Estimation of Current Cost of Capital

Inputs
Company
Facebook
Country of incorporation
United States
Industry (US)
Advertising
Industry (Global)
Advertising
Do you have operating leases?
Yes
If yes, please enter your commitments below:
Current year's lease expense =
$180.00
Lease commitment in year 1 =
$156.00
Lease commitment in year 2 =
$150.00
Lease commitment in year 3 =
$145.00
Lease commitment in year 4 =
$143.00
Lease commitment in year 5 =
$140.00
Lease commitments beyond year 5 =
$600.00
Number of Shares outstanding =
Current Market Price per share =

2407.00
37.53

Approach for estimating beta

Single Business(Global)
If direct input, enter levered beta (or regr
1.20
Unlevered beta =
1.10
Riskfree Rate =
2.50%
What approach do you want to use to inpuOperating regions
Direct input for ERP (if you choose "will in
5.75%
Equity Risk Premium used in cost of equit
7.13%
Debt
Book Value of Straight Debt =
$
1,000.00
Interest Expense on Debt =
$
56.00
Average Maturity =
3
Approach for estimating pre-tax cost of de
Direct input
If direct input, input the pre-tax cost of de
3.500%
If actual rating, input the rating
Baa2/BBB
If synethetic rating, input the type of com
1
The pre-tax operating income for the com
$1,500.00
Pre-tax Cost of Debt =
3.50%
Approach for estimating marginal tax rate
Will input
If direct input, enter the tax rate
35.00%
Tax Rate =
40%
Book Value of Convertible Debt =
Interest Expense on Convertible =

0
0

Maturity of Convertible Bond =

Market Value of Convertible =
Debt value of operating leases =

0
0
$

1,127.92

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

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
90,334.71
97.64%
10.43%

$
$

###
###
1.11
Debt Preferred Stock
### $
2.36%
0.00%
2.10%
7.14%

Operating Countries ERP calculator

Country
Revenues
Argentina
$19.00
France
$81.00

Total
$100.00
Operating Regions ERP calculator
Region
Revenues
Africa
$0.00
Asia
$56.00
Australia & New Zealand
Caribbean
$100.00
Central and South America
Eastern Europe & Russia
Middle East
$631.00
North America
$374.00
Western Europe
$168.00
Total

1329

Multi Business (US Industry Averages)

Business
Revenues
Advertising
$
84.00
Entertainment
$
16.00

Company

100.00

Multi Business (Global Industry Averages)

Business
Revenues
Advertising
$
84.00
Internet software and serv $
16.00

Capital
###
100.00%
10.23%

Company

100.00

ERP
Weight Weighted ERP
17.00% 19.00%
3.23%
6.35% 81.00%
5.14%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
100.00%
8.37%
ERP
Weight
Weighted ERP
11.73%
0.00%
0.0000%
7.26%
4.21%
0.3059%
5.75%
0.00%
0.0000%
14.37%
7.52%
1.0813%
9.95%
0.00%
0.0000%
9.08%
0.00%
0.0000%
6.85% 47.48%
3.2523%
5.75% 28.14%
1.6181%
6.88% 12.64%
0.8697%

Averages)
EV/Sales
1.9458
3.1101
0.0000
0.0000

100.00%

7.1274%

Estimated Unlevered Beta

$163.44
0.8264
$ 49.76
0.9861
$
0.0000
$
0.0000

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

ry Averages)
EV/Sales
1.5086
1.0161
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000

$
$
$
$
$
$
$
$
$213.21

0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.8637

Estimated Unlevered Beta

$126.72
1.0965
$ 16.26
0.5230
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$
0.0000
$142.98
1.0510

OperatingLeaseConverter
Theyellowcellsareinputcells.Pleaseenterthem.

Inputs
Operatingleaseexpenseincurrentyear=
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year
Commitment !Year1isnextyear,.
1
$156.00
2
$150.00
3
$145.00
4
$143.00
5
$140.00
6andbeyond
$600.00

$180.00

Output
PretaxCostofDebt=
Numberofyearsembeddedinyr6estimate=
ConvertingOperatingLeasesintodebt
Year
Commitment
1 $156.00
2 $150.00
3 $145.00
4 $143.00
5 $140.00
6andbeyond
$150.00
DebtValueofleases=
RestatedFinancials
DepreciationonOperatingLeaseAsset=
AdjustmenttoOperatingEarnings=
AdjustmenttoTotalDebtoutstanding=
AdjustmenttoDepreciation=

3.50%

!Ifyoudonothaveacostofdebt,usethesyntheticratingestimator
4

!Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6

PresentValue
$150.72
$140.03
$130.78
$124.62
$117.88
$463.90 !Commitmentbeyondyear6convertedintoanannuityfortenyears
$1,127.92
$125.32
$54.68
$1,127.92
$125.32

seConverter
cells.Pleaseenterthem.

,usethesyntheticratingestimator

eleaseexpenseoverthefirstfiveyears
mberofyearsofexpensesinyr6

vertedintoanannuityfortenyears

!Iusestraightlinedepreciation
!Addthisamounttopretaxoperatingincome
!Addthisamounttodebt

Inputsforsyntheticratingestimation
Pleasereadthespecialcasesworksheet(seebelow)beforeyouusethisspreadsheet.
Beforeyouusethisspreadsheet,makesurethattheiterationbox(undercalculationoptionsinexcel)ischecked.
Enterthetypeoffirm=
1
EntercurrentEarningsbeforeinterestandtaxes(EBIT)=
Entercurrentinterestexpenses=
Enterlongtermriskfreerate=
Output
16.28
Interestcoverageratio=
EstimatedBondRating=
Aaa/AAA
0.40%
EstimatedCompanyDefaultSpread=
0.00%
EstimatedCountyDefaultSpread(ifany)=
2.90%
EstimatedCostofDebt=

$1,554.68 (Addbackonlylongterminterestexpensef
$95.48 (Useonlylongterminterestexpenseforfina
2.50%

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

Ifyouwanttoupdatethespreadslistedbelow,pleasevisithttp://www.bondsonline.com
Forlargemanufacturingfirms
Ifinterestcoverageratiois
>
to
Ratingis
Spreadis
100000
0.199999
12.00%
D2/D
0.2
0.649999
10.00%
Caa/CCC
0.65
0.799999
8.00%
Ca2/CC
0.8
1.249999
7.00%
C2/C
1.25
1.499999
6.00%
B3/B1.5
1.749999
5.00%
B2/B
1.75
1.999999
4.00%
B1/B+
2
2.2499999
3.25%
Ba2/BB
2.25
2.49999
2.75%
Ba1/BB+
2.5
2.999999
1.75%
Baa2/BBB
3
4.249999
1.20%
A3/A4.25
5.499999
1.00%
A2/A
5.5
6.499999
0.90%
A1/A+
6.5
8.499999
0.70%
Aa2/AA
8.50
100000
0.40%
Aaa/AAA
Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan
to
100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999

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

Spreadis
12.00%
10.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.25%
2.75%

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

4
4.5
6
7.5
9.5
12.5

4.499999
5.999999
7.499999
9.499999
12.499999
100000

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

1.75%
1.20%
1.00%
0.90%
0.70%
0.40%

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

ethisspreadsheet.

ationoptionsinexcel)ischecked.

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.

Spreadis
0.90%
1.00%
1.20%
0.70%
0.40%
4.00%
5.00%
6.00%

2.75%
3.25%
1.75%
7.00%
8.00%
10.00%
12.00%

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insur
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techno
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products

Number of
firms

52
93
22
64
22
75
13
676
22
46
28
46
39
177
18
46
10
103
42
119
64
55
23
400
151
42
126
28
189
56
84
103
37
288
96
14
27
26
261
138
127
35
56
80
135

Annual
Average
Revenue
growth - Last
5 years

5.44%
4.07%
10.17%
8.20%
30.26%
9.10%
10.00%
13.45%
8.49%
4.72%
9.56%
9.78%
8.34%
4.10%
3.16%
14.17%
7.90%
8.73%
1.20%
13.14%
4.34%
8.98%
8.96%
16.84%
16.29%
3.27%
29.39%
2.20%
6.13%
5.04%
16.26%
16.37%
17.02%
12.49%
9.13%
10.72%
6.06%
28.92%
8.97%
10.30%
14.92%
13.29%
11.57%
7.46%
12.12%

Pre-tax Operating
Margin

11.28%
12.21%
8.02%
12.92%
2.49%
6.75%
-0.24%
-0.35%
21.40%
18.76%
23.08%
0.11%
7.75%
9.78%
19.12%
12.10%
10.71%
14.74%
0.61%
9.53%
19.80%
10.03%
15.16%
27.47%
24.94%
6.83%
13.15%
8.57%
9.27%
4.46%
19.56%
12.79%
5.34%
6.92%
12.01%
3.30%
8.25%
15.40%
17.11%
4.55%
12.67%
10.22%
12.84%
15.23%
16.51%

After-tax ROC

40.86%
37.18%
9.50%
18.12%
3.31%
18.16%
-0.02%
-0.08%
15.85%
27.58%
19.98%
0.02%
15.41%
23.95%
17.33%
18.04%
13.66%
22.41%
0.38%
37.39%
30.98%
12.42%
7.66%
13.63%
18.40%
9.97%
29.56%
18.29%
11.35%
17.79%
30.87%
19.53%
9.72%
0.19%
26.50%
21.26%
15.30%
4.36%
16.05%
37.10%
17.56%
9.57%
9.47%
8.61%
30.38%

Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Investments & Asset Management
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploratio
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Service
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)

67
24
25
52
148
137
124
25
8
392
85
161
26
22
82
147
43
213
18
11
52
68
4
79
30
5
90
23
21
46
128
4
100
47
14
13
20
327
259
40
21
126
77
20
21
10
30
8
21
19

