THE YELLOW CELLS ARE YOUR ONLY REQUIRED INPUTS. ALL THE OTHER NUMBERS WILL BE CALCULATED.

Your inputs
Growth Lever
How much will Tesla have in revenues in 2032? A6: Direct Input (Enter % growth rate)
Revenue growth rate used in valuation 24.00%
With that inputed growth rate, your revenues in 2032 ($ million) $ 412,133.12

Profitability Lever
What operating margin will Tesla have in 2032 (and beyond)? B7: Direct Input
Operating margin in 2025 16.00%
With your operating margin, Tesla's operating profits in 2032 ($ mill $ 65,941.30

Investment Efficiency Lever

How many dollars of revenues will Tesla generate per $ of investme C7: Direct Input
Sales to Invested Capital used in valuation 4.00
With your investment input, Tesla's return on capital in 2030 36.09%

Risk Levers
What cost of capital do you want to give Tesla initially? D6: Direct Input
If direct input, enter the cost of capital 10.15%
What is the probability of failure E1: No chance

Your key inputs wrere

Expected Revenue Growth rate for next 5 years = 24.00%
Expected Pre-tax Operating Margin in year 5 = 16.00%
Sales to Invested Capital for first 5 years = 4.00
Cost of capital to start = 10.15%

And with these inptus, your value is

Tesla's value of equity today = $ 445,432.48
Tesla's value per share today = $ 129.90
BE CALCULATED. Expected Revenues in 2030 (in $ millions) CAGR (next 5 years)
A1: $100 billion (BMW-like) 2.00%
A2: $150 billion (Ford & Honda-like) 8.00%
A3: $200 billion (Daimler-like) 12.00%
A4: $300 billion (Toyota & VW -like) 19.00%
A5: $500 billion (20% auto market share) 28.00%
A6: Direct Input (Enter % growth rate) 24.00%

Operating Margin in 2025 Target Operating Margin

B1: Auto Industry First Quartile -12.81%
B2: Auto Industry Median 3.25%
B3: Auto Industry Third Quartile 8.52%
B4: Technology Median 10.25%
B5: Software 21.24%
B6: FAANG Aggregate 19.87%
B7: Direct Input 16.00%

Sales to Invested Capital Sales to Capital (1st 5 years)

C1: Auto Industry First Quartile 0.75
C2: Auto Industry Median 1.37
C3: Auto Industry Third Quartile 2.42
C4: Technology Median 1.51
C5: Software 2.30
C6: FAANG Aggregate 1.27
C7: Direct Input 4.00

Cost of Capital Initial cost of capital

D1: Automobile Median 9.65%
D2: Technology Median 11.16%
D3: All companies - First Quartile 6.86%
D4: All companies - Median 9.23%
D5: All companies - Third Quartile 10.48%
D6: Direct Input 10.15%

Failure Likelihood Probability of failure

E1: No chance 0%
E2: 10% (Marginal profitability, High Debt 10%
E3: 20% (Money loser, High Debt) 20%
E4: 50% (Low Growth, Money loser, High 50%
Date of valuation Jan-23
Company name Tesla
Numbers from your base year below
This year
Country of incorporation United States
Industry (US) Auto & Truck
Industry (Global) Auto & Truck
Revenues $ 81,462.00
Operating income or EBIT $ 13,656.00
Interest expense $ 218.00
Book value of equity $ 41,124.00
Book value of debt $ 5,874.00
Do you have R&D expenses to capitalize? Yes
Do you have operating lease commitments? No
Cash and Marketable Securities $ 21,107.00
Cross holdings and other non-operating assets $ -
Minority interests $ -
Number of shares outstanding = 3146.00
Current stock price = $ 143.51
Effective tax rate = 10.00%
Marginal tax rate = 25.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 24.00%
Target pre-tax operating margin (EBIT as % of sales in y 16.00%
Year of convergence 5.00
Years 1-5
Sales to capital ratio (for computing reinvestment) = 4.00
Market numbers
Riskfree rate 3.47%
Initial cost of capital = 10.15%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 347.37
Average strike price = $27.72
Average maturity = 6.11
Standard deviation on stock price = 40.00%

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
If yes, enter the cost of capital after year 10 = 9.00%
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
If yes, enter the return on capital you expect after year 18%
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 = 0%
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 = No
If yes, enter the NOL that you are carrying over into year $250.00
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 1.00%
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

Last 10K Years since last 10K

$ 53,823.00 0.75
$ 6,523.00 0.75
$ 358.00
$ 31,583.00
$ 8,904.00
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
$ 17,707.00
$ -
$ -

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 =

Growth Lever Pre-tax operating margin in the most recent year
Profitability Lever Sales to capital ratio in most recent year =
Speed of convergence level Return on invested capital in most recent year=
Years 6-10 Standard deviation in stock prices =
2.67 Investment EfficienCost of capital =

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

Value of operating assets = ###

Value of equity = ###
Value per share $ 129.90

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.
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.
e rate. This allows for both valuation consistency and prevents "impossible" growth rates.

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.
d check under Calculation options
circular reasoning errors.

worksheet.
se worksheet below and I will convert to debt

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

u should add the inflation differential to the industry averages.
Company Industry (US dataIndustry (Global data)
73.77% 28.06% 8.21%
18.41% 6.43% 6.58%
2.49 0.95 0.92
41.26% 6.46% 5.34%
52.61% 33.90%
10.15% 10.67%

use to fine tune your inputs, if you want)

venue growth = $ 426,434
ased on your operating ma $ 68,229
ased on your sales/capital 36.09%
ore details.

ay will fade over time.

etitive advantages.

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

effective tax rate.

er 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)

ause of mistrust.
 Base year 1 2 3 4 5
Revenue growth rate 24.00% 24.00% 24.00% 24.00% 24.00%
Revenues $ 81,462.00 $ 101,012.88 $ 125,255.97 $ 155,317.40 $ 192,593.58 $ 238,816.04
EBIT (Operating) margin 18.41% 17.93% 17.45% 16.96% 16.48% 16.00%
EBIT (Operating income) $ 14,998.60 $ 18,111.02 $ 21,853.49 $ 26,349.15 $ 31,743.96 $ 38,210.57
Tax rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
EBIT(1-t) $ 13,498.74 $ 16,299.92 $ 19,668.14 $ 23,714.23 $ 28,569.56 $ 34,389.51
- Reinvestment $ 4,887.72 $ 6,060.77 $ 7,515.36 $ 9,319.04 $ 11,555.61
FCFF $ 11,412.20 $ 13,607.37 $ 16,198.87 $ 19,250.52 $ 22,833.90
NOL $ - $ - $ - $ - $ - $ -

Cost of capital 10.15% 10.15% 10.15% 10.15% 10.15%

Cumulated discount factor 0.9078 0.8241 0.7482 0.6792 0.6166
PV(FCFF) $ 10,360.29 $ 11,214.47 $ 12,119.70 $ 13,075.31 $ 14,079.65

Terminal cash flow $ 41,307.25

Terminal cost of capital 9.00%
Terminal value $ 746,966.62
PV(Terminal value) $ 293,102.11
PV (CF over next 10 years) $ 137,097.36
Sum of PV $ 430,199.48
Probability of failure = 0.00%
Proceeds if firm fails = $215,099.74
Value of operating assets = $ 430,199.48
- Debt $ 5,874.00
- Minority interests $ -
+ Cash $ 21,107.00
+ Non-operating assets $ -
Value of equity $ 445,432.48
- Value of options $36,769.41
Value of equity in common $ 408,663.07
Number of shares 3,146.00
Estimated value /share $ 129.90
Price $ 143.51
Price as % of value 110.48%

Implied variables
Sales to capital ratio 4.00 4.00 4.00 4.00 4.00
Invested capital $ 32,713 $ 37,601 $ 43,661 $ 51,177 $ 60,496 $ 72,052
ROIC 41.26% 43.35% 45.05% 46.34% 47.23% 47.73%
 6 7 8 9 10 Terminal year Check these revenues against
19.89% 15.79% 11.68% 7.58% 3.47% 3.47% a. Overall market size
$ 286,326.10 $ 331,531.27 $ 370,260.75 $ 398,311.71 $ 412,133.12 $ 426,434.14 b. Largest companies in this market
16.00% 16.00% 16.00% 16.00% 16.00% 16.00%
$ 45,812.18 $ 53,045.00 $ 59,241.72 $ 63,729.87 $ 65,941.30 $ 68,229.46 $ 53,230.86 This is is how much your operating inc
grew over the ten-year period.
13.00% 16.00% 19.00% 22.00% 25.00% 25.00%
$ 39,856.59 $ 44,557.80 $ 47,985.79 $ 49,709.30 $ 49,455.97 $ 51,172.10
$ 17,816.27 $ 16,951.94 $ 14,523.56 $ 10,519.11 $ 5,183.03 $ 9,864.84 $ 114,197.26 This is how much capital you
invested over the ten year period.
$ 22,040.32 $ 27,605.87 $ 33,462.24 $ 39,190.19 $ 44,272.94 $ 41,307.25
$ - $ - $ - $ - $ - $ -

9.92% 9.69% 9.46% 9.23% 9.00% 9.00%

0.5610 0.5114 0.4672 0.4277 0.3924
$ 12,363.53 $ 14,117.28 $ 15,633.05 $ 16,761.84 $ 17,372.25
 After year 10
2.67 2.67 2.67 2.67 2.67
$ 89,868 $ 106,820 $ 121,343 $ 131,862 $ 137,045
44.35% 41.71% 39.55% 37.70% 36.09% 18.00%

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
 much your operating income
e ten-year period.

much capital you

r the ten year period.
capital ratio
 Tesla
The Payoff to Flexibility - A Plausible Path to Auto Dominance, with a Wild Card
Tesla has changed the automobile business dramatically, moving electric cars to the center of the conversataion. W
disruption will play out and who the winners will be, it is clear that Tesla received a significant boost from COVID, u
importantly, deliver profits. Even with competition from traditoinal auto and newcomers, Tesla will acquire a lead
car market and push its production towards 10 million cars by 2032, it will also be able to deliver higher margins th
using revenues from other businesses to complement auto sales, while investing less in capacity. The wild card in th
CEO, who brings a mix of vision, unpredictability and distraction to the company.

The Assumptions
Base year Years 1-5 Years 6-10

Revenues (a) $ 81,462 24.00% 3.47%

Operating margin (b) 18.41% 18.41% 16.00%

Tax rate 10.00% 10.00% 25.00%

Reinvestment (c ) Sales to capital ratio 4.00 RIR =

Return on capital 41.26% Marginal ROIC = 48.83%
Cost of capital (d) 10.15% 9.00%
The Cash Flows
Revenues Operating Margin EBIT EBIT (1-t)
1 $ 101,013 17.93% $ 18,111 $ 16,300
2 $ 125,256 17.45% $ 21,853 $ 19,668
3 $ 155,317 16.96% $ 26,349 $ 23,714
4 $ 192,594 16.48% $ 31,744 $ 28,570
5 $ 238,816 16.00% $ 38,211 $ 34,390
6 $ 286,326 16.00% $ 45,812 $ 39,857
7 $ 331,531 16.00% $ 53,045 $ 44,558
8 $ 370,261 16.00% $ 59,242 $ 47,986
9 $ 398,312 16.00% $ 63,730 $ 49,709
10 $ 412,133 16.00% $ 65,941 $ 49,456
Terminal year $ 426,434 16.00% $ 68,229 $ 51,172
The Value
Terminal value $ 746,967
PV(Terminal value) $ 293,102
PV (CF over next 10 years) $ 137,097
Value of operating assets = $ 430,199
Adjustment for distress $ - Probability of
- Debt & Minority Interests $ 5,874
+ Cash & Other Non-operating assets $ 21,107
Value of equity $ 445,432
- Value of equity options $ 36,769
Number of shares 3,146.00
Value per share $ 129.90 Stock was tra
 sla
e, with a Wild Card Jan-23
center of the conversataion. While there is clearly uncertainty about how this
significant boost from COVID, using its flexibility to gain growth and more
omers, Tesla will acquire a leading, perhaps even dominant share of the electric
ble to deliver higher margins than conventional auto companies in steady state, Tell your story about the company
ss in capacity. The wild card in the Tesla valuation is Elon Musk, more than just a
focuses on the company's busines
it into the three key levers of value
flows, growth and risk
umptions
After year 10 Link to story
Growth in EV market & Tesla's early mover
3.47% advantage work in its favor.
Tech twist gives a boost, but price cuts and
16.00% cost pressures will cap margins
Tie each assumption to the part of your sto
25.00% Global tax rate relates to it.
Capacity build up allows for less
19.28% reinvestment in the near years.
18.00% Cost of entry will limit competition.
9.00% Moves to median company cost of capital
h Flows
Reinvestment FCFF
$ 4,888 $ 11,412
$ 6,061 $ 13,607 These are the numbers that come
$ 7,515 $ 16,199 assumptions. The revenues over ti
$ 9,319 $ 19,251 your revenue growth, the operatin
$ 11,556 $ 22,834 evolve towards your target margin
tax rate will change, if you have se
$ 17,816 $ 22,040
reinvestment is estimated using th
$ 16,952 $ 27,606 capital ratio for the first 10 years a
$ 14,524 $ 33,462 on a reinvestment rate in stable gr
$ 10,519 $ 39,190 ROC).
$ 5,183 $ 44,273
$ 9,865 $ 41,307
Value

