Company name

P&G
Numbers from your base year below ( in same units)
This year
Revenues
$
82,559.00
Operating income or EBIT
$
15,818.00
Book value of equity
$
68,001.00
Book value of debt
$
32,014.00
Cash
$
2,768.00
Number of shares outstanding =
2740.00
Current stock price =
$
61.45
Effective tax rate =
22.33%
Marginal tax rate =
35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye
4.00%
Target pre-tax operating margin (EBIT as % of sales in y
19.16%
Sales to capital ratio (for computing reinvestment) =
0.85
Market numbers
Riskfree rate
1.60%
Initial cost of capital =
7.11%
Other inputs
Number of options outstanding =
0.00
Average strike price =
$13.35
Average maturity =
6.20
Standard deviation on stock price =
60.00%

Important: Before you run this sprea

There should be a check against the
Last year
###
###
If you have operating lea
###
###
If you have operating lea
$2,879.00

For industry average, check column

For industry average, check column
For industry average, check column
For industry average, check column

For industry average, check column

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 =
No
Mature companies generally see the
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in stable
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 =
No
Mature companies find it difficult to
If yes, enter the return on capital you expect after year
10%
But there are significant exceptions
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 fail,
If yes, enter the probability of failure =
20%
Tough to estimate but a key input.
What do you want to tie your proceeds in failure to?
V
B: Book value of capital, V= Estimate
Enter the distress proceeds as percentage of book or fai
50%
This can be zero, if the assets will be
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 from

efore you run this spreadsheet, go into preferences in Excel and check under Calculation options
be a check against the iteration box. If there is not, you will get circular reasoning errors.

f you have operating leases, please use the operating lease worksheet to convert them to debt.

f you have operating leases, please use the operating lease worksheet to convert them to debt.

For your information, your inputs give the following current value
Revenue growth in the most recent year =
4.59%
Pre-tax operating margin in the most recent year
19.16%
Sales to capital ratio in most recent year =
0.85
average, check column C of industry average woReturn on invested capital in most recent year=
13.90%
average, check column D of industry average worksheet
average, check column N of industry average worksheet

average, check column M of industry average worksheet

average, check column J of industry average worksheet

typical mature companies (riskfree rate + 4.5%)

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

growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have tro
mate but a key input.
e of capital, V= Estimated fair value for the company
ero, if the assets will be worth nothing if the firm fails.
rminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

o the valuation. If you have a money losing company, you may want to override tis.
ancial statements.
hield your income from taxes, even after you start making money.

llowing current values for your company

, because they have trouble making debt payments.

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

Baseyear
$82,559.00
19.16%
$15,818.00
22.33%
$12,285.53
$

Costofcapital
Cumulateddiscountfactor
PV(FCFF)

1
4.00%
$85,861.36
19.16%
$16,450.72
22.33%
$12,776.95
$3,889.88
$8,887.07
$

2
4.00%
$89,295.81
19.16%
$17,108.75
22.33%
$13,288.03
$4,045.48
$9,242.56
$

3
4.00%
$92,867.65
19.16%
$17,793.10
22.33%
$13,819.55
$4,207.29
$9,612.26
$

7.11%
7.11%
7.11%
0.9336
0.8716
0.8138
$8,297.15 $8,056.23 $7,822.32

Terminalcashflow
$10,637.77
Terminalcostofcapital
6.10%
Terminalvalue
$236,394.84
PV(Terminalvalue)
$122,367.51
PV(CFovernext10years $72,737.19
SumofPV
$195,104.69
Probabilityoffailure=
0.00%
Proceedsiffirmfails=
$97,552.35
Valueofoperatingassets= $195,104.69
Debt
$32,014.00
Cash
$2,768.00
Valueofequity
$165,858.69
Valueofoptions
$0.00
Valueofequityincommon $165,858.69
Numberofshares
2,740.00
Estimatedvalue/share
$60.53
Price
$61.45
Priceas%ofvalue
101.52%
Impliedvariables
Salestocapitalratio
Investedcapital
ROIC

