Company name Facebook Important: Before you run this sprea

Numbers from your base year below ( in same units) There should be a check against the
This year Last year
Revenues $ 3,711.00 $1,974.00
Operating income or EBIT $1,695.00 $1,032.00 If you have operating lea
Book value of equity $ 5,228.00 $2,162.00
Book value of debt $ 1,214.91 $ 317.00 If you have operating lea
Cash $ 1,512.00 $1,785.00
Number of shares outstanding = 2333.90
Current stock price = $ 38.00
Effective tax rate = 40.00% ! Actual effective tax rate has been a
Marginal tax rate = 35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 40.00% For industry average, check column
Target pre-tax operating margin (EBIT as % of sales in y 35.00% For industry average, check column
Sales to capital ratio (for computing reinvestment) = 1.50 For industry average, check column
Market numbers
Riskfree rate 2.00%
Initial cost of capital = 11.42% For industry average, check column
Other inputs
Number of options outstanding = 138.54
Average strike price = $0.83
Average maturity = 2.00
Standard deviation on stock price = 40.00% For industry average, check column

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes Mature companies generally see the
If yes, enter the cost of capital after year 10 = 8% Though some sectors, even in stable
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 difficult to g
If yes, enter the return on capital you expect after year 20% But there are significant exceptions
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Many young, growth companies fail,
If yes, enter the probability of failure = 20% Tough to estimate but a key input.
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Estimate
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will be
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
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 h
Do you want to override this assumption = No Check the financial statements.
If yes, enter the NOL that you are carrying over into yea $250.00 An NOL will shield your income from
efore you run this spreadsheet, go into preferences in Excel and check under Calculation options
be a check against the iteration box. If there is not, you will get circular reasoning errors.

f you have operating leases, please use the operating lease worksheet to convert them to debt.

f you have operating leases, please use the operating lease worksheet to convert them to debt.

For your information, your inputs give the following current value
tive tax rate has been around 40% in last 3 yea Revenue growth in the most recent year = 87.99%
Pre-tax operating margin in the most recent year 45.68%
Sales to capital ratio in most recent year = 0.75
average, check column C of industry average woReturn on invested capital in most recent year= 146.54%
average, check column D of industry average worksheet
average, check column N of industry average worksheet

average, check column M of industry average worksheet

average, check column J of industry average worksheet

typical mature companies (riskfree rate + 4.5%)

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

growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have tro
mate but a key input.
e of capital, V= Estimated fair value for the company
ero, if the assets will be worth nothing if the firm fails.
rminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

o the valuation. If you have a money losing company, you may want to override tis.
ancial statements.
hield your income from taxes, even after you start making money.
llowing current values for your company

, because they have trouble making debt payments.

 Base year 1 2 3
Revenue growth rate 40.00% 40.00% 40.00%
Revenues  $       3,711.00   $       5,195.40   $       7,273.56   $     10,182.98 
EBIT (Operating) margin 45.68% 44.61% 43.54% 42.47%
EBIT (Operating income)  $       1,695.00   $       2,317.54   $       3,166.91   $       4,324.97 
Tax rate 40.00% 40.00% 40.00% 40.00%
EBIT(1­t)  $       1,017.00   $       1,390.52   $       1,900.15   $       2,594.98 
 ­ Reinvestment  $          989.60   $       1,385.44   $       1,939.62 
FCFF  $          400.92   $          514.71   $          655.37 
NOL  $                  ­     $                  ­     $                  ­     $                  ­   

Cost of capital 11.42% 11.42% 11.42%

Cumulated discount factor 0.8975 0.8055 0.7230
PV(FCFF)  $          359.83   $          414.60   $          473.80 

Terminal cash flow  $       9,023.94 
Terminal cost of capital 8.00%
Terminal value  $   150,398.97 
PV(Terminal value)  $     55,983.84 
PV (CF over next 10 years  $     13,774.18 
Sum of PV  $     69,758.02 
Probability of failure = 0.00%
Proceeds if firm fails = $34,879.01
Value of operating assets =  $     69,758.02 
Debt  $       1,214.91 
Cash  $       1,512.00 
Value of equity  $     70,055.12 
 ­ Value of options $3,088.49 
Value of equity in common  $     66,966.63 
Number of shares           2,333.90 
Estimated value /share  $            28.69 
Price  $            38.00 
Price as % of value 132.44%

