Post on 12-May-2018
Date of valuation Sep-13Company name Tesla There should be a check against the iteration box. If there is not, you will get circular reasoning errors.
Numbers from your base year below ( in consistent units)This year Last year
Country of incorporation United States of AmericaIndustry (US) AutomotiveIndustry (Global) Auto & TruckRevenues $ 1,328.70 $ 413.26 Operating income or EBIT $ (216.72) $ (394.28)Interest expense $ 19.83 $ (0.25)Book value of equity $ 629.43 $ 124.70 Book value of debt $ 578.74 $ 452.34 Do you have R&D expenses to capitalize? Yes If you want to capitalize R&D, you have to input the numbers into the R&D worksheet. Do you have operating lease commitments? No If you have operating leases, please enter your lease commitments in the lease worksheet below and I will convert to debtCash and cross holdings $ 201.89 $ 746.06 Non-operating assets $ - $ - Minority interests $ - $ - Number of shares outstanding = 121.45Current stock price = $ 168.76 Effective tax rate = 0.00%Marginal tax rate = 35.00%The value drivers below:Compounded annual revenue growth rate over next 5 y 70.00% Target Porsche revenuesTarget pre-tax operating margin (EBIT as % of sales in y 12.50% 95th percentile: Auto induSales to capital ratio (for computing reinvestment) = 1.41 Average for USMarket numbers Year 10 ROC= 11.34% Riskfree rate 2.75%Initial cost of capital = 10.03% See cost of capital worksheetOther inputs Treated it as 60% auto, 40% technology company for the momentDo you have employee options outstanding? YesNumber of options outstanding = 25.01 From last 10KAverage strike price = $21.20 From last 10KAverage maturity = 3.50 From last 10KStandard deviation on stock price = 50.00% Used 80th percentile of US stock standard deviatons
Default assumptions. In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)Do you want to override this assumption = Yes Mature companies generally see their risk levels approach the averageIf yes, enter the cost of capital after year 10 = 8% Though some sectors, even in stable growth, may have higher risk.I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.Do you want to override this assumption = No Mature companies find it difficult to generate returns that exceed the cost of capitalIf yes, enter the return on capital you expect after year 12% But there are significant exceptions among companies with long-lasting competitive advantages.I will assume that your firm has no chance of failure over the foreseeable future.Do you want to override this assumption = Yes Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.If yes, enter the probability of failure = 10% 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= Estimated fair value for the companyEnter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will be worth nothing if the firm fails.I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.Do you want to override this assumption = NoI will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.Do you want to override this assumption = Yes Check the financial statements.If yes, enter the NOL that you are carrying over into yea $1,070.00 From last 10K
Important:
Aswath Damodaran:Assuming that the cyclical nature of this business will result in a higher cost of capital.
There should be a check against the iteration box. If there is not, you will get circular reasoning errors.Numbers from your base year below ( in consistent units)
-0.16311
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. If 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 industry.If you are not working in US dollars, you should add the inflation differential to the industry averages.
Company Industry (US dataRevenue growth in the most recent year = 221.52% 42.35%
Target Porsche revenues Pre-tax operating margin in the most recent year -1.64% 5.80%95th percentile: Auto indu Sales to capital ratio in most recent year = 1.32 1.41Average for US Return on invested capital in most recent year= 128.22% 5.77%Year 10 ROC= 11.34% Standard deviation in stock prices = 59.23%
Cost of capital = 6.79%See cost of capital worksheetTreated it as 60% auto, 40% technology company for the moment
From last 10KFrom last 10KFrom last 10KUsed 80th percentile of US stock standard deviatons
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)Mature companies generally see their risk levels approach the averageThough some sectors, even in stable growth, may have higher risk.
I will assume that your firm will earn a return on capital equal to its cost of capital 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 capitalBut 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 they have trouble making debt payments.Tough to estimate but a key input.B: Book value of capital, V= Estimated fair value for the companyThis can be zero, if the assets will be worth nothing if the firm fails.
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.Check the financial statements.From last 10K
Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
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 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 industry.If you are not working in US dollars, you should add the inflation differential to the industry averages.
Industry (Global data)78.00%
5.98%1.49
7.83%
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.
Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
Base year 1 2 3Revenue growth rate 70.00% 70.00% 70.00%Revenues $ 1,328.70 $ 2,258.78 $ 3,839.93 $ 6,527.88 EBIT (Operating) margin -1.64% -0.23% 1.18% 2.60%EBIT (Operating income) $ (21.86) $ (5.21) $ 45.46 $ 169.63 Tax rate 0.00% 0.00% 0.00% 0.00%EBIT(1-t) $ (21.86) $ (5.21) $ 45.46 $ 169.63 - Reinvestment $ 659.64 $ 1,121.38 $ 1,906.35 FCFF $ (664.84) $ (1,075.92) $ (1,736.72)NOL $ 1,070.00 $ 1,075.21 $ 1,029.74 $ 860.11
Cost of capital 10.03% 10.03% 10.03%Cumulated discount factor 0.9088 0.8260 0.7507PV(FCFF) $ (604.23) $ (888.67) $ (1,303.68)
Terminal cash flow $ 3,584.25 Terminal cost of capital 8.00%Terminal value $ 68,271.37 PV(Terminal value) $ 27,750.37 PV (CF over next 10 years $ (14,936.06)Sum of PV $ 12,814.31 Probability of failure = 10.00%Proceeds if firm fails = $6,407.15Value of operating assets = $ 12,173.59 - Debt $ 578.74 - Minority interests $ - + Cash $ 201.89 + Non-operating assets $ - Value of equity $ 11,796.74 - Value of options $3,644.97 Value of equity in common $ 8,151.77 Number of shares 121.45 Estimated value /share $ 67.12 Price $ 168.76 Price as % of value 251.43%
Implied variablesSales to capital ratio 1.41 1.41 1.41Invested capital $ 1,698 $ 2,358 $ 3,479 $ 5,385 ROIC -1.29% -0.22% 1.31% 3.15%
4 5 6 7 8 970.00% 70.00% 56.55% 43.10% 29.65% 16.20%
$ 11,097.40 $ 18,865.58 $ 29,534.07 $ 42,263.25 $ 54,794.31 $ 63,670.99 4.01% 5.43% 6.84% 8.26% 9.67% 11.09%
$ 445.34 $ 1,023.93 $ 2,020.72 $ 3,489.47 $ 5,299.16 $ 7,058.25 0.00% 0.00% 7.00% 14.00% 21.00% 28.00%
$ 445.34 $ 1,023.93 $ 1,879.27 $ 3,000.94 $ 4,186.33 $ 5,081.94 $ 3,240.79 $ 5,509.35 $ 7,566.30 $ 9,027.79 $ 8,887.27 $ 6,295.52 $ (2,795.45) $ (4,485.42) $ (5,687.03) $ (6,026.85) $ (4,700.94) $ (1,213.58) $ 414.78 $ - $ - $ - $ - $ -
10.03% 10.03% 9.63% 9.22% 8.81% 8.41%0.6822 0.6200 0.5656 0.5178 0.4759 0.4390
$ (1,907.10) $ (2,781.02) $ (3,216.43) $ (3,120.90) $ (2,237.14) $ (532.75)
1.41 1.41 1.41 1.41 1.41 1.41 $ 8,626 $ 14,136 $ 21,702 $ 30,730 $ 39,617 $ 45,913
5.16% 7.24% 8.66% 9.77% 10.57% 11.07%
10 Terminal year2.75% 2.75%
$ 65,421.94 $ 67,221.04 12.50% 12.50%
$ 8,177.74 $ 8,402.63 $ 8,424.49 35.00% 35.00%
$ 5,315.53 $ 5,461.71 $ 1,241.81 $ 1,877.46 $ 47,333.66 $ 4,073.72 $ 3,584.25 $ - $ -
8.00% 8.00%0.4065
$ 1,655.85
After year 101.41
$ 47,154 11.27% 8.00%
Check these revenues againsta. Overall market sizeb. Largest companies in this market
Compare this return on capital in year 10 againsta. the industry average(column E of worksheet)b. the return on capital after year 10If it is too high (low), you may want to lower (raise) your sales to capital ratio
This is how much capital you invested over the ten year period.
