Date of valuation Feb-16 Important: Before you run this

Company name Netflix There should be a check against

Numbers from your base year below ( in co
This year Last year
Country of incorporation United States of America
Industry (US) Entertainment
Industry (Global) Entertainment
Revenues $ 6,779.51 $5,504.66
Operating income or EBIT $ 304.83 $ 402.65
Interest expense $ 132.72 $ 50.22
Book value of equity $ 2,223.43 $1,857.71
Book value of debt $ 2,371.36 $ 885.85
Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, y
Do you have operating lease commitments? Yes If you have operating leases, ple
Cash and Marketable Securities $ 2,310.00 $1,608.50
Cross holdings and other non-operating assets $ - $ -
Minority interests $ - $ -
Number of shares outstanding = 428.08
Current stock price = $ 87.40
Effective tax rate = 13.56%
Marginal tax rate = 35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 20.00% Growth Lever
Target pre-tax operating margin (EBIT as % of sales in y 25.00% Profitability Lever
Sales to capital ratio (for computing reinvestment) = 1.07 Efficency of Growth Lever
Market numbers
Riskfree rate 1.90%
Initial cost of capital = 8.17%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 21.00
Average strike price = $32.39
Average maturity = 6.26
Standard deviation on stock price = 40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes Mature companies generally see
If yes, enter the cost of capital after year 10 = 8% Though some sectors, even in st
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption = Yes Mature companies find it difficul
If yes, enter the return on capital you expect after year 12% But there are significant excepti
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Many young, growth companies
If yes, enter the probability of failure = 20% Tough to estimate but a key inpu
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Esti
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets wi
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you overr
Do you want to override this assumption = No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h
Do you want to override this assumption = No Check the financial statements.
If yes, enter the NOL that you are carrying over into yea $250.00 An NOL will shield your income f
I have assumed that none of the cash is trapped (in foreign countries) and that there is no additional tax liability coming du
Do you want to override this assumption No
If yes, enter the amount of trapped cash $35,000.00
& Average tax rate of the foreign markets where the cash is t 15%
mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
here should be a check against the iteration box. If there is not, you will get circular reasoning errors.
your base year below ( in consistent units)

Years since last year

1
1

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

rowth Lever
rofitability Lever
fficency of Growth Lever
Computed numbers: Here is what your company's numbers look like, relative to in
If you are not working in US dollars, you should add the inflation differential to the industry a
Company
Revenue growth in the most recent year = 23.16%
Pre-tax operating margin in the most recent year 28.23%
Sales to capital ratio in most recent year = 0.54
Return on invested capital in most recent year= 23.21%
Standard deviation in stock prices =
Cost of capital =

Valuation Output Feedback (for you to use to fine tune your inputs, if you want)
Revenues in year 10, based on your revenue growth = $ 26,473
Pre-tax Operating Income in year 10, based on your operating marg $ 6,618
Return on invested capital in year 10, based on your sales/capital ra 13.45%
Check the Diagnostics worksheet for more details.

o that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average
hough some sectors, even in stable growth, may have higher risk.
al after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Mature companies find it difficult to generate returns that exceed the cost of capital
ut there are significant exceptions among companies with long-lasting competitive advantages.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
ough to estimate but a key input.
: Book value of capital, V= Estimated fair value for the company
his can be zero, if the assets will be worth nothing if the firm fails.
your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
ming into the valuation. If you have a money losing company, you may want to override tis.
heck the financial statements.
n NOL will shield your income from taxes, even after you start making money.
o additional tax liability coming due
under Calculation options
reasoning errors.

sheet below and I will convert to debt

y's numbers look like, relative to industry.

he inflation differential to the industry averages.
Industry (US dataIndustry (Global data)
11.50% 9.70%
21.39% 18.05%
1.60 1.28
33.00% 20.86%
63.16% 55.77%
7.90% 9.78%

day will fade over time.

advantages.

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

effective tax rate.

 Base year 1 2 3
Revenue growth rate 20.00% 20.00% 20.00%
Revenues  $       6,779.51   $       8,135.41   $       9,762.49   $     11,714.99 
EBIT (Operating) margin 28.23% 27.90% 27.58% 27.26%
EBIT (Operating income)  $       1,913.58   $       2,270.05   $       2,692.57   $       3,193.29 
Tax rate 13.56% 13.56% 13.56% 13.56%
EBIT(1­t)  $       1,654.04   $       1,962.16   $       2,327.37   $       2,760.18 
 ­ Reinvestment  $       1,267.20   $       1,520.64   $       1,824.77 
FCFF  $          694.97   $          806.74   $          935.42 
NOL  $                  ­     $                  ­     $                  ­     $                  ­   

Cost of capital 8.17% 8.17% 8.17%

Cumulated discount factor 0.9245 0.8546 0.7901
PV(FCFF)  $          642.47   $          689.47   $          739.07 

Terminal cash flow  $       3,620.75 
Terminal cost of capital 8.00%
Terminal value  $     59,356.56 
PV(Terminal value)  $     27,192.27 
PV (CF over next 10 years  $     10,725.74 
Sum of PV  $     37,918.01 
Probability of failure = 0.00%
Proceeds if firm fails = $18,959.00
Value of operating assets =  $     37,918.01 
 ­ Debt  $     12,653.83 
 ­ Minority interests  $                  ­   
 +  Cash  $       2,310.00 
 + Non­operating assets  $                  ­   
Value of equity  $     27,574.18 
 ­ Value of options $1,271.78 
Value of equity in common  $     26,302.40 
Number of shares              428.08 
Estimated value /share  $            61.44 
Price  $            87.40 
Price as % of value 142.25%

Implied variables
Sales to capital ratio 1.07 1.07 1.07
Invested capital  $          13,454   $          14,721   $          16,242   $          18,067 
ROIC 12.29% 13.33% 14.33% 15.28%
 4 5 6 7 8 9
20.00% 20.00% 16.38% 12.76% 9.14% 5.52%
 $     14,057.99   $     16,869.59   $     19,632.83   $     22,137.98   $     24,161.39   $     25,495.10 
26.94% 26.61% 26.29% 25.97% 25.65% 25.32%
 $       3,786.60   $       4,489.50   $       5,161.55   $       5,748.74   $       6,196.23   $       6,456.02 
13.56% 13.56% 17.85% 22.14% 26.43% 30.71%
 $       3,273.02   $       3,880.59   $       4,240.19   $       4,476.09   $       4,558.86   $       4,473.21 
 $       2,189.72   $       2,627.66   $       2,582.47   $       2,341.26   $       1,891.04   $       1,246.46 
 $       1,083.30   $       1,252.92   $       1,657.72   $       2,134.83   $       2,667.83   $       3,226.75 
 $                  ­     $                  ­     $                  ­     $                  ­     $                  ­     $                  ­   

8.17% 8.17% 8.14% 8.10% 8.07% 8.03%

0.7304 0.6752 0.6244 0.5776 0.5345 0.4948
 $          791.26   $          846.03   $       1,035.15   $       1,233.17   $       1,426.00   $       1,596.49 

1.07 1.07 1.07 1.07 1.07 1.07

 $          20,257   $          22,884   $          25,467   $          27,808   $          29,699   $          30,945 
16.16% 16.96% 16.65% 16.10% 15.35% 14.46%
 10 Terminal year Check these revenues against
1.90% 1.90% a. Overall market size
 $     25,979.50   $     26,473.12  b. Largest companies in this market
25.00% 25.00%
This is is how much your operating income grew
 $       6,494.88   $       6,618.28  $ 4,704.70 over the ten-year period.
35.00% 35.00%
 $       4,221.67   $       4,301.88 
This is how much capital you
 $          452.72   $          681.13  $ 18,625.05 invested over the ten year period.
 $       3,768.95   $       3,620.75 
 $                  ­     $                  ­   

8.00% 8.00%
0.4581
 $       1,726.62 

After year 10
1.07
 $          31,398 
13.45% 12.00%
Compare this return on capital in year 10 against
a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
Valuing Options or Warrants
Enter the current stock price =  $          87.40 
Enter the strike price on the option =  $          32.39 
Enter the expiration of the option = 6.26
Enter the standard deviation in stock prices = 40.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 1.90%
Enter the number of warrants (options) outstan 21.00
Enter the number of shares outstanding = 428.08

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 87.4 # Warrants issued= 21
Strike Price= 32.39 # Shares outstanding= 428
Adjusted S = 86.14495166 T.Bond rate= 1.90%
Adjusted K = 32.39 Variance= 0.1600
Expiration (in years) = 6.26 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 1.90%

d1 =  1.5966448233
N (d1) = 0.9448275493

d2 =  0.5958451431
N (d2) = 0.7243606585

Value per option =   $          60.56 
Value of all options outstanding = $1,271.78 
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1–t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your calculated value as a percent of current price

Inputs
Revenue growth rate (input cell B3)
Last period EBIT as % of revenue (Input cell B14)
Sales to Capital Ratio or reinvestment (Input cell B15)
Return on capital in perpetuity (B30 & B31)
 $ 13,454.21
$ 31,398.13
$ 17,943.92
$ 4,581.29
25.53%
13.45%
8.12%
70.30%

If calculated value is negative or looks too low
Increase revenue growth rate
Increase the target pre­tax operating margin
Decrease the sales/capital ratio
Increase relative to your cost of capital
 If calculated value looks too high
Decrease revenue growth rate
Decrease the target pre­tax 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 2 ! If in doubt, use the lookup table below
Enter the current year's R&D expense =  $        650.79  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
­1 472.32 ! Year ­1 is the year prior to the current year
­2 378.77 ! Year ­2 is the two years prior to the current year
0
0
0
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 650.79 1.00 650.79
­1 472.32 0.50 236.16  $           236.16 
­2 378.77 0.00 0.00  $           189.39 
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
0 0.00 0.00 0.00  $                  ­   
Value of Research Asset = $886.95  $        425.55 

Amortization of asset for current year = $425.55

Adjustment to Operating Income = $225.25 ! A positive number indicates an increase in operating income (add to report

Tax Effect of R&D Expensing $79 
riate adjustments to operating income, net

If in doubt, use the lookup table below
he maximum allowed is ten years
mined by the amortization period

increase in operating income (add to reported EBIT)
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year =  $     3,440.00 
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $4,745.55
2 $2,679.81
3 $2,683.02
4 $499.15
5 $497.84
6 and beyond $327.38

Output
Pre­tax Cost of Debt = 5.15% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 0 ! 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  $     4,745.55   $     4,513.12 
2  $     2,679.81   $     2,423.74 
3  $     2,683.02   $     2,307.78 
4  $        499.15   $        408.32 
5  $        497.84   $        387.30 
6 and beyond  $        327.38   $        242.21  ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =  $   10,282.47 

Restated Financials
Depreciation on Operating Lease Asset =  $     2,056.49  ! I use straight line depreciation
Adjustment to Operating Earnings = $1,383.51  ! Add this amount to pre­tax operating incom
Adjustment to Total Debt outstanding =  $   10,282.47  ! Add this amount to debt
Adjustment to Depreciation = $2,056.49
  Converter
ells. Please enter them.

4591

Year Content Commitments PV of Commitments

1  $                  4,703.17   $               4,472.82 
2  $                  2,624.57   $               2,373.78 
3  $                  2,624.57   $               2,257.52 
4  $                     445.93   $                  364.78 
5  $                     445.93   $                  346.91 
6 &  Beyond  $                       58.05   $                    45.16 
Total   $               9,860.97 
Already capitalized  $               4,800.00  Page 50 of 10K
tic rating estimator Added debt  $               5,060.97 

over the first five years
f expenses in yr 6

nnuity for ten years

I use straight line depreciation
Add this amount to pre­tax operating income
Add this amount to debt
Estimation of Current Cost of Capital
Inputs
Equity
Number of Shares outstanding = 428.08
Current Market Price per share =  $                        87.40 

Approach for estimating beta Multibusiness(Global)
If direct input, enter levered beta (or regression beta) 1.20
Unlevered beta = 1.06
Riskfree Rate = 1.90%
What approach do you want to use to input ERP? Operating regions
Direct input for ERP (if you choose "will input" 5.75%
Equity Risk Premium used in cost of equity = 6.11%

Debt
Book Value of Straight Debt =  $                   2,371.36 
Interest Expense on Debt =  $                      132.72 
Average Maturity = 3
Approach for estimating pre­tax cost of debt Actual rating
If direct input, input the pre­tax cost of debt 3.500%
If actual rating, input the rating Ba2/BB
If synethetic rating, input the type of company 1
Pre­tax Cost of Debt = 5.15%
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 =  $                 10,282.47 

