Estimation of Current Cost of Capital

Inputs
Company Facebook
Country of incorporation United States
Industry (US) Advertising
Industry (Global) Advertising
Do you have operating leases? Yes
If yes, please enter your commitments below:
Current year's lease expense = $180.00
Lease commitment in year 1 = $156.00
Lease commitment in year 2 = $150.00
Lease commitment in year 3 = $145.00
Lease commitment in year 4 = $143.00
Lease commitment in year 5 = $140.00
Lease commitments beyond year 5 = $600.00

Number of Shares outstanding = 2407.00

Current Market Price per share = $ 37.53

Approach for estimating beta Single Business(Global)

If direct input, enter levered beta (or regression beta 1.20
Unlevered beta = 1.10
Riskfree Rate = 2.50%
What approach do you want to use to input ERP? Operating regions
Direct input for ERP (if you choose "will input" 5.75%
Equity Risk Premium used in cost of equity = 7.13%

Debt
Book Value of Straight Debt = $ 1,000.00
Interest Expense on Debt = $ 56.00
Average Maturity = 3
Approach for estimating pre-tax cost of debt Direct input
If direct input, input the pre-tax cost of debt 3.500%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of company 1
The pre-tax operating income for the company = $1,500.00
Pre-tax Cost of Debt = 3.50%
Approach for estimating marginal tax rate = Will input
If direct input, enter the tax rate 35.00%
Tax Rate = 40%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ 1,127.92

Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Output
Estimating Market Value of Straight Debt = $ 1,058.83
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ 1,127.92
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.11

Equity Debt Preferred Stock

Market Value $ 90,334.71 $ 2,186.75 $ -
Weight in Cost of Capital 97.64% 2.36% 0.00%
Cost of Component 10.43% 2.10% 7.14%
Operating Countries ERP calculator
Country Revenues
Argentina $19.00
France $81.00

Total $100.00
Operating Regions ERP calculator
Region Revenues
Africa $0.00
Asia $56.00
Australia & New Zealand
Caribbean $100.00
Central and South America
Eastern Europe & Russia
Middle East $631.00
North America $374.00
Western Europe $168.00

Total 1329

Multi Business (US Industry Averages)

Business Revenues
Advertising $ 84.00
Entertainment $ 16.00
 Company $ 100.00

Multi Business (Global Industry Averages)

Business Revenues
Advertising $ 84.00
Internet software and services $ 16.00

Capital
$ 92,521.46
100.00%
10.23%

Company $ 100.00
ERP Weight Weighted ERP
17.00% 19.00% 3.23%
6.35% 81.00% 5.14%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
100.00% 8.37%

ERP Weight Weighted ERP

11.73% 0.00% 0.0000%
7.26% 4.21% 0.3059%
5.75% 0.00% 0.0000%
14.37% 7.52% 1.0813%
9.95% 0.00% 0.0000%
9.08% 0.00% 0.0000%
6.85% 47.48% 3.2523%
5.75% 28.14% 1.6181%
6.88% 12.64% 0.8697%

100.00% 7.1274%

EV/Sales Estimated VaUnlevered Beta

1.9458 $ 163.44 0.8264
3.1101 $ 49.76 0.9861
0.0000 $ - 0.0000
0.0000 $ - 0.0000
 0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
$ 213.21 0.8637

EV/Sales Estimated VaUnlevered Beta

1.5086 $ 126.72 1.0965
1.0161 $ 16.26 0.5230
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
$ 142.98 1.0510
 OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.
Inputs
Operatingleaseexpenseincurrentyear= $180.00
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $156.00
2 $150.00
3 $145.00
4 $143.00
5 $140.00
6andbeyond $600.00

Output
PretaxCostofDebt= 3.50% !Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

Numberofyearsembeddedinyr6estimate= 4 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $156.00 $150.72
2 $150.00 $140.03
3 $145.00 $130.78
4 $143.00 $124.62
5 $140.00 $117.88
6andbeyond $150.00 $463.90 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $1,127.92

RestatedFinancials
DepreciationonOperatingLeaseAsset= $125.32
AdjustmenttoOperatingEarnings= $54.68
AdjustmenttoTotalDebtoutstanding= $1,127.92
AdjustmenttoDepreciation= $125.32
seConverter
cells.Pleaseenterthem.

,usethesyntheticratingestimator

eleaseexpenseoverthefirstfiveyears
mberofyearsofexpensesinyr6

vertedintoanannuityfortenyears

!Iusestraightlinedepreciation
!Addthisamounttopretaxoperatingincome
!Addthisamounttodebt
Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm= 1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $1,554.68 (Addbackonlylongterminterestexpensef
Entercurrentinterestexpenses= $95.48 (Useonlylongterminterestexpenseforfina
Enterlongtermriskfreerate= 2.50%
Output
Interestcoverageratio= 16.28
EstimatedBondRating= Aaa/AAA Note: If you get REF! All over the place, set the
EstimatedCompanyDefaultSpread= 0.40% to No, and then reset it to Yes. It should work.
EstimatedCountyDefaultSpread(ifany)= 0.00%
EstimatedCostofDebt= 2.90%

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
> to Ratingis Spreadis
100000 0.199999 D2/D 12.00%
0.2 0.649999 Caa/CCC 10.00%
0.65 0.799999 Ca2/CC 8.00%
0.8 1.249999 C2/C 7.00%
1.25 1.499999 B3/B- 6.00%
1.5 1.749999 B2/B 5.00%
1.75 1.999999 B1/B+ 4.00%
2 2.2499999 Ba2/BB 3.25%
2.25 2.49999 Ba1/BB+ 2.75%
2.5 2.999999 Baa2/BBB 1.75%
3 4.249999 A3/A- 1.20%
4.25 5.499999 A2/A 1.00%
5.5 6.499999 A1/A+ 0.90%
6.5 8.499999 Aa2/AA 0.70%
8.50 100000 Aaa/AAA 0.40%

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D2/D 12.00% Ratingis
0.5 0.799999 Caa/CCC 10.00% A1/A+
0.8 1.249999 Ca2/CC 8.00% A2/A
1.25 1.499999 C2/C 7.00% A3/A-
1.5 1.999999 B3/B- 6.00% Aa2/AA
2 2.499999 B2/B 5.00% Aaa/AAA
2.5 2.999999 B1/B+ 4.00% B1/B+
3 3.499999 Ba2/BB 3.25% B2/B
3.5 3.9999999 Ba1/BB+ 2.75% B3/B-
 4 4.499999 Baa2/BBB 1.75% Ba1/BB+
4.5 5.999999 A3/A- 1.20% Ba2/BB
6 7.499999 A2/A 1.00% Baa2/BBB
7.5 9.499999 A1/A+ 0.90% C2/C
9.5 12.499999 Aa2/AA 0.70% Ca2/CC
12.5 100000 Aaa/AAA 0.40% Caa/CCC
D2/D
ethisspreadsheet.
ationoptionsinexcel)ischecked.

Addbackonlylongterminterestexpenseforfinancialfirms)
Useonlylongterminterestexpenseforfinancialfirms)

