Date of valuation Aug-17 Important: Before you ru

Company name Tesla (August 2017) There should be a check a

Numbers from your base year belo
This year Last year
Country of incorporation United States of America
Industry (US) Auto & Truck
Industry (Global) Auto & Truck Last 10K
Revenues $ 10,069.00 $ 7,000.10
Operating income or EBIT $ (637.60) $ (625.40)
Interest expense $ 328.30 $ 198.80
Book value of equity $ 5,105.80 $ 4,732.90
Book value of debt $ 9,557.40 $ 8,592.00
Do you have R&D expenses to capitalize? Yes If you want to capitalize
Do you have operating lease commitments? Yes If you have operating leas
Cash and Marketable Securities $ 3,035.90 $ 3,393.20
Cross holdings and other non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 157.90
Current stock price = $ 365.00
Effective tax rate = 30.00%
Marginal tax rate = 30.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 years = 35.00% Growth Lever
Target pre-tax operating margin (EBIT as % of sales in year 10 12.00% Profitability Lever
Year of convergence 10.00
Sales to capital ratio (for computing reinvestment) = 2.24 Efficency of Growth Lever
Market numbers
Riskfree rate 2.23%
Initial cost of capital = 8.83%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 12.88
Average strike price = $96.50
Average maturity = 5.80
Standard deviation on stock price = 30.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compani
Do you want to override this assumption = Yes Mature companies genera
If yes, enter the cost of capital after year 10 = 7.50% Though some sectors, eve
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 Mature companies find it
If yes, enter the return on capital you expect after year 10 9% But there are significant e
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes Many young, growth com
If yes, enter the probability of failure = 10% Tough to estimate but a k
What do you want to tie your proceeds in failure to? V B: Book value of capital, V
Enter the distress proceeds as percentage of book or fair valu 50% This can be zero, if the as
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overri
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 ha
Do you want to override this assumption = Yes Check the financial statem
If yes, enter the NOL that you are carrying over into year 1 $4,340.00 An NOL will shield your in
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation c
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity 0.50% This can be negative, if yo
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming due
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistrust) $0.00 Cash that is trapped in foreig
& Average tax rate of the foreign markets where the cash is trapped 15% Additional tax rate due on tr
portant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
ere should be a check against the iteration box. If there is not, you will get circular reasoning errors.
your base year below ( in consistent units)

Years since last 10K

0.5
0.5

you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
ou have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debt

Computed numbers: Here is what your company's numbers look like, relative to i
If you are not working in US dollars, you should add the inflation differential to the industry
Company
Revenue growth in the most recent year = 106.90%
owth Lever Pre-tax operating margin in the most recent year = -1.02%
fitability Lever Sales to capital ratio in most recent year = 0.87
Return on invested capital in most recent year= -0.71%
cency of Growth Lever Standard deviation in stock prices =
Cost of capital =

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth =
Pre-tax Operating Income in year 10, based on your operating margin =
Return on invested capital in year 10, based on your sales/capital ratio
Check the Diagnostics worksheet for more details.

ypical mature companies (riskfree rate + 4.5%)

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

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

the valuation. If you have a money losing company, you may want to override tis.
eck the financial statements.
NOL will shield your income from taxes, even after you start making money.
ws for both valuation consistency and prevents "impossible" growth rates.

s can be negative, if you feel the company will decline (and disappear) after growth is done. If you let it exceed the risk fre
al tax liability coming due and that cash is a neutral asset.

h that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (because of managem
ditional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
culation options

w and I will convert to debt

mbers look like, relative to industry.

ion differential to the industry averages.
Industry (US data) Industry (Global data)
27.97% 5.86%
4.62% 6.33%
1.19 1.19
5.06% 6.35%
33.71% 42.42%
4.70% 7.84%

e your inputs, if you want)

$ 92,693
$ 11,123
15.13%

ed companies fail, because they have trouble making debt payments.

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

the market (because of management mistrust)

 Baseyear 1 2 3
Revenuegrowthrate 35.00% 35.00% 35.00%
Revenues $10,069.00 $13,593.15 $18,350.75 $24,773.52
EBIT(Operating)margin 1.02% 0.28% 1.59% 2.89%
EBIT(Operatingincome) $(102.43) $38.67 $291.08 $715.44
Taxrate 30.00% 30.00% 30.00% 30.00%
EBIT(1t) $(102.43) $38.67 $291.08 $715.44
Reinvestment $1,573.28 $2,123.93 $2,867.31
FCFF $(1,534.61) $(1,832.85) $(2,151.86)
NOL $4,340.00 $4,301.33 $4,010.25 $3,294.81

Costofcapital 8.83% 8.83% 8.83%

Cumulateddiscountfactor 0.9189 0.8443 0.7758
PV(FCFF) $(1,410.10) $(1,547.49) $(1,669.42)

Terminalcashflow $5,856.94
Terminalcostofcapital 7.50%
Terminalvalue $111,137.33
PV(Terminalvalue) $49,472.16
PV(CFovernext10years) $(6,107.88)
SumofPV $43,364.29
Probabilityoffailure= 10.00%
Proceedsiffirmfails= $21,682.14
Valueofoperatingassets= $41,196.07
Debt $10,328.05
Minorityinterests $
+Cash $3,035.90
+Nonoperatingassets $
Valueofequity $33,903.92
Valueofoptions $3,533.02
Valueofequityincommonst $30,370.90
Numberofshares 157.90
Estimatedvalue/share $192.34
Price $365.00
Priceas%ofvalue 189.77%

Impliedvariables
Salestocapitalratio 2.24 2.24 2.24
Investedcapital $14,346 $15,919 $18,043 $20,910
ROIC 0.71% 0.24% 1.61% 3.42%
 4 5 6 7 8
35.00% 35.00% 28.45% 21.89% 15.34%
$33,444.25 $45,149.73 $57,993.03 $70,688.86 $81,531.12
4.19% 5.49% 6.79% 8.09% 9.40%
$1,401.20 $2,479.34 $3,939.53 $5,722.14 $7,661.11
30.00% 30.00% 30.00% 30.00% 30.00%
$1,401.20 $2,303.62 $2,757.67 $4,005.50 $5,362.78
$3,870.86 $5,225.66 $5,733.61 $5,667.78 $4,840.29
$(2,469.66) $(2,922.04) $(2,975.94) $(1,662.28) $522.49
$1,893.61 $ $ $ $

8.83% 8.83% 8.56% 8.30% 8.03%

0.7129 0.6550 0.6033 0.5571 0.5157
$(1,760.51) $(1,913.98) $(1,795.52) $(926.08) $269.44

2.24 2.24 2.24 2.24 2.24

$24,781 $30,007 $35,740 $41,408 $46,248
5.65% 7.68% 7.72% 9.67% 11.60%
 9 10 Terminalyear Check these revenues against
8.78% 2.23% 2.23% a. Overall market size
$88,692.81 $90,670.66 $92,692.61 b. Largest companies in this market
10.70% 12.00% 12.00%
$9,488.60 $10,880.48 $11,123.11 This is is how much your operating income
$ 11,225.54
grew over the ten-year period.
30.00% 30.00% 30.00%
$6,642.02 $7,616.34 $7,786.18
$3,197.18 $882.97 $1,929.24 This is how much capital you
$ 37,912.13
invested over the ten year period.
$3,444.84 $6,733.37 $5,856.94
$ $ $

7.77% 7.50% 7.50%

0.4785 0.4451
$1,648.46 $2,997.32

Afteryear10
2.24 2.24
$49,446 $50,328
13.43% 15.13% 9.00%

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
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
uch your operating income
n-year period.

h capital you
e ten year period.
 Tesla (August 2017)
The Story
Tesla is an auto/tech company looking towards the mass market. Its primary competitive advantages lies in superio
advantage in styling/design. In terms of investment needs and risk, it is as much tech as auto company. The combina
large debt burden exposes the firm to distress risk, reflected in a 10% probability of failure.

The Assumptions
Base year Years 1-5 Years 6-10
Revenues (a) $ 10,069 35.00% 35%->2.23%
Operating margin (b) -1.02% -1.02% 12.00%
Tax rate 30.00% 30.00% 30.00%
Reinvestment (c ) Sales to capital ratio = 2.24 RIR =
Return on capital -0.71% Marginal ROIC = 30.52%
Cost of capital (d) 8.83% 7.50%
The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $ 13,593 0.28% $ 39 $ 39
2 $ 18,351 1.59% $ 291 $ 291
3 $ 24,774 2.89% $ 715 $ 715
4 $ 33,444 4.19% $ 1,401 $ 1,401
5 $ 45,150 5.49% $ 2,479 $ 2,304
6 $ 57,993 6.79% $ 3,940 $ 2,758
7 $ 70,689 8.09% $ 5,722 $ 4,005
8 $ 81,531 9.40% $ 7,661 $ 5,363
9 $ 88,693 10.70% $ 9,489 $ 6,642
10 $ 90,671 12.00% $ 10,880 $ 7,616
Terminal year $ 92,693 12.00% $ 11,123 $ 7,786
The Value
Terminal value $ 111,137
PV(Terminal value) $ 49,472
PV (CF over next 10 years) $ (6,108)
Value of operating assets = $ 43,364
Adjustment for distress $ 2,168 Pr
- Debt & Mnority Interests $ 10,328
+ Cash & Other Non-operating assets $ 3,036
Value of equity $ 33,904
- Value of equity options $ 3,533
Number of shares 157.90
Value per share $ 192.34 St
gust 2017)
Story
ntages lies in superior battery technology and brand loyalty with a secondary
ompany. The combination of cash burn (negative cash flows for the next seven years) and a

umptions
After year 10
2.23%
12.00%
30.00%
24.78%
9.00%
7.50%
h Flows
Reinvestment
$ 1,573
$ 2,124
$ 2,867
$ 3,871
$ 5,226
$ 5,734
$ 5,668
$ 4,840
$ 3,197
$ 883
$ 1,929
Value
Link to story
Mass market focus = $100 billion in revenue
Tech superiority & brand = High margins
Global marginal tax rate average
Invest like an auto/tech company
In maturity,, has tech features
50% auto, 50% technology
FCFF
$ (1,535)
$ (1,833)
$ (2,152)
$ (2,470)
$ (2,922)
$ (2,976)
$ (1,662)
$ 522
$ 3,445
$ 6,733
$ 5,857

Probability of failure = 10.00%

Stock was trading at = $365.00

Tell your story about the company. Keep it
focuses on the company's businesses and tie it
into the three key levers of value: cash flows,
growth and risk

Tie each assumption to the part of your story that relates to it.

These are the numbers that come from your

assumptions. The revenues over time reflect your
revenue growth, the operating margins evolve
towards your target margin and your tax rate will
change, if you have set it to. The reinvestment is
estimated using the sales to capital ratio for the
first 10 years and based on a reinvestment rate in
stable growth (g/ ROC).

This is the output from your valuation. It reflects your cash

flows being discounted back at the cost of capital to get to
your operating asset value, which then gets adjusted for the
likelihood that your firm will not make it. We add cash and
non-operating assets, subtract out debt and minority interests
to get to value of equity.
 Revenue in 2026 (in billions) with 9% margin
$ 60 $ 70 $ 80 $ 90 $ 100
1.19 (Auto) $ (60.34) $ (63.30) $ (66.29) $ (68.74) $ (71.16)
Sales/Capital 1.58 (Current) $ (12.34) $ (7.28) $ (1.50) $ 3.78 $ 9.47
2.24 (Tech) $ 30.81 $ 43.08 $ 56.75 $ 68.99 $ 81.97
Revenue in 2026 (in billions) with 12% margin
$ 60 $ 70 $ 80 $ 90 $ 100
1.19 (Auto) $ 11.25 $ 19.51 $ 28.81 $ 37.22 $ 46.22
Sales/Capital 1.58 (Current) $ 59.25 $ 75.53 $ 93.60 $ 109.75 $ 126.85
2.24 (Tech) $ 102.40 $ 125.89 $ 151.85 $ 174.96 $ 199.35
Revenue in 2026 (in billions) with 15% margin
$ 60 $ 70 $ 80 $ 90 $ 100
1.19 (Auto) $ 82.66 $ 102.11 $ 123.68 $ 142.95 $ 163.33
Sales/Capital 1.58 (Current) $ 130.65 $ 158.13 $ 188.47 $ 215.48 $ 243.97
2.24 (Tech) $ 173.80 $ 208.49 $ 246.72 $ 280.68 $ 316.46
$ 150

$ 150

$ 150
ValuingOptionsorWarrants
Enterthecurrentstockprice= $365.00
Enterthestrikepriceontheoption= $96.50
Entertheexpirationoftheoption= 5.80
Enterthestandarddeviationinstockprices= 30.00% (volatility)
Entertheannualizeddividendyieldonstock= 0.00%
Enterthetreasurybondrate= 2.23%
Enterthenumberofwarrants(options)outstandi 12.88
Enterthenumberofsharesoutstanding= 157.90

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 365 #Warrantsissued= 12.875
StrikePrice= 96.5 #Sharesoutstanding= 158
AdjustedS= 358.170249643 T.Bondrate= 2.23%
AdjustedK= 96.5 Variance= 0.0900
Expiration(inyears)= 5.8 Annualizeddividendyield= 0.00%
Div.Adj.interestrate= 2.23%

d1= 2.3554541324
N(d1)= 0.9907499596

d2= 1.6329584577
N(d2)= 0.948761133

Valueperoption= $274.41
Valueofalloptionsoutstanding= $3,533.02
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (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
Revenuegrowthrate(inputcellB3)
LastperiodEBITas%ofrevenue(InputcellB14)
SalestoCapitalRatioorreinvestment(InputcellB15)
Returnoncapitalinperpetuity(B30&B31)
 $ 14,345.61
$ 50,328.50
$ 35,982.88
$ 10,982.90
30.52%
15.13%
8.43%
52.70%

Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital
 Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital T
 R&DConverter
ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 3 !Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense= $1,152.10 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year R&DExpenses
1 834.40 !Year1istheyearpriortothecurrentyear
2 717.90 !Year2isthetwoyearspriortothecurrentyear
3 464.70
0
0
0
0
0
0
0

Output
Year R&DExpense Unamortizedportion Amortizationthisyear
Current 1152.10 1.00 1152.10
1 834.40 0.67 556.27 $278.13
2 717.90 0.33 239.30 $239.30
3 464.70 0.00 0.00 $154.90
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
ValueofResearchAsset= $1,947.67 $672.33

Amortizationofassetforcurrentyear= $672.33

AdjustmenttoOperatingIncome= $479.77 !Apositivenumberindicatesanincreaseinoperatingincome(addtorepo

Tax Effect of R&D Expensing $144
adjustmentstooperatingincome,net

indoubt,usethelookuptablebelow
emaximumallowedistenyears
dbytheamortizationperiod

reaseinoperatingincome(addtoreportedEBIT)
 OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.
Inputs
Operatingleaseexpenseincurrentyear= $165.50
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $165.50
2 $ 150.93
3 $ 125.15
4 $ 102.80
5 $ 88.95
6andbeyond $292.70

Output
PretaxCostofDebt= 4.98% !Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

Numberofyearsembeddedinyr6estimate= 2 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $165.50 $157.65
2 $150.93 $136.95
3 $125.15 $108.17
4 $102.80 $84.64
5 $88.95 $69.76
6andbeyond $146.35 $213.48 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $770.65

RestatedFinancials
DepreciationonOperatingLeaseAsset= $110.09 !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= $55.41 !Addthisamounttopretaxoperatinginc
AdjustmenttoTotalDebtoutstanding= $770.65 !Addthisamounttodebt
AdjustmenttoDepreciation= $110.09
verter
leaseenterthem.

atingestimator

erthefirstfiveyears
xpensesinyr6

ityfortenyears

usestraightlinedepreciation
ddthisamounttopretaxoperatingincome
ddthisamounttodebt
EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding= 157.90
CurrentMarketPricepershare= $365.00

Approachforestimatingbeta Multibusiness(Global)
Ifdirectinput,enterleveredbeta(orregressionbeta) 1.20
Unleveredbeta= 1.06
RiskfreeRate= 2.23%
WhatapproachdoyouwanttousetoinputERP? Operatingcountries
DirectinputforERP(ifyouchoose"willinput" 5.75%

EquityRiskPremiumusedincostofequity= 6.34%

Debt
BookValueofStraightDebt= $9,557.40
InterestExpenseonDebt= $328.30
AverageMaturity= 3
Approachforestimatingpretaxcostofdebt Actualrating
Ifdirectinput,inputthepretaxcostofdebt 3.500%
Ifactualrating,inputtherating Ba1/BB+
Ifsynetheticrating,inputthetypeofcompany 1
PretaxCostofDebt= 4.98%
TaxRate= 30%

BookValueofConvertibleDebt= 0
InterestExpenseonConvertible= 0
MaturityofConvertibleBond= 0
MarketValueofConvertible= 0

Debtvalueofoperatingleases= $770.65

PreferredStock
NumberofPreferredShares= 0
CurrentMarketPriceperShare= 70
AnnualDividendperShare= 5

Output
EstimatingMarketValueofStraightDebt= $9,155.14
EstimatedValueofStraightDebtinConvertible= $
ValueofDebtinOperatingleases= $770.65
EstimatedValueofEquityinConvertible= $
LeveredBetaforequity= 1.19
 Equity Debt PreferredStock
MarketValue $57,633.50 $9,925.79 $
WeightinCostofCapital 85.31% 14.69% 0.00%
CostofComponent 9.75% 3.49% 7.14%
OperatingCountriesERPcalculator
Country Revenues ERP
UnitedStatesofAmerica 4046 6.00%
Norway 356 6.00%
China 319 6.90%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%

Rest of the World 1414 7.26%

Total 6135
OperatingRegionsERPcalculator
Region Revenues ERP
Africa 0 11.76%
Asia 7440 7.49%
Australia&NewZealand 6.00%
Caribbean 0 14.61%
CentralandSouthAmerica 0 10.42%
EasternEurope&Russia 9.65%
MiddleEast 0 7.11%
NorthAmerica 93864 6.00%
WesternEurope 50337 7.16%
hina
Total 151641

MultiBusiness(USIndustryAverages)
Business Revenues EV/Sales
Advertising $50.00 1.6986
Entertainment $16.00 2.8528
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company $ 66.00
 Capital MultiBusiness(GlobalIndustryAverages)
$67,559.29 Business Revenues EV/Sales
100.00% Auto&Truck $50.00 0.9400
8.83% Electronics(General) $50.00 1.1900
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
Company $ 100.00
Weight WeightedERP
65.95% 3.96%
5.80% 0.35%
5.20% 0.36%
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%

23.05% 1.67%
100.00% 6.34%

Weight WeightedERP
0.00% 0.0000%
4.91% 0.3674%
0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
61.90% 3.7139%
33.19% 2.3769%

100.00% 6.4582%

EstimatedValueUnleveredBeta
$84.93 0.7385
$45.64 0.9783
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$130.57 0.8223
EstimatedValueUnleveredBeta
$47.00 0.8300
$59.50 1.2400
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$ 0.0000
$106.50 1.0591
Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm= 1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $(582.19) (Addbackonlylongterminterestexpens
Entercurrentinterestexpenses= $366.68 (Useonlylongterminterestexpenseforf
Enterlongtermriskfreerate= 2.23%
Output
Interestcoverageratio= 100000.00
EstimatedBondRating= D2/D Note: If you get REF! All over the place, set the
EstimatedCompanyDefaultSpread= 20.00% to No, and then reset it to Yes. It should work.
EstimatedCountyDefaultSpread(ifany)= 0.00%
EstimatedCostofDebt= 22.23%

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
> to Ratingis Spreadis
100000 0.199999 D2/D 20.00%
0.2 0.649999 Caa/CCC 16.00%
0.65 0.799999 Ca2/CC 12.00%
0.8 1.249999 C2/C 9.00%
1.25 1.499999 B3/B- 7.50%
1.5 1.749999 B2/B 6.50%
1.75 1.999999 B1/B+ 5.50%
2 2.2499999 Ba2/BB 4.25%
2.25 2.49999 Ba1/BB+ 3.25%
2.5 2.999999 Baa2/BBB 2.25%
3 4.249999 A3/A- 1.75%
4.25 5.499999 A2/A 1.25%
5.5 6.499999 A1/A+ 1.10%
6.5 8.499999 Aa2/AA 1.00%
8.50 100000 Aaa/AAA 0.75%

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D2/D 20.00% Ratingis
0.5 0.799999 Caa/CCC 16.00% A1/A+
0.8 1.249999 Ca2/CC 12.00% A2/A
1.25 1.499999 C2/C 9.00% A3/A-
1.5 1.999999 B3/B- 7.50% Aa2/AA
2 2.499999 B2/B 6.50% Aaa/AAA
2.5 2.999999 B1/B+ 5.50% B1/B+
3 3.499999 Ba2/BB 4.25% B2/B
3.5 3.9999999 Ba1/BB+ 3.25% B3/B-
4 4.499999 Baa2/BBB 2.25% Ba1/BB+
 4.5 5.999999 A3/A- 1.75% Ba2/BB
6 7.499999 A2/A 1.25% Baa2/BBB
7.5 9.499999 A1/A+ 1.10% C2/C
9.5 12.499999 Aa2/AA 1.00% Ca2/CC
12.5 100000 Aaa/AAA 0.75% Caa/CCC
D2/D
isspreadsheet.
noptionsinexcel)ischecked.

ddbackonlylongterminterestexpenseforfinancialfirms)
eonlylongterminterestexpenseforfinancialfirms)

