.77% 21.36%
Real Estate (Operations & Service 606 11.95% 27.48% 5.02% 18.86%
Recreation 307 4.13% 11.32% 11.44% 26.70%
Reinsurance 38 14.44% 10.38% 11.85% 16.80%
Restaurant/Dining 346 11.18% 10.54% 13.19% 28.16%
Retail (Automotive) 163 7.23% 4.57% 9.85% 32.32%
Retail (Building Supply) 50 6.26% 9.38% 18.15% 37.20%
Retail (Distributors) 929 8.15% 3.43% 4.95% 30.23%
Retail (General) 220 3.93% 3.90% 8.05% 30.95%
Retail (Grocery and Food) 163 10.09% 3.15% 7.66% 29.47%
Retail (Online) 190 12.30% 5.41% 15.61% 31.68%
Retail (Special Lines) 505 4.23% 6.41% 12.44% 31.69%
Rubber& Tires 87 -1.02% 11.41% 13.23% 30.77%
Semiconductor 535 1.03% 17.32% 12.25% 16.77%
Semiconductor Equip 258 0.66% 14.97% 13.01% 18.57%
Shipbuilding & Marine 326 0.27% 5.50% 2.94% 16.36%
Shoe 89 1.77% 10.06% 15.08% 19.44%
Software (Entertainment) 120 6.00% 16.33% 15.34% 19.08%
Software (Internet) 830 13.12% 22.49% 16.52% 21.43%
Software (System & Application) 1026 11.73% 16.45% 15.66% 22.58%
Steel 737 -5.04% 3.19% 2.79% 27.03%
Telecom (Wireless) 106 4.03% 12.83% 8.78% 32.06%
Telecom. Equipment 480 4.72% 11.94% 11.58% 19.69%
Telecom. Services 297 5.44% 15.17% 12.24% 27.61%
Tobacco 59 6.36% 32.78% 38.92% 29.90%
Transportation 221 8.69% 9.64% 12.67% 27.82%
Transportation (Railroads) 49 6.98% 21.07% 9.59% 31.09%
Trucking 195 4.64% 7.25% 8.07% 31.09%
Utility (General) 57 1.98% 10.99% 8.61% 26.57%
Utility (Water) 96 12.95% 25.77% 8.09% 21.82%
 Equity Std
Unlevered (Levered) Cost of deviation in Pre-tax cost Market Cost of Sales/Capita
Beta Beta equity stock prices of debt Debt/Capital capital l
0.90 1.07 10.00% 40.86% 4.82% 26.38% 8.25% 3.77
0.98 1.12 10.37% 38.26% 4.62% 20.52% 8.91% 2.45
0.53 0.87 8.56% 28.39% 4.62% 47.76% 6.01% 1.10
0.71 0.82 8.21% 35.72% 4.62% 20.28% 7.20% 1.49
0.80 1.27 11.40% 29.90% 4.62% 48.37% 7.45% 1.28
1.11 1.20 10.91% 32.90% 4.62% 20.94% 9.30% 1.99
0.36 0.88 8.69% 21.37% 4.17% 73.25% 4.46% 0.12
0.45 0.57 6.47% 22.89% 4.17% 54.37% 4.54% 0.27
0.62 0.73 7.61% 28.25% 4.62% 22.37% 6.63% 0.85
0.64 0.74 7.70% 30.81% 4.62% 20.32% 6.79% 1.71
0.76 1.02 9.64% 32.05% 4.62% 33.29% 7.51% 1.16
0.37 0.91 8.86% 34.30% 4.62% 67.71% 5.05% 0.15
0.78 0.92 8.94% 30.72% 4.62% 23.97% 7.57% 1.77
0.81 0.94 9.05% 35.36% 4.62% 21.99% 7.77% 3.04
0.78 1.15 10.60% 29.02% 4.62% 37.94% 7.80% 0.93
0.89 1.04 9.79% 33.40% 4.62% 24.00% 8.22% 1.13
1.18 1.43 12.53% 30.28% 4.62% 27.51% 9.97% 1.27
0.98 1.11 10.28% 35.10% 4.62% 20.72% 8.82% 1.20
0.84 1.14 10.50% 56.33% 4.82% 36.72% 7.89% 0.56
0.89 0.96 9.26% 36.40% 4.62% 16.56% 8.26% 3.54
1.12 1.19 10.84% 36.41% 4.62% 17.38% 9.52% 1.55
0.83 1.07 9.99% 32.51% 4.62% 32.12% 7.82% 1.13
0.63 0.87 8.56% 24.36% 4.17% 37.66% 6.44% 0.89
1.16 1.28 11.52% 61.07% 4.82% 15.13% 10.29% 0.52
0.92 1.01 9.59% 41.17% 4.82% 15.23% 8.64% 0.73
0.76 0.87 8.60% 37.22% 4.62% 23.62% 7.34% 1.32
1.02 1.15 10.55% 36.81% 4.62% 22.06% 8.94% 1.48
