Date of valuation Sep-13 Important: Before you run this spreadsheet, go into preferen

Company name Tesla There should be a check against the iteration box. If there is n
Numbers from your base year below ( in consistent units)
This year Last year
Country of incorporation United States of America -0.16311
Industry (US) Automotive
Industry (Global) Auto & Truck
Revenues $ 1,328.70 $ 413.26
Operating income or EBIT $ (216.72) $ (394.28) Don't adjust operating income for leases or R&D
Interest expense $ 19.83 $ (0.25)
Book value of equity $ 629.43 $ 124.70
Book value of debt $ 578.74 $ 452.34
Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, you have to input the number
Do you have operating lease commitments? No If you have operating leases, please enter your lease commitm
Cash and cross holdings $ 201.89 $ 746.06
Non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 121.45
Current stock price = $ 168.76 Computed numbers: Here is wha
Effective tax rate = 0.00% If you are not working in US dollar
Marginal tax rate = 35.00%
The value drivers below: Revenue growth in the most recent
Compounded annual revenue growth rate over next 5 ye 70.00% Target Porsche revenues Pre-tax operating margin in the mo
Target pre-tax operating margin (EBIT as % of sales in 12.50% 95th percentile: Auto induSales to capital ratio in most recent
Sales to capital ratio (for computing reinvestment) = 1.41 Average for US Return on invested capital in most r
Market numbers Year 10 ROC= 11.34% Standard deviation in stock prices =
Riskfree rate 2.75% Cost of capital =
Initial cost of capital = 10.03% See cost of capital worksheet
Other inputs Treated it as 60% auto, 40% technology company for the mom
Do you have employee options outstanding? Yes
Number of options outstanding = 25.01 From last 10K
Average strike price = $21.20 From last 10K
Average maturity = 3.50 From last 10K
Standard deviation on stock price = 50.00% Used 80th percentile of US stock standard deviatons

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 approach th
Aswath
If yes, enter the cost of capital after year
Damodaran:
10 = 8% Though some sectors, even in stable growth, may have higher
I will assume that your firm willAssuming
earn a return
that theon capital equal to its cost of capital after year 10. I am assuming that whatever competitive
Do you want to override this assumption = of this
cyclical nature No Mature companies find it difficult to generate returns that exc
business
If yes, enter the return on capital will result
you expect afterinyear 12% But there are significant exceptions among companies with lo
I will assume that your firm hasa nohigher cost of
chance of failure over the foreseeable future.
capital.
Do you want to override this assumption = Yes Many young, growth companies fail, especially if they have tr
If yes, enter the probability of failure = 10% 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 the com
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will be worth nothing if the firm
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 = Yes Check the financial statements.
If yes, enter the NOL that you are carrying over into ye $1,070.00 From last 10K
run this spreadsheet, go into preferences in Excel and check under Calculation options
against the iteration box. If there is not, you will get circular reasoning errors.
n consistent units)

operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below)

e 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 = 221.52% 42.35% 78.00%
Pre-tax operating margin in the most recent year -1.64% 5.80% 5.98%
Sales to capital ratio in most recent year = 1.32 1.41 1.49
Return on invested capital in most recent year= 128.22% 5.77% 7.83%
Standard deviation in stock prices = 59.23%
Cost of capital = 6.79%

40% technology company for the moment

US stock standard deviatons

re companies (riskfree rate + 4.5%)

rally see their risk levels approach the average
ven in stable growth, may have higher risk.
m assuming that whatever competitive advantages you have today will fade over time.
it difficult to generate returns that exceed the cost of capital
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.

, V= Estimated fair value for the company

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

on. If you have a money losing company, you may want to override tis.
ng debt payments.
 Base year 1 2 3 4 5
Revenue growth rate 70.00% 70.00% 70.00% 70.00% 70.00%
Revenues $ 1,328.70 $ 2,258.78 $ 3,839.93 $ 6,527.88 $11,097.40 $18,865.58
EBIT (Operating) ma -1.64% -0.23% 1.18% 2.60% 4.01% 5.43%
EBIT (Operating inc $ (21.86) $ (5.21) $ 45.46 $ 169.63 $ 445.34 $ 1,023.93
Tax rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT(1-t) $ (21.86) $ (5.21) $ 45.46 $ 169.63 $ 445.34 $ 1,023.93
- Reinvestment $ 659.64 $ 1,121.38 $ 1,906.35 $ 3,240.79 $ 5,509.35
FCFF $ (664.84) $(1,075.92) $(1,736.72) $(2,795.45) $(4,485.42)
NOL $ 1,070.00 $ 1,075.21 $ 1,029.74 $ 860.11 $ 414.78 $ -

Cost of capital 10.03% 10.03% 10.03% 10.03% 10.03%

Cumulated discount factor 0.9088 0.8260 0.7507 0.6822 0.6200
PV(FCFF) $ (604.23) $ (888.67) $(1,303.68) $(1,907.10) $(2,781.02)

Terminal cash flow $ 3,584.25

Terminal cost of capi 8.00%
Terminal value $68,271.37
PV(Terminal value) $27,750.37
PV (CF over next 10 ###
Sum of PV $12,814.31
Probability of failure 10.00%
Proceeds if firm fails $6,407.15
Value of operating as $12,173.59
- Debt $ 578.74
- Minority interests $ -
+ Cash $ 201.89
+ Non-operating asse $ -
Value of equity $11,796.74
- Value of options $3,644.97
Value of equity in c $ 8,151.77
Number of shares 121.45
Estimated value /shar $ 67.12
Price $ 168.76
Price as % of value 251.43%

Implied variables
Sales to capital ratio 1.41 1.41 1.41 1.41 1.41
Invested capital $ 1,698 $ 2,358 $ 3,479 $ 5,385 $ 8,626 $ 14,136
ROIC -1.29% -0.22% 1.31% 3.15% 5.16% 7.24%
 6 7 8 9 10 Terminal year
Check these revenues against
56.55% 43.10% 29.65% 16.20% 2.75% 2.75% a. Overall market size
$29,534.07 $42,263.25 $54,794.31 $63,670.99 $65,421.94 $67,221.04b. Largest companies in this market
6.84% 8.26% 9.67% 11.09% 12.50% 12.50%
$ 2,020.72 $ 3,489.47 $ 5,299.16 $ 7,058.25 $ 8,177.74 $ 8,402.63 $ 8,424.49 This is is how much your o
income grew over the ten
7.00% 14.00% 21.00% 28.00% 35.00% 35.00%
$ 1,879.27 $ 3,000.94 $ 4,186.33 $ 5,081.94 $ 5,315.53 $ 5,461.71
$ 7,566.30 $ 9,027.79 $ 8,887.27 $ 6,295.52 $ 1,241.81 $ 1,877.46 $ 47,333.66 This is how much capital
you invested over the ten
$(5,687.03) $(6,026.85) $(4,700.94) $(1,213.58) $ 4,073.72 $ 3,584.25 year period.
$ - $ - $ - $ - $ - $ -

9.63% 9.22% 8.81% 8.41% 8.00% 8.00%

0.5656 0.5178 0.4759 0.4390 0.4065
$(3,216.43) $(3,120.90) $(2,237.14) $ (532.75) $ 1,655.85

After year 10
1.41 1.41 1.41 1.41 1.41
$ 21,702 $ 30,730 $ 39,617 $ 45,913 $ 47,154
8.66% 9.77% 10.57% 11.07% 11.27% 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 rati
evenues against
rket size
mpanies in this market

This is is how much your operating

income grew over the ten-year period.

