Before you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and check
the iteration box.
What the model does
This model is designed to value firms with operating income that is either positive or can be normalized to be
positive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.
Inputs
The inputs are in the following pages:
1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current
financial statements, and review and change the inputs for the valuation.
2. If you want to normalized operating income, use the earnings normalizer worksheet.
3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.
Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.
Options
The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputs
for a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model).
To switch from one to the other, enter yes in the master input page to the question of whether you want the
inputs adjusted during the second half of the high growth phase.
You can even make it a stable growth model, by setting the length of the high growth period to zero.
Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet
1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to
input.
2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital,
reinvestment rates and working capital.
Output
The output is contained in the valuation model worksheet.
e worksheets.
urn on capital,
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you cho
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spread
Yes
Yes
No
! Yes or No
! Yes or No
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
Inputs
From Current Financials
Current EBIT =
Current Interest Expense =
Current Capital Spending
Current Depreciation & Amort'n =
Tax Rate on Income =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Book Value of Debt =
Book Value of Equity =
$4,327.00
$0.00
2904
Yes
$44.47
942.29
$11,476.00
No
35%
3.00%
6.00%
Ratings
Do you want to estimate the firm's synthetic rating =
If yes, choose the type of firm
If not, what is the current rating of the firm?
Enter the cost of debt associated with the rating =
Yes
2
BBB
5.75%
Options
Do you have equity options (management options, warrants) outstanding? Yes
If yes, enter the number of options
51.00
Average strike price
$40.35
Average maturity
8.3
Standard Deviation in stock price
25%
Do you want to use the stock price to value the option or your estimated value?
P
Valuation Inputs
High Growth Period
e inputs are required only if you choose the appropriate option, though.
e, or use the highgrowth.xls spreadsheet.
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
the yes or no ones, can be confusing. Please read the comments on the input cells.
Normalizing Earnings
Approach used to normalize earnings =
If historical average,
Average Earnings before interest and taxes =
3500
22%
If sector margin
Pre-tax Operating Margin for Sector =
14.72%
-2
3155
448
14.20%
-1
3248
383
11.79%
Total
13590
2000
14.72%
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
5
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$1,771.00 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
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0
R& D Expenses
1678.00
! Year -1 is the year prior to the current year
1529.00
! Year -2 is the two years prior to the current year
1367.00
1267.00
1205.00
R&D Expense
1771.00
1678.00
1529.00
1367.00
1267.00
1205.00
0.00
0.00
0.00
0.00
0.00
Unamortized portion
1.00
1771.00
0.80
1342.40
0.60
917.40
0.40
546.80
0.20
253.40
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$4,831.00
$1,409.20
$1,409.20
$361.80 ! A positive number indicates an increase in operating income (add to reported EBIT)
$137
Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period
2 years
3 years
5 years
10 years
10 years
10 years
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings
3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems
3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified)
3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic) 3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.)
5
Natural Gas (Distrib.)
10
Natural Gas (Diversified) 10
Newspaper
3
Office Equip & Supplies
5
Oilfield Services/Equip.
5
Packaging & Container
5
Paper & Forest Products 10
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility
5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10
$504.00
Output
Pre-tax Cost of Debt =
#VALUE!
! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Input Summary
Normalized EBIT (before adjustments) $7,625.00
Adjusted EBIT =
#VALUE!
#VALUE!
$4,939.00
#VALUE!
38.00%
Current Revenues =
$58,681.00
$2,477.00
$165.55
#VALUE!
$26,736.20
Input Diagnostics
Length of High Growth Period =
Growth Rate =
Forever
#VALUE!
3.00%
#VALUE!
1.14
1.14
Riskfree rate =
3.00%
3.00%
Risk Premium =
6.00%
6.00%
#VALUE!
5.25%
38.00%
35.00%
Return on Capital =
#VALUE!
12.00%
Reinvestment Rate =
#VALUE!
25.00%
Cost of Debt =
Tax Rate =
#VALUE!
#VALUE!
Imputed Return on capital forever = 12.00%
Page
9.84%
Equity/(Debt+Equity ) =
#VALUE!
#VALUE!
