Date of valuation Jan-21

Company name GameStop

Numbers from your base year below
This year
Country of incorporation United States
Industry (US) Electronics (Consumer & Office)
Industry (Global) Electronics (Consumer & Offic
Revenues $ 5,162.00
Operating income or EBIT $ (216.60)
Interest expense $ 33.40
Book value of equity $ 332.20
Book value of debt $ 1,155.10
Do you have R&D expenses to capitalize? No
Do you have operating lease commitments? No
Cash and Marketable Securities $ 445.90
Cross holdings and other non-operating assets $ -
Minority interests $ -
Number of shares outstanding = 65.10
Current stock price = $ 240.00
Effective tax rate = 25.00%
Marginal tax rate = 25.00%
The value drivers below:
Revenue growth rate for next year 0.00%
Operating Margin for next year 2.00%
Compounded annual revenue growth rate - years 2-5 = 3.00%
Target pre-tax operating margin (EBIT as % of sales in y 6.00%
Year of convergence 5.00
Sales to capital ratio (for computing reinvestment) = 4.96
Market numbers
Riskfree rate 0.85%
Initial cost of capital = 6.23%
Other inputs
Do you have employee options outstanding? No
Number of options outstanding = 7.72
Average strike price = $1.29
Average maturity = 7.00
Standard deviation on stock price = 45.00%

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 = No
If yes, enter the cost of capital after year 10 = 7.50%
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 = No
If yes, enter the return on capital you expect after year 10%
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = Yes
If yes, enter the probability of failure = 12%
What do you want to tie your proceeds in failure to? V
Enter the distress proceeds as percentage of book or fai 50%
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 = Yes
If yes, enter the NOL that you are carrying over into year $731.40
I will asssume that today's risk free rate will prevail in perpetuity. If you override this assumption, I will change
Do you want to override this assumption = Yes
If yes, enter the riskfree rate after year 10 2.00%
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation
Do you want to override this assumption = No
If yes, enter the growth rate in perpetuity -5.00%
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 No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $140,000.00
& Average tax rate of the foreign markets where the cash is t 15%
 Important: 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.
mbers from your base year below ( in consistent units)
Last year

mer & Office)

Last 10K Years since last 10K
$ 6,466.00 0.5
$ 15.10 1
$ 38.50
$ 611.50
$ 1,188.50
If you want to capitalize R&D, you have to input the numbers into the R&D worksheet.
If you have operating leases, please enter your lease commitments in the lease worksheet below and I will conv
$ 499.40
$ -
$ -

Computed numbers: Here is what your company's numbers look

If you are not working in US dollars, you should add the inflation different

Revenue growth in the most recent year =

Pre-tax operating margin in the most recent year
Sales to capital ratio in most recent year =
Growth Lever Return on invested capital in most recent year=
Profitability Lever Standard deviation in stock prices =
Speed of convergence level Cost of capital =
Efficency of Growth Lever
Valuation Output Feedback (for you to use to fine tune your inputs, i
Revenues in year 10, based on your revenue growth =
Pre-tax Operating Income in year 10, based on your operating m
Return on invested capital in year 10, based on your sales/capital
Check the Diagnostics worksheet for more details.

lar to 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. If you change your risk free rate after year
capital 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 fai
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.
te by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

L) coming 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.
erride this assumption, I will change the riskfree rate after year 10.
If yes, you will be asked to enter a normal risk free rate and your growth in perpetuity will be adjusted accordin
Enter your estimate of what the riskfree rate (in your currency of choice) will be after year 10
e rate. This allows for both valuation consistency and prevents "impossible" growth rates.
This is an option to let you use a negative growth rate in perpetuity or to even liquidate the firm.
This can be negative, if you feel the company will decline (and disappear) after growth is done. If you let it exce
e is no additional tax liability coming due and that cash is a neutral asset.

Cash that is trapped in foreign markets (and subject to additoinal tax) or cash that is being discounted by the market (beca
Additional tax rate due on trapped cash or discount being applied to cash balance because of mistrust.
nd check under Calculation options
t circular reasoning errors.

worksheet.
ase worksheet below and I will convert to debt

your company's numbers look like, relative to industry.

ou should add the inflation differential to the industry averages.
Company Industry (US dataIndustry (Global data)
-36.27% 1.69% 0.81%
-4.20% 1.99% 4.83%
4.96 1.82 1.57
-20.80% 4.66% 7.21%
54.91% 34.39%
5.16% 6.69%

o use to fine tune your inputs, if you want)

evenue growth = $ 6,672
based on your operating m $ 400
based on your sales/capital 22.31%
more details.

ange your risk free rate after year 10 (see cell B57 & 58), you should incorporate it into your stable cost of capital estimate
day will fade over time.

petitive advantages.

ash. Many distressed companies fail, because they have trouble making debt payments.
r effective tax rate.

perpetuity will be adjusted accordingly.

l be after year 10

en liquidate the firm.

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

being discounted by the market (because of management mistrust)

ecause of mistrust.
our stable cost of capital estimate.
d territory.
 Base year 1 2 3 4 5
Revenue growth rate 0.00% 3.00% 3.00% 3.00% 3.00%
Revenues $ 5,162.00 $ 5,162.00 $ 5,316.86 $ 5,476.37 $ 5,640.66 $ 5,809.88
EBIT (Operating) margin -4.20% 2.00% 3.60% 4.40% 5.20% 6.00%
EBIT (Operating income) $ (216.60) $ 103.24 $ 191.41 $ 240.96 $ 293.31 $ 348.59
Tax rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-t) $ (216.60) $ 103.24 $ 191.41 $ 240.96 $ 268.93 $ 261.44
- Reinvestment 0 $ 31.24 $ 32.18 $ 33.14 $ 34.14
FCFF $ 103.24 $ 160.16 $ 208.78 $ 235.79 $ 227.31
NOL $ 731.40 $ 628.16 $ 436.75 $ 195.79 $ - $ -

Cost of capital 6.23% 6.23% 6.23% 6.23% 6.23%

Cumulated discount factor 0.9413 0.8861 0.8341 0.7852 0.7392
PV(FCFF) $ 97.18 $ 141.93 $ 174.15 $ 185.15 $ 168.02

Terminal cash flow $ 210.88

Terminal cost of capital 6.72%
Terminal value $ 4,467.88
PV(Terminal value) $ 2,407.66
PV (CF over next 10 years) $ 1,539.68
Sum of PV $ 3,947.34
Probability of failure = 12.00%
Proceeds if firm fails = $1,973.67
Value of operating assets = $ 3,710.50
- Debt $ 1,155.10
- Minority interests $ -
+ Cash $ 445.90
+ Non-operating assets $ -
Value of equity $ 3,001.30
- Value of options $0.00
Value of equity in common $ 3,001.30
Number of shares 65.10
Estimated value /share $ 46.10
Price $ 240.00
Price as % of value 520.57%

Implied variables
Sales to capital ratio 4.96 4.96 4.96 4.96 4.96
Invested capital $ 1,041 $ 1,041 $ 1,073 $ 1,105 $ 1,138 $ 1,172
ROIC -20.80% 9.91% 17.84% 21.81% 23.63% 22.31%
 6 7 8 9 10 Terminal year Check these revenues against
2.80% 2.60% 2.40% 2.20% 2.00% 2.00% a. Overall market size
$ 5,972.55 $ 6,127.84 $ 6,274.91 $ 6,412.96 $ 6,541.21 $ 6,672.04 b. Largest companies in this market
6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
$ 358.35 $ 367.67 $ 376.49 $ 384.78 $ 392.47 $ 400.32 $ 616.92 This is is how much your operating inc
grew over the ten-year period.
25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
$ 268.76 $ 275.75 $ 282.37 $ 288.58 $ 294.35 $ 300.24
$ 32.82 $ 31.33 $ 29.67 $ 27.85 $ 25.88 $ 89.36 $ 367.61 This is how much capital you
invested over the ten year period.
$ 235.95 $ 244.42 $ 252.70 $ 260.73 $ 268.48 $ 210.88
$ - $ - $ - $ - $ - $ -

6.33% 6.43% 6.52% 6.62% 6.72% 6.72%

0.6952 0.6532 0.6132 0.5751 0.5389
$ 164.02 $ 159.65 $ 154.95 $ 149.95 $ 144.68
 After year 10
4.96 4.96 4.96 4.96 4.96
$ 1,205 $ 1,236 $ 1,266 $ 1,294 $ 1,320
22.31% 22.31% 22.31% 22.31% 22.31% 6.72%

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
 much your operating income
e ten-year period.

much capital you

r the ten year period.
capital ratio
 GameStop
The Story

Boeing is in deep trouble. Already exposed to significant pain because of its mishandling of the Boeing 737 Max, wh
company is facing a mountain of pain with the Corona Virus decimating the airline business (Boeing's customers). I
dropping even with the 737 Max returning to the fold and increased losses. After that, i assume that there will be h
buy more aircraft from a duopoly. I assume that margins will revert back to pre-2018 levels over the next 5 years an
risk of failure, not so much because it will go out of business (it is too big to fail) but from needing a bailout from th
equity (as was the case with GM in 2009).
The Assumptions
Base year In 2021 Years 2-5 Years 6-10
Revenues (a) $ 5,162 0.0% 3.00% 2.00%
Operating margin (b) -4.20% 2.0% 2.00% 6.00%
Tax rate 25.00% 25.00% 25.00%
Reinvestment (c ) Sales to Capital = 4.96
Return on capital -20.80% Marginal ROIC = 218.90%

Cost of capital (d) 6.23% 6.72%

The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $ 5,162 2.00% $ 103 $ 103
2 $ 5,317 3.60% $ 191 $ 191
3 $ 5,476 4.40% $ 241 $ 241
4 $ 5,641 5.20% $ 293 $ 269
5 $ 5,810 6.00% $ 349 $ 261
6 $ 5,973 6.00% $ 358 $ 269
7 $ 6,128 6.00% $ 368 $ 276
8 $ 6,275 6.00% $ 376 $ 282
9 $ 6,413 6.00% $ 385 $ 289
10 $ 6,541 6.00% $ 392 $ 294
Terminal year $ 6,672 6.00% $ 400 $ 300
The Value
Terminal value $ 4,468
PV(Terminal value) $ 2,408
PV (CF over next 10 years) $ 1,540
Value of operating assets = $ 3,947
Adjustment for distress $ 237 Probability of
- Debt & Minority Interests $ 1,155
+ Cash & Other Non-operating assets $ 446
Value of equity $ 3,001
- Value of equity options $ -
Number of shares 65.10
Value per share $ 46.10 Stock was tra
 Jan-21
Story

dling of the Boeing 737 Max, which caused revenues to plummet in 2019, the
business (Boeing's customers). I assume more pain the year to come, with revenues
at, i assume that there will be higher growth, as airlines start playing catch up and Tell your story about the company
8 levels over the next 5 years and that during the next year, Boeing is exposed to a focuses on the company's busines
from needing a bailout from the government that is large enough to wipe out it into the three key levers of valu
flows, growth and risk
umptions
After year 10 Link to story
2.00% Slow growth, primarily from online sales
6.00% Move towards online retail margins
25.00% Global/US marginal tax rate over time
29.76% Net decrease in stores, more tech investme Tie each assumption to the part of your sto
relates to it.
6.72% Margin expansion and stagnant revenues
Cost of capital relatively stable, but failure
6.72% probability based on Ba1 bond rating
h Flows
Reinvestment FCFF
$ - $ 103
$ 31 $ 160 These are the numbers that come
$ 32 $ 209 assumptions. The revenues over t
$ 33 $ 236 your revenue growth, the operatin
$ 34 $ 227 evolve towards your target margin
tax rate will change, if you have se
$ 33 $ 236
reinvestment is estimated using th
$ 31 $ 244 capital ratio for the first 10 years a
$ 30 $ 253 on a reinvestment rate in stable g
$ 28 $ 261 ROC).
$ 26 $ 268
$ 89 $ 211
Value

This is the output from your valuation. It re

Probability of failure = 12.00% cash flows being discounted back at the co
to get to your operating asset value, which
adjusted for the likelihood that your firm w
it. We add cash and non-operating assets,
debt and minority interests to get to value
 This is the output from your valuation. It re
cash flows being discounted back at the co
to get to your operating asset value, which
adjusted for the likelihood that your firm w
it. We add cash and non-operating assets,
debt and minority interests to get to value

Stock was trading at = $240.00

ur story about the company. Keep it
s on the company's businesses and tie
the three key levers of value: cash
growth and risk

assumption to the part of your story that

o it.