6.99%
4.83%
4.98%
9.50%
15.73%
6.96%
3.76%
1.72%
4.72%
26.59%
22.80%
18.31%
6.24%
8.74%
5.74%
23.22%
0.12%
19.18%
28.52%
20.70%
17.24%
4.79%
26.15%
6.02%
9.83%
7.40%
13.32%
3.67%
4.11%
6.60%
6.48%
4.31%
11.08%
10.47%
-0.18%
11.88%
1.95%
11.52%
15.90%
6.18%
3.51%
6.91%
6.45%
7.49%
14.50%
10.69%
6.70%
2.00%
0.45%
6.87%

22.44%
14.02%
14.12%
14.71%
18.56%
13.22%
16.09%
9.42%
12.25%
23.91%
7.41%
6.09%
9.88%
7.95%
16.35%
6.76%
9.44%
20.50%
12.10%
43.52%
10.25%
12.70%
13.53%
13.38%
4.77%
9.83%
9.25%
4.54%
2.02%
3.99%
5.93%
8.89%
20.90%
11.52%
9.43%
12.39%
13.64%
20.30%
26.36%
4.61%
1.43%
18.90%
22.48%
40.78%
8.23%
31.68%
9.79%
-34.11%
15.91%
30.57%

35.97%
7.68%
8.73%
11.99%
6.55%
24.16%
13.24%
21.41%
15.99%
11.84%
10.27%
17.80%
19.48%
13.55%
6.97%
2.60%
14.43%
2.56%
3.28%
19.42%
18.12%
15.60%
11.82%
15.09%
11.27%
16.28%
14.87%
12.10%
6.51%
17.38%
10.93%
21.62%
13.75%
9.68%
6.60%
21.65%
13.80%
15.25%
22.64%
8.04%
0.92%
14.10%
25.71%
100.07%
19.98%
16.35%
9.74%
-12.18%
6.62%
8.85%

Total Market

7887

0.115385699

0.1125604591

0.0735879734

Average
effective tax
rate

33.48%
28.27%
16.89%
28.09%
6.21%
25.43%
30.66%
27.66%
25.99%
24.38%
31.10%
27.82%
23.17%
35.62%
34.20%
32.10%
25.86%
27.58%
0.82%
20.31%
25.37%
29.02%
21.55%
20.11%
19.42%
29.81%
31.77%
25.05%
26.75%
34.58%
29.15%
42.82%
31.92%
28.54%
30.63%
36.78%
21.57%
24.38%
25.58%
38.53%
22.62%
31.35%
22.46%
18.02%
27.66%

Unlevered
Beta

0.83
1.06
0.61
0.86
0.59
1.14
0.34
0.37
0.89
0.98
0.83
0.41
0.93
1.00
0.70
0.75
0.99
0.91
0.83
0.99
1.17
1.22
0.70
1.06
0.95
0.95
1.14
1.38
1.01
1.19
0.99
0.94
0.58
0.06
0.82
1.26
0.92
0.68
0.90
0.91
0.84
0.92
0.59
0.83
0.91

Equity
Std deviation Pre-tax cost of
(Levered) Beta Cost of equity in stock prices
debt

1.18
1.16
0.98
0.99
1.09
1.35
0.81
0.53
1.06
1.14
1.30
1.16
1.12
1.19
0.91
0.94
1.17
1.03
1.64
1.16
1.21
1.60
1.00
1.10
1.03
1.13
1.24
1.37
1.03
1.31
1.21
1.28
0.84
0.67
0.99
1.41
1.09
1.32
0.99
1.05
0.95
1.29
0.97
1.18
1.03

8.96%
8.84%
7.80%
7.88%
8.47%
9.92%
6.81%
5.20%
8.24%
8.71%
9.62%
8.84%
8.59%
9.03%
7.42%
7.55%
8.91%
8.07%
11.61%
8.84%
9.13%
11.37%
7.91%
8.52%
8.08%
8.65%
9.29%
10.06%
8.08%
9.69%
9.10%
9.56%
7.02%
6.01%
7.88%
10.29%
8.44%
9.76%
7.86%
8.23%
7.63%
9.57%
7.76%
8.96%
8.08%

51.52%
50.15%
53.32%
56.24%
43.52%
53.89%
39.98%
37.41%
55.14%
61.94%
62.12%
44.77%
43.52%
52.77%
52.83%
50.32%
41.14%
51.80%
74.62%
59.41%
66.35%
47.26%
32.85%
93.06%
75.04%
70.19%
65.34%
56.16%
69.01%
47.91%
58.48%
65.61%
41.59%
38.80%
42.05%
35.73%
54.24%
53.18%
64.48%
46.72%
70.49%
53.78%
43.11%
49.55%
61.63%

3.67%
3.67%
3.67%
3.67%
3.17%
3.67%
3.17%
3.17%
3.67%
3.67%
3.67%
3.17%
3.17%
3.67%
3.67%
3.67%
3.17%
3.67%
4.17%
3.67%
4.17%
3.17%
3.17%
5.17%
4.17%
4.17%
4.17%
3.67%
4.17%
3.17%
3.67%
4.17%
3.17%
3.17%
3.17%
3.17%
3.67%
3.67%
3.67%
3.17%
4.17%
3.67%
3.17%
3.17%
3.67%

Market
Debt/Capital

33.61%
15.93%
44.91%
17.17%
51.44%
22.27%
68.62%
43.72%
17.95%
18.73%
41.54%
75.22%
24.38%
23.32%
30.94%
28.73%
24.92%
17.60%
52.47%
21.61%
8.65%
31.22%
37.84%
7.82%
11.83%
28.28%
14.43%
4.24%
12.81%
21.45%
21.58%
28.86%
37.68%
92.35%
21.39%
14.60%
21.02%
52.37%
13.54%
21.05%
16.49%
37.80%
43.05%
35.33%
15.89%

30.25%
26.45%
26.66%
28.61%
15.87%
28.95%
33.52%
32.01%
37.64%
41.46%
17.53%
28.68%
26.61%
19.43%
30.68%
44.83%
18.16%
2.23%
69.82%
20.79%
22.41%
23.19%
30.65%
32.98%
36.53%
37.06%
35.49%
34.19%
35.11%
22.34%
35.82%
23.90%
21.75%
20.29%
16.29%
24.52%
12.35%
35.06%
22.52%
30.32%
21.78%
19.18%
31.14%
32.47%
35.84%
36.99%
39.23%
29.55%
31.27%
31.71%

1.04
0.80
0.75
0.69
0.73
1.11
0.91
1.00
0.76
0.91
0.67
1.32
0.70
0.59
0.53
1.05
0.88
0.43
0.82
1.47
0.89
0.99
1.12
0.74
0.85
1.29
0.81
0.85
0.75
1.39
0.85
0.65
1.17
1.17
0.94
0.82
1.13
1.29
1.06
0.90
0.51
1.20
0.69
0.94
0.77
0.92
0.92
0.14
0.42
0.77

1.11
1.03
1.04
0.83
1.10
1.23
1.28
1.34
0.81
1.27
0.96
1.54
0.95
0.84
0.83
1.29
1.15
0.79
1.02
1.82
1.30
1.21
1.35
0.89
1.18
1.44
1.12
1.03
1.05
1.40
1.07
1.02
1.21
1.23
1.36
0.84
1.12
1.29
1.10
1.31
1.15
1.24
1.07
1.09
0.86
1.05
1.32
0.10
0.59
1.09

8.58%
8.09%
8.16%
6.94%
8.48%
9.22%
9.54%
9.89%
6.81%
9.45%
7.71%
11.04%
7.62%
6.97%
6.94%
9.61%
8.77%
6.69%
8.04%
12.63%
9.66%
9.14%
9.91%
7.30%
8.93%
10.46%
8.58%
8.10%
8.20%
10.19%
8.35%
8.04%
9.15%
9.26%
10.00%
7.01%
8.58%
9.57%
8.52%
9.72%
8.78%
9.32%
8.31%
8.41%
7.10%
8.19%
9.78%
2.77%
5.58%
8.41%

42.71%
35.35%
34.48%
36.73%
41.63%
46.22%
74.49%
49.87%
33.56%
71.93%
43.15%
65.23%
31.06%
44.94%
29.70%
93.69%
50.42%
31.55%
43.65%
45.97%
50.05%
50.41%
21.20%
44.43%
48.06%
50.71%
52.06%
46.36%
51.83%
70.16%
51.42%
49.54%
57.12%
60.18%
71.45%
40.80%
69.84%
72.48%
61.85%
52.45%
53.05%
62.74%
55.60%
41.74%
42.36%
30.73%
48.49%
#DIV/0!
23.02%
38.21%

3.17%
3.17%
3.17%
3.17%
3.17%
3.17%
4.17%
3.17%
3.17%
4.17%
3.17%
4.17%
3.17%
3.17%
3.17%
5.17%
3.67%
3.17%
3.17%
3.17%
3.67%
3.67%
2.67%
3.17%
3.17%
3.67%
3.67%
3.17%
3.67%
4.17%
3.67%
3.17%
3.67%
3.67%
4.17%
3.17%
4.17%
4.17%
3.67%
3.67%
3.67%
3.67%
3.67%
3.17%
3.17%
3.17%
3.17%
#DIV/0!
2.67%
3.17%

11.75%
30.09%
41.60%
24.76%
42.55%
16.97%
33.64%
34.16%
9.96%
32.51%
32.32%
21.65%
32.70%
33.78%
43.10%
28.98%
32.15%
46.95%
31.23%
21.61%
36.44%
24.03%
27.32%
21.80%
33.42%
16.29%
32.43%
23.88%
35.95%
6.99%
29.30%
46.74%
9.71%
14.99%
34.90%
6.84%
14.75%
5.29%
8.84%
39.04%
60.69%
10.49%
39.55%
16.49%
17.38%
16.81%
40.00%
20.80%
38.00%
33.41%

0.2809390479 0.7040359926 1.0641183433 0.0828868047 0.5359783894

0.0367

0.3980888242

Cost of capital

6.69%
7.78%
5.28%
6.90%
5.09%
8.20%
3.44%
3.76%
7.16%
7.49%
6.54%
3.62%
6.96%
7.44%
5.81%
6.01%
7.17%
7.04%
6.83%
7.40%
8.56%
8.42%
5.64%
8.10%
7.42%
6.91%
8.31%
9.73%
7.37%
8.02%
7.61%
7.52%
5.09%
2.22%
6.60%
9.07%
7.13%
5.80%
7.09%
6.90%
6.79%
6.78%
5.24%
6.47%
7.15%

