Finance work
alberttttttt
FilebemetionedinSession5.xlsValuation output
| Base year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Terminal year | |
| Revenue growth rate | 70.00% | 70.00% | 70.00% | 70.00% | 70.00% | 56.55% | 43.10% | 29.65% | 16.20% | 2.75% | 2.75% | |
| Revenues | $ 1,328.70 | $ 2,258.78 | $ 3,839.93 | $ 6,527.88 | $ 11,097.40 | $ 18,865.58 | $ 29,534.07 | $ 42,263.25 | $ 54,794.31 | $ 63,670.99 | $ 65,421.94 | $ 67,221.04 |
| EBIT (Operating) margin | -1.64% | -0.23% | 1.18% | 2.60% | 4.01% | 5.43% | 6.84% | 8.26% | 9.67% | 11.09% | 12.50% | 12.50% |
| EBIT (Operating income) | $ (21.86) | $ (5.21) | $ 45.46 | $ 169.63 | $ 445.34 | $ 1,023.93 | $ 2,020.72 | $ 3,489.47 | $ 5,299.16 | $ 7,058.25 | $ 8,177.74 | $ 8,402.63 |
| Tax rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 7.00% | 14.00% | 21.00% | 28.00% | 35.00% | 35.00% |
| EBIT(1-t) | $ (21.86) | $ (5.21) | $ 45.46 | $ 169.63 | $ 445.34 | $ 1,023.93 | $ 1,879.27 | $ 3,000.94 | $ 4,186.33 | $ 5,081.94 | $ 5,315.53 | $ 5,461.71 |
| - Reinvestment | $ 659.64 | $ 1,121.38 | $ 1,906.35 | $ 3,240.79 | $ 5,509.35 | $ 7,566.30 | $ 9,027.79 | $ 8,887.27 | $ 6,295.52 | $ 1,241.81 | $ 1,877.46 | |
| FCFF | $ (664.84) | $ (1,075.92) | $ (1,736.72) | $ (2,795.45) | $ (4,485.42) | $ (5,687.03) | $ (6,026.85) | $ (4,700.94) | $ (1,213.58) | $ 4,073.72 | $ 3,584.25 | |
| Cost of capital | 10.03% | 10.03% | 10.03% | 10.03% | 10.03% | 9.63% | 9.22% | 8.81% | 8.41% | 8.00% | 8.00% | |
| Cumulated discount factor | 0.9088 | 0.8260 | 0.7507 | 0.6822 | 0.6200 | 0.5656 | 0.5178 | 0.4759 | 0.4390 | 0.4065 | ||
| PV(FCFF) | $ (604.23) | $ (888.67) | $ (1,303.68) | $ (1,907.10) | $ (2,781.02) | $ (3,216.43) | $ (3,120.90) | $ (2,237.14) | $ (532.75) | $ 1,655.85 | ||
| 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 | |||||||||||
| - Debt | $ 578.74 | |||||||||||
| + Cash | $ 201.89 | |||||||||||
| Value of equity in common stock | $ 12,437.46 | |||||||||||
| Number of shares | 121.45 | |||||||||||
| Estimated value /share | $ 102.41 | |||||||||||
| Price | $ 168.76 | |||||||||||
| Price as % of value | 164.79% | |||||||||||
| Implied variables | After year 10 | |||||||||||
| Sales to capital ratio | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | 1.41 | ||
| Invested capital | $ 1,698 | $ 2,358 | $ 3,479 | $ 5,385 | $ 8,626 | $ 14,136 | $ 21,702 | $ 30,730 | $ 39,617 | $ 45,913 | $ 47,154 | |
| ROIC | -1.29% | -0.22% | 1.31% | 3.15% | 5.16% | 7.24% | 8.66% | 9.77% | 10.57% | 11.07% | 11.27% | 8.00% |
Input sheet
| Date of valuation | Aug-09 | Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options | ||||||||
| Company 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 America | -0.163109545 | ||||||||
| Industry (US) | Automotive | |||||||||
| Industry (Global) | Auto & Truck | |||||||||
| Revenues | $ 1,328.70 | $ 413.26 | ||||||||
| Operating income or EBIT | $ (216.72) | $ (394.28) | Don't adjust operating income for leases or R&D, if you plan to use the spreadsheet option to do so. (see below) | |||||||
| 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 debt | ||||||||
| Cash and cross holdings | $ 201.89 | $ 746.06 | ||||||||
| Non-operating assets | $ - 0 | $ - 0 | ||||||||
| Minority interests | $ - 0 | $ - 0 | ||||||||
| Number of shares outstanding = | 121.45 | |||||||||
| Current stock price = | $ 168.76 | Computed numbers: Here is what your company's numbers look like, relative to industry. | ||||||||
| Effective tax rate = | 0.00% | If you are not working in US dollars, you should add the inflation differential to the industry averages. | ||||||||
| Marginal tax rate = | 35.00% | Company | Industry (US data) | Industry (Global data) | ||||||
| The value drivers below: | Revenue growth in the most recent year = | 221.52% | 42.35% | 78.00% | ||||||
| Compounded annual revenue growth rate over next 5 years = | 70.00% | Target Porsche revenues | Pre-tax operating margin in the most recent year = | -1.64% | 5.80% | 5.98% | ||||
| Target pre-tax operating margin (EBIT as % of sales in year 10) = | 12.50% | 95th percentile: Auto industry | Sales to capital ratio in most recent year = | 1.32 | 1.41 | 1.49 | ||||
| Sales to capital ratio (for computing reinvestment) = | 1.41 | Average for US | Return on invested capital in most recent year= | 128.22% | 5.77% | 7.83% | ||||
| Market numbers | Year 10 ROC= 11.34% | Standard deviation in stock prices = | 59.23% | |||||||
| Riskfree rate | 2.75% | Cost of capital = | 6.79% | |||||||
| Initial cost of capital = | 10.03% | See cost of capital worksheet | ||||||||
| Other inputs | Treated it as 60% auto, 40% technology company for the moment | |||||||||
| Do you have employee options outstanding? | Yes | |||||||||
| Number of options outstanding = | 25.01 | From last 10K | ||||||||
| Average strike price = | $21.20 | From last 10K | ||||||||
| Average maturity = | 3.50 | From last 10K | ||||||||
| Standard 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 average | ||||||||
| If 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 capital | ||||||||
| If yes, enter the return on capital you expect after year 10 | 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 company | ||||||||
| Enter the distress proceeds as percentage of book or fair value | 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 = | No | |||||||||
