0% found this document useful (0 votes)

11 views

Tesla Jan 2024 DIY

Uploaded by

simcha.harshan

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as XLSX, PDF, TXT or read online on Scribd

0% found this document useful (0 votes)

11 views

Tesla Jan 2024 DIY

Uploaded by

simcha.harshan

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as XLSX, PDF, TXT or read online on Scribd

You are on page 1/ 256

THE YELLOW CELLS ARE YOUR ONLY REQUIRED INPUTS. ALL THE OTHER NUMBERS WILL BE CALCULATED.

Your inputs
Growth (Autos) Lever
How much will Tesla have in revenues from autos in 2033? A5: $500 billion (20% auto market share)
Expected auto revenues in 2033 ($ million) $ 500,000.00

Growth (Software, Robotaxi and Energy) Lever

How much will Tesla have in revenues from other businesss in 2033? AA4: Energy + Software + Robotaxi ($200)
What percentage of other revenues in 2033 will be from software? 20%
What percentage of other revenues in 2033 will be from robotaxis? 40%
Revenues from other businesses in 2033 (based on inputs) = $200,000
Revenues from energy in 2033 (based on your inputs) $ 80,000.00
Revenues from software in 2033 (based on your inputs) $ 40,000.00
Revenues from robotaxis in 2033 (based on your inputs) $ 80,000.00
How many years before robotaxi revenues begin? 3
Profitability Lever
What operating margin will Tesla Auto have in 2033 (and beyond)? B7: Direct Input
Operating margin in 2028 10.00%
What operating margin with Tesla Energy have in 2033 (and beyond)? 16.00%
What operating margin with Tesla Software have in 2033 (and beyond 21.81%
What operating margin with Tesla Robotaxi have in 2033 (and beyond 25.00%
With your operating margin, Tesla's operating profits in 2033 ($ millio $ 91,524.00

Investment Efficiency Lever

How many dollars of revenues will Tesla generate per $ of investment C7: Direct Input
Sales to Invested Capital used in valuation 4.00
With your investment input, Tesla's return on capital in 2033 28.73%

Risk Levers
What cost of capital do you want to give Tesla initially? D6: Direct Input
If direct input, enter the cost of capital 9.17%
What is the probability of failure E1: No chance

Your key inputs wrere

Expected Revenue Growth rate for next 5 years = 31.18%
Expected Pre-tax Operating Margin in year 5 = 12.19%
Sales to Invested Capital for first 5 years = 4.00
Cost of capital to start = 9.17%

And with these inptus, your value is

Tesla's value of equity today = $ 635,320.31
Tesla's value per share today = $ 183.75
BE CALCULATED. Expected Auto Revenues in 2033 (in $ mi)l $ Revenues in 2033
A1: $100 billion (BMW-like) $100
A2: $150 billion (Ford & Honda-like) $150
A3: $200 billion (Daimler-like) $200
A4: $300 billion (Toyota & VW -like) $300
A5: $500 billion (20% auto market share) $500
A6: Direct Input (Enter % growth rate) $600
otaxi ($200)
Expected Other Revenues in 2033 (in $ bil) $ Billion Revenues in 2033
AA1: Energy only ($50) $50
AA2: Energy + Software ($100) $100
AA3: Energy + Big Software ($150) $150
AA4: Energy + Software + Robotaxi ($200) $200
AA5: Energy + Software + Big Robotaxi ($300) $300
AA6: Direct Input (Enter revenues in 2033) $120

Operating Margin in 2028 Target Operating Margin

B1: Auto Industry First Quartile -12.81%
B2: Auto Industry Median 3.25%
B3: Auto Industry Third Quartile 8.52%
B4: Technology Median 10.25%
B5: Software 21.24%
B6: FAANG Aggregate 19.87%
B7: Direct Input 10.00%

Sales to Invested Capital Sales to Capital (1st 5 years)

C1: Auto Industry First Quartile 0.75
C2: Auto Industry Median 1.37
C3: Auto Industry Third Quartile 2.42
C4: Technology Median 1.51
C5: Software 2.30
C6: FAANG Aggregate 1.27
C7: Direct Input 4.00

Cost of Capital Initial cost of capital

D1: Automobile Median 9.65%
D2: Technology Median 11.16%
D3: All companies - First Quartile 7.61%
D4: All companies - Median 8.68%
D5: All companies - Third Quartile 9.97%
D6: Direct Input 9.17%

Failure Likelihood Probability of failure

E1: No chance 0%
E2: 10% (Marginal profitability, High Debt) 10%
E3: 20% (Money loser, High Debt) 20%
E4: 50% (Low Growth, Money loser, High Debt) 50%
Date of valuation Jan-24
Company name Tesla
Numbers from your base year below
This year
Country of incorporation United States
Industry (US) Auto & Truck
Industry (Global) Auto & Truck
Revenues (Auto) $ 82,419.00
Revenues (Energy) $ 6,035.00
Revenues (Rest) $ 8,319.00
Operating income or EBIT $ 8,891.00
Interest expense $ 156.00
Book value of equity $ 62,634.00
Book value of debt $ 5,230.00
Do you have R&D expenses to capitalize? Yes
Do you have operating lease commitments? No
Cash and Marketable Securities $ 29,094.00
Cross holdings and other non-operating assets $ -
Minority interests $ 733.00
Number of shares outstanding = 3174.00
Current stock price = $ 182.58
Effective tax rate = 9.28%
Marginal tax rate = 25.00%
The value drivers below:
Revenues (Auto) in 2033 = $500,000.00
Revenues (Energy) in 2033 = $80,000.00
Revenues (Software) in 2033 = $40,000.00
Revenues (Robotaxi and Rest) in 2033 = $80,000.00
Target operating margin (autos) = 10.00%
Target operating margin (energy) = 16.00%
Target operating margin (software) = 21.81%
Target operating margin (robotaxi) = 25.00%
Year of convergence 5.00
Years 1-5
Sales to capital ratio (for computing reinvestment) = 4.00
Market numbers
Riskfree rate 4.08%
Initial cost of capital = 9.17%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 344.02
Average strike price = $35.11
Average maturity = 4.31
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 = 8.68%
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 15%
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 = 0%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fai 50%
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
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 year $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

$ 71,462.00 1
$ 3,909.00 1
$ 6,091.00 1
$ 13,656.00 1
$ 191.00
$ 44,704.00
$ 3,099.00
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 conv
$ 22,185.00
$ -
$ 785.00

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 =

Pre-tax operating margin in the most recent year
Sales to capital ratio in most recent year =
Growth Lever
Return on invested capital in most recent year=
Standard deviation in stock prices =
Cost of capital =
Profitability Lever
Valuation Output Feedback (for you to use to fine tune your inputs,
Revenues in year 10, based on your revenue growth =
Speed of convergence level Pre-tax Operating Income in year 10, based on your operating ma
Years 6-10 Return on invested capital in year 10, based on your sales/capital
2.67 Investment EfficienCheck the Diagnostics worksheet for more details.

Value of operating assets = ###

Value of equity = ###
Value per share $ 183.75

lar 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 fai
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
e 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.
d check under Calculation options
circular reasoning errors.

worksheet.
se worksheet below and I will convert to debt. If it is already considered debt by accountants, enter no.

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

u should add the inflation differential to the industry averages.
Company Industry (US dataIndustry (Global data)
15.33% 21.94% 8.13%
13.17% 4.82% 7.56%
1.73 1.05 1.23
20.68% 5.19% 8.62%
59.70% 36.46%
9.26% 9.83%

use to fine tune your inputs, if you want)

venue growth = $ 520,400
ased on your operating ma $ 95,258
ased on your sales/capital 28.73%
ore details.

ay will fade over time.

etitive advantages.

sh. Many distressed companies fail, because they have trouble making debt payments.

effective tax rate.

er 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)

ause of mistrust.
ants, enter no.
Base year 1 2 3 4 5
Auto Revenue growth rate 50.67% 33.63% 25.17% 20.11% 16.74%
Revenues(Auto) $ 82,419.00 $ 124,177.10 $ 165,935.20 $ 207,693.30 $ 249,451.40 $ 291,209.50
Revenues (Energy) $ 6,035.00 $ 13,431.50 $ 19,348.70 $ 24,082.46 $ 27,869.47 $ 43,017.50
Revenues (Software) $ 8,319.00 $ 10,431.07 $ 12,120.72 $ 13,472.44 $ 14,553.82 $ 18,879.33
Revenues (Robotaxi) $ - $ - $ - $ - $ 11,428.57 $ 22,857.14
Total Revenues $ 96,773.00 $ 148,039.67 $ 197,404.62 $ 245,248.20 $ 303,303.26 $ 375,963.48
Operating margin (Auto) 13.17% 12.54% 11.90% 11.27% 10.63% 10.00%
Operating margin (Energy) 12.00% 12.80% 13.60% 14.40% 15.20% 16.00%
Operating margin (Software) 10.00% 12.36% 14.72% 17.09% 19.45% 21.81%
Operating margin (Robotaxi) 0.00% 5.00% 10.00% 15.00% 20.00% 25.00%
EBIT (Operating income) $ 10,858.20 $ 18,579.92 $ 24,170.06 $ 29,176.30 $ 35,881.15 $ 45,835.62
Tax rate 9.28% 9.28% 9.28% 9.28% 9.28% 9.28%
EBIT(1-t) $ 9,850.39 $ 16,855.42 $ 21,926.71 $ 26,468.30 $ 32,550.84 $ 41,581.38
- Reinvestment $ 12,816.67 $ 12,341.24 $ 11,960.90 $ 14,513.76 $ 18,165.05
FCFF $ 4,038.76 $ 9,585.47 $ 14,507.40 $ 18,037.07 $ 23,416.32
NOL $ - $ - $ - $ - $ - $ -

Cost of capital 9.17% 9.17% 9.17% 9.17% 9.17%

Cumulated discount factor 0.9160 0.8391 0.7686 0.7040 0.6449
PV(FCFF) $ 3,699.51 $ 8,042.79 $ 11,150.13 $ 12,698.51 $ 15,100.88

Terminal cash flow $ 52,010.97

Terminal cost of capital 8.68%
Terminal value $ 1,130,673.17
PV(Terminal value) $ 476,608.20
PV (CF over next 10 years) $ 135,581.11
Sum of PV $ 612,189.31
Probability of failure = 0.00%
Proceeds if firm fails = $306,094.65
Value of operating assets = $ 612,189.31
- Debt $ 5,230.00
- Minority interests $ 733.00
+ Cash $ 29,094.00
+ Non-operating assets $ -
Value of equity $ 635,320.31
- Value of options $52,095.28
Value of equity in common stoc $ 583,225.03
Number of shares 3,174.00
Estimated value /share $ 183.75
Price $ 182.58
Price as % of value 99.36%

Implied variables
Sales to capital ratio 4.00 4.00 4.00 4.00 4.00
Invested capital $ 47,629 $ 60,446 $ 72,787 $ 84,748 $ 99,262 $ 117,427
ROIC 20.68% 27.89% 30.12% 31.23% 32.79% 35.41%
6 7 8 9 10 Terminal year Check these revenues against
14.34% 12.54% 11.14% 10.03% 9.11% 4.08% a. Overall market size
$ 332,967.60 $ 374,725.70 $ 416,483.80 $ 458,241.90 $ 500,000.00 $ 520,400.00 b. Largest companies in this market
$ 50,414.00 $ 57,810.50 $ 65,207.00 $ 72,603.50 $ 80,000.00 $ 83,264.00
$ 23,103.47 $ 27,327.60 $ 31,551.73 $ 35,775.87 $ 40,000.00 $ 41,632.00
$ 34,285.71 $ 45,714.29 $ 57,142.86 $ 68,571.43 $ 80,000.00 $ 83,264.00
$ 440,770.78 $ 505,578.09 $ 570,385.39 $ 635,192.70 $ 700,000.00 $ 728,560.00
10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
16.00% 16.00% 16.00% 16.00% 16.00% 16.00% This is is how much your operating inc
grew over the ten-year period.
21.81% 21.81% 21.81% 21.81% 21.81% 21.81%
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
$ 54,973.29 $ 64,110.97 $ 73,248.65 $ 82,386.32 $ 91,524.00 $ 95,258.18 $ 84,399.98
12.43% 15.57% 18.71% 21.86% 25.00% 25.00%
$ 48,142.74 $ 54,129.59 $ 59,541.92 $ 64,379.72 $ 68,643.00 $ 71,443.63
$ 24,302.74 $ 24,302.74 $ 24,302.74 $ 24,302.74 $ 24,302.74 $ 19,432.67 $ 210,743.98 This is how much capital you
invested over the ten year period.
$ 23,840.01 $ 29,826.85 $ 35,239.18 $ 40,076.98 $ 44,340.26 $ 52,010.97
$ - $ - $ - $ - $ - $ -

9.07% 8.97% 8.88% 8.78% 8.68% 8.68%

0.5912 0.5426 0.4983 0.4581 0.4215
$ 14,095.37 $ 16,182.84 $ 17,560.66 $ 18,359.85 $ 18,690.58 57027`
After year 10
2.67 2.67 2.67 2.67 2.67
$ 141,730 $ 166,032 $ 190,335 $ 214,638 $ 238,941
33.97% 32.60% 31.28% 29.99% 28.73% 15.00%

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
much your operating income
e ten-year period.

much capital you

r the ten year period.
capital ratio
Tesla
An Auto Tale, with Add-on Stories
The news in 2023 for Tesla, ranging from price cuts on many of its lowest-priced models, in
introduction, suggests that Tesla will continue to grow in its core auto business, maintainin
car component. In conjunection, a rise in revenues and operating profits from the energy b
storage soltuions will expand the profitability of that business, and Tesla's committment to
(from sale as an add-on) and provide an impetus to a robotaxi business.

The Assumptions
Base year 2-Oct Year 10

Revenues (a) $ 96,773 4.08%

Operating margin ( 11.22% 11.22% 12.19%

Tax rate 9.28% 9.28% 25.00%

Reinvestment (c ) Sales to capital r4.00 RIR =

Return on capital 20.68% Marginal ROIC =42.16%
Cost of capital (d) 9.17% 8.68%
The Cash Flows
Revenues Operating MargiEBIT EBIT (1-t)
1 $148,040 12.55% $18,580 $16,855
2 $197,405 12.24% $24,170 $21,927
3 $245,248 11.90% $29,176 $26,468
4 $303,303 11.83% $35,881 $32,551
5 $375,963 12.19% $45,836 $41,581
6 $440,771 12.47% $54,973 $48,143
7 $505,578 12.68% $64,111 $54,130
8 $570,385 12.84% $73,249 $59,542
9 $635,193 12.97% $82,386 $64,380
10 $700,000 13.07% $91,524 $68,643
Terminal year $728,560 13.07% $95,258 $71,444
The Value
Terminal value $ 1,130,673
PV(Terminal value) $ 476,608
PV (CF over next 10 years) $ 135,581
Value of operating assets = $ 612,189
Adjustment for distress $ - Probability of f
- Debt & Minority Interests $ 5,963
+ Cash & Other Non-operating assets $ 29,094
Value of equity $ 635,320
- Value of equity options $ 52,095
Number of shares 3,174.00
Value per share $ 183.75 Stock was trad
sla
s Jan-24
lowest-priced models, in conjunction with the Cybertruck
to business, maintaining a dominant market share of the electric
rofits from the energy businesss, coming from a shift to energy Tell your story about the company
Tesla's committment to FSD will translate into software revenues focuses on the company's busines
ness. it into the three key levers of value
flows, growth and risk
mptions
After year 10 Link to story
Growth in EV market & Tesla's
early mover advantage work in its
4.08% favor.
Tech twist gives a boost, but
price cuts and cost pressures will Tie each assumption to the part of your sto
13.07% cap margins relates to it.
25.00% Global tax rate
Capacity build up allows for less
27.20% reinvestment in the near years.
15.00% Cost of entry will limit competition.
8.68% Moves to median company cost of
h Flows
Reinvestment FCFF
$12,817 $4,039
$12,341 $9,585 These are the numbers that come
$11,961 $14,507 assumptions. The revenues over ti
$14,514 $18,037 your revenue growth, the operatin
$18,165 $23,416 evolve towards your target margin
tax rate will change, if you have se
$24,303 $23,840 reinvestment is estimated using th
$24,303 $29,827 capital ratio for the first 10 years a
$24,303 $35,239 on a reinvestment rate in stable gr
ROC).
$24,303 $40,077
$24,303 $44,340
$19,433 $52,011
alue

This is the output from your valuation. It re

cash flows being discounted back at the co
This is the output from your valuation. It re
Probability of failure = 0.00% cash flows being discounted back at the co
to get to your operating asset value, which
adjusted for the likelihood that your firm w
it. We add cash and non-operating assets,
debt and minority interests to get to value

Stock was trading at = $182.58

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

o it.