are the numbers that come from your

ptions. The revenues over time reflect
evenue growth, the operating margins
towards your target margin and your
e will change, if you have set it to. The
stment is estimated using the sales to
ratio for the first 10 years and based
einvestment rate in stable growth (g/

he output from your valuation. It reflects your

ws being discounted back at the cost of capital
your operating asset value, which then gets
d for the likelihood that your firm will not make
dd cash and non-operating assets, subtract out
d minority interests to get to value of equity.
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)
 $ 1,041.40
$ 1,319.65
$ 278.25
$ 609.07
218.90%
22.31%
6.38%
19.21%
Value seems low. See below
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
 Value seems low. See below
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
 Revenue Pre-Tax Pre-Tax After-Tax
Year Revenues Growth Rate Operating Operating NOL Taxes Operating
Margin Income Income
Traling 12 month $ 5,162.00 -4.20% $ (216.60) $ 731.40 $ - $ (216.60)
1 $ 5,162.00 0.00% 2.00% $ 103.24 $ 628.16 $ - $ 103.24
2 $ 5,316.86 3.00% 3.60% $ 191.41 $ 436.75 $ - $ 191.41
3 $ 5,476.37 3.00% 4.40% $ 240.96 $ 195.79 $ - $ 240.96
4 $ 5,640.66 3.00% 5.20% $ 293.31 $ - $ 24.38 $ 268.93
5 $ 5,809.88 3.00% 6.00% $ 348.59 $ - $ 87.15 $ 261.44
6 $ 5,972.55 2.80% 6.00% $ 358.35 $ - $ 89.59 $ 268.76
7 $ 6,127.84 2.60% 6.00% $ 367.67 $ - $ 91.92 $ 275.75
8 $ 6,274.91 2.40% 6.00% $ 376.49 $ - $ 94.12 $ 282.37
9 $ 6,412.96 2.20% 6.00% $ 384.78 $ - $ 96.19 $ 288.58
10 $ 6,541.21 2.00% 6.00% $ 392.47 $ - $ 98.12 $ 294.35

After-Tax Change in Sales to Capital

Year Operating Revenues Capital Reinvestment FCFF Invested Implied ROC
Income
Traling 12 month $ (216.60) $ 1,041.40 -20.80%
1 $ 103.24 $ - 4.96 $ - $ 103.24 $ 1,041.40 9.91%
2 $ 191.41 $ 154.86 4.96 $ 31.24 $ 160.16 $ 1,072.64 17.84%
3 $ 240.96 $ 159.51 4.96 $ 32.18 $ 208.78 $ 1,104.82 21.81%
4 $ 268.93 $ 164.29 4.96 $ 33.14 $ 235.79 $ 1,137.97 23.63%
5 $ 261.44 $ 169.22 4.96 $ 34.14 $ 227.31 $ 1,172.10 22.31%
6 $ 268.76 $ 162.68 4.96 $ 32.82 $ 235.95 $ 1,204.92 22.31%
7 $ 275.75 $ 155.29 4.96 $ 31.33 $ 244.42 $ 1,236.25 22.31%
8 $ 282.37 $ 147.07 4.96 $ 29.67 $ 252.70 $ 1,265.92 22.31%
9 $ 288.58 $ 138.05 4.96 $ 27.85 $ 260.73 $ 1,293.77 22.31%
10 $ 294.35 $ 128.26 4.96 $ 25.88 $ 268.48 $ 1,319.65 22.31%

Year Beta Cost of Equity Pre-Tax Cost Tax Savings After-Tax Cost Debt Ratio Cost of
of Debt of Debt Capital
1 6.23%
2 6.23%
3 6.23%
4 6.23%
5 6.23%
6 6.33%
7 6.43%
8 6.52%
9 6.62%
10 6.72%

Cost of Cumulated Terminal

Year Cost of FCFF Present Value
Capital Value
Capital
1 6.23% 1.0623 $ 103.24 $ 97.18
2 6.23% 1.1285 $ 160.16 $ 141.93
3 6.23% 1.1988 $ 208.78 $ 174.15
4 6.23% 1.2735 $ 235.79 $ 185.15
5 6.23% 1.3529 $ 227.31 $ 168.02
6 6.33% 1.4385 $ 235.95 $ 164.02
 7 6.43% 1.5310 $ 244.42 $ 159.65
8 6.52% 1.6308 $ 252.70 $ 154.95
9 6.62% 1.7388 $ 260.73 $ 149.95
10 6.72% 1.8557 $ 268.48 $ 4,467.88 $ 2,552.34
Value of operating assets = $ 3,947.34
Valuing Options or Warrants
Enter the current stock price = $ 240.00
Enter the strike price on the option = $ 1.29
Enter the expiration of the option = 7.00
Enter the standard deviation in stock prices = 45.00% (volatility)
Enter the annualized dividend yield on stock 0.00%
Enter the treasury bond rate = 0.85%
Enter the number of warrants (options) outsta 7.72
Enter the number of shares outstanding = 65.10

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 240 # Warrants issued= 7.72
Strike Price= 1.29 # Shares outstanding= 65
Adjusted S = 239.85586159 T.Bond rate= 0.85%
Adjusted K = 1.29 Variance= 0.2025
Expiration (in years) = 7 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 0.85%

d1 = 5.0341894046
N (d1) = 0.9999997601

d2 = 3.8436013146
N (d2) = 0.999939379

Value per option = $ 238.64

Value of all options outstanding = $1,842.30
You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (b
ERP data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding = 65.10
Current Market Price per share = $ 240.00

Approach for estimating beta Single Business(US)

If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 1.01
Riskfree Rate = 0.85%
What approach do you want to use to input ERP? Operating regions
Direct input for ERP (if you choose "will input" 6.00%
Equity Risk Premium used in cost of equity = 5.34%

Debt
Book Value of Straight Debt = $ 1,155.10
Interest Expense on Debt = $ 33.40
Average Maturity = 3
Approach for estimating pre-tax cost of debt Actual rating
If direct input, input the pre-tax cost of debt 4.000%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of company 2
Pre-tax Cost of Debt = 2.56%
Tax Rate = 25%

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 = $ -

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

Output
Estimating Market Value of Straight Debt = $ 1,166.02
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.07

Equity Debt Preferred Stock

Market Value $ 15,624.00 $ 1,166.02 $ -
Weight in Cost of Capital 93.06% 6.94% 0.00%
Cost of Component 6.55% 1.92% 7.14%
uilt-in data to compute key inputs (beta, equity risk premium, default spread) or enter them directly. If you choose to use the built in
remuum (since the spreadsheet uses the start of the year numbers).

Operating Countries ERP calculator

Country Revenues ERP Weight
United States of America 8013 4.72% 50.73%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Rest of the World 7782 7.39% 49.27%
0.00%
Total 15795 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 1113 9.66% 1.31%
Asia 10662 5.75% 12.57%
Australia & New Zealand 2006 4.72% 2.37%
Caribbean 0 10.03% 0.00%
Central and South America 1015 8.71% 1.20%
Eastern Europe & Russia 0 6.80% 0.00%
Middle East 9272 6.25% 10.94%
North America 44700 4.72% 52.72%
Western Europe 10336 5.56% 12.19%
0.00%
China 5684 6.38% 6.70%
Total 84788 100.00%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated Valu
Computers/Peripherals $ 25,484.00 5.1406 $ 131,004.06
Entertainment $ 18,805.00 6.8090 $ 128,043.16
Computer Services $ 37,190.00 1.4323 $ 53,268.29
Telecom. Equipment $ 166,699.00 3.5642 $ 594,145.72
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
 0.0000 $ -
0.0000 $ -
0.0000 $ -
Capital 0.0000 $ -
$ 16,790.02 Company $ 248,178.00 $ 906,461.24
100.00%
6.23% Multi Business (Global Industry Averages)
Business Revenues EV/Sales Estimated Valu
Beverage (Alcoholic) $ 35,538.00 5.8637 $ 208,383.77
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Company $ 35,538.00 $ 208,383.77
y. If you choose to use the built in

Weighted ERP
2.39%
0.00%
0.00%
The last two rows in each of country/region risk premium tables is set
0.00% aside for your input to provide you with flexibility to enter some numbers
0.00% directly. For instance, assume that you have a company that breaks its
0.00% revenues down into three countries and then puts the rest into "Rest of the
World". You can enter the "Rest of the World" in one of these two rows
0.00% and enter an equity risk premium for the rest of the world. The easiest way
0.00% to do that is to go into the country equity risk premium worksheet and
0.00% change the GDP for the three countries that you have data for to zero and
compute the global weighted average ERP for the remaining countries.
0.00% With the regional worksheet, you can use the last two rows to enter the
0.00% data for an individual country (usually the domestic country) that might be
broken out though the rest of the revenues are broken down by region. You
3.64%
can look up the ERP for the country in the country ERP worksheet.
0.00%
6.04%

Weighted ERP
0.1269%
0.7227%
0.1117%
0.0000%
0.1043%
0.0000%
0.6835%
2.4884%
0.6778%
0.0000%
0.4277%
5.3428%

Unlevered Beta
1.1394
0.8388
0.9402
0.8322
0.0000
0.0000
0.0000
0.0000
 0.0000
0.0000
0.0000
0.0000
0.8839

Unlevered Beta
0.7342
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.7342
 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 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 3,219.00 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 3269.00 ! Year -1 is the year prior to the current year
-2 3179.00 ! Year -2 is the two years prior to the current year
-3 4626.00
-4 3331.00
-5 3047.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 3219.00 1.00 3219.00
-1 3269.00 0.80 2615.20 $ 653.80
-2 3179.00 0.60 1907.40 $ 635.80
-3 4626.00 0.40 1850.40 $ 925.20
-4 3331.00 0.20 666.20 $ 666.20
-5 3047.00 0.00 0.00 $ 609.40
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 = $10,258.20 $ 3,490.40

Amortization of asset for current year = $3,490.40

Adjustment to Operating Income = -$271.40 ! A positive number indicates an increase in operating income (add to reported
Tax Effect of R&D Expensing ($68)
stments to operating income, net

the lookup table below

llowed is ten years
he amortization period

erating income (add to reported EBIT)

 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 295.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 287.0
2 235.0
3 194.0
4 151.0
5 98.0
6 and beyond 605

Output
Pre-tax Cost of Debt = 2.56% ! 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 $ 287.00 $ 279.84
2 $ 235.00 $ 223.41
3 $ 194.00 $ 179.83
4 $ 151.00 $ 136.48
5 $ 98.00 $ 86.36
6 and beyond $ 201.67 $ 506.99 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,412.92

Restated Financials
Depreciation on Operating Lease Asset = $ 176.61 ! I use straight line depreciation
Adjustment to Operating Earnings = $118.39 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 1,412.92 ! Add this amount to debt
Adjustment to Depreciation = $176.61
ter them.

ne depreciation
nt to pre-tax operating income
Mature Market ERP + 4.72% Updated January 1, 2021