This is the output from your valuation. It re

Probability of failure = 0.00% 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 = $143.51

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)
 $ 32,713.00
$ 137,045.42
$ 104,332.42
$ 50,942.70
48.83%
36.09%
9.81%
90.52%

If calculated value is negative or looks too low

Increase revenue growth rate
Increase the target pre-tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital
 If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital T
 Revenue Pre-Tax Pre-Tax After-Tax
Year Revenues Growth Rate Operating Operating NOL Taxes Operating
Margin Income Income
Traling 12 month $ 81,462.00 18.41% $ 14,998.60 $ - $ 1,499.86 $ 13,498.74
1 $ 101,012.88 24.00% 17.93% $ 18,111.02 $ - $ 1,811.10 $ 16,299.92
2 $ 125,255.97 24.00% 17.45% $ 21,853.49 $ - $ 2,185.35 $ 19,668.14
3 $ 155,317.40 24.00% 16.96% $ 26,349.15 $ - $ 2,634.91 $ 23,714.23
4 $ 192,593.58 24.00% 16.48% $ 31,743.96 $ - $ 3,174.40 $ 28,569.56
5 $ 238,816.04 24.00% 16.00% $ 38,210.57 $ - $ 3,821.06 $ 34,389.51
6 $ 286,326.10 19.89% 16.00% $ 45,812.18 $ - $ 5,955.58 $ 39,856.59
7 $ 331,531.27 15.79% 16.00% $ 53,045.00 $ - $ 8,487.20 $ 44,557.80
8 $ 370,260.75 11.68% 16.00% $ 59,241.72 $ - $ 11,255.93 $ 47,985.79
9 $ 398,311.71 7.58% 16.00% $ 63,729.87 $ - $ 14,020.57 $ 49,709.30
10 $ 412,133.12 3.47% 16.00% $ 65,941.30 $ - $ 16,485.32 $ 49,455.97

After-Tax Change in Sales to Capital

Year Operating Revenues Capital Reinvestment FCFF Invested Implied ROC
Income
Traling 12 month $ 13,498.74 $ 32,713.00 41.26%
1 $ 16,299.92 $ 19,550.88 4.00 $ 4,887.72 $ 11,412.20 $ 37,600.72 43.35%
2 $ 19,668.14 $ 24,243.09 4.00 $ 6,060.77 $ 13,607.37 $ 43,661.49 45.05%
3 $ 23,714.23 $ 30,061.43 4.00 $ 7,515.36 $ 16,198.87 $ 51,176.85 46.34%
4 $ 28,569.56 $ 37,276.18 4.00 $ 9,319.04 $ 19,250.52 $ 60,495.90 47.23%
5 $ 34,389.51 $ 46,222.46 4.00 $ 11,555.61 $ 22,833.90 $ 72,051.51 47.73%
6 $ 39,856.59 $ 47,510.06 2.67 $ 17,816.27 $ 22,040.32 $ 89,867.78 44.35%
7 $ 44,557.80 $ 45,205.17 2.67 $ 16,951.94 $ 27,605.87 $ 106,819.72 41.71%
8 $ 47,985.79 $ 38,729.48 2.67 $ 14,523.56 $ 33,462.24 $ 121,343.28 39.55%
9 $ 49,709.30 $ 28,050.95 2.67 $ 10,519.11 $ 39,190.19 $ 131,862.38 37.70%
10 $ 49,455.97 $ 13,821.42 2.67 $ 5,183.03 $ 44,272.94 $ 137,045.42 36.09%

Year Beta Cost of Equity Pre-Tax Cost Tax Savings After-Tax Cost Debt Ratio Cost of
of Debt of Debt Capital
1 10.15%
2 10.15%
3 10.15%
4 10.15%
5 10.15%
6 9.92%
7 9.69%
8 9.46%
9 9.23%
10 9.00%

Cost of Cumulated Terminal

Year Cost of FCFF Present Value
Capital Value
Capital
1 10.15% 1.1015 $11,412.20 $10,360.29
2 10.15% 1.2134 $13,607.37 $11,214.47
3 10.15% 1.3366 $16,198.87 $12,119.70
4 10.15% 1.4723 $19,250.52 $13,075.31
5 10.15% 1.6218 $22,833.90 $14,079.65
 6 9.92% 1.7827 $22,040.32 $12,363.53
7 9.69% 1.9555 $27,605.87 $14,117.28
8 9.46% 2.1405 $33,462.24 $15,633.05
9 9.23% 2.3381 $39,190.19 $16,761.84
10 9.00% 2.5485 $44,272.94 ### ###
Value of operating assets = ###
Valuing Options or Warrants
Enter the current stock price = $ 129.90
Enter the strike price on the option = $ 27.72
Enter the expiration of the option = 6.11
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock 0.00%
Enter the treasury bond rate = 3.47%
Enter the number of warrants (options) outsta 347.37
Enter the number of shares outstanding = 3,146.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 129.89925866 # Warrants issued= 347.37
Strike Price= 27.716666667 # Shares outstanding= 3,146
Adjusted S = 127.507958 T.Bond rate= 3.47%
Adjusted K = 27.716666667 Variance= 0.1600
Expiration (in years) = 6.11 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 3.47%

d1 = 2.2523308376
N (d1) = 0.9878493136

d2 = 1.2635942701
N (d2) = 0.8968121544

Value per option = $ 105.85

Value of all options outstanding = $36,769.41
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 = 3146.00
Current Market Price per share = $ 143.51

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 0.94
Riskfree Rate = 3.47%
What approach do you want to use to input ERP? Operating countries
Direct input for ERP (if you choose "will input" 6.00%
Equity Risk Premium used in cost of equity = 6.27%

Debt
Book Value of Straight Debt = $ 5,874.00
Interest Expense on Debt = $ 218.00
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 Ba2/BB
If synethetic rating, input the type of company 1
Pre-tax Cost of Debt = 6.60%
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 = $ 5,425.42
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 0.95

Equity Debt Preferred Stock

Market Value $ 451,482.46 $ 5,425.42 $ -
Weight in Cost of Capital 98.81% 1.19% 0.00%
Cost of Component 9.42% 4.95% 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 15,207.0 5.94% 48.22%
China 6,662.0 7.16% 21.13%
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 9667 6.18% 30.65%
0.00%
Total 31536 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Global 0 7.98% 0.00%
0 7440 0.00% 7.34%
0 0.00% 0.00%
0 0 0.00% 0.00%
0 0 0.00% 0.00%
0 0.00% 0.00%
0 0 0.00% 0.00%
0 93864 0.00% 92.66%
0 0.00% 0.00%
0.00%
0.00%
Total 101304 100.00%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 29,542.00 1.8115 $ 53,515.66
Green & Renewable Energy $ 1,994.00 7.7853 $ 15,523.83
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
 0.0000 $ -
0.0000 $ -
0.0000 $ -
Capital 0.0000 $ -
$ 456,907.88 Company $ 31,536.00 $ 69,039.49
100.00%
9.36% Multi Business (Global Industry Averages)
Business Revenues EV/Sales Estimated Valu
Auto & Truck $ 29,542.00 1.0824 $ 31,976.04
Green & Renewable Energy $ 1,994.00 7.5247 $ 15,004.16
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
0.0000 $ -
Company $ 31,536.00 $ 46,980.20
y. If you choose to use the built in

Weighted ERP
2.86%
1.51%
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
1.89%
can look up the ERP for the country in the country ERP worksheet.
0.00%
6.27%

Weighted ERP
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%

Unlevered Beta
1.2255
0.8772
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
 0.0000
0.0000
0.0000
0.0000
1.1472

Unlevered Beta
1.0338
0.7391
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9397
 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 = $ 3,005.00 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 2593.00 ! Year -1 is the year prior to the current year
-2 1491.00 ! Year -2 is the two years prior to the current year
-3 1390.00
-4 1460.00
-5 1378.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 3005.00 1.00 3005.00
-1 2593.00 0.80 2074.40 $ 518.60
-2 1491.00 0.60 894.60 $ 298.20
-3 1390.00 0.40 556.00 $ 278.00
-4 1460.00 0.20 292.00 $ 292.00
-5 1378.00 0.00 0.00 $ 275.60
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 = $6,822.00 $ 1,662.40

Amortization of asset for current year = $1,662.40

Adjustment to Operating Income = $1,342.60 ! A positive number indicates an increase in operating income (add to reported
Tax Effect of R&D Expensing $336
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 = $ 275.65
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 209.2
2 258.4
3 228.7
4 182.3
5 153.5
6 and beyond 477.9

Output
Pre-tax Cost of Debt = 6.60% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 2 ! 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 $ 209.20 $ 196.25
2 $ 258.40 $ 227.39
3 $ 228.70 $ 188.80
4 $ 182.30 $ 141.18
5 $ 153.50 $ 111.51
6 and beyond $ 238.95 $ 315.60 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,180.73

Restated Financials
Depreciation on Operating Lease Asset = $ 168.68 ! I use straight line depreciation
Adjustment to Operating Earnings = $106.97 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 1,180.73 ! Add this amount to debt
Adjustment to Depreciation = $168.68
ter them.

ne depreciation
nt to pre-tax operating income
Mature Market ERP + 5.94% Updated January 1, 2023
Changing this number will update all your country equity risk premiums.