Implied variables
Sales to capital ratio 1.50 1.50 1.50
Invested capital  $            4,931   $            5,921   $            7,306   $            9,246 
ROIC 20.63% 23.49% 26.01% 28.07%
 4 5 6 7 8 9
40.00% 40.00% 32.40% 24.80% 17.20% 9.60%
 $     14,256.18   $     19,958.65   $     26,425.25   $     32,978.71   $     38,651.05   $     42,361.55 
41.41% 40.34% 39.27% 38.20% 37.14% 36.07%
 $       5,902.77   $       8,050.82   $     10,377.20   $     12,598.69   $     14,353.07   $     15,278.75 
40.00% 40.00% 39.00% 38.00% 37.00% 36.00%
 $       3,541.66   $       4,830.49   $       6,330.09   $       7,811.19   $       9,042.43   $       9,778.40 
 $       2,715.46   $       3,801.65   $       4,311.07   $       4,368.97   $       3,781.56   $       2,473.67 
 $          826.20   $       1,028.85   $       2,019.02   $       3,442.22   $       5,260.87   $       7,304.74 
 $                  ­     $                  ­     $                  ­     $                  ­     $                  ­     $                  ­   

11.42% 11.42% 10.74% 10.05% 9.37% 8.68%

0.6489 0.5824 0.5259 0.4779 0.4369 0.4020
 $          536.08   $          599.15   $       1,061.79   $       1,644.89   $       2,298.61   $       2,936.61 

1.50 1.50 1.50 1.50 1.50 1.50

 $          11,961   $          15,763   $          20,074   $          24,443   $          28,224   $          30,698 
29.61% 30.65% 31.53% 31.96% 32.04% 31.85%
 10 Terminal year
Check these revenues against
2.00% 2.00% a. Overall market size
 $     43,208.78   $     44,072.96  b. Largest companies in this market
35.00% 35.00%
 $     15,123.07   $     15,425.54  $ 13,730.54 This is is how much your operating income grew
over the ten-year period.
35.00% 35.00%
 $       9,830.00   $     10,026.60 
 $          564.82   $       1,002.66  $ 27,334.52 This is how much capital you
invested over the ten year period.
 $       9,265.18   $       9,023.94 
 $                  ­     $                  ­   

8.00% 8.00%
0.3722
 $       3,448.83 

After year 10
1.50
 $          31,263 
31.44% 20.00%

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
Valuing Options or Warrants
Enter the current stock price =  $          38.00 
Enter the strike price on the option =  $            0.83 
Enter the expiration of the option = 2.00
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 2.00%
Enter the number of warrants (options) outstan 138.54
Enter the number of shares outstanding = 2,333.90

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 38 # Warrants issued= 138.54
Strike Price= 0.83 # Shares outstanding= 2,334
Adjusted S = 37.952663222 T.Bond rate= 2.00%
Adjusted K = 0.83 Variance= 0.1600
Expiration (in years) = 2 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.00%

d1 =  7.1111417747
N (d1) = 1

d2 =  6.5454563497
N (d2) = 1

Value per option =   $          37.16 
Value of all options outstanding = $5,147.48 
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1–t) (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

Revenue growth rate (input cell B3)

Last period EBIT as % of revenue (Input cell B14)

Sales to Capital Ratio or reinvestment (Input cell B15)

Return on capital in perpetuity (B30 & B31)
 $ 4,930.91
$ 31,262.76
$ 26,331.86
$ 13,428.07
51.00%
31.44%
10.39%
75.51%

If calculated value is negative or looks too low

Increase revenue growth rate

Increase the target pre-tax operating margin

Decrease the sales/capital ratio

Increase relative to your cost of capital
 If calculated value looks too high

Decrease revenue growth rate

Decrease the target pre-tax operating margin

Increase the sales/capital ratio

If higher than your cost of capital, lower towards your cost of capital T
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =  $        219.00 
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1  $        180.00 
2  $        130.00 
3  $        113.00 
4  $        102.00 
5  $          95.00 
6 and beyond  $        325.00 

Output
Pre­tax Cost of Debt = 3.65% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 3 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1  $        180.00   $        173.66 
2  $        130.00   $        121.01 
3  $        113.00   $        101.48 
4  $        102.00   $          88.37 
5  $          95.00   $          79.41 
6 and beyond  $        108.33   $        252.98  ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =  $        816.91 