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

Spreadis
0.90%
1.00%
1.20%
0.70%
0.40%
4.00%
5.00%
6.00%
2.75%
 3.25%
1.75%
7.00%
8.00%
10.00%
12.00%
 Annual Average
Revenue growth Pre-tax Operating
Industry Name Number of firms - Last 5 years Margin After-tax ROC
Advertising 44 -0.48% 11.61% 59.68%
Aerospace/Defense 92 4.66% 12.45% 30.15%
Air Transport 20 9.35% 15.27% 18.57%
Apparel 63 14.68% 12.13% 15.99%
Auto & Truck 19 27.97% 4.62% 5.06%
Auto Parts 65 5.26% 7.65% 18.38%
Bank (Money Center) 9 12.20% -0.12% -0.01%
Banks (Regional) 644 13.29% -0.13% -0.02%
Beverage (Alcoholic) 22 9.47% 22.90% 15.85%
Beverage (Soft) 43 8.80% 18.04% 22.42%
Broadcasting 29 9.13% 22.59% 19.38%
Brokerage & Investment Banking 42 5.53% 0.01% 0.00%
Building Materials 39 9.36% 9.10% 15.91%
Business & Consumer Services 159 6.04% 11.10% 22.41%
Cable TV 19 6.06% 19.94% 16.04%
Chemical (Basic) 42 5.93% 9.57% 12.57%
Chemical (Diversified) 9 4.99% 11.29% 12.75%
Chemical (Specialty) 104 7.21% 14.65% 20.20%
Coal & Related Energy 38 0.74% 0.37% 0.22%
Computer Services 118 9.13% 8.82% 30.10%
Computers/Peripherals 64 3.98% 19.86% 35.70%
Construction Supplies 52 11.62% 10.44% 12.18%
Diversified 26 6.00% 15.66% 7.71%
Drugs (Biotechnology) 411 20.30% 35.17% 20.33%
Drugs (Pharmaceutical) 157 16.56% 24.93% 15.19%
Education 40 -2.08% 8.00% 9.63%
Electrical Equipment 120 11.64% 11.45% 24.35%
Electronics (Consumer & Office) 25 6.40% 9.84% 20.18%
Electronics (General) 167 5.61% 9.85% 12.50%
Engineering/Construction 51 9.45% 3.66% 15.20%
Entertainment 84 11.50% 21.39% 33.00%
Environmental & Waste Services 97 16.67% 12.03% 18.31%
Farming/Agriculture 37 13.17% 4.89% 7.43%
Financial Svcs. (Non-bank & Insurance 272 12.28% 5.88% 0.15%
Food Processing 89 12.05% 11.61% 23.13%
Food Wholesalers 14 9.33% 2.90% 17.94%
Furn/Home Furnishings 30 6.30% 8.30% 15.07%
Green & Renewable Energy 28 36.79% 13.42% 2.81%
Healthcare Products 254 11.98% 16.88% 16.75%
Healthcare Support Services 127 6.46% 4.75% 41.50%
Heathcare Information and Technology 126 20.06% 13.20% 14.34%
Homebuilding 34 15.33% 9.96% 8.45%
Hospitals/Healthcare Facilities 58 14.56% 12.93% 9.50%
Hotel/Gaming 73 7.61% 16.46% 9.41%
Household Products 134 8.44% 17.11% 29.01%
Information Services 70 9.46% 23.27% 37.61%
Insurance (General) 20 3.49% 13.23% 6.26%
Insurance (Life) 25 2.83% 14.22% 8.56%
Insurance (Prop/Cas.) 53 8.06% 14.72% 11.69%
Investments & Asset Management 145 13.39% 19.65% 6.23%
Machinery 130 6.00% 12.83% 22.54%
Metals & Mining 114 32.83% 11.15% 8.29%
Office Equipment & Services 24 1.48% 10.61% 23.02%
Oil/Gas (Integrated) 7 -5.04% 3.29% 2.95%
Oil/Gas (Production and Exploration) 351 10.46% -12.31% -3.93%
Oil/Gas Distribution 79 12.90% 10.11% 9.21%
Oilfield Svcs/Equip. 143 11.53% 6.99% 16.19%
Packaging & Container 25 4.45% 10.08% 17.10%
Paper/Forest Products 20 7.63% 8.22% 11.92%
Power 73 3.00% 18.18% 7.20%
Precious Metals 113 9.11% 21.55% 9.34%
Publshing & Newspapers 39 2.19% 8.27% 13.24%
R.E.I.T. 221 12.81% 22.18% 2.73%
Real Estate (Development) 21 35.33% -2.98% -0.85%
Real Estate (General/Diversified) 12 8.68% 14.74% 3.13%
Real Estate (Operations & Services) 55 11.30% 10.49% 10.52%
Recreation 65 5.24% 11.88% 14.80%
Reinsurance 3 20.12% 11.41% 7.88%
Restaurant/Dining 83 9.76% 13.70% 15.87%
Retail (Automotive) 26 8.71% 5.76% 12.57%
Retail (Building Supply) 5 6.64% 10.67% 21.62%
Retail (Distributors) 83 13.29% 8.84% 13.74%
Retail (General) 19 3.62% 4.81% 12.46%
Retail (Grocery and Food) 17 4.17% 2.90% 9.62%
Retail (Online) 39 13.19% 4.48% 20.81%
Retail (Special Lines) 124 4.65% 6.53% 12.91%
Rubber& Tires 4 0.92% 11.04% 20.05%
Semiconductor 87 12.67% 20.66% 13.35%
Semiconductor Equip 46 3.82% 13.15% 9.98%
Shipbuilding & Marine 11 -3.45% 9.92% 6.42%
Shoe 11 10.40% 12.59% 22.41%
Software (Entertainment) 17 -14.14% 19.41% 24.52%
Software (Internet) 308 14.22% 20.47% 13.47%
Software (System & Application) 241 12.44% 24.24% 18.95%
Steel 36 1.79% -5.08% -8.18%
Telecom (Wireless) 19 4.25% 2.69% 1.52%
Telecom. Equipment 121 1.46% 19.33% 14.01%
Telecom. Services 65 0.88% 13.13% 12.81%
Tobacco 20 2.37% 38.42% 77.34%
Transportation 21 15.65% 8.79% 20.14%
Transportation (Railroads) 12 8.74% 32.99% 17.19%
Trucking 26 7.91% 10.13% 12.42%
Unclassified 3 0.00% -17.02% -3.01%
Utility (General) 20 0.34% 18.09% 6.96%
Utility (Water) 18 10.79% 31.06% 8.77%
 Average
effective tax Equity (Levered) Std deviation in Pre-tax cost of
rate Unlevered Beta Beta Cost of equity stock prices debt
31.65% 0.74 1.08 8.74% 71.03% 4.52%
28.99% 1.20 1.33 10.25% 46.90% 3.52%
20.97% 0.85 1.27 9.88% 51.95% 4.02%
26.86% 0.88 1.06 8.61% 60.62% 4.02%
28.11% 0.47 0.96 8.00% 33.71% 3.52%
26.34% 1.08 1.29 9.98% 55.06% 4.02%
26.73% 0.47 1.11 8.93% 32.77% 3.52%
28.08% 0.36 0.51 5.34% 28.93% 3.52%
27.11% 0.82 0.94 7.90% 58.51% 4.02%
27.93% 0.99 1.15 9.19% 54.55% 4.02%
31.09% 0.75 1.29 10.02% 47.22% 3.52%
27.82% 0.46 1.35 10.36% 48.05% 3.52%
33.87% 0.98 1.18 9.33% 44.27% 3.52%
34.87% 0.95 1.19 9.40% 50.13% 4.02%
36.31% 0.89 1.23 9.66% 41.58% 3.52%
32.81% 0.81 1.17 9.28% 54.20% 4.02%
28.37% 1.27 1.55 11.60% 40.56% 3.52%
22.05% 1.01 1.25 9.75% 50.43% 4.02%
0.98% 0.39 1.49 11.19% 86.78% 6.52%
23.22% 1.00 1.17 9.30% 51.74% 4.02%
24.14% 1.22 1.33 10.24% 63.91% 4.02%
29.00% 1.18 1.65 12.17% 42.41% 3.52%
36.94% 0.74 1.01 8.32% 27.37% 3.52%
20.38% 1.19 1.28 9.96% 88.89% 6.52%
25.23% 0.94 1.02 8.37% 77.30% 4.52%
40.49% 0.86 1.05 8.59% 59.62% 4.02%
32.04% 1.03 1.15 9.17% 71.04% 4.52%
25.78% 1.16 1.23 9.65% 63.42% 4.02%
21.45% 0.98 1.03 8.42% 59.34% 4.02%
31.49% 1.07 1.32 10.17% 57.02% 4.02%
26.78% 0.98 1.21 9.55% 63.16% 4.02%
29.35% 0.82 1.10 8.90% 65.51% 4.52%
30.15% 0.77 1.25 9.77% 48.69% 3.52%
33.12% 0.06 0.65 6.16% 34.97% 3.52%
23.29% 0.74 0.89 7.59% 38.29% 3.52%
33.86% 0.61 0.73 6.65% 54.49% 4.02%
22.85% 1.00 1.23 9.65% 44.49% 3.52%
8.41% 0.84 1.62 12.01% 62.36% 4.02%
21.67% 0.92 1.03 8.43% 62.16% 4.02%
40.82% 0.89 1.05 8.57% 54.32% 4.02%
16.58% 0.99 1.11 8.93% 60.52% 4.02%
32.72% 0.81 1.12 9.00% 41.71% 3.52%
23.90% 0.44 0.82 7.19% 36.49% 3.52%
15.62% 0.68 0.97 8.10% 46.75% 3.52%
33.12% 0.91 1.05 8.55% 62.02% 4.02%
28.08% 0.92 1.00 8.27% 40.74% 3.52%
27.69% 0.82 1.04 8.52% 33.57% 3.52%
28.48% 0.91 1.28 9.97% 35.59% 3.52%
28.71% 0.75 0.90 7.65% 32.93% 3.52%
21.14% 0.81 1.17 9.31% 37.84% 3.52%
29.00% 1.23 1.44 10.88% 46.07% 3.52%
36.67% 0.87 1.55 11.60% 91.02% 7.77%
34.13% 1.29 1.82 13.16% 41.58% 3.52%
28.01% 1.38 1.54 11.49% 50.24% 4.02%
31.79% 0.95 1.63 12.05% 80.22% 6.52%
9.01% 0.65 1.22 9.61% 47.82% 3.52%
29.92% 1.41 1.74 12.72% 69.62% 4.52%
30.47% 0.91 1.26 9.85% 32.10% 3.52%
29.50% 0.89 1.52 11.37% 38.53% 3.52%
31.59% 0.50 0.80 7.05% 29.31% 3.52%
47.23% 1.03 1.29 10.03% 93.13% 7.77%
18.22% 1.07 1.45 10.95% 51.60% 4.02%
2.93% 0.41 0.76 6.86% 25.71% 3.52%
17.35% 0.93 1.41 10.71% 36.15% 3.52%
23.33% 1.03 1.22 9.57% 40.76% 3.52%
31.99% 0.99 1.50 11.24% 43.44% 3.52%
29.77% 0.75 0.91 7.76% 45.47% 3.52%
30.77% 0.89 1.03 8.44% 29.15% 3.52%
31.17% 0.64 0.76 6.83% 40.67% 3.52%
36.49% 0.76 1.06 8.63% 46.34% 3.52%
36.58% 1.31 1.47 11.10% 50.34% 4.02%
35.07% 0.83 1.22 9.60% 52.36% 4.02%
33.50% 0.92 1.16 9.24% 46.87% 3.52%
35.64% 0.77 1.04 8.50% 51.57% 4.02%
28.72% 1.53 1.58 11.72% 50.54% 4.02%
34.75% 0.81 1.07 8.71% 50.69% 4.02%
7.38% 1.18 1.66 12.23% 38.00% 3.52%
19.27% 1.32 1.39 10.59% 51.24% 4.02%
15.51% 1.22 1.40 10.66% 54.21% 4.02%
11.40% 0.84 1.24 9.72% 60.89% 4.02%
20.82% 0.81 0.82 7.20% 39.02% 3.52%
13.74% 1.46 1.42 10.77% 54.18% 4.02%
22.21% 1.33 1.34 10.30% 64.71% 4.02%
28.15% 1.25 1.33 10.23% 59.22% 4.02%
29.08% 0.86 1.43 10.83% 51.52% 4.02%
26.60% 0.65 1.48 11.13% 45.11% 3.52%
20.51% 1.17 1.29 10.02% 57.78% 4.02%
31.11% 0.57 0.95 7.94% 52.25% 4.02%
35.58% 1.66 1.91 13.75% 48.90% 3.52%
34.68% 1.19 1.41 10.74% 40.03% 3.52%
36.80% 0.93 1.15 9.18% 31.20% 3.52%
36.05% 1.03 1.69 12.40% 43.08% 3.52%
0.00% 0.11 0.23 3.65% 24.61% 3.02%
30.97% 0.36 0.55 5.57% 25.03% 3.52%
32.36% 0.33 0.47 5.07% 36.78% 3.52%
 Market
Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT
36.00% 6.57% 5.35 1.70 8.94 14.56
17.01% 8.86% 2.80 1.58 10.33 12.76
41.10% 6.81% 1.49 1.48 5.80 9.71
21.79% 7.26% 1.53 1.97 10.84 16.39
56.15% 4.70% 1.19 1.04 10.03 20.93
24.76% 8.11% 2.64 0.78 7.34 10.78
68.40% 4.27% 0.13 7.74 NA NA
44.01% 3.92% 0.24 5.45 NA NA
15.44% 7.05% 0.78 5.53 19.93 24.13
18.68% 7.92% 1.32 3.55 15.82 19.66
48.65% 6.17% 1.09 2.93 9.53 12.98
74.06% 4.25% 0.20 5.82 NA NA
24.90% 7.54% 2.25 1.47 11.42 16.09
26.11% 7.58% 2.34 1.92 11.14 17.15
33.16% 7.16% 0.97 3.07 9.32 15.16
38.25% 6.65% 1.43 1.06 6.59 10.93
27.68% 8.97% 1.39 1.55 9.10 13.62
23.88% 8.00% 1.51 2.19 10.68 14.81
75.73% 5.68% 0.60 1.35 6.04 184.31
22.40% 7.75% 3.92 0.97 8.27 10.89
15.72% 9.01% 1.90 1.76 6.97 9.03
37.14% 8.43% 1.40 1.25 8.37 12.03
35.78% 6.10% 0.58 2.74 12.71 17.47
12.50% 9.20% 0.59 8.32 13.60 21.02
11.51% 7.72% 0.63 4.76 13.63 19.35
31.62% 6.63% 1.37 1.37 6.96 16.42
17.97% 8.01% 2.28 1.79 9.87 14.36
12.90% 8.72% 2.24 1.19 9.15 13.15
16.52% 7.43% 1.40 1.46 9.48 15.29
29.53% 7.88% 4.70 0.50 7.52 13.68