et REF! All over the place, set the operating lease commitment question in cell F5
n 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
Number of growth - Last Pre-tax Operating
Industry Name firms 5 years Margin After-tax ROC
Advertising 52 5.44% 11.28% 40.86%
Aerospace/Defense 93 4.07% 12.21% 37.18%
Air Transport 22 10.17% 8.02% 9.50%
Apparel 64 8.20% 12.92% 18.12%
Auto & Truck 22 30.26% 2.49% 3.31%
Auto Parts 75 9.10% 6.75% 18.16%
Bank (Money Center) 13 10.00% -0.24% -0.02%
Banks (Regional) 676 13.45% -0.35% -0.08%
Beverage (Alcoholic) 22 8.49% 21.40% 15.85%
Beverage (Soft) 46 4.72% 18.76% 27.58%
Broadcasting 28 9.56% 23.08% 19.98%
Brokerage & Investment Banking 46 9.78% 0.11% 0.02%
Building Materials 39 8.34% 7.75% 15.41%
Business & Consumer Services 177 4.10% 9.78% 23.95%
Cable TV 18 3.16% 19.12% 17.33%
Chemical (Basic) 46 14.17% 12.10% 18.04%
Chemical (Diversified) 10 7.90% 10.71% 13.66%
Chemical (Specialty) 103 8.73% 14.74% 22.41%
Coal & Related Energy 42 1.20% 0.61% 0.38%
Computer Services 119 13.14% 9.53% 37.39%
Computers/Peripherals 64 4.34% 19.80% 30.98%
Construction Supplies 55 8.98% 10.03% 12.42%
Diversified 23 8.96% 15.16% 7.66%
Drugs (Biotechnology) 400 16.84% 27.47% 13.63%
Drugs (Pharmaceutical) 151 16.29% 24.94% 18.40%
Education 42 3.27% 6.83% 9.97%
Electrical Equipment 126 29.39% 13.15% 29.56%
Electronics (Consumer & Office) 28 2.20% 8.57% 18.29%
Electronics (General) 189 6.13% 9.27% 11.35%
Engineering/Construction 56 5.04% 4.46% 17.79%
Entertainment 84 16.26% 19.56% 30.87%
Environmental & Waste Services 103 16.37% 12.79% 19.53%
Farming/Agriculture 37 17.02% 5.34% 9.72%
Financial Svcs. (Non-bank & Insur 288 12.49% 6.92% 0.19%
Food Processing 96 9.13% 12.01% 26.50%
Food Wholesalers 14 10.72% 3.30% 21.26%
Furn/Home Furnishings 27 6.06% 8.25% 15.30%
Green & Renewable Energy 26 28.92% 15.40% 4.36%
Healthcare Products 261 8.97% 17.11% 16.05%
Healthcare Support Services 138 10.30% 4.55% 37.10%
Heathcare Information and Techno 127 14.92% 12.67% 17.56%
Homebuilding 35 13.29% 10.22% 9.57%
Hospitals/Healthcare Facilities 56 11.57% 12.84% 9.47%
Hotel/Gaming 80 7.46% 15.23% 8.61%
Household Products 135 12.12% 16.51% 30.38%
Information Services 67 6.99% 22.44% 35.97%
Insurance (General) 24 4.83% 14.02% 7.68%
Insurance (Life) 25 4.98% 14.12% 8.73%
Insurance (Prop/Cas.) 52 9.50% 14.71% 11.99%
Investments & Asset Management 148 15.73% 18.56% 6.55%
Machinery 137 6.96% 13.22% 24.16%
Metals & Mining 124 3.76% 16.09% 13.24%
Office Equipment & Services 25 1.72% 9.42% 21.41%
Oil/Gas (Integrated) 8 4.72% 12.25% 15.99%
Oil/Gas (Production and Exploratio 392 26.59% 23.91% 11.84%
Oil/Gas Distribution 85 22.80% 7.41% 10.27%
Oilfield Svcs/Equip. 161 18.31% 6.09% 17.80%
Packaging & Container 26 6.24% 9.88% 19.48%
Paper/Forest Products 22 8.74% 7.95% 13.55%
Power 82 5.74% 16.35% 6.97%
Precious Metals 147 23.22% 6.76% 2.60%
Publshing & Newspapers 43 0.12% 9.44% 14.43%
R.E.I.T. 213 19.18% 20.50% 2.56%
Real Estate (Development) 18 28.52% 12.10% 3.28%
Real Estate (General/Diversified) 11 20.70% 43.52% 19.42%
Real Estate (Operations & Service 52 17.24% 10.25% 18.12%
Recreation 68 4.79% 12.70% 15.60%
Reinsurance 4 26.15% 13.53% 11.82%
Restaurant/Dining 79 6.02% 13.38% 15.09%
Retail (Automotive) 30 9.83% 4.77% 11.27%
Retail (Building Supply) 5 7.40% 9.83% 16.28%
Retail (Distributors) 90 13.32% 9.25% 14.87%
Retail (General) 23 3.67% 4.54% 12.10%
Retail (Grocery and Food) 21 4.11% 2.02% 6.51%
Retail (Online) 46 6.60% 3.99% 17.38%
Retail (Special Lines) 128 6.48% 5.93% 10.93%
Rubber& Tires 4 4.31% 8.89% 21.62%
Semiconductor 100 11.08% 20.90% 13.75%
Semiconductor Equip 47 10.47% 11.52% 9.68%
Shipbuilding & Marine 14 -0.18% 9.43% 6.60%
Shoe 13 11.88% 12.39% 21.65%
Software (Entertainment) 20 1.95% 13.64% 13.80%
Software (Internet) 327 11.52% 20.30% 15.25%
Software (System & Application) 259 15.90% 26.36% 22.64%
Steel 40 6.18% 4.61% 8.04%
Telecom (Wireless) 21 3.51% 1.43% 0.92%
Telecom. Equipment 126 6.91% 18.90% 14.10%
Telecom. Services 77 6.45% 22.48% 25.71%
Tobacco 20 7.49% 40.78% 100.07%
Transportation 21 14.50% 8.23% 19.98%
Transportation (Railroads) 10 10.69% 31.68% 16.35%
Trucking 30 6.70% 9.79% 9.74%
Unclassified 8 2.00% -34.11% -12.18%
Utility (General) 21 0.45% 15.91% 6.62%
Utility (Water) 19 6.87% 30.57% 8.85%
Total Market 7887 0.115385699 0.1125604591 0.0735879734
 Average
effective tax Unlevered Equity Std deviation Pre-tax cost of Market
rate Beta (Levered) Beta Cost of equity in stock prices debt Debt/Capital
33.48% 0.83 1.18 8.96% 51.52% 3.67% 33.61%
28.27% 1.06 1.16 8.84% 50.15% 3.67% 15.93%
16.89% 0.61 0.98 7.80% 53.32% 3.67% 44.91%
28.09% 0.86 0.99 7.88% 56.24% 3.67% 17.17%
6.21% 0.59 1.09 8.47% 43.52% 3.17% 51.44%
25.43% 1.14 1.35 9.92% 53.89% 3.67% 22.27%
30.66% 0.34 0.81 6.81% 39.98% 3.17% 68.62%
27.66% 0.37 0.53 5.20% 37.41% 3.17% 43.72%
25.99% 0.89 1.06 8.24% 55.14% 3.67% 17.95%
24.38% 0.98 1.14 8.71% 61.94% 3.67% 18.73%
31.10% 0.83 1.30 9.62% 62.12% 3.67% 41.54%
27.82% 0.41 1.16 8.84% 44.77% 3.17% 75.22%
23.17% 0.93 1.12 8.59% 43.52% 3.17% 24.38%
35.62% 1.00 1.19 9.03% 52.77% 3.67% 23.32%
34.20% 0.70 0.91 7.42% 52.83% 3.67% 30.94%
32.10% 0.75 0.94 7.55% 50.32% 3.67% 28.73%
25.86% 0.99 1.17 8.91% 41.14% 3.17% 24.92%
27.58% 0.91 1.03 8.07% 51.80% 3.67% 17.60%
0.82% 0.83 1.64 11.61% 74.62% 4.17% 52.47%
20.31% 0.99 1.16 8.84% 59.41% 3.67% 21.61%
25.37% 1.17 1.21 9.13% 66.35% 4.17% 8.65%
29.02% 1.22 1.60 11.37% 47.26% 3.17% 31.22%
21.55% 0.70 1.00 7.91% 32.85% 3.17% 37.84%
20.11% 1.06 1.10 8.52% 93.06% 5.17% 7.82%
19.42% 0.95 1.03 8.08% 75.04% 4.17% 11.83%
29.81% 0.95 1.13 8.65% 70.19% 4.17% 28.28%
31.77% 1.14 1.24 9.29% 65.34% 4.17% 14.43%
25.05% 1.38 1.37 10.06% 56.16% 3.67% 4.24%
26.75% 1.01 1.03 8.08% 69.01% 4.17% 12.81%
34.58% 1.19 1.31 9.69% 47.91% 3.17% 21.45%
29.15% 0.99 1.21 9.10% 58.48% 3.67% 21.58%
42.82% 0.94 1.28 9.56% 65.61% 4.17% 28.86%