Restated Financials
Depreciation on Operating Lease Asset =  $        102.11  ! I use straight line depreciation
Adjustment to Operating Earnings = $116.89  ! Add this amount to pre­tax operating incom
Adjustment to Total Debt outstanding =  $        816.91  ! Add this amount to debt
nverter
Please enter them.

tic rating estimator

over the first five years
f expenses in yr 6

nnuity for ten years

I use straight line depreciation
Add this amount to pre­tax operating income
Add this amount to debt
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 2333.90
Current Market Price per share =  $                        38.00 

Unlevered beta = 1.52 Industry average unlevered beta in column G of industry average worksheet

Riskfree Rate = 2%
Equity Risk Premium = 6.00%

Debt
Book Value of Straight Debt =  $                      272.00 
Interest Expense on Debt = 10
Average Maturity = 0
Pre­tax Cost of Debt = 3.65%
Tax Rate = 35%

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 =  $                      816.91 

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 =  $        272.00 
Estimated Value of Straight Debt in Convertible =  $                ­   
Value of Debt in Operating leases =  $        816.91 
Estimated Value of Equity in Convertible =  $                ­   
Levered Beta for equity = 1.53

Equity Debt  Preferred Stock Capital

Market Value  $                 88,688.31   $     1,088.91   $                ­     $   89,777.22 
Weight in Cost of Capital 98.79% 1.21% 0.00% 100.00%
Cost of Component 11.19% 2.37% 7.14% 11.09%
ndustry average worksheet
Inputs for synthetic rating estimation
Please read the special cases worksheet (see below) before you use this spreadsheet.
Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm = 2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial s
Do you have any operating lease or rental commitments? Yes
Enter current Earnings before interest and taxes (EBIT) =  $     1,695.00  (Add back only long term interest expense f
Enter current interest expenses = 10 (Use only long term interest expense for fina
Enter long term risk free rate  = 2.00%
Output
Interest  coverage ratio = 45.51
Estimated Bond Rating = AAA Note: If you get REF! All over the place, set the
Estimated Default Spread = 0.65% to No, and then reset it to Yes. It should work.
Estimated Cost of Debt = 2.65%

 If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms For financial service firms (default spreads are slighty d
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to
­100000 0.199999 D 12.00% ­100000 0.049999
0.2 0.649999 C 10.50% 0.05 0.099999
0.65 0.799999 CC 9.50% 0.1 0.199999
0.8 1.249999 CCC 8.75% 0.2 0.299999
1.25 1.499999 B­ 6.75% 0.3 0.399999
1.5 1.749999 B 6.00% 0.4 0.499999
1.75 1.999999 B+ 5.50% 0.5 0.599999
2 2.2499999 BB 4.75% 0.6 0.749999
2.25 2.49999 BB+ 3.75% 0.75 0.899999
2.5 2.999999 BBB 2.50% 0.9 1.199999
3 4.249999 A­ 1.65% 1.2 1.49999
4.25 5.499999 A 1.40% 1.5 1.99999
5.5 6.499999 A+ 1.30% 2 2.49999
6.5 8.499999 AA 1.15% 2.5 2.99999
8.50 100000 AAA 0.65% 3 100000

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D 12.00%
0.5 0.799999 C 10.50%
0.8 1.249999 CC 9.50%
1.25 1.499999 CCC 8.75%
1.5 1.999999 B­ 6.75%
2 2.499999 B 6.00%
2.5 2.999999 B+ 5.50%
3 3.499999 BB 4.75%
3.5 3.9999999 BB+ 3.75%
4 4.499999 BBB 2.50%
4.5 5.999999 A­ 1.65%
 6 7.499999 A 1.40%
7.5 9.499999 A+ 1.30%
9.5 12.499999 AA 1.15%
12.5 100000 AAA 0.65%
e this spreadsheet.
ation options in excel) is checked.
or riskier firm, 3 if financial s Small: <$5 billion

Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)