1.08 1.19 10.83% 39.45% 4.62% 29.55% 8.58% 2.10
1.13 1.15 10.54% 35.81% 4.62% 16.53% 9.34% 1.61
0.84 1.09 10.15% 32.53% 4.62% 42.00% 7.25% 2.24
0.88 1.04 9.80% 40.82% 4.82% 22.03% 8.38% 1.52
0.88 1.08 10.07% 44.48% 4.82% 23.54% 8.50% 1.73
0.62 0.87 8.57% 32.44% 4.62% 35.94% 6.65% 1.29
0.10 0.74 7.64% 30.34% 4.62% 88.96% 3.72% 0.06
0.64 0.74 7.64% 29.70% 4.62% 20.12% 6.75% 1.83
0.48 0.69 7.30% 29.81% 4.62% 40.64% 5.65% 6.20
0.91 0.94 9.06% 31.89% 4.62% 18.36% 7.99% 2.19
0.60 1.01 9.57% 37.64% 4.62% 45.80% 6.67% 0.24
0.91 1.02 9.62% 46.12% 4.82% 15.36% 8.66% 1.01
0.87 0.99 9.44% 39.90% 4.62% 24.41% 7.93% 7.98
0.91 1.02 9.67% 47.43% 4.82% 15.38% 8.70% 1.25
0.83 1.07 10.03% 31.36% 4.62% 35.54% 7.61% 1.34
0.44 0.74 7.65% 29.58% 4.62% 46.15% 5.61% 1.30
0.64 0.84 8.35% 32.63% 4.62% 31.35% 6.75% 0.77
0.80 0.87 8.58% 38.81% 4.62% 12.49% 7.91% 1.87
0.93 1.04 9.79% 37.48% 4.62% 17.08% 8.67% 1.81
0.62 0.71 7.48% 24.55% 4.17% 31.92% 6.02% 1.55
1.11 1.02 9.68% 24.36% 4.17% 45.70% 6.59% 1.67
0.54 0.61 6.75% 24.47% 4.17% 23.38% 5.85% 1.38
0.53 0.81 8.15% 33.75% 4.62% 45.14% 5.93% 0.31
1.03 1.10 10.20% 33.28% 4.62% 16.63% 9.04% 1.57
0.92 1.26 11.34% 70.48% 5.17% 33.35% 8.76% 0.80
0.72 0.86 8.51% 32.56% 4.62% 27.40% 7.06% 2.12
1.08 1.39 12.28% 30.49% 4.62% 30.09% 9.56% 0.86
1.12 1.56 13.49% 66.87% 5.17% 32.76% 10.26% 0.28
0.90 1.53 13.25% 38.79% 4.62% 44.42% 8.80% 0.56
1.00 1.31 11.73% 43.11% 4.82% 31.84% 9.07% 1.70
0.57 0.73 7.62% 31.19% 4.62% 30.00% 6.30% 1.65
0.64 0.92 8.97% 32.44% 4.62% 38.66% 6.75% 1.01
0.46 0.81 8.16% 25.94% 4.62% 50.59% 5.67% 0.66
1.01 1.19 10.83% 77.38% 6.32% 21.75% 9.44% 0.53
0.79 0.91 8.85% 36.69% 4.62% 25.70% 7.41% 1.73
0.42 0.72 7.55% 21.27% 4.17% 43.70% 5.53% 0.12
0.68 1.06 9.94% 30.40% 4.62% 53.15% 6.37% 0.48
0.68 1.02 9.63% 28.76% 4.62% 44.21% 6.80% 0.31
0.49 0.81 8.18% 29.12% 4.62% 47.22% 5.84% 0.21
0.80 0.87 8.63% 34.08% 4.62% 20.28% 7.53% 1.21
0.92 0.97 9.29% 22.71% 4.17% 20.08% 8.01% 1.34
0.62 0.78 7.99% 29.13% 4.62% 27.57% 6.68% 1.57
0.64 0.92 8.95% 30.19% 4.62% 39.22% 6.71% 2.70
0.73 0.85 8.47% 26.88% 4.62% 20.63% 7.39% 2.45
0.57 0.89 8.74% 33.76% 4.62% 47.61% 6.12% 1.76
0.81 1.11 10.27% 29.29% 4.62% 35.80% 7.75% 2.66
0.57 0.77 7.87% 25.36% 4.62% 37.60% 6.13% 3.19
1.20 1.25 11.27% 43.56% 4.82% 9.97% 10.49% 3.37
0.76 0.92 8.97% 33.52% 4.62% 27.22% 7.41% 2.44
0.92 1.06 9.93% 27.81% 4.62% 24.80% 8.27% 1.43
1.28 1.36 12.03% 34.56% 4.62% 13.65% 10.83% 0.78
1.23 1.24 11.21% 36.58% 4.62% 13.37% 10.14% 1.00
0.73 1.15 10.59% 34.11% 4.62% 46.91% 7.14% 0.60
0.94 0.97 9.27% 34.97% 4.62% 11.64% 8.57% 1.83
1.52 1.40 12.37% 46.11% 4.82% 8.37% 11.62% 1.05
1.15 1.15 10.58% 51.10% 4.82% 4.82% 10.23% 0.80
0.97 1.06 9.92% 44.00% 4.82% 14.84% 8.95% 1.06
0.74 1.15 10.54% 37.37% 4.62% 44.08% 7.32% 0.99
0.70 1.02 9.68% 27.50% 4.62% 38.84% 7.18% 0.79
1.08 1.16 10.66% 41.87% 4.82% 16.92% 9.43% 1.07