Sales/Capital

3.78
3.57
1.46
1.58
1.38
3.03
0.14
0.27
0.81
1.56
1.06
0.18
2.41
2.82
1.15
1.67
1.65
1.71
0.64
4.38
1.69
1.48
0.59
0.50
0.77
1.66
2.39
2.22
1.34
4.65
1.65
1.63
2.01
0.03
2.56
7.45
2.17
0.29
1.00
9.41
1.47
1.14
0.83
0.64
2.05

EV/Sales

1.95
1.57
1.78
2.37
0.97
0.83
8.01
5.43
4.60
3.30
3.45
5.85
1.36
1.59
2.85
1.16
1.53
2.38
1.76
1.03
2.45
1.51
2.96
10.80
4.72
1.42
1.93
2.09
1.66
0.54
3.11
2.22
0.71
31.67
1.82
0.52
1.28
9.23
3.70
0.61
3.67
1.60
2.70
3.46
2.66

EV/EBITDA

EV/EBIT

9.76
10.35
8.09
12.39
14.53
8.16
NA
NA

17.20
12.93
22.22
18.49
41.13
12.14
NA
NA

17.32
14.26
10.68
NA

21.29
17.63
14.96
NA

11.81
10.16
9.20
6.48
9.56
11.85
8.91
8.39
10.00
10.34
14.03
19.06
13.58
7.56
10.15
19.55
11.02
7.60
11.71
9.97
9.65
NA

17.60
16.03
14.82
9.41
14.24
16.16
66.81
10.79
12.64
14.88
19.46
36.39
18.79
20.14
13.74
28.49
18.02
12.08
15.79
17.17
13.28
NA

11.91
11.21
10.36
14.32
14.49
10.49
17.57
14.44
12.24
12.97
12.80

15.08
15.60
15.42
52.03
21.06
13.43
29.77
15.59
21.01
22.56
16.13

Price/Book

5.52
3.61
4.00
4.55
2.14
2.73
1.05
1.18
3.35
5.93
2.57
1.29
3.23
3.51
5.67
1.82
2.81
3.99
1.32
5.05
4.50
3.04
1.84
8.62
4.02
2.25
3.69
5.70
2.21
1.58
3.54
3.02
1.90
1.83
3.53
3.64
2.95
1.35
3.75
2.84
4.10
1.69
2.77
3.55
4.92

Trailing PE

30.35
31.15
28.11
27.82
15.06
20.35
17.26
47.60
32.93
36.74
24.79
33.18
32.83
91.67
55.67
35.40
18.40
23.73
11.40
21.26
47.13
24.73
22.78
223.02
49.13
1476.10
28.84
53.39
59.06
26.67
41.75
63.61
30.17
66.14
26.87
29.92
24.81
20.98
76.45
60.10
254.40
22.85
52.89
28.37
67.11

7.80%
6.23%
5.56%
5.69%
5.68%
7.98%
7.17%
7.16%
6.33%
7.19%
5.84%
9.19%
5.75%
5.26%
4.77%
7.72%
6.66%
4.44%
6.13%
10.31%
6.94%
7.47%
7.64%
6.13%
6.58%
9.12%
6.51%
6.62%
6.04%
9.65%
6.55%
5.17%
8.48%
8.20%
7.38%
6.66%
7.68%
9.19%
7.96%
6.78%
4.79%
8.57%
5.90%
7.34%
6.20%
7.14%
6.63%
#DIV/0!
4.07%
6.24%

1.95
0.68
0.82
1.05
0.38
2.16
0.84
2.79
1.53
0.53
1.45
3.28
2.41
1.93
0.54
0.39
1.79
0.13
0.29
0.49
1.93
1.38
1.03
1.33
2.91
2.39
1.93
3.39
4.18
4.78
2.32
2.81
0.73
0.90
0.75
2.19
1.03
0.79
0.92
2.03
0.68
0.82
1.30
2.80
3.04
0.66
1.37
0.37
0.60
0.34

3.96
1.56
1.51
1.38
4.94
1.80
1.83
1.21
1.14
2.68
1.93
0.64
1.36
1.19
2.97
2.57
1.61
12.07
6.72
4.18
2.48
2.07
1.07
2.98
0.98
1.74
1.39
0.76
0.56
2.27
1.21
0.74
3.21
2.76
1.90
2.51
2.86
6.32
4.93
0.75
1.81
3.05
2.37
4.99
1.50
4.43
1.63
3.69
2.83
5.19

14.07
8.23
9.79
8.59
20.79
10.46
6.47
8.91
5.90
5.09
16.03
6.92
9.09
9.05
9.89
6.11
9.57
22.67
27.76
8.23
14.86
10.41
6.71
11.86
12.58
12.41
12.23
9.57
9.19
24.51
9.40
5.31
10.29
12.21
9.44
15.17
13.11
21.10
14.32
8.63
7.79
12.01
6.03
11.55
10.64
10.51
9.97
114.72 NA
10.58
11.38

17.69
11.12
10.67
9.37
24.69
13.56
11.12
12.77
9.30
10.87
25.03
10.39
13.78
14.93
18.14
30.13
17.17
51.90
55.29
9.17
23.74
16.36
7.72
21.68
20.53
17.67
15.02
16.57
27.44
59.62
20.41
8.40
15.89
21.57
19.50
20.26
18.19
33.76
18.41
16.14
120.94
15.86
10.53
12.24
18.25
13.98
16.70
17.81
16.70

5.48
0.89
1.03
1.30
1.19
3.15
1.42
4.25
1.65
1.35
2.23
1.74
3.58
3.11
1.85
0.97
1.74
2.11
1.85
1.82
2.69
3.66
0.98
7.80
6.27
9.59
3.33
3.54
4.20
8.20
4.01
2.59
3.44
2.76
1.58
5.83
2.75
4.15
4.62
1.58
1.32
2.86
3.20
955.60
6.04
3.78
4.35
1.44
2.08
2.18

50.40
43.72
20.03
17.68
19.05
161.09
25.80
19.68
9.47
29.39
113.53
18.40
26.99
36.87
22.03
17.87
53.61
43.45
147.18
70.45
48.96
32.94
13.28
40.53
19.44
29.90
29.24
27.65
31.83
59.46
35.59
13.70
93.00
48.99
13.39
21.88
48.14
157.21
85.73
52.01
66.02
77.37
32.00
19.92
25.11
25.81
27.84
18.87
20.12
19.81

0.05865641

0.7317306967 2.6023084522 14.728994403 22.796544732 2.5775972659 60.491478147

Non-cash WC
as % of
Cap Ex as %
Revenues
of Revenues

1.17%
27.80%
4.12%
27.02%
-0.64%
9.40%
NA
NA
22.12%
0.01%
22.82%
NA
17.33%
14.51%
1.27%
19.65%
23.23%
20.86%
5.56%
11.44%
4.98%
17.17%
2.22%
23.48%
24.69%
10.07%
21.27%
19.46%
21.21%
15.67%
11.08%
14.52%
10.24%
NA
10.76%
7.97%
14.39%
12.07%
26.46%
-2.46%
23.33%
99.89%
21.73%
6.22%
11.33%

2.74%
2.49%
9.32%
3.18%
5.93%
3.80%
1.30%
6.37%
7.27%
4.53%
3.03%
1.89%
3.29%
2.96%
11.90%
6.48%
5.71%
6.08%
13.80%
1.67%
4.35%
5.35%
7.19%
3.72%
3.82%
4.95%
4.07%
2.72%
4.45%
1.71%
3.95%
6.88%
2.64%
10.39%
3.36%
1.28%
3.87%
124.95%
5.02%
0.77%
3.38%
0.60%
4.91%
7.94%
3.94%

Net Cap Ex
as % of
Revenues

Equity
Dividend
Reinvestmen
Payout Ratio t Rate

Reinvestmen
t Rate
ROE

1.06%
18.06%
4.81%
75.91%
6.08%
90.78%
5.66%
77.15%
6.24%
352.32%
6.33%
133.17%
0.41% NA
0.53% NA
7.03%
42.49%
4.53%
31.62%
5.69%
43.92%
2.55% -52796.73%
4.70%
96.89%
4.64%
90.54%
2.03%
17.81%
10.22%
138.25%
5.59%
88.13%
10.27%
97.96%
1.48%
-59.99%
2.81%
53.74%
7.23%
41.98%
6.46%
94.09%
9.81%
92.26%
22.96%
154.62%
7.82%
43.76%
3.56%
125.02%
7.57%
103.86%
9.05%
166.49%
6.96%
119.51%
4.69%
170.32%
2.25%
92.21%
2.60%
40.22%
4.14%
90.20%
11.86%
229.52%
9.93%
116.12%
1.81%
105.32%
5.13%
99.77%
172.54%
1636.53%
11.51%
102.72%
1.17%
65.41%
24.49%
276.82%
5.48%
298.60%
7.42%
125.37%
2.98%
19.95%
5.77%
41.54%

17.92%
24.54%
2.84%
18.48%
18.61%
15.84%
8.21%
8.87%
13.66%
27.88%
18.80%
10.38%
14.81%
12.43%
31.43%
14.72%
21.60%
19.22%
-6.41%
32.01%
25.04%
19.50%
11.00%
11.94%
17.06%
3.76%
12.61%
12.81%
8.67%
5.27%
17.84%
5.68%
13.54%
-2.23%
18.17%
16.10%
11.62%
0.31%
11.23%
12.27%
10.39%
14.34%
10.48%
5.77%
19.31%

72.50%
31.00%
5.10%
26.40%
35.90%
21.04%
23.15%
26.83%
24.49%
55.88%
10.09%
15.80%
18.90%
29.90%
21.15%
69.73%
36.27%
28.02%
0.51%
26.40%
27.74%
32.89%
25.83%
22.05%
61.85%
25.14%
49.60%
29.48%
14.55%
13.88%
22.97%
94.98%
26.00%
9.85%
40.22%
58.20%
26.36%
2.69%
37.39%
18.14%
12.54%
6.30%
82.39%
126.86%
59.29%