This is how much capital

you invested over the ten
year period.

ise) your sales to capital ratio

Valuing Options or Warrants
Enter the current stock price = $ 168.76
Enter the strike price on the option = $ 21.20
Enter the expiration of the option = 3.50
Enter the standard deviation in stock 50.00% (volatility)
Enter the annualized dividend yield o 0.00%
Enter the treasury bond rate = 2.75%
Enter the number of warrants (option 25.01
Enter the number of shares outstandi 121.45

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 168.76 # Warrants issued= 25.008
Strike Price= 21.2 # Shares outstanding= 121
Adjusted S = 164.83136 T.Bond rate= 2.75%
Adjusted K = 21.2 Variance= 0.2500
Expiration (in years) = 3.495 Annualized dividend yie 0.00%
Div. Adj. interest rate= 2.75%

d1 = 2.7642903
N (d1) = 0.9971477

d2 = 1.8295444
N (d2) = 0.9663409

Value per option = $ 145.75

Value of all options outstanding = $3,644.97
VALUATION DIAGNOSTICS
Invested capital at start of valuation $ 1,698.11
Invested capital at end of valuation $ 47,154.31
Change in invested capital over 10 years $ 45,456.20
Change in EBIT*(1–t) (after-tax operating income) over 10 yea $ 8,199.60
Marginal ROIC over 10 years 18.04%
ROIC at end of valuation 11.27%
Average WACC over the 10 years (compounded) 9.42%
Your calculated value as a percent of current price 39.77%
Value seems low. Se
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
Value seems low. See below
If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital T
 R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 310.06 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
-1 273.98 ! Year -1 is the year prior to the current year
-2 208.98 ! Year -2 is the two years prior to the current year
-3 93.00
-4
-5
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 310.06 1.00 310.06
-1 273.98 0.80 219.18 $ 54.80
-2 208.98 0.60 125.39 $ 41.80
-3 93.00 0.40 37.20 $ 18.60
-4 0.00 0.20 0.00 $ -
-5 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 = $691.83 $ 115.19

Amortization of asset for current yea $115.19

Adjustment to Operating Income = $194.87 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $68
ents to operating income, net

amortization period

e (add to reported EBIT)

 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 380.00
Operating Lease Commitments (From footnote to financials)
Year Commitment! Year 1 is next year, ….
1 $56.00
2 $47.00
3 $39.00
4 $35.00
5 $31.00
6 and beyond $93.00

Output
Pre-tax Cost of Debt = 7.00% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 es 2 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year CommitmentPresent Value
1 $ 56.00 $ 52.34
2 $ 47.00 $ 41.05
3 $ 39.00 $ 31.84
4 $ 35.00 $ 26.70
5 $ 31.00 $ 22.10
6 and beyon $ 46.50 $ 59.94 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 233.97

Restated Financials
Depreciation on Operating Lease Asset = $ 33.42 ! I use straight line depreciation
Adjustment to Operating Earnings = $346.58 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $ 233.97 ! Add this amount to debt
Estimation of Current Cost of Capital Your inputs
Inputs Computed number
Equity
Number of Shares outstanding = 121.45
Current Market Price per share = $ 168.76

Approach for estimating beta Multibusiness(US)

If direct input, enter levered beta (or regress 1.20
Unlevered beta = 1.26
Riskfree Rate = 2.75%
What approach do you want to use to inputCountry of incorporation
Direct input for ERP (if you choose "will inp 5.75%
Equity Risk Premium used in cost of equity 5.80%

Debt
Book Value of Straight Debt = $ 578.74
Interest Expense on Debt = $ 19.83
Average Maturity = 2
Approach for estimating pre-tax cost of debt Direct input
If direct input, input the pre-tax cost of debt 7.000%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of compa 1
Pre-tax Cost of Debt = 7.00%
Tax Rate = 35%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ -

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 = $ 541.34
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.28
 Equity Debt Preferred Stock Capital
Market Value $ 20,495.90 $ 541.34 $ - ###
Weight in Cost of Capital 97.43% 2.57% 0.00% 100.00%
Cost of Component 10.18% 4.55% 7.14% 10.03%
Operating Regions ERP calculator
Country Revenues ERP Weight Weighted ERP
Argentina 19 14.80% 9.31% 1.38%
Bolivia 4 10.68% 1.96% 0.21%
Brazil 130 8.43% 63.73% 5.37%
Canada 23 5.80% 11.27% 0.65%

Chile 7 6.85% 3.43% 0.24%

Ecuador 6 16.30% 2.94% 0.48%
Paraguay 3 11.80% 1.47% 0.17%
Peru 12 8.43% 5.88% 0.50%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Total 204 100.00% 9.00%
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa 0 10.09% 0.00% 0.0000%
Australia & New Zea 56 5.80% 4.21% 0.2444%
Caribbean 12.57% 0.00% 0.0000%
Central and South Am 100 9.18% 7.52% 0.6907%
Eastern Europe & Russia 8.48% 0.00% 0.0000%
Middle East 6.96% 0.00% 0.0000%
North America 631 5.80% 47.48% 2.7538%
Western Europe 374 6.85% 28.14% 1.9277%
Asia without Japan 168 7.58% 12.64% 0.9582%
Japan 0 6.85% 0.00% 0.0000%
Total 1329 100.00% 6.5748%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Automotive $ 60.00 0.8100 $ 48.60 1.1100
Computers/Peripheral $ 40.00 1.3800 $ 55.20 1.3900
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 $ 100.00 $ 103.80 1.2589
Multi Business (Global Industry Averages)
Business Revenues EV/Sales Estimated VUnlevered Beta
Advertising $ 84.00 0.9383 $ 78.82 0.9813
Internet software and $ 16.00 4.3369 $ 69.39 1.2164
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 $ 100.00 $ 148.21 1.0914
 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) = $ (216.72) (Add back only long term interest expense for financial firms)
Enter current interest expenses = $19.83 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 2.75%
Output
Interest coverage ratio = -100000.00
Estimated Bond Rating = D2/D Note: If you get REF! All over the place, set the operating lease commitment
Estimated Company Default Spread 12.00% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if 0.00%
Estimated Cost of Debt = 14.75%

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms Ratings and Default spreads (reordered from highest to lowest)
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to Rating is Spread is
-100000 0.199999 D2/D 12.00% 3 100000 Aaa/AAA 0.40%
0.2 0.649999 Caa/CCC 10.50% 2.5 2.99999 Aa2/AA 0.70%
0.65 0.799999 Ca2/CC 9.50% 2 2.49999 A1/A+ 0.85%
0.8 1.249999 C2/C 8.75% 1.5 1.99999 A2/A 1.00%
1.25 1.499999 B3/B- 7.25% 1.2 1.49999 A3/A- 1.30%
1.5 1.749999 B2/B 6.50% 0.9 1.199999 Baa2/BBB 2.00%
1.75 1.999999 B1/B+ 5.50% 0.75 0.899999 Ba1/BB+ 3.00%
2 2.2499999 Ba2/BB 4.00% 0.6 0.749999 Ba2/BB 4.00%
2.25 2.49999 Ba1/BB+ 3.00% 0.5 0.599999 B1/B+ 5.50%
2.5 2.999999 Baa2/BBB 2.00% 0.4 0.499999 B2/B 6.50%
3 4.249999 A3/A- 1.30% 0.3 0.399999 B3/B- 7.25%
4.25 5.499999 A2/A 1.00% 0.2 0.299999 C2/C 8.75%
5.5 6.499999 A1/A+ 0.85% 0.1 0.199999 Ca2/CC 9.50%
6.5 8.499999 Aa2/AA 0.70% 0.05 0.099999 Caa/CCC 10.50%
8.50 100000 Aaa/AAA 0.40% -100000 0.049999 D2/D 12.00%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 12.00% Rating is Spread is
0.5 0.799999 Caa/CCC 10.50% A1/A+ 0.85%
0.8 1.249999 Ca2/CC 9.50% A2/A 1.00%
1.25 1.499999 C2/C 8.75% A3/A- 1.30%
1.5 1.999999 B3/B- 7.25% Aa2/AA 0.70%
2 2.499999 B2/B 6.50% Aaa/AAA 0.40%
2.5 2.999999 B1/B+ 5.50% B1/B+ 5.50%
3 3.499999 Ba2/BB 4.00% B2/B 6.50%
3.5 3.9999999 Ba1/BB+ 3.00% B3/B- 7.25%
 4 4.499999 Baa2/BBB 2.00% Ba1/BB+ 3.00%
4.5 5.999999 A3/A- 1.30% Ba2/BB 4.00%
6 7.499999 A2/A 1.00% Baa2/BBB 2.00%
7.5 9.499999 A1/A+ 0.85% C2/C 8.75%
9.5 12.499999 Aa2/AA 0.70% Ca2/CC 9.50%
12.5 100000 Aaa/AAA 0.40% Caa/CCC 10.50%
D2/D 12.00%
ns in excel) is checked.