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

Abu Dhabi Aa2 0.60% 6.79%
Albania B1 5.51% 13.71%
Algeria NR 18.43% 18.43%
Andorra (Principality of) Baa2 2.33% 9.23%
Angola B3 7.95% 17.16%
Argentina Ca 14.68% 26.65%
Armenia Ba3 4.40% 12.15%
Aruba Baa2 2.33% 9.23%
Australia Aaa 0.00% 5.94%
Austria Aa1 0.49% 6.63%
Azerbaijan Ba1 3.06% 10.26%
Bahamas B1 5.51% 13.71%
Bahrain B2 6.73% 15.43%
Bangladesh Ba3 4.40% 12.15%
Barbados Caa1 9.17% 18.88%
Belarus Ca 14.68% 26.65%
Belgium Aa3 0.73% 6.97%
Belize Caa2 11.02% 21.48%
Benin B1 5.51% 13.71%
Bermuda A2 1.04% 7.40%
Bolivia B2 6.73% 15.43%
Bosnia and Herzegovina B3 7.95% 17.16%
Botswana A3 1.47% 8.01%
Brazil Ba2 3.68% 11.13%
Brunei NR 13.11% 13.11%
Bulgaria Baa1 1.96% 8.70%
Burkina Faso Caa1 9.17% 18.88%
Cambodia B2 6.73% 15.43%
Cameroon B2 6.73% 15.43%
Canada Aaa 0.00% 5.94%
Cape Verde B3 7.95% 17.16%
Cayman Islands Aa3 0.73% 6.97%
Chile A2 1.04% 7.40%
China A1 0.86% 7.16%
Colombia Baa2 2.33% 9.23%
Congo (Democratic Republic of) B3 7.95% 17.16%
Congo (Republic of) Caa2 11.02% 21.48%
Cook Islands B1 5.51% 13.71%
Costa Rica B2 6.73% 15.43%
Côte d'Ivoire Ba3 4.40% 12.15%
Croatia Baa2 2.33% 9.23%
Cuba Ca 14.68% 26.65%
Curacao Baa2 2.33% 9.23%
Cyprus Ba1 3.06% 10.26%
Czech Republic Aa3 0.73% 6.97%
Denmark Aaa 0.00% 5.94%
Dominican Republic Ba3 4.40% 12.15%
Ecuador Caa3 12.24% 23.20%
Egypt B2 6.73% 15.43%
El Salvador Caa3 12.24% 23.20%
Estonia A1 0.86% 7.16%
Ethiopia Caa2 11.02% 21.48%
Fiji B1 5.51% 13.71%
Finland Aa1 0.49% 6.63%
France Aa2 0.60% 6.79%
Gabon Caa1 9.17% 18.88%
Gambia NR 21.98% 21.98%
Georgia Ba2 3.68% 11.13%
Germany Aaa 0.00% 5.94%
Ghana Ca 14.68% 26.65%
Greece Ba3 4.40% 12.15%
Guatemala Ba1 3.06% 10.26%
Guernsey (States of) Aaa 0.00% 5.94%
Guinea NR 20.66% 20.66%
Guinea-Bissau NR 20.66% 20.66%
Guyana NR 13.21% 13.21%
Haiti NR 13.21% 13.21%
Honduras B1 5.51% 13.71%
Hong Kong Aa3 0.73% 6.97%
Hungary Baa2 2.33% 9.23%
Iceland A2 1.04% 7.40%
India Baa3 2.69% 9.73%
Indonesia Baa2 2.33% 9.23%
Iran NR 14.34% 14.34%
Iraq Caa1 9.17% 18.88%
Ireland A1 0.86% 7.16%
Isle of Man Aa3 0.73% 6.97%
Israel A1 0.86% 7.16%
Italy Baa3 2.69% 9.73%
Jamaica B2 6.73% 15.43%
Japan A1 0.86% 7.16%
Jersey (States of) Aaa 0.00% 5.94%
Jordan B1 5.51% 13.71%
Kazakhstan Baa2 2.33% 9.23%
Kenya B2 6.73% 15.43%
Korea Aa2 0.60% 6.79%
Korea, D.P.R. NR 16.38% 16.38%
Kuwait A1 0.86% 7.16%
Kyrgyzstan B3 7.95% 17.16%
Laos Caa3 12.24% 23.20%
Latvia A3 1.47% 8.01%
Lebanon C 17.50% 30.63%
Liberia NR 20.66% 20.66%
Libya NR 14.18% 14.18%
Liechtenstein Aaa 0.00% 5.94%
Lithuania A2 1.04% 7.40%
Luxembourg Aaa 0.00% 5.94%
Macao Aa3 0.73% 6.97%
Macedonia Ba3 4.40% 12.15%
Madagascar NR 14.18% 14.18%
Malawi NR 21.27% 21.27%
Malaysia A3 1.47% 8.01%
Maldives Caa1 9.17% 18.88%
Mali Caa2 11.02% 21.48%
Malta A2 1.04% 7.40%
Mauritius Baa3 2.69% 9.73%
Mexico Baa2 2.33% 9.23%
Moldova B3 7.95% 17.16%
Mongolia B3 7.95% 17.16%
Montenegro B1 5.51% 13.71%
Montserrat Baa3 2.69% 9.73%
Morocco Ba1 3.06% 10.26%
Mozambique Caa2 11.02% 21.48%
Myanmar NR 17.72% 17.72%
Namibia B1 5.51% 13.71%
Netherlands Aaa 0.00% 5.94%
New Zealand Aaa 0.00% 5.94%
Nicaragua B3 7.95% 17.16%
Niger B3 7.95% 17.16%
Nigeria B3 7.95% 17.16%
Norway Aaa 0.00% 5.94%
Oman Ba3 4.40% 12.15%
Pakistan Caa1 9.17% 18.88%
Panama Baa2 2.33% 9.23%
Papua New Guinea B2 6.73% 15.43%
Paraguay Ba1 3.06% 10.26%
Peru Baa1 1.96% 8.70%
Philippines Baa2 2.33% 9.23%
Poland A2 1.04% 7.40%
Portugal Baa2 2.33% 9.23%
Qatar Aa3 0.73% 6.97%
Ras Al Khaimah (Emirate of) A3 1.47% 8.01%
Romania Baa3 2.69% 9.73%
Russia Caa1 9.17% 18.88%
Rwanda B2 6.73% 15.43%
Saudi Arabia A1 0.86% 7.16%
Senegal Ba3 4.40% 12.15%
Serbia Ba2 3.68% 11.13%
Sharjah Ba1 3.06% 10.26%
Sierra Leone NR 21.27% 21.27%
Singapore Aaa 0.00% 5.94%
Slovakia A2 1.04% 7.40%
Slovenia A3 1.47% 8.01%
Solomon Islands Caa1 9.17% 18.88%
Somalia NR 20.66% 20.66%
South Africa Ba2 3.68% 11.13%
Spain Baa1 1.96% 8.70%
Sri Lanka Ca 14.68% 26.65%
St. Maarten Ba2 3.68% 11.13%
St. Vincent & the Grenadines B3 7.95% 17.16%
Sudan NR 24.81% 24.81%
Suriname Caa3 12.24% 23.20%
Swaziland B3 7.95% 17.16%
Sweden Aaa 0.00% 5.94%
Switzerland Aaa 0.00% 5.94%
Syria NR 19.85% 19.85%
Taiwan Aa3 0.73% 6.97%
Tajikistan B3 7.95% 17.16%
Tanzania B2 6.73% 15.43%
Thailand Baa1 1.96% 8.70%
Togo B3 7.95% 17.16%
Trinidad and Tobago Ba2 3.68% 11.13%
Tunisia Caa1 9.17% 18.88%
Turkey B3 7.95% 17.16%
Turks and Caicos Islands Baa1 1.96% 8.70%
Uganda B2 6.73% 15.43%
Ukraine Caa3 12.24% 23.20%
United Arab Emirates Aa2 0.60% 6.79%
United Kingdom Aa3 0.73% 6.97%
United States Aaa 0.00% 5.94%
Uruguay Baa2 2.33% 9.23%
Uzbekistan B1 5.51% 13.71%
Venezuela C 17.50% 30.63%
Vietnam Ba2 3.68% 11.13%
Yemen, Republic NR 14.18% 14.18%
Zambia Ca 14.68% 26.65%
Zimbabwe NR 17.72% 17.72%

Region Weighted Average:

Weighted
ERP Average: Default Spreads Tax Rate
Africa 15.58% 6.83% 27.27%
Asia 7.87% 1.37% 24.52%
Australia & New Zealand 5.94% 0.00% 29.72%
Caribbean 17.13% 7.93% 25.63%
Central and South America 12.51% 4.65% 31.46%
Eastern Europe & Russia 13.73% 5.52% 18.35%
Middle East 8.45% 1.78% 15.18%
North America 5.94% 0.00% 25.00%
Western Europe 7.45% 1.07% 24.83%
Global 7.98% 1.45% 24.67%
Country Risk Premium Corporate Tax Rate
0.85% 15.00%
7.77% 15.00%
12.49% 26.00%
3.29% 18.98%
11.22% 25.00%
20.71% 35.00%
6.21% 18.00%
3.29% 25.00%
0.00% 30.00%
0.69% 24.00%
4.32% 20.00%
7.77% 0.00%
9.49% 0.00%
6.21% 32.50%
12.94% 5.50%
20.71% 18.00%
1.03% 25.00%
15.54% 27.18%
7.77% 30.00%
1.46% 0.00%
9.49% 25.00%
11.22% 10.00%
2.07% 22.00%
5.19% 34.00%
7.17% 18.50%
2.76% 10.00%
12.94% 28.00%
9.49% 20.00%
9.49% 33.00%
0.00% 25.00%
11.22% 0.00%
1.03% 0.00%
1.46% 27.00%
1.22% 25.00%
3.29% 35.00%
11.22% 30.00%
15.54% 28.00%
 7.77% 28.43%
9.49% 30.00%
6.21% 25.00%
3.29% 18.00%
20.71% 27.18%
3.29% 22.00%
4.32% 12.50%
1.03% 19.00%
0.00% 22.00%
6.21% 27.00%
17.26% 25.00%
9.49% 22.50%
17.26% 30.00%
1.22% 20.00%
15.54% 30.00%
7.77% 20.00%
0.69% 20.00%
0.85% 25.00%
12.94% 30.00%
16.04% 31.00%
5.19% 15.00%
0.00% 30.00%
20.71% 25.00%
6.21% 22.00%
4.32% 25.00%
0.00% 0.00%
14.72% 29.15%
14.72% 29.15%
7.27% 18.64%
7.27% 18.64%
7.77% 25.00%
1.03% 16.50%
3.29% 9.00%
1.46% 20.00%
3.79% 30.00%
3.29% 22.00%
8.40% 20.23%
12.94% 15.00%
1.22% 12.50%
1.03% 0.00%
1.22% 23.00%
 3.79% 24.00%
9.49% 25.00%
1.22% 23.20%
0.00% 0.00%
7.77% 20.00%
3.29% 20.00%
9.49% 30.00%
0.85% 25.00%
10.44% 23.10%
1.22% 15.00%
11.22% 10.00%
17.26% 22.81%
2.07% 20.00%
24.69% 17.00%
14.72% 29.15%
8.24% 20.00%
0.00% 12.50%
1.46% 15.00%
0.00% 24.94%
1.03% 22.81%
6.21% 10.00%
8.24% 20.00%
15.33% 30.00%
2.07% 24.00%
12.94% 22.81%
15.54% 22.81%
1.46% 35.00%
3.79% 15.00%
3.29% 30.00%
11.22% 12.00%
11.22% 25.00%
7.77% 15.00%
3.79% 27.18%
4.32% 31.00%
15.54% 32.00%
11.78% 25.00%
7.77% 32.00%
0.00% 25.80%
0.00% 28.00%
11.22% 30.00%
11.22% 22.81%
11.22% 30.00%
0.00% 22.00%
6.21% 15.00%
12.94% 29.00%
3.29% 25.00%
9.49% 30.00%
4.32% 10.00%
2.76% 29.50%
3.29% 25.00%
1.46% 19.00%
3.29% 21.00%
1.03% 10.00%
2.07% 0.00%
3.79% 16.00%
12.94% 20.00%
9.49% 30.00%
1.22% 20.00%
6.21% 30.00%
5.19% 15.00%
4.32% 0.00%
15.33% 30.00%
0.00% 17.00%
1.46% 21.00%
2.07% 19.00%
12.94% 30.00%
14.72% 29.15%
5.19% 27.00%
2.76% 25.00%
20.71% 24.00%
5.19% 27.18%
11.22% 27.18%
18.87% 35.00%
17.26% 36.00%
11.22% 27.50%
0.00% 20.60%
0.00% 18.00%
13.91% 28.00%
1.03% 20.00%
11.22% 18.00%
9.49% 30.00%
2.76% 20.00%
 11.22% 22.81%
5.19% 30.00%
12.94% 15.00%
11.22% 23.00%
2.76% 0.00%
9.49% 30.00%
17.26% 18.00%
0.85% 0.00%
1.03% 25.00%
0.00% 25.00%
3.29% 25.00%
7.77% 15.00%
24.69% 34.00%
5.19% 20.00%
8.24% 20.00%
20.71% 35.00%
11.78% 25.00%

Weighted Average: CRP

9.64%
1.93%
0.00%
11.19%
6.57%
7.79%
2.51%
0.00%
1.51%
2.04%
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 = 1
Enter current Earnings before interest and taxes (EBIT) = $ 13,656.00 (Add back only long term interest expense for fin
Enter current interest expenses = $218.00 (Use only long term interest expense for financia
Enter long term risk free rate = 3.47%
Output
Interest coverage ratio = 62.64
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the ope
Estimated Company Default Spread = 0.69% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 4.16%