This is is how much your operating income grew over the ten-year period.
Valuing Options or WarrantsEnter the current stock price = $ 168.76 Enter the strike price on the option = $ 21.20 Enter the expiration of the option = 3.50Enter the standard deviation in stock prices = 50.00% (volatility)Enter the annualized dividend yield on stock = 0.00%Enter the treasury bond rate = 2.75%Enter the number of warrants (options) outstan 25.01Enter the number of shares outstanding = 121.45
Do not input any numbers below this lineVALUING WARRANTS WHEN THERE IS DILUTIONStock Price= 168.76 # Warrants issued= 25.008Strike Price= 21.2 # Shares outstanding= 121Adjusted S = 164.83135668 T.Bond rate= 2.75%Adjusted K = 21.2 Variance= 0.2500Expiration (in years) = 3.495 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.75%
d1 = 2.764290314N (d1) = 0.997147662
d2 = 1.8295443592N (d2) = 0.9663409498
Value per option = $ 145.75 Value of all options outstanding = $3,644.97
VALUATION DIAGNOSTICSInvested capital at start of valuationInvested capital at end of valuationChange in invested capital over 10 yearsChange in EBIT*(1–t) (after-tax operating income) over 10 yearsMarginal ROIC over 10 yearsROIC at end of valuationAverage WACC over the 10 years (compounded)Your calculated value as a percent of current price
InputsRevenue growth rate (input cell B3)Last period EBIT as % of revenue (Input cell B14)Sales to Capital Ratio or reinvestment (Input cell B15)Return on capital in perpetuity (B30 & B31)
$ 1,698.11 $ 47,154.31 $ 45,456.20 $ 8,199.60
18.04%11.27%
9.42%39.77%
Value seems low. See belowIf calculated value is negative or looks too low
Increase revenue growth rateIncrease the target pre-tax operating marginDecrease the sales/capital ratioIncrease relative to your cost of capital
Value seems low. See belowIf calculated value looks too high
Decrease revenue growth rateDecrease the target pre-tax operating margin Increase the sales/capital ratio If higher than your cost of capital, lower towards your cost of capital T
R & D ConverterThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, netincome, the book value of assets and the book value of equity.
InputsOver how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table belowEnter the current year's R&D expense = $ 310.06 The maximum allowed is ten yearsEnter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization periodDo not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses-1 273.98 ! Year -1 is the year prior to the current year-2 208.98 ! Year -2 is the two years prior to the current year-3 93.00-4-500000
OutputYear R&D Expense Unamortized portion Amortization this year
Current 310.06 1.00 310.06-1 273.98 0.80 219.18 $ 54.80 -2 208.98 0.60 125.39 $ 41.80 -3 93.00 0.40 37.20 $ 18.60 -4 0.00 0.20 0.00 $ - -5 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 $ - Value of Research Asset = $691.83 $ 115.19
Amortization of asset for current year = $115.19
Adjustment to Operating Income = $194.87 ! A positive number indicates an increase in operating income (add to reported EBIT)Tax Effect of R&D Expensing $68
R & D ConverterThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
! If in doubt, use the lookup table belowThe maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
! A positive number indicates an increase in operating income (add to reported EBIT)
Operating Lease ConverterThe yellow cells are input cells. Please enter them.
InputsOperating lease expense in current year = $ 380.00 Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….1 $56.002 $47.003 $39.004 $35.005 $31.00
6 and beyond $93.00
OutputPre-tax Cost of Debt = 7.00% ! If you do not have a cost of debt, use the synthetic rating estimator
Number of years embedded in yr 6 estimate = 2 ! I use the average lease expense over the first five yearsto estimate the number of years of expenses in yr 6
Converting Operating Leases into debtYear Commitment Present Value
1 $ 56.00 $ 52.34 2 $ 47.00 $ 41.05 3 $ 39.00 $ 31.84 4 $ 35.00 $ 26.70 5 $ 31.00 $ 22.10
6 and beyond $ 46.50 $ 59.94 ! Commitment beyond year 6 converted into an annuity for ten yearsDebt Value of leases = $ 233.97
Restated FinancialsDepreciation on Operating Lease Asset = $ 33.42 ! I use straight line depreciationAdjustment to Operating Earnings = $346.58 ! Add this amount to pre-tax operating incomeAdjustment to Total Debt outstanding = $ 233.97 ! Add this amount to debt
Operating Lease ConverterThe yellow cells are input cells. Please enter them.
