Date of valuation Jun-13 Important:

Company name Metalac There should be a check against th

Numbers from your base year below ( in consist
This year Last year
Industry (US) Household Products
Industry (Global) Household Products
Revenues $ 4,971.56 $4,437.73
Operating income or EBIT $ 580.90 $ 599.85
Book value of equity $ 3,706.48 $3,481.39
Book value of debt $ 1,084.63 $1,243.17
Do you have R&D expenses to capitalize? No If you want to capitalize R&D, you
Do you have operating lease commitments? No If you have operating leases, pleas
Cash and cross holdings $ 697.03 $ 334.64
Non-operating assets $ - $ -
Minority interests $ 108.86 $ 116.72
Number of shares outstanding = 1.00
Current stock price = $ 2,193.00
Effective tax rate = 4.14%
Marginal tax rate = 10.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 ye 12.03%
Target pre-tax operating margin (EBIT as % of sales in y 12.51%
Sales to capital ratio (for computing reinvestment) = 1.13
Market numbers
Riskfree rate 7.00% Serbian dinar rate = 11
Initial cost of capital = 17.70% BB- rating for Serbia
Other inputs
Do you have employee options outstanding? No
Number of options outstanding = 2.48
Average strike price = $76.28
Average maturity = 1.38
Standard deviation on stock price = 40.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = Yes Mature companies generally see th
If yes, enter the cost of capital after year 10 = 15% Though some sectors, even in stab
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 t
If yes, enter the return on capital you expect after year 10% But there are significant exception
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 fa
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= Estima
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will b
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
 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.
ur base year below ( in consistent units)

Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below

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

Computed numbers: Here is what your company's numbers look like, relative to industr
If you are not working in US dollars, you should add the inflation differential to the industry average
Company Industry (US data
Revenue growth in the most recent year = 12.03% 13.01%
Pre-tax operating margin in the most recent year 11.68% 16.56%
Sales to capital ratio in most recent year = 1.21 1.23
Return on invested capital in most recent year= 12.36% 14.81%
Standard deviation in stock prices = 50.86%
Serbian dinar rate = 11 Cost of capital = 6.58%
BB- rating for Serbia

Metalac (20 Metalac (20 US industry Global industry average

Revenues $4,971.56 $4,344.32
EBIT $ 580.90 $ 543.69
Op Margin 11.68% 12.51% 16.56% 14.34%
ROIC 12.36% 13.54% 14.81% 22.08%
Sales/Capita 1.21 1.13 1.23 2.14

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

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

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
Tough to estimate but a key input.
B: Book value of capital, V= Estimated fair value for the company
This can be zero, if the assets will be worth nothing if the firm fails.
by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

coming into the valuation. If you have a money losing company, you may want to override tis.
Check the financial statements.
An NOL will shield your income from taxes, even after you start making money.
Calculation options

heet option to do so. (see below)

below and I will convert to debt

look like, relative to industry.

fferential to the industry averages.
Industry (Global data)
11.76%
14.34%
2.14
22.08%

will fade over time.

essed companies fail, because they have trouble making debt payments.

tive tax rate.

 Baseyear 1 2 3
Revenuegrowthrate 12.03% 12.03% 12.03%
Revenues $4,971.56 $5,569.61 $6,239.59 $6,990.18
EBIT(Operating)margin 11.68% 11.77% 11.85% 11.93%
EBIT(Operatingincome) $580.90 $655.40 $739.43 $834.18
Taxrate 4.14% 4.14% 4.14% 4.14%
EBIT(1t) $556.85 $628.27 $708.81 $799.64
Reinvestment $529.24 $592.91 $664.23
FCFF $99.03 $115.90 $135.41
NOL $ $ $ $

Costofcapital 17.70% 17.70% 17.70%

Cumulateddiscountfactor 0.8496 0.7218 0.6133
PV(FCFF) $84.13 $83.67 $83.05

Terminalcashflow $867.73
Terminalcostofcapital 15.00%
Terminalvalue $10,846.67
PV(Terminalvalue) $2,278.55
PV(CFovernext10years $1,068.26
SumofPV $3,346.81
Probabilityoffailure= 0.00%
Proceedsiffirmfails= $1,673.41
Valueofoperatingassets= $3,346.81
Debt $1,084.63
Minorityinterests $108.86
+Cash $697.03
+Nonoperatingassets $
Valueofequity $2,850.35
Valueofoptions $0.00
Valueofequityincommon $2,850.35
Numberofshares 1.00
Estimatedvalue/share $2,850.35
Price $2,193.00
Priceas%ofvalue 76.94%

Impliedvariables
Salestocapitalratio 1.13 1.13 1.13
Investedcapital $4,094 $4,623 $5,216 $5,880
ROIC 13.60% 13.59% 13.59% 13.60%
 4 5 6 7 8 9
12.03% 12.03% 11.02% 10.02% 9.01% 8.01%
$7,831.05 $8,773.07 $9,740.17 $10,715.90 $11,681.59 $12,616.81
12.02% 12.10% 12.18% 12.27% 12.35% 12.43%
$941.03 $1,061.51 $1,186.62 $1,314.39 $1,442.54 $1,568.51
4.14% 4.14% 5.31% 6.48% 7.66% 8.83%
$902.07 $1,017.57 $1,123.59 $1,229.16 $1,332.10 $1,430.04
$744.14 $833.65 $855.84 $863.48 $854.59 $827.62
$157.94 $183.92 $267.75 $365.68 $477.51 $602.42
$ $ $ $ $ $

17.70% 17.70% 17.16% 16.62% 16.08% 15.54%

0.5211 0.4427 0.3779 0.3240 0.2791 0.2416
$82.29 $81.42 $101.17 $118.48 $133.28 $145.53

1.13 1.13 1.13 1.13 1.13 1.13

$6,625 $7,458 $8,314 $9,178 $10,032 $10,860
13.62% 13.64% 13.51% 13.39% 13.28% 13.17%
 10 Terminalyear
Check these revenues against
7.00% 7.00% a. Overall market size
$13,499.98 $14,444.98 b. Largest companies in this market
12.51% 12.51%
$1,689.51 $1,807.78 $ 1,226.88 This is is how much your operating income grew
over the ten-year period.
10.00% 10.00%
$1,520.56 $1,627.00
$781.57 $759.27 $ 8,306.54 This is how much capital you
invested over the ten year period.
$738.99 $867.73
$ $

15.00% 15.00%
0.2101
$155.24

Afteryear10
1.13
$11,641
13.06% 15.00%

Compare this return on capital in year 10 against

a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
ValuingOptionsorWarrants
Enterthecurrentstockprice= $2,193.00
Enterthestrikepriceontheoption= $76.28
Entertheexpirationoftheoption= 1.38
Enterthestandarddeviationinstockprices= 40.00% (volatility)
Entertheannualizeddividendyieldonstock= 0.00%
Enterthetreasurybondrate= 7.00%
Enterthenumberofwarrants(options)outstan 2.48
Enterthenumberofsharesoutstanding= 1.00

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 2193 #Warrantsissued= 2.48
StrikePrice= 76.28 #Sharesoutstanding= 1
AdjustedS= 2021.2449488 T.Bondrate= 7.00%
AdjustedK= 76.28 Variance= 0.1600
Expiration(inyears)= 1.38 Annualizeddividendyield= 0.00%
Div.Adj.interestrate= 7.00%

d1= 7.4145680941
N(d1)= 1

d2= 6.9446744891
N(d2)= 1

Valueperoption= $1,951.99
Valueofalloptionsoutstanding= $4,840.93
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)
 $ 4,094.08
$ 11,641.36
$ 7,547.28
$ 1,108.61
14.69%
13.06%
16.89%
129.98%

