Date of valuation Aug-20 Important: Before you run this spreadsheet, go into p

Company name Microsoft There should be a check against the iteration box. If th
Numbers from your base year below ( in consistent units)
This year Last year
Country of incorporation United States
Industry (US) Software (System & Application)
Industry (Global) Software (System & ApplicatiLast 10K Years since last 10K
Revenues $ 143,015.00 $ 125,843.00 1
Operating income or EBIT $ 52,959.00 $ 42,959.00 1
Interest expense $ 2,591.00 $ 2,686.00
Book value of equity $ 118,304.00 $ 102,330.00
Book value of debt $ 82,110.00 $ 86,455.00
Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, you have to input the
Do you have operating lease commitments? No If you have operating leases, please enter your lease c
Cash and Marketable Securities $ 136,492.00 $ 133,832.00
Cross holdings and other non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 7683.00
Current stock price = $ 210.28
Effective tax rate = 16.50%
Marginal tax rate = 25.00%
The value drivers below:
Revenue growth rate for next year 12.00%
Operating Margin for next year 40.00%
Compounded annual revenue growth rate - years 2-5 = 12.00% Growth Lever
Target pre-tax operating margin (EBIT as % of sales in 40.00% Profitability Lever
Year of convergence 5.00 Speed of convergence level
Sales to capital ratio (for computing reinvestment) = 1.44 Efficency of Growth Lever
Market numbers
Riskfree rate 0.70%
Initial cost of capital = 7.11%
Other inputs
Do you have employee options outstanding? No
Number of options outstanding = 7.72
Average strike price = $1.29
Average maturity = 7.00
Standard deviation on stock price = 45.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption = Yes Mature companies generally see their risk levels appr
If yes, enter the cost of capital after year 10 = 7.11% Though some sectors, even in stable growth, may have
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive
Do you want to override this assumption = Yes Mature companies find it difficult to generate returns
If yes, enter the return on capital you expect after year 1 12% But there are significant exceptions among companies
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Many young, growth companies fail, especially if they
If yes, enter the probability of failure = 20% Tough to estimate but a key input.
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Estimated fair value for
Enter the distress proceeds as percentage of book or fair 50% This can be zero, if the assets will be worth nothing if
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will l
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 have a money losing compa
Do you want to override this assumption = No Check the financial statements.
If yes, enter the NOL that you are carrying over into yea $250.00 An NOL will shield your income from taxes, even afte
I will asssume that today's risk free rate will prevail in perpetuity. If you override this assumption, I will change the riskfree rate after year 1
Do you want to override this assumption = Yes If yes, you will be asked to enter a normal risk free ra
If yes, enter the riskfree rate after year 10 2.00% Enter your estimate of what the riskfree rate (in your
I will assume that the growth rate in perpetuity will be equal to the risk free rate. This allows for both valuation consistency and prevents "im
Do you want to override this assumption = No This is an option to let you use a negative growth rate
If yes, enter the growth rate in perpetuity -5.00% This can be negative, if you feel the company will dec
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming due and that cash is a neutral ass
Do you want to override this assumption No
If yes, enter trapped cash (if taxes) or entire balance (if mistru $140,000.00 Cash that is trapped in foreign markets (and subject to addi
& Average tax rate of the foreign markets where the cash is t 15% Additional tax rate due on trapped cash or discount being a
 run this spreadsheet, go into preferences in Excel and check under Calculation options
k against the iteration box. If there is not, you will get circular reasoning errors.
w ( in consistent units)

s since last 10K

ze R&D, you have to input the numbers into the R&D worksheet.
ases, 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 industry.
If you are not working in US dollars, you should add the inflation differential to the industry averages.
Company Industry (US datIndustry (Global data)
Revenue growth in the most recent year = 13.65% 15.04% 15.16%
Pre-tax operating margin in the most recent year 40.10% 22.25% 19.63%
Sales to capital ratio in most recent year = 1.44 0.85 0.93
Return on invested capital in most recent year= 48.20% 20.03% 18.19%
Standard deviation in stock prices = 49.50% 50.45%
Cost of capital = 7.67% 9.30%

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth = $ 343,422
Pre-tax Operating Income in year 10, based on your operating m $ 137,369
Return on invested capital in year 10, based on your sales/capital 43.19%
Check the Diagnostics worksheet for more details.

panies (riskfree rate + 4.5%)

rally see their risk levels approach the average
ven in stable growth, may have higher risk. If you change your risk free rate after year 10 (see cell B57 & 58), you should incorporate it into your stable c
ing that whatever competitive advantages you have today will fade over time.
it difficult to generate returns that exceed the cost of capital
t exceptions among companies with long-lasting competitive advantages.

mpanies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.

l, V= Estimated fair value for the company

assets will be worth nothing if the firm fails.
erride this assumption, I will leave the tax rate at your effective tax rate.

ou have a money losing company, you may want to override tis.

r income from taxes, even after you start making money.

ge the riskfree rate after year 10.
to enter a normal risk free rate and your growth in perpetuity will be adjusted accordingly.
what the riskfree rate (in your currency of choice) will be after year 10
n consistency and prevents "impossible" growth rates.
you use a negative growth rate in perpetuity or to even liquidate the firm.
you feel the company will decline (and disappear) after growth is done. If you let it exceed the risk free rate, you are on your own in uncharted territory.
due and that cash is a neutral asset.

eign markets (and subject to additoinal tax) or cash that is being discounted by the market (because of management mistrust)
trapped cash or discount being applied to cash balance because of mistrust.
orporate it into your stable cost of capital estimate.

debt payments.
own in uncharted territory.
 Base year 1 2 3 4 5 6 7
Revenue growth rate 12.00% 12.00% 12.00% 12.00% 12.00% 10.00% 8.00%
Revenues ### ### ### ### ### ### ### ###
EBIT (Operating) mar 40.10% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
EBIT (Operating inc $57,348.33 $64,070.72 $71,759.21 $80,370.31 $90,014.75 ### ### ###
Tax rate 16.50% 16.50% 16.50% 16.50% 16.50% 16.50% 18.20% 19.90%
EBIT(1-t) $47,885.86 $53,499.05 $59,918.94 $67,109.21 $75,162.32 $84,181.79 $90,714.70 $95,935.79
- Reinvestment 11922.04 $13,352.68 $14,955.01 $16,749.61 $18,759.56 $17,508.92 $15,407.85
FCFF $41,577.01 $46,566.25 $52,154.20 $58,412.71 $65,422.23 $73,205.78 $80,527.94
NOL $ - $ - $ - $ - $ - $ - $ - $ -

Cost of capital 7.11% 7.11% 7.11% 7.11% 7.11% 7.11% 7.11%

Cumulated discount factor 0.9336 0.8716 0.8138 0.7597 0.7093 0.6622 0.6183
PV(FCFF) $38,816.83 $40,588.67 $42,441.39 $44,378.68 $46,404.40 $48,478.14 $49,786.76

Terminal cash flow $85,855.42

Terminal cost of capit 7.11%
Terminal value ###
PV(Terminal value) ###
PV (CF over next 10 ###
Sum of PV ###
Probability of failure 0.00%
Proceeds if firm fails $652,325.03
Value of operating ass ###
- Debt $82,110.00
- Minority interests $ -
+ Cash ###
+ Non-operating asse $ -
Value of equity ###
- Value of options $0.00
Value of equity in c ###
Number of shares 7,683.00
Estimated value /shar $ 176.89
Price $ 210.28
Price as % of value 118.88%

Implied variables
Sales to capital ratio 1.44 1.44 1.44 1.44 1.44 1.44 1.44
Invested capital $ 99,350 $ 111,272 $ 124,625 $ 139,580 $ 156,330 $ 175,089 $ 192,598 $ 208,006
ROIC 48.20% 48.08% 48.08% 48.08% 48.08% 48.08% 47.10% 46.12%
 8 9 10 Terminal year Check these revenues against
6.00% 4.00% 2.00% 2.00% a. Overall market size
### ### ### ### b. Largest companies in this market
40.00% 40.00% 40.00% 40.00%
### ### ### ### $ 80,020.33 This is is how much your operating income
grew over the ten-year period.
21.60% 23.30% 25.00% 25.00%
$99,533.68 ### ### ###
$12,480.36 $ 8,819.45 $ 4,586.12 $17,171.08 $ 151,712.69 This is how much capital you
invested over the ten year period.
$87,053.32 $92,450.99 $96,420.26 $85,855.42
$ - $ - $ - $ -

7.11% 7.11% 7.11% 7.11%

0.5772 0.5389 0.5031
$50,248.08 $49,821.00 $48,510.52
 After year 10
1.44 1.44 1.44
$ 220,486 $ 229,306 $ 233,892
45.14% 44.16% 43.19% 12.00%

Compare this return on capital in year 10 against

a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
 Microsoft
The Story
Microsoft will continue on its transformation from a software company, reliant on Office and Windows for its incom
diverse company. Its subscription model (Office 365) will continue to deliver recurring revenues, and its cloud busin
contribute to both its growth and bottom line, allowing for continued high margins.

The Assumptions
Base year In 2020 Years 1-5 Years 6-10 After year 10
Revenues (a) $ 143,015 12.0% 12.00% 2.00% 2.00%
Operating margin ( 40.10% 40.0% 40.10% 40.00% 40.00%
Tax rate 16.50% 16.50% 25.00% 25.00%
Reinvestment (c ) Sales to Capital = 1.44 16.67%
Return on capital 48.20% Marginal ROIC = 57.47% 12.00%
Cost of capital (d) 7.11% 7.11% 7.11%
The Cash Flows
Revenues Operating MargiEBIT EBIT (1-t) Reinvestment
1 $ 160,177 40.00% $ 64,071 $ 53,499 $ 11,922
2 $ 179,398 40.00% $ 71,759 $ 59,919 $ 13,353
3 $ 200,926 40.00% $ 80,370 $ 67,109 $ 14,955
4 $ 225,037 40.00% $ 90,015 $ 75,162 $ 16,750
5 $ 252,041 40.00% $ 100,817 $ 84,182 $ 18,760
6 $ 277,245 40.00% $ 110,898 $ 90,715 $ 17,509
7 $ 299,425 40.00% $ 119,770 $ 95,936 $ 15,408
8 $ 317,391 40.00% $ 126,956 $ 99,534 $ 12,480
9 $ 330,086 40.00% $ 132,034 $ 101,270 $ 8,819
10 $ 336,688 40.00% $ 134,675 $ 101,006 $ 4,586
Terminal year $ 343,422 40.00% $ 137,369 $ 103,027 $ 17,171
The Value
Terminal value $ 1,679,884
PV(Terminal value) $ 845,176
PV (CF over next 10 years) $ 459,474
Value of operating assets = $ 1,304,650
Adjustment for distress $ - Probability of failure =
- Debt & Mnority Interests $ 82,110
+ Cash & Other Non-operating assets $ 136,492
Value of equity $ 1,359,032
- Value of equity options $ -
Number of shares 7,683.00
Value per share $ 176.89 Stock was trading at =
ce and Windows for its income, into a more Tell your story about the company. Keep it
revenues, and its cloud business will focuses on the company's businesses and tie it
into the three key levers of value: cash flows,
growth and risk

Link to story
Duopoly, growing also
Industry margins, market
close to
historical
Global/US marginal tax rate over Tie each assumption to the part of your story
Maintined at Boeing's current levthat relates to it.
Excess capacity being utilized fo
Cost of capital decreases to mkt

FCFF
$ 41,577
$ 46,566 These are the numbers that come from your
$ 52,154 assumptions. The revenues over time reflect
$ 58,413 your revenue growth, the operating margins
$ 65,422 evolve towards your target margin and your
tax rate will change, if you have set it to. The
$ 73,206 reinvestment is estimated using the sales to
$ 80,528 capital ratio for the first 10 years and based
$ 87,053 on a reinvestment rate in stable growth (g/
$ 92,451 ROC).
$ 96,420
$ 85,855

This is the output from your valuation. It

reflects your cash flows being discounted
0.00% back at the cost of capital to get to your
operating asset value, which then gets
adjusted for the likelihood that your firm will
not make it. We add cash and non-operating
assets, subtract out debt and minority
interests to get to value of equity.

