Date of valuation Mar-14 Important:

Company name Tesla There should be a check

Numbers from your base year below ( in con
This year Last year
Country of incorporation United States of America
Industry (US) Automotive
Industry (Global) Auto & Truck
Revenues $ 2,013.50 $ 413.30
Operating income or EBIT $ (61.28) $ (395.46)
Interest expense $ 36.96 $ 7.85
Book value of equity $ 667.12 $ 124.70
Book value of debt $ 606.88 $ 466.67
Do you have R&D expenses to capitalize? Yes If you want to capitalize
Do you have operating lease commitments? Yes If you have operating lea
Cash and cross holdings $ 845.89 $ 201.89
Non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 123.19
Current stock price = $ 220.00
Effective tax rate = 35.00%
Marginal tax rate = 35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 years = 65.00%
Target pre-tax operating margin (EBIT as % of sales in year 10) 12.00%
Sales to capital ratio (for computing reinvestment) = 1.55
Market numbers
Riskfree rate 2.75%
Initial cost of capital = 8.86%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 22.64
Average strike price = $26.70
Average maturity = 6.37
Standard deviation on stock price = 30.00%
Do you want to value the options using the stock price or estim Price

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes Mature companies gener
If yes, enter the cost of capital after year 10 = 8% Though some sectors, ev
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 Mature companies find it
If yes, enter the return on capital you expect after year 10 12% But there are significant
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Many young, growth com
If yes, enter the probability of failure = 20% Tough to estimate but a
What do you want to tie your proceeds in failure to? V B: Book value of capital,
Enter the distress proceeds as percentage of book or fair value 50% This can be zero, if the a
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 Check the financial state
If yes, enter the NOL that you are carrying over into year 1 $341.17 An NOL will shield your in
 mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
se year below ( in consistent units)

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below

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

Computed numbers: Here is what your company's numbers look like, relative to industr
If you are not working in US dollars, you should add the inflation differential to the industry average
Company Industry (US data
Revenue growth in the most recent year = 387.18% 9.66%
Pre-tax operating margin in the most recent year -0.84% 6.55%
Sales to capital ratio in most recent year = 4.70 1.3176111758
Return on invested capital in most recent year= -10.23% 6.10%
Standard deviation in stock prices = 49.51%
Cost of capital = 7.28%

2.3729146

f 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.
year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
But there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
rminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

to 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.
Calculation options

heet option to do so. (see below)

below and I will convert to debt

look like, relative to industry.

fferential to the industry averages.
Industry (Global data)
91.77%
5.86%
1.55
7.83%

essed companies fail, because they have trouble making debt payments.
 Baseyear 1 2 3
Revenuegrowthrate 65.00% 65.00% 65.00%
Revenues $2,013.50 $3,322.28 $5,481.75 $9,044.89
EBIT(Operating)margin 0.84% 0.45% 1.73% 3.02%
EBIT(Operatingincome) $(16.83) $14.88 $94.91 $272.71
Taxrate 35.00% 35.00% 35.00% 35.00%
EBIT(1t) $(16.83) $14.88 $94.91 $258.24
Reinvestment $844.37 $1,393.21 $2,298.80
FCFF $(829.49) $(1,298.30) $(2,040.56)
NOL $341.17 $326.29 $231.37 $

Costofcapital 8.86% 8.86% 8.86%

Cumulateddiscountfactor 0.9186 0.8438 0.7751
PV(FCFF) $(761.97) $(1,095.53) $(1,581.70)

Terminalcashflow $4,182.37
Terminalcostofcapital 8.00%
Terminalvalue $79,664.21
PV(Terminalvalue) $34,902.68
PV(CFovernext10years $(18,358.31)
SumofPV $16,544.37
Probabilityoffailure= 0.00%
Proceedsiffirmfails= $8,272.18
Valueofoperatingassets= $16,544.37
Debt $709.12
Minorityinterests $
+Cash $845.89
+Nonoperatingassets $
Valueofequity $16,681.14
Valueofoptions $4,380.73
Valueofequityincommon $12,300.42
Numberofshares 123.19
Estimatedvalue/share $99.85
Price $220.00
Priceas%ofvalue 220.33%

Impliedvariables
Salestocapitalratio 1.55 1.55 1.55
Investedcapital $1,015 $1,859 $3,252 $5,551
ROIC 1.66% 0.80% 2.92% 4.65%
 4 5 6 7 8 9
65.00% 65.00% 52.55% 40.10% 27.65% 15.20%
$14,924.07 $24,624.72 $37,565.02 $52,628.59 $67,180.39 $77,391.81
4.30% 5.58% 6.87% 8.15% 9.43% 10.72%
$641.53 $1,374.59 $2,579.11 $4,288.86 $6,337.04 $8,293.64
35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
$416.99 $893.49 $1,676.42 $2,787.76 $4,119.07 $5,390.87
$3,793.02 $6,258.48 $8,348.58 $9,718.43 $9,388.26 $6,588.01
$(3,376.03) $(5,365.00) $(6,672.15) $(6,930.67) $(5,269.19) $(1,197.15)
$ $ $ $ $ $

8.86% 8.86% 8.69% 8.52% 8.34% 8.17%

0.7120 0.6541 0.6018 0.5546 0.5118 0.4732
$(2,403.85) $(3,509.11) $(4,015.19) $(3,843.42) $(2,696.99) $(566.46)

1.55 1.55 1.55 1.55 1.55 1.55

$9,344 $15,603 $23,951 $33,670 $43,058 $49,646
4.46% 5.73% 7.00% 8.28% 9.57% 10.86%
 10 Terminalyear
Check these revenues against
2.75% 2.75% a. Overall market size
$79,520.08 $81,706.89 b. Largest companies in this market
12.00% 12.00%
$9,542.41 $9,804.83 $ 9,821.65 This is is how much your operating income grew
over the ten-year period.
35.00% 35.00%
$6,202.57 $6,373.14
$1,373.08 $2,190.77 $ 52,195.01 This is how much capital you
invested over the ten year period.
$4,829.49 $4,182.37
$ $

8.00% 8.00%
0.4381
$2,115.91

Afteryear10
1.55
$51,019
12.16% 8.00%

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
ValuingOptionsorWarrants
Enterthecurrentstockprice= $220.00
Enterthestrikepriceontheoption= $26.70
Entertheexpirationoftheoption= 6.37
Enterthestandarddeviationinstockprices= 30.00% (volatility)
Entertheannualizeddividendyieldonstock= 0.00%
Enterthetreasurybondrate= 2.75%
Enterthenumberofwarrants(options)outstan 22.64
Enterthenumberofsharesoutstanding= 123.19

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 220 #Warrantsissued= 22.64
StrikePrice= 26.7 #Sharesoutstanding= 123
AdjustedS= 215.88512061 T.Bondrate= 2.75%
AdjustedK= 26.7 Variance= 0.0900
Expiration(inyears)= 6.37 Annualizeddividendyield= 0.00%
Div.Adj.interestrate= 2.75%

d1= 3.3703423479
N(d1)= 0.9996246257

d2= 2.6131765801
N(d2)= 0.9955147529

Valueperoption= $193.50
Valueofalloptionsoutstanding= $4,380.73
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (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
Revenuegrowthrate(inputcellB3)
LastperiodEBITas%ofrevenue(InputcellB14)
SalestoCapitalRatioorreinvestment(InputcellB15)
Returnoncapitalinperpetuity(B30&B31)
 $ 1,014.64
$ 51,018.89
$ 50,004.25
$ 9,559.24
19.12%
12.16%
8.60%
45.39%
Value seems low. See below
Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital
 Value seems low. See below
Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital T
 R&DConverter
ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 3 !Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense= $231.98 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year R&DExpenses
1 273.98 !Year1istheyearpriortothecurrentyear
2 208.98 !Year2isthetwoyearspriortothecurrentyear
3 93.00
0
0
0
0
0
0
0

Output
Year R&DExpense Unamortizedportion Amortizationthisyear
Current 231.98 1.00 231.98
1 273.98 0.67 182.65 $91.33
2 208.98 0.33 69.66 $69.66
3 93.00 0.00 0.00 $31.00
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
ValueofResearchAsset= $484.29 $191.99

Amortizationofassetforcurrentyear= $191.99

AdjustmenttoOperatingIncome= $39.99 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreport

Tax Effect of R&D Expensing $14
riateadjustmentstooperatingincome,net

Ifindoubt,usethelookuptablebelow
hemaximumallowedistenyears
minedbytheamortizationperiod

increaseinoperatingincome(addtoreportedEBIT)
 OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.
Inputs
Operatingleaseexpenseincurrentyear= $21.50
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $27.00
2 $27.37
3 $26.62
4 $24.71
5 $25.00
6andbeyond $30.79