Ifcalculatedvalueisnegativeorlookstoolow
Increaserevenuegrowthrate
Increasethetargetpretaxoperatingmargin
Decreasethesales/capitalratio
Increaserelativetoyourcostofcapital
 Ifcalculatedvaluelookstoohigh
Decreaserevenuegrowthrate
Decreasethetargetpretaxoperatingmargin
Increasethesales/capitalratio
Ifhigherthanyourcostofcapital,lowertowardsyourcostofcapital T
 R&DConverter
ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 3 !Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense= $1,490.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year R&DExpenses
1 1559.00 !Year1istheyearpriortothecurrentyear
2 1351.00 !Year2isthetwoyearspriortothecurrentyear
3 965.00
0
0
0
0
0
0
0

Output
Year R&DExpense Unamortizedportion Amortizationthisyear
Current 1490.00 1.00 1490.00
1 1559.00 0.67 1039.33 $519.67
2 1351.00 0.33 450.33 $450.33
3 965.00 0.00 0.00 $321.67
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
ValueofResearchAsset= $2,979.67 $1,291.67

Amortizationofassetforcurrentyear= $1,291.67

AdjustmenttoOperatingIncome= $198.33 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreport

Tax Effect of R&D Expensing $20
riateadjustmentstooperatingincome,net

Ifindoubt,usethelookuptablebelow
hemaximumallowedistenyears
minedbytheamortizationperiod

increaseinoperatingincome(addtoreportedEBIT)
 OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.
Inputs
Operatingleaseexpenseincurrentyear= $380.00
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $56.00
2 $47.00
3 $39.00
4 $35.00
5 $31.00
6andbeyond $93.00

Output
PretaxCostofDebt= 3.65% !Ifyoudonothaveacostofdebt,usethesyntheticratingestimator

Numberofyearsembeddedinyr6estimate= 2 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $56.00 $54.03
2 $47.00 $43.75
3 $39.00 $35.02
4 $35.00 $30.32
5 $31.00 $25.91
6andbeyond $46.50 $73.68 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $262.72

RestatedFinancials
DepreciationonOperatingLeaseAsset= $37.53 !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= $342.47 !Addthisamounttopretaxoperatingincom
AdjustmenttoTotalDebtoutstanding= $262.72 !Addthisamounttodebt
nverter
Pleaseenterthem.

ticratingestimator

overthefirstfiveyears
fexpensesinyr6

nnuityfortenyears

Iusestraightlinedepreciation
Addthisamounttopretaxoperatingincome
Addthisamounttodebt
EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding= 1.00
CurrentMarketPricepershare= $2,193.00

Unleveredbeta= 0.90
RiskfreeRate= 7.00% Serbia
EquityRiskPremium= 9.81% Defaultspread 4.00%
Stddev(equity 13.10%
Debt Stddev(Govt 11.90%
BookValueofStraightDebt= $1,084.63 CRP 4.40%
InterestExpenseonDebt= $174.23
AverageMaturity= 5
PretaxCostofDebt= 15.000%
TaxRate= 10%

BookValueofConvertibleDebt= 0 Country EBIT ERP

InterestExpenseonConvertible= 0 Serbia 2661.00 10.20%
MaturityofConvertibleBond= 0 Russia 500.00 8.05%
MarketValueofConvertible= 0 Ukraine
OtherBaltic 75.00 14.80%
States 500.00 9.30%
Debtvalueofoperatingleases= $ Other 101.00 6.85%
Company 3837.00 9.81%
PreferredStock
NumberofPreferredShares= 0 Business EBIT Unleveredbeta
CurrentMarketPriceperShare= 70 HouseholdProd$2,193.00 0.88
AnnualDividendperShare= 5 Packaging&Co$162.00 0.95
BuildingMateri$183.00 1.05
Output Company $2,538.00 0.90
EstimatingMarketValueofStraightDebt= $1,123.30
EstimatedValueofStraightDebtinConvertible= $
ValueofDebtinOperatingleases= $
EstimatedValueofEquityinConvertible= $
LeveredBetaforequity= 1.31

Equity Debt PreferredStock Capital

MarketValue $2,193.00 $1,123.30 $ $3,316.30
WeightinCostofCapital 66.13% 33.87% 0.00% 100.00%
CostofComponent 19.85% 13.50% 7.14% 17.70%
 Ifyouareamultinationalcompanyandhaveabreakdownbycountry,youcanusethistable(forup
Country Revenues ERP Weight WeightedERP
Argentina 19 14.80% 9.31% 1.38%
Bolivia 4 10.68% 1.96% 0.21%
Brazil 130 8.43% 63.73% 5.37%
Canada 23 5.80% 11.27% 0.65%
Chile 7 6.85% 3.43% 0.24%
Ecuador 6 16.30% 2.94% 0.48%
Paraguay 3 11.80% 1.47% 0.17%
Peru 12 8.43% 5.88% 0.50%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Total 204 100.00% 9.00%
Ifyouareamultinationalcompanyandhaveabreakdownonlybyregion,youcanusethistableins
Region Revenues ERP Weight WeightedERP
Africa 0 10.09% 0.00% 0.0000%
Australia&NewZealand 0 5.80% 0.00% 0.0000%
Weight Caribbean 12.57% 0.00% 0.0000%
69.35% CentralandSouthAmerica 10 9.18% 10.00% 0.9180%
13.03% EasternEurope&Russia 8.48% 0.00% 0.0000%
1.95% MiddleEast 6.96% 0.00% 0.0000%
13.03% NorthAmerica 30 5.80% 30.00% 1.7400%
2.63% WesternEurope 35 6.85% 35.00% 2.3975%
100.00% AsiawithoutJapan 15 7.58% 15.00% 1.1370%
Japan 10 6.85% 10.00% 0.6850%
Weight Total 100 100.00% 6.8775%
86.41%
6.38% Ifyouareamultibusinesscompany,youcaninputthefollowing
7.21% Business Revenues EV/Sales EstimatedValu UnleveredBeta
HouseholdProducts $2,193.00 2.2400 $4,912.32 0.9000
Packaging&Container $162.00 1.0800 $174.96 1.0500
BuildingMaterials $183.00 1.5400 $281.82 1.0500
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
0.0000 $ 0.0000
Company $ 2,538.00 $5,369.10 0.9128
youcanusethistable(forupto10countries)

ion,youcanusethistableinstead
Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm= 2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancials
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $580.90 (Addbackonlylongterminterestexpensef
Entercurrentinterestexpenses= $174.23 (Useonlylongterminterestexpenseforfina
Enterlongtermriskfreerate= 7.00%
Enterdefaultspreadforsovereignbond= 4.00%
Output
Interestcoverageratio= 3.33
EstimatedBondRating= BB Note: If you get REF! All over the place, set the
EstimatedDefaultSpread= 4.00% to No, and then reset it to Yes. It should work.
EstimatedCostofDebt= 15.00%

