This question concerns Alibaba the internet e-commerce firm that recently went public. It is an open ended question that requires you to utilize the valuation techniques you have learnt in the course and also to do independent research.

a) Research Alibaba?s business model, particularly its sources of revenue and its profit margins. What sort of revenue growth do you think it will be able to maintain in the next ten years? Do you think it will be able to maintain its current profit margins?

b) Study the attached valuation spreadsheet. Input your predicted revenue growth rates and profit margins to come up with your valuation of Alibaba. You could use a range of values and also do a sensitivity analysis.

c) How does your range of valuations compare the valuations based on the recent movements of the Alibaba share price? What do the current share price movements tell you about the market?s estimations of Alibaba?s prospects?

Company Name Date of Analysis Revenues in most recent 12 months = % from Advertising in most recent year = Operating income in most recent 12 months = Do you want the pre-tax operating margin to change over the next 10 yea If yes, enter target margin in year 10 = Market Capitalization today = Total Debt outstanding = Cash & ST Investments = Effective tax rate = Marginal tax rate = Risk free rate = Cost of capital Sales to Invested capital (to compute reinvestment) = Enterprise value today = EV/Sales ratio today = Alibaba 27-Aug-15 Inputs $12,598.00 60.00% $3,377.00 No 20.00% $184,362.00 $8,504.00 $18,995.00 20.90% 25.00% 2.20% 10.00% 2.00 $173,871.00 13.80 Run the Goal Seek function (under Tools in Excel), setting cell B20 on Valuation Output page equal to B16 on t Breakeven standardized revenue in year 10 (for every $1 in year 1) $ 8.84 Imputed revenues in year 10 = $ 111,414.06 Imputed revenues from advertising in year 10 = $ 66,848.43 Default assumptions. In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan Do you want to override this assumption = Yes If yes, enter the cost of capital after year 10 = 8% I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming Do you want to override this assumption = Yes If yes, enter the return on capital you expect after year 10 12% 'Valuation output'!B20 (Enter as cell reference) 4.30 (Enter as a number) 'Base Inputs'!B8 (Enter as cell reference) Click on OK. The result should show up in B20 on this page. Please! No existential angst about whether there is anything that is risk free. Use industry average in US industry average, if you have no idea Use industry average in US industry average, if you have no idea Output page equal to B16 on this page, with cell B8 on Base Inputs page being varied. (Trust me. It works!!!!) that of typical mature companies (riskfree rate + 4.5%) Mature companies generally see their risk levels approach the average Though some sectors, even in stable growth, may have higher risk. l after year 10. I am assuming that whatever competitive advantages you have today will fade over time. Mature companies find it difficult to generate returns that exceed the cost of capital But there are significant exceptions among companies with long-lasting competitive advantages. p in B20 on this page. ust me. It works!!!!) ade over time. titive advantages. Numbers from your base year below ( in consis This year $ 1.0000 $ 0.2681 20.90% 40.00% Revenues Operating income or EBIT Effective tax rate = Marginal tax rate = The value drivers below: Compounded annual revenue growth rate over next 5 ye Target pre-tax operating margin (EBIT as % of sales in y Sales to capital ratio (for computing reinvestment) = Market numbers Riskfree rate Initial cost of capital = 34.68% 26.81% 2.00 2.20% 10.00% Default assumptions. In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan Do you want to override this assumption = Yes Copied from input page If yes, enter the cost of capital after year 10 = 8% Copied from input page I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming Do you want to override this assumption = Yes Copied from input page If yes, enter the return on capital you expect after year 12% Copied from input page r base year below ( in consistent units) o that of typical mature companies (riskfree rate + 4.5%) Copied from input page Copied from input page al after year 10. I am assuming that whatever competitive advantages you have today will fade over time. Copied from input page Copied from input page fade over time. Base year 1 2 3 Revenue growth rate 34.68% 34.68% 34.68% Revenues $ 1.00 $ 1.35 $ 1.81 $ 2.44 EBIT (Operating) margin 26.81% 26.81% 26.81% 26.81% EBIT (Operating income) $ 0.27 $ 0.36 $ 0.49 $ 0.65 Tax rate 20.90% 