xpense for financial firms)

e for financial firms)

operating lease commitment question in cell F5

highest to lowest)
Industry Name Number of firms
Annual Average Revenue growth - Last 5 years
Pre-tax Operating Margin After-tax ROC
Advertising 32 8.67% 11.77% 11.49%
Aerospace/Defense 66 12.56% 10.24% 19.40%
Air Transport 36 13.21% 8.38% 17.97%
Apparel 54 7.69% 10.37% 13.86%
Auto Parts 54 20.10% 6.72% 17.65%
Automotive 12 42.35% 5.80% 5.77%
Bank 416 0.00% NA NA
Bank (Midwest) 68 0.00% NA NA
Beverage 35 2.62% 20.74% 14.56%
Biotechnology 214 20.93% 18.54% 14.57%
Building Materials 43 1.28% 4.30% 2.98%
Cable TV 20 9.08% 19.19% 10.52%
Chemical (Basic) 18 18.73% 14.84% 17.75%
Chemical (Diversified 33 15.70% 15.02% 18.12%
Chemical (Specialty) 70 25.40% 11.16% 12.48%
Coal 20 7.08% 14.19% 10.10%
Computer Software 191 14.81% 29.99% 43.31%
Computers/Peripheral 81 3.89% 16.94% 34.66%
Diversified Co. 113 17.36% 14.91% 9.21%
Drug 223 20.19% 25.24% 16.94%
E-Commerce 64 15.67% 8.24% 5.46%
Educational Services 33 10.29% 18.69% 42.33%
Electric Util. (Central 20 4.05% 17.55% 6.47%
Electric Utility (East) 17 1.50% 20.51% 6.69%
Electric Utility (West) 15 2.83% 16.44% 6.17%
Electrical Equipment 64 9.11% 13.77% 15.98%
Electronics 123 3.54% 6.39% 14.60%
Engineering & Const 30 8.58% 4.83% 13.16%
Entertainment 76 10.73% 19.12% 10.41%
Entertainment Tech 42 6.07% 17.30% 19.51%
Environmental 84 20.11% 14.65% 8.90%
Financial Svcs. (Div.) 256 5.86% 61.83% 7.33%
Food Processing 119 14.61% 9.73% 13.56%
Foreign Electronics 10 -4.59% 3.41% 5.44%
Funeral Services 6 8.91% 14.37% 8.28%
Furn/Home Furnishin 32 2.78% 8.48% 14.06%
Healthcare Informatio 20 20.68% 16.53% 11.68%
Heavy Truck & Equip 23 27.10% 11.12% 15.21%
Homebuilding 22 11.34% 9.44% 7.68%
Hotel/Gaming 57 14.27% 15.55% 10.21%
Household Products 27 13.01% 16.56% 14.81%
Human Resources 25 16.17% 3.05% 12.19%
Industrial Services 136 8.41% 7.90% 9.95%
Information Services 28 8.56% 20.35% 12.71%
Insurance (Life) 32 0.00% NA NA
Insurance (Prop/Cas.) 62 2.17% NA NA
Internet 194 11.68% 13.12% 21.54%
Investment Companie 31 42.77% 26.90% 5.87%
IT Services 63 6.33% 11.19% 21.77%
Machinery 94 17.69% 11.95% 13.43%
Maritime 51 0.35% 12.18% 3.54%
Med Supp Invasive 87 7.09% 21.19% 14.91%
Med Supp Non-Invasi 143 8.96% 6.43% 19.94%
Medical Services 118 4.57% 10.05% 14.44%
Metal Fabricating 25 19.43% 14.66% 14.39%
Metals & Mining (Div 77 21.71% 34.97% 25.19%
Natural Gas (Div.) 31 11.77% 28.13% 7.36%
Natural Gas Utility 27 0.45% 7.26% 7.04%
Newspaper 14 -6.65% 12.30% 10.99%
Office Equip/Supplies 22 12.17% 6.59% 10.89%
Oil/Gas Distribution 12 8.28% 19.29% 7.62%
Oilfield Svcs/Equip. 81 26.77% 16.51% 9.50%
Packaging & Containe 27 10.50% 9.63% 11.11%
Paper/Forest Products 32 6.15% 10.40% 11.16%
Petroleum (Integrated 26 24.94% 11.99% 14.65%
Petroleum (Producing 176 32.94% 21.76% 14.99%
Pharmacy Services 18 16.76% 5.48% 11.53%
Pipeline MLPs 53 20.21% 8.99% 9.50%
Power 101 8.17% 6.97% 2.62%
Precious Metals 83 28.17% 39.11% 11.91%
Precision Instrument 82 10.50% 7.02% 5.78%
Property Management 31 14.32% 13.68% 4.72%
Public/Private Equity 12 -8.37% 38.25% 8.83%
Publishing 29 6.27% 10.07% 11.20%
R.E.I.T. 127 0.01% 161.63% 14.58%
Railroad 12 44.26% 28.08% 12.37%
Recreation 51 5.39% 11.54% 9.09%
Reinsurance 11 0.00% NA NA
Restaurant 65 6.61% 16.78% 21.41%
Retail (Hardlines) 79 8.37% 8.22% 14.89%
Retail (Softlines) 42 9.79% 9.37% 30.03%
Retail Automotive 19 22.30% 6.78% 9.57%
Retail Building Suppl 10 5.08% 8.35% 13.54%
Retail Store 38 16.35% 5.24% 12.85%
Retail/Wholesale Foo 30 8.91% 3.34% 11.26%
Securities Brokerage 27 1.86% 32.82% 7.09%
Semiconductor 142 6.94% 20.38% 22.88%
Semiconductor Equip 10 -5.75% 11.80% 11.35%
Shoe 17 13.34% 8.37% 17.66%
Steel 33 26.86% 8.19% 7.59%
Telecom. Equipment 105 1.06% 14.90% 26.25%
Telecom. Services 76 19.34% 20.13% 13.66%
Telecom. Utility 23 0.46% 14.69% 7.49%
Thrift 170 0.00% NA NA
Tobacco 11 13.51% 22.35% 31.97%
Toiletries/Cosmetics 14 9.53% 11.07% 21.44%
Trucking 34 15.05% 7.47% 11.97%
Water Utility 11 4.16% 26.21% 5.89%
Wireless Networking 58 6.59% 15.93% 12.27%
Total Market 6177 12.24% 17.13% 12.88%
Average effective tax rate Unlevered Beta Equity (Levered) BetaCost of equityStd deviation in stock pricesPre-tax cost of debt
16.02% 1.44 1.68 11.51% 97.40% 4.76%
20.08% 0.92 0.98 7.45% 44.98% 2.76%
21.35% 0.82 1.03 7.73% 64.94% 3.26%
18.57% 1.29 1.36 9.68% 74.88% 3.76%
18.77% 1.66 1.76 11.94% 57.43% 3.26%
16.24% 1.11 1.73 11.79% 59.23% 3.26%
16.39% 0.45 0.77 6.24% 50.34% 3.26%
20.99% 0.76 0.89 6.95% 36.37% 2.76%
18.82% 0.84 0.95 7.26% 47.17% 2.76%
2.98% 1.30 1.23 8.89% 79.99% 3.76%
9.48% 1.05 1.57 10.87% 79.76% 3.76%
21.23% 0.96 1.40 9.90% 40.45% 2.76%
21.89% 1.24 1.37 9.73% 39.24% 2.76%
19.75% 1.47 1.55 10.75% 49.02% 2.76%
15.35% 1.05 1.18 8.59% 62.90% 3.26%
11.27% 0.99 1.47 10.28% 56.54% 3.26%
12.43% 1.11 0.98 7.42% 68.39% 3.76%
10.01% 1.39 1.37 9.68% 81.83% 4.26%
17.18% 0.86 1.22 8.82% 60.46% 3.26%
5.14% 1.03 1.08 8.00% 80.68% 4.26%
10.52% 1.09 1.05 7.86% 80.60% 4.26%
21.72% 1.09 0.91 7.01% 83.08% 4.26%
30.12% 0.36 0.57 5.08% 17.29% 2.26%
33.49% 0.30 0.43 4.24% 13.21% 2.26%
29.09% 0.38 0.58 5.14% 14.19% 2.26%