0.62 0.92 8.93% 31.42% 4.62% 39.09% 6.70% 0.95
0.63 0.71 7.44% 33.61% 4.62% 14.49% 6.83% 1.42
0.82 1.07 10.01% 30.20% 4.62% 34.38% 7.68% 1.65
0.76 0.99 9.40% 23.69% 4.17% 29.89% 7.47% 0.59
0.58 0.87 8.56% 28.94% 4.62% 43.94% 6.22% 1.41
0.45 0.75 7.77% 20.64% 4.17% 48.99% 5.39% 0.99
0.77 1.05 9.90% 29.44% 4.62% 35.23% 7.55% 0.37
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.66 10.10 15.56 2.68 37.49 -8.76% 2.09% 1.75%
1.46 11.54 16.17 4.11 41.44 23.36% 3.57% 3.08%
1.44 6.19 13.01 2.10 17.43 -3.64% 12.11% 6.27%
1.75 10.32 15.98 2.51 55.88 22.53% 3.82% 2.42%
0.87 8.26 13.51 1.24 45.02 5.62% 7.28% 4.42%
0.79 6.81 10.99 1.65 53.50 10.62% 5.75% 5.44%
8.58 NA NA 0.97 14.97 NA 4.00% 5.31%
5.25 NA NA 1.10 18.54 NA 4.98% 6.23%
3.63 14.37 18.63 3.42 78.31 10.19% 4.46% 1.92%
2.77 14.25 17.88 5.47 34.85 -0.46% 4.28% 3.12%
2.31 9.84 13.51 2.53 53.77 13.65% 3.92% 1.53%
7.54 NA NA 1.43 42.14 NA 4.18% -0.07%
1.32 10.22 15.46 2.07 43.09 16.53% 4.01% 3.69%
1.55 11.28 16.76 3.74 47.89 9.11% 2.67% 3.04%
3.85 11.35 22.01 2.72 30.40 1.68% 12.46% 20.12%
1.53 9.46 15.13 1.75 44.76 13.70% 6.65% 5.18%
1.45 8.58 14.07 1.96 17.66 19.50% 8.07% 5.44%
1.95 11.22 16.99 2.63 64.26 17.73% 6.74% 4.42%
2.17 9.61 38.05 1.28 131.17 -6.19% 11.23% 0.14%
1.13 10.63 14.72 3.27 55.19 13.55% 1.90% 3.37%
1.25 7.67 11.46 2.25 40.93 5.20% 4.85% 4.08%
1.52 11.20 19.46 1.73 62.85 17.05% 5.12% 3.45%
1.61 9.09 12.93 1.27 35.38 -17.03% 4.77% 6.33%
7.05 13.56 24.23 5.19 212.24 20.34% 4.63% 17.90%
3.63 12.75 18.42 3.08 55.04 18.05% 4.43% 6.61%
1.89 10.15 20.01 2.06 26.70 6.68% 5.26% 6.49%
1.67 11.08 19.04 2.55 207.28 19.97% 4.13% 3.69%
0.53 6.48 15.13 1.42 41.70 5.16% 4.28% 4.98%
1.18 10.06 18.18 1.93 68.19 16.69% 6.10% 4.43%
0.66 8.68 12.82 1.40 71.29 11.22% 3.00% 2.01%
2.88 11.40 15.67 2.90 95.13 9.72% 4.89% 4.65%
2.30 12.38 21.75 3.08 44.45 10.26% 7.79% 7.11%
1.14 13.17 21.51 1.78 82.02 15.53% 4.63% 3.37%
17.67 159.36 NA 1.29 133.95 NA 7.76% 10.80%
1.56 11.89 16.80 2.62 38.17 10.15% 4.55% 3.29%
0.41 9.83 16.09 1.68 54.07 3.94% 1.38% 2.40%
1.25 10.31 15.28 2.49 66.75 5.99% 3.21% 6.16%
7.30 12.10 22.15 1.41 79.07 -11.78% 32.57% 51.56%
3.64 14.65 22.38 3.35 146.34 23.83% 5.17% 7.44%
0.59 9.64 12.44 2.52 45.93 -1.29% 0.99% 1.45%
3.82 16.65 27.83 4.10 88.69 20.20% 4.50% 11.73%
1.06 8.72 11.70 1.35 52.44 56.85% 1.05% 1.12%
1.82 10.40 19.80 3.06 37.53 7.24% 6.25% 6.23%
2.75 11.88 20.75 2.03 103.46 -2.57% 9.12% 5.25%
2.80 14.07 17.61 4.85 43.50 8.90% 4.05% 4.91%
4.35 15.09 19.45 5.04 35.15 0.22% 3.03% 10.28%
0.91 9.36 11.50 1.06 21.68 10.15% 0.82% 0.08%
0.66 7.21 7.79 0.96 40.28 -111.13% 0.66% 0.65%
1.01 8.56 9.58 1.20 19.54 -28.82% 0.68% 2.54%
4.88 19.93 22.44 1.35 105.59 NA 2.31% 9.82%
1.71 11.89 17.23 2.61 59.65 23.72% 3.92% 3.88%
1.69 11.06 41.52 1.46 113.12 8.82% 9.39% 2.20%
1.16 8.25 12.72 2.41 65.72 12.34% 3.37% 2.47%