31.92% 0.58 0.84 7.02% 41.59% 3.17% 37.68%
28.54% 0.06 0.67 6.01% 38.80% 3.17% 92.35%
30.63% 0.82 0.99 7.88% 42.05% 3.17% 21.39%
36.78% 1.26 1.41 10.29% 35.73% 3.17% 14.60%
21.57% 0.92 1.09 8.44% 54.24% 3.67% 21.02%
24.38% 0.68 1.32 9.76% 53.18% 3.67% 52.37%
25.58% 0.90 0.99 7.86% 64.48% 3.67% 13.54%
38.53% 0.91 1.05 8.23% 46.72% 3.17% 21.05%
22.62% 0.84 0.95 7.63% 70.49% 4.17% 16.49%
31.35% 0.92 1.29 9.57% 53.78% 3.67% 37.80%
22.46% 0.59 0.97 7.76% 43.11% 3.17% 43.05%
18.02% 0.83 1.18 8.96% 49.55% 3.17% 35.33%
27.66% 0.91 1.03 8.08% 61.63% 3.67% 15.89%
30.25% 1.04 1.11 8.58% 42.71% 3.17% 11.75%
26.45% 0.80 1.03 8.09% 35.35% 3.17% 30.09%
26.66% 0.75 1.04 8.16% 34.48% 3.17% 41.60%
28.61% 0.69 0.83 6.94% 36.73% 3.17% 24.76%
15.87% 0.73 1.10 8.48% 41.63% 3.17% 42.55%
28.95% 1.11 1.23 9.22% 46.22% 3.17% 16.97%
33.52% 0.91 1.28 9.54% 74.49% 4.17% 33.64%
32.01% 1.00 1.34 9.89% 49.87% 3.17% 34.16%
37.64% 0.76 0.81 6.81% 33.56% 3.17% 9.96%
41.46% 0.91 1.27 9.45% 71.93% 4.17% 32.51%
17.53% 0.67 0.96 7.71% 43.15% 3.17% 32.32%
28.68% 1.32 1.54 11.04% 65.23% 4.17% 21.65%
26.61% 0.70 0.95 7.62% 31.06% 3.17% 32.70%
19.43% 0.59 0.84 6.97% 44.94% 3.17% 33.78%
30.68% 0.53 0.83 6.94% 29.70% 3.17% 43.10%
44.83% 1.05 1.29 9.61% 93.69% 5.17% 28.98%
18.16% 0.88 1.15 8.77% 50.42% 3.67% 32.15%
2.23% 0.43 0.79 6.69% 31.55% 3.17% 46.95%
69.82% 0.82 1.02 8.04% 43.65% 3.17% 31.23%
20.79% 1.47 1.82 12.63% 45.97% 3.17% 21.61%
22.41% 0.89 1.30 9.66% 50.05% 3.67% 36.44%
23.19% 0.99 1.21 9.14% 50.41% 3.67% 24.03%
30.65% 1.12 1.35 9.91% 21.20% 2.67% 27.32%
32.98% 0.74 0.89 7.30% 44.43% 3.17% 21.80%
36.53% 0.85 1.18 8.93% 48.06% 3.17% 33.42%
37.06% 1.29 1.44 10.46% 50.71% 3.67% 16.29%
35.49% 0.81 1.12 8.58% 52.06% 3.67% 32.43%
34.19% 0.85 1.03 8.10% 46.36% 3.17% 23.88%
35.11% 0.75 1.05 8.20% 51.83% 3.67% 35.95%
22.34% 1.39 1.40 10.19% 70.16% 4.17% 6.99%
35.82% 0.85 1.07 8.35% 51.42% 3.67% 29.30%
23.90% 0.65 1.02 8.04% 49.54% 3.17% 46.74%
21.75% 1.17 1.21 9.15% 57.12% 3.67% 9.71%
20.29% 1.17 1.23 9.26% 60.18% 3.67% 14.99%
16.29% 0.94 1.36 10.00% 71.45% 4.17% 34.90%
24.52% 0.82 0.84 7.01% 40.80% 3.17% 6.84%
12.35% 1.13 1.12 8.58% 69.84% 4.17% 14.75%
35.06% 1.29 1.29 9.57% 72.48% 4.17% 5.29%
22.52% 1.06 1.10 8.52% 61.85% 3.67% 8.84%
30.32% 0.90 1.31 9.72% 52.45% 3.67% 39.04%
21.78% 0.51 1.15 8.78% 53.05% 3.67% 60.69%
19.18% 1.20 1.24 9.32% 62.74% 3.67% 10.49%
31.14% 0.69 1.07 8.31% 55.60% 3.67% 39.55%
32.47% 0.94 1.09 8.41% 41.74% 3.17% 16.49%
35.84% 0.77 0.86 7.10% 42.36% 3.17% 17.38%
36.99% 0.92 1.05 8.19% 30.73% 3.17% 16.81%
39.23% 0.92 1.32 9.78% 48.49% 3.17% 40.00%
29.55% 0.14 0.10 2.77% #DIV/0! #DIV/0! 20.80%
31.27% 0.42 0.59 5.58% 23.02% 2.67% 38.00%
31.71% 0.77 1.09 8.41% 38.21% 3.17% 33.41%
0.2809390479 0.7040359926 1.0641183433 0.0828868047 0.5359783894 0.0367 0.3980888242
Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
6.69% 3.78 1.95 9.76 17.20 5.52 30.35
7.78% 3.57 1.57 10.35 12.93 3.61 31.15
5.28% 1.46 1.78 8.09 22.22 4.00 28.11
6.90% 1.58 2.37 12.39 18.49 4.55 27.82
5.09% 1.38 0.97 14.53 41.13 2.14 15.06
8.20% 3.03 0.83 8.16 12.14 2.73 20.35
3.44% 0.14 8.01 NA NA 1.05 17.26
3.76% 0.27 5.43 NA NA 1.18 47.60
7.16% 0.81 4.60 17.32 21.29 3.35 32.93
7.49% 1.56 3.30 14.26 17.63 5.93 36.74
6.54% 1.06 3.45 10.68 14.96 2.57 24.79
3.62% 0.18 5.85 NA NA 1.29 33.18
6.96% 2.41 1.36 11.81 17.60 3.23 32.83
7.44% 2.82 1.59 10.16 16.03 3.51 91.67
5.81% 1.15 2.85 9.20 14.82 5.67 55.67
6.01% 1.67 1.16 6.48 9.41 1.82 35.40
7.17% 1.65 1.53 9.56 14.24 2.81 18.40
7.04% 1.71 2.38 11.85 16.16 3.99 23.73
6.83% 0.64 1.76 8.91 66.81 1.32 11.40
7.40% 4.38 1.03 8.39 10.79 5.05 21.26
8.56% 1.69 2.45 10.00 12.64 4.50 47.13
8.42% 1.48 1.51 10.34 14.88 3.04 24.73
5.64% 0.59 2.96 14.03 19.46 1.84 22.78
8.10% 0.50 10.80 19.06 36.39 8.62 223.02
7.42% 0.77 4.72 13.58 18.79 4.02 49.13
6.91% 1.66 1.42 7.56 20.14 2.25 1476.10
8.31% 2.39 1.93 10.15 13.74 3.69 28.84
9.73% 2.22 2.09 19.55 28.49 5.70 53.39
7.37% 1.34 1.66 11.02 18.02 2.21 59.06
8.02% 4.65 0.54 7.60 12.08 1.58 26.67
7.61% 1.65 3.11 11.71 15.79 3.54 41.75
7.52% 1.63 2.22 9.97 17.17 3.02 63.61
5.09% 2.01 0.71 9.65 13.28 1.90 30.17
2.22% 0.03 31.67 NA NA 1.83 66.14
6.60% 2.56 1.82 11.91 15.08 3.53 26.87
9.07% 7.45 0.52 11.21 15.60 3.64 29.92
7.13% 2.17 1.28 10.36 15.42 2.95 24.81
5.80% 0.29 9.23 14.32 52.03 1.35 20.98
7.09% 1.00 3.70 14.49 21.06 3.75 76.45
6.90% 9.41 0.61 10.49 13.43 2.84 60.10
6.79% 1.47 3.67 17.57 29.77 4.10 254.40
6.78% 1.14 1.60 14.44 15.59 1.69 22.85
5.24% 0.83 2.70 12.24 21.01 2.77 52.89
6.47% 0.64 3.46 12.97 22.56 3.55 28.37
7.15% 2.05 2.66 12.80 16.13 4.92 67.11
 7.80% 1.95 3.96 14.07 17.69 5.48 50.40
6.23% 0.68 1.56 8.23 11.12 0.89 43.72
5.56% 0.82 1.51 9.79 10.67 1.03 20.03
5.69% 1.05 1.38 8.59 9.37 1.30 17.68
5.68% 0.38 4.94 20.79 24.69 1.19 19.05
7.98% 2.16 1.80 10.46 13.56 3.15 161.09
7.17% 0.84 1.83 6.47 11.12 1.42 25.80
7.16% 2.79 1.21 8.91 12.77 4.25 19.68
6.33% 1.53 1.14 5.90 9.30 1.65 9.47
7.19% 0.53 2.68 5.09 10.87 1.35 29.39
5.84% 1.45 1.93 16.03 25.03 2.23 113.53
9.19% 3.28 0.64 6.92 10.39 1.74 18.40
5.75% 2.41 1.36 9.09 13.78 3.58 26.99
5.26% 1.93 1.19 9.05 14.93 3.11 36.87
4.77% 0.54 2.97 9.89 18.14 1.85 22.03
7.72% 0.39 2.57 6.11 30.13 0.97 17.87
6.66% 1.79 1.61 9.57 17.17 1.74 53.61
4.44% 0.13 12.07 22.67 51.90 2.11 43.45
6.13% 0.29 6.72 27.76 55.29 1.85 147.18
10.31% 0.49 4.18 8.23 9.17 1.82 70.45
6.94% 1.93 2.48 14.86 23.74 2.69 48.96
7.47% 1.38 2.07 10.41 16.36 3.66 32.94
7.64% 1.03 1.07 6.71 7.72 0.98 13.28
6.13% 1.33 2.98 11.86 21.68 7.80 40.53
6.58% 2.91 0.98 12.58 20.53 6.27 19.44
9.12% 2.39 1.74 12.41 17.67 9.59 29.90
6.51% 1.93 1.39 12.23 15.02 3.33 29.24
6.62% 3.39 0.76 9.57 16.57 3.54 27.65
6.04% 4.18 0.56 9.19 27.44 4.20 31.83
9.65% 4.78 2.27 24.51 59.62 8.20 59.46
6.55% 2.32 1.21 9.40 20.41 4.01 35.59
5.17% 2.81 0.74 5.31 8.40 2.59 13.70
8.48% 0.73 3.21 10.29 15.89 3.44 93.00
8.20% 0.90 2.76 12.21 21.57 2.76 48.99
7.38% 0.75 1.90 9.44 19.50 1.58 13.39
