Date of valuation

Company name

Oct-13
Important:
Twitter
There should be a check against
Numbers from your base year below ( in consis
This year
Last year
United States of Amer See page 215. In 2013, Twitter d
Advertising
See page 77. Do get some reven
Advertising
$
448.21 $ 316.93
$
(92.87) $ (77.06)
$
2.75 $
2.49
$
716.90 $ (248.17)
$
80.13 $
65.73
Yes
See page 175 & R&D worksheet
Yes
See page 214 & Operating lease
$
375.11 $ 424.83
$
###
$
###
574.44
Pg 17: Shares include RSUs, war
50.00
Not decided by company & bank
$
20.00 TBA before offering.
30.00%
No taxes until 2017
35.50%
Page 211: Federal + State

Country of incorporation
Industry (US)
Industry (Global)
Revenues
Operating income or EBIT
Interest expense
Book value of equity
Book value of debt
Do you have R&D expenses to capitalize?
Do you have operating lease commitments?
Cash and cross holdings
Non-operating assets
Minority interests
Number of shares outstanding =
Number of shares that will be sold on offering date =
Current stock price =
Effective tax rate =
Marginal tax rate =
The value drivers below:
Compounded annual revenue growth rate over next 5 ye
Target pre-tax operating margin (EBIT as % of sales in y
Sales to capital ratio (for computing reinvestment) =
Market numbers
Riskfree rate
Initial cost of capital =
Other inputs
Do you have employee options outstanding?
Number of options outstanding =
Average strike price =
Average maturity =
Standard deviation on stock price =

55.00%
25.00%
1.50
2.70%
11.22%

10-year bond rate (10/4/

See cost of capital worksheet

Yes
44.16
$1.82
3.47
53.60%

Page
Page
Page
Page

207
207
207; Halved expected life t
207; 53.6% estimated

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
If yes, enter the cost of capital after year 10 =
8%
Mature advertising companies' c
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
If yes, enter the return on capital you expect after year
12%
At the top 10% of mature compa
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption =
No
Company has deep-pocketed VC
If yes, enter the probability of failure =
20%
will not go under or be forced to
What do you want to tie your proceeds in failure to?
V
Enter the distress proceeds as percentage of book or fai
50%
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 =
Yes
If yes, enter the NOL that you are carrying over into yea
$468.02
Page 212: Dec 2012 loss carryfo

I will assume that the proceeds of the IPO will be retained by the company (for use in future investments)
Do you want to override this assumption ?
No
Page 16
If yes, specify the perecentage of the proceeds that be withd
100.00%

mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
r base year below ( in consistent units)

See page 215. In 2013, Twitter derived about 75% of their revenues from US, 25% from rest of the world. See cost of capita
See page 77. Do get some revenues from data service (about 12.6% of revenues in 2013).

Page 175
Page 175
Page 175: Must be the imputed interest expense on capital leases
See page 174: Switched to pro forma for this year. Has no real impact on valuation
See page 173: Entirely capital leases
See page 175 & R&D worksheet
See page 214 & Operating lease worksheet
See page 173 (Cash + Short term investments)
Goodwill is not an asset. It is a plug variable. Other assets are all operating assets.

Pg 17: Shares include RSUs, warrant exercise, MoBus acquisition but not options
Not decided by company & bankers yet. Update when offering details set. News reports suggest that the company would lik
TBA before offering.
Computed numbers: Here is what your company's numbers look like, relative to industr
No taxes until 2017
If you are not working in US dollars, you should add the inflation differential to the industry average
Page 211: Federal + State
Company Industry (US data
Revenue growth in the most recent year =
41.42%
8.67%
Pre-tax operating margin in the most recent year
-1.18%
11.77%
Sales to capital ratio in most recent year =
1.06
1.4
Return on invested capital in most recent year=
10.71%
11.49%
Standard deviation in stock prices =
97.40%
10-year bond rate (10/4/Cost of capital =
9.00%
See cost of capital worksheet

Page 207; Halved expected life to reflect early exercise of employee options
Page 207; 53.6% estimated

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

Mature advertising companies' cost of capital

tal after year 10. I am assuming that whatever competitive advantages you have today will fade over time.

At the top 10% of mature company excess returns

Company has deep-pocketed VCs and access to capital. I am going to assume that they
will not go under or be forced to sell themselves at below value.
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.

Page 212: Dec 2012 loss carryforward (298.6 m + 106.6 m) + Op loss for first 6 months 2013

ure investments)

Calculation options

of the world. See cost of capital worksheet for adjustment to equity risk premium.

gest that the company would like to raise $1 billion from offering.
look like, relative to industry.
fferential to the industry averages.
Industry (Global data)
93.83%
8.10%
4.53
42.52%

fade over time.

ve tax rate.

Revenuegrowthrate
Revenues
EBIT(Operating)margin
EBIT(Operatingincome)
Taxrate
EBIT(1t)
Reinvestment
FCFF
NOL

Baseyear
$448.21
1.18%
$(5.27)
30.00%
$(5.27)
$468.02

Costofcapital
Cumulateddiscountfactor
PV(FCFF)

1
55.00%
$694.72
1.44%
$10.02
30.00%
$10.02
$164.34
$(154.33)
$458.00

2
55.00%
$1,076.82
4.06%
$43.71
30.00%
$43.71
$254.73
$(211.02)
$414.29

3
55.00%
$1,669.07
6.68%
$111.45
30.00%
$111.45
$394.83
$(283.39)
$302.84

11.22%
11.22%
11.22%
0.8991
0.8084
0.7269
$(138.76) $(170.59) $(205.99)

Terminalcashflow
$1,432.90
Terminalcostofcapital
8.00%
Terminalvalue
$27,035.80
PV(Terminalvalue)
$10,191.59
PV(CFovernext10years $(701.78)
SumofPV
$9,489.81
Probabilityoffailure=
0.00%
Proceedsiffirmfails=
$4,744.91
Valueofoperatingassets= $9,489.81
Debt
$204.46
Minorityinterests
$
+Cash
$375.11
+Proceedsfromoffering $1,000.00
+Nonoperatingassets
$
Valueofequity
$10,660.46
Valueofoptions
$804.83
Valueofequityincommon $9,855.63
Numberofshares
574.44
Estimatedvalue/share
$17.16
Price
$20.00
Priceas%ofvalue
116.57%
Impliedvariables
Salestocapitalratio
Investedcapital
ROIC

1.50
1.50
1.50
$837 $1,001 $1,256 $1,651
0.63%
1.00%
3.48%
6.75%

4
55.00%
$2,587.07
9.29%
$240.46
30.00%
$240.46
$611.99
$(371.53)
$62.38

5
55.00%
$4,009.95
11.91%
$477.67
30.00%
$353.09
$948.59
$(595.50)
$

6
44.54%
$5,795.98
14.53%
$842.14
31.10%
$580.24
$1,190.69
$(610.45)
$

7
34.08%
$7,771.25
17.15%
$1,332.56
32.20%
$903.48
$1,316.85
$(413.37)
$

8
23.62%
$9,606.82
19.76%
$1,898.78
33.30%
$1,266.48
$1,223.71
$42.77
$

9
13.16%
$10,871.08
22.38%
$2,433.21
34.40%
$1,596.19
$842.84
$753.35
$

11.22%
11.22%
10.58%
9.93%
9.29%
8.64%
0.6535
0.5876
0.5314
0.4834
0.4423
0.4071
$(242.81) $(349.92) $(324.40) $(199.82) $18.92 $306.71

1.50
1.50
1.50
1.50
1.50
1.50
$2,263 $3,211 $4,402 $5,719 $6,943 $7,785
10.63%
11.00%
13.18%
15.80%
18.24%
20.50%

Compare this return

a. the industry ave
b. the return on cap
If it is too high (low)

10
2.70%
$11,164.60
25.00%
$2,791.15
35.50%
$1,800.29
$195.68
$1,604.61
$
8.00%
0.3770
$604.89

Terminalyear
2.70% Check these revenues against
a. Overall market size
$11,466.05
b. Largest companies in this market
25.00%
$2,866.51 $ 2,871.78 This is is how much your operating
income grew over the ten-year period.
35.50%
$1,848.90
$416.00 $ 7,560.26 This is how much capital you
invested over the ten year
$1,432.90
period.
$
8.00%

