CurrentFinancialInformation(Enterthemostrecentinformationyoucanfind;ifpossible,usetrailing12monthdata)

I.IncomeStatement
CurrentEBIT=
$(55.00)
CurrentInterestExpense=
$0.51
CurrentCapitalSpending
$459.27
CurrentDepreciationandAmortization $59.52
CurrentRevenues=
$1,246.30
II.BalanceSheet
Thisperiod Lastperiod
CurrentNoncashWorkingCapital= $65.00 $29.00
BookValueofDebt=
$198.47
108.165
BookValueofEquity=
$1,513.04
1097.267
Cash&MarketableSecurities=
$792.26
NonoperatingAssets
$194.48
III.TaxInformation
NOLcarriedforward=
$1,289.00
Marginaltaxrate=
37.50%
Adjustments to Current Financial Information
Do you have any operating leases?
Does your firm have R&D expenses?
Are there any other operating expenses to be capitalized?
Discount Rate Inputs
Current Beta =
Current Cost of Borrowing =
Current Market Value of Debt =

Yes
No
No

1.37
5.91%
$
143.14

Expectations for the future

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

Doyouwantmetousecurrentworkingcapitalaspercentofrevenuesforthefuture?
Ifnot,enternoncashworkingcapitalasapercentofrevenuesinfutureperiods
Howwouldyoulikecapitalexpenditurestobeestimated?
Ifyouwouldchose3,enterthesalestocapitalratiothatyouwouldlikemaintained
Stable Growth Inputs
Expected Growth Rate in perpetutity =
Expected Operating Margin =
Expected Debt to Capital(MV) Ratio for the firm =
Expected Beta =
Expected Cost of Debt =
Return on Capital for the firm =

Yes
28.54%

No
140.77%
3
3.02

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

Per Share Inputs

Number of Shares outstanding =
Current Stock Price =
$
Does your firm have equity options outstanding?
If yes, enter the number of options outstanding =
and the average exercise price of the options outstanding
and the average maturity of the options outstanding =
and the standard deviation in the firm's stock price =

81.644
119.48
Yes
1.53631
251.31
9
61%

General Information
Current long term government bond rate =
Estimated Market Risk Premium =
Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied =
10
Value to Sales multiple in that year =
3.796507133

3.55%
4.56%

e,usetrailing12monthdata)

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

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

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

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

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

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

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

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

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

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

Cost of Capital Calculations

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

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

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

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

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

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

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

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

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

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

Revenue Growth Rate

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

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $ 1,711.51 $
1,938 $
2,226 $
2,597 $
3,052 $
3,578
Reinvestment Rate
NMF
371.04%
135.62%
92.54%
73.15%
95.78%
Increase in Revenue/Increase in Capi
3.02
3.02
3.02
3.02
3.02
Return on Capital
3.57%
10.95%
18.01%
23.92%
17.99%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

1.09721575
1.2038824 1.32091873
$
(151) $
(63) $
23

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

$
$
$
$
$
$
$
$
$

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

Value of Equity per share =

161.43

4,033
78.90%
3.02
19.24%

4,444
74.68%
3.02
20.13%

4,821
67.65%
3.02
20.77%

5,103
53.58%
3.02
20.86%

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

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

5,331
11.37%
3.02
21.00%

1.44932323 1.589602415 1.731926011 1.881246989 2.036139682 2.193186029 2.341210317

$
115 $
15 $
134 $
214 $
268 $
330 $
360
$
11,235

Treasury Stock Approach

$

164.23

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

$1,932
$61
$61
$227

$2,801
$212
$212
$288

$3,921
$401
$401
$371

$5,294
$625
$621
$454

$6,882
$878
$549
$526

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

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

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

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

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

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

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

5,458
11.37%
2.89
26.39%

FCFF

-$166

-$76

$30

$167

$23

$233

$402

$546

$724

$844

$986

Relative Valuation Output

Year in which multiple is used =
10
Value to Sales Ratio for Specialty retailers= 3.796507133
Revenue in chosen year =
Value in chosen year =
Cost of capital in chosen yea
Value today =
+ Cash & Securities =
- Debt outstanding =
-Equity options outstanding
Value of Equity in stock =
Value per share =