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms Forfinancialservicefirms(defaultspreadsareslightyd
Ifinterestcoverageratiois Iflongterminterestcoverageratiois
> to Ratingis Spreadis greaterthan to
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 7.25% 0.3 0.399999
1.5 1.749999 B 6.50% 0.4 0.499999
1.75 1.999999 B+ 5.50% 0.5 0.599999
2 2.2499999 BB 4.00% 0.6 0.749999
2.25 2.49999 BB+ 3.00% 0.75 0.899999
2.5 2.999999 BBB 2.00% 0.9 1.199999
3 4.249999 A 1.30% 1.2 1.49999
4.25 5.499999 A 1.00% 1.5 1.99999
5.5 6.499999 A+ 0.85% 2 2.49999
6.5 8.499999 AA 0.70% 2.5 2.99999
8.50 100000 AAA 0.40% 3 100000

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D 12.00%
0.5 0.799999 C 10.50%
0.8 1.249999 CC 9.50%
1.25 1.499999 CCC 8.75%
1.5 1.999999 B 7.25%
2 2.499999 B 6.50%
2.5 2.999999 B+ 5.50%
3 3.499999 BB 4.00%
3.5 3.9999999 BB+ 3.00%
4 4.499999 BBB 2.00%
4.5 5.999999 A 1.30%
 6 7.499999 A 1.00%
7.5 9.499999 A+ 0.85%
9.5 12.499999 AA 0.70%
12.5 100000 AAA 0.40%
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 7.25%
B 6.50%
B+ 5.50%
BB 4.00%
BB+ 3.00%
BBB 2.00%
A 1.30%
A 1.00%
A+ 0.85%
AA 0.70%
AAA 0.40%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising 32 8.67% 11.77%
Aerospace/Defense 66 12.56% 10.24%
Air Transport 36 13.21% 8.38%
Apparel 54 7.69% 10.37%
Auto Parts 54 20.10% 6.72%
Automotive 12 42.35% 5.80%
Bank 416 0.00% NA
Bank (Midwest) 68 0.00% NA
Beverage 35 2.62% 20.74%
Biotechnology 214 20.93% 18.54%
Building Materials 43 1.28% 4.30%
Cable TV 20 9.08% 19.19%
Chemical (Basic) 18 18.73% 14.84%
Chemical (Diversified) 33 15.70% 15.02%
Chemical (Specialty) 70 25.40% 11.16%
Coal 20 7.08% 14.19%
Computer Software 191 14.81% 29.99%
Computers/Peripherals 81 3.89% 16.94%
Diversified Co. 113 17.36% 14.91%
Drug 223 20.19% 25.24%
E-Commerce 64 15.67% 8.24%
Educational Services 33 10.29% 18.69%
Electric Util. (Central) 20 4.05% 17.55%
Electric Utility (East) 17 1.50% 20.51%
Electric Utility (West) 15 2.83% 16.44%
Electrical Equipment 64 9.11% 13.77%
Electronics 123 3.54% 6.39%
Engineering & Const 30 8.58% 4.83%
Entertainment 76 10.73% 19.12%
Entertainment Tech 42 6.07% 17.30%
Environmental 84 20.11% 14.65%
Financial Svcs. (Div.) 256 5.86% 61.83%
Food Processing 119 14.61% 9.73%
Foreign Electronics 10 -4.59% 3.41%
Funeral Services 6 8.91% 14.37%
Furn/Home Furnishings 32 2.78% 8.48%
Healthcare Information 20 20.68% 16.53%
Heavy Truck & Equip 23 27.10% 11.12%
Homebuilding 22 11.34% 9.44%
Hotel/Gaming 57 14.27% 15.55%
Household Products 27 13.01% 16.56%
Human Resources 25 16.17% 3.05%
Industrial Services 136 8.41% 7.90%
Information Services 28 8.56% 20.35%
Insurance (Life) 32 0.00% NA
Insurance (Prop/Cas.) 62 2.17% NA
Internet 194 11.68% 13.12%
Investment Companies 31 42.77% 26.90%
IT Services 63 6.33% 11.19%
Machinery 94 17.69% 11.95%
Maritime 51 0.35% 12.18%
Med Supp Invasive 87 7.09% 21.19%
Med Supp Non-Invasiv 143 8.96% 6.43%
Medical Services 118 4.57% 10.05%
Metal Fabricating 25 19.43% 14.66%
Metals & Mining (Div.) 77 21.71% 34.97%
Natural Gas (Div.) 31 11.77% 28.13%
Natural Gas Utility 27 0.45% 7.26%
Newspaper 14 -6.65% 12.30%
Office Equip/Supplies 22 12.17% 6.59%
Oil/Gas Distribution 12 8.28% 19.29%
Oilfield Svcs/Equip. 81 26.77% 16.51%
Packaging & Container 27 10.50% 9.63%
Paper/Forest Products 32 6.15% 10.40%
Petroleum (Integrated) 26 24.94% 11.99%
Petroleum (Producing) 176 32.94% 21.76%
Pharmacy Services 18 16.76% 5.48%
Pipeline MLPs 53 20.21% 8.99%
Power 101 8.17% 6.97%
Precious Metals 83 28.17% 39.11%
Precision Instrument 82 10.50% 7.02%
Property Management 31 14.32% 13.68%
Public/Private Equity 12 -8.37% 38.25%
Publishing 29 6.27% 10.07%
R.E.I.T. 127 0.01% 161.63%
Railroad 12 44.26% 28.08%
Recreation 51 5.39% 11.54%
Reinsurance 11 0.00% NA
Restaurant 65 6.61% 16.78%
Retail (Hardlines) 79 8.37% 8.22%
Retail (Softlines) 42 9.79% 9.37%
Retail Automotive 19 22.30% 6.78%
Retail Building Supply 10 5.08% 8.35%
Retail Store 38 16.35% 5.24%
Retail/Wholesale Food 30 8.91% 3.34%
Securities Brokerage 27 1.86% 32.82%
Semiconductor 142 6.94% 20.38%
Semiconductor Equip 10 -5.75% 11.80%
Shoe 17 13.34% 8.37%
Steel 33 26.86% 8.19%
Telecom. Equipment 105 1.06% 14.90%
Telecom. Services 76 19.34% 20.13%
Telecom. Utility 23 0.46% 14.69%
Thrift 170 0.00% NA