16.15% 1.45 1.43 10.03% 67.79% 3.76%
11.31% 1.17 1.22 8.81% 74.24% 3.76%
25.00% 1.40 1.28 9.19% 46.03% 2.76%
12.56% 1.31 1.60 11.05% 70.99% 3.76%
11.01% 1.33 1.11 8.20% 53.25% 3.26%
7.60% 0.49 0.66 5.62% 79.24% 3.76%
16.23% 0.56 1.34 9.53% 55.15% 3.26%
21.63% 0.77 0.87 6.83% 52.26% 3.26%
23.12% 1.12 1.10 8.13% 31.24% 2.76%
28.66% 0.85 1.12 8.26% 26.75% 2.76%
16.69% 1.47 1.63 11.20% 55.60% 3.26%
20.31% 0.98 0.97 7.36% 44.41% 2.76%
22.74% 1.45 1.80 12.22% 55.26% 3.26%
7.12% 1.25 1.55 10.73% 66.75% 3.76%
17.52% 1.29 1.65 11.33% 55.66% 3.26%
24.66% 0.88 0.98 7.42% 50.86% 3.26%
26.61% 1.46 1.38 9.76% 51.64% 3.26%
20.19% 0.83 0.97 7.38% 57.24% 3.26%
18.33% 1.05 1.25 9.00% 48.75% 2.76%
21.09% 1.41 1.44 10.11% 42.20% 2.76%
10.73% 0.90 0.85 6.69% 28.57% 2.76%
8.43% 1.31 1.17 8.56% 97.81% 4.76%
2.26% 1.21 1.27 9.11% 24.10% 2.26%
16.27% 1.11 1.05 7.83% 56.11% 3.26%
22.73% 1.18 1.26 9.07% 45.07% 2.76%
7.92% 0.60 1.51 10.53% 62.52% 3.26%
12.60% 0.82 0.87 6.78% 55.49% 3.26%
10.61% 1.10 1.07 7.94% 67.73% 3.76%
17.72% 0.66 0.84 6.62% 74.16% 3.76%
23.30% 1.56 1.63 11.19% 60.59% 3.26%
11.24% 1.54 1.62 11.14% 93.05% 4.76%
22.02% 1.01 1.28 9.16% 44.57% 2.76%
28.80% 0.32 0.46 4.40% 28.44% 2.76%
18.35% 1.50 1.86 12.56% 54.39% 3.26%
22.66% 1.05 1.43 10.03% 51.92% 3.26%
18.11% 0.72 1.02 7.65% 35.63% 2.76%
18.20% 1.45 1.66 11.39% 59.58% 3.26%
23.09% 0.88 1.20 8.72% 36.52% 2.76%
11.43% 1.07 1.37 9.73% 52.28% 3.26%
30.34% 1.10 1.17 8.55% 47.25% 2.76%
11.71% 1.21 1.45 10.18% 71.26% 3.76%
23.18% 1.07 1.17 8.53% 42.23% 2.76%
4.30% 0.52 0.74 6.05% 24.88% 2.26%
6.19% 0.58 1.35 9.61% 84.63% 4.26%
11.13% 1.00 1.03 7.75% 77.77% 3.76%
14.13% 1.21 1.27 9.12% 60.11% 3.26%
16.50% 0.73 1.30 9.30% 50.63% 3.26%
19.17% 1.94 2.02 13.48% 42.00% 2.76%
22.69% 0.96 1.17 8.56% 65.72% 3.76%
0.04% 1.12 1.43 10.04% 34.76% 2.76%
28.60% 1.15 1.32 9.40% 35.73% 2.76%
20.31% 1.18 1.45 10.14% 52.30% 3.26%
3.58% 0.91 0.82 6.49% 20.74% 2.26%
19.23% 1.08 1.16 8.48% 50.92% 3.26%
22.55% 1.65 1.79 12.14% 63.49% 3.26%
25.57% 1.51 1.43 10.05% 42.54% 2.76%
32.69% 1.10 1.39 9.82% 64.20% 3.26%
25.56% 1.04 1.11 8.22% 31.82% 2.76%
24.83% 1.14 1.29 9.26% 63.15% 3.26%
31.18% 0.58 0.68 5.69% 29.93% 2.76%
30.41% 0.66 1.07 7.95% 40.56% 2.76%
11.71% 1.60 1.49 10.41% 53.65% 3.26%
15.21% 2.01 1.79 12.16% 40.44% 2.76%
19.89% 1.37 1.26 9.09% 47.32% 2.76%
24.24% 1.27 1.65 11.32% 45.66% 2.76%
14.01% 1.37 1.07 7.96% 64.86% 3.26%
16.22% 1.00 1.15 8.43% 64.04% 3.26%
26.94% 0.53 0.92 7.08% 43.85% 2.76%
15.84% 0.78 0.68 5.68% 41.73% 2.76%
32.82% 0.79 0.86 6.75% 36.44% 2.76%
27.33% 1.09 1.17 8.52% 40.10% 2.76%
25.94% 0.87 1.09 8.08% 48.32% 2.76%
31.45% 0.33 0.49 4.61% 37.24% 2.76%
10.06% 1.17 1.35 9.62% 62.91% 3.26%
14.93% 0.96 1.17 8.53% 59.15% 3.26%
Market Debt/CapitalCost of capital Sales/Capital EV/SalesEV/EBITDAEV/EBITPrice/BookTrailing PE
29.00% 9.00% 1.40 1.22 7.77 10.40 2.04 31.25
21.03% 6.23% 2.71 0.94 7.42 9.15 3.11 15.79
37.14% 5.59% 2.74 0.78 6.00 9.32 3.68 14.60
12.11% 8.78% 1.89 1.52 11.73 14.68 3.38 21.64
19.59% 9.98% 3.40 0.60 6.40 8.92 2.27 15.39
50.84% 6.79% 1.41 0.81 7.46 13.95 1.26 15.84
56.18% 3.83% NA NA 4.87 4.87 0.98 16.58
33.27% 5.19% NA NA 4.79 4.79 1.32 16.43
18.22% 6.24% 0.93 3.23 12.74 15.58 4.54 19.92
13.73% 7.98% 0.99 5.70 22.46 30.77 4.56 31.24
39.48% 7.47% 0.88 1.54 14.45 35.82 1.67 29.27
39.80% 6.62% 0.80 2.37 7.08 12.35 4.09 22.28
19.83% 8.13% 1.56 1.44 7.44 9.69 2.77 31.77
14.30% 9.45% 1.63 1.67 8.53 11.11 3.18 19.75
17.03% 7.46% 1.58 1.70 10.86 15.23 3.60 17.57
40.61% 6.90% 0.90 1.32 5.99 9.34 1.33 29.76
6.15% 7.10% 1.87 3.33 9.70 11.11 3.94 77.29
8.84% 9.05% 2.66 1.38 6.92 8.14 3.57 46.69
44.04% 5.80% 0.84 1.92 10.09 12.87 2.38 16.19
12.89% 7.30% 0.90 3.05 8.93 12.10 3.04 28.46
6.31% 7.53% 1.17 5.07 32.19 61.51 5.15 237.12
19.83% 6.13% 3.42 0.54 2.41 2.91 1.67 13.29
45.95% 3.37% 0.54 2.27 7.98 12.94 1.49 15.66
40.44% 3.07% 0.49 2.78 8.96 13.54 1.79 17.08
44.87% 3.44% 0.54 2.26 7.87 13.74 1.44 16.05
10.94% 9.18% 1.58 1.49 8.57 10.80 2.34 22.95
18.34% 7.61% 3.03 0.59 6.63 9.28 1.90 15.11
11.68% 8.31% 3.96 0.50 7.98 10.42 1.89 44.34
25.30% 8.83% 0.79 2.34 9.53 12.22 2.38 27.83
10.35% 7.56% 1.34 1.79 7.97 10.37 1.97 20.13
30.11% 4.60% 0.90 1.87 8.44 12.78 2.29 16.99
67.15% 4.44% 0.15 8.15 12.56 13.19 1.98 22.15
19.03% 5.90% 1.84 1.22 10.10 12.53 2.93 24.85
31.37% 6.10% 2.30 0.39 4.44 11.52 0.90 31.52
33.10% 6.07% 0.85 1.84 9.73 12.80 2.09 17.80
18.07% 9.53% 2.00 0.95 8.34 11.22 2.18 21.64
10.41% 6.77% 1.07 3.60 14.37 21.77 3.89 54.59
32.11% 8.92% 1.85 1.12 7.96 10.05 3.23 16.08
33.14% 7.92% 0.88 2.19 21.15 23.16 2.54 49.55
30.91% 8.43% 0.82 2.43 10.68 15.66 3.07 35.36
15.33% 6.58% 1.23 2.24 11.12 13.50 3.75 18.49
9.75% 9.00% 6.81 0.34 8.69 11.06 2.21 30.55
26.77% 5.92% 1.85 0.99 8.87 12.52 2.29 34.78
22.15% 7.37% 0.79 3.16 10.89 15.55 3.90 31.49
35.84% 7.08% NA NA 1.37 1.37 0.72 20.40
17.68% 5.80% NA NA 291.86 295.89 1.11 16.65
2.24% 8.43% 2.40 4.15 23.16 31.64 5.25 181.13
7.02% 8.57% 0.26 4.89 15.67 18.19 1.31 64.45
5.41% 7.51% 2.98 1.79 12.22 16.02 4.36 39.49
14.81% 7.97% 1.53 1.55 9.93 12.94 2.76 21.30
64.44% 5.00% 0.36 2.64 10.36 21.66 0.85 22.57
14.15% 6.10% 0.92 2.71 10.16 12.81 2.82 46.69