6.66% 2.19 2.51 15.17 20.26 5.83 21.88
7.68% 1.03 2.86 13.11 18.19 2.75 48.14
9.19% 0.79 6.32 21.10 33.76 4.15 157.21
7.96% 0.92 4.93 14.32 18.41 4.62 85.73
6.78% 2.03 0.75 8.63 16.14 1.58 52.01
4.79% 0.68 1.81 7.79 120.94 1.32 66.02
8.57% 0.82 3.05 12.01 15.86 2.86 77.37
5.90% 1.30 2.37 6.03 10.53 3.20 32.00
7.34% 2.80 4.99 11.55 12.24 955.60 19.92
6.20% 3.04 1.50 10.64 18.25 6.04 25.11
7.14% 0.66 4.43 10.51 13.98 3.78 25.81
6.63% 1.37 1.63 9.97 16.70 4.35 27.84
#DIV/0! 0.37 3.69 114.72 NA 1.44 18.87
4.07% 0.60 2.83 10.58 17.81 2.08 20.12
6.24% 0.34 5.19 11.38 16.70 2.18 19.81
0.05865641 0.7317306967 2.6023084522 14.728994403 22.796544732 2.5775972659 60.491478147
Non-cash WC Net Cap Ex Equity
as % of Cap Ex as % as % of Reinvestmen Dividend Reinvestmen
Revenues of Revenues Revenues t Rate ROE Payout Ratio t Rate
1.17% 2.74% 1.06% 18.06% 17.92% 72.50% 72.50%
27.80% 2.49% 4.81% 75.91% 24.54% 31.00% 31.00%
4.12% 9.32% 6.08% 90.78% 2.84% 5.10% 5.10%
27.02% 3.18% 5.66% 77.15% 18.48% 26.40% 26.40%
-0.64% 5.93% 6.24% 352.32% 18.61% 35.90% 35.90%
9.40% 3.80% 6.33% 133.17% 15.84% 21.04% 21.04%
NA 1.30% 0.41% NA 8.21% 23.15% 23.15%
NA 6.37% 0.53% NA 8.87% 26.83% 26.83%
22.12% 7.27% 7.03% 42.49% 13.66% 24.49% 24.49%
0.01% 4.53% 4.53% 31.62% 27.88% 55.88% 55.88%
22.82% 3.03% 5.69% 43.92% 18.80% 10.09% 10.09%
NA 1.89% 2.55% -52796.73% 10.38% 15.80% 15.80%
17.33% 3.29% 4.70% 96.89% 14.81% 18.90% 18.90%
14.51% 2.96% 4.64% 90.54% 12.43% 29.90% 29.90%
1.27% 11.90% 2.03% 17.81% 31.43% 21.15% 21.15%
19.65% 6.48% 10.22% 138.25% 14.72% 69.73% 69.73%
23.23% 5.71% 5.59% 88.13% 21.60% 36.27% 36.27%
20.86% 6.08% 10.27% 97.96% 19.22% 28.02% 28.02%
5.56% 13.80% 1.48% -59.99% -6.41% 0.51% 0.51%
11.44% 1.67% 2.81% 53.74% 32.01% 26.40% 26.40%
4.98% 4.35% 7.23% 41.98% 25.04% 27.74% 27.74%
17.17% 5.35% 6.46% 94.09% 19.50% 32.89% 32.89%
2.22% 7.19% 9.81% 92.26% 11.00% 25.83% 25.83%
23.48% 3.72% 22.96% 154.62% 11.94% 22.05% 22.05%
24.69% 3.82% 7.82% 43.76% 17.06% 61.85% 61.85%
10.07% 4.95% 3.56% 125.02% 3.76% 25.14% 25.14%
21.27% 4.07% 7.57% 103.86% 12.61% 49.60% 49.60%
19.46% 2.72% 9.05% 166.49% 12.81% 29.48% 29.48%
21.21% 4.45% 6.96% 119.51% 8.67% 14.55% 14.55%
15.67% 1.71% 4.69% 170.32% 5.27% 13.88% 13.88%
11.08% 3.95% 2.25% 92.21% 17.84% 22.97% 22.97%
14.52% 6.88% 2.60% 40.22% 5.68% 94.98% 94.98%
10.24% 2.64% 4.14% 90.20% 13.54% 26.00% 26.00%
NA 10.39% 11.86% 229.52% -2.23% 9.85% 9.85%
10.76% 3.36% 9.93% 116.12% 18.17% 40.22% 40.22%
7.97% 1.28% 1.81% 105.32% 16.10% 58.20% 58.20%
14.39% 3.87% 5.13% 99.77% 11.62% 26.36% 26.36%
12.07% 124.95% 172.54% 1636.53% 0.31% 2.69% 2.69%
26.46% 5.02% 11.51% 102.72% 11.23% 37.39% 37.39%
-2.46% 0.77% 1.17% 65.41% 12.27% 18.14% 18.14%
23.33% 3.38% 24.49% 276.82% 10.39% 12.54% 12.54%
99.89% 0.60% 5.48% 298.60% 14.34% 6.30% 6.30%
21.73% 4.91% 7.42% 125.37% 10.48% 82.39% 82.39%
6.22% 7.94% 2.98% 19.95% 5.77% 126.86% 126.86%
11.33% 3.94% 5.77% 41.54% 19.31% 59.29% 59.29%
 15.01% 3.08% 5.44% 38.63% 21.66% 22.96% 22.96%
-11.14% 1.70% 3.40% 31.23% 7.39% 17.17% 17.17%
13.43% 0.16% 1.12% 13.37% 10.13% 24.29% 24.29%
-22.25% 0.69% 2.53% 29.08% 12.41% 23.12% 23.12%
NA 1.92% 1.47% 5.51% 13.45% 48.31% 48.31%
22.95% 3.03% 7.41% 88.52% 16.66% 25.36% 25.36%
12.39% 19.89% 10.53% 109.08% 2.15% 261.66% 261.66%
10.42% 3.03% 4.92% 91.56% 27.77% 30.36% 30.36%
2.07% 13.25% 6.64% 97.92% 16.83% 33.65% 33.65%
-2.80% 62.06% 38.34% 249.48% 6.25% 55.40% 55.40%
3.23% 12.96% 13.84% 221.04% 9.57% 158.35% 158.35%
8.92% 3.81% 3.65% 96.05% 14.04% 30.49% 30.49%
11.62% 4.26% 6.99% 91.60% 20.65% 26.28% 26.28%
12.82% 4.87% 1.40% 29.98% 9.94% 61.59% 61.59%
11.56% 21.53% 14.65% 131.27% 9.53% 65.39% 65.39%
30.52% 16.65% -7.73% 27.69% -6.90% 0.26% 0.26%
12.26% 3.88% 7.13% 108.28% 19.97% 20.50% 20.50%
41.25% 4.70% -0.23% 12.02% 7.74% 124.84% 124.84%
26.49% 9.73% 9.04% 198.85% 0.50% 0.00% 0.00%
7.79% 31.22% 30.73% 101.02% 24.65% 1.65% 1.65%
6.66% 3.98% 3.91% 59.17% 16.36% 6.42% 6.42%
20.37% 6.91% 6.77% 85.55% 24.83% 49.53% 49.53%
33.53% 0.79% 0.62% 24.85% 10.89% 6.20% 6.20%
0.78% 6.86% 4.57% 52.82% 32.27% 47.68% 47.68%
9.80% 2.04% 3.87% 147.48% 32.34% 3.49% 3.49%
7.16% 1.76% -0.35% -10.25% 30.36% 38.38% 38.38%
19.65% 6.58% 8.04% 148.83% 16.79% 29.90% 29.90%
4.42% 2.49% 1.88% 67.51% 17.15% 40.23% 40.23%
0.86% 2.61% 2.95% 237.13% 39.05% 13.87% 13.87%
-0.67% 4.76% 7.68% 285.26% 11.91% 20.21% 20.21%
10.36% 2.52% 3.00% 96.65% 15.78% 30.14% 30.14%
13.03% 5.55% 5.58% 88.51% 52.36% 11.62% 11.62%
19.54% 10.97% 14.51% 93.83% 16.11% 38.14% 38.14%
19.93% 11.14% 16.66% 243.55% 5.55% 64.79% 64.79%
9.09% 11.73% 4.31% 68.24% 20.76% 4.33% 4.33%
21.38% 0.57% 0.74% 11.00% 24.09% 25.33% 25.33%
26.09% 2.14% 4.84% 40.47% 7.12% 12.13% 12.13%
14.67% 11.58% 20.28% 180.35% 13.48% 0.62% 0.62%
12.36% 4.50% 13.26% 75.08% 18.77% 37.51% 37.51%
20.85% 3.51% 4.94% 173.87% -13.99% 1.05% 1.05%
4.88% 14.14% -22.20% -1219.78% -4.75% 5.26% 5.26%
16.90% 3.71% 4.91% 32.16% 14.40% 37.39% 37.39%
-3.02% 15.46% 1.94% 6.76% 23.72% 55.02% 55.02%
15.97% 2.60% 2.77% 16.06% -54.14% 81.95% 81.95%
8.28% 4.74% 2.08% 52.77% 24.27% 41.90% 41.90%
2.83% 18.30% 10.30% 50.71% 20.44% 31.26% 31.26%
5.75% 17.15% 14.97% 260.42% 19.36% 10.86% 10.86%
NA 15.60% 18.27% NA -11.89% 0.00% 0.00%
7.16% 23.51% 14.03% 132.75% 11.00% 64.06% 64.06%
6.55% 30.71% 17.96% 91.50% 10.08% 52.85% 52.85%
-0.16621221 0.066826066 0.062067757 0.853003718 0.144883007 0.372225274 0.372225274
 Annual
Average
Revenue Average
Number of growth - Pre-tax Operating After-tax effective tax
Industry Name firms Last 5 years Margin ROC rate
Advertising 253 9.72% 8.86% 28.21% 30.55%
Aerospace/Defense 208 6.91% 10.04% 24.34% 27.54%
Air Transport 158 8.61% 5.22% 5.17% 19.11%
Apparel 1174 10.86% 12.37% 14.95% 25.61%
Auto & Truck 125 10.79% 5.89% 6.47% 23.00%
Auto Parts 632 11.44% 6.85% 11.15% 25.00%
Bank (Money Center) 604 12.92% -0.03% 0.00% 24.29%
Banks (Regional) 911 12.34% -0.17% -0.03% 27.98%