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

vice firms (default spreads are slighty different)
est coverage ratio is
Rating is Spread is
D 12.00%
C 10.50%
CC 9.50%
CCC 8.75%
B­ 6.75%
B 6.00%
B+ 5.50%
BB 4.75%
BB+ 3.75%
BBB 2.50%
A­ 1.65%
A 1.40%
A+ 1.30%
AA 1.15%
AAA 0.65%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising 31 16.76% 10.27%
Aerospace/Defense 64 9.41% 10.16%
Air Transport 36 8.77% 8.78%
Apparel 57 5.83% 10.97%
Auto Parts 51 23.94% 6.49%
Automotive 12 1.66% 6.99%
Bank 426 0.00% NA
Bank (Midwest) 45 0.00% NA
Beverage 34 -0.59% 20.45%
Biotechnology 158 26.94% -7.79%
Building Materials 45 2.82% 4.17%
Cable TV 21 1.53% 19.58%
Chemical (Basic) 16 33.40% 12.09%
Chemical (Diversified) 31 9.21% 13.20%
Chemical (Specialty) 70 25.69% 11.10%
Coal 20 16.91% 15.94%
Computer Software 184 14.88% 31.35%
Computers/Peripherals 87 10.93% 14.15%
Diversified Co. 107 17.24% 14.09%
Drug 279 34.97% 21.91%
E-Commerce 57 21.87% 14.39%
Educational Services 34 17.27% 20.80%
Electric Util. (Central) 21 4.81% 17.72%
Electric Utility (East) 21 -3.29% 19.13%
Electric Utility (West) 14 1.24% 16.79%
Electrical Equipment 68 25.14% 13.19%
Electronics 139 12.50% 5.99%
Engineering & Const 25 4.58% 4.72%
Entertainment 77 10.49% 17.72%
Entertainment Tech 40 14.78% 10.48%
Environmental 82 9.90% 15.22%
Financial Svcs. (Div.) 225 14.51% 43.49%
Food Processing 112 9.48% 9.08%
Foreign Electronics 9 17.51% 5.27%
Funeral Services 6 1.09% 15.64%
Furn/Home Furnishings 35 1.89% 6.43%
Healthcare Information 25 11.71% 12.11%
Heavy Truck & Equip 21 7.38% 9.13%
Homebuilding 23 -9.29% -1.56%
Hotel/Gaming 51 7.52% 12.61%
Household Products 26 16.13% 17.38%
Human Resources 23 0.01% 1.91%
Industrial Services 137 8.39% -21.40%
Information Services 27 16.56% 19.33%
Insurance (Life) 30 0.00% NA
Insurance (Prop/Cas.) 49 17.00% NA
Internet 186 12.44% 18.25%
IT Services 60 7.21% 14.43%
Machinery 100 13.57% 11.05%
Maritime 52 5.93% 14.81%
Med Supp Invasive 83 6.53% 22.22%
Med Supp Non-Invasiv 146 7.18% 6.48%
Medical Services 122 4.92% 11.11%
Metal Fabricating 24 10.76% 15.07%
Metals & Mining (Div.) 73 31.59% 31.57%
Natural Gas (Div.) 29 8.90% 28.94%
Natural Gas Utility 22 -0.95% 12.80%
Newspaper 13 -5.01% 14.59%
Office Equip/Supplies 24 10.81% 6.65%
Oil/Gas Distribution 13 12.65% 18.45%
Oilfield Svcs/Equip. 93 17.02% 15.11%
Packaging & Container 26 9.09% 10.12%
Paper/Forest Products 32 10.88% 12.01%
Petroleum (Integrated) 20 20.81% 9.76%
Petroleum (Producing) 176 32.22% 25.74%
