THE YELLOW CELLS ARE YOUR ONLY REQUIRED INPUTS.

ALL THE OTHER NUMBERS WILL BE CAL

Your inputs
Growth (Autos) Lever
How much will Tesla have in revenues from autos in 2033? A5: $500 billion (20% auto market share)
Expected auto revenues in 2033 ($ million) $ 500,000.00

Growth (Software, Robotaxi and Energy) Lever

How much will Tesla have in revenues from other businesss in 2033AA4: Energy + Software + Robotaxi ($200)
What percentage of other revenues in 2033 will be from software? 20%
What percentage of other revenues in 2033 will be from robotaxis? 40%
Revenues from other businesses in 2033 (based on inputs) = $200,000
Revenues from energy in 2033 (based on your inputs) $ 80,000.00
Revenues from software in 2033 (based on your inputs) $ 40,000.00
Revenues from robotaxis in 2033 (based on your inputs) $ 80,000.00
How many years before robotaxi revenues begin? 3
Profitability Lever
What operating margin will Tesla Auto have in 2033 (and beyond)? B7: Direct Input
Operating margin in 2028 10.00%
What operating margin with Tesla Energy have in 2033 (and beyond) 16.00%
What operating margin with Tesla Software have in 2033 (and beyon 21.81%
What operating margin with Tesla Robotaxi have in 2033 (and beyon 25.00%
With your operating margin, Tesla's operating profits in 2033 ($ mill $ 91,524.00

Investment Efficiency Lever

How many dollars of revenues will Tesla generate per $ of investmen C7: Direct Input
Sales to Invested Capital used in valuation 4.00
With your investment input, Tesla's return on capital in 2033 29.59%

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

Your key inputs wrere

Expected Revenue Growth rate for next 5 years = 31.38%
Expected Pre-tax Operating Margin in year 5 = 12.18%
Sales to Invested Capital for first 5 years = 4.00
Cost of capital to start = 10.15%

And with these inptus, your value is

Tesla's value of equity today = $ 624,879.57
Tesla's value per share today = $ 179.56

https://www.linkedin.com/pulse/tesla-november-2023-story-twists-turns-value-aswath-damodaran-lvuec?utm_source=share&utm_medium=member_ios&ut
Link do article
 Expected Auto Revenues in 2033 (in $ mi)l $ Revenues in 2033
A1: $100 billion (BMW-like) $100
A2: $150 billion (Ford & Honda-like) $150
A3: $200 billion (Daimler-like) $200
A4: $300 billion (Toyota & VW -like) $300
A5: $500 billion (20% auto market share) $500
A6: Direct Input (Enter % growth rate) $600

Expected Other Revenues in 2033 (in $ bil) $ Billion Revenues in 2033

AA1: Energy only ($50) $50
AA2: Energy + Software ($100) $100
AA3: Energy + Big Software ($150) $150
AA4: Energy + Software + Robotaxi ($200) $200
AA5: Energy + Software + Big Robotaxi ($300) $300
AA6: Direct Input (Enter revenues in 2033) $250

Operating Margin in 2028 Target Operating Margin

B1: Auto Industry First Quartile -12.81%
B2: Auto Industry Median 3.25%
B3: Auto Industry Third Quartile 8.52%
B4: Technology Median 10.25%
B5: Software 21.24%
B6: FAANG Aggregate 19.87%
B7: Direct Input 10.00%

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

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

Cost of Capital Initial cost of capital

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

Failure Likelihood Probability of failure

E1: No chance 0%
E2: 10% (Marginal profitability, High Debt) 10%
E3: 20% (Money loser, High Debt) 20%
E4: 50% (Low Growth, Money loser, High Debt 50%
_source=share&utm_medium=member_ios&utm_campaign=share_via
Date of valuation Oct-23 Important: Before you run this spreadsheet, go into p
Company name Tesla 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) Auto & Truck
Industry (Global) Auto & Truck Last 10K Years since last 10K
Revenues (Auto) $ 82,163.00 $ 53,823.00 0.75
Revenues (Energy) $ 5,907.00
Revenues (Rest) $ 7,854.00
Operating income or EBIT $ 10,728.00 $ 6,523.00 0.75
Interest expense $ 128.00 $ 191.00
Book value of equity $ 53,466.00 $ 44,704.00
Book value of debt $ 4,393.00 $ 5,748.00
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 $ 26,077.00 $ 22,185.00
Cross holdings and other non-operating assets $ - $ -
Minority interests $ 1,029.00 $ 1,194.00
Number of shares outstanding = 3176.00
Current stock price = $ 197.00
Effective tax rate = 9.28%
Marginal tax rate = 25.00%
The value drivers below:
Revenues (Auto) in 2033 = $500,000.00 Growth Lever
Revenues (Energy) in 2033 = $80,000.00
Revenues (Software) in 2033 = $40,000.00
Revenues (Robotaxi and Rest) in 2033 = $80,000.00
Target operating margin (autos) = 10.00% Profitability Lever
Target operating margin (energy) = 16.00%
Target operating margin (software) = 21.81%
Target operating margin (robotaxi) = 25.00%
Year of convergence 5.00 Speed of convergence level
Years 1-5 Years 6-10
Sales to capital ratio (for computing reinvestment) = 4.00 2.67 Investment Efficie
Market numbers
Riskfree rate 5.00%
Initial cost of capital = 10.15%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 347.37
Average strike price = $27.72
Average maturity = 6.11
Standard deviation on stock price = 40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature 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 = 9.00% 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 15% 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 = Yes Many young, growth companies fail, especially if they
If yes, enter the probability of failure = 0% 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 after
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
If yes, enter the growth rate in perpetuity 1.00% This can be negative, if you feel the company will decl
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 = 75.77% 28.06% 8.21%
Pre-tax operating margin in the most recent year = 15.11% 6.43% 6.58%
Sales to capital ratio in most recent year = 2.04 0.95 0.92
Return on invested capital in most recent year= 27.90% 6.46% 5.34%
Standard deviation in stock prices = 52.61% 33.90%
Cost of capital = 10.15% 10.67%

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth = $ 525,000
Pre-tax Operating Income in year 10, based on your operating ma $ 96,100
Return on invested capital in year 10, based on your sales/capital 29.59%
Check the Diagnostics worksheet for more details.

Value of operating assets = ###

Value of equity = ###
Value per share $ 179.56

panies (riskfree rate + 4.5%)

rally see their risk levels approach the average
ven in stable growth, may have higher risk.
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.

on consistency and prevents "impossible" growth rates.

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.
ble making debt payments.

are on your own in uncharted territory.

 Base year 1 2 3 4 5 6 7
Auto Revenue growth rate 50.85% 33.71% 25.21% 20.14% 16.76% 14.35% 12.55%
Revenues(Auto) $82,163.00 ### ### ### ### ### ### ###
Revenues (Energy) $ 5,907.00 $13,316.30 $19,243.74 $23,985.69 $27,779.25 $42,953.50 $50,362.80 $57,772.10
Revenues (Software) $ 7,854.00 $ 9,997.07 $11,711.52 $13,083.08 $14,180.33 $18,569.33 $22,855.47 $27,141.60
Revenues (Robotaxi) $ - $ - $ - $ - $11,428.57 $22,857.14 $34,285.71 $45,714.29
Total Revenues $95,924.00 ### ### ### ### ### ### ###
Operating margin (Auto) 15.11% 14.08% 13.06% 12.04% 11.02% 10.00% 10.00% 10.00%
Operating margin (Energ 12.00% 12.80% 13.60% 14.40% 15.20% 16.00% 16.00% 16.00%
Operating margin (Softw 10.00% 12.36% 14.72% 17.09% 19.45% 21.81% 21.81% 21.81%
Operating margin (Robot 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 25.00% 25.00%
EBIT (Operating income $12,411.20 $20,397.55 $25,991.49 $30,678.65 $36,741.35 $45,744.97 $54,900.77 $64,056.58
Tax rate 9.28% 9.28% 9.28% 9.28% 9.28% 9.28% 12.43% 15.57%
EBIT(1-t) $11,259.25 $18,504.35 $23,579.09 $27,831.20 $33,331.20 $41,499.14 $48,079.23 $54,083.67
- Reinvestment $12,834.02 $12,356.40 $11,974.30 $14,525.77 $18,193.88 $24,340.39 $24,340.39
FCFF $ 5,670.34 $11,222.69 $15,856.90 $18,805.43 $23,305.26 $23,738.85 $29,743.28
NOL $ - $ - $ - $ - $ - $ - $ - $ -

Cost of capital 10.15% 10.15% 10.15% 10.15% 10.15% 9.92% 9.69%

Cumulated discount factor 0.9078 0.8241 0.7482 0.6792 0.6166 0.5610 0.5114
PV(FCFF) $ 5,147.67 $ 9,249.15 $11,863.84 $12,772.99 $14,370.30 $13,316.32 $15,210.32

Terminal cash flow $48,050.10

Terminal cost of capital 9.00%
Terminal value ###
PV(Terminal value) ###
PV (CF over next 10 year ###
Sum of PV ###
Probability of failure = 0.00%
Proceeds if firm fails = $302,112.29
Value of operating assets ###
- Debt $ 4,393.00
- Minority interests $ 1,029.00
+ Cash $26,077.00
+ Non-operating assets $ -
Value of equity ###
- Value of options $54,608.83
Value of equity in comm ###
Number of shares 3,176.00
Estimated value /share $ 179.56
Price $ 197.00
Price as % of value 109.71%

Implied variables
Sales to capital ratio 4.00 4.00 4.00 4.00 4.00 2.67 2.67
Invested capital $ 40,357 $ 53,191 $ 65,548 $ 77,522 $ 92,048 $ 110,242 $ 134,582 $ 158,922
ROIC 27.90% 34.79% 35.97% 35.90% 36.21% 37.64% 35.72% 34.03%
 8 9 10 Terminal year
Check these revenues against
11.15% 10.03% 9.12% 5.00% a. Overall market size
### ### ### ### b. Largest companies in this market
$65,181.40 $72,590.70 $80,000.00 $84,000.00
$31,427.73 $35,713.87 $40,000.00 $42,000.00
$57,142.86 $68,571.43 $80,000.00 $84,000.00
### ### ### ###
10.00% 10.00% 10.00% 10.00%
16.00% 16.00% 16.00% 16.00% This is is how much your operating income
grew over the ten-year period.
21.81% 21.81% 21.81% 21.81%
25.00% 25.00% 25.00% 25.00%
$73,212.39 $82,368.19 $91,524.00 $96,100.20 $ 83,689.00
18.71% 21.86% 25.00% 25.00%
$59,512.44 $64,365.55 $68,643.00 $72,075.15
$24,340.39 $24,340.39 $24,340.39 $24,025.05 $ 215,611.37 This is how much capital you
invested over the ten year period.
$35,172.05 $40,025.16 $44,302.61 $48,050.10
$ - $ - $ - $ -

9.46% 9.23% 9.00% 9.00%

0.4672 0.4277 0.3924
$16,431.85 $17,118.96 $17,383.89
 After year 10
2.67 2.67 2.67
$ 183,263 $ 207,603 $ 231,944
32.47% 31.00% 29.59% 15.00%

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
 Tesla
An Auto Tale, with Add-on Stories
The news in 2023 for Tesla, ranging from price cuts on many of its lowest
models, in conjunction with the Cybertruck introduction, suggests that T
continue to grow in its core auto business, maintaining a dominant marke
the electric car component. In conjunection, a rise in revenues and opera
from the energy businesss, coming from a shift to energy storage soltuion
The Assumptions
expand the profitability of that business, and Tesla's committment to FSD
Base year Year 1 Year 10 After year 10

Revenues (a ### 5.00% 5.00%

Operating ma
12.94% 12.94% 12.18% 13.07%
Tax rate 9.28% 9.28% 25.00% 25.00%

Reinvestment (c ) Sales to ca4.00 RIR = 33.33%

Return on ca27.90% Marginal R41.29% 15.00%
Cost of capital (d) 10.15% 9.00% 9.00%
The Cash Flows
RevenueOperating EBIT EBIT (1-tReinvestment
1 ### 13.85% $20,398 ### $12,834
2 ### 13.21% $25,991 ### $12,356
3 ### 12.54% $30,679 ### $11,974
4 ### 12.14% $36,741 ### $14,526
5 ### 12.18% $45,745 ### $18,194
6 ### 12.47% $54,901 ### $24,340
7 ### 12.68% $64,057 ### $24,340
8 ### 12.84% $73,212 ### $24,340
9 ### 12.97% $82,368 ### $24,340
10 ### 13.07% $91,524 ### $24,340
Terminal year ### 13.07% $96,100 ### $24,025
The Value
Terminal value ###
PV(Terminal value) ###
PV (CF over next 10 years) ###
Value of operating assets = ###
Adjustment for distress $ - Probability of failure =
- Debt & Minority Interests $ 5,422
+ Cash & Other Non-operating $26,077
Value of equity ###
- Value of equity options $54,609
Number of shares ###
Value per share $179.56 Stock was trading at =
 Oct-23
many of its lowest-priced
n, suggests that Tesla will
a dominant market share of Tell your story about the company. Keep it
venues and operating profits focuses on the company's businesses and tie
it into the three key levers of value: cash
y storage soltuions will flows, growth and risk
mmittment to FSD will
Link to
& Tesla's story
early
mover advantage
work
boost,inbut
its price
favor.cuts
and cost pressures
will cap margins Tie each assumption to the part of your story
Global
allows tax rate
for less that relates to it.
reinvestment in the
near years.
Cost of entry will limi
Moves to median compa

FCFF
$5,670
$11,223
These are the numbers that come from your
$15,857 assumptions. The revenues over time reflect
$18,805 your revenue growth, the operating margins
$23,305 evolve towards your target margin and your
tax rate will change, if you have set it to. The
$23,739 reinvestment is estimated using the sales to
$29,743 capital ratio for the first 10 years and based
$35,172 on a reinvestment rate in stable growth (g/
ROC).
$40,025
$44,303
$48,050

This is the output from your valuation. It

reflects your cash flows being discounted
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
 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.