1.33 8.74 60.66 1.14 44.61 3.07% 12.30% 2.37%
4.59 11.19 NA 1.61 40.19 3.46% 41.64% -5.47%
3.02 13.03 21.62 1.56 25.91 4.73% 21.08% 18.86%
0.96 10.63 24.68 1.72 125.07 8.04% 4.20% 1.68%
1.50 9.68 15.66 2.67 31.89 13.75% 5.62% 6.51%
1.30 9.01 16.72 1.39 57.99 18.56% 7.12% 3.23%
2.06 8.41 15.13 1.27 33.26 0.59% 17.41% 11.40%
2.92 9.08 43.21 1.65 130.43 13.52% 21.38% 4.66%
1.16 9.01 16.67 1.54 82.85 8.43% 3.21% 2.24%
11.82 20.81 35.03 1.61 77.10 46.87% 4.49% -2.16%
2.27 12.22 13.30 0.90 45.89 166.57% 3.12% 5.69%
3.42 13.28 17.61 0.86 125.86 72.56% 7.23% 6.81%
5.70 15.92 19.42 0.94 45.21 18.81% 5.63% 10.11%
2.03 11.04 17.98 2.56 66.93 14.75% 7.13% 6.26%
0.83 7.84 7.92 0.94 14.14 -45.24% 0.09% 0.39%
2.18 11.43 20.56 6.11 46.86 -1.37% 5.13% 2.09%
0.80 10.66 17.25 2.97 26.68 9.59% 2.69% 3.37%
1.47 10.74 15.58 6.60 19.35 6.69% 2.00% 1.07%
0.76 12.29 21.03 1.38 126.42 15.17% 2.79% 2.27%
0.74 8.75 18.37 2.15 70.10 0.37% 2.97% 1.06%
0.65 8.53 20.49 2.07 34.16 -3.43% 3.03% 0.99%
2.62 24.10 48.84 7.69 62.31 1.08% 3.90% 0.85%
1.08 8.94 16.68 3.13 83.83 8.03% 2.21% 0.78%
1.05 5.74 8.95 1.65 22.96 17.80% 4.93% 2.20%
3.18 10.50 19.10 2.81 57.64 17.83% 12.48% 16.13%
2.53 12.08 17.23 2.93 38.89 28.33% 6.80% 4.87%
1.83 9.30 30.12 1.08 54.59 -0.56% 10.55% 4.92%
1.66 11.61 16.43 3.12 29.20 19.61% 1.68% 0.17%
3.49 15.74 21.92 2.88 134.29 11.17% 2.82% 13.79%
6.31 20.19 28.89 4.38 57.36 5.18% 7.98% 6.69%
4.60 19.06 27.87 4.77 380.93 11.32% 4.89% 18.07%
1.06 9.15 30.15 0.97 42.60 12.47% 6.22% 2.87%
2.07 6.25 16.09 1.61 62.62 -2.71% 12.16% 2.51%
2.10 12.34 17.82 2.47 186.29 17.80% 3.56% 1.46%
2.16 6.49 14.10 2.01 29.40 -2.55% 12.48% -0.31%
5.27 14.35 16.03 9.88 19.61 14.11% 3.01% 1.43%
1.34 8.77 13.78 2.38 32.41 3.13% 4.74% 3.34%
3.13 9.63 14.72 2.18 26.13 -0.87% 16.00% 10.97%
1.12 8.04 15.50 1.84 31.42 8.45% 9.18% 6.92%
1.50 8.20 13.69 1.63 30.26 -0.51% 11.76% 7.13%
4.94 12.57 18.65 1.96 30.62 6.83% 20.41% 13.71%
 Equity
Reinvestme Dividend Reinvestmen
nt Rate ROE Payout Ratio t Rate
37.95% 15.26% 45.43% 45.43%
55.40% 17.46% 45.44% 45.44%
67.25% 21.39% 24.92% 24.92%
47.36% 11.28% 46.63% 46.63%
90.80% 15.03% 32.31% 32.31%
110.38% 11.86% 29.20% 29.20%
310.74% 9.90% 36.85% 36.85%
NA 9.79% 24.90% 24.90%
16.12% 11.83% 69.96% 69.96%
21.66% 25.73% 53.69% 53.69%
23.76% 12.88% 51.65% 51.65%
-4798.61% 9.13% 58.56% 58.56%
66.27% 9.60% 43.37% 43.37%
63.07% 15.04% 54.78% 54.78%
161.50% 15.82% 28.32% 28.32%
62.50% 10.93% 50.69% 50.69%
45.93% 14.54% 42.41% 42.41%
55.29% 10.24% 61.16% 61.16%
117.37% -1.81% 8.26% 8.26%
63.62% 21.32% 35.29% 35.29%
36.37% 15.11% 32.73% 32.73%
65.24% 6.63% 69.44% 69.44%
70.97% 9.18% 32.96% 32.96%
118.14% 12.10% 53.16% 53.16%
50.55% 13.07% 64.96% 64.96%
106.94% 5.36% 64.69% 64.69%
53.87% 8.68% 65.62% 65.62%
201.48% 2.40% 122.49% 122.49%
84.84% 8.29% 40.70% 40.70%
61.17% 7.55% 63.00% 63.00%
108.16% 14.80% 41.37% 41.37%