| 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. | ||||||||||
| Do you want to override this assumption = | Yes | Check the financial statements. | ||||||||
| If yes, enter the NOL that you are carrying over into year 1 | $1,070.00 | From last 10K |
Aswath Damodaran:
Enter the revenues from the most recent period (you can either use annual or the trailing 12 months). If your company had no revenues, enter a very small positive number. (You need a base for your growth rate)
Aswath Damodaran:
Enter the operating income or EBIT from the most recent time period, even if that number is negative. If you have operating leases, enter the adjusted operating income (see the operating lease worksheet for the amount you have to adjust operating income by).
Aswath Damodaran:
Enter the book value of equity (total) from the end of the most recent time period (i.e. the most recent balance sheet). This book equity will include everything - paid in capital, retained earnings etc. and may even be negative for companies that have been losing money for a while.
Aswath Damodaran:
Enter the book value of interest bearing debt (short and long term) at your company from the most recent balance sheet. (Do not include accounts payable, supplier credit or other non-interest bearing liabilities.)
Aswath Damodaran:
Enter the cash balance from the most recent balance sheet. This should include marketable securities.
Aswath Damodaran:
Enter the most recent update you have on the number of shares. If you have different classes of shares, aggregate them all and enter one number. Count restricted stock units (RSUs) as shares but don't count shares underlying employee options.
Aswath Damodaran:
Enter the most recent stock price (how about today's?) in here.
Aswath Damodaran:
Enter your effective (not marginal) tax rate for your firm. You will find this in your company's annual report. If you cannot, you can compute it as follows, from the income statement:
Effective tax rate = Taxes paid/ Taxable income
If your effective tax rate varies across years, you can use an average.
Aswath Damodaran:
I don't have a crystal ball but you should look at
a. Revenue growth in your company in recent years
b. Your company's revenues, relative to the overall market size and larger players in the sector.
Suggestion: Check your revenues in year 10 against the overall market and see what market share are you giving your company. Check your company's revenues against other companies in the sector.
Note that this number can be negative for a declining firm.
Aswath Damodaran:
You should start by looking at your company's current pre-tax operating margin but also look at the average for your industry. (You can check my estimates of industry averages in the last worksheet on this spreadsheet.)
Aswath Damodaran:
You are probably wondering what this is but it is how I compute how much you are going to reinvest to keep your business growing in future years. The higher you set this number, the more efficiently you are growing and the higher the value of your growth. Again, look at your company's current number (divide cell B3 by the sum of cells B5 and B6). Look at the industry averages as well in the worksheet.
Aswath Damodaran:
This should be today's long term riskfree rate. If you are working with a currency where the government has default risk, clean up the government bond rate to make it riskfree (by subtracting the default spread for the government).
Aswath Damodaran:
Enter the current cost of capital for your firm. If you don't know what it is, you can use the worksheet to compute it.
Aswath Damodaran:
Check your company's annual report or 10K. If it does have options outstanding, enter the total number here (vested and non vested, in the money and out…)
Aswath Damodaran:
Enter the weighted average strike price of your options. (Should be in your 10K or annual report.)
Aswath Damodaran:
The weighted average maturity of your options should be reported in your financial statements.
Aswath Damodaran:
If you have a standard deviation for your stock, enter that number. If not, use the industry average standard deviation from the worksheet.
Aswath Damodaran:
Mature companies tend to have costs of capital closer to the market average. While the riskfree rate + 4.5% is a close approximation of the average, you can use a slightly higher number (riskfree rate + 6%) for mature companies in riskier businesses and a slightly lower number (risfree rate + 4%) for safer companies.
Aswath Damodaran:
The default assumption is that competitive advantages will fade to zero over time. While this is a good assumption for many firms (about 7 in 10), there are some firms with sustainable competitive advantages (brand name, for instance), where the excess returns may continue beyond year 10. If your firm is one of those, you can enter a return on capital higher than your cost of capital in the cell below. Just don't get carried away. At the maximum, the excess return should not exceed 5% for a mature firm.
Aswath Damodaran:
This is a really difficult business to generate excess returns in, especially for mature companies. So, I will assume that the excess returns will converge to zero in year 10.