$210.28
VALUATION DIAGNOSTICS
Invested capital at start of valuation $ 99,350.33
Invested capital at end of valuation $ 233,891.94
Change in invested capital over 10 years $ 134,541.61
Change in EBIT*(1–t) (after-tax operating income) over 10 yea $ 77,326.83
Marginal ROIC over 10 years 57.47%
ROIC at end of valuation 43.19%
Average WACC over the 10 years (compounded) 7.11%
Your calculated value as a percent of current price 84.12%

Inputs If calculated value is negative or looks too low

Revenue growth rate (input cell B3) Increase revenue growth rate
Last period EBIT as % of revenue (Input cell B14) Increase the target pre-tax operating margin
Sales to Capital Ratio or reinvestment (Input cell B15) Decrease the sales/capital ratio
Return on capital in perpetuity (B30 & B31) 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 Operating Operating NOL Taxes Operating
Rate Margin Income Income
Traling 12 m ### 40.10% $57,348.33 $ - $ 9,462.48 $47,885.86
1 ### 12.00% 40.00% $64,070.72 $ - $10,571.67 $53,499.05
2 ### 12.00% 40.00% $71,759.21 $ - $11,840.27 $59,918.94
3 ### 12.00% 40.00% $80,370.31 $ - $13,261.10 $67,109.21
4 ### 12.00% 40.00% $90,014.75 $ - $14,852.43 $75,162.32
5 ### 12.00% 40.00% ### $ - $16,634.73 $84,181.79
6 ### 10.00% 40.00% ### $ - $20,183.47 $90,714.70
7 ### 8.00% 40.00% ### $ - $23,834.23 $95,935.79
8 ### 6.00% 40.00% ### $ - $27,422.54 $99,533.68
9 ### 4.00% 40.00% ### $ - $30,764.03 ###
10 ### 2.00% 40.00% ### $ - $33,668.79 ###

After-Tax
Year Operating Change in Sales to Reinvestm FCFF Capital Implied
Income Revenues Capital ent Invested ROC

Traling 12 m $47,885.86 $99,350.33 48.20%

1 $53,499.05 $17,161.80 1.44 $11,922.04 $41,577.01 ### 48.08%
2 $59,918.94 $19,221.22 1.44 $13,352.68 $46,566.25 ### 48.08%
3 $67,109.21 $21,527.76 1.44 $14,955.01 $52,154.20 ### 48.08%
4 $75,162.32 $24,111.09 1.44 $16,749.61 $58,412.71 ### 48.08%
5 $84,181.79 $27,004.42 1.44 $18,759.56 $65,422.23 ### 48.08%
6 $90,714.70 $25,204.13 1.44 $17,508.92 $73,205.78 ### 47.10%
7 $95,935.79 $22,179.63 1.44 $15,407.85 $80,527.94 ### 46.12%
8 $99,533.68 $17,965.50 1.44 $12,480.36 $87,053.32 ### 45.14%
9 ### $12,695.62 1.44 $ 8,819.45 $92,450.99 ### 44.16%
10 ### $ 6,601.72 1.44 $ 4,586.12 $96,420.26 ### 43.19%

Cost of Pre-Tax After-Tax Cost of

Year Beta Equity Cost of Tax Savings Cost of Debt Ratio Capital
Debt Debt
1 7.11%
2 7.11%
3 7.11%
4 7.11%
5 7.11%
6 7.11%
7 7.11%
8 7.11%
9 7.11%
10 7.11%

Cost of Cumulated Terminal Present

Year Capital Cost of FCFF Value Value
Capital
1 7.11% 1.0711 $41,577.01 $38,816.83
2 7.11% 1.1473 $46,566.25 $40,588.67
3 7.11% 1.2289 $52,154.20 $42,441.39
4 7.11% 1.3162 $58,412.71 $44,378.68
5 7.11% 1.4098 $65,422.23 $46,404.40
 6 7.11% 1.5101 $73,205.78 $48,478.14
7 7.11% 1.6175 $80,527.94 $49,786.76
8 7.11% 1.7325 $87,053.32 $50,248.08
9 7.11% 1.8557 $92,450.99 $49,821.00
10 7.11% 1.9876 $96,420.26 ### ###
Value of operating assets = ###
Valuing Options or Warrants
Enter the current stock price = $ 210.28
Enter the strike price on the option = $ 1.29
Enter the expiration of the option = 7.00
Enter the standard deviation in stock 45.00% (volatility)
Enter the annualized dividend yield 0.00%
Enter the treasury bond rate = 0.70%
Enter the number of warrants (option 7.72
Enter the number of shares outstandi 7,683.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 210.28 # Warrants issued= 7.72
Strike Price= 1.29 # Shares outstanding= 7,683
Adjusted S = 210.27877 T.Bond rate= 0.70%
Adjusted K = 1.29 Variance= 0.2025
Expiration (in years) = 7 Annualized dividend yie 0.00%
Div. Adj. interest rate= 0.70%

d1 = 4.9148332
N (d1) = 0.9999996

d2 = 3.7242451
N (d2) = 0.999902

Value per option = $ 209.05

Value of all options outstanding = $1,613.87
You can use this spreadsheet to compute your cost of capital. You can either use the built-in data to compute key inputs (beta, equity risk premium, default
ERP data, you can update the ERP numbers to reflect a more current mature market premuum (since the spreadsheet uses the start of the year numbers).

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding = 7683.00
Current Market Price per share = $ 210.28

Approach for estimating beta Multibusiness(US)

If direct input, enter levered beta (or regressi 1.20
Unlevered beta = 1.14
Riskfree Rate = 0.70%
What approach do you want to use to input Operating countries
Direct input for ERP (if you choose "will inp 6.00%
Equity Risk Premium used in cost of equity = 5.69%

Debt
Book Value of Straight Debt = $ 82,110.00
Interest Expense on Debt = $ 2,591.00
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 Aaa/AAA
If synethetic rating, input the type of compan 1
Pre-tax Cost of Debt = 1.46%
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 = ###
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.18

Equity Debt Preferred Stock Capital

Market Value $ 1,615,581.24 ### $ - ###
Weight in Cost of Capital 94.94% 5.06% 0.00% 100.00%

Cost of Component 7.43% 1.10% 7.14% 7.11%

ey inputs (beta, equity risk premium, default spread) or enter them directly. If you choose to use the built in
adsheet uses the start of the year numbers).

Operating Countries ERP calculator

Country Revenues ERP Weight Weighted ERP
United States of Amer 102266 5.01% 41.65% 2.09%
China 43678 6.04% 17.79% 1.08% The last two rows in each of country/regi
Japan 21506 6.04% 8.76% 0.53% tables is set aside for your input to pro
flexibility to enter some numbers direct
0.00% 0.00% 0.00% assume that you have a company that bre
0.00% 0.00% 0.00% down into three countries and then puts t
0.00% 0.00% 0.00% of the World". You can enter the "Rest of
of these two rows and enter an equity risk
0.00% 0.00% 0.00% rest of the world. The easiest way to do th
0.00% 0.00% 0.00% country equity risk premium worksheet
0.00% 0.00% 0.00% GDP for the three countries that you hav
and compute the global weighted avera
0.00% 0.00% 0.00% remaining countries. With the regional w
0.00% 0.00% 0.00% use the last two rows to enter the data fo
country (usually the domestic country) tha
Rest of Asia 17788 6.54% 7.24% 0.47%
out though the rest of the revenues are b
Europe 60288 6.22% 24.55% 1.53% region. You can look up the ERP for th
Total 245526 100.00% 5.69% country ERP worksheet.
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa 12.20% 0.00% 0.0000%
Asia 26928 6.56% 16.64% 1.0922%
Australia & New Zealand 5.01% 0.00% 0.0000%
Caribbean 13.15% 0.00% 0.0000%
Central and South Am 8986 10.48% 5.55% 0.5817%
Eastern Europe & Russia 8.20% 0.00% 0.0000%
Middle East 7.48% 0.00% 0.0000%
North America 74843 5.01% 46.24% 2.3166%
Western Europe 50645 6.22% 31.29% 1.9456%
0.00% 0.0000%
Rest of the World 455 6.54% 0.28% 0.0184%
Total 161857 100.00% 5.9545%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Software (System & A $ 86,858.00 8.7660 ### 1.1492
Computer Services $ 38,985.00 1.2818 ### 0.9529
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
 0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 125,843.00 ### 1.1371

Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Beverage (Alcoholic) $ 35,538.00 4.2692 ### 0.8006
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 35,538.00 ### 0.8006
two rows in each of country/region risk premium
is set aside for your input to provide you with
ty to enter some numbers directly. For instance,
hat you have a company that breaks its revenues
o three countries and then puts the rest into "Rest
rld". You can enter the "Rest of the World" in one
wo rows and enter an equity risk premium for the
world. The easiest way to do that is to go into the
equity risk premium worksheet and change the
the three countries that you have data for to zero
mpute the global weighted average ERP for the
g countries. With the regional worksheet, you can
last two rows to enter the data for an individual
sually the domestic country) that might be broken
ugh the rest of the revenues are broken down by
You can look up the ERP for the country in the
country ERP worksheet.
 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 expense 3 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = ### 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 16876.00 ! Year -1 is the year prior to the current year
-2 14726.00 ! Year -2 is the two years prior to the current year
-3 13037.00
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 19269.00 1.00 19269.00
-1 16876.00 0.67 11250.67 $ 5,625.33
-2 14726.00 0.33 4908.67 $ 4,908.67
-3 13037.00 0.00 0.00 $ 4,345.67
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Research Asset = $35,428.33 ###

Amortization of asset for current yea$14,879.67

Adjustment to Operating Income = $4,389.33 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $1,097
tments to operating income, net

he amortization period

me (add to reported EBIT)

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

Output
Pre-tax Cost of Debt = 1.46% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 e 3 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1 $ 287.00 $ 282.87
2 $ 235.00 $ 228.29
3 $ 194.00 $ 185.75
4 $ 151.00 $ 142.49
5 $ 98.00 $ 91.15
6 and beyon $ 201.67 $ 546.67 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $1,477.21

Restated Financials
Depreciation on Operating Lease Asset = $ 184.65 ! I use straight line depreciation
Adjustment to Operating Earnings = $110.35 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $1,477.21 ! Add this amount to debt
Adjustment to Depreciation = $184.65
Mature Market ERP + 5.01% Updated August 1, 2020