119.69% 8.97% 58.77% 58.77%
89.78% 7.96% 46.94% 46.94%
219.24% 21.69% 20.84% 20.84%
44.72% 11.51% 51.72% 51.72%
123.46% 12.14% 42.82% 42.82%
54.17% 15.84% 38.30% 38.30%
202.65% 7.40% 94.90% 94.90%
71.51% 10.84% 36.61% 36.61%
50.77% 14.67% 23.31% 23.31%
127.74% 13.33% 12.92% 12.92%
69.66% 14.06% 19.97% 19.97%
147.65% 9.30% 45.81% 45.81%
51.14% 9.49% 58.37% 58.37%
38.72% 20.37% 59.04% 59.04%
 67.62% 20.31% 27.78% 27.78%
4.54% 7.30% 52.41% 52.41%
11.98% 8.34% 36.52% 36.52%
38.62% 10.63% 31.53% 31.53%
80.53% 10.65% 45.34% 45.34%
65.56% 9.23% 50.97% 50.97%
29.48% -6.83% 1.68% 1.68%
39.93% 12.98% 39.73% 39.73%
101.76% 0.96% 408.11% 408.11%
NA -21.63% 0.54% 0.54%
160.89% 3.58% 308.72% 308.72%
1.51% -3.50% 0.86% 0.86%
96.37% 11.68% 47.23% 47.23%
70.18% 8.53% 51.53% 51.53%
112.08% 7.59% 73.21% 73.21%
229.37% -6.33% 0.32% 0.32%
43.15% 4.80% 86.54% 86.54%
-4.77% 8.61% 89.70% 89.70%
86.56% 9.92% 62.43% 62.43%
42.30% 7.18% 38.36% 38.36%
43.07% 8.83% 34.99% 34.99%
101.19% 10.52% 48.02% 48.02%
10.71% 10.56% 40.08% 40.08%
29.08% 24.15% 48.39% 48.39%
113.23% 18.73% 24.81% 24.81%
18.07% 27.56% 44.68% 44.68%
64.94% 3.77% 100.23% 100.23%
36.75% 11.50% 49.89% 49.89%
35.03% 11.74% 49.28% 49.28%
45.10% 11.22% 10.93% 10.93%
15.54% 13.90% 45.08% 45.08%
27.90% 13.93% 38.12% 38.12%
120.87% 12.42% 56.34% 56.34%
67.09% 12.46% 33.30% 33.30%
95.91% -3.49% 0.88% 0.88%
4.67% 16.29% 36.66% 36.66%
99.24% 8.44% 609.95% 609.95%
48.67% 11.09% 11.27% 11.27%
151.94% 14.48% 47.06% 47.06%
3.66% -4.22% 0.43% 0.43%
50.52% 7.57% 57.12% 57.12%
26.42% 10.91% 54.98% 54.98%
1.36% 14.13% 69.83% 69.83%
9.50% 57.38% 72.61% 72.61%
50.87% 14.32% 50.91% 50.91%
76.29% 11.65% 39.88% 39.88%
146.90% 12.40% 28.05% 28.05%
69.24% 1.32% 542.51% 542.51%
28081.70% 8.71% 56.31% 56.44%
Country GDP (in billions) Adj. Default Spread Total Risk Premium
Abu Dhabi 390 0.57% 6.40%
Albania 11.4 5.20% 12.09%
Andorra (Principality of) 3.25 2.54% 8.82%
Angola 102.6 5.20% 12.09%
Argentina 583.2 7.51% 14.94%
Armenia 10.5 5.20% 12.09%
Aruba 2.6 1.84% 7.96%
Australia 1339 0.00% 5.69%
Austria 377 0.46% 6.25%
Azerbaijan 53.1 2.89% 9.24%
Bahamas 8.9 2.54% 8.82%
Bahrain 31.1 3.47% 9.96%
Bangladesh 195.1 4.16% 10.81%
Barbados 4.4 8.66% 16.35%
Belarus 54.61 8.66% 16.35%
Belgium 455.1 0.70% 6.55%
Belize 1.75 10.40% 18.49%
Bermuda 5.6 0.98% 6.90%
Bolivia 33 4.16% 10.81%
Bosnia and Herzegovina 16.2 7.51% 14.94%
Botswana 14.4 0.98% 6.90%
Brazil 1774.7 3.47% 9.96%
Bulgaria 12.9 2.20% 8.40%
Burkina Faso 10.7 7.51% 14.94%
Cambodia 18.1 6.36% 13.51%
Cameroon 28.4 6.36% 13.51%
Canada 1550.3 0.00% 5.69%
Cayman Islands 3.2 0.70% 6.55%
Cape Verde 1.9 6.36% 13.51%
Chile 240.8 0.70% 6.55%
China 11007.7 0.70% 6.55%
Colombia 292.1 2.20% 8.40%
Congo (Democratic Republic of 35.2 7.51% 14.94%
Congo (Republic of) 8.6 7.51% 14.94%
Cook Islands 1.2 8.66% 16.35%
Costa Rica 54.1 2.89% 9.24%
Côte d'Ivoire 31.8 4.16% 10.81%