20.90% 20.90% 20.90% EBIT(1t) $ 0.21 $ 0.29 $ 0.38 $ 0.52 Reinvestment $ 0.17 $ 0.23 $ 0.31 FCFF $ 0.11 $ 0.15 $ 0.20 Cost of capital Cumulated discount factor PV(FCFF) 10.00% 10.00% 10.00% 0.9091 0.8264 0.7513 $ 0.10 $ 0.12 $ 0.15 Terminal cash flow $ 1.48 Terminal cost of capital 8.00% Terminal value $ 25.59 PV(Terminal value) $ 10.42 PV (CF over next 10 years) $ 3.38 Intrinsic Enterprise Value $ 13.80 Implied variables Sales to capital ratio 2.00 2.00 2.00 4 5 6 7 8 9 34.68% 34.68% 28.18% 21.69% 15.19% 8.70% $ 3.29 $ 4.43 $ 5.68 $ 6.91 $ 7.96 $ 8.65 26.81% 26.81% 26.81% 26.81% 26.81% 26.81% $ 0.88 $ 1.19 $ 1.52 $ 1.85 $ 2.13 $ 2.32 20.90% 20.90% 21.7200% 22.54% 23.36% 24.18% $ 0.70 $ 0.94 $ 1.19 $ 1.44 $ 1.64 $ 1.76 $ 0.42 $ 0.57 $ 0.62 $ 0.62 $ 0.52 $ 0.35 $ 0.27 $ 0.37 $ 0.57 $ 0.82 $ 1.11 $ 1.41 10.00% 10.00% 9.60% 9.20% 8.80% 8.40% 0.6830 0.6209 0.5665 0.5188 0.4768 0.4399 $ 0.19 $ 0.23 $ 0.32 $ 0.42 $ 0.53 $ 0.62 2.00 2.00 2.00 2.00 2.00 2.00 Terminal year 10 2.20% 2.20% $ 8.84 $ 9.04 26.81% 26.81% $ 2.37 $ 2.42 25.00% 25.00% $ 1.78 $ 1.82 $ 0.10 $ 0.33 $ 1.68 $ 1.48 8.00% 0.4073 $ 0.69 Check these revenues against a. Overall market size b. Largest companies in this market $ 2.15 $ 4.26 This is is how much your operating income grew over the ten-year period. This is how much capital you invested over the ten year period. 8.00% After year 10 2.00 Compare this return on capital in year 10 against a. the industry average(column E of worksheet) b. the return on capital after year 10 If it is too high (low), you may want to lower (raise) your sales to capital ratio Industry Name Advertising Aerospace/Defense Air Transport Apparel Auto & Truck Auto Parts Bank (Money Center) Banks (Regional) Beverage (Alcoholic) Beverage (Soft) Broadcasting Brokerage & Investmen Building Materials Business & Consumer S 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 Electronics (General) Engineering/Constructi Entertainment Environmental & Waste Farming/Agriculture Financial Svcs. (Non-b Food Processing Food Wholesalers Furn/Home Furnishings Green & Renewable En Healthcare Products Healthcare Support Ser Heathcare Information Homebuilding Hospitals/Healthcare Fac Hotel/Gaming Household Products Information Services Insurance (General) Insurance (Life) 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 67 24 25 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% 6.99% 4.83% 4.98% 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% 22.44% 14.02% 14.12% Insurance (Prop/Cas.) Investments & Asset Machinery Metals & Mining Office Equipment & Ser Oil/Gas (Integrated) Oil/Gas (Production and Oil/Gas Distribution Oilfield Svcs/Equip. Packaging & Container Paper/Forest Products Power Precious Metals Publshing & Newspape R.E.I.T. Real Estate (Developme Real Estate (General/Di Real Estate (Operations Recreation Reinsurance Restaurant/Dining Retail (Automotive) Retail (Building Supply) Retail (Distributors) Retail (General) Retail (Grocery and Fo Retail (Online) Retail (Special Lines) Rubber& Tires Semiconductor Semiconductor Equip Shipbuilding & Marine Shoe Software (Entertainmen Software (Internet) Software (System & App Steel Telecom (Wireless) Telecom. Equipment Telecom. Services Tobacco Transportation Transportation (Railroa Trucking Unclassified Utility (General) Utility (Water) Toiletries/Cosmetics Trucking Water Utility Wireless Networking 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 14 34 11 58 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% 9.53% 15.05% 4.16% 6.59% 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% 11.07% 7.47% 26.21% 15.93% Total Market 6177 12.24% 17.13% 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% 35.97% 7.68% 8.73% 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% 30.25% 26.45% 26.66% 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 1.04 0.80 0.75 Equity (Levered) Beta 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 1.11 1.03 1.04 Cost of equity 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% 8.58% 8.09% 8.16% 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% 21.44% 11.97% 5.89% 12.27% 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% 27.33% 25.94% 31.45% 10.06% 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 1.09 0.87 0.33 1.17 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 1.17 1.09 0.49 1.35 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% 8.52% 8.08% 4.61% 9.62% 12.88% 14.93% 0.96 1.17 8.53% Std deviation in stock prices 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% 42.71% 35.35% 34.48% Pre-tax cost of debt 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% 3.17% 3.17% 3.17% 