! If you do not have a cost of debt, use the synthetic rating estimator
! I use the average lease expense over the first five yearsto estimate the number of years of expenses in yr 6
! Commitment beyond year 6 converted into an annuity for ten years
! I use straight line depreciation! Add this amount to pre-tax operating income! Add this amount to debt
Estimation of Current Cost of Capital Your inputsInputs Computed numberEquityNumber of Shares outstanding = 121.45Current Market Price per share = $ 168.76
Approach for estimating beta Multibusiness(US)If direct input, enter levered beta (or regression beta) 1.20Unlevered beta = 1.26Riskfree Rate = 2.75%What approach do you want to use to input ERP? Country of incorporationDirect input for ERP (if you choose "will input" 5.75%Equity Risk Premium used in cost of equity = 5.80%
DebtBook Value of Straight Debt = $ 578.74 Interest Expense on Debt = $ 19.83 Average Maturity = 2Approach for estimating pre-tax cost of debt Direct inputIf direct input, input the pre-tax cost of debt 7.000%If actual rating, input the rating Baa2/BBBIf synethetic rating, input the type of company 1Pre-tax Cost of Debt = 7.00%Tax Rate = 35%
Book Value of Convertible Debt = 0Interest Expense on Convertible = 0Maturity of Convertible Bond = 0Market Value of Convertible = 0
Debt value of operating leases = $ -
Preferred StockNumber of Preferred Shares = 0Current Market Price per Share= 70Annual Dividend per Share = 5
OutputEstimating Market Value of Straight Debt = $ 541.34 Estimated Value of Straight Debt in Convertible = $ - Value of Debt in Operating leases = $ - Estimated Value of Equity in Convertible = $ - Levered Beta for equity = 1.28
Equity Debt Preferred StockMarket Value $ 20,495.90 $ 541.34 $ - Weight in Cost of Capital 97.43% 2.57% 0.00%Cost of Component 10.18% 4.55% 7.14%
Operating Regions ERP calculatorCountry Revenues ERP WeightArgentina 19 14.80% 9.31%Bolivia 4 10.68% 1.96%Brazil 130 8.43% 63.73%Canada 23 5.80% 11.27%
Chile 7 6.85% 3.43%Ecuador 6 16.30% 2.94%Paraguay 3 11.80% 1.47%Peru 12 8.43% 5.88%
0.00% 0.00%0.00% 0.00%
Total 204 100.00%Operating Regions ERP calculatorRegion Revenues ERP WeightAfrica 0 10.09% 0.00%Australia & New Zealand 56 5.80% 4.21%Caribbean 12.57% 0.00%Central and South America 100 9.18% 7.52%Eastern Europe & Russia 8.48% 0.00%Middle East 6.96% 0.00%North America 631 5.80% 47.48%Western Europe 374 6.85% 28.14%Asia without Japan 168 7.58% 12.64%Japan 0 6.85% 0.00%Total 1329 100.00%
Multi Business (US Industry Averages)Business Revenues EV/Sales Estimated ValuAutomotive $ 60.00 0.8100 $ 48.60 Computers/Peripherals $ 40.00 1.3800 $ 55.20
0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ -
Company $ 100.00 $ 103.80
Capital Multi Business (Global Industry Averages) $ 21,037.24 Business Revenues EV/Sales Estimated Valu
100.00% Advertising $ 84.00 0.9383 $ 78.82 10.03% Internet software and servi $ 16.00 4.3369 $ 69.39
0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ - 0.0000 $ -
Company $ 100.00 $ 148.21
Weighted ERP1.38%0.21%5.37%0.65%
0.24%0.48%0.17%0.50%0.00%0.00%9.00%
Weighted ERP0.0000%0.2444%0.0000%0.6907%0.0000%0.0000%2.7538%1.9277%0.9582%0.0000%6.5748%
Unlevered Beta1.11001.39000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000
1.2589
Unlevered Beta0.98131.21640.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000
1.0914
Inputs for synthetic rating estimationPlease read the special cases worksheet (see below) before you use this spreadsheet.Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.Enter the type of firm = 1Enter current Earnings before interest and taxes (EBIT) = $ (216.72) (Add back only long term interest expense for financial firms)Enter current interest expenses = $19.83 (Use only long term interest expense for financial firms)Enter long term risk free rate = 2.75%OutputInterest coverage ratio = -100000.00Estimated Bond Rating = D2/D Note: If you get REF! All over the place, set the operating lease commitment question in cell F5Estimated Company Default Spread = 12.00% to No, and then reset it to Yes. It should work.Estimated County Default Spread (if any) = 0.00%Estimated Cost of Debt = 14.75%
If you want to update the spreads listed below, please visit http://www.bondsonline.comFor large manufacturing firms Ratings and Default spreads (reordered from highest to lowest)
If interest coverage ratio is If long term interest coverage ratio is> ≤ to Rating is Spread is greater than ≤ to
-100000 0.199999 D2/D 12.00% 3 1000000.2 0.649999 Caa/CCC 10.50% 2.5 2.99999
0.65 0.799999 Ca2/CC 9.50% 2 2.499990.8 1.249999 C2/C 8.75% 1.5 1.99999
1.25 1.499999 B3/B- 7.25% 1.2 1.499991.5 1.749999 B2/B 6.50% 0.9 1.199999
1.75 1.999999 B1/B+ 5.50% 0.75 0.8999992 2.2499999 Ba2/BB 4.00% 0.6 0.749999
2.25 2.49999 Ba1/BB+ 3.00% 0.5 0.5999992.5 2.999999 Baa2/BBB 2.00% 0.4 0.4999993 4.249999 A3/A- 1.30% 0.3 0.399999
4.25 5.499999 A2/A 1.00% 0.2 0.2999995.5 6.499999 A1/A+ 0.85% 0.1 0.1999996.5 8.499999 Aa2/AA 0.70% 0.05 0.099999
8.50 100000 Aaa/AAA 0.40% -100000 0.049999
For smaller and riskier firmsIf interest coverage ratio isgreater than ≤ to Rating is Spread is
-100000 0.499999 D2/D 12.00% Rating is0.5 0.799999 Caa/CCC 10.50% A1/A+0.8 1.249999 Ca2/CC 9.50% A2/A
1.25 1.499999 C2/C 8.75% A3/A-1.5 1.999999 B3/B- 7.25% Aa2/AA2 2.499999 B2/B 6.50% Aaa/AAA
2.5 2.999999 B1/B+ 5.50% B1/B+3 3.499999 Ba2/BB 4.00% B2/B
3.5 3.9999999 Ba1/BB+ 3.00% B3/B-
4 4.499999 Baa2/BBB 2.00% Ba1/BB+4.5 5.999999 A3/A- 1.30% Ba2/BB6 7.499999 A2/A 1.00% Baa2/BBB
7.5 9.499999 A1/A+ 0.85% C2/C9.5 12.499999 Aa2/AA 0.70% Ca2/CC
12.5 100000 Aaa/AAA 0.40% Caa/CCCD2/D
Please read the special cases worksheet (see below) before you use this spreadsheet.Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
(Add back only long term interest expense for financial firms)(Use only long term interest expense for financial firms)
Note: If you get REF! All over the place, set the operating lease commitment question in cell F5to No, and then reset it to Yes. It should work.