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
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)
$ 47,629.20
$ 238,940.52
$ 191,311.32
$ 80,665.80
42.16%
28.73%
9.02%
100.64%

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
This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a different file format will permanently break the chart.
Tesla Business Value
Auto $ 351,402
Energy $ 81,965 433367
Software $ 54,474 487841
Robotaxi $ 121,679 609520
Valuing Options or Warrants
Enter the current stock price = $ 183.75
Enter the strike price on the option = $ 35.11
Enter the expiration of the option = 4.31
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock 0.00%
Enter the treasury bond rate = 4.08%
Enter the number of warrants (options) outsta 344.02
Enter the number of shares outstanding = 3,174.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 183.75079597 # Warrants issued= 344.02
Strike Price= 35.11 # Shares outstanding= 3,174
Adjusted S = 180.59030576 T.Bond rate= 4.08%
Adjusted K = 35.11 Variance= 0.1600
Expiration (in years) = 4.31 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 4.08%

d1 = 2.5991532785
N (d1) = 0.9953272983

d2 = 1.7687316988
N (d2) = 0.9615306702

Value per option = $ 151.43

Value of all options outstanding = $52,095.28
You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (b
ERP data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding = 3174.00
Current Market Price per share = $ 182.58

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 0.96
Riskfree Rate = 4.08%
What approach do you want to use to input ERP? Operating countries
Direct input for ERP (if you choose "will input" 6.00%
Equity Risk Premium used in cost of equity = 5.32%

Debt
Book Value of Straight Debt = $ 5,230.00
Interest Expense on Debt = $ 156.00
Average Maturity = 3
Approach for estimating pre-tax cost of debt Actual rating
If direct input, input the pre-tax cost of debt 4.000%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of company 1
Pre-tax Cost of Debt = 5.55%
Tax Rate = 25%

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 = $ 4,868.10
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 0.97

Equity Debt Preferred Stock

Market Value $ 579,508.92 $ 4,868.10 $ -
Weight in Cost of Capital 99.17% 0.83% 0.00%
Cost of Component 9.22% 4.16% 7.14%
uilt-in data to compute key inputs (beta, equity risk premium, default spread) or enter them directly. If you choose to use the built in
remuum (since the spreadsheet uses the start of the year numbers).

Operating Countries ERP calculator

Country Revenues ERP Weight
United States of America 45,235.0 4.50% 46.74%
China 21,745.0 5.53% 22.47%
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%
Rest of the World 29793 6.41% 30.79%
0.00%
Total 96773 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 0 13.66% 0.00%
Asia 7440 6.18% 7.34%
Australia & New Zealand 4.50% 0.00%
Caribbean 0 18.65% 0.00%
Central and South America 0 10.26% 0.00%
Eastern Europe & Russia 9.56% 0.00%
Middle East 0 6.66% 0.00%
North America 93864 4.50% 92.66%
Western Europe 5.79% 0.00%
0.00%
0.00%
Total 101304 100.00%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 90,738.00 2.4924 $ 226,159.76
Green & Renewable Energy $ 6,035.00 7.4720 $ 45,093.31
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Capital 0.0000 $ -
$ 584,377.02 Company $ 96,773.00 $ 271,253.07
100.00%
9.17% Multi Business (Global Industry Averages)
Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 90,738.00 1.2010 $ 108,980.46
Green & Renewable Energy $ 6,035.00 7.4007 $ 44,663.03
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Company $ 96,773.00 $ 153,643.49
y. If you choose to use the built in

Weighted ERP
2.10%
1.24%
0.00%
The last two rows in each of country/region risk premium tables is set
0.00% aside for your input to provide you with flexibility to enter some numbers
0.00% directly. For instance, assume that you have a company that breaks its
0.00% revenues down 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
0.00% and enter an equity risk premium for the rest of the world. The easiest way
0.00% to do that is to go into the country equity risk premium worksheet and
0.00% change the GDP for the three countries that you have data for to zero and
compute the global weighted average ERP for the remaining countries.
0.00% With the regional worksheet, you can use the last two rows to enter the
0.00% data for an individual country (usually the domestic country) that might be
broken out though the rest of the revenues are broken down by region. You
1.97%
can look up the ERP for the country in the country ERP worksheet.
0.00%
5.32%

Weighted ERP
0.0000%
0.4539%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
4.1695%
0.0000%
0.0000%
0.0000%
4.6234%

Unlevered Beta
1.3040
0.5561
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.1797

Unlevered Beta
1.1030
0.6091
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9594
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) = $ 8,891.00 (Add back only long term interest expense for fin
Enter current interest expenses = $156.00 (Use only long term interest expense for financia
Enter long term risk free rate = 4.08%
Output
Interest coverage ratio = 56.99
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the ope
Estimated Company Default Spread = 0.59% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 4.67%

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 20.00%
0.2 0.649999 Caa/CCC 17.00%
0.65 0.799999 Ca2/CC 11.78%
0.8 1.249999 C2/C 8.51%
1.25 1.499999 B3/B- 5.24%
1.5 1.749999 B2/B 3.61%
1.75 1.999999 B1/B+ 3.14%
2 2.2499999 Ba2/BB 2.21%
2.25 2.49999 Ba1/BB+ 1.74%
2.5 2.999999 Baa2/BBB 1.47%
3 4.249999 A3/A- 1.21%
4.25 5.499999 A2/A 1.07%
5.5 6.499999 A1/A+ 0.92%
6.5 8.499999 Aa2/AA 0.70%
8.50 100000 Aaa/AAA 0.59%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 20.00% Rating is Spread is
0.5 0.799999 Caa/CCC 17.00% A1/A+ 0.92%
0.8 1.249999 Ca2/CC 11.78% A2/A 1.07%
1.25 1.499999 C2/C 8.51% A3/A- 1.21%
1.5 1.999999 B3/B- 5.24% Aa2/AA 0.70%
2 2.499999 B2/B 3.61% Aaa/AAA 0.59%
2.5 2.999999 B1/B+ 3.14% B1/B+ 3.14%
3 3.499999 Ba2/BB 2.21% B2/B 3.61%
3.5 3.9999999 Ba1/BB+ 1.74% B3/B- 5.24%
4 4.499999 Baa2/BBB 1.47% Ba1/BB+ 1.74%
4.5 5.999999 A3/A- 1.21% Ba2/BB 2.21%
6 7.499999 A2/A 1.07% Baa2/BBB 1.47%
7.5 9.499999 A1/A+ 0.92% C2/C 8.51%
9.5 12.499999 Aa2/AA 0.70% Ca2/CC 11.78%
12.5 100000 Aaa/AAA 0.59% Caa/CCC 17.00%
D2/D 20.00%
preadsheet.
tions in excel) is checked.

long term interest expense for financial firms)

erm interest expense for financial firms)

over the place, set the operating lease commitment question in cell F5
o Yes. It should work.
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 3,969.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
-1 3075.00 ! Year -1 is the year prior to the current year
-2 2593.00 ! Year -2 is the two years prior to the current year
-3 1491.00
-4 1390.00
-5 1460.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 3969.00 1.00 3969.00
-1 3075.00 0.80 2460.00 $ 615.00
-2 2593.00 0.60 1555.80 $ 518.60
-3 1491.00 0.40 596.40 $ 298.20
-4 1390.00 0.20 278.00 $ 278.00
-5 1460.00 0.00 0.00 $ 292.00
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 = $8,859.20 $ 2,001.80

Amortization of asset for current year = $2,001.80

Adjustment to Operating Income = $1,967.20 ! A positive number indicates an increase in operating income (add to reported
Tax Effect of R&D Expensing $492
stments to operating income, net

the lookup table below

llowed is ten years
he amortization period

erating income (add to reported EBIT)

Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 1,650.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 1,632.0
2 1,174.0
3 671.0
4 329.0
5 222.0
6 and beyond 1494

Output
Pre-tax Cost of Debt = 5.55% ! 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 $ 1,632.00 $ 1,546.19
2 $ 1,174.00 $ 1,053.78
3 $ 671.00 $ 570.62
4 $ 329.00 $ 265.07
5 $ 222.00 $ 169.46
6 and beyond $ 747.00 $ 1,052.04 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 4,657.16

Restated Financials
Depreciation on Operating Lease Asset = $ 665.31 ! I use straight line depreciation
Adjustment to Operating Earnings = $984.69 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 4,657.16 ! Add this amount to debt
Adjustment to Depreciation = $665.31
ter them.

ne depreciation
nt to pre-tax operating income
Mature Market ERP + 4.50% Updated February 1, 2024
Changing this number will update all your country equity risk premiums.

Country Moody's rating Adj. Default Spread Equity Risk Premium

Abu Dhabi Aa2 0.54% 5.22%
Albania B1 4.90% 11.08%
Algeria NR 4.90% 11.08%
Andorra (Principality of) Baa2 2.07% 7.28%
Angola B3 7.08% 14.01%
Anguilla NR 10.54% 23.25%
Antigua & Barbuda NR 10.54% 23.25%
Argentina Ca 13.07% 22.05%
Armenia Ba3 3.92% 9.76%
Aruba Baa2 2.07% 7.28%
Australia Aaa 0.00% 4.50%
Austria Aa1 0.44% 5.08%
Azerbaijan Ba1 2.73% 8.16%
Bahamas B1 4.90% 11.08%
Bahrain B2 5.99% 12.54%
Bangladesh B1 4.90% 11.08%
Barbados B3 7.08% 14.01%
Belarus C 17.50% 27.99%
Belgium Aa3 0.65% 5.38%
Belize Caa2 9.81% 17.67%
Benin B1 4.90% 11.08%
Bermuda A2 0.92% 5.74%
Bolivia Caa1 8.17% 15.47%
Bosnia and Herzegovina B3 7.08% 14.01%
Botswana A3 1.31% 6.25%
Brazil Ba2 3.28% 8.90%
British Virgin Islands Ba2 3.28% 8.90%
Brunei NR 0.65% 5.38%
Bulgaria Baa1 1.74% 6.84%
Burkina Faso Caa1 8.17% 15.47%
Cambodia B2 5.99% 12.54%
Cameroon Caa1 8.17% 15.47%
Canada Aaa 0.00% 4.50%
Cape Verde B3 7.08% 14.01%
Cayman Islands Aa3 0.65% 5.38%
Channel Islands NR 0.96% 10.39%
Chile A2 0.92% 5.74%
China A1 0.77% 5.53%
Colombia Baa2 2.07% 7.28%
Congo (Democratic Republic of) B3 7.08% 14.01%
Congo (Republic of) Caa2 9.81% 17.67%
Cook Islands B1 4.90% 11.08%
Costa Rica B1 4.90% 11.08%
Croatia Baa2 2.07% 7.28%
Cuba Ca 13.07% 22.05%
Curaçao Baa2 2.07% 7.28%
Cyprus Baa2 2.07% 7.28%
Czech Republic Aa3 0.65% 5.38%
Denmark Aaa 0.00% 4.50%
Dominican Republic Ba3 3.92% 9.76%
Ecuador Caa3 10.90% 19.13%
Egypt Caa1 8.17% 15.47%
El Salvador Caa3 10.90% 19.13%
Estonia A1 0.77% 5.53%
Ethiopia Caa2 9.81% 17.67%
Falkland Islands NR 4.29% 14.86%
Fiji B1 4.90% 11.08%
Finland Aa1 0.44% 5.08%
France Aa2 0.54% 5.22%
French Guiana NR 4.29% 14.86%
Gabon Caa1 8.17% 15.47%
Gambia NR 4.90% 11.08%
Georgia Ba2 3.28% 8.90%
Germany Aaa 0.00% 4.50%
Ghana Caa3 10.90% 19.13%
Gibraltar NR 0.96% 10.39%
Greece Ba1 2.73% 8.16%
Greenland NR 0.00% 4.50%
Guatemala Ba1 2.73% 8.16%
Guernsey (States of) A1 0.77% 5.53%
Guinea NR 9.81% 17.67%
Guinea-Bissau NR 5.99% 12.54%
Guyana NR 1.74% 6.84%
Haiti NR 10.90% 19.13%
Honduras B1 4.90% 11.08%
Hong Kong Aa3 0.65% 5.38%
Hungary Baa2 2.07% 7.28%
Iceland A2 0.92% 5.74%
India Baa3 2.39% 7.71%
Indonesia Baa2 2.07% 7.28%
Iran NR 7.08% 14.01%
Iraq Caa1 8.17% 15.47%
Ireland Aa3 0.65% 5.38%
Isle of Man Aa3 0.65% 5.38%
Israel A1 0.77% 5.53%
Italy Baa3 2.39% 7.71%
Ivory Coast Ba3 3.92% 9.76%
Jamaica B1 4.90% 11.08%
Japan A1 0.77% 5.53%
Jersey (States of) Aa3 0.65% 5.38%
Jordan B1 4.90% 11.08%
Kazakhstan Baa2 2.07% 7.28%
Kenya B3 7.08% 14.01%
Korea, D.P.R. NR 17.50% 27.99%
Kuwait A1 0.77% 5.53%
Kyrgyzstan B3 7.08% 14.01%
Laos Caa3 10.90% 19.13%
Latvia A3 1.31% 6.25%
Lebanon C 17.50% 27.99%
Liberia NR 13.07% 22.05%
Libya NR 2.07% 7.28%
Liechtenstein Aaa 0.00% 4.50%
Lithuania A2 0.92% 5.74%
Luxembourg Aaa 0.00% 4.50%
Macau Aa3 0.65% 5.38%
Macedonia Ba3 3.92% 9.76%
Madagascar NR 7.08% 14.01%
Malawi NR 13.07% 22.05%
Malaysia A3 1.31% 6.25%
Maldives Caa1 8.17% 15.47%
Mali Caa2 9.81% 17.67%
Malta A2 0.92% 5.74%
Martinique NR 0.00% 4.50%
Mauritius Baa3 2.39% 7.71%
Mexico Baa2 2.07% 7.28%
Monaco NR 0.96% 10.39%
Moldova B3 7.08% 14.01%
Mongolia B3 7.08% 14.01%
Montenegro B1 4.90% 11.08%
Montserrat Baa3 2.39% 7.71%
Morocco Ba1 2.73% 8.16%
Mozambique Caa2 9.81% 17.67%
Myanmar NR 10.90% 19.13%
Namibia B1 4.90% 11.08%
Netherlands Aaa 0.00% 4.50%
Netherlands Antilles NR 10.54% 23.25%
New Zealand Aaa 0.00% 4.50%
Nicaragua B3 7.08% 14.01%
Niger Caa2 9.81% 17.67%
Nigeria Caa1 8.17% 15.47%
Norway Aaa 0.00% 4.50%
Oman Ba1 2.73% 8.16%
Pakistan Caa3 10.90% 19.13%
Palestinian Authority NR 1.61% 11.26%
Panama Baa2 2.07% 7.28%
Papua New Guinea B2 5.99% 12.54%
Paraguay Ba1 2.73% 8.16%
Peru Baa1 1.74% 6.84%
Philippines Baa2 2.07% 7.28%
Poland A2 0.92% 5.74%
Portugal A3 1.31% 6.25%
Qatar Aa3 0.65% 5.38%
Ras Al Khaimah (Emirate of) A3 1.31% 6.25%
Reunion NR 1.25% 10.78%
Romania Baa3 2.39% 7.71%
Russia NR 4.90% 11.08%
Rwanda B2 5.99% 12.54%
Saint Lucia NR 10.54% 23.25%
Saudi Arabia A1 0.77% 5.53%
Senegal Ba3 3.92% 9.76%
Serbia Ba2 3.28% 8.90%
Sharjah Ba1 2.73% 8.16%
Sierra Leone NR 10.90% 19.13%
Singapore Aaa 0.00% 4.50%
Slovakia A2 0.92% 5.74%
Slovenia A3 1.31% 6.25%
Solomon Islands Caa1 8.17% 15.47%
Somalia NR 13.07% 22.05%
South Africa Ba2 3.28% 8.90%
South Korea Aa2 0.54% 5.22%
Spain Baa1 1.74% 6.84%
Sri Lanka Ca 13.07% 22.05%
St. Maarten Ba2 3.28% 8.90%
St. Vincent & the Grenadines B3 7.08% 14.01%
Sudan NR 17.50% 27.99%
Suriname Caa3 10.90% 19.13%
Swaziland B3 7.08% 14.01%
Sweden Aaa 0.00% 4.50%
Switzerland Aaa 0.00% 4.50%
Syria NR 17.50% 27.99%
Taiwan Aa3 0.65% 5.38%
Tajikistan B3 7.08% 14.01%
Tanzania B2 5.99% 12.54%
Thailand Baa1 1.74% 6.84%
Togo B3 7.08% 14.01%
Trinidad &' Tobago Ba2 3.28% 8.90%
Tunisia Caa2 9.81% 17.67%
Turkey B3 7.08% 14.01%
Turks & Caicos Islands Baa1 1.74% 6.84%
Uganda B2 5.99% 12.54%
Ukraine Ca 13.07% 22.05%
United Arab Emirates Aa2 0.54% 5.22%
United Kingdom Aa3 0.65% 5.38%
United States Aaa 0.00% 4.50%
Uruguay Baa2 2.07% 7.28%
Uzbekistan Ba3 3.92% 9.76%
Venezuela C 17.50% 27.99%
Vietnam Ba2 3.28% 8.90%
Yemen NR 10.90% 19.13%
Zambia Caa3 10.90% 19.13%
Zimbabwe NR 9.81% 17.67%