Country Moody's ratingAdj. Default SpreEquity Risk Premium

Country Risk Premium
Abu Dhabi Aa2 0.58% 5.74% 0.73%
Albania B1 5.28% 11.62% 6.61%
Algeria NA 14.08% 22.64% 17.63%
Andorra (Principality of) Baa2 2.23% 7.81% 2.80%
Angola B3 7.63% 14.57% 9.56%
Argentina Ca 14.08% 22.64% 17.63%
Armenia Ba3 4.22% 10.30% 5.29%
Aruba Baa1 1.87% 7.36% 2.35%
Australia Aaa 0.00% 5.01% 0.00%
Austria Aa1 0.47% 5.59% 0.58%
Azerbaijan Ba2 3.53% 9.42% 4.41%
Bahamas Ba2 3.53% 9.42% 4.41%
Bahrain B2 6.46% 13.10% 8.09%
Bangladesh Ba3 4.22% 10.30% 5.29%
Barbados Caa1 8.80% 16.03% 11.02%
Belarus B3 7.63% 14.57% 9.56%
Belgium Aa3 0.71% 5.90% 0.89%
Belize Caa1 8.80% 16.03% 11.02%
Benin B2 6.46% 13.10% 8.09%
Bermuda A2 1.00% 6.26% 1.25%
Bolivia B1 5.28% 11.62% 6.61%
Bosnia and Herzegovina B3 7.63% 14.57% 9.56%
Botswana A2 1.00% 6.26% 1.25%
Brazil Ba2 3.53% 9.42% 4.41%
Brunei NA 1.00% 6.26% 1.25%
Bulgaria Baa2 2.23% 7.81% 2.80%
Burkina Faso B2 6.46% 13.10% 8.09%
Cambodia B2 6.46% 13.10% 8.09%
Cameroon B2 6.46% 13.10% 8.09%
Canada Aaa 0.00% 5.01% 0.00%
Cape Verde B2 6.46% 13.10% 8.09%
Cayman Islands Aa3 0.71% 5.90% 0.89%
Chile A1 0.83% 6.04% 1.03%
China A1 0.83% 6.04% 1.03%
Colombia Baa2 2.23% 7.81% 2.80%
Congo (Democratic Republ Caa1 8.80% 16.03% 11.02%
Congo (Republic of) Caa2 10.57% 18.24% 13.23%
Cook Islands B1 5.28% 11.62% 6.61%
Costa Rica B2 6.46% 13.10% 8.09%
Côte d'Ivoire Ba3 4.22% 10.30% 5.29%
Croatia Ba2 3.53% 9.42% 4.41%
Cuba Caa2 10.57% 18.24% 13.23%
Curacao Baa2 2.23% 7.81% 2.80%
Cyprus Ba2 3.53% 9.42% 4.41%
Czech Republic Aa3 0.71% 5.90% 0.89%
Denmark Aaa 0.00% 5.01% 0.00%
Dominican Republic Ba3 4.22% 10.30% 5.29%
Ecuador Caa3 11.73% 19.70% 14.69%
Egypt B2 6.46% 13.10% 8.09%
El Salvador B3 7.63% 14.57% 9.56%
Estonia A1 0.83% 6.04% 1.03%
Ethiopia B2 6.46% 13.10% 8.09%
Fiji Ba3 4.22% 10.30% 5.29%
Finland Aa1 0.47% 5.59% 0.58%
France Aa2 0.58% 5.74% 0.73%
Gabon Caa1 8.80% 16.03% 11.02%
Gambia NA 7.63% 14.57% 9.56%
Georgia Ba2 3.53% 9.42% 4.41%
Germany Aaa 0.00% 5.01% 0.00%
Ghana B3 7.63% 14.57% 9.56%
Greece B1 5.28% 11.62% 6.61%
Guatemala Ba1 2.93% 8.68% 3.67%
Guernsey (States of) Aa3 0.71% 5.90% 0.89%
Guinea NA 14.08% 22.64% 17.63%
Guinea-Bissau NA 8.80% 16.03% 11.02%
Guyana NA 6.46% 13.10% 8.09%
Haiti NA 14.08% 22.64% 17.63%
Honduras B1 5.28% 11.62% 6.61%
Hong Kong Aa3 0.71% 5.90% 0.89%
Hungary Baa3 2.58% 8.24% 3.23%
Iceland A2 1.00% 6.26% 1.25%
India Baa3 2.58% 8.24% 3.23%
Indonesia Baa2 2.23% 7.81% 2.80%
Iran NA 10.57% 18.24% 13.23%
Iraq Caa1 8.80% 16.03% 11.02%
Ireland A2 1.00% 6.26% 1.25%
Isle of Man Aa2 0.58% 5.74% 0.73%
Israel A1 0.83% 6.04% 1.03%
Italy Baa3 2.58% 8.24% 3.23%
Jamaica B2 6.46% 13.10% 8.09%
Japan A1 0.83% 6.04% 1.03%
Jersey (States of) Aa3 0.71% 5.90% 0.89%
Jordan B1 5.28% 11.62% 6.61%
Kazakhstan Baa3 2.58% 8.24% 3.23%
Kenya B2 6.46% 13.10% 8.09%
Korea Aa2 0.58% 5.74% 0.73%
Korea, D.P.R. NA 14.08% 22.64% 17.63%
Kuwait Aa2 0.58% 5.74% 0.73%
Kyrgyzstan B2 6.46% 13.10% 8.09%
Laos B3 1.41% 6.77% 1.76%
Latvia A3 1.41% 6.77% 1.76%
Lebanon Ca 14.08% 22.64% 17.63%
Liberia NA 14.08% 22.64% 17.63%
Libya NA 10.57% 18.24% 13.23%
Liechtenstein Aaa 0.00% 5.01% 0.00%
Lithuania A3 1.41% 6.77% 1.76%
Luxembourg Aaa 0.00% 5.01% 0.00%
Macao Aa3 0.71% 5.90% 0.89%
Macedonia Ba3 4.22% 10.30% 5.29%
Madagascar NA 7.63% 14.57% 9.56%
Malawi NA 10.57% 18.24% 13.23%
Malaysia A3 1.41% 6.77% 1.76%
Maldives B3 7.63% 14.57% 9.56%
Mali B3 7.63% 14.57% 9.56%
Malta A2 1.00% 6.26% 1.25%
Mauritius Baa1 1.87% 7.36% 2.35%
Mexico Baa1 1.87% 7.36% 2.35%
Moldova B3 7.63% 14.57% 9.56%
Mongolia B3 7.63% 14.57% 9.56%
Montenegro B1 5.28% 11.62% 6.61%
Montserrat Baa3 2.58% 8.24% 3.23%
Morocco Ba1 2.93% 8.68% 3.67%
Mozambique Caa2 10.57% 18.24% 13.23%
Myanmar NA 7.63% 14.57% 9.56%
Namibia Ba2 3.53% 9.42% 4.41%
Netherlands Aaa 0.00% 5.01% 0.00%
New Zealand Aaa 0.00% 5.01% 0.00%
Nicaragua B3 7.63% 14.57% 9.56%
Niger B3 7.63% 14.57% 9.56%
Nigeria B2 6.46% 13.10% 8.09%
Norway Aaa 0.00% 5.01% 0.00%
Oman Ba3 4.22% 10.30% 5.29%
Pakistan B3 7.63% 14.57% 9.56%
Panama Baa1 1.87% 7.36% 2.35%
Papua New Guinea B2 6.46% 13.10% 8.09%
Paraguay Ba1 2.93% 8.68% 3.67%
Peru A3 1.41% 6.77% 1.76%
Philippines Baa2 2.23% 7.81% 2.80%
Poland A2 1.00% 6.26% 1.25%
Portugal Baa3 2.58% 8.24% 3.23%
Qatar Aa3 0.71% 5.90% 0.89%
Ras Al Khaimah (Emirate A2 1.00% 6.26% 1.25%
Romania Baa3 2.58% 8.24% 3.23%
Russia Baa3 2.58% 8.24% 3.23%
Rwanda B2 6.46% 13.10% 8.09%
Saudi Arabia A1 0.83% 6.04% 1.03%
Senegal Ba3 4.22% 10.30% 5.29%
Serbia Ba3 4.22% 10.30% 5.29%
Sharjah Baa2 2.23% 7.81% 2.80%
Sierra Leone NA 10.57% 18.24% 13.23%
Singapore Aaa 0.00% 5.01% 0.00%
Slovakia A2 1.00% 6.26% 1.25%
Slovenia Baa1 1.87% 7.36% 2.35%
Solomon Islands B3 7.63% 14.57% 9.56%
Somalia NA 14.08% 22.64% 17.63%
South Africa Ba1 2.93% 8.68% 3.67%
Spain Baa1 1.87% 7.36% 2.35%
Sri Lanka B2 6.46% 13.10% 8.09%
St. Maarten Baa3 2.58% 8.24% 3.23%
St. Vincent & the Grenadi B3 7.63% 14.57% 9.56%
Sudan NA 17.50% 26.92% 21.91%
Suriname B3 7.63% 14.57% 9.56%
Swaziland B2 6.46% 13.10% 8.09%
Sweden Aaa 0.00% 5.01% 0.00%
Switzerland Aaa 0.00% 5.01% 0.00%
Syria NA 14.08% 22.64% 17.63%
Taiwan Aa3 0.71% 5.90% 0.89%
Tajikistan B3 7.63% 14.57% 9.56%
Tanzania B1 5.28% 11.62% 6.61%
Thailand Baa1 1.87% 7.36% 2.35%
Togo B3 7.63% 14.57% 9.56%
Trinidad and Tobago Ba1 2.93% 8.68% 3.67%
Tunisia B2 6.46% 13.10% 8.09%
Turkey B1 5.28% 11.62% 6.61%
Turks and Caicos Islands Baa1 1.87% 7.36% 2.35%
Uganda B2 6.46% 13.10% 8.09%
Ukraine B3 7.63% 14.57% 9.56%
United Arab Emirates Aa2 0.58% 5.74% 0.73%
United Kingdom Aa2 0.58% 5.74% 0.73%
United States Aaa 0.00% 5.01% 0.00%
Uruguay Baa2 2.23% 7.81% 2.80%
Uzbekistan B1 5.28% 11.62% 6.61%
Venezuela C 17.50% 26.92% 21.91%
Vietnam Ba3 4.22% 10.30% 5.29%
Yemen, Republic NA 17.50% 26.92% 21.91%
Zambia Ca 14.08% 22.64% 17.63%
Zimbabwe NA 14.08% 22.64% 17.63%

ERP Default Spread Tax rate CRP

Africa 12.20% 5.74% 28.49% 7.19%
Asia 6.56% 1.24% 26.12% 1.55%
Australia & New Zealand 5.01% 0.00% 29.75% 0.00%
Caribbean 13.15% 6.50% 23.88% 8.14%
Central and South America 10.48% 4.37% 30.96% 5.47%
Eastern Europe & Russia 8.20% 2.54% 18.36% 3.19%
Middle East 7.48% 1.98% 27.37% 2.47%
North America 5.01% 0.00% 25.12% 0.00%
Western Europe 6.22% 0.96% 25.04% 1.21%

Global 6.54% 1.22% 25.70% 1.53%

Corporate Tax Rate
55.00%
15.00%
26.00%
10.00%
30.00%
30.00%
20.00%
25.00%
30.00%
25.00%
20.00%
0.00%
0.00%
25.00%
5.50%
18.00%
29.00%
32.36%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
18.50%
10.00%
28.00%
20.00%
33.00%
26.50%
0.00%
0.00%
27.00%
25.00%
33.00%
35.00%
32.36%
28.43%
30.00%
25.00%
18.00%
27.24%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
31.00%
30.00%
31.00%
15.00%
30.00%
25.00%
28.00%
25.00%
0.00%
29.15%
29.15%
18.64%
18.64%
25.00%
16.50%
9.00%
20.00%
30.00%
25.00%
20.23%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
30.62%
0.00%
20.00%
20.00%
30.00%
25.00%
23.10%
15.00%
10.00%
30.19%
20.00%
17.00%
29.15%
20.00%
12.50%
15.00%
26.01%
12.00%
10.00%
20.00%
30.00%
24.00%
30.19%
28.24%
35.00%
15.00%
30.00%
12.00%
25.00%
9.00%
27.24%
31.00%
32.00%
25.00%
32.00%
25.00%
28.00%
30.00%
32.36%
30.00%
22.00%
15.00%
30.00%
25.00%
30.00%
10.00%
29.50%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
30.00%
20.00%
30.00%
15.00%
0.00%
30.00%
17.00%
21.00%
19.00%
30.00%
29.15%
28.00%
25.00%
28.00%
35.00%
30.00%
35.00%
36.00%
27.50%
21.40%
18.00%
28.00%
20.00%
30.19%
30.00%
20.00%
32.36%
25.00%
25.00%
22.00%
0.00%
30.00%
18.00%
55.00%
19.00%
25.00%
25.00%
7.50%
34.00%
20.00%
20.00%
35.00%
25.00%
 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) = ### (Add back only long term interest expense for financial firms)
Enter current interest expenses = $2,591.00 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 0.70%
Output
Interest coverage ratio = 20.44
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the operating lease commitment q
Estimated Company Default Spread 0.76% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if 0.00%
Estimated Cost of Debt = 1.46%

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 21.66%
0.2 0.649999 C2/C 16.25%
0.65 0.799999 Ca2/CC 12.38%
0.8 1.249999 Caa/CCC 11.75%
1.25 1.499999 B3/B- 10.08%
1.5 1.749999 B2/B 8.25%
1.75 1.999999 B1/B+ 4.31%
2 2.2499999 Ba2/BB 2.95%
2.25 2.49999 Ba1/BB+ 2.32%
2.5 2.999999 Baa2/BBB 1.81%
3 4.249999 A3/A- 1.34%
4.25 5.499999 A2/A 1.19%
5.5 6.499999 A1/A+ 1.08%
6.5 8.499999 Aa2/AA 0.86%
8.50 100000 Aaa/AAA 0.76%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 21.66% Rating isSpread July 2020
0.5 0.799999 C2/C 16.25% A1/A+ 1.08%
0.8 1.249999 Ca2/CC 12.38% A2/A 1.19%
1.25 1.499999 Caa/CCC 11.75% A3/A- 1.34%
1.5 1.999999 B3/B- 10.08% Aa2/AA 0.86%
2 2.499999 B2/B 8.25% Aaa/AAA 0.76%
2.5 2.999999 B1/B+ 4.31% B1/B+ 4.31%
 3 3.499999 Ba2/BB 2.95% B2/B 8.25%
3.5 3.9999999 Ba1/BB+ 2.32% B3/B- 10.08%
4 4.499999 Baa2/BBB 1.81% Ba1/BB+ 2.32%
4.5 5.999999 A3/A- 1.34% Ba2/BB 2.95%
6 7.499999 A2/A 1.19% Baa2/BBB 1.81%
7.5 9.499999 A1/A+ 1.08% C2/C 16.25%
9.5 12.499999 Aa2/AA 0.86% Ca2/CC 12.38%
12.5 100000 Aaa/AAA 0.76% Caa/CCC 11.75%
D2/D 21.66%
preadsheet.
ions in excel) is checked.