Ratings and Default spreads (reordered from highest to lowest)If long term interest coverage ratio is
Rating is Spread isAaa/AAA 0.40%Aa2/AA 0.70%A1/A+ 0.85%A2/A 1.00%A3/A- 1.30%
Baa2/BBB 2.00%Ba1/BB+ 3.00%Ba2/BB 4.00%B1/B+ 5.50%B2/B 6.50%B3/B- 7.25%C2/C 8.75%
Ca2/CC 9.50%Caa/CCC 10.50%
D2/D 12.00%
Spread is0.85%1.00%1.30%0.70%0.40%5.50%6.50%7.25%
3.00%4.00%2.00%8.75%9.50%10.50%12.00%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 yearsPre-tax Operating MarginAdvertising 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% NABank (Midwest) 68 0.00% NABeverage 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 Furnishing 32 2.78% 8.48%Healthcare Informatio 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% NAInsurance (Prop/Cas.) 62 2.17% NAInternet 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% NARestaurant 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% NATobacco 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 equity11.49% 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 pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales97.40% 4.76% 29.00% 9.00% 1.40 1.2244.98% 2.76% 21.03% 6.23% 2.71 0.9464.94% 3.26% 37.14% 5.59% 2.74 0.7874.88% 3.76% 12.11% 8.78% 1.89 1.5257.43% 3.26% 19.59% 9.98% 3.40 0.6059.23% 3.26% 50.84% 6.79% 1.41 0.8150.34% 3.26% 56.18% 3.83% NA NA36.37% 2.76% 33.27% 5.19% NA NA47.17% 2.76% 18.22% 6.24% 0.93 3.2379.99% 3.76% 13.73% 7.98% 0.99 5.7079.76% 3.76% 39.48% 7.47% 0.88 1.5440.45% 2.76% 39.80% 6.62% 0.80 2.3739.24% 2.76% 19.83% 8.13% 1.56 1.4449.02% 2.76% 14.30% 9.45% 1.63 1.6762.90% 3.26% 17.03% 7.46% 1.58 1.7056.54% 3.26% 40.61% 6.90% 0.90 1.3268.39% 3.76% 6.15% 7.10% 1.87 3.3381.83% 4.26% 8.84% 9.05% 2.66 1.3860.46% 3.26% 44.04% 5.80% 0.84 1.9280.68% 4.26% 12.89% 7.30% 0.90 3.0580.60% 4.26% 6.31% 7.53% 1.17 5.0783.08% 4.26% 19.83% 6.13% 3.42 0.5417.29% 2.26% 45.95% 3.37% 0.54 2.2713.21% 2.26% 40.44% 3.07% 0.49 2.7814.19% 2.26% 44.87% 3.44% 0.54 2.2667.79% 3.76% 10.94% 9.18% 1.58 1.4974.24% 3.76% 18.34% 7.61% 3.03 0.5946.03% 2.76% 11.68% 8.31% 3.96 0.5070.99% 3.76% 25.30% 8.83% 0.79 2.3453.25% 3.26% 10.35% 7.56% 1.34 1.7979.24% 3.76% 30.11% 4.60% 0.90 1.8755.15% 3.26% 67.15% 4.44% 0.15 8.1552.26% 3.26% 19.03% 5.90% 1.84 1.2231.24% 2.76% 31.37% 6.10% 2.30 0.3926.75% 2.76% 33.10% 6.07% 0.85 1.8455.60% 3.26% 18.07% 9.53% 2.00 0.9544.41% 2.76% 10.41% 6.77% 1.07 3.6055.26% 3.26% 32.11% 8.92% 1.85 1.1266.75% 3.76% 33.14% 7.92% 0.88 2.1955.66% 3.26% 30.91% 8.43% 0.82 2.4350.86% 3.26% 15.33% 6.58% 1.23 2.2451.64% 3.26% 9.75% 9.00% 6.81 0.3457.24% 3.26% 26.77% 5.92% 1.85 0.9948.75% 2.76% 22.15% 7.37% 0.79 3.1642.20% 2.76% 35.84% 7.08% NA NA28.57% 2.76% 17.68% 5.80% NA NA97.81% 4.76% 2.24% 8.43% 2.40 4.1524.10% 2.26% 7.02% 8.57% 0.26 4.8956.11% 3.26% 5.41% 7.51% 2.98 1.79
45.07% 2.76% 14.81% 7.97% 1.53 1.5562.52% 3.26% 64.44% 5.00% 0.36 2.6455.49% 3.26% 14.15% 6.10% 0.92 2.7167.73% 3.76% 11.42% 7.29% 4.21 0.7874.16% 3.76% 33.44% 5.16% 2.19 0.7460.59% 3.26% 19.09% 9.42% 1.38 1.2893.05% 4.76% 13.36% 10.03% 0.99 2.1844.57% 2.76% 29.12% 6.97% 0.43 2.8928.44% 2.76% 39.82% 3.31% 1.40 1.0354.39% 3.26% 28.21% 9.57% 1.22 1.5751.92% 3.26% 41.91% 6.65% 2.34 0.4635.63% 2.76% 34.81% 5.56% 0.56 3.4259.58% 3.26% 21.70% 9.34% 0.79 2.0036.52% 2.76% 35.97% 6.18% 1.56 1.0852.28% 3.26% 30.07% 7.39% 1.32 1.1847.25% 2.76% 16.99% 7.38% 2.03 0.7071.26% 3.76% 21.95% 8.44% 1.07 1.2642.23% 2.76% 15.88% 7.44% 3.34 0.6624.88% 2.26% 30.73% 4.61% 1.10 1.7084.63% 4.26% 62.04% 5.23% 0.61 1.5177.77% 3.76% 12.01% 7.09% 0.43 3.6460.11% 3.26% 17.50% 7.86% 1.23 1.8950.63% 3.26% 52.96% 5.41% 0.40 3.1242.00% 2.76% 22.32% 10.84% 0.28 4.0065.72% 3.76% 26.55% 6.88% 1.66 1.3234.76% 2.76% 27.01% 7.78% 0.09 13.1135.73% 2.76% 19.00% 7.93% 0.67 3.3252.30% 3.26% 27.41% 7.90% 0.96 1.7020.74% 2.26% 15.90% 5.67% NA NA50.92% 3.26% 11.62% 7.72% 1.83 2.4663.49% 3.26% 20.64% 10.03% 2.61 0.8742.54% 2.76% 5.29% 9.60% 5.17 1.1464.20% 3.26% 30.71% 7.40% 2.17 0.9331.82% 2.76% 10.49% 7.53% 2.55 1.3163.15% 3.26% 20.37% 7.77% 3.61 0.6129.93% 2.76% 25.84% 4.65% 4.99 0.4340.56% 2.76% 72.57% 3.38% 0.30 3.2353.65% 3.26% 9.14% 9.64% 1.41 2.1640.44% 2.76% 14.52% 10.63% 1.21 1.4447.32% 2.76% 1.90% 8.94% 3.24 1.4245.66% 2.76% 35.98% 7.84% 1.26 0.7364.86% 3.26% 11.75% 7.25% 2.29 1.2764.04% 3.26% 24.14% 6.86% 0.90 1.9143.85% 2.76% 51.98% 4.26% 0.72 1.7741.73% 2.76% 16.32% 5.03% NA NA36.44% 2.76% 15.87% 5.94% 2.10 2.3040.10% 2.76% 17.10% 7.35% 2.83 1.3748.32% 2.76% 29.74% 6.17% 2.44 0.8237.24% 2.76% 42.26% 3.36% 0.32 4.3662.91% 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 PE7.77 10.40 2.04 31.257.42 9.15 3.11 15.796.00 9.32 3.68 14.60
