Input page

Market inputs for your company

Market Capitalization =
$65,000.00
From the balance sheet
This year
Book value of equity =
$5,200.00
Total Debt Outstanding =
$1,215.00
Cash & Marketable Securities =
$1,512.00
From the income statement
Revenues
$3,711.00
Operating income (EBIT) =
$1,695.00
Effective tax rate =
40%
Net Income
$900.00
Your growth inputs
Expected growth rate in operating income=
30%
Return on Invested capital on growth =
36.13%
Length of growth period =
10
Your cost of capital inputs
Cost of equity =
12.50%
Cost of capital =
11.42%
Riskfree rate =
2.00%
Intrinsic Value
Value of assets in place =
Value added by future growth =
Intrinsic enterprise value
Intrinsic equity value
Growth Analysis
Price you are paying for growth =
Value of this growth =
Price of growth/ Value of growth

Last year
$4,600.00
$0.00
$1,785.00
$1,974.00
$1,032.00

$8,905.43
$40,268.91
$49,174.34
$49,471.34
$55,797.57
$40,268.91
138.56%

Breakdown of mult

P/E
P/BV
EV/Sales
EV/Invested Capital

Total
72.22
12.50
17.52
13.26

Actual
Assets in Place
10.22
1.77
2.40
1.82

If you are interested in the mechanics of the valuation, here are the cash flows (for up to 10 years of high growth
No Gr
Reinvestment Rate =
0%

0
After-tax Operating Income
- Reinvestment
FCFF
Terminal year AT Oper income (in year n+1)
Terminal year reinvestment (in year n+1)
Terminal year FCFF (in year n+1)
Terminal Value (in year n)
Value today

Reinvestment Rate =
Reinvestment Rate (stable growth)
After-tax Operating Income
- Reinvestment
FCFF
Terminal year operating income
Terminal year FCFF
Terminal Value
Value today

1
$1,017.00
$0.00
$1,017.00

$1,017.00
$0.00
$1,017.00
$8,905.43
$8,905.43

83.04%
17.51%
0
$844.50
-$844.50
$14,300.61
$11,796.13
$125,224.28
$49,174.34

Grow
! Expected growth rate in high growth rate/ Retur
! Assume stable growth rate = riskfree rate; return
1
$1,322.10
$1,097.85
$224.25

Measures of profitability, leverage & growth

ROE =
19.57%
ROIC =
36.13%
Net margin =
24.25%
Pre-tax operating margin =
27.41%
D/E ratio (book) =
23.37%
D/E ratio (market) =
1.87%
Growth rate (revenue)
87.99%
Growth rate (EBIT)
64.24%

To solve for the implied growth rate in your market value, follow these steps:
1. Open the Goal Seek function in Excel (under Tools)
2. Set cell B24 to the value in cell B28 by changing
cell B14.
3. You should see the implied growth rate in B14.

Market Value
Market value of equity
Enterprise value

$65,000.00
$64,703.00

Breakdown of multiples
Actual
Growth
62.00
10.73
15.12
11.44

Total
54.97
9.51
13.25
10.03

Intrinsic
Assets in place
10.22
1.77
2.40
1.82

Growth
44.74
7.74
10.85
8.21

(for up to 10 years of high growth if your growth period exceeds 10 years, this detailed cash flow table will not work)
No Growth Scenario

2
$1,017.00
$0.00
$1,017.00

3
$1,017.00
$0.00
$1,017.00

4
$1,017.00
$0.00
$1,017.00

5
$1,017.00
$0.00
$1,017.00

6
$1,017.00
$0.00
$1,017.00

Growth Scenario
owth rate in high growth rate/ Return on Invested capital in high growth
ble growth rate = riskfree rate; return on capital in stable growth = cost of capital
2
3
4
5
$1,718.73
$2,234.35
$2,904.65
$3,776.05
$1,427.21
$1,855.37
$2,411.98
$3,135.57
$291.53
$378.98
$492.68
$640.48

6
$4,908.86
$4,076.24
$832.62

h flow table will not work)

7
$1,017.00
$0.00
$1,017.00

8
$1,017.00
$0.00
$1,017.00

9
$1,017.00
$0.00
$1,017.00

10
$1,017.00
$0.00
$1,017.00

7
$6,381.52
$5,299.11
$1,082.41

8
$8,295.98
$6,888.85
$1,407.14

9
$10,784.78
$8,955.50
$1,829.28

10
$14,020.21
$2,455.38
$11,564.83

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Hotel/Gaming

Number of firms

31
64
36
57
51
12
426
45
34
158
45
21
16
31
70
20
184
87
107
279
57
34
21
21
14
68
139
25
77
40
82
225
112
9
6
35
25
21
23
51