23.04% 7.90% 1.60 2.85 10.36 13.21
27.96% 7.17% 1.64 2.24 10.13 18.59
43.09% 6.47% 1.68 0.74 10.04 15.15
93.05% 2.39% 0.03 33.16 NA NA
20.74% 6.45% 2.32 2.23 14.93 19.16
19.98% 5.80% 7.34 0.43 10.15 14.67
23.63% 7.87% 2.15 1.26 9.97 15.03
57.07% 6.53% 0.21 7.86 11.57 51.02
16.32% 7.45% 1.06 3.75 14.27 21.69
22.25% 7.20% 10.14 0.60 10.06 12.54
15.04% 7.95% 1.17 4.02 17.94 29.93
37.84% 6.40% 1.08 1.46 13.69 14.66
49.61% 4.67% 0.82 2.38 10.69 18.39
35.66% 5.96% 0.64 3.30 11.89 20.05
16.68% 7.53% 1.86 2.80 12.96 16.34
13.44% 7.44% 1.93 4.64 15.72 19.90
29.95% 6.60% 0.60 1.58 8.27 11.97
44.16% 6.50% 0.75 1.29 8.38 9.05
23.89% 6.32% 1.02 1.41 8.53 9.54
43.30% 6.19% 0.34 4.38 18.35 21.27
21.61% 8.99% 2.07 1.62 9.60 12.60
46.17% 8.40% 0.75 1.59 6.62 13.52
37.72% 8.99% 2.68 1.08 7.39 10.17
14.16% 10.20% 0.98 1.48 9.02 44.71
45.20% 8.37% 0.33 3.07 5.59 NA
48.55% 5.97% 0.97 2.10 11.81 19.28
28.10% 9.91% 2.56 0.63 5.77 8.87
35.37% 7.12% 2.16 1.44 9.45 14.29
47.11% 7.01% 1.72 1.27 9.08 15.41
45.49% 4.81% 0.52 2.79 8.92 15.32
33.35% 8.24% 0.44 1.97 4.76 8.68
33.14% 8.12% 1.85 1.35 8.85 16.44
47.32% 4.61% 0.13 12.02 21.46 48.19
38.61% 7.39% 0.29 5.75 28.57 NA
20.30% 8.05% 0.24 5.58 14.81 24.52
39.22% 7.66% 1.13 2.33 13.42 21.97
24.02% 6.40% 1.40 1.95 10.42 16.55
28.30% 6.65% 0.87 1.09 7.89 9.25
20.54% 5.86% 1.42 3.07 12.68 22.35
34.71% 6.37% 2.77 1.00 11.49 17.36
15.78% 9.73% 2.64 1.89 13.03 17.75
37.63% 6.89% 1.86 1.17 10.72 13.21
28.31% 7.22% 3.44 0.64 7.92 13.24
31.92% 6.56% 4.33 0.59 8.78 20.34
7.83% 10.99% 5.20 3.61 35.07 82.85
31.83% 6.71% 2.47 1.12 8.81 17.19
39.49% 8.23% 2.01 0.84 5.17 7.65
11.17% 9.68% 0.71 3.15 9.56 15.44
27.31% 8.41% 0.85 2.35 11.54 18.07
36.28% 7.07% 0.73 1.51 6.40 13.51
6.36% 6.87% 2.17 2.92 17.25 23.22
9.28% 10.00% 1.28 4.58 17.79 23.13
4.24% 9.97% 0.68 7.04 23.81 39.05
10.86% 9.39% 0.83 5.26 15.71 20.84
47.85% 6.80% 1.82 0.62 7.40 NA
60.09% 5.71% 0.62 2.04 7.60 75.04
17.16% 8.71% 0.80 2.77 10.60 13.68
43.85% 5.52% 1.11 2.53 8.42 19.21
16.55% 11.82% 2.28 6.10 14.91 15.87
23.73% 8.69% 2.82 1.31 8.85 14.86
23.37% 7.53% 0.61 3.31 7.73 10.02
50.30% 7.22% 1.78 1.42 8.23 13.98
50.10% 2.73% 0.18 6.85 73.06 NA
41.35% 4.14% 0.52 2.96 9.83 16.37
32.88% 4.10% 0.33 5.54 12.05 17.60
 Non-cash WC
as % of Cap Ex as % of Net Cap Ex as Reinvestment
Price/Book Trailing PE Revenues Revenues % of Revenues Rate
6.81 110.61 -0.54% 2.31% 0.96% 11.34%
4.39 31.25 27.61% 2.64% 4.19% 65.32%
3.48 12.01 3.48% 10.46% 6.13% 47.19%
3.73 18.42 27.82% 3.45% 6.08% 91.82%
2.26 12.19 -1.35% 9.41% 10.09% 327.79%
2.56 254.74 10.10% 3.98% 5.02% 108.21%
0.96 13.43 NA 1.36% 1.36% NA
1.16 18.15 NA 5.69% -3.32% NA
4.43 38.20 24.56% 8.35% 12.97% 85.78%
8.13 39.02 1.02% 4.56% 6.53% 47.10%
2.39 24.16 20.47% 2.78% 6.19% 51.94%
1.16 43.78 NA 2.56% 3.50% NA
4.06 28.88 16.92% 3.05% 8.57% 143.60%
3.88 25.70 15.68% 3.22% 7.28% 114.38%
4.57 29.37 9.46% 12.06% 0.29% 2.44%
1.59 13.09 19.13% 7.61% 13.79% 157.06%
3.10 25.40 20.98% 7.45% 10.72% 134.02%
3.71 48.33 20.67% 6.49% 15.92% 145.55%
0.75 6.84 5.70% 12.02% -2.97% -252.12%
4.43 31.90 11.10% 1.78% 3.16% 43.99%
3.22 32.93 4.97% 4.51% 6.43% 33.62%
2.47 35.85 16.64% 5.58% 6.58% 88.49%
1.86 24.79 5.68% 7.97% 15.63% 159.87%
7.50 79.14 20.33% 4.68% 32.65% 170.74%
4.05 41.82 25.28% 4.15% 20.21% 121.25%
1.79 22.74 11.23% 5.03% 5.41% 118.10%
3.45 25.87 20.27% 5.91% 9.88% 139.49%
2.72 20.81 18.81% 2.98% 10.43% 190.86%
2.01 42.27 21.07% 4.88% 12.07% 172.25%
1.48 21.99 15.00% 1.46% 4.79% 170.32%
3.20 372.57 12.06% 4.40% 1.59% 80.70%
3.15 56.02 11.04% 7.37% 4.47% 62.81%
1.73 19.29 12.09% 3.33% 5.43% 179.37%
1.73 66.90 NA 7.95% 12.20% 338.66%
2.71 64.36 8.71% 3.51% 10.00% 102.73%
3.28 24.43 7.79% 1.28% 1.75% 108.77%
2.84 20.10 13.85% 3.50% 9.57% 154.58%
0.73 90.28 13.16% 171.42% 243.22% 2069.68%
3.84 72.60 26.49% 5.68% 22.17% 183.32%
3.09 40.30 -3.42% 0.71% 3.24% 127.62%
4.24 65.64 24.10% 3.35% 7.39% 89.44%
1.60 15.59 79.71% 0.36% 1.05% 126.50%
2.20 38.98 19.76% 4.76% 8.15% 125.06%
3.13 185.89 4.83% 10.77% 8.36% 66.47%
5.37 30.37 14.12% 4.06% 6.58% 52.03%
5.76 26.22 1.62% 3.45% 6.34% 37.48%
0.91 24.85 36.56% 2.26% 3.15% 31.20%
0.95 13.98 8.50% 0.14% 0.15% 4.96%
 1.38 21.60 -21.09% 0.84% 1.07% 15.48%
1.11 24.48 NA 2.61% 2.27% 32.29%
3.00 28.01 22.80% 2.90% 5.97% 66.54%
1.21 24.17 13.14% 17.97% 12.90% 155.09%
3.81 13.86 9.99% 3.03% 6.12% 97.55%
1.49 17.96 3.82% 16.79% 4.09% 279.62%
1.14 18.94 5.97% 68.02% 8.25% NA
1.19 26.55 2.43% 20.24% 23.05% 247.90%
1.42 27.19 10.26% 4.50% 3.25% 53.31%
3.31 32.96 10.07% 4.56% 8.16% 102.91%
3.26 48.08 15.69% 5.41% 2.36% 47.77%
1.60 21.38 10.82% 22.85% 16.68% 130.43%
0.73 12.89 15.07% 29.65% 21.76% 218.15%
1.75 46.12 11.80% 3.64% 0.60% 9.90%
2.06 82.14 55.26% 4.57% -1.32% -3.71%
1.37 327.16 93.27% 8.96% -1.12% NA
1.69 71.62 17.29% 9.41% 21.19% 170.58%
2.22 81.31 12.35% 3.29% 7.51% 115.04%
3.76 34.19 20.87% 5.34% 5.75% 69.80%
0.95 12.16 1.68% 0.59% 2.27% 41.78%
10.48 29.84 1.87% 6.32% 4.19% 45.10%
5.90 16.56 11.13% 2.13% 3.20% 118.88%
14.32 37.89 7.08% 1.84% 0.96% 8.21%
2.80 28.79 17.85% 7.28% 7.43% 121.18%
3.02 22.74 3.94% 2.52% 2.74% 79.97%
4.92 26.88 0.42% 3.22% 1.82% 98.19%
12.74 104.32 0.23% 4.27% 6.44% 221.43%
3.51 28.43 9.63% 2.37% 4.97% 121.89%
1.92 95.30 15.24% 5.59% 5.62% 38.23%
2.98 70.95 20.62% 7.42% 9.30% 63.51%
2.27 241.44 24.95% 13.56% 22.98% 252.95%
1.05 10.75 10.42% 12.37% 6.18% 204.40%
6.59 16.35 21.74% 0.55% 0.56% 10.03%
4.05 25.66 26.34% 2.33% 2.91% -1.24%
4.59 77.74 13.25% 12.53% 19.61% 163.43%
5.17 63.18 11.45% 5.31% 10.06% 62.28%
1.34 52.45 19.69% 2.63% -5.90% NA
1.47 23.02 2.67% 18.28% 3.90% 279.01%
2.56 91.57 18.53% 3.77% 10.39% 71.72%
2.70 60.37 -2.11% 13.77% 10.53% 125.85%
29.94 19.88 14.15% 2.29% 30.04% 124.56%
5.65 23.03 8.08% 5.60% 6.19% 103.21%
2.53 34.20 3.99% 21.96% 14.24% 67.04%
3.03 12.99 4.90% 19.23% 17.01% 258.02%
1.21 5.13 -15.03% 0.10% -30.06% NA
1.83 27.55 6.69% 27.58% 18.81% 143.20%
2.29 20.74 7.12% 33.74% 24.13% 131.19%
 Equity
Dividend Reinvestment
ROE Payout Ratio Rate
25.96% 64.60% 64.60%
20.19% 35.32% 35.32%
44.13% 6.78% 6.78%
14.51% 34.58% 34.58%
14.70% 45.18% 45.18%
21.81% 18.14% 18.14%
9.92% 21.28% 21.28%
9.23% 27.69% 27.69%
13.03% 30.96% 30.96%
21.98% 83.53% 83.53%
11.73% 20.40% 20.40%
7.98% 25.20% 25.20%
12.64% 24.88% 24.88%
10.00% 42.41% 42.41%
19.57% 43.10% 43.10%
-6.25% 0.31% 0.31%
17.72% 43.96% 43.96%
21.79% 29.03% 29.03%
-31.49% 2.89% 2.89%
32.23% 28.33% 28.33%
27.53% 23.51% 23.51%
14.62% 44.48% 44.48%
5.67% 50.08% 50.08%
22.35% 32.02% 32.02%
15.21% 69.18% 69.18%
0.79% 107.34% 107.34%
15.43% 44.32% 44.32%
17.74% 18.02% 18.02%
10.42% 19.95% 19.95%
1.74% 45.54% 45.54%
21.92% 27.51% 27.51%
8.21% 73.90% 73.90%
10.46% 35.85% 35.85%
-1.20% 13.78% 13.78%
17.57% 40.22% 40.22%
11.14% 76.16% 76.16%
13.56% 24.54% 24.54%
-4.06% 2.16% 2.16%
10.33% 42.16% 42.16%
14.57% 17.96% 17.96%
11.79% 9.44% 9.44%
16.01% 5.63% 5.63%
9.98% 110.47% 110.47%
20.35% 42.88% 42.88%
13.46% 91.91% 91.91%
23.78% 23.81% 23.81%
4.67% 27.93% 27.93%
8.68% 27.26% 27.26%
 11.91% 24.36% 24.36%
11.18% 63.04% 63.04%
12.76% 37.58% 37.58%
-23.49% 0.21% 0.21%
29.36% 33.11% 33.11%
5.84% 99.94% 99.94%
-27.53% 0.49% 0.49%
7.52% 225.73% 225.73%
8.26% 51.81% 51.81%
16.99% 35.85% 35.85%
6.34% 113.08% 113.08%
8.55% 68.68% 68.68%
-4.40% 0.24% 0.24%
4.18% 112.88% 112.88%
7.48% 137.82% 137.82%
-1.29% 0.00% 0.00%
1.70% 449.37% 449.37%
13.66% 10.08% 10.08%
11.21% 119.76% 119.76%
6.99% 9.25% 9.25%
31.92% 51.76% 51.76%
33.90% 3.55% 3.55%
45.64% 38.72% 38.72%
14.96% 31.51% 31.51%
15.15% 47.30% 47.30%
26.76% 19.62% 19.62%
15.96% 3.56% 3.56%
19.73% 27.03% 27.03%
0.49% 2.95% 2.95%
15.81% 39.73% 39.73%
6.23% 60.15% 60.15%
26.48% 2.69% 2.69%
25.95% 24.39% 24.39%
12.30% 11.18% 11.18%
9.12% 1.29% 1.29%
11.72% 55.99% 55.99%
-14.11% 0.99% 0.99%
-3.16% 0.20% 0.20%
12.40% 48.16% 48.16%
12.21% 124.64% 124.64%
-17.22% 77.99% 77.99%
20.32% 52.56% 52.56%
18.55% 40.55% 40.55%
22.26% 10.70% 10.70%
0.70% 696.75% 696.75%
9.17% 76.53% 76.53%
9.68% 55.78% 55.78%
 Annual
Average
Revenue
Number of growth - Last Pre-tax Operating
Industry Name firms 5 years Margin After-tax ROC
Advertising 240 9.50% 12.05% 34.40%
Aerospace/Defense 211 8.10% 10.08% 19.98%
Air Transport 160 8.19% 10.52% 9.83%
Apparel 1174 5.87% 11.42% 12.56%
Auto & Truck 125 5.86% 6.33% 6.35%
Auto Parts 632 7.40% 7.09% 10.88%
Bank (Money Center) 598 10.96% 0.07% 0.01%
Banks (Regional) 875 10.86% -0.04% -0.01%
Beverage (Alcoholic) 212 7.24% 20.17% 12.14%
Beverage (Soft) 104 6.44% 14.90% 18.23%
Broadcasting 145 5.42% 17.97% 15.69%
Brokerage & Investment Banking 542 7.81% 0.16% 0.03%
Building Materials 422 5.69% 7.95% 9.68%
Business & Consumer Services 766 8.78% 8.83% 20.39%
Cable TV 66 12.97% 18.03% 13.45%
Chemical (Basic) 735 7.01% 8.50% 7.64%
Chemical (Diversified) 79 5.80% 8.94% 9.57%
Chemical (Specialty) 713 7.91% 11.74% 12.23%
Coal & Related Energy 280 2.34% 6.31% 3.55%
Computer Services 918 6.98% 7.60% 21.34%
Computers/Peripherals 332 2.04% 11.71% 18.37%
Construction Supplies 733 6.75% 6.67% 6.10%
Diversified 361 6.22% 13.38% 9.44%