$197.00
VALUATION DIAGNOSTICS
Invested capital at start of valuation $ 40,357.20
Invested capital at end of valuation $ 231,943.52
Change in invested capital over 10 years $ 191,586.32
Change in EBIT*(1–t) (after-tax operating income) over 10 yea $ 79,112.80
Marginal ROIC over 10 years 41.29%
ROIC at end of valuation 29.59%
Average WACC over the 10 years (compounded) 9.81%
Your calculated value as a percent of current price 91.15%

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 $82,163.00 15.11% $12,411.20 $ - $ 1,151.95 $11,259.25
1 ### 50.85% 14.08% $17,457.23 $ - $ (1,047.12) $18,504.35
2 ### 33.71% 13.06% $21,649.94 $ - $ (1,929.15) $23,579.09
3 ### 25.21% 12.04% $24,989.33 $ - $ (2,841.87) $27,831.20
4 ### 20.14% 11.02% $27,475.40 $ - $ (5,855.80) $33,331.20
5 ### 16.76% 10.00% $29,108.15 $ - ### $41,499.14
6 ### 14.35% 10.00% $33,286.52 $ - ### $48,079.23
7 ### 12.55% 10.00% $37,464.89 $ - ### $54,083.67
8 ### 11.15% 10.00% $41,643.26 $ - ### $59,512.44
9 ### 10.03% 10.00% $45,821.63 $ - ### $64,365.55
10 ### 9.12% 10.00% $50,000.00 $ - ### $68,643.00

After-Tax Change in Sales to Reinvestm Capital Implied

Year Operating Revenues Capital ent FCFF Invested ROC
Income
Traling 12 m $11,259.25 $40,357.20 27.90%
1 $18,504.35 $41,783.70 4.00 $10,445.93 $ 8,058.43 $50,803.13 36.42%
2 $23,579.09 $41,783.70 4.00 $10,445.93 $13,133.16 $61,249.05 38.50%
3 $27,831.20 $41,783.70 4.00 $10,445.93 $17,385.28 $71,694.98 38.82%
4 $33,331.20 $41,783.70 4.00 $10,445.92 $22,885.27 $82,140.90 40.58%
5 $41,499.14 $41,783.70 4.00 $10,445.92 $31,053.21 $92,586.82 44.82%
6 $48,079.23 $41,783.70 2.67 $15,668.89 $32,410.35 ### 44.41%
7 $54,083.67 $41,783.70 2.67 $15,668.89 $38,414.78 ### 43.64%
8 $59,512.44 $41,783.70 2.67 $15,668.89 $43,843.55 ### 42.63%
9 $64,365.55 $41,783.70 2.67 $15,668.89 $48,696.66 ### 41.46%
10 $68,643.00 $41,783.70 2.67 $15,668.89 $52,974.11 ### 40.16%

Cost of Pre-Tax After-Tax Cost of

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

Cost of Cumulated Terminal Present

Year Capital Cost of FCFF Value Value
Capital
1 10.15% 1.1015 $ 8,058.43 $ 7,315.65
2 10.15% 1.2134 $13,133.16 $10,823.66
3 10.15% 1.3366 $17,385.28 $13,007.35
4 10.15% 1.4723 $22,885.27 $15,544.10
5 10.15% 1.6218 $31,053.21 $19,147.78
6 9.92% 1.7827 $32,410.35 $18,180.60
 7 9.69% 1.9555 $38,414.78 $19,644.81
8 9.46% 2.1405 $43,843.55 $20,483.05
9 9.23% 2.3381 $48,696.66 $20,827.80
10 9.00% 2.5485 $52,974.11 ### ###
Value of operating assets = ###
Valuing Options or Warrants
Enter the current stock price = $ 179.56
Enter the strike price on the option = $ 27.72
Enter the expiration of the option = 6.11
Enter the standard deviation in stock 40.00% (volatility)
Enter the annualized dividend yield 0.00%
Enter the treasury bond rate = 5.00%
Enter the number of warrants (option 347.37
Enter the number of shares outstand 3,176.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 179.55628 # Warrants issued= 347.37
Strike Price= 27.716667 # Shares outstanding= 3,176
Adjusted S = 177.35281 T.Bond rate= 5.00%
Adjusted K = 27.716667 Variance= 0.1600
Expiration (in years) = 6.11 Annualized dividend yie 0.00%
Div. Adj. interest rate= 5.00%

d1 = 2.6805999
N (d1) = 0.9963255

d2 = 1.6918633
N (d2) = 0.954664

Value per option = $ 157.21

Value of all options outstanding = ###
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 = 3176.00
Current Market Price per share = $ 197.00

Approach for estimating beta Multibusiness(Global)

If direct input, enter levered beta (or regressi 1.20
Unlevered beta = 0.94
Riskfree Rate = 5.00%
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 5.59%

Debt
Book Value of Straight Debt = $ 4,393.00
Interest Expense on Debt = $ 128.00
Average Maturity = 3
Approach for estimating pre-tax cost of debt Actual rating
If direct input, input the pre-tax cost of debt 4.000%
If actual rating, input the rating Ba2/BB
If synethetic rating, input the type of compan 1
Pre-tax Cost of Debt = 8.13%
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 = $3,803.84
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ -
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 0.94

Equity Debt Preferred Stock Capital

Market Value $ 625,672.00 $3,803.84 $ - ###
Weight in Cost of Capital 99.40% 0.60% 0.00% 100.00%
Cost of Component 10.28% 6.10% 7.14% 10.25%
key 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 15,207.0 4.96% 48.22% 2.39%
China 6,662.0 6.18% 21.13% 1.30% The last two rows in each of country/regi
0.00% 0.00% 0.00% tables is set aside for your input to pro
flexibility to enter some numbers directl
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 th
0.00% 0.00% 0.00% of the World". You can enter the "Rest of t
of these two rows and enter an equity risk
0.00% 0.00% 0.00% rest of the world. The easiest way to do tha
0.00% 0.00% 0.00% country equity risk premium worksheet
0.00% 0.00% 0.00% GDP for the three countries that you have
and compute the global weighted avera
0.00% 0.00% 0.00% remaining countries. With the regional wo
0.00% 0.00% 0.00% use the last two rows to enter the data fo
country (usually the domestic country) tha
Rest of the World 9667 6.18% 30.65% 1.89%
out though the rest of the revenues are b
0.00% 0.00% region. You can look up the ERP for the
Total 31536 100.00% 5.59% country ERP worksheet.
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Global 0 7.00% 0.00% 0.0000%
0 7440 0.00% 7.34% 0.0000%
0 0.00% 0.00% 0.0000%
0 0 0.00% 0.00% 0.0000%
0 0 0.00% 0.00% 0.0000%
0 0.00% 0.00% 0.0000%
0 0 0.00% 0.00% 0.0000%
0 93864 0.00% 92.66% 0.0000%
0 0.00% 0.00% 0.0000%
0.00% 0.0000%
0.00% 0.0000%
Total 101304 100.00% 0.0000%

Multi Business (US Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Auto & Truck $ 29,542.00 1.8115 ### 1.2255
Green & Renewable E $ 1,994.00 7.7853 ### 0.8772
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 $ 31,536.00 ### 1.1472

Multi Business (Global Industry Averages)

Business Revenues EV/Sales Estimated VUnlevered Beta
Auto & Truck $ 29,542.00 1.0824 ### 1.0338
Green & Renewable E $ 1,994.00 7.5247 ### 0.7391
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 $ 31,536.00 ### 0.9397
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 expens 5 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $3,685.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
-1 3075.00 ! Year -1 is the year prior to the current year
-2 2593.00 ! Year -2 is the two years prior to the current year
-3 1491.00
-4 1390.00
-5 1460.00
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 3685.00 1.00 3685.00
-1 3075.00 0.80 2460.00 $ 615.00
-2 2593.00 0.60 1555.80 $ 518.60
-3 1491.00 0.40 596.40 $ 298.20
-4 1390.00 0.20 278.00 $ 278.00
-5 1460.00 0.00 0.00 $ 292.00
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 = $8,575.20 $2,001.80

Amortization of asset for current yea $2,001.80

Adjustment to Operating Income = $1,683.20 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $421
stments 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 = $ 275.65
Operating Lease Commitments (From footnote to financials)
Year Commitment! Year 1 is next year, ….
1 209.2
2 258.4
3 228.7
4 182.3
5 153.5
6 and beyond 477.9

Output
Pre-tax Cost of Debt = 8.13% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 e 2 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1 $ 209.20 $ 193.47
2 $ 258.40 $ 221.00
3 $ 228.70 $ 180.90
4 $ 182.30 $ 133.35
5 $ 153.50 $ 103.84
6 and beyon $ 238.95 $ 287.75 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $1,120.32

Restated Financials
Depreciation on Operating Lease Asset = $ 160.05 ! I use straight line depreciation
Adjustment to Operating Earnings = $115.60 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $1,120.32 ! Add this amount to debt
Adjustment to Depreciation = $160.05
Mature Market ERP + 4.96% Updated January 1, 2023
Changing this number will update all your country equity risk premiums.