Output
PretaxCostofDebt= 14.75% !Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

Numberofyearsembeddedinyr6estimate= 1 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $27.00 $23.53
2 $27.37 $20.79
3 $26.62 $17.62
4 $24.71 $14.25
5 $25.00 $12.57
6andbeyond $30.79 $13.49 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $102.24

RestatedFinancials
DepreciationonOperatingLeaseAsset= $17.04 !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= $4.46 !Addthisamounttopretaxoperatingincom
AdjustmenttoTotalDebtoutstanding= $102.24 !Addthisamounttodebt
AdjustmenttoDepreciation= $17.04
nverter
Pleaseenterthem.

ticratingestimator

overthefirstfiveyears
fexpensesinyr6

nnuityfortenyears

Iusestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt
EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding= 123.19
CurrentMarketPricepershare= $220.00

Approachforestimatingbeta Multibusiness(US)
Ifdirectinput,enterleveredbeta(orregressionbeta) 1.20
Unleveredbeta= 1.20
RiskfreeRate= 2.75%
WhatapproachdoyouwanttousetoinputERP? Countryofincorporation
DirectinputforERP(ifyouchoose"willinput" 5.75%
EquityRiskPremiumusedincostofequity= 5.00%

Debt
BookValueofStraightDebt= $606.88
InterestExpenseonDebt= $36.96
AverageMaturity= 3
Approachforestimatingpretaxcostofdebt Syntheticrating
Ifdirectinput,inputthepretaxcostofdebt 3.500%
Ifactualrating,inputtherating Baa2/BBB
Ifsynetheticrating,inputthetypeofcompany 1
PretaxCostofDebt= 14.75%
TaxRate= 35%

BookValueofConvertibleDebt= 0
InterestExpenseonConvertible= 0
MaturityofConvertibleBond= 0
MarketValueofConvertible= 0

Debtvalueofoperatingleases= $102.24

PreferredStock
NumberofPreferredShares= 0
CurrentMarketPriceperShare= 70
AnnualDividendperShare= 5

Output
EstimatingMarketValueofStraightDebt= $486.39
EstimatedValueofStraightDebtinConvertible= $
ValueofDebtinOperatingleases= $102.24
EstimatedValueofEquityinConvertible= $
LeveredBetaforequity= 1.22
 Equity Debt PreferredStock
MarketValue $27,101.80 $588.62 $
WeightinCostofCapital 97.87% 2.13% 0.00%
CostofComponent 8.85% 9.59% 7.14%
OperatingRegionsERPcalculator
Country Revenues ERP Weight
Argentina 19 14.75% 10.11%
Bolivia 4 10.40% 2.13%
Cameroon 130 13.25% 69.15%
China 23 5.90% 12.23%
CostaRica 5 8.30% 2.66%
Vietnam 7 13.25% 3.72%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 188 100.00%
OperatingRegionsERPcalculator
Region Revenues ERP Weight
Africa 0 10.04% 0.00%
Asia 56 6.51% 4.21%
Australia&NewZealand 5.00% 0.00%
Caribbean 100 12.65% 7.52%
CentralandSouthAmerica 8.62% 0.00%
EasternEurope&Russia 7.96% 0.00%
MiddleEast 631 6.14% 47.48%
NorthAmerica 374 5.00% 28.14%
WesternEurope 168 6.29% 12.64%

Total 1329 100.00%

MultiBusiness(USIndustryAverages)
Business Revenues EV/Sales EstimatedValu
Automotive $70.00 0.9839 $68.87
Computers/Peripherals $30.00 1.6722 $50.17
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
Company $ 100.00 $119.04
 Capital MultiBusiness(GlobalIndustryAverages)
$27,690.42 Business Revenues EV/Sales EstimatedValu
100.00% Advertising $84.00 1.5982 $134.25
8.86% Internetsoftwareandservi $16.00 6.7594 $108.15
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
Company $ 100.00 $242.40
WeightedERP
1.49%
0.22%
9.16%
0.72%
0.22%
0.49%
0.00%
0.00%
0.00%
0.00%
0.00%
12.31%

WeightedERP
0.0000%
0.2741%
0.0000%
0.9516%
0.0000%
0.0000%
2.9171%
1.4071%
0.7956%

6.3455%

UnleveredBeta
1.1355
1.2938
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.2022
UnleveredBeta
0.8911
1.1045
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9863
Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm= 1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $(56.82) (Addbackonlylongterminterestexpensef
Entercurrentinterestexpenses= $52.04 (Useonlylongterminterestexpenseforfina
Enterlongtermriskfreerate= 2.75%
Output
Interestcoverageratio= 100000.00
EstimatedBondRating= D2/D Note: If you get REF! All over the place, set the
EstimatedCompanyDefaultSpread= 12.00% to No, and then reset it to Yes. It should work.
EstimatedCountyDefaultSpread(ifany)= 0.00%
EstimatedCostofDebt= 14.75%

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
> to Ratingis Spreadis
100000 0.199999 D2/D 12.00%
0.2 0.649999 Caa/CCC 10.50%
0.65 0.799999 Ca2/CC 9.50%
0.8 1.249999 C2/C 8.75%
1.25 1.499999 B3/B- 7.25%
1.5 1.749999 B2/B 6.50%
1.75 1.999999 B1/B+ 5.50%
2 2.2499999 Ba2/BB 4.00%
2.25 2.49999 Ba1/BB+ 3.00%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.30%
4.25 5.499999 A2/A 1.00%
5.5 6.499999 A1/A+ 0.85%
6.5 8.499999 Aa2/AA 0.70%
8.50 100000 Aaa/AAA 0.40%

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D2/D 12.00% Ratingis
0.5 0.799999 Caa/CCC 10.50% A1/A+
0.8 1.249999 Ca2/CC 9.50% A2/A
1.25 1.499999 C2/C 8.75% A3/A-
1.5 1.999999 B3/B- 7.25% Aa2/AA
2 2.499999 B2/B 6.50% Aaa/AAA
2.5 2.999999 B1/B+ 5.50% B1/B+
3 3.499999 Ba2/BB 4.00% B2/B
3.5 3.9999999 Ba1/BB+ 3.00% B3/B-
 4 4.499999 Baa2/BBB 2.00% Ba1/BB+
4.5 5.999999 A3/A- 1.30% Ba2/BB
6 7.499999 A2/A 1.00% Baa2/BBB
7.5 9.499999 A1/A+ 0.85% Caa/CCC
9.5 12.499999 Aa2/AA 0.70% Ca2/CC
12.5 100000 Aaa/AAA 0.40% C2/C
D2/D
ethisspreadsheet.
ationoptionsinexcel)ischecked.

Addbackonlylongterminterestexpenseforfinancialfirms)
Useonlylongterminterestexpenseforfinancialfirms)