Debt/(Debt +Equity) =
#VALUE!
Cost of Capital =
#VALUE!
Intermediate Output
Expected Growth Rate
#VALUE!
(in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
Current
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Cumulated Growth
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Reinvestment Rate
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
- (CapEx-Depreciation)#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Cost of Capital
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Present Value
3.00%
#VALUE!
#VALUE!
9.84%
#VALUE!
3.41%
#VALUE!
Page
#VALUE!
#VALUE!
Valuation
Present Value of FCFF in high growth phase =
#VALUE!
#VALUE!
#VALUE!
$4,327.00
Value of Firm =
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Page
B54
B74
B77
B75
B78
B79
B82
B81-83
Page
Terminal Year
#VALUE!
#VALUE!
#VALUE!
#VALUE!
Page
Page
$44.47
$40.35
8.3
25.00% (volatility)
0.00%
3.00%
51.00
942.29
#VALUE!
#VALUE!
d2 =
N (d2) =
#VALUE!
#VALUE!
#VALUE!
50.998
942
3.00%
0.0625
0.00%
3.00%
Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%
Spread is
15.00%
12.00%
10.00%
8.50%
5.50%
5.25%
4.25%
4.00%
3.50%
2.00%
1.50%
1.25%
1.00%
0.75%
0.50%
Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA
SpreadOperating
is
Income Decline
15.00%
15.00%
12.00%
10.00%
10.00%
8.00%
8.50%
6.00%
5.50%
5.00%
5.25%
4.50%
4.25%
4.00%
4.00%
3.00%
3.50%
2.50%
2.00%
1.50%
1.50%
1.30%
1.25%
1.20%
1.00%
1.15%
0.75%
0.90%
0.50%
0.70%
Industry Name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Canadian Energy
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Furn/Home Furnishings
Grocery
Healthcare Information
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Number of firms Levered Beta Unlevered Beta Std Dev: Equity Market D/E
30
1.43
0.87
80.69%
126.31%
66
1.27
1.20
47.75%
27.21%
44
1.15
0.86
60.46%
78.21%
53
1.14
0.93
68.33%
44.32%
20
1.49
0.76
34.92%
183.75%
54
1.56
1.10
52.04%
94.19%
477
0.71
0.47
27.49%
91.52%
8
0.86
0.83
17.85%
10.36%
39
0.91
0.66
27.13%
68.98%
41
0.95
0.85
54.53%
19.02%
108
1.25
1.27
69.85%
9.98%
52
1.39
0.80
61.96%
103.11%
25
1.56
0.95
44.91%
88.77%
12
1.22
0.99
33.84%
35.70%
19
1.26
1.10
37.09%
29.11%
33
1.21
1.10
39.47%
26.70%
88
1.18
0.98
57.61%
35.74%
18
1.98
1.43
49.41%
48.02%
322
1.22
1.33
71.38%
7.77%
125
1.29
1.39
82.96%
18.36%
113
1.25
0.60
48.51%
160.98%
342
1.16
1.14
96.99%
14.51%
54
1.50
1.76
57.18%
11.43%
34
