Date of valuation Nov-15 Important:

Company name Google There should be a check against

Numbers from your base year below ( in co
This year Last year
Country of incorporation United States of America
Industry (US) Advertising
Industry (Global) Advertising
Revenues $ 71,763.00 ###
Operating income or EBIT $ 18,379.00 ###
Interest expense $ 103.00 $ 81.00
Book value of equity $ 116,241.00 ###
Book value of debt $ 5,231.00 $5,237.00
Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, y
Do you have operating lease commitments? Yes If you have operating leases, ple
Cash and Marketable Securities $ 73,066.00 ###
Cross holdings and other non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 687.69
Current stock price = $ 690.00
Effective tax rate = 20.94%
Marginal tax rate = 35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 12.00% Growth Lever
Target pre-tax operating margin (EBIT as % of sales in y 30.00% Profitability Lever
Sales to capital ratio (for computing reinvestment) = 1.50 Efficency of Growth Lever
Market numbers
Riskfree rate 2.00%
Initial cost of capital = 8.79%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 7.24
Average strike price = $215.56
Average maturity = 4.30
Standard deviation on stock price = 35.00%

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
If yes, enter the cost of capital after year 10 = 8% Though some sectors, even in st
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 difficul
If yes, enter the return on capital you expect after year 12% But there are significant excepti
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
If yes, enter the probability of failure = 20% Tough to estimate but a key inpu
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Esti
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets wi
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 f
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming du
Do you want to override this assumption Yes
If yes, enter the amount of trapped cash $35,000.00
& Average tax rate of the foreign markets where the cash is t 15%
 mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There 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 year

0.75
0.75

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

Growth Lever
Profitability Lever
Efficency of Growth Lever
Computed numbers: Here is what your company's numbers look like, relative to in
If you are not working in US dollars, you should add the inflation differential to the industry a
Company
Revenue growth in the most recent year = 12.55%
Pre-tax operating margin in the most recent year 31.08%
Sales to capital ratio in most recent year = 1.48
Return on invested capital in most recent year= 32.51%
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 = $ 172,324
Pre-tax Operating Income in year 10, based on your operating marg $ 51,697
Return on invested capital in year 10, based on your sales/capital ra 23.67%
Check the Diagnostics worksheet for more details.

o that of typical mature companies (riskfree rate + 4.5%)

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

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
 ming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
no additional tax liability coming due
 under Calculation options
reasoning errors.

ksheet below and I will convert to debt

y's numbers look like, relative to industry.

he inflation differential to the industry averages.
Industry (US dataIndustry (Global data)
5.44% 9.72%
11.28% 8.86%
3.78 3.78
40.86% 28.21%
51.52% 56.72%
6.69% 9.43%

day will fade over time.

advantages.

ny distressed companies fail, because they have trouble making debt payments.

effective tax rate.

 Base year 1 2 3
Revenue growth rate 12.00% 12.00% 12.00%
Revenues  $     71,763.00   $     80,374.56   $     90,019.51   $   100,821.85 
EBIT (Operating) margin 31.08% 30.97% 30.86% 30.75%
EBIT (Operating income)  $     22,300.63   $     24,890.27   $     27,780.30   $     31,005.51 
Tax rate 20.94% 20.94% 20.94% 20.94%
EBIT(1­t)  $     17,630.94   $     19,678.32   $     21,963.18   $     24,513.04 
 ­ Reinvestment  $       5,741.04   $       6,429.96   $       7,201.56 
FCFF  $     13,937.28   $     15,533.21   $     17,311.48 
NOL  $                  ­     $                  ­     $                  ­     $                  ­   

Cost of capital 8.79% 8.79% 8.79%

Cumulated discount factor 0.9192 0.8449 0.7766
PV(FCFF)  $     12,811.07   $     13,124.30   $     13,444.86 

Terminal cash flow  $     28,002.71 
Terminal cost of capital 8.00%
Terminal value  $   466,711.82 
PV(Terminal value)  $   205,409.24 
PV (CF over next 10 years  $   138,131.10 
Sum of PV  $   343,540.34 
Probability of failure = 0.00%
Proceeds if firm fails = $171,770.17
Value of operating assets =  $   343,540.34 
 ­ Debt  $     10,724.70 
 ­ Minority interests  $                  ­   
 +  Cash  $     73,066.00 
 + Non­operating assets  $                  ­   
Value of equity  $   405,881.64 
 ­ Value of options $3,581.14 
Value of equity in common  $   402,300.50 
Number of shares              687.69 
Estimated value /share  $          585.00 
Price  $          690.00 
Price as % of value 117.95%