0.85
0.85
0.85
$97,247 $101,137 $105,182 $109,390
12.63%
12.63%
12.63%
12.63%

4
4.00%
$96,582.35
19.16%
$18,504.82
22.33%
$14,372.33
$4,375.59
$9,996.75
$

5
4.00%
$100,445.65
19.16%
$19,245.02
22.33%
$14,947.23
$4,550.61
$10,396.62
$

6
3.52%
$103,981.33
19.16%
$19,922.44
24.87%
$14,968.61
$4,164.72
$10,803.90
$

7
3.04%
$107,142.37
19.16%
$20,528.08
27.40%
$14,903.56
$3,723.41
$11,180.15
$

8
2.56%
$109,885.21
19.16%
$21,053.60
29.93%
$14,751.67
$3,230.82
$11,520.85
$

9
2.08%
$112,170.82
19.16%
$21,491.52
32.47%
$14,514.00
$2,692.24
$11,821.75
$

7.11%
7.11%
6.91%
6.71%
6.50%
6.30%
0.7598
0.7093
0.6635
0.6218
0.5838
0.5492
$7,595.19 $7,374.66 $7,168.36 $6,951.82 $6,726.20 $6,492.70

0.85
0.85
0.85
0.85
0.85
0.85
$113,765 $118,316 $122,481 $126,204 $129,435 $132,127
12.63%
12.63%
12.22%
11.81%
11.40%
10.98%

Compare this return

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

10
1.60%
$113,965.56
19.16%
$21,835.38
35.00%
$14,193.00
$2,114.03
$12,078.96
$
6.10%
0.5176
$6,252.56

0.85
$134,241
10.57%

Terminalyear
1.60% Check these revenues against
a. Overall market size
$115,789.01
b. Largest companies in this market
19.16%
$22,184.75 $ 6,366.75 This is is how much your operating
income grew over the ten-year period.
35.00%
$14,420.09
$3,782.32 $ 40,776.39 This is how much capital you
invested over the ten year
$10,637.77
period.
$
6.10%

Afteryear10
6.10%

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=
$61.45
Enterthestrikepriceontheoption=
$13.35
Entertheexpirationoftheoption=
6.20
Enterthestandarddeviationinstockprices=
60.00% (volatility)
Entertheannualizeddividendyieldonstock=
0.00%
Enterthetreasurybondrate=
1.60%
Enterthenumberofwarrants(options)outstan
0.00
Enterthenumberofsharesoutstanding=
2,740.00
Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
61.45 #Warrantsissued=
StockPrice=
13.35 #Sharesoutstanding=
StrikePrice=
61.45 T.Bondrate=
AdjustedS=
13.35 Variance=
AdjustedK=
6.2 Annualizeddividendyield=
Expiration(inyears)=
Div.Adj.interestrate=
d1=
N(d1)=

1.835294219
0.9667689464

d2=
N(d2)=

0.3413062673
0.6335634849

Valueperoption=
$51.75
Valueofalloptionsoutstanding=

$0.00

0
2,740
1.60%
0.3600
0.00%
1.60%

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
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)

$
$
$
$

97,247.00
134,241.07
36,994.07
6,017.38
16.27%
10.57%
6.81%
98.51%

If calculated value is negative or looks too low

Increase revenue growth rate
Increase the target pre-tax 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 pre-tax operating margin
Increase the sales/capital ratio
If higher than your cost of capital, lower towards your cost of capital

OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$8.48
2
$8.49
3
$8.16
4
$7.33
5
$6.17
6andbeyond $18.14

$8.50

Output
PretaxCostofDebt=

3.65%

Numberofyearsembeddedinyr6estimate=

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator
2

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

ConvertingOperatingLeasesintodebt
Year
Commitment PresentValue
1 $8.48 $8.18
2 $8.49 $7.90
3 $8.16 $7.33
4 $7.33 $6.35
5 $6.17 $5.16
6andbeyond $9.07 $14.37 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases=
$49.29
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=

$7.04 !Iusestraightlinedepreciation
$1.46 !Addthisamounttopretaxoperatingincom
$49.29 !Addthisamounttodebt

nverter
Pleaseenterthem.

ticratingestimator

overthefirstfiveyears
fexpensesinyr6

nnuityfortenyears

Iusestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt

EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding=
CurrentMarketPricepershare=