Aswath Damodaran:
Companies at either end of the life cycle - young, growth and old, declining firms have a significant likelihood of failure. While we tend to ignore this in conventional DCF, it is worth thinking about whether you want to estimate a probability of failure. It is not easy to do but it can be done by looking at either history (with young, growth companies) or the debt market (with distressed companies).
Aswath Damodaran
While the company is doing well right now and has little debt, it is still a money losing company that is one big shock (legal, financial, macro) from disaster. I have attached a 10% probability that this will happen and an estimate that the business will have to be sold at a substantial discount (50%) on fair value in that event.
Aswath Damodaran:
If the firm fail and has to liquidate its assets, you need to specify what the liquidation proceeds will be tied to. For young growth companies, I would tie it to value and with distressed firms (especially ones with significant assets in place), I would use book value.
Aswath Damodaran:
You will generally not get 100% of fair value. How much less than 100% you get will depend on whether there are lots of potential buyers for your assets and how much of a hurry you are in to liquidate. It may well be zero for a young growth company with no tangible assets.
Aswath Damodaran:
Companies generally pay less than the marginal tax rate on their income. Some of that is due to tax deferral and others to quirks in the tax law. Over time, the conservative assumption is to require the tax rate to move towards the marginal tax rate. However, if you believe that your firm's tax benefits are permanent, you can override this assumption.
Aswath Damodaran:
If your company has been losing money for a while, there will be accumulated losses from prior periods. Check your financial statements.
Aswath Damodaran:
This is the NOL from prior years carried forward into this year.
Aswath Damodaran:
This is a statutory tax rate. I use the tax rate of the country the company is domiciled in. See worksheet embedded in this spreadshseet for country tax rates.
Aswath Damodaran:
If you are using trailing 12-month data, it is best if the last year is the 12-month period just prior to the one that you are using. Thus, if you are looking at June 2011-June 2012, your trailing 12 month for the income statement numbers will be June 2010-June 2011 and your balance sheet numbers should be as of June 2011.
Aswath Damodaran:
Enter the market value of those non-cash assets whose earnings are (and will never) show up as part of operating income. The most common non-operating assets are minority holdings in other companies (which are not consoldiated). You can find the book value of these holdings on the balance sheet, but see if you can convert to market value. (I apply a price to book ratio, based on the sector that the company is in to the book value).
Aswath Damodaran:
Enter the "market" value of minority interests. This is a uniquely accounting item and will be on the liability side of your company's balance sheet. It reflects the requirement that if you own more than 50% of another company or have effective control of it, you have to consolidate that company's statements with yours. Thus, you count 100% of that subsidiaries assets, revenues and operating income with your company, even if you own only 60%. The minority interest reflects the book value of the 40% of the equity in the subsidiary that does not belong to you. Again, it is best if you can convert the book value to a market value by applying the price to book ratio for the sector in which the subsidiary operates
Aswath Damodaran:
If you are in multiple businesses, you can construct your own weighted averages using the industry average table from this spreadsheet and your company's business breakdown.
Aswath Damodaran:
Assuming that the cyclical nature of this business will result in a higher cost of capital.
Option value
| Valuing Options or Warrants | |||||
| Enter the current stock price = | $ 168.76 | ||||
| Enter the strike price on the option = | $ 21.20 | ||||
| Enter the expiration of the option = | 3.50 | ||||
| Enter 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) outstanding = | 25.01 | ||||
| Enter the number of shares outstanding = | 121.45 | ||||
| Do not input any numbers below this line | |||||
| VALUING WARRANTS WHEN THERE IS DILUTION | |||||
| Stock Price= | 168.76 | # Warrants issued= | 25.008 | ||
| Strike Price= | 21.2 | # Shares outstanding= | 121 | ||
| Adjusted S = | 164.8313566835 | T.Bond rate= | 2.75% | ||
| Adjusted K = | 21.2 | Variance= | 0.2500 | ||
| Expiration (in years) = | 3.495 | Annualized dividend yield= | 0.00% | ||
| Div. Adj. interest rate= | 2.75% | ||||
| d1 = | 2.764290314 | ||||
| N (d1) = | 0.997147662 | ||||
| d2 = | 1.8295443592 | ||||
| N (d2) = | 0.9663409498 | ||||
| Value per option = | $ 145.75 | ||||
| Value of all options outstanding = | $3,644.97 |
Diagnostics
| VALUATION DIAGNOSTICS | |||
| Invested capital at start of valuation | $ 1,698.11 | ||
| Invested capital at end of valuation | $ 47,154.31 | ||
| Change in invested capital over 10 years | $ 45,456.20 | ||
| Change in EBIT*(1–t) (after-tax operating income) over 10 years | $ 8,199.60 | ||
| Marginal ROIC over 10 years | 18.04% | ||
| ROIC at end of valuation | 11.27% | ||
| Average WACC over the 10 years (compounded) | 9.42% | ||
| Your calculated value as a percent of current price | 60.68% | ||
| Inputs | If calculated value is negative or looks too low | If calculated value looks too high | |
| Revenue growth rate (input cell B3) | Increase revenue growth rate | Decrease revenue growth rate | |
| Last period EBIT as % of revenue (Input cell B14) | Increase the target pre-tax operating margin | Decrease the target pre-tax operating margin | |
| Sales to Capital Ratio or reinvestment (Input cell B15) | Decrease the sales/capital ratio | Increase the sales/capital ratio | |
| Return on capital in perpetuity (B30 & B31) | Increase relative to your cost of capital | If higher than your cost of capital, lower towards your cost of capital | T |
R& D converter
| R & D Converter | ||||||
| This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net | ||||||
| income, the book value of assets and the book value of equity. | ||||||
| Inputs | ||||||
| Over how many years do you want to amortize R&D expenses | 5 | ! If in doubt, use the lookup table below | ||||
| Enter the current year's R&D expense = | $ 310.06 | The 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 | ||||||
| Do 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 | ||||||
| -5 | ||||||
| 0 | ||||||
| 0 | ||||||
| 0 | ||||||
| 0 | ||||||
| 0 | ||||||
| Output | ||||||
| Year | 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 | $ - 0 | ||
| -5 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 0 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 0 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 0 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 0 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 0 | 0.00 | 0.00 | 0.00 | $ - 0 | ||
| 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 |
Aswath Damodaran:
By expensing R&D rather than capitalizing it, the firm gets a tax benefit. This is the dollar value of that tax benefit.