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 20.00%
0.2 0.649999 Caa/CCC 17.50%
0.65 0.799999 Ca2/CC 15.78%
0.8 1.249999 C2/C 11.57%
1.25 1.499999 B3/B- 7.37%
1.5 1.749999 B2/B 5.26%
1.75 1.999999 B1/B+ 4.55%
2 2.2499999 Ba2/BB 3.13%
2.25 2.49999 Ba1/BB+ 2.42%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.62%
4.25 5.499999 A2/A 1.42%
5.5 6.499999 A1/A+ 1.23%
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 20.00% Rating is Spread is
0.5 0.799999 Caa/CCC 17.50% A1/A+ 1.23%
0.8 1.249999 Ca2/CC 15.78% A2/A 1.42%
1.25 1.499999 C2/C 11.57% A3/A- 1.62%
1.5 1.999999 B3/B- 7.37% Aa2/AA 0.85%
2 2.499999 B2/B 5.26% Aaa/AAA 0.69%
2.5 2.999999 B1/B+ 4.55% B1/B+ 4.55%
3 3.499999 Ba2/BB 3.13% B2/B 5.26%
3.5 3.9999999 Ba1/BB+ 2.42% B3/B- 7.37%
 4 4.499999 Baa2/BBB 2.00% Ba1/BB+ 2.42%
4.5 5.999999 A3/A- 1.62% Ba2/BB 3.13%
6 7.499999 A2/A 1.42% Baa2/BBB 2.00%
7.5 9.499999 A1/A+ 1.23% C2/C 17.50%
9.5 12.499999 Aa2/AA 0.85% Ca2/CC 15.78%
12.5 100000 Aaa/AAA 0.69% Caa/CCC 11.57%
D2/D 20.00%
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.
 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 58 18.17% 10.62% 36.62% 24.71% 1.35
Aerospace/Defense 77 3.99% 8.64% 15.25% 16.51% 1.23
Air Transport 21 2.24% 2.11% 3.08% 35.99% 0.69
Apparel 39 5.84% 10.16% 20.57% 20.51% 1.02
Auto & Truck 31 28.06% 6.43% 6.46% 10.58% 1.23
Auto Parts 37 7.07% 5.06% 10.26% 21.56% 1.20
Bank (Money Center) 7 1.94% 0.00% 0.03% 17.16% 0.74
Banks (Regional) 557 11.02% 0.00% -0.04% 21.05% 0.41
Beverage (Alcoholic) 23 12.54% 20.06% 14.66% 34.93% 0.88
Beverage (Soft) 31 15.05% 19.04% 28.72% 18.19% 1.20
Broadcasting 26 19.54% 14.58% 13.52% 21.95% 0.70
Brokerage & Investment B 30 14.23% 0.41% 0.06% 20.82% 0.69
Building Materials 45 10.60% 13.81% 34.60% 22.05% 1.10
Business & Consumer Ser 164 8.46% 9.03% 23.99% 22.54% 1.02
Cable TV 10 20.05% 19.90% 12.13% 29.82% 0.71
Chemical (Basic) 38 27.02% 13.05% 25.38% 20.97% 0.96
Chemical (Diversified) 4 1.75% 13.52% 20.35% 17.55% 1.09
Chemical (Specialty) 76 9.48% 14.62% 17.83% 21.52% 1.12
Coal & Related Energy 19 -3.71% 22.15% 41.79% 5.79% 1.43
Computer Services 80 10.48% 6.57% 28.39% 20.90% 0.99
Computers/Peripherals 42 16.36% 21.41% 42.63% 16.70% 1.23
Construction Supplies 49 5.02% 11.13% 14.55% 21.15% 1.08
Diversified 23 7.69% 3.44% 2.85% 15.97% 0.94
Drugs (Biotechnology) 598 27.23% 12.02% 6.49% 14.25% 1.20
Drugs (Pharmaceutical) 281 42.35% 27.39% 19.58% 12.15% 1.18
Education 33 4.13% 5.28% 6.77% 28.83% 0.99
Electrical Equipment 110 13.90% 9.97% 18.40% 20.10% 1.43
Electronics (Consumer & O 16 -0.47% 1.85% 5.46% 10.06% 1.61
Electronics (General) 138 10.63% 9.74% 17.47% 19.00% 1.12
Engineering/Construction 43 12.14% 4.42% 13.83% 22.88% 1.02
Entertainment 110 28.59% 7.51% 11.23% 21.09% 1.25
Environmental & Waste Se 62 10.13% 12.59% 28.32% 22.11% 0.86
Farming/Agriculture 39 17.57% 7.62% 15.17% 20.03% 0.93
Financial Svcs. (Non-bank 223 10.44% 15.89% 0.65% 20.88% 0.11
Food Processing 92 25.21% 11.77% 18.60% 19.90% 0.77
Food Wholesalers 14 9.84% 2.10% 15.54% 22.25% 0.85
Furn/Home Furnishings 32 14.45% 7.66% 15.24% 32.78% 0.95
Green & Renewable Ener 19 -14.71% 26.10% 4.68% 14.04% 0.88
Healthcare Products 254 19.90% 15.02% 15.88% 15.50% 1.10
Healthcare Support Servic 131 20.16% 4.07% 33.79% 22.03% 1.07
Heathcare Information an 138 20.45% 16.93% 19.10% 15.82% 1.37
Homebuilding 32 15.82% 18.76% 28.17% 23.12% 1.33
Hospitals/Healthcare Facili 34 1.60% 11.62% 20.45% 24.11% 0.72
Hotel/Gaming 69 7.58% 7.25% 2.34% 23.85% 1.06
Household Products 127 11.55% 16.99% 34.92% 20.16% 1.06
Information Services 73 11.06% 24.02% 32.89% 19.11% 1.33
Insurance (General) 21 6.90% 21.82% 19.31% 20.38% 1.03
Insurance (Life) 27 8.29% 8.34% 4.83% 14.55% 0.67
Insurance (Prop/Cas.) 51 3.82% 6.41% 7.08% 19.87% 0.73
Investments & Asset Man 600 10.79% 18.36% 9.16% 18.20% 0.54
Machinery 116 8.50% 13.80% 27.44% 20.98% 1.09
Metals & Mining 68 5.88% 22.89% 34.72% 38.41% 1.22
Office Equipment & Servic 16 15.79% 5.94% 12.19% 24.23% 0.84
Oil/Gas (Integrated) 4 12.12% 17.32% 22.37% 23.13% 0.95
Oil/Gas (Production and Ex 174 29.57% 35.55% 39.82% 20.96% 1.14
Oil/Gas Distribution 23 21.86% 10.55% 7.18% 16.73% 0.66
Oilfield Svcs/Equip. 101 7.72% 7.26% 28.09% 21.08% 1.19
Packaging & Container 25 5.90% 9.43% 16.04% 20.38% 0.67
Paper/Forest Products 7 7.00% 18.47% 42.83% 25.80% 1.13
Power 48 6.41% 15.57% 6.04% 13.47% 0.46
Precious Metals 74 3.74% 10.03% 5.28% 44.61% 1.19
Publishing & Newspapers 20 3.32% 7.73% 15.25% 15.30% 0.91
R.E.I.T. 223 9.57% 25.46% 3.29% 4.28% 0.69
Real Estate (Development 18 10.16% 18.64% 6.12% 22.96% 0.88
Real Estate (General/Diver 12 8.74% 18.57% 6.51% 22.88% 0.66
Real Estate (Operations & 60 16.00% 1.17% 1.08% 20.23% 0.81
Recreation 57 7.79% 9.19% 12.25% 20.05% 1.08
Reinsurance 1 5.63% 4.65% 5.25% 6.48% 0.83
Restaurant/Dining 70 6.28% 15.42% 18.38% 21.30% 1.17
Retail (Automotive) 30 17.12% 6.19% 15.60% 23.56% 1.08
Retail (Building Supply) 15 13.02% 13.85% 50.28% 24.92% 1.57
Retail (Distributors) 69 7.33% 11.66% 21.34% 23.46% 1.01
Retail (General) 15 4.32% 4.35% 17.89% 25.41% 1.22
Retail (Grocery and Food) 13 4.96% 3.32% 12.77% 22.30% 0.47
Retail (Online) 63 20.71% 2.30% 5.09% 0.44% 1.36
Retail (Special Lines) 78 13.32% 5.43% 15.72% 20.57% 1.19
Rubber& Tires 3 12.42% 5.55% 9.62% 0.00% 0.27
Semiconductor 68 8.88% 25.44% 18.52% 10.21% 1.53
Semiconductor Equip 30 15.70% 27.30% 38.17% 13.50% 1.69
Shipbuilding & Marine 8 15.54% 25.50% 28.79% 15.56% 0.78
Shoe 13 11.90% 12.86% 33.42% 14.21% 1.29
Software (Entertainment) 91 30.38% 25.91% 21.87% 15.92% 1.36
Software (Internet) 33 25.94% -5.85% -1.03% 19.11% 1.42
Software (System & Applic 390 20.10% 21.81% 22.47% 17.78% 1.41
Steel 28 15.21% 19.84% 48.63% 20.63% 1.21
Telecom (Wireless) 16 18.50% 14.05% 6.15% 4.74% 0.71
Telecom. Equipment 79 3.51% 18.34% 25.99% 18.45% 1.18
Telecom. Services 49 16.81% 19.98% 12.38% 22.10% 0.47
Tobacco 15 5.77% 43.76% 70.88% 25.22% 1.74
Transportation 18 14.99% 9.35% 24.20% 22.17% 0.92
Transportation (Railroads) 4 3.78% 40.06% 16.94% 22.29% 0.93
Trucking 35 14.16% 8.93% 13.53% 24.44% 1.23
Utility (General) 15 4.05% 18.19% 5.82% 16.65% 0.41
Utility (Water) 16 14.35% 29.51% 6.91% 18.06% 0.87
 Std deviation
Cost of in stock Pre-tax cost Market Cost of
Equity (Levered) Beta equity prices of debt Debt/Capital capital Sales/Capital
1.63 13.57% 52.72% 5.88% 31.03% 10.73% 3.51
1.41 12.28% 37.56% 5.50% 20.67% 10.59% 1.87
1.42 12.29% 37.73% 5.50% 65.08% 6.98% 1.60
1.32 11.75% 38.51% 5.50% 34.02% 9.15% 2.10
1.54 13.03% 52.61% 5.88% 33.42% 10.15% 0.95
1.47 12.64% 39.52% 5.50% 29.90% 10.09% 1.97
1.08 10.30% 19.59% 4.73% 68.39% 5.68% 0.32
0.50 6.88% 16.76% 4.73% 39.25% 5.57% 0.47
1.01 9.90% 49.87% 5.50% 18.64% 8.82% 0.80
1.30 11.62% 41.72% 5.50% 13.25% 10.63% 1.60
1.32 11.73% 46.90% 5.50% 59.49% 7.21% 1.09
1.20 11.04% 28.00% 5.50% 66.79% 6.42% 0.26
1.28 11.47% 29.19% 5.50% 22.44% 9.82% 2.96
1.17 10.84% 45.78% 5.50% 21.55% 9.39% 2.80
1.26 11.34% 25.41% 5.50% 51.75% 7.60% 0.80
1.25 11.29% 46.58% 5.50% 32.57% 8.95% 2.14
1.41 12.27% 39.49% 5.50% 36.81% 9.27% 1.70
1.28 11.47% 42.32% 5.50% 21.51% 9.89% 1.30