Tobacco 11 13.51% 22.35%
Toiletries/Cosmetics 14 9.53% 11.07%
Trucking 34 15.05% 7.47%
Water Utility 11 4.16% 26.21%
Wireless Networking 58 6.59% 15.93%
Total Market 6177 12.24% 17.13%
After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity
11.49% 16.02% 1.44 1.68 11.51%
19.40% 20.08% 0.92 0.98 7.45%
17.97% 21.35% 0.82 1.03 7.73%
13.86% 18.57% 1.29 1.36 9.68%
17.65% 18.77% 1.66 1.76 11.94%
5.77% 16.24% 1.11 1.73 11.79%
NA 16.39% 0.45 0.77 6.24%
NA 20.99% 0.76 0.89 6.95%
14.56% 18.82% 0.84 0.95 7.26%
14.57% 2.98% 1.30 1.23 8.89%
2.98% 9.48% 1.05 1.57 10.87%
10.52% 21.23% 0.96 1.40 9.90%
17.75% 21.89% 1.24 1.37 9.73%
18.12% 19.75% 1.47 1.55 10.75%
12.48% 15.35% 1.05 1.18 8.59%
10.10% 11.27% 0.99 1.47 10.28%
43.31% 12.43% 1.11 0.98 7.42%
34.66% 10.01% 1.39 1.37 9.68%
9.21% 17.18% 0.86 1.22 8.82%
16.94% 5.14% 1.03 1.08 8.00%
5.46% 10.52% 1.09 1.05 7.86%
42.33% 21.72% 1.09 0.91 7.01%
6.47% 30.12% 0.36 0.57 5.08%
6.69% 33.49% 0.30 0.43 4.24%
6.17% 29.09% 0.38 0.58 5.14%
15.98% 16.15% 1.45 1.43 10.03%
14.60% 11.31% 1.17 1.22 8.81%
13.16% 25.00% 1.40 1.28 9.19%
10.41% 12.56% 1.31 1.60 11.05%
19.51% 11.01% 1.33 1.11 8.20%
8.90% 7.60% 0.49 0.66 5.62%
7.33% 16.23% 0.56 1.34 9.53%
13.56% 21.63% 0.77 0.87 6.83%
5.44% 23.12% 1.12 1.10 8.13%
8.28% 28.66% 0.85 1.12 8.26%
14.06% 16.69% 1.47 1.63 11.20%
11.68% 20.31% 0.98 0.97 7.36%
15.21% 22.74% 1.45 1.80 12.22%
7.68% 7.12% 1.25 1.55 10.73%
10.21% 17.52% 1.29 1.65 11.33%
14.81% 24.66% 0.88 0.98 7.42%
12.19% 26.61% 1.46 1.38 9.76%
9.95% 20.19% 0.83 0.97 7.38%
12.71% 18.33% 1.05 1.25 9.00%
NA 21.09% 1.41 1.44 10.11%
NA 10.73% 0.90 0.85 6.69%
21.54% 8.43% 1.31 1.17 8.56%
5.87% 2.26% 1.21 1.27 9.11%
21.77% 16.27% 1.11 1.05 7.83%
13.43% 22.73% 1.18 1.26 9.07%
3.54% 7.92% 0.60 1.51 10.53%
14.91% 12.60% 0.82 0.87 6.78%
19.94% 10.61% 1.10 1.07 7.94%
14.44% 17.72% 0.66 0.84 6.62%
14.39% 23.30% 1.56 1.63 11.19%
25.19% 11.24% 1.54 1.62 11.14%
7.36% 22.02% 1.01 1.28 9.16%
7.04% 28.80% 0.32 0.46 4.40%
10.99% 18.35% 1.50 1.86 12.56%
10.89% 22.66% 1.05 1.43 10.03%
7.62% 18.11% 0.72 1.02 7.65%
9.50% 18.20% 1.45 1.66 11.39%
11.11% 23.09% 0.88 1.20 8.72%
11.16% 11.43% 1.07 1.37 9.73%
14.65% 30.34% 1.10 1.17 8.55%
14.99% 11.71% 1.21 1.45 10.18%
11.53% 23.18% 1.07 1.17 8.53%
9.50% 4.30% 0.52 0.74 6.05%
2.62% 6.19% 0.58 1.35 9.61%
11.91% 11.13% 1.00 1.03 7.75%
5.78% 14.13% 1.21 1.27 9.12%
4.72% 16.50% 0.73 1.30 9.30%
8.83% 19.17% 1.94 2.02 13.48%
11.20% 22.69% 0.96 1.17 8.56%
14.58% 0.04% 1.12 1.43 10.04%
12.37% 28.60% 1.15 1.32 9.40%
9.09% 20.31% 1.18 1.45 10.14%
NA 3.58% 0.91 0.82 6.49%
21.41% 19.23% 1.08 1.16 8.48%
14.89% 22.55% 1.65 1.79 12.14%
30.03% 25.57% 1.51 1.43 10.05%
9.57% 32.69% 1.10 1.39 9.82%
13.54% 25.56% 1.04 1.11 8.22%
12.85% 24.83% 1.14 1.29 9.26%
11.26% 31.18% 0.58 0.68 5.69%
7.09% 30.41% 0.66 1.07 7.95%
22.88% 11.71% 1.60 1.49 10.41%
11.35% 15.21% 2.01 1.79 12.16%
17.66% 19.89% 1.37 1.26 9.09%
7.59% 24.24% 1.27 1.65 11.32%
26.25% 14.01% 1.37 1.07 7.96%
13.66% 16.22% 1.00 1.15 8.43%
7.49% 26.94% 0.53 0.92 7.08%
NA 15.84% 0.78 0.68 5.68%
31.97% 32.82% 0.79 0.86 6.75%
21.44% 27.33% 1.09 1.17 8.52%
11.97% 25.94% 0.87 1.09 8.08%
5.89% 31.45% 0.33 0.49 4.61%
12.27% 10.06% 1.17 1.35 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% 2.76% 14.81% 7.97% 1.53 1.55
62.52% 3.26% 64.44% 5.00% 0.36 2.64
55.49% 3.26% 14.15% 6.10% 0.92 2.71
67.73% 3.76% 11.42% 7.29% 4.21 0.78
74.16% 3.76% 33.44% 5.16% 2.19 0.74
60.59% 3.26% 19.09% 9.42% 1.38 1.28
93.05% 4.76% 13.36% 10.03% 0.99 2.18
44.57% 2.76% 29.12% 6.97% 0.43 2.89
28.44% 2.76% 39.82% 3.31% 1.40 1.03
54.39% 3.26% 28.21% 9.57% 1.22 1.57
51.92% 3.26% 41.91% 6.65% 2.34 0.46
35.63% 2.76% 34.81% 5.56% 0.56 3.42
59.58% 3.26% 21.70% 9.34% 0.79 2.00
36.52% 2.76% 35.97% 6.18% 1.56 1.08
52.28% 3.26% 30.07% 7.39% 1.32 1.18
47.25% 2.76% 16.99% 7.38% 2.03 0.70
71.26% 3.76% 21.95% 8.44% 1.07 1.26
42.23% 2.76% 15.88% 7.44% 3.34 0.66
24.88% 2.26% 30.73% 4.61% 1.10 1.70
84.63% 4.26% 62.04% 5.23% 0.61 1.51
77.77% 3.76% 12.01% 7.09% 0.43 3.64
60.11% 3.26% 17.50% 7.86% 1.23 1.89
50.63% 3.26% 52.96% 5.41% 0.40 3.12
42.00% 2.76% 22.32% 10.84% 0.28 4.00
65.72% 3.76% 26.55% 6.88% 1.66 1.32
34.76% 2.76% 27.01% 7.78% 0.09 13.11
35.73% 2.76% 19.00% 7.93% 0.67 3.32
52.30% 3.26% 27.41% 7.90% 0.96 1.70