Operating lease converter
| Operating Lease Converter | ||||||
| The yellow cells are input cells. Please enter them. | ||||||
| Inputs | ||||||
| Operating lease expense in current year = | $ 380.00 | |||||
| Operating Lease Commitments (From footnote to financials) | ||||||
| Year | Commitment | ! Year 1 is next year, …. | ||||
| 1 | $56.00 | |||||
| 2 | $47.00 | |||||
| 3 | $39.00 | |||||
| 4 | $35.00 | |||||
| 5 | $31.00 | |||||
| 6 and beyond | $93.00 | |||||
| Output | ||||||
| Pre-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 years | ||||
| to estimate the number of years of expenses in yr 6 | ||||||
| Converting Operating Leases into debt | ||||||
| Year | 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 years | |||
| Debt Value of leases = | $ 233.97 | |||||
| Restated Financials | ||||||
| Depreciation on Operating Lease Asset = | $ 33.42 | ! I use straight line depreciation | ||||
| Adjustment to Operating Earnings = | $346.58 | ! Add this amount to pre-tax operating income | ||||
| Adjustment to Total Debt outstanding = | $ 233.97 | ! Add this amount to debt |
Cost of capital worksheet
| Estimation of Current Cost of Capital | Your inputs | Operating Regions ERP calculator | |||||||||
| Inputs | Computed number | Country | Revenues | ERP | Weight | Weighted ERP | |||||
| Equity | Argentina | 19 | 14.80% | 9.31% | 1.38% | ||||||
| Number of Shares outstanding = | 121.45 | Bolivia | 4 | 10.68% | 1.96% | 0.21% | |||||
| Current Market Price per share = | $ 168.76 | Brazil | 130 | 8.43% | 63.73% | 5.37% | |||||
| Canada | 23 | 5.80% | 11.27% | 0.65% | |||||||
| Approach for estimating beta | Multibusiness(US) | ||||||||||
| If direct input, enter levered beta (or regression beta) | 1.20 | Chile | 7 | 6.85% | 3.43% | 0.24% | |||||
| Unlevered beta = | 1.26 | Ecuador | 6 | 16.30% | 2.94% | 0.48% | |||||
| Riskfree Rate = | 2.75% | Paraguay | 3 | 11.80% | 1.47% | 0.17% | |||||
| What approach do you want to use to input ERP? | Country of incorporation | Peru | 12 | 8.43% | 5.88% | 0.50% | |||||
| Direct input for ERP (if you choose "will input" | 5.75% | 0.00% | 0.00% | 0.00% | |||||||
| Equity Risk Premium used in cost of equity = | 5.80% | 0.00% | 0.00% | 0.00% | |||||||
| Total | 204 | 100.00% | 9.00% | ||||||||
| Debt | Operating Regions ERP calculator | ||||||||||
| Book Value of Straight Debt = | $ 578.74 | Region | Revenues | ERP | Weight | Weighted ERP | |||||
| Interest Expense on Debt = | $ 19.83 | Africa | 0 | 10.09% | 0.00% | 0.0000% | |||||
| Average Maturity = | 2 | Australia & New Zealand | 56 | 5.80% | 4.21% | 0.2444% | |||||
| Approach for estimating pre-tax cost of debt | Direct input | Caribbean | 12.57% | 0.00% | 0.0000% | ||||||
| If direct input, input the pre-tax cost of debt | 7.000% | Central and South America | 100 | 9.18% | 7.52% | 0.6907% | |||||
| If actual rating, input the rating | Baa2/BBB | Eastern Europe & Russia | 8.48% | 0.00% | 0.0000% | ||||||
| If synethetic rating, input the type of company | 1 | Middle East | 6.96% | 0.00% | 0.0000% | ||||||
| Pre-tax Cost of Debt = | 7.00% | North America | 631 | 5.80% | 47.48% | 2.7538% | |||||
| Tax Rate = | 35% | Western Europe | 374 | 6.85% | 28.14% | 1.9277% | |||||
| Asia without Japan | 168 | 7.58% | 12.64% | 0.9582% | |||||||
| Book Value of Convertible Debt = | 0 | Japan | 0 | 6.85% | 0.00% | 0.0000% | |||||
