FCFFVALUATIONMODEL

Beforeyoustart

Thespreadsheethascircularreasoning.Thisisnotaproblem.Gointocalculationoptions(inexcel)andcheck
theiterationbox.
WhatthemodeldoeThismodelisdesignedtovaluefirmswithoperatingincomethatiseitherpositiveorcanbenormalizedtobe
positive.Itallowsforupto15yearsofhighgrowth,andcanbeusedeitherasa2stageora3stagemodel.
Inputs
Theinputsareinthefollowingpages:
1.Thebulkoftheinputsareinthemasterinputspage.Here,youcaninputthenumbersfromthecurrent
financialstatements,andreviewandchangetheinputsforthevaluation.
2.Ifyouwanttonormalizedoperatingincome,usetheearningsnormalizerworksheet.
3.IfyouhaveR&Doroperatingleases,youwillneedtoinputtherequirednumbersinthoseworksheets.
Important:Beconsistentabouttheunitsyouuse.Ifyouusemillions,usemillionsforallofyourinputs.
Options
Thespreadsheetcanbeusedtovalueacompany,withfixedinputsforahighgrowthphaseanddifferentinputs
forastablegrowthphase(2stagemodel)oritcanbeadjustedtoallowforatransitionphase(3stagemodel).
Toswitchfromonetotheother,enteryesinthemasterinputpagetothequestionofwhetheryouwantthe
inputsadjustedduringthesecondhalfofthehighgrowthphase.
Youcanevenmakeitastablegrowthmodel,bysettingthelengthofthehighgrowthperiodtozero.
Otherworksheets Therearetwootherworksheetsthatyoumightfindusefulattheendofthisspreadsheet
1.Bottomupbetaestimator:willestimateyourleveredbeta,givenanunleveredbeta(whichyouwillhaveto
input.
2.Industryaverages:Here,youcanlookupindustryaveragesforvariablessuchasbeta,returnoncapital,
reinvestmentratesandworkingcapital.
Output
Theoutputiscontainedinthevaluationmodelworksheet.

ODEL

s(inexcel)andcheck

benormalizedtobe
ra3stagemodel.

romthecurrent

oseworksheets.
ofyourinputs.
seanddifferentinputs
ase(3stagemodel).
theryouwantthe

hichyouwillhaveto

returnoncapital,

An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required
If you have negative operating income, you will either have to normalize it to make it positive, or use the highg

MasterInputSheet

DoyouwanttocapitalizeR&Dexpenses?
Doyouwanttoconvertoperatingleasestodebt?
Doyouwanttonormalizeoperatingincome?

No
No
No

!YesorNo
!YesorNo

Inputs

FromCurrentFinancials
CurrentEBIT=
CurrentInterestExpense=
CurrentCapitalSpending
CurrentDepreciation&Amort'n=
Taxrate(forcomputingaftertaxoperatingincome)=
Marginaltaxrate=
CurrentRevenues=
CurrentNoncashWorkingCapital=
Chg.WorkingCapital=
BookValueofDebt=
BookValueofEquity=

INR51,414.00 !Ifnegative,gobackandchoosetonorma
INR74.00
INR9,786.00
INR4,175.00
15.55%
33.99%
Previousyearend
INR219,478.00 INR189,797.00
INR41,406.00
INR6,130.00 Previousyearend
INR403.70
INR182.50
INR134,463.00 INR110,048.00

Cash&MarketableSecurities=

INR3,188.00

INR3,370.00

ValueofNonoperatingAssets=
MinorityInterests(thisisaliability)=

INR66,140.72
$0.00

INR45,093.00

PricetoBookRatioofsectorwithminorityholdings=
MarketDataforyourfirm
Isyourstockcurrentlytraded?
Ifyes,enterthefollowing:
CurrentStockPrice=
Numberofsharesoutstanding=
MarketValueofDebt=
Ifno,enterthefollowing
Wouldyouliketousethebookvaluedebtratio?
Ifno,enterthedebtratiotouseinvaluation
GeneralMarketData
LongTermTreasurybondrate=
MatureMarketEquityPremium=
CountryEquityRiskPremium=
ExchangeRateforfiscalyearitems(BR/$)=
ExchangeRateforcurrrentpriceconversions=
Ratings
Doyouwanttoestimatethefirm'ssyntheticrating=
Ifyes,choosethetypeoffirm
Ifnot,whatisthecurrentratingofthefirm?
Enterthecostofdebtassociatedwiththerating=
Options
Doyouhaveequityoptions(managementoptions,warrants)outstanding?
Ifyes,enterthenumberofoptions
Averagestrikeprice
Averagematurity

2.10
Yes
INR841.00
1,957.22
INR505.06
No
35%
5.00%
4.50%
4.50%
R$1.00
R$1.00
No
2
AAA
8.50%
No
2.23
R$13.85
1.5

R$1.00

!Ifyes,usetheratingestimatorworksheet

StandardDeviationinstockprice
Doyouwanttousethestockpricetovaluetheoptionoryourestimatedvalue?