1.45 12.51% 61.96% 5.88% 17.84% 11.06% 1.91
1.17 10.84% 47.78% 5.50% 24.56% 9.19% 4.36
1.29 11.55% 48.73% 5.50% 8.69% 10.90% 2.12
1.26 11.39% 35.11% 5.50% 23.15% 9.71% 1.42
1.04 10.05% 57.84% 5.88% 17.52% 9.06% 0.81
1.24 11.26% 58.41% 5.88% 13.29% 10.35% 0.46
1.27 11.41% 64.88% 5.88% 11.98% 10.57% 0.75
1.10 10.42% 41.81% 5.50% 23.44% 8.94% 1.24
1.59 13.32% 58.55% 5.88% 18.38% 11.68% 1.78
1.54 13.02% 39.56% 5.50% 14.13% 11.76% 2.23
1.20 11.02% 44.94% 5.50% 15.84% 9.92% 1.83
1.20 10.99% 35.17% 5.50% 24.01% 9.34% 3.40
1.45 12.49% 57.81% 5.88% 24.97% 10.47% 1.46
1.02 9.91% 48.09% 5.50% 20.34% 8.73% 2.33
1.14 10.65% 54.43% 5.88% 25.30% 9.07% 2.05
0.89 9.14% 27.15% 5.50% 90.95% 4.58% 0.05
0.92 9.33% 34.23% 5.50% 22.40% 8.16% 1.69
1.12 10.55% 32.42% 5.50% 31.58% 8.52% 8.41
1.27 11.43% 41.91% 5.50% 35.87% 8.81% 2.19
1.60 13.39% 67.60% 7.01% 54.77% 8.93% 0.21
1.16 10.78% 50.94% 5.88% 11.19% 10.07% 1.03
1.16 10.77% 47.79% 5.50% 19.10% 9.50% 9.03
1.47 12.62% 53.87% 5.88% 12.44% 11.60% 1.13
1.50 12.80% 33.33% 5.50% 24.43% 10.68% 1.82
1.17 10.85% 51.19% 5.88% 46.59% 7.85% 1.95
1.46 12.55% 38.05% 5.50% 39.97% 9.18% 0.65
1.16 10.74% 56.83% 5.88% 13.44% 9.89% 2.19
1.40 12.22% 45.11% 5.50% 11.55% 11.29% 1.51
1.23 11.17% 43.76% 5.50% 23.37% 9.53% 0.98
0.94 9.46% 28.89% 5.50% 48.03% 6.90% 0.65
0.80 8.65% 27.67% 5.50% 17.67% 7.85% 1.22
0.62 7.58% 9.91% 4.73% 27.72% 6.47% 0.52
1.22 11.16% 32.36% 5.50% 17.25% 9.94% 2.16
1.29 11.54% 70.06% 7.01% 17.73% 10.43% 1.58
1.18 10.87% 35.22% 5.50% 40.05% 8.17% 2.38
0.98 9.69% 30.55% 5.50% 10.32% 9.11% 1.50
1.26 11.35% 56.98% 5.88% 16.72% 10.19% 1.17
0.99 9.77% 33.55% 5.50% 41.66% 7.42% 0.71
1.38 12.05% 46.90% 5.50% 24.59% 10.10% 4.10
0.95 9.54% 24.43% 4.73% 38.26% 7.25% 1.95
1.38 12.10% 42.84% 5.50% 30.49% 9.66% 2.64
0.73 8.19% 17.18% 4.73% 43.55% 6.17% 0.44
1.23 11.21% 72.54% 7.01% 14.03% 10.37% 0.52
1.11 10.50% 30.92% 5.50% 29.66% 8.61% 2.15
1.06 10.20% 21.54% 4.73% 43.61% 7.30% 0.15
1.52 12.89% 51.25% 5.88% 52.95% 8.40% 0.38
0.79 8.57% 28.66% 5.50% 28.48% 7.31% 0.39
1.35 11.87% 44.43% 5.50% 52.21% 7.83% 1.57
1.42 12.30% 42.13% 5.50% 34.24% 9.50% 1.59
0.83 8.81% 19.37% 4.73% 31.08% 7.17% 1.21
1.41 12.26% 41.15% 5.50% 23.53% 10.34% 1.57
1.52 12.91% 35.71% 5.50% 36.50% 9.70% 3.23
1.79 14.51% 37.55% 5.50% 17.50% 12.69% 4.20
1.28 11.45% 37.08% 5.50% 28.35% 9.38% 2.07
1.36 11.98% 31.53% 5.50% 16.65% 10.67% 5.51
0.67 7.85% 28.26% 5.50% 39.69% 6.37% 5.23
1.49 12.71% 59.41% 5.88% 16.09% 11.38% 1.34
1.48 12.64% 38.59% 5.50% 28.14% 10.25% 3.22
0.84 8.86% 39.79% 5.50% 76.76% 5.22% 1.59
1.61 13.43% 38.40% 5.50% 10.12% 12.49% 0.72
1.76 14.32% 41.57% 5.50% 10.54% 13.24% 1.51
0.94 9.49% 41.16% 5.50% 28.07% 7.98% 1.17
1.33 11.77% 39.37% 5.50% 8.27% 11.13% 2.91
1.36 11.98% 58.71% 5.88% 4.58% 11.63% 0.78
1.55 13.09% 55.24% 5.88% 15.01% 11.79% 0.67
1.47 12.61% 52.11% 5.88% 8.56% 11.91% 0.96
1.34 11.85% 38.30% 5.50% 22.24% 10.14% 2.87
1.03 10.00% 51.92% 5.88% 39.45% 7.80% 0.52
1.23 11.20% 41.35% 5.50% 10.46% 10.46% 1.42
0.88 9.12% 55.37% 5.88% 54.07% 6.57% 0.66
2.00 15.76% 44.06% 5.50% 19.39% 13.51% 1.78
1.06 10.17% 28.05% 5.50% 22.79% 8.79% 3.09
1.11 10.46% 16.34% 4.73% 21.54% 8.97% 0.51
1.55 13.06% 41.17% 5.50% 30.51% 10.33% 1.66
0.64 7.65% 14.97% 4.73% 42.59% 5.90% 0.37
1.15 10.73% 27.96% 5.50% 30.26% 8.73% 0.26
 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
1.96 10.36 17.03 4.59 13.99 3.14% 3.51% 1.78%
2.55 14.59 23.98 4.93 53.69 46.91% 2.91% 0.63%
1.02 9.39 47.45 2.74 71.79 1.05% 9.17% 4.03%
1.16 7.02 10.38 2.42 13.80 26.21% 2.23% 1.53%
1.81 12.75 27.02 2.92 10.30 -0.26% 8.32% 4.63%
0.82 7.18 14.54 1.89 31.63 16.06% 3.61% 3.67%
4.49 NA NA 0.99 9.52 NA 1.31% 1.31%
4.34 NA NA 1.24 24.60 NA 2.94% -4.35%
4.07 15.91 20.15 3.19 111.50 15.34% 7.88% 5.68%
4.67 20.01 24.14 8.23 39.55 -9.06% 4.66% 5.68%
1.33 6.55 8.98 0.88 6.93 10.62% 2.49% 2.55%
4.46 NA NA 1.62 15.40 NA 3.81% 2.51%
1.36 7.85 9.73 3.19 15.73 18.21% 2.46% 4.68%
2.05 13.18 21.79 3.90 33.72 13.04% 2.84% 5.72%
2.43 7.39 12.43 2.04 11.03 0.59% 11.05% -0.49%
0.89 4.92 6.66 1.94 9.95 13.50% 4.69% 5.26%
0.91 5.02 6.71 1.89 4.91 14.47% 3.80% 0.04%
2.48 10.53 16.53 2.83 34.73 22.71% 5.93% 6.22%
1.43 3.81 5.31 2.46 70.10 7.19% 6.65% 1.34%
1.17 10.56 16.72 4.03 16.83 15.59% 1.23% -0.22%
3.67 14.73 17.08 25.56 60.37 -8.76% 3.04% 1.82%
2.15 12.93 18.75 3.66 23.67 20.31% 5.34% 6.04%
2.50 30.96 69.44 1.85 14.46 7.61% 4.25% 2.76%
6.18 11.03 40.68 5.80 113.80 13.00% 3.56% -0.02%
4.85 12.34 17.37 5.28 17.77 19.45% 4.54% 2.73%
1.85 9.65 30.36 1.81 18.21 7.96% 3.21% 9.24%
2.77 12.69 22.72 3.13 50.35 25.55% 5.27% 15.00%
0.78 10.43 27.83 1.87 78.61 13.68% 1.37% 2.41%
1.94 11.92 19.25 3.06 58.25 22.42% 4.53% 13.58%
1.08 13.17 22.99 2.82 29.06 20.01% 3.12% 7.93%
3.06 17.46 39.96 2.22 47.74 4.19% 4.42% -0.50%
3.03 14.02 23.39 5.29 76.99 10.04% 7.91% 9.63%
1.22 12.61 15.58 3.47 22.12 14.83% 2.91% 3.34%
23.49 91.88 90.63 1.69 32.70 NA 2.53% 3.64%
2.10 13.24 17.40 2.61 52.47 6.76% 3.70% 3.71%
0.41 12.02 19.71 4.54 25.14 6.34% 0.83% 0.90%
0.88 6.28 10.05 1.82 14.03 15.84% 3.80% 3.80%
7.79 12.70 31.28 1.08 34.62 -61.11% 45.96% 26.91%
5.15 19.09 32.02 4.70 62.96 24.49% 4.86% 12.59%
0.69 12.16 16.78 3.60 45.91 -7.14% 0.73% 0.80%
5.33 19.36 30.49 4.33 48.34 22.49% 4.91% 14.77%
 0.85 4.39 4.54 1.29 5.08 63.25% 0.51% 1.36%
1.57 8.70 13.48 5.33 105.59 10.45% 6.03% 3.63%
4.20 15.19 82.58 6.77 17.55 7.51% 8.08% 4.55%
3.65 16.85 21.19 9.17 124.19 8.56% 3.73% 2.15%
6.26 18.38 24.56 5.97 60.50 3.07% 2.98% 2.54%
2.16 7.43 9.81 2.59 213.17 2.41% 0.91% 0.96%
1.33 10.67 12.25 1.73 16.59 16.25% 0.15% 0.23%
1.39 14.62 21.02 2.20 20.23 -51.12% 0.94% 0.58%
5.16 18.34 22.44 2.13 413.14 NA 2.84% 7.45%
2.67 14.08 18.89 4.06 43.77 25.95% 2.49% 10.79%
2.06 6.58 8.85 2.75 17.60 12.05% 8.49% 2.34%
0.93 8.45 14.91 2.02 23.35 10.58% 2.40% 5.74%
1.39 5.73 7.98 2.25 6.71 3.16% 4.81% -1.24%
2.12 4.28 5.87 2.43 20.68 -3.60% 18.86% 10.79%
2.60 11.36 19.41 2.72 17.53 3.52% 8.00% 4.82%
0.58 5.90 7.78 2.07 35.47 5.25% 1.90% 0.29%
1.25 8.24 12.95 2.50 13.23 10.40% 5.75% 4.43%
0.77 3.43 4.16 2.85 12.83 7.96% 4.84% 3.59%
3.75 12.97 23.95 1.98 19.07 6.58% 29.22% 18.40%
3.55 10.88 33.92 1.68 14.43 10.75% 23.69% 6.30%
1.16 8.40 14.86 1.58 19.60 9.88% 3.45% 6.11%
11.06 19.89 43.36 1.93 41.48 118.03% 3.06% -6.96%
2.81 10.54 15.46 0.94 10.72 6.90% 1.67% -4.24%
4.02 14.89 21.39 0.97 17.53 204.59% 1.81% -0.03%
1.00 8.80 159.94 1.65 39.80 15.14% 1.19% -0.10%
1.77 9.66 20.26 3.24 18.80 18.85% 6.32% 8.46%
0.63 12.08 13.62 2.54 16.52 -17.93% 0.14% -0.36%
4.07 16.79 31.71 NA 32.06 1.69% 5.51% 4.12%
0.91 9.75 15.11 6.07 10.00 8.14% 1.78% 5.13%
1.96 11.47 14.16 NA 14.31 10.00% 2.24% 0.63%
1.45 9.43 11.19 3.35 27.14 17.14% 6.06% 7.95%
0.81 11.90 19.73 5.45 18.55 2.62% 2.85% 1.26%
0.37 5.89 12.82 2.75 16.75 -0.58% 2.16% 0.23%
1.87 16.07 98.64 6.16 205.21 -0.43% 11.70% 8.25%
0.97 8.40 16.59 4.42 19.97 7.81% 2.54% 1.60%
0.55 4.81 9.42 0.55 7.09 13.33% 5.29% 0.86%
4.98 12.66 19.34 3.79 29.66 20.33% 16.83% 9.42%
3.66 11.78 13.34 6.40 20.07 34.29% 4.49% 15.24%
1.07 3.28 4.06 1.06 10.02 9.40% 5.18% 0.15%
3.22 20.23 25.05 9.04 13.49 24.98% 0.85% 2.24%