Annual Average Revenue growth - Last 5 years

16.76%
9.41%
8.77%
5.83%
23.94%
1.66%
0.00%
0.00%
-0.59%
26.94%
2.82%
1.53%
33.40%
9.21%
25.69%
16.91%
14.88%
10.93%
17.24%
34.97%
21.87%
17.27%
4.81%
-3.29%
1.24%
25.14%
12.50%
4.58%
10.49%
14.78%
9.90%
14.51%
9.48%
17.51%
1.09%
1.89%
11.71%
7.38%
-9.29%
7.52%

Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
IT Services
Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
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

26
23
137
27
30
49
186
60
100
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

16.13%
0.01%
8.39%
16.56%
0.00%
17.00%
12.44%
7.21%
13.57%
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%

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

8
37
30
28
141
12
19
32
99
74
25
148
11
15
36
4
11
57

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%

Total Market

5891

14.80%

Pre-tax Operating Margin

After-tax ROC

Average effective tax rate

Unlevered Beta

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%

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%

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%

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

Equity (Levered) Beta

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

17.38%
1.91%
-21.40%
19.33%
NA
NA
18.25%
14.43%
11.05%
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%

14.52%
7.67%
-53.50%
10.83%
NA
NA
32.75%
26.95%
12.60%
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%

25.12%
25.35%
19.03%
18.93%
28.04%
19.36%
6.87%
19.15%
22.15%
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%

0.95
1.40
0.81
0.89
1.54
1.01
1.24
1.14
1.14
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

1.07
1.24
0.93
1.07
1.58
0.91
1.09
1.06
1.20
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

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%

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%

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%

0.97
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

1.04
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

17.24%

12.21%

15.48%

0.92

1.15

Cost 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%

Std deviation in stock prices

101.29%
61.32%
64.80%
88.82%
80.58%
68.91%
61.15%
55.60%
66.05%
113.11%
78.83%
50.77%
49.27%
56.31%
71.60%
55.52%
82.03%
97.69%
75.00%
103.44%
88.13%
78.24%
23.37%
18.30%
19.85%
67.76%
89.93%
65.03%
108.37%
76.91%
92.14%
82.27%
60.68%
35.40%
39.35%
80.90%
65.79%
69.92%
70.00%
79.09%

Pre-tax cost of debt

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

Market Debt/Capital

30.20%
20.42%
19.56%
15.53%
21.66%
57.37%
60.95%
37.31%
20.96%
11.88%
48.54%
40.50%
21.47%
18.28%
17.46%
22.42%
6.97%
9.28%
50.55%
13.39%
6.02%
10.97%
46.28%
39.82%
45.81%
11.24%
18.25%
10.71%
29.07%
8.89%
30.41%
71.55%
22.80%
29.62%
36.14%
19.61%
5.97%
30.39%
50.07%
34.24%

Cost of capital

10.90%
7.17%
7.80%
8.61%
10.07%
6.22%
3.78%
5.46%
6.18%
7.55%
6.77%
6.86%
8.29%
9.37%
8.31%
9.05%
7.79%
9.08%
5.50%
7.95%
7.75%
6.41%
4.10%
4.23%
4.12%
9.04%
7.28%
8.51%
9.34%
8.70%
5.57%
4.65%
6.16%
6.47%
6.20%
10.81%
8.55%
9.59%
6.47%
8.93%

8.32%
9.34%
7.51%
8.35%
11.43%
7.37%
8.45%
8.25%
9.12%
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%

62.24%
78.27%
74.43%
48.10%
53.35%
37.88%
117.09%
69.45%
57.21%
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%

3.37%
3.87%
3.87%
2.87%
3.37%
2.87%
5.87%
3.87%
3.37%
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%

15.96%
9.35%
24.65%
23.20%
39.08%
19.10%
2.63%
5.74%
16.05%
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%

7.32%
8.68%
6.23%
6.81%
7.76%
6.29%
8.32%
7.91%
7.98%
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%