Beverage (Alcoholic) 216 7.37% 19.23% 13.38% 22.00%
Beverage (Soft) 108 4.58% 15.21% 21.84% 25.35%
Broadcasting 138 5.19% 16.54% 15.61% 30.24%
Brokerage & Investment Banking 551 8.50% 0.29% 0.04% 26.12%
Building Materials 432 9.34% 7.40% 9.85% 28.21%
Business & Consumer Services 759 7.87% 8.26% 21.64% 30.08%
Cable TV 64 10.80% 18.63% 15.72% 31.30%
Chemical (Basic) 731 10.24% 9.60% 10.93% 18.39%
Chemical (Diversified) 85 8.76% 8.08% 9.22% 27.77%
Chemical (Specialty) 700 10.47% 10.90% 11.95% 26.02%
Coal & Related Energy 321 18.43% 9.68% 7.36% 23.63%
Computer Services 934 9.21% 7.92% 23.36% 23.77%
Computers/Peripherals 329 4.18% 11.53% 17.59% 23.60%
Construction Supplies 751 7.27% 7.82% 7.93% 24.49%
Diversified 378 8.76% 10.04% 7.85% 17.76%
Drugs (Biotechnology) 782 16.54% 23.93% 12.46% 19.44%
Drugs (Pharmaceutical) 877 12.40% 20.91% 13.90% 20.40%
Education 170 11.53% 9.43% 11.93% 23.90%
Electrical Equipment 838 11.79% 7.51% 11.81% 25.25%
Electronics (Consumer & Office) 151 1.83% 2.94% 4.86% 38.71%
Electronics (General) 1227 6.11% 6.26% 8.61% 24.22%
Engineering/Construction 1148 5.35% 4.58% 8.60% 28.15%
Entertainment 350 7.33% 16.96% 22.91% 29.19%
Environmental & Waste Services 307 9.07% 9.40% 14.39% 35.83%
Farming/Agriculture 408 11.81% 6.00% 8.13% 27.71%
Financial Svcs. (Non-bank & Insur 966 17.40% 8.26% 0.36% 23.16%
Food Processing 1247 8.50% 8.58% 14.22% 26.99%
Food Wholesalers 125 5.22% 3.11% 15.64% 29.36%
Furn/Home Furnishings 303 7.04% 7.62% 16.09% 19.84%
Green & Renewable Energy 167 8.90% 33.92% 8.15% 23.62%
Healthcare Products 642 9.88% 16.17% 15.69% 24.47%
Healthcare Support Services 335 10.58% 4.60% 28.81% 36.36%
Heathcare Information and Techno 285 12.80% 12.13% 15.56% 22.34%
Homebuilding 160 8.42% 8.34% 8.08% 27.66%
Hospitals/Healthcare Facilities 199 11.25% 11.47% 8.13% 19.75%
Hotel/Gaming 665 11.49% 12.27% 9.28% 17.03%
Household Products 465 9.00% 15.11% 23.56% 27.21%
Information Services 185 6.68% 21.74% 35.83% 29.68%
Insurance (General) 233 13.39% 9.34% 14.32% 27.36%
Insurance (Life) 124 14.71% 9.10% 12.13% 24.59%
Insurance (Prop/Cas.) 220 11.15% 11.13% 12.48% 23.11%
Investments & Asset Management 914 11.09% 22.78% 8.21% 15.76%
Machinery 1272 7.29% 9.72% 12.27% 27.17%
Metals & Mining 1589 13.47% 12.05% 11.67% 31.03%
Office Equipment & Services 155 4.05% 7.87% 12.73% 31.08%
Oil/Gas (Integrated) 55 10.45% 9.23% 9.99% 37.73%
Oil/Gas (Production and Exploratio 1140 23.64% 23.49% 11.72% 34.94%
Oil/Gas Distribution 215 15.15% 7.70% 8.39% 17.89%
Oilfield Svcs/Equip. 586 13.00% 4.14% 10.48% 27.30%
Packaging & Container 398 8.20% 8.50% 11.72% 25.36%
Paper/Forest Products 303 5.58% 6.35% 5.61% 22.24%
Power 574 11.86% 12.46% 6.80% 24.89%
Precious Metals 1079 33.25% 5.32% 2.64% 41.95%
Publshing & Newspapers 373 0.67% 8.47% 10.71% 18.18%
R.E.I.T. 482 13.47% 29.53% 3.32% 2.63%
Real Estate (Development) 703 15.78% 21.57% 9.14% 30.11%
Real Estate (General/Diversified) 449 9.47% 19.85% 4.89% 19.17%
Real Estate (Operations & Service 577 10.19% 30.68% 5.23% 19.41%
Recreation 293 4.14% 10.82% 9.82% 26.92%
Reinsurance 40 14.08% 12.50% 14.99% 11.50%
Restaurant/Dining 306 6.71% 9.65% 12.01% 31.32%
Retail (Automotive) 149 9.64% 4.30% 9.99% 32.98%
Retail (Building Supply) 50 7.99% 8.10% 11.71% 35.68%
Retail (Distributors) 889 9.42% 3.78% 6.18% 27.60%
Retail (General) 231 8.82% 4.17% 9.01% 32.62%
Retail (Grocery and Food) 180 10.24% 3.15% 7.30% 28.84%
Retail (Online) 115 19.34% 4.34% 17.10% 26.29%
Retail (Special Lines) 540 5.69% 6.29% 11.13% 32.67%
Rubber& Tires 89 8.87% 10.96% 12.44% 32.30%
Semiconductor 564 8.27% 17.56% 12.65% 17.85%
Semiconductor Equip 259 12.60% 10.95% 8.54% 18.24%
Shipbuilding & Marine 354 3.18% 7.80% 4.65% 26.44%
Shoe 95 9.66% 9.80% 14.71% 23.66%
Software (Entertainment) 119 0.74% 12.62% 9.82% 30.54%
Software (Internet) 759 10.80% 20.41% 17.14% 32.81%
Software (System & Application) 991 9.53% 23.80% 21.97% 23.04%
Steel 757 5.82% 4.83% 5.22% 29.21%
Telecom (Wireless) 117 9.09% 13.50% 9.69% 29.45%
Telecom. Equipment 484 5.85% 12.38% 11.52% 19.92%
Telecom. Services 308 5.53% 16.07% 13.64% 27.70%
Tobacco 61 8.38% 28.61% 52.27% 29.24%
Transportation 225 10.45% 8.65% 11.57% 30.04%
Transportation (Railroads) 53 5.05% 21.36% 8.88% 31.36%
Trucking 190 5.42% 7.61% 9.19% 33.70%
Unclassified 33 7.56% 19.38% 6.38% 8.75%
Utility (General) 56 2.00% 9.94% 7.44% 32.69%
Utility (Water) 98 12.98% 26.22% 9.19% 20.05%
Total Market 42410 9.94% 9.05% 5.93% 26.09%
 Equity Std
Unlevered (Levered) Cost of deviation in Pre-tax cost Market Cost of Sales/Capita
Beta Beta equity stock prices of debt Debt/Capital capital l
1.10 1.27 11.31% 56.72% 4.63% 23.31% 9.43% 3.78
0.97 1.08 9.91% 47.90% 4.13% 18.10% 8.64% 2.78
0.64 1.09 9.98% 43.55% 4.13% 49.06% 6.50% 1.16
0.73 0.82 8.06% 51.79% 4.63% 19.89% 7.10% 1.44
0.84 1.28 11.37% 45.05% 4.13% 45.27% 7.53% 1.26
1.15 1.25 11.14% 47.79% 4.13% 20.24% 9.47% 2.01
0.39 1.02 9.52% 35.24% 4.13% 73.39% 4.66% 0.11
0.49 0.66 6.88% 36.79% 4.13% 53.21% 4.76% 0.26
0.69 0.79 7.85% 43.05% 4.13% 18.82% 6.91% 0.84
0.81 0.93 8.86% 42.96% 4.13% 19.20% 7.71% 1.64
1.05 1.35 11.85% 50.58% 4.63% 29.37% 9.32% 1.17
0.45 1.05 9.70% 56.73% 4.63% 67.14% 5.36% 0.17
0.80 0.96 9.06% 47.42% 4.13% 27.13% 7.39% 1.63
0.91 1.05 9.69% 50.70% 4.63% 21.87% 8.28% 3.21
0.71 0.96 9.10% 43.88% 4.13% 32.90% 7.05% 1.02
0.75 0.95 8.99% 46.40% 4.13% 30.25% 7.14% 1.36
1.14 1.42 12.38% 43.73% 4.13% 28.94% 9.64% 1.45
0.92 1.03 9.55% 49.35% 4.13% 19.09% 8.28% 1.32
1.05 1.38 12.08% 72.21% 5.13% 35.06% 9.11% 0.81
0.92 0.99 9.26% 52.97% 4.63% 16.07% 8.29% 3.62
1.13 1.13 10.29% 55.30% 4.63% 11.15% 9.51% 1.78
0.89 1.15 10.46% 48.14% 4.13% 32.34% 8.01% 1.20
0.76 1.08 9.93% 38.88% 4.13% 39.72% 7.13% 0.92
1.12 1.16 10.48% 85.38% 5.63% 7.64% 9.98% 0.53
0.85 0.91 8.68% 55.39% 4.63% 11.43% 8.06% 0.77
1.02 1.14 10.33% 56.66% 4.63% 21.75% 8.79% 1.49
0.99 1.10 10.06% 49.99% 4.13% 21.03% 8.55% 1.81