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Africa 13.66% 6.83% 27.30%
Asia 6.18% 1.25% 25.76%
Australia & New Zealand 4.50% 0.00% 29.74%
Caribbean 18.65% 10.54% 27.25%
Central and South America 10.26% 4.29% 31.60%
Eastern Europe & Russia 9.56% 3.77% 18.49%
Middle East 6.66% 1.61% 18.76%
North America 4.50% 0.00% 25.12%
Western Europe 5.79% 0.96% 24.71%
Global 6.31% 1.35% 25.23%
Mature Market ERP + 4.60% Updated January 1, 2024
Changing this number will update all your country equity risk premiums.
Country Moody's rating Adj. Default Spread Equity Risk Premium
Abu Dhabi Aa2 0.54% 5.22%
Albania B1 4.90% 11.08%
Algeria NR 4.90% 11.08%
Andorra (Principality of) Baa2 2.07% 7.28%
Angola B3 7.08% 14.01%
Anguilla NR 10.54% 23.25%
Antigua & Barbuda NR 10.54% 23.25%
Argentina Ca 13.07% 22.05%
Armenia Ba3 3.92% 9.76%
Aruba Baa2 2.07% 7.28%
Australia Aaa 0.00% 4.50%
Austria Aa1 0.44% 5.08%
Azerbaijan Ba1 2.73% 8.16%
Bahamas B1 4.90% 11.08%
Bahrain B2 5.99% 12.54%
Bangladesh B1 4.90% 11.08%
Barbados B3 7.08% 14.01%
Belarus C 17.50% 27.99%
Belgium Aa3 0.65% 5.38%
Belize Caa2 9.81% 17.67%
Benin B1 4.90% 11.08%
Bermuda A2 0.92% 5.74%
Bolivia Caa1 8.17% 15.47%
Bosnia and Herzegovina B3 7.08% 14.01%
Botswana A3 1.31% 6.25%
Brazil Ba2 3.28% 8.90%
British Virgin Islands Ba2 3.28% 8.90%
Brunei NR 0.65% 5.38%
Bulgaria Baa1 1.74% 6.84%
Burkina Faso Caa1 8.17% 15.47%
Cambodia B2 5.99% 12.54%
Cameroon Caa1 8.17% 15.47%
Canada Aaa 0.00% 4.50%
Cape Verde B3 7.08% 14.01%
Cayman Islands Aa3 0.65% 5.38%
Channel Islands NR 0.96% 10.39%
Chile A2 0.92% 5.74%
China A1 0.77% 5.53%
Colombia Baa2 2.07% 7.28%
Congo (Democratic Republic of) B3 7.08% 14.01%
Congo (Republic of) Caa2 9.81% 17.67%
Cook Islands B1 4.90% 11.08%
Costa Rica B1 4.90% 11.08%
Croatia Baa2 2.07% 7.28%
Cuba Ca 13.07% 22.05%
Curaçao Baa2 2.07% 7.28%
Cyprus Baa2 2.07% 7.28%
Czech Republic Aa3 0.65% 5.38%
Denmark Aaa 0.00% 4.50%
Dominican Republic Ba3 3.92% 9.76%
Ecuador Caa3 10.90% 19.13%
Egypt Caa1 8.17% 15.47%
El Salvador Caa3 10.90% 19.13%
Estonia A1 0.77% 5.53%
Ethiopia Caa2 9.81% 17.67%
Falkland Islands NR 4.29% 14.86%
Fiji B1 4.90% 11.08%
Finland Aa1 0.44% 5.08%
France Aa2 0.54% 5.22%
French Guiana NR 4.29% 14.86%
Gabon Caa1 8.17% 15.47%
Gambia NR 4.90% 11.08%
Georgia Ba2 3.28% 8.90%
Germany Aaa 0.00% 4.50%
Ghana Caa3 10.90% 19.13%
Gibraltar NR 0.96% 10.39%
Greece Ba1 2.73% 8.16%
Greenland NR 0.00% 4.50%
Guatemala Ba1 2.73% 8.16%
Guernsey (States of) A1 0.77% 5.53%
Guinea NR 9.81% 17.67%
Guinea-Bissau NR 5.99% 12.54%
Guyana NR 1.74% 6.84%
Haiti NR 10.90% 19.13%
Honduras B1 4.90% 11.08%
Hong Kong Aa3 0.65% 5.38%
Hungary Baa2 2.07% 7.28%
Iceland A2 0.92% 5.74%
India Baa3 2.39% 7.71%
Indonesia Baa2 2.07% 7.28%
Iran NR 7.08% 14.01%
Iraq Caa1 8.17% 15.47%
Ireland Aa3 0.65% 5.38%
Isle of Man Aa3 0.65% 5.38%
Israel A1 0.77% 5.53%
Italy Baa3 2.39% 7.71%
Ivory Coast Ba3 3.92% 9.76%
Jamaica B1 4.90% 11.08%
Japan A1 0.77% 5.53%
Jersey (States of) Aa3 0.65% 5.38%
Jordan B1 4.90% 11.08%
Kazakhstan Baa2 2.07% 7.28%
Kenya B3 7.08% 14.01%
Korea, D.P.R. NR 17.50% 27.99%
Kuwait A1 0.77% 5.53%
Kyrgyzstan B3 7.08% 14.01%
Laos Caa3 10.90% 19.13%
Latvia A3 1.31% 6.25%
Lebanon C 17.50% 27.99%
Liberia NR 13.07% 22.05%
Libya NR 2.07% 7.28%
Liechtenstein Aaa 0.00% 4.50%
Lithuania A2 0.92% 5.74%
Luxembourg Aaa 0.00% 4.50%
Macau Aa3 0.65% 5.38%
Macedonia Ba3 3.92% 9.76%
Madagascar NR 7.08% 14.01%
Malawi NR 13.07% 22.05%
Malaysia A3 1.31% 6.25%
Maldives Caa1 8.17% 15.47%
Mali Caa2 9.81% 17.67%
Malta A2 0.92% 5.74%
Martinique NR 0.00% 4.50%
Mauritius Baa3 2.39% 7.71%
Mexico Baa2 2.07% 7.28%
Monaco NR 0.96% 10.39%
Moldova B3 7.08% 14.01%
Mongolia B3 7.08% 14.01%
Montenegro B1 4.90% 11.08%
Montserrat Baa3 2.39% 7.71%
Morocco Ba1 2.73% 8.16%
Mozambique Caa2 9.81% 17.67%
Myanmar NR 10.90% 19.13%
Namibia B1 4.90% 11.08%
Netherlands Aaa 0.00% 4.50%
Netherlands Antilles NR 10.54% 23.25%
New Zealand Aaa 0.00% 4.50%
Nicaragua B3 7.08% 14.01%
Niger Caa2 9.81% 17.67%
Nigeria Caa1 8.17% 15.47%
Norway Aaa 0.00% 4.50%
Oman Ba1 2.73% 8.16%
Pakistan Caa3 10.90% 19.13%
Palestinian Authority NR 1.61% 11.26%
Panama Baa2 2.07% 7.28%
Papua New Guinea B2 5.99% 12.54%
Paraguay Ba1 2.73% 8.16%
Peru Baa1 1.74% 6.84%
Philippines Baa2 2.07% 7.28%
Poland A2 0.92% 5.74%
Portugal A3 1.31% 6.25%
Qatar Aa3 0.65% 5.38%
Ras Al Khaimah (Emirate of) A3 1.31% 6.25%
Reunion NR 1.25% 10.78%
Romania Baa3 2.39% 7.71%
Russia NR 4.90% 11.08%
Rwanda B2 5.99% 12.54%
Saint Lucia NR 10.54% 23.25%
Saudi Arabia A1 0.77% 5.53%
Senegal Ba3 3.92% 9.76%
Serbia Ba2 3.28% 8.90%
Sharjah Ba1 2.73% 8.16%
Sierra Leone NR 10.90% 19.13%
Singapore Aaa 0.00% 4.50%
Slovakia A2 0.92% 5.74%
Slovenia A3 1.31% 6.25%
Solomon Islands Caa1 8.17% 15.47%
Somalia NR 13.07% 22.05%
South Africa Ba2 3.28% 8.90%
South Korea Aa2 0.54% 5.22%
Spain Baa1 1.74% 6.84%
Sri Lanka Ca 13.07% 22.05%
St. Maarten Ba2 3.28% 8.90%
St. Vincent & the Grenadines B3 7.08% 14.01%
Sudan NR 17.50% 27.99%
Suriname Caa3 10.90% 19.13%
Swaziland B3 7.08% 14.01%
Sweden Aaa 0.00% 4.50%
Switzerland Aaa 0.00% 4.50%
Syria NR 17.50% 27.99%
Taiwan Aa3 0.65% 5.38%
Tajikistan B3 7.08% 14.01%
Tanzania B2 5.99% 12.54%
Thailand Baa1 1.74% 6.84%
Togo B3 7.08% 14.01%
Trinidad &' Tobago Ba2 3.28% 8.90%
Tunisia Caa2 9.81% 17.67%
Turkey B3 7.08% 14.01%
Turks & Caicos Islands Baa1 1.74% 6.84%
Uganda B2 5.99% 12.54%
Ukraine Ca 13.07% 22.05%
United Arab Emirates Aa2 0.54% 5.22%
United Kingdom Aa3 0.65% 5.38%
United States Aaa 0.00% 4.50%
Uruguay Baa2 2.07% 7.28%
Uzbekistan Ba3 3.92% 9.76%
Venezuela C 17.50% 27.99%
Vietnam Ba2 3.28% 8.90%
Yemen NR 10.90% 19.13%
Zambia Caa3 10.90% 19.13%
Zimbabwe NR 9.81% 17.67%