2740.00
$61.45

Unleveredbeta=
RiskfreeRate=
EquityRiskPremium=

0.95 IndustryaverageunleveredbetaincolumnGofindustryaverageworksheet
1.60%
6.00%

Debt
BookValueofStraightDebt=
InterestExpenseonDebt=
AverageMaturity=
PretaxCostofDebt=
TaxRate=

$32,014.00
831
5
3.65%
35%

BookValueofConvertibleDebt=
InterestExpenseonConvertible=
MaturityofConvertibleBond=
MarketValueofConvertible=
Debtvalueofoperatingleases=

0
0
0
0
$49.29

PreferredStock
NumberofPreferredShares=
CurrentMarketPriceperShare=
AnnualDividendperShare=

0
70
5

Output
EstimatingMarketValueofStraightDebt=
EstimatedValueofStraightDebtinConvertible=
ValueofDebtinOperatingleases=
EstimatedValueofEquityinConvertible=
LeveredBetaforequity=

MarketValue
WeightinCostofCapital
CostofComponent

$30,496.57
$
$49.29
$
1.06

Equity
Debt
PreferredStock
Capital
$168,373.00 $30,545.86 $ $198,918.86
84.64%
15.36%
0.00%
100.00%
7.97%
2.37%
7.14%
7.11%

ndustryaverageworksheet

Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.

Enterthetypeoffirm=
2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancials
Doyouhaveanyoperatingleaseorrentalcommitments?
Yes
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
$15,818.00 (Addbackonlylongterminterestexpensef
Entercurrentinterestexpenses=
831 (Useonlylongterminterestexpenseforfina
Enterlongtermriskfreerate=
1.60%
Output
19.00
Interestcoverageratio=
EstimatedBondRating=
AAA
Note: If you get REF! All over the place, set the
0.65%
EstimatedDefaultSpread=
to No, and then reset it to Yes. It should work.
2.25%
EstimatedCostofDebt=

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Forfinancialservicefirms(defaultspreadsareslightyd
Ifinterestcoverageratiois
Iflongterminterestcoverageratiois
greaterthan
to
>
to
Ratingis
Spreadis
100000
0.199999
D
12.00%
100000
0.049999
0.2
0.649999
C
10.50%
0.05
0.099999
0.65
0.799999
CC
9.50%
0.1
0.199999
0.8
1.249999
CCC
8.75%
0.2
0.299999
1.25
1.499999
B
6.75%
0.3
0.399999
1.5
1.749999
B
6.00%
0.4
0.499999
1.75
1.999999
B+
5.50%
0.5
0.599999
2
2.2499999
BB
4.75%
0.6
0.749999
2.25
2.49999
BB+
3.75%
0.75
0.899999
2.5
2.999999
BBB
2.50%
0.9
1.199999
3
4.249999
A
1.65%
1.2
1.49999
4.25
5.499999
A
1.40%
1.5
1.99999
5.5
6.499999
A+
1.30%
2
2.49999
6.5
8.499999
AA
1.15%
2.5
2.99999
8.50
100000
AAA
0.65%
3
100000
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
4
4.499999
4.5
5.999999

Ratingis
D
C
CC
CCC
B
B
B+
BB
BB+
BBB
A

Spreadis
12.00%
10.50%
9.50%
8.75%
6.75%
6.00%
5.50%
4.75%
3.75%
2.50%
1.65%

6
7.5
9.5
12.5

7.499999
9.499999
12.499999
100000

A
A+
AA
AAA

1.40%
1.30%
1.15%
0.65%

ethisspreadsheet.

ationoptionsinexcel)ischecked.

orriskierfirm,3iffinancials Small:<$5billion

Addbackonlylongterminterestexpenseforfinancialfirms)
Useonlylongterminterestexpenseforfinancialfirms)

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

vicefirms(defaultspreadsareslightydifferent)
estcoverageratiois
Ratingis
Spreadis
D
12.00%
C
10.50%
CC
9.50%
CCC
8.75%
B
6.75%
B
6.00%
B+
5.50%
BB
4.75%
BB+
3.75%
BBB
2.50%
A
1.65%
A
1.40%
A+
1.30%
AA
1.15%
AAA
0.65%