30%
P

ValuationInputs
HighGrowthPeriod
Lengthofhighgrowthperiod=
10
Betatouseforhighgrowthperiodforyourfirm=
1.05
Lambdatouseforyourfirm(forbothhighgrowthandstablegrowth)=
0.2
Doyouwanttokeepthedebtratiocomputedfromyourinputs?
Yes
Ifyes,thedebtratiothatwillbeusedtocomputethecostofcapitalis
0.03%
Ifno,enterthedebtratiothatyouwouldliketouseinthehighgrowthperiod
7.00%
Doyouwanttokeeptheexistingratioofworkingcapitaltorevenue?
Yes
Ifyes,theworkingcapitalasapercentofrevenueswillbe
18.87%
Ifno,entertheratioofworkingcapitaltorevenuestouseinanalysis
12%
Doyouwanttocomputeyourgrowthratefromfundamentals?
Yes
Ifno,entertheexpectedgrowthrateinoperatingincomeforhighgrowthperio
15%
Ifyes,theinputstothefundamentalgrowthcalculation(baseduponyourinputs)are
ReturnonCapital=
40.63%
ReinvestmentRate=
27.04%
Doyouwanttochangetheseinputs?
Yes
ReturnonCapital=
40.63%
ReinvestmentRate=
56.73%
Doyouwantmetograduallyadjustyourhighgrowthinputsinthesecondhalf
StableGrowthPeriod
Growthrateduringstablegrowthperiod=
Betatouseinstablegrowthperiod=
CountryRiskpremiumforequityinstablegrowthperiod=
DebtRatiotouseinstablegrowthperiod=
Pretaxcostofdebtinstablegrowthperiod=
TaxRatetouseinstablegrowthperiod=
Tocomputethereinvestmentrateinstablegrowth,youhavetwooptions
Doyouwanttocomputereinvestmentneedsinstablegrowthbasedonfundam
Ifyes,enterthereturnoncapitalthatthefirmwillhaveinstablegrowth
Ifno,entercapitalexpenditureas%ofdepreciationinstablegrowth

Yes
5.00%
1.00
3.00%
10.00%
6.50%
33.99%
Yes
15.00%
120%

(inpercent)

Many of the inputs are required only if you choose the appropriate option, though.
ake it positive, or use the highgrowth.xls spreadsheet.
GotoR&DConverter
GotoOperatingleaseconverter
GotoEarningsNormalizer

negative,gobackandchoosetonormalizeearnings.

viousyearend

viousyearend

0.145082
0.130737
Averagematurityofdebt=

yes,usetheratingestimatorworksheetthatisattached

2006
INR 131,545
INR 34,668
26.35%

2007
INR 186,852
INR 46,995
25.15%

2008
INR 226,195
INR 51,477
22.76%

2009
INR 278,129
INR 66,057
23.75%

EBIT (1-t)
BV of debt (start)
BV of equity (start)
Cash holdings
Invested Capital
ROIC

INR 29,278
INR 2,030
INR 35,673
INR 2,310
INR 35,393
82.72%

INR 39,688
INR 1,167
INR 61,635
INR 3,425
INR 59,377
66.84%

INR 43,474
INR 5,067
INR 90,619
INR 8,333
INR 87,353
49.77%

INR 55,787
INR 4,460
INR 125,129
INR 7,268
INR 122,321
45.61%

Cap ex
Acquisitions
Depreciation
Chg in WC
Reinvestment
Reinvestment Rate
Reinvestment Rate without acquisiti

INR 6,587
INR 6,431
INR 2,824
INR 6,822
INR 17,016
58.12%
36.15%

INR 12,486
INR 1,100
INR 4,402
INR 10,616
INR 19,800
49.89%
47.12%

INR 12,710
INR 517
INR 5,637
INR 6,840
INR 14,430
33.19%
32.00%

INR 11,088
INR 35,455
INR 5,641
INR 3,281
INR 44,183
79.20%
15.65%

Revenues
EBIT
Pre-tax operating margin

Aggregate
INR 822,721
INR 199,197
24.21%
INR 168,227
INR 12,724
INR 313,056
INR 21,336
INR 304,444
55.26%
INR 42,871
INR 43,503
INR 18,504
INR 27,559
INR 95,429
56.73%
30.87%

Investment
Number of uBook Value (in miCurrent market Market Value (in millions)
a. Investments with market value
CMC Limited
7744961
3798.9
1366 10579.62

Total

3798.9

b. Investments without quoted market price

All other investments
62341.816726 NA

10579.62

62341.82

Estimated Market value

Business
Shipbuilding
Offshore & Engineerin
Industrial plant
Engine and Machinery
Electro Electric Syste
Construction Equipme

Revenues
8341
2563
1200
2252
1753
1823

EV/Sales
3.23
1.97
1.55
1.36
1.8
1.21

Value
26941
5049
1860
3063
3155
2206
42274

Value WeightUnlevered beta

63.73%
1.60
11.94%
1.44
4.40%
1.29
7.24%
1.21
7.46%
1.19
5.22%
1.29
100.00%
1.49

evered beta

NormalizingEarnings

Approachusedtonormalizeearnings=

Ifhistoricalaverage,
AverageEarningsbeforeinterestandtaxes=

970

IfhistoricalaverageROC,
Historicalaveragepretaxreturnoncapital=

22%

Ifsectormargin
PretaxOperatingMarginforSector=

10.96%

NormalizedEarningsbeforeinterestandtaxes=

Worksheetfornormalization(Last5yearsofdata)
5
Revenues
6571
EBIT
1243
OperatingMargin
18.92%
NetCapex
NoncashWC
Inventory
AccountsRec
OtherCurrentassets
AccountsPayable
OtherCurrentLiabilities
NetCapexas%ofEBIT(1t
NoncashWCas%ofReven
Normalizedreinvestment=

$970.00

10231
1740
17.01%

9133
794
8.69%

2
8342
546
6.55%
151.76
222.74

282
26.07

112
305.82

27
915.03

367.38
74.48
34.23
190.06
259.96

682.72
149.74
57.17
248.98
334.83

1281.06
537.37
174.73
358.23
719.9

15.33%
5.71%
$6,897.35

!Lookatindustryaverage

1121.56
314.02
291.92
521.17
1429.07

9983
527
5.28%

196.02
1502.9
2371.09
1386.19
474.46
615.72
2113.12

Total
44260
4850
10.96%
490.78
2527.08

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.
Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
5
!Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense=
$1,594.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
4
5
0
0
0
0
0
Output
Year
Current
1
2
3
4
5
0
0
0
0
0

R&DExpenses
1026.00
!Year1istheyearpriortothecurrentyear
698.00
!Year2isthetwoyearspriortothecurrentyear
399.00
211.00
89.00

R&DExpense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00

ValueofResearchAsset=
Amortizationofassetforcurrentyear=

Unamortizedportion
1.00
1594.00
0.80
820.80
0.60
418.80
0.40
159.60
0.20
42.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00