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 =  $     2,400.13 
Estimated Value of Straight Debt in Convertible =  $                ­   
Value of Debt in Operating leases =  $   10,282.47 
Estimated Value of Equity in Convertible =  $                ­   
Levered Beta for equity = 1.29
 Equity Debt  Preferred Stock
Market Value  $                 37,414.19   $   12,682.60   $                ­   
Weight in Cost of Capital 74.68% 25.32% 0.00%
Cost of Component 9.80% 3.35% 7.14%
Operating Countries ERP calculator
Country Revenues ERP Weight
Argentina 19 17.17% 10.11%
Brazil 4 9.28% 2.13%
El Salvador 130 11.37% 69.15%
Bolivia 23 11.37% 12.23%
India 5 9.28% 2.66%
United States of America 7 6.00% 3.72%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 188 100.00%
Operating Regions ERP calculator
Region Revenues ERP Weight
Africa 0 11.76% 0.00%
Asia 0 7.49% 0.00%
Australia & New Zealand 6.00% 0.00%
Caribbean 0 14.61% 0.00%
Central and South America 0 10.42% 0.00%
Eastern Europe & Russia 9.65% 0.00%
Middle East 0 7.11% 0.00%
North America 159566 6.00% 92.02%
Western Europe 0 7.16% 0.00%
Rest of the World 13846 7.39% 7.98%
Total 173412 100.00%

Multi Business (US Industry Averages)
Business Revenues EV/Sales Estimated Valu
Advertising  $          84.00  1.6986  $        142.68 
Entertainment  $          16.00  2.8528  $          45.64 
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $ 100.00  $        188.32 
 Capital Multi Business (Global Industry Averages)
 $   50,096.79  Business Revenues EV/Sales Estimated Valu
100.00% Entertainment  $     4,180.00  3.0200  $   12,623.60 
8.17% 0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
0.0000  $                ­   
Company $ 4,180.00  $   12,623.60 
Weighted ERP
1.74%
0.20%
7.86%
1.39%
0.25%
0.22%
0.00%
0.00%
0.00%
0.00%
0.00%
11.65%

Weighted ERP
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
5.5209%
0.0000%
0.5901%
6.1110%

Unlevered Beta
0.7385
0.9783
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.7966
Unlevered Beta
1.0600
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
1.0600
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) =  $     1,688.34  (Add back only long term interest expense f
Enter current interest expenses = $662.27 (Use only long term interest expense for fina
Enter long term risk free rate  = 1.90%
Output
Interest  coverage ratio = 2.55
Estimated Bond Rating = Baa2/BBB Note: If you get REF! All over the place, set the
Estimated Company Default Spread = 2.25% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if any) = 0.00%
Estimated Cost of Debt = 4.15%

 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 16.00%
0.65 0.799999 Ca2/CC 12.00%
0.8 1.249999 C2/C 9.00%
1.25 1.499999 B3/B- 7.50%
1.5 1.749999 B2/B 6.50%
1.75 1.999999 B1/B+ 5.50%
2 2.2499999 Ba2/BB 4.25%
2.25 2.49999 Ba1/BB+ 3.25%
2.5 2.999999 Baa2/BBB 2.25%
3 4.249999 A3/A- 1.75%
4.25 5.499999 A2/A 1.25%
5.5 6.499999 A1/A+ 1.10%
6.5 8.499999 Aa2/AA 1.00%
8.50 100000 Aaa/AAA 0.75%

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
0.5 0.799999 Caa/CCC 16.00% A1/A+
0.8 1.249999 Ca2/CC 12.00% A2/A
1.25 1.499999 C2/C 9.00% A3/A-
1.5 1.999999 B3/B- 7.50% Aa2/AA
2 2.499999 B2/B 6.50% Aaa/AAA
2.5 2.999999 B1/B+ 5.50% B1/B+
 3 3.499999 Ba2/BB 4.25% B2/B
3.5 3.9999999 Ba1/BB+ 3.25% B3/B-
4 4.499999 Baa2/BBB 2.25% Ba1/BB+
4.5 5.999999 A3/A- 1.75% Ba2/BB
6 7.499999 A2/A 1.25% Baa2/BBB
7.5 9.499999 A1/A+ 1.10% C2/C
9.5 12.499999 Aa2/AA 1.00% Ca2/CC
12.5 100000 Aaa/AAA 0.75% Caa/CCC
D2/D
e this spreadsheet.
ation options in excel) is checked.

Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)