Drugs (Biotechnology) 831 16.50% 31.50% 17.99%
Drugs (Pharmaceutical) 926 11.52% 20.08% 12.88%
Education 167 5.75% 9.34% 10.24%
Electrical Equipment 822 7.99% 7.33% 10.10%
Electronics (Consumer & Office) 153 -0.74% 5.09% 9.52%
Electronics (General) 1219 4.83% 7.02% 9.41%
Engineering/Construction 1117 6.85% 4.54% 7.66%
Entertainment 350 9.70% 18.05% 20.86%
Environmental & Waste Services 305 10.07% 8.49% 12.01%
Farming/Agriculture 403 8.90% 5.35% 5.83%
Financial Svcs. (Non-bank & Insurance 988 16.49% 7.79% 0.30%
Food Processing 1228 7.62% 8.38% 12.28%
Food Wholesalers 119 7.42% 2.85% 13.59%
Furn/Home Furnishings 303 5.90% 7.86% 14.74%
Green & Renewable Energy 172 20.38% 34.55% 6.69%
Healthcare Products 661 9.99% 16.47% 15.87%
Healthcare Support Services 335 7.32% 4.83% 29.94%
Heathcare Information and Technology 298 12.82% 12.53% 13.17%
Homebuilding 160 8.29% 8.94% 8.13%
Hospitals/Healthcare Facilities 211 12.13% 11.72% 8.03%
Hotel/Gaming 651 10.78% 12.58% 8.51%
Household Products 481 10.83% 15.45% 23.22%
Information Services 186 8.89% 21.99% 34.60%
Insurance (General) 212 11.22% 8.52% 10.24%
Insurance (Life) 122 7.83% 9.53% 12.02%
Insurance (Prop/Cas.) 219 8.51% 11.09% 11.48%
Investments & Asset Management 927 10.18% 24.31% 7.68%
Machinery 1245 6.34% 9.67% 11.86%
Metals & Mining 1518 8.41% 9.19% 7.36%
Office Equipment & Services 151 3.92% 9.77% 15.80%
Oil/Gas (Integrated) 49 3.16% 3.54% 2.73%
Oil/Gas (Production and Exploration) 1029 14.31% 0.97% 0.33%
Oil/Gas Distribution 207 11.81% 10.61% 7.75%
Oilfield Svcs/Equip. 548 8.14% 4.74% 8.47%
Packaging & Container 403 6.07% 8.74% 11.23%
Paper/Forest Products 293 3.18% 7.07% 5.69%
Power 565 9.26% 13.88% 6.65%
Precious Metals 947 19.59% 4.41% 2.18%
Publshing & Newspapers 364 -0.21% 7.66% 9.43%
R.E.I.T. 493 10.11% 30.66% 3.32%
Real Estate (Development) 731 14.91% 18.26% 7.15%
Real Estate (General/Diversified) 428 10.98% 21.37% 5.00%
Real Estate (Operations & Services) 586 8.70% 30.04% 4.99%
Recreation 289 4.47% 11.09% 10.17%
Reinsurance 38 11.55% 10.79% 11.77%
Restaurant/Dining 318 7.69% 10.58% 13.43%
Retail (Automotive) 157 8.39% 4.78% 10.09%
Retail (Building Supply) 51 7.86% 8.91% 14.86%
Retail (Distributors) 882 8.65% 3.57% 4.78%
Retail (General) 221 5.23% 4.44% 8.74%
Retail (Grocery and Food) 172 7.78% 3.11% 6.64%
Retail (Online) 130 21.27% 4.55% 17.91%
Retail (Special Lines) 549 4.67% 6.65% 12.27%
Rubber& Tires 88 2.90% 10.87% 11.68%
Semiconductor 552 2.26% 18.08% 12.55%
Semiconductor Equip 262 5.27% 12.63% 9.88%
Shipbuilding & Marine 337 3.08% 8.00% 4.69%
Shoe 88 7.76% 10.41% 14.98%
Software (Entertainment) 118 1.83% 15.37% 13.30%
Software (Internet) 762 11.63% 20.98% 15.17%
Software (System & Application) 986 10.91% 22.17% 18.63%
Steel 732 2.65% 2.59% 2.28%
Telecom (Wireless) 110 5.56% 13.23% 8.54%
Telecom. Equipment 478 3.66% 12.96% 11.13%
Telecom. Services 292 3.49% 13.43% 10.81%
Tobacco 61 5.81% 27.15% 44.53%
Transportation 222 12.69% 8.23% 10.15%
Transportation (Railroads) 54 4.76% 23.23% 9.58%
Trucking 193 4.35% 7.91% 9.46%
Unclassified 48 10.90% 66.23% 3.85%
Utility (General) 57 1.04% 10.19% 7.03%
Utility (Water) 96 12.52% 25.70% 7.13%
 Average Equity
effective tax Unlevered (Levered) Std deviation Pre-tax cost of Market
rate Beta Beta Cost of equity in stock prices debt Debt/Capital
28.07% 0.96 1.11 10.54% 56.26% 5.10% 22.51%
28.02% 1.05 1.18 11.05% 47.55% 4.60% 18.76%
20.14% 0.61 0.96 9.41% 39.84% 4.60% 44.95%
26.43% 0.79 0.89 8.90% 50.71% 5.10% 19.40%
26.00% 0.83 1.25 11.61% 42.42% 4.60% 44.94%
26.69% 1.21 1.31 12.00% 46.23% 4.60% 18.42%
23.69% 0.36 0.94 9.28% 30.16% 4.60% 74.21%
28.04% 0.47 0.60 6.76% 29.35% 4.60% 55.00%
23.11% 0.75 0.85 8.59% 41.27% 4.60% 16.65%
28.00% 0.92 1.06 10.17% 38.43% 4.60% 19.07%
30.11% 0.89 1.18 11.09% 43.59% 4.60% 31.64%
24.57% 0.44 1.05 10.11% 48.94% 4.60% 68.16%
30.95% 0.86 1.01 9.78% 44.26% 4.60% 24.60%
30.91% 0.87 1.00 9.70% 47.26% 4.60% 21.45%
30.94% 0.80 1.11 10.50% 37.52% 4.60% 32.68%
20.46% 0.94 1.11 10.56% 46.05% 4.60% 25.27%
27.43% 1.08 1.35 12.35% 40.55% 4.60% 29.15%
22.21% 1.03 1.18 11.04% 47.83% 4.60% 20.47%
25.94% 0.95 1.40 12.72% 69.05% 5.60% 41.99%
25.53% 0.95 1.02 9.85% 48.82% 4.60% 15.73%
23.94% 1.27 1.32 12.14% 50.01% 5.10% 16.38%
25.12% 0.89 1.14 10.78% 43.43% 4.60% 33.26%
24.91% 0.70 1.01 9.82% 35.84% 4.60% 40.37%
20.18% 1.21 1.27 11.76% 78.04% 5.60% 11.19%
21.15% 1.02 1.10 10.45% 54.45% 5.10% 12.45%
29.19% 0.92 1.05 10.13% 50.68% 5.10% 25.72%
24.46% 1.09 1.19 11.12% 51.61% 5.10% 17.98%
23.68% 1.18 1.29 11.87% 53.55% 5.10% 27.53%
22.10% 1.24 1.27 11.74% 50.23% 5.10% 15.93%
27.32% 0.90 1.20 11.17% 46.67% 4.60% 42.32%
27.77% 1.06 1.22 11.33% 55.77% 5.10% 19.99%
27.11% 1.11 1.33 12.19% 59.81% 5.10% 22.81%
26.71% 0.76 1.01 9.79% 44.87% 4.60% 31.65%
27.60% 0.10 0.73 7.68% 40.41% 4.60% 89.47%
23.22% 0.72 0.82 8.40% 40.10% 4.60% 19.30%
26.96% 0.49 0.71 7.52% 41.38% 4.60% 41.29%
19.08% 1.03 1.04 9.99% 45.68% 4.60% 14.25%
18.29% 0.72 1.17 10.96% 52.30% 5.10% 42.88%
24.99% 0.93 1.02 9.90% 57.36% 5.10% 15.17%
37.86% 0.98 1.15 10.80% 49.48% 4.60% 23.02%
17.75% 0.98 1.09 10.38% 60.83% 5.10% 14.06%
28.70% 0.93 1.16 10.94% 39.93% 4.60% 31.47%
22.78% 0.42 0.67 7.26% 35.73% 4.60% 42.28%
15.99% 0.73 0.93 9.16% 45.30% 4.60% 30.18%
29.76% 0.96 1.04 10.00% 49.86% 4.60% 12.09%
28.06% 1.04 1.13 10.69% 48.17% 4.60% 13.92%
25.01% 0.71 0.79 8.13% 32.81% 4.60% 28.56%
26.57% 1.30 1.09 10.39% 31.95% 4.60% 38.13%
24.31% 0.57 0.63 6.99% 32.24% 4.60% 22.90%
17.80% 0.62 0.90 8.95% 44.62% 4.60% 42.85%
28.03% 1.14 1.21 11.32% 46.43% 4.60% 16.82%
38.77% 0.98 1.48 13.31% 79.44% 5.60% 40.36%
32.47% 0.88 1.02 9.85% 46.53% 4.60% 24.60%
39.97% 1.35 1.70 14.97% 37.73% 4.60% 32.86%
31.88% 1.13 1.87 16.17% 77.83% 5.60% 43.98%
11.89% 0.85 1.55 13.83% 47.54% 4.60% 48.79%
28.48% 1.25 1.67 14.70% 56.47% 5.10% 33.70%
27.69% 0.61 0.78 8.08% 39.69% 4.60% 29.23%
24.89% 0.71 1.08 10.33% 45.91% 4.60% 41.54%
24.90% 0.54 0.92 9.14% 36.21% 4.60% 49.55%
41.13% 1.11 1.42 12.87% 85.98% 7.60% 30.32%
15.44% 0.92 1.07 10.23% 47.63% 4.60% 21.73%
3.26% 0.43 0.76 7.95% 25.20% 4.60% 45.25%
30.99% 0.78 1.18 11.05% 44.56% 4.60% 48.29%
17.30% 0.76 1.14 10.79% 42.91% 4.60% 43.16%
17.93% 0.56 0.91 9.07% 39.20% 4.60% 45.26%
29.01% 0.97 1.05 10.12% 44.71% 4.60% 18.50%
15.11% 1.02 1.10 10.45% 29.03% 4.60% 20.82%
30.74% 0.67 0.82 8.37% 38.87% 4.60% 24.81%
33.56% 0.74 1.01 9.80% 45.03% 4.60% 35.60%
34.28% 0.78 0.90 8.97% 38.25% 4.60% 18.95%
28.65% 0.61 0.97 9.51% 47.14% 4.60% 48.25%
31.94% 0.87 1.14 10.76% 41.44% 4.60% 33.10%
29.77% 0.58 0.79 8.16% 36.91% 4.60% 38.13%
29.68% 1.39 1.43 12.94% 61.79% 5.10% 8.40%
32.06% 0.84 1.00 9.71% 44.06% 4.60% 25.11%
28.66% 0.93 1.11 10.56% 39.38% 4.60% 26.57%
16.56% 1.48 1.51 13.55% 48.81% 4.60% 12.23%
16.96% 1.45 1.55 13.84% 52.35% 5.10% 19.32%
18.16% 0.78 1.21 11.27% 44.85% 4.60% 45.20%
21.80% 0.94 0.96 9.40% 50.35% 5.10% 8.96%
24.33% 1.59 1.44 13.00% 62.52% 5.10% 6.40%
22.63% 1.34 1.34 12.26% 65.10% 5.60% 4.43%
27.23% 1.19 1.24 11.53% 60.42% 5.10% 9.59%
31.26% 0.72 1.26 11.69% 50.47% 5.10% 51.62%
33.27% 0.85 1.16 10.93% 39.51% 4.60% 35.08%
22.80% 1.22 1.30 11.92% 55.35% 5.10% 15.06%
26.75% 0.64 0.96 9.42% 44.62% 4.60% 39.10%
30.06% 0.81 0.90 9.01% 39.76% 4.60% 15.02%
27.79% 0.89 1.15 10.84% 43.92% 4.60% 33.29%
32.52% 0.79 1.00 9.76% 29.91% 4.60% 28.14%
30.66% 0.65 0.98 9.57% 39.61% 4.60% 44.21%
0.77% 0.61 0.62 6.90% 26.39% 4.60% 6.66%
31.09% 0.51 0.84 8.50% 29.21% 4.60% 47.81%
21.67% 0.71 0.95 9.33% 42.87% 4.60% 33.06%
Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
8.97% 3.42 1.95 10.21 15.47 3.02 36.50
9.58% 2.29 1.48 10.92 14.52 4.10 68.17
6.63% 1.10 1.51 6.89 14.29 2.49 18.72
7.87% 1.30 1.86 10.56 15.74 2.66 56.90
7.84% 1.19 0.94 8.89 14.32 1.44 20.35
10.38% 1.88 0.92 8.08 12.89 1.97 51.21
4.78% 0.11 8.87 NA NA 0.99 15.02
4.81% 0.25 4.44 NA NA 0.97 17.08
7.69% 0.74 3.69 14.11 18.22 3.35 52.21
8.85% 1.41 2.90 14.73 19.45 5.91 35.69
8.60% 1.09 2.55 10.43 14.19 2.38 31.32
5.41% 0.21 6.49 NA NA 1.51 234.53
8.16% 1.51 1.30 10.42 16.15 2.11 41.32
8.31% 2.84 1.51 10.85 16.35 3.69 52.29
8.12% 0.88 3.90 11.53 21.48 5.06 83.14
8.71% 1.07 1.43 9.58 15.63 1.74 56.64
9.69% 1.35 1.16 8.03 12.78 1.96 73.75
9.44% 1.24 1.81 10.43 14.99 2.68 68.40
9.03% 0.60 1.91 9.02 26.20 1.10 258.24
8.81% 3.46 1.12 10.58 14.31 3.68 99.24
10.74% 1.79 1.12 6.59 9.54 2.10 344.79
8.27% 1.09 1.41 10.68 19.72 1.64 49.45
7.15% 0.82 1.73 9.33 12.68 1.22 62.71
10.88% 0.59 8.67 14.92 24.32 7.29 229.52
9.60% 0.73 4.32 14.97 21.62 3.65 67.64
8.44% 1.30 1.70 8.70 17.38 1.90 43.61
9.76% 1.61 1.61 13.12 20.35 2.67 61.44
9.58% 2.03 0.56 6.90 14.69 1.51 561.66
10.44% 1.56 1.19 9.67 16.54 2.01 76.02
7.81% 2.02 0.67 9.17 14.30 1.47 49.18
9.78% 1.28 3.02 11.81 16.19 3.04 140.75
10.22% 1.61 2.04 11.68 23.57 3.09 39.25
7.71% 1.22 1.31 12.24 18.94 2.20 59.54
3.69% 0.05 21.42 158.98 NA 1.35 83.27
7.40% 1.75 1.64 13.34 19.02 2.66 60.59
5.75% 5.77 0.38 8.52 13.13 1.42 29.70
9.03% 2.28 1.23 11.28 15.52 2.62 52.16
7.79% 0.21 6.95 11.21 19.78 1.46 44.36
8.94% 1.06 3.90 15.43 23.17 3.56 111.33