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

Spreadis
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%
 3.00%
4.00%
2.00%
8.75%
9.50%
10.50%
12.00%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising 31 4.60% 11.44%
Aerospace/Defense 66 12.33% 9.99%
Air Transport 35 6.51% 8.04%
Apparel 46 7.48% 10.70%
Auto Parts 54 0.90% 6.88%
Automotive 11 9.66% 6.55%
Bank 375 0.00% NA
Bank (Midwest) 86 0.00% NA
Beverage 36 3.24% 20.46%
Biotechnology 232 23.92% 22.27%
Building Materials 42 4.86% 0.55%
Cable TV 18 8.74% 19.14%
Chemical (Basic) 18 -6.24% 14.15%
Chemical (Diversified) 32 9.02% 15.73%
Chemical (Specialty) 73 11.69% 11.66%
Coal 19 5.79% 10.20%
Computer Software 181 10.34% 26.93%
Computers/Peripherals 68 -0.77% 15.88%
Diversified Co. 123 11.32% 13.18%
Drug 199 23.48% 25.65%
E-Commerce 66 13.83% 12.17%
Educational Services 33 3.59% 12.70%
Electric Util. (Central) 20 -2.25% 18.58%
Electric Utility (East) 17 -9.80% 20.00%
Electric Utility (West) 15 -5.02% 16.88%
Electrical Equipment 60 -2.61% 6.74%
Electronics 99 5.20% 5.97%
Engineering & Const 30 13.10% 5.19%
Entertainment 67 9.04% 21.64%
Entertainment Tech 36 5.45% 14.84%
Environmental 61 16.24% 14.23%
Financial Svcs. (Div.) 225 19.02% 48.76%
Food Processing 104 6.58% 9.23%
Foreign Electronics 10 -9.48% 4.56%
Funeral Services 6 6.73% 14.72%
Furn/Home Furnishings 28 2.97% 6.84%
Healthcare Information 19 7.12% 13.68%
Heavy Truck & Equip 21 3.93% 10.87%
Homebuilding 25 14.61% -17.62%
Hotel/Gaming 53 15.36% 15.20%
Household Products 26 7.33% 16.93%
Human Resources 25 7.68% 3.15%
Industrial Services 122 6.30% 10.23%
Information Services 29 10.26% 19.64%
Insurance (Life) 31 0.00% NA
Insurance (Prop/Cas.) 66 4.96% NA
Internet 145 18.48% 14.24%
Investment Co. 16 32.20% 32.79%
IT Services 55 3.33% 13.66%
Machinery 82 3.47% 12.51%
Maritime 51 -7.04% 10.84%
Med Supp Invasive 74 1.14% 23.03%
Med Supp Non-Invasiv 127 11.25% 7.77%
Medical Services 106 8.35% 10.56%
Metal Fabricating 25 0.74% 13.69%
Metals & Mining (Div.) 71 2.64% 24.25%
Natural Gas (Div.) 30 -4.25% 18.59%
Natural Gas Utility 26 -7.97% 11.95%
Newspaper 12 2.29% 13.30%
Office Equip/Supplies 18 0.49% 6.97%
Oil/Gas Distribution 11 -2.80% 12.54%
Oilfield Svcs/Equip. 80 14.20% 16.01%
Packaging & Container 26 2.70% 9.62%
Paper/Forest Products 29 5.05% 8.71%
Petroleum (Integrated) 28 20.39% 10.63%
Petroleum (Producing) 168 7.01% 24.23%
Pharmacy Services 16 13.34% 4.76%
Pipeline MLPs 62 -1.75% 8.65%
Power 92 -2.13% 7.75%
Precious Metals 74 14.61% 31.98%
Precision Instrument 76 -3.49% 16.03%
Public/Private Equity 20 14.68% 33.10%
Publishing 21 -3.12% 8.10%
R.E.I.T. 131 -5.51% 80.18%
Railroad 13 12.09% 29.50%
Recreation 53 10.80% 12.22%
Reinsurance 12 0.00% NA
Restaurant 67 1.40% 16.31%
Retail (Hardlines) 69 10.42% 8.70%
Retail (Softlines) 41 7.33% 10.85%
Retail Automotive 19 11.71% 6.83%
Retail Building Supply 10 8.37% 9.34%
Retail Store 36 8.73% 5.53%
Retail/Wholesale Food 32 10.91% 3.78%
Securities Brokerage 30 -4.90% 32.05%
Semiconductor 136 -4.41% 18.28%
Semiconductor Equip 10 2.12% 10.34%
Shoe 12 5.03% 11.18%
Steel 32 1.11% 2.99%
Telecom. Equipment 91 1.39% -0.15%
Telecom. Services 61 6.10% 19.86%
Telecom. Utility 24 0.01% 15.94%
Thrift 170 0.00% NA
Tobacco 11 20.51% 23.01%
Toiletries/Cosmetics 15 4.78% 10.51%
Trucking 31 1.26% 7.85%
Water Utility 9 4.44% 27.63%
Wireless Networking 53 11.83% 7.57%
After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity
11.59% 16.81% 1.13 1.30 9.54%
18.08% 23.03% 0.87 0.92 7.62%
16.80% 26.03% 0.92 1.07 8.37%
14.62% 18.85% 1.17 1.20 9.06%
14.06% 17.88% 1.50 1.66 11.35%
6.10% 17.79% 1.14 1.70 11.52%
NA 17.91% 0.62 0.88 7.45%
NA 21.88% 0.86 0.95 7.80%
13.87% 17.04% 0.71 0.81 7.08%
16.57% 2.63% 1.27 1.24 9.22%
-0.38% 11.27% 1.28 1.69 11.50%
11.44% 20.75% 0.71 0.96 7.83%
15.30% 21.56% 1.20 1.32 9.63%
15.21% 21.15% 1.24 1.32 9.62%
14.17% 15.52% 1.03 1.13 8.71%
7.65% 9.47% 0.89 1.44 10.26%
25.52% 13.43% 0.90 0.85 7.28%
29.07% 7.63% 1.29 1.28 9.45%
8.83% 20.27% 0.88 1.15 8.79%
16.78% 5.89% 0.99 1.04 8.25%
9.11% 10.24% 0.82 0.82 7.13%
25.71% 21.44% 0.85 0.78 6.93%
6.29% 28.85% 0.35 0.55 5.77%
5.45% 31.06% 0.26 0.39 4.99%
6.45% 28.24% 0.37 0.54 5.76%
4.41% 16.78% 1.34 1.35 9.77%
12.06% 11.65% 1.10 1.14 8.74%
13.83% 19.88% 1.15 1.10 8.56%
11.79% 14.87% 1.18 1.33 9.71%
14.97% 11.45% 1.33 1.06 8.35%
7.15% 10.82% 0.34 0.45 5.31%
11.19% 16.74% 0.95 1.19 8.98%
12.40% 21.85% 0.76 0.85 7.29%
6.75% 31.10% 1.15 1.11 8.57%
8.41% 27.80% 0.81 1.01 8.11%
10.10% 19.54% 1.33 1.39 10.01%
10.00% 18.01% 1.08 1.07 8.37%
15.04% 20.13% 1.46 1.79 12.01%
-17.93% 7.09% 1.40 1.79 11.98%
10.23% 14.48% 1.14 1.49 10.47%
14.72% 23.88% 0.86 0.94 7.75%
11.69% 25.63% 1.50 1.47 10.40%
7.45% 20.04% 0.68 0.93 7.68%
12.07% 17.00% 1.02 1.14 8.73%
NA 20.49% 1.66 1.62 11.14%
NA 12.62% 0.81 0.81 7.09%
25.22% 11.27% 1.02 0.95 7.77%
93.10% 21.82% 1.47 1.19 9.01%
28.42% 18.61% 0.94 0.90 7.56%
11.76% 24.47% 1.09 1.19 8.99%
3.33% 5.99% 0.71 1.48 10.46%
16.28% 15.02% 0.92 0.97 7.87%
19.25% 11.14% 0.87 0.88 7.45%