11.73 14.68 3.38 21.646.40 8.92 2.27 15.397.46 13.95 1.26 15.844.87 4.87 0.98 16.584.79 4.79 1.32 16.43
12.74 15.58 4.54 19.9222.46 30.77 4.56 31.2414.45 35.82 1.67 29.277.08 12.35 4.09 22.287.44 9.69 2.77 31.778.53 11.11 3.18 19.75
10.86 15.23 3.60 17.575.99 9.34 1.33 29.769.70 11.11 3.94 77.296.92 8.14 3.57 46.69
10.09 12.87 2.38 16.198.93 12.10 3.04 28.46
32.19 61.51 5.15 237.122.41 2.91 1.67 13.297.98 12.94 1.49 15.668.96 13.54 1.79 17.087.87 13.74 1.44 16.058.57 10.80 2.34 22.956.63 9.28 1.90 15.117.98 10.42 1.89 44.349.53 12.22 2.38 27.837.97 10.37 1.97 20.138.44 12.78 2.29 16.99
12.56 13.19 1.98 22.1510.10 12.53 2.93 24.854.44 11.52 0.90 31.529.73 12.80 2.09 17.808.34 11.22 2.18 21.64
14.37 21.77 3.89 54.597.96 10.05 3.23 16.08
21.15 23.16 2.54 49.5510.68 15.66 3.07 35.3611.12 13.50 3.75 18.498.69 11.06 2.21 30.558.87 12.52 2.29 34.78
10.89 15.55 3.90 31.491.37 1.37 0.72 20.40
291.86 295.89 1.11 16.6523.16 31.64 5.25 181.1315.67 18.19 1.31 64.4512.22 16.02 4.36 39.49
9.93 12.94 2.76 21.3010.36 21.66 0.85 22.5710.16 12.81 2.82 46.699.78 12.07 3.11 35.616.02 7.32 2.03 29.946.90 8.75 1.90 63.265.27 6.24 2.35 36.665.41 10.26 1.35 53.219.89 14.20 1.99 23.018.72 12.77 2.70 115.924.76 6.94 1.11 21.17
12.02 17.73 3.56 37.307.98 12.13 1.79 14.617.57 11.20 2.49 17.227.22 11.38 1.92 29.454.39 5.81 1.49 11.294.06 5.77 1.47 24.259.57 11.98 2.58 19.67
13.43 18.87 2.96 130.508.92 21.70 0.82 304.867.17 9.30 1.61 24.60
14.89 26.86 2.57 23.5615.96 22.79 1.66 44.2610.30 10.45 1.12 8.658.76 13.14 3.37 14.227.25 8.11 1.29 16.859.13 11.81 2.99 17.509.89 14.69 2.01 24.73
28.62 28.62 0.82 8.2511.50 14.65 6.65 19.527.65 10.61 2.76 22.749.02 12.12 4.94 18.19
11.03 13.74 3.46 15.9712.23 15.74 4.32 25.768.39 11.67 2.90 20.348.27 12.98 3.18 14.898.79 9.85 0.93 20.016.98 10.58 2.72 50.558.07 12.22 1.64 25.21
14.09 16.98 3.66 13.755.63 8.89 0.88 23.486.74 8.51 2.08 24.805.39 9.47 2.02 18.255.08 12.05 1.77 16.704.08 4.08 0.99 29.699.48 10.30 11.46 19.42
10.10 12.39 6.04 20.396.19 10.96 3.07 16.70
11.20 16.62 2.00 20.4610.48 16.83 3.51 29.68
7.37 9.59 2.11 33.45
Country Tax RateAfghanistan 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 Long-Term RatingAdj. Default SpreadAlbania 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%Bosnia and Herzegovina B3 6.00%Botswana A2 1.00%Brazil Baa2 1.75%Bulgaria Baa2 1.75%Cambodia B2 5.00%Canada Aaa 0.00%Cayman Islands Aa3 0.70%Chile Aa3 0.70%China Aa3 0.70%Colombia Baa3 2.00%Costa Rica Baa3 2.00%Croatia Baa3 2.00%Cuba Caa1 7.00%Cyprus B3 6.00%Czech Republic A1 0.85%Denmark Aaa 0.00%Dominican Republic B1 4.00%Ecuador Caa1 7.00%Egypt B2 5.00%El Salvador Ba3 3.25%Estonia A1 0.85%Fiji Islands 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%Hong Kong Aa1 0.25%Hungary Ba1 2.40%Iceland Baa3 2.00%India Baa3 2.00%Indonesia Baa3 2.00%Ireland Ba1 2.40%Isle of Man 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%New Zealand 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%Papua New Guinea 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%Saudi Arabia Aa3 0.70%Senegal B1 4.00%Singapore Aaa 0.00%Slovakia A2 1.00%Slovenia Baa2 1.75%South Africa Baa1 1.50%Spain Baa3 2.00%Sri Lanka B1 4.00%St. Maarten Baa1 1.50%St. Vincent & the Grena B2 5.00%Suriname Ba3 3.25%Sweden Aaa 0.00%Switzerland Aaa 0.00%Taiwan Aa3 0.70%Thailand Baa1 1.50%Trinidad and Tobago Baa1 1.50%Tunisia Baa3 2.00%Turkey Ba1 2.40%Ukraine B3 6.00%United Arab Emirates Aa2 0.50%United Kingdom Aaa 0.00%United States of Americ 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%
Total Risk Premium Country Risk Premium Region11.80% 6.00% Eastern Europe & Russia10.68% 4.88% Africa14.80% 9.00% Central and South America
9.93% 4.13% Eastern Europe & Russia5.80% 0.00% Australia & New Zealand5.80% 0.00% Western Europe8.80% 3.00% Eastern Europe & Russia8.05% 2.25% Caribbean8.05% 2.25% Middle East
10.68% 4.88% Asia8.80% 3.00% Caribbean
14.80% 9.00% Eastern Europe & Russia6.85% 1.05% Western Europe
20.80% 15.00% Central and South America6.55% 0.75% Caribbean
10.68% 4.88% Central and South America14.80% 9.00% Eastern Europe & Russia
7.30% 1.50% Africa8.43% 2.63% Central and South America8.43% 2.63% Eastern Europe & Russia
13.30% 7.50% Asia5.80% 0.00% North America6.85% 1.05% Caribbean6.85% 1.05% Central and South America6.85% 1.05% Asia8.80% 3.00% Central and South America8.80% 3.00% Central and South America8.80% 3.00% Eastern Europe & Russia
16.30% 10.50% Caribbean14.80% 9.00% Western Europe
7.08% 1.28% Eastern Europe & Russia5.80% 0.00% Western Europe
11.80% 6.00% Caribbean16.30% 10.50% Central and South America13.30% 7.50% Africa10.68% 4.88% Central and South America