1.07 1.22 10.91% 52.36% 4.63% 28.81% 8.70% 1.89
1.04 1.08 9.90% 52.45% 4.63% 17.84% 8.72% 1.60
0.89 1.25 11.16% 52.45% 4.63% 44.62% 7.63% 2.25
0.94 1.12 10.22% 59.72% 4.63% 21.67% 8.71% 1.49
1.00 1.27 11.27% 62.88% 4.63% 26.68% 9.12% 1.74
0.64 0.90 8.64% 46.18% 4.13% 37.62% 6.48% 1.55
0.10 0.79 7.82% 45.27% 4.13% 89.52% 3.41% 0.05
0.66 0.77 7.71% 42.50% 4.13% 20.81% 6.71% 2.00
0.54 0.81 7.97% 45.54% 4.13% 44.51% 5.71% 6.08
0.99 1.01 9.42% 49.73% 4.13% 16.71% 8.33% 2.55
0.74 1.20 10.79% 53.45% 4.63% 42.14% 7.61% 0.26
0.90 0.97 9.16% 58.69% 4.63% 12.80% 8.40% 1.07
0.95 1.11 10.15% 47.70% 4.13% 22.93% 8.49% 7.48
1.01 1.14 10.33% 68.43% 5.13% 16.49% 9.22% 1.38
1.01 1.34 11.77% 51.33% 4.63% 36.53% 8.65% 1.21
0.56 0.83 8.15% 41.92% 4.13% 38.34% 6.13% 0.83
0.75 0.94 8.90% 46.98% 4.13% 28.60% 7.18% 0.87
0.91 0.98 9.19% 50.39% 4.63% 12.70% 8.44% 1.82
1.00 1.06 9.78% 51.45% 4.63% 11.71% 9.02% 1.98
0.63 0.72 7.31% 35.05% 4.13% 29.30% 6.01% 1.81
0.94 1.04 9.61% 36.75% 4.13% 32.85% 7.40% 1.66
0.52 0.60 6.45% 37.33% 4.13% 23.97% 5.60% 1.35
0.65 0.89 8.57% 47.25% 4.13% 38.41% 6.39% 0.39
1.06 1.12 10.23% 48.15% 4.13% 17.38% 8.95% 1.55
1.07 1.43 12.45% 79.34% 5.13% 31.87% 9.63% 1.01
0.74 0.91 8.73% 48.07% 4.13% 30.48% 6.95% 1.99
1.17 1.40 12.19% 40.33% 4.13% 27.35% 9.65% 1.45
1.10 1.48 12.82% 73.94% 5.13% 31.98% 9.87% 0.54
0.85 1.23 11.02% 45.55% 4.13% 34.58% 8.21% 1.20
1.05 1.38 12.11% 56.14% 4.63% 33.42% 9.15% 2.96
0.61 0.79 7.84% 44.72% 4.13% 31.57% 6.28% 1.70
0.62 0.96 9.06% 47.03% 4.13% 42.96% 6.41% 1.00
0.51 0.87 8.42% 38.21% 4.13% 49.19% 5.70% 0.66
1.21 1.48 12.80% 95.83% 6.13% 26.22% 10.57% 0.51
0.86 1.02 9.50% 52.04% 4.63% 24.72% 7.95% 1.49
0.45 0.79 7.81% 29.85% 4.13% 44.49% 5.62% 0.11
0.78 1.16 10.52% 48.53% 4.13% 47.42% 6.90% 0.52
0.70 1.08 9.90% 49.50% 4.13% 44.11% 6.81% 0.29
0.55 0.92 8.77% 43.86% 4.13% 47.25% 5.99% 0.20
0.95 1.07 9.82% 49.10% 4.13% 21.63% 8.32% 1.09
1.07 1.21 10.83% 28.34% 4.13% 24.87% 8.85% 1.34
0.70 0.84 8.21% 41.15% 4.13% 24.61% 6.90% 1.58
0.72 0.96 9.05% 43.92% 4.13% 33.74% 6.97% 2.98
0.90 1.03 9.54% 35.64% 4.13% 20.43% 8.18% 2.08
0.58 0.93 8.84% 49.35% 4.13% 48.46% 5.96% 2.02
0.73 0.93 8.84% 40.14% 4.13% 30.82% 7.00% 2.81
0.60 0.85 8.24% 36.41% 4.13% 40.82% 6.06% 3.06
1.40 1.42 12.34% 72.03% 5.13% 8.44% 11.60% 4.44
0.87 1.03 9.57% 47.17% 4.13% 24.59% 7.93% 2.27
0.93 1.13 10.29% 43.79% 4.13% 28.39% 8.19% 1.46
1.23 1.27 11.30% 53.27% 4.63% 11.47% 10.38% 0.80
1.35 1.40 12.25% 57.71% 4.63% 13.47% 11.04% 0.87
0.83 1.26 11.19% 49.49% 4.13% 44.10% 7.53% 0.68
0.84 0.86 8.35% 49.82% 4.13% 10.52% 7.78% 1.87
1.35 1.19 10.72% 68.74% 5.13% 9.48% 10.04% 0.88
1.35 1.34 11.77% 68.76% 5.13% 5.23% 11.34% 0.91
1.10 1.12 10.24% 62.34% 4.63% 8.14% 9.67% 1.03
0.79 1.28 11.34% 54.23% 4.63% 47.34% 7.51% 1.25
0.88 1.17 10.55% 47.57% 4.13% 32.79% 8.04% 0.83
1.15 1.18 10.61% 57.38% 4.63% 11.72% 9.75% 1.05
0.69 1.01 9.44% 50.50% 4.63% 38.63% 7.05% 0.99
0.69 0.77 7.66% 39.03% 4.13% 14.43% 6.97% 2.24
0.70 0.88 8.49% 42.81% 4.13% 31.89% 6.70% 1.69
0.81 1.00 9.36% 32.27% 4.13% 26.24% 7.66% 0.56
0.68 0.96 9.04% 42.00% 4.13% 38.57% 6.67% 1.56
0.61 0.86 8.34% 58.05% 4.63% 36.24% 6.49% 0.36
0.51 0.80 7.90% 32.08% 4.13% 45.72% 5.61% 0.99
0.73 0.98 9.17% 42.62% 4.13% 32.89% 7.11% 0.41
0.71 1.07 9.87% 51.47% 4.63% 44.24% 6.94% 0.76
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.51 9.78 16.21 2.50 63.93 -6.27% 1.84% 1.45%
1.38 10.34 13.98 3.26 36.81 21.11% 3.33% 4.61%
1.41 8.26 26.97 2.30 23.96 -2.40% 9.99% 5.38%
1.73 9.40 13.59 2.27 53.20 23.85% 4.28% 5.78%
0.94 9.19 15.51 1.43 31.16 2.28% 7.09% 6.88%
0.81 7.39 11.71 1.84 43.50 9.91% 5.45% 5.64%
9.37 NA NA 1.11 22.92 NA 4.31% 4.74%
4.39 NA NA 0.96 37.96 NA 5.51% 2.44%
3.33 12.30 16.58 2.86 34.36 6.81% 5.37% 3.74%
2.63 13.61 17.27 4.66 64.53 1.63% 3.42% 3.07%
2.48 10.59 14.91 2.36 28.73 12.92% 3.45% 2.82%
6.96 NA NA 1.74 248.96 NA 2.63% 2.37%
1.11 9.32 14.78 1.75 41.88 17.10% 3.85% 4.16%
1.31 10.13 15.57 3.17 44.50 9.45% 2.78% 3.58%
3.56 10.92 19.07 5.79 116.12 13.48% 12.50% 2.74%
1.07 7.02 10.38 1.45 78.15 13.42% 5.40% 5.60%
1.12 8.46 13.61 1.91 26.74 19.55% 5.92% 6.00%
1.74 10.87 15.79 2.58 34.22 17.46% 7.00% 8.14%
1.72 8.55 16.48 1.30 70.52 2.45% 13.39% 11.19%
1.03 9.56 12.73 3.44 54.59 12.19% 1.72% 2.12%
1.30 7.90 11.26 2.51 76.74 8.56% 4.89% 5.84%
1.37 10.07 16.74 1.68 36.16 16.27% 5.31% 5.18%
1.69 11.27 16.46 1.34 26.92 4.59% 5.82% 6.10%
10.12 19.75 38.97 7.84 108.44 24.61% 4.44% 21.34%
3.93 13.61 18.69 3.72 81.26 19.49% 4.36% 7.66%
1.86 9.42 18.98 2.21 310.11 8.41% 5.37% 6.15%
1.31 11.22 16.76 2.23 333.33 22.32% 3.73% 4.81%
0.52 6.99 15.49 1.47 34.90 6.87% 3.02% 2.79%
1.07 9.07 16.71 1.78 54.19 18.48% 4.97% 5.43%
0.67 9.17 14.19 1.48 103.83 11.67% 3.10% 3.29%
2.98 11.79 17.14 3.29 213.79 10.39% 4.13% 2.65%
1.72 10.23 17.89 2.61 41.23 11.30% 5.89% 2.94%
0.93 10.71 15.17 1.59 31.29 18.82% 3.80% 4.68%
19.48 155.86 NA 1.30 111.52 NA 7.38% 8.26%
1.43 11.81 16.48 2.69 159.96 10.81% 4.50% 6.98%
0.37 7.71 11.87 1.25 63.69 2.97% 1.60% 1.62%
0.97 9.24 12.52 2.29 48.17 10.44% 3.06% 3.64%
6.20 10.84 18.03 1.54 45.99 0.85% 35.95% 30.40%
3.51 14.49 21.03 3.70 60.77 25.74% 5.14% 12.28%
0.63 10.23 13.52 2.49 52.08 0.46% 1.02% 1.58%
3.38 16.46 28.13 3.93 123.00 22.23% 3.63% 19.35%
1.19 10.40 13.85 1.36 35.82 66.89% 0.81% 2.14%
2.83 13.23 24.14 2.88 71.58 13.28% 5.94% 7.58%
2.50 11.74 19.98 2.29 50.53 -0.80% 7.01% 4.76%
2.56 13.28 16.84 4.26 63.65 10.14% 4.09% 5.50%
3.78 13.72 17.35 5.23 35.14 13.85% 3.05% 4.95%
0.81 7.10 8.37 1.07 20.45 4.37% 0.79% 1.24%
0.96 9.82 10.58 1.35 29.73 4.75% 0.62% 0.81%
 1.02 8.51 9.05 1.22 16.13 -25.63% 0.65% 1.33%
4.69 16.33 17.97 1.27 131.39 NA 2.02% -3.05%
1.49 10.83 15.07 2.35 54.58 23.46% 3.84% 5.36%
1.37 6.81 11.10 1.28 65.71 9.89% 12.96% 9.89%
1.11 8.47 13.99 2.36 203.75 12.95% 3.54% 4.33%
0.76 4.60 8.19 1.03 15.01 3.33% 11.35% 6.09%
2.42 4.83 10.04 1.20 52.25 -0.33% 51.05% 34.14%
2.01 15.65 25.12 2.12 90.52 3.09% 14.79% 14.60%