| Interest Expense on Convertible = | 0 | Total | 1329 | 100.00% | 6.5748% | ||||||
| Maturity of Convertible Bond = | 0 | ||||||||||
| Market Value of Convertible = | 0 | Multi Business (US Industry Averages) | |||||||||
| Business | Revenues | EV/Sales | Estimated Value | Unlevered Beta | |||||||
| Debt value of operating leases = | $ - 0 | Automotive | $ 60.00 | 0.8100 | $ 48.60 | 1.1100 | |||||
| Computers/Peripherals | $ 40.00 | 1.3800 | $ 55.20 | 1.3900 | |||||||
| Preferred Stock | 0.0000 | $ - 0 | 0.0000 | ||||||||
| Number of Preferred Shares = | 0 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Current Market Price per Share= | 70 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Annual Dividend per Share = | 5 | 0.0000 | $ - 0 | 0.0000 | |||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| Output | 0.0000 | $ - 0 | 0.0000 | ||||||||
| Estimating Market Value of Straight Debt = | $ 541.34 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Estimated Value of Straight Debt in Convertible = | $ - 0 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Value of Debt in Operating leases = | $ - 0 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Estimated Value of Equity in Convertible = | $ - 0 | 0.0000 | $ - 0 | 0.0000 | |||||||
| Levered Beta for equity = | 1.28 | Company | $ 100.00 | $ 103.80 | 1.2589 | ||||||
| Equity | Debt | Preferred Stock | Capital | Multi Business (Global Industry Averages) | |||||||
| Market Value | $ 20,495.90 | $ 541.34 | $ - 0 | $ 21,037.24 | Business | Revenues | EV/Sales | Estimated Value | Unlevered Beta | ||
| Weight in Cost of Capital | 97.43% | 2.57% | 0.00% | 100.00% | Advertising | $ 84.00 | 0.9383 | $ 78.82 | 0.9813 | ||
| Cost of Component | 10.18% | 4.55% | 7.14% | 10.03% | Internet software and services | $ 16.00 | 4.3369 | $ 69.39 | 1.2164 | ||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| 0.0000 | $ - 0 | 0.0000 | |||||||||
| Company | $ 100.00 | $ 148.21 | 1.0914 |
Aswath Damodaran:
Use a sector average beta, if need be.
Aswath Damodaran:
If your company has risk exposure in emergiing markets, incorporate that risk premiums here. See worksheet on country risk premiums.
Aswath Damodaran:
Interest expense (gross) from most recent financial statement.
Aswath Damodaran:
Generally found in footnotes to financial statements.
Aswath Damodaran:
Current, long term cost of borrowing money. If you have a rating use it, if not use a synthetic rating. See the worksheet attached.
Aswath Damodaran:
If you pick operating regions or countries, please input the revenues by country or region in the table to the right.
Aswath Damodaran:
1: Large market cap (>$5 billion) and safe.
2: Small market cap (<$5 billion) or risky.
If company has volatile earnings or is in risky business, use 2, even if large market cap.
Synthetic rating
| Inputs for synthetic rating estimation | ||||||||
| 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. | ||||||||
| Enter the type of firm = | 1 | |||||||
| Enter 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% | |||||||
| Output | ||||||||
| Interest coverage ratio = | -100000.00 | |||||||
| Estimated Bond Rating = | D2/D | Note: If you get REF! All over the place, set the operating lease commitment question in cell F5 | ||||||
| Estimated 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.com | ||||||||
| For 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 | Rating is | Spread is | |