20.74% 2.26% 15.90% 5.67% NA NA
50.92% 3.26% 11.62% 7.72% 1.83 2.46
63.49% 3.26% 20.64% 10.03% 2.61 0.87
42.54% 2.76% 5.29% 9.60% 5.17 1.14
64.20% 3.26% 30.71% 7.40% 2.17 0.93
31.82% 2.76% 10.49% 7.53% 2.55 1.31
63.15% 3.26% 20.37% 7.77% 3.61 0.61
29.93% 2.76% 25.84% 4.65% 4.99 0.43
40.56% 2.76% 72.57% 3.38% 0.30 3.23
53.65% 3.26% 9.14% 9.64% 1.41 2.16
40.44% 2.76% 14.52% 10.63% 1.21 1.44
47.32% 2.76% 1.90% 8.94% 3.24 1.42
45.66% 2.76% 35.98% 7.84% 1.26 0.73
64.86% 3.26% 11.75% 7.25% 2.29 1.27
64.04% 3.26% 24.14% 6.86% 0.90 1.91
43.85% 2.76% 51.98% 4.26% 0.72 1.77
41.73% 2.76% 16.32% 5.03% NA NA
36.44% 2.76% 15.87% 5.94% 2.10 2.30
40.10% 2.76% 17.10% 7.35% 2.83 1.37
48.32% 2.76% 29.74% 6.17% 2.44 0.82
37.24% 2.76% 42.26% 3.36% 0.32 4.36
62.91% 3.26% 20.43% 8.05% 0.94 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 12.94 2.76 21.30
10.36 21.66 0.85 22.57
10.16 12.81 2.82 46.69
9.78 12.07 3.11 35.61
6.02 7.32 2.03 29.94
6.90 8.75 1.90 63.26
5.27 6.24 2.35 36.66
5.41 10.26 1.35 53.21
9.89 14.20 1.99 23.01
8.72 12.77 2.70 115.92
4.76 6.94 1.11 21.17
12.02 17.73 3.56 37.30
7.98 12.13 1.79 14.61
7.57 11.20 2.49 17.22
7.22 11.38 1.92 29.45
4.39 5.81 1.49 11.29
4.06 5.77 1.47 24.25
9.57 11.98 2.58 19.67
13.43 18.87 2.96 130.50
8.92 21.70 0.82 304.86
7.17 9.30 1.61 24.60
14.89 26.86 2.57 23.56
15.96 22.79 1.66 44.26
10.30 10.45 1.12 8.65
8.76 13.14 3.37 14.22
7.25 8.11 1.29 16.85
9.13 11.81 2.99 17.50
9.89 14.69 2.01 24.73
28.62 28.62 0.82 8.25
11.50 14.65 6.65 19.52
7.65 10.61 2.76 22.74
9.02 12.12 4.94 18.19
11.03 13.74 3.46 15.97
12.23 15.74 4.32 25.76
8.39 11.67 2.90 20.34
8.27 12.98 3.18 14.89
8.79 9.85 0.93 20.01
6.98 10.58 2.72 50.55
8.07 12.22 1.64 25.21
14.09 16.98 3.66 13.75
5.63 8.89 0.88 23.48
6.74 8.51 2.08 24.80
5.39 9.47 2.02 18.25
5.08 12.05 1.77 16.70
4.08 4.08 0.99 29.69
9.48 10.30 11.46 19.42
10.10 12.39 6.04 20.39
6.19 10.96 3.07 16.70
11.20 16.62 2.00 20.46
10.48 16.83 3.51 29.68
7.37 9.59 2.11 33.45
Country Tax Rate
Afghanistan 20.00%
Albania 10.00%
Angola 35.00%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Bermuda 0.00%
Bolivia 25.00%
Bonaire 0.00%
Bosnia and Herzegovin 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Cambodia 20.00%
Canada 26.00%
Cayman Islands 0.00%
Chile 18.50%
China 25.00%
Colombia 33.00%
Costa Rica 30.00%
Croatia 20.00%
Curacao 27.50%
Cyprus 10.00%
Czech Republic 19.00%
Denmark 25.00%
Dominican Republic 29.00%
Ecuador 23.00%
Egypt 25.00%
Estonia 21.00%
El Salvador 30.00%
Fiji 28.00%
Finland 24.50%
France 33.33%
Georgia 0.00%
Germany 29.48%
Gibraltar 10.00%
Greece 20.00%
Guatemala 31.00%
Guernsey 0.00%
Honduras 35.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 32.45%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 25.00%
Italy 31.40%
Jamaica 33.33%
Japan 38.01%
Jersey 0.00%
Jordan 14.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 24.20%
Kuwait 15.00%
Latvia 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 28.80%
Macau 12.00%
Macedonia 10.00%
Malawi 30.00%
Malaysia 25.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Montenegro 9.00%
Mozambique 32.00%
Namibia 34.00%
Netherlands 25.00%
New Zealand 28.00%
Nigeria 30.00%
Norway 28.00%
Oman 12.00%
Pakistan 35.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 25.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Saba 0.00%
Samoa 27.00%
Saudi Arabia 20.00%
Serbia 10.00%
Singapore 17.00%
Slovak Republic 19.00%
Slovenia 18.00%
South Africa 34.55%
Spain 30.00%
Sri Lanka 28.00%
St Eustatius 0.00%
St Maarten 34.50%
Sudan 35.00%
Sweden 26.30%
Switzerland 21.17%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 23.00%
Trinidad and Tobago 25.00%
Tunisia 30.00%
Turkey 20.00%
Uganda 30.00%
Ukraine 21.00%
United Arab Emirates 55.00%
United Kingdom 24.00%
United States 40.00%
Uruguay 25.00%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 25.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.75%
Africa average 29.02%
North America average 33.00%
Asia average 22.89%
Europe average 20.50%
Latin America average 28.30%
Oceania average 28.60%
EU average 22.60%
OECD average 25.25%
Global average 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 Caa1 7.00%
Guatemala Ba1 2.40%
Honduras B2 5.00%
HongKong Aa1 0.25%
Hungary Ba1 2.40%