0.55 7.76 13.01 1.45 607.04 7.98% 3.57% 3.08%
1.20 8.74 14.03 2.21 36.73 14.10% 5.30% 6.47%
1.19 9.18 18.37 1.29 66.53 16.69% 6.33% 4.06%
1.94 8.65 15.49 1.29 37.79 2.60% 15.91% 11.55%
2.26 7.63 39.22 1.08 1831.07 13.94% 24.80% 13.37%
1.63 9.61 16.88 1.93 37.64 8.34% 3.41% 4.51%
12.62 22.80 37.39 1.69 32.40 34.80% 8.80% 10.10%
2.69 11.38 12.08 1.00 49.76 164.65% 4.02% 6.75%
3.92 14.41 19.07 0.92 76.83 78.65% 6.64% 6.88%
6.26 15.88 18.79 0.98 35.02 20.35% 7.30% 9.65%
1.97 10.71 17.41 2.57 56.72 17.62% 5.56% 5.22%
0.81 6.52 6.46 0.91 11.14 -41.98% 0.14% 0.24%
2.11 11.48 21.29 5.19 44.75 -1.17% 5.52% 4.12%
0.81 11.72 18.74 3.57 88.65 8.36% 2.65% 3.73%
1.41 11.04 17.37 4.84 30.55 7.26% 2.03% 0.32%
0.67 11.52 17.32 1.27 218.46 14.11% 2.76% 3.12%
0.76 9.30 17.88 2.32 31.22 0.93% 3.11% 2.53%
0.61 8.05 19.38 1.81 33.03 -3.53% 3.13% 4.41%
2.19 23.72 52.08 7.47 73.15 0.21% 4.38% 7.12%
1.22 9.90 19.21 3.45 28.68 9.75% 2.41% 2.69%
0.96 5.84 8.65 1.66 19.62 19.58% 4.98% 4.47%
2.81 9.48 16.21 2.96 50.00 18.02% 13.58% 16.75%
2.70 13.80 23.01 2.75 41.77 27.30% 7.56% 9.24%
1.76 9.50 22.06 1.22 45.15 0.03% 12.34% 9.29%
1.79 12.99 18.24 3.35 25.52 20.69% 1.71% 1.68%
2.40 10.25 15.44 2.09 52.54 17.88% 3.37% 4.80%
6.18 20.73 31.86 4.55 145.13 7.59% 9.95% 16.70%
4.49 14.24 18.27 4.41 69.26 12.98% 4.02% 11.30%
0.78 7.47 15.36 0.94 47.45 13.06% 5.68% 5.83%
2.00 6.42 14.71 1.74 24.46 -6.98% 17.84% 9.05%
2.20 12.08 16.62 2.73 107.83 17.13% 3.14% 4.11%
2.02 5.91 12.45 1.95 29.53 -0.65% 13.55% 0.83%
3.68 11.59 12.85 10.80 25.41 16.90% 3.26% 2.02%
1.32 9.31 15.20 2.36 29.78 3.37% 4.15% 1.78%
3.29 10.32 15.47 2.52 25.95 -0.04% 15.76% 12.02%
1.15 8.21 14.94 2.33 29.56 4.80% 9.69% 8.13%
6.89 14.41 22.92 2.36 89.48 -118.42% 10.36% 16.10%
1.41 8.29 14.14 1.45 28.99 0.86% 11.37% 6.17%
4.95 12.83 18.60 2.15 51.54 6.25% 19.01% 13.73%
2.00 12.54 20.24 1.78 90.60 -93.99% 6.60% 5.65%
 Equity
Reinvestme Dividend Reinvestmen
nt Rate ROE Payout Ratio t Rate
37.84% 10.21% 51.39% 51.39%
94.37% 21.05% 32.53% 32.53%
125.07% 11.09% 32.69% 32.69%
84.82% 12.07% 43.21% 43.21%
163.55% 14.68% 29.62% 29.62%
121.45% 13.32% 22.84% 22.84%
NA 10.26% 36.72% 36.72%
NA 8.55% 23.45% 23.45%
33.29% 14.10% 54.73% 54.73%
-34.69% 20.79% 58.13% 58.13%
32.76% 8.64% 55.67% 55.67%
-2315.77% 9.01% 27.72% 27.72%
93.55% 8.50% 39.47% 39.47%
73.12% 15.21% 65.48% 65.48%
24.61% 23.75% 29.91% 29.91%
98.60% 8.91% 62.94% 62.94%
109.21% 12.43% 46.56% 46.56%
109.07% 12.32% 47.61% 47.61%
188.42% 4.50% 117.15% 117.15%
54.14% 19.68% 31.39% 31.39%
62.73% 18.26% 26.45% 26.45%
126.20% 8.90% 54.25% 54.25%
81.22% 10.75% 29.93% 29.93%
162.34% 10.58% 29.31% 29.31%
54.54% 15.00% 61.73% 61.73%
120.91% 6.10% 62.79% 62.79%
100.25% 7.76% 57.16% 57.16%
121.27% 2.35% 101.58% 101.58%
153.81% 9.11% 31.53% 31.53%
151.49% 7.62% 67.19% 67.19%
94.50% 15.25% 25.94% 25.94%
65.52% 5.93% 86.61% 86.61%
119.21% 9.68% 37.77% 37.77%
158.19% 24.84% 333.91% 333.91%
115.19% 12.64% 51.45% 51.45%
90.90% 10.68% 50.99% 50.99%
50.87% 15.35% 37.28% 37.28%
120.06% 7.80% 87.40% 87.40%
114.37% 11.45% 38.96% 38.96%
76.34% 11.38% 25.05% 25.05%
227.79% 9.65% 17.60% 17.60%
137.86% 12.17% 19.62% 19.62%
124.55% 12.24% 59.84% 59.84%
48.85% 9.68% 53.66% 53.66%
50.37% 17.59% 54.33% 54.33%
37.13% 22.36% 25.90% 25.90%
8.48% 10.77% 42.41% 42.41%
7.98% 10.95% 31.70% 31.70%
 18.56% 10.69% 30.35% 30.35%
-14.15% 12.25% 45.31% 45.31%
96.20% 11.77% 36.57% 36.57%
134.21% 8.00% 69.85% 69.85%
91.05% 10.97% 37.55% 37.55%
111.94% 11.41% 44.94% 44.94%
213.10% 8.23% 52.89% 52.89%
227.93% 9.15% 138.99% 138.99%
115.35% 9.97% 40.25% 40.25%
104.27% 11.20% 44.73% 44.73%
88.70% 4.52% 73.54% 73.54%
131.00% 8.15% 68.52% 68.52%
548.81% -6.32% 0.76% 0.76%
73.52% 13.40% 37.79% 37.79%
45.31% 10.48% 69.95% 69.95%
185.09% 14.27% 37.86% 37.86%
85.41% 8.94% 26.94% 26.94%
46.25% 8.00% 40.10% 40.10%
73.41% 11.81% 42.07% 42.07%
1.49% 13.66% 27.39% 27.39%
61.18% 19.55% 50.15% 50.15%
134.05% 19.36% 23.19% 23.19%
3.79% 19.41% 37.86% 37.86%
151.25% 9.61% 36.45% 36.45%
99.22% 12.52% 40.62% 40.62%
173.08% 10.18% 59.23% 59.23%
245.73% 11.52% 21.12% 21.12%
84.55% 14.05% 36.01% 36.01%
58.12% 14.55% 29.66% 29.66%
130.50% 14.96% 36.86% 36.86%
134.95% 5.44% 50.43% 50.43%
174.25% 6.54% 54.65% 54.65%
38.92% 15.78% 43.87% 43.87%
35.41% 8.30% 18.47% 18.47%
141.83% 14.78% 7.22% 7.22%
71.24% 17.73% 37.91% 37.91%
179.95% 0.65% 519.88% 519.88%
102.91% 23.02% 28.10% 28.10%
43.57% 13.72% 40.95% 40.95%
9.49% 14.91% 61.31% 61.31%
11.39% 59.64% 70.95% 70.95%
51.33% 13.89% 52.25% 52.25%
81.74% 13.83% 28.44% 28.44%
167.50% 10.51% 26.03% 26.03%
91.09% -7.15% 0.05% 0.05%
87.35% 2.02% 357.99% 357.99%
72.55% 13.69% 55.95% 55.95%
97.23% 11.42% 54.41% 54.41%
Country Country Default Spread ERP 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 Herzegovina 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 Islands 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 Islands 5.50% 14.00% 0.00% 8.250%
Channel Islands 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 (Democratic Republic of) 6.50% 15.50% 27.85% 9.750%
Congo (Republic of) 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 Republic 0.70% 6.80% 19.00% 1.050%
Denmark 0.00% 5.75% 24.50% 0.000%
Dominican Republic 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 Islands 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 Islands 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 Antilles 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 Authority 7.50% 17.00% 20.00% 11.250%
Panama 1.90% 8.60% 25.00% 2.850%
Papua New Guinea 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 & the Grenadines 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 & Tobago 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 Islands 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 Emirates 0.50% 6.50% 55.00% 0.750%
United Kingdom 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%