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

Country Moody's rating Adj. Default Spread Equity Risk Premium

Region ERP Default Spread Tax Rate

CRP
9.16%
1.68%
0.00%
14.15%
5.76%
5.06%
2.16%
0.00%
1.29%
1.81%
Country Risk Premium Corporate Tax Rate
0.72% 15.00%
6.58% 15.00%
6.58% 26.00%
2.78% 18.98%
9.51% 25.00%
18.75% 27.25%
18.75% 27.25%
17.55% 35.00%
5.26% 18.00%
2.78% 25.00%
0.00% 30.00%
0.58% 24.00%
3.66% 20.00%
6.58% 0.00%
8.04% 0.00%
6.58% 30.00%
9.51% 5.50%
23.49% 18.00%
0.88% 25.00%
13.17% 28.53%
6.58% 30.00%
1.24% 0.00%
10.97% 25.00%
9.51% 10.00%
1.75% 22.00%
4.40% 34.00%
4.40% 34.00%
0.88% 18.50%
2.34% 10.00%
10.97% 28.00%
8.04% 20.00%
10.97% 33.00%
0.00% 26.50%
9.51% 0.00%
0.88% 0.00%
5.89% 24.71%
1.24% 27.00%
1.03% 25.00%
2.78% 35.00%
9.51% 30.00%
13.17% 28.00%
6.58% 29.74%
6.58% 30.00%
2.78% 18.00%
17.55% 28.53%
2.78% 22.00%
2.78% 12.50%
0.88% 19.00%
0.00% 22.00%
5.26% 27.00%
14.63% 25.00%
10.97% 22.50%
14.63% 30.00%
1.03% 20.00%
13.17% 30.00%
10.36% 31.60%
6.58% 20.00%
0.58% 20.00%
0.72% 25.00%
10.36% 31.60%
10.97% 30.00%
6.58% 31.00%
4.40% 15.00%
0.00% 30.00%
14.63% 25.00%
5.89% 24.71%
3.66% 22.00%
0.00% 0.00%
3.66% 25.00%
1.03% 0.00%
13.17% 29.15%
8.04% 29.15%
2.34% 18.64%
14.63% 18.64%
6.58% 25.00%
0.88% 16.50%
2.78% 9.00%
1.24% 20.00%
3.21% 30.00%
2.78% 22.00%
9.51% 20.23%
10.97% 15.00%
0.88% 12.50%
0.88% 0.00%
1.03% 23.00%
3.21% 24.00%
5.26% 25.00%
6.58% 25.00%
1.03% 30.62%
0.88% 0.00%
6.58% 20.00%
2.78% 20.00%
9.51% 30.00%
23.49% 23.10%
1.03% 15.00%
9.51% 10.00%
14.63% 26.86%
1.75% 20.00%
23.49% 17.00%
17.55% 29.15%
2.78% 20.00%
0.00% 12.50%
1.24% 15.00%
0.00% 24.94%
0.88% 26.86%
5.26% 10.00%
9.51% 20.00%
17.55% 30.00%
1.75% 24.00%
10.97% 26.86%
13.17% 26.86%
1.24% 35.00%
0.00% 0.00%
3.21% 15.00%
2.78% 30.00%
5.89% 24.71%
9.51% 12.00%
9.51% 25.00%
6.58% 15.00%
3.21% 28.53%
3.66% 32.00%
13.17% 32.00%
14.63% 25.00%
6.58% 32.00%
0.00% 25.80%
18.75% 27.25%
0.00% 28.00%
9.51% 30.00%
13.17% 26.86%
10.97% 30.00%
0.00% 22.00%
3.66% 15.00%
14.63% 29.00%
6.76% 18.76%
2.78% 25.00%
8.04% 30.00%
3.66% 10.00%
2.34% 29.50%
2.78% 25.00%
1.24% 19.00%
1.75% 21.00%
0.88% 10.00%
1.75% 0.00%
6.28% 25.76%
3.21% 16.00%
6.58% 25.00%
8.04% 30.00%
18.75% 27.25%
1.03% 20.00%
5.26% 30.00%
4.40% 15.00%
3.66% 0.00%
14.63% 30.00%
0.00% 17.00%
1.24% 21.00%
1.75% 19.00%
10.97% 30.00%
17.55% 29.15%
4.40% 27.00%
0.72% 25.00%
2.34% 25.00%
17.55% 24.00%
4.40% 28.53%
9.51% 28.53%
23.49% 35.00%
14.63% 36.00%
9.51% 27.50%
0.00% 20.60%
0.00% 14.60%
23.49% 28.00%
0.88% 20.00%
9.51% 18.00%
8.04% 30.00%
2.34% 20.00%
9.51% 26.86%
4.40% 30.00%
13.17% 15.00%
9.51% 25.00%
2.34% 0.00%
8.04% 30.00%
17.55% 18.00%
0.72% 25.00%
0.88% 25.00%
0.00% 25.00%
2.78% 25.00%
5.26% 15.00%
23.49% 34.00%
4.40% 20.00%
14.63% 20.00%
14.63% 35.00%
13.17% 25.00%
CRP
9.16%
1.68%
0.00%
14.15%
5.76%
5.06%
2.16%
0.00%
1.29%
1.81%
Country Risk Premium Corporate Tax Rate
0.72% 15.00%
6.58% 15.00%
6.58% 26.00%
2.78% 18.98%
9.51% 25.00%
18.75% 27.25%
18.75% 27.25%
17.55% 35.00%
5.26% 18.00%
2.78% 25.00%
0.00% 30.00%
0.58% 24.00%
3.66% 20.00%
6.58% 0.00%
8.04% 0.00%
6.58% 30.00%
9.51% 5.50%
23.49% 18.00%
0.88% 25.00%
13.17% 28.53%
6.58% 30.00%
1.24% 0.00%
10.97% 25.00%
9.51% 10.00%
1.75% 22.00%
4.40% 34.00%
4.40% 34.00%
0.88% 18.50%
2.34% 10.00%
10.97% 28.00%
8.04% 20.00%
10.97% 33.00%
0.00% 26.50%
9.51% 0.00%
0.88% 0.00%
5.89% 24.71%
1.24% 27.00%
1.03% 25.00%
2.78% 35.00%
9.51% 30.00%
13.17% 28.00%
6.58% 29.74%
6.58% 30.00%
2.78% 18.00%
17.55% 28.53%
2.78% 22.00%
2.78% 12.50%
0.88% 19.00%
0.00% 22.00%
5.26% 27.00%
14.63% 25.00%
10.97% 22.50%
14.63% 30.00%
1.03% 20.00%
13.17% 30.00%
10.36% 31.60%
6.58% 20.00%
0.58% 20.00%
0.72% 25.00%
10.36% 31.60%
10.97% 30.00%
6.58% 31.00%
4.40% 15.00%
0.00% 30.00%
14.63% 25.00%
5.89% 24.71%
3.66% 22.00%
0.00% 0.00%
3.66% 25.00%
1.03% 0.00%
13.17% 29.15%
8.04% 29.15%
2.34% 18.64%
14.63% 18.64%
6.58% 25.00%
0.88% 16.50%
2.78% 9.00%
1.24% 20.00%
3.21% 30.00%
2.78% 22.00%
9.51% 20.23%
10.97% 15.00%
0.88% 12.50%
0.88% 0.00%
1.03% 23.00%
3.21% 24.00%
5.26% 25.00%
6.58% 25.00%
1.03% 30.62%
0.88% 0.00%
6.58% 20.00%
2.78% 20.00%
9.51% 30.00%
23.49% 23.10%
1.03% 15.00%
9.51% 10.00%
14.63% 26.86%
1.75% 20.00%
23.49% 17.00%
17.55% 29.15%
2.78% 20.00%
0.00% 12.50%
1.24% 15.00%
0.00% 24.94%
0.88% 26.86%
5.26% 10.00%
9.51% 20.00%
17.55% 30.00%
1.75% 24.00%
10.97% 26.86%
13.17% 26.86%
1.24% 35.00%
0.00% 0.00%
3.21% 15.00%
2.78% 30.00%
5.89% 24.71%
9.51% 12.00%
9.51% 25.00%
6.58% 15.00%
3.21% 28.53%
3.66% 32.00%
13.17% 32.00%
14.63% 25.00%
6.58% 32.00%
0.00% 25.80%
18.75% 27.25%
0.00% 28.00%
9.51% 30.00%
13.17% 26.86%
10.97% 30.00%
0.00% 22.00%
3.66% 15.00%
14.63% 29.00%
6.76% 18.76%
2.78% 25.00%
8.04% 30.00%
3.66% 10.00%
2.34% 29.50%
2.78% 25.00%
1.24% 19.00%
1.75% 21.00%
0.88% 10.00%
1.75% 0.00%
6.28% 25.76%
3.21% 16.00%
6.58% 25.00%
8.04% 30.00%
18.75% 27.25%
1.03% 20.00%
5.26% 30.00%
4.40% 15.00%
3.66% 0.00%
14.63% 30.00%
0.00% 17.00%
1.24% 21.00%
1.75% 19.00%
10.97% 30.00%
17.55% 29.15%
4.40% 27.00%
0.72% 25.00%
2.34% 25.00%
17.55% 24.00%
4.40% 28.53%
9.51% 28.53%
23.49% 35.00%
14.63% 36.00%
9.51% 27.50%
0.00% 20.60%
0.00% 14.60%
23.49% 28.00%
0.88% 20.00%
9.51% 18.00%
8.04% 30.00%
2.34% 20.00%
9.51% 26.86%
4.40% 30.00%
13.17% 15.00%
9.51% 25.00%
2.34% 0.00%
8.04% 30.00%
17.55% 18.00%
0.72% 25.00%
0.88% 25.00%
0.00% 25.00%
2.78% 25.00%
5.26% 15.00%
23.49% 34.00%
4.40% 20.00%
14.63% 20.00%
14.63% 35.00%
13.17% 25.00%