| -100000 | 0.199999 | D2/D | 12.00% | 3 | 100000 | Aaa/AAA | 0.40% | |
| 0.2 | 0.649999 | Caa/CCC | 10.50% | 2.5 | 2.99999 | Aa2/AA | 0.70% | |
| 0.65 | 0.799999 | Ca2/CC | 9.50% | 2 | 2.49999 | A1/A+ | 0.85% | |
| 0.8 | 1.249999 | C2/C | 8.75% | 1.5 | 1.99999 | A2/A | 1.00% | |
| 1.25 | 1.499999 | B3/B- | 7.25% | 1.2 | 1.49999 | A3/A- | 1.30% | |
| 1.5 | 1.749999 | B2/B | 6.50% | 0.9 | 1.199999 | Baa2/BBB | 2.00% | |
| 1.75 | 1.999999 | B1/B+ | 5.50% | 0.75 | 0.899999 | Ba1/BB+ | 3.00% | |
| 2 | 2.2499999 | Ba2/BB | 4.00% | 0.6 | 0.749999 | Ba2/BB | 4.00% | |
| 2.25 | 2.49999 | Ba1/BB+ | 3.00% | 0.5 | 0.599999 | B1/B+ | 5.50% | |
| 2.5 | 2.999999 | Baa2/BBB | 2.00% | 0.4 | 0.499999 | B2/B | 6.50% | |
| 3 | 4.249999 | A3/A- | 1.30% | 0.3 | 0.399999 | B3/B- | 7.25% | |
| 4.25 | 5.499999 | A2/A | 1.00% | 0.2 | 0.299999 | C2/C | 8.75% | |
| 5.5 | 6.499999 | A1/A+ | 0.85% | 0.1 | 0.199999 | Ca2/CC | 9.50% | |
| 6.5 | 8.499999 | Aa2/AA | 0.70% | 0.05 | 0.099999 | Caa/CCC | 10.50% | |
| 8.50 | 100000 | Aaa/AAA | 0.40% | -100000 | 0.049999 | D2/D | 12.00% | |
| For smaller and riskier firms | ||||||||
| If interest coverage ratio is | ||||||||
| greater than | ≤ to | Rating is | Spread is | |||||
| -100000 | 0.499999 | D2/D | 12.00% | Rating is | Spread is | |||
| 0.5 | 0.799999 | Caa/CCC | 10.50% | A1/A+ | 0.85% | |||
| 0.8 | 1.249999 | Ca2/CC | 9.50% | A2/A | 1.00% | |||
| 1.25 | 1.499999 | C2/C | 8.75% | A3/A- | 1.30% | |||
| 1.5 | 1.999999 | B3/B- | 7.25% | Aa2/AA | 0.70% | |||
| 2 | 2.499999 | B2/B | 6.50% | Aaa/AAA | 0.40% | |||
| 2.5 | 2.999999 | B1/B+ | 5.50% | B1/B+ | 5.50% | |||
| 3 | 3.499999 | Ba2/BB | 4.00% | B2/B | 6.50% | |||
| 3.5 | 3.9999999 | Ba1/BB+ | 3.00% | B3/B- | 7.25% | |||
| 4 | 4.499999 | Baa2/BBB | 2.00% | Ba1/BB+ | 3.00% | |||
| 4.5 | 5.999999 | A3/A- | 1.30% | Ba2/BB | 4.00% | |||
| 6 | 7.499999 | A2/A | 1.00% | Baa2/BBB | 2.00% | |||
| 7.5 | 9.499999 | A1/A+ | 0.85% | C2/C | 8.75% | |||
| 9.5 | 12.499999 | Aa2/AA | 0.70% | Ca2/CC | 9.50% | |||
| 12.5 | 100000 | Aaa/AAA | 0.40% | Caa/CCC | 10.50% | |||
| D2/D | 12.00% |
Aswath Damodaran:
If your most recent year's operating income is unusually low or high, you can use the average operating income from the last few years.
Aswath Damodaran:
Enter the interest expense from the most recent income statement.
Aswath Damodaran:
I use a 10 year government bond rate.
Industry Averages(US)
| Industry Name | Number of firms | Annual Average Revenue growth - Last 5 years | Pre-tax Operating Margin | After-tax ROC | Average effective tax rate | Unlevered Beta | Equity (Levered) Beta | Cost of equity | Std deviation in stock prices | Pre-tax cost of debt | Market Debt/Capital | Cost of capital | Sales/Capital | EV/Sales | EV/EBITDA | EV/EBIT | Price/Book | Trailing PE |
| Advertising | 32 | 8.67% | 11.77% | 11.49% | 16.02% | 1.44 | 1.68 | 11.51% | 97.40% | 4.76% | 29.00% | 9.00% | 1.40 | 1.22 | 7.77 | 10.40 | 2.04 | 31.25 |
| Aerospace/Defense | 66 | 12.56% | 10.24% | 19.40% | 20.08% | 0.92 | 0.98 | 7.45% | 44.98% | 2.76% | 21.03% | 6.23% | 2.71 | 0.94 | 7.42 | 9.15 | 3.11 | 15.79 |
| Air Transport | 36 | 13.21% | 8.38% | 17.97% | 21.35% | 0.82 | 1.03 | 7.73% | 64.94% | 3.26% | 37.14% | 5.59% | 2.74 | 0.78 | 6.00 | 9.32 | 3.68 | 14.60 |
| Apparel | 54 | 7.69% | 10.37% | 13.86% | 18.57% | 1.29 | 1.36 | 9.68% | 74.88% | 3.76% | 12.11% | 8.78% | 1.89 | 1.52 | 11.73 | 14.68 | 3.38 | 21.64 |