Pharmacy Services 19 11.95% 5.11%
Pipeline MLPs 27 22.83% 8.95%
Power 93 43.06% 14.54%
Precious Metals 84 32.31% 33.30%
Precision Instrument 77 23.36% 10.74%
Property Management 31 19.80% 15.63%
Public/Private Equity 11 39.94% -2.58%
Publishing 24 -6.93% 12.10%
R.E.I.T. 5 0.01% 129.07%
Railroad 12 12.29% 28.43%
Recreation 56 6.56% 11.51%
Reinsurance 13 0.00% NA
Restaurant 63 2.45% 15.82%
Retail (Hardlines) 75 3.83% 7.50%
Retail (Softlines) 47 6.18% 9.39%
Retail Automotive 20 11.09% 6.88%
Retail Building Supply 8 15.38% 8.13%
Retail Store 37 8.85% 5.84%
Retail/Wholesale Food 30 8.23% 3.18%
Securities Brokerage 28 4.59% 48.78%
Semiconductor 141 41.30% 22.76%
Semiconductor Equip 12 55.88% 21.65%
Shoe 19 3.50% 11.34%
Steel 32 30.89% 5.83%
Telecom. Equipment 99 4.18% 10.87%
Telecom. Services 74 14.96% 22.74%
Telecom. Utility 25 -6.90% 15.83%
Thrift 148 0.00% NA
Tobacco 11 6.61% 20.61%
Toiletries/Cosmetics 15 2.56% 10.85%
Trucking 36 9.52% 6.37%
Utility (Foreign) 4 4.92% 11.60%
Water Utility 11 5.43% 26.61%
Wireless Networking 57 10.71% -11.47%
Total Market 5891 14.80% 17.24%
After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity
10.54% 10.73% 1.75 2.02 14.09%
18.53% 20.72% 1.03 1.10 8.49%
16.45% 20.54% 1.10 1.21 9.21%
14.02% 16.08% 1.22 1.30 9.71%
15.82% 18.99% 1.59 1.70 12.13%
6.96% 24.07% 0.96 1.59 11.47%
NA 15.97% 0.38 0.77 6.52%
NA 17.77% 0.73 0.93 7.50%
12.95% 19.14% 0.77 0.88 7.20%
-13.33% 2.49% 1.16 1.03 8.09%
2.58% 11.17% 0.89 1.50 10.96%
8.80% 27.35% 0.98 1.37 10.15%
13.66% 20.90% 1.24 1.36 10.08%
13.81% 21.73% 1.39 1.51 11.02%
12.25% 17.58% 1.15 1.28 9.57%
15.26% 12.75% 1.32 1.53 11.08%
45.06% 12.27% 1.18 1.04 8.17%
32.09% 11.77% 1.33 1.30 9.71%
8.01% 15.55% 0.71 1.14 8.76%
15.02% 5.36% 1.08 1.12 8.63%
13.08% 12.33% 1.08 1.03 8.08%
34.34% 25.17% 0.92 0.83 6.91%
6.38% 31.82% 0.48 0.75 6.41%
6.89% 33.14% 0.49 0.70 6.08%
6.11% 31.30% 0.49 0.75 6.40%
15.03% 17.02% 1.35 1.33 9.89%
15.72% 10.36% 1.08 1.07 8.31%
13.58% 26.26% 1.39 1.22 9.26%
9.45% 15.38% 1.31 1.63 11.72%
11.69% 11.59% 1.48 1.23 9.32%
7.56% 11.71% 0.60 0.81 6.73%
5.95% 19.18% 0.50 1.31 9.76%
11.88% 20.00% 0.77 0.91 7.39%
7.83% 35.12% 1.24 1.09 8.47%
7.81% 30.84% 0.85 1.14 8.73%
9.50% 20.43% 1.65 1.81 12.81%
9.45% 22.19% 1.20 1.17 8.95%
10.88% 20.62% 1.48 1.80 12.76%
-2.09% 5.12% 1.02 1.45 10.62%
6.95% 14.53% 1.28 1.74 12.37%
14.52% 25.12% 0.95 1.07 8.32%
7.67% 25.35% 1.40 1.24 9.34%
-53.50% 19.03% 0.81 0.93 7.51%
10.83% 18.93% 0.89 1.07 8.35%
NA 28.04% 1.54 1.58 11.43%