3.59 10.65 13.79 3.80 105.43 6.68% 13.45% 14.04%
6.33 14.84 NA 5.21 28.70 11.33% 6.48% 11.03%
7.59 21.33 31.83 8.39 103.74 13.03% 8.17% 21.31%
0.68 2.96 3.39 1.51 12.80 19.44% 4.05% 5.13%
3.18 8.74 25.66 2.19 30.25 6.14% 17.16% 1.04%
3.56 14.70 19.00 5.20 36.73 23.11% 2.46% 3.52%
2.18 5.98 10.88 1.29 145.85 0.37% 15.17% 5.76%
5.05 10.76 11.47 NA 13.55 11.37% 2.29% 2.11%
1.08 7.65 11.54 4.25 23.85 7.22% 4.73% 2.34%
6.32 12.48 15.87 6.75 17.86 1.32% 14.80% 5.58%
1.45 6.34 11.64 3.53 10.28 5.44% 12.29% 11.04%
4.28 13.75 23.76 1.92 20.53 8.92% 32.90% 19.97%
9.18 20.00 31.14 3.09 35.13 11.82% 50.56% 40.92%
 Pre-tax
Operating
Equity Margin (Lease
Reinvestmen Dividend Reinvestment & R&D
t Rate ROE Payout Ratio Rate adjusted)
55.53% 13.57% 67.63% 67.63% 11.14%
32.75% 9.87% 70.70% 70.70% 8.92%
209.93% -11.37% 0.00% 0.00% 2.14%
110.25% 13.52% 54.32% 54.32% 11.11%
89.08% 15.68% 10.55% 10.55% 7.03%
162.71% 7.03% 37.14% 37.14% 5.68%
-12848.61% 11.35% 28.36% 28.36% 0.10%
NA 11.80% 29.11% 29.11% -0.10%
56.82% 5.28% 79.00% 79.00% 20.17%
29.14% 31.94% 56.52% 56.52% 19.14%
210.14% 20.76% 14.36% 14.36% 14.75%
-10671.13% 13.43% 28.69% 28.69% 0.26%
72.99% 32.73% 12.95% 12.95% 14.00%
102.04% 12.85% 28.23% 28.23% 9.42%
1.52% 12.14% 29.05% 29.05% 19.53%
58.55% 34.78% 27.40% 27.40% 13.15%
23.18% 43.44% 14.61% 14.61% 13.63%
91.87% 11.43% 40.46% 40.46% 15.30%
16.33% 74.08% 20.43% 20.43% 22.33%
30.66% 12.15% 93.58% 93.58% 6.95%
6.27% 96.26% 16.95% 16.95% 22.03%
113.90% 18.78% 32.16% 32.16% 11.44%
170.19% 0.82% 150.68% 150.68% 3.62%
41.00% 0.68% 0.06% 0.06% 14.26%
23.31% 24.54% 51.36% 51.36% 26.63%
356.36% 3.19% 17.44% 17.44% 5.83%
279.29% 13.20% 34.46% 34.46% 10.77%
448.30% 1.28% 0.00% 0.00% 2.54%
223.41% 12.42% 10.61% 10.61% 10.17%
300.78% 7.50% 16.89% 16.89% 4.69%
4.05% 1.18% 50.42% 50.42% 7.93%
110.08% 16.47% 46.26% 46.26% 12.85%
146.78% 23.65% 21.03% 21.03% 7.91%
21.85% 48.08% 13.65% 13.65% 16.18%
57.54% 11.54% 53.78% 53.78% 11.96%
129.46% 18.98% 43.59% 43.59% 2.10%
150.65% 5.45% 68.02% 68.02% 7.96%
158.40% 18.27% 56.85% 56.85% 24.44%
129.31% 7.09% 46.13% 46.13% 15.92%
30.34% 12.34% 33.04% 33.04% 4.01%
129.68% -0.29% 0.04% 0.04% 17.59%
 69.96% 30.75% 5.45% 5.45% 18.79%
63.44% 49.04% 13.56% 13.56% 11.62%
255.83% 2.53% 49.43% 49.43% 3.95%
30.09% 33.18% 63.69% 63.69% 17.13%
21.79% 17.74% 28.07% 28.07% 24.73%
67.91% 17.43% 16.85% 16.85% 21.86%
0.68% 5.58% 38.24% 38.24% 8.39%
48.91% 5.71% 73.32% 73.32% 6.49%
59.86% 17.17% 42.69% 42.69% 18.19%
140.24% 15.49% 36.71% 36.71% 14.15%
30.25% 21.10% 62.50% 62.50% 22.86%
207.51% 7.96% 82.96% 82.96% 6.34%
-10.41% 32.42% 26.36% 26.36% 17.44%
44.23% 47.00% 23.15% 23.15% 35.68%
67.11% 4.09% 314.97% 314.97% 10.82%
23.85% 30.82% 17.58% 17.58% 7.37%
86.94% 19.75% 28.64% 28.64% 9.63%
37.23% 46.83% 7.88% 7.88% 18.59%
145.69% 9.39% 60.56% 60.56% 15.68%
116.48% 3.66% 160.36% 160.36% 10.50%
120.37% 5.15% 52.37% 52.37% 7.84%
-30.90% 8.85% 107.80% 107.80% 23.20%
-52.57% 10.51% 0.00% 0.00% 17.48%
66.78% 6.68% 33.20% 33.20% 18.60%
NA -3.58% 0.34% 0.34% 0.71%
242.54% 3.95% 136.34% 136.34% 8.52%
5.92% 4.46% 34.96% 34.96% 4.64%
45.04% NA 61.86% 61.86% 12.80%
133.91% 43.25% 6.70% 6.70% 5.74%
41.73% 0.48% 41.16% 41.16% 13.81%
132.60% 27.37% 21.65% 21.65% 11.91%
98.47% 18.29% 40.60% 40.60% 4.12%
42.41% 27.98% 19.82% 19.82% 2.92%
709.42% 2.54% 13.92% 13.92% 3.87%
88.99% 24.16% 32.40% 32.40% 5.74%
105.01% 19.81% 0.00% 0.00% 6.04%
68.56% 22.77% 32.84% 32.84% 27.73%
105.90% 46.52% 14.25% 14.25% 28.26%
0.60% 35.29% 12.37% 12.37% 26.33%
48.82% 36.28% 26.91% 26.91% 12.84%
67.18% 22.77% 0.07% 0.07% 28.97%
NA -15.73% 0.00% 0.00% -1.67%
137.64% 19.68% 34.01% 34.01% 24.17%
48.70% 53.75% 5.25% 5.25% 19.89%
62.19% 2.97% 6.28% 6.28% 12.27%
49.94% 20.13% 51.07% 51.07% 19.08%
36.16% 15.76% 51.91% 51.91% 20.01%
7.89% NA 107.17% 107.17% 44.06%
 50.48% 36.78% 33.45% 33.45% 9.38%
18.86% 33.56% 35.88% 35.88% 39.86%
192.67% 4.05% 35.60% 35.60% 9.50%
150.35% 11.24% 59.28% 59.28% 18.01%
178.69% 16.47% 45.39% 34.69% 29.37%
 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 362 7.35% 9.03% 21.34% 25.07% 1.17
Aerospace/Defense 278 7.37% 8.02% 12.14% 16.36% 1.06
Air Transport 155 -2.42% 1.24% 0.90% 13.08% 0.76
Apparel 1146 4.62% 14.74% 20.09% 23.78% 0.84
Auto & Truck 154 8.21% 6.58% 5.34% 21.37% 1.03
Auto Parts 746 5.16% 3.65% 4.22% 25.75% 1.29
Bank (Money Center) 596 10.53% 0.00% 0.00% 18.68% 0.44
Banks (Regional) 800 9.01% 0.01% 0.00% 19.83% 0.36
Beverage (Alcoholic) 220 9.13% 21.98% 13.93% 23.81% 0.81
Beverage (Soft) 100 9.02% 16.55% 22.61% 19.97% 0.79
Broadcasting 135 4.43% 13.08% 10.89% 23.77% 0.74
Brokerage & Investment B 592 10.40% 0.73% 0.11% 20.23% 0.45
Building Materials 454 7.66% 10.74% 16.37% 21.64% 1.00
Business & Consumer Ser 961 7.70% 8.52% 19.49% 24.15% 1.00
Cable TV 54 4.21% 19.27% 12.65% 28.39% 0.61
Chemical (Basic) 879 12.39% 10.02% 10.75% 18.83% 0.99
Chemical (Diversified) 68 7.93% 10.21% 8.89% 22.11% 0.94
Chemical (Specialty) 922 12.36% 15.47% 17.15% 21.72% 1.02
Coal & Related Energy 212 19.07% 29.12% 38.61% 23.08% 1.35
Computer Services 1105 9.36% 7.32% 20.25% 23.04% 1.04
Computers/Peripherals 333 4.33% 13.72% 20.72% 18.70% 1.22
Construction Supplies 790 8.99% 7.92% 7.15% 22.09% 0.94
Diversified 314 9.82% 9.34% 6.30% 17.15% 0.73
Drugs (Biotechnology) 1267 26.03% 8.23% 4.65% 14.80% 1.25
Drugs (Pharmaceutical) 1352 17.14% 21.50% 13.96% 14.06% 1.00
Education 251 7.25% 8.52% 6.26% 20.24% 0.79
Electrical Equipment 1045 12.18% 6.66% 9.61% 18.11% 1.10
Electronics (Consumer & O 134 2.87% 5.19% 6.02% 21.98% 1.10
Electronics (General) 1457 7.44% 6.97% 8.72% 19.11% 1.29
Engineering/Construction 1269 7.89% 4.83% 7.30% 22.47% 0.73
Entertainment 752 10.59% 7.99% 9.65% 22.88% 1.10
Environmental & Waste Se 370 8.38% 10.68% 10.62% 21.85% 0.90
Farming/Agriculture 426 12.74% 7.43% 10.28% 20.63% 0.66
Financial Svcs. (Non-bank 1089 10.47% 10.65% 0.59% 21.70% 0.16
Food Processing 1397 9.71% 8.32% 11.79% 20.49% 0.69
Food Wholesalers 169 6.29% 2.58% 11.49% 23.20% 0.48
Furn/Home Furnishings 362 9.03% 7.59% 14.64% 19.42% 1.09
Green & Renewable Ener 248 15.75% 32.89% 6.74% 16.19% 0.74
Healthcare Products 896 15.15% 15.10% 13.52% 18.30% 1.08
Healthcare Support Servic 460 14.66% 4.23% 24.29% 22.64% 0.92
Heathcare Information an 447 20.46% 16.01% 16.36% 16.97% 1.27
Homebuilding 171 7.59% 15.50% 17.58% 23.54% 0.97
Hospitals/Healthcare Facili 231 9.02% 11.14% 11.64% 21.46% 0.57
Hotel/Gaming 650 -1.47% 5.80% 2.15% 23.24% 0.75
Household Products 589 6.88% 14.89% 22.89% 21.65% 0.96
Information Services 242 10.99% 20.80% 28.67% 19.82% 1.34
Insurance (General) 206 6.32% 10.41% 11.10% 20.60% 0.61
Insurance (Life) 142 10.46% 5.66% 3.94% 15.75% 0.80
Insurance (Prop/Cas.) 235 6.47% 6.38% 6.72% 19.49% 0.69
Investments & Asset Man 1660 11.96% 20.24% 6.26% 16.37% 0.57
Machinery 1463 7.44% 9.68% 11.44% 22.19% 1.06
Metals & Mining 1783 15.00% 16.46% 24.56% 27.00% 1.11
Office Equipment & Servic 144 6.08% 6.88% 10.53% 24.11% 0.83
Oil/Gas (Integrated) 36 14.57% 20.34% 27.00% 41.99% 1.03
Oil/Gas (Production and Ex 616 30.22% 39.37% 31.38% 28.58% 1.17
Oil/Gas Distribution 166 16.45% 10.43% 6.79% 15.52% 0.64