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%
8.81%

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%
75.08%

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%
3.87%

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%
31.81%

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%
6.75%

Sales/Capital

EV/Sales

EV/EBITDA

EV/EBIT

Price/Book

Trailing PE

1.42
2.53
2.40
1.85
3.18
1.41
NA
NA
0.83
0.97
0.82
0.71
1.43
1.48
1.56
1.22
1.83
2.96
0.68
0.89
1.20
2.66
0.55
0.54
0.54
1.51
3.51
4.05
0.78
1.29
0.80
0.18
1.82
2.43
0.79
2.08
1.24
1.64
1.00
0.69

1.14
0.93
1.78
1.19
0.59
0.73
NA
NA
3.03
4.49
1.22
2.21
1.52
1.62
1.56
1.78
3.07
1.39
2.11
2.85
4.55
1.14
2.26
2.51
2.19
1.54
0.47
0.46
1.89
1.87
2.07
6.67
1.08
0.37
1.86
0.92
3.82
1.34
1.23
2.58

7.90
7.41
12.91
8.65
6.19
5.81
4.37
4.57
12.04
NA
10.99
6.25
8.90
8.95
9.84
7.34
8.64
8.11
11.37
9.35
22.08
4.62
7.88
8.56
7.56
9.12
5.82
7.36
8.03
11.63
8.77
14.36
9.54
3.48
9.13
9.68
20.77
10.54
NA
12.46

11.09
9.14
20.22
10.83
9.05
10.40
4.37
4.57
14.80
NA
29.23
11.27
12.60
12.28
14.06
11.14
9.81
9.85
14.99
13.02
31.60
5.47
12.76
13.14
13.03
11.68
7.84
9.76
10.67
17.81
13.58
15.33
11.93
7.03
11.86
14.31
31.55
14.65
NA
20.51

1.83
2.75
8.24
2.46
2.08
1.05
0.85
1.29
3.61
3.19
0.99
2.31
2.64
2.96
3.08
2.77
3.74
3.94
2.12
2.73
4.55
2.69
1.57
1.78
1.36
2.33
1.65
1.73
1.71
1.97
2.22
1.79
2.58
0.90
1.93
2.19
4.55
3.42
1.38
2.64

27.39
34.40
156.14
20.56
15.83
10.84
16.69
34.13
22.51
18.87
265.15
12.66
12.17
12.94
15.63
12.09
68.56
38.66
17.94
25.45
192.91
13.83
16.46
20.61
15.54
24.10
14.19
15.95
15.42
23.93
30.21
21.14
20.14
16.66
13.98
21.08
59.71
22.63
33.27
45.84

1.13
6.48
2.26
0.72
NA
NA
2.25
2.61
1.53
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

2.21
0.29
0.85
2.94
NA
NA
3.91
1.75
1.37
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

10.72
9.98
NA
10.55
1.32
95.56
17.06
9.75
9.08
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

12.69
14.92
NA
15.23
1.32
96.01
21.41
12.15
12.41
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

3.33
1.71
2.40
2.97
0.70
1.00
4.59
3.73
2.33
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

17.57
57.02
22.05
25.56
18.61
35.02
36.16
21.18
21.51
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

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
0.97

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
1.67

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
7.37

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
9.70

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
2.00

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
33.67

Estimation of Current Cost of Capital

Inputs
Equity
Number of Shares outstanding =
Current Market Price per share =

Unlevered beta =
Riskfree Rate =
Equity Risk Premium =
Debt
Book Value of Straight Debt =
Interest Expense on Debt =
Average Maturity =
Pre-tax Cost of Debt =
Tax Rate =

2333.90
38.00
1.52 Industry average unlevered beta in column G of industry average worksheet
2%
6.00%

272.00
10
0
3.65%
35%

Book Value of Convertible Debt =

Interest Expense on Convertible =
Maturity of Convertible Bond =
Market Value of Convertible =
Debt value of operating leases =

0
0
0
0
$

Preferred Stock
Number of Preferred Shares =
Current Market Price per Share=
Annual Dividend per Share =

816.91

0
70
5

Output
Estimating Market Value of Straight Debt =
Estimated Value of Straight Debt in Convertible =
Value of Debt in Operating leases =
Estimated Value of Equity in Convertible =
Levered Beta for equity =

Market Value
Weight in Cost of Capital
Cost of Component

$
$
$
$

Equity
88,688.31 $
98.79%
11.19%

272.00
816.91
1.53
Debt
Preferred Stock
Capital
1,088.91 $
$ 89,777.22
1.21%
0.00%
100.00%
2.37%
7.14%
11.09%

stry average worksheet