13.73% 18.76% 0.73 0.91 7.60%
13.72% 16.65% 1.31 1.41 10.07%
13.22% 11.84% 1.22 1.39 9.98%
5.47% 19.04% 1.04 1.29 9.51%
6.31% 25.74% 0.40 0.56 5.83%
12.66% 29.11% 1.90 2.01 13.08%
10.97% 22.90% 0.94 1.14 8.72%
6.46% 17.33% 0.67 1.01 8.11%
9.70% 19.53% 1.29 1.47 10.37%
11.37% 23.58% 0.87 1.09 8.48%
8.49% 12.27% 0.93 1.17 8.91%
12.64% 30.70% 1.01 1.07 8.38%
11.54% 13.09% 1.23 1.48 10.42%
8.27% 23.64% 0.90 1.00 8.05%
7.70% 5.50% 0.41 0.56 5.85%
3.17% 8.99% 0.73 1.50 10.53%
8.98% 10.50% 0.73 0.83 7.19%
13.41% 13.41% 1.08 1.12 8.65%
13.90% 20.12% 1.58 1.67 11.40%
8.55% 23.36% 0.92 1.13 8.70%
12.59% 0.50% 0.98 1.35 9.77%
12.36% 30.96% 1.24 1.40 10.03%
9.17% 20.89% 1.15 1.37 9.87%
NA 6.53% 0.90 0.81 7.08%
19.44% 22.49% 0.94 1.00 8.04%
14.89% 23.83% 1.60 1.68 11.44%
35.44% 26.53% 1.33 1.27 9.41%
9.54% 32.89% 1.04 1.27 9.40%
16.18% 24.71% 1.10 1.17 8.90%
13.70% 23.46% 1.05 1.18 8.95%
11.65% 29.85% 0.68 0.78 6.95%
5.43% 24.32% 0.80 1.18 8.95%
18.03% 11.02% 1.44 1.38 9.93%
9.54% 20.20% 1.88 1.73 11.71%
26.04% 23.43% 1.39 1.32 9.62%
2.14% 26.96% 1.22 1.66 11.36%
-6.38% 17.41% 1.27 1.05 8.27%
12.19% 17.82% 0.90 1.05 8.30%
9.15% 19.76% 0.47 0.77 6.87%
NA 16.03% 0.79 0.69 6.51%
33.57% 33.51% 0.81 0.88 7.45%
17.09% 29.96% 0.97 1.03 8.18%
12.48% 27.33% 1.19 1.40 10.05%
6.15% 34.28% 0.31 0.45 5.27%
4.09% 11.06% 0.93 1.18 8.96%
Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
83.02% 5.54% 26.35% 7.90% 1.39 1.67
44.75% 4.04% 16.46% 6.77% 2.67 1.31
63.96% 4.54% 30.31% 6.66% 2.72 1.01
67.00% 5.04% 8.57% 8.54% 1.92 2.08
51.50% 4.54% 18.11% 9.78% 2.53 0.93
49.51% 4.04% 46.62% 7.28% 1.32 0.98
43.18% 4.04% 45.74% 5.15% NA NA
32.12% 4.04% 24.39% 6.49% NA NA
47.98% 4.04% 18.12% 6.24% 0.86 3.59
83.67% 5.54% 11.16% 8.56% 0.93 8.17
76.77% 5.04% 30.25% 8.94% 1.07 1.64
37.32% 4.04% 35.25% 5.92% 0.86 2.62
38.16% 4.04% 18.89% 8.27% 1.42 1.59
44.72% 4.04% 14.84% 8.56% 1.38 2.07
60.60% 4.54% 16.36% 7.73% 1.70 1.71
46.07% 4.04% 43.67% 6.84% 0.87 1.40
67.14% 5.04% 7.05% 6.98% 1.26 4.09
77.26% 5.04% 7.89% 8.95% 2.45 1.67
57.21% 4.54% 37.79% 6.50% 0.86 2.18
84.78% 5.54% 11.62% 7.67% 0.82 4.06
72.45% 5.04% 7.30% 6.83% 1.00 6.01
81.04% 5.54% 12.53% 6.47% 3.30 1.02
14.80% 3.54% 44.44% 4.15% 0.49 2.61
13.08% 3.54% 44.17% 3.73% 0.40 3.09
14.11% 3.54% 41.24% 4.26% 0.51 2.46
67.15% 5.04% 10.49% 9.06% 1.46 1.91
75.34% 5.04% 15.50% 7.85% 2.68 0.83
56.11% 4.54% 10.59% 7.95% 3.76 0.61
61.01% 4.54% 16.95% 8.52% 0.79 3.31
49.47% 4.04% 6.01% 8.00% 1.27 1.96
77.98% 5.04% 28.42% 4.66% 0.76 2.36
54.62% 4.54% 35.09% 6.79% 0.32 5.48
51.38% 4.54% 17.03% 6.52% 1.78 1.40
29.83% 4.04% 24.76% 7.05% 2.23 0.54
25.91% 4.04% 28.09% 6.51% 0.85 2.24
45.61% 4.04% 12.04% 9.10% 1.94 1.34
54.31% 4.54% 7.71% 7.93% 1.11 4.74
39.16% 4.04% 29.49% 9.18% 1.95 1.14
41.47% 4.04% 35.22% 8.61% 0.94 1.84
58.46% 4.54% 30.65% 8.10% 0.81 3.10
40.37% 4.04% 13.70% 7.02% 1.19 2.65
50.44% 4.54% 8.33% 9.76% 6.09 0.52
58.23% 4.54% 37.91% 5.80% 1.04 1.56
55.92% 4.54% 16.06% 7.76% 0.83 4.05
29.38% 4.04% 26.98% 8.79% NA NA
27.38% 4.04% 17.91% 6.25% NA NA
90.80% 6.04% 2.34% 7.67% 2.29 5.57
66.00% 5.04% 5.35% 8.69% 3.59 3.05
51.20% 4.54% 5.29% 7.31% 2.79 2.13
47.09% 4.04% 16.62% 7.90% 1.32 1.92
75.61% 5.04% 57.16% 6.21% 0.36 2.99
55.16% 4.54% 12.93% 7.20% 0.92 3.13
62.14% 4.54% 9.09% 7.02% 3.35 1.11
72.79% 5.04% 31.09% 6.18% 2.00 0.92
57.52% 4.54% 15.91% 8.90% 1.44 1.71
82.87% 5.54% 19.45% 8.68% 0.79 2.17
43.11% 4.04% 26.18% 7.66% 0.40 4.09
29.29% 4.04% 37.22% 4.56% 0.74 2.12
42.63% 4.04% 16.94% 11.27% 1.31 2.13
56.56% 4.54% 31.65% 6.82% 2.20 0.66
37.38% 4.04% 39.32% 5.88% 0.66 2.49
53.47% 4.54% 20.69% 8.79% 0.80 2.16
44.69% 4.04% 28.58% 6.75% 1.62 1.29
43.52% 4.04% 27.43% 7.13% 1.39 1.32
47.09% 4.04% 17.47% 7.34% 2.04 0.67
72.91% 5.04% 21.52% 8.83% 0.75 1.94
55.91% 4.54% 15.78% 7.21% 2.73 0.76
22.33% 3.54% 29.46% 4.75% 0.92 2.12
88.17% 5.54% 57.27% 6.40% 0.61 1.72
66.24% 5.04% 25.52% 6.13% 0.39 2.03
57.51% 4.54% 13.23% 7.86% 1.00 2.66
33.66% 4.04% 21.60% 9.46% 0.48 3.21
54.21% 4.54% 26.84% 7.09% 1.53 1.44
29.77% 4.04% 30.52% 7.53% 0.17 7.13
32.21% 4.04% 17.33% 8.71% 0.64 3.98
46.18% 4.04% 23.96% 8.08% 0.95 2.03
20.86% 3.54% 13.79% 6.39% NA NA
53.50% 4.54% 11.67% 7.42% 1.72 2.71
52.44% 4.54% 11.18% 10.46% 2.55 1.87
56.84% 4.54% 4.77% 9.09% 5.21 1.27
36.44% 4.04% 28.17% 7.43% 2.17 1.08
28.59% 4.04% 9.81% 8.27% 2.71 1.51
40.98% 4.04% 18.54% 7.74% 3.68 0.65
30.14% 4.04% 23.34% 5.90% 4.53 0.54
43.92% 4.04% 63.94% 4.78% 0.27 4.35
49.52% 4.04% 9.85% 9.19% 1.20 2.78
36.83% 4.04% 11.65% 10.63% 1.19 2.07
49.98% 4.04% 3.79% 9.34% 3.14 2.06
39.65% 4.04% 38.89% 7.88% 1.15 0.84
61.81% 4.54% 11.02% 7.66% 2.05 1.59
62.49% 4.54% 25.17% 6.90% 0.92 2.00
41.97% 4.04% 47.08% 4.77% 0.79 1.86
34.84% 4.04% 8.01% 6.18% NA NA
30.12% 4.04% 16.33% 6.63% 2.13 2.41
38.40% 4.04% 15.71% 7.27% 2.57 1.73
42.67% 4.04% 23.56% 8.26% 2.36 1.06
14.75% 3.54% 40.25% 4.01% 0.33 4.34
62.14% 4.54% 28.78% 7.17% 0.70 3.28
EV/EBITDA EV/EBIT Price/Book Trailing PE
10.91 14.64 3.24 49.37
10.54 13.08 4.58 24.32
7.89 12.56 5.00 16.16