0.225

1.50
$7,981
22.56%

Afteryear10
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

ValuingOptionsorWarrants
Enterthecurrentstockprice=
$20.00
Enterthestrikepriceontheoption=
$1.82
Entertheexpirationoftheoption=
3.47
Enterthestandarddeviationinstockprices=
53.60% (volatility)
Entertheannualizeddividendyieldonstock=
0.00%
Enterthetreasurybondrate=
2.70%
Enterthenumberofwarrants(options)outstan
44.16
Enterthenumberofsharesoutstanding=
574.44
Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
20 #Warrantsissued=
StockPrice=
1.82 #Sharesoutstanding=
StrikePrice=
19.87341286 T.Bondrate=
AdjustedS=
1.82 Variance=
AdjustedK=
3.465 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

2.988602553
0.9985987178

d2=
N(d2)=

1.9908647919
0.9767521231

Valueperoption=
$18.23
Valueofalloptionsoutstanding=

$804.83

44.157
574
2.70%
0.2873
0.00%
2.70%

VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1t) (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
Revenuegrowthrate(inputcellB3)
LastperiodEBITas%ofrevenue(InputcellB14)
SalestoCapitalRatioorreinvestment(InputcellB15)
Returnoncapitalinperpetuity(B30&B31)

$
$
$
$

836.82
7,981.08
7,144.26
2,796.42
39.14%
22.56%
10.25%
85.79%

Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital

Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital

R&DConverter

ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses
3
!Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense=
$184.50 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year
1
2
3
0
0
0
0
0
0
0
Output
Year
Current
1
2
3
0
0
0
0
0
0
0

R&DExpenses
119.00
!Year1istheyearpriortothecurrentyear
80.18
!Year2isthetwoyearspriortothecurrentyear
29.35

R&DExpense
184.50
119.00
80.18
29.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortizedportion
1.00
184.50
0.67
79.34
0.33
26.73
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Amortizationthisyear

0.00

ValueofResearchAsset=
Amortizationofassetforcurrentyear=
AdjustmenttoOperatingIncome=
Tax Effect of R&D Expensing

0.00

$39.67
$26.73
$9.78
$
$
$
$
$
$

$290.57 $76.18
$76.18

$108.33 !Apositivenumberindicatesanincreaseinoperatingincome(addtore
$38

riateadjustmentstooperatingincome,net

Ifindoubt,usethelookuptablebelow
hemaximumallowedistenyears
minedbytheamortizationperiod

increaseinoperatingincome(addtoreportedEBIT)

OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$26.91
2
$29.26
3
$29.26
4
$28.07
5
$22.02
6andbeyond
$24.57

Output
PretaxCostofDebt=

8.00%

Numberofyearsembeddedinyr6estimate=

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator
1

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $26.91 $24.92
2 $29.26 $25.09
3 $29.26 $23.23
4 $28.07 $20.63
5 $22.02 $14.99
6andbeyond $24.57 $15.48 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$124.33
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=

$20.72 !Iusestraightlinedepreciation
($20.72) !Addthisamounttopretaxoperatingi
$124.33 !Addthisamounttodebt

nverter
Pleaseenterthem.

ticratingestimator

overthefirstfiveyears
fexpensesinyr6

nnuityfortenyears

Iusestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt

EstimationofCurrentCostofCapital

Yourinputs
Computednumber

Inputs
Equity
NumberofSharesoutstanding=
CurrentMarketPricepershare=

574.44
$20.00

Approachforestimatingbeta
Ifdirectinput,enterleveredbeta(orregressionbeta)
Unleveredbeta=
RiskfreeRate=
WhatapproachdoyouwanttousetoinputERP?
DirectinputforERP(ifyouchoose"willinput"
EquityRiskPremiumusedincostofequity=

Directinput
1.40
0.98
2.70%
Operatingregions
5.75%
6.15%

Debt
BookValueofStraightDebt=
InterestExpenseonDebt=
AverageMaturity=
Approachforestimatingpretaxcostofdebt
Ifdirectinput,inputthepretaxcostofdebt
Ifactualrating,inputtherating
Ifsynetheticrating,inputthetypeofcompany
PretaxCostofDebt=
TaxRate=
BookValueofConvertibleDebt=
InterestExpenseonConvertible=
MaturityofConvertibleBond=
MarketValueofConvertible=
Debtvalueofoperatingleases=

$80.13
$2.75
3
Directinput
8.000%
Baa2/BBB
1
8.00%
36%
0
0
0
0
$124.33

PreferredStock
NumberofPreferredShares=
CurrentMarketPriceperShare=
AnnualDividendperShare=

0
70
5

Output
EstimatingMarketValueofStraightDebt=
EstimatedValueofStraightDebtinConvertible=
ValueofDebtinOperatingleases=
EstimatedValueofEquityinConvertible=
LeveredBetaforequity=

$70.70
$
$124.33
$
1.40

MarketValue
WeightinCostofCapital
CostofComponent

Equity
Debt
PreferredStock
$11,488.74 $195.03 $
98.33%
1.67%
0.00%
11.32%
5.16%
7.14%

0.0170888

OperatingRegionsERPcalculator
Country

Revenues

ERP

Weight

Argentina
Bolivia
Brazil
Canada

19
4
130
23

14.80%
10.68%
8.43%
5.80%

9.31%
1.96%
63.73%
11.27%

Chile
Ecuador
Paraguay
Peru

7
6
3
12

6.85%
16.30%
11.80%
8.43%
0.00%
0.00%

3.43%
2.94%
1.47%
5.88%
0.00%
0.00%
100.00%

Total

204

OperatingRegionsERPcalculator
Region
Revenues
ERP
Africa
0
Australia&NewZealand
0
Caribbean
0
CentralandSouthAmerica
0
EasternEurope&Russia
0
MiddleEast
0
NorthAmerica
191
WesternEurope
0
AsiawithoutJapan
0
Japan
0
RestoftheWorld
63
Total
254

Weight
10.09%
5.80%
12.57%
9.18%
8.48%
6.96%
5.80%
6.85%
7.58%
6.85%
7.23%

0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
75.20%
0.00%
0.00%
0.00%
24.80%
100.00%

MultiBusiness(USIndustryAverages)
Business
Advertising
InformationServices

Revenues
EV/Sales
$221.00
1.2200
$32.00
3.1600
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

EstimatedValu
$269.62
$101.12
$
$
$
$
$
$
$
$
$
$

Company

Capital
$11,683.77
100.00%
11.22%

253.00

$370.74

MultiBusiness(GlobalIndustryAverages)
Business
Advertising
InformationServices

Company

Revenues
EV/Sales
$221.00
0.9383
$32.00
3.0490
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
$

253.00

EstimatedValu
$207.37
$97.57
$
$
$
$
$
$
$
$
$
$
$304.94

WeightedERP
1.38%
0.21%
5.37%
0.65%
0.24%
0.48%
0.17%
0.50%
0.00%
0.00%
9.00%
WeightedERP
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
0.0000%
4.3614%
0.0000%
0.0000%
0.0000%
1.7933%
6.1547%

UnleveredBeta
1.4400
1.0500
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

1.3336

UnleveredBeta
0.9813
0.9808
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9812

Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm=
1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
Entercurrentinterestexpenses=
Enterlongtermriskfreerate=
Output
100000.00
Interestcoverageratio=
EstimatedBondRating=
D2/D
12.00%
EstimatedCompanyDefaultSpread=
0.00%
EstimatedCountyDefaultSpread(ifany)=
14.70%
EstimatedCostofDebt=

$(113.59) (Addbackonlylongterminterestexpensef
$12.70 (Useonlylongterminterestexpenseforfina
2.70%

Note: If you get REF! All over the place, set the
to No, and then reset it to Yes. It should work.