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

Spread is
0.90%
1.00%
1.20%
0.70%
0.40%
4.00%
 5.00%
6.00%
2.75%
3.25%
1.75%
7.00%
8.00%
10.00%
12.00%
 Annual
Average
Revenue
Number of growth - Last Pre-tax Operating
Industry Name firms 5 years Margin After-tax ROC
Advertising 44 -0.48% 11.61% 59.68%
Aerospace/Defense 92 4.66% 12.45% 30.15%
Air Transport 20 9.35% 15.27% 18.57%
Apparel 63 14.68% 12.13% 15.99%
Auto & Truck 19 27.97% 4.62% 5.06%
Auto Parts 65 5.26% 7.65% 18.38%
Bank (Money Center) 9 12.20% -0.12% -0.01%
Banks (Regional) 644 13.29% -0.13% -0.02%
Beverage (Alcoholic) 22 9.47% 22.90% 15.85%
Beverage (Soft) 43 8.80% 18.04% 22.42%
Broadcasting 29 9.13% 22.59% 19.38%
Brokerage & Investment Banking 42 5.53% 0.01% 0.00%
Building Materials 39 9.36% 9.10% 15.91%
Business & Consumer Services 159 6.04% 11.10% 22.41%
Cable TV 19 6.06% 19.94% 16.04%
Chemical (Basic) 42 5.93% 9.57% 12.57%
Chemical (Diversified) 9 4.99% 11.29% 12.75%
Chemical (Specialty) 104 7.21% 14.65% 20.20%
Coal & Related Energy 38 0.74% 0.37% 0.22%
Computer Services 118 9.13% 8.82% 30.10%
Computers/Peripherals 64 3.98% 19.86% 35.70%
Construction Supplies 52 11.62% 10.44% 12.18%
Diversified 26 6.00% 15.66% 7.71%
Drugs (Biotechnology) 411 20.30% 35.17% 20.33%
Drugs (Pharmaceutical) 157 16.56% 24.93% 15.19%
Education 40 -2.08% 8.00% 9.63%
Electrical Equipment 120 11.64% 11.45% 24.35%
Electronics (Consumer & Office) 25 6.40% 9.84% 20.18%
Electronics (General) 167 5.61% 9.85% 12.50%
Engineering/Construction 51 9.45% 3.66% 15.20%
Entertainment 84 11.50% 21.39% 33.00%
Environmental & Waste Services 97 16.67% 12.03% 18.31%
Farming/Agriculture 37 13.17% 4.89% 7.43%
Financial Svcs. (Non-bank & Insur 272 12.28% 5.88% 0.15%
Food Processing 89 12.05% 11.61% 23.13%
Food Wholesalers 14 9.33% 2.90% 17.94%
Furn/Home Furnishings 30 6.30% 8.30% 15.07%
Green & Renewable Energy 28 36.79% 13.42% 2.81%
Healthcare Products 254 11.98% 16.88% 16.75%
Healthcare Support Services 127 6.46% 4.75% 41.50%
Heathcare Information and Techno 126 20.06% 13.20% 14.34%
Homebuilding 34 15.33% 9.96% 8.45%
Hospitals/Healthcare Facilities 58 14.56% 12.93% 9.50%
Hotel/Gaming 73 7.61% 16.46% 9.41%
Household Products 134 8.44% 17.11% 29.01%
Information Services 70 9.46% 23.27% 37.61%
Insurance (General) 20 3.49% 13.23% 6.26%
Insurance (Life) 25 2.83% 14.22% 8.56%
Insurance (Prop/Cas.) 53 8.06% 14.72% 11.69%
Investments & Asset Management 145 13.39% 19.65% 6.23%
Machinery 130 6.00% 12.83% 22.54%
Metals & Mining 114 32.83% 11.15% 8.29%
Office Equipment & Services 24 1.48% 10.61% 23.02%
Oil/Gas (Integrated) 7 -5.04% 3.29% 2.95%
Oil/Gas (Production and Exploratio 351 10.46% -12.31% -3.93%
Oil/Gas Distribution 79 12.90% 10.11% 9.21%
Oilfield Svcs/Equip. 143 11.53% 6.99% 16.19%
Packaging & Container 25 4.45% 10.08% 17.10%
Paper/Forest Products 20 7.63% 8.22% 11.92%
Power 73 3.00% 18.18% 7.20%
Precious Metals 113 9.11% 21.55% 9.34%
Publshing & Newspapers 39 2.19% 8.27% 13.24%
R.E.I.T. 221 12.81% 22.18% 2.73%
Real Estate (Development) 21 35.33% -2.98% -0.85%
Real Estate (General/Diversified) 12 8.68% 14.74% 3.13%
Real Estate (Operations & Service 55 11.30% 10.49% 10.52%
Recreation 65 5.24% 11.88% 14.80%
Reinsurance 3 20.12% 11.41% 7.88%
Restaurant/Dining 83 9.76% 13.70% 15.87%
Retail (Automotive) 26 8.71% 5.76% 12.57%
Retail (Building Supply) 5 6.64% 10.67% 21.62%
Retail (Distributors) 83 13.29% 8.84% 13.74%
Retail (General) 19 3.62% 4.81% 12.46%
Retail (Grocery and Food) 17 4.17% 2.90% 9.62%
Retail (Online) 39 13.19% 4.48% 20.81%
Retail (Special Lines) 124 4.65% 6.53% 12.91%
Rubber& Tires 4 0.92% 11.04% 20.05%
Semiconductor 87 12.67% 20.66% 13.35%
Semiconductor Equip 46 3.82% 13.15% 9.98%
Shipbuilding & Marine 11 -3.45% 9.92% 6.42%
Shoe 11 10.40% 12.59% 22.41%
Software (Entertainment) 17 -14.14% 19.41% 24.52%
Software (Internet) 308 14.22% 20.47% 13.47%
Software (System & Application) 241 12.44% 24.24% 18.95%
Steel 36 1.79% -5.08% -8.18%
Telecom (Wireless) 19 4.25% 2.69% 1.52%
Telecom. Equipment 121 1.46% 19.33% 14.01%
Telecom. Services 65 0.88% 13.13% 12.81%
Tobacco 20 2.37% 38.42% 77.34%
Transportation 21 15.65% 8.79% 20.14%
Transportation (Railroads) 12 8.74% 32.99% 17.19%
Trucking 26 7.91% 10.13% 12.42%
Unclassified 3 0.00% -17.02% -3.01%
Utility (General) 20 0.34% 18.09% 6.96%
Utility (Water) 18 10.79% 31.06% 8.77%
 Average
effective tax Unlevered Equity Std deviation Pre-tax cost of Market
rate Beta (Levered) Beta Cost of equity in stock prices debt Debt/Capital
31.65% 0.74 1.08 8.74% 71.03% 4.52% 36.00%
28.99% 1.20 1.33 10.25% 46.90% 3.52% 17.01%
20.97% 0.85 1.27 9.88% 51.95% 4.02% 41.10%
26.86% 0.88 1.06 8.61% 60.62% 4.02% 21.79%
28.11% 0.47 0.96 8.00% 33.71% 3.52% 56.15%
26.34% 1.08 1.29 9.98% 55.06% 4.02% 24.76%
26.73% 0.47 1.11 8.93% 32.77% 3.52% 68.40%
28.08% 0.36 0.51 5.34% 28.93% 3.52% 44.01%
27.11% 0.82 0.94 7.90% 58.51% 4.02% 15.44%
27.93% 0.99 1.15 9.19% 54.55% 4.02% 18.68%
31.09% 0.75 1.29 10.02% 47.22% 3.52% 48.65%
27.82% 0.46 1.35 10.36% 48.05% 3.52% 74.06%
33.87% 0.98 1.18 9.33% 44.27% 3.52% 24.90%
34.87% 0.95 1.19 9.40% 50.13% 4.02% 26.11%
36.31% 0.89 1.23 9.66% 41.58% 3.52% 33.16%
32.81% 0.81 1.17 9.28% 54.20% 4.02% 38.25%
28.37% 1.27 1.55 11.60% 40.56% 3.52% 27.68%
22.05% 1.01 1.25 9.75% 50.43% 4.02% 23.88%
0.98% 0.39 1.49 11.19% 86.78% 6.52% 75.73%
23.22% 1.00 1.17 9.30% 51.74% 4.02% 22.40%
24.14% 1.22 1.33 10.24% 63.91% 4.02% 15.72%
29.00% 1.18 1.65 12.17% 42.41% 3.52% 37.14%
36.94% 0.74 1.01 8.32% 27.37% 3.52% 35.78%
20.38% 1.19 1.28 9.96% 88.89% 6.52% 12.50%
25.23% 0.94 1.02 8.37% 77.30% 4.52% 11.51%
40.49% 0.86 1.05 8.59% 59.62% 4.02% 31.62%
32.04% 1.03 1.15 9.17% 71.04% 4.52% 17.97%
25.78% 1.16 1.23 9.65% 63.42% 4.02% 12.90%
21.45% 0.98 1.03 8.42% 59.34% 4.02% 16.52%
31.49% 1.07 1.32 10.17% 57.02% 4.02% 29.53%
26.78% 0.98 1.21 9.55% 63.16% 4.02% 23.04%
29.35% 0.82 1.10 8.90% 65.51% 4.52% 27.96%
30.15% 0.77 1.25 9.77% 48.69% 3.52% 43.09%
33.12% 0.06 0.65 6.16% 34.97% 3.52% 93.05%
23.29% 0.74 0.89 7.59% 38.29% 3.52% 20.74%
33.86% 0.61 0.73 6.65% 54.49% 4.02% 19.98%
22.85% 1.00 1.23 9.65% 44.49% 3.52% 23.63%
8.41% 0.84 1.62 12.01% 62.36% 4.02% 57.07%
21.67% 0.92 1.03 8.43% 62.16% 4.02% 16.32%
40.82% 0.89 1.05 8.57% 54.32% 4.02% 22.25%
16.58% 0.99 1.11 8.93% 60.52% 4.02% 15.04%
32.72% 0.81 1.12 9.00% 41.71% 3.52% 37.84%
23.90% 0.44 0.82 7.19% 36.49% 3.52% 49.61%
15.62% 0.68 0.97 8.10% 46.75% 3.52% 35.66%
33.12% 0.91 1.05 8.55% 62.02% 4.02% 16.68%
28.08% 0.92 1.00 8.27% 40.74% 3.52% 13.44%
27.69% 0.82 1.04 8.52% 33.57% 3.52% 29.95%
28.48% 0.91 1.28 9.97% 35.59% 3.52% 44.16%
28.71% 0.75 0.90 7.65% 32.93% 3.52% 23.89%
21.14% 0.81 1.17 9.31% 37.84% 3.52% 43.30%
29.00% 1.23 1.44 10.88% 46.07% 3.52% 21.61%
36.67% 0.87 1.55 11.60% 91.02% 7.77% 46.17%
34.13% 1.29 1.82 13.16% 41.58% 3.52% 37.72%
28.01% 1.38 1.54 11.49% 50.24% 4.02% 14.16%
31.79% 0.95 1.63 12.05% 80.22% 6.52% 45.20%
9.01% 0.65 1.22 9.61% 47.82% 3.52% 48.55%
29.92% 1.41 1.74 12.72% 69.62% 4.52% 28.10%
30.47% 0.91 1.26 9.85% 32.10% 3.52% 35.37%
29.50% 0.89 1.52 11.37% 38.53% 3.52% 47.11%
31.59% 0.50 0.80 7.05% 29.31% 3.52% 45.49%
47.23% 1.03 1.29 10.03% 93.13% 7.77% 33.35%
18.22% 1.07 1.45 10.95% 51.60% 4.02% 33.14%
2.93% 0.41 0.76 6.86% 25.71% 3.52% 47.32%
17.35% 0.93 1.41 10.71% 36.15% 3.52% 38.61%
23.33% 1.03 1.22 9.57% 40.76% 3.52% 20.30%
31.99% 0.99 1.50 11.24% 43.44% 3.52% 39.22%
29.77% 0.75 0.91 7.76% 45.47% 3.52% 24.02%
30.77% 0.89 1.03 8.44% 29.15% 3.52% 28.30%
31.17% 0.64 0.76 6.83% 40.67% 3.52% 20.54%
36.49% 0.76 1.06 8.63% 46.34% 3.52% 34.71%
36.58% 1.31 1.47 11.10% 50.34% 4.02% 15.78%
35.07% 0.83 1.22 9.60% 52.36% 4.02% 37.63%
33.50% 0.92 1.16 9.24% 46.87% 3.52% 28.31%
35.64% 0.77 1.04 8.50% 51.57% 4.02% 31.92%
28.72% 1.53 1.58 11.72% 50.54% 4.02% 7.83%
34.75% 0.81 1.07 8.71% 50.69% 4.02% 31.83%
7.38% 1.18 1.66 12.23% 38.00% 3.52% 39.49%
19.27% 1.32 1.39 10.59% 51.24% 4.02% 11.17%
15.51% 1.22 1.40 10.66% 54.21% 4.02% 27.31%
11.40% 0.84 1.24 9.72% 60.89% 4.02% 36.28%
20.82% 0.81 0.82 7.20% 39.02% 3.52% 6.36%
13.74% 1.46 1.42 10.77% 54.18% 4.02% 9.28%
22.21% 1.33 1.34 10.30% 64.71% 4.02% 4.24%
28.15% 1.25 1.33 10.23% 59.22% 4.02% 10.86%
29.08% 0.86 1.43 10.83% 51.52% 4.02% 47.85%
26.60% 0.65 1.48 11.13% 45.11% 3.52% 60.09%
20.51% 1.17 1.29 10.02% 57.78% 4.02% 17.16%
31.11% 0.57 0.95 7.94% 52.25% 4.02% 43.85%
35.58% 1.66 1.91 13.75% 48.90% 3.52% 16.55%
34.68% 1.19 1.41 10.74% 40.03% 3.52% 23.73%
36.80% 0.93 1.15 9.18% 31.20% 3.52% 23.37%
36.05% 1.03 1.69 12.40% 43.08% 3.52% 50.30%
0.00% 0.11 0.23 3.65% 24.61% 3.02% 50.10%
30.97% 0.36 0.55 5.57% 25.03% 3.52% 41.35%
32.36% 0.33 0.47 5.07% 36.78% 3.52% 32.88%
Cost of capital Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE
6.57% 5.35 1.70 8.94 14.56 6.81 110.61
8.86% 2.80 1.58 10.33 12.76 4.39 31.25
6.81% 1.49 1.48 5.80 9.71 3.48 12.01
7.26% 1.53 1.97 10.84 16.39 3.73 18.42
4.70% 1.19 1.04 10.03 20.93 2.26 12.19
8.11% 2.64 0.78 7.34 10.78 2.56 254.74
4.27% 0.13 7.74 NA NA 0.96 13.43
3.92% 0.24 5.45 NA NA 1.16 18.15