Country Moody's ratingAdj. Default SpreEquity Risk Premium

Country Risk Premium
Abu Dhabi Aa2 0.60% 5.81% 0.85%
Albania B1 5.51% 12.73% 7.77%
Algeria NR 18.43% 17.45% 12.49%
Andorra (Principality of) Baa2 2.33% 8.25% 3.29%
Angola B3 7.95% 16.18% 11.22%
Argentina Ca 14.68% 25.67% 20.71%
Armenia Ba3 4.40% 11.17% 6.21%
Aruba Baa2 2.33% 8.25% 3.29%
Australia Aaa 0.00% 4.96% 0.00%
Austria Aa1 0.49% 5.65% 0.69%
Azerbaijan Ba1 3.06% 9.28% 4.32%
Bahamas B1 5.51% 12.73% 7.77%
Bahrain B2 6.73% 14.45% 9.49%
Bangladesh Ba3 4.40% 11.17% 6.21%
Barbados Caa1 9.17% 17.90% 12.94%
Belarus Ca 14.68% 25.67% 20.71%
Belgium Aa3 0.73% 5.99% 1.03%
Belize Caa2 11.02% 20.50% 15.54%
Benin B1 5.51% 12.73% 7.77%
Bermuda A2 1.04% 6.42% 1.46%
Bolivia B2 6.73% 14.45% 9.49%
Bosnia and Herzegovina B3 7.95% 16.18% 11.22%
Botswana A3 1.47% 7.03% 2.07%
Brazil Ba2 3.68% 10.15% 5.19%
Brunei NR 13.11% 12.13% 7.17%
Bulgaria Baa1 1.96% 7.72% 2.76%
Burkina Faso Caa1 9.17% 17.90% 12.94%
Cambodia B2 6.73% 14.45% 9.49%
Cameroon B2 6.73% 14.45% 9.49%
Canada Aaa 0.00% 4.96% 0.00%
Cape Verde B3 7.95% 16.18% 11.22%
Cayman Islands Aa3 0.73% 5.99% 1.03%
Chile A2 1.04% 6.42% 1.46%
China A1 0.86% 6.18% 1.22%
Colombia Baa2 2.33% 8.25% 3.29%
Congo (Democratic Republ B3 7.95% 16.18% 11.22%
Congo (Republic of) Caa2 11.02% 20.50% 15.54%
Cook Islands B1 5.51% 12.73% 7.77%
Costa Rica B2 6.73% 14.45% 9.49%
Côte d'Ivoire Ba3 4.40% 11.17% 6.21%
Croatia Baa2 2.33% 8.25% 3.29%
Cuba Ca 14.68% 25.67% 20.71%
Curacao Baa2 2.33% 8.25% 3.29%
Cyprus Ba1 3.06% 9.28% 4.32%
Czech Republic Aa3 0.73% 5.99% 1.03%
Denmark Aaa 0.00% 4.96% 0.00%
Dominican Republic Ba3 4.40% 11.17% 6.21%
Ecuador Caa3 12.24% 22.22% 17.26%
Egypt B2 6.73% 14.45% 9.49%
El Salvador Caa3 12.24% 22.22% 17.26%
Estonia A1 0.86% 6.18% 1.22%
Ethiopia Caa2 11.02% 20.50% 15.54%
Fiji B1 5.51% 12.73% 7.77%
Finland Aa1 0.49% 5.65% 0.69%
France Aa2 0.60% 5.81% 0.85%
Gabon Caa1 9.17% 17.90% 12.94%
Gambia NR 21.98% 21.00% 16.04%
Georgia Ba2 3.68% 10.15% 5.19%
Germany Aaa 0.00% 4.96% 0.00%
Ghana Ca 14.68% 25.67% 20.71%
Greece Ba3 4.40% 11.17% 6.21%
Guatemala Ba1 3.06% 9.28% 4.32%
Guernsey (States of) Aaa 0.00% 4.96% 0.00%
Guinea NR 20.66% 19.68% 14.72%
Guinea-Bissau NR 20.66% 19.68% 14.72%
Guyana NR 13.21% 12.23% 7.27%
Haiti NR 13.21% 12.23% 7.27%
Honduras B1 5.51% 12.73% 7.77%
Hong Kong Aa3 0.73% 5.99% 1.03%
Hungary Baa2 2.33% 8.25% 3.29%
Iceland A2 1.04% 6.42% 1.46%
India Baa3 2.69% 8.75% 3.79%
Indonesia Baa2 2.33% 8.25% 3.29%
Iran NR 14.34% 13.36% 8.40%
Iraq Caa1 9.17% 17.90% 12.94%
Ireland A1 0.86% 6.18% 1.22%
Isle of Man Aa3 0.73% 5.99% 1.03%
Israel A1 0.86% 6.18% 1.22%
Italy Baa3 2.69% 8.75% 3.79%
Jamaica B2 6.73% 14.45% 9.49%
Japan A1 0.86% 6.18% 1.22%
Jersey (States of) Aaa 0.00% 4.96% 0.00%
Jordan B1 5.51% 12.73% 7.77%
Kazakhstan Baa2 2.33% 8.25% 3.29%
Kenya B2 6.73% 14.45% 9.49%
Korea Aa2 0.60% 5.81% 0.85%
Korea, D.P.R. NR 16.38% 15.40% 10.44%
Kuwait A1 0.86% 6.18% 1.22%
Kyrgyzstan B3 7.95% 16.18% 11.22%
Laos Caa3 12.24% 22.22% 17.26%
Latvia A3 1.47% 7.03% 2.07%
Lebanon C 17.50% 29.65% 24.69%
Liberia NR 20.66% 19.68% 14.72%
Libya NR 14.18% 13.20% 8.24%
Liechtenstein Aaa 0.00% 4.96% 0.00%
Lithuania A2 1.04% 6.42% 1.46%
Luxembourg Aaa 0.00% 4.96% 0.00%
Macao Aa3 0.73% 5.99% 1.03%
Macedonia Ba3 4.40% 11.17% 6.21%
Madagascar NR 14.18% 13.20% 8.24%
Malawi NR 21.27% 20.29% 15.33%
Malaysia A3 1.47% 7.03% 2.07%
Maldives Caa1 9.17% 17.90% 12.94%
Mali Caa2 11.02% 20.50% 15.54%
Malta A2 1.04% 6.42% 1.46%
Mauritius Baa3 2.69% 8.75% 3.79%
Mexico Baa2 2.33% 8.25% 3.29%
Moldova B3 7.95% 16.18% 11.22%
Mongolia B3 7.95% 16.18% 11.22%
Montenegro B1 5.51% 12.73% 7.77%
Montserrat Baa3 2.69% 8.75% 3.79%
Morocco Ba1 3.06% 9.28% 4.32%
Mozambique Caa2 11.02% 20.50% 15.54%
Myanmar NR 17.72% 16.74% 11.78%
Namibia B1 5.51% 12.73% 7.77%
Netherlands Aaa 0.00% 4.96% 0.00%
New Zealand Aaa 0.00% 4.96% 0.00%
Nicaragua B3 7.95% 16.18% 11.22%
Niger B3 7.95% 16.18% 11.22%
Nigeria B3 7.95% 16.18% 11.22%
Norway Aaa 0.00% 4.96% 0.00%
Oman Ba3 4.40% 11.17% 6.21%
Pakistan Caa1 9.17% 17.90% 12.94%
Panama Baa2 2.33% 8.25% 3.29%
Papua New Guinea B2 6.73% 14.45% 9.49%
Paraguay Ba1 3.06% 9.28% 4.32%
Peru Baa1 1.96% 7.72% 2.76%
Philippines Baa2 2.33% 8.25% 3.29%
Poland A2 1.04% 6.42% 1.46%
Portugal Baa2 2.33% 8.25% 3.29%
Qatar Aa3 0.73% 5.99% 1.03%
Ras Al Khaimah (Emirate A3 1.47% 7.03% 2.07%
Romania Baa3 2.69% 8.75% 3.79%
Russia Caa1 9.17% 17.90% 12.94%
Rwanda B2 6.73% 14.45% 9.49%
Saudi Arabia A1 0.86% 6.18% 1.22%
Senegal Ba3 4.40% 11.17% 6.21%
Serbia Ba2 3.68% 10.15% 5.19%
Sharjah Ba1 3.06% 9.28% 4.32%
Sierra Leone NR 21.27% 20.29% 15.33%
Singapore Aaa 0.00% 4.96% 0.00%
Slovakia A2 1.04% 6.42% 1.46%
Slovenia A3 1.47% 7.03% 2.07%
Solomon Islands Caa1 9.17% 17.90% 12.94%
Somalia NR 20.66% 19.68% 14.72%
South Africa Ba2 3.68% 10.15% 5.19%
Spain Baa1 1.96% 7.72% 2.76%
Sri Lanka Ca 14.68% 25.67% 20.71%
St. Maarten Ba2 3.68% 10.15% 5.19%
St. Vincent & the Grenadi B3 7.95% 16.18% 11.22%
Sudan NR 24.81% 23.83% 18.87%
Suriname Caa3 12.24% 22.22% 17.26%
Swaziland B3 7.95% 16.18% 11.22%
Sweden Aaa 0.00% 4.96% 0.00%
Switzerland Aaa 0.00% 4.96% 0.00%
Syria NR 19.85% 18.87% 13.91%
Taiwan Aa3 0.73% 5.99% 1.03%
Tajikistan B3 7.95% 16.18% 11.22%
Tanzania B2 6.73% 14.45% 9.49%
Thailand Baa1 1.96% 7.72% 2.76%
Togo B3 7.95% 16.18% 11.22%
Trinidad and Tobago Ba2 3.68% 10.15% 5.19%
Tunisia Caa1 9.17% 17.90% 12.94%
Turkey B3 7.95% 16.18% 11.22%
Turks and Caicos Islands Baa1 1.96% 7.72% 2.76%
Uganda B2 6.73% 14.45% 9.49%
Ukraine Caa3 12.24% 22.22% 17.26%
United Arab Emirates Aa2 0.60% 5.81% 0.85%
United Kingdom Aa3 0.73% 5.99% 1.03%
United States Aaa 0.00% 4.96% 0.00%
Uruguay Baa2 2.33% 8.25% 3.29%
Uzbekistan B1 5.51% 12.73% 7.77%
Venezuela C 17.50% 29.65% 24.69%
Vietnam Ba2 3.68% 10.15% 5.19%
Yemen, Republic NR 14.18% 13.20% 8.24%
Zambia Ca 14.68% 25.67% 20.71%
Zimbabwe NR 17.72% 16.74% 11.78%

Region Weighted Average:

Weighted
ERP Average: Default Spreads Tax Rate Weighted Average: CRP
Africa 14.60% 6.83% 27.27% 9.64%
Asia 6.89% 1.37% 24.52% 1.93%
Australia & New Zealand 4.96% 0.00% 29.72% 0.00%
Caribbean 16.15% 7.93% 25.63% 11.19%
Central and South America 11.53% 4.65% 31.46% 6.57%
Eastern Europe & Russia 12.75% 5.52% 18.35% 7.79%
Middle East 7.47% 1.78% 15.18% 2.51%
North America 4.96% 0.00% 25.00% 0.00%
Western Europe 6.47% 1.07% 24.83% 1.51%
Global 7.00% 1.45% 24.67% 2.04%
Corporate Tax Rate
15.00%
15.00%
26.00%
18.98%
25.00%
35.00%
18.00%
25.00%
30.00%
24.00%
20.00%
0.00%
0.00%
32.50%
5.50%
18.00%
25.00%
27.18%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
18.50%
10.00%
28.00%
20.00%
33.00%
25.00%
0.00%
0.00%
27.00%
25.00%
35.00%
30.00%
28.00%
28.43%
30.00%
25.00%
18.00%
27.18%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
25.00%
30.00%
31.00%
15.00%
30.00%
25.00%
22.00%
25.00%
0.00%
29.15%
29.15%
18.64%
18.64%
25.00%
16.50%
9.00%
20.00%
30.00%
22.00%
20.23%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
23.20%
0.00%
20.00%
20.00%
30.00%
25.00%
23.10%
15.00%
10.00%
22.81%
20.00%
17.00%
29.15%
20.00%
12.50%
15.00%
24.94%
22.81%
10.00%
20.00%
30.00%
24.00%
22.81%
22.81%
35.00%
15.00%
30.00%
12.00%
25.00%
15.00%
27.18%
31.00%
32.00%
25.00%
32.00%
25.80%
28.00%
30.00%
22.81%
30.00%
22.00%
15.00%
29.00%
25.00%
30.00%
10.00%
29.50%
25.00%
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%
27.00%
25.00%
24.00%
27.18%
27.18%
35.00%
36.00%
27.50%
20.60%
18.00%
28.00%
20.00%
18.00%
30.00%
20.00%
22.81%
30.00%
15.00%
23.00%
0.00%
30.00%
18.00%
0.00%
25.00%
25.00%
25.00%
15.00%
34.00%
20.00%
20.00%
35.00%
 25.00%

Average: CRP
 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 = $128.00 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 5.00%
Output
Interest coverage ratio = 83.81
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the operating lease commitment qu
Estimated Company Default Spread 0.69% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if 0.00%
Estimated Cost of Debt = 5.69%

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
-100000 0.199999 D2/D 20.00%
0.2 0.649999 Caa/CCC 17.50%
0.65 0.799999 Ca2/CC 15.78%
0.8 1.249999 C2/C 11.57%
1.25 1.499999 B3/B- 7.37%
1.5 1.749999 B2/B 5.26%
1.75 1.999999 B1/B+ 4.55%
2 2.2499999 Ba2/BB 3.13%
2.25 2.49999 Ba1/BB+ 2.42%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.62%
4.25 5.499999 A2/A 1.42%
5.5 6.499999 A1/A+ 1.23%
6.5 8.499999 Aa2/AA 0.85%
8.50 100000 Aaa/AAA 0.69%

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 20.00% Rating is Spread is
0.5 0.799999 Caa/CCC 17.50% A1/A+ 1.23%
0.8 1.249999 Ca2/CC 15.78% A2/A 1.42%
1.25 1.499999 C2/C 11.57% A3/A- 1.62%
1.5 1.999999 B3/B- 7.37% Aa2/AA 0.85%
2 2.499999 B2/B 5.26% Aaa/AAA 0.69%
2.5 2.999999 B1/B+ 4.55% B1/B+ 4.55%
3 3.499999 Ba2/BB 3.13% B2/B 5.26%
3.5 3.9999999 Ba1/BB+ 2.42% B3/B- 7.37%
4 4.499999 Baa2/BBB 2.00% Ba1/BB+ 2.42%
4.5 5.999999 A3/A- 1.62% Ba2/BB 3.13%
6 7.499999 A2/A 1.42% Baa2/BBB 2.00%
7.5 9.499999 A1/A+ 1.23% C2/C 17.50%
9.5 12.499999 Aa2/AA 0.85% Ca2/CC 15.78%
12.5 100000 Aaa/AAA 0.69% Caa/CCC 11.57%
D2/D 20.00%
preadsheet.
tions in excel) is checked.