$3,035.40
$484.60

Amortizationthisyear
$205.20
$139.60
$79.80
$42.20
$17.80
$0.00
$0.00
$0.00
$0.00
$0.00

$484.60

AdjustmenttoOperatingIncome=
Tax Effect of R&D Expensing

$1,109.40 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreportedEBIT)
$377

Look Up Table for Amortization Periods

IndustryName AmortizationPeriod
Advertising
2
Aerospace/Defen
10
AirTransport
10
Aluminum
5
Apparel
3
Auto&Truck
10
AutoParts(OEM
5
AutoParts(Repl
5
Bank
2
Bank(Canadian)
2
Bank(Foreign)
2
Bank(Midwest)
2
Beverage(Alcoho
3
Beverage(SoftD
3
BuildingMateria
5
CableTV
10
CanadianEnergy
10
Cement&Aggreg
10
Chemical(Basic)
10
Chemical(Divers
10
Chemical(Specia
10
Coal/AlternateE
5
Computer&Peri
5
ComputerSoftwa
3
Copper
5
DiversifiedCo.
5
Drug
10
Drugstore
3
EducationalServ
3
ElectricUtil.(Ce
10
ElectricUtility(
10
ElectricUtility(
10

NontechnologicalService
Retail,TechService
LightManufacturing
HeavyManufacturing
Research,withPatenting
LongGestationPeriod

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

ElectricalEquip
Electronics
Entertainment
Environmental
FinancialService
FoodProcessing
FoodWholesaler
ForeignElectron
ForeignTelecom
Furn./HomeFurn
Gold/SilverMini
Grocery
HealthcareInfo
HomeAppliance
Homebuilding
Hotel/Gaming
HouseholdProdu
IndustrialServic
Insurance(Divers
Insurance(Life)
Insurance(Prop/
Internet
InvestmentCo.(
InvestmentCo.(
InvestmentCo.(
Machinery
Manuf.Housing/
Maritime
MedicalServices
MedicalSupplies
MetalFabricatin
Metals&Mining
NaturalGas(Dist
NaturalGas(Dive
Newspaper
OfficeEquip&S
OilfieldServices
Packaging&Con
Paper&ForestP

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

Petroleum(Integr
Petroleum(Produ
PrecisionInstru
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail(SpecialL
RetailBuilding
RetailStore
SecuritiesBroke
Semiconductor
SemiconductorC
Shoe
Steel(General)
Steel(Integrated)
Telecom.Equipm
Telecom.Service
Textile
Thrift
Tire&Rubber
Tobacco
Toiletries/Cosme
Trucking/Transp.
Utility(Foreign)
WaterUtility

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

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$156.00
2
$143.00
3
$122.00
4
$109.00
5
$97.00
6andbeyond $448.00

OperatingLeaseConverter
$121.00

Output
PretaxCostofDebt=

8.50%

!Ifyoudonothaveacostofdebt,usetheratingsestimator

Fromthecurrentfinancialstatements,enterthefollowing
ReportedOperatingIncome(EBIT)=
$51,414.00 !ThisistheEBITreportedinthecurrentincomestatement
ReportedDebt=
$505.06 !Thisistheinterestbearingdebtreportedonthebalancesheet
Numberofyearsembeddedinyr6estimate=

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment
PresentValue
1 $156.00
$143.78
2 $143.00
$121.47
3 $122.00
$95.51
4 $109.00
$78.65
5 $97.00
$64.51
6andbeyond
$149.33
$253.65 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$757.58
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=

$94.70 !Iusestraightlinedepreciation
$64.39 !PVofoperatingleases*Pretaxcostofdebt
$757.58

EBIT (1 -t) =
Expected growth rate in perpetuity
Cost of capital =
Return on capital =

###
5.00%
9.52%
15.00%

Reinvestment Rate =
Terminal Value =

33.33%
###

Growth RateReinvestment Rate FCFF Terminal value

0%
0.00%
$177,982 $1,869,744
1%
6.67%
$166,117 $1,949,941
2%
13.33%
$154,251 $2,051,468
3%
20.00%
$142,386 $2,184,144
4%
26.67%
$130,520 $2,364,898
5%
33.33%
$118,655 $2,625,649

minal value

Two-Stage FCFF Discount Model

Rupees

InputSummary
Dollar

NormalizedEBIT(beforeadjustments)

INR51,414.00

INR51,414.00

AdjustedEBIT=

INR51,414.00

INR51,414.00

AdjustedInterestExpense=

INR74.00

INR74.00

AdjustedCapitalSpending

INR9,786.00

INR9,786.00

AdjustedDepreciation&Amort'n=

INR4,175.00

INR4,175.00

TaxRateonIncome=

15.55%

15.55%

Marginaltaxrate=

33.99%

33.99%

CurrentRevenues=

INR219,478.00

INR219,478.00

CurrentNoncashWorkingCapital=

INR41,406.00

INR41,406.00

Chg.WorkingCapital=

INR6,130.00

INR6,130.00

INR182.50

INR182.50

AdjustedBookValueofEquity=

INR110,048.00

INR110,048.00

InvestedCapital

INR106,860.50

INR106,860.50

10

Forever

GrowthRate=

23.05%

5.00%

DebtRatiousedinCostofCapitalCalcula

0.03%

10.00%

Betausedforstock=

1.05

1.00

Lambdausedforstock=

0.20

0.20

Riskfreerate=

5.00%

5.00%

MatureMarketEquityPremium=

4.50%

4.50%

CountryRiskPremium=

4.50%

3.00%

CostofDebt=

8.50%

6.50%

TaxRateforcomputingincome=

15.55%

33.99%

Marginaltaxrate=

33.99%

33.99%

ReturnonCapital=

40.63%

15.00%

ReinvestmentRate=

56.73%

33.33%

AdjustedBookValueofDebt=

LengthofHighGrowthPeriod=

Page

Two-Stage FCFF Discount Model

Outputfromtheprogram
CostofEquity=

10.63%

Equity/(Debt+Equity)=

99.97%

AftertaxCostofdebt=

5.61%

Debt/(Debt+Equity)=

0.03%

CostofCapital=

10.62%

IntermediateOutput
ExpectedGrowthRate

23.05%

WorkingCapitalaspercentofrevenues=

18.87%

(inpercent)