Region Default Spread ERP Tax Rate

Africa 3.99% 11.73% 27.85%
Asia 1.01% 7.26% 21.91%
Australia & New Zealand 0.00% 5.75% 26.00%
Caribbean 5.75% 14.37% 14.92%
Central and South America 2.80% 9.95% 27.15%
Eastern Europe & Russia 2.22% 9.08% 16.38%
Middle East 0.73% 6.85% 19.22%
North America 0.00% 5.75% 33.25%
Western Europe 0.75% 6.88% 19.68%
Global 1.43% 7.18% 23.57%
Country GDP(inbillions)Adj.DefaultSpread
AbuDhabi 390 0.50%
Albania 12.9 4.50%
Andorra(Principalityof 4.5 1.60%
Angola 124.2 3.00%
Argentina 609.9 7.50%
Armenia 10.4 3.00%
Aruba 2.6 6.50%
Australia 1560.4 0.00%
Austria 428.3 0.00%
Azerbaijan 73.4 2.20%
Bahamas 8.4 1.90%
Bahrain 32.9 1.90%
Bangladesh 150 3.60%
Barbados 3.7 6.50%
Belarus 71.7 6.50%
Belgium 524.8 0.60%
Belize 1.6 9.00%
Bermuda 5.557 0.70%
Bolivia 30.6 3.60%
BosniaandHerzegovina 17.9 6.50%
Botswana 14.8 0.85%
Brazil 2245.7 1.90%
Bulgaria 54.5 1.90%
BurkinaFaso 11.6 6.50%
Cambodia 15.2 5.50%
Cameroon 29.6 5.50%
Canada 1826.8 0.00%
CaymanIslands 1.897 0.60%
CapeVerde 4 5.50%
Chile 277.2 0.60%
China 9240.3 0.60%
Colombia 378.4 1.90%
Congo(DemocraticRepu 32.7 6.50%
Congo(Republicof) 14.1 3.60%
CookIslands 1.2 4.50%
CostaRica 49.6 2.50%
Cted'Ivoire 31.1 4.50%
Croatia 57.9 2.50%
Cuba 60.8 9.00%
Curacao 1 1.20%
Cyprus 21.9 6.50%
CzechRepublic 208.9 0.70%
Denmark 335.9 0.00%
DominicanRepublic 61.2 4.50%
Ecuador 94.5 6.50%
Egypt 272 7.50%
ElSalvador 24.3 3.60%
Estonia 24.9 0.70%
Ethiopia 47.5 4.50%
Fiji 3.9 4.50%
Finland 267.3 0.00%
France 2806.4 0.40%
Gabon 19.3 3.60%
Georgia 16.1 3.60%
Germany 3730.3 0.00%
Ghana 48.1 5.50%
Greece 242.2 7.50%
Guatemala 53.8 2.50%
Guernsey(Statesof) 0.5 0.40%
Honduras 18.6 6.50%
HongKong 274 0.40%
Hungary 133.4 2.50%
Iceland 15.3 2.20%
India 1876.8 2.20%
Indonesia 868.4 2.20%
Ireland 232.1 1.60%
IsleofMan 1.4 0.40%
Israel 290.6 0.70%
Italy 2149.5 1.90%
Jamaica 14.4 10.00%
Japan 4919.6 0.70%
Jersey(Statesof) 1 0.40%
Jordan 33.7 4.50%
Kazakhstan 321.9 1.90%
Kenya 55.2 4.50%
Korea 1304.6 0.60%
Kuwait 175.8 0.50%
Latvia 31 1.60%
Lebanon 44.4 5.50%
Liechtenstein 10.5 0.00%
Lithuania 45.9 1.60%
Luxembourg 60.1 0.00%
Macao 51.8 0.50%
Macedonia 10.2 3.60%
Malaysia 313.2 1.20%
Malta 9.6 1.20%
Mauritius 11.9 1.60%
Mexico 1260.9 1.20%
Moldova 8 6.50%
Mongolia 11.5 5.50%
Montenegro 4.4 3.60%
Montserrat 1.5 2.20%
Morocco 103.8 2.50%
Mozambique 15.6 4.50%
Namibia 13.1 2.20%
Netherlands 853.54 0.00%
NewZealand 185.8 0.00%
Nicaragua 11.3 6.50%
Nigeria 521.8 3.60%
Norway 512.6 0.00%
Oman 80 0.70%
Pakistan 232.3 7.50%
Panama 42.7 1.90%
PapuaNewGuinea 15.3 4.50%
Paraguay 29 3.00%
Peru 202.4 1.20%
Philippines 272.1 1.90%
Poland 525.9 0.85%
Portugal 227.3 2.50%
Qatar 203.2 0.50%
RasAlKhaimah(Emirat 5.2 0.85%
Romania 189.6 2.20%
Russia 2096.8 1.90%
Rwanda 7.5 5.50%
SaudiArabia 748.5 0.60%
Senegal 14.8 4.50%
Serbia 45.5 4.50%
Sharjah 1 1.20%
Singapore 297.9 0.00%
Slovakia 97.7 0.85%
Slovenia 48 2.50%
SouthAfrica 350.6 1.90%
Spain 1393 1.90%
SriLanka 67.2 4.50%
St.Maarten 1.5 1.60%
St.Vincent&theGrena 0.713 6.50%
Suriname 5.3 3.60%
Sweden 579.7 0.00%
Switzerland 685.4 0.00%
Taiwan 970.9 0.60%
Thailand 387.3 1.60%
TrinidadandTobago 24.6 1.60%
Tunisia 47 3.60%
Turkey 822.1 2.20%
TurksandCaicosIsland 1.5 1.60%
Uganda 21.5 4.50%
Ukraine 177.4 10.00%
UnitedArabEmirates 402.3 0.50%
UnitedKingdom 2678.5 0.40%
UnitedStatesofAmeric 16768.4 0.00%
Uruguay 55.7 1.90%
Venezuela 438.3 7.50%
Vietnam 171.4 4.50%
Zambia 26.8 4.50%

Region ERP CRP

Africa 11.73% 5.98%
Asia 7.26% 1.51%
Australia & New Zealand 5.75% 0.00%
Caribbean 14.37% 8.62%
Central and South Americ 9.95% 4.20%
Eastern Europe & Russia 9.08% 3.33%
Middle East 6.85% 1.10%
North America 5.75% 0.00%
Western Europe 6.88% 1.13%
Global 7.18% 1.43%
TotalRiskPremium CountryRiskPremium Region
6.50% 0.75% Middle East
12.50% 6.75% Eastern Europe & Russia
8.15% 2.40% Western Europe
10.25% 4.50% Africa
17.00% 11.25% Central and South America
10.25% 4.50% Eastern Europe & Russia
15.50% 9.75% Caribbean
5.75% 0.00% Australia & New Zealand
5.75% 0.00% Western Europe
9.05% 3.30% Eastern Europe & Russia
8.60% 2.85% Caribbean
8.60% 2.85% Middle East
11.15% 5.40% Asia
15.50% 9.75% Caribbean
15.50% 9.75% Eastern Europe & Russia
6.65% 0.90% Western Europe
19.25% 13.50% Central and South America
6.80% 1.05% Caribbean
11.15% 5.40% Central and South America
15.50% 9.75% Eastern Europe & Russia
7.03% 1.28% Africa
8.60% 2.85% Central and South America
8.60% 2.85% Eastern Europe & Russia
15.50% 9.75% Africa
14.00% 8.25% Asia
14.00% 8.25% Africa
5.75% 0.00% North America
6.65% 0.90% Caribbean
14.00% 8.25% Africa
6.65% 0.90% Central and South America
6.65% 0.90% Asia
8.60% 2.85% Central and South America
15.50% 9.75% Africa
11.15% 5.40% Africa
12.50% 6.75% Australia & New Zealand
9.50% 3.75% Central and South America
12.50% 6.75% Africa
9.50% 3.75% Eastern Europe & Russia
19.25% 13.50% Caribbean
7.55% 1.80% Caribbean
15.50% 9.75% Western Europe
6.80% 1.05% Eastern Europe & Russia
5.75% 0.00% Western Europe
12.50% 6.75% Caribbean
15.50% 9.75% Central and South America
17.00% 11.25% Africa
11.15% 5.40% Central and South America
6.80% 1.05% Eastern Europe & Russia
12.50% 6.75% Africa
12.50% 6.75% Asia
5.75% 0.00% Western Europe
6.35% 0.60% Western Europe
11.15% 5.40% Africa
11.15% 5.40% Eastern Europe & Russia
5.75% 0.00% Western Europe
14.00% 8.25% Africa
17.00% 11.25% Western Europe
9.50% 3.75% Central and South America
6.35% 0.60% Western Europe
15.50% 9.75% Central and South America
6.35% 0.60% Asia
9.50% 3.75% Eastern Europe & Russia
9.05% 3.30% Western Europe
9.05% 3.30% Asia
9.05% 3.30% Asia
8.15% 2.40% Western Europe
6.35% 0.60% Western Europe
6.80% 1.05% Middle East
8.60% 2.85% Western Europe
20.75% 15.00% Caribbean
6.80% 1.05% Asia
6.35% 0.60% Western Europe
12.50% 6.75% Middle East
8.60% 2.85% Eastern Europe & Russia
12.50% 6.75% Africa
6.65% 0.90% Asia
6.50% 0.75% Middle East
8.15% 2.40% Eastern Europe & Russia
14.00% 8.25% Middle East
5.75% 0.00% Western Europe
8.15% 2.40% Eastern Europe & Russia
5.75% 0.00% Western Europe
6.50% 0.75% Asia
11.15% 5.40% Eastern Europe & Russia
7.55% 1.80% Asia
7.55% 1.80% Western Europe
8.15% 2.40% Asia
7.55% 1.80% Central and South America
15.50% 9.75% Eastern Europe & Russia
14.00% 8.25% Asia
11.15% 5.40% Eastern Europe & Russia
 9.05% 3.30% Caribbean
9.50% 3.75% Africa
12.50% 6.75% Africa
9.05% 3.30% Africa
5.75% 0.00% Western Europe
5.75% 0.00% Australia & New Zealand
15.50% 9.75% Central and South America
11.15% 5.40% Africa
5.75% 0.00% Western Europe
6.80% 1.05% Middle East
17.00% 11.25% Asia
8.60% 2.85% Central and South America
12.50% 6.75% Asia
10.25% 4.50% Central and South America
7.55% 1.80% Central and South America
8.60% 2.85% Asia
7.03% 1.28% Eastern Europe & Russia
9.50% 3.75% Western Europe
6.50% 0.75% Middle East
7.03% 1.28% Middle East
9.05% 3.30% Eastern Europe & Russia
8.60% 2.85% Eastern Europe & Russia
14.00% 8.25% Africa
6.65% 0.90% Middle East
12.50% 6.75% Africa
12.50% 6.75% Eastern Europe & Russia
7.55% 1.80% Middle East
5.75% 0.00% Asia
7.03% 1.28% Eastern Europe & Russia
9.50% 3.75% Eastern Europe & Russia
8.60% 2.85% Africa
8.60% 2.85% Western Europe
12.50% 6.75% Asia
8.15% 2.40% Caribbean
15.50% 9.75% Caribbean
11.15% 5.40% Central and South America
5.75% 0.00% Western Europe
5.75% 0.00% Western Europe
6.65% 0.90% Asia
8.15% 2.40% Asia
8.15% 2.40% Caribbean
11.15% 5.40% Africa
9.05% 3.30% Western Europe
8.15% 2.40% Caribbean
12.50% 6.75% Africa
20.75% 15.00% Eastern Europe & Russia
 6.50% 0.75% Middle East
6.35% 0.60% Western Europe
5.75% 0.00% North America
8.60% 2.85% Central and South America
17.00% 11.25% Central and South America
12.50% 6.75% Asia
12.50% 6.75% Africa

Default Spread
3.99%
1.01%
0.00%
5.75%
2.80%
2.22%
0.73%
0.00%
0.75%
0.96%
Yes/No Book or Market Value ERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatio Synthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)