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
Advertising 58 18.17% 10.62% 36.62% 24.71% 1.35
Aerospace/Defense 77 3.99% 8.64% 15.25% 16.51% 1.23
Air Transport 21 2.24% 2.11% 3.08% 35.99% 0.69
Apparel 39 5.84% 10.16% 20.57% 20.51% 1.02
Auto & Truck 31 28.06% 6.43% 6.46% 10.58% 1.23
Auto Parts 37 7.07% 5.06% 10.26% 21.56% 1.20
Bank (Money Center) 7 1.94% 0.00% 0.03% 17.16% 0.74
Banks (Regional) 557 11.02% 0.00% -0.04% 21.05% 0.41
Beverage (Alcoholic) 23 12.54% 20.06% 14.66% 34.93% 0.88
Beverage (Soft) 31 15.05% 19.04% 28.72% 18.19% 1.20
Broadcasting 26 19.54% 14.58% 13.52% 21.95% 0.70
Brokerage & Investment Banking 30 14.23% 0.41% 0.06% 20.82% 0.69
Building Materials 45 10.60% 13.81% 34.60% 22.05% 1.10
Business & Consumer Services 164 8.46% 9.03% 23.99% 22.54% 1.02
Cable TV 10 20.05% 19.90% 12.13% 29.82% 0.71
Chemical (Basic) 38 27.02% 13.05% 25.38% 20.97% 0.96
Chemical (Diversified) 4 1.75% 13.52% 20.35% 17.55% 1.09
Chemical (Specialty) 76 9.48% 14.62% 17.83% 21.52% 1.12
Coal & Related Energy 19 -3.71% 22.15% 41.79% 5.79% 1.43
Computer Services 80 10.48% 6.57% 28.39% 20.90% 0.99
Computers/Peripherals 42 16.36% 21.41% 42.63% 16.70% 1.23
Construction Supplies 49 5.02% 11.13% 14.55% 21.15% 1.08
Diversified 23 7.69% 3.44% 2.85% 15.97% 0.94
Drugs (Biotechnology) 598 27.23% 12.02% 6.49% 14.25% 1.20
Drugs (Pharmaceutical) 281 42.35% 27.39% 19.58% 12.15% 1.18
Education 33 4.13% 5.28% 6.77% 28.83% 0.99
Electrical Equipment 110 13.90% 9.97% 18.40% 20.10% 1.43
Electronics (Consumer & Office) 16 -0.47% 1.85% 5.46% 10.06% 1.61
Electronics (General) 138 10.63% 9.74% 17.47% 19.00% 1.12
Engineering/Construction 43 12.14% 4.42% 13.83% 22.88% 1.02
Entertainment 110 28.59% 7.51% 11.23% 21.09% 1.25
Environmental & Waste Services 62 10.13% 12.59% 28.32% 22.11% 0.86
Farming/Agriculture 39 17.57% 7.62% 15.17% 20.03% 0.93
Financial Svcs. (Non-bank & Insur 223 10.44% 15.89% 0.65% 20.88% 0.11
Food Processing 92 25.21% 11.77% 18.60% 19.90% 0.77
Food Wholesalers 14 9.84% 2.10% 15.54% 22.25% 0.85
Furn/Home Furnishings 32 14.45% 7.66% 15.24% 32.78% 0.95
Green & Renewable Energy 19 -14.71% 26.10% 4.68% 14.04% 0.88
Healthcare Products 254 19.90% 15.02% 15.88% 15.50% 1.10
Healthcare Support Services 131 20.16% 4.07% 33.79% 22.03% 1.07
Heathcare Information and Techno 138 20.45% 16.93% 19.10% 15.82% 1.37
Homebuilding 32 15.82% 18.76% 28.17% 23.12% 1.33
Hospitals/Healthcare Facilities 34 1.60% 11.62% 20.45% 24.11% 0.72
Hotel/Gaming 69 7.58% 7.25% 2.34% 23.85% 1.06
Household Products 127 11.55% 16.99% 34.92% 20.16% 1.06
Information Services 73 11.06% 24.02% 32.89% 19.11% 1.33
Insurance (General) 21 6.90% 21.82% 19.31% 20.38% 1.03
Insurance (Life) 27 8.29% 8.34% 4.83% 14.55% 0.67
Insurance (Prop/Cas.) 51 3.82% 6.41% 7.08% 19.87% 0.73
Investments & Asset Management 600 10.79% 18.36% 9.16% 18.20% 0.54
Machinery 116 8.50% 13.80% 27.44% 20.98% 1.09
Metals & Mining 68 5.88% 22.89% 34.72% 38.41% 1.22
Office Equipment & Services 16 15.79% 5.94% 12.19% 24.23% 0.84
Oil/Gas (Integrated) 4 12.12% 17.32% 22.37% 23.13% 0.95
Oil/Gas (Production and Explorati 174 29.57% 35.55% 39.82% 20.96% 1.14
Oil/Gas Distribution 23 21.86% 10.55% 7.18% 16.73% 0.66
Oilfield Svcs/Equip. 101 7.72% 7.26% 28.09% 21.08% 1.19
Packaging & Container 25 5.90% 9.43% 16.04% 20.38% 0.67
Paper/Forest Products 7 7.00% 18.47% 42.83% 25.80% 1.13
Power 48 6.41% 15.57% 6.04% 13.47% 0.46
Precious Metals 74 3.74% 10.03% 5.28% 44.61% 1.19
Publishing & Newspapers 20 3.32% 7.73% 15.25% 15.30% 0.91
R.E.I.T. 223 9.57% 25.46% 3.29% 4.28% 0.69
Real Estate (Development) 18 10.16% 18.64% 6.12% 22.96% 0.88
Real Estate (General/Diversified) 12 8.74% 18.57% 6.51% 22.88% 0.66
Real Estate (Operations & Service 60 16.00% 1.17% 1.08% 20.23% 0.81
Recreation 57 7.79% 9.19% 12.25% 20.05% 1.08
Reinsurance 1 5.63% 4.65% 5.25% 6.48% 0.83
Restaurant/Dining 70 6.28% 15.42% 18.38% 21.30% 1.17
Retail (Automotive) 30 17.12% 6.19% 15.60% 23.56% 1.08
Retail (Building Supply) 15 13.02% 13.85% 50.28% 24.92% 1.57
Retail (Distributors) 69 7.33% 11.66% 21.34% 23.46% 1.01
Retail (General) 15 4.32% 4.35% 17.89% 25.41% 1.22
Retail (Grocery and Food) 13 4.96% 3.32% 12.77% 22.30% 0.47
Retail (Online) 63 20.71% 2.30% 5.09% 0.44% 1.36
Retail (Special Lines) 78 13.32% 5.43% 15.72% 20.57% 1.19
Rubber& Tires 3 12.42% 5.55% 9.62% 0.00% 0.27
Semiconductor 68 8.88% 25.44% 18.52% 10.21% 1.53
Semiconductor Equip 30 15.70% 27.30% 38.17% 13.50% 1.69
Shipbuilding & Marine 8 15.54% 25.50% 28.79% 15.56% 0.78
Shoe 13 11.90% 12.86% 33.42% 14.21% 1.29
Software (Entertainment) 91 30.38% 25.91% 21.87% 15.92% 1.36
Software (Internet) 33 25.94% -5.85% -1.03% 19.11% 1.42
Software (System & Application) 390 20.10% 21.81% 22.47% 17.78% 1.41
Steel 28 15.21% 19.84% 48.63% 20.63% 1.21
Telecom (Wireless) 16 18.50% 14.05% 6.15% 4.74% 0.71
Telecom. Equipment 79 3.51% 18.34% 25.99% 18.45% 1.18
Telecom. Services 49 16.81% 19.98% 12.38% 22.10% 0.47
Tobacco 15 5.77% 43.76% 70.88% 25.22% 1.74
Transportation 18 14.99% 9.35% 24.20% 22.17% 0.92
Transportation (Railroads) 4 3.78% 40.06% 16.94% 22.29% 0.93
Trucking 35 14.16% 8.93% 13.53% 24.44% 1.23
Utility (General) 15 4.05% 18.19% 5.82% 16.65% 0.41
Utility (Water) 16 14.35% 29.51% 6.91% 18.06% 0.87
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/
Equity (Levered) Beta equity stock prices of debt l capital Capital EV/Sales EV/EBITDA
1.63 13.57% 52.72% 5.88% 31.03% 10.73% 3.51 1.96 10.36
1.41 12.28% 37.56% 5.50% 20.67% 10.59% 1.87 2.55 14.59
1.42 12.29% 37.73% 5.50% 65.08% 6.98% 1.60 1.02 9.39
1.32 11.75% 38.51% 5.50% 34.02% 9.15% 2.10 1.16 7.02
1.54 13.03% 52.61% 5.88% 33.42% 10.15% 0.95 1.81 12.75
1.47 12.64% 39.52% 5.50% 29.90% 10.09% 1.97 0.82 7.18
1.08 10.30% 19.59% 4.73% 68.39% 5.68% 0.32 4.49 NA
0.50 6.88% 16.76% 4.73% 39.25% 5.57% 0.47 4.34 NA
1.01 9.90% 49.87% 5.50% 18.64% 8.82% 0.80 4.07 15.91
1.30 11.62% 41.72% 5.50% 13.25% 10.63% 1.60 4.67 20.01
1.32 11.73% 46.90% 5.50% 59.49% 7.21% 1.09 1.33 6.55
1.20 11.04% 28.00% 5.50% 66.79% 6.42% 0.26 4.46 NA
1.28 11.47% 29.19% 5.50% 22.44% 9.82% 2.96 1.36 7.85
1.17 10.84% 45.78% 5.50% 21.55% 9.39% 2.80 2.05 13.18
1.26 11.34% 25.41% 5.50% 51.75% 7.60% 0.80 2.43 7.39
1.25 11.29% 46.58% 5.50% 32.57% 8.95% 2.14 0.89 4.92
1.41 12.27% 39.49% 5.50% 36.81% 9.27% 1.70 0.91 5.02
1.28 11.47% 42.32% 5.50% 21.51% 9.89% 1.30 2.48 10.53
1.45 12.51% 61.96% 5.88% 17.84% 11.06% 1.91 1.43 3.81
1.17 10.84% 47.78% 5.50% 24.56% 9.19% 4.36 1.17 10.56
1.29 11.55% 48.73% 5.50% 8.69% 10.90% 2.12 3.67 14.73
1.26 11.39% 35.11% 5.50% 23.15% 9.71% 1.42 2.15 12.93
1.04 10.05% 57.84% 5.88% 17.52% 9.06% 0.81 2.50 30.96
1.24 11.26% 58.41% 5.88% 13.29% 10.35% 0.46 6.18 11.03
1.27 11.41% 64.88% 5.88% 11.98% 10.57% 0.75 4.85 12.34
1.10 10.42% 41.81% 5.50% 23.44% 8.94% 1.24 1.85 9.65
1.59 13.32% 58.55% 5.88% 18.38% 11.68% 1.78 2.77 12.69
1.54 13.02% 39.56% 5.50% 14.13% 11.76% 2.23 0.78 10.43
1.20 11.02% 44.94% 5.50% 15.84% 9.92% 1.83 1.94 11.92
1.20 10.99% 35.17% 5.50% 24.01% 9.34% 3.40 1.08 13.17
1.45 12.49% 57.81% 5.88% 24.97% 10.47% 1.46 3.06 17.46
1.02 9.91% 48.09% 5.50% 20.34% 8.73% 2.33 3.03 14.02