TheFCFFforthehighgrowthphaseareshownbelow(upto10years)
1

ExpectedGrowthRate

23.05%

23.05%

23.05%

23.05%

23.05%

19.44%

15.83%

12.22%

CumulatedGrowth

123.05%

151.41%

186.31%

229.26%

282.10%

336.94%

390.27%

437.96%

ReinvestmentRate

56.73%

56.73%

56.73%

56.73%

56.73%

52.05%

47.37%

42.69%

Current

EBIT*(1taxrate)

INR43,420.36

INR53,428.54

INR65,743.56

INR80,897.13

INR99,543.52

INR122,487.82

INR146,298.97 INR169,457.68 INR190,165.07

(CapExDepreciation

INR5,611.00

INR20,764.23

INR25,550.28

INR31,439.50

INR38,686.15

INR47,603.12

INR53,438.92

INR58,186.43

INR61,435.83

Chg.WorkingCapita

INR6,130.00

INR9,543.88

INR11,743.70

INR14,450.57

INR17,781.35

INR21,879.87

INR22,706.51

INR22,084.32

INR19,746.74

FreeCashflowtoFirm

INR31,679.36

INR23,120.43

INR28,449.57

INR35,007.06

INR43,076.02

INR53,004.83

INR70,153.54

INR89,186.93 INR108,982.50

CostofCapital

10.62%

10.62%

10.62%

10.62%

10.62%

10.40%

10.18%

9.96%

CumulatedCostofCapital

1.1062

1.2238

1.3538

1.4976

1.6567

1.8290

2.0152

2.2160

$20,900

$23,248

$25,859

$28,764

$31,995

$38,356

$44,256

$49,181

PresentValue

GrowthRateinStablePhase=

5.00%

ReinvestmentRateinStablePhase=

33.33%

FCFFinStablePhase=

$118,654.79

CostofEquityinStablePhase=

10.10%

Equity/(Equity+Debt)=

90.00%

ATCostofDebtinStablePhase=

4.29%

Debt/(Equity+Debt)=

10.00%

Page

Two-Stage FCFF Discount Model

CostofCapitalinStablePhase=

9.52%

Valueattheendofgrowthphase=

$2,625,649.00

Valuation
PresentValueofFCFFinhighgrowthphase=

INR369,491.66

PresentValueofTerminalValueofFirm=

INR985,869.16

Valueofoperatingassetsofthefirm=

INR1,355,360.82

ValueofCash,MarketableSecurities&Nonoperatingassets=

INR69,328.72

ValueofFirm=

INR1,424,689.53

MarketValueofoutstandingdebt=

INR505.06

MinorityInterestinconsolidatedholdings=

INR0.00

MarketValueofEquity=

INR1,424,184.48

ValueofEquityinOptions=

INR0.00

ValueofEquityinCommonStock=

INR1,424,184.48

MarketValueofEquity/share=

INR727.66

MarketValueofEquity/shareinBR=
Year
EBIT (1-t)
- Reinvestment
FCFF

1
53429
30308
23120

INR727.66
2
65744
37294
28450

3
80897
45890
35007

4
99544
56468
43076

Page

5
122488
69483
53005

6
146299
76145
70154

7
169458
80271
89187

8
190165
81183
108983

9
206538
78509
128029

Two-Stage FCFF Discount Model

Page

Two-Stage FCFF Discount Model

10

8.61%

5.00%

475.67%

499.45%

38.01%

33.33%

INR206,538.10 INR216,865.01

INR177,982.18

INR62,895.72

INR62,440.52

INR42,852.13

INR15,613.45

INR9,847.82

INR16,475.26

INR118,654.79

INR128,028.93 INR144,576.67
9.74%

9.52%

2.4318

2.6633

$52,648

$54,285

Page

TerminalYear

Two-Stage FCFF Discount Model

10
216865
72288
144577

Page

ValuingOptionsorWarrants
Enterthecurrentstockprice=
Enterthestrikepriceontheoption=
Entertheexpirationoftheoption=
Enterthestandarddeviationinstockprices=
Entertheannualizeddividendyieldonstock=
Enterthetreasurybondrate=
Enterthenumberofwarrants(options)outstanding
Enterthenumberofsharesoutstanding=

$841.00
$13.85
1.5
30.00% (volatility)
0.00%
5.00%
2.23
1,957.22

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
841 #Warrantsissued=
StockPrice=
13.85 #Sharesoutstanding=
StrikePrice=
840.985359938 T.Bondrate=
AdjustedS=
13.85 Variance=
AdjustedK=
1.5 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

11.5637390244
1

d2=
N(d2)=

11.196315563
1

Valueperoption=
Valueofalloptionsoutstanding=

$828.14
$1,846.74

2.23
1,957
5.00%
0.0900
0.00%
5.00%

BottomupBetaCalculator
Unleveredbetaforsector=

Output
Firm'sCurrentmarketvalueD/Eratio=
Firm'sCurrenttaxrate=
Bottomupbetaforfirm=

1.05 !Lookupindustryaverages
0.03% !Revertedbacktoconventionaldebttoequityratio
15.55%
1.05

1.6363636364

Inputsforsyntheticratingestimation

Enterthetypeoffirm=
2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancialservicefi
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
$51,414.00 (Addbackonlylongterminterest
Entercurrentinterestexpenses=
$74.00 (Useonlylongterminterestexpen
Entercurrentlongtermgovernmentbondrate=
5.00%
Output
694.78
Interestcoverageratio=
EstimatedBondRating=
AAA
0.50%
EstimatedDefaultSpread=
5.50%
EstimatedCostofDebt=
Forlargemanufacturingfirms
Ifinterestcoverageratiois
>
to
100000
0.199999
0.2
0.649999
0.65
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.749999
1.75
1.999999
2
2.2499999
2.25
2.49999
2.5
2.999999
3
4.249999
4.25
5.499999
5.5
6.499999
6.5
8.499999
8.50
100000