Industry Name
Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax
Advertising
31
16.76%
Aerospace/Defense
64
9.41%
Air Transport
36
8.77%
Apparel
57
5.83%
Auto Parts
51
23.94%
Automotive
12
1.66%
Bank
426
0.00%
Bank (Midwest)
45
0.00%
Beverage
34
-0.59%
Biotechnology
158
26.94%
Building Materials
45
2.82%
Cable TV
21
1.53%
Chemical (Basic)
16
33.40%
Chemical (Diversified)
31
9.21%
Chemical (Specialty)
70
25.69%
Coal
20
16.91%
Computer Software
184
14.88%
Computers/Peripherals
87
10.93%
Diversified Co.
107
17.24%
Drug
279
34.97%
E-Commerce
57
21.87%
Educational Services
34
17.27%
Electric Util. (Central)
21
4.81%
Electric Utility (East)
21
-3.29%
Electric Utility (West)
14
1.24%
Electrical Equipment
68
25.14%
Electronics
139
12.50%
Engineering & Const
25
4.58%
Entertainment
77
10.49%
Entertainment Tech
40
14.78%
Environmental
82
9.90%
Financial Svcs. (Div.)
225
14.51%
Food Processing
112
9.48%
Foreign Electronics
9
17.51%
Funeral Services
6
1.09%
Furn/Home Furnishings
35
1.89%
Healthcare Information
25
11.71%
Heavy Truck & Equip
21
7.38%
Homebuilding
23
-9.29%
Hotel/Gaming
51
7.52%
Household Products
26
16.13%
Human Resources
23
0.01%
Industrial Services
137
8.39%
Information Services
27
16.56%
Insurance (Life)
30
0.00%
Insurance (Prop/Cas.)
49
17.00%
Internet
186
12.44%
IT Services
60
7.21%
Machinery
100
13.57%

Operating Margin
10.27%
10.16%
8.78%
10.97%
6.49%
6.99%
NA
NA
20.45%
-7.79%
4.17%
19.58%
12.09%
13.20%
11.10%
15.94%
31.35%
14.15%
14.09%
21.91%
14.39%
20.80%
17.72%
19.13%
16.79%
13.19%
5.99%
4.72%
17.72%
10.48%
15.22%
43.49%
9.08%
5.27%
15.64%
6.43%
12.11%
9.13%
-1.56%
12.61%
17.38%
1.91%
-21.40%
19.33%
NA
NA
18.25%
14.43%
11.05%

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
Utility (Foreign)
Water Utility
Wireless Networking

52
83
146
122
24
73
29
22
13
24
13
93
26
32
20
176
19
27
93
84
77
31
11
24
5
12
56
13
63
75
47
20
8
37
30
28
141
12
19
32
99
74
25
148
11
15
36
4
11
57

5.93%
6.53%
7.18%
4.92%
10.76%
31.59%
8.90%
-0.95%
-5.01%
10.81%
12.65%
17.02%
9.09%
10.88%
20.81%
32.22%
11.95%
22.83%
43.06%
32.31%
23.36%
19.80%
39.94%
-6.93%
0.01%
12.29%
6.56%
0.00%
2.45%
3.83%
6.18%
11.09%
15.38%
8.85%
8.23%
4.59%
41.30%
55.88%
3.50%
30.89%
4.18%
14.96%
-6.90%
0.00%
6.61%
2.56%
9.52%
4.92%
5.43%
10.71%

14.81%
22.22%
6.48%
11.11%
15.07%
31.57%
28.94%
12.80%
14.59%
6.65%
18.45%
15.11%
10.12%
12.01%
9.76%
25.74%
5.11%
8.95%
14.54%
33.30%
10.74%
15.63%
-2.58%
12.10%
129.07%
28.43%
11.51%
NA
15.82%
7.50%
9.39%
6.88%
8.13%
5.84%
3.18%
48.78%
22.76%
21.65%
11.34%
5.83%
10.87%
22.74%
15.83%
NA
20.61%
10.85%
6.37%
11.60%
26.61%
-11.47%