11.42% 7.29% 4.21 0.78 9.78 12.07 3.11 35.61
33.44% 5.16% 2.19 0.74 6.02 7.32 2.03 29.94
19.09% 9.42% 1.38 1.28 6.90 8.75 1.90 63.26
13.36% 10.03% 0.99 2.18 5.27 6.24 2.35 36.66
29.12% 6.97% 0.43 2.89 5.41 10.26 1.35 53.21
39.82% 3.31% 1.40 1.03 9.89 14.20 1.99 23.01
28.21% 9.57% 1.22 1.57 8.72 12.77 2.70 115.92
41.91% 6.65% 2.34 0.46 4.76 6.94 1.11 21.17
34.81% 5.56% 0.56 3.42 12.02 17.73 3.56 37.30
21.70% 9.34% 0.79 2.00 7.98 12.13 1.79 14.61
35.97% 6.18% 1.56 1.08 7.57 11.20 2.49 17.22
30.07% 7.39% 1.32 1.18 7.22 11.38 1.92 29.45
16.99% 7.38% 2.03 0.70 4.39 5.81 1.49 11.29
21.95% 8.44% 1.07 1.26 4.06 5.77 1.47 24.25
15.88% 7.44% 3.34 0.66 9.57 11.98 2.58 19.67
30.73% 4.61% 1.10 1.70 13.43 18.87 2.96 130.50
62.04% 5.23% 0.61 1.51 8.92 21.70 0.82 304.86
12.01% 7.09% 0.43 3.64 7.17 9.30 1.61 24.60
17.50% 7.86% 1.23 1.89 14.89 26.86 2.57 23.56
52.96% 5.41% 0.40 3.12 15.96 22.79 1.66 44.26
22.32% 10.84% 0.28 4.00 10.30 10.45 1.12 8.65
26.55% 6.88% 1.66 1.32 8.76 13.14 3.37 14.22
27.01% 7.78% 0.09 13.11 7.25 8.11 1.29 16.85
19.00% 7.93% 0.67 3.32 9.13 11.81 2.99 17.50
27.41% 7.90% 0.96 1.70 9.89 14.69 2.01 24.73
15.90% 5.67% NA NA 28.62 28.62 0.82 8.25
11.62% 7.72% 1.83 2.46 11.50 14.65 6.65 19.52
20.64% 10.03% 2.61 0.87 7.65 10.61 2.76 22.74
5.29% 9.60% 5.17 1.14 9.02 12.12 4.94 18.19
30.71% 7.40% 2.17 0.93 11.03 13.74 3.46 15.97
10.49% 7.53% 2.55 1.31 12.23 15.74 4.32 25.76
20.37% 7.77% 3.61 0.61 8.39 11.67 2.90 20.34
25.84% 4.65% 4.99 0.43 8.27 12.98 3.18 14.89
72.57% 3.38% 0.30 3.23 8.79 9.85 0.93 20.01
9.14% 9.64% 1.41 2.16 6.98 10.58 2.72 50.55
14.52% 10.63% 1.21 1.44 8.07 12.22 1.64 25.21
1.90% 8.94% 3.24 1.42 14.09 16.98 3.66 13.75
35.98% 7.84% 1.26 0.73 5.63 8.89 0.88 23.48
11.75% 7.25% 2.29 1.27 6.74 8.51 2.08 24.80
24.14% 6.86% 0.90 1.91 5.39 9.47 2.02 18.25
51.98% 4.26% 0.72 1.77 5.08 12.05 1.77 16.70
16.32% 5.03% NA NA 4.08 4.08 0.99 29.69
15.87% 5.94% 2.10 2.30 9.48 10.30 11.46 19.42
17.10% 7.35% 2.83 1.37 10.10 12.39 6.04 20.39
29.74% 6.17% 2.44 0.82 6.19 10.96 3.07 16.70
42.26% 3.36% 0.32 4.36 11.20 16.62 2.00 20.46
20.43% 8.05% 0.94 2.68 10.48 16.83 3.51 29.68
30.03% 6.56% 1.04 1.64 7.37 9.59 2.11 33.45
Country Tax Rate
Afghanistan 20.00%
Albania 10.00%
Angola 35.00%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Bermuda 0.00%
Bolivia 25.00%
Bonaire 0.00%
Bosnia and Herzegovi 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Cambodia 20.00%
Canada 26.00%
Cayman Islands 0.00%
Chile 18.50%
China 25.00%
Colombia 33.00%
Costa Rica 30.00%
Croatia 20.00%
Curacao 27.50%
Cyprus 10.00%
Czech Republic 19.00%
Denmark 25.00%
Dominican Republic 29.00%
Ecuador 23.00%
Egypt 25.00%
Estonia 21.00%
El Salvador 30.00%
Fiji 28.00%
Finland 24.50%
France 33.33%
Georgia 0.00%
Germany 29.48%
Gibraltar 10.00%
Greece 20.00%
Guatemala 31.00%
Guernsey 0.00%
Honduras 35.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 32.45%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 25.00%
Italy 31.40%
Jamaica 33.33%
Japan 38.01%
Jersey 0.00%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 24.20%
Kuwait 15.00%
Latvia 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 28.80%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Montenegro 9.00%
Mozambique 32.00%
Namibia 34.00%
Netherlands 25.00%
New Zealand 28.00%
Nigeria 30.00%
Norway 28.00%
Oman 12.00%
Pakistan 35.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 25.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Saba 0.00%
Samoa 27.00%
Saudi Arabia 20.00%
Serbia 10.00%
Singapore 17.00%
Slovak Republic 19.00%
Slovenia 18.00%
South Africa 34.55%
Spain 30.00%
Sri Lanka 28.00%
St Eustatius 0.00%
St Maarten 34.50%
Sudan 35.00%
Sweden 26.30%
Switzerland 21.17%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 23.00%
Trinidad and Tobago 25.00%
Tunisia 30.00%
Turkey 20.00%
Uganda 30.00%
Ukraine 21.00%
United Arab Emirates 55.00%
United Kingdom 24.00%
United States 40.00%
Uruguay 25.00%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 25.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.75%
Africa average 29.02%
North America averag 33.00%
Asia average 22.89%
Europe average 20.50%
Latin America average 28.30%
Oceania average 28.60%
EU average 22.60%
OECD average 25.25%
Global average 24.43%
Country Long-Term Rating
Adj. Default Spread Total Risk Premium Country Risk Premium
Albania B1 4.00% 11.80% 6.00%
Angola Ba3 3.25% 10.68% 4.88%
Argentina B3 6.00% 14.80% 9.00%
Armenia Ba2 2.75% 9.93% 4.13%
Australia Aaa 0.00% 5.80% 0.00%
Austria Aaa 0.00% 5.80% 0.00%
Azerbaijan Baa3 2.00% 8.80% 3.00%
Bahamas Baa1 1.50% 8.05% 2.25%
Bahrain Baa1 1.50% 8.05% 2.25%
Bangladesh Ba3 3.25% 10.68% 4.88%
Barbados Baa3 2.00% 8.80% 3.00%
Belarus B3 6.00% 14.80% 9.00%
Belgium Aa3 0.70% 6.85% 1.05%
Belize Caa3 10.00% 20.80% 15.00%
Bermuda Aa2 0.50% 6.55% 0.75%
Bolivia Ba3 3.25% 10.68% 4.88%
Bosnia and Herzeg B3 6.00% 14.80% 9.00%
Botswana A2 1.00% 7.30% 1.50%
Brazil Baa2 1.75% 8.43% 2.63%
Bulgaria Baa2 1.75% 8.43% 2.63%
Cambodia B2 5.00% 13.30% 7.50%
Canada Aaa 0.00% 5.80% 0.00%
Cayman Islands Aa3 0.70% 6.85% 1.05%
Chile Aa3 0.70% 6.85% 1.05%
China Aa3 0.70% 6.85% 1.05%
Colombia Baa3 2.00% 8.80% 3.00%
Costa Rica Baa3 2.00% 8.80% 3.00%