CRP
9.16%
1.68%
0.00%
14.15%
5.76%
5.06%
2.16%
0.00%
1.29%
1.81%
Annual
Average
Revenue Pre-tax
growth - Operating
Number of Last 5 Margin
Industry Name firms years (Unadjusted) After-tax ROC
Advertising 57 11.57% 9.61% 31.52%
Aerospace/Defense 70 7.59% 8.54% 16.17%
Air Transport 25 2.90% 6.90% 10.92%
Apparel 38 5.72% 8.76% 15.29%
Auto & Truck 34 21.94% 4.82% 5.19%
Auto Parts 39 6.28% 5.31% 10.16%
Bank (Money Center) 15 7.28% 0.00% 0.02%
Banks (Regional) 625 9.22% 0.00% -0.05%
Beverage (Alcoholic) 19 12.06% 20.63% 16.67%
Beverage (Soft) 29 28.58% 19.30% 30.65%
Broadcasting 22 5.48% 11.78% 12.06%
Brokerage & Investment Banking 27 12.79% 0.77% 0.13%
Building Materials 44 6.41% 13.55% 25.27%
Business & Consumer Services 162 6.69% 11.10% 27.45%
Cable TV 10 16.23% 19.47% 11.31%
Chemical (Basic) 32 11.32% 7.88% 11.81%
Chemical (Diversified) 4 -0.76% 1.52% 1.57%
Chemical (Specialty) 68 7.33% 13.09% 13.51%
Coal & Related Energy 18 5.56% 20.51% 29.50%
Computer Services 72 10.93% 6.98% 24.17%
Computers/Peripherals 36 2.31% 21.06% 37.80%
Construction Supplies 11 9.32% 19.04% 16.92%
Diversified 23 6.94% 22.93% 20.40%
Drugs (Biotechnology) 572 18.95% 1.08% 1.56%
Drugs (Pharmaceutical) 245 41.54% 18.16% 13.38%
Education 31 4.12% 5.82% 5.93%
Electrical Equipment 103 14.91% 9.00% 13.27%
Electronics (Consumer & Office) 13 -6.32% -0.08% 0.95%
Electronics (General) 129 15.82% 9.48% 15.11%
Engineering/Construction 77 6.55% 10.36% 18.53%
Entertainment 98 15.47% 7.01% 7.56%
Environmental & Waste Services 57 13.38% 13.55% 29.94%
Farming/Agriculture 42 21.38% 10.18% 17.93%
Financial Svcs. (Non-bank & Insurance) 192 19.12% 15.99% 0.96%
Food Processing 93 6.45% 10.49% 16.63%
Food Wholesalers 14 18.65% 2.23% 14.96%
Furn/Home Furnishings 31 3.13% 5.86% 10.31%
Green & Renewable Energy 17 3.74% 23.44% 4.15%
Healthcare Products 230 17.95% 13.29% 13.08%
Healthcare Support Services 119 12.42% 3.92% 45.74%
Heathcare Information and Technology 128 19.67% 14.01% 14.28%
Homebuilding 32 11.04% 16.24% 20.91%
Hospitals/Healthcare Facilities 32 18.11% 11.57% 20.16%
Hotel/Gaming 68 10.24% 17.14% 9.99%
Household Products 19 1.30% 18.74% 34.64%
Information Services 18 4.72% 11.63% 22.74%
Insurance (General) 21 7.76% 15.23% 15.65%
Insurance (Life) 23 -0.06% 0.07% 0.11%
Insurance (Prop/Cas.) 50 6.17% 7.41% 11.12%
Investments & Asset Management 334 4.60% 15.00% 6.16%
Machinery 103 4.71% 14.78% 24.91%
Metals & Mining 68 -1.31% 19.62% 24.03%
Office Equipment & Services 17 15.85% 7.29% 12.93%
Oil/Gas (Integrated) 4 1.76% 15.60% 17.04%
Oil/Gas (Production and Exploration) 166 23.28% 37.27% 28.41%
Oil/Gas Distribution 24 27.45% 37.95% 20.60%
Oilfield Svcs/Equip. 100 7.74% 8.72% 28.02%
Packaging & Container 11 4.63% 10.14% 14.47%
Paper/Forest Products 7 3.84% 9.96% 18.90%
Power 50 5.33% 16.29% 5.78%
Precious Metals 61 11.64% 9.48% 4.69%
Publishing & Newspapers 13 1.89% 7.59% 11.74%
R.E.I.T. 181 7.95% 22.31% 2.60%
Real Estate (Development) 17 55.56% 12.61% 2.93%
Real Estate (General/Diversified) 11 9.08% 16.13% 5.31%
Real Estate (Operations & Services) 60 5.44% -0.28% 0.07%
Recreation 55 10.95% 9.66% 9.54%
Reinsurance 1 6.95% 9.66% 30.12%
Restaurant/Dining 64 6.80% 15.80% 19.56%
Retail (Automotive) 30 17.50% 6.18% 13.20%
Retail (Building Supply) 16 8.91% 12.51% 39.43%
Retail (Distributors) 62 5.81% 11.95% 18.61%
Retail (General) 26 18.06% 4.41% 9.89%
Retail (Grocery and Food) 14 6.59% 2.42% 10.99%
Retail (REITs) 28 4.11% 36.75% 4.46%
Retail (Special Lines) 105 12.07% 4.62% 13.50%
Rubber& Tires 3 9.02% 1.84% 3.12%
Semiconductor 63 6.44% 19.71% 11.37%
Semiconductor Equip 30 9.93% 24.19% 25.68%
Shipbuilding & Marine 8 -0.68% 10.65% 9.24%
Shoe 13 11.49% 12.20% 24.04%
Software (Entertainment) 84 17.41% 26.80% 19.94%
Software (Internet) 35 22.24% -3.36% -0.48%
Software (System & Application) 351 15.90% 25.30% 23.22%
Steel 29 7.87% 12.10% 22.18%
Telecom (Wireless) 13 9.30% 16.79% 6.55%
Telecom. Equipment 66 9.62% 19.58% 28.18%
Telecom. Services 42 13.17% 20.86% 11.80%
Tobacco 16 34.97% 40.82% 80.36%
Transportation 110 7.39% 8.51% 16.09%
Transportation (Railroads) 4 2.49% 35.11% 14.26%
Trucking 22 6.19% 8.49% 12.75%
Utility (General) 14 4.34% 21.81% 6.47%
Utility (Water) 13 10.85% 30.79% 6.80%
Average Std deviation
effective tax Unlevered Cost of in stock Pre-tax cost Market
rate Beta Equity (Levered) Beta equity prices of debt Debt/Capital
20.55% 1.18 1.37 10.19% 56.41% 5.35% 25.24%
15.45% 0.93 1.08 8.83% 36.40% 5.09% 20.29%
23.53% 0.64 1.27 9.71% 44.65% 5.09% 61.85%
32.17% 0.93 1.19 9.38% 37.04% 5.09% 32.78%
13.21% 1.30 1.52 10.88% 59.70% 5.35% 23.68%
27.95% 1.12 1.34 10.06% 37.07% 5.09% 27.77%
15.86% 0.64 1.06 8.76% 22.51% 4.50% 68.37%
20.72% 0.33 0.46 6.00% 18.68% 4.50% 50.48%
25.60% 0.97 1.13 9.09% 49.70% 5.09% 19.66%
18.73% 0.70 0.76 7.40% 42.96% 5.09% 14.62%
26.27% 0.50 1.06 8.76% 38.46% 5.09% 63.82%
21.05% 0.55 1.12 9.03% 25.21% 5.09% 69.33%
24.75% 1.21 1.32 9.94% 28.72% 5.09% 15.36%
24.24% 0.93 1.02 8.58% 41.29% 5.09% 15.21%
25.56% 0.74 1.28 9.75% 33.01% 5.09% 50.43%
23.97% 0.87 1.10 8.92% 38.92% 5.09% 31.35%
44.29% 0.81 1.13 9.09% 37.24% 5.09% 41.01%
18.27% 0.94 1.09 8.88% 36.60% 5.09% 21.15%
13.13% 1.24 1.27 9.73% 55.69% 5.35% 18.40%
18.86% 0.86 1.00 8.47% 49.61% 5.09% 22.57%
14.61% 1.10 1.13 9.09% 38.90% 5.09% 5.74%
20.59% 0.85 0.94 8.19% 30.30% 5.09% 13.98%
17.65% 1.09 1.19 9.38% 52.25% 5.35% 16.07%
16.41% 1.09 1.12 9.05% 61.98% 5.35% 14.08%
14.92% 0.94 1.03 8.60% 65.30% 6.09% 13.83%
32.16% 1.15 1.23 9.52% 43.78% 5.09% 16.38%
21.67% 1.15 1.24 9.59% 54.42% 5.35% 17.62%
69.44% 1.30 1.30 9.84% 39.42% 5.09% 15.49%
22.61% 0.88 0.93 8.18% 42.94% 5.09% 14.67%
23.69% 0.92 1.06 8.75% 36.59% 5.09% 21.10%
20.00% 0.87 0.99 8.45% 61.19% 5.35% 22.33%
24.03% 0.79 0.91 8.05% 46.07% 5.09% 18.00%
20.91% 0.77 0.99 8.44% 54.14% 5.35% 31.18%
19.00% 0.33 1.14 9.12% 38.10% 5.09% 77.42%
22.34% 0.57 0.71 7.13% 35.52% 5.09% 26.89%
24.40% 0.74 0.97 8.32% 27.30% 5.09% 30.86%
34.49% 0.86 1.11 8.97% 46.65% 5.09% 32.23%
7.06% 0.56 1.11 8.97% 57.34% 5.35% 58.58%
20.58% 1.01 1.06 8.77% 52.21% 5.35% 11.24%
22.53% 0.94 1.03 8.63% 49.53% 5.09% 21.18%
11.69% 1.19 1.27 9.74% 54.15% 5.35% 13.85%
23.44% 1.35 1.37 10.18% 32.31% 5.09% 14.10%
20.30% 0.56 0.88 7.93% 46.33% 5.09% 44.37%
19.27% 1.05 1.34 10.06% 40.80% 5.09% 32.74%
21.28% 0.72 0.78 7.47% 30.17% 5.09% 12.89%
25.78% 0.77 0.93 8.16% 33.83% 5.09% 26.29%
20.67% 0.89 1.03 8.63% 40.38% 5.09% 20.59%
17.73% 0.54 0.77 7.40% 30.85% 5.09% 47.98%
18.94% 0.68 0.74 7.28% 27.40% 5.09% 16.24%
18.98% 0.39 0.46 5.98% 15.15% 4.50% 28.74%
21.72% 0.94 1.03 8.60% 33.44% 5.09% 14.43%
35.29% 0.91 0.96 8.31% 60.56% 5.35% 13.66%
44.32% 0.88 1.14 9.12% 30.28% 5.09% 34.46%
29.51% 0.64 0.67 6.96% 26.44% 5.09% 11.11%
20.34% 0.82 0.93 8.16% 46.31% 5.09% 18.88%
18.24% 0.53 0.79 7.52% 32.55% 5.09% 41.25%
21.84% 0.85 0.98 8.39% 43.73% 5.09% 24.32%
21.44% 0.59 0.87 7.87% 22.80% 4.50% 41.68%
30.91% 1.59 1.94 12.80% 43.04% 5.09% 27.20%
16.14% 0.39 0.65 6.87% 20.39% 4.50% 48.17%
22.88% 0.83 0.87 7.88% 63.61% 5.35% 13.20%
33.50% 0.81 0.92 8.10% 31.02% 5.09% 22.32%
3.42% 0.65 1.02 8.59% 23.59% 4.50% 44.37%
24.26% 0.43 0.67 6.96% 34.24% 5.09% 48.48%
17.40% 0.51 0.56 6.47% 35.91% 5.09% 24.17%
18.04% 0.88 1.08 8.85% 44.19% 5.09% 30.83%
27.91% 0.85 1.17 9.27% 44.30% 5.09% 36.94%
22.95% 0.61 0.66 6.89% 17.09% 4.50% 29.84%
19.97% 1.02 1.19 9.38% 35.37% 5.09% 20.46%
23.75% 1.06 1.49 10.75% 46.79% 5.09% 36.51%
24.04% 1.70 1.94 12.80% 45.21% 5.09% 16.61%
23.45% 0.91 1.11 8.97% 37.74% 5.09% 24.41%
21.72% 1.17 1.25 9.61% 38.28% 5.09% 11.84%
22.91% 0.36 0.49 6.15% 25.65% 5.09% 35.83%
4.20% 0.79 1.12 9.04% 20.72% 4.50% 37.04%
24.71% 0.97 1.18 9.31% 44.01% 5.09% 26.55%
#DIV/0! 0.26 0.67 6.98% 40.77% 5.09% 70.17%
9.31% 1.46 1.50 10.76% 41.47% 5.09% 5.70%
12.27% 1.51 1.53 10.91% 37.04% 5.09% 7.22%
18.85% 0.69 0.81 7.61% 45.07% 5.09% 22.94%
17.46% 1.27 1.29 9.82% 36.28% 5.09% 8.01%
16.57% 1.11 1.11 8.98% 52.79% 5.35% 3.06%
17.88% 1.51 1.62 11.31% 65.22% 6.09% 10.70%
17.85% 1.27 1.29 9.83% 52.09% 5.35% 5.84%
19.96% 1.08 1.13 9.06% 38.10% 5.09% 16.79%
24.65% 0.75 1.09 8.88% 60.31% 5.35% 39.08%
16.91% 1.05 1.08 8.85% 46.62% 5.09% 10.25%
21.77% 0.41 0.78 7.49% 50.42% 5.35% 55.54%
21.14% 0.99 1.22 9.51% 48.00% 5.09% 25.87%
22.12% 0.84 1.00 8.47% 56.20% 5.35% 23.57%
22.98% 0.86 1.02 8.56% 22.28% 4.50% 21.14%
25.56% 1.03 1.15 9.16% 28.33% 5.09% 16.63%
16.02% 0.36 0.58 6.55% 14.93% 4.50% 45.90%
14.92% 0.52 0.71 7.16% 28.20% 5.09% 33.73%
Non-cash
Cost of WC as % of
capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues
8.63% 3.28 2.26 12.94 22.24 5.76 175.73 1.25%
7.81% 1.98 2.48 18.49 28.31 5.08 32.52 45.04%
6.06% 1.78 0.91 6.17 13.02 2.24 12.66 1.09%
7.55% 1.77 1.20 7.92 12.39 2.56 18.69 24.65%
9.26% 1.05 2.49 21.65 49.58 4.60 21.12 -2.20%
8.33% 2.00 0.82 7.06 14.12 2.00 39.03 15.45%
5.08% 0.27 5.27 NA NA 1.05 8.55 NA
4.68% 0.37 4.47 NA NA 1.02 35.97 NA
8.05% 0.90 3.89 14.84 18.68 3.10 35.38 17.12%
6.87% 1.69 4.16 18.07 21.47 7.42 33.67 -7.14%
5.60% 1.12 1.25 7.31 10.67 0.80 7.82 10.92%
5.41% 0.28 5.61 NA NA 1.66 222.19 NA
9.00% 2.29 2.11 12.01 15.39 4.74 24.85 18.36%
7.86% 2.72 2.68 16.12 23.49 5.54 86.90 13.48%
6.76% 0.78 2.55 7.80 13.35 2.06 16.12 -0.10%
7.32% 1.62 1.15 8.10 14.06 1.98 12.41 14.74%
6.93% 1.28 1.16 15.40 73.62 1.97 30.53 17.62%
7.81% 1.16 2.68 12.85 20.00 2.67 60.90 22.75%
8.67% 1.47 1.33 2.75 4.04 1.79 91.91 6.13%
7.42% 3.59 1.37 12.61 18.86 4.37 76.13 13.85%
8.79% 1.92 5.51 21.83 25.97 30.98 31.83 -9.87%
7.58% 1.05 4.10 14.94 21.87 3.77 63.10 22.90%
8.51% 0.93 2.43 8.93 10.51 1.87 13.80 5.00%
8.34% 0.41 6.89 13.52 NA 6.14 30.39 9.98%
8.05% 0.64 5.08 16.62 27.43 5.20 57.63 22.37%
8.58% 1.29 2.30 10.80 31.74 2.72 34.57 9.08%
8.61% 1.47 2.98 14.65 28.89 2.92 24.69 28.27%
8.90% 1.67 0.85 19.14 NA 1.90 38.63 15.53%
7.54% 1.68 2.18 13.59 22.11 3.28 102.26 24.01%
7.71% 2.04 1.57 11.04 14.82 3.75 36.14 18.94%
7.46% 1.11 3.07 16.37 42.53 2.59 31.17 3.81%
7.29% 2.29 3.38 15.00 24.26 6.25 31.28 10.18%
7.06% 1.83 1.11 8.97 10.56 2.73 21.61 14.72%
5.01% 0.07 18.64 57.68 77.49 3.38 25.81 1260.44%
6.24% 1.71 1.73 11.44 16.12 2.30 30.03 7.75%
6.93% 8.02 0.40 11.26 18.05 4.10 26.10 5.78%
7.31% 1.96 1.05 9.37 16.70 2.25 19.58 13.97%
6.07% 0.20 7.47 12.63 33.58 0.85 39.87 -27.98%
8.23% 0.99 5.16 21.51 36.99 4.63 61.89 25.57%
7.61% 12.88 0.61 11.29 15.46 3.34 80.17 -6.53%
8.95% 1.04 5.29 21.44 36.53 4.09 44.44 22.95%
9.28% 1.55 1.32 7.79 8.11 2.00 10.66 58.51%
6.10% 1.87 1.56 8.75 13.41 5.12 22.87 11.17%
8.02% 0.81 4.23 14.98 30.73 11.06 32.22 2.99%
7.00% 2.09 3.59 15.88 19.03 8.18 42.52 5.11%
7.02% 2.19 2.33 12.15 19.06 4.06 24.76 15.73%
7.64% 1.19 2.66 11.48 17.34 2.86 92.18 -0.01%
5.68% 0.94 1.57 17.24 NA 1.62 176.38 28.62%
6.72% 1.69 1.36 11.77 15.66 2.30 20.72 -40.94%
5.23% 0.47 5.42 34.85 34.90 2.00 69.38 NA
7.91% 1.87 3.07 15.46 20.31 4.34 26.95 25.17%
7.72% 1.25 2.94 10.36 14.87 3.22 33.13 15.32%
7.29% 2.07 1.17 9.34 15.61 2.54 249.16 9.13%
6.61% 1.37 1.35 6.24 8.54 1.82 8.02 3.37%
7.34% 0.80 2.65 4.67 6.98 1.94 16.33 1.00%
5.99% 0.59 3.58 7.31 9.29 2.32 18.41 2.53%
7.27% 3.55 0.63 5.42 7.08 1.98 70.30 6.34%
6.00% 1.81 1.49 9.28 14.55 2.96 17.37 7.67%
10.35% 2.14 1.04 7.06 10.31 2.42 19.99 12.90%
5.19% 0.41 3.72 11.69 22.34 1.71 23.19 8.26%
7.37% 0.51 3.96 13.01 40.06 2.04 34.23 9.83%
7.15% 1.81 1.62 11.87 22.46 2.03 33.97 11.80%
6.28% 0.14 11.74 21.91 53.48 1.98 123.36 117.77%
5.43% 0.27 4.38 17.93 36.27 1.35 8.02 4.08%
5.83% 0.37 4.78 18.01 28.44 1.25 33.23 201.30%
7.30% 1.45 1.51 14.98 NA 2.87 104.24 9.69%
7.25% 1.28 1.84 9.99 21.72 3.46 27.70 18.04%