Total Market

5891

14.80%

17.24%

After-tax ROC
10.54%
18.53%
16.45%
14.02%
15.82%
6.96%
NA
NA
12.95%
-13.33%
2.58%
8.80%
13.66%
13.81%
12.25%
15.26%
45.06%
32.09%
8.01%
15.02%
13.08%
34.34%
6.38%
6.89%
6.11%
15.03%
15.72%
13.58%
9.45%
11.69%
7.56%
5.95%
11.88%
7.83%
7.81%
9.50%
9.45%
10.88%
-2.09%
6.95%
14.52%
7.67%
-53.50%
10.83%
NA
NA
32.75%
26.95%
12.60%

Average effective tax rate

10.73%
20.72%
20.54%
16.08%
18.99%
24.07%
15.97%
17.77%
19.14%
2.49%
11.17%
27.35%
20.90%
21.73%
17.58%
12.75%
12.27%
11.77%
15.55%
5.36%
12.33%
25.17%
31.82%
33.14%
31.30%
17.02%
10.36%
26.26%
15.38%
11.59%
11.71%
19.18%
20.00%
35.12%
30.84%
20.43%
22.19%
20.62%
5.12%
14.53%
25.12%
25.35%
19.03%
18.93%
28.04%
19.36%
6.87%
19.15%
22.15%

Unlevered Beta
1.75
1.03
1.10
1.22
1.59
0.96
0.38
0.73
0.77
1.16
0.89
0.98
1.24
1.39
1.15
1.32
1.18
1.33
0.71
1.08
1.08
0.92
0.48
0.49
0.49
1.35
1.08
1.39
1.31
1.48
0.60
0.50
0.77
1.24
0.85
1.65
1.20
1.48
1.02
1.28
0.95
1.40
0.81
0.89
1.54
1.01
1.24
1.14
1.14

Equity (Levered) Beta Cost

2.02
1.10
1.21
1.30
1.70
1.59
0.77
0.93
0.88
1.03
1.50
1.37
1.36
1.51
1.28
1.53
1.04
1.30
1.14
1.12
1.03
0.83
0.75
0.70
0.75
1.33
1.07
1.22
1.63
1.23
0.81
1.31
0.91
1.09
1.14
1.81
1.17
1.80
1.45
1.74
1.07
1.24
0.93
1.07
1.58
0.91
1.09
1.06
1.20

of equity
14.09%
8.49%
9.21%
9.71%
12.13%
11.47%
6.52%
7.50%
7.20%
8.09%
10.96%
10.15%
10.08%
11.02%
9.57%
11.08%
8.17%
9.71%
8.76%
8.63%
8.08%
6.91%
6.41%
6.08%
6.40%
9.89%
8.31%
9.26%
11.72%
9.32%
6.73%
9.76%
7.39%
8.47%
8.73%
12.81%
8.95%
12.76%
10.62%
12.37%
8.32%
9.34%
7.51%
8.35%
11.43%
7.37%
8.45%
8.25%
9.12%

4.76%
15.88%
19.24%
18.55%
14.78%
19.48%
7.10%
8.09%
11.05%
10.36%
6.83%
8.54%
10.40%
11.01%
10.08%
13.50%
11.18%
8.60%
7.56%
9.57%
12.10%
5.18%
-0.14%
11.38%
14.07%
11.10%
8.26%
NA
20.32%
14.99%
28.74%
9.89%
12.18%
13.60%
10.38%
10.39%
28.41%
40.44%
27.41%
5.94%
23.30%
13.70%
8.34%
NA
27.98%
19.54%
9.07%
4.56%
5.42%
-18.21%

5.55%
11.86%
12.73%
19.93%
26.55%
11.04%
21.98%
30.16%
25.13%
21.05%
13.70%
17.39%
24.23%
10.61%
27.41%
11.14%
24.67%
6.37%
8.66%
7.51%
13.94%
18.59%
3.79%
18.55%
1.04%
23.74%
17.37%
7.22%
21.57%
23.04%
24.64%
34.43%
31.39%
25.02%
31.21%
26.22%
11.01%
15.17%
24.31%
21.03%
13.16%
14.22%
29.42%
12.43%
31.03%
20.30%
25.48%
26.07%
35.22%
12.12%