72.50%
31.00%
5.10%
26.40%
35.90%
21.04%
23.15%
26.83%
24.49%
55.88%
10.09%
15.80%
18.90%
29.90%
21.15%
69.73%
36.27%
28.02%
0.51%
26.40%
27.74%
32.89%
25.83%
22.05%
61.85%
25.14%
49.60%
29.48%
14.55%
13.88%
22.97%
94.98%
26.00%
9.85%
40.22%
58.20%
26.36%
2.69%
37.39%
18.14%
12.54%
6.30%
82.39%
126.86%
59.29%

15.01%
-11.14%
13.43%
-22.25%
NA
22.95%
12.39%
10.42%
2.07%
-2.80%
3.23%
8.92%
11.62%
12.82%
11.56%
30.52%
12.26%
41.25%
26.49%
7.79%
6.66%
20.37%
33.53%
0.78%
9.80%
7.16%
19.65%
4.42%
0.86%
-0.67%
10.36%
13.03%
19.54%
19.93%
9.09%
21.38%
26.09%
14.67%
12.36%
20.85%
4.88%
16.90%
-3.02%
15.97%
8.28%
2.83%
5.75%
NA
7.16%
6.55%

3.08%
1.70%
0.16%
0.69%
1.92%
3.03%
19.89%
3.03%
13.25%
62.06%
12.96%
3.81%
4.26%
4.87%
21.53%
16.65%
3.88%
4.70%
9.73%
31.22%
3.98%
6.91%
0.79%
6.86%
2.04%
1.76%
6.58%
2.49%
2.61%
4.76%
2.52%
5.55%
10.97%
11.14%
11.73%
0.57%
2.14%
11.58%
4.50%
3.51%
14.14%
3.71%
15.46%
2.60%
4.74%
18.30%
17.15%
15.60%
23.51%
30.71%

5.44%
38.63%
3.40%
31.23%
1.12%
13.37%
2.53%
29.08%
1.47%
5.51%
7.41%
88.52%
10.53%
109.08%
4.92%
91.56%
6.64%
97.92%
38.34%
249.48%
13.84%
221.04%
3.65%
96.05%
6.99%
91.60%
1.40%
29.98%
14.65%
131.27%
-7.73%
27.69%
7.13%
108.28%
-0.23%
12.02%
9.04%
198.85%
30.73%
101.02%
3.91%
59.17%
6.77%
85.55%
0.62%
24.85%
4.57%
52.82%
3.87%
147.48%
-0.35%
-10.25%
8.04%
148.83%
1.88%
67.51%
2.95%
237.13%
7.68%
285.26%
3.00%
96.65%
5.58%
88.51%
14.51%
93.83%
16.66%
243.55%
4.31%
68.24%
0.74%
11.00%
4.84%
40.47%
20.28%
180.35%
13.26%
75.08%
4.94%
173.87%
-22.20%
-1219.78%
4.91%
32.16%
1.94%
6.76%
2.77%
16.06%
2.08%
52.77%
10.30%
50.71%
14.97%
260.42%
18.27% NA
14.03%
132.75%
17.96%
91.50%

21.66%
7.39%
10.13%
12.41%
13.45%
16.66%
2.15%
27.77%
16.83%
6.25%
9.57%
14.04%
20.65%
9.94%
9.53%
-6.90%
19.97%
7.74%
0.50%
24.65%
16.36%
24.83%
10.89%
32.27%
32.34%
30.36%
16.79%
17.15%
39.05%
11.91%
15.78%
52.36%
16.11%
5.55%
20.76%
24.09%
7.12%
13.48%
18.77%
-13.99%
-4.75%
14.40%
23.72%
-54.14%
24.27%
20.44%
19.36%
-11.89%
11.00%
10.08%

22.96%
17.17%
24.29%
23.12%
48.31%
25.36%
261.66%
30.36%
33.65%
55.40%
158.35%
30.49%
26.28%
61.59%
65.39%
0.26%
20.50%
124.84%
0.00%
1.65%
6.42%
49.53%
6.20%
47.68%
3.49%
38.38%
29.90%
40.23%
13.87%
20.21%
30.14%
11.62%
38.14%
64.79%
4.33%
25.33%
12.13%
0.62%
37.51%
1.05%
5.26%
37.39%
55.02%
81.95%
41.90%
31.26%
10.86%
0.00%
64.06%
52.85%

22.96%
17.17%
24.29%
23.12%
48.31%
25.36%
261.66%
30.36%
33.65%
55.40%
158.35%
30.49%
26.28%
61.59%
65.39%
0.26%
20.50%
124.84%
0.00%
1.65%
6.42%
49.53%
6.20%
47.68%
3.49%
38.38%
29.90%
40.23%
13.87%
20.21%
30.14%
11.62%
38.14%
64.79%
4.33%
25.33%
12.13%
0.62%
37.51%
1.05%
5.26%
37.39%
55.02%
81.95%
41.90%
31.26%
10.86%
0.00%
64.06%
52.85%

-0.16621221 0.066826066 0.062067757 0.853003718 0.144883007 0.372225274 0.372225274

Industry Name

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank (Money Center)
Banks (Regional)
Beverage (Alcoholic)
Beverage (Soft)
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computers/Peripherals
Construction Supplies
Diversified
Drugs (Biotechnology)
Drugs (Pharmaceutical)
Education
Electrical Equipment
Electronics (Consumer & Office)
Electronics (General)
Engineering/Construction
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs. (Non-bank & Insur
Food Processing
Food Wholesalers
Furn/Home Furnishings
Green & Renewable Energy
Healthcare Products
Healthcare Support Services
Heathcare Information and Techno
Homebuilding
Hospitals/Healthcare Facilities
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)

Number of
firms

253
208
158
1174
125
632
604
911
216
108
138
551
432
759
64
731
85
700
321
934
329
751
378
782
877
170
838
151
1227
1148
350
307
408
966
1247
125
303
167
642
335
285
160
199
665
465
185
233
124

Annual
Average
Revenue
growth Pre-tax Operating
Last 5 years
Margin

9.72%
6.91%
8.61%
10.86%
10.79%
11.44%
12.92%
12.34%
7.37%
4.58%
5.19%
8.50%
9.34%
7.87%
10.80%
10.24%
8.76%
10.47%
18.43%
9.21%
4.18%
7.27%
8.76%
16.54%
12.40%
11.53%
11.79%
1.83%
6.11%
5.35%
7.33%
9.07%
11.81%
17.40%
8.50%
5.22%
7.04%
8.90%
9.88%
10.58%
12.80%
8.42%
11.25%
11.49%
9.00%
6.68%
13.39%
14.71%

8.86%
10.04%
5.22%
12.37%
5.89%
6.85%
-0.03%
-0.17%
19.23%
15.21%
16.54%
0.29%
7.40%
8.26%
18.63%
9.60%
8.08%
10.90%
9.68%
7.92%
11.53%
7.82%
10.04%
23.93%
20.91%
9.43%
7.51%
2.94%
6.26%
4.58%
16.96%
9.40%
6.00%
8.26%
8.58%
3.11%
7.62%
33.92%
16.17%
4.60%
12.13%
8.34%
11.47%
12.27%
15.11%
21.74%
9.34%
9.10%

After-tax
ROC

28.21%
24.34%
5.17%
14.95%
6.47%
11.15%
0.00%
-0.03%
13.38%
21.84%
15.61%
0.04%
9.85%
21.64%
15.72%
10.93%
9.22%
11.95%
7.36%
23.36%
17.59%
7.93%
7.85%
12.46%
13.90%
11.93%
11.81%
4.86%
8.61%
8.60%
22.91%
14.39%
8.13%
0.36%
14.22%
15.64%
16.09%
8.15%
15.69%
28.81%
15.56%
8.08%
8.13%
9.28%
23.56%
35.83%
14.32%
12.13%

Average
effective tax
rate

30.55%
27.54%
19.11%
25.61%
23.00%
25.00%
24.29%
27.98%
22.00%
25.35%
30.24%
26.12%
28.21%
30.08%
31.30%
18.39%
27.77%
26.02%
23.63%
23.77%
23.60%
24.49%
17.76%
19.44%
20.40%
23.90%
25.25%
38.71%
24.22%
28.15%
29.19%
35.83%
27.71%
23.16%
26.99%
29.36%
19.84%
23.62%
24.47%
36.36%
22.34%
27.66%
19.75%
17.03%
27.21%
29.68%
27.36%
24.59%

Insurance (Prop/Cas.)
Investments & Asset Management
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploratio
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Service
Recreation
Reinsurance
Restaurant/Dining
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Online)
Retail (Special Lines)
Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Software (Entertainment)
Software (Internet)
Software (System & Application)
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Tobacco
Transportation
Transportation (Railroads)
Trucking
Unclassified
Utility (General)
Utility (Water)
Total Market

220
914
1272
1589
155
55
1140
215
586
398
303
574
1079
373
482
703
449
577
293
40
306
149
50
889
231
180
115
540
89
564
259
354
95
119
759
991
757
117
484
308
61
225
53
190
33
56
98
42410

11.15%
11.09%
7.29%
13.47%
4.05%
10.45%
23.64%
15.15%
13.00%
8.20%
5.58%
11.86%
33.25%
0.67%
13.47%
15.78%
9.47%
10.19%
4.14%
14.08%
6.71%
9.64%
7.99%
9.42%
8.82%
10.24%
19.34%
5.69%
8.87%
8.27%
12.60%
3.18%
9.66%
0.74%
10.80%
9.53%
5.82%
9.09%
5.85%
5.53%
8.38%
10.45%
5.05%
5.42%
7.56%
2.00%
12.98%
9.94%