15.70 19.42 4.60 21.97
9.56 13.48 2.90 23.26
8.76 15.02 1.59 12.65
5.40 5.40 1.21 18.14
5.43 5.43 1.59 18.57
14.36 17.56 4.79 28.96
28.37 36.70 6.46 63.71
26.98 298.53 2.42 755.50
8.03 13.68 5.24 25.95
8.37 11.25 2.76 14.55
10.11 13.16 3.47 22.16
10.92 14.68 3.91 30.18
6.97 13.73 1.43 36.36
12.98 15.20 4.28 65.03
8.69 10.53 4.06 51.52
12.68 16.55 2.91 28.68
11.84 15.82 3.85 49.11
30.97 49.33 6.33 150.17
5.95 8.02 2.93 24.10
8.51 14.04 1.62 16.69
9.56 15.46 1.54 16.67
8.32 14.60 1.54 16.85
18.40 28.29 2.89 23.36
9.61 13.95 2.41 25.26
9.17 11.81 2.26 22.41
12.88 15.27 3.50 25.36
10.01 13.18 1.92 20.10
10.35 16.55 2.56 28.06
10.58 11.24 2.36 26.69
12.04 15.15 3.27 31.35
5.39 11.74 1.21 34.22
11.69 15.25 2.87 22.40
14.07 19.64 2.95 22.35
21.11 34.62 5.37 1058.24
8.23 10.51 3.58 19.88
NA NA 2.25 25.56
13.81 20.37 5.45 37.99
13.13 15.63 4.38 21.02
13.14 16.57 3.20 26.37
11.24 15.25 2.35 37.63
14.48 20.62 5.10 214.35
1.51 1.51 1.03 14.72
299.00 301.42 1.36 17.61
27.77 39.09 6.83 149.75
8.17 9.31 3.92 22.44
12.62 15.60 5.20 36.04
11.60 15.31 3.24 27.41
12.20 27.61 1.20 33.50
10.99 13.61 3.32 31.42
11.73 14.28 3.92 42.85
7.18 8.72 2.55 28.01
9.92 12.49 2.88 19.53
6.71 8.96 1.93 94.26
8.25 22.00 2.00 51.23
11.43 17.75 2.30 17.95
11.17 15.98 3.48 26.37
6.33 9.43 1.67 20.21
13.84 19.83 2.71 26.58
8.89 13.50 1.99 31.86
9.05 13.43 3.35 21.90
8.97 15.10 2.46 22.48
4.62 6.34 1.44 17.57
5.04 8.00 1.62 51.32
11.70 15.88 2.48 15.14
16.96 24.45 3.18 40.98
9.78 22.23 1.11 206.85
4.55 6.34 0.77 18.03
12.13 16.62 2.96 32.15
8.95 9.70 1.62 23.33
10.62 17.80 3.52 18.78
7.71 8.89 1.26 19.03
10.43 13.48 3.60 21.75
11.30 16.58 2.53 26.53
37.10 37.10 0.92 10.51
12.96 16.61 7.29 35.82
15.81 21.50 6.80 24.22
9.12 11.69 5.72 23.20
12.73 15.83 4.47 20.02
12.95 16.19 5.64 31.29
8.65 11.83 3.24 23.95
9.51 14.31 3.78 29.78
12.02 13.58 1.35 28.12
9.35 15.19 3.12 41.18
11.55 19.97 2.28 41.76
15.75 18.40 5.11 21.06
10.62 27.92 0.94 24.37
42.19 NA 2.40 33.44
5.68 10.05 2.25 108.85
5.42 11.68 2.38 20.70
5.52 5.52 1.32 55.55
9.71 10.48 14.45 16.95
12.81 16.48 7.13 29.82
7.72 13.47 4.02 21.22
10.65 15.69 1.97 21.52
16.11 43.41 3.95 74.73
Industry Name Number of firms Unlevered beta corrected for cas Market D/E Ratio
Advertising 243 0.89 29.21%
Aerospace/Defense 207 0.91 20.64%
Air Transport 157 0.60 112.37%
Apparel 1170 0.82 20.20%
Auto & Truck 129 0.85 79.90%
Auto Parts 609 1.11 28.99%
Bank 580 0.40 292.47%
Banks (Regional) 947 0.50 108.37%
Beverage 107 0.89 22.46%
Beverage (Alcoholic) 209 0.71 23.02%
Biotechnology 707 1.03 8.69%
Broadcasting 134 1.08 34.41%
Brokerage & Investment Banking 521 0.35 319.89%
Building Materials 414 0.81 36.58%
Business & Consumer Services 714 0.77 24.95%
Cable TV 63 0.72 50.82%
Chemical (Basic) 735 0.92 14.60%
Chemical (Diversified) 84 1.02 38.57%
Chemical (Specialty) 681 0.88 22.78%
Coal & Related Energy 322 0.90 57.62%
Computer Services 939 0.87 18.06%
Computer Software 1059 1.02 8.12%
Computers/Peripherals 316 1.11 13.70%
Construction 477 0.68 52.37%
Diversified 341 0.59 71.91%
Educational Services 161 0.79 27.72%
Electrical Equipment 863 0.98 25.40%
Electronics 1167 1.07 25.77%
Electronics (Consumer & Office) 185 1.04 42.70%
Engineering 1167 0.86 85.93%
Entertainment 352 0.87 27.07%
Environmental & Waste Services 312 0.86 37.33%
Farming/Agriculture 341 0.66 45.02%
Financial Svcs. 548 0.21 512.70%
Financial Svcs. (Non-bank & Insuranc 133 0.28 297.89%
Food Processing 1201 0.66 26.33%
Food Wholesalers 115 0.59 79.91%
Furn/Home Furnishings 319 0.87 23.46%
Healthcare Equipment 448 0.81 16.06%
Healthcare Facilities 170 0.49 75.84%
Healthcare Products 159 0.81 15.03%
Healthcare Services 322 0.70 30.65%
Heathcare Information and Technolog 278 1.02 15.72%
Heavy Construction 335 0.95 58.48%
Homebuilding 164 1.04 55.58%
Hotel/Gaming 648 0.74 34.47%
Household Products 458 0.76 14.12%
Information Services 177 0.79 11.07%
Insurance (General) 235 0.66 41.00%
Insurance (Life) 121 1.05 51.73%
Insurance (Prop/Cas.) 219 0.63 32.80%
Internet software and services 706 1.10 3.96%
Investment Co. 433 0.58 85.62%
Machinery 1270 1.01 21.45%
Metals & Mining 1691 1.03 38.74%
Office Equipment & Services 161 0.62 38.62%
Oil/Gas (Integrated) 53 1.04 30.51%
Oil/Gas (Production and Exploration) 1172 0.74 87.13%
Oil/Gas Distribution 199 0.73 56.54%
Oilfield Svcs/Equip. 593 0.92 37.39%
Packaging & Container 398 0.64 46.63%
Paper/Forest Products 303 0.62 78.76%
Pharma & Drugs 820 0.83 12.89%
Power 743 0.49 101.76%
Precious Metals 1181 1.15 31.00%
Publshing & Newspapers 390 0.77 33.16%
R.E.I.T. 49 0.13 551.46%
Railroad 54 0.58 47.73%
Real Estate 422 0.70 77.67%
Real Estate (Development) 647 0.31 352.08%
Real Estate (Operations & Services) 481 0.55 78.73%
Recreation 286 0.86 27.88%
Reinsurance 37 0.89 34.27%
Restaurant 304 0.64 30.25%
Retail (Automotive) 148 0.64 58.65%
Retail (Building Supply) 50 0.74 29.98%
Retail (Distributors) 848 0.57 89.94%
Retail (General) 229 0.73 45.48%
Retail (Grocery and Food) 174 0.53 55.81%
Retail (Internet) 118 1.22 6.14%