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
RatingsandDefaultspreads(reorderedfromhighestto
Ifinterestcoverageratiois
Iflongterminterestcoverageratiois
greaterthan
to
>
to
Ratingis
Spreadis
100000
0.199999
12.00%
3
100000
D2/D
0.2
0.649999
10.50%
2.5
2.99999
Caa/CCC
0.65
0.799999
9.50%
2
2.49999
Ca2/CC
0.8
1.249999
8.75%
1.5
1.99999
C2/C
1.25
1.499999
7.25%
1.2
1.49999
B3/B1.5
1.749999
6.50%
0.9
1.199999
B2/B
1.75
1.999999
5.50%
0.75
0.899999
B1/B+
2
2.2499999
4.00%
0.6
0.749999
Ba2/BB
2.25
2.49999
3.00%
0.5
0.599999
Ba1/BB+
2.5
2.999999
2.00%
0.4
0.499999
Baa2/BBB
3
4.249999
1.30%
0.3
0.399999
A3/A4.25
5.499999
1.00%
0.2
0.299999
A2/A
5.5
6.499999
0.85%
0.1
0.199999
A1/A+
6.5
8.499999
0.70%
0.05
0.099999
Aa2/AA
8.50
100000
0.40%
100000
0.049999
Aaa/AAA
Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan
to
100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999

Ratingis
D2/D
Caa/CCC
Ca2/CC
C2/C
B3/BB2/B
B1/B+
Ba2/BB
Ba1/BB+

Spreadis
12.00%
10.50%
9.50%
8.75%
7.25%
6.50%
5.50%
4.00%
3.00%

Ratingis
A1/A+
A2/A
A3/AAa2/AA
Aaa/AAA
B1/B+
B2/B
B3/B-

4
4.5
6
7.5
9.5
12.5

4.499999
5.999999
7.499999
9.499999
12.499999
100000

Baa2/BBB
A3/AA2/A
A1/A+
Aa2/AA
Aaa/AAA

2.00%
1.30%
1.00%
0.85%
0.70%
0.40%

Ba1/BB+
Ba2/BB
Baa2/BBB
C2/C
Ca2/CC
Caa/CCC
D2/D

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aultspreads(reorderedfromhighesttolowest)
estcoverageratiois
Ratingis
Spreadis
0.40%
Aaa/AAA
0.70%
Aa2/AA
0.85%
A1/A+
1.00%
A2/A
1.30%
A3/A2.00%
Baa2/BBB
3.00%
Ba1/BB+
4.00%
Ba2/BB
5.50%
B1/B+
6.50%
B2/B
7.25%
B3/B8.75%
C2/C
9.50%
Ca2/CC
10.50%
Caa/CCC
12.00%
D2/D

Spreadis
0.85%
1.00%
1.30%
0.70%
0.40%
5.50%
6.50%
7.25%

3.00%
4.00%
2.00%
8.75%
9.50%
10.50%
12.00%

Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax
Advertising
32
8.67%
Aerospace/Defense
66
12.56%
Air Transport
36
13.21%
Apparel
54
7.69%
Auto Parts
54
20.10%
Automotive
12
42.35%
Bank
416
0.00%
Bank (Midwest)
68
0.00%
Beverage
35
2.62%
Biotechnology
214
20.93%
Building Materials
43
1.28%
Cable TV
20
9.08%
Chemical (Basic)
18
18.73%
Chemical (Diversified)
33
15.70%
Chemical (Specialty)
70
25.40%
Coal
20
7.08%
Computer Software
191
14.81%
Computers/Peripherals
81
3.89%
Diversified Co.
113
17.36%
Drug
223
20.19%
E-Commerce
64
15.67%
Educational Services
33
10.29%
Electric Util. (Central)
20
4.05%
Electric Utility (East)
17
1.50%
Electric Utility (West)
15
2.83%
Electrical Equipment
64
9.11%
Electronics
123
3.54%
Engineering & Const
30
8.58%
Entertainment
76
10.73%
Entertainment Tech
42
6.07%
Environmental
84
20.11%
Financial Svcs. (Div.)
256
5.86%
Food Processing
119
14.61%
Foreign Electronics
10
-4.59%
Funeral Services
6
8.91%
Furn/Home Furnishings
32
2.78%
Healthcare Information
20
20.68%
Heavy Truck & Equip
23
27.10%
Homebuilding
22
11.34%
Hotel/Gaming
57
14.27%
Household Products
27
13.01%
Human Resources
25
16.17%
Industrial Services
136
8.41%
Information Services
28
8.56%
Insurance (Life)
32
0.00%
Insurance (Prop/Cas.)
62
2.17%
Internet
194
11.68%
Investment Companies
31
42.77%
IT Services
63
6.33%

Operating Margin
11.77%
10.24%
8.38%
10.37%
6.72%
5.80%
NA
NA
20.74%
18.54%
4.30%
19.19%
14.84%
15.02%
11.16%
14.19%
29.99%
16.94%
14.91%
25.24%
8.24%
18.69%
17.55%
20.51%
16.44%
13.77%
6.39%
4.83%
19.12%
17.30%
14.65%
61.83%
9.73%
3.41%
14.37%
8.48%
16.53%
11.12%
9.44%
15.55%
16.56%
3.05%
7.90%
20.35%
NA
NA
13.12%
26.90%
11.19%

Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasiv
Medical Services
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
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking

94
51
87
143
118
25
77
31
27
14
22
12
81
27
32
26
176
18
53
101
83
82
31
12
29
127
12
51
11
65
79
42
19
10
38
30
27
142
10
17
33
105
76
23
170
11
14
34
11
58

17.69%
0.35%
7.09%
8.96%
4.57%
19.43%
21.71%
11.77%
0.45%
-6.65%
12.17%
8.28%
26.77%
10.50%
6.15%
24.94%
32.94%
16.76%
20.21%
8.17%
28.17%
10.50%
14.32%
-8.37%
6.27%
0.01%
44.26%
5.39%
0.00%
6.61%
8.37%
9.79%
22.30%
5.08%
16.35%
8.91%
1.86%
6.94%
-5.75%
13.34%
26.86%
1.06%
19.34%
0.46%
0.00%
13.51%
9.53%
15.05%
4.16%
6.59%

11.95%
12.18%
21.19%
6.43%
10.05%
14.66%
34.97%
28.13%
7.26%
12.30%
6.59%
19.29%
16.51%
9.63%
10.40%
11.99%
21.76%
5.48%
8.99%
6.97%
39.11%
7.02%
13.68%
38.25%
10.07%
161.63%
28.08%
11.54%
NA
16.78%
8.22%
9.37%
6.78%
8.35%
5.24%
3.34%
32.82%
20.38%
11.80%
8.37%
8.19%
14.90%
20.13%
14.69%
NA
22.35%
11.07%
7.47%
26.21%
15.93%

Total Market

6177

12.24%

17.13%

After-tax ROC
11.49%
19.40%
17.97%
13.86%
17.65%
5.77%
NA
NA
14.56%
14.57%
2.98%
10.52%
17.75%
18.12%
12.48%
10.10%
43.31%
34.66%
9.21%
16.94%
5.46%
42.33%
6.47%
6.69%
6.17%
15.98%
14.60%
13.16%
10.41%
19.51%
8.90%
7.33%
13.56%
5.44%
8.28%
14.06%
11.68%
15.21%
7.68%
10.21%
14.81%
12.19%
9.95%
12.71%
NA
NA
21.54%
5.87%
21.77%

Average effective tax rate

16.02%
20.08%
21.35%
18.57%
18.77%
16.24%
16.39%
20.99%
18.82%
2.98%
9.48%
21.23%
21.89%
19.75%
15.35%
11.27%
12.43%
10.01%
17.18%
5.14%
10.52%
21.72%
30.12%
33.49%
29.09%
16.15%
11.31%
25.00%
12.56%
11.01%
7.60%
16.23%
21.63%
23.12%
28.66%
16.69%
20.31%
22.74%
7.12%
17.52%
24.66%
26.61%
20.19%
18.33%
21.09%
10.73%
8.43%
2.26%
16.27%

Unlevered Beta
1.44
0.92
0.82
1.29
1.66
1.11
0.45
0.76
0.84
1.30
1.05
0.96
1.24
1.47
1.05
0.99
1.11
1.39
0.86
1.03
1.09
1.09
0.36
0.30
0.38
1.45
1.17
1.40
1.31
1.33
0.49
0.56
0.77
1.12
0.85
1.47
0.98
1.45
1.25
1.29
0.88
1.46
0.83
1.05
1.41
0.90
1.31
1.21
1.11

Equity (Levered) Beta Cost of equity

1.68
11.51%
0.98
7.45%
1.03
7.73%
1.36
9.68%
1.76
11.94%
1.73
11.79%
0.77
6.24%
0.89
6.95%
0.95
7.26%
1.23
8.89%
1.57
10.87%
1.40
9.90%
1.37
9.73%
1.55
10.75%
1.18
8.59%
1.47
10.28%
0.98
7.42%
1.37
9.68%
1.22
8.82%
1.08
8.00%
1.05
7.86%
0.91
7.01%
0.57
5.08%
0.43
4.24%
0.58
5.14%
1.43
10.03%
1.22
8.81%
1.28
9.19%
1.60
11.05%
1.11
8.20%
0.66
5.62%
1.34
9.53%
0.87
6.83%
1.10
8.13%
1.12
8.26%
1.63
11.20%
0.97
7.36%
1.80
12.22%
1.55
10.73%
1.65
11.33%
0.98
7.42%
1.38
9.76%
0.97
7.38%
1.25
9.00%
1.44
10.11%
0.85
6.69%
1.17
8.56%
1.27
9.11%
1.05
7.83%