11.13%
22.78%
9.72%
12.05%
7.87%
9.23%
23.49%
7.70%
4.14%
8.50%
6.35%
12.46%
5.32%
8.47%
29.53%
21.57%
19.85%
30.68%
10.82%
12.50%
9.65%
4.30%
8.10%
3.78%
4.17%
3.15%
4.34%
6.29%
10.96%
17.56%
10.95%
7.80%
9.80%
12.62%
20.41%
23.80%
4.83%
13.50%
12.38%
16.07%
28.61%
8.65%
21.36%
7.61%
19.38%
9.94%
26.22%
9.05%

12.48%
8.21%
12.27%
11.67%
12.73%
9.99%
11.72%
8.39%
10.48%
11.72%
5.61%
6.80%
2.64%
10.71%
3.32%
9.14%
4.89%
5.23%
9.82%
14.99%
12.01%
9.99%
11.71%
6.18%
9.01%
7.30%
17.10%
11.13%
12.44%
12.65%
8.54%
4.65%
14.71%
9.82%
17.14%
21.97%
5.22%
9.69%
11.52%
13.64%
52.27%
11.57%
8.88%
9.19%
6.38%
7.44%
9.19%
5.93%

23.11%
15.76%
27.17%
31.03%
31.08%
37.73%
34.94%
17.89%
27.30%
25.36%
22.24%
24.89%
41.95%
18.18%
2.63%
30.11%
19.17%
19.41%
26.92%
11.50%
31.32%
32.98%
35.68%
27.60%
32.62%
28.84%
26.29%
32.67%
32.30%
17.85%
18.24%
26.44%
23.66%
30.54%
32.81%
23.04%
29.21%
29.45%
19.92%
27.70%
29.24%
30.04%
31.36%
33.70%
8.75%
32.69%
20.05%
26.09%

Unlevered
Beta

1.10
0.97
0.64
0.73
0.84
1.15
0.39
0.49
0.69
0.81
1.05
0.45
0.80
0.91
0.71
0.75
1.14
0.92
1.05
0.92
1.13
0.89
0.76
1.12
0.85
1.02
0.99
1.07
1.04
0.89
0.94
1.00
0.64
0.10
0.66
0.54
0.99
0.74
0.90
0.95
1.01
1.01
0.56
0.75
0.91
1.00
0.63
0.94

Equity
(Levered)
Beta

1.27
1.08
1.09
0.82
1.28
1.25
1.02
0.66
0.79
0.93
1.35
1.05
0.96
1.05
0.96
0.95
1.42
1.03
1.38
0.99
1.13
1.15
1.08
1.16
0.91
1.14
1.10
1.22
1.08
1.25
1.12
1.27
0.90
0.79
0.77
0.81
1.01
1.20
0.97
1.11
1.14
1.34
0.83
0.94
0.98
1.06
0.72
1.04

Cost of
equity

11.31%
9.91%
9.98%
8.06%
11.37%
11.14%
9.52%
6.88%
7.85%
8.86%
11.85%
9.70%
9.06%
9.69%
9.10%
8.99%
12.38%
9.55%
12.08%
9.26%
10.29%
10.46%
9.93%
10.48%
8.68%
10.33%
10.06%
10.91%
9.90%
11.16%
10.22%
11.27%
8.64%
7.82%
7.71%
7.97%
9.42%
10.79%
9.16%
10.15%
10.33%
11.77%
8.15%
8.90%
9.19%
9.78%
7.31%
9.61%

Std
deviation in Pre-tax cost
Market
stock prices
of debt
Debt/Capital

56.72%
47.90%
43.55%
51.79%
45.05%
47.79%
35.24%
36.79%
43.05%
42.96%
50.58%
56.73%
47.42%
50.70%
43.88%
46.40%
43.73%
49.35%
72.21%
52.97%
55.30%
48.14%
38.88%
85.38%
55.39%
56.66%
49.99%
52.36%
52.45%
52.45%
59.72%
62.88%
46.18%
45.27%
42.50%
45.54%
49.73%
53.45%
58.69%
47.70%
68.43%
51.33%
41.92%
46.98%
50.39%
51.45%
35.05%
36.75%

4.63%
4.13%
4.13%
4.63%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.63%
4.63%
4.13%
4.63%
4.13%
4.13%
4.13%
4.13%
5.13%
4.63%
4.63%
4.13%
4.13%
5.63%
4.63%
4.63%
4.13%
4.63%
4.63%
4.63%
4.63%
4.63%
4.13%
4.13%
4.13%
4.13%
4.13%
4.63%
4.63%
4.13%
5.13%
4.63%
4.13%
4.13%
4.63%
4.63%
4.13%
4.13%

23.31%
18.10%
49.06%
19.89%
45.27%
20.24%
73.39%
53.21%
18.82%
19.20%
29.37%
67.14%
27.13%
21.87%
32.90%
30.25%
28.94%
19.09%
35.06%
16.07%
11.15%
32.34%
39.72%
7.64%
11.43%
21.75%
21.03%
28.81%
17.84%
44.62%
21.67%
26.68%
37.62%
89.52%
20.81%
44.51%
16.71%
42.14%
12.80%
22.93%
16.49%
36.53%
38.34%
28.60%
12.70%
11.71%
29.30%
32.85%

Cost of
capital

9.43%
8.64%
6.50%
7.10%
7.53%
9.47%
4.66%
4.76%
6.91%
7.71%
9.32%
5.36%
7.39%
8.28%
7.05%
7.14%
9.64%
8.28%
9.11%
8.29%
9.51%
8.01%
7.13%
9.98%
8.06%
8.79%
8.55%
8.70%
8.72%
7.63%
8.71%
9.12%
6.48%
3.41%
6.71%
5.71%
8.33%
7.61%
8.40%
8.49%
9.22%
8.65%
6.13%
7.18%
8.44%
9.02%
6.01%
7.40%

Sales/Capita
l

3.78
2.78
1.16
1.44
1.26
2.01
0.11
0.26
0.84
1.64
1.17
0.17
1.63
3.21
1.02
1.36
1.45
1.32
0.81
3.62
1.78
1.20
0.92
0.53
0.77
1.49
1.81
1.89
1.60
2.25
1.49
1.74
1.55
0.05
2.00
6.08
2.55
0.26
1.07
7.48
1.38
1.21
0.83
0.87
1.82
1.98
1.81
1.66

0.52
0.65
1.06
1.07
0.74
1.17
1.10
0.85
1.05
0.61
0.62
0.51
1.21
0.86
0.45
0.78
0.70
0.55
0.95
1.07
0.70
0.72
0.90
0.58
0.73
0.60
1.40
0.87
0.93
1.23
1.35
0.83
0.84
1.35
1.35
1.10
0.79
0.88
1.15
0.69
0.69
0.70
0.81
0.68
0.61
0.51
0.73
0.71

0.60
0.89
1.12
1.43
0.91
1.40
1.48
1.23
1.38
0.79
0.96
0.87
1.48
1.02
0.79
1.16
1.08
0.92
1.07
1.21
0.84
0.96
1.03
0.93
0.93
0.85
1.42
1.03
1.13
1.27
1.40
1.26
0.86
1.19
1.34
1.12
1.28
1.17
1.18
1.01
0.77
0.88
1.00
0.96
0.86
0.80
0.98
1.07

6.45%
8.57%
10.23%
12.45%
8.73%
12.19%
12.82%
11.02%
12.11%
7.84%
9.06%
8.42%
12.80%
9.50%
7.81%
10.52%
9.90%
8.77%
9.82%
10.83%
8.21%
9.05%
9.54%
8.84%
8.84%
8.24%
12.34%
9.57%
10.29%
11.30%
12.25%
11.19%
8.35%
10.72%
11.77%
10.24%
11.34%
10.55%
10.61%
9.44%
7.66%
8.49%
9.36%
9.04%
8.34%
7.90%
9.17%
9.87%

37.33%
47.25%
48.15%
79.34%
48.07%
40.33%
73.94%
45.55%
56.14%
44.72%
47.03%
38.21%
95.83%
52.04%
29.85%
48.53%
49.50%
43.86%
49.10%
28.34%
41.15%
43.92%
35.64%
49.35%
40.14%
36.41%
72.03%
47.17%
43.79%
53.27%
57.71%
49.49%
49.82%
68.74%
68.76%
62.34%
54.23%
47.57%
57.38%
50.50%
39.03%
42.81%
32.27%
42.00%
58.05%
32.08%
42.62%
51.47%

4.13%
4.13%
4.13%
5.13%
4.13%
4.13%
5.13%
4.13%
4.63%
4.13%
4.13%
4.13%
6.13%
4.63%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
4.13%
5.13%
4.13%
4.13%
4.63%
4.63%
4.13%
4.13%
5.13%
5.13%
4.63%
4.63%
4.13%
4.63%
4.63%
4.13%
4.13%
4.13%
4.13%
4.63%
4.13%
4.13%
4.63%

23.97%
38.41%
17.38%
31.87%
30.48%
27.35%
31.98%
34.58%
33.42%
31.57%
42.96%
49.19%
26.22%
24.72%
44.49%
47.42%
44.11%
47.25%
21.63%
24.87%
24.61%
33.74%
20.43%
48.46%
30.82%
40.82%
8.44%
24.59%
28.39%
11.47%
13.47%
44.10%
10.52%
9.48%
5.23%
8.14%
47.34%
32.79%
11.72%
38.63%
14.43%
31.89%
26.24%
38.57%
36.24%
45.72%
32.89%
44.24%

5.60%
6.39%
8.95%
9.63%
6.95%
9.65%
9.87%
8.21%
9.15%
6.28%
6.41%
5.70%
10.57%
7.95%
5.62%
6.90%
6.81%
5.99%
8.32%
8.85%
6.90%
6.97%
8.18%
5.96%
7.00%
6.06%
11.60%
7.93%
8.19%
10.38%
11.04%
7.53%
7.78%
10.04%
11.34%
9.67%
7.51%
8.04%
9.75%
7.05%
6.97%
6.70%
7.66%
6.67%
6.49%
5.61%
7.11%
6.94%