7.05% 0.78 5.53 19.93 24.13 4.43 38.20
7.92% 1.32 3.55 15.82 19.66 8.13 39.02
6.17% 1.09 2.93 9.53 12.98 2.39 24.16
4.25% 0.20 5.82 NA NA 1.16 43.78
7.54% 2.25 1.47 11.42 16.09 4.06 28.88
7.58% 2.34 1.92 11.14 17.15 3.88 25.70
7.16% 0.97 3.07 9.32 15.16 4.57 29.37
6.65% 1.43 1.06 6.59 10.93 1.59 13.09
8.97% 1.39 1.55 9.10 13.62 3.10 25.40
8.00% 1.51 2.19 10.68 14.81 3.71 48.33
5.68% 0.60 1.35 6.04 184.31 0.75 6.84
7.75% 3.92 0.97 8.27 10.89 4.43 31.90
9.01% 1.90 1.76 6.97 9.03 3.22 32.93
8.43% 1.40 1.25 8.37 12.03 2.47 35.85
6.10% 0.58 2.74 12.71 17.47 1.86 24.79
9.20% 0.59 8.32 13.60 21.02 7.50 79.14
7.72% 0.63 4.76 13.63 19.35 4.05 41.82
6.63% 1.37 1.37 6.96 16.42 1.79 22.74
8.01% 2.28 1.79 9.87 14.36 3.45 25.87
8.72% 2.24 1.19 9.15 13.15 2.72 20.81
7.43% 1.40 1.46 9.48 15.29 2.01 42.27
7.88% 4.70 0.50 7.52 13.68 1.48 21.99
7.90% 1.60 2.85 10.36 13.21 3.20 372.57
7.17% 1.64 2.24 10.13 18.59 3.15 56.02
6.47% 1.68 0.74 10.04 15.15 1.73 19.29
2.39% 0.03 33.16 NA NA 1.73 66.90
6.45% 2.32 2.23 14.93 19.16 2.71 64.36
5.80% 7.34 0.43 10.15 14.67 3.28 24.43
7.87% 2.15 1.26 9.97 15.03 2.84 20.10
6.53% 0.21 7.86 11.57 51.02 0.73 90.28
7.45% 1.06 3.75 14.27 21.69 3.84 72.60
7.20% 10.14 0.60 10.06 12.54 3.09 40.30
7.95% 1.17 4.02 17.94 29.93 4.24 65.64
6.40% 1.08 1.46 13.69 14.66 1.60 15.59
4.67% 0.82 2.38 10.69 18.39 2.20 38.98
5.96% 0.64 3.30 11.89 20.05 3.13 185.89
7.53% 1.86 2.80 12.96 16.34 5.37 30.37
 7.44% 1.93 4.64 15.72 19.90 5.76 26.22
6.60% 0.60 1.58 8.27 11.97 0.91 24.85
6.50% 0.75 1.29 8.38 9.05 0.95 13.98
6.32% 1.02 1.41 8.53 9.54 1.38 21.60
6.19% 0.34 4.38 18.35 21.27 1.11 24.48
8.99% 2.07 1.62 9.60 12.60 3.00 28.01
8.40% 0.75 1.59 6.62 13.52 1.21 24.17
8.99% 2.68 1.08 7.39 10.17 3.81 13.86
10.20% 0.98 1.48 9.02 44.71 1.49 17.96
8.37% 0.33 3.07 5.59 NA 1.14 18.94
5.97% 0.97 2.10 11.81 19.28 1.19 26.55
9.91% 2.56 0.63 5.77 8.87 1.42 27.19
7.12% 2.16 1.44 9.45 14.29 3.31 32.96
7.01% 1.72 1.27 9.08 15.41 3.26 48.08
4.81% 0.52 2.79 8.92 15.32 1.60 21.38
8.24% 0.44 1.97 4.76 8.68 0.73 12.89
8.12% 1.85 1.35 8.85 16.44 1.75 46.12
4.61% 0.13 12.02 21.46 48.19 2.06 82.14
7.39% 0.29 5.75 28.57 NA 1.37 327.16
8.05% 0.24 5.58 14.81 24.52 1.69 71.62
7.66% 1.13 2.33 13.42 21.97 2.22 81.31
6.40% 1.40 1.95 10.42 16.55 3.76 34.19
6.65% 0.87 1.09 7.89 9.25 0.95 12.16
5.86% 1.42 3.07 12.68 22.35 10.48 29.84
6.37% 2.77 1.00 11.49 17.36 5.90 16.56
9.73% 2.64 1.89 13.03 17.75 14.32 37.89
6.89% 1.86 1.17 10.72 13.21 2.80 28.79
7.22% 3.44 0.64 7.92 13.24 3.02 22.74
6.56% 4.33 0.59 8.78 20.34 4.92 26.88
10.99% 5.20 3.61 35.07 82.85 12.74 104.32
6.71% 2.47 1.12 8.81 17.19 3.51 28.43
8.23% 2.01 0.84 5.17 7.65 1.92 95.30
9.68% 0.71 3.15 9.56 15.44 2.98 70.95
8.41% 0.85 2.35 11.54 18.07 2.27 241.44
7.07% 0.73 1.51 6.40 13.51 1.05 10.75
6.87% 2.17 2.92 17.25 23.22 6.59 16.35
10.00% 1.28 4.58 17.79 23.13 4.05 25.66
9.97% 0.68 7.04 23.81 39.05 4.59 77.74
9.39% 0.83 5.26 15.71 20.84 5.17 63.18
6.80% 1.82 0.62 7.40 NA 1.34 52.45
5.71% 0.62 2.04 7.60 75.04 1.47 23.02
8.71% 0.80 2.77 10.60 13.68 2.56 91.57
5.52% 1.11 2.53 8.42 19.21 2.70 60.37
11.82% 2.28 6.10 14.91 15.87 29.94 19.88
8.69% 2.82 1.31 8.85 14.86 5.65 23.03
7.53% 0.61 3.31 7.73 10.02 2.53 34.20
7.22% 1.78 1.42 8.23 13.98 3.03 12.99
2.73% 0.18 6.85 73.06 NA 1.21 5.13
4.14% 0.52 2.96 9.83 16.37 1.83 27.55
4.10% 0.33 5.54 12.05 17.60 2.29 20.74
Non-cash WC Net Cap Ex Equity
as % of Cap Ex as % as % of Reinvestmen Dividend Reinvestmen
Revenues of Revenues Revenues t Rate ROE Payout Ratio t Rate
-0.54% 2.31% 0.96% 11.34% 25.96% 64.60% 64.60%
27.61% 2.64% 4.19% 65.32% 20.19% 35.32% 35.32%
3.48% 10.46% 6.13% 47.19% 44.13% 6.78% 6.78%
27.82% 3.45% 6.08% 91.82% 14.51% 34.58% 34.58%
-1.35% 9.41% 10.09% 327.79% 14.70% 45.18% 45.18%
10.10% 3.98% 5.02% 108.21% 21.81% 18.14% 18.14%
NA 1.36% 1.36% NA 9.92% 21.28% 21.28%
NA 5.69% -3.32% NA 9.23% 27.69% 27.69%
24.56% 8.35% 12.97% 85.78% 13.03% 30.96% 30.96%
1.02% 4.56% 6.53% 47.10% 21.98% 83.53% 83.53%
20.47% 2.78% 6.19% 51.94% 11.73% 20.40% 20.40%
NA 2.56% 3.50% NA 7.98% 25.20% 25.20%
16.92% 3.05% 8.57% 143.60% 12.64% 24.88% 24.88%
15.68% 3.22% 7.28% 114.38% 10.00% 42.41% 42.41%
9.46% 12.06% 0.29% 2.44% 19.57% 43.10% 43.10%
19.13% 7.61% 13.79% 157.06% -6.25% 0.31% 0.31%
20.98% 7.45% 10.72% 134.02% 17.72% 43.96% 43.96%
20.67% 6.49% 15.92% 145.55% 21.79% 29.03% 29.03%
5.70% 12.02% -2.97% -252.12% -31.49% 2.89% 2.89%
11.10% 1.78% 3.16% 43.99% 32.23% 28.33% 28.33%
4.97% 4.51% 6.43% 33.62% 27.53% 23.51% 23.51%
16.64% 5.58% 6.58% 88.49% 14.62% 44.48% 44.48%
5.68% 7.97% 15.63% 159.87% 5.67% 50.08% 50.08%
20.33% 4.68% 32.65% 170.74% 22.35% 32.02% 32.02%
25.28% 4.15% 20.21% 121.25% 15.21% 69.18% 69.18%
11.23% 5.03% 5.41% 118.10% 0.79% 107.34% 107.34%
20.27% 5.91% 9.88% 139.49% 15.43% 44.32% 44.32%
18.81% 2.98% 10.43% 190.86% 17.74% 18.02% 18.02%
21.07% 4.88% 12.07% 172.25% 10.42% 19.95% 19.95%
15.00% 1.46% 4.79% 170.32% 1.74% 45.54% 45.54%
12.06% 4.40% 1.59% 80.70% 21.92% 27.51% 27.51%
11.04% 7.37% 4.47% 62.81% 8.21% 73.90% 73.90%
12.09% 3.33% 5.43% 179.37% 10.46% 35.85% 35.85%
NA 7.95% 12.20% 338.66% -1.20% 13.78% 13.78%
8.71% 3.51% 10.00% 102.73% 17.57% 40.22% 40.22%
7.79% 1.28% 1.75% 108.77% 11.14% 76.16% 76.16%
13.85% 3.50% 9.57% 154.58% 13.56% 24.54% 24.54%
13.16% 171.42% 243.22% 2069.68% -4.06% 2.16% 2.16%
26.49% 5.68% 22.17% 183.32% 10.33% 42.16% 42.16%
-3.42% 0.71% 3.24% 127.62% 14.57% 17.96% 17.96%
24.10% 3.35% 7.39% 89.44% 11.79% 9.44% 9.44%
79.71% 0.36% 1.05% 126.50% 16.01% 5.63% 5.63%
19.76% 4.76% 8.15% 125.06% 9.98% 110.47% 110.47%
4.83% 10.77% 8.36% 66.47% 20.35% 42.88% 42.88%
14.12% 4.06% 6.58% 52.03% 13.46% 91.91% 91.91%
 1.62% 3.45% 6.34% 37.48% 23.78% 23.81% 23.81%
36.56% 2.26% 3.15% 31.20% 4.67% 27.93% 27.93%
8.50% 0.14% 0.15% 4.96% 8.68% 27.26% 27.26%
-21.09% 0.84% 1.07% 15.48% 11.91% 24.36% 24.36%
NA 2.61% 2.27% 32.29% 11.18% 63.04% 63.04%
22.80% 2.90% 5.97% 66.54% 12.76% 37.58% 37.58%
13.14% 17.97% 12.90% 155.09% -23.49% 0.21% 0.21%
9.99% 3.03% 6.12% 97.55% 29.36% 33.11% 33.11%
3.82% 16.79% 4.09% 279.62% 5.84% 99.94% 99.94%
5.97% 68.02% 8.25% NA -27.53% 0.49% 0.49%
2.43% 20.24% 23.05% 247.90% 7.52% 225.73% 225.73%
10.26% 4.50% 3.25% 53.31% 8.26% 51.81% 51.81%
10.07% 4.56% 8.16% 102.91% 16.99% 35.85% 35.85%
15.69% 5.41% 2.36% 47.77% 6.34% 113.08% 113.08%
10.82% 22.85% 16.68% 130.43% 8.55% 68.68% 68.68%
15.07% 29.65% 21.76% 218.15% -4.40% 0.24% 0.24%
11.80% 3.64% 0.60% 9.90% 4.18% 112.88% 112.88%
55.26% 4.57% -1.32% -3.71% 7.48% 137.82% 137.82%
93.27% 8.96% -1.12% NA -1.29% 0.00% 0.00%
17.29% 9.41% 21.19% 170.58% 1.70% 449.37% 449.37%
12.35% 3.29% 7.51% 115.04% 13.66% 10.08% 10.08%
20.87% 5.34% 5.75% 69.80% 11.21% 119.76% 119.76%
1.68% 0.59% 2.27% 41.78% 6.99% 9.25% 9.25%
1.87% 6.32% 4.19% 45.10% 31.92% 51.76% 51.76%
11.13% 2.13% 3.20% 118.88% 33.90% 3.55% 3.55%
7.08% 1.84% 0.96% 8.21% 45.64% 38.72% 38.72%
17.85% 7.28% 7.43% 121.18% 14.96% 31.51% 31.51%
3.94% 2.52% 2.74% 79.97% 15.15% 47.30% 47.30%
0.42% 3.22% 1.82% 98.19% 26.76% 19.62% 19.62%
0.23% 4.27% 6.44% 221.43% 15.96% 3.56% 3.56%
9.63% 2.37% 4.97% 121.89% 19.73% 27.03% 27.03%
15.24% 5.59% 5.62% 38.23% 0.49% 2.95% 2.95%
20.62% 7.42% 9.30% 63.51% 15.81% 39.73% 39.73%
24.95% 13.56% 22.98% 252.95% 6.23% 60.15% 60.15%
10.42% 12.37% 6.18% 204.40% 26.48% 2.69% 2.69%
21.74% 0.55% 0.56% 10.03% 25.95% 24.39% 24.39%
26.34% 2.33% 2.91% -1.24% 12.30% 11.18% 11.18%
13.25% 12.53% 19.61% 163.43% 9.12% 1.29% 1.29%
11.45% 5.31% 10.06% 62.28% 11.72% 55.99% 55.99%
19.69% 2.63% -5.90% NA -14.11% 0.99% 0.99%
2.67% 18.28% 3.90% 279.01% -3.16% 0.20% 0.20%
18.53% 3.77% 10.39% 71.72% 12.40% 48.16% 48.16%
-2.11% 13.77% 10.53% 125.85% 12.21% 124.64% 124.64%
14.15% 2.29% 30.04% 124.56% -17.22% 77.99% 77.99%
8.08% 5.60% 6.19% 103.21% 20.32% 52.56% 52.56%
3.99% 21.96% 14.24% 67.04% 18.55% 40.55% 40.55%
4.90% 19.23% 17.01% 258.02% 22.26% 10.70% 10.70%
-15.03% 0.10% -30.06% NA 0.70% 696.75% 696.75%
6.69% 27.58% 18.81% 143.20% 9.17% 76.53% 76.53%
7.12% 33.74% 24.13% 131.19% 9.68% 55.78% 55.78%
 Annual
Average
Revenue Average
Number of growth - Pre-tax Operating After-tax effective tax
Industry Name firms Last 5 years Margin ROC rate
Advertising 240 9.50% 12.05% 34.40% 28.07%
Aerospace/Defense 211 8.10% 10.08% 19.98% 28.02%
Air Transport 160 8.19% 10.52% 9.83% 20.14%
Apparel 1174 5.87% 11.42% 12.56% 26.43%
Auto & Truck 125 5.86% 6.33% 6.35% 26.00%
Auto Parts 632 7.40% 7.09% 10.88% 26.69%
Bank (Money Center) 598 10.96% 0.07% 0.01% 23.69%
Banks (Regional) 875 10.86% -0.04% -0.01% 28.04%
Beverage (Alcoholic) 212 7.24% 20.17% 12.14% 23.11%
Beverage (Soft) 104 6.44% 14.90% 18.23% 28.00%
Broadcasting 145 5.42% 17.97% 15.69% 30.11%
Brokerage & Investment Banking 542 7.81% 0.16% 0.03% 24.57%
Building Materials 422 5.69% 7.95% 9.68% 30.95%
Business & Consumer Services 766 8.78% 8.83% 20.39% 30.91%
Cable TV 66 12.97% 18.03% 13.45% 30.94%
Chemical (Basic) 735 7.01% 8.50% 7.64% 20.46%
Chemical (Diversified) 79 5.80% 8.94% 9.57% 27.43%
Chemical (Specialty) 713 7.91% 11.74% 12.23% 22.21%
Coal & Related Energy 280 2.34% 6.31% 3.55% 25.94%