13.43%
3.54%
14.91%
19.94%
14.44%
14.39%
25.19%
7.36%
7.04%
10.99%
10.89%
7.62%
9.50%
11.11%
11.16%
14.65%
14.99%
11.53%
9.50%
2.62%
11.91%
5.78%
4.72%
8.83%
11.20%
14.58%
12.37%
9.09%
NA
21.41%
14.89%
30.03%
9.57%
13.54%
12.85%
11.26%
7.09%
22.88%
11.35%
17.66%
7.59%
26.25%
13.66%
7.49%
NA
31.97%
21.44%
11.97%
5.89%
12.27%

22.73%
7.92%
12.60%
10.61%
17.72%
23.30%
11.24%
22.02%
28.80%
18.35%
22.66%
18.11%
18.20%
23.09%
11.43%
30.34%
11.71%
23.18%
4.30%
6.19%
11.13%
14.13%
16.50%
19.17%
22.69%
0.04%
28.60%
20.31%
3.58%
19.23%
22.55%
25.57%
32.69%
25.56%
24.83%
31.18%
30.41%
11.71%
15.21%
19.89%
24.24%
14.01%
16.22%
26.94%
15.84%
32.82%
27.33%
25.94%
31.45%
10.06%

1.18
0.60
0.82
1.10
0.66
1.56
1.54
1.01
0.32
1.50
1.05
0.72
1.45
0.88
1.07
1.10
1.21
1.07
0.52
0.58
1.00
1.21
0.73
1.94
0.96
1.12
1.15
1.18
0.91
1.08
1.65
1.51
1.10
1.04
1.14
0.58
0.66
1.60
2.01
1.37
1.27
1.37
1.00
0.53
0.78
0.79
1.09
0.87
0.33
1.17

1.26
1.51
0.87
1.07
0.84
1.63
1.62
1.28
0.46
1.86
1.43
1.02
1.66
1.20
1.37
1.17
1.45
1.17
0.74
1.35
1.03
1.27
1.30
2.02
1.17
1.43
1.32
1.45
0.82
1.16
1.79
1.43
1.39
1.11
1.29
0.68
1.07
1.49
1.79
1.26
1.65
1.07
1.15
0.92
0.68
0.86
1.17
1.09
0.49
1.35

9.07%
10.53%
6.78%
7.94%
6.62%
11.19%
11.14%
9.16%
4.40%
12.56%
10.03%
7.65%
11.39%
8.72%
9.73%
8.55%
10.18%
8.53%
6.05%
9.61%
7.75%
9.12%
9.30%
13.48%
8.56%
10.04%
9.40%
10.14%
6.49%
8.48%
12.14%
10.05%
9.82%
8.22%
9.26%
5.69%
7.95%
10.41%
12.16%
9.09%
11.32%
7.96%
8.43%
7.08%
5.68%
6.75%
8.52%
8.08%
4.61%
9.62%

12.88%

14.93%

0.96

1.17

8.53%

Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
97.40%
4.76%
29.00%
9.00%
1.40
1.22
44.98%
2.76%
21.03%
6.23%
2.71
0.94
64.94%
3.26%
37.14%
5.59%
2.74
0.78
74.88%
3.76%
12.11%
8.78%
1.89
1.52
57.43%
3.26%
19.59%
9.98%
3.40
0.60
59.23%
3.26%
50.84%
6.79%
1.41
0.81
50.34%
3.26%
56.18%
3.83%
NA
NA
36.37%
2.76%
33.27%
5.19%
NA
NA
47.17%
2.76%
18.22%
6.24%
0.93
3.23
79.99%
3.76%
13.73%
7.98%
0.99
5.70
79.76%
3.76%
39.48%
7.47%
0.88
1.54
40.45%
2.76%
39.80%
6.62%
0.80
2.37
39.24%
2.76%
19.83%
8.13%
1.56
1.44
49.02%
2.76%
14.30%
9.45%
1.63
1.67
62.90%
3.26%
17.03%
7.46%
1.58
1.70
56.54%
3.26%
40.61%
6.90%
0.90
1.32
68.39%
3.76%
6.15%
7.10%
1.87
3.33
81.83%
4.26%
8.84%
9.05%
2.66
1.38
60.46%
3.26%
44.04%
5.80%
0.84
1.92
80.68%
4.26%
12.89%
7.30%
0.90
3.05
80.60%
4.26%
6.31%
7.53%
1.17
5.07
83.08%
4.26%
19.83%
6.13%
3.42
0.54
17.29%
2.26%
45.95%
3.37%
0.54
2.27
13.21%
2.26%
40.44%
3.07%
0.49
2.78
14.19%
2.26%
44.87%
3.44%
0.54
2.26
67.79%
3.76%
10.94%
9.18%
1.58
1.49
74.24%
3.76%
18.34%
7.61%
3.03
0.59
46.03%
2.76%
11.68%
8.31%
3.96
0.50
70.99%
3.76%
25.30%
8.83%
0.79
2.34
53.25%
3.26%
10.35%
7.56%
1.34
1.79
79.24%
3.76%
30.11%
4.60%
0.90
1.87
55.15%
3.26%
67.15%
4.44%
0.15
8.15
52.26%
3.26%
19.03%
5.90%
1.84
1.22
31.24%
2.76%
31.37%
6.10%
2.30
0.39
26.75%
2.76%
33.10%
6.07%
0.85
1.84
55.60%
3.26%
18.07%
9.53%
2.00
0.95
44.41%
2.76%
10.41%
6.77%
1.07
3.60
55.26%
3.26%
32.11%
8.92%
1.85
1.12
66.75%
3.76%
33.14%
7.92%
0.88
2.19
55.66%
3.26%
30.91%
8.43%
0.82
2.43
50.86%
3.26%
15.33%
6.58%
1.23
2.24
51.64%
3.26%
9.75%
9.00%
6.81
0.34
57.24%
3.26%
26.77%
5.92%
1.85
0.99
48.75%
2.76%
22.15%
7.37%
0.79
3.16
42.20%
2.76%
35.84%
7.08%
NA
NA
28.57%
2.76%
17.68%
5.80%
NA
NA
97.81%
4.76%
2.24%
8.43%
2.40
4.15
24.10%
2.26%
7.02%
8.57%
0.26
4.89
56.11%
3.26%
5.41%
7.51%
2.98
1.79

45.07%
62.52%
55.49%
67.73%
74.16%
60.59%
93.05%
44.57%
28.44%
54.39%
51.92%
35.63%
59.58%
36.52%
52.28%
47.25%
71.26%
42.23%
24.88%
84.63%
77.77%
60.11%
50.63%
42.00%
65.72%
34.76%
35.73%
52.30%
20.74%
50.92%
63.49%
42.54%
64.20%
31.82%
63.15%
29.93%
40.56%
53.65%
40.44%
47.32%
45.66%
64.86%
64.04%
43.85%
41.73%
36.44%
40.10%
48.32%
37.24%
62.91%

2.76%
3.26%
3.26%
3.76%
3.76%
3.26%
4.76%
2.76%
2.76%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
3.76%
2.76%
2.26%
4.26%
3.76%
3.26%
3.26%
2.76%
3.76%
2.76%
2.76%
3.26%
2.26%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
2.76%
3.26%
2.76%
2.76%
2.76%
3.26%
3.26%
2.76%
2.76%
2.76%
2.76%
2.76%
2.76%
3.26%

14.81%
64.44%
14.15%
11.42%
33.44%
19.09%
13.36%
29.12%
39.82%
28.21%
41.91%
34.81%
21.70%
35.97%
30.07%
16.99%
21.95%
15.88%
30.73%
62.04%
12.01%
17.50%
52.96%
22.32%
26.55%
27.01%
19.00%
27.41%
15.90%
11.62%
20.64%
5.29%
30.71%
10.49%
20.37%
25.84%
72.57%
9.14%
14.52%
1.90%
35.98%
11.75%
24.14%
51.98%
16.32%
15.87%
17.10%
29.74%
42.26%
20.43%

7.97%
5.00%
6.10%
7.29%
5.16%
9.42%
10.03%
6.97%
3.31%
9.57%
6.65%
5.56%
9.34%
6.18%
7.39%
7.38%
8.44%
7.44%
4.61%
5.23%
7.09%
7.86%
5.41%
10.84%
6.88%
7.78%
7.93%
7.90%
5.67%
7.72%
10.03%
9.60%
7.40%
7.53%
7.77%
4.65%
3.38%
9.64%
10.63%
8.94%
7.84%
7.25%
6.86%
4.26%
5.03%
5.94%
7.35%
6.17%
3.36%
8.05%