0.58
0.80
1.07
0.78
1.63
1.28
1.06
0.46
1.42
1.04
0.65
1.39
0.88
0.96
1.12
1.13
1.00
0.72
0.65
1.14
1.33
0.59
1.62
0.89
1.15
1.24
1.11
1.05
1.19
1.65
1.57
1.12
0.97
1.14
0.64
0.43
1.69
2.42
1.38
1.40
1.28
0.82
0.54
0.75
0.78
1.20
1.08
0.48
0.43
1.12

1.40
0.85
1.03
0.91
1.59
1.33
1.33
0.66
1.76
1.38
0.96
1.55
1.16
1.36
1.18
1.34
1.12
0.98
1.35
1.15
1.28
1.13
2.18
1.25
1.47
1.44
1.45
0.93
1.27
1.77
1.44
1.37
1.04
1.29
0.75
1.20
1.50
1.79
1.25
1.68
1.02
0.98
0.88
0.71
0.85
1.30
1.24
0.96
0.66
1.27

10.30%
6.99%
8.09%
7.39%
11.48%
9.89%
9.87%
5.85%
12.53%
10.18%
7.68%
11.24%
8.86%
10.08%
9.01%
9.97%
8.63%
7.81%
10.03%
8.79%
9.57%
8.72%
15.01%
9.40%
10.73%
10.56%
10.62%
7.47%
9.52%
12.57%
10.55%
10.13%
8.18%
9.64%
6.39%
9.11%
10.94%
12.70%
9.43%
12.03%
8.00%
7.78%
7.16%
6.17%
7.03%
9.73%
9.38%
7.68%
5.85%
9.54%

12.21%

15.48%

0.92

1.15

8.81%

Std deviation in stock prices Pre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
101.29%
5.87%
30.20%
10.90%
1.42
1.14
61.32%
3.37%
20.42%
7.17%
2.53
0.93
64.80%
3.37%
19.56%
7.80%
2.40
1.78
88.82%
4.37%
15.53%
8.61%
1.85
1.19
80.58%
4.37%
21.66%
10.07%
3.18
0.59
68.91%
3.87%
57.37%
6.22%
1.41
0.73
61.15%
3.37%
60.95%
3.78%
NA
NA
55.60%
3.37%
37.31%
5.46%
NA
NA
66.05%
3.87%
20.96%
6.18%
0.83
3.03
113.11%
5.87%
11.88%
7.55%
0.97
4.49
78.83%
3.87%
48.54%
6.77%
0.82
1.22
50.77%
3.37%
40.50%
6.86%
0.71
2.21
49.27%
2.87%
21.47%
8.29%
1.43
1.52
56.31%
3.37%
18.28%
9.37%
1.48
1.62
71.60%
3.87%
17.46%
8.31%
1.56
1.56
55.52%
3.37%
22.42%
9.05%
1.22
1.78
82.03%
4.37%
6.97%
7.79%
1.83
3.07
97.69%
4.87%
9.28%
9.08%
2.96
1.39
75.00%
3.87%
50.55%
5.50%
0.68
2.11
103.44%
5.87%
13.39%
7.95%
0.89
2.85
88.13%
4.37%
6.02%
7.75%
1.20
4.55
78.24%
3.87%
10.97%
6.41%
2.66
1.14
23.37%
2.37%
46.28%
4.10%
0.55
2.26
18.30%
2.37%
39.82%
4.23%
0.54
2.51
19.85%
2.37%
45.81%
4.12%
0.54
2.19
67.76%
3.87%
11.24%
9.04%
1.51
1.54
89.93%
4.37%
18.25%
7.28%
3.51
0.47
65.03%
3.87%
10.71%
8.51%
4.05
0.46
108.37%
5.87%
29.07%
9.34%
0.78
1.89
76.91%
3.87%
8.89%
8.70%
1.29
1.87
92.14%
4.87%
30.41%
5.57%
0.80
2.07
82.27%
4.37%
71.55%
4.65%
0.18
6.67
60.68%
3.37%
22.80%
6.16%
1.82
1.08
35.40%
2.87%
29.62%
6.47%
2.43
0.37
39.35%
2.87%
36.14%
6.20%
0.79
1.86
80.90%
4.37%
19.61%
10.81%
2.08
0.92
65.79%
3.87%
5.97%
8.55%
1.24
3.82
69.92%
3.87%
30.39%
9.59%
1.64
1.34
70.00%
3.87%
50.07%
6.47%
1.00
1.23
79.09%
3.87%
34.24%
8.93%
0.69
2.58
62.24%
3.37%
15.96%
7.32%
1.13
2.21
78.27%
3.87%
9.35%
8.68%
6.48
0.29
74.43%
3.87%
24.65%
6.23%
2.26
0.85
48.10%
2.87%
23.20%
6.81%
0.72
2.94
53.35%
3.37%
39.08%
7.76%
NA
NA
37.88%
2.87%
19.10%
6.29%
NA
NA
117.09%
5.87%
2.63%
8.32%
2.25
3.91
69.45%
3.87%
5.74%
7.91%
2.61
1.75
57.21%
3.37%
16.05%
7.98%
1.53
1.37