7.08% 1.28% Eastern Europe & Russia11.80% 6.00% Asia
5.80% 0.00% Western Europe6.18% 0.38% Western Europe
10.68% 4.88% Eastern Europe & Russia5.80% 0.00% Western Europe
16.30% 10.50% Western Europe9.40% 3.60% Central and South America
13.30% 7.50% Central and South America6.18% 0.38% Asia9.40% 3.60% Eastern Europe & Russia8.80% 3.00% Western Europe8.80% 3.00% Asia8.80% 3.00% Asia9.40% 3.60% Western Europe5.80% 0.00% Financial Center7.08% 1.28% Middle East8.43% 2.63% Western Europe
14.80% 9.00% Caribbean6.85% 1.05% Asia9.93% 4.13% Middle East8.43% 2.63% Eastern Europe & Russia
11.80% 6.00% Africa6.85% 1.05% Asia6.55% 0.75% Middle East8.80% 3.00% Eastern Europe & Russia
11.80% 6.00% Middle East8.05% 2.25% Eastern Europe & Russia5.80% 0.00% Western Europe6.85% 1.05% Asia7.53% 1.73% Asia7.53% 1.73% Western Europe8.05% 2.25% Africa8.05% 2.25% Central and South America
14.80% 9.00% Eastern Europe & Russia11.80% 6.00% Asia10.68% 4.88% Eastern Europe & Russia
9.40% 3.60% Africa8.80% 3.00% Africa5.80% 0.00% Western Europe5.80% 0.00% Australia & New Zealand
14.80% 9.00% Central and South America10.68% 4.88% Africa
5.80% 0.00% Western Europe7.08% 1.28% Middle East
16.30% 10.50% Asia8.43% 2.63% Central and South America
11.80% 6.00% Asia11.80% 6.00% Central and South America
8.43% 2.63% Central and South America9.40% 3.60% Asia7.30% 1.50% Eastern Europe & Russia
10.68% 4.88% Western Europe6.55% 0.75% Middle East8.80% 3.00% Eastern Europe & Russia8.05% 2.25% Eastern Europe & Russia6.85% 1.05% Middle East
11.80% 6.00% Africa5.80% 0.00% Asia7.30% 1.50% Eastern Europe & Russia8.43% 2.63% Western Europe8.05% 2.25% Africa8.80% 3.00% Western Europe
11.80% 6.00% Asia8.05% 2.25% Caribbean
13.30% 7.50% Caribbean10.68% 4.88% Caribbean
5.80% 0.00% Western Europe5.80% 0.00% Western Europe6.85% 1.05% Asia8.05% 2.25% Asia8.05% 2.25% Caribbean8.80% 3.00% Africa9.40% 3.60% Western Europe
14.80% 9.00% Eastern Europe & Russia6.55% 0.75% Middle East5.80% 0.00% Western Europe5.80% 0.00% North America8.80% 3.00% Central and South America
11.80% 6.00% Central and South America13.30% 7.50% Asia11.80% 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 yearRevenues $413.26 $41.30R&D expense $273.98 $107.17Operating income or EBIT -$394.28 -$194.94Interest expenses $0.25 $20.23Book value of equity $124.70Book value of debt $452.34Do you have operating lease commitments?Cash and cross holdings $201.89Non-operating assets $0.00Minority interests $0.00Number of shares outstanding = $121.45Current stock price =Effective tax rate = 0.00% 22.31%Marginal tax rate =Lease commitmentsYear 1 $142.00Year 2 $128.00Year 3 $117.00Year 4 $110.00Year 5 $102.00Beyond year 5 $252.00
First X months: Current yearTrailing 12 month$956.74 $1,328.70$143.25 $310.06-$17.38 -$216.72$0.15 -$19.83
$629.43$578.74
$746.06$0.00$0.00
$121.45
0.00%
NANANANANANA
Yes/No Book or Market ValueERP choices Cost of debt Synthetic rati BetaYes B Will input Direct input 1 Direct inputNo V Country of incorporatio Synthetic rati 2 Single Business(US)
Operating countries Actual rating Single Business(Global)Operating regions Multibusiness(US)
Multibusiness(Global)
Single Business(US)Single Business(Global)Multibusiness(US)Multibusiness(Global)
Industry Name Number of firms Unlevered beta corrected for cashAdvertising 255 0.98Aerospace/Defense 210 0.89Air Transport 160 0.60Apparel 1166 1.00Auto & Truck 130 0.77Auto Parts 624 1.19Bank 568 0.31Banks (Regional) 944 0.44Beverage 99 0.74Beverage (Alcoholic) 209 0.68Biotechnology 666 1.05Broadcasting 144 1.03Brokerage & Investment Banking 525 0.28Building Materials 420 0.81Business & Consumer Services 709 0.83Cable TV 65 0.76Chemical (Basic) 760 0.86Chemical (Diversified) 86 1.11Chemical (Specialty) 693 0.99Coal & Related Energy 322 1.08Computer Services 938 0.97Computer Software 1068 1.12Computers/Peripherals 371 1.04Construction 466 0.75Diversified 365 0.67Educational Services 145 1.10Electrical Equipment 847 0.96Electronics 1188 1.01Electronics (Consumer & Office) 208 0.96Engineering 1141 0.81Entertainment 356 0.97Environmental & Waste Services 307 0.86Farming/Agriculture 331 0.74Financial Svcs. 520 0.18Financial Svcs. (Non-bank & Insurance) 149 0.17Food Processing 1223 0.69Food Wholesalers 115 0.56Furn/Home Furnishings 323 0.94Healthcare Equipment 448 0.92Healthcare Facilities 170 0.54Healthcare Products 155 0.78Healthcare Services 328 0.81Heathcare Information and Technology 266 0.96Heavy Construction 334 0.99Homebuilding 155 1.00Hotel/Gaming 618 0.84Household Products 456 0.82Information Services 171 0.98Insurance (General) 220 0.71Insurance (Life) 117 0.94Insurance (Prop/Cas.) 220 0.65Internet software and services 715 1.22