$
$
$
$
$
$
$
$

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

Year
1
2
3
4
5
6
7
8
9
10

Revenues Cumulated Cost of Capital

$
1,932
109.72%
$
2,801
120.39%
$
3,921
132.09%
$
5,294
144.93%
$
6,882
158.96%
$
8,259
173.19%
$
9,497
188.12%
$
10,637
203.61%
$
11,488
219.32%
$
12,177
234.12%

Company

Market Value Percent Owned

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$9.38
2
$5.30
3
$4.85
4
$4.05
5
$3.92
6andbeyond $41.68

OperatingLeaseConverter
$43.00

Output
PretaxCostofDebt=

5.91%

!Ifyoudonothaveacostofdebt,usetheratingsestimator

Fromthecurrentfinancialstatements,enterthefollowing
ReportedOperatingIncome(EBIT)=
$438.34 !ThisistheEBITreportedinthecurrentincomestatement
ReportedDebt=
$254.63 !Thisistheinterestbearingdebtreportedonthebalancesheet
Numberofyearsembeddedinyr6estimate=

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $9.38 $8.86
2 $5.30 $4.72
3 $4.85 $4.08
4 $4.05 $3.22
5 $3.92 $2.94
6andbeyond $5.21 $24.36 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$48.18
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=

$3.71 !Iusestraightlinedepreciation
$2.85 !PVofoperatingleases*Pretaxcostof
$48.18

nverter

urrentincomestatement
eportedonthebalancesheet

verthefirstfiveyears
expensesinyr6

uityfortenyears

usestraightlinedepreciation
PVofoperatingleases*Pretaxcostofdebt

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.
Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
3
!Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense=
$34.42 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
0
0
0
0
0
0
0
Output
Year
Current
1
2
3
0
0
0
0
0
0
0

R&DExpenses
16.91
!Year1istheyearpriortothecurrentyear
7.26
!Year2isthetwoyearspriortothecurrentyear
3.27
1.24
3.84

R&DExpense
34.42
16.91
7.26
3.27
1.24
3.84
0.00
0.00
0.00
0.00
0.00

Unamortizedportion
1.00
34.42
0.67
11.27
0.33
2.42
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Amortizationthisyear

0.00

0.00

ValueofResearchAsset=

$5.64
$2.42
$1.09
$
$
$
$
$
$

$48.11 $9.15

Amortizationofassetforcurrentyear=

$9.15

AdjustmenttoOperatingIncome=

$25.27 !Apositivenumberindicatesanincreaseinoperatingincome(addtorepo
$9

Tax Effect of R&D Expensing

Look Up Table for Amortization Periods

IndustryName AmortizationPeriod
Advertising
2
Aerospace/Defe
10
AirTransport
10
Aluminum
5
Apparel
3
Auto&Truck
10
AutoParts(OE
5
AutoParts(Rep
5
Bank
2

NontechnologicalService
Retail,TechService
LightManufacturing
HeavyManufacturing
Research,withPatenting
LongGestationPeriod

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

Bank(Canadian
Bank(Foreign)
Bank(Midwest)
Beverage(Alcoh
Beverage(Soft
BuildingMateri
CableTV
CanadianEnerg
Cement&Aggre
Chemical(Basic
Chemical(Diver
Chemical(Speci
Coal/Alternate
Computer&Per
ComputerSoftw
Copper
DiversifiedCo.
Drug
Drugstore
EducationalSer
ElectricUtil.(C
ElectricUtility
ElectricUtility
ElectricalEqui
Electronics
Entertainment
Environmental
FinancialServic
FoodProcessin
FoodWholesale
ForeignElectro
ForeignTeleco
Furn./HomeFur
Gold/SilverMin
Grocery
HealthcareInfo
HomeApplianc
Homebuilding
Hotel/Gaming
HouseholdProd
IndustrialServi
Insurance(Diver
Insurance(Life)
Insurance(Prop
Internet
InvestmentCo.
InvestmentCo.
InvestmentCo.
Machinery
Manuf.Housing
Maritime
MedicalService
MedicalSupplie
MetalFabricati