Computer Services 918 6.98% 7.60% 21.34% 25.53%
Computers/Peripherals 332 2.04% 11.71% 18.37% 23.94%
Construction Supplies 733 6.75% 6.67% 6.10% 25.12%
Diversified 361 6.22% 13.38% 9.44% 24.91%
Drugs (Biotechnology) 831 16.50% 31.50% 17.99% 20.18%
Drugs (Pharmaceutical) 926 11.52% 20.08% 12.88% 21.15%
Education 167 5.75% 9.34% 10.24% 29.19%
Electrical Equipment 822 7.99% 7.33% 10.10% 24.46%
Electronics (Consumer & Office) 153 -0.74% 5.09% 9.52% 23.68%
Electronics (General) 1219 4.83% 7.02% 9.41% 22.10%
Engineering/Construction 1117 6.85% 4.54% 7.66% 27.32%
Entertainment 350 9.70% 18.05% 20.86% 27.77%
Environmental & Waste Services 305 10.07% 8.49% 12.01% 27.11%
Farming/Agriculture 403 8.90% 5.35% 5.83% 26.71%
Financial Svcs. (Non-bank & Insur 988 16.49% 7.79% 0.30% 27.60%
Food Processing 1228 7.62% 8.38% 12.28% 23.22%
Food Wholesalers 119 7.42% 2.85% 13.59% 26.96%
Furn/Home Furnishings 303 5.90% 7.86% 14.74% 19.08%
Green & Renewable Energy 172 20.38% 34.55% 6.69% 18.29%
Healthcare Products 661 9.99% 16.47% 15.87% 24.99%
Healthcare Support Services 335 7.32% 4.83% 29.94% 37.86%
Heathcare Information and Techno 298 12.82% 12.53% 13.17% 17.75%
Homebuilding 160 8.29% 8.94% 8.13% 28.70%
Hospitals/Healthcare Facilities 211 12.13% 11.72% 8.03% 22.78%
Hotel/Gaming 651 10.78% 12.58% 8.51% 15.99%
Household Products 481 10.83% 15.45% 23.22% 29.76%
Information Services 186 8.89% 21.99% 34.60% 28.06%
Insurance (General) 212 11.22% 8.52% 10.24% 25.01%
Insurance (Life) 122 7.83% 9.53% 12.02% 26.57%
Insurance (Prop/Cas.) 219 8.51% 11.09% 11.48% 24.31%
Investments & Asset Management 927 10.18% 24.31% 7.68% 17.80%
Machinery 1245 6.34% 9.67% 11.86% 28.03%
Metals & Mining 1518 8.41% 9.19% 7.36% 38.77%
Office Equipment & Services 151 3.92% 9.77% 15.80% 32.47%
Oil/Gas (Integrated) 49 3.16% 3.54% 2.73% 39.97%
Oil/Gas (Production and Exploratio 1029 14.31% 0.97% 0.33% 31.88%
Oil/Gas Distribution 207 11.81% 10.61% 7.75% 11.89%
Oilfield Svcs/Equip. 548 8.14% 4.74% 8.47% 28.48%
Packaging & Container 403 6.07% 8.74% 11.23% 27.69%
Paper/Forest Products 293 3.18% 7.07% 5.69% 24.89%
Power 565 9.26% 13.88% 6.65% 24.90%
Precious Metals 947 19.59% 4.41% 2.18% 41.13%
Publshing & Newspapers 364 -0.21% 7.66% 9.43% 15.44%
R.E.I.T. 493 10.11% 30.66% 3.32% 3.26%
Real Estate (Development) 731 14.91% 18.26% 7.15% 30.99%
Real Estate (General/Diversified) 428 10.98% 21.37% 5.00% 17.30%
Real Estate (Operations & Service 586 8.70% 30.04% 4.99% 17.93%
Recreation 289 4.47% 11.09% 10.17% 29.01%
Reinsurance 38 11.55% 10.79% 11.77% 15.11%
Restaurant/Dining 318 7.69% 10.58% 13.43% 30.74%
Retail (Automotive) 157 8.39% 4.78% 10.09% 33.56%
Retail (Building Supply) 51 7.86% 8.91% 14.86% 34.28%
Retail (Distributors) 882 8.65% 3.57% 4.78% 28.65%
Retail (General) 221 5.23% 4.44% 8.74% 31.94%
Retail (Grocery and Food) 172 7.78% 3.11% 6.64% 29.77%
Retail (Online) 130 21.27% 4.55% 17.91% 29.68%
Retail (Special Lines) 549 4.67% 6.65% 12.27% 32.06%
Rubber& Tires 88 2.90% 10.87% 11.68% 28.66%
Semiconductor 552 2.26% 18.08% 12.55% 16.56%
Semiconductor Equip 262 5.27% 12.63% 9.88% 16.96%
Shipbuilding & Marine 337 3.08% 8.00% 4.69% 18.16%
Shoe 88 7.76% 10.41% 14.98% 21.80%
Software (Entertainment) 118 1.83% 15.37% 13.30% 24.33%
Software (Internet) 762 11.63% 20.98% 15.17% 22.63%
Software (System & Application) 986 10.91% 22.17% 18.63% 27.23%
Steel 732 2.65% 2.59% 2.28% 31.26%
Telecom (Wireless) 110 5.56% 13.23% 8.54% 33.27%
Telecom. Equipment 478 3.66% 12.96% 11.13% 22.80%
Telecom. Services 292 3.49% 13.43% 10.81% 26.75%
Tobacco 61 5.81% 27.15% 44.53% 30.06%
Transportation 222 12.69% 8.23% 10.15% 27.79%
Transportation (Railroads) 54 4.76% 23.23% 9.58% 32.52%
Trucking 193 4.35% 7.91% 9.46% 30.66%
Unclassified 48 10.90% 66.23% 3.85% 0.77%
Utility (General) 57 1.04% 10.19% 7.03% 31.09%
Utility (Water) 96 12.52% 25.70% 7.13% 21.67%
 Equity Std
Unlevered (Levered) Cost of deviation in Pre-tax cost Market Cost of Sales/Capita
Beta Beta equity stock prices of debt Debt/Capital capital l
0.96 1.11 10.54% 56.26% 5.10% 22.51% 8.97% 3.42
1.05 1.18 11.05% 47.55% 4.60% 18.76% 9.58% 2.29
0.61 0.96 9.41% 39.84% 4.60% 44.95% 6.63% 1.10
0.79 0.89 8.90% 50.71% 5.10% 19.40% 7.87% 1.30
0.83 1.25 11.61% 42.42% 4.60% 44.94% 7.84% 1.19
1.21 1.31 12.00% 46.23% 4.60% 18.42% 10.38% 1.88
0.36 0.94 9.28% 30.16% 4.60% 74.21% 4.78% 0.11
0.47 0.60 6.76% 29.35% 4.60% 55.00% 4.81% 0.25
0.75 0.85 8.59% 41.27% 4.60% 16.65% 7.69% 0.74
0.92 1.06 10.17% 38.43% 4.60% 19.07% 8.85% 1.41
0.89 1.18 11.09% 43.59% 4.60% 31.64% 8.60% 1.09
0.44 1.05 10.11% 48.94% 4.60% 68.16% 5.41% 0.21
0.86 1.01 9.78% 44.26% 4.60% 24.60% 8.16% 1.51
0.87 1.00 9.70% 47.26% 4.60% 21.45% 8.31% 2.84
0.80 1.11 10.50% 37.52% 4.60% 32.68% 8.12% 0.88
0.94 1.11 10.56% 46.05% 4.60% 25.27% 8.71% 1.07
1.08 1.35 12.35% 40.55% 4.60% 29.15% 9.69% 1.35
1.03 1.18 11.04% 47.83% 4.60% 20.47% 9.44% 1.24
0.95 1.40 12.72% 69.05% 5.60% 41.99% 9.03% 0.60
0.95 1.02 9.85% 48.82% 4.60% 15.73% 8.81% 3.46
1.27 1.32 12.14% 50.01% 5.10% 16.38% 10.74% 1.79
0.89 1.14 10.78% 43.43% 4.60% 33.26% 8.27% 1.09
0.70 1.01 9.82% 35.84% 4.60% 40.37% 7.15% 0.82
1.21 1.27 11.76% 78.04% 5.60% 11.19% 10.88% 0.59
1.02 1.10 10.45% 54.45% 5.10% 12.45% 9.60% 0.73
0.92 1.05 10.13% 50.68% 5.10% 25.72% 8.44% 1.30
1.09 1.19 11.12% 51.61% 5.10% 17.98% 9.76% 1.61
1.18 1.29 11.87% 53.55% 5.10% 27.53% 9.58% 2.03
1.24 1.27 11.74% 50.23% 5.10% 15.93% 10.44% 1.56
0.90 1.20 11.17% 46.67% 4.60% 42.32% 7.81% 2.02
1.06 1.22 11.33% 55.77% 5.10% 19.99% 9.78% 1.28
1.11 1.33 12.19% 59.81% 5.10% 22.81% 10.22% 1.61
0.76 1.01 9.79% 44.87% 4.60% 31.65% 7.71% 1.22
0.10 0.73 7.68% 40.41% 4.60% 89.47% 3.69% 0.05
0.72 0.82 8.40% 40.10% 4.60% 19.30% 7.40% 1.75
0.49 0.71 7.52% 41.38% 4.60% 41.29% 5.75% 5.77
1.03 1.04 9.99% 45.68% 4.60% 14.25% 9.03% 2.28
0.72 1.17 10.96% 52.30% 5.10% 42.88% 7.79% 0.21
0.93 1.02 9.90% 57.36% 5.10% 15.17% 8.94% 1.06
0.98 1.15 10.80% 49.48% 4.60% 23.02% 9.06% 7.56
0.98 1.09 10.38% 60.83% 5.10% 14.06% 9.43% 1.15
0.93 1.16 10.94% 39.93% 4.60% 31.47% 8.51% 1.15
0.42 0.67 7.26% 35.73% 4.60% 42.28% 5.55% 0.81
0.73 0.93 9.16% 45.30% 4.60% 30.18% 7.37% 0.78
0.96 1.04 10.00% 49.86% 4.60% 12.09% 9.18% 1.77
1.04 1.13 10.69% 48.17% 4.60% 13.92% 9.65% 1.89
0.71 0.79 8.13% 32.81% 4.60% 28.56% 6.73% 1.43
1.30 1.09 10.39% 31.95% 4.60% 38.13% 7.65% 1.54
0.57 0.63 6.99% 32.24% 4.60% 22.90% 6.13% 1.26
0.62 0.90 8.95% 44.62% 4.60% 42.85% 6.49% 0.34
1.14 1.21 11.32% 46.43% 4.60% 16.82% 9.95% 1.51
0.98 1.48 13.31% 79.44% 5.60% 40.36% 9.52% 0.83
0.88 1.02 9.85% 46.53% 4.60% 24.60% 8.22% 2.01
1.35 1.70 14.97% 37.73% 4.60% 32.86% 11.11% 0.99
1.13 1.87 16.17% 77.83% 5.60% 43.98% 10.78% 0.36
0.85 1.55 13.83% 47.54% 4.60% 48.79% 8.65% 0.81
1.25 1.67 14.70% 56.47% 5.10% 33.70% 10.95% 2.03
0.61 0.78 8.08% 39.69% 4.60% 29.23% 6.66% 1.59
0.71 1.08 10.33% 45.91% 4.60% 41.54% 7.38% 0.93
0.54 0.92 9.14% 36.21% 4.60% 49.55% 6.20% 0.58
1.11 1.42 12.87% 85.98% 7.60% 30.32% 10.58% 0.51
0.92 1.07 10.23% 47.63% 4.60% 21.73% 8.70% 1.46
0.43 0.76 7.95% 25.20% 4.60% 45.25% 5.81% 0.11
0.78 1.18 11.05% 44.56% 4.60% 48.29% 7.27% 0.48
0.76 1.14 10.79% 42.91% 4.60% 43.16% 7.52% 0.28
0.56 0.91 9.07% 39.20% 4.60% 45.26% 6.42% 0.19
0.97 1.05 10.12% 44.71% 4.60% 18.50% 8.84% 1.12
1.02 1.10 10.45% 29.03% 4.60% 20.82% 8.95% 1.27
0.67 0.82 8.37% 38.87% 4.60% 24.81% 7.09% 1.61
0.74 1.01 9.80% 45.03% 4.60% 35.60% 7.46% 2.69
0.78 0.90 8.97% 38.25% 4.60% 18.95% 7.88% 2.19
0.61 0.97 9.51% 47.14% 4.60% 48.25% 6.48% 1.64
0.87 1.14 10.76% 41.44% 4.60% 33.10% 8.27% 2.58
0.58 0.79 8.16% 36.91% 4.60% 38.13% 6.28% 2.87
1.39 1.43 12.94% 61.79% 5.10% 8.40% 12.15% 4.58
0.84 1.00 9.71% 44.06% 4.60% 25.11% 8.08% 2.38
0.93 1.11 10.56% 39.38% 4.60% 26.57% 8.61% 1.29
1.48 1.51 13.55% 48.81% 4.60% 12.23% 12.28% 0.78
1.45 1.55 13.84% 52.35% 5.10% 19.32% 11.86% 0.89
0.78 1.21 11.27% 44.85% 4.60% 45.20% 7.63% 0.67
0.94 0.96 9.40% 50.35% 5.10% 8.96% 8.88% 1.80
1.59 1.44 13.00% 62.52% 5.10% 6.40% 12.40% 0.97
1.34 1.34 12.26% 65.10% 5.60% 4.43% 11.89% 0.79
1.19 1.24 11.53% 60.42% 5.10% 9.59% 10.77% 0.95
0.72 1.26 11.69% 50.47% 5.10% 51.62% 7.50% 1.00
0.85 1.16 10.93% 39.51% 4.60% 35.08% 8.23% 0.77
1.22 1.30 11.92% 55.35% 5.10% 15.06% 10.66% 0.97
0.64 0.96 9.42% 44.62% 4.60% 39.10% 7.00% 0.94
0.81 0.90 9.01% 39.76% 4.60% 15.02% 8.14% 1.95
0.89 1.15 10.84% 43.92% 4.60% 33.29% 8.30% 1.55
0.79 1.00 9.76% 29.91% 4.60% 28.14% 7.92% 0.54
0.65 0.98 9.57% 39.61% 4.60% 44.21% 6.76% 1.55
0.61 0.62 6.90% 26.39% 4.60% 6.66% 6.65% 0.06
0.51 0.84 8.50% 29.21% 4.60% 47.81% 5.97% 0.89
0.71 0.95 9.33% 42.87% 4.60% 33.06% 7.31% 0.33
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues
1.95 10.21 15.47 3.02 36.50 -8.80% 2.30% 6.42%
1.48 10.92 14.52 4.10 68.17 21.11% 3.34% 4.49%
1.51 6.89 14.29 2.49 18.72 -4.24% 10.85% 6.01%
1.86 10.56 15.74 2.66 56.90 24.27% 3.73% 4.04%
0.94 8.89 14.32 1.44 20.35 7.18% 6.93% 6.80%
0.92 8.08 12.89 1.97 51.21 10.18% 6.02% 6.30%
8.87 NA NA 0.99 15.02 NA 4.60% 5.19%
4.44 NA NA 0.97 17.08 NA 5.38% 0.87%
3.69 14.11 18.22 3.35 52.21 11.01% 4.82% 4.32%