9.06% 7.56 0.65 10.25 13.03 2.77 47.77
9.43% 1.15 3.95 18.06 30.37 4.40 65.61
8.51% 1.15 1.24 10.48 13.35 1.58 18.40
5.55% 0.81 2.63 12.01 22.01 2.48 35.79
7.37% 0.78 2.56 11.66 20.04 2.13 67.65
9.18% 1.77 2.82 14.36 17.99 5.09 64.34
9.65% 1.89 4.42 15.56 20.08 5.58 75.56
6.73% 1.43 0.86 8.16 9.91 1.09 19.60
7.65% 1.54 0.67 6.13 6.75 1.13 16.09
 6.13% 1.26 1.06 8.61 9.51 1.26 17.09
6.49% 0.34 4.64 16.66 16.95 1.24 240.44
9.95% 1.51 1.63 11.60 16.34 2.58 78.91
9.52% 0.83 1.22 6.40 12.61 0.99 73.74
8.22% 2.01 1.27 8.92 12.81 2.81 38.52
11.11% 0.99 0.90 6.40 25.39 0.93 45.04
10.78% 0.36 2.59 5.00 NA 0.95 84.56
8.65% 0.81 2.18 11.75 19.31 1.24 30.33
10.95% 2.03 0.68 7.57 13.76 1.48 42.85
6.66% 1.59 1.43 10.00 15.96 2.52 33.94
7.38% 0.93 1.32 9.33 17.71 1.48 43.80
6.20% 0.58 2.01 8.34 14.39 1.28 24.06
10.58% 0.51 1.97 7.32 41.46 0.99 41.30
8.70% 1.46 1.72 11.13 20.48 2.16 53.22
5.81% 0.11 12.39 21.80 35.74 1.63 56.52
7.27% 0.48 2.76 13.02 14.16 1.07 66.45
7.52% 0.28 3.97 14.07 17.68 0.90 51.69
6.42% 0.19 6.25 16.47 19.60 0.99 44.10
8.84% 1.12 2.17 11.89 18.86 2.86 59.46
8.95% 1.27 0.89 8.02 8.18 1.03 10.60
7.09% 1.61 2.31 12.10 21.56 5.45 33.97
7.46% 2.69 0.82 10.86 17.06 3.33 43.84
7.88% 2.19 1.57 11.79 17.60 6.30 20.47
6.48% 1.64 0.75 11.78 20.00 1.33 107.71
8.27% 2.58 0.75 8.79 16.59 2.25 48.59
6.28% 2.87 0.63 8.38 20.20 2.07 39.46
12.15% 4.58 3.26 33.14 73.08 10.60 80.65
8.08% 2.38 1.19 9.67 17.66 3.35 37.34
8.61% 1.29 1.06 5.93 9.11 1.64 25.39
12.28% 0.78 2.72 8.78 15.08 2.71 76.14
11.86% 0.89 2.23 11.43 17.13 2.31 54.41
7.63% 0.67 1.70 8.81 20.75 1.09 33.20
8.88% 1.80 2.06 13.57 19.00 3.79 31.11
12.40% 0.97 3.58 15.83 20.69 2.84 29.45
11.89% 0.79 6.98 23.33 35.84 5.01 66.17
10.77% 0.95 5.15 16.99 22.58 5.12 108.49
7.50% 1.00 0.82 7.69 28.79 0.81 99.27
8.23% 0.77 2.03 6.30 15.22 1.69 77.40
10.66% 0.97 2.28 12.06 16.32 2.74 227.74
7.00% 0.94 2.16 6.92 15.87 2.01 41.37
8.14% 1.95 4.41 14.47 16.19 10.61 18.21
8.30% 1.55 1.32 9.55 15.90 2.30 32.34
7.92% 0.54 3.09 9.24 13.31 2.24 29.35
6.76% 1.55 1.21 7.93 15.19 2.10 24.18
6.65% 0.06 14.32 16.70 7.16 0.92 307.02
5.97% 0.89 1.48 8.33 14.47 1.43 34.56
7.31% 0.33 5.36 14.09 20.68 2.25 49.63
Non-cash WC Net Cap Ex as Equity
as % of Cap Ex as % % of Reinvestment Dividend Reinvestment
Revenues of Revenues Revenues Rate ROE Payout Ratio Rate
-8.80% 2.30% 6.42% 72.42% 12.10% 44.70% 44.70%
21.11% 3.34% 4.49% 96.18% 12.48% 51.76% 51.76%
-4.24% 10.85% 6.01% 66.14% 18.38% 19.58% 19.58%
24.27% 3.73% 4.04% 65.65% 11.39% 41.97% 41.97%
7.18% 6.93% 6.80% 167.58% 13.01% 28.58% 28.58%
10.18% 6.02% 6.30% 140.28% 12.33% 26.04% 26.04%
NA 4.60% 5.19% 731.31% 10.20% 32.50% 32.50%
NA 5.38% 0.87% NA 8.79% 24.93% 24.93%
11.01% 4.82% 4.32% 35.03% 12.87% 56.51% 56.51%
1.88% 4.39% 5.41% 47.55% 17.62% 79.02% 79.02%
13.42% 3.48% 4.51% 43.10% 7.06% 68.11% 68.11%
NA 3.07% 3.47% -53014.09% 13.54% 26.69% 26.69%
17.78% 4.36% 6.02% 118.51% 7.18% 44.54% 44.54%
9.87% 2.93% 4.68% 90.83% 11.79% 54.26% 54.26%
4.19% 12.61% 18.38% 143.89% 18.67% 37.85% 37.85%
13.58% 5.82% 6.60% 83.65% 8.10% 59.18% 59.18%
17.45% 6.73% 8.63% 134.53% 13.73% 42.74% 42.74%
17.08% 6.83% 9.41% 114.62% 14.20% 41.85% 41.85%
2.80% 12.76% 8.59% 277.38% -3.07% 19.51% 19.51%
13.27% 1.74% 2.55% 56.30% 19.29% 32.62% 32.62%
7.62% 5.23% 6.62% 82.07% 17.15% 26.66% 26.66%
15.04% 5.39% 5.27% 130.79% 6.15% 72.57% 72.57%
-12.80% 5.33% 8.07% 97.52% 9.63% 32.82% 32.82%
22.03% 5.30% 29.25% 173.67% 17.81% 36.28% 36.28%
19.62% 4.21% 22.05% 153.26% 16.40% 51.99% 51.99%
8.65% 5.61% 9.35% 160.25% 3.89% 60.43% 60.43%
23.49% 4.28% 5.24% 121.16% 5.97% 70.42% 70.42%
6.21% 3.61% 5.51% 219.95% 4.23% 52.79% 52.79%
17.73% 5.16% 6.74% 152.90% 10.06% 30.68% 30.68%
11.34% 3.07% 2.96% 131.76% 7.01% 104.03% 104.03%
9.18% 4.60% 2.52% 86.88% 18.39% 35.29% 35.29%
9.37% 6.49% 4.30% 103.84% 2.98% 165.23% 165.23%
20.72% 4.19% 5.26% 148.63% 5.85% 50.98% 50.98%
NA 8.31% 12.04% 238.80% 10.01% 37.25% 37.25%
10.47% 4.60% 6.77% 111.73% 11.93% 44.64% 44.64%
3.87% 1.50% 1.74% 93.57% 7.15% 72.39% 72.39%
8.17% 3.32% 4.99% 59.56% 15.05% 40.11% 40.11%
0.74% 45.94% 41.59% 153.55% 7.94% 77.27% 77.27%
25.92% 5.59% 20.87% 186.54% 9.68% 48.30% 48.30%
-0.24% 1.00% 3.13% 121.14% 12.46% 26.03% 26.03%
23.36% 3.82% 7.74% 99.90% 10.65% 16.13% 16.13%
58.16% 0.80% 0.86% 65.66% 12.35% 20.07% 20.07%
14.22% 5.60% 8.41% 130.16% 10.95% 80.92% 80.92%
-1.70% 8.14% 7.70% 79.28% 11.37% 44.30% 44.30%
9.03% 3.92% 5.08% 46.60% 17.18% 58.30% 58.30%
3.03% 4.71% 7.76% 51.16% 22.44% 25.12% 25.12%
14.59% 1.10% 0.21% 2.66% 7.82% 46.02% 46.02%
-148.87% 0.56% 0.79% 13.05% 11.64% 31.31% 31.31%
 -26.53% 0.68% 1.17% 11.78% 11.06% 27.98% 27.98%
NA 2.21% -0.35% -2.34% 12.37% 47.83% 47.83%
24.67% 3.95% 5.31% 96.72% 9.64% 45.63% 45.63%
8.55% 12.08% 10.96% 164.49% -1.96% 0.76% 0.76%
13.13% 3.38% 4.60% 78.99% 13.89% 34.20% 34.20%
2.63% 13.19% 4.94% 175.97% 2.35% 159.28% 159.28%
3.67% 53.06% 12.38% NA -16.03% 3.41% 3.41%
2.71% 21.48% 22.77% 243.12% 7.53% 179.37% 179.37%
8.27% 4.48% 3.54% 38.53% 3.39% 103.70% 103.70%
14.11% 5.28% 7.63% 118.78% 12.13% 46.23% 46.23%
18.25% 6.60% 4.48% 86.43% 4.50% 76.08% 76.08%
2.41% 17.00% 12.97% 121.26% 8.87% 59.53% 59.53%
11.92% 23.01% 13.00% 1571.07% -7.75% 0.35% 0.35%
8.89% 3.39% 3.07% 49.17% 7.65% 68.81% 68.81%
44.15% 7.31% 7.29% 26.68% 9.21% 82.31% 82.31%
160.48% 3.38% 5.02% 204.09% 12.36% 59.75% 59.75%
78.90% 7.69% 13.12% 93.46% 8.73% 30.68% 30.68%
21.06% 7.80% 15.07% 70.44% 9.16% 29.21% 29.21%
17.37% 6.17% 6.71% 112.36% 9.88% 57.76% 57.76%
-48.41% 0.24% 0.78% 10.53% 10.74% 32.17% 32.17%
-0.47% 5.35% 9.03% 122.65% 19.47% 55.03% 55.03%
9.87% 2.63% 3.34% 121.96% 17.45% 81.92% 81.92%
7.16% 2.10% 1.23% 20.57% 23.76% 37.67% 37.67%
15.33% 3.23% 3.00% 104.43% 6.60% 48.45% 48.45%
0.54% 3.18% 3.04% 107.75% 11.13% 48.33% 48.33%
-2.35% 3.08% 2.70% 113.34% 3.06% 150.70% 150.70%
1.10% 3.74% 6.17% 230.74% 12.64% 6.97% 6.97%
9.23% 2.36% 3.76% 97.77% 15.65% 32.54% 32.54%
20.55% 4.85% 5.01% 59.44% 15.36% 27.56% 27.56%
18.05% 12.29% 13.72% 102.87% 15.73% 38.98% 38.98%
29.08% 9.18% 12.55% 156.90% 9.25% 37.57% 37.57%
1.35% 11.27% 9.06% 139.17% 5.25% 64.11% 64.11%
20.60% 1.84% 1.72% 32.32% 17.28% 43.36% 43.36%
17.25% 3.24% 3.67% 19.67% 9.80% 20.11% 20.11%
8.44% 10.32% 16.07% 122.04% 11.22% 6.65% 6.65%
12.70% 4.62% 10.87% 74.58% 11.84% 52.12% 52.12%
12.80% 5.84% 3.99% 157.54% -3.18% 0.95% 0.95%
-8.65% 20.11% 10.79% 128.62% 6.96% 89.60% 89.60%
20.22% 3.83% 7.57% 88.66% 10.42% 52.18% 52.18%
-1.32% 13.07% 2.69% 35.05% 10.64% 79.94% 79.94%
10.42% 3.10% 15.48% 79.38% 61.71% 66.94% 66.94%
3.48% 4.72% 3.56% 69.08% 12.31% 57.10% 57.10%
-0.41% 17.71% 13.42% 87.00% 13.64% 33.40% 33.40%
8.71% 10.38% 8.83% 162.74% 11.37% 26.38% 26.38%
67.22% 1.16% 0.46% 1.42% 3.40% 60.55% 60.55%
0.12% 12.00% 6.58% 80.39% 3.00% 201.63% 201.63%
7.17% 21.04% 16.48% 96.67% 9.55% 59.51% 59.51%
Country Marginal tax rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra 19.00%
Angola 35.00%
Anguilla 16.67%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 33.99%
Benin 27.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 25.00%
British Virgin Islands 16.67%
Bulgaria 10.00%
Burkina Faso 10.00%
Cambodia 20.00%
Cameroon 20.00%
Canada 26.50%
Cape Verde 26.50%
Cayman Islands 0.00%
Channel Islands 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Congo (Democratic Republic of) 27.85%
Congo (Republic of) 27.85%
Cook Islands 25.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 20.00%
Curaao 27.50%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 24.50%
Dominican Republic 28.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Islands 0.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 33.33%
Georgia 15.00%
Germany 29.58%
Ghana 25.00%
Gibraltar 10.00%
Greece 26.00%
Greenland 26.00%
Guatemala 28.00%
Honduras 30.00%
Hong Kong 30.00%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Ivory Coast 27.85%
Jamaica 25.00%
Japan 35.64%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 30.00%
Kuwait 15.00%
Kyrgyzstan 20.00%
Laos 21.91%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Marshall Islands 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 25.00%
Monaco 30.00%
Mongolia 30.00%
Montenegro 9.00%
Montserrat 20.00%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
Netherlands Antilles 20.00%
New Zealand 28.00%
Nicaragua 27.15%
Niger 27.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 34.00%
Palestinian Authority 20.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 23.00%
Qatar 10.00%
Reunion 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.85%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 27.85%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 30.00%
Sri Lanka 28.00%
St. Maarten 20.00%
St. Vincent & the Grenadines 20.00%
Sudan 35.00%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 27.85%
Trinidad & Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks & Caicos Islands 20.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 21.00%
United States 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Zimbabwe 27.85%