expense for financial firms)

se for financial firms)

e operating lease commitment question in cell F5

 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 Equity (Levered) Beta
Advertising 47 18.98% 12.07% 63.51% 24.14% 0.93 1.44
Aerospace/Defense 77 3.53% 11.37% 33.93% 19.06% 1.08 1.23
Air Transport 18 4.84% 11.60% 13.69% 23.04% 0.84 1.44
Apparel 51 -2.56% 10.58% 16.34% 15.61% 0.83 1.06
Auto & Truck 13 14.31% 3.41% 2.89% 5.54% 0.53 1.10
Auto Parts 46 4.98% 7.24% 17.00% 18.52% 0.95 1.21
Bank (Money Center 7 2.11% 0.00% -0.03% 17.74% 0.56 1.00
Banks (Regional) 611 10.13% 0.00% -0.06% 20.33% 0.43 0.57
Beverage (Alcoholic) 21 10.77% 22.11% 14.95% 18.39% 0.92 1.13
Beverage (Soft) 34 30.75% 20.40% 26.21% 9.76% 1.09 1.22
Broadcasting 27 9.54% 21.99% 21.47% 7.24% 0.73 1.21
Brokerage & Investm 39 6.66% 0.55% 0.04% 19.96% 0.57 1.46
Building Materials 42 12.31% 9.01% 18.65% 24.83% 1.02 1.23
Business & Consume 165 9.57% 10.19% 21.94% 20.24% 0.89 1.07
Cable TV 14 3.78% 17.95% 12.15% 21.22% 0.78 1.11
Chemical (Basic) 43 6.78% 8.30% 11.68% 25.88% 0.99 1.37
Chemical (Diversified 6 -4.80% 10.75% 11.78% 23.10% 1.21 1.85
Chemical (Specialty) 94 6.78% 12.57% 12.93% 25.43% 0.96 1.14
Coal & Related Ener 22 -11.69% 6.63% 12.70% 2.65% 1.05 1.40
Computer Services 106 15.83% 7.65% 24.89% 24.76% 0.95 1.20
Computers/Periphera 48 -1.92% 15.51% 22.64% 15.80% 1.64 1.75
Construction Supplie 44 4.33% 11.93% 15.98% 22.15% 1.10 1.36
Diversified 23 15.16% 13.72% 11.55% 17.90% 1.25 1.40
Drugs (Biotechnolog 503 31.89% 11.25% 8.64% 14.88% 1.39 1.43
Drugs (Pharmaceutic 267 31.72% 24.85% 18.29% 13.19% 1.29 1.36
Education 35 2.76% 8.75% 10.85% 28.48% 1.36 1.61
Electrical Equipment 113 9.12% 13.61% 25.60% 18.09% 1.31 1.44
Electronics (Consume 20 5.86% -1.27% -2.12% 62.78% 1.25 1.28
Electronics (General) 153 7.86% 8.87% 13.97% 18.68% 1.07 1.15
Engineering/Construc 54 8.43% 3.89% 14.55% 24.51% 1.33 1.60
Entertainment 107 8.05% 13.52% 18.57% 20.41% 1.20 1.33
Environmental & Was 82 21.03% 12.10% 20.00% 20.97% 1.05 1.27
Farming/Agriculture 31 0.02% 4.02% 6.27% 21.18% 0.63 0.89
Financial Svcs. (Non 232 10.87% 7.51% 0.23% 19.83% 0.10 0.73
Food Processing 88 4.24% 12.00% 15.55% 14.82% 0.70 0.88
Food Wholesalers 17 22.86% 2.72% 16.82% 19.17% 0.66 0.87
Furn/Home Furnishi 35 9.71% 7.09% 13.36% 22.03% 0.82 1.08
Green & Renewable 22 19.48% 11.82% 1.39% 32.66% 0.59 1.07
Healthcare Products 242 13.40% 15.00% 15.87% 12.50% 0.98 1.04
Healthcare Support 128 18.44% 4.37% 37.91% 23.60% 0.95 1.17
Heathcare Informati 129 18.17% 12.58% 14.40% 13.30% 1.15 1.24
Homebuilding 32 33.64% 10.15% 11.25% 23.56% 0.66 0.83
Hospitals/Healthcare 36 5.20% 10.76% 15.31% 21.48% 0.63 1.22
Hotel/Gaming 65 8.35% 19.22% 11.64% 17.42% 0.91 1.26
Household Products 127 17.42% 17.43% 28.18% 26.92% 0.94 1.03
Information Services 69 13.12% 28.28% 41.52% 18.86% 1.03 1.09
Insurance (General) 19 7.80% 12.18% 9.61% 21.42% 0.59 0.74
Insurance (Life) 24 1.50% 13.29% 8.20% 19.82% 0.73 1.08
Insurance (Prop/Cas. 51 7.05% 10.67% 10.48% 19.78% 0.59 0.68
Investments & Asse 192 0.90% 17.46% 7.31% 17.26% 0.86 1.03
Machinery 120 3.50% 13.84% 24.49% 22.33% 1.10 1.25
Metals & Mining 92 14.84% 11.28% 11.26% 53.29% 1.09 1.31
Office Equipment & 22 3.74% 8.85% 17.48% 22.94% 1.24 1.65
Oil/Gas (Integrated) 4 -6.48% 7.33% 5.36% 30.25% 1.12 1.30
Oil/Gas (Production 269 -3.73% 19.87% 9.03% 19.37% 1.08 1.48
Oil/Gas Distribution 24 14.94% 20.90% 7.99% 22.34% 0.62 1.02
Oilfield Svcs/Equip. 136 1.49% 4.16% 11.59% 20.96% 1.22 1.58
Packaging & Contain 24 5.52% 10.14% 16.83% 21.71% 0.68 0.99
Paper/Forest Produc 15 18.88% 5.40% 9.37% 19.62% 1.25 1.54
Power 52 3.50% 18.32% 6.48% 17.05% 0.38 0.58
Precious Metals 83 14.08% 14.51% 8.07% 27.18% 1.33 1.44
Publishing & Newspa 31 0.13% 5.43% 10.47% 25.95% 0.76 1.07
R.E.I.T. 234 10.67% 27.15% 2.92% 2.18% 0.43 0.68
Real Estate (Develo 20 -2.50% 10.28% 2.08% 22.53% 0.89 1.24
Real Estate (General/ 12 2.41% 29.91% 7.41% 16.33% 1.50 1.63
Real Estate (Operati 57 3.48% 5.75% 11.47% 22.27% 0.68 0.93
Recreation 63 5.47% 9.58% 14.08% 23.58% 0.75 0.90
Reinsurance 2 6.64% 6.61% 5.90% 21.03% 0.77 0.82
Restaurant/Dining 77 7.92% 15.69% 19.08% 20.49% 0.75 0.97
Retail (Automotive) 26 4.70% 5.63% 9.48% 23.49% 0.87 1.33
Retail (Building Supp 17 6.34% 11.20% 28.83% 25.15% 1.15 1.36
Retail (Distributors) 80 7.23% 8.35% 13.57% 23.22% 0.89 1.28
Retail (General) 18 1.51% 4.18% 13.82% 24.94% 0.95 1.14
Retail (Grocery and 13 5.57% 2.29% 7.13% 24.14% 0.35 0.59
Retail (Online) 70 18.27% 6.71% 9.99% 14.32% 1.16 1.23
Retail (Special Lines 89 7.65% 5.76% 12.04% 22.33% 0.69 1.03
Rubber& Tires 4 -6.17% 5.51% 6.12% 41.97% 0.45 0.98
Semiconductor 72 8.35% 24.62% 17.00% 14.08% 1.24 1.29
Semiconductor Equi 39 5.31% 19.22% 22.14% 13.52% 1.25 1.28
Shipbuilding & Marin 10 9.78% 7.41% 6.02% 22.82% 1.57 2.17
Shoe 11 3.12% 12.47% 30.57% 15.30% 0.83 0.87
Software (Entertainm 86 13.53% 22.64% 17.01% 18.77% 1.29 1.29
Software (Internet) 30 30.92% 9.15% 11.12% 15.35% 1.50 1.67
Software (System & A 363 15.04% 22.25% 20.03% 11.24% 1.15 1.20
Steel 32 2.29% 7.75% 16.31% 18.28% 1.29 1.62
Telecom (Wireless) 18 3.48% 10.39% 5.65% 25.25% 0.60 1.14
Telecom. Equipment 91 4.86% 19.28% 20.70% 21.98% 0.84 0.89
Telecom. Services 67 10.08% 18.29% 13.05% 18.21% 0.67 1.05
Tobacco 17 3.84% 39.34% 54.11% 29.89% 1.43 1.68
Transportation 18 14.35% 5.04% 10.45% 21.53% 0.96 1.31
Transportation (Railr 8 0.08% 38.69% 15.44% 23.38% 1.89 2.24
Trucking 33 12.98% -4.62% 0.33% 26.64% 1.04 1.37
Utility (General) 16 2.27% 17.45% 6.63% 14.43% 0.19 0.28
Utility (Water) 17 7.54% 30.26% 7.87% 22.26% 0.57 0.68
Total Market 7053 10.15% 10.70% 7.31% 18.57% 0.83 1.13
Total Market (without 5878 10.53% 11.15% 12.96% 18.43% 1.01 1.21
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/Capita
equity stock prices of debt l capital l EV/Sales EV/EBITDA EV/EBIT Price/Book
9.41% 62.38% 3.67% 45.97% 6.35% 5.43 1.94 9.20 15.12 5.98
8.32% 38.74% 3.27% 19.54% 7.18% 3.15 2.27 14.94 19.77 6.09
9.38% 31.74% 3.27% 50.84% 5.86% 1.50 1.34 6.54 12.00 2.34
7.41% 51.10% 3.67% 29.46% 6.04% 1.72 1.89 10.93 17.56 3.73
7.61% 35.02% 3.27% 62.25% 4.40% 0.87 1.26 14.39 36.55 1.82
8.22% 50.43% 3.67% 33.72% 6.37% 2.46 0.75 6.38 10.18 1.95
7.12% 17.74% 2.72% 64.00% 3.87% 0.20 7.28 NA NA 1.27
4.87% 18.26% 2.72% 38.62% 3.78% 0.26 5.95 NA NA 1.37
7.78% 42.46% 3.67% 23.83% 6.58% 0.72 4.62 16.32 20.87 2.99
8.26% 57.08% 3.67% 16.13% 7.37% 1.33 4.88 19.92 23.73 8.05
8.23% 32.65% 3.27% 49.61% 5.36% 1.13 2.72 9.06 12.44 2.08
9.52% 27.36% 3.27% 72.85% 4.37% 0.20 6.17 NA NA 1.27
8.32% 30.78% 3.27% 24.28% 6.90% 2.42 1.60 12.28 17.36 3.99
7.46% 43.80% 3.67% 23.26% 6.37% 2.28 2.39 14.00 22.57 5.00
7.72% 25.03% 3.27% 37.57% 5.74% 0.79 3.44 10.12 18.55 2.61
9.03% 51.96% 3.67% 37.92% 6.65% 1.50 1.30 8.24 15.40 2.12
11.55% 35.92% 3.27% 44.03% 7.55% 1.24 1.35 7.94 12.53 1.89
7.82% 48.36% 3.67% 22.19% 6.70% 1.13 2.09 10.56 16.38 2.61
9.18% 54.71% 3.67% 44.35% 6.33% 1.86 0.62 2.25 6.33 0.86
8.18% 45.52% 3.67% 30.87% 6.50% 3.37 1.28 10.36 15.92 3.81
11.01% 50.41% 3.67% 13.41% 9.90% 1.52 3.23 15.13 20.80 11.03
9.01% 29.91% 3.27% 28.64% 7.13% 1.57 1.68 10.50 13.98 3.41