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

Metals&Mining
NaturalGas(Dis
NaturalGas(Div
Newspaper
OfficeEquip&
OilfieldService
Packaging&Co
Paper&Forest
Petroleum(Inte
Petroleum(Prod
PrecisionInstr
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail(Special
RetailBuilding
RetailStore
SecuritiesBrok
Semiconductor
Semiconductor
Shoe
Steel(General)
Steel(Integrate
Telecom.Equip
Telecom.Servic
Textile
Thrift
Tire&Rubber
Tobacco
Toiletries/Cosm
Trucking/Transp
Utility(Foreign
WaterUtility

5
10
10
3
5
5
5
10
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

eadjustmentstooperatingincome,net

findoubt,usethelookuptablebelow
hemaximumallowedistenyears
edbytheamortizationperiod

creaseinoperatingincome(addtoreportedEBIT)

OtherExpensestoCapitalize

Thisspreadsheetconvertsanyexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
Overhowmanyyearsdoyouwanttoamortizetheseexpenses
10
Enterthecurrentyear'soperatingexpense=
$206.54 Themaximumallowedistenyears
Enteroperatingexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
4
5
6
7
8
9
10
Output
Year
Current
1
2
3
4
5
6
7
8
9
10

OperatingExpenses
99.12
45.07
19.00
10.21
11.98

!Year1istheyearpriortothecurrentyear
!Year2isthetwoyearspriortothecurrentyear

R&DExpense
206.54
99.12
45.07
19.00
10.21
11.98
0.00
0.00
0.00
0.00
0.00

ValueofExpensingAsset=
Amortizationofassetforcurrentyear=
AdjustmenttoOperatingIncome=
Tax Effect of Expensing

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

Amortizationthisyear

0.00

0.00

$9.91
$4.51
$1.90
$1.02
$1.20
$
$
$
$

$357.22 $18.54
$18.54

$188.00 !Apositivenumberindicatesanincreaseinoperatingincome(add
$70

mentstooperatingincome,net

hemaximumallowedistenyears
bytheamortizationperiod

creaseinoperatingincome(addtoreportedEBIT)

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

6.00%
25.60%

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

161.43
251.31
9
61.18% (volatility)
0.00%
3.55%
1.53631
81.64

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
161.42815063 #Warrantsissued=
StockPrice=
251.31 #Sharesoutstanding=
StrikePrice=
AdjustedS(DONOTENTER)= 160.2748313 T.Bondrate=
251.31 Variance=
AdjustedK(DONOTENTER)
9 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

0.8467822825
0.8014417572

d2=
N(d2)=

0.9887540811
0.1613917378

Valueperoption=

$98.98

Value of all options outstanding =

$152

1.53631
82
3.55%
0.3744
0.00%
3.55%

Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
IT Services
Machinery

Number of firmsLevered Beta

31
2.02
64
1.10
36
1.21
57
1.30
51
1.70
12
1.59
426
0.77
45
0.93
34
0.88
158
1.03
45
1.50
21
1.37
16
1.36
31
1.51
70
1.28
20
1.53
184
1.04
87
1.30
107
1.14
279
1.12
57
1.03
34
0.83
21
0.75
21
0.70
14
0.75
68
1.33
139
1.07
25
1.22
77
1.63
40
1.23
82
0.81
225
1.31
112
0.91
9
1.09
6
1.14
35
1.81
25
1.17
21
1.80
23
1.45
51
1.74
26
1.07
23
1.24
137
0.93
27
1.07
30
1.58
49
0.91
186
1.09
60
1.06
100
1.20