Implied variables
Sales to capital ratio 1.50 1.50 1.50
Invested capital  $          74,418   $          80,159   $          86,589   $          93,791 
ROIC 23.69% 24.55% 25.36% 26.14%
 4 5 6 7 8 9
12.00% 12.00% 10.00% 8.00% 6.00% 4.00%
 $   112,920.47   $   126,470.93   $   139,118.02   $   150,247.46   $   159,262.31   $   165,632.80 
30.65% 30.54% 30.43% 30.32% 30.22% 30.11%
 $     34,604.74   $     38,621.30   $     42,333.83   $     45,558.96   $     48,121.23   $     49,867.96 
20.94% 20.94% 23.75% 26.56% 29.38% 32.19%
 $     27,358.60   $     30,534.11   $     32,278.79   $     33,456.75   $     33,985.19   $     33,816.49 
 $       8,065.75   $       9,033.64   $       8,431.40   $       7,419.63   $       6,009.90   $       4,246.99 
 $     19,292.85   $     21,500.47   $     23,847.39   $     26,037.13   $     27,975.29   $     29,569.49 
 $                  ­     $                  ­     $                  ­     $                  ­     $                  ­     $                  ­   

8.79% 8.79% 8.63% 8.47% 8.32% 8.16%

0.7139 0.6562 0.6041 0.5569 0.5141 0.4753
 $     13,772.92   $     14,108.63   $     14,405.13   $     14,499.11   $     14,382.32   $     14,055.26 

1.50 1.50 1.50 1.50 1.50 1.50

 $        101,857   $        110,890   $        119,322   $        126,741   $        132,751   $        136,998 
26.86% 27.54% 27.05% 26.40% 25.60% 24.68%
 10 Terminal year Check these revenues against
2.00% 2.00% a. Overall market size
 $   168,945.46   $   172,324.37  b. Largest companies in this market
30.00% 30.00%
This is is how much your operating income grew
 $     50,683.64   $     51,697.31  $ 29,396.68 over the ten-year period.
35.00% 35.00%
 $     32,944.36   $     33,603.25 
This is how much capital you
 $       2,208.44   $       5,600.54  $ 70,388.85 invested over the ten year period.
 $     30,735.93   $     28,002.71 
 $                  ­     $                  ­   

8.00% 8.00%
0.4401
 $     13,527.50 

After year 10
1.50
 $        139,207 
23.67% 12.00%
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 =  $        690.00 
Enter the strike price on the option =  $        215.56 
Enter the expiration of the option = 4.30
Enter the standard deviation in stock prices = 35.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 2.00%
Enter the number of warrants (options) outstan 7.24
Enter the number of shares outstanding = 687.69

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 690 # Warrants issued= 7.24
Strike Price= 215.56 # Shares outstanding= 688
Adjusted S = 687.96461194 T.Bond rate= 2.00%
Adjusted K = 215.56 Variance= 0.1225
Expiration (in years) = 4.3 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.00%

d1 =  2.0803584813
N (d1) = 0.9812536678

d2 =  1.3545830339
N (d2) = 0.912224779

Value per option =   $        494.63 
Value of all options outstanding = $3,581.14 
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)
 $ 74,418.37
$ 139,206.67
$ 64,788.30
$ 28,383.01
43.81%
23.67%
8.55%
84.78%

If calculated value is negative or looks too low
Increase revenue growth rate
Increase the target pre­tax 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 pre­tax operating margin  
Increase the sales/capital ratio  
If higher than your cost of capital, lower towards your cost of capital T
 R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 3 ! If in doubt, use the lookup table below
Enter the current year's R&D expense =  $   11,585.00  The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated  based on the input above.
Year R& D Expenses
­1 9832.00 ! Year ­1 is the year prior to the current year
­2 7137.00 ! Year ­2 is the two years prior to the current year
­3 6083.00
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 11585.00 1.00 11585.00
­1 9832.00 0.67 6554.67  $        3,277.33 
­2 7137.00 0.33 2379.00  $        2,379.00 
­3 6083.00 0.00 0.00  $        2,027.67 
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  $                  ­   
Value of Research Asset = $20,518.67  $     7,684.00 