1.53
0.36
0.92
4.21
2.19
1.38
0.99
0.43
1.40
1.22
2.34
0.56
0.79
1.56
1.32
2.03
1.07
3.34
1.10
0.61
0.43
1.23
0.40
0.28
1.66
0.09
0.67
0.96
NA
1.83
2.61
5.17
2.17
2.55
3.61
4.99
0.30
1.41
1.21
3.24
1.26
2.29
0.90
0.72
NA
2.10
2.83
2.44
0.32
0.94

1.55
2.64
2.71
0.78
0.74
1.28
2.18
2.89
1.03
1.57
0.46
3.42
2.00
1.08
1.18
0.70
1.26
0.66
1.70
1.51
3.64
1.89
3.12
4.00
1.32
13.11
3.32
1.70
NA
2.46
0.87
1.14
0.93
1.31
0.61
0.43
3.23
2.16
1.44
1.42
0.73
1.27
1.91
1.77
NA
2.30
1.37
0.82
4.36
2.68

59.15%

3.26%

30.03%

6.56%

1.04

1.64

EV/EBITDA EV/EBIT Price/Book Trailing PE

7.77
10.40
2.04
31.25
7.42
9.15
3.11
15.79
6.00
9.32
3.68
14.60
11.73
14.68
3.38
21.64
6.40
8.92
2.27
15.39
7.46
13.95
1.26
15.84
4.87
4.87
0.98
16.58
4.79
4.79
1.32
16.43
12.74
15.58
4.54
19.92
22.46
30.77
4.56
31.24
14.45
35.82
1.67
29.27
7.08
12.35
4.09
22.28
7.44
9.69
2.77
31.77
8.53
11.11
3.18
19.75
10.86
15.23
3.60
17.57
5.99
9.34
1.33
29.76
9.70
11.11
3.94
77.29
6.92
8.14
3.57
46.69
10.09
12.87
2.38
16.19
8.93
12.10
3.04
28.46
32.19
61.51
5.15
237.12
2.41
2.91
1.67
13.29
7.98
12.94
1.49
15.66
8.96
13.54
1.79
17.08
7.87
13.74
1.44
16.05
8.57
10.80
2.34
22.95
6.63
9.28
1.90
15.11
7.98
10.42
1.89
44.34
9.53
12.22
2.38
27.83
7.97
10.37
1.97
20.13
8.44
12.78
2.29
16.99
12.56
13.19
1.98
22.15
10.10
12.53
2.93
24.85
4.44
11.52
0.90
31.52
9.73
12.80
2.09
17.80
8.34
11.22
2.18
21.64
14.37
21.77
3.89
54.59
7.96
10.05
3.23
16.08
21.15
23.16
2.54
49.55
10.68
15.66
3.07
35.36
11.12
13.50
3.75
18.49
8.69
11.06
2.21
30.55
8.87
12.52
2.29
34.78
10.89
15.55
3.90
31.49
1.37
1.37
0.72
20.40
291.86
295.89
1.11
16.65
23.16
31.64
5.25
181.13
15.67
18.19
1.31
64.45
12.22
16.02
4.36
39.49

9.93
10.36
10.16
9.78
6.02
6.90
5.27
5.41
9.89
8.72
4.76
12.02
7.98
7.57
7.22
4.39
4.06
9.57
13.43
8.92
7.17
14.89
15.96
10.30
8.76
7.25
9.13
9.89
28.62
11.50
7.65
9.02
11.03
12.23
8.39
8.27
8.79
6.98
8.07
14.09
5.63
6.74
5.39
5.08
4.08
9.48
10.10
6.19
11.20
10.48

12.94
21.66
12.81
12.07
7.32
8.75
6.24
10.26
14.20
12.77
6.94
17.73
12.13
11.20
11.38
5.81
5.77
11.98
18.87
21.70
9.30
26.86
22.79
10.45
13.14
8.11
11.81
14.69
28.62
14.65
10.61
12.12
13.74
15.74
11.67
12.98
9.85
10.58
12.22
16.98
8.89
8.51
9.47
12.05
4.08
10.30
12.39
10.96
16.62
16.83

2.76
0.85
2.82
3.11
2.03
1.90
2.35
1.35
1.99
2.70
1.11
3.56
1.79
2.49
1.92
1.49
1.47
2.58
2.96
0.82
1.61
2.57
1.66
1.12
3.37
1.29
2.99
2.01
0.82
6.65
2.76
4.94
3.46
4.32
2.90
3.18
0.93
2.72
1.64
3.66
0.88
2.08
2.02
1.77
0.99
11.46
6.04
3.07
2.00
3.51

21.30
22.57
46.69
35.61
29.94
63.26
36.66
53.21
23.01
115.92
21.17
37.30
14.61
17.22
29.45
11.29
24.25
19.67
130.50
304.86
24.60
23.56
44.26
8.65
14.22
16.85
17.50
24.73
8.25
19.52
22.74
18.19
15.97
25.76
20.34
14.89
20.01
50.55
25.21
13.75
23.48
24.80
18.25
16.70
29.69
19.42
20.39
16.70
20.46
29.68

7.37

9.59

2.11

33.45

Country
Afghanistan
Albania
Angola
Argentina
Armenia
Aruba
Australia
Austria
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Bermuda
Bolivia
Bonaire
Bosnia and Herzegovin
Botswana
Brazil
Bulgaria
Cambodia
Canada
Cayman Islands
Chile
China
Colombia
Costa Rica
Croatia
Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
Estonia
El Salvador
Fiji
Finland
France
Georgia
Germany
Gibraltar
Greece

Tax Rate
20.00%
10.00%
35.00%
35.00%
20.00%
28.00%
30.00%
25.00%
0.00%
0.00%
27.50%
25.00%
18.00%
33.99%
0.00%
25.00%
0.00%
10.00%
22.00%
34.00%
10.00%
20.00%
26.00%
0.00%
18.50%
25.00%
33.00%
30.00%
20.00%
27.50%
10.00%
19.00%
25.00%
29.00%
23.00%
25.00%
21.00%
30.00%
28.00%
24.50%
33.33%
0.00%
29.48%
10.00%
20.00%

Guatemala
Guernsey
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey
Jordan
Kazakhstan
Kenya
Korea, Republic of
Kuwait
Latvia
Libya
Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia
Malawi
Malaysia
Malta
Mauritius
Mexico
Montenegro
Mozambique
Namibia
Netherlands
New Zealand
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines

31.00%
0.00%
35.00%
16.50%
19.00%
20.00%
32.45%
25.00%
12.50%
0.00%
25.00%
31.40%
33.33%
38.01%
0.00%
14.00%
20.00%
30.00%
24.20%
15.00%
15.00%
20.00%
12.50%
15.00%
28.80%
12.00%
10.00%
30.00%
25.00%
35.00%
15.00%
30.00%
9.00%
32.00%
34.00%
25.00%
28.00%
30.00%
28.00%
12.00%
35.00%
25.00%
30.00%
10.00%
30.00%
30.00%

Poland
Portugal
Qatar
Romania
Russia
Saba
Samoa
Saudi Arabia
Serbia
Singapore
Slovak Republic
Slovenia
South Africa
Spain
Sri Lanka
St Eustatius
St Maarten
Sudan
Sweden
Switzerland
Syria
Taiwan
Tanzania
Thailand
Trinidad and Tobago
Tunisia
Turkey
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
Africa average
North America average
Asia average
Europe average
Latin America average
Oceania average
EU average

19.00%
25.00%
10.00%
16.00%
20.00%
0.00%
27.00%
20.00%
10.00%
17.00%
19.00%
18.00%
34.55%
30.00%
28.00%
0.00%
34.50%
35.00%
26.30%
21.17%
28.00%
17.00%
30.00%
23.00%
25.00%
30.00%
20.00%
30.00%
21.00%
55.00%
24.00%
40.00%
25.00%
0.00%
34.00%
25.00%
20.00%
35.00%
25.75%
29.02%
33.00%
22.89%
20.50%
28.30%
28.60%
22.60%