Ratingis
D
C
CC
CCC
B
B
B+
BB
BB+
BBB
A
A
A+
AA
AAA

Spreadis
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan
to
100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999
4
4.499999
4.5
5.999999
6
7.499999
7.5
9.499999
9.5
12.499999
12.5
100000

Ratingis
D
C
CC
CCC
B
B
B+
BB
BB+
BBB
A
A
A+
AA
AAA

Spreadis
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%

Forfinancialservicefirms
Iflongterminterestcoverageratiois
greaterthan
to
100000
0.049999
0.05
0.099999
0.1
0.199999
0.2
0.299999
0.3
0.399999
0.4
0.499999
0.5
0.599999
0.6
0.749999
0.75
0.899999
0.9
1.199999
1.2
1.49999
1.5
1.99999
2
2.49999
2.5
2.99999
3
100000

ierfirm,3iffinancialservicefirm)
ddbackonlylongterminterestexpenseforfinancialfirms)
eonlylongterminterestexpenseforfinancialfirms)

coverageratiois
Ratingis
D
C
CC
CCC
B
B
B+
BB
BB+
BBB
A
A
A+
AA
AAA

SpreadisOperatingIncomeDecline
15.00%
15.00%
12.00%
10.00%
10.00%
8.00%
8.50%
6.00%
5.50%
5.00%
5.25%
4.50%
4.25%
4.00%
4.00%
3.00%
3.50%
2.50%
2.00%
1.50%
1.50%
1.30%
1.25%
1.20%
1.00%
1.15%
0.75%
0.90%
0.50%
0.70%

Industry Name
Number of firms
Levered Beta Unlevered B Std Dev: Equity
Advertising
30
1.43
0.87
80.69%
Aerospace/Defense
66
1.27
1.20
47.75%
Air Transport
44
1.15
0.86
60.46%
Apparel
53
1.14
0.93
68.33%
Auto & Truck
20
1.49
0.76
34.92%
Auto Parts
54
1.56
1.10
52.04%
Bank
477
0.71
0.47
27.49%
Bank (Canadian)
8
0.86
0.83
17.85%
Bank (Midwest)
39
0.91
0.66
27.13%
Beverage
41
0.95
0.85
54.53%
Biotechnology
108
1.25
1.27
69.85%
Building Materials
52
1.39
0.80
61.96%
Cable TV
25
1.56
0.95
44.91%
Canadian Energy
12
1.22
0.99
33.84%
Chemical (Basic)
19
1.26
1.10
37.09%
Chemical (Diversified)
33
1.21
1.10
39.47%
Chemical (Specialty)
88
1.18
0.98
57.61%
Coal
18
1.98
1.43
49.41%
Computer Software/Svcs
322
1.22
1.33
71.38%
Computers/Peripherals
125
1.29
1.39
82.96%
Diversified Co.
113
1.25
0.60
48.51%
Drug
342
1.16
1.14
96.99%
E-Commerce
54
1.50
1.76
57.18%
Educational Services
34
0.84
0.89
52.81%
Electric Util. (Central)
24
0.82
0.49
21.09%
Electric Utility (East)
26
0.74
0.50
22.24%
Electric Utility (West)
16
0.79
0.50
18.64%
Electrical Equipment
83
1.37
1.26
57.31%
Electronics
173
1.31
1.23
79.26%
Entertainment
84
1.66
1.09
50.24%
Entertainment Tech
33
1.45
2.33
70.79%
Environmental
79
1.11
0.80
87.19%
Financial Svcs. (Div.)
296
1.27
0.45
62.78%
Food Processing
109
0.80
0.65
40.11%
Food Wholesalers
18
0.73
0.54
46.75%
Foreign Electronics
10
1.18
1.40
25.56%
Furn/Home Furnishings
34
1.29
0.94
43.85%
Grocery
14
0.84
0.78
27.93%
Healthcare Information
29
1.05
1.04
50.75%
Heavy Construction
14
1.48
1.74
42.91%
Homebuilding
32
1.36
0.65
44.28%
Hotel/Gaming
68
1.70
0.84
64.47%
Household Products
26
1.08
0.95
37.34%
Human Resources
31
1.44
1.61
43.81%
Industrial Services
167
1.20
0.98
63.50%
Information Services
34
1.22
1.24
37.26%
Insurance (Life)
35
1.17
1.27
50.74%
Insurance (Prop/Cas.)
78
0.91
0.92
26.47%
Internet
208
1.41
1.66
86.31%

Market D/E
126.31%
27.21%
78.21%
44.32%
183.75%
94.19%
91.52%
10.36%
68.98%
19.02%
9.98%
103.11%
88.77%
35.70%
29.11%
26.70%
35.74%
48.02%
7.77%
18.36%
160.98%
14.51%
11.43%
2.22%
107.83%
73.30%
90.70%
23.53%
45.62%
79.23%
11.54%
49.86%
261.38%
35.15%
59.50%
42.29%
65.75%
13.91%
19.87%
9.49%
162.15%
142.62%
23.21%
18.42%
43.98%
21.88%
21.71%
1.89%
4.07%

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

17
16
124
18
56
160
252
35
78
34
25
16
26
19
112
33
38
25
188
19
66
75
90
17
27
144
15
64
11
68
155
16
8
38
32
122
16
19
20
14
110
140
234
12
23
33
5
16
57
10

0.83
1.31
1.39
1.32
1.30
1.10
1.17
1.56
1.69
1.20
0.69
1.16
1.11
0.89
1.56
1.27
1.20
1.34
1.24
0.94
1.63
1.41
1.47
1.38
1.24
1.35
1.25
1.41
0.91
1.26
1.26
1.31
1.01
1.01
1.37
1.81
1.78
1.23
1.71
1.96
1.49
1.43
0.66
0.71
0.95
1.17
1.23
0.86
1.54
2.08