Iceland Baa3 2.00%
India Baa3 2.00%
Indonesia Baa3 2.00%
Ireland Ba1 2.40%
IsleofMan Aaa 0.00%
Israel A1 0.85%
Italy Baa2 1.75%
Jamaica B3 6.00%
Japan Aa3 0.70%
Jordan Ba2 2.75%
Kazakhstan Baa2 1.75%
Kenya B1 4.00%
Korea Aa3 0.70%
Kuwait Aa2 0.50%
Latvia Baa3 2.00%
Lebanon B1 4.00%
Lithuania Baa1 1.50%
Luxembourg Aaa 0.00%
Macao Aa3 0.70%
Malaysia A3 1.15%
Malta A3 1.15%
Mauritius Baa1 1.50%
Mexico Baa1 1.50%
Moldova B3 6.00%
Mongolia B1 4.00%
Montenegro Ba3 3.25%
Morocco Ba1 2.40%
Namibia Baa3 2.00%
Netherlands Aaa 0.00%
NewZealand Aaa 0.00%
Nicaragua B3 6.00%
Nigeria Ba3 3.25%
Norway Aaa 0.00%
Oman A1 0.85%
Pakistan Caa1 7.00%
Panama Baa2 1.75%
PapuaNewGuinea B1 4.00%
Paraguay B1 4.00%
Peru Baa2 1.75%
Philippines Ba1 2.40%
Poland A2 1.00%
Portugal Ba3 3.25%
Qatar Aa2 0.50%
Romania Baa3 2.00%
Russia Baa1 1.50%
SaudiArabia Aa3 0.70%
Senegal B1 4.00%
Singapore Aaa 0.00%
Slovakia A2 1.00%
Slovenia Baa2 1.75%
SouthAfrica Baa1 1.50%
Spain Baa3 2.00%
SriLanka B1 4.00%
St.Maarten Baa1 1.50%
St.Vincent&theGrena B2 5.00%
Suriname Ba3 3.25%
Sweden Aaa 0.00%
Switzerland Aaa 0.00%
Taiwan Aa3 0.70%
Thailand Baa1 1.50%
TrinidadandTobago Baa1 1.50%
Tunisia Baa3 2.00%
Turkey Ba1 2.40%
Ukraine B3 6.00%
UnitedArabEmirates Aa2 0.50%
UnitedKingdom Aaa 0.00%
UnitedStatesofAmeric Aaa 0.00%
Uruguay Baa3 2.00%
Venezuela B1 4.00%
Vietnam B2 5.00%
Zambia B1 4.00%
Row Labels Default Spread Total ERP (Weighted Average)
Africa 2.86% 10.09%
Australia & New Zealan 0.00% 5.80%
Caribbean 4.52% 12.57%
Central and South Amer 2.26% 9.18%
Eastern Europe & Russi 1.79% 8.48%
Middle East 0.77% 6.96%
North America 0.00% 5.80%
Western Europe 0.70% 6.85%
Asia without Japan 1.18% 7.58%
Japan 0.70% 6.85%
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% 10.50% Western Europe
9.40% 3.60% Central and South America
13.30% 7.50% Central and South America
6.18% 0.38% Asia
9.40% 3.60% Eastern Europe & Russia
8.80% 3.00% Western Europe
8.80% 3.00% Asia
8.80% 3.00% Asia
9.40% 3.60% Western Europe
5.80% 0.00% Financial Center
7.08% 1.28% Middle East
8.43% 2.63% Western Europe
14.80% 9.00% Caribbean
6.85% 1.05% Asia
9.93% 4.13% Middle East
8.43% 2.63% Eastern Europe & Russia
11.80% 6.00% Africa
6.85% 1.05% Asia
6.55% 0.75% Middle East
8.80% 3.00% Eastern Europe & Russia
11.80% 6.00% Middle East
8.05% 2.25% Eastern Europe & Russia
5.80% 0.00% Western Europe
6.85% 1.05% Asia
7.53% 1.73% Asia
7.53% 1.73% Western Europe
8.05% 2.25% Africa
8.05% 2.25% Central and South America
14.80% 9.00% Eastern Europe & Russia
11.80% 6.00% Asia
10.68% 4.88% Eastern Europe & Russia
9.40% 3.60% Africa
8.80% 3.00% Africa
5.80% 0.00% Western Europe
5.80% 0.00% Australia & New Zealand
14.80% 9.00% Central and South America
10.68% 4.88% Africa
5.80% 0.00% Western Europe
7.08% 1.28% Middle East
16.30% 10.50% Asia
8.43% 2.63% Central and South America
11.80% 6.00% Asia
11.80% 6.00% Central and South America
 8.43% 2.63% Central and South America
9.40% 3.60% Asia
7.30% 1.50% Eastern Europe & Russia
10.68% 4.88% Western Europe
6.55% 0.75% Middle East
8.80% 3.00% Eastern Europe & Russia
8.05% 2.25% Eastern Europe & Russia
6.85% 1.05% Middle East
11.80% 6.00% Africa
5.80% 0.00% Asia
7.30% 1.50% Eastern Europe & Russia
8.43% 2.63% Western Europe
8.05% 2.25% Africa
8.80% 3.00% Western Europe
11.80% 6.00% Asia
8.05% 2.25% Caribbean
13.30% 7.50% Caribbean
10.68% 4.88% Caribbean
5.80% 0.00% Western Europe
5.80% 0.00% Western Europe
6.85% 1.05% Asia
8.05% 2.25% Asia
8.05% 2.25% Caribbean
8.80% 3.00% Africa
9.40% 3.60% Western Europe
14.80% 9.00% Eastern Europe & Russia
6.55% 0.75% Middle East
5.80% 0.00% Western Europe
5.80% 0.00% North America
8.80% 3.00% Central and South America
11.80% 6.00% Central and South America
13.30% 7.50% Asia
11.80% 6.00% Africa
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%
 Last 10K First X months: Last year
Revenues $18,435.00 $9,076.00
R&D expense $1,559.00 $804.00
Operating income or EBIT $1,490.00 $1,304.00
Book value of equity $10,100.00
Book value of debt $0.00
Do you have operating lease commitments?
Cash and cross holdings $1,774.00
Non-operating assets $337.00
Minority interests $0.00
Number of shares outstanding =
Current stock price =
Effective tax rate = 22.96% 22.31%
Marginal tax rate =