NA 19.36% 1.01 0.91 7.37%
32.75% 6.87% 1.24 1.09 8.45%
26.95% 19.15% 1.14 1.06 8.25%
12.60% 22.15% 1.14 1.20 9.12%
 4.76% 5.55% 0.58 1.40 10.30%
15.88% 11.86% 0.80 0.85 6.99%
19.24% 12.73% 1.07 1.03 8.09%
18.55% 19.93% 0.78 0.91 7.39%
14.78% 26.55% 1.63 1.59 11.48%
19.48% 11.04% 1.28 1.33 9.89%
7.10% 21.98% 1.06 1.33 9.87%
8.09% 30.16% 0.46 0.66 5.85%
11.05% 25.13% 1.42 1.76 12.53%
10.36% 21.05% 1.04 1.38 10.18%
6.83% 13.70% 0.65 0.96 7.68%
8.54% 17.39% 1.39 1.55 11.24%
10.40% 24.23% 0.88 1.16 8.86%
11.01% 10.61% 0.96 1.36 10.08%
10.08% 27.41% 1.12 1.18 9.01%
13.50% 11.14% 1.13 1.34 9.97%
11.18% 24.67% 1.00 1.12 8.63%
8.60% 6.37% 0.72 0.98 7.81%
7.56% 8.66% 0.65 1.35 10.03%
9.57% 7.51% 1.14 1.15 8.79%
12.10% 13.94% 1.33 1.28 9.57%
5.18% 18.59% 0.59 1.13 8.72%
-0.14% 3.79% 1.62 2.18 15.01%
11.38% 18.55% 0.89 1.25 9.40%
14.07% 1.04% 1.15 1.47 10.73%
11.10% 23.74% 1.24 1.44 10.56%
8.26% 17.37% 1.11 1.45 10.62%
NA 7.22% 1.05 0.93 7.47%
20.32% 21.57% 1.19 1.27 9.52%
14.99% 23.04% 1.65 1.77 12.57%
28.74% 24.64% 1.57 1.44 10.55%
9.89% 34.43% 1.12 1.37 10.13%
12.18% 31.39% 0.97 1.04 8.18%
13.60% 25.02% 1.14 1.29 9.64%
10.38% 31.21% 0.64 0.75 6.39%
10.39% 26.22% 0.43 1.20 9.11%
28.41% 11.01% 1.69 1.50 10.94%
40.44% 15.17% 2.42 1.79 12.70%
27.41% 24.31% 1.38 1.25 9.43%
5.94% 21.03% 1.40 1.68 12.03%
23.30% 13.16% 1.28 1.02 8.00%
13.70% 14.22% 0.82 0.98 7.78%
8.34% 29.42% 0.54 0.88 7.16%
NA 12.43% 0.75 0.71 6.17%
27.98% 31.03% 0.78 0.85 7.03%
19.54% 20.30% 1.20 1.30 9.73%
9.07% 25.48% 1.08 1.24 9.38%
4.56% 26.07% 0.48 0.96 7.68%
5.42% 35.22% 0.43 0.66 5.85%
-18.21% 12.12% 1.12 1.27 9.54%
12.21% 15.48% 0.92 1.15 8.81%
Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
101.29% 5.87% 30.20% 10.90% 1.42 1.14
61.32% 3.37% 20.42% 7.17% 2.53 0.93
64.80% 3.37% 19.56% 7.80% 2.40 1.78
88.82% 4.37% 15.53% 8.61% 1.85 1.19
80.58% 4.37% 21.66% 10.07% 3.18 0.59
68.91% 3.87% 57.37% 6.22% 1.41 0.73
61.15% 3.37% 60.95% 3.78% NA NA
55.60% 3.37% 37.31% 5.46% NA NA
66.05% 3.87% 20.96% 6.18% 0.83 3.03
113.11% 5.87% 11.88% 7.55% 0.97 4.49
78.83% 3.87% 48.54% 6.77% 0.82 1.22
50.77% 3.37% 40.50% 6.86% 0.71 2.21
49.27% 2.87% 21.47% 8.29% 1.43 1.52
56.31% 3.37% 18.28% 9.37% 1.48 1.62
71.60% 3.87% 17.46% 8.31% 1.56 1.56
55.52% 3.37% 22.42% 9.05% 1.22 1.78
82.03% 4.37% 6.97% 7.79% 1.83 3.07
97.69% 4.87% 9.28% 9.08% 2.96 1.39
75.00% 3.87% 50.55% 5.50% 0.68 2.11
103.44% 5.87% 13.39% 7.95% 0.89 2.85
88.13% 4.37% 6.02% 7.75% 1.20 4.55
78.24% 3.87% 10.97% 6.41% 2.66 1.14
23.37% 2.37% 46.28% 4.10% 0.55 2.26