Investment Co. 448 0.58Machinery 1249 1.06Metals & Mining 1700 1.08Office Equipment & Services 162 0.81Oil/Gas (Integrated) 55 1.12Oil/Gas (Production and Exploration) 1219 1.05Oil/Gas Distribution 198 0.70Oilfield Svcs/Equip. 570 1.12Packaging & Container 399 0.65Paper/Forest Products 318 0.64Pharma & Drugs 823 0.88Power 719 0.47Precious Metals 1237 1.16Publshing & Newspapers 401 0.75R.E.I.T. 48 0.14Railroad 56 0.46Real Estate 415 0.69Real Estate (Development) 611 0.84Real Estate (Operations & Services) 439 0.56Recreation 292 0.86Reinsurance 35 0.86Restaurant 298 0.62Retail (Automotive) 138 0.74Retail (Building Supply) 51 0.68Retail (Distributors) 842 0.61Retail (General) 226 0.78Retail (Grocery and Food) 170 0.54Retail (Internet) 108 1.08Retail (Special Lines) 536 1.01Rubber& Tires 91 0.84Semiconductor 564 1.20Semiconductor Equip 264 1.49Shipbuilding & Marine 351 0.68Shoe 95 1.06Steel 725 0.86Telecom (Wireless) 117 0.79Telecom. Equipment 550 1.18Telecom. Services 325 0.63Thrift 295 0.02Tobacco 48 0.49Tranportation 223 0.75Trucking 185 0.55Utility (General) 61 0.41Utility (Water) 97 0.53Grand Total 40943 0.64
Market D/E RaMarket Debt t Effective tax Dividend PayoNet Margin Pre-tax OperaROE32.29% 24.41% 13.92% 34.69% 3.86% 8.10% 9.42%26.27% 20.80% 13.31% 33.18% 5.35% 8.91% 16.43%
100.92% 50.23% 16.15% 51.21% 1.66% 4.84% 6.35%17.84% 15.14% 13.42% 37.80% 6.48% 11.70% 12.92%93.91% 48.43% 12.66% 16.30% 5.81% 5.98% 18.61%37.00% 27.00% 16.55% 12.54% 4.20% 6.60% 13.90%
367.12% 78.59% 18.93% 32.02% 20.42% 0.25% 8.97%142.34% 58.74% 18.85% 15.95% 18.68% 0.00% 7.17%21.29% 17.55% 12.82% 30.71% 10.12% 14.77% 21.29%24.36% 19.59% 18.60% 33.05% 11.69% 18.89% 17.27%13.07% 11.56% 2.91% 34.78% 8.08% 17.16% 7.25%40.12% 28.63% 17.52% 31.74% 8.49% 15.89% 13.12%
415.35% 80.60% 11.36% 36.87% 5.02% 0.18% 4.13%44.77% 30.93% 16.08% 36.75% 2.46% 6.14% 5.13%25.13% 20.08% 18.11% 40.69% 4.20% 7.85% 12.28%56.80% 36.22% 14.42% 15.91% 9.79% 18.41% 26.04%40.13% 28.64% 13.56% 57.82% 3.79% 6.69% 8.03%42.99% 30.07% 20.09% 43.49% 3.43% 7.96% 9.84%20.55% 17.05% 16.99% 30.49% 8.00% 12.65% 14.69%25.95% 20.60% 6.36% 55.14% 8.20% 15.68% 10.92%15.82% 13.66% 17.31% 21.36% 5.44% 8.16% 20.43%7.33% 6.83% 11.68% 27.50% 14.49% 22.50% 16.62%
16.06% 13.83% 12.32% 16.88% 5.02% 9.96% 17.06%48.57% 32.69% 14.87% 50.95% 5.17% 10.85% 7.25%79.08% 44.16% 13.26% 25.92% 6.18% 9.25% 11.53%20.26% 16.84% 14.29% NA -1.40% 11.08% -2.57%29.89% 23.01% 13.88% 50.70% 3.30% 6.86% 7.24%31.80% 24.12% 12.33% 30.54% 2.78% 4.48% 6.20%57.73% 36.60% 12.17% NA -5.21% 2.32% -13.51%83.04% 45.37% 17.02% 59.23% 1.79% 4.52% 6.83%28.71% 22.31% 8.79% 28.43% 7.88% 16.46% 10.39%40.91% 29.03% 11.25% 62.60% 2.97% 8.92% 6.76%42.90% 30.02% 13.56% 28.83% 3.84% 4.84% 10.86%
656.46% 86.78% 17.11% 16.51% 21.78% 6.43% 14.39%679.35% 87.17% 13.67% 8.01% 13.70% 3.31% 6.42%27.68% 21.68% 15.80% 43.33% 4.79% 8.05% 12.30%70.98% 41.51% 18.45% 54.16% 1.06% 2.99% 10.56%26.97% 21.24% 14.93% 30.24% 4.15% 6.11% 12.02%17.33% 14.77% 8.87% 37.02% 9.98% 18.21% 13.27%80.65% 44.65% 16.54% 15.05% 4.24% 10.37% 26.49%19.42% 16.26% 13.49% 22.73% 7.95% 12.14% 12.03%31.97% 24.23% 17.34% 16.77% 2.48% 4.77% 13.81%20.13% 16.76% 8.16% 14.89% 6.27% 12.10% 7.84%60.13% 37.55% 17.82% 31.37% 4.74% 8.32% 15.66%58.09% 36.75% 19.22% 14.51% 4.16% 6.61% 7.73%30.37% 23.29% 12.19% 36.52% 5.73% 11.80% 8.02%14.25% 12.47% 13.98% 43.82% 8.68% 14.34% 16.86%12.13% 10.81% 16.19% 31.17% 10.40% 22.04% 15.35%57.51% 36.51% 13.65% 21.45% 5.89% 7.96% 11.52%61.35% 38.02% 17.28% 34.76% 3.67% 6.60% 7.68%39.18% 28.15% 11.96% 31.87% 4.42% 7.64% 7.35%4.72% 4.51% 7.77% 4.29% 18.74% 21.16% 19.32%
95.78% 48.92% 5.97% 38.86% 14.53% 11.33% 8.11%25.23% 20.15% 17.48% 32.02% 5.32% 8.92% 10.87%27.00% 21.26% 4.26% 45.90% 7.44% 15.44% 10.76%32.17% 24.34% 17.48% 41.76% 4.25% 7.35% 12.40%22.11% 18.11% 25.53% 27.55% 7.68% 10.78% 16.80%30.67% 23.47% 6.41% 44.13% 7.34% 17.88% 7.14%61.85% 38.21% 8.92% 115.27% 5.03% 10.38% 11.00%36.67% 26.83% 14.22% 26.59% 2.36% 4.24% 11.21%63.06% 38.67% 17.17% 43.18% 2.80% 7.51% 7.73%91.95% 47.90% 11.75% 80.79% 1.95% 5.18% 3.47%14.74% 12.85% 12.53% 44.83% 12.55% 21.12% 13.76%
105.84% 51.42% 15.12% 93.77% 3.62% 10.49% 5.23%14.66% 12.78% 3.52% 61.89% 6.98% 18.63% 4.97%39.77% 28.46% 15.27% 1731.52% 0.16% 7.95% 0.26%