Croatia 48.7 3.47% 9.96%
Cuba 77.2 10.40% 18.49%
Curacao 1 8.66% 16.35%
Cyprus 19.6 5.20% 12.09%
Czech Republic 185.2 0.81% 6.69%
Denmark 295.1 0.00% 5.69%
Dominican Republic 68.1 5.20% 12.09%
Ecuador 100.2 7.51% 14.94%
Egypt 330.8 7.51% 14.94%
El Salvador 25.9 7.51% 14.94%
Estonia 26.5 0.81% 6.69%
Ethiopia 61.5 5.20% 12.09%
Fiji 4.4 5.20% 12.09%
Finland 231.9 0.46% 6.25%
France 2418.8 0.57% 6.40%
Gabon 14.3 5.20% 12.09%
Georgia 14 4.16% 10.81%
Germany 3363.4 0.00% 5.69%
Ghana 37.5 7.51% 14.94%
Greece 194.9 11.55% 19.90%
Guatemala 63.8 2.89% 9.24%
Guernsey (States of) 0.5 0.46% 6.25%
Honduras 20.4 6.36% 13.51%
Hong Kong 309.3 0.46% 6.25%
Hungary 121.7 2.54% 8.82%
Iceland 16.6 1.39% 7.40%
India 2095.4 2.54% 8.82%
Indonesia 861.9 2.54% 8.82%
Iraq 180.8 2.54% 8.82%
Ireland 283.7 1.39% 7.40%
Isle of Man 7.4 0.46% 6.25%
Israel 299.4 0.81% 6.69%
Italy 1821.5 2.20% 8.40%
Jamaica 14.3 7.51% 14.94%
Japan 4123.2 0.81% 6.69%
Jersey (States of) 1 8.66% 16.35%
Jordan 37.5 5.20% 12.09%
Kazakhstan 184.4 2.54% 8.82%
Kenya 63.3 5.20% 12.09%
Korea 1377.9 0.57% 6.40%
Kuwait 114 0.57% 6.40%
Kyrgyzstan 6.6 6.36% 13.51%
Latvia 27 1.39% 7.40%
Lebanon 47.1 6.36% 13.51%
Liechtenstein 6.7 0.00% 5.69%
Lithuania 41.2 1.39% 7.40%
Luxembourg 57.8 0.00% 5.69%
Macao 46.2 0.70% 6.55%
Macedonia 10.1 4.16% 10.81%
Malaysia 296.3 1.39% 7.40%
Malta 9.7 1.39% 7.40%
Mauritius 11.7 1.84% 7.96%
Mexico 1143.8 1.39% 7.40%
Moldova 6.6 7.51% 14.94%
Mongolia 11.7 8.66% 16.35%
Montenegro 4 5.20% 12.09%
Montserrat 1.5 2.54% 8.82%
Morocco 100.6 2.89% 9.24%
Mozambique 14.8 11.55% 19.90%
Namibia 11.5 2.54% 8.82%
Netherlands 750.3 0.00% 5.69%
New Zealand 173.8 0.00% 5.69%
Nicaragua 12.7 6.36% 13.51%
Nigeria 481.1 5.20% 12.09%
Norway 388.6 0.00% 5.69%
Oman 69.9 1.84% 7.96%
Pakistan 271.1 7.51% 14.94%
Panama 52.1 2.20% 8.40%
Papua New Guinea 16.9 6.36% 13.51%
Paraguay 27.1 2.89% 9.24%
Peru 189.1 1.39% 7.40%
Philippines 284.8 2.20% 8.40%
Poland 477.1 0.98% 6.90%
Portugal 199 2.89% 9.24%
Qatar 164.7 0.57% 6.40%
Ras Al Khaimah (Emirate of) 5.2 0.98% 6.90%
Romania 178 2.54% 8.82%
Russia 1331.2 2.89% 9.24%
Rwanda 8.1 6.36% 13.51%
Saudi Arabia 646 0.81% 6.69%
Senegal 13.6 5.20% 12.09%
Serbia 37.2 5.20% 12.09%
Sharjah 5 1.39% 7.40%
Singapore 292.7 0.00% 5.69%
Slovakia 87.3 0.98% 6.90%
Slovenia 42.8 2.54% 8.82%
South Africa 314.6 2.20% 8.40%
Spain 1199.1 2.20% 8.40%
Sri Lanka 82.3 5.20% 12.09%
St. Maarten 1.5 2.20% 8.40%
St. Vincent & the Grenadines 0.7 7.51% 14.94%
Suriname 5.2 5.20% 12.09%
Sweden 494.6 0.00% 5.69%
Switzerland 670.8 0.00% 5.69%
Taiwan 970.9 0.70% 6.55%
Thailand 395.2 1.84% 7.96%
Trinidad and Tobago 23.6 2.54% 8.82%
Tunisia 43 4.16% 10.81%
Turkey 717.9 2.89% 9.24%
Turks and Caicos Islands 1.5 8.66% 16.35%
Uganda 27.6 6.36% 13.51%
Ukraine 90.6 11.55% 19.90%
United Arab Emirates 370.3 0.57% 6.40%
United Kingdom 2858 0.46% 6.25%