1.14 10.65% 54.43% 5.88% 25.30% 9.07% 2.05 1.22 12.61
0.89 9.14% 27.15% 5.50% 90.95% 4.58% 0.05 23.49 91.88
0.92 9.33% 34.23% 5.50% 22.40% 8.16% 1.69 2.10 13.24
1.12 10.55% 32.42% 5.50% 31.58% 8.52% 8.41 0.41 12.02
1.27 11.43% 41.91% 5.50% 35.87% 8.81% 2.19 0.88 6.28
1.60 13.39% 67.60% 7.01% 54.77% 8.93% 0.21 7.79 12.70
1.16 10.78% 50.94% 5.88% 11.19% 10.07% 1.03 5.15 19.09
1.16 10.77% 47.79% 5.50% 19.10% 9.50% 9.03 0.69 12.16
1.47 12.62% 53.87% 5.88% 12.44% 11.60% 1.13 5.33 19.36
1.50 12.80% 33.33% 5.50% 24.43% 10.68% 1.82 0.85 4.39
1.17 10.85% 51.19% 5.88% 46.59% 7.85% 1.95 1.57 8.70
1.46 12.55% 38.05% 5.50% 39.97% 9.18% 0.65 4.20 15.19
1.16 10.74% 56.83% 5.88% 13.44% 9.89% 2.19 3.65 16.85
1.40 12.22% 45.11% 5.50% 11.55% 11.29% 1.51 6.26 18.38
1.23 11.17% 43.76% 5.50% 23.37% 9.53% 0.98 2.16 7.43
0.94 9.46% 28.89% 5.50% 48.03% 6.90% 0.65 1.33 10.67
0.80 8.65% 27.67% 5.50% 17.67% 7.85% 1.22 1.39 14.62
0.62 7.58% 9.91% 4.73% 27.72% 6.47% 0.52 5.16 18.34
1.22 11.16% 32.36% 5.50% 17.25% 9.94% 2.16 2.67 14.08
1.29 11.54% 70.06% 7.01% 17.73% 10.43% 1.58 2.06 6.58
1.18 10.87% 35.22% 5.50% 40.05% 8.17% 2.38 0.93 8.45
0.98 9.69% 30.55% 5.50% 10.32% 9.11% 1.50 1.39 5.73
1.26 11.35% 56.98% 5.88% 16.72% 10.19% 1.17 2.12 4.28
0.99 9.77% 33.55% 5.50% 41.66% 7.42% 0.71 2.60 11.36
1.38 12.05% 46.90% 5.50% 24.59% 10.10% 4.10 0.58 5.90
0.95 9.54% 24.43% 4.73% 38.26% 7.25% 1.95 1.25 8.24
1.38 12.10% 42.84% 5.50% 30.49% 9.66% 2.64 0.77 3.43
0.73 8.19% 17.18% 4.73% 43.55% 6.17% 0.44 3.75 12.97
1.23 11.21% 72.54% 7.01% 14.03% 10.37% 0.52 3.55 10.88
1.11 10.50% 30.92% 5.50% 29.66% 8.61% 2.15 1.16 8.40
1.06 10.20% 21.54% 4.73% 43.61% 7.30% 0.15 11.06 19.89
1.52 12.89% 51.25% 5.88% 52.95% 8.40% 0.38 2.81 10.54
0.79 8.57% 28.66% 5.50% 28.48% 7.31% 0.39 4.02 14.89
1.35 11.87% 44.43% 5.50% 52.21% 7.83% 1.57 1.00 8.80
1.42 12.30% 42.13% 5.50% 34.24% 9.50% 1.59 1.77 9.66
0.83 8.81% 19.37% 4.73% 31.08% 7.17% 1.21 0.63 12.08
1.41 12.26% 41.15% 5.50% 23.53% 10.34% 1.57 4.07 16.79
1.52 12.91% 35.71% 5.50% 36.50% 9.70% 3.23 0.91 9.75
1.79 14.51% 37.55% 5.50% 17.50% 12.69% 4.20 1.96 11.47
1.28 11.45% 37.08% 5.50% 28.35% 9.38% 2.07 1.45 9.43
1.36 11.98% 31.53% 5.50% 16.65% 10.67% 5.51 0.81 11.90
0.67 7.85% 28.26% 5.50% 39.69% 6.37% 5.23 0.37 5.89
1.49 12.71% 59.41% 5.88% 16.09% 11.38% 1.34 1.87 16.07
1.48 12.64% 38.59% 5.50% 28.14% 10.25% 3.22 0.97 8.40
0.84 8.86% 39.79% 5.50% 76.76% 5.22% 1.59 0.55 4.81
1.61 13.43% 38.40% 5.50% 10.12% 12.49% 0.72 4.98 12.66
1.76 14.32% 41.57% 5.50% 10.54% 13.24% 1.51 3.66 11.78
0.94 9.49% 41.16% 5.50% 28.07% 7.98% 1.17 1.07 3.28
1.33 11.77% 39.37% 5.50% 8.27% 11.13% 2.91 3.22 20.23
1.36 11.98% 58.71% 5.88% 4.58% 11.63% 0.78 3.59 10.65
1.55 13.09% 55.24% 5.88% 15.01% 11.79% 0.67 6.33 14.84
1.47 12.61% 52.11% 5.88% 8.56% 11.91% 0.96 7.59 21.33
1.34 11.85% 38.30% 5.50% 22.24% 10.14% 2.87 0.68 2.96
1.03 10.00% 51.92% 5.88% 39.45% 7.80% 0.52 3.18 8.74
1.23 11.20% 41.35% 5.50% 10.46% 10.46% 1.42 3.56 14.70
0.88 9.12% 55.37% 5.88% 54.07% 6.57% 0.66 2.18 5.98
2.00 15.76% 44.06% 5.50% 19.39% 13.51% 1.78 5.05 10.76
1.06 10.17% 28.05% 5.50% 22.79% 8.79% 3.09 1.08 7.65
1.11 10.46% 16.34% 4.73% 21.54% 8.97% 0.51 6.32 12.48
1.55 13.06% 41.17% 5.50% 30.51% 10.33% 1.66 1.45 6.34
0.64 7.65% 14.97% 4.73% 42.59% 5.90% 0.37 4.28 13.75
1.15 10.73% 27.96% 5.50% 30.26% 8.73% 0.26 9.18 20.00
 Non-cash Cap Ex as Net Cap Ex Equity
WC as % of % of as % of Reinvestmen Dividend Reinvestment
EV/EBIT Price/Book Trailing PE Revenues Revenues Revenues t Rate ROE Payout Ratio Rate
17.03 4.59 13.99 3.14% 3.51% 1.78% 55.53% 13.57% 67.63% 67.63%
23.98 4.93 53.69 46.91% 2.91% 0.63% 32.75% 9.87% 70.70% 70.70%
47.45 2.74 71.79 1.05% 9.17% 4.03% 209.93% -11.37% 0.00% 0.00%
10.38 2.42 13.80 26.21% 2.23% 1.53% 110.25% 13.52% 54.32% 54.32%
27.02 2.92 10.30 -0.26% 8.32% 4.63% 89.08% 15.68% 10.55% 10.55%
14.54 1.89 31.63 16.06% 3.61% 3.67% 162.71% 7.03% 37.14% 37.14%
NA 0.99 9.52 NA 1.31% 1.31% ### 11.35% 28.36% 28.36%
NA 1.24 24.60 NA 2.94% -4.35% NA 11.80% 29.11% 29.11%
20.15 3.19 111.50 15.34% 7.88% 5.68% 56.82% 5.28% 79.00% 79.00%
24.14 8.23 39.55 -9.06% 4.66% 5.68% 29.14% 31.94% 56.52% 56.52%
8.98 0.88 6.93 10.62% 2.49% 2.55% 210.14% 20.76% 14.36% 14.36%
NA 1.62 15.40 NA 3.81% 2.51% ### 13.43% 28.69% 28.69%
9.73 3.19 15.73 18.21% 2.46% 4.68% 72.99% 32.73% 12.95% 12.95%
21.79 3.90 33.72 13.04% 2.84% 5.72% 102.04% 12.85% 28.23% 28.23%
12.43 2.04 11.03 0.59% 11.05% -0.49% 1.52% 12.14% 29.05% 29.05%
6.66 1.94 9.95 13.50% 4.69% 5.26% 58.55% 34.78% 27.40% 27.40%
6.71 1.89 4.91 14.47% 3.80% 0.04% 23.18% 43.44% 14.61% 14.61%
16.53 2.83 34.73 22.71% 5.93% 6.22% 91.87% 11.43% 40.46% 40.46%
5.31 2.46 70.10 7.19% 6.65% 1.34% 16.33% 74.08% 20.43% 20.43%
16.72 4.03 16.83 15.59% 1.23% -0.22% 30.66% 12.15% 93.58% 93.58%
17.08 25.56 60.37 -8.76% 3.04% 1.82% 6.27% 96.26% 16.95% 16.95%
18.75 3.66 23.67 20.31% 5.34% 6.04% 113.90% 18.78% 32.16% 32.16%
69.44 1.85 14.46 7.61% 4.25% 2.76% 170.19% 0.82% 150.68% 150.68%
40.68 5.80 113.80 13.00% 3.56% -0.02% 41.00% 0.68% 0.06% 0.06%
17.37 5.28 17.77 19.45% 4.54% 2.73% 23.31% 24.54% 51.36% 51.36%
30.36 1.81 18.21 7.96% 3.21% 9.24% 356.36% 3.19% 17.44% 17.44%
22.72 3.13 50.35 25.55% 5.27% 15.00% 279.29% 13.20% 34.46% 34.46%
27.83 1.87 78.61 13.68% 1.37% 2.41% 448.30% 1.28% 0.00% 0.00%
19.25 3.06 58.25 22.42% 4.53% 13.58% 223.41% 12.42% 10.61% 10.61%
22.99 2.82 29.06 20.01% 3.12% 7.93% 300.78% 7.50% 16.89% 16.89%
39.96 2.22 47.74 4.19% 4.42% -0.50% 4.05% 1.18% 50.42% 50.42%
23.39 5.29 76.99 10.04% 7.91% 9.63% 110.08% 16.47% 46.26% 46.26%
15.58 3.47 22.12 14.83% 2.91% 3.34% 146.78% 23.65% 21.03% 21.03%
90.63 1.69 32.70 NA 2.53% 3.64% 21.85% 48.08% 13.65% 13.65%
17.40 2.61 52.47 6.76% 3.70% 3.71% 57.54% 11.54% 53.78% 53.78%
19.71 4.54 25.14 6.34% 0.83% 0.90% 129.46% 18.98% 43.59% 43.59%
10.05 1.82 14.03 15.84% 3.80% 3.80% 150.65% 5.45% 68.02% 68.02%
31.28 1.08 34.62 -61.11% 45.96% 26.91% 158.40% 18.27% 56.85% 56.85%
32.02 4.70 62.96 24.49% 4.86% 12.59% 129.31% 7.09% 46.13% 46.13%
16.78 3.60 45.91 -7.14% 0.73% 0.80% 30.34% 12.34% 33.04% 33.04%
30.49 4.33 48.34 22.49% 4.91% 14.77% 129.68% -0.29% 0.04% 0.04%
4.54 1.29 5.08 63.25% 0.51% 1.36% 69.96% 30.75% 5.45% 5.45%
13.48 5.33 105.59 10.45% 6.03% 3.63% 63.44% 49.04% 13.56% 13.56%
82.58 6.77 17.55 7.51% 8.08% 4.55% 255.83% 2.53% 49.43% 49.43%
21.19 9.17 124.19 8.56% 3.73% 2.15% 30.09% 33.18% 63.69% 63.69%
 24.56 5.97 60.50 3.07% 2.98% 2.54% 21.79% 17.74% 28.07% 28.07%
9.81 2.59 213.17 2.41% 0.91% 0.96% 67.91% 17.43% 16.85% 16.85%
12.25 1.73 16.59 16.25% 0.15% 0.23% 0.68% 5.58% 38.24% 38.24%
21.02 2.20 20.23 -51.12% 0.94% 0.58% 48.91% 5.71% 73.32% 73.32%
22.44 2.13 413.14 NA 2.84% 7.45% 59.86% 17.17% 42.69% 42.69%
18.89 4.06 43.77 25.95% 2.49% 10.79% 140.24% 15.49% 36.71% 36.71%
8.85 2.75 17.60 12.05% 8.49% 2.34% 30.25% 21.10% 62.50% 62.50%
14.91 2.02 23.35 10.58% 2.40% 5.74% 207.51% 7.96% 82.96% 82.96%
7.98 2.25 6.71 3.16% 4.81% -1.24% -10.41% 32.42% 26.36% 26.36%
5.87 2.43 20.68 -3.60% 18.86% 10.79% 44.23% 47.00% 23.15% 23.15%
19.41 2.72 17.53 3.52% 8.00% 4.82% 67.11% 4.09% 314.97% 314.97%