2.90 14.73 19.45 5.91 35.69 1.88% 4.39% 5.41%
2.55 10.43 14.19 2.38 31.32 13.42% 3.48% 4.51%
6.49 NA NA 1.51 234.53 NA 3.07% 3.47%
1.30 10.42 16.15 2.11 41.32 17.78% 4.36% 6.02%
1.51 10.85 16.35 3.69 52.29 9.87% 2.93% 4.68%
3.90 11.53 21.48 5.06 83.14 4.19% 12.61% 18.38%
1.43 9.58 15.63 1.74 56.64 13.58% 5.82% 6.60%
1.16 8.03 12.78 1.96 73.75 17.45% 6.73% 8.63%
1.81 10.43 14.99 2.68 68.40 17.08% 6.83% 9.41%
1.91 9.02 26.20 1.10 258.24 2.80% 12.76% 8.59%
1.12 10.58 14.31 3.68 99.24 13.27% 1.74% 2.55%
1.12 6.59 9.54 2.10 344.79 7.62% 5.23% 6.62%
1.41 10.68 19.72 1.64 49.45 15.04% 5.39% 5.27%
1.73 9.33 12.68 1.22 62.71 -12.80% 5.33% 8.07%
8.67 14.92 24.32 7.29 229.52 22.03% 5.30% 29.25%
4.32 14.97 21.62 3.65 67.64 19.62% 4.21% 22.05%
1.70 8.70 17.38 1.90 43.61 8.65% 5.61% 9.35%
1.61 13.12 20.35 2.67 61.44 23.49% 4.28% 5.24%
0.56 6.90 14.69 1.51 561.66 6.21% 3.61% 5.51%
1.19 9.67 16.54 2.01 76.02 17.73% 5.16% 6.74%
0.67 9.17 14.30 1.47 49.18 11.34% 3.07% 2.96%
3.02 11.81 16.19 3.04 140.75 9.18% 4.60% 2.52%
2.04 11.68 23.57 3.09 39.25 9.37% 6.49% 4.30%
1.31 12.24 18.94 2.20 59.54 20.72% 4.19% 5.26%
21.42 158.98 NA 1.35 83.27 NA 8.31% 12.04%
1.64 13.34 19.02 2.66 60.59 10.47% 4.60% 6.77%
0.38 8.52 13.13 1.42 29.70 3.87% 1.50% 1.74%
1.23 11.28 15.52 2.62 52.16 8.17% 3.32% 4.99%
6.95 11.21 19.78 1.46 44.36 0.74% 45.94% 41.59%
3.90 15.43 23.17 3.56 111.33 25.92% 5.59% 20.87%
0.65 10.25 13.03 2.77 47.77 -0.24% 1.00% 3.13%
3.95 18.06 30.37 4.40 65.61 23.36% 3.82% 7.74%
1.24 10.48 13.35 1.58 18.40 58.16% 0.80% 0.86%
2.63 12.01 22.01 2.48 35.79 14.22% 5.60% 8.41%
2.56 11.66 20.04 2.13 67.65 -1.70% 8.14% 7.70%
2.82 14.36 17.99 5.09 64.34 9.03% 3.92% 5.08%
 4.42 15.56 20.08 5.58 75.56 3.03% 4.71% 7.76%
0.86 8.16 9.91 1.09 19.60 14.59% 1.10% 0.21%
0.67 6.13 6.75 1.13 16.09 -148.87% 0.56% 0.79%
1.06 8.61 9.51 1.26 17.09 -26.53% 0.68% 1.17%
4.64 16.66 16.95 1.24 240.44 NA 2.21% -0.35%
1.63 11.60 16.34 2.58 78.91 24.67% 3.95% 5.31%
1.22 6.40 12.61 0.99 73.74 8.55% 12.08% 10.96%
1.27 8.92 12.81 2.81 38.52 13.13% 3.38% 4.60%
0.90 6.40 25.39 0.93 45.04 2.63% 13.19% 4.94%
2.59 5.00 NA 0.95 84.56 3.67% 53.06% 12.38%
2.18 11.75 19.31 1.24 30.33 2.71% 21.48% 22.77%
0.68 7.57 13.76 1.48 42.85 8.27% 4.48% 3.54%
1.43 10.00 15.96 2.52 33.94 14.11% 5.28% 7.63%
1.32 9.33 17.71 1.48 43.80 18.25% 6.60% 4.48%
2.01 8.34 14.39 1.28 24.06 2.41% 17.00% 12.97%
1.97 7.32 41.46 0.99 41.30 11.92% 23.01% 13.00%
1.72 11.13 20.48 2.16 53.22 8.89% 3.39% 3.07%
12.39 21.80 35.74 1.63 56.52 44.15% 7.31% 7.29%
2.76 13.02 14.16 1.07 66.45 160.48% 3.38% 5.02%
3.97 14.07 17.68 0.90 51.69 78.90% 7.69% 13.12%
6.25 16.47 19.60 0.99 44.10 21.06% 7.80% 15.07%
2.17 11.89 18.86 2.86 59.46 17.37% 6.17% 6.71%
0.89 8.02 8.18 1.03 10.60 -48.41% 0.24% 0.78%
2.31 12.10 21.56 5.45 33.97 -0.47% 5.35% 9.03%
0.82 10.86 17.06 3.33 43.84 9.87% 2.63% 3.34%
1.57 11.79 17.60 6.30 20.47 7.16% 2.10% 1.23%
0.75 11.78 20.00 1.33 107.71 15.33% 3.23% 3.00%
0.75 8.79 16.59 2.25 48.59 0.54% 3.18% 3.04%
0.63 8.38 20.20 2.07 39.46 -2.35% 3.08% 2.70%
3.26 33.14 73.08 10.60 80.65 1.10% 3.74% 6.17%
1.19 9.67 17.66 3.35 37.34 9.23% 2.36% 3.76%
1.06 5.93 9.11 1.64 25.39 20.55% 4.85% 5.01%
2.72 8.78 15.08 2.71 76.14 18.05% 12.29% 13.72%
2.23 11.43 17.13 2.31 54.41 29.08% 9.18% 12.55%
1.70 8.81 20.75 1.09 33.20 1.35% 11.27% 9.06%
2.06 13.57 19.00 3.79 31.11 20.60% 1.84% 1.72%
3.58 15.83 20.69 2.84 29.45 17.25% 3.24% 3.67%
6.98 23.33 35.84 5.01 66.17 8.44% 10.32% 16.07%
5.15 16.99 22.58 5.12 108.49 12.70% 4.62% 10.87%
0.82 7.69 28.79 0.81 99.27 12.80% 5.84% 3.99%
2.03 6.30 15.22 1.69 77.40 -8.65% 20.11% 10.79%
2.28 12.06 16.32 2.74 227.74 20.22% 3.83% 7.57%
2.16 6.92 15.87 2.01 41.37 -1.32% 13.07% 2.69%
4.41 14.47 16.19 10.61 18.21 10.42% 3.10% 15.48%
1.32 9.55 15.90 2.30 32.34 3.48% 4.72% 3.56%
3.09 9.24 13.31 2.24 29.35 -0.41% 17.71% 13.42%
1.21 7.93 15.19 2.10 24.18 8.71% 10.38% 8.83%
14.32 16.70 7.16 0.92 307.02 67.22% 1.16% 0.46%
1.48 8.33 14.47 1.43 34.56 0.12% 12.00% 6.58%
5.36 14.09 20.68 2.25 49.63 7.17% 21.04% 16.48%
 Equity
Reinvestme Dividend Reinvestmen
nt Rate ROE Payout Ratio t Rate
72.42% 12.10% 44.70% 44.70%
96.18% 12.48% 51.76% 51.76%
66.14% 18.38% 19.58% 19.58%
65.65% 11.39% 41.97% 41.97%
167.58% 13.01% 28.58% 28.58%
140.28% 12.33% 26.04% 26.04%
731.31% 10.20% 32.50% 32.50%
NA 8.79% 24.93% 24.93%
35.03% 12.87% 56.51% 56.51%
47.55% 17.62% 79.02% 79.02%
43.10% 7.06% 68.11% 68.11%
-53014.09% 13.54% 26.69% 26.69%
118.51% 7.18% 44.54% 44.54%
90.83% 11.79% 54.26% 54.26%
143.89% 18.67% 37.85% 37.85%
83.65% 8.10% 59.18% 59.18%
134.53% 13.73% 42.74% 42.74%
114.62% 14.20% 41.85% 41.85%
277.38% -3.07% 19.51% 19.51%
56.30% 19.29% 32.62% 32.62%
82.07% 17.15% 26.66% 26.66%
130.79% 6.15% 72.57% 72.57%
97.52% 9.63% 32.82% 32.82%
173.67% 17.81% 36.28% 36.28%
153.26% 16.40% 51.99% 51.99%
160.25% 3.89% 60.43% 60.43%
121.16% 5.97% 70.42% 70.42%
219.95% 4.23% 52.79% 52.79%
152.90% 10.06% 30.68% 30.68%
131.76% 7.01% 104.03% 104.03%
86.88% 18.39% 35.29% 35.29%
103.84% 2.98% 165.23% 165.23%
148.63% 5.85% 50.98% 50.98%
238.80% 10.01% 37.25% 37.25%
111.73% 11.93% 44.64% 44.64%
93.57% 7.15% 72.39% 72.39%
59.56% 15.05% 40.11% 40.11%
153.55% 7.94% 77.27% 77.27%
186.54% 9.68% 48.30% 48.30%
121.14% 12.46% 26.03% 26.03%
99.90% 10.65% 16.13% 16.13%
65.66% 12.35% 20.07% 20.07%
130.16% 10.95% 80.92% 80.92%
79.28% 11.37% 44.30% 44.30%
46.60% 17.18% 58.30% 58.30%
 51.16% 22.44% 25.12% 25.12%
2.66% 7.82% 46.02% 46.02%
13.05% 11.64% 31.31% 31.31%
11.78% 11.06% 27.98% 27.98%
-2.34% 12.37% 47.83% 47.83%
96.72% 9.64% 45.63% 45.63%
164.49% -1.96% 0.76% 0.76%
78.99% 13.89% 34.20% 34.20%
175.97% 2.35% 159.28% 159.28%
NA -16.03% 3.41% 3.41%
243.12% 7.53% 179.37% 179.37%
38.53% 3.39% 103.70% 103.70%
118.78% 12.13% 46.23% 46.23%
86.43% 4.50% 76.08% 76.08%
121.26% 8.87% 59.53% 59.53%
1571.07% -7.75% 0.35% 0.35%
49.17% 7.65% 68.81% 68.81%
26.68% 9.21% 82.31% 82.31%
204.09% 12.36% 59.75% 59.75%
93.46% 8.73% 30.68% 30.68%
70.44% 9.16% 29.21% 29.21%
112.36% 9.88% 57.76% 57.76%
10.53% 10.74% 32.17% 32.17%
122.65% 19.47% 55.03% 55.03%
121.96% 17.45% 81.92% 81.92%
20.57% 23.76% 37.67% 37.67%
104.43% 6.60% 48.45% 48.45%
107.75% 11.13% 48.33% 48.33%
113.34% 3.06% 150.70% 150.70%
230.74% 12.64% 6.97% 6.97%
97.77% 15.65% 32.54% 32.54%
59.44% 15.36% 27.56% 27.56%
102.87% 15.73% 38.98% 38.98%
156.90% 9.25% 37.57% 37.57%
139.17% 5.25% 64.11% 64.11%
32.32% 17.28% 43.36% 43.36%
19.67% 9.80% 20.11% 20.11%
122.04% 11.22% 6.65% 6.65%
74.58% 11.84% 52.12% 52.12%
157.54% -3.18% 0.95% 0.95%
128.62% 6.96% 89.60% 89.60%
88.66% 10.42% 52.18% 52.18%
35.05% 10.64% 79.94% 79.94%
79.38% 61.71% 66.94% 66.94%
69.08% 12.31% 57.10% 57.10%
87.00% 13.64% 33.40% 33.40%
162.74% 11.37% 26.38% 26.38%
1.42% 3.40% 60.55% 60.55%
80.39% 3.00% 201.63% 201.63%
96.67% 9.55% 59.51% 59.51%
Country Marginal tax rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra 19.00%
Angola 35.00%
Anguilla 16.67%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 33.99%
Benin 27.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 25.00%
British Virgin Islands 16.67%
Bulgaria 10.00%
Burkina Faso 10.00%
Cambodia 20.00%
Cameroon 20.00%
Canada 26.50%
Cape Verde 26.50%
Cayman Islands 0.00%
Channel Islands 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Congo (Democratic Republic of) 27.85%
Congo (Republic of) 27.85%
Cook Islands 25.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 20.00%
Curaçao 27.50%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 24.50%
Dominican Republic 28.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Islands 0.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 33.33%
Georgia 15.00%
Germany 29.58%
Ghana 25.00%
Gibraltar 10.00%
Greece 26.00%
Greenland 26.00%
Guatemala 28.00%
Honduras 30.00%
Hong Kong 30.00%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Ivory Coast 27.85%
Jamaica 25.00%
Japan 35.64%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 30.00%
Kuwait 15.00%
Kyrgyzstan 20.00%
Laos 21.91%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Marshall Islands 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 25.00%
Monaco 30.00%
Mongolia 30.00%
Montenegro 9.00%
Montserrat 20.00%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
Netherlands Antilles 20.00%
New Zealand 28.00%
Nicaragua 27.15%
Niger 27.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 34.00%
Palestinian Authority 20.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 23.00%
Qatar 10.00%
Reunion 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.85%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 27.85%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 30.00%
Sri Lanka 28.00%
St. Maarten 20.00%
St. Vincent & the Grenadines 20.00%
Sudan 35.00%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 27.85%
Trinidad & Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks & Caicos Islands 20.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 21.00%
United States 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Zimbabwe 27.85%