Croatia Baa3 2.00% 8.80% 3.00%
Cuba Caa1 7.00% 16.30% 10.50%
Cyprus B3 6.00% 14.80% 9.00%
Czech Republic A1 0.85% 7.08% 1.28%
Denmark Aaa 0.00% 5.80% 0.00%
Dominican Republi B1 4.00% 11.80% 6.00%
Ecuador Caa1 7.00% 16.30% 10.50%
Egypt B2 5.00% 13.30% 7.50%
El Salvador Ba3 3.25% 10.68% 4.88%
Estonia A1 0.85% 7.08% 1.28%
Fiji Islands B1 4.00% 11.80% 6.00%
Finland Aaa 0.00% 5.80% 0.00%
France Aa1 0.25% 6.18% 0.38%
Georgia Ba3 3.25% 10.68% 4.88%
Germany Aaa 0.00% 5.80% 0.00%
Greece Caa1 7.00% 16.30% 10.50%
Guatemala Ba1 2.40% 9.40% 3.60%
Honduras B2 5.00% 13.30% 7.50%
Hong Kong Aa1 0.25% 6.18% 0.38%
Hungary Ba1 2.40% 9.40% 3.60%
Iceland Baa3 2.00% 8.80% 3.00%
India Baa3 2.00% 8.80% 3.00%
Indonesia Baa3 2.00% 8.80% 3.00%
Ireland Ba1 2.40% 9.40% 3.60%
Isle of Man Aaa 0.00% 5.80% 0.00%
Israel A1 0.85% 7.08% 1.28%
Italy Baa2 1.75% 8.43% 2.63%
Jamaica B3 6.00% 14.80% 9.00%
Japan Aa3 0.70% 6.85% 1.05%
Jordan Ba2 2.75% 9.93% 4.13%
Kazakhstan Baa2 1.75% 8.43% 2.63%
Kenya B1 4.00% 11.80% 6.00%
Korea Aa3 0.70% 6.85% 1.05%
Kuwait Aa2 0.50% 6.55% 0.75%
Latvia Baa3 2.00% 8.80% 3.00%
Lebanon B1 4.00% 11.80% 6.00%
Lithuania Baa1 1.50% 8.05% 2.25%
Luxembourg Aaa 0.00% 5.80% 0.00%
Macao Aa3 0.70% 6.85% 1.05%
Malaysia A3 1.15% 7.53% 1.73%
Malta A3 1.15% 7.53% 1.73%
Mauritius Baa1 1.50% 8.05% 2.25%
Mexico Baa1 1.50% 8.05% 2.25%
Moldova B3 6.00% 14.80% 9.00%
Mongolia B1 4.00% 11.80% 6.00%
Montenegro Ba3 3.25% 10.68% 4.88%
Morocco Ba1 2.40% 9.40% 3.60%
Namibia Baa3 2.00% 8.80% 3.00%
Netherlands Aaa 0.00% 5.80% 0.00%
New Zealand Aaa 0.00% 5.80% 0.00%
Nicaragua B3 6.00% 14.80% 9.00%
Nigeria Ba3 3.25% 10.68% 4.88%
Norway Aaa 0.00% 5.80% 0.00%
Oman A1 0.85% 7.08% 1.28%
Pakistan Caa1 7.00% 16.30% 10.50%
Panama Baa2 1.75% 8.43% 2.63%
Papua New Guinea B1 4.00% 11.80% 6.00%
Paraguay B1 4.00% 11.80% 6.00%
Peru Baa2 1.75% 8.43% 2.63%
Philippines Ba1 2.40% 9.40% 3.60%
Poland A2 1.00% 7.30% 1.50%
Portugal Ba3 3.25% 10.68% 4.88%
Qatar Aa2 0.50% 6.55% 0.75%
Romania Baa3 2.00% 8.80% 3.00%
Russia Baa1 1.50% 8.05% 2.25%
Saudi Arabia Aa3 0.70% 6.85% 1.05%
Senegal B1 4.00% 11.80% 6.00%
Singapore Aaa 0.00% 5.80% 0.00%
Slovakia A2 1.00% 7.30% 1.50%
Slovenia Baa2 1.75% 8.43% 2.63%
South Africa Baa1 1.50% 8.05% 2.25%
Spain Baa3 2.00% 8.80% 3.00%
Sri Lanka B1 4.00% 11.80% 6.00%
St. Maarten Baa1 1.50% 8.05% 2.25%
St. Vincent & the B2 5.00% 13.30% 7.50%
Suriname Ba3 3.25% 10.68% 4.88%
Sweden Aaa 0.00% 5.80% 0.00%
Switzerland Aaa 0.00% 5.80% 0.00%
Taiwan Aa3 0.70% 6.85% 1.05%
Thailand Baa1 1.50% 8.05% 2.25%
Trinidad and Toba Baa1 1.50% 8.05% 2.25%
Tunisia Baa3 2.00% 8.80% 3.00%
Turkey Ba1 2.40% 9.40% 3.60%
Ukraine B3 6.00% 14.80% 9.00%
United Arab Emirat Aa2 0.50% 6.55% 0.75%
United Kingdom Aaa 0.00% 5.80% 0.00%
United States of A Aaa 0.00% 5.80% 0.00%
Uruguay Baa3 2.00% 8.80% 3.00%
Venezuela B1 4.00% 11.80% 6.00%
Vietnam B2 5.00% 13.30% 7.50%
Zambia B1 4.00% 11.80% 6.00%
Row Labels Default Spread Total ERP (Weighted Average) Country Risk Premium (Weighted Average)
Africa 2.86% 10.09% 4.29%
Australia & New Zeala 0.00% 5.80% 0.00%
Caribbean 4.52% 12.57% 6.77%
Central and South Ame 2.26% 9.18% 3.38%
Eastern Europe & Russ 1.79% 8.48% 2.68%
Middle East 0.77% 6.96% 1.16%
North America 0.00% 5.80% 0.00%
Western Europe 0.70% 6.85% 1.05%
Asia without Japan 1.18% 7.58% 1.78%
Japan 0.70% 6.85% 1.05%
Region
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Asia
North America
Caribbean
Central and South America
Asia
Central and South America
Central and South America
Eastern Europe & Russia
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Eastern Europe & Russia
Western Europe
Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Middle East
Africa
Asia
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Asia
Caribbean
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $413.26 $41.30 $956.74 $1,328.70
R&D expense $273.98 $107.17 $143.25 $310.06
Operating income or EBIT -$394.28 -$194.94 -$17.38 -$216.72
Interest expenses $0.25 $20.23 $0.15 -$19.83
Book value of equity $124.70 $629.43
Book value of debt $452.34 $578.74
Do you have operating lease commitments?
Cash and cross holdings $201.89 $746.06
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding = $121.45 $121.45
Current stock price =
Effective tax rate = 0.00% 22.31% 0.00%
Marginal tax rate =
Lease commitments
Year 1 $142.00 NA
Year 2 $128.00 NA
Year 3 $117.00 NA
Year 4 $110.00 NA
Year 5 $102.00 NA
Beyond year 5 $252.00 NA
ailing 12 month
Yes/No Book or Market Val ERP choices Cost of debt Synthetic rat Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporati Synthetic rat 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)
Industry Name Number of firms Unlevered beta corrected for cash Market D/E RMarket Debt t
Advertising 255 0.98 32.29% 24.41%
Aerospace/Defense 210 0.89 26.27% 20.80%
Air Transport 160 0.60 100.92% 50.23%
Apparel 1166 1.00 17.84% 15.14%
Auto & Truck 130 0.77 93.91% 48.43%
Auto Parts 624 1.19 37.00% 27.00%
Bank 568 0.31 367.12% 78.59%
Banks (Regional) 944 0.44 142.34% 58.74%
Beverage 99 0.74 21.29% 17.55%
Beverage (Alcoholic) 209 0.68 24.36% 19.59%
Biotechnology 666 1.05 13.07% 11.56%
Broadcasting 144 1.03 40.12% 28.63%