9.21% 38.16% 3.27% 23.76% 7.60% 0.91 2.45 12.92 17.84 1.93
9.37% 67.45% 4.42% 12.73% 8.60% 0.43 7.33 13.29 45.77 7.08
9.00% 77.14% 6.92% 12.99% 8.51% 0.76 5.44 14.57 21.08 6.33
10.27% 37.64% 3.27% 25.19% 8.30% 1.31 2.59 14.46 29.27 2.51
9.43% 53.67% 3.67% 17.35% 8.27% 1.90 2.56 12.82 17.79 4.85
8.55% 62.17% 3.67% 17.13% 7.56% 1.87 0.91 15.65 NA 2.76
7.90% 42.78% 3.67% 15.42% 7.11% 1.63 1.99 13.07 21.69 3.27
10.23% 33.19% 3.27% 28.20% 8.03% 3.92 0.70 9.75 16.43 1.87
8.85% 55.57% 3.67% 16.71% 7.83% 1.41 4.72 21.85 34.91 3.70
8.52% 44.34% 3.67% 24.06% 7.13% 1.69 3.08 13.93 24.91 4.29
6.57% 46.88% 3.67% 38.42% 5.10% 1.59 1.08 13.92 23.76 2.55
5.73% 25.70% 3.27% 89.82% 2.79% 0.04 30.15 NA NA 2.22
6.47% 31.53% 3.27% 27.21% 5.38% 1.36 2.30 14.26 18.84 2.58
6.43% 31.58% 3.27% 30.53% 5.22% 6.78 0.60 13.95 22.22 5.93
7.52% 43.38% 3.67% 32.59% 5.97% 1.96 1.11 9.27 14.80 2.21
7.50% 53.76% 3.67% 52.97% 4.98% 0.16 9.94 17.15 123.23 1.68
7.34% 53.09% 3.67% 11.70% 6.81% 1.03 5.94 22.67 37.55 5.13
8.01% 49.95% 3.67% 28.52% 6.51% 9.69 0.69 11.74 16.05 2.86
8.39% 53.86% 3.67% 12.79% 7.67% 1.14 5.41 23.49 40.46 5.28
6.22% 36.55% 3.27% 30.65% 5.07% 1.33 1.21 10.95 11.89 1.63
8.27% 42.63% 3.67% 56.56% 5.15% 1.59 1.63 9.37 15.60 6.32
 8.48% 34.10% 3.27% 36.07% 6.31% 0.72 3.78 12.74 20.31 3.85
7.28% 50.91% 3.67% 14.66% 6.61% 1.71 3.74 16.57 21.32 8.20
7.60% 37.80% 3.27% 10.62% 7.06% 1.59 9.17 26.35 32.25 6.58
5.78% 31.00% 3.27% 29.29% 4.81% 0.93 1.95 10.27 15.89 1.48
7.52% 25.13% 3.27% 49.37% 5.02% 0.72 1.36 9.53 10.23 0.71
5.45% 21.71% 2.72% 20.86% 4.74% 1.14 1.49 11.40 13.80 1.53
7.26% 27.88% 3.27% 35.24% 5.57% 0.46 4.58 21.98 25.79 1.68
8.40% 35.39% 3.27% 19.26% 7.26% 1.98 2.58 13.88 18.35 4.09
8.73% 73.25% 4.42% 27.65% 7.24% 1.01 2.04 9.58 17.43 1.86
10.48% 31.28% 3.27% 35.43% 7.63% 2.25 1.20 8.77 13.29 2.96
8.68% 28.62% 3.27% 21.15% 7.37% 0.96 1.61 9.17 21.74 1.41
9.61% 59.37% 3.67% 36.06% 7.14% 0.46 2.71 4.89 13.29 1.19
7.20% 32.66% 3.27% 47.28% 4.96% 0.40 4.44 12.87 20.68 1.58
10.13% 53.50% 3.67% 32.73% 7.72% 2.79 0.74 8.58 16.78 1.47
7.07% 33.14% 3.27% 39.74% 5.24% 1.85 1.59 9.51 15.32 3.10
9.91% 37.37% 3.27% 28.29% 7.80% 1.91 0.77 7.53 14.03 1.59
4.91% 18.49% 2.72% 42.03% 3.71% 0.41 4.11 12.03 22.73 2.01
9.38% 82.64% 6.92% 15.52% 8.73% 0.57 5.05 13.65 34.17 1.74
7.47% 38.18% 3.27% 40.32% 5.45% 2.14 1.07 9.18 19.77 1.59
5.48% 19.86% 2.72% 45.76% 3.90% 0.13 13.48 22.64 51.01 2.26
8.35% 47.22% 3.67% 41.18% 6.04% 0.28 5.37 26.11 68.34 1.58
10.41% 21.35% 2.72% 31.24% 7.80% 0.27 6.57 7.68 13.48 0.88
6.77% 39.15% 3.27% 37.03% 5.17% 2.11 1.39 12.60 22.98 2.58
6.61% 47.53% 3.67% 25.20% 5.64% 1.63 2.35 13.31 23.24 6.04
6.18% 14.87% 2.72% 22.49% 5.25% 1.09 1.12 14.91 17.19 1.06
6.98% 38.76% 3.27% 29.41% 5.65% 1.53 4.26 16.88 31.84 NA
8.85% 37.37% 3.27% 42.15% 6.15% 2.26 1.19 13.90 23.64 6.45
8.99% 47.29% 3.67% 20.45% 7.71% 3.10 2.03 13.60 18.57 43.05
8.57% 42.83% 3.67% 37.83% 6.37% 1.79 1.40 12.66 16.14 2.96
7.87% 40.40% 3.67% 24.30% 6.62% 4.20 0.88 12.21 22.57 4.84
4.98% 37.18% 3.27% 49.15% 3.74% 4.26 0.49 8.93 25.37 2.69
8.32% 55.97% 3.67% 11.40% 7.68% 1.65 3.42 22.82 53.48 13.50
7.28% 44.95% 3.67% 41.37% 5.41% 2.45 1.19 9.72 21.29 4.57
7.03% 57.59% 3.67% 64.03% 4.29% 1.29 0.74 5.93 12.44 0.80
8.61% 43.69% 3.67% 10.55% 7.99% 0.71 5.38 13.71 21.66 5.01
8.57% 41.06% 3.67% 10.85% 7.94% 1.23 4.00 15.71 20.43 5.85
13.22% 34.05% 3.27% 35.78% 9.37% 0.76 1.98 11.32 23.31 1.34
6.43% 37.56% 3.27% 8.09% 6.11% 2.91 3.55 22.08 29.03 12.21
8.62% 61.37% 3.67% 3.66% 8.40% 0.71 6.76 20.60 30.27 5.12
10.62% 44.78% 3.67% 16.95% 9.29% 1.02 7.64 20.23 58.76 9.39
8.14% 49.50% 3.67% 8.82% 7.67% 0.85 8.77 24.00 35.62 9.92
10.34% 39.39% 3.27% 31.96% 7.82% 2.29 0.70 6.24 8.90 1.44
7.86% 41.85% 3.67% 56.75% 4.96% 0.59 2.43 6.64 23.87 1.54
6.57% 46.30% 3.67% 14.69% 6.01% 1.06 3.50 13.42 17.72 5.00
7.37% 54.47% 3.67% 44.19% 5.33% 0.76 2.85 7.93 15.74 2.13
10.66% 38.49% 3.27% 22.21% 8.83% 1.55 5.19 12.30 13.16 89.12
8.71% 27.99% 3.27% 35.16% 6.51% 2.45 1.35 12.39 27.53 4.93
13.57% 18.25% 2.72% 20.78% 11.17% 0.46 6.32 12.56 16.55 4.91
9.06% 41.85% 3.67% 36.66% 6.74% 1.14 1.93 9.08 NA 2.81
3.40% 13.11% 2.72% 40.10% 2.85% 0.44 4.26 14.13 24.65 2.11
5.48% 17.88% 2.72% 26.34% 4.57% 0.29 8.83 19.02 29.10 3.34
7.79% 42.36% 3.67% 36.71% 5.94% 0.73 3.16 17.54 28.99 3.21
8.21% 46.41% 3.67% 24.01% 6.90% 1.22 2.62 13.75 22.97 3.89
 Pre-tax
Operating
Margin
Non-cash Cap Ex as Net Cap Ex Equity (Lease &
WC as % of % of as % of Reinvestmen Dividend Reinvestment R&D
Trailing PE Revenues Revenues Revenues t Rate ROE Payout Ratio Rate adjusted)
23.77 0.05% 2.21% 6.90% 65.38% 26.08% 101.33% 101.33% 12.20%
44.26 37.47% 2.79% 5.83% 104.37% 31.42% 44.14% 44.14% 11.75%
10.55 1.16% 10.77% 5.43% 61.33% 28.20% 15.08% 15.08% 11.16%
54.57 23.73% 2.52% 1.79% 30.49% 16.72% 43.05% 43.05% 10.71%
16.76 -5.54% 9.45% 5.09% 118.37% 12.43% 51.58% 51.58% 3.51%
17.58 12.62% 4.31% 6.19% 103.00% 12.56% 26.31% 26.31% 7.44%
10.23 NA 1.50% 1.50% NA 12.80% 27.40% 27.40% -0.16%
15.41 NA 3.51% 0.62% NA 12.05% 29.77% 29.77% -0.29%
38.69 16.61% 7.25% 5.49% 41.61% 6.88% 67.00% 67.00% 22.11%
39.87 -7.69% 4.70% 8.76% 48.51% 40.25% 57.44% 57.44% 20.53%
8.56 21.62% 2.76% 29.53% 166.27% 93.39% 38.15% 38.15% 21.83%
18.05 NA 7.80% 7.44% ### 14.06% 22.21% 22.21% 0.23%
25.42 15.91% 2.81% 1.83% 30.10% 14.05% 26.75% 26.75% 9.22%
47.54 14.66% 3.48% 1.14% 21.65% 10.24% 73.82% 73.82% 10.50%
80.57 1.49% 11.19% 16.58% 124.40% 11.76% 23.15% 23.15% 17.93%
16.11 16.09% 5.52% 5.92% 75.72% 9.16% 90.86% 90.86% 8.33%
10.48 20.00% 5.66% 0.47% 6.58% 10.07% 62.72% 62.72% 10.81%
25.34 16.33% 5.13% 4.70% 61.10% 5.68% 63.99% 63.99% 12.89%
10.30 5.94% 7.93% -0.85% 12.65% 11.59% 16.81% 16.81% 6.90%
29.13 12.77% 1.46% 10.91% 179.86% 17.29% 52.14% 52.14% 8.11%
28.92 -8.13% 3.51% 0.67% 9.31% 39.99% 26.84% 26.84% 15.86%
39.58 15.08% 5.17% 4.40% 65.09% 24.78% 28.55% 28.55% 12.09%
22.78 5.55% 5.70% 2.80% 28.60% 7.86% 18.22% 18.22% 13.65%
77.56 13.14% 4.04% 9.59% 164.06% -0.94% 0.10% 0.10% 20.24%
58.18 20.67% 5.16% 9.47% 43.56% 21.51% 61.39% 61.39% 24.34%
22.20 12.31% 5.20% 5.80% 121.32% 12.90% 4.56% 4.56% 8.84%
29.85 19.73% 4.44% 5.54% 53.75% 20.08% 36.80% 36.80% 14.03%
64.24 17.30% 1.72% 0.20% NA -10.11% 0.00% 0.00% -1.20%
125.82 21.14% 5.37% 6.67% 106.02% 11.29% 24.67% 24.67% 9.18%
18.71 17.74% 1.78% 2.80% 118.65% 3.43% 36.86% 36.86% 4.10%
47.68 2.49% 5.28% 8.19% 83.21% 17.66% 22.14% 22.14% 13.46%
735.05 9.95% 8.39% 5.70% 53.80% 10.68% 53.46% 53.46% 12.32%
73.19 11.51% 3.55% 2.89% 133.06% 9.14% 56.24% 56.24% 4.20%
83.00 NA 8.24% 8.37% 202.92% 0.07% 15.96% 15.96% 7.40%
42.25 6.53% 3.61% 2.77% 27.87% 1.90% 303.82% 303.82% 12.18%
47.98 7.24% 1.18% 2.43% 113.88% 15.51% 50.64% 50.64% 2.69%
14.79 13.27% 3.26% 4.85% 86.54% 16.97% 24.22% 24.22% 7.41%
26.23 3.09% 38.26% 41.15% 813.50% -5.80% 0.12% 0.12% 8.59%
84.43 24.30% 5.12% 6.22% 70.87% 9.78% 30.27% 30.27% 15.99%
51.64 -5.18% 0.76% 5.15% 167.87% 13.16% 38.37% 38.37% 4.26%
99.81 22.14% 3.99% 4.53% 59.11% 11.17% 8.54% 8.54% 13.07%
16.26 73.08% 0.82% 1.29% 56.10% 15.26% 7.26% 7.26% 10.18%
38.94 12.27% 6.36% 3.54% 55.29% 62.13% 23.62% 23.62% 10.40%