Country Moody's rating Adj. Default Spread Equity Risk Premium

Abu Dhabi Aa2 0.44% 5.20%
Albania B1 3.98% 9.08%
Algeria NR 7.96% 13.44%
Andorra (Principality of) Caa1 6.63% 11.98%
Angola Caa1 6.63% 11.98%
Argentina Ca 10.60% 16.34%
Armenia Ba3 3.18% 8.21%
Aruba Baa1 1.41% 6.27%
Australia Aaa 0.00% 4.72%
Austria Aa1 0.35% 5.10%
Azerbaijan Ba2 2.65% 7.63%
Bahamas Ba2 2.65% 7.63%
Bahrain B2 4.86% 10.05%
Bangladesh Ba3 3.18% 8.21%
Barbados Caa1 6.63% 11.98%
Belarus B3 5.75% 11.02%
Belgium Aa3 0.53% 5.31%
Belize Caa3 8.83% 14.40%
Benin B2 4.86% 10.05%
Bermuda A2 0.75% 5.54%
Bolivia B2 4.86% 10.05%
Bosnia and Herzegovina B3 5.75% 11.02%
Botswana A2 0.75% 5.54%
Brazil Ba2 2.65% 7.63%
British Virgin Islands NR 3.02% 8.03%
Brunei NR 0.75% 5.54%
Bulgaria Baa1 1.41% 6.27%
Burkina Faso B2 4.86% 10.05%
Cambodia B2 4.86% 10.05%
Cameroon B2 4.86% 10.05%
Canada Aaa 0.00% 4.72%
Cape Verde B2 4.86% 10.05%
Cayman Islands Aa3 0.53% 5.31%
Chile A1 0.62% 5.40%
China A1 0.62% 5.40%
Colombia Baa2 1.68% 6.56%
Congo (Democratic Republic of) Caa1 6.63% 11.98%
Congo (Republic of) Caa2 7.96% 13.44%
Cook Islands B1 3.98% 9.08%
Costa Rica B2 4.86% 10.05%
Croatia Ba1 2.21% 7.14%
Cuba Caa2 7.96% 13.44%
Curaçao A3 1.06% 5.88%
Cyprus Ba2 2.65% 7.63%
Czech Republic Aa3 0.53% 5.31%
Denmark Aaa 0.00% 4.72%
Dominican Republic Ba3 3.18% 8.21%
Ecuador Caa3 8.83% 14.40%
Egypt B2 4.86% 10.05%
El Salvador B3 5.75% 11.02%
Estonia A1 0.62% 5.40%
Ethiopia B2 4.86% 10.05%
Fiji Ba3 3.18% 8.21%
Finland Aa1 0.35% 5.10%
France Aa2 0.44% 5.20%
Gabon Caa1 6.63% 11.98%
Gambia NR 5.75% 11.02%
Georgia Ba2 2.65% 7.63%
Germany Aaa 0.00% 4.72%
Ghana B3 5.75% 11.02%
Greece Ba3 3.18% 8.21%
Guatemala Ba1 2.21% 7.14%
Guernsey Aaa 0.00% 4.72%
Guinea NR 10.60% 16.34%
Guinea-Bissau NR 6.63% 11.98%
Guyana NR 4.86% 10.05%
Haiti NR 10.60% 16.34%
Honduras B1 3.98% 9.08%
Hong Kong Aa3 0.53% 5.31%
Hungary Baa3 1.95% 6.85%
Iceland A2 0.75% 5.54%
India Baa3 1.95% 6.85%
Indonesia Baa2 1.68% 6.56%
Iran NR 7.96% 13.44%
Iraq Caa1 6.63% 11.98%
Ireland A2 0.75% 5.54%
Isle of Man Aa3 0.53% 5.31%
Israel A1 0.62% 5.40%
Italy Baa3 1.95% 6.85%
Ivory Coast Ba3 3.18% 8.21%
Jamaica B2 4.86% 10.05%
Japan A1 0.62% 5.40%
Jersey Aaa 0.00% 4.72%
Jordan B1 3.98% 9.08%
Kazakhstan Baa3 1.95% 6.85%
Kenya B2 4.86% 10.05%
Korea, D.P.R. NR 10.60% 16.34%
Kuwait A1 0.62% 5.40%
Kyrgyzstan B2 4.86% 10.05%
Laos Caa2 1.06% 5.88%
Latvia A3 1.06% 5.88%
Lebanon C 17.50% 23.90%
Liberia NR 10.60% 16.34%
Libya NR 7.96% 13.44%
Liechtenstein Aaa 0.00% 4.72%
Lithuania A3 1.06% 5.88%
Luxembourg Aaa 0.00% 4.72%
Macao Aa3 0.53% 5.31%
Macedonia Ba3 3.18% 8.21%
Madagascar NR 5.75% 11.02%
Malawi NR 7.96% 13.44%
Malaysia A3 1.06% 5.88%
Mali Caa1 6.63% 11.98%
Malta A2 0.75% 5.54%
Mauritius Baa1 1.41% 6.27%
Mexico Baa1 1.41% 6.27%
Moldova B3 5.75% 11.02%
Mongolia B3 5.75% 11.02%
Montenegro B1 3.98% 9.08%
Montserrat Baa3 1.95% 6.85%
Morocco Ba1 2.21% 7.14%
Mozambique Caa2 7.96% 13.44%
Myanmar NR 5.75% 11.02%
Namibia Ba3 3.18% 8.21%
Netherlands Aaa 0.00% 4.72%
New Zealand Aaa 0.00% 4.72%
Nicaragua B3 5.75% 11.02%
Niger B3 5.75% 11.02%
Nigeria B2 4.86% 10.05%
Norway Aaa 0.00% 4.72%
Oman Ba3 3.18% 8.21%
Pakistan B3 5.75% 11.02%
Panama Baa1 1.41% 6.27%
Papua New Guinea B2 4.86% 10.05%
Paraguay Ba1 2.21% 7.14%
Peru A3 1.06% 5.88%
Philippines Baa2 1.68% 6.56%
Poland A2 0.75% 5.54%
Portugal Baa3 1.95% 6.85%
Qatar Aa3 0.53% 5.31%
Ras Al Khaimah (Emirate of) Aaa 0.00% 4.72%
Romania Baa3 1.95% 6.85%
Russia Baa3 1.95% 6.85%
Rwanda B2 4.86% 10.05%
Saint Lucia NR 3.02% 8.03%
Saudi Arabia A1 0.62% 5.40%
Senegal Ba3 3.18% 8.21%
Serbia Ba3 3.18% 8.21%
Sharjah Baa2 1.68% 6.56%
Sierra Leone NR 7.96% 13.44%
Singapore Aaa 0.00% 4.72%
Slovakia A2 0.75% 5.54%
Slovenia A3 1.06% 5.88%
Solomon Islands B3 5.75% 11.02%
Somalia NR 10.60% 16.34%
South Africa Ba2 2.65% 7.63%
South Korea Aa2 0.44% 5.20%
Spain Baa1 1.41% 6.27%
Sri Lanka Caa1 6.63% 11.98%
St. Maarten Baa3 1.95% 6.85%
St. Vincent & the Grenadines B3 5.75% 11.02%
Sudan NR 17.50% 23.90%
Suriname Caa3 8.83% 14.40%
Swaziland B3 5.75% 11.02%
Sweden Aaa 0.00% 4.72%
Switzerland Aaa 0.00% 4.72%
Syria NR 17.50% 23.90%
Taiwan Aa3 0.53% 5.31%
Tajikistan B3 5.75% 11.02%
Tanzania B2 4.86% 10.05%
Thailand Baa1 1.41% 6.27%
Togo B3 5.75% 11.02%
Trinidad and Tobago Ba1 2.21% 7.14%
Tunisia B2 4.86% 10.05%
Turkey B2 4.86% 10.05%
Turks and Caicos Islands Baa1 1.41% 6.27%
Uganda B2 4.86% 10.05%
Ukraine B3 5.75% 11.02%
United Arab Emirates Aa2 0.44% 5.20%
United Kingdom Aa3 0.53% 5.31%
United States Aaa 0.00% 4.72%
Uruguay B1 3.98% 9.08%
Venezuela C 17.50% 23.90%
Vietnam Ba3 3.18% 8.21%
Yemen NR 17.50% 23.90%
Zambia Ca 10.60% 16.34%
Zimbabwe NR 10.60% 16.34%

ERP Default Spread Tax rate

Africa 9.66% 4.51% 28.31%
Asia 5.75% 0.94% 25.70%
Australia & New Zealand 4.72% 0.00% 29.74%
Caribbean 10.03% 4.85% 24.25%
Central and South America 8.71% 3.64% 31.04%
Eastern Europe & Russia 6.80% 1.90% 18.31%
Middle East 6.25% 1.40% 32.96%
North America 4.72% 0.00% 26.96%
Western Europe 5.56% 0.77% 24.41%

Global 5.76% 0.95% 26.13%

Country Risk Premium Corporate Tax Rate
0.48% 55.00%
4.36% 15.00%
8.72% 26.00%
7.26% 10.00%
7.26% 30.00%
11.62% 30.00%
3.49% 18.00%
1.55% 25.00%
0.00% 30.00%
0.38% 25.00%
2.91% 20.00%
2.91% 0.00%
5.33% 0.00%
3.49% 25.00%
7.26% 5.50%
6.30% 18.00%
0.59% 29.00%
9.68% 28.25%
5.33% 30.00%
0.82% 0.00%
5.33% 25.00%
6.30% 10.00%
0.82% 22.00%
2.91% 34.00%
3.31% 16.98%
0.82% 0.00%
1.55% 10.00%
5.33% 28.00%
5.33% 20.00%
5.33% 33.00%
0.00% 26.50%
5.33% 0.00%
0.59% 0.00%
0.68% 27.00%
0.68% 25.00%
1.84% 32.00%
7.26% 35.00%
8.72% 30.00%
4.36% 28.43%
5.33% 30.00%
2.42% 18.00%
8.72% 27.36%
1.16% 22.00%
2.91% 12.50%
0.59% 19.00%
0.00% 22.00%
3.49% 27.00%
9.68% 25.00%
5.33% 22.50%
6.30% 30.00%
0.68% 20.00%
5.33% 30.00%
3.49% 20.00%
0.38% 20.00%
0.48% 28.00%
7.26% 30.00%
6.30% 31.00%
2.91% 15.00%
0.00% 30.00%
6.30% 25.00%
3.49% 24.00%
2.42% 25.00%
0.00% 0.00%
11.62% 28.25%
7.26% 28.25%
5.33% 27.36%
11.62% 27.36%
4.36% 25.00%
0.59% 16.50%
2.13% 9.00%
0.82% 20.00%
2.13% 30.00%
1.84% 15.00%
8.72% 21.13%
7.26% 15.00%
0.82% 12.50%
0.59% 0.00%
0.68% 23.00%
2.13% 24.00%
3.49% 25.00%
5.33% 25.00%
0.68% 30.62%
0.00% 0.00%
4.36% 20.00%
2.13% 20.00%
5.33% 30.00%
11.62% 21.13%
0.68% 15.00%
5.33% 10.00%
1.16% 21.13%
1.16% 20.00%
19.18% 17.00%
11.62% 28.25%
8.72% 20.00%
0.00% 12.50%
1.16% 15.00%
0.00% 24.94%
0.59% 12.00%
3.49% 10.00%
6.30% 20.00%
8.72% 30.00%
1.16% 24.00%
7.26% 28.25%
0.82% 35.00%
1.55% 15.00%
1.55% 30.00%
6.30% 12.00%
6.30% 25.00%
4.36% 9.00%
2.13% 21.13%
2.42% 31.00%
8.72% 32.00%
6.30% 25.00%
3.49% 32.00%
0.00% 25.00%
0.00% 28.00%
6.30% 30.00%
6.30% 28.25%
5.33% 30.00%
0.00% 22.00%
3.49% 15.00%
6.30% 35.00%
1.55% 25.00%
5.33% 30.00%
2.42% 10.00%
1.16% 29.50%
1.84% 30.00%
0.82% 19.00%
2.13% 21.00%
0.59% 10.00%
0.00% 0.00%
2.13% 16.00%
2.13% 20.00%
5.33% 30.00%
3.31% 16.98%
0.68% 20.00%
3.49% 30.00%
3.49% 15.00%
1.84% 0.00%
8.72% 30.00%
0.00% 17.00%
0.82% 21.00%
1.16% 19.00%
6.30% 30.00%
11.62% 28.25%
2.91% 28.00%
0.48% 25.00%
1.55% 25.00%
7.26% 28.00%
2.13% 27.36%
6.30% 27.36%
19.18% 35.00%
9.68% 36.00%
6.30% 27.50%
0.00% 21.40%
0.00% 14.84%
19.18% 28.00%
0.59% 20.00%
6.30% 19.12%
5.33% 30.00%
 1.55% 20.00%
6.30% 28.25%
2.42% 30.00%
5.33% 25.00%
5.33% 22.00%
1.55% 0.00%
5.33% 30.00%
6.30% 18.00%
0.48% 55.00%
0.59% 19.00%
0.00% 27.00%
4.36% 25.00%
19.18% 34.00%
3.49% 20.00%
19.18% 28.25%
11.62% 35.00%
11.62% 24.00%

CRP
4.94%
1.03%
0.00%
5.31%
3.99%
2.08%
1.53%
0.00%
0.84%

1.04%
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 current Earnings before interest and taxes (EBIT) = $ (216.60) (Add back only long term interest expense for fin
Enter current interest expenses = $33.40 (Use only long term interest expense for financia
Enter long term risk free rate = 0.80%
Output
Interest coverage ratio = -100000.00
Estimated Bond Rating = D2/D Note: If you get REF! All over the place, set the ope
Estimated Company Default Spread = 17.44% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 18.24%

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 17.44%
0.2 0.649999 C2/C 13.09%
0.65 0.799999 Ca2/CC 9.97%
0.8 1.249999 Caa/CCC 9.46%
1.25 1.499999 B3/B- 5.94%
1.5 1.749999 B2/B 4.86%
1.75 1.999999 B1/B+ 4.05%
2 2.2499999 Ba2/BB 2.77%
2.25 2.49999 Ba1/BB+ 2.31%
2.5 2.999999 Baa2/BBB 1.71%
3 4.249999 A3/A- 1.33%
4.25 5.499999 A2/A 1.18%
5.5 6.499999 A1/A+ 1.07%
6.5 8.499999 Aa2/AA 0.85%
8.50 100000 Aaa/AAA 0.69%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 17.44% Rating is Spread in 2021
0.5 0.799999 C2/C 13.09% A1/A+ 1.07%
0.8 1.249999 Ca2/CC 9.97% A2/A 1.18%
1.25 1.499999 Caa/CCC 9.46% A3/A- 1.33%
1.5 1.999999 B3/B- 5.94% Aa2/AA 0.85%
2 2.499999 B2/B 4.86% Aaa/AAA 0.69%
2.5 2.999999 B1/B+ 4.05% B1/B+ 4.05%
 3 3.499999 Ba2/BB 2.77% B2/B 4.86%
3.5 3.9999999 Ba1/BB+ 2.31% B3/B- 5.94%
4 4.499999 Baa2/BBB 1.71% Ba1/BB+ 2.31%
4.5 5.999999 A3/A- 1.33% Ba2/BB 2.77%
6 7.499999 A2/A 1.18% Baa2/BBB 1.71%
7.5 9.499999 A1/A+ 1.07% C2/C 13.09%
9.5 12.499999 Aa2/AA 0.85% Ca2/CC 9.97%
12.5 100000 Aaa/AAA 0.69% Caa/CCC 9.46%
D2/D 17.44%
preadsheet.
tions in excel) is checked.

long term interest expense for financial firms)

erm interest expense for financial firms)

over the place, set the operating lease commitment question in cell F5
o Yes. It should work.