Oilfield Svcs/Equip. 455 7.27% 6.42% 14.87% 22.43% 0.92
Packaging & Container 414 7.72% 8.57% 11.31% 21.26% 0.65
Paper/Forest Products 268 9.01% 13.56% 10.81% 20.35% 0.75
Power 485 13.70% 0.89% 0.56% 19.31% 0.44
Precious Metals 930 22.95% 16.47% 13.13% 27.93% 1.10
Publishing & Newspapers 327 1.68% 6.80% 6.98% 16.41% 0.87
R.E.I.T. 792 9.40% 33.80% 3.58% 4.49% 0.51
Real Estate (Development 869 7.37% 10.49% 4.65% 32.54% 0.50
Real Estate (General/Diver 342 4.99% 14.76% 3.06% 26.69% 0.53
Real Estate (Operations & 730 9.98% 14.42% 3.21% 22.62% 0.55
Recreation 323 5.11% 10.01% 8.73% 23.26% 0.99
Reinsurance 34 3.12% 1.60% 2.27% 17.98% 1.09
Restaurant/Dining 382 -0.28% 10.37% 12.98% 20.82% 0.83
Retail (Automotive) 193 8.82% 5.06% 12.38% 23.67% 0.72
Retail (Building Supply) 98 4.97% 12.46% 29.84% 24.86% 0.93
Retail (Distributors) 1006 7.35% 5.48% 8.97% 22.89% 0.60
Retail (General) 189 -2.90% 4.73% 11.65% 25.42% 0.73
Retail (Grocery and Food) 181 4.65% 4.53% 10.93% 23.44% 0.53
Retail (Online) 342 16.55% 0.18% 1.93% 4.08% 1.49
Retail (Special Lines) 495 2.77% 5.64% 12.11% 23.04% 0.96
Rubber& Tires 89 5.63% 7.51% 6.73% 21.70% 0.93
Semiconductor 624 8.81% 22.96% 18.22% 12.83% 1.67
Semiconductor Equip 342 10.50% 24.37% 26.39% 16.46% 1.98
Shipbuilding & Marine 349 11.35% 33.19% 32.70% 9.29% 1.05
Shoe 85 0.28% 9.94% 17.16% 16.30% 0.98
Software (Entertainment) 320 14.28% 22.95% 15.98% 15.68% 1.46
Software (Internet) 152 27.27% -2.01% 0.55% 20.94% 1.26
Software (System & Applic 1648 16.91% 17.73% 17.31% 18.56% 1.32
Steel 710 17.69% 11.98% 15.47% 20.81% 1.04
Telecom (Wireless) 99 3.99% 14.61% 7.19% 26.86% 0.60
Telecom. Equipment 461 4.45% 10.80% 12.11% 16.80% 1.18
Telecom. Services 295 9.37% 14.56% 8.30% 20.64% 0.53
Tobacco 56 9.82% 33.47% 20.01% 26.81% 0.78
Transportation 302 10.73% 7.88% 12.72% 23.99% 0.83
Transportation (Railroads) 50 0.51% 22.94% 6.31% 23.46% 0.54
Trucking 220 6.74% 8.18% 9.33% 25.14% 0.80
Utility (General) 51 7.79% 11.46% 7.67% 18.95% 0.45
Utility (Water) 104 7.99% 23.31% 6.01% 19.55% 0.49
 Std
Cost of deviation in Pre-tax cost Market Cost of
Equity (Levered) Beta equity stock prices of debt Debt/Capital capital Sales/Capital
1.29 14.20% 39.70% 6.95% 26.56% 11.82% 2.71
1.16 13.12% 36.23% 6.95% 18.86% 11.63% 1.69
1.24 13.74% 30.86% 6.95% 52.38% 9.28% 0.81
0.90 11.08% 34.78% 6.95% 15.36% 10.18% 1.58
1.35 14.67% 33.90% 6.95% 42.43% 10.67% 0.92
1.41 15.16% 31.50% 6.95% 26.06% 12.57% 1.47
0.88 10.86% 21.68% 6.18% 75.03% 6.21% 0.14
0.56 8.38% 17.83% 6.18% 65.92% 5.92% 0.19
0.87 10.84% 28.57% 6.95% 14.07% 10.05% 0.77
0.86 10.71% 31.05% 6.95% 13.33% 9.98% 1.57
1.06 12.31% 34.72% 6.95% 44.64% 9.15% 0.99
0.99 11.79% 34.99% 6.95% 70.58% 7.16% 0.19
1.11 12.71% 29.87% 6.95% 20.18% 11.20% 1.85
1.09 12.61% 35.51% 6.95% 18.87% 11.22% 2.63
1.02 12.05% 26.28% 6.95% 49.45% 8.68% 0.77
1.14 12.98% 32.65% 6.95% 27.05% 10.88% 1.27
1.20 13.42% 24.92% 6.18% 34.29% 10.42% 1.15
1.11 12.71% 34.15% 6.95% 17.46% 11.41% 1.31
1.21 13.55% 58.73% 7.33% 19.56% 11.98% 1.46
1.09 12.56% 33.79% 6.95% 14.05% 11.53% 3.28
1.26 13.95% 32.92% 6.95% 10.59% 13.03% 1.74
1.12 12.79% 30.15% 6.95% 31.13% 10.44% 1.07
0.96 11.57% 27.35% 6.95% 35.86% 9.30% 0.78
1.27 14.00% 51.69% 7.33% 11.40% 13.03% 0.46
1.06 12.37% 44.28% 6.95% 13.15% 11.43% 0.71
0.88 10.89% 34.12% 6.95% 24.74% 9.49% 0.85
1.14 12.95% 37.25% 6.95% 14.30% 11.84% 1.59
1.27 14.03% 34.63% 6.95% 30.72% 11.33% 1.29
1.30 14.22% 33.18% 6.95% 16.34% 12.75% 1.44
1.03 12.10% 32.28% 6.95% 51.04% 8.59% 1.80
1.20 13.47% 42.67% 6.95% 20.88% 11.75% 1.28
1.09 12.56% 38.24% 6.95% 27.23% 10.57% 1.13
0.84 10.60% 34.16% 6.95% 31.71% 8.90% 1.57
0.88 10.92% 33.12% 6.95% 87.19% 5.96% 0.06
0.80 10.23% 29.17% 6.95% 22.48% 9.11% 1.67
0.69 9.37% 31.46% 6.95% 40.47% 7.70% 5.37
1.08 12.52% 30.13% 6.95% 20.43% 11.03% 2.28
1.03 12.13% 36.97% 6.95% 38.39% 9.48% 0.23
1.13 12.90% 43.16% 6.95% 11.62% 12.01% 0.95
1.01 11.96% 38.24% 6.95% 21.48% 10.52% 6.78
1.34 14.56% 45.08% 6.95% 10.66% 13.56% 1.07
1.14 12.98% 28.51% 6.95% 31.53% 10.53% 1.46
0.77 10.01% 31.84% 6.95% 33.98% 8.39% 1.24
0.97 11.63% 34.99% 6.95% 36.06% 9.32% 0.56
1.02 12.05% 37.89% 6.95% 12.29% 11.21% 1.75
1.41 15.14% 40.77% 6.95% 12.31% 13.92% 1.58
0.69 9.39% 25.27% 6.95% 29.19% 8.18% 1.25
0.90 11.09% 23.90% 6.18% 49.62% 7.90% 0.80
0.75 9.83% 26.69% 6.95% 20.18% 8.90% 1.24
0.79 10.20% 26.55% 6.95% 43.26% 8.05% 0.33
1.10 12.68% 31.62% 6.95% 14.72% 11.58% 1.42
1.20 13.44% 61.69% 7.33% 21.01% 11.78% 1.55
0.93 11.26% 33.11% 6.95% 25.13% 9.75% 1.82
1.08 12.53% 29.07% 6.95% 16.27% 11.35% 1.79
1.31 14.31% 57.62% 7.33% 20.77% 12.48% 0.86
0.96 11.54% 31.69% 6.95% 42.27% 8.88% 0.73
1.15 13.02% 38.68% 6.95% 31.78% 10.55% 2.61
0.84 10.55% 29.45% 6.95% 32.86% 8.80% 1.56
0.99 11.81% 31.19% 6.95% 38.04% 9.31% 0.95
0.73 9.69% 25.94% 6.95% 49.02% 7.51% 0.73
1.14 12.98% 62.91% 7.33% 15.43% 11.83% 0.83
0.89 10.98% 31.44% 6.95% 22.99% 9.66% 1.22
0.79 10.20% 18.85% 6.18% 43.93% 7.77% 0.11
1.02 12.00% 32.56% 6.95% 66.95% 7.47% 0.53
0.93 11.34% 26.80% 6.95% 55.50% 7.95% 0.24
0.90 11.07% 29.97% 6.95% 49.71% 8.17% 0.25
1.11 12.73% 33.18% 6.95% 24.70% 10.88% 1.05
1.16 13.14% 28.32% 6.95% 26.02% 11.08% 1.57
1.00 11.82% 31.36% 6.95% 24.61% 10.20% 1.62
0.98 11.73% 30.42% 6.95% 36.89% 9.33% 3.17
1.08 12.49% 27.79% 6.95% 19.39% 11.09% 3.01
0.83 10.49% 32.64% 6.95% 40.91% 8.34% 1.96
0.89 10.99% 27.28% 6.95% 26.73% 9.45% 3.09
0.71 9.51% 23.95% 6.18% 36.67% 7.73% 3.13
1.59 16.58% 46.35% 6.95% 17.04% 14.65% 1.31
1.09 12.58% 31.79% 6.95% 23.74% 10.84% 2.52
1.16 13.13% 27.73% 6.95% 33.86% 10.46% 1.09
1.69 17.38% 37.34% 6.95% 10.40% 16.12% 0.83
1.96 19.54% 33.27% 6.95% 6.62% 18.59% 1.23
1.10 12.62% 33.91% 6.95% 33.34% 10.16% 1.12
1.02 12.02% 35.25% 6.95% 11.03% 11.28% 2.02
1.48 15.69% 47.75% 6.95% 6.73% 14.99% 0.69
1.35 14.65% 43.24% 6.95% 14.29% 13.30% 0.87
1.35 14.69% 44.54% 6.95% 8.21% 13.91% 0.95
1.23 13.73% 36.05% 6.95% 32.12% 11.00% 1.53
0.84 10.55% 27.38% 6.95% 41.00% 8.37% 0.60
1.20 13.45% 35.58% 6.95% 12.27% 12.44% 1.23
0.83 10.51% 33.23% 6.95% 45.52% 8.11% 0.66
0.89 11.01% 28.82% 6.95% 21.15% 9.78% 0.73
1.01 11.98% 31.08% 6.95% 31.15% 9.88% 1.95
0.67 9.25% 19.05% 6.18% 28.09% 7.96% 0.35
1.08 12.50% 31.80% 6.95% 37.03% 9.81% 1.27
0.68 9.31% 18.37% 6.18% 44.65% 7.23% 0.80
0.74 9.79% 29.17% 6.95% 45.26% 7.73% 0.30
 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 10.55 15.50 2.34 39.76 -2.61% 2.15% 0.72%
2.26 15.27 24.55 4.36 69.87 42.34% 3.39% 0.94%
1.94 10.98 106.67 2.94 75.86 -3.58% 9.67% 3.26%
2.36 12.58 15.49 3.63 73.56 21.49% 3.66% 1.67%
1.08 9.20 15.84 1.29 27.78 0.80% 6.04% 2.76%
0.83 9.47 21.86 1.39 39.30 13.14% 5.14% 3.17%
6.69 NA NA 0.81 13.74 NA 3.24% 3.44%
5.50 NA NA 0.89 20.71 NA 3.16% -1.31%
4.33 16.17 19.50 3.57 69.35 8.69% 4.58% 0.94%
3.90 18.73 23.27 6.61 44.96 -6.49% 4.58% 4.19%
1.22 6.47 9.09 0.81 22.86 11.38% 3.57% 1.75%
5.37 197.28 NA 1.22 60.95 NA 2.86% -0.50%
1.44 9.66 13.03 2.41 42.28 17.34% 3.83% 4.03%
1.80 13.46 20.23 3.56 43.81 9.76% 2.61% 4.36%
2.49 7.50 12.94 1.93 29.82 1.54% 11.56% 0.12%
1.24 8.31 11.92 1.56 32.46 13.05% 7.74% 6.29%
0.94 6.17 9.16 1.12 13.51 17.22% 5.45% 1.97%