0.84
0.89
52.81%
2.22%
24
0.82
0.49
21.09%
107.83%
26
0.74
0.50
22.24%
73.30%
16
0.79
0.50
18.64%
90.70%
83
1.37
1.26
57.31%
23.53%
173
1.31
1.23
79.26%
45.62%
84
1.66
1.09
50.24%
79.23%
33
1.45
2.33
70.79%
11.54%
79
1.11
0.80
87.19%
49.86%
296
1.27
0.45
62.78%
261.38%
109
0.80
0.65
40.11%
35.15%
18
0.73
0.54
46.75%
59.50%
10
1.18
1.40
25.56%
42.29%
34
1.29
0.94
43.85%
65.75%
14
0.84
0.78
27.93%
13.91%
29
1.05
1.04
50.75%
19.87%
14
1.48
1.74
42.91%
9.49%
32
1.36
0.65
44.28%
162.15%
68
1.70
0.84
64.47%
142.62%
26
1.08
0.95
37.34%
23.21%
31
1.44
1.61
43.81%
18.42%
167
1.20
0.98
63.50%
43.98%
34
1.22
1.24
37.26%
21.88%
35
1.17
1.27
50.74%
21.71%
78
0.91
0.92
26.47%
1.89%
208
1.41
1.66
86.31%
4.07%
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Property Management
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Public/Private Equity
17
16
124
18
56
160
252
35
78
34
25
16
26
19
112
33
38
25
188
19
66
75
90
17
27
144
15
64
11
68
155
16
8
38
32
122
16
19
20
14
110
140
234
12
23
33
5
16
57
10
0.83
1.31
1.39
1.32
1.30
1.10
1.17
1.56
1.69
1.20
0.69
1.16
1.11
0.89
1.56
1.27
1.20
1.34
1.24
0.94
1.63
1.41
1.47
1.38
1.24
1.35
1.25
1.41
0.91
1.26
1.26
1.31
1.01
1.01
1.37
1.81
1.78
1.23
1.71
1.96
1.49
1.43
0.66
0.71
0.95
1.17
1.23
0.86
1.54
2.08
0.90
1.36
1.08
1.38
0.52
0.90
1.13
1.55
1.48
0.85
0.43
0.72
0.84
0.53
1.27
0.81
0.64
1.30
0.97
0.81
0.95
1.37
1.59
0.46
0.62
0.92
0.99
1.01
1.00
1.09
1.22
0.93
0.86
0.86
0.37
2.11
2.20
1.39
1.53
1.54
1.87
1.06
0.69
0.69
0.79
0.66
0.85
0.57
1.28
0.48
18.96%
28.87%
48.66%
47.67%
37.08%
86.84%
72.38%
60.00%
97.21%
35.65%
25.71%
34.32%
42.36%
36.90%
46.34%
39.90%
48.42%
37.35%
78.27%
30.96%
71.09%
67.33%
53.96%
32.79%
39.28%
36.52%
30.42%
57.75%
22.33%
48.95%
57.15%
35.23%
24.82%
40.30%
51.25%
59.20%
43.35%
39.32%
44.25%
49.03%
75.07%
82.14%
31.62%
29.69%
51.70%
38.85%
28.01%
35.87%
58.41%
45.59%
14.84%
5.16%
55.77%
50.13%
185.73%
54.66%
13.28%
25.44%
21.94%
58.57%
85.33%
86.43%
60.35%
81.95%
42.35%
84.83%
118.10%
14.67%
37.57%
23.50%
107.88%
11.77%
22.65%
282.91%
137.13%
53.19%
41.53%
62.58%
11.37%
24.97%
26.07%
66.88%
26.35%
30.29%
462.27%
13.32%
13.62%
3.66%
32.18%
64.96%
12.71%
51.32%
9.71%
8.84%
38.50%
126.80%
62.82%
82.79%
36.37%
391.15%
Funeral Services
Market
6
6870
1.41
1.19
1.02
0.93
29.93%
56.57%
67.25%
48.81%
12.92%
4.90%
35.80%
33.39%
65.00%
35.34%
11.72%
20.28%
17.99%
36.94%
46.04%
46.36%
37.64%