Amortization of asset for current year = $7,684.00

Adjustment to Operating Income = $3,901.00 ! A positive number indicates an increase in operating income (add to report

Tax Effect of R&D Expensing $1,365 
riate adjustments to operating income, net

If in doubt, use the lookup table below
he maximum allowed is ten years
mined by the amortization period

increase in operating income (add to reported EBIT)
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =  $        570.00 
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $628.00
2 $643.00
3 $644.00
4 $597.00
5 $576.00
6 and beyond $3,157.00

Output
Pre­tax Cost of Debt = 2.40% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 5 ! 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  $        628.00   $        613.28 
2  $        643.00   $        613.21 
3  $        644.00   $        599.77 
4  $        597.00   $        542.97 
5  $        576.00   $        511.59 
6 and beyond  $        631.40   $     2,612.88  ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =  $     5,493.70 

Restated Financials
Depreciation on Operating Lease Asset =  $        549.37  ! I use straight line depreciation
Adjustment to Operating Earnings = $20.63  ! Add this amount to pre­tax operating incom
Adjustment to Total Debt outstanding =  $     5,493.70  ! Add this amount to debt
Adjustment to Depreciation = $549.37
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 = 687.69
Current Market Price per share =  $                      690.00 

Approach for estimating beta Multibusiness(Global)
If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 1.05
Riskfree Rate = 2.00%
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 = 6.50%

Debt
Book Value of Straight Debt =  $                   5,231.00 
Interest Expense on Debt =  $                      103.00 
Average Maturity = 3
Approach for estimating pre­tax cost of debt Synthetic rating
If direct input, input the pre­tax cost of debt 3.500%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of company 1
Pre­tax Cost of Debt = 2.40%
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 =  $                   5,493.70 

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 =  $     5,166.49 
Estimated Value of Straight Debt in Convertible =  $                ­   
Value of Debt in Operating leases =  $     5,493.70 
Estimated Value of Equity in Convertible =  $                ­   
Levered Beta for equity = 1.07
 Equity Debt  Preferred Stock
Market Value  $               474,508.17   $   10,660.19   $                ­   
Weight in Cost of Capital 97.80% 2.20% 0.00%
Cost of Component 8.95% 1.56% 7.14%
Operating Countries ERP calculator
Country Revenues ERP Weight
Argentina 19 17.00% 10.11%
Brazil 4 8.60% 2.13%
El Salvador 130 11.15% 69.15%
Bolivia 23 11.15% 12.23%
India 5 9.05% 2.66%
United States of America 7 5.75% 3.72%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 188 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 0 11.73% 0.00%
Asia 0 7.26% 0.00%
Australia & New Zealand 5.75% 0.00%
Caribbean 0 14.37% 0.00%
Central and South America 0 9.95% 0.00%
Eastern Europe & Russia 9.08% 0.00%
Middle East 0 6.85% 0.00%
North America 24517 5.75% 45.69%
Western Europe 5145 6.88% 9.59%
Rest of the World 23998 7.18% 44.72%
Total 53660 100.00%

Multi Business (US Industry Averages)
Business Revenues EV/Sales Estimated Valu
Advertising  $          84.00  1.9458  $        163.44 
Entertainment  $          16.00  3.1101  $          49.76 
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $ 100.00  $        213.21 
 Capital Multi Business (Global Industry Averages)
 $ 485,168.36  Business Revenues EV/Sales Estimated Valu
100.00% Advertising  $   59,056.00  1.5086  $   89,091.75 
8.79% Internet software and servi  $     6,945.00  1.0161  $     7,056.55 
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $66,001.00  $   96,148.31 
Weighted ERP
1.72%
0.18%
7.71%
1.36%
0.24%
0.21%
0.00%
0.00%
0.00%
0.00%
0.00%
11.43%

Weighted ERP
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
2.6271%
0.6596%
3.2128%
6.4995%

Unlevered Beta
0.8264
0.9861
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.8637
Unlevered Beta
1.0965
0.5230
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0544
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 = 1
Enter current Earnings before interest and taxes (EBIT) =  $   18,399.63  (Add back only long term interest expense f
Enter current interest expenses = $234.85 (Use only long term interest expense for fina
Enter long term risk free rate  = 2.00%
Output
Interest  coverage ratio = 78.35
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the
Estimated Company Default Spread = 0.40% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 2.40%

 If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
­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%

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D2/D 12.00% Rating is
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
e this spreadsheet.
ation options in excel) is checked.