| Auto Parts | 54 | 20.10% | 6.72% | 17.65% | 18.77% | 1.66 | 1.76 | 11.94% | 57.43% | 3.26% | 19.59% | 9.98% | 3.40 | 0.60 | 6.40 | 8.92 | 2.27 | 15.39 |
| Automotive | 12 | 42.35% | 5.80% | 5.77% | 16.24% | 1.11 | 1.73 | 11.79% | 59.23% | 3.26% | 50.84% | 6.79% | 1.41 | 0.81 | 7.46 | 13.95 | 1.26 | 15.84 |
| Bank | 416 | 0.00% | NA | NA | 16.39% | 0.45 | 0.77 | 6.24% | 50.34% | 3.26% | 56.18% | 3.83% | NA | NA | 4.87 | 4.87 | 0.98 | 16.58 |
| Bank (Midwest) | 68 | 0.00% | NA | NA | 20.99% | 0.76 | 0.89 | 6.95% | 36.37% | 2.76% | 33.27% | 5.19% | NA | NA | 4.79 | 4.79 | 1.32 | 16.43 |
| Beverage | 35 | 2.62% | 20.74% | 14.56% | 18.82% | 0.84 | 0.95 | 7.26% | 47.17% | 2.76% | 18.22% | 6.24% | 0.93 | 3.23 | 12.74 | 15.58 | 4.54 | 19.92 |
| Biotechnology | 214 | 20.93% | 18.54% | 14.57% | 2.98% | 1.30 | 1.23 | 8.89% | 79.99% | 3.76% | 13.73% | 7.98% | 0.99 | 5.70 | 22.46 | 30.77 | 4.56 | 31.24 |
| Building Materials | 43 | 1.28% | 4.30% | 2.98% | 9.48% | 1.05 | 1.57 | 10.87% | 79.76% | 3.76% | 39.48% | 7.47% | 0.88 | 1.54 | 14.45 | 35.82 | 1.67 | 29.27 |
| Cable TV | 20 | 9.08% | 19.19% | 10.52% | 21.23% | 0.96 | 1.40 | 9.90% | 40.45% | 2.76% | 39.80% | 6.62% | 0.80 | 2.37 | 7.08 | 12.35 | 4.09 | 22.28 |
| Chemical (Basic) | 18 | 18.73% | 14.84% | 17.75% | 21.89% | 1.24 | 1.37 | 9.73% | 39.24% | 2.76% | 19.83% | 8.13% | 1.56 | 1.44 | 7.44 | 9.69 | 2.77 | 31.77 |
| Chemical (Diversified) | 33 | 15.70% | 15.02% | 18.12% | 19.75% | 1.47 | 1.55 | 10.75% | 49.02% | 2.76% | 14.30% | 9.45% | 1.63 | 1.67 | 8.53 | 11.11 | 3.18 | 19.75 |
| Chemical (Specialty) | 70 | 25.40% | 11.16% | 12.48% | 15.35% | 1.05 | 1.18 | 8.59% | 62.90% | 3.26% | 17.03% | 7.46% | 1.58 | 1.70 | 10.86 | 15.23 | 3.60 | 17.57 |
| Coal | 20 | 7.08% | 14.19% | 10.10% | 11.27% | 0.99 | 1.47 | 10.28% | 56.54% | 3.26% | 40.61% | 6.90% | 0.90 | 1.32 | 5.99 | 9.34 | 1.33 | 29.76 |
| Computer Software | 191 | 14.81% | 29.99% | 43.31% | 12.43% | 1.11 | 0.98 | 7.42% | 68.39% | 3.76% | 6.15% | 7.10% | 1.87 | 3.33 | 9.70 | 11.11 | 3.94 | 77.29 |
| Computers/Peripherals | 81 | 3.89% | 16.94% | 34.66% | 10.01% | 1.39 | 1.37 | 9.68% | 81.83% | 4.26% | 8.84% | 9.05% | 2.66 | 1.38 | 6.92 | 8.14 | 3.57 | 46.69 |
| Diversified Co. | 113 | 17.36% | 14.91% | 9.21% | 17.18% | 0.86 | 1.22 | 8.82% | 60.46% | 3.26% | 44.04% | 5.80% | 0.84 | 1.92 | 10.09 | 12.87 | 2.38 | 16.19 |
| Drug | 223 | 20.19% | 25.24% | 16.94% | 5.14% | 1.03 | 1.08 | 8.00% | 80.68% | 4.26% | 12.89% | 7.30% | 0.90 | 3.05 | 8.93 | 12.10 | 3.04 | 28.46 |
| E-Commerce | 64 | 15.67% | 8.24% | 5.46% | 10.52% | 1.09 | 1.05 | 7.86% | 80.60% | 4.26% | 6.31% | 7.53% | 1.17 | 5.07 | 32.19 | 61.51 | 5.15 | 237.12 |
| Educational Services | 33 | 10.29% | 18.69% | 42.33% | 21.72% | 1.09 | 0.91 | 7.01% | 83.08% | 4.26% | 19.83% | 6.13% | 3.42 | 0.54 | 2.41 | 2.91 | 1.67 | 13.29 |
| Electric Util. (Central) | 20 | 4.05% | 17.55% | 6.47% | 30.12% | 0.36 | 0.57 | 5.08% | 17.29% | 2.26% | 45.95% | 3.37% | 0.54 | 2.27 | 7.98 | 12.94 | 1.49 | 15.66 |
| Electric Utility (East) | 17 | 1.50% | 20.51% | 6.69% | 33.49% | 0.30 | 0.43 | 4.24% | 13.21% | 2.26% | 40.44% | 3.07% | 0.49 | 2.78 | 8.96 | 13.54 | 1.79 | 17.08 |
| Electric Utility (West) | 15 | 2.83% | 16.44% | 6.17% | 29.09% | 0.38 | 0.58 | 5.14% | 14.19% | 2.26% | 44.87% | 3.44% | 0.54 | 2.26 | 7.87 | 13.74 | 1.44 | 16.05 |