45.04%
29.75%
45.90%
54.15%
12.79%
27.31%
19.03%
51.90%
10.53%
18.47%
73.88%
57.83%
34.72%
29.34%
38.49%
10.21%
19.98%
20.68%
40.08%
20.85%
23.25%
82.22%
11.75%
11.98%
3.53%
24.34%
39.38%
11.28%
33.91%
8.85%
8.12%
27.80%
55.91%
38.58%
45.29%
26.67%
79.64%
647.73%
10.46%
23.51%
8.90%
19.95%
24.56%
23.17%
22.01%
30.86%
14.31%
12.36%
13.96%
19.85%
15.81%
25.10%
15.41%
5.75%
26.14%
16.75%
11.99%
19.05%
3.32%
15.26%
9.58%
-66.38%
8.95%
15.12%
14.49%
17.04%
29.70%
23.03%
16.17%
21.07%
19.89%
-11.10%
22.18%
32.37%
28.40%
27.03%
20.96%
35.37%
16.18%
6.69%
70.43%
98.41%
12.03%
3.89%
0.63%
7.85%
17.72%
NA
NA
17.21%
9.47%
12.18%
18.25%
20.34%
21.33%
27.62%
15.08%
12.02%
11.21%
15.81%
11.69%
20.50%
17.06%
11.21%
25.61%
23.41%
12.17%
11.71%
8.54%
16.76%
9.81%
20.12%
8.49%
13.91%
14.02%
NA
22.15%
22.65%
11.67%
17.82%
15.19%
15.35%
28.67%
29.91%
28.46%
21.54%
19.41%
26.58%
22.22%
NA
32.64%
23.11%
12.67%
9.93%
8.11%
10.21%
6.46%
0.00%
2.11%
22.71%
14.98%
7.08%
18.36%
12.51%
20.43%
9.29%
24.19%
24.52%
23.53%
22.76%
9.48%
22.07%
24.65%
13.66%
33.79%
13.98%
21.13%
6.25%
5.94%
14.38%
19.27%
20.73%
1.21%
30.62%
19.12%
8.87%
20.10%
23.08%
34.23%
28.12%
25.68%
22.16%
10.48%
22.03%
30.35%
29.15%
29.90%
12.08%
15.90%
17.04%
20.25%
23.28%
33.19%
15.01%
35.46%
14.08%
6.70%
NA
NA
13.72%
3.83%
30.66%
12.69%
11.53%
14.65%
36.00%
34.06%
14.77%
21.90%
9.94%
15.24%
26.36%
13.39%
12.24%
17.96%
38.57%
6.41%
18.09%
32.80%
16.31%
35.51%
17.26%
18.11%
31.92%
19.56%
NA
16.35%
9.37%
6.72%
11.59%
6.93%
33.95%
27.73%
23.75%
12.52%
12.53%
18.78%
13.97%
39.80%
NA
9.68%
12.03%
13.28%
15.29%
40.45%
18.28%
53.29%
NA
NA
9.49%
2.37%
29.09%
8.16%
8.54%
10.22%
25.33%
23.75%
10.36%
16.06%
6.92%
12.24%
19.65%
10.04%
10.31%
10.45%
26.43%
4.13%
12.74%
23.79%
12.59%
27.99%
10.27%
16.08%
20.60%
15.62%
NA
13.16%
6.06%
4.31%
7.31%
4.47%
25.61%
21.97%
17.41%
8.44%
8.29%
14.41%
10.62%
28.38%
NA
6.66%
7.97%
8.54%
9.47%
25.93%
11.63%
47.57%
40.21%
32.80%
15.04%
20.64%
11.67%
17.73%
33.26%
16.67%
20.82%
20.77%
13.16%
14.61%
Net Margin Cap Ex/ Depreciation Non-cash WC/ RevenuesPayout Ratio Reinvestment Rate Sales/Capital EV/Sales
2.26%
66.89%
-15.13%
7.17%
-1.16%
1.09
0.94
3.57%
115.91%
-0.61%
12.42%
-0.05%
2.35
0.73
0.17%
158.61%
-8.01%
9.33%
13.68%
1.99
0.65
2.69%
141.22%
19.55%
8.42%
-0.71%
1.77
0.64
0.57%
90.69%
13.27%
8.71%
6.48%
2.36
0.51
0.90%
94.73%
6.44%
17.95%
-4.20%
3.92
0.29
NA
NA
NA
36.07%