134.20 7.85% 9.57% 4.94% 39.81% 16.23% 54.30% 54.30% 18.59%
33.23 8.78% 4.11% 5.17% 33.27% 10.59% 152.58% 152.58% 17.49%
46.23 7.18% 3.19% 17.10% 80.52% 30.52% 24.91% 24.91% 28.55%
67.57 -9.67% 0.75% 3.83% 49.36% 7.42% 42.05% 42.05% 12.29%
21.05 7.03% 0.16% 0.23% 9.74% 10.44% 26.07% 26.07% 13.29%
29.60 -51.85% 1.20% 0.63% 13.60% 10.58% 35.82% 35.82% 10.73%
79.94 NA 3.47% 8.28% 60.78% 13.31% 49.33% 49.33% 17.17%
36.10 23.40% 2.90% 8.78% 89.46% 20.03% 28.00% 28.00% 14.10%
727.10 16.22% 10.65% 2.81% 38.41% 3.27% 202.98% 202.98% 11.36%
34.53 9.55% 3.27% 1.19% 21.58% 18.22% 38.57% 38.57% 9.16%
22.67 4.32% 10.48% 7.12% 137.09% 7.85% 89.07% 89.07% 7.40%
8.66 1.98% 45.56% 14.26% 79.17% 6.36% 27.36% 27.36% 20.22%
69.41 3.75% 30.02% 20.67% 125.60% 3.91% 303.21% 303.21% 20.90%
25.44 7.98% 4.00% 1.58% 43.60% -8.40% 0.32% 0.32% 4.37%
20.61 10.27% 5.30% 11.98% 148.07% 15.96% 44.97% 44.97% 10.35%
24.92 14.02% 4.70% 1.77% 39.26% 2.05% 179.43% 179.43% 5.48%
23.74 5.43% 34.13% 21.31% 139.95% 5.71% 97.59% 97.59% 18.10%
76.84 13.97% 15.15% -5.91% -17.95% 12.90% 20.77% 20.77% 14.45%
28.05 13.48% 3.22% 0.19% -5.13% -3.79% 0.80% 0.80% 5.33%
48.00 89.25% 3.69% -9.79% -43.64% 5.49% 192.44% 192.44% 23.47%
48.49 4.32% 3.35% -5.01% -209.89% 3.37% 0.05% 0.05% 7.59%
110.21 345.67% 3.20% -5.90% 133.57% 5.71% 22.05% 22.05% 29.46%
32.46 11.58% 1.28% 0.64% 55.47% 11.92% 19.23% 19.23% 5.77%
30.51 18.67% 5.07% 4.01% 73.92% 4.27% 264.95% 264.95% 9.40%
57.40 -4.08% 0.24% -0.07% 12.28% 5.00% 18.26% 18.26% 6.54%
38.00 0.39% 6.31% 2.22% 26.50% NA 53.91% 53.91% 13.34%
16.62 12.75% 2.14% 1.70% 49.33% 34.60% 4.42% 4.42% 4.88%
238.80 7.74% 2.42% 0.74% 25.76% 94.81% 53.71% 53.71% 10.93%
897.32 17.09% 7.33% 9.24% 137.59% 16.47% 28.91% 28.91% 8.63%
18.64 2.00% 2.45% 0.49% 17.01% 18.14% 44.44% 44.44% 3.89%
395.14 -0.12% 2.79% 0.65% 42.71% 18.11% 34.19% 34.19% 1.92%
243.82 -0.99% 5.26% -0.21% 21.88% 22.41% 3.60% 3.60% 6.24%
23.79 8.00% 2.39% 0.55% 27.21% 19.92% 40.09% 40.09% 5.58%
21.55 19.27% 5.44% 0.30% 77.35% 3.70% 76.43% 76.43% 5.97%
97.09 16.94% 14.12% 15.70% 70.96% 20.29% 43.91% 43.91% 25.37%
39.73 29.00% 4.34% 11.99% 69.04% 27.65% 29.20% 29.20% 19.91%
25.13 16.76% 12.98% 10.47% 173.74% 2.69% 32.11% 32.11% 8.36%
23.09 20.76% 0.65% -0.84% -4.00% 40.16% 26.78% 26.78% 12.23%
33.98 6.69% 16.71% 12.73% 85.61% 18.49% 0.00% 0.00% 24.57%
66.75 9.70% 7.81% 9.53% 156.71% 6.14% 2.58% 2.58% 10.99%
110.90 13.08% 6.52% 7.18% 44.38% 27.91% 30.55% 30.55% 24.06%
14.34 19.61% 5.03% 3.32% 36.27% 18.41% 19.66% 19.66% 7.85%
25.66 1.85% 22.94% 3.38% 123.92% 1.15% 13.80% 13.80% 10.16%
57.04 18.13% 3.17% 9.55% 62.55% 17.58% 53.31% 53.31% 20.32%
742.09 2.25% 12.30% -2.79% -24.94% 5.67% 170.56% 170.56% 18.02%
24.30 16.28% 2.55% 2.65% 19.18% -0.05% 143.69% 143.69% 39.35%
58.53 7.39% 7.06% 3.59% 122.56% 21.61% 59.98% 59.98% 4.90%
20.48 2.61% 16.30% 5.94% 19.13% 23.44% 33.86% 33.86% 38.21%
18.36 5.50% 19.44% 17.41% NA -32.07% 0.14% 0.14% -0.38%
23.72 4.18% 27.57% 26.67% 185.51% 11.07% 75.43% 75.43% 17.28%
48.13 7.23% 44.82% 32.21% 133.05% 13.63% 66.60% 45.97% 30.10%
70.85 -23.20% 6.15% 5.18% 65.65% 13.63% 45.97% 45.97% 10.81%
76.83 8.91% 6.48% 5.39% 66.82% 13.30% 52.42% 52.42% 11.29%
 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 Equity (Levered) Beta
Advertising 312 9.09% 8.73% 20.10% 26.81% 0.96 1.18
Aerospace/Defense 238 8.04% 9.60% 21.65% 20.49% 1.05 1.18
Air Transport 159 7.14% 8.46% 6.64% 22.12% 0.65 1.10
Apparel 1161 0.90% 11.54% 15.09% 25.12% 0.70 0.80
Auto & Truck 134 4.97% 4.79% 4.60% 22.32% 0.85 1.37
Auto Parts 682 5.28% 5.34% 7.46% 26.03% 1.11 1.26
Bank (Money Center 595 16.39% 0.12% 0.02% 19.57% 0.40 0.81
Banks (Regional) 862 8.37% -0.02% -0.02% 18.28% 0.46 0.63
Beverage (Alcoholic) 216 9.26% 21.60% 13.24% 24.57% 0.80 0.90
Beverage (Soft) 94 9.90% 16.03% 20.21% 12.98% 0.71 0.79
Broadcasting 138 3.52% 17.16% 16.26% 13.01% 0.69 0.97
Brokerage & Investm 559 11.28% 0.98% 0.15% 21.26% 0.44 1.00
Building Materials 426 4.94% 8.01% 10.73% 26.59% 0.83 0.96
Business & Consume 868 10.37% 8.57% 18.81% 25.27% 0.88 1.00
Cable TV 61 1.56% 16.69% 10.83% 23.73% 0.79 1.17
Chemical (Basic) 793 6.47% 7.92% 7.84% 20.56% 0.90 1.06
Chemical (Diversified 73 2.71% 8.42% 7.55% 24.30% 0.95 1.22
Chemical (Specialty) 829 7.55% 10.68% 10.76% 22.76% 0.98 1.12
Coal & Related Ener 224 8.88% 16.64% 14.76% 23.40% 1.27 1.45
Computer Services 969 8.67% 7.04% 19.83% 25.28% 0.98 1.08
Computers/Periphera 332 3.27% 9.99% 13.58% 19.69% 1.35 1.41
Construction Supplie 747 5.04% 10.39% 11.46% 22.70% 0.96 1.15
Diversified 319 7.49% 11.31% 8.73% 17.77% 0.69 0.93
Drugs (Biotechnolog 1024 23.00% 8.97% 7.18% 15.18% 1.40 1.43
Drugs (Pharmaceutic 1263 13.44% 18.09% 11.95% 15.70% 1.20 1.30
Education 211 6.38% 11.43% 11.17% 19.03% 1.02 1.14
Electrical Equipment 902 7.89% 7.07% 11.58% 20.17% 1.15 1.28
Electronics (Consume 142 1.42% 4.82% 9.41% 11.20% 1.30 1.45
Electronics (General) 1345 6.12% 6.05% 8.61% 21.00% 1.38 1.40
Engineering/Construc 1208 4.68% 5.29% 9.51% 25.04% 0.81 1.10
Entertainment 660 13.37% 11.77% 12.78% 22.57% 1.17 1.26
Environmental & Was 325 11.70% 10.43% 12.53% 22.23% 1.01 1.22
Farming/Agriculture 406 8.36% 4.70% 5.38% 19.91% 0.60 0.82
Financial Svcs. (Non 1059 13.24% 6.77% 0.39% 18.19% 0.15 0.79
Food Processing 1262 6.40% 8.53% 11.94% 21.38% 0.65 0.75
Food Wholesalers 151 15.60% 2.42% 10.67% 26.08% 0.52 0.76
Furn/Home Furnishi 328 6.49% 7.43% 15.56% 18.58% 1.01 1.03
Green & Renewable 213 23.74% 35.65% 7.11% 16.70% 0.59 0.89
Healthcare Products 739 11.38% 14.87% 14.02% 15.28% 1.13 1.20
Healthcare Support 402 18.36% 4.50% 27.23% 23.63% 0.82 1.01
Heathcare Informati 389 17.16% 12.30% 13.08% 15.76% 1.23 1.30
Homebuilding 167 11.34% 10.69% 10.54% 23.87% 0.75 0.89
Hospitals/Healthcare 206 7.81% 10.34% 9.52% 21.68% 0.50 0.78
Hotel/Gaming 639 13.22% 14.33% 8.80% 18.61% 0.68 0.90
Household Products 536 7.90% 16.39% 22.84% 24.38% 0.96 1.03
Information Services 215 14.94% 25.33% 36.83% 19.48% 1.05 1.10
Insurance (General) 216 6.47% 9.53% 13.44% 24.16% 0.54 0.61
Insurance (Life) 137 10.36% 9.21% 11.58% 16.66% 0.98 0.99
Insurance (Prop/Cas. 223 5.89% 8.72% 9.63% 18.05% 0.50 0.56
Investments & Asse 1066 10.67% 18.77% 5.27% 16.80% 0.55 0.81
Machinery 1332 5.51% 9.02% 12.22% 23.77% 1.16 1.25
Metals & Mining 1529 11.40% 8.97% 10.10% 31.33% 1.09 1.33
Office Equipment & 146 3.13% 7.24% 13.16% 26.84% 0.94 1.04
Oil/Gas (Integrated) 49 0.75% 13.11% 13.70% 39.57% 1.14 1.30
Oil/Gas (Production 773 -0.96% 21.98% 9.10% 27.00% 1.14 1.55
Oil/Gas Distribution 160 16.27% 13.76% 7.24% 17.47% 0.83 1.28
Oilfield Svcs/Equip. 508 -0.90% 4.01% 8.22% 25.93% 1.06 1.41
Packaging & Contain 400 5.89% 8.95% 11.67% 22.96% 0.61 0.82
Paper/Forest Produc 279 6.52% 7.67% 6.51% 21.91% 0.74 1.03
Power 538 6.97% 12.62% 6.17% 19.47% 0.51 0.82
Precious Metals 844 18.56% 9.71% 6.81% 34.32% 1.00 1.08
Publishing & Newspa 352 0.96% 5.95% 7.24% 24.20% 0.85 0.96
R.E.I.T. 753 11.28% 35.99% 3.48% 3.37% 0.35 0.53
Real Estate (Develo 842 12.10% 20.38% 9.11% 35.45% 0.64 1.08
Real Estate (General/ 383 8.63% 19.83% 4.89% 22.67% 0.64 1.01
Real Estate (Operati 691 7.88% 23.00% 4.12% 20.50% 0.49 0.72