Brokerage & Investment Banking 525 0.28 415.35% 80.60%
Building Materials 420 0.81 44.77% 30.93%
Business & Consumer Services 709 0.83 25.13% 20.08%
Cable TV 65 0.76 56.80% 36.22%
Chemical (Basic) 760 0.86 40.13% 28.64%
Chemical (Diversified) 86 1.11 42.99% 30.07%
Chemical (Specialty) 693 0.99 20.55% 17.05%
Coal & Related Energy 322 1.08 25.95% 20.60%
Computer Services 938 0.97 15.82% 13.66%
Computer Software 1068 1.12 7.33% 6.83%
Computers/Peripherals 371 1.04 16.06% 13.83%
Construction 466 0.75 48.57% 32.69%
Diversified 365 0.67 79.08% 44.16%
Educational Services 145 1.10 20.26% 16.84%
Electrical Equipment 847 0.96 29.89% 23.01%
Electronics 1188 1.01 31.80% 24.12%
Electronics (Consumer & Office) 208 0.96 57.73% 36.60%
Engineering 1141 0.81 83.04% 45.37%
Entertainment 356 0.97 28.71% 22.31%
Environmental & Waste Services 307 0.86 40.91% 29.03%
Farming/Agriculture 331 0.74 42.90% 30.02%
Financial Svcs. 520 0.18 656.46% 86.78%
Financial Svcs. (Non-bank & Insurance) 149 0.17 679.35% 87.17%
Food Processing 1223 0.69 27.68% 21.68%
Food Wholesalers 115 0.56 70.98% 41.51%
Furn/Home Furnishings 323 0.94 26.97% 21.24%
Healthcare Equipment 448 0.92 17.33% 14.77%
Healthcare Facilities 170 0.54 80.65% 44.65%
Healthcare Products 155 0.78 19.42% 16.26%
Healthcare Services 328 0.81 31.97% 24.23%
Heathcare Information and Technology 266 0.96 20.13% 16.76%
Heavy Construction 334 0.99 60.13% 37.55%
Homebuilding 155 1.00 58.09% 36.75%
Hotel/Gaming 618 0.84 30.37% 23.29%
Household Products 456 0.82 14.25% 12.47%
Information Services 171 0.98 12.13% 10.81%
Insurance (General) 220 0.71 57.51% 36.51%
Insurance (Life) 117 0.94 61.35% 38.02%
Insurance (Prop/Cas.) 220 0.65 39.18% 28.15%
Internet software and services 715 1.22 4.72% 4.51%
Investment Co. 448 0.58 95.78% 48.92%
Machinery 1249 1.06 25.23% 20.15%
Metals & Mining 1700 1.08 27.00% 21.26%
Office Equipment & Services 162 0.81 32.17% 24.34%
Oil/Gas (Integrated) 55 1.12 22.11% 18.11%
Oil/Gas (Production and Exploration) 1219 1.05 30.67% 23.47%
Oil/Gas Distribution 198 0.70 61.85% 38.21%
Oilfield Svcs/Equip. 570 1.12 36.67% 26.83%
Packaging & Container 399 0.65 63.06% 38.67%
Paper/Forest Products 318 0.64 91.95% 47.90%
Pharma & Drugs 823 0.88 14.74% 12.85%
Power 719 0.47 105.84% 51.42%
Precious Metals 1237 1.16 14.66% 12.78%
Publshing & Newspapers 401 0.75 39.77% 28.46%
R.E.I.T. 48 0.14 560.60% 84.86%
Railroad 56 0.46 65.38% 39.53%
Real Estate 415 0.69 77.09% 43.53%
Real Estate (Development) 611 0.84 64.59% 39.24%
Real Estate (Operations & Services) 439 0.56 85.84% 46.19%
Recreation 292 0.86 31.84% 24.15%
Reinsurance 35 0.86 42.79% 29.97%
Restaurant 298 0.62 23.26% 18.87%
Retail (Automotive) 138 0.74 51.60% 34.04%
Retail (Building Supply) 51 0.68 18.80% 15.82%
Retail (Distributors) 842 0.61 97.73% 49.42%
Retail (General) 226 0.78 32.07% 24.28%
Retail (Grocery and Food) 170 0.54 38.11% 27.59%
Retail (Internet) 108 1.08 5.00% 4.76%
Retail (Special Lines) 536 1.01 13.85% 12.16%
Rubber& Tires 91 0.84 51.66% 34.06%
Semiconductor 564 1.20 13.88% 12.19%
Semiconductor Equip 264 1.49 22.44% 18.33%
Shipbuilding & Marine 351 0.68 90.71% 47.56%
Shoe 95 1.06 7.42% 6.90%
Steel 725 0.86 81.02% 44.76%
Telecom (Wireless) 117 0.79 31.99% 24.24%
Telecom. Equipment 550 1.18 15.23% 13.22%
Telecom. Services 325 0.63 65.54% 39.59%
Thrift 295 0.02 5432.46% 98.19%
Tobacco 48 0.49 15.48% 13.40%
Tranportation 223 0.75 48.75% 32.77%
Trucking 185 0.55 77.55% 43.68%
Utility (General) 61 0.41 107.15% 51.73%
Utility (Water) 97 0.53 63.18% 38.72%
Grand Total 40943 0.64 98.96% 49.74%
Effective tax Dividend PayNet Margin Pre-tax Oper ROE ROIC Sales/Capital EV/Sales
13.92% 34.69% 3.86% 8.10% 9.42% 42.52% 4.53 0.94
13.31% 33.18% 5.35% 8.91% 16.43% 35.50% 4.86 0.99
16.15% 51.21% 1.66% 4.84% 6.35% 6.94% 1.67 0.79
13.42% 37.80% 6.48% 11.70% 12.92% 15.05% 1.55 1.55
12.66% 16.30% 5.81% 5.98% 18.61% 7.83% 1.49 0.78
16.55% 12.54% 4.20% 6.60% 13.90% 14.33% 2.50 0.56
18.93% 32.02% 20.42% 0.25% 8.97% 0.02% 0.09 11.36
18.85% 15.95% 18.68% 0.00% 7.17% 0.00% 0.23 3.92
12.82% 30.71% 10.12% 14.77% 21.29% 18.97% 1.60 2.23
18.60% 33.05% 11.69% 18.89% 17.27% 14.32% 0.89 2.91
2.91% 34.78% 8.08% 17.16% 7.25% 11.45% 0.80 6.52
17.52% 31.74% 8.49% 15.89% 13.12% 15.03% 1.12 2.06
11.36% 36.87% 5.02% 0.18% 4.13% 0.02% 0.17 6.08
16.08% 36.75% 2.46% 6.14% 5.13% 7.58% 1.71 0.89
18.11% 40.69% 4.20% 7.85% 12.28% 19.57% 3.23 1.09
14.42% 15.91% 9.79% 18.41% 26.04% 15.33% 1.08 2.38
13.56% 57.82% 3.79% 6.69% 8.03% 7.99% 1.32 1.06
20.09% 43.49% 3.43% 7.96% 9.84% 10.52% 1.78 0.96
16.99% 30.49% 8.00% 12.65% 14.69% 15.64% 1.48 1.52
6.36% 55.14% 8.20% 15.68% 10.92% 15.36% 0.94 1.81
17.31% 21.36% 5.44% 8.16% 20.43% 28.10% 4.56 0.90
11.68% 27.50% 14.49% 22.50% 16.62% 40.08% 1.97 3.22
12.32% 16.88% 5.02% 9.96% 17.06% 32.20% 3.28 0.90
14.87% 50.95% 5.17% 10.85% 7.25% 7.89% 0.85 1.70
13.26% 25.92% 6.18% 9.25% 11.53% 7.62% 0.88 1.46
14.29% NA -1.40% 11.08% -2.57% 21.01% 2.64 0.97
13.88% 50.70% 3.30% 6.86% 7.24% 11.05% 2.10 1.01
12.33% 30.54% 2.78% 4.48% 6.20% 6.47% 1.85 0.74
12.17% NA -5.21% 2.32% -13.51% 3.57% 2.45 0.49
17.02% 59.23% 1.79% 4.52% 6.83% 7.93% 2.28 0.56