1.35
0.39
1.55
1.01
1.99
1.45
0.54
1.20
2.96
1.70
1.00
0.66
0.51
1.49
0.11
0.52
0.29
0.20
1.09
1.34
1.58
2.98
2.08
2.02
2.81
3.06
4.44
2.27
1.46
0.80
0.87
0.68
1.87
0.88
0.91
1.03
1.25
0.83
1.05
0.99
2.24
1.69
0.56
1.56
0.36
0.99
0.41
0.76

EV/Sales

EV/EBITDA

1.51
1.38
1.41
1.73
0.94
0.81
9.37 NA
4.39 NA
3.33
2.63
2.48
6.96 NA
1.11
1.31
3.56
1.07
1.12
1.74
1.72
1.03
1.30
1.37
1.69
10.12
3.93
1.86
1.31
0.52
1.07
0.67
2.98
1.72
0.93
19.48
1.43
0.37
0.97
6.20
3.51
0.63
3.38
1.19
2.83
2.50
2.56
3.78
0.81
0.96

EV/EBIT

9.78
10.34
8.26
9.40
9.19
7.39

16.21
13.98
26.97
13.59
15.51
11.71
NA
NA

12.30
13.61
10.59
NA
9.32
10.13
10.92
7.02
8.46
10.87
8.55
9.56
7.90
10.07
11.27
19.75
13.61
9.42
11.22
6.99
9.07
9.17
11.79
10.23
10.71
155.86 NA
11.81
7.71
9.24
10.84
14.49
10.23
16.46
10.40
13.23
11.74
13.28
13.72
7.10
9.82

16.58
17.27
14.91
14.78
15.57
19.07
10.38
13.61
15.79
16.48
12.73
11.26
16.74
16.46
38.97
18.69
18.98
16.76
15.49
16.71
14.19
17.14
17.89
15.17
16.48
11.87
12.52
18.03
21.03
13.52
28.13
13.85
24.14
19.98
16.84
17.35
8.37
10.58

Price/Book

2.50
3.26
2.30
2.27
1.43
1.84
1.11
0.96
2.86
4.66
2.36
1.74
1.75
3.17
5.79
1.45
1.91
2.58
1.30
3.44
2.51
1.68
1.34
7.84
3.72
2.21
2.23
1.47
1.78
1.48
3.29
2.61
1.59
1.30
2.69
1.25
2.29
1.54
3.70
2.49
3.93
1.36
2.88
2.29
4.26
5.23
1.07
1.35

Trailing PE

63.93
36.81
23.96
53.20
31.16
43.50
22.92
37.96
34.36
64.53
28.73
248.96
41.88
44.50
116.12
78.15
26.74
34.22
70.52
54.59
76.74
36.16
26.92
108.44
81.26
310.11
333.33
34.90
54.19
103.83
213.79
41.23
31.29
111.52
159.96
63.69
48.17
45.99
60.77
52.08
123.00
35.82
71.58
50.53
63.65
35.14
20.45
29.73

Non-cash
Net Cap Ex
WC as % of Cap Ex as %
as % of
Revenues of Revenues Revenues

-6.27%
21.11%
-2.40%
23.85%
2.28%
9.91%
NA
NA
6.81%
1.63%
12.92%
NA
17.10%
9.45%
13.48%
13.42%
19.55%
17.46%
2.45%
12.19%
8.56%
16.27%
4.59%
24.61%
19.49%
8.41%
22.32%
6.87%
18.48%
11.67%
10.39%
11.30%
18.82%
NA
10.81%
2.97%
10.44%
0.85%
25.74%
0.46%
22.23%
66.89%
13.28%
-0.80%
10.14%
13.85%
4.37%
4.75%

1.84%
3.33%
9.99%
4.28%
7.09%
5.45%
4.31%
5.51%
5.37%
3.42%
3.45%
2.63%
3.85%
2.78%
12.50%
5.40%
5.92%
7.00%
13.39%
1.72%
4.89%
5.31%
5.82%
4.44%
4.36%
5.37%
3.73%
3.02%
4.97%
3.10%
4.13%
5.89%
3.80%
7.38%
4.50%
1.60%
3.06%
35.95%
5.14%
1.02%
3.63%
0.81%
5.94%
7.01%
4.09%
3.05%
0.79%
0.62%

1.45%
4.61%
5.38%
5.78%
6.88%
5.64%
4.74%
2.44%
3.74%
3.07%
2.82%
2.37%
4.16%
3.58%
2.74%
5.60%
6.00%
8.14%
11.19%
2.12%
5.84%
5.18%
6.10%
21.34%
7.66%
6.15%
4.81%
2.79%
5.43%
3.29%
2.65%
2.94%
4.68%
8.26%
6.98%
1.62%
3.64%
30.40%
12.28%
1.58%
19.35%
2.14%
7.58%
4.76%
5.50%
4.95%
1.24%
0.81%

1.02
4.69
1.49
1.37
1.11
0.76
2.42
2.01
0.55
1.20
1.19
1.94
2.26
1.63
12.62
2.69
3.92
6.26
1.97
0.81
2.11
0.81
1.41
0.67
0.76
0.61
2.19
1.22
0.96
2.81
2.70
1.76
1.79
2.40
6.18
4.49
0.78
2.00
2.20
2.02
3.68
1.32
3.29
1.15
6.89
1.41
4.95
2.00

8.51
16.33
10.83
6.81
8.47
4.60
4.83
15.65
7.76
8.74
9.18
8.65
7.63
9.61
22.80
11.38
14.41
15.88
10.71
6.52
11.48
11.72
11.04
11.52
9.30
8.05
23.72
9.90
5.84
9.48
13.80
9.50
12.99
10.25
20.73
14.24
7.47
6.42
12.08
5.91
11.59
9.31
10.32
8.21
14.41
8.29
12.83
12.54

9.05
17.97
15.07
11.10
13.99
8.19
10.04
25.12
13.01
14.03
18.37
15.49
39.22
16.88
37.39
12.08
19.07
18.79
17.41
6.46
21.29
18.74
17.37
17.32
17.88
19.38
52.08
19.21
8.65
16.21
23.01
22.06
18.24
15.44
31.86
18.27
15.36
14.71
16.62
12.45
12.85
15.20
15.47
14.94
22.92
14.14
18.60
20.24

1.22
1.27
2.35
1.28
2.36
1.03
1.20
2.12
1.45
2.21
1.29
1.29
1.08
1.93
1.69
1.00
0.92
0.98
2.57
0.91
5.19
3.57
4.84
1.27
2.32
1.81
7.47
3.45
1.66
2.96
2.75
1.22
3.35
2.09
4.55
4.41
0.94
1.74
2.73
1.95
10.80
2.36
2.52
2.33
2.36
1.45
2.15
1.78

16.13
-25.63%
131.39 NA
54.58
23.46%
65.71
9.89%
203.75
12.95%
15.01
3.33%
52.25
-0.33%
90.52
3.09%
607.04
7.98%
36.73
14.10%
66.53
16.69%
37.79
2.60%
1831.07
13.94%
37.64
8.34%
32.40
34.80%
49.76
164.65%
76.83
78.65%
35.02
20.35%
56.72
17.62%
11.14
-41.98%
44.75
-1.17%
88.65
8.36%
30.55
7.26%
218.46
14.11%
31.22
0.93%
33.03
-3.53%
73.15
0.21%
28.68
9.75%
19.62
19.58%
50.00
18.02%
41.77
27.30%
45.15
0.03%
25.52
20.69%
52.54
17.88%
145.13
7.59%
69.26
12.98%
47.45
13.06%
24.46
-6.98%
107.83
17.13%
29.53
-0.65%
25.41
16.90%
29.78
3.37%
25.95
-0.04%
29.56
4.80%
89.48
-118.42%
28.99
0.86%
51.54
6.25%
90.60
-93.99%

0.65%
2.02%
3.84%
12.96%
3.54%
11.35%
51.05%
14.79%
3.57%
5.30%
6.33%
15.91%
24.80%
3.41%
8.80%
4.02%
6.64%
7.30%
5.56%
0.14%
5.52%
2.65%
2.03%
2.76%
3.11%
3.13%
4.38%
2.41%
4.98%
13.58%
7.56%
12.34%
1.71%
3.37%
9.95%
4.02%
5.68%
17.84%
3.14%
13.55%
3.26%
4.15%
15.76%
9.69%
10.36%
11.37%
19.01%
6.60%

1.33%
-3.05%
5.36%
9.89%
4.33%
6.09%
34.14%
14.60%
3.08%
6.47%
4.06%
11.55%
13.37%
4.51%
10.10%
6.75%
6.88%
9.65%
5.22%
0.24%
4.12%
3.73%
0.32%
3.12%
2.53%
4.41%
7.12%
2.69%
4.47%
16.75%
9.24%
9.29%
1.68%
4.80%
16.70%
11.30%
5.83%
9.05%
4.11%
0.83%
2.02%
1.78%
12.02%
8.13%
16.10%
6.17%
13.73%
5.65%

Equity
Dividend
Reinvestmen
Payout Ratio t Rate

Reinvestme
nt Rate
ROE

37.84%
94.37%
125.07%
84.82%
163.55%
121.45%
NA
NA
33.29%
-34.69%
32.76%
-2315.77%
93.55%
73.12%
24.61%
98.60%
109.21%
109.07%
188.42%
54.14%
62.73%
126.20%
81.22%
162.34%
54.54%
120.91%
100.25%
121.27%
153.81%
151.49%
94.50%
65.52%
119.21%
158.19%
115.19%
90.90%
50.87%
120.06%
114.37%
76.34%
227.79%
137.86%
124.55%
48.85%
50.37%
37.13%
8.48%
7.98%

10.21%
21.05%
11.09%
12.07%
14.68%
13.32%
10.26%
8.55%
14.10%
20.79%
8.64%
9.01%
8.50%
15.21%
23.75%
8.91%
12.43%
12.32%
4.50%
19.68%
18.26%
8.90%
10.75%
10.58%
15.00%
6.10%
7.76%
2.35%
9.11%
7.62%
15.25%
5.93%
9.68%
24.84%
12.64%
10.68%
15.35%
7.80%
11.45%
11.38%
9.65%
12.17%
12.24%
9.68%
17.59%
22.36%
10.77%
10.95%