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% 11.75% 30.09% 41.60% Cost of capital Sales/Capital EV/Sales 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% 7.80% 6.23% 5.56% 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 1.95 0.68 0.82 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 3.96 1.56 1.51 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% 40.10% 48.32% 37.24% 62.91% 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% 2.76% 2.76% 2.76% 3.26% 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% 17.10% 29.74% 42.26% 20.43% 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% 7.35% 6.17% 3.36% 8.05% 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 2.83 2.44 0.32 0.94 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 1.37 0.82 4.36 2.68 59.15% 3.26% 30.03% 6.56% 1.04 1.64 Non-cash WC as % of Cap Ex as % EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues 9.76 10.35 8.09 12.39 14.53 8.16 NA NA NA NA 17.20 12.93 22.22 18.49 41.13 12.14 NA NA 17.32 21.29 14.26 17.63 10.68 14.96 NA 11.81 17.60 10.16 16.03 9.20 14.82 6.48 9.41 9.56 14.24 11.85 16.16 8.91 66.81 8.39 10.79 10.00 12.64 10.34 14.88 14.03 19.46 19.06 36.39 13.58 18.79 7.56 20.14 10.15 13.74 19.55 28.49 11.02 18.02 7.60 12.08 11.71 15.79 9.97 17.17 9.65 13.28 NA 11.91 15.08 11.21 15.60 10.36 15.42 14.32 52.03 14.49 21.06 10.49 13.43 17.57 29.77 14.44 15.59 12.24 21.01 12.97 22.56 12.80 16.13 14.07 17.69 8.23 11.12 9.79 10.67 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 5.48 0.89 1.03 30.35 31.15 28.11 27.82 15.06 20.35 17.26 NA 47.60 NA 32.93 36.74 24.79 33.18 NA 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 NA 26.87 29.92 24.81 20.98 76.45 60.10 254.40 22.85 52.89 28.37 67.11 50.40 43.72 20.03 1.17% 27.80% 4.12% 27.02% -0.64% 9.40% 22.12% 0.01% 22.82% 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% 10.76% 7.97% 14.39% 12.07% 26.46% -2.46% 23.33% 99.89% 21.73% 6.22% 11.33% 15.01% -11.14% 13.43% 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% 3.08% 1.70% 0.16% Net Cap Ex as % of Reinvestment Revenues Rate 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% 5.44% 38.63% 3.40% 31.23% 1.12% 13.37% 8.59 9.37 20.79 24.69 10.46 13.56 6.47 11.12 8.91 12.77 5.90 9.30 5.09 10.87 16.03 25.03 6.92 10.39 9.09 13.78 9.05 14.93 9.89 18.14 6.11 30.13 9.57 17.17 22.67 51.90 27.76 55.29 8.23 9.17 14.86 23.74 10.41 16.36 6.71 7.72 11.86 21.68 12.58 20.53 12.41 17.67 12.23 15.02 9.57 16.57 9.19 27.44 24.51 59.62 9.40 20.41 5.31 8.40 10.29 15.89 12.21 21.57 9.44 19.50 15.17 20.26 13.11 18.19 21.10 33.76 14.32 18.41 8.63 16.14 7.79 120.94 12.01 15.86 6.03 10.53 11.55 12.24 10.64 18.25 10.51 13.98 9.97 16.70 114.72 NA 10.58 17.81 11.38 16.70 10.10 6.19 11.20 10.48 12.39 10.96 16.62 16.83 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 6.04 3.07 2.00 3.51 17.68 19.05 NA 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 NA 20.12 19.81 20.39 16.70 20.46 29.68 -22.25% 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% 7.16% 6.55% 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% 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% 7.37 9.59 2.11 33.45 Equity Dividend Reinvestment Payout Ratio Rate ROE 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% 21.66% 7.39% 10.13% 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% 22.96% 17.17% 24.29% 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% 22.96% 17.17% 24.29% 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% 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% 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% 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 & Insuranc Food Processing Food Wholesalers Furn/Home Furnishings Green & Renewable Energy Healthcare Products Healthcare Support Services Heathcare Information and Technolog Homebuilding Hospitals/Healthcare Facilities Hotel/Gaming Household Products Information Services 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 Annual Average Revenue growth - Last 5 years 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% Pre-tax Operating Margin 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% Insurance (General) Insurance (Life) Insurance (Prop/Cas.) Investments & Asset Management Machinery Metals & Mining Office Equipment & Services Oil/Gas (Integrated) Oil/Gas (Production and Exploration) 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 & Services) 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) Utility (Water) 233 124 220 914 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 97 13.39% 14.71% 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% 0.53 9.34% 9.10% 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% 63.18% Grand Total 40943 