18.30% 2.37% 39.82% 4.23% 0.54 2.51
19.85% 2.37% 45.81% 4.12% 0.54 2.19
67.76% 3.87% 11.24% 9.04% 1.51 1.54
89.93% 4.37% 18.25% 7.28% 3.51 0.47
65.03% 3.87% 10.71% 8.51% 4.05 0.46
108.37% 5.87% 29.07% 9.34% 0.78 1.89
76.91% 3.87% 8.89% 8.70% 1.29 1.87
92.14% 4.87% 30.41% 5.57% 0.80 2.07
82.27% 4.37% 71.55% 4.65% 0.18 6.67
60.68% 3.37% 22.80% 6.16% 1.82 1.08
35.40% 2.87% 29.62% 6.47% 2.43 0.37
39.35% 2.87% 36.14% 6.20% 0.79 1.86
80.90% 4.37% 19.61% 10.81% 2.08 0.92
65.79% 3.87% 5.97% 8.55% 1.24 3.82
69.92% 3.87% 30.39% 9.59% 1.64 1.34
70.00% 3.87% 50.07% 6.47% 1.00 1.23
79.09% 3.87% 34.24% 8.93% 0.69 2.58
62.24% 3.37% 15.96% 7.32% 1.13 2.21
78.27% 3.87% 9.35% 8.68% 6.48 0.29
74.43% 3.87% 24.65% 6.23% 2.26 0.85
48.10% 2.87% 23.20% 6.81% 0.72 2.94
53.35% 3.37% 39.08% 7.76% NA NA
37.88% 2.87% 19.10% 6.29% NA NA
117.09% 5.87% 2.63% 8.32% 2.25 3.91
69.45% 3.87% 5.74% 7.91% 2.61 1.75
57.21% 3.37% 16.05% 7.98% 1.53 1.37
 69.19% 3.87% 63.01% 5.27% 0.35 2.69
79.18% 3.87% 13.85% 6.35% 0.92 2.52
84.89% 4.37% 11.52% 7.46% 4.00 0.73
76.26% 3.87% 33.09% 5.71% 2.51 0.68
68.98% 3.87% 13.41% 10.25% 1.36 1.67
104.38% 5.87% 12.36% 9.10% 0.89 2.47
48.77% 2.87% 27.04% 7.67% 0.41 3.37
24.90% 2.37% 40.26% 4.07% 0.94 1.45
90.74% 4.87% 31.67% 9.49% 1.23 1.31
64.26% 3.37% 38.66% 7.02% 2.26 0.55
56.61% 3.37% 36.83% 5.60% 0.47 3.56
62.37% 3.37% 18.64% 9.52% 0.76 2.38
41.59% 2.87% 34.13% 6.42% 1.48 1.06
93.84% 4.87% 37.45% 7.40% 1.12 1.06
38.99% 2.87% 16.10% 7.83% 1.78 0.87
88.11% 4.37% 19.92% 8.51% 0.71 2.20
59.43% 3.37% 17.00% 7.51% 3.56 0.53
34.90% 2.87% 29.06% 6.04% 0.99 1.97
97.19% 4.87% 59.81% 5.78% 0.69 1.48
90.87% 4.87% 7.57% 8.35% 0.40 5.33
65.33% 3.87% 13.75% 8.58% 1.38 1.64
82.21% 4.37% 58.44% 5.16% 0.40 2.85
77.54% 3.87% 37.45% 10.26% 0.30 3.43
64.98% 3.37% 38.76% 6.54% 1.37 1.15
49.61% 2.87% 25.77% 8.41% 0.11 14.13
42.95% 2.87% 20.09% 8.79% 0.60 3.44
70.55% 3.87% 32.75% 7.90% 0.89 1.60
30.40% 2.87% 19.06% 6.37% NA NA
68.37% 3.87% 11.32% 8.71% 1.82 2.50
92.79% 4.87% 19.57% 10.68% 3.00 0.83
60.91% 3.37% 5.32% 10.10% 4.94 0.87
52.02% 3.37% 27.59% 7.90% 2.22 0.92
37.61% 2.87% 12.33% 7.38% 2.37 1.04
67.71% 3.87% 20.37% 8.15% 3.55 0.59
40.02% 2.87% 29.25% 5.02% 5.02 0.35
44.31% 2.87% 81.15% 3.11% 0.29 3.08
70.52% 3.87% 7.70% 10.27% 1.57 2.06
68.70% 3.87% 13.20% 11.33% 2.21 0.97
55.52% 3.37% 2.13% 9.27% 3.33 1.52
56.94% 3.37% 31.69% 8.86% 1.21 0.78
87.77% 4.37% 11.48% 7.38% 2.73 1.25
68.58% 3.87% 25.42% 6.39% 0.83 1.85
60.40% 3.37% 49.02% 4.64% 0.74 1.75