United States 18038.6 0.00% 5.69%
Uruguay 53.4 2.20% 8.40%
Venezuela 250 11.55% 19.90%
Vietnam 193.6 5.20% 12.09%
Zambia 27.2 7.51% 14.94%
Weighted Weighted Average: Weighted Average:
Region Average: TRP CRP Default Spreads
Africa 12.00% 6.31% 5.12%
Asia 7.12% 1.43% 1.16%
Australia & New Zealand 5.70% 0.01% 0.01%
Caribbean 13.92% 8.23% 6.69%
Central and South America 10.21% 4.52% 3.67%
Eastern Europe & Russia 9.09% 3.40% 2.77%
Middle East 7.03% 1.34% 1.09%
North America 5.69% 0.00% 0.00%
Western Europe 6.81% 1.12% 0.91%
Global 7.06% 1.37% 1.12%
Country Risk Premium Corporate Tax Rate Region
0.71% 0.00% Middle East
6.40% 15.00% Eastern Europe & Russia
3.13% 0.00% Western Europe
6.40% 30.00% Africa
9.25% 35.00% Central and South America
6.40% 20.00% Eastern Europe & Russia
2.27% 25.00% Caribbean
0.00% 30.00% Australia & New Zealand
0.56% 25.00% Western Europe
3.55% 15.00% Eastern Europe & Russia
3.13% 0.00% Caribbean
4.27% 0.00% Middle East
5.12% 25.00% Asia
10.66% 25.00% Caribbean
10.66% 18.00% Eastern Europe & Russia
0.86% 33.99% Western Europe
12.80% 27.29% Central and South America
1.21% 0.00% Caribbean
5.12% 25.00% Central and South America
9.25% 10.00% Eastern Europe & Russia
1.21% 22.00% Africa
4.27% 34.00% Central and South America
2.71% 10.00% Eastern Europe & Russia
9.25% 27.46% Africa
7.82% 20.00% Asia
7.82% 33.00% Africa
0.00% 26.50% North America
0.86% 0.00% Caribbean
7.82% 27.46% Africa
0.86% 24.00% Central and South America
0.86% 25.00% Asia
2.71% 25.00% Central and South America
9.25% 27.46% Africa
9.25% 27.46% Africa
10.66% 20.00% Australia & New Zealand
3.55% 30.00% Central and South America
5.12% 27.46% Africa
4.27% 20.00% Eastern Europe & Russia
12.80% 27.29% Caribbean
10.66% 25.00% Caribbean
6.40% 12.50% Western Europe
1.00% 19.00% Eastern Europe & Russia
0.00% 23.50% Western Europe
6.40% 27.00% Caribbean
9.25% 22.00% Central and South America
9.25% 22.50% Africa
9.25% 30.00% Central and South America
1.00% 20.00% Eastern Europe & Russia
6.40% 27.46% Africa
6.40% 20.00% Asia
0.56% 20.00% Western Europe
0.71% 33.30% Western Europe
6.40% 27.46% Africa
5.12% 15.00% Eastern Europe & Russia
0.00% 29.72% Western Europe
9.25% 25.00% Africa
14.21% 29.00% Western Europe
3.55% 25.00% Central and South America
0.56% 0.00% Western Europe
7.82% 30.00% Central and South America
0.56% 16.50% Asia
3.13% 19.00% Eastern Europe & Russia
1.71% 20.00% Western Europe
3.13% 34.61% Asia
3.13% 25.00% Asia
3.13% 15.00% Middle East
1.71% 12.50% Western Europe
0.56% 0.00% Western Europe
1.00% 25.00% Middle East
2.71% 31.40% Western Europe
9.25% 25.00% Caribbean
1.00% 33.06% Asia
10.66% 20.00% Western Europe
6.40% 20.00% Middle East
3.13% 20.00% Eastern Europe & Russia
6.40% 30.00% Africa
0.71% 24.20% Asia
0.71% 15.00% Middle East
7.82% 15.00% Eastern Europe & Russia
 1.71% 15.00% Eastern Europe & Russia
7.82% 15.00% Middle East