51.39%
32.53%
32.69%
43.21%
29.62%
22.84%
36.72%
23.45%
54.73%
58.13%
55.67%
27.72%
39.47%
65.48%
29.91%
62.94%
46.56%
47.61%
117.15%
31.39%
26.45%
54.25%
29.93%
29.31%
61.73%
62.79%
57.16%
101.58%
31.53%
67.19%
25.94%
86.61%
37.77%
333.91%
51.45%
50.99%
37.28%
87.40%
38.96%
25.05%
17.60%
19.62%
59.84%
53.66%
54.33%
25.90%
42.41%
31.70%

51.39%
32.53%
32.69%
43.21%
29.62%
22.84%
36.72%
23.45%
54.73%
58.13%
55.67%
27.72%
39.47%
65.48%
29.91%
62.94%
46.56%
47.61%
117.15%
31.39%
26.45%
54.25%
29.93%
29.31%
61.73%
62.79%
57.16%
101.58%
31.53%
67.19%
25.94%
86.61%
37.77%
333.91%
51.45%
50.99%
37.28%
87.40%
38.96%
25.05%
17.60%
19.62%
59.84%
53.66%
54.33%
25.90%
42.41%
31.70%

18.56%
-14.15%
96.20%
134.21%
91.05%
111.94%
213.10%
227.93%
115.35%
104.27%
88.70%
131.00%
548.81%
73.52%
45.31%
185.09%
85.41%
46.25%
73.41%
1.49%
61.18%
134.05%
3.79%
151.25%
99.22%
173.08%
245.73%
84.55%
58.12%
130.50%
134.95%
174.25%
38.92%
35.41%
141.83%
71.24%
179.95%
102.91%
43.57%
9.49%
11.39%
51.33%
81.74%
167.50%
91.09%
87.35%
72.55%
97.23%

10.69%
12.25%
11.77%
8.00%
10.97%
11.41%
8.23%
9.15%
9.97%
11.20%
4.52%
8.15%
-6.32%
13.40%
10.48%
14.27%
8.94%
8.00%
11.81%
13.66%
19.55%
19.36%
19.41%
9.61%
12.52%
10.18%
11.52%
14.05%
14.55%
14.96%
5.44%
6.54%
15.78%
8.30%
14.78%
17.73%
0.65%
23.02%
13.72%
14.91%
59.64%
13.89%
13.83%
10.51%
-7.15%
2.02%
13.69%
11.42%

30.35%
45.31%
36.57%
69.85%
37.55%
44.94%
52.89%
138.99%
40.25%
44.73%
73.54%
68.52%
0.76%
37.79%
69.95%
37.86%
26.94%
40.10%
42.07%
27.39%
50.15%
23.19%
37.86%
36.45%
40.62%
59.23%
21.12%
36.01%
29.66%
36.86%
50.43%
54.65%
43.87%
18.47%
7.22%
37.91%
519.88%
28.10%
40.95%
61.31%
70.95%
52.25%
28.44%
26.03%
0.05%
357.99%
55.95%
54.41%

30.35%
45.31%
36.57%
69.85%
37.55%
44.94%
52.89%
138.99%
40.25%
44.73%
73.54%
68.52%
0.76%
37.79%
69.95%
37.86%
26.94%
40.10%
42.07%
27.39%
50.15%
23.19%
37.86%
36.45%
40.62%
59.23%
21.12%
36.01%
29.66%
36.86%
50.43%
54.65%
43.87%
18.47%
7.22%
37.91%
519.88%
28.10%
40.95%
61.31%
70.95%
52.25%
28.44%
26.03%
0.05%
357.99%
55.95%
54.41%

Country
Country
Abu Dhabi
Albania
Andorra
Angola
Anguilla
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bermuda
Bolivia
Bosnia and Herzegovina
Botswana
Brazil
British Virgin Islands
Bulgaria
Burkina Faso
Cambodia
Cameroon
Canada
Cape Verde
Cayman Islands
Channel Islands
Chile
China
Colombia
Congo (Democratic Republ
Congo (Republic of)
Cook Islands
Costa Rica
Croatia
Cuba

Default Spread
ERPMarginal tax rateCRP
0.50%
6.50%
55.00%
###
4.50%
###
15.00%
###
0.75%
6.88%
19.00%
###
3.00%
###
35.00%
###
5.75%
###
16.67%
###
7.50%
###
35.00%
###
3.00%
###
20.00%
###
6.50%
###
28.00%
###
0.00%
5.75%
30.00%
###
0.00%
5.75%
25.00%
###
2.20%
9.05%
25.00%
###
1.90%
8.60%
0.00%
###
1.90%
8.60%
0.00%
###
3.60%
###
27.50%
###
6.50%
###
25.00%
###
6.50%
###
18.00%
###
0.60%
6.65%
33.99%
###
9.00%
###
33.99%
###
3.99%
###
27.85%
###
0.70%
6.80%
0.00%
###
3.60%
###
25.00%
###
6.50%
###
10.00%
###
0.85%
7.03%
22.00%
###
1.90%
8.60%
25.00%
###
5.75%
###
16.67%
###
1.90%
8.60%
10.00%
###
6.50%
###
10.00%
###
5.50%
###
20.00%
###
5.50%
###
20.00%
###
0.00%
5.75%
26.50%
###
5.50%
###
26.50%
###
5.50%
###
0.00%
###
0.75%
6.88%
0.00%
###
0.60%
6.65%
20.00%
###
0.60%
6.65%
25.00%
###
1.90%
8.60%
25.00%
###
6.50%
###
27.85%
###
3.60%
###
27.85%
###
4.50%
###
25.00%
###
2.50%
9.50%
30.00%
###
2.50%
9.50%
20.00%
###
9.00%
###
20.00%
###

Curaao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Falkland Islands
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Gibraltar
Greece
Greenland
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Ivory Coast
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Kyrgyzstan
Laos
Latvia
Lebanon

5.75%
6.50%
0.70%
0.00%
4.50%
6.50%
7.50%
3.60%
0.70%
2.80%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
5.50%
0.75%
7.50%
0.75%
2.50%
6.50%
0.40%
2.50%
2.20%
2.20%
2.20%
1.60%
0.40%
0.70%
1.90%
4.50%
10.00%
0.70%
4.50%
1.90%
4.50%
0.60%
0.50%
2.22%
1.01%
1.60%
5.50%

###
###
6.80%
5.75%
###
###
###
###
6.80%
9.95%
###
5.75%
6.35%
###
###
5.75%
###
6.88%
###
6.88%
9.50%
###
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
###
###
6.80%
###
8.60%
###
6.65%
6.50%
9.08%
7.26%
8.15%
###

27.50%
12.50%
19.00%
24.50%
28.00%
22.00%
25.00%
30.00%
21.00%
0.00%
20.00%
20.00%
33.33%
33.33%
15.00%
29.58%
25.00%
10.00%
26.00%
26.00%
28.00%
30.00%
30.00%
19.00%
20.00%
33.99%
25.00%
12.50%
0.00%
26.50%
31.40%
27.85%
25.00%
35.64%
14.00%
20.00%
30.00%
30.00%
15.00%
20.00%
21.91%
15.00%
15.00%

###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###

Liechtenstein
Lithuania
Luxembourg
Macau
Macedonia
Malawi
Malaysia
Malta
Marshall Islands
Mauritius
Mexico
Moldova
Monaco
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
Netherlands Antilles
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Palestinian Authority
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Reunion
Romania
Russia
Rwanda
Samoa
Saudi Arabia

0.00%
1.60%
0.00%
0.50%
3.60%
3.99%
1.20%
1.20%
1.01%
1.60%
1.20%
6.50%
0.00%
5.50%
3.60%
2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
0.00%
6.50%
3.99%
3.60%
0.00%
0.70%
7.50%
7.50%
1.90%
4.50%
3.00%
1.20%
1.90%
0.85%
2.50%
0.50%
0.00%
2.20%
1.90%
5.50%
5.50%
0.60%

5.75%
8.15%
5.75%
6.50%
###
###
7.55%
7.55%
7.26%
8.15%
7.55%
###
5.75%
###
###
9.05%
9.50%
###
9.05%
5.75%
5.75%
5.75%
###
###
###
5.75%
6.80%
###
###
8.60%
###
###
7.55%
8.60%
7.03%
9.50%
6.50%
5.75%
9.05%
8.60%
###
###
6.65%

12.50%
15.00%
29.22%
12.00%
10.00%
30.00%
25.00%
35.00%
0.00%
15.00%
30.00%
25.00%
30.00%
30.00%
9.00%
20.00%
30.00%
32.00%
33.00%
25.00%
20.00%
28.00%
27.15%
27.85%
30.00%
27.00%
12.00%
34.00%
20.00%
25.00%
30.00%
10.00%
30.00%
30.00%
19.00%
23.00%
10.00%
0.00%
16.00%
20.00%
27.85%
27.00%
20.00%

###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###

Senegal
Serbia
Sierra Leone
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenadi
Sudan
Suriname
Sweden
Switzerland
Taiwan
Tanzania
Thailand
Togo
Trinidad & Tobago
Tunisia
Turkey
Turks & Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Venezuela
Vietnam
Zambia
Zimbabwe
Region
Africa
Asia
Australia & New Zealand
Caribbean
Central and South America
Eastern Europe & Russia
Middle East
North America

4.50%
4.50%
3.99%
0.00%
0.85%
2.50%
1.90%
1.90%
4.50%
1.60%
6.50%
3.99%
3.60%
0.00%
0.00%
0.60%
3.99%
1.60%
3.99%
1.60%
3.60%
2.20%
2.20%
4.50%
10.00%
0.50%
0.40%
0.00%
1.90%
7.50%
4.50%
4.50%
3.99%
Default Spread
3.99%
1.01%
0.00%
5.75%
2.80%
2.22%
0.73%
0.00%