OECD average
Global average

25.25%
24.43%

Country
LongTermRatingAdj.DefaultSpread
Albania
B1
4.00%
Angola
Ba3
3.25%
Argentina
B3
6.00%
Armenia
Ba2
2.75%
Australia
Aaa
0.00%
Austria
Aaa
0.00%
Azerbaijan
Baa3
2.00%
Bahamas
Baa1
1.50%
Bahrain
Baa1
1.50%
Bangladesh
Ba3
3.25%
Barbados
Baa3
2.00%
Belarus
B3
6.00%
Belgium
Aa3
0.70%
Belize
Caa3
10.00%
Bermuda
Aa2
0.50%
Bolivia
Ba3
3.25%
BosniaandHerzegovina
B3
6.00%
Botswana
A2
1.00%
Brazil
Baa2
1.75%
Bulgaria
Baa2
1.75%
Cambodia
B2
5.00%
Canada
Aaa
0.00%
CaymanIslands
Aa3
0.70%
Chile
Aa3
0.70%
China
Aa3
0.70%
Colombia
Baa3
2.00%
CostaRica
Baa3
2.00%
Croatia
Baa3
2.00%
Cuba
Caa1
7.00%
Cyprus
B3
6.00%
CzechRepublic
A1
0.85%
Denmark
Aaa
0.00%
DominicanRepublic
B1
4.00%
Ecuador
Caa1
7.00%
Egypt
B2
5.00%
ElSalvador
Ba3
3.25%
Estonia
A1
0.85%
FijiIslands
B1
4.00%
Finland
Aaa
0.00%
France
Aa1
0.25%
Georgia
Ba3
3.25%
Germany
Aaa
0.00%

Greece
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Lithuania
Luxembourg
Macao
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay

Caa1
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aaa
A1
Baa2
B3
Aa3
Ba2
Baa2
B1
Aa3
Aa2
Baa3
B1
Baa1
Aaa
Aa3
A3
A3
Baa1
Baa1
B3
B1
Ba3
Ba1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
B1

7.00%
2.40%
5.00%
0.25%
2.40%
2.00%
2.00%
2.00%
2.40%
0.00%
0.85%
1.75%
6.00%
0.70%
2.75%
1.75%
4.00%
0.70%
0.50%
2.00%
4.00%
1.50%
0.00%
0.70%
1.15%
1.15%
1.50%
1.50%
6.00%
4.00%
3.25%
2.40%
2.00%
0.00%
0.00%
6.00%
3.25%
0.00%
0.85%
7.00%
1.75%
4.00%
4.00%

Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
SaudiArabia
Senegal
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrena
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmeric
Uruguay
Venezuela
Vietnam
Zambia

Baa2
Ba1
A2
Ba3
Aa2
Baa3
Baa1
Aa3
B1
Aaa
A2
Baa2
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Baa3
Ba1
B3
Aa2
Aaa
Aaa
Baa3
B1
B2
B1

Row Labels
Default
Africa
Australia & New Zealan
Caribbean
Central and South Amer
Eastern Europe & Russi
Middle East
North America
Western Europe
Asia without Japan
Japan

1.75%
2.40%
1.00%
3.25%
0.50%
2.00%
1.50%
0.70%
4.00%
0.00%
1.00%
1.75%
1.50%
2.00%
4.00%
1.50%
5.00%
3.25%
0.00%
0.00%
0.70%
1.50%
1.50%
2.00%
2.40%
6.00%
0.50%
0.00%
0.00%
2.00%
4.00%
5.00%
4.00%

Spread Total ERP (Weighted Average)

2.86%
10.09%
0.00%
5.80%
4.52%
12.57%
2.26%
9.18%
1.79%
8.48%
0.77%
6.96%
0.00%
5.80%
0.70%
6.85%
1.18%
7.58%
0.70%
6.85%

Rest of the World

1.00%

7.23%

TotalRiskPremium

CountryRiskPremium Region
11.80%
6.00%
Eastern Europe & Russia
10.68%
4.88%
Africa
14.80%
9.00%
Central and South America
9.93%
4.13%
Eastern Europe & Russia
5.80%
0.00%
Australia & New Zealand
5.80%
0.00%
Western Europe
8.80%
3.00%
Eastern Europe & Russia
8.05%
2.25%
Caribbean
8.05%
2.25%
Middle East
10.68%
4.88%
Asia
8.80%
3.00%
Caribbean
14.80%
9.00%
Eastern Europe & Russia
6.85%
1.05%
Western Europe
20.80%
15.00%
Central and South America
6.55%
0.75%
Caribbean
10.68%
4.88%
Central and South America
14.80%
9.00%
Eastern Europe & Russia
7.30%
1.50%
Africa
8.43%
2.63%
Central and South America
8.43%
2.63%
Eastern Europe & Russia
13.30%
7.50%
Asia
5.80%
0.00%
North America
6.85%
1.05%
Caribbean
6.85%
1.05%
Central and South America
6.85%
1.05%
Asia
8.80%
3.00%
Central and South America
8.80%
3.00%
Central and South America
8.80%
3.00%
Eastern Europe & Russia
16.30%
10.50%
Caribbean
14.80%
9.00%
Western Europe
7.08%
1.28%
Eastern Europe & Russia
5.80%
0.00%
Western Europe
11.80%
6.00%
Caribbean
16.30%
10.50%
Central and South America
13.30%
7.50%
Africa
10.68%
4.88%
Central and South America
7.08%
1.28%
Eastern Europe & Russia
11.80%
6.00%
Asia
5.80%
0.00%
Western Europe
6.18%
0.38%
Western Europe
10.68%
4.88%
Eastern Europe & Russia
5.80%
0.00%
Western Europe

16.30%
9.40%
13.30%
6.18%
9.40%
8.80%
8.80%
8.80%
9.40%
5.80%
7.08%
8.43%
14.80%
6.85%
9.93%
8.43%
11.80%
6.85%
6.55%
8.80%
11.80%
8.05%
5.80%
6.85%
7.53%
7.53%
8.05%
8.05%
14.80%
11.80%
10.68%
9.40%
8.80%
5.80%
5.80%
14.80%
10.68%
5.80%
7.08%
16.30%
8.43%
11.80%
11.80%

10.50%
3.60%
7.50%
0.38%
3.60%
3.00%
3.00%
3.00%
3.60%
0.00%
1.28%
2.63%
9.00%
1.05%
4.13%
2.63%
6.00%
1.05%
0.75%
3.00%
6.00%
2.25%
0.00%
1.05%
1.73%
1.73%
2.25%
2.25%
9.00%
6.00%
4.88%
3.60%
3.00%
0.00%
0.00%
9.00%
4.88%
0.00%
1.28%
10.50%
2.63%
6.00%
6.00%

Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America

8.43%
9.40%
7.30%
10.68%
6.55%
8.80%
8.05%
6.85%
11.80%
5.80%
7.30%
8.43%
8.05%
8.80%
11.80%
8.05%
13.30%
10.68%
5.80%
5.80%
6.85%
8.05%
8.05%
8.80%
9.40%
14.80%
6.55%
5.80%
5.80%
8.80%
11.80%
13.30%
11.80%

2.63%
3.60%
1.50%
4.88%
0.75%
3.00%
2.25%
1.05%
6.00%
0.00%
1.50%
2.63%
2.25%
3.00%
6.00%
2.25%
7.50%
4.88%
0.00%
0.00%
1.05%
2.25%
2.25%
3.00%
3.60%
9.00%
0.75%
0.00%
0.00%
3.00%
6.00%
7.50%
6.00%

Country Risk Premium (Weighted Average)

4.29%
0.00%
6.77%
3.38%
2.68%
1.16%
0.00%
1.05%
1.78%
1.05%

Central and South America

Asia
Eastern Europe & Russia
Western Europe
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Middle East
Africa
Asia
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Asia
Caribbean
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

1.48%

Last 10K
$316.93
$119.00
-$77.06
$2.49
-$248.17
$65.73

Revenues
R&D expense
Operating income or EBIT
Interest expenses
Book value of equity
Book value of debt
Do you have operating lease commitments?
Cash and cross holdings
$424.83
Non-operating assets
$0.00
Minority interests
$0.00
Number of shares outstanding =
Current stock price =
Effective tax rate =
0.00%
Marginal tax rate =
Lease commitments
Year 1
$26.91
Year 2
$29.26
Year 3
$29.26
Year 4
$28.07
Year 5
$22.02
Beyond year 5
$24.57

First X months: Last year

$122.36
$46.30
-$47.01
$0.89

0.00%

First X months: Current yearTrailing 12 month

$253.64
$448.21
$111.80
$184.50
-$62.82
-$92.87
$2.75
$4.35
-$164.38
$80.13
$375.11
$0.00
$0.00

0.00%

NA
NA
NA
NA
NA
NA

1.07287572

Yes/No Book or Market Value ERP choices

Yes
B
Will input
No
V
Country of incorporatio
Operating countries
Operating regions