69.19%
79.18%
84.89%
76.26%
68.98%
104.38%
48.77%
24.90%
90.74%
64.26%
56.61%
62.37%
41.59%
93.84%
38.99%
88.11%
59.43%
34.90%
97.19%
90.87%
65.33%
82.21%
77.54%
64.98%
49.61%
42.95%
70.55%
30.40%
68.37%
92.79%
60.91%
52.02%
37.61%
67.71%
40.02%
44.31%
70.52%
68.70%
55.52%
56.94%
87.77%
68.58%
60.40%
53.93%
41.53%
60.34%
59.88%
32.68%
18.89%
75.03%

3.87%
3.87%
4.37%
3.87%
3.87%
5.87%
2.87%
2.37%
4.87%
3.37%
3.37%
3.37%
2.87%
4.87%
2.87%
4.37%
3.37%
2.87%
4.87%
4.87%
3.87%
4.37%
3.87%
3.37%
2.87%
2.87%
3.87%
2.87%
3.87%
4.87%
3.37%
3.37%
2.87%
3.87%
2.87%
2.87%
3.87%
3.87%
3.37%
3.37%
4.37%
3.87%
3.37%
3.37%
2.87%
3.37%
3.37%
2.87%
2.37%
3.87%

63.01%
13.85%
11.52%
33.09%
13.41%
12.36%
27.04%
40.26%
31.67%
38.66%
36.83%
18.64%
34.13%
37.45%
16.10%
19.92%
17.00%
29.06%
59.81%
7.57%
13.75%
58.44%
37.45%
38.76%
25.77%
20.09%
32.75%
19.06%
11.32%
19.57%
5.32%
27.59%
12.33%
20.37%
29.25%
81.15%
7.70%
13.20%
2.13%
31.69%
11.48%
25.42%
49.02%
22.68%
15.76%
17.11%
21.73%
60.79%
44.88%
21.30%

5.27%
6.35%
7.46%
5.71%
10.25%
9.10%
7.67%
4.07%
9.49%
7.02%
5.60%
9.52%
6.42%
7.40%
7.83%
8.51%
7.51%
6.04%
5.78%
8.35%
8.58%
5.16%
10.26%
6.54%
8.41%
8.79%
7.90%
6.37%
8.71%
10.68%
10.10%
7.90%
7.38%
8.15%
5.02%
3.11%
10.27%
11.33%
9.27%
8.86%
7.38%
6.39%
4.64%
5.23%
6.19%
8.41%
7.78%
4.06%
3.86%
8.00%

0.35
0.92
4.00
2.51
1.36
0.89
0.41
0.94
1.23
2.26
0.47
0.76
1.48
1.12
1.78
0.71
3.56
0.99
0.69
0.40
1.38
0.40
0.30
1.37
0.11
0.60
0.89
NA
1.82
3.00
4.94
2.22
2.37
3.55
5.02
0.29
1.57
2.21
3.33
1.21
2.73
0.83
0.74
NA
1.84
2.70
2.16
0.58
0.30
1.14

2.69
2.52
0.73
0.68
1.67
2.47
3.37
1.45
1.31
0.55
3.56
2.38
1.06
1.06
0.87
2.20
0.53
1.97
1.48
5.33
1.64
2.85
3.43
1.15
14.13
3.44
1.60
NA
2.50
0.83
0.87
0.92
1.04
0.59
0.35
3.08
2.06
0.97
1.52
0.78
1.25
1.85
1.75
NA
2.36
1.48
1.28
1.39
4.39
1.91