0.90
1.36
1.08
1.38
0.52
0.90
1.13
1.55
1.48
0.85
0.43
0.72
0.84
0.53
1.27
0.81
0.64
1.30
0.97
0.81
0.95
1.37
1.59
0.46
0.62
0.92
0.99
1.01
1.00
1.09
1.22
0.93
0.86
0.86
0.37
2.11
2.20
1.39
1.53
1.54
1.87
1.06
0.69
0.69
0.79
0.66
0.85
0.57
1.28
0.48

18.96%
28.87%
48.66%
47.67%
37.08%
86.84%
72.38%
60.00%
97.21%
35.65%
25.71%
34.32%
42.36%
36.90%
46.34%
39.90%
48.42%
37.35%
78.27%
30.96%
71.09%
67.33%
53.96%
32.79%
39.28%
36.52%
30.42%
57.75%
22.33%
48.95%
57.15%
35.23%
24.82%
40.30%
51.25%
59.20%
43.35%
39.32%
44.25%
49.03%
75.07%
82.14%
31.62%
29.69%
51.70%
38.85%
28.01%
35.87%
58.41%
45.59%

14.84%
5.16%
55.77%
50.13%
185.73%
54.66%
13.28%
25.44%
21.94%
58.57%
85.33%
86.43%
60.35%
81.95%
42.35%
84.83%
118.10%
14.67%
37.57%
23.50%
107.88%
11.77%
22.65%
282.91%
137.13%
53.19%
41.53%
62.58%
11.37%
24.97%
26.07%
66.88%
26.35%
30.29%
462.27%
13.32%
13.62%
3.66%
32.18%
64.96%
12.71%
51.32%
9.71%
8.84%
38.50%
126.80%
62.82%
82.79%
36.37%
391.15%

Funeral Services
Market

6
6870

1.41
1.19

1.02
0.93

29.93%
56.57%

67.25%
48.81%

Market DebROE
ROC
55.81%
21.54%
21.39%
25.52%
43.89%
31.77%
30.71%
16.38%
64.76%
85.35%
48.50%
19.79%
47.79%
14.58%
9.39%
23.19%
40.82%
17.19%
15.98%
24.85%
9.08%
22.16%
50.76%
13.03%
47.03%
7.00%
26.31%
20.83%
22.55%
25.33%
21.07%
26.45%
26.33%
18.88%
32.44%
13.96%
7.21%
47.49%
15.51%
49.14%
61.68%
29.12%
12.67%
26.23%
10.26%
10.10%
2.18%
48.89%
51.88%
11.46%
42.30%
13.38%
47.56%
10.89%
19.05%
24.82%
31.33%
10.63%
44.21%
8.08%
10.35%
-5.09%
33.27%
14.34%
72.33%
14.91%
26.01%
20.98%
37.30%
15.36%
29.72%
12.30%
39.67%
12.64%
12.21%
17.58%
16.58%
43.47%
8.67%
21.05%
61.85%
-63.59%
58.78%
17.10%
18.84%
21.67%
15.55%
16.30%
30.55%
19.74%
17.95%
32.04%
17.84%
20.91%
1.85%
20.44%
3.91%
25.60%

13.01%
19.53%
22.00%
18.05%
18.80%
21.81%
NA
NA
NA
18.98%
14.78%
11.35%
10.91%
25.35%
21.96%
23.67%
17.93%
20.13%
36.64%
32.96%
10.79%
22.57%
12.54%
46.84%
10.28%
11.64%
11.52%
20.50%
13.01%
9.98%
4.51%
13.67%
12.33%
15.64%
14.62%
16.90%
13.85%
17.38%
24.69%
18.45%
-23.17%
10.83%
17.10%
17.34%
18.18%
21.20%
NA
NA
26.46%

Effective Tax Rate

18.90%
24.10%
23.00%
17.21%
24.36%
19.61%
25.91%
15.08%
26.81%
16.46%
3.59%
18.44%
22.97%
27.82%
19.29%
25.47%
18.99%
10.52%
12.65%
9.90%
20.23%
5.96%
13.09%
20.80%
33.02%
32.09%
30.47%
14.23%
11.87%
17.17%
13.67%
15.45%
17.93%
21.67%
27.39%
37.04%
23.99%
32.96%
16.47%
34.26%
6.13%
17.97%
29.87%
29.77%
19.26%
20.44%
25.86%
20.26%
7.50%

Pre-tax Ope After-tax Operating

17.93%
11.95%
12.31%
8.31%
13.57%
11.05%
12.98%
10.18%
13.10%
7.96%
7.65%
5.56%
NA
NA
NA
NA
NA
NA
20.00%
14.75%
26.91%
16.90%
14.04%
10.51%
34.41%
19.49%
40.66%
28.84%
15.05%
11.97%
19.87%
14.14%
14.08%
9.75%
18.05%
15.76%
24.51%
17.24%
11.61%
8.78%
22.39%
17.93%
30.15%
22.65%
12.69%
8.76%
17.36%
11.69%
21.86%
14.67%
25.85%
17.24%
24.38%
16.51%
15.75%
11.48%
7.57%
5.61%
23.75%
15.00%
3.93%
1.77%
21.85%
13.42%
85.68%
76.59%
11.98%
8.59%
5.66%
3.75%
13.50%
7.43%
10.51%
7.04%
5.87%
3.81%
20.66%
14.16%
5.98%
3.85%
-16.16%
-16.36%
22.98%
15.26%
21.24%
15.33%
5.69%
3.31%
11.76%
8.27%
21.26%
14.72%
NA
NA
NA
NA
19.23%
13.94%

12.92%
4.90%
35.80%
33.39%
65.00%
35.34%
11.72%
20.28%
17.99%
36.94%
46.04%
46.36%
37.64%
45.04%
29.75%
45.90%
54.15%
12.79%
27.31%
19.03%
51.90%
10.53%
18.47%
73.88%
57.83%
34.72%
29.34%
38.49%
10.21%
19.98%
20.68%
40.08%
20.85%
23.25%
82.22%
11.75%
11.98%
3.53%
24.34%
39.38%
11.28%
33.91%
8.85%
8.12%
27.80%
55.91%
38.58%
45.29%
26.67%
79.64%