Unlevered BeStd Dev: Equity

1.75
101.29%
1.03
61.32%
1.10
64.80%
1.22
88.82%
1.59
80.58%
0.96
68.91%
0.38
61.15%
0.73
55.60%
0.77
66.05%
1.16
113.11%
0.89
78.83%
0.98
50.77%
1.24
49.27%
1.39
56.31%
1.15
71.60%
1.32
55.52%
1.18
82.03%
1.33
97.69%
0.71
75.00%
1.08
103.44%
1.08
88.13%
0.92
78.24%
0.48
23.37%
0.49
18.30%
0.49
19.85%
1.35
67.76%
1.08
89.93%
1.39
65.03%
1.31
108.37%
1.48
76.91%
0.60
92.14%
0.50
82.27%
0.77
60.68%
1.24
35.40%
0.85
39.35%
1.65
80.90%
1.20
65.79%
1.48
69.92%
1.02
70.00%
1.28
79.09%
0.95
62.24%
1.40
78.27%
0.81
74.43%
0.89
48.10%
1.54
53.35%
1.01
37.88%
1.24
117.09%
1.14
69.45%
1.14
57.21%

Market D/E
43.26%
25.66%
24.32%
18.38%
27.65%
134.57%
156.11%
59.52%
26.52%
13.48%
94.33%
68.06%
27.35%
22.37%
21.15%
28.90%
7.49%
10.23%
102.24%
15.46%
6.40%
12.33%
86.16%
66.16%
84.54%
12.66%
22.33%
11.99%
40.99%
9.76%
43.70%
251.49%
29.53%
42.09%
56.60%
24.39%
6.35%
43.66%
100.28%
52.07%
18.99%
10.31%
32.71%
30.21%
64.14%
23.60%
2.71%
6.09%
19.12%

Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
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
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking

52
83
146
122
24
73
29
22
13
24
13
93
26
32
20
176
19
27
93
84
77
31
11
24
5
12
56
13
63
75
47
20
8
37
30
28
141
12
19
32
99
74
25
148
11
15
36
4
11
57

1.40
0.85
1.03
0.91
1.59
1.33
1.33
0.66
1.76
1.38
0.96
1.55
1.16
1.36
1.18
1.34
1.12
0.98
1.35
1.15
1.28
1.13
2.18
1.25
1.47
1.44
1.45
0.93
1.27
1.77
1.44
1.37
1.04
1.29
0.75
1.20
1.50
1.79
1.25
1.68
1.02
0.98
0.88
0.71
0.85
1.30
1.24
0.96
0.66
1.27

0.58
0.80
1.07
0.78
1.63
1.28
1.06
0.46
1.42
1.04
0.65
1.39
0.88
0.96
1.12
1.13
1.00
0.72
0.65
1.14
1.33
0.59
1.62
0.89
1.15
1.24
1.11
1.05
1.19
1.65
1.57
1.12
0.97
1.14
0.64
0.43
1.69
2.42
1.38
1.40
1.28
0.82
0.54
0.75
0.78
1.20
1.08
0.48
0.43
1.12

69.19%
79.18%
84.89%
76.26%
68.98%
104.38%
48.77%
24.90%
90.74%
64.26%
56.61%
62.37%
41.59%
93.84%
38.99%
88.11%
59.43%
34.90%
97.19%
90.87%
65.33%
82.21%
77.54%
64.98%
49.61%
42.95%
70.55%
30.40%
68.37%
92.79%
60.91%
52.02%
37.61%
67.71%
40.02%
44.31%
70.52%
68.70%
55.52%
56.94%
87.77%
68.58%
60.40%
53.93%
41.53%
60.34%
59.88%
32.68%
18.89%
75.03%

170.38%
16.08%
13.02%
49.45%
15.49%
14.10%
37.07%
67.38%
46.35%
63.03%
58.30%
22.92%
51.82%
59.86%
19.19%
24.88%
20.48%
40.97%
148.82%
8.20%
15.94%
140.63%
59.87%
63.28%
34.71%
25.15%
48.69%
23.54%
12.77%
24.33%
5.61%
38.11%
14.06%
25.58%
41.34%
430.56%
8.35%
15.20%
2.18%
46.40%
12.96%
34.09%
96.15%
29.33%
18.71%
20.64%
27.77%
155.03%
81.42%
27.06%