5.84% 4.05 0.69 7.28 7.14 1.31 9.34 17.09%
8.24% 1.62 4.19 16.60 29.33 NA 94.19 0.86%
8.22% 2.67 1.05 11.63 17.42 6.97 17.89 9.98%
11.30% 3.64 2.17 13.33 17.19 NA 27.87 8.47%
7.71% 1.82 1.81 11.63 13.82 4.03 28.91 17.42%
8.93% 2.41 1.57 16.63 38.47 7.24 29.84 0.77%
5.31% 4.76 0.41 6.38 19.80 2.90 16.76 -0.24%
6.94% 0.13 12.15 17.43 34.71 1.94 74.09 -9.87%
7.85% 3.11 0.98 9.34 20.32 4.78 48.79 5.06%
4.76% 1.45 0.63 7.95 29.78 0.79 #DIV/0! 10.69%
10.36% 0.58 10.60 31.59 53.32 7.38 82.75 22.40%
10.40% 1.16 5.24 18.18 21.53 8.10 163.52 34.56%
6.74% 0.83 1.70 8.38 14.23 1.36 24.76 11.30%
9.34% 2.23 2.89 18.95 23.68 8.71 19.77 19.61%
8.83% 0.74 6.03 17.16 22.22 6.24 30.82 4.78%
10.59% 0.64 8.38 19.33 NA 9.00 35.18 9.67%
9.49% 0.92 10.72 28.43 39.48 11.03 88.72 11.20%
8.18% 2.17 0.94 5.93 7.73 1.76 14.54 19.02%
6.98% 0.48 3.51 9.01 23.51 2.53 67.85 6.27%
8.33% 1.45 3.61 13.98 17.65 5.14 70.49 23.09%
5.56% 0.60 2.36 6.18 11.21 1.30 77.10 -3.22%
8.03% 2.18 4.80 10.84 11.67 NA 17.75 15.30%
7.42% 2.01 1.87 12.83 21.71 5.35 26.99 7.71%
7.46% 0.49 6.63 14.32 18.97 6.91 22.29 2.26%
8.27% 1.84 1.81 10.57 20.59 3.58 36.08 6.75%
5.09% 0.35 4.13 11.70 19.08 1.65 17.48 13.37%
6.03% 0.25 7.90 16.86 25.64 2.30 34.88 11.35%
Pre-tax
Operating
Net Cap Ex Equity Margin (Lease
Cap Ex as % as % of Reinvestmen Dividend Reinvestment & R&D
of Revenues Revenues t Rate ROE Payout Ratio Rate adjusted)
1.83% -1.69% -0.99% 3.25% 282.84% 282.84% 10.14%
2.83% 2.28% 39.25% 13.19% 53.69% 53.69% 8.77%
11.16% 6.72% 118.59% 21.94% 7.86% 7.86% 6.72%
2.42% 0.54% -7.29% 9.20% 74.98% 74.98% 9.60%
6.41% 2.66% 81.47% 9.37% 35.46% 35.46% 5.10%
3.71% 3.17% 95.18% 5.72% 45.37% 45.37% 5.85%
1.97% 1.30% 5572.88% 14.87% 24.34% 24.34% 0.08%
2.73% -10.09% NA 12.14% 32.01% 32.01% -0.18%
7.66% 9.39% 90.81% 8.70% 54.63% 54.63% 20.75%
4.65% 2.39% 25.68% 30.56% 66.39% 66.39% 19.40%
2.52% -2.06% 211.44% -2.16% 0.22% 0.22% 11.73%
3.41% 1.68% 5643.37% 10.41% 43.53% 43.53% 0.58%
3.25% 2.45% -0.76% 21.35% 29.02% 29.02% 13.77%
2.98% 1.69% 25.45% 14.00% 59.78% 59.78% 11.31%
14.08% 1.65% 15.77% 19.47% 21.93% 21.93% 19.09%
5.51% 3.08% 17.37% 8.89% 131.27% 131.27% 8.02%
4.51% -0.58% -555.65% -2.36% 1.04% 1.04% 1.46%
8.46% 9.81% 103.48% 14.94% 33.25% 33.25% 13.05%
9.30% 1.59% 13.28% 29.07% 15.16% 15.16% 20.55%
1.23% 0.82% 23.80% 18.77% 57.07% 57.07% 7.30%
3.06% 0.90% 9.24% 0.00% 17.44% 17.44% 21.48%
9.47% 3.45% 39.65% 17.20% 15.19% 15.19% 18.71%
4.48% 4.61% 25.08% 15.87% 8.16% 8.16% 23.07%
3.82% 3.47% NA -11.59% 0.09% 0.09% 3.83%
5.31% 12.97% 85.39% 17.32% 69.96% 69.96% 21.33%
2.92% 0.33% 97.50% 1.67% 38.08% 38.08% 5.16%
6.16% 9.82% 214.64% 23.70% 17.18% 17.18% 9.57%
1.56% -0.22% NA -6.63% 0.00% 0.00% 0.57%
4.06% 4.12% 70.43% 8.80% 28.53% 28.53% 9.80%
3.74% 2.84% 66.62% 21.24% 24.75% 24.75% 10.64%
4.37% -2.26% -20.65% -0.27% 0.34% 0.34% 7.05%
7.84% 6.48% 70.10% 21.01% 36.34% 36.34% 13.82%
3.40% 2.70% 53.01% 27.51% 17.33% 17.33% 10.49%
2.84% 2.78% 20.11% 21.31% 31.70% 31.70% 16.01%
4.47% 3.30% 46.46% 8.98% 76.42% 76.42% 10.67%
0.93% 0.90% 47.19% 21.11% 38.16% 38.16% 2.22%
3.24% 7.22% 97.31% -6.53% 0.86% 0.86% 6.11%
44.32% 20.46% 115.90% 10.68% 25.60% 25.60% 21.78%
4.90% 2.08% 49.51% 8.31% 41.77% 41.77% 13.84%
0.71% 1.92% 62.75% 15.62% 29.63% 29.63% 3.86%
4.51% 2.67% 31.34% 5.18% 19.73% 19.73% 14.15%
0.51% 0.36% -5.00% 22.88% 6.43% 6.43% 16.30%
6.25% 2.20% 34.92% 61.97% 12.78% 12.78% 11.55%
6.71% 1.12% 21.81% 35.87% 8.43% 8.43% 13.54%
3.52% 1.11% 2.04% 36.41% 66.56% 66.56% 18.90%
1.90% -3.63% -26.31% 8.43% 60.70% 60.70% 12.34%
0.93% -2.60% 37.90% 13.52% 32.75% 32.75% 15.27%
0.18% -2.56% NA 1.32% 381.21% 381.21% 0.13%
0.78% -0.13% 28.66% 10.36% 35.13% 35.13% 7.49%
2.97% 6.14% 54.67% 13.78% 42.11% 42.11% 14.67%
2.44% 6.43% 66.77% 19.02% 36.27% 36.27% 15.06%
13.03% 5.91% 63.15% 12.17% 95.47% 95.47% 19.56%
2.29% 1.98% 16.58% 2.66% 225.17% 225.17% 7.53%
7.39% -0.02% -1.67% 19.85% 37.14% 37.14% 15.78%
30.05% 16.05% 50.40% 31.09% 31.27% 31.27% 37.69%
16.53% 13.12% 40.28% 42.41% 39.84% 39.84% 38.21%
2.36% 0.58% 15.49% 29.65% 18.81% 18.81% 8.85%
6.76% 3.86% 70.32% 19.62% 25.85% 25.85% 10.21%
7.59% 5.07% 99.70% 15.17% 27.58% 27.58% 10.14%
33.95% 22.70% 173.43% 8.60% 76.67% 76.67% 16.29%
25.41% 9.54% 146.26% -2.33% 0.88% 0.88% 9.48%
3.78% -1.45% -12.40% 2.54% 96.09% 96.09% 7.26%
2.09% -16.89% -82.96% 4.15% 232.08% 232.08% 19.65%
2.54% -5.93% -97.27% -8.54% 0.00% 0.00% 11.16%
2.84% -5.14% -59.41% 9.11% 24.92% 24.92% 16.44%
1.30% -1.17% NA -8.27% 0.76% 0.76% 0.05%
7.11% 3.21% 56.16% 2.56% 199.59% 199.59% 8.10%
0.14% 4.33% 75.61% 31.23% 18.93% 18.93% 9.66%
5.79% 3.57% 34.51% NA 53.08% 53.08% 13.61%
1.91% 2.18% 71.35% 47.33% 5.79% 5.79% 5.71%
2.43% 0.85% 2.33% NA 46.64% 46.64% 12.38%
6.26% 9.22% 103.75% 25.45% 25.22% 25.22% 12.17%
5.20% 2.28% 79.45% 19.55% 21.74% 21.74% 4.70%
2.66% 1.33% 114.28% 14.78% 36.92% 36.92% 2.65%
5.17% -26.53% -81.80% 6.52% 155.57% 155.57% 35.01%
2.59% 2.66% 55.23% 9.64% 87.04% 87.04% 4.80%
5.42% 0.71% -32.00% -10.00% #DIV/0! #DIV/0! 2.16%
17.00% 6.90% 49.86% 12.61% 48.87% 48.87% 20.54%
5.08% 2.60% 13.88% 32.89% 20.09% 20.09% 25.00%
10.24% 4.03% 50.27% 7.82% 29.34% 29.34% 11.94%
0.86% -0.52% -20.18% 29.90% 32.26% 32.26% 12.18%
12.67% 8.70% 46.79% 23.26% 0.25% 0.25% 28.17%
5.58% 2.83% NA -14.54% 0.00% 0.00% -0.83%
8.67% 5.92% 36.38% 24.44% 27.22% 27.22% 26.30%
6.20% 4.21% 15.70% 22.19% 12.47% 12.47% 12.15%
15.31% -0.30% 55.10% 9.74% 11.05% 11.05% 14.95%
2.78% 3.98% 36.67% 24.55% 46.08% 46.08% 20.71%
16.72% 2.43% 20.12% -0.34% 0.16% 0.16% 20.98%
2.71% 33.43% 117.64% NA 87.98% 87.98% 41.00%
7.93% 4.79% 72.06% 22.06% 109.30% 109.30% 8.58%
15.70% 5.60% 22.18% 31.68% 43.52% 43.52% 34.95%
14.93% 9.10% 121.78% 12.97% 17.36% 17.36% 8.69%
38.61% 25.91% 150.53% 11.15% 58.88% 58.88% 21.64%
53.91% 40.18% 149.51% 15.98% 60.59% 39.24% 30.68%
Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 391 6.07% 7.89% 22.32% 24.67% 1.23
Aerospace/Defense 289 9.31% 7.99% 13.94% 16.18% 0.90
Air Transport 155 2.48% 7.28% 7.61% 18.08% 0.81
Apparel 1152 2.99% 14.64% 21.31% 25.31% 0.78
Auto & Truck 165 8.13% 7.56% 8.62% 21.88% 1.10
Auto Parts 761 6.87% 5.01% 6.95% 24.08% 1.21
Bank (Money Center) 607 12.03% 0.28% 0.04% 18.59% 0.42
Banks (Regional) 881 8.40% -0.01% -0.01% 19.18% 0.28
Beverage (Alcoholic) 220 8.25% 21.69% 16.07% 21.95% 0.69
Beverage (Soft) 100 13.11% 16.71% 26.08% 20.41% 0.66
Broadcasting 130 4.03% 9.91% 8.82% 25.29% 0.66
Brokerage & Investment B 590 10.42% 1.18% 0.18% 18.96% 0.40
Building Materials 457 6.03% 10.64% 16.73% 22.84% 0.94
Business & Consumer Ser 980 7.48% 9.15% 21.05% 24.71% 0.96
Cable TV 48 4.19% 18.61% 12.00% 25.00% 0.61
Chemical (Basic) 888 8.59% 4.65% 4.64% 19.90% 0.90
Chemical (Diversified) 64 8.10% 6.62% 5.45% 22.37% 0.85
Chemical (Specialty) 949 9.48% 11.95% 12.38% 20.89% 0.94
Coal & Related Energy 215 14.78% 24.03% 32.22% 22.56% 1.08
Computer Services 1164 10.30% 7.56% 21.09% 23.63% 1.00
Computers/Peripherals 338 0.58% 11.39% 15.75% 15.10% 1.25
Construction Supplies 453 9.48% 9.89% 7.75% 22.83% 0.74
Diversified 326 8.09% 15.64% 11.94% 17.38% 0.74
Drugs (Biotechnology) 1259 20.21% -0.43% 0.69% 16.29% 1.15
Drugs (Pharmaceutical) 1299 18.01% 18.17% 12.87% 16.61% 0.89
Education 260 10.49% 11.07% 9.27% 20.12% 0.76
Electrical Equipment 1072 10.65% 7.13% 10.90% 18.78% 1.10
Electronics (Consumer & O 127 3.04% 4.68% 6.23% 14.51% 1.13
Electronics (General) 1486 5.84% 5.28% 6.44% 18.36% 1.28
Engineering/Construction 1623 6.36% 5.68% 8.78% 22.55% 0.81
Entertainment 741 9.61% 7.30% 7.47% 22.10% 1.03
Environmental & Waste Se 383 8.21% 10.59% 10.78% 22.83% 0.83
Farming/Agriculture 430 11.07% 8.16% 10.56% 21.47% 0.57
Financial Svcs. (Non-bank 1258 12.56% 12.68% 0.94% 17.19% 0.28
Food Processing 1657 8.47% 7.66% 11.46% 23.28% 0.61
Food Wholesalers 173 7.76% 2.47% 10.68% 24.53% 0.50
Furn/Home Furnishings 383 5.15% 7.24% 13.13% 18.19% 0.93
Green & Renewable Ener 253 13.56% 29.24% 7.17% 16.00% 0.61
Healthcare Products 849 15.23% 12.43% 11.04% 20.59% 1.04
Healthcare Support Servic 463 12.62% 3.95% 28.93% 23.07% 0.82
Heathcare Information an 443 16.61% 13.60% 12.76% 14.06% 1.17
Homebuilding 173 7.83% 13.28% 14.42% 24.28% 1.01
Hospitals/Healthcare Facili 232 11.02% 10.86% 12.32% 20.09% 0.58
Hotel/Gaming 650 3.48% 14.02% 8.27% 20.56% 0.79
Household Products 178 3.95% 16.56% 25.24% 22.23% 0.68
Information Services 81 2.07% 10.93% 21.88% 25.72% 1.02
Insurance (General) 202 8.46% 11.83% 18.16% 20.99% 0.63
Insurance (Life) 137 8.27% 10.82% 9.64% 14.30% 0.77
Insurance (Prop/Cas.) 228 9.06% 9.76% 13.31% 18.70% 0.66
Investments & Asset Man 1374 11.47% 17.62% 5.58% 17.30% 0.54
Machinery 1492 6.07% 9.92% 12.71% 21.30% 1.04
Metals & Mining 1815 19.80% 10.66% 14.84% 30.84% 0.99
Office Equipment & Servic 137 7.10% 7.10% 11.21% 26.68% 0.78
Oil/Gas (Integrated) 36 17.37% 18.33% 21.96% 41.15% 0.94
Oil/Gas (Production and Ex 590 26.67% 36.36% 24.16% 31.26% 0.96
Oil/Gas Distribution 174 14.22% 20.65% 12.63% 17.58% 0.58
Oilfield Svcs/Equip. 444 7.79% 6.72% 14.55% 23.02% 0.82
Packaging & Container 164 5.77% 9.17% 12.16% 21.20% 0.63
Paper/Forest Products 266 3.02% 6.55% 4.96% 20.85% 0.67
Power 488 10.55% 13.54% 7.78% 20.81% 0.45
Precious Metals 853 39.66% 11.72% 9.09% 25.66% 1.04
Publishing & Newspapers 205 2.56% 7.57% 9.17% 11.85% 0.98
R.E.I.T. 633 9.18% 30.40% 3.19% 3.29% 0.52
Real Estate (Development 884 10.49% 5.01% 2.05% 29.36% 0.42
Real Estate (General/Diver 336 4.39% 15.17% 3.51% 28.12% 0.54
Real Estate (Operations & 748 8.53% 16.93% 3.91% 20.98% 0.56
Recreation 326 6.75% 11.26% 11.19% 24.55% 0.90
Reinsurance 34 8.03% 10.23% 23.30% 17.11% 1.09
Restaurant/Dining 394 3.63% 9.51% 12.88% 19.20% 0.85
Retail (Automotive) 204 7.40% 4.58% 10.48% 22.76% 0.72
Retail (Building Supply) 120 5.39% 10.88% 24.34% 24.35% 0.96
Retail (Distributors) 1028 10.37% 5.22% 8.73% 22.08% 0.61
Retail (General) 256 0.96% 4.35% 8.35% 19.38% 0.99
Retail (Grocery and Food) 201 5.33% 3.92% 10.89% 23.48% 0.55
Retail (REITs) 123 5.32% 48.37% 4.50% 4.50% 0.61
Retail (Special Lines) 639 5.19% 5.04% 11.76% 25.22% 0.98
Rubber& Tires 89 5.15% 8.78% 8.67% 22.93% 0.88
Semiconductor 647 5.77% 16.32% 11.42% 12.20% 1.67
Semiconductor Equip 367 8.23% 21.82% 23.28% 15.58% 1.97
Shipbuilding & Marine 348 8.74% 17.22% 11.15% 13.25% 0.86
Shoe 85 -1.58% 9.68% 15.68% 18.94% 0.87
Software (Entertainment) 317 9.02% 24.40% 15.96% 16.76% 1.36
Software (Internet) 151 12.34% -0.08% 1.31% 19.52% 1.30
Software (System & Applic 1616 14.32% 20.25% 18.34% 18.84% 1.29
Steel 718 8.99% 7.19% 9.05% 20.41% 1.01
Telecom (Wireless) 98 5.89% 14.60% 8.31% 22.35% 0.65
Telecom. Equipment 453 4.60% 11.00% 13.62% 14.78% 1.17
Telecom. Services 288 8.40% 15.47% 9.50% 21.85% 0.54
Tobacco 56 17.28% 33.76% 23.17% 22.44% 0.55
Transportation 814 6.88% 8.17% 11.09% 23.22% 0.83
Transportation (Railroads) 49 -0.31% 21.50% 6.91% 24.51% 0.50
Trucking 106 3.02% 8.60% 11.60% 25.77% 0.87
Utility (General) 50 7.82% 12.26% 8.32% 20.20% 0.45
Utility (Water) 102 6.43% 23.27% 6.23% 19.79% 0.43
Std
Cost of deviation in Pre-tax cost Market Cost of
Equity (Levered) Beta equity stock prices of debt Debt/Capital capital Sales/Capital
1.35 12.55% 38.89% 6.44% 23.97% 10.69% 3.23
0.98 10.19% 35.10% 6.44% 17.20% 9.26% 1.83
1.29 12.13% 30.06% 6.44% 50.98% 8.40% 1.20
0.83 9.22% 32.72% 6.44% 14.56% 8.58% 1.67
1.36 12.60% 36.46% 6.44% 35.61% 9.83% 1.23
1.31 12.25% 30.39% 6.44% 23.44% 10.50% 1.73
0.88 9.50% 21.28% 5.85% 74.42% 5.68% 0.16
0.52 7.23% 18.30% 5.85% 71.76% 5.18% 0.17
0.75 8.66% 27.49% 6.44% 15.74% 8.05% 0.88
0.71 8.41% 32.24% 6.44% 14.15% 7.90% 1.76
