Semico

Exit (T)
Years until Graduation (S-T)
Expected Inflation
Industry Growth (average, nominal)
Extra growth (above 75th percentile)
Revenue
Operating Margin
Tax Rate
Assets
Stable Growth (nominal)
Stable Growth (real)
Discount rate (nominal)
Discount rate (real)
R(old) (nominal)
R(old) (real)
Depreciation % of Assets

Graduation (S)
7

3.0%
8.7%
0.0%
50.0
10.0%
40.0%
50.0
15.5%
12.5%

$194.84

NPV (with mid-year corrections)

GV

$206.70
$468.06

Growth (75 percentile)

Revenue
Operating Margin
Operating Income
Non-Operating Income
EBIT
EBITDA
Taxes
E
Interest
Earnings
Operating Assets
Depreciation
Gross Investment (Capex + Net New WC)
NI
Cash Flow
GV

353.0
27.7%
40.0%
228.8
3.0%
0.0%
15.5%
12.5%
28.7%
25.7%

2.5%
0.00%
$25.5

0.00%

10.0%

NPV

year

Increment

50.0
10.0%
5.0
0.0
5.0
10.0
2.0
3.0
0
3.0

62.9%
81.5
12.5%
10.2
0.0
10.2
17.8
4.1
6.1
0
6.1

41.3%
115.1
15.1%
17.3
0.0
17.3
27.4
6.9
10.4
0
10.4

31.9%
151.8
17.6%
26.7
0.0
26.7
39.4
10.7
16.0
0
16.0

26.6%
192.2
20.1%
38.7
0.0
38.7
53.9
15.5
23.2
0
23.2

24.2%
238.7
22.7%
54.1
0.0
54.1
71.9
21.6
32.5
0
32.5

22.6%
292.7
25.2%
73.7
0.0
73.7
94.1
29.5
44.2
0
44.2

20.6%
353.0
27.7%
97.9
0.0
97.9
120.8
39.1
58.7
0
58.7

353.0
27.7%
97.9
0.0
97.9
123.3
39.1
58.7
0
58.7

353.0
27.7%
97.9
0.0
97.9
123.3
39.1
58.7
0
58.7

50.0
5.0
30.5

75.5
7.6
33.1

101.1
10.1
35.7

126.6
12.7
38.2

152.2
15.2
40.8

177.7
17.8
43.3

203.3
20.3
45.9

228.8
22.9
48.4

254.4
25.4
25.4

254.4
25.4
25.4

25.5
-22.5

25.5
-19.4

25.5
-15.1

25.5
-9.5

25.5
-2.3

25.5
6.9

25.5
18.7

25.5
33.2

0.0
58.7

0.0
58.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

468.1

0.0

0.0

Industry Name

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

Number of Firms

R(old)

30
66
44
53
20
54
477
8
39
41
108
52
25
12
19
33
88
18
322
125
113
342
54
34
24
26
16
83
173
84
33
79
296
109
18
10
34
14
29
14
32
68
26
31
167
34
35
78

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

Operating margin Cost of Capital

17.93%
12.31%
13.57%
12.98%
13.10%
7.65%
NA
NA
NA
20.00%
26.91%
14.04%
34.41%
40.66%
15.05%
19.87%
14.08%
18.05%
24.51%
11.61%
22.39%
30.15%
12.69%
17.36%
21.86%
25.85%
24.38%
15.75%
7.57%
23.75%
3.93%
21.85%
85.68%
11.98%
5.66%
13.50%
10.51%
5.87%
20.66%
5.98%
-16.16%
22.98%
21.24%
5.69%
11.76%
21.26%
NA
NA