0.64 98.96% 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% Equity Average (Levered) effective tax rate Unlevered Beta Beta 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% 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 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 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% Std deviation in stock prices 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% 14.32% 12.13% 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% 38.72% 27.36% 24.59% 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% 14.78% 0.63 0.94 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 54.81% 0.72 1.04 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 16.28% 7.31% 9.61% 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% 27.53% 35.05% 36.75% 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% 12.47% 49.74% 13.40% 37.49% 5.74% 8.63% 10.49% Pre-tax cost of Market debt Debt/Capital 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% 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% 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% Sales/Capital EV/Sales 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 1.51 1.38 1.41 1.73 0.94 0.81 9.37 4.39 3.33 2.63 2.48 6.96 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 4.13% 4.13% 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% 8.81% 29.30% 32.85% 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% 0.36 6.01% 7.40% 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% 4.03 1.81 1.66 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 17.20% 0.81 0.96 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 12.97% 5.11% 0.77 1.76 8.94% 16.07% EV/EBITDA EV/EBIT 9.78 10.34 8.26 9.40 9.19 7.39 NA NA 16.21 13.98 26.97 13.59 15.51 11.71 NA NA 12.30 13.61 10.59 NA 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 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 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 Trailing PE Non-cash WC as % of Cap Ex as % Revenues of Revenues 63.93 36.81 23.96 53.20 31.16 43.50 22.92 NA 37.96 NA 34.36 64.53 28.73 248.96 NA 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 NA 159.96 63.69 48.17 45.99 60.77 52.08 123.00 35.82 71.58 50.53 63.65 35.14 -6.27% 21.11% -2.40% 23.85% 2.28% 9.91% 6.81% 1.63% 12.92% 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% 10.81% 2.97% 10.44% 0.85% 25.74% 0.46% 22.23% 66.89% 13.28% -0.80% 10.14% 13.85% 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% Net Cap Ex as % of Revenues 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% 7.10 9.82 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 8.37 10.58 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 1.07 1.35 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 20.45 4.37% 29.73 4.75% 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% 0.79% 0.62% 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% 1.24% 0.81% 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% Equity Dividend Reinvestment Payout Ratio Rate Reinvestment 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% 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% 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% 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% 8.48% 7.98% 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% 10.77% 10.95% 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% 42.41% 31.70% 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% 42.41% 31.70% 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% Last 10K Revenues $5,089.00 R&D expense $1,399.00 Operating income or EBIT $538.00 Interest expenses $51.00 Book value of equity $11,755.00 Book value of debt $2,356.00 Do you have operating lease commitments? Cash and cross holdings $9,626.00 Non-operating assets $0.00 Minority interests $0.00 Number of shares outstanding = Current stock price = Effective tax rate = 41.00% Marginal tax rate = Lease commitments Year 1 $142.00 Year 2 $128.00 Year 3 $117.00 Year 4 $110.00 Year 5 $102.00 Beyond year 5 $252.00 First X months: Last year $2,242.00 $858.00 -$362.00 $24.00 22.31% First X months: Current yearTrailing 12 month $3,271.00 $6,118.00 $637.00 $1,178.00 $935.00 $1,835.00 $29.00 $56.00 $12,349.00 $2,167.00 $10,252.00 $0.00 $0.00 38.90% NA NA NA NA NA NA Yes/No Book or Market Value ERP choices Cost of debt Synthetic ratinBeta Yes B Will input Direct input 1 Direct input No V Country of incorporationSynthetic ratin 2 Single Business(US) Operating countries Actual rating Single Business(Global) Operating regions Multibusiness(US) Multibusiness(Global) ngle Business(US) ngle Business(Global) ultibusiness(US) ultibusiness(Global)