75.08%

3.87%

31.81%

6.75%

0.97

1.67

EV/EBITDA EV/EBIT Price/Book Trailing PE

7.90
11.09
1.83
27.39
7.41
9.14
2.75
34.40
12.91
20.22
8.24
156.14
8.65
10.83
2.46
20.56
6.19
9.05
2.08
15.83
5.81
10.40
1.05
10.84
4.37
4.37
0.85
16.69
4.57
4.57
1.29
34.13
12.04
14.80
3.61
22.51
NA
NA
3.19
18.87
10.99
29.23
0.99
265.15
6.25
11.27
2.31
12.66
8.90
12.60
2.64
12.17
8.95
12.28
2.96
12.94
9.84
14.06
3.08
15.63
7.34
11.14
2.77
12.09
8.64
9.81
3.74
68.56
8.11
9.85
3.94
38.66
11.37
14.99
2.12
17.94
9.35
13.02
2.73
25.45
22.08
31.60
4.55
192.91
4.62
5.47
2.69
13.83
7.88
12.76
1.57
16.46
8.56
13.14
1.78
20.61
7.56
13.03
1.36
15.54
9.12
11.68
2.33
24.10
5.82
7.84
1.65
14.19
7.36
9.76
1.73
15.95
8.03
10.67
1.71
15.42
11.63
17.81
1.97
23.93
8.77
13.58
2.22
30.21
14.36
15.33
1.79
21.14
9.54
11.93
2.58
20.14
3.48
7.03
0.90
16.66
9.13
11.86
1.93
13.98
9.68
14.31
2.19
21.08
20.77
31.55
4.55
59.71
10.54
14.65
3.42
22.63
NA
NA
1.38
33.27
12.46
20.51
2.64
45.84
10.72
12.69
3.33
17.57
9.98
14.92
1.71
57.02
NA
NA
2.40
22.05
10.55
15.23
2.97
25.56
1.32
1.32
0.70
18.61
95.56
96.01
1.00
35.02
17.06
21.41
4.59
36.16
9.75
12.15
3.73
21.18
9.08
12.41
2.33
21.51

9.63
9.06
9.23
5.16
8.91
6.35
6.27
8.06
6.50
5.71
12.59
9.87
7.18
5.46
5.89
5.58
8.20
15.03
6.63
11.52
10.25
13.00
NA
6.44
9.54
9.19
9.11
22.47
12.17
7.73
6.84
10.76
9.74
7.45
6.73
5.97
6.19
3.78
11.64
7.08
8.46
4.80
5.33
3.67
10.36
11.05
10.13
5.47
11.13
NA

18.14
11.36
11.34
6.15
11.06
7.83
11.63
11.36
8.99
8.25
19.28
15.78
10.51
8.83
8.87
8.53
10.28
21.96
10.17
16.00
15.30
18.21
NA
9.47
10.95
12.09
13.92
22.47
15.82
11.06
9.30
13.40
12.85
10.10
10.91
6.32
9.03
4.50
13.41
13.30
11.50
8.14
11.05
3.67
11.44
13.67
20.05
11.95
16.48
NA

0.85
2.58
2.82
2.09
2.30
2.35
1.55
1.81
2.04
1.38
2.73
2.06
2.09
1.30
1.64
1.76
2.19
3.12
1.06
2.15
2.20
1.36
1.02
2.20
1.89
2.67
1.71
0.71
6.66
3.04
3.46
3.21
3.02
2.62
2.23
0.72
2.62
1.68
3.74
0.92
2.32
1.75
1.79
0.94
8.63
6.49
4.49
0.64
1.77
2.72

31.34
43.84
37.04
16.47
18.01
31.32
54.76
15.86
40.89
16.85
43.30
27.58
13.14
26.24
58.87
38.34
12.97
27.55
17.92
90.39
32.86
48.20
8.92
104.19
16.98
37.96
40.21
47.47
20.03
36.52
45.45
16.22
22.78
18.78
36.66
24.77
20.90
10.83
14.10
16.46
18.32
16.97
132.35
36.40
14.88
35.50
30.78
1687.02
22.35
38.68

7.37

9.70

2.00

33.67