2.02 9.48 12.82 2.50 33.69 18.45% 6.74% 4.98%
1.09 3.01 3.60 1.42 19.36 -0.83% 5.86% 3.61%
1.31 12.71 17.23 3.58 49.68 16.52% 1.35% 0.99%
2.01 11.20 14.51 5.20 34.16 3.22% 4.40% 3.20%
1.36 10.01 16.07 1.42 42.50 18.04% 5.81% 3.86%
1.88 13.16 19.33 1.21 19.43 -11.65% 4.25% 0.76%
6.56 12.97 61.86 5.08 126.61 18.48% 5.55% 2.90%
3.98 12.69 17.54 3.80 128.88 14.90% 4.66% 2.01%
2.37 10.00 21.80 1.86 179.05 0.74% 7.27% 9.41%
2.03 16.77 27.68 2.83 40.85 22.45% 6.78% 6.50%
0.80 7.50 14.97 1.30 52.43 5.54% 5.11% 3.58%
1.38 11.27 18.87 2.13 84.53 20.07% 6.18% 4.97%
0.60 8.56 11.84 0.92 30.80 15.96% 3.19% 2.57%
2.90 16.73 33.75 2.24 214.52 4.12% 3.78% 1.88%
2.64 13.45 23.23 2.84 42.62 13.28% 8.46% 8.77%
1.14 10.53 14.63 2.15 41.54 16.35% 4.26% 3.45%
16.54 63.30 74.38 1.24 153.16 NA 4.45% 4.19%
1.55 13.04 18.29 2.50 45.07 10.81% 4.51% 3.33%
0.44 10.93 17.08 2.16 45.48 5.77% 1.19% 0.58%
1.02 9.57 12.90 2.20 53.51 7.34% 3.22% 1.91%
7.52 14.03 22.59 1.92 47.37 11.30% 38.57% 24.85%
4.40 17.54 27.47 3.60 55.30 24.35% 5.65% 10.33%
0.69 11.67 15.98 2.83 41.59 -3.48% 1.12% 1.15%
5.50 20.99 33.02 4.36 52.05 22.88% 7.35% 14.88%
0.85 5.03 5.63 1.11 26.85 61.66% 0.70% 1.12%
2.31 13.54 20.53 3.75 51.88 6.40% 6.56% 3.15%
3.89 16.46 74.01 3.14 71.89 0.74% 7.44% 1.64%
 3.35 17.79 22.19 5.24 74.73 6.52% 3.44% 2.60%
5.48 18.25 24.83 5.26 54.50 2.96% 3.12% 2.56%
1.19 8.90 11.08 1.75 38.51 4.54% 0.86% 0.68%
1.13 11.13 16.27 1.26 27.36 -106.07% 0.63% 1.26%
1.11 12.61 16.62 1.59 20.32 -41.45% 0.68% 0.27%
4.64 12.51 15.17 1.43 237.99 NA 3.89% 13.38%
1.97 14.00 19.53 2.75 38.91 28.27% 4.06% 5.28%
1.19 5.30 6.82 1.83 76.70 10.96% 6.30% 3.66%
0.99 8.53 13.30 1.78 38.13 12.93% 2.39% 2.85%
1.11 4.34 5.43 2.00 9.00 3.18% 5.75% 1.09%
2.07 3.75 5.16 1.73 15.18 -3.40% 19.11% 10.41%
2.13 11.70 18.50 1.82 40.14 3.91% 8.24% 4.91%
0.61 6.72 9.17 1.54 28.41 6.93% 3.08% 1.73%
1.22 8.81 14.00 1.94 125.26 13.40% 6.16% 4.42%
1.16 6.04 8.34 1.07 22.79 19.83% 8.17% 5.54%
1.79 11.80 185.01 1.46 35.26 -6.43% 12.63% 6.88%
2.24 6.97 12.58 1.59 627.23 11.48% 17.45% 11.01%
1.16 9.65 16.15 1.32 33.17 11.02% 3.24% 2.51%
11.53 20.24 31.55 1.39 29.01 88.91% 5.10% 2.59%
1.53 10.22 12.51 0.48 93.43 188.07% 2.28% 1.70%
3.42 13.35 20.68 0.64 44.69 118.33% 9.11% 7.17%
3.72 16.15 23.69 0.82 23.76 21.23% 2.39% 7.72%
2.10 12.27 20.53 2.57 47.18 31.39% 6.85% 6.11%
0.70 17.77 37.83 1.39 15.64 -52.62% 0.08% 1.62%
2.87 16.55 30.62 14.38 55.54 -0.77% 4.58% 2.47%
0.72 9.63 14.25 3.13 24.10 9.62% 1.79% 3.32%
1.73 11.18 13.98 16.94 20.81 10.27% 2.37% 0.55%
0.73 10.20 12.81 1.51 51.30 16.34% 2.51% 3.55%
0.86 11.28 18.61 3.35 36.68 0.51% 3.04% 1.24%
0.65 9.04 14.28 2.30 35.32 -3.00% 2.71% 0.78%
2.04 17.00 NA 4.24 90.30 -2.29% 9.50% 6.43%
1.11 10.56 18.29 3.37 29.91 8.37% 2.25% 0.68%
0.97 7.11 12.77 1.11 60.49 24.51% 6.25% 2.20%
3.75 10.50 16.00 3.26 74.13 16.63% 18.86% 12.21%
4.14 14.39 16.62 5.37 28.74 29.31% 8.25% 11.22%
1.00 2.58 2.94 0.90 17.54 3.26% 6.85% 3.71%
2.42 17.71 23.47 5.26 44.48 23.43% 1.87% 1.39%
3.85 12.12 16.40 3.51 127.39 3.16% 11.09% 12.18%
4.18 15.88 NA 4.61 69.67 5.01% 6.90% 10.91%
6.72 21.77 33.85 6.77 81.17 14.04% 7.17% 17.70%
0.68 4.24 5.50 1.03 34.01 14.14% 4.70% 3.12%
2.16 6.77 14.97 1.40 24.33 -6.57% 17.05% 1.00%
2.21 13.98 19.27 3.28 48.33 24.55% 3.10% 3.51%
2.09 6.81 14.32 1.34 38.64 0.85% 15.45% 0.18%
3.77 10.16 11.22 3.50 12.60 14.33% 2.71% 1.29%
0.99 7.89 12.29 1.92 27.91 4.63% 4.14% 2.13%
4.95 14.39 21.52 2.52 47.93 5.65% 15.53% 8.11%
1.46 7.18 13.58 2.31 20.39 6.16% 9.06% 6.53%
2.06 11.02 17.92 1.61 19.96 2.19% 13.92% 7.44%
4.75 12.93 20.07 1.50 27.01 4.30% 21.46% 11.13%
 Pre-tax
Operating
Margin
Equity (Lease &
Reinvestme Dividend Reinvestme R&D
nt Rate ROE Payout Ratio nt Rate adjusted)
27.77% 10.20% 44.45% 44.45% 9.22%
41.38% 8.04% 72.95% 72.95% 8.00%
955.47% -9.32% 0.44% 0.44% 1.23%
48.99% 15.31% 42.88% 42.88% 14.94%
50.19% 11.52% 22.51% 22.51% 6.52%
206.48% 5.25% 51.85% 51.85% 3.49%
8418.98% 1.03% 33.48% 33.48% 0.04%
NA 9.04% 27.52% 27.52% -0.03%
1.65% 14.50% 41.80% 41.80% 21.97%
25.83% 24.71% 54.69% 54.69% 16.62%
130.86% 29.78% 10.09% 10.09% 13.15%
-3991.36% 9.20% 52.24% 52.24% 0.69%
86.93% 15.12% 30.30% 30.30% 10.76%
86.73% 10.17% 54.67% 54.67% 8.83%
6.11% 10.90% 35.37% 35.37% 18.96%
119.80% 13.02% 46.42% 46.42% 10.07%
80.24% 13.65% 29.29% 29.29% 9.92%
75.74% 15.90% 33.81% 33.81% 15.61%
14.30% 31.44% 40.90% 40.90% 29.21%
65.66% 13.81% 52.19% 52.19% 7.41%
48.42% 27.94% 22.65% 22.65% 13.87%
107.54% 8.09% 51.45% 51.45% 7.87%
49.58% 5.81% 39.84% 39.84% 9.29%
188.07% -1.06% 0.22% 0.22% 10.32%
22.12% 16.12% 50.41% 50.41% 21.69%
194.75% 3.68% 71.83% 71.83% 8.48%
205.50% 9.01% 44.35% 44.35% 6.84%
165.73% 7.85% 30.31% 30.31% 5.32%
161.16% 9.56% 39.31% 39.31% 6.93%
173.31% 9.14% 59.13% 59.13% 4.83%
50.72% 5.33% 36.91% 36.91% 8.25%
165.15% 9.14% 55.85% 55.85% 10.76%
130.45% 14.36% 32.01% 32.01% 7.51%
49.28% 14.21% 22.86% 22.86% 10.82%
79.41% 11.64% 51.56% 51.56% 8.34%
85.07% 13.13% 41.00% 41.00% 2.57%
80.37% 13.53% 52.64% 52.64% 7.57%
117.11% 19.28% 35.81% 35.81% 32.76%
110.82% 7.90% 47.89% 47.89% 15.42%
46.68% 10.89% 37.54% 37.54% 4.18%
144.10% 3.51% 35.75% 35.75% 16.55%
74.95% 19.43% 16.05% 16.05% 14.97%
56.71% 15.65% 31.77% 31.77% 11.08%
114.80% 2.27% 76.21% 76.21% 4.17%
 35.42% 19.39% 59.98% 59.98% 14.84%
36.52% 14.46% 30.61% 30.61% 21.44%
40.04% 11.09% 39.15% 39.15% 10.47%
24.42% 7.02% 45.90% 45.90% 5.67%
34.43% 6.79% 54.95% 54.95% 6.42%
92.38% 12.31% 47.73% 47.73% 20.17%
135.29% 10.79% 39.72% 39.72% 9.63%
57.13% 23.95% 47.22% 47.22% 16.52%
109.34% 5.74% 63.49% 63.49% 6.99%
25.43% 27.38% 37.30% 37.30% 20.37%
39.98% 34.55% 24.00% 24.00% 39.49%
72.81% 8.47% 110.59% 110.59% 10.53%
87.25% 16.95% 23.79% 23.79% 6.48%
99.29% 12.94% 39.15% 39.15% 8.66%
76.55% 15.08% 22.71% 22.71% 13.52%
NA 2.51% 235.64% 235.64% 0.91%
101.73% 7.85% 73.63% 73.63% 16.55%
61.46% 2.96% 89.65% 89.65% 6.66%
9.46% 9.25% 70.09% 70.09% 32.15%
16.28% 4.58% 107.51% 107.51% 10.45%
93.13% 4.03% 54.50% 54.50% 15.38%
89.00% 6.53% 53.21% 53.21% 14.82%
136.40% 7.52% 56.85% 56.85% 9.68%
289.42% 1.98% 115.17% 115.17% 1.60%
37.28% 36.85% 62.14% 62.14% 9.19%
126.97% 21.27% 25.66% 25.66% 4.83%
41.53% 62.07% 40.52% 40.52% 12.38%
126.21% 14.90% 30.97% 30.97% 5.52%
79.24% 12.67% 46.57% 46.57% 4.61%
26.02% 14.69% 33.68% 33.68% 4.44%
NA -0.13% 0.38% 0.38% 1.46%
62.22% 12.04% 52.55% 52.55% 5.84%
125.78% 6.91% 45.22% 45.22% 7.36%
87.62% 22.00% 32.60% 32.60% 24.19%
89.58% 30.32% 24.05% 24.05% 24.89%
10.44% 52.20% 31.31% 31.31% 33.30%
55.73% 21.07% 30.77% 30.77% 9.93%
64.00% 18.66% 2.73% 2.73% 25.36%
NA -14.64% 0.42% 0.42% 0.46%
147.73% 13.42% 42.17% 42.17% 19.69%
69.06% 19.51% 34.43% 34.43% 11.98%
23.43% 5.97% 94.57% 94.57% 14.33%
80.98% 12.70% 48.12% 48.12% 10.76%
6.30% 9.79% 63.97% 63.97% 14.51%
5.43% 22.34% 91.18% 91.18% 33.53%
56.37% 18.05% 37.59% 37.59% 7.90%
49.78% 10.78% 42.29% 42.29% 22.78%
129.54% 4.80% 47.21% 47.21% 8.80%
112.81% 12.71% 56.81% 56.81% 11.42%
99.07% 5.01% 80.66% 41.57% 23.30%
 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
R&D $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