Region Tax Rate

Africa 27.85%
Asia 21.91%
Australia & New Zealand 26.00%
Caribbean 14.92%
Central and South America 27.15%
Eastern Europe & Russia 16.38%
Middle East 19.22%
North America 33.25%
Western Europe 19.68%
Global 23.57%
CountryCountry Default SpreadERP Marginal tax rate CRP
Abu Dhabi 0.50% 6.50% 55.00% 0.750%
Albania 4.50% 12.50% 15.00% 6.750%
Andorra 0.75% 6.88% 19.00% 1.130%
Angola 3.00% 10.25% 35.00% 4.500%
Anguilla 5.75% 14.37% 16.67% 8.620%
Argentina 7.50% 17.00% 35.00% 11.250%
Armenia 3.00% 10.25% 20.00% 4.500%
Aruba 6.50% 15.50% 28.00% 9.750%
Australia 0.00% 5.75% 30.00% 0.000%
Austria 0.00% 5.75% 25.00% 0.000%
Azerbaijan 2.20% 9.05% 25.00% 3.300%
Bahamas 1.90% 8.60% 0.00% 2.850%
Bahrain 1.90% 8.60% 0.00% 2.850%
Bangladesh 3.60% 11.15% 27.50% 5.400%
Barbados 6.50% 15.50% 25.00% 9.750%
Belarus 6.50% 15.50% 18.00% 9.750%
Belgium 0.60% 6.65% 33.99% 0.900%
Belize 9.00% 19.25% 33.99% 13.500%
Benin 3.99% 11.73% 27.85% 5.980%
Bermuda 0.70% 6.80% 0.00% 1.050%
Bolivia 3.60% 11.15% 25.00% 5.400%
Bosnia and H 6.50% 15.50% 10.00% 9.750%
Botswana 0.85% 7.03% 22.00% 1.275%
Brazil 1.90% 8.60% 25.00% 2.850%
British Virgin 5.75% 14.37% 16.67% 8.620%
Bulgaria 1.90% 8.60% 10.00% 2.850%
Burkina Faso 6.50% 15.50% 10.00% 9.750%
Cambodia 5.50% 14.00% 20.00% 8.250%
Cameroon 5.50% 14.00% 20.00% 8.250%
Canada 0.00% 5.75% 26.50% 0.000%
Cape Verde 5.50% 14.00% 26.50% 8.250%
Cayman Islan 5.50% 14.00% 0.00% 8.250%
Channel Isla 0.75% 6.88% 0.00% 1.130%
Chile 0.60% 6.65% 20.00% 0.900%
China 0.60% 6.65% 25.00% 0.900%
Colombia 1.90% 8.60% 25.00% 2.850%
Congo (Democ 6.50% 15.50% 27.85% 9.750%
Congo (Repub 3.60% 11.15% 27.85% 5.400%
Cook Islands 4.50% 12.50% 25.00% 6.750%
Costa Rica 2.50% 9.50% 30.00% 3.750%
Croatia 2.50% 9.50% 20.00% 3.750%
Cuba 9.00% 19.25% 20.00% 13.500%
Curaçao 5.75% 14.37% 27.50% 8.620%
Cyprus 6.50% 15.50% 12.50% 9.750%
Czech Republ 0.70% 6.80% 19.00% 1.050%
Denmark 0.00% 5.75% 24.50% 0.000%
Dominican Re 4.50% 12.50% 28.00% 6.750%
Ecuador 6.50% 15.50% 22.00% 9.750%
Egypt 7.50% 17.00% 25.00% 11.250%
El Salvador 3.60% 11.15% 30.00% 5.400%
Estonia 0.70% 6.80% 21.00% 1.050%
Falkland Isla 2.80% 9.95% 0.00% 4.200%
Fiji 4.50% 12.50% 20.00% 6.750%
Finland 0.00% 5.75% 20.00% 0.000%
France 0.40% 6.35% 33.33% 0.600%
Gabon 3.60% 11.15% 33.33% 5.400%
Georgia 3.60% 11.15% 15.00% 5.400%
Germany 0.00% 5.75% 29.58% 0.000%
Ghana 5.50% 14.00% 25.00% 8.250%
Gibraltar 0.75% 6.88% 10.00% 1.130%
Greece 7.50% 17.00% 26.00% 11.250%
Greenland 0.75% 6.88% 26.00% 1.130%
Guatemala 2.50% 9.50% 28.00% 3.750%
Honduras 6.50% 15.50% 30.00% 9.750%
Hong Kong 0.40% 6.35% 30.00% 0.600%
Hungary 2.50% 9.50% 19.00% 3.750%
Iceland 2.20% 9.05% 20.00% 3.300%
India 2.20% 9.05% 33.99% 3.300%
Indonesia 2.20% 9.05% 25.00% 3.300%
Ireland 1.60% 8.15% 12.50% 2.400%
Isle of Man 0.40% 6.35% 0.00% 0.600%
Israel 0.70% 6.80% 26.50% 1.050%
Italy 1.90% 8.60% 31.40% 2.850%
Ivory Coast 4.50% 12.50% 27.85% 6.750%
Jamaica 10.00% 20.75% 25.00% 15.000%
Japan 0.70% 6.80% 35.64% 1.050%
Jordan 4.50% 12.50% 14.00% 6.750%
Kazakhstan 1.90% 8.60% 20.00% 2.850%
Kenya 4.50% 12.50% 30.00% 6.750%
Korea 0.60% 6.65% 30.00% 0.900%
Kuwait 0.50% 6.50% 15.00% 0.750%
Kyrgyzstan 2.22% 9.08% 20.00% 3.330%
Laos 1.01% 7.26% 21.91% 1.510%
Latvia 1.60% 8.15% 15.00% 2.400%
Lebanon 5.50% 14.00% 15.00% 8.250%
Liechtenstein 0.00% 5.75% 12.50% 0.000%
Lithuania 1.60% 8.15% 15.00% 2.400%
Luxembourg 0.00% 5.75% 29.22% 0.000%
Macau 0.50% 6.50% 12.00% 0.750%
Macedonia 3.60% 11.15% 10.00% 5.400%
Malawi 3.99% 11.73% 30.00% 5.980%
Malaysia 1.20% 7.55% 25.00% 1.800%
Malta 1.20% 7.55% 35.00% 1.800%
Marshall Isla 1.01% 7.26% 0.00% 1.510%
Mauritius 1.60% 8.15% 15.00% 2.400%
Mexico 1.20% 7.55% 30.00% 1.800%
Moldova 6.50% 15.50% 25.00% 9.750%
Monaco 0.00% 5.75% 30.00% 0.000%
Mongolia 5.50% 14.00% 30.00% 8.250%
Montenegro 3.60% 11.15% 9.00% 5.400%
Montserrat 2.20% 9.05% 20.00% 3.300%
Morocco 2.50% 9.50% 30.00% 3.750%
Mozambique 4.50% 12.50% 32.00% 6.750%
Namibia 2.20% 9.05% 33.00% 3.300%
Netherlands 0.00% 5.75% 25.00% 0.000%
Netherlands A 0.00% 5.75% 20.00% 0.000%
New Zealand 0.00% 5.75% 28.00% 0.000%
Nicaragua 6.50% 15.50% 27.15% 9.750%
Niger 3.99% 11.73% 27.85% 5.980%
Nigeria 3.60% 11.15% 30.00% 5.400%
Norway 0.00% 5.75% 27.00% 0.000%
Oman 0.70% 6.80% 12.00% 1.050%
Pakistan 7.50% 17.00% 34.00% 11.250%
Palestinian A 7.50% 17.00% 20.00% 11.250%
Panama 1.90% 8.60% 25.00% 2.850%
Papua New G 4.50% 12.50% 30.00% 6.750%
Paraguay 3.00% 10.25% 10.00% 4.500%
Peru 1.20% 7.55% 30.00% 1.800%
Philippines 1.90% 8.60% 30.00% 2.850%
Poland 0.85% 7.03% 19.00% 1.275%
Portugal 2.50% 9.50% 23.00% 3.750%
Qatar 0.50% 6.50% 10.00% 0.750%
Reunion 0.00% 5.75% 0.00% 0.000%
Romania 2.20% 9.05% 16.00% 3.300%
Russia 1.90% 8.60% 20.00% 2.850%
Rwanda 5.50% 14.00% 27.85% 8.250%
Samoa 5.50% 14.00% 27.00% 8.250%
Saudi Arabia 0.60% 6.65% 20.00% 0.900%
Senegal 4.50% 12.50% 27.85% 6.750%
Serbia 4.50% 12.50% 15.00% 6.750%
Sierra Leone 3.99% 11.73% 30.00% 5.980%
Singapore 0.00% 5.75% 17.00% 0.000%
Slovakia 0.85% 7.03% 22.00% 1.275%
Slovenia 2.50% 9.50% 17.00% 3.750%
South Africa 1.90% 8.60% 28.00% 2.850%
Spain 1.90% 8.60% 30.00% 2.850%
Sri Lanka 4.50% 12.50% 28.00% 6.750%
St. Maarten 1.60% 8.15% 20.00% 2.400%
St. Vincent 6.50% 15.50% 20.00% 9.750%
Sudan 3.99% 11.73% 35.00% 5.980%
Suriname 3.60% 11.15% 34.50% 5.400%
Sweden 0.00% 5.75% 22.00% 0.000%
Switzerland 0.00% 5.75% 17.92% 0.000%
Taiwan 0.60% 6.65% 17.00% 0.900%
Tanzania 3.99% 11.73% 30.00% 5.980%
Thailand 1.60% 8.15% 20.00% 2.400%
Togo 3.99% 11.73% 27.85% 5.980%
Trinidad & T 1.60% 8.15% 25.00% 2.400%
Tunisia 3.60% 11.15% 25.00% 5.400%
Turkey 2.20% 9.05% 20.00% 3.300%
Turks & Caico 2.20% 9.05% 20.00% 3.300%
Uganda 4.50% 12.50% 30.00% 6.750%
Ukraine 10.00% 20.75% 18.00% 15.000%
United Arab 0.50% 6.50% 55.00% 0.750%
United King 0.40% 6.35% 21.00% 0.600%
United State 0.00% 5.75% 40.00% 0.000%
Uruguay 1.90% 8.60% 25.00% 2.850%
Venezuela 7.50% 17.00% 34.00% 11.250%
Vietnam 4.50% 12.50% 22.00% 6.750%
Zambia 4.50% 12.50% 35.00% 6.750%
Zimbabwe 3.99% 11.73% 27.85% 5.980%
Country Marginal tax rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra 19.00%
Angola 35.00%
Anguilla 16.67%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 33.99%
Benin 27.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and H 10.00%
Botswana 22.00%
Brazil 25.00%
British Virgin 16.67%
Bulgaria 10.00%
Burkina Faso 10.00%
Cambodia 20.00%
Cameroon 20.00%
Canada 26.50%
Cape Verde 26.50%
Cayman Islan 0.00%
Channel Isla 0.00%
Chile 20.00%
China 25.00%
Colombia 25.00%
Congo (Democ 27.85%
Congo (Repub 27.85%
Cook Islands 25.00%
Costa Rica 30.00%
Croatia 20.00%
Cuba 20.00%
Curaçao 27.50%
Cyprus 12.50%
Czech Republ 19.00%
Denmark 24.50%
Dominican Re 28.00%
Ecuador 22.00%
Egypt 25.00%
El Salvador 30.00%
Estonia 21.00%
Falkland Isla 0.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 33.33%
Georgia 15.00%
Germany 29.58%
Ghana 25.00%
Gibraltar 10.00%
Greece 26.00%
Greenland 26.00%
Guatemala 28.00%
Honduras 30.00%
Hong Kong 30.00%
Hungary 19.00%
Iceland 20.00%
India 33.99%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Ivory Coast 27.85%
Jamaica 25.00%
Japan 35.64%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 30.00%
Kuwait 15.00%
Kyrgyzstan 20.00%
Laos 21.91%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Marshall Isla 0.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 25.00%
Monaco 30.00%
Mongolia 30.00%
Montenegro 9.00%
Montserrat 20.00%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
Netherlands A 20.00%
New Zealand 28.00%
Nicaragua 27.15%
Niger 27.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 34.00%
Palestinian A 20.00%
Panama 25.00%
Papua New G 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 23.00%
Qatar 10.00%
Reunion 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.85%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 27.85%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 30.00%
Sri Lanka 28.00%
St. Maarten 20.00%
St. Vincent 20.00%
Sudan 35.00%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Togo 27.85%
Trinidad & T 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks & Caico 20.00%
Uganda 30.00%
Ukraine 18.00%
United Arab 55.00%
United King 21.00%
United State 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Zimbabwe 27.85%
Country GDP (in billions)Adj. Default Spread
Abu Dhabi 390 0.55%
Albania 13.2 4.99%
Andorra (Principality of 3.25 2.44%
Angola 138.4 3.33%
Argentina 537.8 8.31%
Armenia 11.6 3.99%
Aruba 2.6 1.77%
Australia 1454.7 0.00%
Austria 436.9 0.00%
Azerbaijan 75.2 2.44%
Bahamas 8.5 2.11%
Bahrain 33.9 2.44%
Bangladesh 172.9 3.99%
Barbados 4.4 7.21%
Belarus 76.1 8.31%
Belgium 531.2 0.67%
Belize 1.7 9.98%
Bermuda 5.557 0.78%
Bolivia 33 3.99%
Bosnia and Herzegovina 18.3 7.21%
Botswana 15.8 0.94%
Brazil 2346.1 2.44%
Bulgaria 56.7 2.11%
Burkina Faso 12.5 7.21%
Cambodia 16.8 6.10%
Cameroon 32.1 6.10%
Canada 1785.4 0.00%
Cayman Islands 3.2 0.67%
Cape Verde 1.9 6.10%
Chile 258.1 0.67%
China 10354.8 0.67%
Colombia 377.7 2.11%
Congo (Democratic Repu 33.1 7.21%
Congo (Republic of) 14.2 3.99%
Cook Islands 1.2 4.99%
Costa Rica 49.6 2.77%
Côte d'Ivoire 34.2 3.99%
Croatia 57.1 2.77%
Cuba 77.2 9.98%
Curacao 1 1.33%
Cyprus 23.2 4.99%
Czech Republic 205.3 0.78%
Denmark 342.4 0.00%
Dominican Republic 64.1 4.99%
Ecuador 100.9 7.21%
Egypt 286.5 7.21%
El Salvador 25.2 3.99%
Estonia 26.5 0.78%
Ethiopia 55.6 4.99%
Fiji 4.5 4.99%
Finland 272.2 0.00%
France 2829.2 0.55%
Gabon 18.2 3.99%
Georgia 16.5 3.99%
Germany 3868.3 0.00%
Ghana 38.6 7.21%
Greece 235.6 11.08%
Guatemala 58.8 2.77%
Guernsey (States of) 0.5 0.44%
Honduras 19.4 7.21%
Hong Kong 290.1 0.44%
Hungary 138.4 2.77%
Iceland 17 2.11%
India 2048.5 2.44%
Indonesia 888.5 2.44%
Ireland 250.8 1.77%
Isle of Man 1.4 0.44%
Israel 305.7 0.78%
Italy 2141.2 2.11%
Jamaica 13.9 9.98%
Japan 4601.5 0.78%
Jersey (States of) 1 0.44%
Jordan 35.8 4.99%
Kazakhstan 217.9 2.11%
Kenya 60.9 4.99%
Korea 1410.4 0.55%
Kuwait 163.6 0.55%
Latvia 31.3 1.33%
Lebanon 45.7 6.10%
Liechtenstein 10.5 0.00%
Lithuania 48.4 1.33%
Luxembourg 64.9 0.00%
Macao 55.5 0.55%
Macedonia 11.3 3.99%
Malaysia 338.1 1.33%
Malta 9.6 1.33%
Mauritius 12.6 1.77%
Mexico 1294.7 1.33%
Moldova 8 7.21%
Mongolia 12 6.10%
Montenegro 4.6 3.99%
Montserrat 1.5 2.44%
Morocco 110 2.77%
Mozambique 15.9 6.10%
Namibia 13 2.44%
Netherlands 879.3 0.00%
New Zealand 166.1 0.00%
Nicaragua 11.8 6.10%
Nigeria 568.5 3.99%
Norway 499.8 0.00%
Oman 81.8 0.78%
Pakistan 243.6 7.21%
Panama 46.2 2.11%
Papua New Guinea 16.9 4.99%
Paraguay 30.9 2.77%
Peru 202.6 1.33%
Philippines 284.8 2.11%
Poland 545 0.94%
Portugal 230.1 2.77%
Qatar 210.1 0.55%
Ras Al Khaimah (Emirat 5.2 0.94%
Romania 199 2.44%
Russia 1860.6 2.77%
Rwanda 7.9 4.99%
Saudi Arabia 746.3 0.67%
Senegal 15.7 4.99%
Serbia 43.9 4.99%
Sharjah 1 1.33%
Singapore 307.9 0.00%
Slovakia 100.3 0.94%
Slovenia 49.5 2.44%
South Africa 350.6 2.11%
Spain 1381.3 2.11%
Sri Lanka 78.8 4.99%
St. Maarten 1.5 1.77%
St. Vincent & the Grena 0.713 7.21%
Suriname 5.2 3.99%
Sweden 571.1 0.00%
Switzerland 701 0.00%
Taiwan 970.9 0.67%
Thailand 404.8 1.77%
Trinidad and Tobago 28.9 2.11%
Tunisia 48.6 3.99%
Turkey 798.4 2.44%
Turks and Caicos Island 1.5 1.77%
Uganda 27 4.99%
Ukraine 131.8 11.08%
United Arab Emirates 399.5 0.55%
United Kingdom 2988.9 0.44%
United States of Americ 17419 0.00%
Uruguay 57.5 2.11%
Venezuela 381.3 11.08%
Vietnam 186.2 4.99%
Zambia 27.1 6.10%