Default Probabilities over time (1 - 10 year time horizons)

Rating 1 2 3 4 5 6
AAA 0.00% 0.03% 0.13% 0.24% 0.35% 0.45%
AA 0.02% 0.06% 0.12% 0.21% 0.31% 0.42%
A 0.05% 0.14% 0.23% 0.35% 0.47% 0.62%
BBB 0.16% 0.45% 0.78% 1.17% 1.58% 1.98%
BB 0.61% 1.92% 3.48% 5.05% 6.52% 7.85%
B 3.33% 7.71% 11.55% 14.58% 16.93% 18.83%
CCC/C 27.08% 36.64% 41.41% 44.10% 46.19% 47.09%

pread in 2021
10 year time horizons)
7 8 9 10
0.51% 0.59% 0.64% 0.70%
0.50% 0.58% 0.65% 0.72%
0.79% 0.93% 1.08% 1.24%
2.33% 2.67% 3.00% 3.32%
9.01% 10.04% 10.97% 11.78%
20.36% 21.60% 22.70% 23.74%
48.26% 49.05% 49.76% 50.38%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 61 8.31% 9.98% 51.51% 21.47% 0.77
Aerospace/Defense 72 5.28% 7.56% 19.11% 24.62% 0.91
Air Transport 17 -6.82% -18.99% -16.07% 88.76% 0.92
Apparel 51 -3.56% 5.49% 7.54% 31.41% 0.94
Auto & Truck 19 12.19% 1.93% 1.17% 28.48% 1.05
Auto Parts 52 4.02% 4.01% 6.46% 32.65% 1.09
Bank (Money Center) 7 -0.78% 0.00% -0.01% 14.04% 0.60
Banks (Regional) 598 8.82% 0.00% -0.08% 18.95% 0.60
Beverage (Alcoholic) 23 14.39% 23.87% 14.43% 18.36% 0.68
Beverage (Soft) 41 27.08% 19.98% 26.74% 18.60% 0.71
Broadcasting 29 5.80% 19.30% 16.92% 23.16% 0.65
Brokerage & Investment B 39 9.51% 0.42% 0.00% 22.18% 0.58
Building Materials 42 7.47% 10.80% 24.17% 26.26% 0.97
Business & Consumer Ser 169 7.53% 8.88% 18.33% 23.84% 0.83
Cable TV 13 6.70% 18.15% 11.09% 22.33% 0.70
Chemical (Basic) 48 22.51% 7.21% 9.53% 9.12% 0.76
Chemical (Diversified) 5 28.99% 5.81% 5.93% 5.70% 1.04
Chemical (Specialty) 97 5.94% 12.07% 11.84% 18.17% 0.82
Coal & Related Energy 29 -14.18% -8.70% -7.50% 0.00% 0.56
Computer Services 116 9.40% 7.58% 22.98% 12.94% 0.94
Computers/Peripherals 52 4.06% 15.55% 27.82% 14.17% 1.14
Construction Supplies 46 3.50% 9.41% 9.93% 22.99% 0.87
Diversified 29 0.51% 18.06% 13.44% 20.76% 0.89
Drugs (Biotechnology) 547 32.64% 9.54% 6.22% 11.95% 0.85
Drugs (Pharmaceutical) 287 32.66% 24.02% 20.31% 16.30% 0.84
Education 38 1.01% 9.26% 9.89% 16.65% 1.07
Electrical Equipment 122 4.21% 12.60% 22.12% 17.21% 1.00
Electronics (Consumer & O 22 1.69% 1.99% 4.66% 11.28% 1.01
Electronics (General) 157 2.88% 7.47% 11.08% 19.85% 0.86
Engineering/Construction 61 3.57% 4.10% 14.85% 21.89% 0.96
Entertainment 118 6.35% 7.44% 7.96% 6.73% 0.84
Environmental & Waste Se 86 7.88% 11.92% 19.19% 20.68% 0.82
Farming/Agriculture 32 -0.77% 6.55% 9.12% 21.87% 0.69
Financial Svcs. (Non-bank 235 9.08% 12.32% 0.40% 19.21% 0.11
Food Processing 101 6.85% 12.80% 17.53% 25.02% 0.53
Food Wholesalers 18 12.01% 1.56% 8.89% 3.87% 0.81
Furn/Home Furnishings 40 5.08% 7.98% 14.59% 18.92% 0.78
Green & Renewable Ener 25 -0.09% 26.12% 6.89% 43.03% 0.68
Healthcare Products 265 13.90% 14.24% 13.22% 13.64% 0.80
Healthcare Support Servic 129 17.54% 4.97% 35.27% 24.05% 0.74
Heathcare Information an 139 15.02% 13.14% 16.35% 16.43% 0.75
Homebuilding 30 13.52% 11.81% 13.58% 20.30% 1.33
Hospitals/Healthcare Facili 32 4.24% 10.20% 13.18% 20.32% 0.81
Hotel/Gaming 66 -0.38% -10.34% -5.24% 23.34% 1.19
Household Products 140 14.18% 18.20% 34.99% 20.24% 0.68
Information Services 77 12.19% 23.40% 24.34% 20.35% 0.97
Insurance (General) 21 5.51% 12.83% 9.26% 19.30% 0.56
Insurance (Life) 26 3.35% 8.48% 4.33% 13.00% 0.64
Insurance (Prop/Cas.) 55 3.09% 10.85% 10.74% 19.46% 0.58
Investments & Asset Man 348 0.65% 16.95% 7.24% 18.52% 0.78
Machinery 125 3.44% 13.07% 21.42% 21.03% 0.96
Metals & Mining 86 4.02% 11.47% 10.75% 51.98% 0.82
Office Equipment & Servic 22 0.78% 7.50% 12.84% 24.00% 0.83
Oil/Gas (Integrated) 3 -1.24% -4.27% -2.33% 25.63% 0.99
Oil/Gas (Production and Ex 278 -1.17% -21.40% -6.33% 28.59% 0.81
Oil/Gas Distribution 57 10.74% 17.43% 9.01% 8.74% 0.60
Oilfield Svcs/Equip. 135 -6.86% 0.47% 1.29% 4.37% 0.84
Packaging & Container 26 2.52% 9.66% 12.25% 25.38% 0.68
Paper/Forest Products 15 0.51% 5.84% 8.38% 21.09% 0.96
Power 55 1.01% 19.82% 6.80% 11.02% 0.43
Precious Metals 93 3.17% 21.48% 9.87% 18.13% 0.75
Publishing & Newspapers 29 0.31% 5.64% 10.48% 23.79% 1.11
R.E.I.T. 238 6.81% 23.23% 2.05% 2.47% 0.79
Real Estate (Development 25 -19.92% -3.64% -1.41% 27.32% 0.56
Real Estate (General/Diver 11 9.20% 6.93% 1.96% 18.50% 0.76
Real Estate (Operations & 61 2.10% 4.13% 7.97% 10.49% 0.76
Recreation 69 2.62% 6.81% 8.65% 22.56% 0.77
Reinsurance 2 9.11% 4.27% 3.74% 25.14% 1.13
Restaurant/Dining 79 0.84% 11.36% 7.24% 18.69% 1.11
Retail (Automotive) 30 3.20% 6.43% 10.10% 23.18% 0.99
Retail (Building Supply) 15 6.42% 12.79% 37.47% 23.94% 1.44
Retail (Distributors) 85 4.67% 7.70% 11.67% 25.02% 0.75
Retail (General) 17 2.41% 4.63% 14.67% 24.42% 0.82
Retail (Grocery and Food) 14 6.28% 3.48% 9.63% 23.43% 0.15
Retail (Online) 75 9.28% 5.74% 11.04% 16.13% 1.14
Retail (Special Lines) 85 5.57% 2.89% 5.29% 24.55% 1.04
Rubber& Tires 3 -4.21% -0.50% 0.01% 15.90% 0.55
Semiconductor 70 3.77% 24.09% 17.39% 10.77% 0.96
Semiconductor Equip 40 8.49% 22.21% 27.89% 12.83% 1.07
Shipbuilding & Marine 11 3.10% 5.11% 3.74% 24.39% 0.74
Shoe 11 -0.11% 9.22% 20.90% 13.44% 0.98
Software (Entertainment) 101 -0.41% 20.61% 14.73% 12.02% 0.96
Software (Internet) 36 19.34% 5.06% 6.66% 5.97% 0.75
Software (System & Applic 388 18.93% 23.30% 22.28% 14.14% 0.89
Steel 32 0.47% 3.55% 5.81% 24.53% 0.78
Telecom (Wireless) 16 6.53% 12.48% 10.22% 22.65% 0.39
Telecom. Equipment 96 31.65% 18.69% 21.80% 17.90% 0.83
Telecom. Services 58 7.79% 19.46% 13.78% 16.71% 0.42
Tobacco 15 52.82% 42.80% 45.33% 34.67% 0.61
Transportation 21 9.42% 6.28% 13.32% 22.37% 0.79
Transportation (Railroads) 6 -1.47% 39.13% 12.97% 23.12% 0.74
Trucking 35 3.06% -2.88% -4.04% 21.68% 0.95
Utility (General) 16 2.27% 20.40% 6.79% 11.72% 0.49
Utility (Water) 17 12.74% 30.46% 8.05% 18.75% 0.57
Total Market 7582 8.86% 9.62% 6.05% 17.76% 0.75
Total Market (without finan 6253 9.40% 9.93% 10.58% 17.74% 0.86
 Std deviation
Cost of in stock Pre-tax cost Market Cost of
Equity (Levered) Beta equity prices of debt Debt/Capital capital Sales/Capital
1.08 6.01% 57.74% 3.00% 43.66% 4.34% 5.17
1.07 5.96% 34.89% 2.58% 24.84% 4.95% 2.61
1.61 8.52% 46.15% 3.00% 61.74% 4.61% 0.88
1.10 6.11% 47.84% 3.00% 28.26% 5.00% 1.34
1.28 6.98% 45.24% 3.00% 27.88% 5.65% 0.74
1.20 6.61% 43.16% 3.00% 19.60% 5.74% 1.82
0.83 4.84% 21.59% 1.92% 68.37% 2.49% 0.14
0.64 3.97% 19.48% 1.92% 37.98% 3.00% 0.24
0.78 4.60% 37.01% 2.58% 18.97% 4.09% 0.64
0.79 4.66% 49.70% 3.00% 17.76% 4.22% 1.37
1.13 6.26% 45.56% 3.00% 54.90% 4.02% 0.98
1.13 6.27% 35.90% 2.58% 68.64% 3.26% 0.22
1.09 6.07% 33.99% 2.58% 20.82% 5.20% 2.59
0.93 5.30% 45.65% 3.00% 19.82% 4.69% 2.16
0.94 5.38% 32.02% 2.58% 34.19% 4.18% 0.76
0.99 5.62% 48.06% 3.00% 35.53% 4.40% 1.35
1.36 7.36% 36.16% 2.58% 36.75% 5.35% 1.03
0.93 5.30% 38.54% 2.58% 20.23% 4.61% 1.04
0.83 4.84% 42.27% 3.00% 48.62% 3.55% 0.87
1.12 6.20% 45.89% 3.00% 28.44% 5.06% 3.03
1.18 6.52% 42.87% 3.00% 8.55% 6.15% 1.81
1.02 5.75% 33.39% 2.58% 25.80% 4.75% 1.21
1.02 5.77% 29.94% 2.58% 22.92% 4.88% 0.79
0.89 5.11% 50.10% 3.00% 13.42% 4.72% 0.48
0.91 5.22% 55.45% 3.00% 15.38% 4.75% 0.81
1.15 6.35% 55.73% 3.00% 19.57% 5.53% 1.17
1.06 5.93% 55.12% 3.00% 13.31% 5.43% 1.80
0.96 5.44% 54.91% 3.00% 8.68% 5.16% 1.82
0.89 5.11% 43.87% 3.00% 11.88% 4.76% 1.49
1.06 5.92% 42.04% 3.00% 22.02% 5.10% 3.80