9.82%
11.21%
9.48%
10.33%
8.02%
10.41%
6.82%
9.42%
7.92%
9.88%
12.29%
10.07%
10.79%
10.38%
11.12%
10.88%
10.76%
14.12%
12.16%
12.16%
8.33%
11.55%
13.62%
9.76%
6.43%
6.74%
6.64%
12.16%
11.26%
11.65%
13.37%
10.10%
8.31%
8.42%
7.46%
9.67%
9.83%
9.11%
10.41%
13.51%
9.22%
10.41%
10.17%
12.61%
10.57%
11.13%
10.96%
10.28%

Internet
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

208
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

26.46%
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%

19.23%
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%

13.62%
9.16%
12.76%
10.75%
10.80%
9.43%
9.88%
11.56%
13.16%
14.26%
9.52%
6.68%
8.80%
9.23%
8.29%
11.97%
9.20%
8.97%
12.15%
11.11%
9.45%
11.30%
13.23%
12.90%
7.14%
8.32%
10.99%
10.23%
11.02%
9.80%
11.37%
11.28%
9.49%
9.68%
9.60%
6.89%
15.55%
15.08%
12.31%
13.22%
12.66%
13.58%
11.52%
8.30%
8.78%
9.41%
7.79%
9.70%
7.24%

Wireless Networking
Public/Private Equity
Funeral Services
Total Market

Source: Aswath Damodoran,

57
10
6

10.21%
6.46%
11.67%

18.28%
53.29%
20.82%

12.66%
8.99%
9.75%

6870

17.73%

20.77%

10.46%

http://pages.stern.nyu.edu/~adamodar/

Growth in Sales

27.03%
16.42%
7.49%
6.19%
1.29%
7.05%
0.00%
0.00%
0.00%
6.04%
36.60%
-6.65%
25.55%
22.72%
13.83%
4.91%
21.38%
2.11%
19.10%
13.68%
9.32%
24.77%
20.11%
6.18%
8.65%
4.76%
-0.54%
22.82%
12.32%
14.82%
23.56%
10.46%
23.56%
9.40%
16.21%
18.02%
3.54%
6.46%
4.08%
3.73%
-27.34%
19.24%
10.54%
11.61%
18.90%
13.71%
-71.81%
30.84%

12.74%
-35.55%
23.96%
16.95%
-10.24%
18.02%
23.79%
13.95%
8.58%
35.22%
10.40%
2.35%
4.03%
11.57%
27.78%
25.59%
3.46%
-2.87%
12.60%
24.85%
35.41%
56.21%
20.92%
10.43%
8.85%
5.34%
-6.82%
6.99%
12.51%
0.00%
11.48%
8.07%
8.52%
3.32%
6.58%
18.79%
8.70%
7.32%
10.49%
18.37%
22.93%
12.87%
15.68%
0.77%
38.69%
1.73%
10.11%
17.24%
8.37%

22.77%
24.71%
20.68%
15.38%

year
1
2
3
4
5
6
7

Years

75th percentile median

25th percentile
57.2%
14.7%
-5.2%
35.6%
7.4%
-10.6%
26.2%
3.2%
-13.7%
20.9%
1.2%
-14.7%
18.5%
0.0%
-14.8%
16.9%
0.0%
-14.5%
14.9%
0.0%
-14.0%

total rets

Annualized 75th percentiles

1
2
3
4
5
6
7

157.2%
135.6%
126.2%
120.9%
118.5%
116.9%
114.9%

57.2%
46.0%
39.1%
34.3%
31.0%
28.5%
26.5%

1
57.20%

2
35.60%

3
26.20%

0.7
0.6
Revenue
0.6 0.5Growth 0.4Growth Revenue
0.5 0.3
0.4 0.2
0.1
0.3 0
2
-0.1 1
0.2
-0.2
0.1

0.7

Industry Average

Industry Average

Years since IPO

0
-0.1

-0.2
Years since IPO

4
20.90%

5
18.50%

6
16.90%

7
14.90%

ndustry Average

ndustry Average

75th percentile
median
25th percentile
75th percentile

median
25th percentile

Years since IPO

Years since IPO