Retail (Special Lines) 543 0.80 29.07%
Rubber& Tires 93 0.93 40.19%
Semiconductor 559 1.34 13.62%
Semiconductor Equip 263 1.23 18.75%
Shipbuilding & Marine 356 0.64 94.62%
Shoe 92 0.90 11.17%
Steel 714 0.78 88.91%
Telecom (Wireless) 116 0.75 40.71%
Telecom. Equipment 525 1.13 15.03%
Telecom. Services 317 0.57 66.59%
Thrift 281 0.02 3737.43%
Tobacco 53 0.61 17.47%
Tranportation 228 0.71 47.23%
Trucking 191 0.56 72.28%
Utility (General) 55 0.43 95.19%
Utility (Water) 97 0.61 52.46%
Grand Total 40943 0.64 98.96%
Market Debt to CapitalEffective tax rate Dividend Payout Net Margin Pre-tax Operating Margi ROE
22.60% 17.09% 45.34% 4.06% 9.24% 9.99%
17.11% 13.25% 35.52% 5.55% 9.50% 17.77%
52.91% 15.59% 38.95% 2.33% 5.93% 7.99%
16.80% 14.75% 39.23% 6.63% 14.05% 12.94%
44.41% 13.90% 27.00% 4.52% 5.86% 13.13%
22.47% 18.98% 18.30% 4.23% 6.73% 12.75%
74.52% 18.14% 55.19% 27.02% 1.29% 11.61%
52.01% 19.85% 22.18% 22.31% 0.52% 8.16%
18.34% 10.40% 48.83% 10.13% 14.54% 22.39%
18.71% 18.10% 31.09% 17.36% 20.22% 23.05%
8.00% 2.91% 48.09% 6.81% 15.51% 6.60%
25.60% 17.82% 33.53% 14.14% 18.16% 21.25%
76.18% 11.69% 26.21% 9.22% 1.79% 7.73%
26.79% 18.24% 43.43% 3.00% 7.11% 6.42%
19.97% 17.75% 49.04% 3.99% 8.69% 12.35%
33.70% 15.62% 29.69% 7.69% 18.88% 21.29%
12.74% 15.40% 54.60% 4.17% 8.94% 8.80%
27.83% 22.63% 47.41% 4.76% 7.53% 12.91%
18.55% 17.61% 38.20% 7.99% 11.62% 14.62%
36.56% 6.27% NA -0.97% 6.13% -2.01%
15.30% 17.30% 26.59% 5.02% 7.98% 19.46%
7.51% 11.78% 28.01% 16.92% 23.07% 18.21%
12.05% 11.98% 30.46% 7.48% 10.59% 20.02%
34.37% 14.84% 53.84% 5.41% 11.54% 7.79%
41.83% 14.26% 34.41% 5.98% 9.18% 11.78%
21.70% 14.13% 51.20% 2.61% 9.19% 4.28%
20.26% 13.53% 61.98% 3.19% 7.14% 6.89%
20.49% 13.29% 30.48% 3.54% 5.67% 7.43%
29.92% 13.96% 48.63% 1.77% 3.78% 4.92%
46.22% 16.25% 74.17% 1.92% 4.84% 7.57%
21.30% 9.04% 20.35% 11.53% 17.28% 15.37%
27.18% 11.45% 61.28% 3.46% 9.72% 7.40%
31.04% 13.19% 48.66% 2.32% 4.13% 5.95%
83.68% 17.33% 33.81% 11.77% 7.92% 6.26%
74.87% 12.60% 15.41% 16.67% 5.14% 7.99%
20.84% 16.40% 69.45% 4.88% 8.36% 12.12%
44.42% 17.20% 44.01% 1.34% 2.95% 12.77%
19.00% 16.03% 33.16% 4.27% 7.08% 13.00%
13.83% 8.83% 36.54% 9.12% 18.70% 11.74%
43.13% 16.65% 71.59% 3.53% 10.59% 15.02%
13.06% 12.66% 30.87% 7.85% 12.86% 11.37%
23.46% 17.26% 22.43% 2.38% 4.99% 11.96%
13.58% 7.88% 30.60% 6.35% 12.33% 8.46%
36.90% 17.11% 53.79% 3.13% 6.60% 8.67%
35.72% 16.65% 16.67% 5.63% 5.52% 10.57%
25.63% 12.36% 58.09% 5.82% 12.65% 8.37%
12.37% 14.13% 75.58% 9.09% 14.84% 18.15%
9.97% 17.57% 25.60% 15.11% 24.03% 22.69%
29.08% 13.95% 45.22% 3.83% 8.75% 7.18%
 34.09% 18.80% 34.92% 4.69% 8.72% 9.37%
24.70% 15.06% 24.53% 7.02% 11.08% 12.24%
3.81% 8.65% 6.85% 14.93% 19.41% 13.84%
46.13% 6.96% 34.66% 18.51% 13.91% 10.15%
17.66% 17.45% 36.51% 5.80% 9.05% 10.97%
27.92% 3.58% 316.32% 1.41% 13.41% 1.65%
27.86% 17.66% 45.05% 3.39% 8.05% 9.81%
23.38% 24.53% 30.85% 7.34% 10.15% 15.23%
46.56% 6.93% 45.72% 10.79% -5.04% 8.23%
36.12% 9.63% 108.55% 4.24% 8.21% 11.22%
27.21% 13.98% 33.27% 2.37% 4.48% 11.41%
31.80% 17.72% 44.40% 3.62% 8.01% 9.57%
44.06% 12.53% 114.34% 1.39% 5.75% 2.59%
11.41% 13.54% 50.49% 14.89% 21.35% 16.90%
50.44% 14.72% 64.23% 5.28% 11.62% 7.65%
23.66% 2.16% NA -20.01% 9.83% -11.36%
24.90% 15.19% 187.87% 1.66% 8.19% 2.87%
84.65% 2.32% 84.29% 72.66% 1.25% 12.51%
32.31% 25.54% 26.19% 11.61% 19.80% 12.90%
43.72% 13.99% 26.13% 15.48% 13.73% 8.56%
77.88% 17.32% 34.06% 19.06% 22.85% 14.43%
44.05% 12.90% 25.16% 25.07% 29.44% 9.81%
21.80% 17.48% 40.63% 6.72% 11.23% 11.56%
25.52% 10.81% 32.45% 7.16% 11.06% 10.68%
23.23% 21.05% 50.33% 5.48% 12.50% 17.79%
36.97% 18.79% 22.32% 2.43% 4.75% 16.48%
23.07% 26.05% 36.81% 4.51% 7.93% 15.90%
47.35% 19.04% 34.70% 2.57% 3.84% 10.06%
31.26% 23.63% 35.52% 2.86% 5.12% 13.49%
35.82% 26.17% 46.19% 2.17% 4.38% 14.30%
5.78% 13.55% 8.66% 3.13% 4.77% 14.86%
22.52% 20.75% 34.63% 3.98% 8.29% 14.99%
28.67% 20.06% 20.20% 5.72% 10.00% 17.79%
11.99% 9.04% 29.08% 10.24% 13.92% 14.76%
15.79% 9.61% 170.91% 1.34% 4.92% 1.32%
48.62% 12.58% 110.06% 2.22% 7.90% 3.14%
10.05% 20.41% 30.99% 7.50% 10.69% 18.98%
47.06% 12.97% NA -0.21% 3.56% -0.48%
28.93% 15.35% 41.95% 13.08% 16.56% 18.12%
13.07% 9.56% 75.82% 3.76% 9.74% 5.87%
39.97% 12.92% 100.99% 5.24% 15.09% 8.85%
97.39% 18.73% 1.49% 150.80% 1.37% -92.45%
14.87% 20.52% 63.20% 17.97% 28.82% 53.36%
32.08% 20.49% 46.54% 5.12% 8.62% 15.64%
41.96% 23.30% 27.32% 2.89% 8.12% 9.12%
48.77% 25.18% 102.76% 3.38% 10.82% 7.01%
34.41% 15.09% 46.04% 20.10% 28.18% 14.98%
49.74% 13.40% 37.49% 5.74% 8.63% 10.49%
ROIC Sales/Capital EV/Sales Revenue Growth rate: Last 5 year Expected Earnings growth: Next 5 years
29.68% 3.87 1.60 5.04% 16.29%
38.24% 4.64 1.40 4.86% 13.36%
6.49% 1.30 1.11 7.67% 19.39%
18.76% 1.57 1.78 6.38% 20.51%
7.83% 1.55 0.92 6.71% 22.72%
14.35% 2.63 0.78 6.04% 18.26%
0.11% 0.10 9.84 8.98% 12.38%
0.10% 0.24 4.12 6.44% 8.34%
22.04% 1.69 2.42 6.04% 12.59%
15.32% 0.93 3.55 6.88% 10.94%
12.88% 0.86 9.58 11.03% 32.55%
17.39% 1.17 2.78 4.12% 11.19%
0.28% 0.18 5.98 4.59% 17.90%