0.00% 12.50% Western Europe
1.71% 15.00% Eastern Europe & Russia
0.00% 29.22% Western Europe
0.86% 12.00% Asia
5.12% 10.00% Eastern Europe & Russia
1.71% 24.00% Asia
1.71% 35.00% Western Europe
2.27% 15.00% Asia
1.71% 30.00% Central and South America
9.25% 12.00% Eastern Europe & Russia
10.66% 21.92% Asia
6.40% 9.00% Eastern Europe & Russia
3.13% 27.46% Caribbean
3.55% 31.00% Africa
14.21% 32.00% Africa
3.13% 32.00% Africa
0.00% 25.00% Western Europe
0.00% 28.00% Australia & New Zealand
7.82% 27.29% Central and South America
6.40% 30.00% Africa
0.00% 27.00% Western Europe
2.27% 12.00% Middle East
9.25% 32.00% Asia
2.71% 25.00% Central and South America
7.82% 30.00% Asia
3.55% 10.00% Central and South America
1.71% 28.00% Central and South America
2.71% 30.00% Asia
1.21% 19.00% Eastern Europe & Russia
3.55% 21.00% Western Europe
0.71% 10.00% Middle East
1.21% 0.00% Middle East
3.13% 16.00% Eastern Europe & Russia
3.55% 20.00% Eastern Europe & Russia
7.82% 27.46% Africa
1.00% 20.00% Middle East
6.40% 27.46% Africa
6.40% 15.00% Eastern Europe & Russia
 1.71% 0.00% Middle East
0.00% 17.00% Asia
1.21% 22.00% Eastern Europe & Russia
3.13% 17.00% Eastern Europe & Russia
2.71% 28.00% Africa
2.71% 25.00% Western Europe
6.40% 15.00% Asia
2.71% 34.50% Caribbean
9.25% 26.85% Caribbean
6.40% 34.50% Central and South America
0.00% 22.00% Western Europe
0.00% 17.92% Western Europe
0.86% 17.00% Asia
2.27% 20.00% Asia
3.13% 25.00% Caribbean
5.12% 25.00% Africa
3.55% 20.00% Western Europe
10.66% 26.85% Caribbean
7.82% 30.00% Africa
14.21% 18.00% Eastern Europe & Russia
0.71% 55.00% Middle East
0.56% 20.00% Western Europe
0.00% 40.00% North America
2.71% 25.00% Central and South America
14.21% 34.00% Central and South America
6.40% 22.00% Asia
9.25% 35.00% Africa

Tax Rate
27.91%
26.68%
29.76%
24.50%
31.09%
18.97%
20.81%
38.93%
26.36%
29.76%
 Last 10K First X months: Last year
Revenues $215,639.00 $75,872.00
R&D expense $10,045.00 $2,404.00
Operating income or EBIT $60,024.00 $24,171.00
Interest expenses $1,456.00 $276.00
Book value of equity $128,249.00
Book value of debt $87,032.00
Do you have operating lease commitments?
Cash and cross holdings $237,585.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 26.18%
Marginal tax rate =
Lease commitments
Year 1 $929.00
Year 2 $919.00
Year 3 $915.00
Year 4 $889.00 Copy into operating
Year 5 $836.00 lease worksheet
Beyond year 5 $3,139.00

Current year's lease expense $ 939.00

First X months: Current yearTrailing 12 month
$78,351.00 $218,118.00
$2,871.00 $10,512.00
$23,359.00 $59,212.00
$525.00 $1,705.00
$132,390.00
$87,549.00

$245,090.00
$0.00
$0.00

26.01%

NA
NA
NA
NA
NA
NA

$75,872.00
$2,404.00
$24,171.00
$276.00
Yes/No Book or Market ValueERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatio Synthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)