7.78 2.07 35.47 5.25% 1.90% 0.29% 23.85% 30.82% 17.58% 17.58%
12.95 2.50 13.23 10.40% 5.75% 4.43% 86.94% 19.75% 28.64% 28.64%
4.16 2.85 12.83 7.96% 4.84% 3.59% 37.23% 46.83% 7.88% 7.88%
23.95 1.98 19.07 6.58% 29.22% 18.40% 145.69% 9.39% 60.56% 60.56%
33.92 1.68 14.43 10.75% 23.69% 6.30% 116.48% 3.66% 160.36% 160.36%
14.86 1.58 19.60 9.88% 3.45% 6.11% 120.37% 5.15% 52.37% 52.37%
43.36 1.93 41.48 118.03% 3.06% -6.96% -30.90% 8.85% 107.80% 107.80%
15.46 0.94 10.72 6.90% 1.67% -4.24% -52.57% 10.51% 0.00% 0.00%
21.39 0.97 17.53 204.59% 1.81% -0.03% 66.78% 6.68% 33.20% 33.20%
159.94 1.65 39.80 15.14% 1.19% -0.10% NA -3.58% 0.34% 0.34%
20.26 3.24 18.80 18.85% 6.32% 8.46% 242.54% 3.95% 136.34% 136.34%
13.62 2.54 16.52 -17.93% 0.14% -0.36% 5.92% 4.46% 34.96% 34.96%
31.71 NA 32.06 1.69% 5.51% 4.12% 45.04% NA 61.86% 61.86%
15.11 6.07 10.00 8.14% 1.78% 5.13% 133.91% 43.25% 6.70% 6.70%
14.16 NA 14.31 10.00% 2.24% 0.63% 41.73% 0.48% 41.16% 41.16%
11.19 3.35 27.14 17.14% 6.06% 7.95% 132.60% 27.37% 21.65% 21.65%
19.73 5.45 18.55 2.62% 2.85% 1.26% 98.47% 18.29% 40.60% 40.60%
12.82 2.75 16.75 -0.58% 2.16% 0.23% 42.41% 27.98% 19.82% 19.82%
98.64 6.16 205.21 -0.43% 11.70% 8.25% 709.42% 2.54% 13.92% 13.92%
16.59 4.42 19.97 7.81% 2.54% 1.60% 88.99% 24.16% 32.40% 32.40%
9.42 0.55 7.09 13.33% 5.29% 0.86% 105.01% 19.81% 0.00% 0.00%
19.34 3.79 29.66 20.33% 16.83% 9.42% 68.56% 22.77% 32.84% 32.84%
13.34 6.40 20.07 34.29% 4.49% 15.24% 105.90% 46.52% 14.25% 14.25%
4.06 1.06 10.02 9.40% 5.18% 0.15% 0.60% 35.29% 12.37% 12.37%
25.05 9.04 13.49 24.98% 0.85% 2.24% 48.82% 36.28% 26.91% 26.91%
13.79 3.80 105.43 6.68% 13.45% 14.04% 67.18% 22.77% 0.07% 0.07%
NA 5.21 28.70 11.33% 6.48% 11.03% NA -15.73% 0.00% 0.00%
31.83 8.39 103.74 13.03% 8.17% 21.31% 137.64% 19.68% 34.01% 34.01%
3.39 1.51 12.80 19.44% 4.05% 5.13% 48.70% 53.75% 5.25% 5.25%
25.66 2.19 30.25 6.14% 17.16% 1.04% 62.19% 2.97% 6.28% 6.28%
19.00 5.20 36.73 23.11% 2.46% 3.52% 49.94% 20.13% 51.07% 51.07%
10.88 1.29 145.85 0.37% 15.17% 5.76% 36.16% 15.76% 51.91% 51.91%
11.47 NA 13.55 11.37% 2.29% 2.11% 7.89% NA 107.17% 107.17%
11.54 4.25 23.85 7.22% 4.73% 2.34% 50.48% 36.78% 33.45% 33.45%
15.87 6.75 17.86 1.32% 14.80% 5.58% 18.86% 33.56% 35.88% 35.88%
11.64 3.53 10.28 5.44% 12.29% 11.04% 192.67% 4.05% 35.60% 35.60%
23.76 1.92 20.53 8.92% 32.90% 19.97% 150.35% 11.24% 59.28% 59.28%
31.14 3.09 35.13 11.82% 50.56% 40.92% 178.69% 16.47% 45.39% 34.69%
 Pre-tax
Operating
Margin
(Lease &
R&D
adjusted)
11.14%
8.92%
2.14%
11.11%
7.03%
5.68%
0.10%
-0.10%
20.17%
19.14%
14.75%
0.26%
14.00%
9.42%
19.53%
13.15%
13.63%
15.30%
22.33%
6.95%
22.03%
11.44%
3.62%
14.26%
26.63%
5.83%
10.77%
2.54%
10.17%
4.69%
7.93%
12.85%
7.91%
16.18%
11.96%
2.10%
7.96%
24.44%
15.92%
4.01%
17.59%
18.79%
11.62%
3.95%
17.13%
24.73%
21.86%
8.39%
6.49%
18.19%
14.15%
22.86%
6.34%
17.44%
35.68%
10.82%
7.37%
9.63%
18.59%
15.68%
10.50%
7.84%
23.20%
17.48%
18.60%
0.71%
8.52%
4.64%
12.80%
5.74%
13.81%
11.91%
4.12%
2.92%
3.87%
5.74%
6.04%
27.73%
28.26%
26.33%
12.84%
28.97%
-1.67%
24.17%
19.89%
12.27%
19.08%
20.01%
44.06%
9.38%
39.86%
9.50%
18.01%
29.37%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective tax Unlevered
Industry Name firms years (Unadjusted) After-tax ROC rate Beta Equity (Levered) Beta
Advertising 362 7.35% 9.03% 21.34% 25.07% 1.17 1.29
Aerospace/Defense 278 7.37% 8.02% 12.14% 16.36% 1.06 1.16
Air Transport 155 -2.42% 1.24% 0.90% 13.08% 0.76 1.24
Apparel 1146 4.62% 14.74% 20.09% 23.78% 0.84 0.90
Auto & Truck 154 8.21% 6.58% 5.34% 21.37% 1.03 1.35
Auto Parts 746 5.16% 3.65% 4.22% 25.75% 1.29 1.41
Bank (Money Center 596 10.53% 0.00% 0.00% 18.68% 0.44 0.88
Banks (Regional) 800 9.01% 0.01% 0.00% 19.83% 0.36 0.56
Beverage (Alcoholic) 220 9.13% 21.98% 13.93% 23.81% 0.81 0.87
Beverage (Soft) 100 9.02% 16.55% 22.61% 19.97% 0.79 0.86
Broadcasting 135 4.43% 13.08% 10.89% 23.77% 0.74 1.06
Brokerage & Investm 592 10.40% 0.73% 0.11% 20.23% 0.45 0.99
Building Materials 454 7.66% 10.74% 16.37% 21.64% 1.00 1.11
Business & Consume 961 7.70% 8.52% 19.49% 24.15% 1.00 1.09
Cable TV 54 4.21% 19.27% 12.65% 28.39% 0.61 1.02
Chemical (Basic) 879 12.39% 10.02% 10.75% 18.83% 0.99 1.14
Chemical (Diversified 68 7.93% 10.21% 8.89% 22.11% 0.94 1.20
Chemical (Specialty) 922 12.36% 15.47% 17.15% 21.72% 1.02 1.11
Coal & Related Ener 212 19.07% 29.12% 38.61% 23.08% 1.35 1.21
Computer Services 1105 9.36% 7.32% 20.25% 23.04% 1.04 1.09
Computers/Periphera 333 4.33% 13.72% 20.72% 18.70% 1.22 1.26
Construction Supplie 790 8.99% 7.92% 7.15% 22.09% 0.94 1.12
Diversified 314 9.82% 9.34% 6.30% 17.15% 0.73 0.96
Drugs (Biotechnolog 1267 26.03% 8.23% 4.65% 14.80% 1.25 1.27
Drugs (Pharmaceutic 1352 17.14% 21.50% 13.96% 14.06% 1.00 1.06
Education 251 7.25% 8.52% 6.26% 20.24% 0.79 0.88
Electrical Equipment 1045 12.18% 6.66% 9.61% 18.11% 1.10 1.14
Electronics (Consume 134 2.87% 5.19% 6.02% 21.98% 1.10 1.27
Electronics (General) 1457 7.44% 6.97% 8.72% 19.11% 1.29 1.30
Engineering/Construc 1269 7.89% 4.83% 7.30% 22.47% 0.73 1.03
Entertainment 752 10.59% 7.99% 9.65% 22.88% 1.10 1.20
Environmental & Was 370 8.38% 10.68% 10.62% 21.85% 0.90 1.09
Farming/Agriculture 426 12.74% 7.43% 10.28% 20.63% 0.66 0.84
Financial Svcs. (Non 1089 10.47% 10.65% 0.59% 21.70% 0.16 0.88
Food Processing 1397 9.71% 8.32% 11.79% 20.49% 0.69 0.80
Food Wholesalers 169 6.29% 2.58% 11.49% 23.20% 0.48 0.69
Furn/Home Furnishi 362 9.03% 7.59% 14.64% 19.42% 1.09 1.08
Green & Renewable 248 15.75% 32.89% 6.74% 16.19% 0.74 1.03
Healthcare Products 896 15.15% 15.10% 13.52% 18.30% 1.08 1.13
Healthcare Support 460 14.66% 4.23% 24.29% 22.64% 0.92 1.01
Heathcare Informati 447 20.46% 16.01% 16.36% 16.97% 1.27 1.34
Homebuilding 171 7.59% 15.50% 17.58% 23.54% 0.97 1.14
Hospitals/Healthcare 231 9.02% 11.14% 11.64% 21.46% 0.57 0.77
Hotel/Gaming 650 -1.47% 5.80% 2.15% 23.24% 0.75 0.97
Household Products 589 6.88% 14.89% 22.89% 21.65% 0.96 1.02
Information Services 242 10.99% 20.80% 28.67% 19.82% 1.34 1.41
Insurance (General) 206 6.32% 10.41% 11.10% 20.60% 0.61 0.69
Insurance (Life) 142 10.46% 5.66% 3.94% 15.75% 0.80 0.90
Insurance (Prop/Cas. 235 6.47% 6.38% 6.72% 19.49% 0.69 0.75
Investments & Asse 1660 11.96% 20.24% 6.26% 16.37% 0.57 0.79
Machinery 1463 7.44% 9.68% 11.44% 22.19% 1.06 1.10
Metals & Mining 1783 15.00% 16.46% 24.56% 27.00% 1.11 1.20
Office Equipment & 144 6.08% 6.88% 10.53% 24.11% 0.83 0.93
Oil/Gas (Integrated) 36 14.57% 20.34% 27.00% 41.99% 1.03 1.08
Oil/Gas (Production 616 30.22% 39.37% 31.38% 28.58% 1.17 1.31
Oil/Gas Distribution 166 16.45% 10.43% 6.79% 15.52% 0.64 0.96
Oilfield Svcs/Equip. 455 7.27% 6.42% 14.87% 22.43% 0.92 1.15
Packaging & Contain 414 7.72% 8.57% 11.31% 21.26% 0.65 0.84
Paper/Forest Produc 268 9.01% 13.56% 10.81% 20.35% 0.75 0.99
Power 485 13.70% 0.89% 0.56% 19.31% 0.44 0.73
Precious Metals 930 22.95% 16.47% 13.13% 27.93% 1.10 1.14
Publishing & Newspa 327 1.68% 6.80% 6.98% 16.41% 0.87 0.89
R.E.I.T. 792 9.40% 33.80% 3.58% 4.49% 0.51 0.79
Real Estate (Develo 869 7.37% 10.49% 4.65% 32.54% 0.50 1.02
Real Estate (General/ 342 4.99% 14.76% 3.06% 26.69% 0.53 0.93