0.98 10.17% 31.54% 6.44% 46.66% 7.67% 1.05
0.93 9.83% 31.95% 6.44% 71.23% 6.25% 0.18
1.03 10.49% 28.00% 6.44% 17.80% 9.48% 1.84
1.04 10.56% 33.31% 6.44% 16.02% 9.64% 2.72
1.02 10.43% 30.91% 6.44% 49.23% 7.66% 0.76
1.07 10.76% 28.88% 6.44% 30.06% 8.97% 1.14
1.09 10.88% 22.36% 5.85% 35.78% 8.55% 1.08
1.03 10.46% 31.22% 6.44% 17.87% 9.45% 1.21
1.01 10.33% 50.42% 6.70% 16.52% 9.45% 1.49
1.04 10.56% 32.90% 6.44% 12.39% 9.84% 3.29
1.27 12.00% 32.94% 6.44% 7.03% 11.49% 1.64
0.90 9.62% 26.87% 6.44% 29.92% 8.18% 0.95
0.95 9.99% 27.14% 6.44% 34.01% 8.23% 0.85
1.17 11.40% 53.28% 6.70% 12.54% 10.60% 0.42
0.95 9.95% 41.51% 6.44% 13.36% 9.26% 0.71
0.83 9.21% 34.53% 6.44% 22.38% 8.22% 0.97
1.13 11.13% 35.11% 6.44% 14.98% 10.18% 1.67
1.23 11.75% 33.86% 6.44% 23.24% 10.13% 1.48
1.28 12.10% 32.53% 6.44% 15.71% 10.95% 1.36
1.01 10.38% 30.52% 6.44% 40.14% 8.14% 1.80
1.11 10.98% 41.35% 6.44% 18.21% 9.86% 1.09
1.00 10.30% 33.89% 6.44% 25.93% 8.88% 1.16
0.77 8.84% 34.05% 6.44% 36.69% 7.36% 1.45
0.91 9.69% 34.61% 6.44% 76.99% 5.93% 0.09
0.72 8.50% 28.61% 6.44% 25.10% 7.57% 1.76
0.67 8.17% 30.82% 6.44% 36.58% 6.94% 5.27
0.95 9.96% 29.72% 6.44% 21.84% 8.84% 2.09
0.87 9.43% 33.37% 6.44% 39.20% 7.62% 0.27
1.10 10.92% 42.34% 6.44% 11.70% 10.20% 0.93
0.91 9.71% 37.81% 6.44% 23.00% 8.59% 8.66
1.23 11.79% 44.93% 6.44% 12.09% 10.94% 0.98
1.09 10.90% 28.97% 6.44% 23.11% 9.49% 1.39
0.76 8.78% 29.53% 6.44% 32.21% 7.50% 1.38
0.98 10.16% 33.83% 6.44% 31.64% 8.46% 0.76
0.73 8.54% 29.78% 6.44% 13.33% 8.04% 1.78
1.21 11.64% 33.63% 6.44% 25.72% 9.88% 2.30
0.69 8.27% 24.79% 5.85% 26.01% 7.26% 1.81
0.89 9.56% 25.29% 6.44% 50.93% 7.14% 1.03
0.71 8.44% 26.74% 6.44% 18.25% 7.77% 1.65
0.75 8.71% 29.52% 6.44% 42.42% 7.05% 0.35
1.07 10.74% 29.76% 6.44% 13.31% 9.95% 1.48
1.09 10.87% 57.51% 6.70% 21.73% 9.60% 1.44
0.83 9.19% 27.91% 6.44% 22.26% 8.22% 1.95
0.99 10.23% 26.84% 6.44% 14.88% 9.42% 1.66
1.09 10.86% 48.39% 6.44% 21.37% 9.57% 0.72
0.85 9.36% 29.60% 6.44% 41.34% 7.48% 0.70
0.98 10.14% 36.10% 6.44% 29.36% 8.57% 2.48
0.83 9.18% 25.95% 6.44% 34.48% 7.67% 1.56
0.91 9.72% 29.23% 6.44% 39.22% 7.79% 0.87
0.74 8.60% 25.34% 6.44% 49.59% 6.72% 0.69
1.09 10.88% 60.16% 6.70% 15.54% 9.96% 0.81
0.99 10.20% 30.05% 6.44% 17.70% 9.25% 1.44
0.80 9.03% 19.44% 5.85% 44.10% 6.98% 0.11
0.98 10.19% 32.26% 6.44% 71.34% 6.35% 0.48
0.94 9.91% 25.55% 6.44% 54.74% 7.12% 0.26
0.88 9.49% 28.97% 6.44% 47.13% 7.28% 0.25
0.99 10.26% 31.55% 6.44% 21.27% 9.10% 1.22
1.14 11.19% 23.43% 5.85% 21.54% 9.72% 2.61
0.98 10.16% 29.86% 6.44% 21.47% 9.01% 1.72
1.00 10.28% 32.73% 6.44% 38.45% 8.18% 2.92
1.11 10.98% 30.07% 6.44% 18.64% 9.83% 2.83
0.80 9.02% 31.08% 6.44% 36.45% 7.49% 1.99
1.09 10.84% 29.73% 6.44% 16.81% 9.82% 2.13
0.71 8.40% 25.26% 6.44% 33.37% 7.20% 3.42
0.95 9.95% 17.43% 5.85% 43.60% 7.52% 0.10
1.09 10.87% 33.82% 6.44% 21.09% 9.59% 2.69
1.04 10.58% 26.90% 6.44% 29.81% 8.86% 1.18
1.68 14.66% 34.38% 6.44% 7.37% 13.94% 0.74
1.95 16.41% 33.51% 6.44% 5.80% 15.73% 1.18
0.95 9.94% 29.86% 6.44% 30.87% 8.36% 0.75
0.90 9.65% 31.72% 6.44% 11.00% 9.11% 1.88
1.36 12.58% 43.82% 6.44% 4.78% 12.21% 0.70
1.36 12.61% 46.98% 6.44% 9.98% 11.83% 0.88
1.30 12.21% 43.59% 6.44% 5.85% 11.77% 0.93
1.17 11.35% 32.68% 6.44% 29.28% 9.43% 1.46
0.90 9.63% 29.27% 6.44% 40.04% 7.70% 0.71
1.19 11.48% 36.12% 6.44% 11.42% 10.72% 1.26
0.85 9.32% 30.13% 6.44% 45.67% 7.26% 0.70
0.67 8.15% 31.22% 6.44% 24.86% 7.32% 0.83
0.96 10.04% 33.83% 6.44% 23.40% 8.82% 1.57
0.63 7.91% 19.26% 5.85% 29.64% 6.86% 0.42
1.01 10.38% 29.12% 6.44% 22.29% 9.14% 1.66
0.68 8.26% 18.49% 5.85% 44.49% 6.53% 0.81
0.67 8.18% 23.64% 5.85% 46.44% 6.41% 0.31
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
1.56 11.94 18.47 2.60 53.68 -2.51% 1.72% 0.17%
2.26 17.91 27.41 4.47 77.15 38.81% 3.54% 2.15%
1.42 8.42 18.09 2.40 96.63 -2.85% 9.87% 3.46%
2.44 13.19 16.13 3.63 42.49 22.43% 5.16% 3.43%
1.20 9.84 15.28 1.67 42.26 2.13% 6.07% 3.46%
0.83 8.55 15.81 1.50 130.49 11.76% 5.37% 3.85%
6.77 189.90 NA 0.84 14.73 NA 3.33% 5.08%
5.84 NA NA 0.74 28.98 NA 2.96% -4.27%
3.65 13.89 16.68 3.18 49.81 10.80% 5.11% 2.92%
3.54 17.27 21.07 6.22 34.11 -4.62% 4.67% 2.27%
1.19 7.87 11.67 0.75 45.34 12.36% 3.77% -0.27%
6.82 189.17 NA 1.26 115.18 NA 3.21% 1.78%
1.71 11.51 15.69 2.82 28.79 17.49% 4.35% 5.16%
2.06 15.44 21.52 4.43 215.35 10.54% 2.71% 1.45%
2.54 7.88 13.84 1.87 34.88 0.75% 14.16% 1.41%
1.33 12.71 26.91 1.46 113.95 13.11% 9.34% 6.65%
1.02 7.98 14.42 1.12 82.99 19.33% 7.26% 3.00%
2.25 12.47 18.49 2.45 46.35 18.24% 8.83% 6.74%
1.31 4.07 5.17 1.50 25.30 -3.02% 9.05% 5.12%
1.52 14.68 19.46 4.00 64.47 15.36% 1.53% 1.13%
3.05 18.66 26.44 6.80 54.68 2.10% 5.68% 3.46%
1.65 10.17 16.39 1.32 82.49 13.30% 7.87% 4.20%
1.83 8.93 11.14 1.22 18.17 -9.45% 4.90% 3.61%
6.96 15.32 NA 5.11 127.84 17.16% 5.67% 9.62%
4.05 14.60 21.71 3.88 41.51 15.49% 5.01% 5.71%
2.29 10.92 18.17 1.95 125.42 3.48% 5.72% 3.01%
1.94 15.55 24.89 2.82 97.35 21.72% 6.89% 6.03%
0.94 11.44 19.49 1.72 40.79 6.63% 4.20% 2.70%
1.59 14.16 28.29 2.27 102.00 18.92% 6.31% 3.57%
0.78 9.40 13.17 1.31 42.84 15.92% 3.37% 2.23%
2.91 15.78 36.44 2.48 156.17 4.00% 3.72% -2.55%
2.78 14.04 24.86 3.02 39.26 14.71% 8.65% 7.45%
1.08 9.75 12.67 1.83 26.81 16.20% 4.19% 2.71%
14.43 48.69 67.19 2.24 75.54 NA 4.00% -7.38%
1.39 12.15 17.80 2.27 46.46 10.53% 4.62% 2.54%
0.37 9.71 14.91 2.15 49.79 5.87% 1.42% 0.90%
1.03 9.74 13.62 2.05 37.84 4.91% 3.59% 3.10%
7.40 13.95 22.79 2.01 49.91 9.72% 41.56% 36.68%
4.41 20.07 33.89 3.58 94.73 25.69% 5.43% 3.47%
0.61 11.06 15.22 2.62 57.50 -2.73% 0.87% 1.66%
5.25 21.66 36.68 3.94 128.07 23.90% 7.15% 6.14%
1.18 8.03 9.17 1.58 20.55 60.93% 0.69% 0.51%
2.31 12.44 20.58 4.08 41.98 6.96% 7.17% 2.45%
3.56 15.09 28.37 3.96 60.19 -1.98% 6.31% 0.85%
3.10 15.11 18.46 6.04 53.67 5.32% 3.57% 1.32%
1.93 11.38 16.97 3.37 143.50 14.32% 1.97% -1.39%
1.17 8.14 8.60 1.78 22.77 -1.59% 0.76% 0.42%
1.06 7.22 8.81 1.12 45.47 -96.19% 0.69% 0.48%
1.13 9.25 10.82 1.59 19.55 -28.48% 0.70% -0.31%
4.66 16.81 20.17 1.38 56.35 NA 3.60% 7.68%
2.15 14.74 20.51 2.93 59.82 28.32% 4.19% 4.24%
1.32 7.82 11.72 1.84 54.20 11.98% 8.00% 4.90%
1.06 9.43 14.41 1.84 148.71 13.32% 2.47% 1.61%
1.27 5.33 6.91 2.00 14.03 3.25% 7.55% 1.79%
2.38 4.22 6.40 1.54 17.55 1.14% 27.79% 14.23%
2.44 8.65 11.67 1.73 379.61 4.04% 11.72% 8.02%
0.64 6.44 8.89 1.49 46.83 6.44% 3.93% 2.15%
1.40 9.29 15.09 2.20 29.95 13.50% 7.34% 4.09%
1.31 10.15 19.41 1.07 53.23 19.30% 10.36% 6.83%
1.98 8.71 14.11 1.31 19.75 5.13% 16.15% 9.78%
2.39 8.81 18.83 1.68 250.17 10.88% 18.59% 11.28%
1.54 12.20 19.63 1.68 41.06 8.44% 3.02% -1.31%
11.93 21.66 36.91 1.49 65.22 94.40% 6.07% -5.90%
1.68 13.21 25.06 0.47 85.62 193.73% 2.42% 1.56%
3.35 13.53 19.76 0.68 82.38 112.97% 8.63% 8.26%
4.07 16.50 21.26 0.92 66.29 19.38% 2.51% 2.32%
2.16 11.79 19.32 3.04 65.71 16.35% 6.22% 3.06%
0.76 8.52 7.38 1.34 13.50 -69.73% 0.07% 1.85%
2.69 16.48 29.13 9.19 79.59 -1.56% 4.21% 1.65%
0.76 11.19 16.61 3.25 30.24 10.71% 1.95% 1.73%
1.86 12.92 17.01 19.81 33.62 8.97% 2.64% 0.85%
0.83 11.84 15.17 1.69 47.96 15.95% 2.74% 2.79%
1.48 15.61 34.18 4.78 65.25 -1.25% 4.72% 1.90%
0.63 9.29 15.85 2.51 40.91 -3.03% 2.96% 0.99%
12.06 18.14 23.00 1.17 77.56 -7.14% 3.46% -3.25%
1.12 11.71 21.07 3.58 48.40 6.13% 2.26% 1.02%
1.03 6.94 11.45 1.25 30.55 22.17% 6.43% 4.07%
6.33 20.98 37.45 5.05 110.97 16.66% 20.55% 11.50%
5.14 19.32 23.20 6.02 53.59 31.06% 10.52% 8.21%
1.48 6.12 8.45 0.95 16.82 -0.49% 10.79% 5.45%
2.27 17.31 23.14 4.85 37.92 20.00% 1.55% -0.48%
5.60 17.54 22.71 5.14 235.21 1.24% 10.66% 6.94%
6.01 20.44 NA 7.97 62.97 5.21% 5.95% 3.35%
9.20 28.48 41.07 9.15 96.43 13.35% 7.23% 5.89%
0.82 6.90 10.90 1.14 42.98 14.64% 6.05% 3.84%
2.25 7.37 15.64 1.54 33.14 -13.70% 15.23% 1.56%
2.32 14.28 19.41 3.46 120.32 24.68% 3.16% 2.56%
2.16 6.88 13.87 1.38 41.99 -0.23% 14.74% -1.41%
3.47 9.33 10.23 3.17 32.35 16.06% 2.79% 12.23%
1.75 13.10 20.73 2.98 67.82 4.17% 4.79% 1.79%
4.33 13.31 19.99 2.36 54.74 5.75% 15.78% 9.37%
1.59 9.98 17.98 2.86 27.98 6.89% 11.44% 7.09%
1.88 9.86 15.29 1.62 20.36 -0.60% 14.21% 7.75%
4.59 12.67 19.57 1.48 26.69 7.35% 22.67% 11.57%
Pre-tax
Operating
Margin
Equity (Lease &
Reinvestme Dividend Reinvestme R&D
nt Rate ROE Payout Ratio nt Rate adjusted)
25.11% 7.54% 76.01% 76.01% 8.07%
40.17% 14.14% 44.96% 44.96% 8.36%
30.36% 19.65% 25.21% 25.21% 7.23%
52.15% 17.06% 42.38% 42.38% 14.80%
70.38% 14.50% 26.55% 26.55% 7.74%
116.14% 7.58% 41.66% 41.66% 4.83%
1957.50% 12.65% 30.70% 30.70% 0.31%
NA 9.83% 29.09% 29.09% -0.10%
39.67% 16.53% 44.61% 44.61% 21.74%
28.35% 25.76% 63.11% 63.11% 16.78%
153.68% -0.36% 0.47% 0.47% 9.88%
846.02% 7.66% 59.63% 59.63% 1.13%
68.00% 13.39% 38.89% 38.89% 10.79%
30.42% 13.59% 54.38% 54.38% 9.31%
18.03% 15.88% 24.73% 24.73% 18.27%
194.59% 3.84% 141.79% 141.79% 4.70%
49.02% 2.91% 170.74% 170.74% 6.53%
78.86% 12.07% 51.72% 51.72% 11.94%
24.95% 21.36% 76.43% 76.43% 24.08%
27.66% 16.02% 53.07% 53.07% 7.68%
38.94% 28.45% 24.87% 24.87% 11.01%
78.19% 8.37% 46.49% 46.49% 9.85%
37.09% 13.10% 20.07% 20.07% 16.23%
NA -8.83% 0.47% 0.47% 1.63%
44.22% 13.20% 63.54% 63.54% 19.79%
57.59% 5.12% 57.71% 57.71% 10.89%
162.24% 10.86% 39.38% 39.38% 7.39%
87.12% 7.31% 32.24% 32.24% 4.75%
96.58% 6.68% 61.91% 61.91% 5.34%
107.28% 10.08% 53.47% 53.47% 5.77%
-34.12% 2.27% 89.24% 89.24% 7.48%
134.69% 8.07% 63.17% 63.17% 10.71%
59.83% 14.47% 33.02% 33.02% 8.38%
-68.66% 18.04% 25.76% 25.76% 12.77%
61.95% 9.92% 65.85% 65.85% 7.71%
48.47% 8.91% 56.95% 56.95% 2.47%
53.44% 11.21% 70.05% 70.05% 7.33%
152.14% 10.75% 66.39% 66.39% 29.15%
67.33% 7.58% 50.70% 50.70% 12.86%
57.45% 12.15% 36.88% 36.88% 3.91%
71.59% 6.03% 24.43% 24.43% 13.84%
20.29% 16.61% 18.14% 18.14% 12.79%
40.77% 11.95% 45.89% 45.89% 10.77%
16.02% 10.91% 27.14% 27.14% 12.34%
7.06% 26.80% 65.69% 65.69% 16.66%
0.15% 8.98% 55.28% 55.28% 11.38%
2.02% 15.20% 42.45% 42.45% 11.84%
-7.88% 7.42% 61.91% 61.91% 10.83%
19.02% 12.31% 31.77% 31.77% 9.79%
52.42% 10.45% 56.05% 56.05% 17.50%
91.59% 12.00% 41.45% 41.45% 10.08%
84.86% 10.50% 85.95% 85.95% 10.72%
30.44% 8.26% 52.40% 52.40% 7.15%
14.71% 21.12% 48.94% 48.94% 18.40%
53.68% 21.87% 38.35% 38.35% 36.60%
47.88% 19.80% 58.13% 58.13% 20.77%
41.17% 16.71% 25.28% 25.28% 6.78%
76.47% 12.44% 40.55% 40.55% 9.21%
152.70% 6.47% 55.88% 55.88% 6.53%
94.00% 12.43% 63.06% 63.06% 13.55%
156.07% 4.32% 98.31% 98.31% 11.75%
-10.84% 8.91% 41.36% 41.36% 7.37%
-18.40% 2.03% 342.98% 342.98% 28.38%
-248.75% -3.48% 0.80% 0.80% 4.98%
110.17% 3.97% 57.55% 57.55% 15.73%
13.56% -2.82% 0.66% 0.66% 17.58%
48.29% 9.45% 48.69% 48.69% 10.63%
31.39% 19.00% 21.04% 21.04% 10.23%
24.84% 24.65% 64.04% 64.04% 8.69%
82.83% 20.77% 26.14% 26.14% 4.37%
5.88% 85.23% 47.32% 47.32% 10.74%
75.08% 14.33% 36.17% 36.17% 5.26%
72.59% 15.08% 25.89% 25.89% 4.60%
30.01% 10.05% 50.22% 50.22% 3.96%
-8.53% 3.56% 165.16% 165.16% 47.50%
22.25% 8.23% 71.10% 71.10% 5.16%
70.27% 9.02% 36.94% 36.94% 8.84%
93.44% 12.68% 50.89% 50.89% 16.74%
60.57% 26.29% 28.64% 28.64% 22.43%
15.41% 13.64% 98.44% 98.44% 17.20%
-16.08% 18.73% 40.97% 40.97% 9.68%
40.57% 20.90% 2.74% 2.74% 25.40%
NA -10.00% 0.37% 0.37% 1.49%
47.63% 16.96% 32.89% 32.89% 21.28%
53.66% 0.01% 50.76% 50.76% 7.22%
30.51% 8.18% 73.58% 73.58% 14.33%
53.62% 12.94% 53.28% 53.28% 11.67%
-3.28% 7.80% 89.73% 89.73% 15.57%
54.79% 28.43% 71.67% 71.67% 33.88%
26.74% 13.67% 70.69% 70.69% 8.25%
60.00% 11.85% 40.05% 40.05% 21.54%
105.34% 12.02% 20.67% 20.67% 8.76%
78.42% 10.61% 66.70% 66.70% 12.24%
96.25% 0.86% 83.29% 46.71% 23.25%
Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
R&D $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA

Current year's lease expense $ 107.00

$75,872.00
$2,404.00
$24,171.00
$276.00
G&A 630.29 286.14 426.61 770.76
Marketing Costs 2369.47 1128.78 1219.73 2460.42
Content Costs 9967.54 4703.01 5876.21 11140.74

Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/No Book or Market VaERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatioSynthetic rating 2 Single Business(US)
Operating countries Actual rating Single Business(Global
Operating regions Multibusiness(US)
Multibusiness(Global)
Rating is
Aaa/AAA
Aa2/AA
A1/A+
A2/A
A3/A-
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D

Thinking Cities Relationally
100% (7)
Thinking Cities Relationally
60 pages
Politics B.A.LLB 1 Semester
100% (2)
Politics B.A.LLB 1 Semester
20 pages
Mythologies Without End 9780190459109 2020017143 9780190459086 9780190074609
No ratings yet
Mythologies Without End 9780190459109 2020017143 9780190459086 9780190074609
557 pages
Airbnb IPO
No ratings yet
Airbnb IPO
64 pages
FC FF Simple Ginzu Corona
No ratings yet
FC FF Simple Ginzu Corona
62 pages
Gilbert Law Summary On Legal Re - Honigsberg, Peter
100% (8)
Gilbert Law Summary On Legal Re - Honigsberg, Peter
347 pages
Tesla 2023 Oct Diy
No ratings yet
Tesla 2023 Oct Diy
59 pages
Tesla Jan 2020 Diy
No ratings yet
Tesla Jan 2020 Diy
64 pages
Your Inputs: The Yellow Cells Are Your Only Required Inputs. All The Other Numbers Will Be Calculated. Growth Lever
No ratings yet
Your Inputs: The Yellow Cells Are Your Only Required Inputs. All The Other Numbers Will Be Calculated. Growth Lever
77 pages
TeslaNov2021DIY
No ratings yet
TeslaNov2021DIY
77 pages
Tesla Jan 2023 Diy
No ratings yet
Tesla Jan 2023 Diy
73 pages
Aswath Damodaran Tesla Valuation
No ratings yet
Aswath Damodaran Tesla Valuation
57 pages
Aswath Damodaran Tesla Valuation
100% (1)
Aswath Damodaran Tesla Valuation
60 pages
Tesla Mar 2014
No ratings yet
Tesla Mar 2014
55 pages
Tesla Mar 2014 Valuaion
No ratings yet
Tesla Mar 2014 Valuaion
59 pages
DCF Valuation
No ratings yet
DCF Valuation
50 pages
Tesla Financial Analysis by Prof Domodaran
No ratings yet
Tesla Financial Analysis by Prof Domodaran
81 pages
Date of Valuation: Default Assumptions
No ratings yet
Date of Valuation: Default Assumptions
81 pages
UberIPO2019 Duplicate
No ratings yet
UberIPO2019 Duplicate
45 pages
DCF1
No ratings yet
DCF1
39 pages
2019-06-01 Tesla
No ratings yet
2019-06-01 Tesla
63 pages
2018 06 01 TeslaRoyalFlush
No ratings yet
2018 06 01 TeslaRoyalFlush
62 pages
Date of Valuation: Default Assumptions
No ratings yet
Date of Valuation: Default Assumptions
53 pages
DCF-valuation
No ratings yet
DCF-valuation
57 pages
NVIDIA2024
No ratings yet
NVIDIA2024
87 pages
Narrative and Numbers: Light in The Darkness!: When in Trouble, Go Back To Basics!
No ratings yet
Narrative and Numbers: Light in The Darkness!: When in Trouble, Go Back To Basics!
37 pages
Beyond Meat 2019
100% (1)
Beyond Meat 2019
73 pages
Feb-17 Company Name Snap Numbers From Your Base Year Below (In Consistent Units) This Year
No ratings yet
Feb-17 Company Name Snap Numbers From Your Base Year Below (In Consistent Units) This Year
62 pages
AirbnbIPO
No ratings yet
AirbnbIPO
77 pages
Date of Valuation: Default Assumptions
No ratings yet
Date of Valuation: Default Assumptions
57 pages
Tesla Company Valuation
No ratings yet
Tesla Company Valuation
46 pages
Jul-13 Company Name Facebook Numbers From Your Base Year Below (In Consistent Units) This Year Last Year Important
No ratings yet
Jul-13 Company Name Facebook Numbers From Your Base Year Below (In Consistent Units) This Year Last Year Important
62 pages
Apple Valn 2013
No ratings yet
Apple Valn 2013
51 pages
Microsoft Aug 20
No ratings yet
Microsoft Aug 20
60 pages
Fcffsimpleginzu 2014
100% (1)
Fcffsimpleginzu 2014
54 pages
Date of Valuation: Default Assumptions
No ratings yet
Date of Valuation: Default Assumptions
55 pages
Fcffsimpleginzu
No ratings yet
Fcffsimpleginzu
75 pages
Google Nov 2015
No ratings yet
Google Nov 2015
77 pages
GMM (Ashwath)
No ratings yet
GMM (Ashwath)
66 pages
Date of Valuation: Revenue Growth Rate For Next Year 25.00% Operating Margin For Next Year 7.50%
No ratings yet
Date of Valuation: Revenue Growth Rate For Next Year 25.00% Operating Margin For Next Year 7.50%
60 pages
Ccg Dcf Tsla Hardcoded
No ratings yet
Ccg Dcf Tsla Hardcoded
19 pages
ahmed 20231063 fin management assignment
No ratings yet
ahmed 20231063 fin management assignment
12 pages
Fcffsimpleginzu ITC
No ratings yet
Fcffsimpleginzu ITC
62 pages
Meta 2024
No ratings yet
Meta 2024
77 pages
Starbucks 2024
No ratings yet
Starbucks 2024
100 pages
FC FF Simple Ginzu
No ratings yet
FC FF Simple Ginzu
81 pages
Date of Valuation: Revenue Growth Rate For Next Year 4.00% Operating Margin For Next Year 30.00%
No ratings yet
Date of Valuation: Revenue Growth Rate For Next Year 4.00% Operating Margin For Next Year 30.00%
62 pages
Telsa
No ratings yet
Telsa
12 pages
Fcffsimpleginzu
No ratings yet
Fcffsimpleginzu
62 pages
Apple 2024
No ratings yet
Apple 2024
77 pages
Intel2024
No ratings yet
Intel2024
101 pages
MSFT2024
No ratings yet
MSFT2024
77 pages
Fcffsimpleginzu
No ratings yet
Fcffsimpleginzu
85 pages
AppleSept2011
No ratings yet
AppleSept2011
44 pages
Twitter IPOvaluation
No ratings yet
Twitter IPOvaluation
63 pages
John Moores University - Analysis Report Sample 1
No ratings yet
John Moores University - Analysis Report Sample 1
34 pages
EQUITY RESEARCH REPORT - TESLA INC
No ratings yet
EQUITY RESEARCH REPORT - TESLA INC
10 pages
Fcffsimpleginzu Corona
No ratings yet
Fcffsimpleginzu Corona
58 pages
Aswath Damodar Sir V
No ratings yet
Aswath Damodar Sir V
93 pages
Amazon 2024
No ratings yet
Amazon 2024
75 pages
Date of Valuation: Default Assumptions
No ratings yet
Date of Valuation: Default Assumptions
61 pages
Alibaba IPO
No ratings yet
Alibaba IPO
56 pages
Top 100 Best Stocks to Buy in 2025
From Everand
Top 100 Best Stocks to Buy in 2025
Reed Stark
No ratings yet
Economic Indicators for Southeastern Asia and the Pacific: Input–Output Tables
From Everand
Economic Indicators for Southeastern Asia and the Pacific: Input–Output Tables
Asian Development Bank
No ratings yet
The Poisonous Myths of The Eastern Front
No ratings yet
The Poisonous Myths of The Eastern Front
7 pages
2021-2022 Competition Case Price Media Law Moot Court
No ratings yet
2021-2022 Competition Case Price Media Law Moot Court
10 pages
Forex Redblue Indicator: Den Murakami
No ratings yet
Forex Redblue Indicator: Den Murakami
5 pages
Buy ebook (Ebook) Four Nights with the Duke (Empat Malam Bersama Sang Duke) by Eloisa James ISBN 9786020644356, 6020644359 cheap price
100% (11)
Buy ebook (Ebook) Four Nights with the Duke (Empat Malam Bersama Sang Duke) by Eloisa James ISBN 9786020644356, 6020644359 cheap price
64 pages
Course Outline: MPU 3422 - Moral and Civil Society II
No ratings yet
Course Outline: MPU 3422 - Moral and Civil Society II
4 pages
CS Form No. 212 Personal Data Sheet ADET - Copy
No ratings yet
CS Form No. 212 Personal Data Sheet ADET - Copy
4 pages
Ibsen's Political and Social Ideas
No ratings yet
Ibsen's Political and Social Ideas
14 pages
Activity - rrl2
No ratings yet
Activity - rrl2
2 pages
Hold Departure Order
67% (3)
Hold Departure Order
2 pages
Hilton MA 12e Chap013
No ratings yet
Hilton MA 12e Chap013
43 pages
Challenge Course Syllabus v2
No ratings yet
Challenge Course Syllabus v2
11 pages
Main Supplementary List
No ratings yet
Main Supplementary List
6 pages
PPT on MACP
No ratings yet
PPT on MACP
8 pages
[Ebooks PDF] download Accounting : Information for Business Decisions, 4th Australian Edition Billie Cunningham full chapters
100% (2)
[Ebooks PDF] download Accounting : Information for Business Decisions, 4th Australian Edition Billie Cunningham full chapters
50 pages
Deed of Donation
No ratings yet
Deed of Donation
2 pages
ROLLS-ROYCE PLC & ANOR v. SAUJANA HOTEL SDN BHD & ANOR
No ratings yet
ROLLS-ROYCE PLC & ANOR v. SAUJANA HOTEL SDN BHD & ANOR
37 pages
Phc-Ii Final Exams-2021
No ratings yet
Phc-Ii Final Exams-2021
5 pages
1) Actus Reus
No ratings yet
1) Actus Reus
23 pages
Wright, Erik Olin. Review (Callinicos)
No ratings yet
Wright, Erik Olin. Review (Callinicos)
32 pages
PDF Amilcar Cabral Revolutionary Leadership and People s War Patrick Chabal download
No ratings yet
PDF Amilcar Cabral Revolutionary Leadership and People s War Patrick Chabal download
91 pages
11 Evangelista & Co., Et Al. V Abad Santos, GR NO. L-31684, June 28. 1973 PDF
No ratings yet
11 Evangelista & Co., Et Al. V Abad Santos, GR NO. L-31684, June 28. 1973 PDF
6 pages
M-Trends 2023 Report - (108p)
100% (1)
M-Trends 2023 Report - (108p)
108 pages
Doris Lessing - The Golden Notebook
100% (1)
Doris Lessing - The Golden Notebook
4 pages
Question Papers 6 Sem Delhi University LL.B
No ratings yet
Question Papers 6 Sem Delhi University LL.B
369 pages
The French Revolution and Napoleon A Sourcebook 2nd Edition Philip Dwyer download
No ratings yet
The French Revolution and Napoleon A Sourcebook 2nd Edition Philip Dwyer download
83 pages
IPC 172 IPC 187 Bailable or Non-Bailable
No ratings yet
IPC 172 IPC 187 Bailable or Non-Bailable
25 pages

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.