0.00%
NA
NA
NA
NA
NA
46.75%
0.00%
NA
NA
NA
NA
NA
54.64%
0.00%
NA
NA
5.77%
115.01%
5.16%
23.38%
5.26%
1.29
1.99
8.33%
128.27%
4.60%
0.49%
6.79%
0.87
5.71
2.23%
130.86%
6.64%
14.30%
9.21%
1.08
0.85
3.28%
102.79%
-10.57%
11.78%
3.61%
0.56
2.20
9.48%
211.40%
-5.37%
11.45%
28.10%
0.88
1.61
6.40%
109.34%
11.16%
16.37%
-6.47%
1.84
0.88
5.55%
118.69%
13.88%
19.75%
-9.92%
1.67
1.15
2.69%
109.81%
11.64%
17.73%
-2.32%
1.84
0.90
4.53%
139.17%
4.69%
20.71%
5.35%
1.28
1.26
8.24%
89.63%
-6.37%
10.17%
-0.96%
2.12
1.93
3.55%
95.27%
-0.69%
6.33%
-1.84%
3.75
0.70
4.85%
146.86%
91.24%
20.12%
-12.75%
0.60
1.96
8.38%
61.72%
10.48%
25.99%
-5.83%
1.00
2.63
3.38%
146.25%
-14.07%
1.20%
8.42%
1.43
1.86
5.63%
106.44%
-11.48%
2.31%
5.63%
4.01
2.75
3.61%
218.97%
5.39%
31.65%
31.79%
0.70
1.65
4.49%
206.28%
5.64%
29.52%
25.82%
0.68
1.93
3.72%
218.34%
1.50%
24.77%
34.95%
0.70
1.57
4.96%
126.55%
12.14%
13.79%
-2.87%
1.79
1.00
1.40%
122.53%
12.65%
7.35%
0.49%
2.32
0.32
3.66%
91.06%
-0.16%
11.91%
-1.55%
0.67
1.27
-1.45%
66.84%
-6.03%
NA
51.10%
2.55
0.85
3.48%
99.42%
3.48%
22.11%
-4.43%
1.02
1.73
-22.60%
258.58%
28.75%
22.83%
-612.73%
0.16
6.96
2.98%
123.88%
6.15%
14.65%
-7.14%
1.82
1.01
0.94%
122.12%
0.94%
11.15%
4.36%
3.90
0.36
1.67%
87.71%
8.53%
9.77%
-6.57%
2.27
0.32
1.43%
84.73%
13.15%
13.14%
-0.04%
1.97
0.45
1.06%
165.00%
-0.29%
6.47%
18.50%
4.56
0.79
7.79%
84.61%
4.58%
3.84%
-6.78%
1.74
2.08
2.23%
142.75%
1.17%
3.83%
-4.58%
4.80
0.49
-10.34%
72.88%
57.77%
NA
NA
1.42
0.58
3.26%
330.71%
-3.58%
10.47%
52.78%
0.71
1.50
5.90%
94.67%
5.69%
21.58%
-2.39%
1.12
2.05
1.20%
81.85%
5.48%
7.33%
-7.15%
5.24
0.23
2.03%
134.26%
6.88%
5.16%
7.60%
2.20
0.71
5.92%
98.29%
-1.64%
5.47%
0.90%
1.44
1.68
NA
192725.00%
NA
23.35%
0.00%
NA
NA
NA
38706.98%
NA
14.29%
-0.07%
NA
NA
6.53%
133.62%
-6.83%
0.20%
6.25%
1.90
2.22
NA
NA
3.49%
-1.61%
13.32%
2.38%
3.60%
2.71%
5.94%
9.41%
2.30%
2.18%
1.74%
4.25%
8.24%
1.97%
0.80%
5.11%
6.99%
1.43%
2.50%
9.32%
4.11%
4.02%
1.30%
61.19%
7.24%
4.49%
NA
4.10%
1.82%
1.26%
2.26%
1.56%
-1.40%
4.69%
4.57%
1.68%
4.36%
5.67%
2.81%
3.45%
NA
3.00%
3.04%
0.95%
0.01%
3.63%
3.52%
22.90%
20.00%
84.21%
134.95%
81.33%
523.30%
146.47%
98.75%
195.35%
251.65%
281.53%
146.56%
71.55%
83.36%
373.42%
268.73%
95.74%
90.62%
186.98%
291.48%
163.33%
197.18%
230.19%
51.15%
608.41%
89.69%
607.00%
190.87%
201.19%
NA
178.56%
139.68%
233.04%
242.53%
202.23%
166.76%
110.68%
95.15%
135.60%
187.15%