Real Estate (Operati 730 9.98% 14.42% 3.21% 22.62% 0.55 0.90
Recreation 323 5.11% 10.01% 8.73% 23.26% 0.99 1.11
Reinsurance 34 3.12% 1.60% 2.27% 17.98% 1.09 1.16
Restaurant/Dining 382 -0.28% 10.37% 12.98% 20.82% 0.83 1.00
Retail (Automotive) 193 8.82% 5.06% 12.38% 23.67% 0.72 0.98
Retail (Building Supp 98 4.97% 12.46% 29.84% 24.86% 0.93 1.08
Retail (Distributors) 1006 7.35% 5.48% 8.97% 22.89% 0.60 0.83
Retail (General) 189 -2.90% 4.73% 11.65% 25.42% 0.73 0.89
Retail (Grocery and 181 4.65% 4.53% 10.93% 23.44% 0.53 0.71
Retail (Online) 342 16.55% 0.18% 1.93% 4.08% 1.49 1.59
Retail (Special Lines 495 2.77% 5.64% 12.11% 23.04% 0.96 1.09
Rubber& Tires 89 5.63% 7.51% 6.73% 21.70% 0.93 1.16
Semiconductor 624 8.81% 22.96% 18.22% 12.83% 1.67 1.69
Semiconductor Equi 342 10.50% 24.37% 26.39% 16.46% 1.98 1.96
Shipbuilding & Marin 349 11.35% 33.19% 32.70% 9.29% 1.05 1.10
Shoe 85 0.28% 9.94% 17.16% 16.30% 0.98 1.02
Software (Entertainm 320 14.28% 22.95% 15.98% 15.68% 1.46 1.48
Software (Internet) 152 27.27% -2.01% 0.55% 20.94% 1.26 1.35
Software (System & A 1648 16.91% 17.73% 17.31% 18.56% 1.32 1.35
Steel 710 17.69% 11.98% 15.47% 20.81% 1.04 1.23
Telecom (Wireless) 99 3.99% 14.61% 7.19% 26.86% 0.60 0.84
Telecom. Equipment 461 4.45% 10.80% 12.11% 16.80% 1.18 1.20
Telecom. Services 295 9.37% 14.56% 8.30% 20.64% 0.53 0.83
Tobacco 56 9.82% 33.47% 20.01% 26.81% 0.78 0.89
Transportation 302 10.73% 7.88% 12.72% 23.99% 0.83 1.01
Transportation (Railr 50 0.51% 22.94% 6.31% 23.46% 0.54 0.67
Trucking 220 6.74% 8.18% 9.33% 25.14% 0.80 1.08
Utility (General) 51 7.79% 11.46% 7.67% 18.95% 0.45 0.68
Utility (Water) 104 7.99% 23.31% 6.01% 19.55% 0.49 0.74
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/
equity stock prices of debt l capital Capital EV/Sales EV/EBITDA EV/EBIT Price/Book
14.20% 39.70% 6.95% 26.56% 11.82% 2.71 1.51 10.55 15.50 2.34
13.12% 36.23% 6.95% 18.86% 11.63% 1.69 2.26 15.27 24.55 4.36
13.74% 30.86% 6.95% 52.38% 9.28% 0.81 1.94 10.98 106.67 2.94
11.08% 34.78% 6.95% 15.36% 10.18% 1.58 2.36 12.58 15.49 3.63
14.67% 33.90% 6.95% 42.43% 10.67% 0.92 1.08 9.20 15.84 1.29
15.16% 31.50% 6.95% 26.06% 12.57% 1.47 0.83 9.47 21.86 1.39
10.86% 21.68% 6.18% 75.03% 6.21% 0.14 6.69 NA NA 0.81
8.38% 17.83% 6.18% 65.92% 5.92% 0.19 5.50 NA NA 0.89
10.84% 28.57% 6.95% 14.07% 10.05% 0.77 4.33 16.17 19.50 3.57
10.71% 31.05% 6.95% 13.33% 9.98% 1.57 3.90 18.73 23.27 6.61
12.31% 34.72% 6.95% 44.64% 9.15% 0.99 1.22 6.47 9.09 0.81
11.79% 34.99% 6.95% 70.58% 7.16% 0.19 5.37 197.28 NA 1.22
12.71% 29.87% 6.95% 20.18% 11.20% 1.85 1.44 9.66 13.03 2.41
12.61% 35.51% 6.95% 18.87% 11.22% 2.63 1.80 13.46 20.23 3.56
12.05% 26.28% 6.95% 49.45% 8.68% 0.77 2.49 7.50 12.94 1.93
12.98% 32.65% 6.95% 27.05% 10.88% 1.27 1.24 8.31 11.92 1.56
13.42% 24.92% 6.18% 34.29% 10.42% 1.15 0.94 6.17 9.16 1.12
12.71% 34.15% 6.95% 17.46% 11.41% 1.31 2.02 9.48 12.82 2.50
13.55% 58.73% 7.33% 19.56% 11.98% 1.46 1.09 3.01 3.60 1.42
12.56% 33.79% 6.95% 14.05% 11.53% 3.28 1.31 12.71 17.23 3.58
13.95% 32.92% 6.95% 10.59% 13.03% 1.74 2.01 11.20 14.51 5.20
12.79% 30.15% 6.95% 31.13% 10.44% 1.07 1.36 10.01 16.07 1.42
11.57% 27.35% 6.95% 35.86% 9.30% 0.78 1.88 13.16 19.33 1.21
14.00% 51.69% 7.33% 11.40% 13.03% 0.46 6.56 12.97 61.86 5.08
12.37% 44.28% 6.95% 13.15% 11.43% 0.71 3.98 12.69 17.54 3.80
10.89% 34.12% 6.95% 24.74% 9.49% 0.85 2.37 10.00 21.80 1.86
12.95% 37.25% 6.95% 14.30% 11.84% 1.59 2.03 16.77 27.68 2.83
14.03% 34.63% 6.95% 30.72% 11.33% 1.29 0.80 7.50 14.97 1.30
14.22% 33.18% 6.95% 16.34% 12.75% 1.44 1.38 11.27 18.87 2.13
12.10% 32.28% 6.95% 51.04% 8.59% 1.80 0.60 8.56 11.84 0.92
13.47% 42.67% 6.95% 20.88% 11.75% 1.28 2.90 16.73 33.75 2.24
12.56% 38.24% 6.95% 27.23% 10.57% 1.13 2.64 13.45 23.23 2.84
10.60% 34.16% 6.95% 31.71% 8.90% 1.57 1.14 10.53 14.63 2.15
10.92% 33.12% 6.95% 87.19% 5.96% 0.06 16.54 63.30 74.38 1.24
10.23% 29.17% 6.95% 22.48% 9.11% 1.67 1.55 13.04 18.29 2.50
9.37% 31.46% 6.95% 40.47% 7.70% 5.37 0.44 10.93 17.08 2.16
12.52% 30.13% 6.95% 20.43% 11.03% 2.28 1.02 9.57 12.90 2.20
12.13% 36.97% 6.95% 38.39% 9.48% 0.23 7.52 14.03 22.59 1.92
12.90% 43.16% 6.95% 11.62% 12.01% 0.95 4.40 17.54 27.47 3.60
11.96% 38.24% 6.95% 21.48% 10.52% 6.78 0.69 11.67 15.98 2.83
14.56% 45.08% 6.95% 10.66% 13.56% 1.07 5.50 20.99 33.02 4.36
12.98% 28.51% 6.95% 31.53% 10.53% 1.46 0.85 5.03 5.63 1.11
10.01% 31.84% 6.95% 33.98% 8.39% 1.24 2.31 13.54 20.53 3.75
11.63% 34.99% 6.95% 36.06% 9.32% 0.56 3.89 16.46 74.01 3.14
12.05% 37.89% 6.95% 12.29% 11.21% 1.75 3.35 17.79 22.19 5.24
15.14% 40.77% 6.95% 12.31% 13.92% 1.58 5.48 18.25 24.83 5.26
9.39% 25.27% 6.95% 29.19% 8.18% 1.25 1.19 8.90 11.08 1.75
11.09% 23.90% 6.18% 49.62% 7.90% 0.80 1.13 11.13 16.27 1.26
9.83% 26.69% 6.95% 20.18% 8.90% 1.24 1.11 12.61 16.62 1.59
10.20% 26.55% 6.95% 43.26% 8.05% 0.33 4.64 12.51 15.17 1.43
12.68% 31.62% 6.95% 14.72% 11.58% 1.42 1.97 14.00 19.53 2.75
13.44% 61.69% 7.33% 21.01% 11.78% 1.55 1.19 5.30 6.82 1.83
11.26% 33.11% 6.95% 25.13% 9.75% 1.82 0.99 8.53 13.30 1.78
12.53% 29.07% 6.95% 16.27% 11.35% 1.79 1.11 4.34 5.43 2.00
14.31% 57.62% 7.33% 20.77% 12.48% 0.86 2.07 3.75 5.16 1.73
11.54% 31.69% 6.95% 42.27% 8.88% 0.73 2.13 11.70 18.50 1.82
13.02% 38.68% 6.95% 31.78% 10.55% 2.61 0.61 6.72 9.17 1.54
10.55% 29.45% 6.95% 32.86% 8.80% 1.56 1.22 8.81 14.00 1.94
11.81% 31.19% 6.95% 38.04% 9.31% 0.95 1.16 6.04 8.34 1.07
9.69% 25.94% 6.95% 49.02% 7.51% 0.73 1.79 11.80 185.01 1.46
12.98% 62.91% 7.33% 15.43% 11.83% 0.83 2.24 6.97 12.58 1.59
10.98% 31.44% 6.95% 22.99% 9.66% 1.22 1.16 9.65 16.15 1.32
10.20% 18.85% 6.18% 43.93% 7.77% 0.11 11.53 20.24 31.55 1.39
12.00% 32.56% 6.95% 66.95% 7.47% 0.53 1.53 10.22 12.51 0.48
11.34% 26.80% 6.95% 55.50% 7.95% 0.24 3.42 13.35 20.68 0.64
11.07% 29.97% 6.95% 49.71% 8.17% 0.25 3.72 16.15 23.69 0.82
12.73% 33.18% 6.95% 24.70% 10.88% 1.05 2.10 12.27 20.53 2.57
13.14% 28.32% 6.95% 26.02% 11.08% 1.57 0.70 17.77 37.83 1.39
11.82% 31.36% 6.95% 24.61% 10.20% 1.62 2.87 16.55 30.62 14.38
11.73% 30.42% 6.95% 36.89% 9.33% 3.17 0.72 9.63 14.25 3.13
12.49% 27.79% 6.95% 19.39% 11.09% 3.01 1.73 11.18 13.98 16.94
10.49% 32.64% 6.95% 40.91% 8.34% 1.96 0.73 10.20 12.81 1.51
10.99% 27.28% 6.95% 26.73% 9.45% 3.09 0.86 11.28 18.61 3.35
9.51% 23.95% 6.18% 36.67% 7.73% 3.13 0.65 9.04 14.28 2.30
16.58% 46.35% 6.95% 17.04% 14.65% 1.31 2.04 17.00 NA 4.24
12.58% 31.79% 6.95% 23.74% 10.84% 2.52 1.11 10.56 18.29 3.37
13.13% 27.73% 6.95% 33.86% 10.46% 1.09 0.97 7.11 12.77 1.11
17.38% 37.34% 6.95% 10.40% 16.12% 0.83 3.75 10.50 16.00 3.26
19.54% 33.27% 6.95% 6.62% 18.59% 1.23 4.14 14.39 16.62 5.37
12.62% 33.91% 6.95% 33.34% 10.16% 1.12 1.00 2.58 2.94 0.90
12.02% 35.25% 6.95% 11.03% 11.28% 2.02 2.42 17.71 23.47 5.26
15.69% 47.75% 6.95% 6.73% 14.99% 0.69 3.85 12.12 16.40 3.51
14.65% 43.24% 6.95% 14.29% 13.30% 0.87 4.18 15.88 NA 4.61
14.69% 44.54% 6.95% 8.21% 13.91% 0.95 6.72 21.77 33.85 6.77
13.73% 36.05% 6.95% 32.12% 11.00% 1.53 0.68 4.24 5.50 1.03
10.55% 27.38% 6.95% 41.00% 8.37% 0.60 2.16 6.77 14.97 1.40
13.45% 35.58% 6.95% 12.27% 12.44% 1.23 2.21 13.98 19.27 3.28
10.51% 33.23% 6.95% 45.52% 8.11% 0.66 2.09 6.81 14.32 1.34