0.88 5.10% 68.06% 4.09% 13.19% 4.82% 1.07
0.95 5.43% 50.43% 3.00% 20.13% 4.78% 1.63
0.87 5.06% 45.30% 3.00% 31.06% 4.17% 1.48
0.80 4.69% 27.74% 2.58% 89.96% 2.17% 0.04
0.64 3.93% 32.56% 2.58% 24.82% 3.42% 1.48
1.03 5.81% 58.03% 3.00% 35.90% 4.51% 5.82
0.88 5.10% 40.52% 3.00% 25.41% 4.36% 1.88
0.98 5.56% 56.04% 3.00% 39.05% 4.25% 0.27
0.83 4.86% 46.19% 3.00% 9.66% 4.61% 0.96
0.85 4.95% 44.49% 3.00% 24.07% 4.28% 7.72
0.79 4.66% 42.45% 3.00% 10.79% 4.40% 1.24
1.46 7.82% 36.56% 2.58% 24.66% 6.35% 1.37
1.28 6.99% 49.21% 3.00% 49.85% 4.59% 1.51
1.56 8.32% 43.69% 3.00% 36.40% 6.09% 0.38
0.73 4.38% 54.66% 3.00% 12.93% 4.09% 2.02
1.01 5.70% 42.37% 3.00% 8.56% 5.40% 1.14
0.68 4.15% 30.12% 2.58% 28.98% 3.49% 0.82
0.98 5.54% 30.68% 2.58% 54.53% 3.55% 0.60
0.64 3.97% 22.93% 1.92% 20.04% 3.45% 1.11
0.93 5.32% 28.85% 2.58% 31.14% 4.25% 0.45
1.05 5.88% 34.28% 2.58% 16.42% 5.22% 1.78
0.90 5.20% 67.84% 4.09% 19.26% 4.77% 0.97
1.00 5.65% 31.11% 2.58% 32.35% 4.43% 1.97
1.26 6.88% 26.39% 2.58% 30.60% 5.35% 0.64
1.18 6.52% 56.28% 3.00% 41.89% 4.70% 0.31
1.16 6.39% 40.78% 3.00% 56.46% 4.02% 0.54
1.21 6.63% 50.27% 3.00% 43.64% 4.69% 1.88
0.92 5.28% 29.22% 2.58% 35.53% 4.07% 1.47
1.14 6.30% 35.67% 2.58% 27.29% 5.10% 1.48
0.67 4.08% 19.86% 1.92% 43.85% 2.90% 0.38
0.76 4.50% 67.76% 4.09% 11.26% 4.33% 0.46
1.41 7.58% 37.47% 2.58% 35.07% 5.58% 2.09
1.21 6.62% 32.40% 2.58% 43.42% 4.56% 0.11
0.85 4.94% 60.70% 3.00% 48.64% 3.60% 0.22
0.78 4.62% 20.99% 1.92% 22.61% 3.89% 0.33
0.92 5.28% 34.72% 2.58% 28.97% 4.29% 2.05
0.87 5.02% 56.40% 3.00% 19.68% 4.46% 1.42
1.16 6.42% 25.23% 2.58% 27.81% 5.16% 1.02
1.34 7.28% 53.63% 3.00% 25.21% 5.99% 1.14
1.30 7.06% 42.82% 3.00% 33.21% 5.44% 2.09
1.54 8.22% 40.60% 3.00% 15.31% 7.30% 3.46
0.97 5.51% 41.97% 3.00% 31.38% 4.47% 1.68
0.90 5.17% 38.91% 2.58% 17.59% 4.59% 4.10
0.24 2.07% 37.72% 2.58% 48.54% 1.98% 4.11
1.16 6.42% 52.87% 3.00% 6.67% 6.14% 1.80
1.28 6.98% 49.01% 3.00% 32.55% 5.42% 2.29
1.09 6.09% 43.83% 3.00% 63.62% 3.61% 1.07
1.00 5.66% 37.26% 2.58% 8.85% 5.33% 0.75
1.07 5.98% 35.91% 2.58% 7.44% 5.68% 1.30
1.04 5.82% 29.83% 2.58% 38.33% 4.31% 0.68
0.98 5.57% 31.50% 2.58% 6.43% 5.33% 2.50
0.96 5.46% 62.61% 3.00% 2.55% 5.37% 0.68
0.77 4.58% 32.73% 2.58% 8.11% 4.36% 1.01
0.91 5.23% 47.97% 3.00% 6.15% 5.05% 0.92
0.95 5.43% 39.32% 2.58% 33.44% 4.24% 1.70
0.53 3.44% 39.78% 2.58% 35.30% 2.89% 0.84
0.87 5.03% 43.11% 3.00% 12.89% 4.67% 1.20
0.66 4.04% 43.53% 3.00% 45.40% 3.20% 0.75
0.72 4.34% 24.49% 1.92% 23.26% 3.65% 1.16
0.91 5.21% 28.68% 2.58% 24.07% 4.41% 2.45
0.84 4.92% 16.83% 1.92% 18.39% 4.27% 0.40
1.11 6.18% 38.78% 2.58% 25.24% 5.09% 0.84
0.74 4.42% 18.44% 1.92% 42.76% 3.13% 0.37
0.73 4.39% 35.96% 2.58% 28.81% 3.67% 0.30
0.94 5.37% 41.21% 3.00% 32.58% 4.34% 0.67
0.98 5.55% 44.77% 3.00% 20.07% 4.87% 1.11
 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
1.83 8.86 16.08 5.73 45.38 -0.57% 1.75% -1.91%
2.01 12.15 20.31 4.44 107.38 43.56% 2.77% -1.33%
1.97 34.43 NA 3.22 13.47 1.70% 11.83% 1.80%
2.03 14.69 33.98 4.11 22.76 24.96% 2.52% 0.16%
3.58 45.73 177.76 7.58 261.56 -6.94% 10.24% 4.61%
1.60 10.07 23.28 4.78 55.56 13.84% 3.71% 2.09%
5.32 NA NA 1.00 14.86 NA 1.06% 1.06%
4.47 NA NA 1.08 15.39 NA 4.37% 2.01%
5.30 17.61 22.21 3.45 32.39 15.25% 6.38% 4.49%
5.08 20.74 25.22 8.50 116.72 -9.54% 5.42% 7.41%
2.08 7.84 10.93 1.58 12.42 15.71% 2.74% -1.05%
4.93 NA NA 1.52 82.20 NA 5.24% 2.74%
2.00 13.27 18.17 4.98 25.63 15.45% 2.44% 0.45%
2.97 17.40 31.21 5.85 44.22 13.84% 3.14% 0.34%
3.85 11.11 20.20 3.13 63.68 -1.35% 10.94% -1.74%
1.52 10.01 20.70 2.96 45.86 15.78% 6.33% 3.16%
1.72 13.38 29.25 2.18 17.19 17.68% 5.07% 2.39%
3.27 15.56 26.53 3.10 58.86 21.29% 6.37% 2.31%
1.08 5.79 NA 1.36 37.68 7.75% 11.29% -7.19%
1.43 10.70 17.96 4.00 27.86 12.09% 1.81% -0.13%
5.14 24.76 32.89 22.90 27.25 -9.08% 2.72% 0.17%
2.27 15.23 23.47 3.82 108.40 17.23% 5.21% 1.96%
2.80 11.37 15.12 1.86 27.98 1.48% 5.08% 2.97%
8.73 14.40 57.63 7.18 480.18 13.14% 3.56% 37.65%
5.55 14.32 22.27 5.04 34.54 26.23% 5.01% 9.74%
2.81 14.43 31.21 2.92 26.63 7.47% 3.88% 2.70%
3.66 15.96 22.83 6.28 106.02 21.00% 3.79% 4.49%
1.32 18.96 59.52 4.26 14.62 13.26% 1.68% 0.97%
2.54 17.52 32.12 4.14 69.76 20.52% 4.19% 4.25%
0.90 10.85 19.80 2.32 34.52 17.94% 1.70% 10.32%
6.81 36.26 89.24 5.49 1157.13 0.65% 5.18% 0.28%
3.34 14.98 27.42 4.68 549.58 9.56% 7.49% 2.83%
1.35 14.71 20.13 3.21 23.82 13.00% 3.06% 1.35%
31.49 NA NA 2.23 21.86 NA 6.99% 13.20%
2.19 12.88 16.83 2.57 375.19 5.27% 3.21% 2.09%
0.54 15.87 35.36 5.02 8.64 5.38% 1.02% 2.61%
1.31 9.73 15.82 2.68 125.50 10.60% 2.74% 1.37%
13.15 22.94 50.76 1.68 40.67 -158.25% 35.69% 25.82%
7.42 28.53 49.25 5.77 317.98 25.16% 5.15% 11.83%
0.68 10.36 13.63 2.91 104.18 -5.33% 0.74% 0.68%
7.33 29.32 50.49 7.12 162.96 23.07% 3.82% 0.07%
1.21 9.54 10.23 1.75 17.34 66.10% 0.74% 0.63%
1.54 8.97 16.18 5.78 44.61 3.37% 5.92% 1.39%
8.08 38.32 NA 6.10 64.17 15.67% 18.51% 13.00%
 4.09 17.60 22.33 9.06 36.29 8.85% 3.65% 1.27%
10.54 31.70 44.48 8.38 71.13 6.79% 3.07% -0.15%
1.97 9.99 15.01 1.45 50.36 -15.44% 0.78% -3.17%
1.31 12.51 15.00 0.59 28.99 1.35% 0.16% -0.39%
1.44 9.69 12.33 1.54 22.12 -52.80% 1.06% 0.37%
5.87 26.17 30.60 2.05 625.41 NA 2.92% 5.31%
3.06 16.70 23.08 4.55 46.09 23.31% 2.44% 3.99%
3.00 13.90 25.92 3.29 44.42 14.30% 8.98% 1.03%
1.12 8.82 14.77 2.60 33.03 6.66% 2.81% 0.37%
1.54 10.77 NA 1.05 52.50 5.39% 11.10% -6.73%
2.91 6.39 NA 1.21 26.13 1.29% 38.82% -22.85%
2.42 9.12 13.95 1.24 37.08 6.97% 13.48% 5.01%
0.73 11.35 95.78 1.30 31.78 11.41% 4.14% -0.08%
1.72 10.34 17.48 3.76 24.25 7.23% 5.34% 2.18%
0.94 7.71 15.65 1.61 20.05 15.40% 3.85% -0.29%
4.37 11.89 22.26 1.90 21.95 2.57% 35.11% 20.55%
4.82 10.30 21.45 2.19 86.45 11.99% 13.00% -8.19%
1.17 9.77 21.76 2.07 48.94 11.60% 2.69% 0.56%
12.85 22.72 61.43 2.11 63.00 89.65% 3.24% -15.31%
6.00 47.57 NA 1.19 15.96 -3.41% 33.83% 21.69%
6.81 25.25 78.40 1.19 52.41 301.01% 2.57% -2.99%
1.56 14.82 32.31 3.21 56.83 14.01% 1.22% -0.64%
3.73 22.59 52.06 10.37 155.39 15.66% 4.56% 11.38%
0.81 12.92 19.18 0.75 15.20 -7.60% 0.29% -0.98%
5.27 23.53 80.25 NA 58.91 2.84% 5.82% 2.47%
1.24 11.56 19.84 5.99 17.52 10.95% 1.81% 1.72%
2.06 12.59 16.49 40.07 140.11 4.46% 2.07% 0.20%
1.49 13.88 18.78 3.39 138.44 15.54% 3.68% 5.08%
0.93 12.29 22.81 5.43 22.70 0.06% 2.01% 0.02%
0.39 5.75 14.31 2.51 14.41 -0.20% 2.29% 0.11%
4.71 33.19 83.83 18.62 131.27 -3.70% 7.72% 3.55%
1.10 11.40 43.75 5.51 55.99 4.75% 1.78% 0.05%
0.74 9.84 NA 1.04 24.89 13.63% 5.63% -0.53%
7.16 18.04 29.30 6.87 726.52 17.44% 12.76% 16.06%
5.14 18.69 22.86 7.87 55.87 27.82% 3.71% 1.16%
1.74 10.67 30.64 1.13 49.99 8.57% 9.73% 7.10%
5.05 35.83 56.49 14.87 46.18 20.38% 0.76% -2.13%
8.16 25.09 38.04 6.23 157.38 5.41% 14.04% 9.94%
15.67 19.21 95.44 15.19 67.89 10.58% 7.90% 6.95%
11.82 30.42 43.93 14.07 148.99 13.15% 6.80% 5.60%
0.93 9.74 23.06 1.55 35.73 21.69% 6.96% 5.57%
3.67 10.14 29.55 2.36 24.68 10.99% 15.33% 3.52%
3.56 13.92 18.52 4.84 50.68 16.84% 2.95% 3.35%
2.51 6.76 13.12 1.73 22.27 1.18% 12.63% -2.36%
4.82 10.48 11.20 NA 54.62 13.10% 1.75% 1.24%
1.56 12.96 25.63 6.77 48.61 7.97% 5.88% 2.26%
8.10 15.46 20.93 5.82 28.55 1.65% 16.36% 4.45%
2.73 10.06 NA 4.81 46.74 6.07% -0.80% -8.67%
4.14 12.15 20.53 1.84 18.73 9.01% 31.15% 19.90%
9.79 20.92 32.16 3.51 62.39 16.95% 47.28% 96.62%