Recreation 315 3.88% 11.04% 10.09% 25.32% 0.84 0.92
Reinsurance 34 4.68% 5.90% 7.63% 17.68% 0.92 0.95
Restaurant/Dining 376 6.70% 10.98% 15.30% 22.43% 0.67 0.85
Retail (Automotive) 184 8.16% 4.29% 7.87% 25.02% 0.66 0.98
Retail (Building Supp 93 4.14% 9.78% 19.06% 25.70% 0.90 1.08
Retail (Distributors) 982 11.52% 4.10% 6.79% 23.33% 0.60 0.92
Retail (General) 210 1.56% 4.29% 8.37% 28.00% 0.86 1.12
Retail (Grocery and 170 3.25% 3.69% 7.76% 26.88% 0.49 0.73
Retail (Online) 297 14.43% 5.06% 6.69% 13.55% 1.23 1.28
Retail (Special Lines 479 2.97% 5.63% 11.99% 25.09% 0.75 0.96
Rubber& Tires 89 0.64% 8.57% 8.60% 25.61% 0.72 0.94
Semiconductor 542 4.34% 18.19% 12.61% 14.52% 1.53 1.57
Semiconductor Equi 291 6.26% 16.34% 15.10% 16.16% 1.82 1.84
Shipbuilding & Marin 345 3.93% 8.09% 4.44% 18.47% 0.71 1.13
Shoe 78 -0.37% 9.74% 16.66% 17.94% 0.90 0.95
Software (Entertainm 280 16.81% 22.15% 16.32% 18.87% 1.18 1.18
Software (Internet) 131 29.01% 5.13% 8.35% 15.69% 1.22 1.29
Software (System & A 1375 15.16% 19.63% 18.19% 14.00% 1.25 1.28
Steel 695 6.41% 7.43% 6.44% 19.89% 0.82 1.13
Telecom (Wireless) 103 2.92% 13.78% 8.46% 28.10% 0.61 0.90
Telecom. Equipment 474 5.53% 10.75% 11.14% 23.91% 1.27 1.32
Telecom. Services 317 9.88% 15.02% 10.62% 23.36% 0.59 0.89
Tobacco 54 2.58% 31.97% 19.32% 27.13% 0.87 1.04
Transportation 265 11.46% 6.91% 10.19% 23.20% 0.79 1.09
Transportation (Railr 52 7.04% 23.18% 9.48% 24.88% 0.83 1.04
Trucking 208 6.09% 1.89% 4.26% 26.86% 0.65 0.94
Utility (General) 52 1.72% 9.48% 5.87% 18.51% 0.41 0.65
Utility (Water) 99 11.74% 28.03% 7.67% 23.31% 0.69 0.95
Total Market 44394 8.38% 9.28% 6.15% 22.44% 0.79 1.08
Total Market (without 39677 8.04% 9.78% 9.78% 23.58% 0.92 1.11
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/Capita
equity stock prices of debt l capital l EV/Sales EV/EBITDA EV/EBIT Price/Book
9.24% 46.39% 4.50% 33.05% 7.29% 2.64 1.71 11.10 18.32 2.20
9.24% 37.02% 4.10% 19.76% 8.02% 2.49 2.00 14.69 20.69 5.19
8.69% 30.61% 4.10% 51.58% 5.78% 1.01 1.64 8.16 20.91 2.00
6.88% 36.30% 4.10% 21.66% 6.05% 1.48 2.30 12.58 19.05 3.01
10.41% 33.62% 4.10% 53.44% 6.48% 1.06 0.90 9.81 18.37 1.03
9.71% 34.67% 4.10% 28.11% 7.84% 1.62 0.75 7.08 13.61 1.29
6.91% 22.54% 3.55% 71.14% 3.87% 0.14 7.62 NA NA 0.94
5.83% 19.98% 3.55% 60.95% 3.89% 0.21 4.90 NA NA 0.72
7.49% 29.17% 4.10% 18.38% 6.67% 0.74 4.27 15.54 19.68 3.64
6.82% 34.38% 4.10% 17.03% 6.18% 1.40 3.64 17.58 22.49 5.78
7.91% 33.69% 4.10% 40.21% 5.96% 1.14 2.03 8.46 11.71 1.56
8.10% 36.29% 4.10% 68.56% 4.64% 0.18 7.15 NA NA 1.41
7.88% 31.42% 4.10% 24.38% 6.70% 1.60 1.40 10.75 16.90 2.15
8.10% 41.49% 4.50% 20.83% 7.11% 2.54 1.93 9.73 21.45 4.22
9.16% 30.69% 4.10% 41.62% 6.62% 0.76 3.38 9.66 19.37 2.42
8.50% 32.19% 4.10% 27.91% 6.98% 1.17 1.31 9.60 16.08 1.49
9.44% 29.94% 4.10% 32.77% 7.35% 1.08 1.21 8.19 14.19 1.30
8.82% 36.68% 4.10% 21.07% 7.61% 1.17 2.03 11.48 18.61 2.28
10.89% 55.46% 4.50% 34.39% 8.30% 0.98 1.14 4.53 6.66 0.94
8.59% 39.39% 4.10% 19.37% 7.52% 3.28 1.23 11.79 16.76 3.37
10.65% 37.67% 4.10% 14.64% 9.54% 1.51 1.84 11.76 18.14 3.81
9.02% 35.08% 4.10% 31.46% 7.14% 1.28 1.35 8.55 12.50 1.62
7.67% 26.62% 4.10% 40.43% 5.80% 0.90 1.59 9.69 13.78 1.08
10.74% 62.07% 4.50% 10.95% 9.93% 0.44 7.93 16.03 64.01 6.75
9.93% 52.03% 4.50% 15.45% 8.92% 0.71 4.13 14.50 22.15 3.66
8.94% 39.39% 4.10% 21.45% 7.68% 1.14 3.18 15.17 27.66 2.77
9.83% 38.22% 4.10% 22.42% 8.31% 1.32 1.70 10.36 16.59 2.28
10.89% 40.86% 4.50% 27.96% 8.78% 1.84 0.78 7.94 14.72 1.63
10.57% 39.67% 4.10% 15.06% 9.43% 1.55 1.46 13.09 23.10 2.37
8.72% 36.53% 4.10% 47.60% 6.02% 2.07 0.64 8.22 11.62 1.11
9.70% 48.01% 4.50% 16.33% 8.67% 1.23 3.90 19.03 32.63 3.25
9.44% 43.82% 4.50% 27.01% 7.79% 1.35 2.48 13.46 22.78 2.95
6.97% 38.16% 4.10% 36.97% 5.52% 1.28 1.20 13.81 23.86 1.83
6.80% 34.53% 4.10% 86.28% 3.56% 0.07 15.97 152.52 NA 1.35
6.55% 32.02% 4.10% 21.54% 5.80% 1.66 1.73 13.72 20.08 2.75
6.59% 34.20% 4.10% 42.73% 5.08% 5.21 0.48 11.43 19.27 2.07
8.26% 34.40% 4.10% 19.35% 7.25% 2.41 1.19 10.93 15.28 2.72
7.40% 38.03% 4.10% 43.52% 5.51% 0.23 6.76 11.57 19.23 1.72
9.31% 48.36% 4.50% 11.06% 8.65% 0.97 5.17 21.35 33.23 4.56
8.16% 39.82% 4.10% 29.35% 6.66% 7.27 0.72 11.55 16.13 2.55
9.93% 53.76% 4.50% 10.76% 9.22% 1.10 5.71 24.81 42.35 5.53
7.39% 32.29% 4.10% 30.14% 6.08% 1.35 1.15 9.29 11.47 1.58
6.74% 31.47% 4.10% 44.48% 5.10% 1.22 2.22 12.00 22.92 3.42
 7.46% 34.67% 4.10% 34.66% 5.93% 0.77 3.03 12.39 22.43 2.38
8.29% 40.58% 4.50% 12.57% 7.67% 1.60 3.40 16.10 20.52 5.96
8.73% 41.26% 4.50% 10.81% 8.15% 1.65 8.12 25.30 31.21 6.28
5.71% 26.83% 4.10% 29.76% 4.92% 1.66 1.08 9.05 11.05 1.33
8.05% 25.89% 4.10% 44.93% 5.80% 1.49 0.89 8.85 9.52 1.03
5.35% 24.73% 3.55% 22.83% 4.73% 1.33 1.11 10.56 12.53 1.30
6.94% 37.11% 4.10% 47.77% 5.08% 0.31 4.88 20.14 24.68 1.36
9.66% 35.09% 4.10% 18.06% 8.46% 1.50 1.76 12.21 17.97 2.54
10.17% 71.29% 5.25% 31.24% 8.21% 1.16 1.26 7.57 13.20 1.44
8.38% 36.39% 4.10% 25.25% 7.03% 2.09 1.06 9.29 14.13 2.03
9.93% 28.82% 4.10% 20.73% 8.50% 1.38 1.42 6.77 11.01 1.74
11.51% 63.69% 4.50% 36.21% 8.55% 0.43 2.77 5.14 12.26 1.11
9.86% 33.56% 4.10% 44.48% 6.83% 0.59 2.86 12.80 20.58 1.57
10.62% 44.97% 4.50% 35.83% 8.02% 2.24 0.74 9.45 17.83 1.43
6.97% 35.41% 4.10% 35.42% 5.58% 1.55 1.43 9.33 15.58 2.24
8.27% 35.35% 4.10% 39.73% 6.19% 0.98 1.30 9.42 16.73 1.27
7.02% 26.60% 4.10% 48.63% 5.09% 0.60 2.25 9.68 17.84 1.33
8.57% 81.37% 7.75% 16.00% 8.12% 0.72 3.14 11.00 29.81 2.04
7.83% 37.95% 4.10% 28.48% 6.47% 1.46 1.22 10.07 19.77 1.44
5.21% 18.54% 3.55% 43.48% 4.09% 0.11 13.78 23.06 36.57 1.67
8.56% 33.04% 4.10% 60.02% 5.25% 0.55 2.10 9.45 10.11 0.86
8.17% 29.90% 4.10% 49.49% 5.64% 0.29 3.43 12.79 16.87 0.73
6.34% 31.57% 4.10% 41.96% 4.96% 0.21 5.64 17.02 23.00 1.01
7.63% 37.72% 4.10% 21.96% 6.63% 1.07 2.51 13.36 21.68 2.97
7.79% 23.61% 3.55% 19.11% 6.80% 1.49 0.88 13.22 14.84 1.11
7.16% 34.40% 4.10% 29.34% 5.95% 1.83 2.78 14.99 27.46 13.25
7.96% 34.45% 4.10% 42.19% 5.88% 2.51 0.86 12.09 21.27 3.09
8.61% 36.34% 4.10% 23.07% 7.33% 2.49 1.79 12.88 18.87 9.46
7.61% 36.07% 4.10% 47.80% 5.43% 1.94 0.72 10.90 16.71 1.28
8.84% 29.10% 4.10% 33.47% 6.90% 2.76 0.91 11.22 23.19 2.85
6.42% 29.31% 4.10% 43.75% 4.94% 3.03 0.74 9.47 22.48 2.07
9.84% 51.87% 4.50% 10.63% 9.15% 1.59 3.58 23.73 63.81 7.51
7.83% 37.51% 4.10% 32.53% 6.28% 2.46 1.19 10.30 19.70 3.35
7.71% 28.62% 4.10% 35.42% 6.06% 1.17 1.04 6.63 11.80 1.23
11.62% 38.89% 4.10% 10.84% 10.69% 0.74 4.39 13.11 23.71 3.86
13.29% 41.00% 4.50% 9.32% 12.36% 1.03 3.91 17.31 23.37 4.64
8.90% 33.90% 4.10% 50.26% 5.96% 0.63 1.91 9.58 23.09 1.06
7.82% 34.37% 4.10% 11.59% 7.26% 2.01 2.67 18.84 26.78 5.99
9.19% 55.26% 4.50% 4.77% 8.91% 0.76 6.86 21.16 30.98 5.33
9.92% 46.67% 4.50% 13.00% 9.06% 1.46 5.04 19.63 53.90 8.03
9.85% 50.45% 4.50% 8.52% 9.30% 0.93 7.71 24.35 35.57 8.13
8.88% 37.09% 4.10% 41.41% 6.46% 0.99 0.76 5.92 9.88 0.90
7.49% 33.97% 4.10% 43.20% 5.57% 0.68 2.32 6.81 15.96 1.56
10.07% 42.66% 4.50% 14.83% 9.07% 1.11 2.37 14.18 20.88 3.64
7.41% 39.02% 4.10% 43.30% 5.52% 0.81 2.35 7.06 15.54 1.74
8.33% 29.53% 4.10% 24.47% 7.04% 0.73 4.03 11.10 12.54 3.50