Total Market

5891

1.15

0.92

75.08%

46.64%

Market Debt/Capital
30.20%
20.42%
19.56%
15.53%
21.66%
57.37%
60.95%
37.31%
20.96%
11.88%
48.54%
40.50%
21.47%
18.28%
17.46%
22.42%
6.97%
9.28%
50.55%
13.39%
6.02%
10.97%
46.28%
39.82%
45.81%
11.24%
18.25%
10.71%
29.07%
8.89%
30.41%
71.55%
22.80%
29.62%
36.14%
19.61%
5.97%
30.39%
50.07%
34.24%
15.96%
9.35%
24.65%
23.20%
39.08%
19.10%
2.63%
5.74%
16.05%

ROE
ROC
8.89%
34.00%
108.90%
17.34%
22.59%
18.46%
7.60%
9.08%
24.58%
15.15%
-5.17%
16.13%
25.83%
19.26%
18.50%
24.24%
79.13%
52.52%
33.28%
22.64%
16.47%
53.22%
10.77%
11.91%
9.88%
23.02%
22.20%
15.44%
11.46%
15.08%
11.00%
###
17.85%
6.25%
12.34%
11.66%
11.00%
30.24%
-35.82%
5.64%
21.80%
7.25%
13.76%
15.60%
10.45%
13.32%
39.73%
36.11%
14.59%

10.54%
18.53%
16.45%
14.02%
15.82%
6.96%
NA
NA
12.95%
-13.33%
2.58%
8.80%
13.66%
13.81%
12.25%
15.26%
45.06%
32.09%
8.01%
15.02%
13.08%
34.34%
6.38%
6.89%
6.11%
15.03%
15.72%
13.58%
9.45%
11.69%
7.56%
5.95%
11.88%
7.83%
7.81%
9.50%
9.45%
10.88%
-2.09%
6.95%
14.52%
7.67%
-53.50%
10.83%
NA
NA
32.75%
26.95%
12.60%

Effective Tax Rate

10.73%
20.72%
20.54%
16.08%
18.99%
24.07%
15.97%
17.77%
19.14%
2.49%
11.17%
27.35%
20.90%
21.73%
17.58%
12.75%
12.27%
11.77%
15.55%
5.36%
12.33%
25.17%
31.82%
33.14%
31.30%
17.02%
10.36%
26.26%
15.38%
11.59%
11.71%
19.18%
20.00%
35.12%
30.84%
20.43%
22.19%
20.62%
5.12%
14.53%
25.12%
25.35%
19.03%
18.93%
28.04%
19.36%
6.87%
19.15%
22.15%

Pre-tax Oper
10.27%
10.16%
8.78%
10.97%
6.49%
6.99%
NA
NA
20.45%
-7.79%
4.17%
19.58%
12.09%
13.20%
11.10%
15.94%
31.35%
14.15%
14.09%
21.91%
14.39%
20.80%
17.72%
19.13%
16.79%
13.19%
5.99%
4.72%
17.72%
10.48%
15.22%
43.49%
9.08%
5.27%
15.64%
6.43%
12.11%
9.13%
-1.56%
12.61%
17.38%
1.91%
-21.40%
19.33%
NA
NA
18.25%
14.43%
11.05%

63.01%
13.85%
11.52%
33.09%
13.41%
12.36%
27.04%
40.26%
31.67%
38.66%
36.83%
18.64%
34.13%
37.45%
16.10%
19.92%
17.00%
29.06%
59.81%
7.57%
13.75%
58.44%
37.45%
38.76%
25.77%
20.09%
32.75%
19.06%
11.32%
19.57%
5.32%
27.59%
12.33%
20.37%
29.25%
81.15%
7.70%
13.20%
2.13%
31.69%
11.48%
25.42%
49.02%
22.68%
15.76%
17.11%
21.73%
60.79%
44.88%
21.30%