3.65 20.02 36.46 3.81 103.25 -36.10% 5.60% 2.57%
3.20 16.52 30.62 4.75 87.08 8.28% 5.91% 2.54%
 Pre-tax
Operating
Equity Margin (Lease
Reinvestmen Dividend Reinvestment & R&D
t Rate ROE Payout Ratio Rate adjusted)
-31.67% 2.93% 912.85% 912.85% 10.31%
36.93% 8.54% 120.55% 120.55% 7.89%
NA -47.03% 0.09% 0.09% -19.35%
-146.72% -8.19% 0.32% 0.32% 5.91%
184.40% 4.49% 64.58% 64.58% 1.73%
30.07% -14.31% 0.42% 0.42% 3.85%
NA 7.41% 46.95% 46.95% -0.11%
NA 8.22% 44.35% 44.35% -0.41%
24.11% 10.10% 41.58% 41.58% 23.84%
37.01% 28.86% 74.19% 74.19% 20.11%
111.06% 0.24% 0.17% 0.17% 19.03%
NA 12.08% 20.84% 20.84% -0.01%
-2.46% 20.54% 21.49% 21.49% 10.98%
-11.51% 6.81% 65.87% 65.87% 9.18%
-15.01% 11.47% 26.20% 26.20% 18.07%
18.24% -1.82% 0.44% 0.44% 7.28%
-68.79% 13.25% 51.84% 51.84% 5.82%
10.49% 2.50% 163.69% 163.69% 12.18%
NA -41.66% 2.24% 2.24% -8.61%
-16.58% 13.50% 75.57% 75.57% 8.02%
-0.24% 50.53% 26.83% 26.83% 15.98%
-8.26% 13.20% 49.85% 49.85% 9.25%
20.49% 10.62% 14.32% 14.32% 18.14%
721.55% -1.19% 0.13% 0.13% 12.92%
48.92% 18.98% 60.86% 60.86% 25.38%
61.41% -5.66% 0.06% 0.06% 8.82%
36.52% 17.67% 43.55% 43.55% 12.84%
-112.45% -4.89% 0.00% 0.00% 2.58%
59.96% 6.67% 41.48% 41.48% 7.90%
283.75% 2.54% 52.79% 52.79% 4.31%
16.68% -2.87% 0.11% 0.11% 7.51%
22.50% 6.21% 94.76% 94.76% 12.10%
38.73% 14.03% 38.93% 38.93% 6.61%
122.62% 64.28% 23.86% 23.86% 12.23%
15.12% 10.12% 60.98% 60.98% 12.95%
87.56% -5.03% 0.20% 0.20% 1.54%
-26.83% 13.37% 27.17% 27.17% 8.16%
110.11% -20.59% 0.15% 0.15% 25.88%
113.46% 10.55% 30.11% 30.11% 14.09%
19.57% 16.60% 25.63% 25.63% 4.84%
10.28% 14.11% 10.55% 10.55% 13.69%
-10.15% 17.70% 7.58% 7.58% 11.82%
-26.10% 70.64% 10.91% 10.91% 9.49%
NA -30.40% 0.50% 0.50% -14.01%
 -2.57% 31.60% 60.85% 60.85% 18.27%
-7.08% 14.35% 32.41% 32.41% 23.61%
-44.47% 1.49% 192.79% 192.79% 12.92%
2.64% 5.61% 37.95% 37.95% 8.48%
13.47% 9.19% 38.39% 38.39% 10.89%
46.23% 12.35% 52.70% 52.70% 16.74%
20.62% 12.65% 45.37% 45.37% 13.21%
-7.46% 2.67% 197.36% 197.36% 11.26%
-10.66% 6.36% 91.77% 91.77% 7.51%
NA -6.19% 4.48% 4.48% -3.96%
NA -37.09% 1.68% 1.68% -20.70%
36.48% 1.28% 4.66% 4.66% 17.38%
-39.83% -26.63% 0.30% 0.30% 0.70%
22.77% 9.76% 64.94% 64.94% 9.86%
-27.91% 4.69% 117.52% 117.52% 6.01%
119.53% 7.69% 87.59% 87.59% 19.61%
-44.22% 8.27% 31.91% 31.91% 21.64%
-4.91% -14.18% 0.54% 0.54% 5.31%
-75.13% 2.17% 430.49% 430.49% 19.05%
NA -0.13% 0.00% 0.00% -6.70%
497.44% 2.00% 67.61% 67.61% 6.37%
-93.68% 4.71% 39.08% 39.08% 4.07%
206.78% -7.19% 0.71% 0.71% 6.44%
-17.14% 2.42% 36.15% 36.15% 4.21%
48.72% NA 114.33% 114.33% 6.55%
-23.16% 36.28% 3.72% 3.72% 5.48%
-26.45% 0.27% 45.51% 45.51% 12.51%
63.11% 9.67% 52.37% 52.37% 7.90%
-42.80% 20.64% 36.12% 36.12% 4.09%
-14.72% 30.63% 12.85% 12.85% 2.71%
55.37% 27.05% 5.66% 5.66% 6.29%
-179.34% -0.64% 0.32% 0.32% 2.51%
NA -25.69% 0.07% 0.07% 0.01%
79.83% 22.13% 42.10% 42.10% 24.79%
28.59% 32.23% 23.31% 23.31% 23.18%
124.48% -5.70% 0.16% 0.16% 5.66%
-30.66% 23.70% 48.27% 48.27% 8.93%
67.80% 17.71% 0.26% 0.26% 21.79%
217.24% -11.23% 0.18% 0.18% 6.78%
33.69% 28.09% 29.35% 29.35% 24.90%
28.49% -2.84% 0.65% 0.65% 3.63%
168.20% 8.91% 3.04% 3.04% 12.65%
11.71% 17.10% 64.71% 64.71% 18.86%
-2.19% 11.27% 51.92% 51.92% 19.07%
0.69% -0.23% 164.95% 164.95% 42.92%
68.34% 22.77% 55.44% 55.44% 6.07%
12.83% 21.47% 41.03% 41.03% 38.69%
NA -17.70% 0.27% 0.27% -5.07%
110.40% 7.49% 100.90% 100.90% 20.15%
394.54% 8.25% 66.37% 71.31% 30.21%
33.16% 8.25% 71.31% 71.31% 9.61%
29.40% 7.78% 83.97% 83.97% 9.93%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta
Advertising 348 4.97% 4.64% 9.34% 24.99% 0.99
Aerospace/Defense 255 7.84% 5.47% 11.42% 21.36% 1.00
Air Transport 156 -2.62% -14.64% -9.24% 31.44% 0.92
Apparel 1188 -1.94% 7.90% 8.75% 27.63% 0.85
Auto & Truck 144 0.90% 2.61% 2.02% 26.40% 1.01
Auto Parts 709 1.85% 2.62% 3.40% 24.18% 1.28
Bank (Money Center) 620 8.45% 0.20% 0.02% 20.18% 0.48
Banks (Regional) 850 7.10% -0.02% -0.03% 19.24% 0.54
Beverage (Alcoholic) 223 7.34% 20.27% 11.49% 25.18% 0.73
Beverage (Soft) 108 6.39% 15.00% 19.81% 22.09% 0.65
Broadcasting 146 1.32% 14.79% 12.96% 23.93% 0.69
Brokerage & Investment B 575 8.36% 1.03% 0.15% 22.23% 0.42
Building Materials 439 1.99% 8.62% 12.21% 25.58% 0.91
Business & Consumer Ser 923 7.37% 7.61% 16.20% 25.59% 0.91
Cable TV 60 1.85% 18.12% 11.27% 22.91% 0.78
Chemical (Basic) 844 5.61% 6.49% 5.83% 22.47% 0.93
Chemical (Diversified) 73 3.34% 3.81% 3.12% 24.81% 1.05
Chemical (Specialty) 861 5.37% 9.71% 8.83% 21.58% 0.99
Coal & Related Energy 222 6.57% 12.18% 10.53% 23.72% 0.90
Computer Services 1007 6.15% 6.92% 19.18% 22.24% 1.00
Computers/Peripherals 337 0.58% 10.06% 15.10% 18.88% 1.23
Construction Supplies 753 3.73% 9.32% 9.45% 22.25% 0.95
Diversified 324 5.64% 12.43% 8.55% 20.38% 0.73
Drugs (Biotechnology) 1139 24.87% 6.21% 4.85% 13.52% 0.97
Drugs (Pharmaceutical) 1319 16.98% 16.85% 12.50% 16.97% 0.93
Education 250 12.70% 7.21% 7.55% 19.57% 0.95
Electrical Equipment 950 6.30% 5.69% 8.17% 20.79% 1.06
Electronics (Consumer & O 142 0.81% 4.83% 7.21% 9.75% 1.15
Electronics (General) 1387 5.04% 6.13% 8.69% 20.99% 1.25
Engineering/Construction 1263 3.73% 4.93% 8.89% 25.90% 0.77
Entertainment 725 8.47% 7.71% 8.75% 15.40% 1.04
Environmental & Waste Se 344 9.85% 10.33% 11.62% 21.08% 0.87
Farming/Agriculture 410 6.19% 6.76% 7.42% 19.35% 0.71
Financial Svcs. (Non-bank 1096 8.98% 9.17% 0.52% 18.41% 0.16
Food Processing 1322 7.06% 9.42% 13.97% 21.67% 0.71
Food Wholesalers 155 4.76% 1.88% 7.69% 24.77% 0.54
Furn/Home Furnishings 357 4.74% 7.16% 14.95% 18.10% 1.02
Green & Renewable Ener 226 12.06% 34.37% 7.23% 16.20% 0.69
Healthcare Products 816 12.11% 14.47% 13.14% 16.35% 0.93
Healthcare Support Servic 413 12.89% 5.02% 26.55% 24.08% 0.76
Heathcare Information an 423 15.79% 12.88% 14.92% 17.03% 0.97
Homebuilding 167 6.43% 10.44% 9.50% 22.59% 1.16
Hospitals/Healthcare Facili 216 5.77% 9.26% 8.54% 21.65% 0.66
Hotel/Gaming 641 -0.95% -5.75% -3.03% 20.95% 0.85
Household Products 568 5.95% 15.82% 22.37% 23.56% 0.87
Information Services 244 15.57% 20.18% 21.09% 20.72% 1.14
Insurance (General) 220 5.63% 8.44% 10.30% 23.03% 0.66
Insurance (Life) 133 9.32% 9.68% 10.70% 16.10% 0.96
Insurance (Prop/Cas.) 229 4.31% 8.34% 9.45% 19.80% 0.65
Investments & Asset Man 1234 9.61% 17.10% 4.62% 21.14% 0.55
Machinery 1385 3.57% 7.82% 9.55% 23.83% 1.07
Metals & Mining 1620 15.56% 8.10% 8.65% 31.30% 0.83
Office Equipment & Servic 148 3.17% 6.68% 10.69% 26.23% 1.01
Oil/Gas (Integrated) 49 0.74% 6.25% 4.59% 45.14% 1.08
Oil/Gas (Production and Ex 765 6.67% -7.50% -2.19% 41.03% 0.93
Oil/Gas Distribution 204 9.68% 16.79% 8.07% 10.94% 0.65
Oilfield Svcs/Equip. 513 -2.25% 1.27% 2.12% 14.76% 0.91
Packaging & Container 412 2.81% 8.80% 10.18% 23.86% 0.71
Paper/Forest Products 287 3.25% 7.03% 5.38% 22.56% 0.78
Power 553 6.42% 13.38% 6.15% 19.69% 0.51
Precious Metals 922 35.80% 19.25% 14.34% 27.75% 0.87
Publishing & Newspapers 349 -0.29% 5.31% 6.74% 17.12% 0.84
R.E.I.T. 799 8.60% 33.19% 2.88% 3.28% 0.66
Real Estate (Development 890 6.89% 17.31% 8.28% 35.87% 0.52
Real Estate (General/Diver 364 5.41% 16.29% 3.89% 31.95% 0.60
Real Estate (Operations & 720 8.04% 23.22% 4.60% 23.85% 0.53
Recreation 331 0.43% 8.05% 6.67% 24.97% 0.93