Lease commitments
Year 1 $56.00
Year 2 $47.00
Year 3 $39.00
Year 4 $35.00
Year 5 $31.00
Beyond year 5 $93.00
First X months: Current yearTrailing 12 month
$5,687.00 $15,046.00
$735.00 $1,490.00
-$1,006.00 -$820.00
$9,372.00
$0.00

$2,065.00
$278.00
$0.00

24.93%

NA
NA
NA
NA
NA
NA
Yes/No Book or Market Value
Yes B
No V
Industry Name Number of firms Unlevered beta corrected for cash
Advertising 255 0.98
Aerospace/Defense 210 0.89
Air Transport 160 0.60
Apparel 1166 1.00
Auto & Truck 130 0.77
Auto Parts 624 1.19
Bank 568 0.31
Banks (Regional) 944 0.44
Beverage 99 0.74
Beverage (Alcoholic) 209 0.68
Biotechnology 666 1.05
Broadcasting 144 1.03
Brokerage & Investment Banking 525 0.28
Building Materials 420 0.81
Business & Consumer Services 709 0.83
Cable TV 65 0.76
Chemical (Basic) 760 0.86
Chemical (Diversified) 86 1.11
Chemical (Specialty) 693 0.99
Coal & Related Energy 322 1.08
Computer Services 938 0.97
Computer Software 1068 1.12
Computers/Peripherals 371 1.04
Construction 466 0.75
Diversified 365 0.67
Educational Services 145 1.10
Electrical Equipment 847 0.96
Electronics 1188 1.01
Electronics (Consumer & Office) 208 0.96
Engineering 1141 0.81
Entertainment 356 0.97
Environmental & Waste Services 307 0.86
Farming/Agriculture 331 0.74
Financial Svcs. 520 0.18
Financial Svcs. (Non-bank & Insurance) 149 0.17
Food Processing 1223 0.69
Food Wholesalers 115 0.56
Furn/Home Furnishings 323 0.94
Healthcare Equipment 448 0.92
Healthcare Facilities 170 0.54
Healthcare Products 155 0.78
Healthcare Services 328 0.81
Heathcare Information and Technology 266 0.96
Heavy Construction 334 0.99
Homebuilding 155 1.00
Hotel/Gaming 618 0.84
Household Products 456 0.82
Information Services 171 0.98
Insurance (General) 220 0.71
Insurance (Life) 117 0.94
Insurance (Prop/Cas.) 220 0.65
Internet software and services 715 1.22
Investment Co. 448 0.58
Machinery 1249 1.06
Metals & Mining 1700 1.08
Office Equipment & Services 162 0.81
Oil/Gas (Integrated) 55 1.12
Oil/Gas (Production and Exploration) 1219 1.05
Oil/Gas Distribution 198 0.70
Oilfield Svcs/Equip. 570 1.12
Packaging & Container 399 0.65
Paper/Forest Products 318 0.64
Pharma & Drugs 823 0.88
Power 719 0.47
Precious Metals 1237 1.16
Publshing & Newspapers 401 0.75
R.E.I.T. 48 0.14
Railroad 56 0.46
Real Estate 415 0.69
Real Estate (Development) 611 0.84
Real Estate (Operations & Services) 439 0.56
Recreation 292 0.86
Reinsurance 35 0.86
Restaurant 298 0.62
Retail (Automotive) 138 0.74
Retail (Building Supply) 51 0.68
Retail (Distributors) 842 0.61
Retail (General) 226 0.78
Retail (Grocery and Food) 170 0.54
Retail (Internet) 108 1.08
Retail (Special Lines) 536 1.01
Rubber& Tires 91 0.84
Semiconductor 564 1.20
Semiconductor Equip 264 1.49
Shipbuilding & Marine 351 0.68
Shoe 95 1.06
Steel 725 0.86
Telecom (Wireless) 117 0.79
Telecom. Equipment 550 1.18
Telecom. Services 325 0.63
Thrift 295 0.02
Tobacco 48 0.49
Tranportation 223 0.75
Trucking 185 0.55
Utility (General) 61 0.41
Utility (Water) 97 0.53
Grand Total 40943 0.64
Market D/E RMarket Debt Effective taxDividend Pa Net Margin Pre-tax Ope ROE ROIC
32.29% 24.41% 13.92% 34.69% 3.86% 8.10% 9.42% 42.52%
26.27% 20.80% 13.31% 33.18% 5.35% 8.91% 16.43% 35.50%
100.92% 50.23% 16.15% 51.21% 1.66% 4.84% 6.35% 6.94%
17.84% 15.14% 13.42% 37.80% 6.48% 11.70% 12.92% 15.05%
93.91% 48.43% 12.66% 16.30% 5.81% 5.98% 18.61% 7.83%
37.00% 27.00% 16.55% 12.54% 4.20% 6.60% 13.90% 14.33%
367.12% 78.59% 18.93% 32.02% 20.42% 0.25% 8.97% 0.02%
142.34% 58.74% 18.85% 15.95% 18.68% 0.00% 7.17% 0.00%
21.29% 17.55% 12.82% 30.71% 10.12% 14.77% 21.29% 18.97%
24.36% 19.59% 18.60% 33.05% 11.69% 18.89% 17.27% 14.32%
13.07% 11.56% 2.91% 34.78% 8.08% 17.16% 7.25% 11.45%
40.12% 28.63% 17.52% 31.74% 8.49% 15.89% 13.12% 15.03%
415.35% 80.60% 11.36% 36.87% 5.02% 0.18% 4.13% 0.02%
44.77% 30.93% 16.08% 36.75% 2.46% 6.14% 5.13% 7.58%
25.13% 20.08% 18.11% 40.69% 4.20% 7.85% 12.28% 19.57%
56.80% 36.22% 14.42% 15.91% 9.79% 18.41% 26.04% 15.33%
40.13% 28.64% 13.56% 57.82% 3.79% 6.69% 8.03% 7.99%
42.99% 30.07% 20.09% 43.49% 3.43% 7.96% 9.84% 10.52%
20.55% 17.05% 16.99% 30.49% 8.00% 12.65% 14.69% 15.64%
25.95% 20.60% 6.36% 55.14% 8.20% 15.68% 10.92% 15.36%
15.82% 13.66% 17.31% 21.36% 5.44% 8.16% 20.43% 28.10%
7.33% 6.83% 11.68% 27.50% 14.49% 22.50% 16.62% 40.08%
16.06% 13.83% 12.32% 16.88% 5.02% 9.96% 17.06% 32.20%
48.57% 32.69% 14.87% 50.95% 5.17% 10.85% 7.25% 7.89%
79.08% 44.16% 13.26% 25.92% 6.18% 9.25% 11.53% 7.62%
20.26% 16.84% 14.29% NA -1.40% 11.08% -2.57% 21.01%
29.89% 23.01% 13.88% 50.70% 3.30% 6.86% 7.24% 11.05%
31.80% 24.12% 12.33% 30.54% 2.78% 4.48% 6.20% 6.47%
57.73% 36.60% 12.17% NA -5.21% 2.32% -13.51% 3.57%
83.04% 45.37% 17.02% 59.23% 1.79% 4.52% 6.83% 7.93%
28.71% 22.31% 8.79% 28.43% 7.88% 16.46% 10.39% 21.13%
40.91% 29.03% 11.25% 62.60% 2.97% 8.92% 6.76% 13.28%
42.90% 30.02% 13.56% 28.83% 3.84% 4.84% 10.86% 7.78%
656.46% 86.78% 17.11% 16.51% 21.78% 6.43% 14.39% 0.38%
679.35% 87.17% 13.67% 8.01% 13.70% 3.31% 6.42% 0.22%
27.68% 21.68% 15.80% 43.33% 4.79% 8.05% 12.30% 13.63%
70.98% 41.51% 18.45% 54.16% 1.06% 2.99% 10.56% 13.98%
26.97% 21.24% 14.93% 30.24% 4.15% 6.11% 12.02% 13.60%
17.33% 14.77% 8.87% 37.02% 9.98% 18.21% 13.27% 24.36%
80.65% 44.65% 16.54% 15.05% 4.24% 10.37% 26.49% 14.16%
19.42% 16.26% 13.49% 22.73% 7.95% 12.14% 12.03% 14.31%