Cost of debt Synthetic rati Beta

Direct input
1 Direct input
Synthetic rati
2 Single Business(US)
Actual rating
Single Business(Global)
Multibusiness(US)
Multibusiness(Global)

ingle Business(US)
ingle Business(Global)
ultibusiness(US)
ultibusiness(Global)

Industry Name
Number of firmsUnlevered beta corrected for cashMarket D/E Ratio
Advertising
255
0.98
32.29%
Aerospace/Defense
210
0.89
26.27%
Air Transport
160
0.60
100.92%
Apparel
1166
1.00
17.84%
Auto & Truck
130
0.77
93.91%
Auto Parts
624
1.19
37.00%
Bank
568
0.31
367.12%
Banks (Regional)
944
0.44
142.34%
Beverage
99
0.74
21.29%
Beverage (Alcoholic)
209
0.68
24.36%
Biotechnology
666
1.05
13.07%
Broadcasting
144
1.03
40.12%
Brokerage & Investment Banking
525
0.28
415.35%
Building Materials
420
0.81
44.77%
Business & Consumer Services
709
0.83
25.13%
Cable TV
65
0.76
56.80%
Chemical (Basic)
760
0.86
40.13%
Chemical (Diversified)
86
1.11
42.99%
Chemical (Specialty)
693
0.99
20.55%
Coal & Related Energy
322
1.08
25.95%
Computer Services
938
0.97
15.82%
Computer Software
1068
1.12
7.33%
Computers/Peripherals
371
1.04
16.06%
Construction
466
0.75
48.57%
Diversified
365
0.67
79.08%
Educational Services
145
1.10
20.26%
Electrical Equipment
847
0.96
29.89%
Electronics
1188
1.01
31.80%
Electronics (Consumer & Office)
208
0.96
57.73%
Engineering
1141
0.81
83.04%
Entertainment
356
0.97
28.71%
Environmental & Waste Services
307
0.86
40.91%
Farming/Agriculture
331
0.74
42.90%
Financial Svcs.
520
0.18
656.46%
Financial Svcs. (Non-bank & Insuranc
149
0.17
679.35%
Food Processing
1223
0.69
27.68%
Food Wholesalers
115
0.56
70.98%
Furn/Home Furnishings
323
0.94
26.97%
Healthcare Equipment
448
0.92
17.33%
Healthcare Facilities
170
0.54
80.65%
Healthcare Products
155
0.78
19.42%
Healthcare Services
328
0.81
31.97%
Heathcare Information and Technolog
266
0.96
20.13%
Heavy Construction
334
0.99
60.13%
Homebuilding
155
1.00
58.09%
Hotel/Gaming
618
0.84
30.37%
Household Products
456
0.82
14.25%
Information Services
171
0.98
12.13%
Insurance (General)
220
0.71
57.51%

Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Tranportation
Trucking
Utility (General)
Utility (Water)
Grand Total

117
220
715
448
1249
1700
162
55
1219
198
570
399
318
823
719
1237
401
48
56
415
611
439
292
35
298
138
51
842
226
170
108
536
91
564
264
351
95
725
117
550
325
295
48
223
185
61
97
40943

0.94
0.65
1.22
0.58
1.06
1.08
0.81
1.12
1.05
0.70
1.12
0.65
0.64
0.88
0.47
1.16
0.75
0.14
0.46
0.69
0.84
0.56
0.86
0.86
0.62
0.74
0.68
0.61
0.78
0.54
1.08
1.01
0.84
1.20
1.49
0.68
1.06
0.86
0.79
1.18
0.63
0.02
0.49
0.75
0.55
0.41
0.53
0.64

61.35%
39.18%
4.72%
95.78%
25.23%
27.00%
32.17%
22.11%
30.67%
61.85%
36.67%
63.06%
91.95%
14.74%
105.84%
14.66%
39.77%
560.60%
65.38%
77.09%
64.59%
85.84%
31.84%
42.79%
23.26%
51.60%
18.80%
97.73%
32.07%
38.11%
5.00%
13.85%
51.66%
13.88%
22.44%
90.71%
7.42%
81.02%
31.99%
15.23%
65.54%
5432.46%
15.48%
48.75%
77.55%
107.15%
63.18%
98.96%

Market Debt to Capital Effective tax rate Dividend Payout Net MarginPre-tax
24.41%
13.92%
34.69%
3.86%
20.80%
13.31%
33.18%
5.35%
50.23%
16.15%
51.21%
1.66%
15.14%
13.42%
37.80%
6.48%
48.43%
12.66%
16.30%
5.81%
27.00%
16.55%
12.54%
4.20%
78.59%
18.93%
32.02%
20.42%
58.74%
18.85%
15.95%
18.68%
17.55%
12.82%
30.71%
10.12%
19.59%
18.60%
33.05%
11.69%
11.56%
2.91%
34.78%
8.08%
28.63%
17.52%
31.74%
8.49%
80.60%
11.36%
36.87%
5.02%
30.93%
16.08%
36.75%
2.46%
20.08%
18.11%
40.69%
4.20%
36.22%
14.42%
15.91%
9.79%
28.64%
13.56%
57.82%
3.79%
30.07%
20.09%
43.49%
3.43%
17.05%
16.99%
30.49%
8.00%
20.60%
6.36%
55.14%
8.20%
13.66%
17.31%
21.36%
5.44%
6.83%
11.68%
27.50%
14.49%
13.83%
12.32%
16.88%
5.02%
32.69%
14.87%
50.95%
5.17%
44.16%
13.26%
25.92%
6.18%
16.84%
14.29%
NA
-1.40%
23.01%
13.88%
50.70%
3.30%
24.12%
12.33%
30.54%
2.78%
36.60%
12.17%
NA
-5.21%
45.37%
17.02%
59.23%
1.79%
22.31%
8.79%
28.43%
7.88%
29.03%
11.25%
62.60%
2.97%
30.02%
13.56%
28.83%
3.84%
86.78%
17.11%
16.51%
21.78%
87.17%
13.67%
8.01%
13.70%
21.68%
15.80%
43.33%
4.79%
41.51%
18.45%
54.16%
1.06%
21.24%
14.93%
30.24%
4.15%
14.77%
8.87%
37.02%
9.98%
44.65%
16.54%
15.05%
4.24%
16.26%
13.49%
22.73%
7.95%
24.23%
17.34%
16.77%
2.48%
16.76%
8.16%
14.89%
6.27%
37.55%
17.82%
31.37%
4.74%
36.75%
19.22%
14.51%
4.16%
23.29%
12.19%
36.52%
5.73%
12.47%
13.98%
43.82%
8.68%
10.81%
16.19%
31.17%
10.40%
36.51%
13.65%
21.45%
5.89%

Operating Margin ROE

8.10%
9.42%
8.91%
16.43%
4.84%
6.35%
11.70%
12.92%
5.98%
18.61%
6.60%
13.90%
0.25%
8.97%
0.00%
7.17%
14.77%
21.29%
18.89%
17.27%
17.16%
7.25%
15.89%
13.12%
0.18%
4.13%
6.14%
5.13%
7.85%
12.28%
18.41%
26.04%
6.69%
8.03%
7.96%
9.84%
12.65%
14.69%
15.68%
10.92%
8.16%
20.43%
22.50%
16.62%
9.96%
17.06%
10.85%
7.25%
9.25%
11.53%
11.08%
-2.57%
6.86%
7.24%
4.48%
6.20%
2.32%
-13.51%
4.52%
6.83%
16.46%
10.39%
8.92%
6.76%
4.84%
10.86%
6.43%
14.39%
3.31%
6.42%
8.05%
12.30%
2.99%
10.56%
6.11%
12.02%
18.21%
13.27%
10.37%
26.49%
12.14%
12.03%
4.77%
13.81%
12.10%
7.84%
8.32%
15.66%
6.61%
7.73%
11.80%
8.02%
14.34%
16.86%
22.04%
15.35%
7.96%
11.52%

38.02%
28.15%
4.51%
48.92%
20.15%
21.26%
24.34%
18.11%
23.47%
38.21%
26.83%
38.67%
47.90%
12.85%
51.42%
12.78%
28.46%
84.86%
39.53%
43.53%
39.24%
46.19%
24.15%
29.97%
18.87%
34.04%
15.82%
49.42%
24.28%
27.59%
4.76%
12.16%
34.06%
12.19%
18.33%
47.56%
6.90%
44.76%
24.24%
13.22%
39.59%
98.19%
13.40%
32.77%
43.68%
51.73%
38.72%
49.74%