647.73%
10.46%
23.51%
8.90%
19.95%
24.56%
23.17%
22.01%
30.86%
14.31%
12.36%
13.96%
19.85%
15.81%
25.10%
15.41%
5.75%
26.14%
16.75%
11.99%
19.05%
3.32%
15.26%
9.58%
-66.38%
8.95%
15.12%
14.49%
17.04%
29.70%
23.03%
16.17%
21.07%
19.89%
-11.10%
22.18%
32.37%
28.40%
27.03%
20.96%
35.37%
16.18%
6.69%
70.43%
98.41%
12.03%
3.89%
0.63%
7.85%
17.72%

NA
NA
17.21%
9.47%
12.18%
18.25%
20.34%
21.33%
27.62%
15.08%
12.02%
11.21%
15.81%
11.69%
20.50%
17.06%
11.21%
25.61%
23.41%
12.17%
11.71%
8.54%
16.76%
9.81%
20.12%
8.49%
13.91%
14.02%
NA
22.15%
22.65%
11.67%
17.82%
15.19%
15.35%
28.67%
29.91%
28.46%
21.54%
19.41%
26.58%
22.22%
NA
32.64%
23.11%
12.67%
9.93%
8.11%
10.21%
6.46%

0.00%
2.11%
22.71%
14.98%
7.08%
18.36%
12.51%
20.43%
9.29%
24.19%
24.52%
23.53%
22.76%
9.48%
22.07%
24.65%
13.66%
33.79%
13.98%
21.13%
6.25%
5.94%
14.38%
19.27%
20.73%
1.21%
30.62%
19.12%
8.87%
20.10%
23.08%
34.23%
28.12%
25.68%
22.16%
10.48%
22.03%
30.35%
29.15%
29.90%
12.08%
15.90%
17.04%
20.25%
23.28%
33.19%
15.01%
35.46%
14.08%
6.70%

NA
NA
13.72%
3.83%
30.66%
12.69%
11.53%
14.65%
36.00%
34.06%
14.77%
21.90%
9.94%
15.24%
26.36%
13.39%
12.24%
17.96%
38.57%
6.41%
18.09%
32.80%
16.31%
35.51%
17.26%
18.11%
31.92%
19.56%
NA
16.35%
9.37%
6.72%
11.59%
6.93%
33.95%
27.73%
23.75%
12.52%
12.53%
18.78%
13.97%
39.80%
NA
9.68%
12.03%
13.28%
15.29%
40.45%
18.28%
53.29%

NA
NA
9.49%
2.37%
29.09%
8.16%
8.54%
10.22%
25.33%
23.75%
10.36%
16.06%
6.92%
12.24%
19.65%
10.04%
10.31%
10.45%
26.43%
4.13%
12.74%
23.79%
12.59%
27.99%
10.27%
16.08%
20.60%
15.62%
NA
13.16%
6.06%
4.31%
7.31%
4.47%
25.61%
21.97%
17.41%
8.44%
8.29%
14.41%
10.62%
28.38%
NA
6.66%
7.97%
8.54%
9.47%
25.93%
11.63%
47.57%

40.21%
32.80%

15.04%
20.64%

11.67%
17.73%

33.26%
16.67%

20.82%
20.77%

13.16%
14.61%

Net Margin
2.26%
3.57%
0.17%
2.69%
0.57%
0.90%
NA
NA
NA
5.77%
8.33%
2.23%
3.28%
9.48%
6.40%
5.55%
2.69%
4.53%
8.24%
3.55%
4.85%
8.38%
3.38%
5.63%
3.61%
4.49%
3.72%
4.96%
1.40%
3.66%
-1.45%
3.48%
-22.60%
2.98%
0.94%
1.67%
1.43%
1.06%
7.79%
2.23%
-10.34%
3.26%
5.90%
1.20%
2.03%
5.92%
NA
NA
6.53%

Cap Ex/ Depreciat Non-cash WC Payout Ratio Reinvestment RSales/Capital

66.89%
-15.13%
7.17%
-1.16%
1.09
115.91%
-0.61%
12.42%
-0.05%
2.35
158.61%
-8.01%
9.33%
13.68%
1.99
141.22%
19.55%
8.42%
-0.71%
1.77
90.69%
13.27%
8.71%
6.48%
2.36
94.73%
6.44%
17.95%
-4.20%
3.92
NA
NA
36.07%
0.00%
NA
NA
NA
46.75%
0.00%
NA
NA
NA
54.64%
0.00%
NA
115.01%
5.16%
23.38%
5.26%
1.29
128.27%
4.60%
0.49%
6.79%
0.87
130.86%
6.64%
14.30%
9.21%
1.08
102.79%
-10.57%
11.78%
3.61%
0.56
211.40%
-5.37%
11.45%
28.10%
0.88
109.34%
11.16%
16.37%
-6.47%
1.84
118.69%
13.88%
19.75%
-9.92%
1.67
109.81%
11.64%
17.73%
-2.32%
1.84
139.17%
4.69%
20.71%
5.35%
1.28
89.63%
-6.37%
10.17%
-0.96%
2.12
95.27%
-0.69%
6.33%
-1.84%
3.75
146.86%
91.24%
20.12%
-12.75%
0.60
61.72%
10.48%
25.99%
-5.83%
1.00
146.25%
-14.07%
1.20%
8.42%
1.43
106.44%
-11.48%
2.31%
5.63%
4.01
218.97%
5.39%
31.65%
31.79%
0.70
206.28%
5.64%
29.52%
25.82%
0.68
218.34%
1.50%
24.77%
34.95%
0.70
126.55%
12.14%
13.79%
-2.87%
1.79
122.53%
12.65%
7.35%
0.49%
2.32
91.06%
-0.16%
11.91%
-1.55%
0.67
66.84%
-6.03%
NA
51.10%
2.55
99.42%
3.48%
22.11%
-4.43%
1.02
258.58%
28.75%
22.83%
-612.73%
0.16
123.88%
6.15%
14.65%
-7.14%
1.82
122.12%
0.94%
11.15%
4.36%
3.90
87.71%
8.53%
9.77%
-6.57%
2.27
84.73%
13.15%
13.14%
-0.04%
1.97
165.00%
-0.29%
6.47%
18.50%
4.56
84.61%
4.58%
3.84%
-6.78%
1.74
142.75%
1.17%
3.83%
-4.58%
4.80
72.88%
57.77%
NA
NA
1.42
330.71%
-3.58%
10.47%
52.78%
0.71
94.67%
5.69%
21.58%
-2.39%
1.12
81.85%
5.48%
7.33%
-7.15%
5.24
134.26%
6.88%
5.16%
7.60%
2.20
98.29%
-1.64%
5.47%
0.90%
1.44
192725.00%
NA
23.35%
0.00%
NA
38706.98%
NA
14.29%
-0.07%
NA
133.62%
-6.83%
0.20%
6.25%
1.90