31.97% 24.23% 17.34% 16.77% 2.48% 4.77% 13.81% 30.87%
20.13% 16.76% 8.16% 14.89% 6.27% 12.10% 7.84% 16.39%
60.13% 37.55% 17.82% 31.37% 4.74% 8.32% 15.66% 11.92%
58.09% 36.75% 19.22% 14.51% 4.16% 6.61% 7.73% 5.94%
30.37% 23.29% 12.19% 36.52% 5.73% 11.80% 8.02% 10.35%
14.25% 12.47% 13.98% 43.82% 8.68% 14.34% 16.86% 22.08%
12.13% 10.81% 16.19% 31.17% 10.40% 22.04% 15.35% 42.97%
57.51% 36.51% 13.65% 21.45% 5.89% 7.96% 11.52% 10.66%
 61.35% 38.02% 17.28% 34.76% 3.67% 6.60% 7.68% 8.95%
39.18% 28.15% 11.96% 31.87% 4.42% 7.64% 7.35% 7.58%
4.72% 4.51% 7.77% 4.29% 18.74% 21.16% 19.32% 24.00%
95.78% 48.92% 5.97% 38.86% 14.53% 11.33% 8.11% 3.21%
25.23% 20.15% 17.48% 32.02% 5.32% 8.92% 10.87% 12.83%
27.00% 21.26% 4.26% 45.90% 7.44% 15.44% 10.76% 12.83%
32.17% 24.34% 17.48% 41.76% 4.25% 7.35% 12.40% 15.21%
22.11% 18.11% 25.53% 27.55% 7.68% 10.78% 16.80% 12.65%
30.67% 23.47% 6.41% 44.13% 7.34% 17.88% 7.14% 8.66%
61.85% 38.21% 8.92% 115.27% 5.03% 10.38% 11.00% 8.71%
36.67% 26.83% 14.22% 26.59% 2.36% 4.24% 11.21% 11.01%
63.06% 38.67% 17.17% 43.18% 2.80% 7.51% 7.73% 11.05%
91.95% 47.90% 11.75% 80.79% 1.95% 5.18% 3.47% 3.98%
14.74% 12.85% 12.53% 44.83% 12.55% 21.12% 13.76% 18.46%
105.84% 51.42% 15.12% 93.77% 3.62% 10.49% 5.23% 5.14%
14.66% 12.78% 3.52% 61.89% 6.98% 18.63% 4.97% 8.79%
39.77% 28.46% 15.27% 1731.52% 0.16% 7.95% 0.26% 10.44%
560.60% 84.86% 2.99% 55.74% 61.89% 2.67% 10.89% 0.07%
65.38% 39.53% 21.56% 24.67% 9.07% 18.00% 11.68% 7.27%
77.09% 43.53% 12.96% 22.44% 13.08% 15.39% 8.51% 4.32%
64.59% 39.24% 17.32% 32.51% 19.74% 24.18% 12.96% 7.28%
85.84% 46.19% 13.51% 22.36% 22.99% 29.36% 8.76% 4.58%
31.84% 24.15% 15.30% 28.25% 5.97% 11.01% 9.65% 10.47%
42.79% 29.97% 11.47% 24.17% 8.86% 12.30% 14.39% 15.67%
23.26% 18.87% 20.90% 40.98% 6.14% 11.37% 19.63% 18.98%
51.60% 34.04% 19.42% 16.71% 2.82% 5.12% 17.68% 12.96%
18.80% 15.82% 23.15% 38.17% 3.91% 7.43% 13.28% 12.75%
97.73% 49.42% 19.16% 30.47% 2.60% 3.52% 11.51% 5.90%
32.07% 24.28% 22.21% 35.74% 2.82% 5.10% 13.35% 12.28%
38.11% 27.59% 23.43% 39.98% 2.15% 4.14% 12.11% 12.94%
5.00% 4.76% 11.10% 21.17% 2.83% 5.02% 14.07% 44.11%
13.85% 12.16% 20.10% 31.63% 3.53% 6.62% 13.63% 18.53%
51.66% 34.06% 16.86% 16.29% 4.71% 8.10% 15.87% 11.74%
13.88% 12.19% 8.19% 38.44% 7.21% 11.30% 10.20% 12.92%
22.44% 18.33% 7.82% NA -1.37% 7.82% -1.66% 7.97%
90.71% 47.56% 11.28% 497.14% 0.35% 5.05% 0.54% 2.97%
7.42% 6.90% 16.82% 18.13% 7.16% 9.81% 16.29% 18.16%
81.02% 44.76% 12.68% 411.43% 0.33% 3.86% 0.72% 3.97%
31.99% 24.24% 14.76% 111.38% 4.90% 16.86% 6.29% 12.46%
15.23% 13.22% 9.09% 46.05% 5.90% 7.46% 9.43% 11.82%
65.54% 39.59% 11.92% 103.40% 5.58% 14.71% 9.01% 12.33%
5432.46% 98.19% 18.11% 9.16% 39.07% 0.59% -12.11% 0.00%
15.48% 13.40% 19.70% 63.68% 16.71% 28.10% 44.22% 47.52%
48.75% 32.77% 19.61% 42.98% 5.01% 8.46% 13.01% 10.37%
77.55% 43.68% 21.99% 21.81% 2.95% 6.16% 10.18% 7.81%
107.15% 51.73% 23.56% 91.00% 3.71% 10.48% 7.06% 8.12%
63.18% 38.72% 14.78% 54.81% 16.28% 27.53% 12.47% 8.81%
98.96% 49.74% 13.40% 37.49% 5.74% 8.63% 10.49% 5.11%
Sales/CapitaRevenue Growth Rate- Last 5 yearsExpected Earnings growth- Next 5 years
4.53 6.82% 21.10%
4.86 5.45% 12.24%
1.67 9.50% 21.78%
1.55 8.05% 14.17%
1.49 7.89% 16.78%
2.50 7.61% 15.87%
0.09 9.33% 15.27%
0.23 4.05% 7.68%
1.60 9.19% 14.06%
0.89 9.46% 17.42%
0.80 18.82% 21.89%
1.12 6.87% 5.90%
0.17 5.54% 16.91%
1.71 1.84% 19.07%
3.23 7.64% 15.23%
1.08 11.67% 5.51%
1.32 6.76% 16.00%
1.78 7.14% 15.67%
1.48 10.95% 15.12%
0.94 15.30% 14.80%
4.56 9.20% 14.72%
1.97 10.54% 19.64%
3.28 0.21% 48.32%
0.85 10.75% 18.76%
0.88 7.65% 13.98%
2.64 15.14% 20.40%
2.10 8.43% 20.52%
1.85 2.24% 18.27%
2.45 -1.34% 16.82%
2.28 8.60% 15.76%
1.69 3.98% 20.99%
2.04 12.01% 14.79%
1.82 17.26% 22.13%
0.09 10.60% 16.59%
0.09 13.81% 21.86%
2.13 10.36% 20.44%
5.51 3.43% 11.57%
2.63 3.67% 25.07%
1.50 8.27% 15.75%
1.64 17.71% 15.74%
1.32 14.20% 18.06%
7.19 13.17% 16.52%
1.54 12.10% 21.93%
1.57 9.79% 10.97%
1.24 1.36% 10.35%
0.95 10.03% 14.85%
2.14 11.76% 16.06%
2.36 6.26% 14.57%
1.56 5.98% 15.55%
1.50 5.07% 12.51%
1.23 8.42% 19.51%
1.25 9.16% 23.77%
0.29 8.47% 10.66%
1.83 3.89% 15.82%
1.00 20.44% 10.67%
2.60 2.53% 14.58%
1.69 14.00% 8.80%
0.68 21.47% 18.55%
0.73 16.37% 17.40%
3.28 15.38% 26.79%
1.74 9.61% 16.01%
1.02 6.17% 13.86%
1.13 13.72% 18.46%
0.64 13.97% 11.64%
0.58 40.88% 18.47%
1.79 1.45% -4.05%
0.02 2.02% 4.94%
0.60 3.83% 17.27%
0.31 5.65% 18.54%
0.36 12.44% 19.95%
0.18 10.18% 15.90%
1.31 1.93% 16.35%
1.25 6.02% 15.30%
2.20 6.48% 15.53%
3.11 6.02% 15.76%
2.72 5.10% 13.61%
2.06 6.29% 16.59%
3.28 7.69% 15.61%
3.96 5.93% 13.19%
7.82 12.55% 31.94%
3.94 5.00% 12.17%
1.77 10.45% 35.67%
1.30 5.70% 17.73%
1.21 0.87% 12.94%
0.82 8.50% 1.87%
2.12 8.98% 14.72%
1.36 8.35% 17.15%
0.96 8.43% 11.64%
1.93 3.55% 18.69%
0.98 7.88% 8.79%
0.01 7.27% 8.29%
2.44 6.18% 9.46%
1.60 11.17% 14.34%
1.72 3.04% 13.65%
1.00 8.49% 5.63%
0.36 17.20% 12.97%
0.77 8.94% 16.07%
 2011 2010 2009 2008 2007 2007-2011
Revenues 4,971.56. 4,437.73. 3,889.64. 4,530.72. 3,891.94. ###
EBIT 580.90. 599.85. 522.41. 570.43. 444.85. 2,718.44.
Op Margin 11.68% 13.52% 13.43% 12.59% 11.43% 12.51%

Debt 1243 1233 1298 922 259 4955

Equity 3481 3232 3139 3050 2902 15804
Cash 335 614 239 174 158 1520
Invested cap 4389 3851 4198 3798 3003 19239
Pretax ROiC 13.24% 15.58% 12.44% 15.02% 14.81% 14.13%
Sales/Capita 1.13 1.15 0.93 1.19 1.30 1.13
4344.318 0.06311841
543.688