560.60% 84.86% 2.99% 55.74% 61.89% 2.67% 10.89%65.38% 39.53% 21.56% 24.67% 9.07% 18.00% 11.68%77.09% 43.53% 12.96% 22.44% 13.08% 15.39% 8.51%64.59% 39.24% 17.32% 32.51% 19.74% 24.18% 12.96%85.84% 46.19% 13.51% 22.36% 22.99% 29.36% 8.76%31.84% 24.15% 15.30% 28.25% 5.97% 11.01% 9.65%42.79% 29.97% 11.47% 24.17% 8.86% 12.30% 14.39%23.26% 18.87% 20.90% 40.98% 6.14% 11.37% 19.63%51.60% 34.04% 19.42% 16.71% 2.82% 5.12% 17.68%18.80% 15.82% 23.15% 38.17% 3.91% 7.43% 13.28%97.73% 49.42% 19.16% 30.47% 2.60% 3.52% 11.51%32.07% 24.28% 22.21% 35.74% 2.82% 5.10% 13.35%38.11% 27.59% 23.43% 39.98% 2.15% 4.14% 12.11%5.00% 4.76% 11.10% 21.17% 2.83% 5.02% 14.07%
13.85% 12.16% 20.10% 31.63% 3.53% 6.62% 13.63%51.66% 34.06% 16.86% 16.29% 4.71% 8.10% 15.87%13.88% 12.19% 8.19% 38.44% 7.21% 11.30% 10.20%22.44% 18.33% 7.82% NA -1.37% 7.82% -1.66%90.71% 47.56% 11.28% 497.14% 0.35% 5.05% 0.54%7.42% 6.90% 16.82% 18.13% 7.16% 9.81% 16.29%
81.02% 44.76% 12.68% 411.43% 0.33% 3.86% 0.72%31.99% 24.24% 14.76% 111.38% 4.90% 16.86% 6.29%15.23% 13.22% 9.09% 46.05% 5.90% 7.46% 9.43%65.54% 39.59% 11.92% 103.40% 5.58% 14.71% 9.01%
5432.46% 98.19% 18.11% 9.16% 39.07% 0.59% -12.11%15.48% 13.40% 19.70% 63.68% 16.71% 28.10% 44.22%48.75% 32.77% 19.61% 42.98% 5.01% 8.46% 13.01%77.55% 43.68% 21.99% 21.81% 2.95% 6.16% 10.18%
107.15% 51.73% 23.56% 91.00% 3.71% 10.48% 7.06%63.18% 38.72% 14.78% 54.81% 16.28% 27.53% 12.47%98.96% 49.74% 13.40% 37.49% 5.74% 8.63% 10.49%
ROIC Sales/Capital EV/Sales Revenue GrowtExpected Earnings growth: Next 5 years42.52% 4.53 0.94 6.82% 21.10%35.50% 4.86 0.99 5.45% 12.24%6.94% 1.67 0.79 9.50% 21.78%
15.05% 1.55 1.55 8.05% 14.17%7.83% 1.49 0.78 7.89% 16.78%
14.33% 2.50 0.56 7.61% 15.87%0.02% 0.09 11.36 9.33% 15.27%0.00% 0.23 3.92 4.05% 7.68%
18.97% 1.60 2.23 9.19% 14.06%14.32% 0.89 2.91 9.46% 17.42%11.45% 0.80 6.52 18.82% 21.89%15.03% 1.12 2.06 6.87% 5.90%0.02% 0.17 6.08 5.54% 16.91%7.58% 1.71 0.89 1.84% 19.07%
19.57% 3.23 1.09 7.64% 15.23%15.33% 1.08 2.38 11.67% 5.51%7.99% 1.32 1.06 6.76% 16.00%
10.52% 1.78 0.96 7.14% 15.67%15.64% 1.48 1.52 10.95% 15.12%15.36% 0.94 1.81 15.30% 14.80%28.10% 4.56 0.90 9.20% 14.72%40.08% 1.97 3.22 10.54% 19.64%32.20% 3.28 0.90 0.21% 48.32%7.89% 0.85 1.70 10.75% 18.76%7.62% 0.88 1.46 7.65% 13.98%
21.01% 2.64 0.97 15.14% 20.40%11.05% 2.10 1.01 8.43% 20.52%6.47% 1.85 0.74 2.24% 18.27%3.57% 2.45 0.49 -1.34% 16.82%7.93% 2.28 0.56 8.60% 15.76%
21.13% 1.69 1.94 3.98% 20.99%13.28% 2.04 1.31 12.01% 14.79%7.78% 1.82 0.71 17.26% 22.13%0.38% 0.09 11.59 10.60% 16.59%0.22% 0.09 11.24 13.81% 21.86%
13.63% 2.13 1.20 10.36% 20.44%13.98% 5.51 0.30 3.43% 11.57%13.60% 2.63 0.72 3.67% 25.07%24.36% 1.50 2.55 8.27% 15.75%14.16% 1.64 1.28 17.71% 15.74%14.31% 1.32 2.49 14.20% 18.06%30.87% 7.19 0.46 13.17% 16.52%16.39% 1.54 2.33 12.10% 21.92%11.92% 1.57 0.99 9.79% 10.97%5.94% 1.24 0.99 1.36% 10.35%
10.35% 0.95 2.24 10.03% 14.85%22.08% 2.14 2.09 11.76% 16.06%42.97% 2.36 3.05 6.26% 14.57%10.66% 1.56 0.67 5.98% 15.55%8.95% 1.50 0.77 5.07% 12.51%7.58% 1.23 0.91 8.42% 19.51%
24.00% 1.25 4.34 9.16% 23.77%
3.21% 0.29 3.62 8.47% 10.66%12.83% 1.83 1.13 3.89% 15.82%12.83% 1.00 1.58 20.44% 10.67%15.21% 2.60 0.72 2.53% 14.58%12.65% 1.69 0.74 14.00% 8.80%8.66% 0.68 2.21 21.47% 18.55%8.71% 0.73 2.23 16.37% 17.40%
11.01% 3.28 0.52 15.38% 26.79%11.05% 1.74 0.89 9.61% 16.01%3.98% 1.02 1.06 6.17% 13.86%
18.46% 1.13 2.78 13.72% 18.46%5.14% 0.64 1.80 13.97% 11.64%8.79% 0.58 3.02 40.88% 18.47%
10.44% 1.79 1.18 1.45% -4.05%0.07% 0.02 47.03 2.02% 4.94%7.27% 0.60 2.27 3.83% 17.27%4.32% 0.31 3.24 5.65% 18.54%7.28% 0.36 3.10 12.44% 19.95%4.58% 0.18 6.03 10.18% 15.90%
10.47% 1.31 1.31 1.93% 16.35%15.67% 1.25 0.73 6.02% 15.30%18.98% 2.20 1.55 6.48% 15.53%12.96% 3.11 0.63 6.02% 15.76%12.75% 2.72 0.95 5.10% 13.61%5.90% 2.06 0.57 6.29% 16.59%
12.28% 3.28 0.65 7.69% 15.61%12.94% 3.96 0.48 5.93% 13.19%44.11% 7.82 2.11 12.55% 31.94%18.53% 3.94 0.79 5.00% 12.17%11.74% 1.77 0.78 10.45% 35.67%12.92% 1.30 1.66 5.70% 17.73%7.97% 1.21 1.52 0.87% 12.94%2.97% 0.82 1.24 8.50% 1.87%
18.16% 2.12 1.27 8.98% 14.72%3.97% 1.36 0.75 8.35% 17.15%
12.46% 0.96 1.87 8.43% 11.64%11.82% 1.93 1.37 3.55% 18.69%12.33% 0.98 1.56 7.88% 8.79%0.00% 0.01 112.28 7.27% 8.29%
47.52% 2.44 3.33 6.18% 9.46%10.37% 1.60 1.14 11.17% 14.34%7.81% 1.72 0.79 3.04% 13.65%8.12% 1.00 1.24 8.49% 5.63%8.81% 0.36 4.03 17.20% 12.97%5.11% 0.77 1.76 8.94% 16.07%
Expected Earnings growth: Next 5 years
Base 1 2 3 4 5 6 7 8 9 10 $-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$(1,000)
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
Revenues
Pre-tax operating income
Reve
nues
(in
billi
ons)
Pre-
tax
Ope
ratin
g In
com
e
Year Revenues Pre-tax operating incomeBase $ 1,329 $ (22)
1 $ 2,259 $ (5)2 $ 3,840 $ 45 3 $ 6,528 $ 170 4 $ 11,097 $ 445 5 $ 18,866 $ 1,024 6 $ 29,534 $ 2,021 7 $ 42,263 $ 3,489 8 $ 54,794 $ 5,299 9 $ 63,671 $ 7,058
10 $ 65,422 $ 8,178