17.28%
11.96%
7.77%
5.97%
17.48%
4.26%
17.48%
25.53%
6.41%
8.92%
14.22%
17.17%
11.75%
12.53%
15.12%
3.52%
15.27%
2.99%
21.56%
12.96%
17.32%
13.51%
15.30%
11.47%
20.90%
19.42%
23.15%
19.16%
22.21%
23.43%
11.10%
20.10%
16.86%
8.19%
7.82%
11.28%
16.82%
12.68%
14.76%
9.09%
11.92%
18.11%
19.70%
19.61%
21.99%
23.56%
14.78%
13.40%

34.76%
31.87%
4.29%
38.86%
32.02%
45.90%
41.76%
27.55%
44.13%
115.27%
26.59%
43.18%
80.79%
44.83%
93.77%
61.89%
1731.52%
55.74%
24.67%
22.44%
32.51%
22.36%
28.25%
24.17%
40.98%
16.71%
38.17%
30.47%
35.74%
39.98%
21.17%
31.63%
16.29%
38.44%
NA
497.14%
18.13%
411.43%
111.38%
46.05%
103.40%
9.16%
63.68%
42.98%
21.81%
91.00%
54.81%
37.49%

3.67%
4.42%
18.74%
14.53%
5.32%
7.44%
4.25%
7.68%
7.34%
5.03%
2.36%
2.80%
1.95%
12.55%
3.62%
6.98%
0.16%
61.89%
9.07%
13.08%
19.74%
22.99%
5.97%
8.86%
6.14%
2.82%
3.91%
2.60%
2.82%
2.15%
2.83%
3.53%
4.71%
7.21%
-1.37%
0.35%
7.16%
0.33%
4.90%
5.90%
5.58%
39.07%
16.71%
5.01%
2.95%
3.71%
16.28%
5.74%

6.60%
7.64%
21.16%
11.33%
8.92%
15.44%
7.35%
10.78%
17.88%
10.38%
4.24%
7.51%
5.18%
21.12%
10.49%
18.63%
7.95%
2.67%
18.00%
15.39%
24.18%
29.36%
11.01%
12.30%
11.37%
5.12%
7.43%
3.52%
5.10%
4.14%
5.02%
6.62%
8.10%
11.30%
7.82%
5.05%
9.81%
3.86%
16.86%
7.46%
14.71%
0.59%
28.10%
8.46%
6.16%
10.48%
27.53%
8.63%

7.68%
7.35%
19.32%
8.11%
10.87%
10.76%
12.40%
16.80%
7.14%
11.00%
11.21%
7.73%
3.47%
13.76%
5.23%
4.97%
0.26%
10.89%
11.68%
8.51%
12.96%
8.76%
9.65%
14.39%
19.63%
17.68%
13.28%
11.51%
13.35%
12.11%
14.07%
13.63%
15.87%
10.20%
-1.66%
0.54%
16.29%
0.72%
6.29%
9.43%
9.01%
-12.11%
44.22%
13.01%
10.18%
7.06%
12.47%
10.49%

ROIC Sales/Capital EV/Sales Revenue Growth rate: Last 5 years

Expected Earnings growth: Next 5 years
42.52%
4.53
0.94
6.82%
21.10%
35.50%
4.86
0.99
5.45%
12.24%
6.94%
1.67
0.79
9.50%
21.78%
15.05%
1.55
1.55
8.05%
14.17%
7.83%
1.49
0.78
7.89%
16.78%
14.33%
2.50
0.56
7.61%
15.87%
0.02%
0.09
11.36
9.33%
15.27%
0.00%
0.23
3.92
4.05%
7.68%
18.97%
1.60
2.23
9.19%
14.06%
14.32%
0.89
2.91
9.46%
17.42%
11.45%
0.80
6.52
18.82%
21.89%
15.03%
1.12
2.06
6.87%
5.90%
0.02%
0.17
6.08
5.54%
16.91%
7.58%
1.71
0.89
1.84%
19.07%
19.57%
3.23
1.09
7.64%
15.23%
15.33%
1.08
2.38
11.67%
5.51%
7.99%
1.32
1.06
6.76%
16.00%
10.52%
1.78
0.96
7.14%
15.67%
15.64%
1.48
1.52
10.95%
15.12%
15.36%
0.94
1.81
15.30%
14.80%
28.10%
4.56
0.90
9.20%
14.72%
40.08%
1.97
3.22
10.54%
19.64%
32.20%
3.28
0.90
0.21%
48.32%
7.89%
0.85
1.70
10.75%
18.76%
7.62%
0.88
1.46
7.65%
13.98%
21.01%
2.64
0.97
15.14%
20.40%
11.05%
2.10
1.01
8.43%
20.52%
6.47%
1.85
0.74
2.24%
18.27%
3.57%
2.45
0.49
-1.34%
16.82%
7.93%
2.28
0.56
8.60%
15.76%
21.13%
1.69
1.94
3.98%
20.99%
13.28%
2.04
1.31
12.01%
14.79%
7.78%
1.82
0.71
17.26%
22.13%
0.38%
0.09
11.59
10.60%
16.59%
0.22%
0.09
11.24
13.81%
21.86%
13.63%
2.13
1.20
10.36%
20.44%
13.98%
5.51
0.30
3.43%
11.57%
13.60%
2.63
0.72
3.67%
25.07%
24.36%
1.50
2.55
8.27%
15.75%
14.16%
1.64
1.28
17.71%
15.74%
14.31%
1.32
2.49
14.20%
18.06%
30.87%
7.19
0.46
13.17%
16.52%
16.39%
1.54
2.33
12.10%
21.93%
11.92%
1.57
0.99
9.79%
10.97%
5.94%
1.24
0.99
1.36%
10.35%
10.35%
0.95
2.24
10.03%
14.85%
22.08%
2.14
2.09
11.76%
16.06%
42.97%
2.36
3.05
6.26%
14.57%
10.66%
1.56
0.67
5.98%
15.55%

8.95%
7.58%
24.00%
3.21%
12.83%
12.83%
15.21%
12.65%
8.66%
8.71%
11.01%
11.05%
3.98%
18.46%
5.14%
8.79%
10.44%
0.07%
7.27%
4.32%
7.28%
4.58%
10.47%
15.67%
18.98%
12.96%
12.75%
5.90%
12.28%
12.94%
44.11%
18.53%
11.74%
12.92%
7.97%
2.97%
18.16%
3.97%
12.46%
11.82%
12.33%
0.00%
47.52%
10.37%
7.81%
8.12%
8.81%
5.11%

1.50
1.23
1.25
0.29
1.83
1.00
2.60
1.69
0.68
0.73
3.28
1.74
1.02
1.13
0.64
0.58
1.79
0.02
0.60
0.31
0.36
0.18
1.31
1.25
2.20
3.11
2.72
2.06
3.28
3.96
7.82
3.94
1.77
1.30
1.21
0.82
2.12
1.36
0.96
1.93
0.98
0.01
2.44
1.60
1.72
1.00
0.36
0.77

0.77
0.91
4.34
3.62
1.13
1.58
0.72
0.74
2.21
2.23
0.52
0.89
1.06
2.78
1.80
3.02
1.18
47.03
2.27
3.24
3.10
6.03
1.31
0.73
1.55
0.63
0.95
0.57
0.65
0.48
2.11
0.79
0.78
1.66
1.52
1.24
1.27
0.75
1.87
1.37
1.56
112.28
3.33
1.14
0.79
1.24
4.03
1.76

5.07%
8.42%
9.16%
8.47%
3.89%
20.44%
2.53%
14.00%
21.47%
16.37%
15.38%
9.61%
6.17%
13.72%
13.97%
40.88%
1.45%
2.02%
3.83%
5.65%
12.44%
10.18%
1.93%
6.02%
6.48%
6.02%
5.10%
6.29%
7.69%
5.93%
12.55%
5.00%
10.45%
5.70%
0.87%
8.50%
8.98%
8.35%
8.43%
3.55%
7.88%
7.27%
6.18%
11.17%
3.04%
8.49%
17.20%
8.94%

12.51%
19.51%
23.77%
10.66%
15.82%
10.67%
14.58%
8.80%
18.55%
17.40%
26.79%
16.01%
13.86%
18.46%
11.64%
18.47%
-4.05%
4.94%
17.27%
18.54%
19.95%
15.90%
16.35%
15.30%
15.53%
15.76%
13.61%
16.59%
15.61%
13.19%
31.94%
12.17%
35.67%
17.73%
12.94%
1.87%
14.72%
17.15%
11.64%
18.69%
8.79%
8.29%
9.46%
14.34%
13.65%
5.63%
12.97%
16.07%

Next 5 years