NA
NA
3.49%
-1.61%
13.32%
2.38%
3.60%
2.71%
5.94%
9.41%
2.30%
2.18%
1.74%
4.25%
8.24%
1.97%
0.80%
5.11%
6.99%
1.43%
2.50%
9.32%
4.11%
4.02%
1.30%
61.19%
7.24%
4.49%
NA
4.10%
1.82%
1.26%
2.26%
1.56%
-1.40%
4.69%
4.57%
1.68%
4.36%
5.67%
2.81%
3.45%
NA
3.00%
3.04%
0.95%
0.01%
3.63%
3.52%
22.90%

20.00%
84.21%
134.95%
81.33%
523.30%
146.47%
98.75%
195.35%
251.65%
281.53%
146.56%
71.55%
83.36%
373.42%
268.73%
95.74%
90.62%
186.98%
291.48%
163.33%
197.18%
230.19%
51.15%
608.41%
89.69%
607.00%
190.87%
201.19%
NA
178.56%
139.68%
233.04%
242.53%
202.23%
166.76%
110.68%
95.15%
135.60%
187.15%
124.02%
71.60%
190.13%
NA
331.23%
117.56%
682.72%
143.73%
262.28%
82.96%
15.66%

NA
NA
16.14%
5.71%
7.18%
-6.66%
6.59%
10.84%
5.81%
-3.94%
5.17%
3.05%
9.33%
-0.45%
12.70%
5.96%
11.37%
2.22%
2.89%
5.33%
6.96%
0.02%
10.13%
-17.86%
4.17%
-4.12%
-4.11%
-0.80%
NA
-5.11%
6.30%
12.86%
5.07%
1.53%
120.39%
8.97%
15.62%
16.15%
14.33%
15.49%
0.25%
-10.85%
NA
0.78%
8.54%
5.27%
4.62%
1.68%
6.91%
33.11%

NA
36.72%
10.21%
9.05%
17.67%
0.86%
15.25%
10.49%
10.00%
13.80%
30.14%
9.12%
10.66%
39.70%
6.06%
12.39%
28.92%
14.04%
5.13%
6.20%
0.19%
19.95%
4.96%
23.90%
80.61%
115.46%
14.10%
21.67%
12.85%
21.18%
9.70%
1.96%
14.55%
11.18%
28.02%
21.82%
5.01%
11.89%
9.43%
6.35%
13.06%
21.11%
64.16%
32.09%
16.72%
8.06%
0.00%
274.15%
1.53%
23.46%

NA
-1.55%
-1.51%
9.17%
69.70%
5.72%
-3.33%
8.66%
10.91%
50.53%
8.35%
-4.55%
-5.75%
47.94%
18.86%
-3.29%
0.62%
12.52%
42.65%
2.63%
12.47%
51.75%
-14.88%
94.40%
-1.09%
242.89%
18.83%
20.73%
0.00%
14.97%
9.60%
24.14%
23.42%
22.28%
140.87%
1.50%
5.06%
1.42%
-13.36%
-8.04%
-7.29%
-1.41%
422.33%
24.30%
0.78%
170.96%
0.00%
18.42%
-32.77%
0.73%

NA
NA
1.81
3.99
0.42
2.24
2.38
2.09
1.09
0.63
1.16
0.70
2.28
0.95
1.04
1.70
1.09
2.45
0.89
2.95
0.92
0.36
1.33
0.35
1.96
0.53
0.68
0.90
NA
1.68
3.74
2.70
2.44
3.40
0.60
1.30
1.72
3.37
2.60
1.35
2.50
0.78
NA
4.90
2.90
1.48
1.05
0.31
0.88
0.14

2.96%
3.44%

116.53%
158.90%

0.96%
9.07%

17.83%
16.22%

1.70%
-30.90%

0.89
1.21

EV/Sales
0.94
0.73
0.65
0.64
0.51
0.29
NA
NA
NA
1.99
5.71
0.85
2.20
1.61
0.88
1.15
0.90
1.26
1.93
0.70
1.96
2.63
1.86
2.75
1.65
1.93
1.57
1.00
0.32
1.27
0.85
1.73
6.96
1.01
0.36
0.32
0.45
0.79
2.08
0.49
0.58
1.50
2.05
0.23
0.71
1.68
NA
NA
2.22

NA
NA
0.70
0.17
2.23
0.59
1.08
0.59
1.49
2.00
1.09
1.12
0.52
1.36
1.24
0.72
0.74
0.65
1.29
0.56
1.54
4.72
0.92
2.90
0.89
4.05
2.03
1.16
NA
1.57
0.40
0.47
0.72
0.54
1.82
1.31
0.81
0.84
0.55
0.59
0.90
1.69
NA
1.47
0.98
0.75
0.90
3.80
2.36
4.01

1.40
1.28