8.64% 32.74% 4.10% 38.95% 6.46% 1.78 1.30 10.47 18.46 1.86
8.37% 19.15% 3.55% 28.23% 6.75% 0.52 3.71 10.91 15.82 2.48
7.74% 32.56% 4.10% 42.74% 5.73% 1.20 1.47 8.84 46.04 2.00
5.96% 20.13% 3.55% 46.04% 4.43% 0.76 2.28 12.58 24.10 1.72
7.78% 26.75% 4.10% 38.06% 5.98% 0.34 4.98 12.47 17.83 1.86
8.58% 39.22% 4.10% 41.49% 6.28% 0.75 2.28 14.08 23.08 1.90
8.79% 40.31% 4.50% 28.49% 7.24% 1.13 1.89 11.19 18.66 2.26
 Pre-tax
Operating
Margin
Non-cash Cap Ex as Net Cap Ex Dividend Equity (Lease &
WC as % of % of as % of Reinvestmen Payout Reinvestmen R&D
Trailing PE Revenues Revenues Revenues t Rate ROE Ratio t Rate adjusted)
66.32 -2.43% 2.06% 3.09% 54.25% 7.33% 78.46% 78.46% 9.09%
43.89 33.34% 3.28% 4.81% 104.79% 22.03% 45.34% 45.34% 9.80%
21.68 -2.92% 11.22% 4.40% 71.87% 11.74% 43.62% 43.62% 7.81%
31.98 22.85% 4.32% 2.82% 57.36% 11.86% 53.16% 53.16% 11.90%
35.28 4.63% 7.00% 4.13% 132.03% 8.55% 45.20% 45.20% 5.01%
36.52 11.54% 6.18% 5.17% 143.18% 6.96% 48.31% 48.31% 5.53%
14.38 NA 3.62% 3.36% 3240.04% 10.94% 35.45% 35.45% 0.16%
14.93 NA 3.32% 1.78% NA 10.91% 25.78% 25.78% -0.12%
32.86 8.70% 4.92% 1.41% 13.52% 15.40% 45.16% 45.16% 21.63%
72.48 -4.42% 4.71% 5.57% 40.87% 26.79% 58.58% 58.58% 16.17%
46.47 16.96% 3.81% 14.73% 112.23% 31.76% 42.25% 42.25% 17.15%
60.36 NA 5.33% 4.83% ### 9.00% 49.32% 49.32% 0.99%
29.19 17.22% 4.24% 3.17% 66.98% 10.16% 38.45% 38.45% 8.25%
44.56 9.46% 2.86% 2.04% 43.25% 14.18% 51.63% 51.63% 8.94%
39.47 1.12% 12.73% 10.91% 87.16% 19.12% 16.58% 16.58% 16.72%
36.38 12.24% 9.06% 6.71% 117.42% 8.13% 71.03% 71.03% 8.00%
19.54 18.89% 7.76% 6.04% 109.20% 12.52% 40.97% 40.97% 8.60%
30.04 17.68% 6.96% 5.93% 92.37% 10.95% 47.58% 47.58% 10.89%
17.12 -2.21% 7.83% 4.01% 33.17% 13.06% 56.77% 56.77% 16.71%
37.80 13.78% 1.68% 5.06% 104.29% 16.39% 38.37% 38.37% 7.30%
43.67 2.71% 3.99% 2.04% 27.84% 18.18% 34.05% 34.05% 10.25%
36.03 11.29% 4.89% 2.45% 56.12% 12.03% 49.33% 49.33% 10.54%
27.05 -13.69% 5.11% 3.42% 52.44% 8.24% 30.71% 30.71% 11.39%
156.28 18.43% 5.49% 9.75% 248.23% -2.07% 0.23% 0.23% 16.48%
66.88 17.69% 4.98% 6.22% 46.97% 11.03% 74.47% 74.47% 18.57%
57.39 3.08% 6.83% 8.50% 122.20% 11.76% 34.15% 34.15% 11.32%
53.31 23.79% 4.74% 3.66% 82.74% 6.70% 67.13% 67.13% 9.99%
56.47 2.41% 4.40% 3.69% 121.72% 13.13% 23.70% 23.70% 5.64%
54.11 17.29% 6.45% 5.03% 138.97% 7.90% 48.79% 48.79% 6.37%
52.56 15.41% 3.37% 3.52% 156.88% 9.57% 52.94% 52.94% 5.54%
52.25 5.11% 4.60% 5.19% 72.29% 9.11% 37.59% 37.59% 11.41%
139.86 11.58% 9.57% 7.43% 126.75% 7.72% 69.24% 69.24% 10.68%
79.75 15.69% 4.94% 3.41% 112.79% 6.75% 54.44% 54.44% 4.79%
69.45 NA 6.89% 6.96% 195.11% 20.62% 21.15% 21.15% 6.65%
41.68 10.50% 4.61% 3.77% 62.30% 7.94% 74.53% 74.53% 8.57%
51.75 4.84% 1.50% 1.72% 98.46% 9.13% 54.52% 54.52% 2.48%
28.37 4.77% 3.48% 2.63% 54.42% 14.26% 49.21% 49.21% 7.71%
105.77 4.85% 28.77% 13.76% 69.90% 10.43% 77.84% 77.84% 34.86%
52.19 24.36% 5.36% 6.43% 73.06% 9.69% 38.01% 38.01% 15.65%
36.18 -1.25% 1.00% 4.64% 157.31% 12.27% 39.05% 39.05% 4.41%
770.42 20.89% 5.62% 6.40% 85.22% 10.18% 15.27% 15.27% 12.88%
16.18 59.54% 1.21% 1.26% 62.00% 14.77% 21.82% 21.82% 9.99%
39.72 7.56% 6.92% 5.70% 95.93% 12.87% 39.65% 39.65% 9.35%
 53.15 0.13% 8.60% 5.46% 57.35% 11.44% 52.95% 52.95% 13.36%
73.77 6.71% 3.82% 3.47% 30.26% 16.30% 74.39% 74.39% 16.53%
39.07 6.87% 3.26% 14.11% 78.66% 27.33% 26.40% 26.40% 25.59%
28.44 -1.06% 0.73% 2.24% 35.87% 9.62% 49.79% 49.79% 9.54%
24.90 -100.44% 0.69% 0.46% 6.29% 11.23% 29.03% 29.03% 9.25%
42.81 -37.72% 0.86% 0.14% 11.64% 9.59% 36.64% 36.64% 8.73%
119.48 NA 2.60% 14.36% 119.90% 10.25% 48.83% 48.83% 18.26%
37.30 25.26% 4.32% 5.10% 96.45% 10.33% 44.50% 44.50% 9.81%
155.38 9.46% 7.89% 4.57% 76.84% 7.56% 76.72% 76.72% 9.08%
28.86 13.64% 2.61% 0.94% 34.87% 9.19% 47.20% 47.20% 7.54%
23.56 2.75% 9.03% 3.44% 39.93% 14.15% 63.51% 63.51% 12.92%
21.49 3.02% 35.12% 11.11% 66.13% 6.22% 56.67% 56.67% 22.31%
25.89 3.30% 17.10% 10.59% 92.24% 7.20% 124.74% 124.74% 13.69%
32.97 5.74% 4.24% 2.27% 70.00% 0.01% 0.64% 0.64% 4.09%
31.04 13.83% 5.95% 8.50% 124.23% 9.92% 52.44% 52.44% 9.14%
31.86 18.79% 6.88% 6.82% 123.22% 5.43% 72.55% 72.55% 7.72%
29.29 1.46% 15.90% 8.24% 91.18% 7.86% 68.97% 68.97% 12.44%
75.41 12.30% 17.41% 7.51% 168.90% 3.56% 100.12% 100.12% 9.88%
88.49 12.51% 3.54% 1.85% 37.61% 2.79% 126.54% 126.54% 5.84%
65.48 66.89% 6.30% 1.65% 5.61% 6.11% 118.69% 118.69% 33.11%
48.49 161.31% 2.91% 4.88% 133.77% 12.83% 57.02% 57.02% 20.33%
39.26 84.32% 8.67% 10.27% 130.72% 7.66% 40.86% 40.86% 19.87%
429.93 21.02% 4.66% 4.57% 36.89% 8.11% 30.21% 30.21% 23.22%
40.73 22.90% 6.19% 3.92% 95.36% 7.68% 66.20% 66.20% 11.03%
19.61 -45.51% 0.44% 0.69% 27.82% 6.12% 59.03% 59.03% 5.89%
75.37 -1.51% 4.86% 2.30% 32.87% 42.10% 52.85% 52.85% 10.07%
42.52 11.14% 2.51% 1.81% 77.04% 14.86% 34.17% 34.17% 3.88%
65.77 8.01% 2.42% 0.65% 26.62% 32.90% 54.40% 54.40% 9.49%
114.37 13.94% 3.00% 2.60% 46.96% 10.44% 40.47% 40.47% 4.22%
36.01 -0.43% 2.87% 0.74% 32.89% 11.47% 50.20% 50.20% 3.91%
243.19 -3.82% 2.86% 0.76% 29.66% 10.18% 56.80% 56.80% 3.29%
82.74 -0.50% 4.67% 0.51% 66.25% 16.75% 8.96% 8.96% 4.78%
28.58 7.49% 2.20% 0.33% 24.33% 14.11% 41.43% 41.43% 5.99%
44.02 21.23% 5.81% 3.38% 64.29% 9.75% 41.36% 41.36% 8.84%
80.32 17.01% 17.07% 13.99% 90.75% 14.55% 48.63% 48.63% 18.90%
52.13 29.05% 6.88% 8.23% 62.67% 17.32% 39.60% 39.60% 17.02%
25.97 1.34% 9.41% 4.42% 67.54% 5.18% 76.32% 76.32% 8.15%
27.97 20.00% 1.69% -0.28% 4.68% 20.80% 36.84% 36.84% 9.93%
90.61 3.10% 13.49% 8.93% 57.94% 18.70% 3.62% 3.62% 23.84%
62.07 3.57% 7.68% 8.21% 245.65% 0.43% 580.31% 580.31% 6.15%
99.44 13.72% 5.62% 8.27% 59.05% 21.17% 32.64% 32.64% 21.24%
47.73 13.91% 4.93% 2.70% 62.21% 5.21% 60.95% 60.95% 7.54%
30.64 -5.19% 12.56% 0.63% 22.93% 6.28% 89.99% 89.99% 14.36%
119.54 21.13% 3.71% 4.32% 69.87% 7.69% 81.77% 81.77% 11.02%
92.74 1.51% 12.95% -3.32% -30.53% 7.76% 100.79% 100.79% 15.10%
18.33 19.32% 3.54% 2.33% 19.70% 20.84% 94.66% 94.66% 32.11%
85.83 3.10% 5.22% 4.10% 98.00% 12.40% 60.77% 60.77% 7.05%
24.18 10.02% 17.07% 11.88% 71.83% 15.30% 28.57% 28.57% 23.46%
21.05 8.03% 10.60% 8.38% 1460.24% -3.89% 0.34% 0.34% 4.10%
419.59 -1.89% 13.08% 9.13% 117.66% 12.24% 58.93% 58.93% 9.45%
30.35 2.51% 25.79% 17.60% 117.76% 10.69% 62.39% 48.53% 27.80%
65.24 -117.43% 5.87% 3.97% 69.13% 10.69% 48.53% 48.53% 9.42%
66.07 10.92% 6.32% 4.10% 69.36% 10.41% 54.72% 54.72% 9.94%
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
Technology & Content $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA

Current year's lease expense $ 107.00

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

G&A 630.29 286.14 426.61 770.76

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

Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/No Book or Market VaERP choices Cost of debt Synthetic rati Beta Rating is
Yes B Will input Direct input 1 Direct input Aaa/AAA
No V Country of incorporati Synthetic ratin 2 Single Business(US) Aa2/AA
Operating countries Actual rating Single Business(GlobaA1/A+
Operating regions Multibusiness(US) A2/A
Multibusiness(Global)A3/A-
Baa2/BBB
Ba1/BB+
Ba2/BB
B1/B+
B2/B
B3/B-
C2/C
Ca2/CC
Caa/CCC
D2/D