8.79% 28.43% 7.88% 16.46% 10.39% 21.13% 1.69 1.94
11.25% 62.60% 2.97% 8.92% 6.76% 13.28% 2.04 1.31
13.56% 28.83% 3.84% 4.84% 10.86% 7.78% 1.82 0.71
17.11% 16.51% 21.78% 6.43% 14.39% 0.38% 0.09 11.59
13.67% 8.01% 13.70% 3.31% 6.42% 0.22% 0.09 11.24
15.80% 43.33% 4.79% 8.05% 12.30% 13.63% 2.13 1.20
18.45% 54.16% 1.06% 2.99% 10.56% 13.98% 5.51 0.30
14.93% 30.24% 4.15% 6.11% 12.02% 13.60% 2.63 0.72
8.87% 37.02% 9.98% 18.21% 13.27% 24.36% 1.50 2.55
16.54% 15.05% 4.24% 10.37% 26.49% 14.16% 1.64 1.28
13.49% 22.73% 7.95% 12.14% 12.03% 14.31% 1.32 2.49
17.34% 16.77% 2.48% 4.77% 13.81% 30.87% 7.19 0.46
8.16% 14.89% 6.27% 12.10% 7.84% 16.39% 1.54 2.33
17.82% 31.37% 4.74% 8.32% 15.66% 11.92% 1.57 0.99
19.22% 14.51% 4.16% 6.61% 7.73% 5.94% 1.24 0.99
12.19% 36.52% 5.73% 11.80% 8.02% 10.35% 0.95 2.24
13.98% 43.82% 8.68% 14.34% 16.86% 22.08% 2.14 2.09
16.19% 31.17% 10.40% 22.04% 15.35% 42.97% 2.36 3.05
13.65% 21.45% 5.89% 7.96% 11.52% 10.66% 1.56 0.67
17.28% 34.76% 3.67% 6.60% 7.68% 8.95% 1.50 0.77
11.96% 31.87% 4.42% 7.64% 7.35% 7.58% 1.23 0.91
7.77% 4.29% 18.74% 21.16% 19.32% 24.00% 1.25 4.34
5.97% 38.86% 14.53% 11.33% 8.11% 3.21% 0.29 3.62
17.48% 32.02% 5.32% 8.92% 10.87% 12.83% 1.83 1.13
4.26% 45.90% 7.44% 15.44% 10.76% 12.83% 1.00 1.58
17.48% 41.76% 4.25% 7.35% 12.40% 15.21% 2.60 0.72
25.53% 27.55% 7.68% 10.78% 16.80% 12.65% 1.69 0.74
6.41% 44.13% 7.34% 17.88% 7.14% 8.66% 0.68 2.21
8.92% 115.27% 5.03% 10.38% 11.00% 8.71% 0.73 2.23
14.22% 26.59% 2.36% 4.24% 11.21% 11.01% 3.28 0.52
17.17% 43.18% 2.80% 7.51% 7.73% 11.05% 1.74 0.89
11.75% 80.79% 1.95% 5.18% 3.47% 3.98% 1.02 1.06
12.53% 44.83% 12.55% 21.12% 13.76% 18.46% 1.13 2.78
15.12% 93.77% 3.62% 10.49% 5.23% 5.14% 0.64 1.80
3.52% 61.89% 6.98% 18.63% 4.97% 8.79% 0.58 3.02
15.27% 1731.52% 0.16% 7.95% 0.26% 10.44% 1.79 1.18
2.99% 55.74% 61.89% 2.67% 10.89% 0.07% 0.02 47.03
21.56% 24.67% 9.07% 18.00% 11.68% 7.27% 0.60 2.27
12.96% 22.44% 13.08% 15.39% 8.51% 4.32% 0.31 3.24
17.32% 32.51% 19.74% 24.18% 12.96% 7.28% 0.36 3.10
13.51% 22.36% 22.99% 29.36% 8.76% 4.58% 0.18 6.03
15.30% 28.25% 5.97% 11.01% 9.65% 10.47% 1.31 1.31
11.47% 24.17% 8.86% 12.30% 14.39% 15.67% 1.25 0.73
20.90% 40.98% 6.14% 11.37% 19.63% 18.98% 2.20 1.55
19.42% 16.71% 2.82% 5.12% 17.68% 12.96% 3.11 0.63
23.15% 38.17% 3.91% 7.43% 13.28% 12.75% 2.72 0.95
19.16% 30.47% 2.60% 3.52% 11.51% 5.90% 2.06 0.57
22.21% 35.74% 2.82% 5.10% 13.35% 12.28% 3.28 0.65
23.43% 39.98% 2.15% 4.14% 12.11% 12.94% 3.96 0.48
11.10% 21.17% 2.83% 5.02% 14.07% 44.11% 7.82 2.11
20.10% 31.63% 3.53% 6.62% 13.63% 18.53% 3.94 0.79
16.86% 16.29% 4.71% 8.10% 15.87% 11.74% 1.77 0.78
8.19% 38.44% 7.21% 11.30% 10.20% 12.92% 1.30 1.66
7.82% NA -1.37% 7.82% -1.66% 7.97% 1.21 1.52
11.28% 497.14% 0.35% 5.05% 0.54% 2.97% 0.82 1.24
16.82% 18.13% 7.16% 9.81% 16.29% 18.16% 2.12 1.27
12.68% 411.43% 0.33% 3.86% 0.72% 3.97% 1.36 0.75
14.76% 111.38% 4.90% 16.86% 6.29% 12.46% 0.96 1.87
9.09% 46.05% 5.90% 7.46% 9.43% 11.82% 1.93 1.37
11.92% 103.40% 5.58% 14.71% 9.01% 12.33% 0.98 1.56
18.11% 9.16% 39.07% 0.59% -12.11% 0.00% 0.01 112.28
19.70% 63.68% 16.71% 28.10% 44.22% 47.52% 2.44 3.33
19.61% 42.98% 5.01% 8.46% 13.01% 10.37% 1.60 1.14
21.99% 21.81% 2.95% 6.16% 10.18% 7.81% 1.72 0.79
23.56% 91.00% 3.71% 10.48% 7.06% 8.12% 1.00 1.24
14.78% 54.81% 16.28% 27.53% 12.47% 8.81% 0.36 4.03
13.40% 37.49% 5.74% 8.63% 10.49% 5.11% 0.77 1.76
Revenue Growt
Expected Earnings growth: Next 5 years
6.82% 21.10%
5.45% 12.24%
9.50% 21.78%
8.05% 14.17%
7.89% 16.78%
7.61% 15.87%
9.33% 15.27%
4.05% 7.68%
9.19% 14.06%
9.46% 17.42%
18.82% 21.89%
6.87% 5.90%
5.54% 16.91%
1.84% 19.07%
7.64% 15.23%
11.67% 5.51%
6.76% 16.00%
7.14% 15.67%
10.95% 15.12%
15.30% 14.80%
9.20% 14.72%
10.54% 19.64%
0.21% 48.32%
10.75% 18.76%
7.65% 13.98%
15.14% 20.40%
8.43% 20.52%
2.24% 18.27%
-1.34% 16.82%
8.60% 15.76%
3.98% 20.99%
12.01% 14.79%
17.26% 22.13%
10.60% 16.59%
13.81% 21.86%
10.36% 20.44%
3.43% 11.57%
3.67% 25.07%
8.27% 15.75%
17.71% 15.74%
14.20% 18.06%
13.17% 16.52%
12.10% 21.93%
9.79% 10.97%
1.36% 10.35%
10.03% 14.85%
11.76% 16.06%
6.26% 14.57%
5.98% 15.55%
 5.07% 12.51%
8.42% 19.51%
9.16% 23.77%
8.47% 10.66%
3.89% 15.82%
20.44% 10.67%
2.53% 14.58%
14.00% 8.80%
21.47% 18.55%
16.37% 17.40%
15.38% 26.79%
9.61% 16.01%
6.17% 13.86%
13.72% 18.46%
13.97% 11.64%
40.88% 18.47%
1.45% -4.05%
2.02% 4.94%
3.83% 17.27%
5.65% 18.54%
12.44% 19.95%
10.18% 15.90%
1.93% 16.35%
6.02% 15.30%
6.48% 15.53%
6.02% 15.76%
5.10% 13.61%
6.29% 16.59%
7.69% 15.61%
5.93% 13.19%
12.55% 31.94%
5.00% 12.17%
10.45% 35.67%
5.70% 17.73%
0.87% 12.94%
8.50% 1.87%
8.98% 14.72%
8.35% 17.15%
8.43% 11.64%
3.55% 18.69%
7.88% 8.79%
7.27% 8.29%
6.18% 9.46%
11.17% 14.34%
3.04% 13.65%
8.49% 5.63%
17.20% 12.97%
8.94% 16.07%
 $70,000 $9,000

$8,000

Pre-tax Operating Income

$60,000
Revenues (in billions)

$7,000

$50,000
$6,000

$5,000
$40,000
Revenues
$4,000
Pre-tax operating income

$30,000
$3,000

$2,000
$20,000

$1,000

$10,000
$-

$- $(1,000)
Base 1 2 3 4 5 6 7 8 9 10
Year Revenues Pre-tax operating income
Base $ 1,329 $ (22)
1 $ 2,259 $ (5)
2 $ 3,840 $ 45
3 $ 6,528 $ 170
4 $ 11,097 $ 445
5 $ 18,866 $ 1,024
6 $ 29,534 $ 2,021
7 $ 42,263 $ 3,489
8 $ 54,794 $ 5,299
9 $ 63,671 $ 7,058
10 $ 65,422 $ 8,178