Region Tax Rate

Africa 27.85%
Asia 21.91%
Australia & New Zealand 26.00%
Caribbean 14.92%
Central and South America 27.15%
Eastern Europe & Russia 16.38%
Middle East 19.22%
North America 33.25%
Western Europe 19.68%
Global 23.57%
Country Country Default SpreadERP Marginal tax rate CRP
Abu Dhabi 0.50% 6.50% 55.00% 0.750%
Albania 4.50% 12.50% 15.00% 6.750%
Andorra 0.75% 6.88% 19.00% 1.130%
Angola 3.00% 10.25% 35.00% 4.500%
Anguilla 5.75% 14.37% 16.67% 8.620%
Argentina 7.50% 17.00% 35.00% 11.250%
Armenia 3.00% 10.25% 20.00% 4.500%
Aruba 6.50% 15.50% 28.00% 9.750%
Australia 0.00% 5.75% 30.00% 0.000%
Austria 0.00% 5.75% 25.00% 0.000%
Azerbaijan 2.20% 9.05% 25.00% 3.300%
Bahamas 1.90% 8.60% 0.00% 2.850%
Bahrain 1.90% 8.60% 0.00% 2.850%
Bangladesh 3.60% 11.15% 27.50% 5.400%
Barbados 6.50% 15.50% 25.00% 9.750%
Belarus 6.50% 15.50% 18.00% 9.750%
Belgium 0.60% 6.65% 33.99% 0.900%
Belize 9.00% 19.25% 33.99% 13.500%
Benin 3.99% 11.73% 27.85% 5.980%
Bermuda 0.70% 6.80% 0.00% 1.050%
Bolivia 3.60% 11.15% 25.00% 5.400%
Bosnia and He 6.50% 15.50% 10.00% 9.750%
Botswana 0.85% 7.03% 22.00% 1.275%
Brazil 1.90% 8.60% 25.00% 2.850%
British Virgin 5.75% 14.37% 16.67% 8.620%
Bulgaria 1.90% 8.60% 10.00% 2.850%
Burkina Faso 6.50% 15.50% 10.00% 9.750%
Cambodia 5.50% 14.00% 20.00% 8.250%
Cameroon 5.50% 14.00% 20.00% 8.250%
Canada 0.00% 5.75% 26.50% 0.000%
Cape Verde 5.50% 14.00% 26.50% 8.250%
Cayman Islan 5.50% 14.00% 0.00% 8.250%
Channel Islan 0.75% 6.88% 0.00% 1.130%
Chile 0.60% 6.65% 20.00% 0.900%
China 0.60% 6.65% 25.00% 0.900%
Colombia 1.90% 8.60% 25.00% 2.850%
Congo (Democr 6.50% 15.50% 27.85% 9.750%
Congo (Republ 3.60% 11.15% 27.85% 5.400%
Cook Islands 4.50% 12.50% 25.00% 6.750%
Costa Rica 2.50% 9.50% 30.00% 3.750%
Croatia 2.50% 9.50% 20.00% 3.750%
Cuba 9.00% 19.25% 20.00% 13.500%
Curaao 5.75% 14.37% 27.50% 8.620%
Cyprus 6.50% 15.50% 12.50% 9.750%
Czech Republi 0.70% 6.80% 19.00% 1.050%
Denmark 0.00% 5.75% 24.50% 0.000%
Dominican Re 4.50% 12.50% 28.00% 6.750%
Ecuador 6.50% 15.50% 22.00% 9.750%
Egypt 7.50% 17.00% 25.00% 11.250%
El Salvador 3.60% 11.15% 30.00% 5.400%
Estonia 0.70% 6.80% 21.00% 1.050%
Falkland Islan 2.80% 9.95% 0.00% 4.200%
Fiji 4.50% 12.50% 20.00% 6.750%
Finland 0.00% 5.75% 20.00% 0.000%
France 0.40% 6.35% 33.33% 0.600%
Gabon 3.60% 11.15% 33.33% 5.400%
Georgia 3.60% 11.15% 15.00% 5.400%
Germany 0.00% 5.75% 29.58% 0.000%
Ghana 5.50% 14.00% 25.00% 8.250%
Gibraltar 0.75% 6.88% 10.00% 1.130%
Greece 7.50% 17.00% 26.00% 11.250%
Greenland 0.75% 6.88% 26.00% 1.130%
Guatemala 2.50% 9.50% 28.00% 3.750%
Honduras 6.50% 15.50% 30.00% 9.750%
Hong Kong 0.40% 6.35% 30.00% 0.600%
Hungary 2.50% 9.50% 19.00% 3.750%
Iceland 2.20% 9.05% 20.00% 3.300%
India 2.20% 9.05% 33.99% 3.300%
Indonesia 2.20% 9.05% 25.00% 3.300%
Ireland 1.60% 8.15% 12.50% 2.400%
Isle of Man 0.40% 6.35% 0.00% 0.600%
Israel 0.70% 6.80% 26.50% 1.050%
Italy 1.90% 8.60% 31.40% 2.850%
Ivory Coast 4.50% 12.50% 27.85% 6.750%
Jamaica 10.00% 20.75% 25.00% 15.000%
Japan 0.70% 6.80% 35.64% 1.050%
Jordan 4.50% 12.50% 14.00% 6.750%
Kazakhstan 1.90% 8.60% 20.00% 2.850%
Kenya 4.50% 12.50% 30.00% 6.750%
Korea 0.60% 6.65% 30.00% 0.900%
Kuwait 0.50% 6.50% 15.00% 0.750%
Kyrgyzstan 2.22% 9.08% 20.00% 3.330%
Laos 1.01% 7.26% 21.91% 1.510%
Latvia 1.60% 8.15% 15.00% 2.400%
Lebanon 5.50% 14.00% 15.00% 8.250%
Liechtenstein 0.00% 5.75% 12.50% 0.000%
Lithuania 1.60% 8.15% 15.00% 2.400%
Luxembourg 0.00% 5.75% 29.22% 0.000%
Macau 0.50% 6.50% 12.00% 0.750%
Macedonia 3.60% 11.15% 10.00% 5.400%
Malawi 3.99% 11.73% 30.00% 5.980%
Malaysia 1.20% 7.55% 25.00% 1.800%
Malta 1.20% 7.55% 35.00% 1.800%
Marshall Islan 1.01% 7.26% 0.00% 1.510%
Mauritius 1.60% 8.15% 15.00% 2.400%
Mexico 1.20% 7.55% 30.00% 1.800%
Moldova 6.50% 15.50% 25.00% 9.750%
Monaco 0.00% 5.75% 30.00% 0.000%
Mongolia 5.50% 14.00% 30.00% 8.250%
Montenegro 3.60% 11.15% 9.00% 5.400%
Montserrat 2.20% 9.05% 20.00% 3.300%
Morocco 2.50% 9.50% 30.00% 3.750%
Mozambique 4.50% 12.50% 32.00% 6.750%
Namibia 2.20% 9.05% 33.00% 3.300%
Netherlands 0.00% 5.75% 25.00% 0.000%
Netherlands A 0.00% 5.75% 20.00% 0.000%
New Zealand 0.00% 5.75% 28.00% 0.000%
Nicaragua 6.50% 15.50% 27.15% 9.750%
Niger 3.99% 11.73% 27.85% 5.980%
Nigeria 3.60% 11.15% 30.00% 5.400%
Norway 0.00% 5.75% 27.00% 0.000%
Oman 0.70% 6.80% 12.00% 1.050%
Pakistan 7.50% 17.00% 34.00% 11.250%
Palestinian Au 7.50% 17.00% 20.00% 11.250%
Panama 1.90% 8.60% 25.00% 2.850%
Papua New Gu 4.50% 12.50% 30.00% 6.750%
Paraguay 3.00% 10.25% 10.00% 4.500%
Peru 1.20% 7.55% 30.00% 1.800%
Philippines 1.90% 8.60% 30.00% 2.850%
Poland 0.85% 7.03% 19.00% 1.275%
Portugal 2.50% 9.50% 23.00% 3.750%
Qatar 0.50% 6.50% 10.00% 0.750%
Reunion 0.00% 5.75% 0.00% 0.000%
Romania 2.20% 9.05% 16.00% 3.300%
Russia 1.90% 8.60% 20.00% 2.850%
Rwanda 5.50% 14.00% 27.85% 8.250%
Samoa 5.50% 14.00% 27.00% 8.250%
Saudi Arabia 0.60% 6.65% 20.00% 0.900%
Senegal 4.50% 12.50% 27.85% 6.750%
Serbia 4.50% 12.50% 15.00% 6.750%
Sierra Leone 3.99% 11.73% 30.00% 5.980%
Singapore 0.00% 5.75% 17.00% 0.000%
Slovakia 0.85% 7.03% 22.00% 1.275%
Slovenia 2.50% 9.50% 17.00% 3.750%
South Africa 1.90% 8.60% 28.00% 2.850%
Spain 1.90% 8.60% 30.00% 2.850%
Sri Lanka 4.50% 12.50% 28.00% 6.750%
St. Maarten 1.60% 8.15% 20.00% 2.400%
St. Vincent & 6.50% 15.50% 20.00% 9.750%
Sudan 3.99% 11.73% 35.00% 5.980%
Suriname 3.60% 11.15% 34.50% 5.400%
Sweden 0.00% 5.75% 22.00% 0.000%
Switzerland 0.00% 5.75% 17.92% 0.000%
Taiwan 0.60% 6.65% 17.00% 0.900%
Tanzania 3.99% 11.73% 30.00% 5.980%
Thailand 1.60% 8.15% 20.00% 2.400%
Togo 3.99% 11.73% 27.85% 5.980%
Trinidad & To 1.60% 8.15% 25.00% 2.400%
Tunisia 3.60% 11.15% 25.00% 5.400%
Turkey 2.20% 9.05% 20.00% 3.300%
Turks & Caicos 2.20% 9.05% 20.00% 3.300%
Uganda 4.50% 12.50% 30.00% 6.750%
Ukraine 10.00% 20.75% 18.00% 15.000%
United Arab E 0.50% 6.50% 55.00% 0.750%
United Kingd 0.40% 6.35% 21.00% 0.600%
United States 0.00% 5.75% 40.00% 0.000%
Uruguay 1.90% 8.60% 25.00% 2.850%
Venezuela 7.50% 17.00% 34.00% 11.250%
Vietnam 4.50% 12.50% 22.00% 6.750%
Zambia 4.50% 12.50% 35.00% 6.750%
Zimbabwe 3.99% 11.73% 27.85% 5.980%
Country Marginal tax rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra 19.00%
Angola 35.00%
Anguilla 16.67%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 33.99%
Benin 27.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and He 10.00%
Botswana 22.00%
Brazil 25.00%
British Virgin 16.67%
Bulgaria 10.00%
Burkina Faso 10.00%
Cambodia 20.00%
Cameroon 20.00%
Canada 26.50%
Cape Verde 26.50%
Cayman Islan 0.00%
Channel Islan 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Congo (Democr 27.85%
Congo (Republ 27.85%
Cook Islands 25.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 20.00%
Curaao 27.50%
Cyprus 12.50%
Czech Republi 19.00%
Denmark 24.50%
Dominican Re 28.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Islan 0.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 33.33%
Georgia 15.00%
Germany 29.58%
Ghana 25.00%
Gibraltar 10.00%
Greece 26.00%
Greenland 26.00%
Guatemala 28.00%
Honduras 30.00%
Hong Kong 30.00%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Ivory Coast 27.85%
Jamaica 25.00%
Japan 35.64%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 30.00%
Kuwait 15.00%
Kyrgyzstan 20.00%
Laos 21.91%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Marshall Islan 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 25.00%
Monaco 30.00%
Mongolia 30.00%
Montenegro 9.00%
Montserrat 20.00%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
Netherlands A 20.00%
New Zealand 28.00%
Nicaragua 27.15%
Niger 27.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 34.00%
Palestinian Au 20.00%
Panama 25.00%
Papua New Gu 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 23.00%
Qatar 10.00%
Reunion 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.85%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 27.85%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 30.00%
Sri Lanka 28.00%
St. Maarten 20.00%
St. Vincent & 20.00%
Sudan 35.00%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 27.85%
Trinidad & To 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks & Caicos 20.00%
Uganda 30.00%
Ukraine 18.00%
United Arab E 55.00%
United Kingd 21.00%
United States 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Zimbabwe 27.85%
Country GDP(inbillions) Adj.DefaultSpread
AbuDhabi 390 0.55%
Albania 13.2 4.99%
Andorra(Principalityof) 3.25 2.44%
Angola 138.4 3.33%
Argentina 537.8 8.31%
Armenia 11.6 3.99%
Aruba 2.6 1.77%
Australia 1454.7 0.00%
Austria 436.9 0.00%
Azerbaijan 75.2 2.44%
Bahamas 8.5 2.11%
Bahrain 33.9 2.44%
Bangladesh 172.9 3.99%
Barbados 4.4 7.21%
Belarus 76.1 8.31%
Belgium 531.2 0.67%
Belize 1.7 9.98%
Bermuda 5.557 0.78%
Bolivia 33 3.99%
BosniaandHerzegovina 18.3 7.21%
Botswana 15.8 0.94%
Brazil 2346.1 2.44%
Bulgaria 56.7 2.11%
BurkinaFaso 12.5 7.21%
Cambodia 16.8 6.10%
Cameroon 32.1 6.10%
Canada 1785.4 0.00%
CaymanIslands 3.2 0.67%
CapeVerde 1.9 6.10%
Chile 258.1 0.67%
China 10354.8 0.67%
Colombia 377.7 2.11%
Congo(DemocraticRepubli 33.1 7.21%
Congo(Republicof) 14.2 3.99%
CookIslands 1.2 4.99%
CostaRica 49.6 2.77%
Cted'Ivoire 34.2 3.99%
Croatia 57.1 2.77%
Cuba 77.2 9.98%
Curacao 1 1.33%
Cyprus 23.2 4.99%
CzechRepublic 205.3 0.78%
Denmark 342.4 0.00%
DominicanRepublic 64.1 4.99%
Ecuador 100.9 7.21%
Egypt 286.5 7.21%
ElSalvador 25.2 3.99%
Estonia 26.5 0.78%
Ethiopia 55.6 4.99%
Fiji 4.5 4.99%
Finland 272.2 0.00%
France 2829.2 0.55%
Gabon 18.2 3.99%
Georgia 16.5 3.99%
Germany 3868.3 0.00%
Ghana 38.6 7.21%
Greece 235.6 11.08%
Guatemala 58.8 2.77%
Guernsey(Statesof) 0.5 0.44%
Honduras 19.4 7.21%
HongKong 290.1 0.44%
Hungary 138.4 2.77%
Iceland 17 2.11%
India 2048.5 2.44%
Indonesia 888.5 2.44%
Ireland 250.8 1.77%
IsleofMan 1.4 0.44%
Israel 305.7 0.78%
Italy 2141.2 2.11%
Jamaica 13.9 9.98%
Japan 4601.5 0.78%
Jersey(Statesof) 1 0.44%
Jordan 35.8 4.99%
Kazakhstan 217.9 2.11%
Kenya 60.9 4.99%
Korea 1410.4 0.55%
Kuwait 163.6 0.55%
Latvia 31.3 1.33%
Lebanon 45.7 6.10%
Liechtenstein 10.5 0.00%
Lithuania 48.4 1.33%
Luxembourg 64.9 0.00%
Macao 55.5 0.55%
Macedonia 11.3 3.99%
Malaysia 338.1 1.33%
Malta 9.6 1.33%
Mauritius 12.6 1.77%
Mexico 1294.7 1.33%
Moldova 8 7.21%
Mongolia 12 6.10%
Montenegro 4.6 3.99%
Montserrat 1.5 2.44%
Morocco 110 2.77%
Mozambique 15.9 6.10%
Namibia 13 2.44%
Netherlands 879.3 0.00%
NewZealand 166.1 0.00%
Nicaragua 11.8 6.10%
Nigeria 568.5 3.99%
Norway 499.8 0.00%
Oman 81.8 0.78%
Pakistan 243.6 7.21%
Panama 46.2 2.11%
PapuaNewGuinea 16.9 4.99%
Paraguay 30.9 2.77%
Peru 202.6 1.33%
Philippines 284.8 2.11%
Poland 545 0.94%
Portugal 230.1 2.77%
Qatar 210.1 0.55%
RasAlKhaimah(Emirateo 5.2 0.94%
Romania 199 2.44%
Russia 1860.6 2.77%
Rwanda 7.9 4.99%
SaudiArabia 746.3 0.67%
Senegal 15.7 4.99%
Serbia 43.9 4.99%
Sharjah 1 1.33%
Singapore 307.9 0.00%
Slovakia 100.3 0.94%
Slovenia 49.5 2.44%
SouthAfrica 350.6 2.11%
Spain 1381.3 2.11%
SriLanka 78.8 4.99%
St.Maarten 1.5 1.77%
St.Vincent&theGrenadin 0.713 7.21%
Suriname 5.2 3.99%
Sweden 571.1 0.00%
Switzerland 701 0.00%
Taiwan 970.9 0.67%
Thailand 404.8 1.77%
TrinidadandTobago 28.9 2.11%
Tunisia 48.6 3.99%
Turkey 798.4 2.44%
TurksandCaicosIslands 1.5 1.77%
Uganda 27 4.99%
Ukraine 131.8 11.08%
UnitedArabEmirates 399.5 0.55%
UnitedKingdom 2988.9 0.44%
UnitedStatesofAmerica 17419 0.00%
Uruguay 57.5 2.11%
Venezuela 381.3 11.08%
Vietnam 186.2 4.99%
Zambia 27.1 6.10%