53.93% 3.37% 22.68% 5.23% NA NA
41.53% 2.87% 15.76% 6.19% 1.84 2.36
60.34% 3.37% 17.11% 8.41% 2.70 1.48
59.88% 3.37% 21.73% 7.78% 2.16 1.28
32.68% 2.87% 60.79% 4.06% 0.58 1.39
18.89% 2.37% 44.88% 3.86% 0.30 4.39
75.03% 3.87% 21.30% 8.00% 1.14 1.91
75.08% 3.87% 31.81% 6.75% 0.97 1.67
EV/EBITDA EV/EBIT Price/Book Trailing PE
7.90 11.09 1.83 27.39
7.41 9.14 2.75 34.40
12.91 20.22 8.24 156.14
8.65 10.83 2.46 20.56
6.19 9.05 2.08 15.83
5.81 10.40 1.05 10.84
4.37 4.37 0.85 16.69
4.57 4.57 1.29 34.13
12.04 14.80 3.61 22.51
NA NA 3.19 18.87
10.99 29.23 0.99 265.15
6.25 11.27 2.31 12.66
8.90 12.60 2.64 12.17
8.95 12.28 2.96 12.94
9.84 14.06 3.08 15.63
7.34 11.14 2.77 12.09
8.64 9.81 3.74 68.56
8.11 9.85 3.94 38.66
11.37 14.99 2.12 17.94
9.35 13.02 2.73 25.45
22.08 31.60 4.55 192.91
4.62 5.47 2.69 13.83
7.88 12.76 1.57 16.46
8.56 13.14 1.78 20.61
7.56 13.03 1.36 15.54
9.12 11.68 2.33 24.10
5.82 7.84 1.65 14.19
7.36 9.76 1.73 15.95
8.03 10.67 1.71 15.42
11.63 17.81 1.97 23.93
8.77 13.58 2.22 30.21
14.36 15.33 1.79 21.14
9.54 11.93 2.58 20.14
3.48 7.03 0.90 16.66
9.13 11.86 1.93 13.98
9.68 14.31 2.19 21.08
20.77 31.55 4.55 59.71
10.54 14.65 3.42 22.63
NA NA 1.38 33.27
12.46 20.51 2.64 45.84
10.72 12.69 3.33 17.57
9.98 14.92 1.71 57.02
NA NA 2.40 22.05
10.55 15.23 2.97 25.56
1.32 1.32 0.70 18.61
95.56 96.01 1.00 35.02
17.06 21.41 4.59 36.16
9.75 12.15 3.73 21.18
9.08 12.41 2.33 21.51
 9.63 18.14 0.85 31.34
9.06 11.36 2.58 43.84
9.23 11.34 2.82 37.04
5.16 6.15 2.09 16.47
8.91 11.06 2.30 18.01
6.35 7.83 2.35 31.32
6.27 11.63 1.55 54.76
8.06 11.36 1.81 15.86
6.50 8.99 2.04 40.89
5.71 8.25 1.38 16.85
12.59 19.28 2.73 43.30
9.87 15.78 2.06 27.58
7.18 10.51 2.09 13.14
5.46 8.83 1.30 26.24
5.89 8.87 1.64 58.87
5.58 8.53 1.76 38.34
8.20 10.28 2.19 12.97
15.03 21.96 3.12 27.55
6.63 10.17 1.06 17.92
11.52 16.00 2.15 90.39
10.25 15.30 2.20 32.86
13.00 18.21 1.36 48.20
NA NA 1.02 8.92
6.44 9.47 2.20 104.19
9.54 10.95 1.89 16.98
9.19 12.09 2.67 37.96
9.11 13.92 1.71 40.21
22.47 22.47 0.71 47.47
12.17 15.82 6.66 20.03
7.73 11.06 3.04 36.52
6.84 9.30 3.46 45.45
10.76 13.40 3.21 16.22
9.74 12.85 3.02 22.78
7.45 10.10 2.62 18.78
6.73 10.91 2.23 36.66
5.97 6.32 0.72 24.77
6.19 9.03 2.62 20.90
3.78 4.50 1.68 10.83
11.64 13.41 3.74 14.10
7.08 13.30 0.92 16.46
8.46 11.50 2.32 18.32
4.80 8.14 1.75 16.97
5.33 11.05 1.79 132.35
3.67 3.67 0.94 36.40
10.36 11.44 8.63 14.88
11.05 13.67 6.49 35.50
10.13 20.05 4.49 30.78
5.47 11.95 0.64 1687.02
11.13 16.48 1.77 22.35
NA NA 2.72 38.68
7.37 9.70 2.00 33.67