Region Weighted Average: TRP Weighted Average: CRP

Africa 11.76% 5.76%
Asia 7.49% 1.49%
Australia & New Zealand 6.00% 0.00%
Caribbean 14.61% 8.61%
Central and South Americ 10.42% 4.42%
Eastern Europe & Russia 9.65% 3.65%
Middle East 7.11% 1.11%
North America 6.00% 0.00%
Western Europe 7.16% 1.16%
Global 7.45% 1.45%
Total Risk Premium Country Risk Premium Corporate Tax Rate Region
6.74% 0.74% 55.00% Middle East
12.71% 6.71% 15.00% Eastern Europe & Russia
9.28% 3.28% 0.00% Western Europe
10.48% 4.48% 30.00% Africa
17.17% 11.17% 35.00% Central and South America
11.37% 5.37% 20.00% Eastern Europe & Russia
8.38% 2.38% 28.00% Caribbean
6.00% 0.00% 30.00% Australia & New Zealand
6.00% 0.00% 25.00% Western Europe
9.28% 3.28% 20.12% Eastern Europe & Russia
8.84% 2.84% 0.00% Caribbean
9.28% 3.28% 0.00% Middle East
11.37% 5.37% 27.50% Asia
15.70% 9.70% 25.00% Caribbean
17.17% 11.17% 18.00% Eastern Europe & Russia
6.90% 0.90% 33.99% Western Europe
19.42% 13.42% 26.85% Central and South America
7.05% 1.05% 0.00% Caribbean
11.37% 5.37% 25.00% Central and South America
15.70% 9.70% 10.00% Eastern Europe & Russia
7.26% 1.26% 22.00% Africa
9.28% 3.28% 34.00% Central and South America
8.84% 2.84% 10.00% Eastern Europe & Russia
15.70% 9.70% 27.92% Africa
14.20% 8.20% 0.00% Asia
14.20% 8.20% 33.00% Africa
6.00% 0.00% 26.50% North America
6.90% 0.90% 0.00% Caribbean
14.20% 8.20% 27.92% Africa
6.90% 0.90% 22.50% Central and South America
6.90% 0.90% 25.00% Asia
8.84% 2.84% 25.00% Central and South America
15.70% 9.70% 27.92% Africa
11.37% 5.37% 27.92% Africa
12.71% 6.71% 27.00% Australia & New Zealand
9.72% 3.72% 30.00% Central and South America
11.37% 5.37% 27.92% Africa
9.72% 3.72% 20.00% Eastern Europe & Russia
19.42% 13.42% 27.35% Caribbean
 7.79% 1.79% 25.00% Caribbean
12.71% 6.71% 12.50% Western Europe
7.05% 1.05% 19.00% Eastern Europe & Russia
6.00% 0.00% 23.50% Western Europe
12.71% 6.71% 27.00% Caribbean
15.70% 9.70% 22.00% Central and South America
15.70% 9.70% 22.50% Africa
11.37% 5.37% 30.00% Central and South America
7.05% 1.05% 20.00% Eastern Europe & Russia
12.71% 6.71% 27.92% Africa
12.71% 6.71% 20.00% Asia
6.00% 0.00% 20.00% Western Europe
6.74% 0.74% 33.33% Western Europe
11.37% 5.37% 27.92% Africa
11.37% 5.37% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.65% Western Europe
15.70% 9.70% 25.00% Africa
20.90% 14.90% 29.00% Western Europe
9.72% 3.72% 25.00% Central and South America
6.59% 0.59% 0.00% Western Europe
15.70% 9.70% 30.00% Central and South America
6.59% 0.59% 16.50% Asia
9.72% 3.72% 19.00% Eastern Europe & Russia
8.84% 2.84% 20.00% Western Europe
9.28% 3.28% 34.61% Asia
9.28% 3.28% 25.00% Asia
8.38% 2.38% 12.50% Western Europe
6.59% 0.59% 0.00% Western Europe
7.05% 1.05% 26.50% Middle East
8.84% 2.84% 31.40% Western Europe
19.42% 13.42% 25.00% Caribbean
7.05% 1.05% 33.06% Asia
6.59% 0.59% 0.00% Western Europe
12.71% 6.71% 20.00% Middle East
8.84% 2.84% 20.00% Eastern Europe & Russia
12.71% 6.71% 30.00% Africa
6.74% 0.74% 24.20% Asia
6.74% 0.74% 15.00% Middle East
7.79% 1.79% 15.00% Eastern Europe & Russia
14.20% 8.20% 15.00% Middle East
 6.00% 0.00% 12.50% Western Europe
7.79% 1.79% 15.00% Eastern Europe & Russia
6.00% 0.00% 29.22% Western Europe
6.74% 0.74% 12.00% Asia
11.37% 5.37% 10.00% Eastern Europe & Russia
7.79% 1.79% 25.00% Asia
7.79% 1.79% 35.00% Western Europe
8.38% 2.38% 15.00% Asia
7.79% 1.79% 30.00% Central and South America
15.70% 9.70% 12.00% Eastern Europe & Russia
14.20% 8.20% 21.96% Asia
11.37% 5.37% 9.00% Eastern Europe & Russia
9.28% 3.28% 27.35% Caribbean
9.72% 3.72% 30.00% Africa
14.20% 8.20% 32.00% Africa
9.28% 3.28% 33.00% Africa
6.00% 0.00% 25.00% Western Europe
6.00% 0.00% 28.00% Australia & New Zealand
14.20% 8.20% 26.85% Central and South America
11.37% 5.37% 30.00% Africa
6.00% 0.00% 27.00% Western Europe
7.05% 1.05% 12.00% Middle East
15.70% 9.70% 33.00% Asia
8.84% 2.84% 25.00% Central and South America
12.71% 6.71% 30.00% Asia
9.72% 3.72% 10.00% Central and South America
7.79% 1.79% 28.00% Central and South America
8.84% 2.84% 30.00% Asia
7.26% 1.26% 19.00% Eastern Europe & Russia
9.72% 3.72% 21.00% Western Europe
6.74% 0.74% 10.00% Middle East
7.26% 1.26% 0.00% Middle East
9.28% 3.28% 16.00% Eastern Europe & Russia
9.72% 3.72% 20.00% Eastern Europe & Russia
12.71% 6.71% 27.92% Africa
6.90% 0.90% 20.00% Middle East
12.71% 6.71% 27.92% Africa
12.71% 6.71% 15.00% Eastern Europe & Russia
7.79% 1.79% 0.00% Middle East
6.00% 0.00% 17.00% Asia
 7.26% 1.26% 22.00% Eastern Europe & Russia
9.28% 3.28% 17.00% Eastern Europe & Russia
8.84% 2.84% 28.00% Africa
8.84% 2.84% 28.00% Western Europe
12.71% 6.71% 28.00% Asia
8.38% 2.38% 24.50% Caribbean
15.70% 9.70% 26.85% Caribbean
11.37% 5.37% 34.50% Central and South America
6.00% 0.00% 22.00% Western Europe
6.00% 0.00% 17.92% Western Europe
6.90% 0.90% 17.00% Asia
8.38% 2.38% 20.00% Asia
8.84% 2.84% 25.00% Caribbean
11.37% 5.37% 25.00% Africa
9.28% 3.28% 20.00% Western Europe
8.38% 2.38% 26.85% Caribbean
12.71% 6.71% 30.00% Africa
20.90% 14.90% 18.00% Eastern Europe & Russia
6.74% 0.74% 55.00% Middle East
6.59% 0.59% 20.00% Western Europe
6.00% 0.00% 40.00% North America
8.84% 2.84% 25.00% Central and South America
20.90% 14.90% 34.00% Central and South America
12.71% 6.71% 22.00% Asia
14.20% 8.20% 35.00% Africa

Weighted Average: Default Spreads Tax Rate

4.29% 28.18%
1.11% 26.90%
0.00% 29.79%
6.40% 24.90%
3.29% 31.19%
2.71% 19.04%
0.82% 30.34%
0.00% 38.74%
0.86% 26.80%
1.08% 29.95%
 astern Europe & Russia
Western Europe

entral and South America

astern Europe & Russia

ustralia & New Zealand

Western Europe
astern Europe & Russia

astern Europe & Russia

Western Europe
entral and South America

entral and South America

astern Europe & Russia

entral and South America

astern Europe & Russia

orth America

entral and South America

entral and South America

ustralia & New Zealand

entral and South America

astern Europe & Russia

Western Europe
astern Europe & Russia
Western Europe

entral and South America

entral and South America

astern Europe & Russia

Western Europe
Western Europe

astern Europe & Russia

Western Europe

Western Europe
entral and South America
Western Europe
entral and South America

astern Europe & Russia

Western Europe

Western Europe
Western Europe

Western Europe

Western Europe

astern Europe & Russia

astern Europe & Russia

Western Europe
astern Europe & Russia
Western Europe

astern Europe & Russia

Western Europe

entral and South America

astern Europe & Russia

astern Europe & Russia

Western Europe
ustralia & New Zealand
entral and South America

Western Europe

entral and South America

entral and South America

entral and South America

astern Europe & Russia

Western Europe

astern Europe & Russia

astern Europe & Russia

astern Europe & Russia

 astern Europe & Russia
astern Europe & Russia

Western Europe

entral and South America

Western Europe
Western Europe

Western Europe

astern Europe & Russia

Western Europe
orth America
entral and South America
entral and South America
 Last 10K First X months: Last year
Revenues $66,001.00 $47,898.00
R&D expense $9,832.00 $7,019.00
Operating income or EBIT $16,496.00 $12,097.00
Interest expenses $101.00 $76.00
Book value of equity $130,420.00
Book value of debt $5,237.00
Do you have operating lease commitments?
Cash and cross holdings $64,395.00
Non-operating assets $0.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 26.37% 26.18%
Marginal tax rate =
Lease commitments
Year 1 $772.00
Year 2 $774.00
Year 3 $744.00
Year 4 $715.00
Year 5 $674.00
Beyond year 5 $2,592.00
First X months: Current yearTrailing 12 month
$53,660.00 $71,763.00
$8,772.00 $11,585.00
$13,980.00 $18,379.00
$78.00 $103.00
$144,281.00
$5,231.00

$72,767.00
$0.00
$0.00

25.28%

NA
NA
NA
NA
NA
NA

$75,872.00
$2,404.00
$24,171.00
$276.00
Yes/No Book or Market Value ERP choices Cost of debt Synthetic rati Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporatio Synthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)