4.88%
22.13%
29.56%
32.81%
18.66%
24.79%
9.04%
10.98%
16.73%
18.05%
11.35%
10.48%
17.52%
8.40%
14.76%
9.46%
14.82%
12.71%
6.95%
9.09%
15.37%
10.74%
35.96%
31.94%
15.58%
16.43%
11.06%
13.29%
38.25%
22.91%
36.27%
20.53%
16.06%
21.01%
16.43%
NA
39.10%
65.76%
30.49%
7.28%
29.93%
16.47%
18.29%
-2.14%
74.21%
62.53%
8.19%
3.12%
8.44%
21.34%

4.76%
15.88%
19.24%
18.55%
14.78%
19.48%
7.10%
8.09%
11.05%
10.36%
6.83%
8.54%
10.40%
11.01%
10.08%
13.50%
11.18%
8.60%
7.56%
9.57%
12.10%
5.18%
-0.14%
11.38%
14.07%
11.10%
8.26%
NA
20.32%
14.99%
28.74%
9.89%
12.18%
13.60%
10.38%
10.39%
28.41%
40.44%
27.41%
5.94%
23.30%
13.70%
8.34%
NA
27.98%
19.54%
9.07%
4.56%
5.42%
-18.21%

5.55%
11.86%
12.73%
19.93%
26.55%
11.04%
21.98%
30.16%
25.13%
21.05%
13.70%
17.39%
24.23%
10.61%
27.41%
11.14%
24.67%
6.37%
8.66%
7.51%
13.94%
18.59%
3.79%
18.55%
1.04%
23.74%
17.37%
7.22%
21.57%
23.04%
24.64%
34.43%
31.39%
25.02%
31.21%
26.22%
11.01%
15.17%
24.31%
21.03%
13.16%
14.22%
29.42%
12.43%
31.03%
20.30%
25.48%
26.07%
35.22%
12.12%

14.81%
22.22%
6.48%
11.11%
15.07%
31.57%
28.94%
12.80%
14.59%
6.65%
18.45%
15.11%
10.12%
12.01%
9.76%
25.74%
5.11%
8.95%
14.54%
33.30%
10.74%
15.63%
-2.58%
12.10%
129.07%
28.43%
11.51%
NA
15.82%
7.50%
9.39%
6.88%
8.13%
5.84%
3.18%
48.78%
22.76%
21.65%
11.34%
5.83%
10.87%
22.74%
15.83%
NA
20.61%
10.85%
6.37%
11.60%
26.61%
-11.47%

31.81%

16.07%

12.21%

15.48%

17.24%

After-tax Operating
7.44%
7.31%
6.86%
7.60%
4.98%
4.94%
NA
NA
15.60%
-13.73%
3.16%
12.43%
9.56%
9.30%
7.87%
12.53%
24.62%
10.83%
11.76%
16.96%
10.87%
12.91%
11.58%
12.66%
11.38%
9.95%
4.48%
3.35%
12.17%
9.04%
9.48%
33.84%
6.52%
3.23%
9.82%
4.58%
7.64%
6.64%
-2.09%
10.13%
12.79%
1.18%
-23.67%
15.06%
NA
NA
14.58%
10.32%
8.22%

Net Margin
3.63%
6.78%
3.76%
6.72%
5.10%
3.36%
NA
NA
13.99%
9.11%
-4.01%
9.02%
12.46%
8.79%
8.04%
12.00%
24.78%
10.74%
9.21%
17.99%
10.73%
11.86%
8.89%
9.77%
8.53%
12.12%
4.63%
3.47%
10.12%
9.62%
7.53%
5.08%
5.36%
1.83%
7.48%
3.76%
8.81%
8.48%
-5.64%
6.29%
11.66%
1.66%
3.26%
11.94%
NA
NA
16.00%
10.59%
7.26%