10.13% 1.74 1.15 5.37% 17.79%
21.52% 3.01 1.39 7.52% 16.51%
19.08% 1.20 3.17 10.40% 11.06%
11.00% 1.45 2.68 6.09% 22.47%
9.92% 1.70 1.16 2.78% 22.26%
15.00% 1.57 1.62 8.57% 16.90%
8.98% 1.56 0.99 15.68% -0.79%
27.79% 4.21 1.03 6.29% 13.73%
38.49% 1.89 4.05 7.96% 21.44%
29.25% 3.14 1.20 -0.84% 16.87%
9.78% 0.99 1.72 6.24% 21.19%
7.86% 1.00 1.57 7.97% 15.32%
12.71% 1.61 1.60 8.79% 19.76%
12.91% 2.09 1.29 4.67% 21.87%
9.83% 2.00 0.97 2.29% 19.03%
8.06% 2.48 0.59 2.59% 21.94%
9.89% 2.44 0.62 6.18% 18.17%
23.13% 1.47 2.81 2.02% 25.22%
15.96% 1.86 1.74 8.64% 14.17%
6.55% 1.82 0.78 8.82% 19.48%
0.40% 0.06 13.99 9.27% 17.22%
0.64% 0.14 7.55 19.67% 14.34%
14.58% 2.09 1.39 7.16% 18.55%
14.29% 5.84 0.37 2.07% 14.61%
17.16% 2.88 0.91 3.04% 25.90%
25.53% 1.50 2.86 7.64% 17.56%
11.50% 1.30 1.77 12.96% 24.78%
16.25% 1.45 3.02 16.82% 17.06%
30.18% 7.31 0.58 12.41% 15.91%
17.89% 1.57 3.25 8.13% 18.02%
8.46% 1.55 1.16 3.60% 15.03%
5.48% 1.19 1.22 3.48% 7.33%
10.93% 0.99 2.60 9.11% 22.06%
27.19% 2.13 2.47 8.81% 17.01%
46.09% 2.33 4.18 6.21% 15.05%
12.88% 1.71 0.81 9.69% 13.58%
12.09% 1.71 0.95 12.08% 13.40%
13.02% 1.38 1.00 7.94% 15.06%
23.77% 1.34 6.76 9.58% 25.78%
4.46% 0.34 4.97 -2.32% 11.70%
13.46% 1.80 1.50 2.08% 18.51%
11.73% 0.91 1.88 9.15% 11.14%
14.30% 2.16 1.06 0.82% 13.47%
12.66% 1.65 0.80 6.66% 35.36%
-1.47% 0.31 4.50 12.46% 19.72%
8.65% 1.17 1.96 11.09% 15.43%
13.66% 3.55 0.58 9.00% 20.49%
11.57% 1.76 1.15 6.04% 15.75%
5.19% 1.03 1.18 2.19% 17.78%
21.64% 1.17 3.59 12.16% 21.07%
6.65% 0.67 1.86 12.80% 9.97%
5.17% 0.54 2.21 29.33% -1.21%
11.77% 1.70 1.57 0.47% 8.91%
0.03% 0.03 32.55 20.47% 5.47%
7.92% 0.54 2.76 4.64% 11.23%
3.68% 0.31 3.59 3.78% 17.10%
9.44% 0.50 6.77 13.65% 25.13%
5.31% 0.21 6.19 11.14% 12.35%
11.71% 1.26 1.84 2.77% 18.68%
13.03% 1.32 0.83 13.21% 8.41%
16.11% 1.63 2.05 5.91% 15.64%
11.44% 2.97 0.75 9.04% 19.76%
11.86% 2.02 1.25 4.20% 22.18%
6.19% 1.99 0.67 5.91% 14.68%
10.77% 2.76 0.75 8.91% 13.60%
11.05% 3.42 0.61 6.59% 14.50%
27.88% 6.75 3.19 9.44% 29.50%
15.98% 2.43 1.17 4.59% 14.41%
14.48% 1.81 0.94 6.75% 16.88%
18.11% 1.43 1.81 2.98% 20.75%
4.57% 1.03 2.41 -0.13% 20.03%
4.98% 0.72 1.65 3.58% 16.52%
20.37% 2.39 1.71 8.24% 13.36%
4.27% 1.38 0.80 1.63% 20.35%
13.56% 0.97 2.29 8.86% 13.91%
17.10% 1.94 1.75 4.09% 16.31%
13.89% 1.06 1.84 7.03% 9.14%
0.02% 0.02 60.82 9.30% 10.42%
55.99% 2.44 3.52 9.63% 10.78%
11.79% 1.72 1.36 11.70% 11.57%
9.39% 1.51 1.08 1.87% 14.48%
8.66% 1.07 1.27 4.05% 4.99%
8.97% 0.37 4.43 9.67% 16.97%
5.11% 0.77 1.76 8.94% 16.07%
: Next 5 years
Country Marginaltaxrate
AbuDhabi 19.22%
Albania 10.00%
Andorra 21.21%
Angola 35.00%
Anguilla 28.10%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 16.38%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 26.88%
Benin 28.10%
Bermuda 0.00%
Bolivia 25.00%
BosniaandHerzegovi 10.00%
Botswana 22.00%
Brazil 34.00%
BritishVirginIslands 14.92%
Bulgaria 10.00%
BurkinaFaso 28.10%
Cambodia 20.00%
Cameroon 28.10%
Canada 26.00%
CapeVerde 28.10%
CaymanIslands 0.00%
ChannelIslands 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
CookIslands 0.00%
CostaRica 30.00%
Croatia 20.00%
Cuba 14.92%
Curacao 27.50%
Cyprus 12.50%
CzechRepublic 19.00%
DemocraticRepublic 28.10%
Denmark 25.00%
DominicanRepublic 29.00%
Ecuador 22.00%
Egypt 25.00%
ElSalvador 30.00%
Estonia 21.00%
FalklandIslands 26.88%
Fiji 20.00%
Finland 24.50%
France 33.33%
Gabon 28.10%
Georgia 15.00%
Germany 29.55%
Ghana 21.21%
Greece 26.00%
Greenland 21.21%
Guatemala 31.00%
Honduras 35.00%
HongKong 16.50%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
IsleofMan 0.00%
Israel 25.00%
Italy 31.40%
IvoryCoast 28.10%
Jamaica 25.00%
Japan 38.01%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Kuwait 15.00%
Kyrgyzstan 16.38%
Laos 23.63%
Latvia 15.00%
Lebanon 19.22%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
MarshallIslands 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 16.38%
Monaco 21.21%
Mongolia 23.63%
Montenegro 9.00%
Montserrat 14.92%
Morocco 28.10%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
NetherlandsAntilles 14.92%
NewZealand 28.00%
Nicaragua 26.88%
Niger 28.10%
Nigeria 30.00%
Norway 28.00%
Oman 12.00%
Pakistan 35.00%
PalestinianAuthority 19.22%
Panama 25.00%
PapuaNewGuinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 25.00%
Qatar 10.00%
RasAlKaminah 19.22%
RepublicoftheCong 28.10%
Reunion 28.10%
Romania 16.00%
Russia 20.00%
Rwanda 28.10%
SaudiArabia 20.00%
Senegal 28.10%
Serbia 15.00%
SierraLeone 28.10%
Singapore 17.00%
Slovakia 23.00%
Slovenia 17.00%
SouthAfrica 28.00%
SouthKorea 24.20%
Spain 30.00%
SriLanka 28.00%
St.Maarten 14.92%
St.Vincent&theGre 14.92%
Sudan 35.00%
Suriname 26.88%
Sweden 22.00%
Switzerland 18.01%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 28.10%
Trinidad&Tobago 25.00%
Tunisia 30.00%
Turkey 20.00%
Turks&CaicosIslan 28.10%
Uganda 30.00%
Ukraine 19.00%
UnitedArabEmirates 55.00%
UnitedKingdom 23.00%
UnitedStates 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 25.00%
Zambia 35.00%
Zimbabwe 25.75%