Reinsurance 37 4.29% 3.80% 5.18% 13.76% 1.25
Restaurant/Dining 379 -0.53% 6.02% 5.42% 20.92% 0.90
Retail (Automotive) 185 3.50% 4.90% 8.40% 23.66% 0.82
Retail (Building Supply) 90 2.82% 11.62% 24.98% 24.94% 1.06
Retail (Distributors) 1022 6.62% 3.65% 5.23% 23.16% 0.57
Retail (General) 217 -1.14% 4.31% 8.66% 26.86% 0.84
Retail (Grocery and Food) 171 3.74% 4.31% 11.09% 25.33% 0.47
Retail (Online) 356 13.38% 4.75% 8.67% 14.08% 1.31
Retail (Special Lines) 480 1.51% 3.47% 6.39% 27.42% 0.96
Rubber& Tires 92 0.31% 5.62% 4.42% 29.95% 0.86
Semiconductor 565 4.55% 18.19% 13.96% 12.09% 1.43
Semiconductor Equip 308 7.15% 18.84% 18.61% 16.11% 1.73
Shipbuilding & Marine 353 1.59% 8.18% 4.97% 19.10% 0.76
Shoe 79 -5.90% 6.26% 9.45% 18.57% 0.99
Software (Entertainment) 339 8.14% 19.78% 14.00% 13.93% 1.13
Software (Internet) 155 23.83% 3.64% 5.51% 12.49% 0.93
Software (System & Applic 1478 14.37% 19.82% 19.31% 15.88% 1.06
Steel 718 5.72% 4.41% 4.54% 25.27% 0.93
Telecom (Wireless) 104 1.13% 14.17% 8.58% 32.42% 0.63
Telecom. Equipment 482 8.73% 10.81% 12.49% 19.45% 1.09
Telecom. Services 315 9.99% 15.08% 10.27% 22.10% 0.51
Tobacco 57 11.85% 32.81% 18.58% 28.83% 0.55
Transportation 284 5.64% 5.89% 7.77% 23.01% 0.77
Transportation (Railroads) 53 1.76% 15.27% 5.24% 23.92% 0.62
Trucking 217 2.54% 1.45% 0.45% 27.60% 0.81
Utility (General) 53 2.58% 11.86% 6.65% 23.33% 0.49
Utility (Water) 104 8.44% 26.79% 7.27% 26.54% 0.59
Total Market 46580 6.62% 8.00% 4.94% 22.12% 0.79
Total Market (without finan 41623 6.41% 8.31% 7.72% 22.89% 0.89
 Std
Cost of deviation in Pre-tax cost Market Cost of
Equity (Levered) Beta equity stock prices of debt Debt/Capital capital Sales/Capital
1.13 7.45% 37.24% 3.53% 29.05% 6.04% 2.14
1.13 7.45% 32.56% 3.53% 23.06% 6.34% 2.11
1.56 9.89% 32.76% 3.53% 55.24% 5.87% 0.65
0.92 6.23% 31.18% 3.53% 18.04% 5.57% 1.23
1.39 8.94% 30.83% 3.53% 42.91% 6.22% 0.86
1.40 9.00% 29.94% 3.53% 25.58% 7.37% 1.38
1.00 6.67% 21.18% 2.87% 75.42% 3.24% 0.12
0.69 4.92% 19.26% 2.87% 66.12% 3.07% 0.18
0.80 5.56% 24.28% 2.87% 15.01% 5.04% 0.68
0.72 5.07% 31.20% 3.53% 17.57% 4.64% 1.47
0.98 6.55% 31.23% 3.53% 43.51% 4.83% 1.00
0.86 5.87% 29.64% 3.53% 66.17% 3.71% 0.19
0.99 6.64% 27.51% 3.53% 19.90% 5.83% 1.66
0.99 6.63% 32.24% 3.53% 17.75% 5.91% 2.45
1.05 7.00% 30.64% 3.53% 34.48% 5.49% 0.73
1.07 7.09% 28.52% 3.53% 25.80% 5.93% 1.04
1.33 8.57% 24.89% 2.87% 34.88% 6.32% 0.97
1.08 7.16% 30.27% 3.53% 17.80% 6.35% 1.06
1.01 6.77% 40.87% 3.95% 35.54% 5.40% 0.92
1.05 6.98% 31.02% 3.53% 15.55% 6.30% 3.21
1.27 8.22% 31.51% 3.53% 9.64% 7.68% 1.65
1.10 7.24% 28.73% 3.53% 28.91% 5.90% 1.16
0.99 6.63% 23.45% 2.87% 40.32% 4.81% 0.79
0.98 6.60% 45.63% 3.95% 9.87% 6.24% 0.49
1.00 6.67% 39.92% 3.53% 15.01% 6.06% 0.76
0.98 6.56% 32.66% 3.53% 12.58% 6.06% 1.09
1.09 7.20% 32.30% 3.53% 13.59% 6.57% 1.54
1.22 7.98% 34.39% 3.53% 23.94% 6.69% 1.57
1.24 8.10% 31.04% 3.53% 12.69% 7.40% 1.52
1.04 6.92% 29.24% 3.53% 49.91% 4.77% 2.02
1.07 7.10% 39.45% 3.53% 11.53% 6.58% 1.16
1.01 6.77% 35.25% 3.53% 24.78% 5.74% 1.26
0.89 6.08% 30.72% 3.53% 31.69% 4.98% 1.22
0.80 5.57% 29.68% 3.53% 85.72% 3.03% 0.07
0.78 5.45% 26.95% 3.53% 18.92% 4.91% 1.72
0.76 5.28% 30.09% 3.53% 44.07% 4.10% 4.77
1.01 6.76% 28.09% 3.53% 14.93% 6.14% 2.37
0.95 6.38% 31.15% 3.53% 35.73% 5.03% 0.24
0.96 6.45% 38.32% 3.53% 8.87% 6.11% 0.96
0.87 5.94% 33.20% 3.53% 24.77% 5.12% 6.24
1.00 6.67% 40.10% 3.95% 7.74% 6.38% 1.18
1.31 8.46% 28.33% 3.53% 29.01% 6.76% 1.26
0.86 5.88% 27.17% 3.53% 34.03% 4.77% 1.16
1.09 7.21% 31.46% 3.53% 35.18% 5.59% 0.46
0.91 6.17% 35.24% 3.53% 10.63% 5.79% 1.59
1.18 7.72% 38.54% 3.53% 8.75% 7.27% 1.20
0.75 5.27% 23.27% 2.87% 32.12% 4.26% 1.45
1.00 6.70% 23.85% 2.87% 49.24% 4.44% 1.30
0.72 5.09% 24.51% 2.87% 24.16% 4.38% 1.33
0.78 5.45% 30.37% 3.53% 44.81% 4.18% 0.29
1.11 7.33% 27.34% 3.53% 14.54% 6.65% 1.41
0.97 6.51% 53.80% 3.95% 26.73% 5.55% 1.10
1.04 6.92% 29.31% 3.53% 20.17% 6.05% 1.91
1.27 8.25% 24.70% 2.87% 25.97% 6.66% 0.85
1.31 8.49% 50.71% 3.95% 40.39% 6.24% 0.32
1.14 7.50% 31.31% 3.53% 52.41% 4.94% 0.54
1.23 8.00% 37.62% 3.53% 38.26% 5.94% 1.65
0.88 6.02% 28.68% 3.53% 30.40% 4.98% 1.35
1.01 6.76% 29.44% 3.53% 35.15% 5.30% 0.87
0.82 5.67% 22.41% 2.87% 48.35% 3.95% 0.55
0.89 6.08% 54.78% 3.95% 12.61% 5.68% 0.77
0.89 6.07% 29.13% 3.53% 26.37% 5.16% 1.45
0.97 6.53% 23.99% 2.87% 41.47% 4.70% 0.10
0.94 6.37% 26.44% 3.53% 63.75% 3.97% 0.57
0.99 6.64% 24.40% 2.87% 53.09% 4.24% 0.28
0.81 5.61% 25.03% 3.53% 45.06% 4.26% 0.22
1.01 6.76% 33.21% 3.53% 20.03% 5.93% 0.95
1.27 8.24% 28.79% 3.53% 23.72% 6.91% 1.53
1.10 7.25% 31.96% 3.53% 26.74% 6.01% 1.46
1.07 7.09% 30.48% 3.53% 34.60% 5.54% 2.28
1.14 7.52% 28.19% 3.53% 17.02% 6.69% 2.78
0.83 5.71% 29.10% 3.53% 46.28% 4.28% 1.68
0.99 6.65% 25.73% 3.53% 26.95% 5.56% 2.71
0.62 4.51% 21.91% 2.87% 37.55% 3.61% 3.40
1.31 8.48% 39.84% 3.53% 5.74% 8.15% 1.76
1.09 7.20% 32.04% 3.53% 25.29% 6.04% 2.24
1.04 6.94% 25.61% 3.53% 34.33% 5.46% 1.00
1.46 9.34% 32.40% 3.53% 8.49% 8.77% 0.80
1.73 10.87% 33.70% 3.53% 5.91% 10.38% 1.08
1.03 6.86% 26.29% 3.53% 40.19% 5.15% 0.68
1.01 6.73% 29.35% 3.53% 9.13% 6.35% 1.72
1.13 7.44% 42.35% 3.95% 4.07% 7.26% 0.73
0.95 6.38% 34.77% 3.53% 7.09% 6.11% 1.26
1.08 7.12% 40.59% 3.95% 6.00% 6.87% 0.98
1.17 7.68% 30.40% 3.53% 36.27% 5.84% 1.14
0.87 5.95% 26.77% 3.53% 40.09% 4.61% 0.74
1.10 7.28% 34.27% 3.53% 12.66% 6.69% 1.21
0.78 5.45% 29.19% 3.53% 45.01% 4.17% 0.79
0.65 4.68% 24.63% 2.87% 23.96% 4.06% 0.68
0.95 6.38% 26.02% 3.53% 31.49% 5.19% 1.55
0.78 5.43% 17.28% 2.87% 29.21% 4.46% 0.40
1.05 7.00% 29.38% 3.53% 35.44% 5.44% 1.00
0.76 5.33% 17.73% 2.87% 46.37% 3.84% 0.70
0.83 5.70% 27.39% 3.53% 40.89% 4.43% 0.32
1.01 6.76% 32.36% 3.53% 38.68% 5.16% 0.69
1.04 6.90% 33.08% 3.53% 24.82% 5.84% 1.04
 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
1.71 12.74 29.57 2.51 69.03 -2.88% 1.90% 1.18%
1.93 14.01 26.86 4.62 76.25 39.36% 3.30% -0.20%
2.49 24.89 NA 2.62 140.70 -7.42% 12.67% 0.44%
2.90 21.19 35.17 3.65 95.19 24.69% 4.34% 1.31%
1.53 19.79 53.78 1.76 156.27 0.62% 6.76% 3.31%
1.05 11.24 36.17 1.72 78.99 12.31% 5.82% 3.45%
7.75 NA NA 0.81 71.41 NA 3.32% 4.09%
4.94 NA NA 0.81 17.68 NA 4.10% 2.66%
5.86 22.59 28.80 4.95 163.77 10.26% 5.02% 3.93%
3.79 19.29 25.14 5.90 82.18 -5.54% 5.35% 4.95%
1.80 8.14 11.77 1.35 26.64 14.64% 3.62% -0.03%
6.62 NA NA 1.60 44.20 -204.02% 3.72% 1.74%
1.81 13.58 20.47 2.90 66.92 17.07% 4.14% 3.13%
2.17 17.28 27.40 4.54 90.75 8.91% 2.69% 0.88%
3.67 10.40 19.34 2.75 41.40 -0.07% 11.70% -2.11%
1.76 13.32 26.30 1.90 47.06 12.17% 8.99% 5.70%
1.37 12.96 35.24 1.45 129.62 19.36% 6.77% 2.95%
2.75 15.89 27.73 2.87 61.44 17.88% 7.59% 3.47%
1.23 5.59 9.53 0.96 22.51 -1.76% 8.03% 2.34%
1.44 14.01 20.07 3.87 60.30 13.18% 1.66% 1.02%
2.80 18.05 27.54 6.21 57.75 1.62% 4.48% 2.92%
1.59 10.90 16.46 1.76 49.38 10.10% 5.06% 1.83%
1.82 10.24 14.18 1.09 38.05 -20.77% 5.34% 2.93%
10.37 18.61 106.34 7.30 547.85 18.82% 5.30% 31.56%
4.38 15.07 24.39 3.90 78.51 17.08% 4.70% 5.09%
4.88 23.88 58.55 4.84 58.53 2.19% 6.50% 6.57%
2.34 20.35 36.59 3.31 71.44 23.33% 4.82% 3.47%
1.08 11.50 21.32 2.07 46.44 -0.85% 5.52% 3.77%
1.89 16.69 29.75 2.96 85.41 17.58% 5.98% 4.47%
0.60 8.22 11.64 0.99 52.36 16.22% 3.52% 2.88%
5.43 26.54 58.66 4.62 128.44 1.79% 4.27% 0.93%