Cap Ex/ Depreciati Non-cash WC/ Payout Ratio

54.18%
-19.84%
43.75%
126.28%
2.89%
29.13%
122.22%
-9.25%
18.91%
103.24%
17.24%
18.85%
96.08%
5.59%
23.74%
87.04%
19.37%
22.24%
NA
NA
33.53%
NA
NA
38.36%
87.24%
1.08%
46.35%
84.42%
-5.83%
59.34%
48.00%
7.66%
NA
85.32%
-9.65%
18.03%
126.81%
9.68%
30.79%
104.37%
15.58%
31.68%
96.78%
12.60%
40.43%
141.73%
3.61%
33.78%
64.72%
-11.16%
21.61%
103.58%
-1.97%
8.61%
89.24%
71.65%
36.81%
37.39%
7.53%
49.12%
128.44%
-11.60%
1.89%
131.38%
-7.82%
2.83%
158.54%
8.98%
63.88%
201.07%
8.33%
66.22%
210.61%
-0.59%
56.70%
86.14%
12.28%
29.40%
103.97%
10.63%
11.97%
84.23%
3.30%
6.31%
79.38%
1.72%
25.84%
78.89%
-17.91%
11.57%
96.46%
0.48%
46.73%
312.33%
11.08%
NA
139.77%
8.01%
45.25%
73.66%
1.47%
51.37%
78.63%
3.76%
49.81%
65.82%
13.45%
27.83%
58.33%
2.00%
12.22%
99.81%
24.35%
34.22%
59.80%
76.53%
NA
109.45%
-2.12%
40.37%
117.15%
4.70%
48.97%
69.60%
4.81%
50.59%
127.45%
10.25%
24.98%
64.40%
-1.61%
38.73%
NA
NA
29.39%
9812.35%
NA
23.46%
154.37%
-8.44%
0.66%
76.10%
2.88%
32.87%
75.32%
16.27%
25.38%

13.69%
17.28%
4.81%
7.39%
10.89%
21.88%
17.50%
8.57%
9.02%
4.59%
14.46%
11.28%
7.02%
9.84%
5.65%
19.10%
3.14%
8.68%
10.88%
24.02%
8.80%
12.95%
-0.48%
8.33%
126.01%
18.56%
9.26%
NA
11.17%
4.99%
5.82%
4.46%
5.13%
3.83%
2.07%
35.58%
18.13%
18.30%
8.22%
4.90%
8.53%
16.56%
11.21%
NA
15.24%
7.24%
4.20%
7.81%
18.05%
-15.91%

0.78%
16.64%
4.89%
4.84%
7.84%
7.36%
12.72%
5.10%
3.11%
4.07%
9.80%
10.72%
13.46%
4.63%
7.99%
10.69%
2.91%
7.11%
1.49%
30.24%
9.57%
9.18%
62.30%
6.22%
113.55%
17.86%
7.28%
NA
10.70%
3.86%
5.56%
4.35%
5.14%
3.45%
4.16%
11.45%
17.82%
16.30%
8.44%
3.52%
7.22%
5.11%
8.50%
NA
8.46%
7.37%
2.74%
0.55%
12.25%
7.96%

316.85%
84.88%
78.77%
91.90%
154.15%
158.10%
297.08%
184.03%
45.60%
61.17%
280.22%
143.22%
92.61%
54.63%
192.87%
192.31%
99.52%
184.61%
181.13%
203.00%
48.46%
227.63%
554.33%
75.65%
89.50%
175.52%
174.70%
NA
124.28%
219.62%
96.55%
140.44%
78.27%
129.02%
120.58%
86.69%
108.32%
105.87%
123.84%
66.43%
60.98%
95.55%
76.44%
NA
64.69%
114.16%
156.92%
164.69%
250.02%
85.53%

3.32%
22.14%
3.04%
-5.59%
18.02%
6.22%
-4.26%
5.53%
-3.13%
6.78%
-0.01%
16.89%
9.01%
10.19%
1.98%
2.28%
3.68%
0.88%
10.94%
7.21%
15.14%
-3.02%
31.62%
0.81%
-10.12%
-1.76%
-0.96%
NA
-4.82%
8.40%
3.40%
13.56%
5.88%
0.88%
-0.01%
123.16%
6.93%
12.51%
16.28%
11.41%
-3.38%
-12.38%
-7.76%
NA
-2.44%
8.55%
5.03%
7.52%
7.51%
7.62%