124.02%
71.60%
190.13%
NA
331.23%
117.56%
682.72%
143.73%
262.28%
82.96%
15.66%
NA
NA
16.14%
5.71%
7.18%
-6.66%
6.59%
10.84%
5.81%
-3.94%
5.17%
3.05%
9.33%
-0.45%
12.70%
5.96%
11.37%
2.22%
2.89%
5.33%
6.96%
0.02%
10.13%
-17.86%
4.17%
-4.12%
-4.11%
-0.80%
NA
-5.11%
6.30%
12.86%
5.07%
1.53%
120.39%
8.97%
15.62%
16.15%
14.33%
15.49%
0.25%
-10.85%
NA
0.78%
8.54%
5.27%
4.62%
1.68%
6.91%
33.11%
NA
36.72%
10.21%
9.05%
17.67%
0.86%
15.25%
10.49%
10.00%
13.80%
30.14%
9.12%
10.66%
39.70%
6.06%
12.39%
28.92%
14.04%
5.13%
6.20%
0.19%
19.95%
4.96%
23.90%
80.61%
115.46%
14.10%
21.67%
12.85%
21.18%
9.70%
1.96%
14.55%
11.18%
28.02%
21.82%
5.01%
11.89%
9.43%
6.35%
13.06%
21.11%
64.16%
32.09%
16.72%
8.06%
0.00%
274.15%
1.53%
23.46%
NA
-1.55%
-1.51%
9.17%
69.70%
5.72%
-3.33%
8.66%
10.91%
50.53%
8.35%
-4.55%
-5.75%
47.94%
18.86%
-3.29%
0.62%
12.52%
42.65%
2.63%
12.47%
51.75%
-14.88%
94.40%
-1.09%
242.89%
18.83%
20.73%
0.00%
14.97%
9.60%
24.14%
23.42%
22.28%
140.87%
1.50%
5.06%
1.42%
-13.36%
-8.04%
-7.29%
-1.41%
422.33%
24.30%
0.78%
170.96%
0.00%
18.42%
-32.77%
0.73%
NA
NA
1.81
3.99
0.42
2.24
2.38
2.09
1.09
0.63
1.16
0.70
2.28
0.95
1.04
1.70
1.09
2.45
0.89
2.95
0.92
0.36
1.33
0.35
1.96
0.53
0.68
0.90
NA
1.68
3.74
2.70
2.44
3.40
0.60
1.30
1.72
3.37
2.60
1.35
2.50
0.78
NA
4.90
2.90
1.48
1.05
0.31
0.88
0.14
NA
NA
0.70
0.17
2.23
0.59
1.08
0.59
1.49
2.00
1.09
1.12
0.52
1.36
1.24
0.72
0.74
0.65
1.29
0.56
1.54
4.72
0.92
2.90
0.89
4.05
2.03
1.16
NA
1.57
0.40
0.47
0.72
0.54
1.82
1.31
0.81
0.84
0.55
0.59
0.90
1.69
NA
1.47
0.98
0.75
0.90
3.80
2.36
4.01
2.96%
3.44%
116.53%
158.90%
0.96%
9.07%
17.83%
16.22%
1.70%
-30.90%
0.89
1.21
1.40
1.28
Division
Business
Revenues
Operating Income
Cap Ex
Depreciation Total Assets Capital Invested
Carrier
Refrigeration systems
$14,944
$1,316
$191
$194
$10,810
$6,014
Pratt & Whitney
Defense
$12,965
$2,122
$412
$368
$9,650
$5,369
Otis
Construction
$12,949
$2,477
$150
$203
$7,731
$4,301
UTC Fire & Security
Security
$6,462
$542
$95
$238
$10,022
$5,575
Hamilton Sundstrand
Manufacturing
$6,207
$1,099
$141
$178
$8,648
$4,811
Sikorsky
Aircraft
$5,368
$478
$165
$62
$3,985
$2,217
Intracompany eliminations
-$214
-$1
General Corporate
$0
-$408
$62
$78
$5,623
$3,128
Total
$58,681
$7,625
$1,216
$1,321
$56,469
$31,415
Weights
Unlevered Beta
Estd Revenues from emerging markets
16.38%
0.85
26.41%
0.80
30.83%
1.20
6.75%
0.60
13.68%
1.05
5.95%
1.15
0.97304581