2.80 14.66 26.16 3.14 86.82 11.38% 9.87% 6.59%
1.45 14.11 20.68 2.30 50.26 15.49% 5.80% 3.68%
17.21 113.76 154.77 1.42 67.24 NA 5.91% 8.11%
1.87 14.14 19.48 3.03 72.32 9.34% 4.68% 3.14%
0.45 12.84 23.74 2.07 43.34 4.30% 1.33% 1.64%
1.68 15.59 22.64 3.61 40.27 4.16% 3.43% 1.55%
8.97 15.68 25.87 2.12 194.24 6.86% 27.23% 16.01%
6.51 27.02 42.65 5.48 421.87 25.02% 5.25% 7.86%
0.73 10.85 14.31 2.64 86.38 -1.69% 0.99% 0.84%
8.66 36.66 61.78 8.08 117.85 22.07% 5.53% 2.78%
1.21 9.93 12.77 1.57 174.93 60.81% 1.03% 1.22%
2.66 15.14 27.53 4.61 80.44 3.99% 7.08% 2.41%
5.26 30.70 NA 2.92 125.16 0.65% 13.81% 5.80%
 3.84 18.64 23.87 6.13 73.09 5.63% 3.60% 3.14%
9.67 32.31 46.25 8.32 62.48 4.48% 3.07% 0.35%
1.04 9.33 12.25 1.23 72.14 -3.14% 0.70% -0.37%
0.91 8.59 9.21 0.95 52.07 -104.40% 0.56% 0.44%
1.04 9.57 11.60 1.22 26.18 -39.68% 0.86% 0.06%
5.79 18.31 23.24 1.54 198.87 NA 2.43% 6.22%
2.22 17.09 27.40 3.05 87.50 26.31% 4.25% 3.47%
1.64 10.20 19.25 1.98 175.10 10.39% 8.05% 4.11%
1.16 10.52 16.81 2.14 35.76 12.52% 2.31% 0.36%
1.66 9.65 26.38 1.59 45.52 1.88% 11.18% 0.34%
2.78 6.11 NA 1.05 52.89 -0.05% 32.26% -13.78%
2.38 9.22 14.14 1.19 26.72 4.75% 13.59% 5.78%
0.85 12.81 54.87 1.41 35.05 6.96% 4.95% 1.85%
1.66 10.83 18.63 2.72 35.87 11.43% 6.04% 2.40%
1.57 10.99 21.68 1.47 159.36 18.69% 7.36% 2.66%
2.44 10.02 18.19 1.35 25.26 2.11% 17.48% 8.63%
3.52 9.83 16.60 2.53 63.03 12.73% 13.90% 8.19%
1.20 11.16 21.71 1.43 42.54 13.10% 3.20% 1.46%
13.48 23.08 38.37 1.62 44.45 63.30% 5.40% -1.45%
1.85 9.48 10.17 0.68 62.63 192.82% 3.05% 3.47%
3.35 13.56 19.50 0.73 99.04 98.92% 10.07% 8.87%
6.46 20.78 24.13 1.08 58.53 21.54% 3.25% 5.84%
3.37 20.53 39.26 3.70 71.57 34.60% 6.91% 6.93%
0.67 11.42 13.95 0.91 188.44 -41.18% 0.16% -0.01%
3.37 22.80 80.66 16.01 127.25 -0.36% 4.87% 0.70%
0.96 11.89 19.81 3.38 43.31 11.51% 2.30% 1.54%
1.84 12.33 16.22 10.73 46.21 5.32% 2.08% 0.05%
0.81 13.45 21.20 1.40 66.68 15.31% 3.02% 2.45%
0.96 12.76 24.54 3.34 61.89 -1.86% 2.41% 0.18%
0.64 9.05 15.42 2.28 53.40 -3.31% 2.65% 0.46%
5.06 36.23 91.77 8.84 110.83 -2.97% 6.36% 3.99%
1.30 14.29 38.13 4.05 38.36 6.06% 1.71% -0.64%
1.18 8.39 20.16 1.33 30.65 19.35% 5.47% 1.14%
5.96 17.81 31.94 5.31 254.65 16.63% 15.67% 14.78%
5.58 22.86 29.16 6.70 84.83 29.83% 5.96% 3.66%
1.93 11.54 22.60 1.24 915.77 -0.07% 9.45% 3.22%
3.73 33.75 60.07 7.74 108.92 19.77% 1.63% -1.45%
7.99 25.76 38.88 5.95 122.11 1.54% 10.83% 7.12%
11.15 44.21 185.25 12.49 118.92 1.98% 10.43% 9.53%
10.19 30.92 44.66 11.12 187.92 13.52% 5.65% 5.99%
0.99 8.96 21.06 1.19 59.31 14.07% 6.22% 3.21%
2.29 6.95 16.01 1.55 46.65 -6.55% 11.57% -4.38%
2.52 15.55 22.16 3.68 105.51 21.75% 3.55% 2.66%
2.16 6.79 14.39 1.48 59.00 2.27% 13.98% -3.32%
3.87 10.35 11.77 3.58 39.89 17.49% 2.73% 0.00%
1.53 13.20 25.13 2.94 37.67 3.96% 4.67% 0.68%
4.83 17.09 31.01 2.48 56.83 7.99% 19.50% 12.72%
1.74 10.05 68.18 2.68 35.79 5.95% 2.42% -2.78%
2.38 10.76 19.00 1.67 37.33 -1.28% 15.37% 10.16%
5.01 12.78 18.44 1.71 31.57 5.29% 27.09% 27.53%
2.66 15.84 27.99 2.21 93.22 -137.39% 5.88% 2.72%
2.31 14.33 26.06 2.71 93.93 11.58% 6.37% 2.75%
 Pre-tax
Operating
Margin
Equity (Lease &
Reinvestme Dividend Reinvestme R&D
nt Rate ROE Payout Ratio nt Rate adjusted)
-10.61% -3.95% 0.90% 0.90% 4.96%
66.51% -0.18% 1.03% 1.03% 5.93%
NA -35.47% 2.09% 2.09% -15.15%
24.78% 2.44% 171.53% 171.53% 8.03%
107.02% 1.91% 121.63% 121.63% 2.71%
175.13% -1.61% 0.71% 0.71% 2.79%
1965.58% 7.70% 37.39% 37.39% 0.22%
NA 7.26% 54.40% 54.40% -0.21%
24.69% 9.14% 72.96% 72.96% 20.31%
36.27% 19.34% 78.48% 78.48% 15.08%
80.75% 1.95% 127.73% 127.73% 14.67%
-1022.63% 10.25% 51.59% 51.59% 0.89%
35.43% 8.69% 41.47% 41.47% 8.78%
-0.61% 8.88% 70.65% 70.65% 7.82%
-15.90% 10.47% 32.91% 32.91% 18.07%
104.08% 3.97% 135.95% 135.95% 6.60%
71.18% -2.95% 3.33% 3.33% 3.92%
35.00% 5.33% 89.61% 89.61% 9.80%
44.52% 7.60% 98.30% 98.30% 12.24%
9.83% 14.32% 51.51% 51.51% 7.11%
35.94% 19.09% 34.57% 34.57% 10.38%
4.86% 7.99% 59.34% 59.34% 9.44%
34.76% 7.74% 33.96% 33.96% 12.45%
1540.41% -4.38% 0.31% 0.31% 10.03%
44.04% 10.90% 82.24% 82.24% 18.09%
131.05% -0.28% 0.65% 0.65% 7.76%
54.82% 6.63% 66.75% 66.75% 5.99%
75.48% 12.12% 23.66% 23.66% 5.10%
103.69% 6.81% 59.84% 59.84% 6.48%
129.78% 7.89% 62.95% 62.95% 5.21%
15.88% -1.27% 0.21% 0.21% 8.04%
109.95% 5.78% 93.63% 93.63% 10.45%
53.80% 9.45% 40.75% 40.75% 6.88%
117.19% 13.96% 27.98% 27.98% 9.14%
44.80% 13.03% 47.24% 47.24% 9.48%
68.53% 1.60% 304.31% 304.31% 1.86%
-6.37% 11.90% 58.73% 58.73% 7.40%
69.27% 7.25% 107.12% 107.12% 34.26%
78.36% 10.56% 37.17% 37.17% 14.68%
21.96% 14.37% 29.27% 29.27% 4.92%
40.65% 12.88% 14.17% 14.17% 13.46%
17.37% 13.35% 21.56% 21.56% 9.42%
15.27% 6.71% 61.27% 61.27% 8.67%
NA -14.75% 1.38% 1.38% -7.15%
 19.93% 16.80% 65.42% 65.42% 15.89%
-0.36% 13.12% 34.56% 34.56% 20.26%
-15.00% 7.20% 46.27% 46.27% 8.45%
63.24% 7.89% 45.64% 45.64% 9.68%
13.85% 7.40% 46.02% 46.02% 8.34%
57.93% 7.24% 67.27% 67.27% 17.02%
48.14% 7.47% 56.22% 56.22% 8.01%
88.51% 3.61% 179.98% 179.98% 8.16%
1.65% 6.87% 58.26% 58.26% 6.66%
-17.52% -1.43% 1.45% 1.45% 6.30%
NA -21.04% 0.83% 0.83% -7.12%
42.13% 5.25% 201.87% 201.87% 16.76%
90.28% -12.48% 0.53% 0.53% 1.38%
28.17% 10.06% 53.28% 53.28% 8.93%
17.01% 4.96% 59.66% 59.66% 7.07%
85.25% 7.31% 81.59% 81.59% 13.38%
78.16% 7.86% 45.15% 45.15% 19.30%
40.75% -0.76% 0.54% 0.54% 5.29%
-1.00% 0.80% 823.36% 823.36% 30.35%
103.72% 10.44% 69.21% 69.21% 17.31%
136.57% 3.90% 83.99% 83.99% 16.14%
36.32% 5.08% 48.89% 48.89% 24.07%
144.74% 2.79% 192.60% 192.60% 7.98%
25.39% 3.34% 93.49% 93.49% 3.78%
34.96% 5.17% 459.50% 459.50% 4.03%
0.39% 13.99% 36.42% 36.42% 4.45%
-25.48% 55.16% 43.42% 43.42% 11.36%
42.86% 5.73% 75.55% 75.55% 3.68%
-15.30% 9.99% 55.81% 55.81% 3.88%
24.83% 11.41% 47.07% 47.07% 4.11%
98.20% 14.89% 5.03% 5.03% 5.38%
-101.36% 2.29% 201.73% 201.73% 3.32%
-12.49% 2.65% 110.38% 110.38% 5.39%
101.66% 16.89% 44.42% 44.42% 19.15%
38.20% 21.38% 31.51% 31.51% 19.69%
42.72% 5.68% 61.79% 61.79% 8.35%
-39.76% 9.95% 65.38% 65.38% 6.16%
51.13% 18.42% 3.72% 3.72% 21.05%
414.73% -5.64% 0.32% 0.32% 4.72%
43.79% 20.37% 33.25% 33.25% 21.44%
50.37% 2.44% 154.05% 154.05% 4.52%
-22.91% 8.19% 77.55% 77.55% 14.07%
28.78% 10.42% 61.55% 61.55% 11.18%
-22.88% 8.78% 65.62% 65.62% 14.95%
-8.74% 19.35% 105.89% 105.89% 32.91%
21.49% 8.26% 79.54% 79.54% 6.03%
112.09% 5.66% 78.08% 78.08% 15.62%
-726.78% -5.76% 0.47% 0.47% 0.73%
107.97% 5.49% 122.28% 122.28% 11.79%
172.58% 6.30% 56.83% 75.32% 26.79%
47.93% 6.30% 75.32% 75.32% 8.09%
46.14% 5.54% 95.73% 95.73% 8.41%
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
Technology & Content $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA

Current year's lease expense $ 107.00

$75,872.00
$2,404.00
$24,171.00
$276.00

G&A 630.29 286.14 426.61 770.76

Marketing Costs 2369.47 1128.78 1219.73 2460.42
Content Costs 9967.54 4703.01 5876.21 11140.74

Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/No Book or Market VaERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatioSynthetic rating 2 Single Business(US)
Operating countries Actual rating Single Business(Global
Operating regions Multibusiness(US)
Multibusiness(Global)
Rating is
Aaa/AAA
Aa2/AA
A1/A+
A2/A
A3/A-
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D