25.25%
22.91%
37.29%
8.82%
25.70%
33.51%
33.81%
67.28%
14.56%
28.06%
73.98%
41.88%
24.38%
43.21%
38.99%
9.50%
20.26%
33.53%
13.75%
26.71%
11.24%
27.66%
17.28%
25.02%
91.36%
34.63%
42.67%
15.87%
46.73%
19.62%
21.08%
2.49%
47.32%
29.16%
28.62%
10.93%
30.53%
11.30%
25.89%
34.26%
53.72%
43.63%
80.94%
NA
67.56%
25.04%
41.07%
0.32%
48.16%
9.13%

12.62%

8.32%

125.47%

7.01%

37.92%

Reinvestment Sales/Capital EV/Sales

-46.14%
1.42
1.14
14.77%
2.53
0.93
5.54%
2.40
1.78
22.13%
1.85
1.19
15.16%
3.18
0.59
-22.37%
1.41
0.73
0.00%
NA
NA
0.00%
NA
NA
-2.46%
0.83
3.03
NA
0.97
4.49
-106.83%
0.82
1.22
-30.82%
0.71
2.21
29.24%
1.43
1.52
47.92%
1.48
1.62
12.99%
1.56
1.56
37.48%
1.22
1.78
-9.05%
1.83
3.07
1.22%
2.96
1.39
1.67%
0.68
2.11
-28.69%
0.89
2.85
-2.56%
1.20
4.55
8.07%
2.66
1.14
56.89%
0.55
2.26
82.35%
0.54
2.51
117.43%
0.54
2.19
9.17%
1.51
1.54
18.61%
3.51
0.47
-9.01%
4.05
0.46
-9.30%
0.78
1.89
-25.03%
1.29
1.87
-0.26%
0.80
2.07
13.38%
0.18
6.67
25.88%
1.82
1.08
-39.15%
2.43
0.37
-3.51%
0.79
1.86
-12.43%
2.08
0.92
-40.14%
1.24
3.82
94.67%
1.64
1.34
NA
1.00
1.23
-0.79%
0.69
2.58
5.97%
1.13
2.21
27.53%
6.48
0.29
NA
2.26
0.85
-23.97%
0.72
2.94
0.24%
NA
NA
57.73%
NA
NA
4.82%
2.25
3.91
-4.73%
2.61
1.75
8.44%
1.53
1.37

215.04%
1.50%
-3.21%
-25.53%
32.62%
23.26%
276.48%
49.96%
-32.30%
-20.89%
124.00%
70.61%
108.81%
-26.89%
87.67%
64.09%
5.55%
43.79%
64.25%
62.24%
2.04%
137.37%
NA
-8.51%
-1.96%
36.17%
50.56%
50.50%
8.36%
86.40%
0.99%
40.76%
-6.28%
14.97%
23.06%
-126.66%
5.83%
2.58%
19.07%
-6.39%
-21.25%
-5.54%
-37.32%
0.00%
-4.20%
13.39%
94.07%
132.29%
107.15%
NA

0.35
0.92
4.00
2.51
1.36
0.89
0.41
0.94
1.23
2.26
0.47
0.76
1.48
1.12
1.78
0.71
3.56
0.99
0.69
0.40
1.38
0.40
0.30
1.37
0.11
0.60
0.89
NA
1.82
3.00
4.94
2.22
2.37
3.55
5.02
0.29
1.57
2.21
3.33
1.21
2.73
0.83
0.74
NA
1.84
2.70
2.16
0.58
0.30
1.14

2.69
2.52
0.73
0.68
1.67
2.47
3.37
1.45
1.31
0.55
3.56
2.38
1.06
1.06
0.87
2.20
0.53
1.97
1.48
5.33
1.64
2.85
3.43
1.15
14.13
3.44
1.60
NA
2.50
0.83
0.87
0.92
1.04
0.59
0.35
3.08
2.06
0.97
1.52
0.78
1.25
1.85
1.75
NA
2.36
1.48
1.28
1.39
4.39
1.91

8.65%

0.97

1.67