Region Weighted Average: TRP Weighted Average: CRP

Africa 11.76% 5.76%
Asia 7.49% 1.49%
Australia & New Zealand 6.00% 0.00%
Caribbean 14.61% 8.61%
Central and South America 10.42% 4.42%
Eastern Europe & Russia 9.65% 3.65%
Middle East 7.11% 1.11%
North America 6.00% 0.00%
Western Europe 7.16% 1.16%
Global 7.45% 1.45%
TotalRiskPremium CountryRiskPremium CorporateTaxRate Region
6.74% 0.74% 55.00% Middle East
12.71% 6.71% 15.00% Eastern Europe & Russia
9.28% 3.28% 0.00% Western Europe
10.48% 4.48% 30.00% Africa
17.17% 11.17% 35.00% Central and South America
11.37% 5.37% 20.00% Eastern Europe & Russia
8.38% 2.38% 28.00% Caribbean
6.00% 0.00% 30.00% Australia & New Zealand
6.00% 0.00% 25.00% Western Europe
9.28% 3.28% 20.12% Eastern Europe & Russia
8.84% 2.84% 0.00% Caribbean
9.28% 3.28% 0.00% Middle East
11.37% 5.37% 27.50% Asia
15.70% 9.70% 25.00% Caribbean
17.17% 11.17% 18.00% Eastern Europe & Russia
6.90% 0.90% 33.99% Western Europe
19.42% 13.42% 26.85% Central and South America
7.05% 1.05% 0.00% Caribbean
11.37% 5.37% 25.00% Central and South America
15.70% 9.70% 10.00% Eastern Europe & Russia
7.26% 1.26% 22.00% Africa
9.28% 3.28% 34.00% Central and South America
8.84% 2.84% 10.00% Eastern Europe & Russia
15.70% 9.70% 27.92% Africa
14.20% 8.20% 0.00% Asia
14.20% 8.20% 33.00% Africa
6.00% 0.00% 26.50% North America
6.90% 0.90% 0.00% Caribbean
14.20% 8.20% 27.92% Africa
6.90% 0.90% 22.50% Central and South America
6.90% 0.90% 25.00% Asia
8.84% 2.84% 25.00% Central and South America
15.70% 9.70% 27.92% Africa
11.37% 5.37% 27.92% Africa
12.71% 6.71% 27.00% Australia & New Zealand
9.72% 3.72% 30.00% Central and South America
11.37% 5.37% 27.92% Africa
9.72% 3.72% 20.00% Eastern Europe & Russia
19.42% 13.42% 27.35% Caribbean
7.79% 1.79% 25.00% Caribbean
12.71% 6.71% 12.50% Western Europe
 7.05% 1.05% 19.00% Eastern Europe & Russia
6.00% 0.00% 23.50% Western Europe
12.71% 6.71% 27.00% Caribbean
15.70% 9.70% 22.00% Central and South America
15.70% 9.70% 22.50% Africa
11.37% 5.37% 30.00% Central and South America
7.05% 1.05% 20.00% Eastern Europe & Russia
12.71% 6.71% 27.92% Africa
12.71% 6.71% 20.00% Asia
6.00% 0.00% 20.00% Western Europe
6.74% 0.74% 33.33% Western Europe
11.37% 5.37% 27.92% Africa
11.37% 5.37% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.65% Western Europe
15.70% 9.70% 25.00% Africa
20.90% 14.90% 29.00% Western Europe
9.72% 3.72% 25.00% Central and South America
6.59% 0.59% 0.00% Western Europe
15.70% 9.70% 30.00% Central and South America
6.59% 0.59% 16.50% Asia
9.72% 3.72% 19.00% Eastern Europe & Russia
8.84% 2.84% 20.00% Western Europe
9.28% 3.28% 34.61% Asia
9.28% 3.28% 25.00% Asia
8.38% 2.38% 12.50% Western Europe
6.59% 0.59% 0.00% Western Europe
7.05% 1.05% 26.50% Middle East
8.84% 2.84% 31.40% Western Europe
19.42% 13.42% 25.00% Caribbean
7.05% 1.05% 33.06% Asia
6.59% 0.59% 0.00% Western Europe
12.71% 6.71% 20.00% Middle East
8.84% 2.84% 20.00% Eastern Europe & Russia
12.71% 6.71% 30.00% Africa
6.74% 0.74% 24.20% Asia
6.74% 0.74% 15.00% Middle East
7.79% 1.79% 15.00% Eastern Europe & Russia
14.20% 8.20% 15.00% Middle East
6.00% 0.00% 12.50% Western Europe
7.79% 1.79% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.22% Western Europe
6.74% 0.74% 12.00% Asia
11.37% 5.37% 10.00% Eastern Europe & Russia
7.79% 1.79% 25.00% Asia
7.79% 1.79% 35.00% Western Europe
8.38% 2.38% 15.00% Asia
7.79% 1.79% 30.00% Central and South America
15.70% 9.70% 12.00% Eastern Europe & Russia
14.20% 8.20% 21.96% Asia
11.37% 5.37% 9.00% Eastern Europe & Russia
9.28% 3.28% 27.35% Caribbean
9.72% 3.72% 30.00% Africa
14.20% 8.20% 32.00% Africa
9.28% 3.28% 33.00% Africa
6.00% 0.00% 25.00% Western Europe
6.00% 0.00% 28.00% Australia & New Zealand
14.20% 8.20% 26.85% Central and South America
11.37% 5.37% 30.00% Africa
6.00% 0.00% 27.00% Western Europe
7.05% 1.05% 12.00% Middle East
15.70% 9.70% 33.00% Asia
8.84% 2.84% 25.00% Central and South America
12.71% 6.71% 30.00% Asia
9.72% 3.72% 10.00% Central and South America
7.79% 1.79% 28.00% Central and South America
8.84% 2.84% 30.00% Asia
7.26% 1.26% 19.00% Eastern Europe & Russia
9.72% 3.72% 21.00% Western Europe
6.74% 0.74% 10.00% Middle East
7.26% 1.26% 0.00% Middle East
9.28% 3.28% 16.00% Eastern Europe & Russia
9.72% 3.72% 20.00% Eastern Europe & Russia
12.71% 6.71% 27.92% Africa
6.90% 0.90% 20.00% Middle East
12.71% 6.71% 27.92% Africa
12.71% 6.71% 15.00% Eastern Europe & Russia
7.79% 1.79% 0.00% Middle East
6.00% 0.00% 17.00% Asia
7.26% 1.26% 22.00% Eastern Europe & Russia
9.28% 3.28% 17.00% Eastern Europe & Russia
8.84% 2.84% 28.00% Africa
8.84% 2.84% 28.00% Western Europe
12.71% 6.71% 28.00% Asia
8.38% 2.38% 24.50% Caribbean
 15.70% 9.70% 26.85% Caribbean
11.37% 5.37% 34.50% Central and South America
6.00% 0.00% 22.00% Western Europe
6.00% 0.00% 17.92% Western Europe
6.90% 0.90% 17.00% Asia
8.38% 2.38% 20.00% Asia
8.84% 2.84% 25.00% Caribbean
11.37% 5.37% 25.00% Africa
9.28% 3.28% 20.00% Western Europe
8.38% 2.38% 26.85% Caribbean
12.71% 6.71% 30.00% Africa
20.90% 14.90% 18.00% Eastern Europe & Russia
6.74% 0.74% 55.00% Middle East
6.59% 0.59% 20.00% Western Europe
6.00% 0.00% 40.00% North America
8.84% 2.84% 25.00% Central and South America
20.90% 14.90% 34.00% Central and South America
12.71% 6.71% 22.00% Asia
14.20% 8.20% 35.00% Africa

Weighted Average: Default Spreads Tax Rate

4.29% 28.18%
1.11% 26.90%
0.00% 29.79%
6.40% 24.90%
3.29% 31.19%
2.71% 19.04%
0.82% 30.34%
0.00% 38.74%
0.86% 26.80%
1.08% 29.95%
stern Europe & Russia
stern Europe

ntral and South America

stern Europe & Russia

stralia & New Zealand

stern Europe
stern Europe & Russia

stern Europe & Russia

stern Europe
ntral and South America

ntral and South America

stern Europe & Russia

ntral and South America

stern Europe & Russia

rth America

ntral and South America

ntral and South America

stralia & New Zealand

ntral and South America

stern Europe & Russia

stern Europe
stern Europe & Russia
stern Europe

ntral and South America

ntral and South America

stern Europe & Russia

stern Europe
stern Europe

stern Europe & Russia

stern Europe

stern Europe
ntral and South America
stern Europe
ntral and South America

stern Europe & Russia

stern Europe

stern Europe
stern Europe

stern Europe

stern Europe

stern Europe & Russia

stern Europe & Russia

stern Europe
stern Europe & Russia
stern Europe
stern Europe & Russia

stern Europe

ntral and South America

stern Europe & Russia

stern Europe & Russia

stern Europe
stralia & New Zealand
ntral and South America

stern Europe

ntral and South America

ntral and South America

ntral and South America

stern Europe & Russia

stern Europe

stern Europe & Russia

stern Europe & Russia

stern Europe & Russia

stern Europe & Russia

stern Europe & Russia

stern Europe
ntral and South America
stern Europe
stern Europe

stern Europe

stern Europe & Russia

stern Europe
rth America
ntral and South America
ntral and South America
 Last 10K First X months: Last year
Revenues $233,715.00 $132,609.00
R&D expense $8,067.00 $3,813.00
Operating income or EBIT $71,230.00 $42,524.00
Interest expenses $733.00 $294.00
Book value of equity $119,355.00
Book value of debt $64,462.00
Do you have operating lease commitments?
Cash and cross holdings $205,666.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 26.37% 26.18%
Marginal tax rate =
Lease commitments
Year 1 $772.00
Year 2 $774.00
Year 3 $744.00
Year 4 $715.00
Year 5 $674.00
Beyond year 5 $2,592.00
First X months: Current year Trailing 12 month
$126,429.00 $227,535.00
$4,915.00 $9,169.00
$38,158.00 $66,864.00
$597.00 $1,036.00
$130,457.00
$64,462.00

$232,928.00
$0.00
$0.00

26.49%

NA
NA
NA
NA
NA
NA

$75,872.00
$2,404.00
$24,171.00
$276.00
Yes/No Book or Market Value ERP choices Cost of debt Synthetic ratinBeta
Yes B Will input Direct input 1 Direct input
No V Country of incorporation Synthetic ratin 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)
gle Business(US)
gle Business(Global)
ltibusiness(US)
ltibusiness(Global)