###
###
###
5.75%
7.03%
9.50%
8.60%
8.60%
###
8.15%
###
###
###
5.75%
5.75%
6.65%
###
8.15%
###
8.15%
###
9.05%
9.05%
###
###
6.50%
6.35%
5.75%
8.60%
###
###
###
###

27.85%
15.00%
30.00%
17.00%
22.00%
17.00%
28.00%
30.00%
28.00%
20.00%
20.00%
35.00%
34.50%
22.00%
17.92%
17.00%
30.00%
20.00%
27.85%
25.00%
25.00%
20.00%
20.00%
30.00%
18.00%
55.00%
21.00%
40.00%
25.00%
34.00%
22.00%
35.00%
27.85%

ERP
Tax Rate
11.73%
27.85%
7.26%
21.91%
5.75%
26.00%
14.37%
14.92%
9.95%
27.15%
9.08%
16.38%
6.85%
19.22%
5.75%
33.25%

###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###
###

Western Europe
Global

0.75%

6.88%
1.43% 7.18%

19.68%

23.57%

GDP(inbillions)Adj.DefaultSpread
Country
AbuDhabi
390
0.50%
Albania
12.9
4.50%
Andorra(Principalityof
4.5
1.60%
Angola
124.2
3.00%
Argentina
609.9
7.50%
Armenia
10.4
3.00%
Aruba
2.6
6.50%
Australia
1560.4
0.00%
Austria
428.3
0.00%
Azerbaijan
73.4
2.20%
Bahamas
8.4
1.90%
Bahrain
32.9
1.90%
Bangladesh
150
3.60%
Barbados
3.7
6.50%
Belarus
71.7
6.50%
Belgium
524.8
0.60%
Belize
1.6
9.00%
Bermuda
5.557
0.70%
Bolivia
30.6
3.60%
BosniaandHerzegovina
17.9
6.50%
Botswana
14.8
0.85%
Brazil
2245.7
1.90%
Bulgaria
54.5
1.90%
BurkinaFaso
11.6
6.50%
Cambodia
15.2
5.50%
Cameroon
29.6
5.50%
Canada
1826.8
0.00%
CaymanIslands
1.897
0.60%
CapeVerde
4
5.50%
Chile
277.2
0.60%
China
9240.3
0.60%
Colombia
378.4
1.90%
Congo(DemocraticRepu
32.7
6.50%
Congo(Republicof)
14.1
3.60%
CookIslands
1.2
4.50%
CostaRica
49.6
2.50%
Cted'Ivoire
31.1
4.50%
Croatia
57.9
2.50%
Cuba
60.8
9.00%
Curacao
1
1.20%
Cyprus
21.9
6.50%
CzechRepublic
208.9
0.70%
Denmark
335.9
0.00%
DominicanRepublic
61.2
4.50%
Ecuador
94.5
6.50%

Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro

272
24.3
24.9
47.5
3.9
267.3
2806.4
19.3
16.1
3730.3
48.1
242.2
53.8
0.5
18.6
274
133.4
15.3
1876.8
868.4
232.1
1.4
290.6
2149.5
14.4
4919.6
1
33.7
321.9
55.2
1304.6
175.8
31
44.4
10.5
45.9
60.1
51.8
10.2
313.2
9.6
11.9
1260.9
8
11.5
4.4

7.50%
3.60%
0.70%
4.50%
4.50%
0.00%
0.40%
3.60%
3.60%
0.00%
5.50%
7.50%
2.50%
0.40%
6.50%
0.40%
2.50%
2.20%
2.20%
2.20%
1.60%
0.40%
0.70%
1.90%
10.00%
0.70%
0.40%
4.50%
1.90%
4.50%
0.60%
0.50%
1.60%
5.50%
0.00%
1.60%
0.00%
0.50%
3.60%
1.20%
1.20%
1.60%
1.20%
6.50%
5.50%
3.60%

Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaimah(Emirat
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrena
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIsland
Uganda
Ukraine

1.5
103.8
15.6
13.1
853.54
185.8
11.3
521.8
512.6
80
232.3
42.7
15.3
29
202.4
272.1
525.9
227.3
203.2
5.2
189.6
2096.8
7.5
748.5
14.8
45.5
1
297.9
97.7
48
350.6
1393
67.2
1.5
0.713
5.3
579.7
685.4
970.9
387.3
24.6
47
822.1
1.5
21.5
177.4

2.20%
2.50%
4.50%
2.20%
0.00%
0.00%
6.50%
3.60%
0.00%
0.70%
7.50%
1.90%
4.50%
3.00%
1.20%
1.90%
0.85%
2.50%
0.50%
0.85%
2.20%
1.90%
5.50%
0.60%
4.50%
4.50%
1.20%
0.00%
0.85%
2.50%
1.90%
1.90%
4.50%
1.60%
6.50%
3.60%
0.00%
0.00%
0.60%
1.60%
1.60%
3.60%
2.20%
1.60%
4.50%
10.00%

UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmeric
Uruguay
Venezuela
Vietnam
Zambia

402.3
2678.5
16768.4
55.7
438.3
171.4
26.8

Region
ERP
Africa
11.73%
Asia
7.26%
Australia & New Zealand
5.75%
Caribbean
14.37%
Central and South Americ
9.95%
Eastern Europe & Russia
9.08%
Middle East
6.85%
North America
5.75%
Western Europe
6.88%
Global
7.18%

0.50%
0.40%
0.00%
1.90%
7.50%
4.50%
4.50%
CRP
5.98%
1.51%
0.00%
8.62%
4.20%
3.33%
1.10%
0.00%
1.13%
1.43%

TotalRiskPremium

6.50%
12.50%
8.15%
10.25%
17.00%
10.25%
15.50%
5.75%
5.75%
9.05%
8.60%
8.60%
11.15%
15.50%
15.50%
6.65%
19.25%
6.80%
11.15%
15.50%
7.03%
8.60%
8.60%
15.50%
14.00%
14.00%
5.75%
6.65%
14.00%
6.65%
6.65%
8.60%
15.50%
11.15%
12.50%
9.50%
12.50%
9.50%
19.25%
7.55%
15.50%
6.80%
5.75%
12.50%
15.50%

CountryRiskPremium Region
0.75%
Middle East
6.75%
Eastern Europe & Russia
2.40%
Western Europe
4.50%
Africa
11.25%
Central and South America
4.50%
Eastern Europe & Russia
9.75%
Caribbean
0.00%
Australia & New Zealand
0.00%
Western Europe
3.30%
Eastern Europe & Russia
2.85%
Caribbean
2.85%
Middle East
5.40%
Asia
9.75%
Caribbean
9.75%
Eastern Europe & Russia
0.90%
Western Europe
13.50%
Central and South America
1.05%
Caribbean
5.40%
Central and South America
9.75%
Eastern Europe & Russia
1.28%
Africa
2.85%
Central and South America
2.85%
Eastern Europe & Russia
9.75%
Africa
8.25%
Asia
8.25%
Africa
0.00%
North America
0.90%
Caribbean
8.25%
Africa
0.90%
Central and South America
0.90%
Asia
2.85%
Central and South America
9.75%
Africa
5.40%
Africa
6.75%
Australia & New Zealand
3.75%
Central and South America
6.75%
Africa
3.75%
Eastern Europe & Russia
13.50%
Caribbean
1.80%
Caribbean
9.75%
Western Europe
1.05%
Eastern Europe & Russia
0.00%
Western Europe
6.75%
Caribbean
9.75%
Central and South America

17.00%
11.15%
6.80%
12.50%
12.50%
5.75%
6.35%
11.15%
11.15%
5.75%
14.00%
17.00%
9.50%
6.35%
15.50%
6.35%
9.50%
9.05%
9.05%
9.05%
8.15%
6.35%
6.80%
8.60%
20.75%
6.80%
6.35%
12.50%
8.60%
12.50%
6.65%
6.50%
8.15%
14.00%
5.75%
8.15%
5.75%
6.50%
11.15%
7.55%
7.55%
8.15%
7.55%
15.50%
14.00%
11.15%

11.25%
5.40%
1.05%
6.75%
6.75%
0.00%
0.60%
5.40%
5.40%
0.00%
8.25%
11.25%
3.75%
0.60%
9.75%
0.60%
3.75%
3.30%
3.30%
3.30%
2.40%
0.60%
1.05%
2.85%
15.00%
1.05%
0.60%
6.75%
2.85%
6.75%
0.90%
0.75%
2.40%
8.25%
0.00%
2.40%
0.00%
0.75%
5.40%
1.80%
1.80%
2.40%
1.80%
9.75%
8.25%
5.40%

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

9.05%
9.50%
12.50%
9.05%
5.75%
5.75%
15.50%
11.15%
5.75%
6.80%
17.00%
8.60%
12.50%
10.25%
7.55%
8.60%
7.03%
9.50%
6.50%
7.03%
9.05%
8.60%
14.00%
6.65%
12.50%
12.50%
7.55%
5.75%
7.03%
9.50%
8.60%
8.60%
12.50%
8.15%
15.50%
11.15%
5.75%
5.75%
6.65%
8.15%
8.15%
11.15%
9.05%
8.15%
12.50%
20.75%

3.30%
3.75%
6.75%
3.30%
0.00%
0.00%
9.75%
5.40%
0.00%
1.05%
11.25%
2.85%
6.75%
4.50%
1.80%
2.85%
1.28%
3.75%
0.75%
1.28%
3.30%
2.85%
8.25%
0.90%
6.75%
6.75%
1.80%
0.00%
1.28%
3.75%
2.85%
2.85%
6.75%
2.40%
9.75%
5.40%
0.00%
0.00%
0.90%
2.40%
2.40%
5.40%
3.30%
2.40%
6.75%
15.00%

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

6.50%
6.35%
5.75%
8.60%
17.00%
12.50%
12.50%
Default Spread
3.99%
1.01%
0.00%
5.75%
2.80%
2.22%
0.73%
0.00%
0.75%
0.96%

0.75%
0.60%
0.00%
2.85%
11.25%
6.75%
6.75%

Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

Yes/No Book or Market Value ERP choices

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

Cost of debt Synthetic rati Beta

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