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.

Spread is
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 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%
Curaçao 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%
CountryCountry 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 H 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 Isla 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 (Democ 6.50% 15.50% 27.85% 9.750%
Congo (Repub 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%
Curaçao 5.75% 14.37% 27.50% 8.620%
Cyprus 6.50% 15.50% 12.50% 9.750%
Czech Republ 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 Isla 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 Isla 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 A 7.50% 17.00% 20.00% 11.250%
Panama 1.90% 8.60% 25.00% 2.850%
Papua New G 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 & T 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 & Caico 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 0.50% 6.50% 55.00% 0.750%
United King 0.40% 6.35% 21.00% 0.600%
United State 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 H 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 Isla 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Congo (Democ 27.85%
Congo (Repub 27.85%
Cook Islands 25.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 20.00%
Curaçao 27.50%
Cyprus 12.50%
Czech Republ 19.00%
Denmark 24.50%
Dominican Re 28.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Isla 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 Isla 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 A 20.00%
Panama 25.00%
Papua New G 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 & T 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks & Caico 20.00%
Uganda 30.00%
Ukraine 18.00%
United Arab 55.00%
United King 21.00%
United State 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Zimbabwe 27.85%
Country GDP (in billions)Adj. Default Spread
Abu Dhabi 390 0.50%
Albania 12.9 4.50%
Andorra (Principality of 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%
Bosnia and Herzegovina 17.9 6.50%
Botswana 14.8 0.85%
Brazil 2245.7 1.90%
Bulgaria 54.5 1.90%
Burkina Faso 11.6 6.50%
Cambodia 15.2 5.50%
Cameroon 29.6 5.50%
Canada 1826.8 0.00%
Cayman Islands 1.897 0.60%
Cape Verde 4 5.50%
Chile 277.2 0.60%
China 9240.3 0.60%
Colombia 378.4 1.90%
Congo (Democratic Repu 32.7 6.50%
Congo (Republic of) 14.1 3.60%
Cook Islands 1.2 4.50%
Costa Rica 49.6 2.50%
Côte d'Ivoire 31.1 4.50%
Croatia 57.9 2.50%
Cuba 60.8 9.00%
Curacao 1 1.20%
Cyprus 21.9 6.50%
Czech Republic 208.9 0.70%
Denmark 335.9 0.00%
Dominican Republic 61.2 4.50%
Ecuador 94.5 6.50%
Egypt 272 7.50%
El Salvador 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 (States of) 0.5 0.40%
Honduras 18.6 6.50%
Hong Kong 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%
Isle of Man 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 (States of) 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%
New Zealand 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%
Papua New Guinea 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%
Ras Al Khaimah (Emirat 5.2 0.85%
Romania 189.6 2.20%
Russia 2096.8 1.90%
Rwanda 7.5 5.50%
Saudi Arabia 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%
South Africa 350.6 1.90%
Spain 1393 1.90%
Sri Lanka 67.2 4.50%
St. Maarten 1.5 1.60%
St. Vincent & the Grena 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%
Trinidad and Tobago 24.6 1.60%
Tunisia 47 3.60%
Turkey 822.1 2.20%
Turks and Caicos Island 1.5 1.60%
Uganda 21.5 4.50%
Ukraine 177.4 10.00%
United Arab Emirates 402.3 0.50%
United Kingdom 2678.5 0.40%
United States of Americ 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%
Total Risk Premium Country Risk Premium 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%
 Last 10K First X months: Last year
Revenues $5,089.00 $2,242.00
R&D expense $1,399.00 $858.00
Operating income or EBIT $538.00 -$362.00
Interest expenses $51.00 $24.00
Book value of equity $11,755.00
Book value of debt $2,356.00
Do you have operating lease commitments?
Cash and cross holdings $9,626.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 41.00% 22.31%
Marginal tax rate =
Lease commitments
Year 1 $142.00
Year 2 $128.00
Year 3 $117.00
Year 4 $110.00
Year 5 $102.00
Beyond year 5 $252.00
First X months: Current yearTrailing 12 month
$3,271.00 $6,118.00
$637.00 $1,178.00
$935.00 $1,835.00
$29.00 $56.00
$12,349.00
$2,167.00

$10,252.00
$0.00
$0.00

38.90%

NA
NA
NA
NA
NA
NA
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)