Region Tax Rate

Africa 28.10%
Asia 23.63%
Australia & New Zealan 26.00%
Caribbean 14.92%
Central and South Amer 26.88%
Eastern Europe & Russi 16.38%
Middle East 19.22%
North America 33.00%
Western Europe 21.21%
Global 22.04%
Country LongTermRatingAdj.DefaultSpread
AbuDhabi Aa2 0.50%
Albania B1 4.50%
Andorra A3 1.20%
Angola Ba3 3.60%
Argentina B3 6.50%
Armenia Ba2 3.00%
Aruba Baa1 1.60%
Australia Aaa 0.00%
Austria Aaa 0.00%
Azerbaijan Baa3 2.20%
Bahamas Baa1 1.60%
Bahrain Baa2 1.90%
Bangladesh Ba3 3.60%
Barbados Ba1 2.50%
Belarus B3 6.50%
Belgium Aa3 0.60%
Belize Caa2 9.00%
Benin B2 5.50%
Bermuda Aa3 0.60%
Bolivia Ba3 3.60%
BosniaandHerzegovina B3 6.50%
Botswana A2 0.85%
Brazil Baa2 1.90%
Bulgaria Baa2 1.90%
BurkinaFaso B2 5.50%
Cambodia B2 5.50%
Cameroon B2 5.50%
Canada Aaa 0.00%
CapeVerde B2 5.50%
CaymanIslands Aa3 0.60%
Chile Aa3 0.60%
China Aa3 0.60%
Colombia Baa3 2.20%
CookIslands B1 4.50%
CostaRica Baa3 2.20%
Croatia Ba1 2.50%
Cuba Caa1 7.50%
Curacao B1 4.50%
Cyprus Caa3 10.00%
CzechRepublic A1 0.70%
DemocraticRepublicof B3 6.50%
Denmark Aaa 0.00%
DominicanRepublic B1 4.50%
Ecuador Caa1 7.50%
Egypt Caa1 7.50%
ElSalvador Ba3 3.60%
Estonia A1 0.70%
Fiji B1 4.50%
Finland Aaa 0.00%
France Aa1 0.40%
Gabon Ba3 3.60%
Georgia Ba3 3.60%
Germany Aaa 0.00%
Ghana B1 4.50%
Greece Caa3 10.00%
Guatemala Ba1 2.50%
Honduras B2 5.50%
HongKong Aa1 0.40%
Hungary Ba1 2.50%
Iceland Baa3 2.20%
India Baa3 2.20%
Indonesia Baa3 2.20%
Ireland Ba1 2.50%
IsleofMan Aa1 0.40%
Israel A1 0.70%
Italy Baa2 1.90%
Jamaica Caa3 10.00%
Japan Aa3 0.60%
Jordan B1 4.50%
Kazakhstan Baa2 1.90%
Kenya B1 4.50%
Korea Aa3 0.60%
Kuwait Aa2 0.50%
Latvia Baa2 1.90%
Lebanon B1 4.50%
Liechtenstein Aaa 0.00%
Lithuania Baa1 1.60%
Luxembourg Aaa 0.00%
Macao Aa3 0.60%
Macedonia Ba3 3.60%
Malaysia A3 1.20%
Malta A3 1.20%
Mauritius Baa1 1.60%
Mexico Baa1 1.60%
Moldova B3 6.50%
Mongolia B1 4.50%
Montenegro Ba3 3.60%
Montserrat Baa3 2.20%
Morocco Ba1 2.50%
Mozambique B1 4.50%
Namibia Baa3 2.20%
Netherlands Aaa 0.00%
NewZealand Aaa 0.00%
Nicaragua B3 6.50%
Nigeria Ba3 3.60%
Norway Aaa 0.00%
Oman A1 0.70%
Pakistan Caa1 7.50%
Panama Baa2 1.90%
PapuaNewGuinea B1 4.50%
Paraguay Ba3 3.60%
Peru Baa2 1.90%
Philippines Baa3 2.20%
Poland A2 0.85%
Portugal Ba3 3.60%
Qatar Aa2 0.50%
RasAlKaminah A2 0.85%
RepublicoftheCongo Ba3 3.60%
Romania Baa3 2.20%
Russia Baa1 1.60%
Rwanda B2 5.50%
SaudiArabia Aa3 0.60%
Senegal B1 4.50%
Serbia B1 4.50%
Singapore Aaa 0.00%
Slovakia A2 0.85%
Slovenia Ba1 2.50%
SouthAfrica Baa1 1.60%
Spain Baa3 2.20%
SriLanka B1 4.50%
St.Maarten Baa1 1.60%
St.Vincent&theGrena B2 5.50%
Suriname Ba3 3.60%
Sweden Aaa 0.00%
Switzerland Aaa 0.00%
Taiwan Aa3 0.60%
Thailand Baa1 1.60%
TrinidadandTobago Baa1 1.60%
Tunisia Ba3 3.60%
Turkey Baa3 2.20%
Uganda B1 4.50%
Ukraine Caa1 7.50%
UnitedArabEmirates Aa2 0.50%
UnitedKingdom Aa1 0.40%
UnitedStatesofAmeric Aaa 0.00%
Uruguay Baa3 2.20%
Venezuela Caa1 7.50%
Vietnam B2 5.50%
Zambia B1 4.50%

Region Weighted AverageWeighted Average: TRP

Africa 3.36% 10.04%
Asia 1.00% 6.51%
Australia & New Zealand 0.00% 5.00%
Caribbean 5.10% 12.65%
Central and South Americ 2.42% 8.62%
Eastern Europe & Russia 1.98% 7.96%
Middle East 0.76% 6.14%
North America 0.00% 5.00%
Western Europe 0.86% 6.29%
TotalRiskPremium CountryRiskPremium Region
5.75% 0.75% Middle East
11.75% 6.75% Eastern Europe & Russia
6.80% 1.80% Western Europe
10.40% 5.40% Africa
14.75% 9.75% Central and South America
9.50% 4.50% Eastern Europe & Russia
7.40% 2.40% Caribbean
5.00% 0.00% Australia & New Zealand
5.00% 0.00% Western Europe
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Caribbean
7.85% 2.85% Middle East
10.40% 5.40% Asia
8.75% 3.75% Caribbean
14.75% 9.75% Eastern Europe & Russia
5.90% 0.90% Western Europe
18.50% 13.50% Central and South America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
10.40% 5.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
6.28% 1.28% Africa
7.85% 2.85% Central and South America
7.85% 2.85% Eastern Europe & Russia
13.25% 8.25% Africa
13.25% 8.25% Asia
13.25% 8.25% Africa
5.00% 0.00% North America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
5.90% 0.90% Central and South America
5.90% 0.90% Asia
8.30% 3.30% Central and South America
11.75% 6.75% Australia & New Zealand
8.30% 3.30% Central and South America
8.75% 3.75% Eastern Europe & Russia
16.25% 11.25% Caribbean
11.75% 6.75% Caribbean
20.00% 15.00% Western Europe
6.05% 1.05% Eastern Europe & Russia
14.75% 9.75% Africa
5.00% 0.00% Western Europe
11.75% 6.75% Caribbean
16.25% 11.25% Central and South America
16.25% 11.25% Africa
10.40% 5.40% Central and South America
6.05% 1.05% Eastern Europe & Russia
11.75% 6.75% Asia
5.00% 0.00% Western Europe
5.60% 0.60% Western Europe
10.40% 5.40% Africa
10.40% 5.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
11.75% 6.75% Africa
20.00% 15.00% Western Europe
8.75% 3.75% Central and South America
13.25% 8.25% Central and South America
5.60% 0.60% Asia
8.75% 3.75% Eastern Europe & Russia
8.30% 3.30% Western Europe
8.30% 3.30% Asia
8.30% 3.30% Asia
8.75% 3.75% Western Europe
5.60% 0.60% Western Europe
6.05% 1.05% Middle East
7.85% 2.85% Western Europe
20.00% 15.00% Caribbean
5.90% 0.90% Asia
11.75% 6.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Africa
5.90% 0.90% Asia
5.75% 0.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Middle East
5.00% 0.00% Western Europe
7.40% 2.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
5.90% 0.90% Asia
10.40% 5.40% Eastern Europe & Russia
6.80% 1.80% Asia
6.80% 1.80% Western Europe
7.40% 2.40% Asia
7.40% 2.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
11.75% 6.75% Asia
10.40% 5.40% Eastern Europe & Russia
8.30% 3.30% Caribbean
8.75% 3.75% Africa
11.75% 6.75% Africa
8.30% 3.30% Africa
 5.00% 0.00% Western Europe
5.00% 0.00% Australia & New Zealand
14.75% 9.75% Central and South America
10.40% 5.40% Africa
5.00% 0.00% Western Europe
6.05% 1.05% Middle East
16.25% 11.25% Asia
7.85% 2.85% Central and South America
11.75% 6.75% Asia
10.40% 5.40% Central and South America
7.85% 2.85% Central and South America
8.30% 3.30% Asia
6.28% 1.28% Eastern Europe & Russia
10.40% 5.40% Western Europe
5.75% 0.75% Middle East
6.28% 1.28% Middle East
10.40% 5.40% Africa
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Eastern Europe & Russia
13.25% 8.25% Africa
5.90% 0.90% Middle East
11.75% 6.75% Africa
11.75% 6.75% Eastern Europe & Russia
5.00% 0.00% Asia
6.28% 1.28% Eastern Europe & Russia
8.75% 3.75% Eastern Europe & Russia
7.40% 2.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Asia
7.40% 2.40% Caribbean
13.25% 8.25% Caribbean
10.40% 5.40% Central and South America
5.00% 0.00% Western Europe
5.00% 0.00% Western Europe
5.90% 0.90% Asia
7.40% 2.40% Asia
7.40% 2.40% Caribbean
10.40% 5.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Africa
16.25% 11.25% Eastern Europe & Russia
5.75% 0.75% Middle East
5.60% 0.60% Western Europe
5.00% 0.00% North America
8.30% 3.30% Central and South America
16.25% 11.25% Central and South America
 13.25% 8.25% Asia
11.75% 6.75% Africa

Weighted Average: CRP

5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.14%
0.00%
1.29%
 Last 10K First X months: Last year
Revenues $5,089.00 $2,242.00
R&D expense $1,399.00 $858.00
Operating income or EBIT $538.00 -$362.00
Interest expenses $51.00 $24.00
Book value of equity $11,755.00
Book value of debt $2,356.00
Do you have operating lease commitments?
Cash and cross holdings $9,626.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 41.00% 22.31%
Marginal tax rate =
Lease commitments
Year 1 $142.00
Year 2 $128.00
Year 3 $117.00
Year 4 $110.00
Year 5 $102.00
Beyond year 5 $252.00
First X months: Current yearTrailing 12 month
$3,271.00 $6,118.00
$637.00 $1,178.00
$935.00 $1,835.00
$29.00 $56.00
$12,349.00
$2,167.00

$10,252.00
$0.00
$0.00

38.90%

NA
NA
NA
NA
NA
NA
Yes/No Book or Market Value ERP choices Cost of debt Synthetic rating Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatio Synthetic rating 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)
 Options
Price
Value
iness(Global)