11.01% 28.82% 6.95% 21.15% 9.78% 0.73 3.77 10.16 11.22 3.50
11.98% 31.08% 6.95% 31.15% 9.88% 1.95 0.99 7.89 12.29 1.92
9.25% 19.05% 6.18% 28.09% 7.96% 0.35 4.95 14.39 21.52 2.52
12.50% 31.80% 6.95% 37.03% 9.81% 1.27 1.46 7.18 13.58 2.31
9.31% 18.37% 6.18% 44.65% 7.23% 0.80 2.06 11.02 17.92 1.61
9.79% 29.17% 6.95% 45.26% 7.73% 0.30 4.75 12.93 20.07 1.50
 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)
39.76 -2.61% 2.15% 0.72% 27.77% 10.20% 44.45% 44.45% 9.22%
69.87 42.34% 3.39% 0.94% 41.38% 8.04% 72.95% 72.95% 8.00%
75.86 -3.58% 9.67% 3.26% 955.47% -9.32% 0.44% 0.44% 1.23%
73.56 21.49% 3.66% 1.67% 48.99% 15.31% 42.88% 42.88% 14.94%
27.78 0.80% 6.04% 2.76% 50.19% 11.52% 22.51% 22.51% 6.52%
39.30 13.14% 5.14% 3.17% 206.48% 5.25% 51.85% 51.85% 3.49%
13.74 NA 3.24% 3.44% 8418.98% 1.03% 33.48% 33.48% 0.04%
20.71 NA 3.16% -1.31% NA 9.04% 27.52% 27.52% -0.03%
69.35 8.69% 4.58% 0.94% 1.65% 14.50% 41.80% 41.80% 21.97%
44.96 -6.49% 4.58% 4.19% 25.83% 24.71% 54.69% 54.69% 16.62%
22.86 11.38% 3.57% 1.75% 130.86% 29.78% 10.09% 10.09% 13.15%
60.95 NA 2.86% -0.50% ### 9.20% 52.24% 52.24% 0.69%
42.28 17.34% 3.83% 4.03% 86.93% 15.12% 30.30% 30.30% 10.76%
43.81 9.76% 2.61% 4.36% 86.73% 10.17% 54.67% 54.67% 8.83%
29.82 1.54% 11.56% 0.12% 6.11% 10.90% 35.37% 35.37% 18.96%
32.46 13.05% 7.74% 6.29% 119.80% 13.02% 46.42% 46.42% 10.07%
13.51 17.22% 5.45% 1.97% 80.24% 13.65% 29.29% 29.29% 9.92%
33.69 18.45% 6.74% 4.98% 75.74% 15.90% 33.81% 33.81% 15.61%
19.36 -0.83% 5.86% 3.61% 14.30% 31.44% 40.90% 40.90% 29.21%
49.68 16.52% 1.35% 0.99% 65.66% 13.81% 52.19% 52.19% 7.41%
34.16 3.22% 4.40% 3.20% 48.42% 27.94% 22.65% 22.65% 13.87%
42.50 18.04% 5.81% 3.86% 107.54% 8.09% 51.45% 51.45% 7.87%
19.43 -11.65% 4.25% 0.76% 49.58% 5.81% 39.84% 39.84% 9.29%
126.61 18.48% 5.55% 2.90% 188.07% -1.06% 0.22% 0.22% 10.32%
128.88 14.90% 4.66% 2.01% 22.12% 16.12% 50.41% 50.41% 21.69%
179.05 0.74% 7.27% 9.41% 194.75% 3.68% 71.83% 71.83% 8.48%
40.85 22.45% 6.78% 6.50% 205.50% 9.01% 44.35% 44.35% 6.84%
52.43 5.54% 5.11% 3.58% 165.73% 7.85% 30.31% 30.31% 5.32%
84.53 20.07% 6.18% 4.97% 161.16% 9.56% 39.31% 39.31% 6.93%
30.80 15.96% 3.19% 2.57% 173.31% 9.14% 59.13% 59.13% 4.83%
214.52 4.12% 3.78% 1.88% 50.72% 5.33% 36.91% 36.91% 8.25%
42.62 13.28% 8.46% 8.77% 165.15% 9.14% 55.85% 55.85% 10.76%
41.54 16.35% 4.26% 3.45% 130.45% 14.36% 32.01% 32.01% 7.51%
153.16 NA 4.45% 4.19% 49.28% 14.21% 22.86% 22.86% 10.82%
45.07 10.81% 4.51% 3.33% 79.41% 11.64% 51.56% 51.56% 8.34%
45.48 5.77% 1.19% 0.58% 85.07% 13.13% 41.00% 41.00% 2.57%
53.51 7.34% 3.22% 1.91% 80.37% 13.53% 52.64% 52.64% 7.57%
47.37 11.30% 38.57% 24.85% 117.11% 19.28% 35.81% 35.81% 32.76%
55.30 24.35% 5.65% 10.33% 110.82% 7.90% 47.89% 47.89% 15.42%
41.59 -3.48% 1.12% 1.15% 46.68% 10.89% 37.54% 37.54% 4.18%
52.05 22.88% 7.35% 14.88% 144.10% 3.51% 35.75% 35.75% 16.55%
26.85 61.66% 0.70% 1.12% 74.95% 19.43% 16.05% 16.05% 14.97%
51.88 6.40% 6.56% 3.15% 56.71% 15.65% 31.77% 31.77% 11.08%
71.89 0.74% 7.44% 1.64% 114.80% 2.27% 76.21% 76.21% 4.17%
74.73 6.52% 3.44% 2.60% 35.42% 19.39% 59.98% 59.98% 14.84%
 54.50 2.96% 3.12% 2.56% 36.52% 14.46% 30.61% 30.61% 21.44%
38.51 4.54% 0.86% 0.68% 40.04% 11.09% 39.15% 39.15% 10.47%
27.36 -106.07% 0.63% 1.26% 24.42% 7.02% 45.90% 45.90% 5.67%
20.32 -41.45% 0.68% 0.27% 34.43% 6.79% 54.95% 54.95% 6.42%
237.99 NA 3.89% 13.38% 92.38% 12.31% 47.73% 47.73% 20.17%
38.91 28.27% 4.06% 5.28% 135.29% 10.79% 39.72% 39.72% 9.63%
76.70 10.96% 6.30% 3.66% 57.13% 23.95% 47.22% 47.22% 16.52%
38.13 12.93% 2.39% 2.85% 109.34% 5.74% 63.49% 63.49% 6.99%
9.00 3.18% 5.75% 1.09% 25.43% 27.38% 37.30% 37.30% 20.37%
15.18 -3.40% 19.11% 10.41% 39.98% 34.55% 24.00% 24.00% 39.49%
40.14 3.91% 8.24% 4.91% 72.81% 8.47% 110.59% 110.59% 10.53%
28.41 6.93% 3.08% 1.73% 87.25% 16.95% 23.79% 23.79% 6.48%
125.26 13.40% 6.16% 4.42% 99.29% 12.94% 39.15% 39.15% 8.66%
22.79 19.83% 8.17% 5.54% 76.55% 15.08% 22.71% 22.71% 13.52%
35.26 -6.43% 12.63% 6.88% NA 2.51% 235.64% 235.64% 0.91%
627.23 11.48% 17.45% 11.01% 101.73% 7.85% 73.63% 73.63% 16.55%
33.17 11.02% 3.24% 2.51% 61.46% 2.96% 89.65% 89.65% 6.66%
29.01 88.91% 5.10% 2.59% 9.46% 9.25% 70.09% 70.09% 32.15%
93.43 188.07% 2.28% 1.70% 16.28% 4.58% 107.51% 107.51% 10.45%
44.69 118.33% 9.11% 7.17% 93.13% 4.03% 54.50% 54.50% 15.38%
23.76 21.23% 2.39% 7.72% 89.00% 6.53% 53.21% 53.21% 14.82%
47.18 31.39% 6.85% 6.11% 136.40% 7.52% 56.85% 56.85% 9.68%
15.64 -52.62% 0.08% 1.62% 289.42% 1.98% 115.17% 115.17% 1.60%
55.54 -0.77% 4.58% 2.47% 37.28% 36.85% 62.14% 62.14% 9.19%
24.10 9.62% 1.79% 3.32% 126.97% 21.27% 25.66% 25.66% 4.83%
20.81 10.27% 2.37% 0.55% 41.53% 62.07% 40.52% 40.52% 12.38%
51.30 16.34% 2.51% 3.55% 126.21% 14.90% 30.97% 30.97% 5.52%
36.68 0.51% 3.04% 1.24% 79.24% 12.67% 46.57% 46.57% 4.61%
35.32 -3.00% 2.71% 0.78% 26.02% 14.69% 33.68% 33.68% 4.44%
90.30 -2.29% 9.50% 6.43% NA -0.13% 0.38% 0.38% 1.46%
29.91 8.37% 2.25% 0.68% 62.22% 12.04% 52.55% 52.55% 5.84%
60.49 24.51% 6.25% 2.20% 125.78% 6.91% 45.22% 45.22% 7.36%
74.13 16.63% 18.86% 12.21% 87.62% 22.00% 32.60% 32.60% 24.19%
28.74 29.31% 8.25% 11.22% 89.58% 30.32% 24.05% 24.05% 24.89%
17.54 3.26% 6.85% 3.71% 10.44% 52.20% 31.31% 31.31% 33.30%
44.48 23.43% 1.87% 1.39% 55.73% 21.07% 30.77% 30.77% 9.93%
127.39 3.16% 11.09% 12.18% 64.00% 18.66% 2.73% 2.73% 25.36%
69.67 5.01% 6.90% 10.91% NA -14.64% 0.42% 0.42% 0.46%
81.17 14.04% 7.17% 17.70% 147.73% 13.42% 42.17% 42.17% 19.69%
34.01 14.14% 4.70% 3.12% 69.06% 19.51% 34.43% 34.43% 11.98%
24.33 -6.57% 17.05% 1.00% 23.43% 5.97% 94.57% 94.57% 14.33%
48.33 24.55% 3.10% 3.51% 80.98% 12.70% 48.12% 48.12% 10.76%
38.64 0.85% 15.45% 0.18% 6.30% 9.79% 63.97% 63.97% 14.51%
12.60 14.33% 2.71% 1.29% 5.43% 22.34% 91.18% 91.18% 33.53%
27.91 4.63% 4.14% 2.13% 56.37% 18.05% 37.59% 37.59% 7.90%
47.93 5.65% 15.53% 8.11% 49.78% 10.78% 42.29% 42.29% 22.78%
20.39 6.16% 9.06% 6.53% 129.54% 4.80% 47.21% 47.21% 8.80%
19.96 2.19% 13.92% 7.44% 112.81% 12.71% 56.81% 56.81% 11.42%
27.01 4.30% 21.46% 11.13% 99.07% 5.01% 80.66% 41.57% 23.30%
 Last 10K First X months: Last yearFirst X months: Current yearTrailing 12 month
Revenues $15,794.34 $7,608.13 $9,444.11 $17,630.32
R&D $1,221.81 $581.41 $756.00 $1,396.40
Operating income or EBIT $1,605.23 $908.79 $1,165.50 $1,861.94
Interest expenses $420.49 $182.82 $287.56 $525.23
Book value of equity $5,238.77 $6,105.55
Book value of debt $10,360.00 $12,594.14
Do you have operating lease commitments?
Cash and cross holdings $3,794.48 $5,004.25
Non-operating assets $0.00 $0.00
Minority interests $0.00 $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 25.88% 25.77% 16.49%
Marginal tax rate =
Lease commitments
Year 1 172.5 NA
Year 2 139.4 NA
Year 3 145.2 NA
Year 4 156.5 Copy into operating NA
Year 5 151.2 lease worksheet NA
Beyond year 5 943.63 NA

Current year's lease expense $ 107.00

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

G&A 630.29 286.14 426.61 770.76

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

Content Costs (Cash Flows) 13043 6020.47 6322.85 13345.38

Yes/NoBook 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