| Electrical Equipment | 64 | 9.11% | 13.77% | 15.98% | 16.15% | 1.45 | 1.43 | 10.03% | 67.79% | 3.76% | 10.94% | 9.18% | 1.58 | 1.49 | 8.57 | 10.80 | 2.34 | 22.95 |
| Electronics | 123 | 3.54% | 6.39% | 14.60% | 11.31% | 1.17 | 1.22 | 8.81% | 74.24% | 3.76% | 18.34% | 7.61% | 3.03 | 0.59 | 6.63 | 9.28 | 1.90 | 15.11 |
| Engineering & Const | 30 | 8.58% | 4.83% | 13.16% | 25.00% | 1.40 | 1.28 | 9.19% | 46.03% | 2.76% | 11.68% | 8.31% | 3.96 | 0.50 | 7.98 | 10.42 | 1.89 | 44.34 |
| Entertainment | 76 | 10.73% | 19.12% | 10.41% | 12.56% | 1.31 | 1.60 | 11.05% | 70.99% | 3.76% | 25.30% | 8.83% | 0.79 | 2.34 | 9.53 | 12.22 | 2.38 | 27.83 |
| Entertainment Tech | 42 | 6.07% | 17.30% | 19.51% | 11.01% | 1.33 | 1.11 | 8.20% | 53.25% | 3.26% | 10.35% | 7.56% | 1.34 | 1.79 | 7.97 | 10.37 | 1.97 | 20.13 |
| Environmental | 84 | 20.11% | 14.65% | 8.90% | 7.60% | 0.49 | 0.66 | 5.62% | 79.24% | 3.76% | 30.11% | 4.60% | 0.90 | 1.87 | 8.44 | 12.78 | 2.29 | 16.99 |
| Financial Svcs. (Div.) | 256 | 5.86% | 61.83% | 7.33% | 16.23% | 0.56 | 1.34 | 9.53% | 55.15% | 3.26% | 67.15% | 4.44% | 0.15 | 8.15 | 12.56 | 13.19 | 1.98 | 22.15 |
| Food Processing | 119 | 14.61% | 9.73% | 13.56% | 21.63% | 0.77 | 0.87 | 6.83% | 52.26% | 3.26% | 19.03% | 5.90% | 1.84 | 1.22 | 10.10 | 12.53 | 2.93 | 24.85 |
| Foreign Electronics | 10 | -4.59% | 3.41% | 5.44% | 23.12% | 1.12 | 1.10 | 8.13% | 31.24% | 2.76% | 31.37% | 6.10% | 2.30 | 0.39 | 4.44 | 11.52 | 0.90 | 31.52 |
| Funeral Services | 6 | 8.91% | 14.37% | 8.28% | 28.66% | 0.85 | 1.12 | 8.26% | 26.75% | 2.76% | 33.10% | 6.07% | 0.85 | 1.84 | 9.73 | 12.80 | 2.09 | 17.80 |
| Furn/Home Furnishings | 32 | 2.78% | 8.48% | 14.06% | 16.69% | 1.47 | 1.63 | 11.20% | 55.60% | 3.26% | 18.07% | 9.53% | 2.00 | 0.95 | 8.34 | 11.22 | 2.18 | 21.64 |
| Healthcare Information | 20 | 20.68% | 16.53% | 11.68% | 20.31% | 0.98 | 0.97 | 7.36% | 44.41% | 2.76% | 10.41% | 6.77% | 1.07 | 3.60 | 14.37 | 21.77 | 3.89 | 54.59 |
| Heavy Truck & Equip | 23 | 27.10% | 11.12% | 15.21% | 22.74% | 1.45 | 1.80 | 12.22% | 55.26% | 3.26% | 32.11% | 8.92% | 1.85 | 1.12 | 7.96 | 10.05 | 3.23 | 16.08 |
| Homebuilding | 22 | 11.34% | 9.44% | 7.68% | 7.12% | 1.25 | 1.55 | 10.73% | 66.75% | 3.76% | 33.14% | 7.92% | 0.88 | 2.19 | 21.15 | 23.16 | 2.54 | 49.55 |
| Hotel/Gaming | 57 | 14.27% | 15.55% | 10.21% | 17.52% | 1.29 | 1.65 | 11.33% | 55.66% | 3.26% | 30.91% | 8.43% | 0.82 | 2.43 | 10.68 | 15.66 | 3.07 | 35.36 |
| Household Products | 27 | 13.01% | 16.56% | 14.81% | 24.66% | 0.88 | 0.98 | 7.42% | 50.86% | 3.26% | 15.33% | 6.58% | 1.23 | 2.24 | 11.12 | 13.50 | 3.75 | 18.49 |
| Human Resources | 25 | 16.17% | 3.05% | 12.19% | 26.61% | 1.46 | 1.38 | 9.76% | 51.64% | 3.26% | 9.75% | 9.00% | 6.81 | 0.34 | 8.69 | 11.06 | 2.21 | 30.55 |
| Industrial Services | 136 | 8.41% | 7.90% | 9.95% | 20.19% | 0.83 | 0.97 | 7.38% | 57.24% | 3.26% | 26.77% | 5.92% | 1.85 | 0.99 | 8.87 | 12.52 | 2.29 | 34.78 |
| Information Services | 28 | 8.56% | 20.35% | 12.71% | 18.33% | 1.05 | 1.25 | 9.00% | 48.75% | 2.76% | 22.15% | 7.37% | 0.79 | 3.16 | 10.89 | 15.55 | 3.90 | 31.49 |
| Insurance (Life) | 32 | 0.00% | NA | NA | 21.09% | 1.41 | 1.44 | 10.11% | 42.20% | 2.76% | 35.84% | 7.08% | NA | NA | 1.37 | 1.37 | 0.72 | 20.40 |
| Insurance (Prop/Cas.) | 62 | 2.17% | NA | NA | 10.73% | 0.90 | 0.85 | 6.69% | 28.57% | 2.76% | 17.68% | 5.80% | NA | NA | 291.86 | 295.89 | 1.11 | 16.65 |
| Internet | 194 | 11.68% | 13.12% | 21.54% | 8.43% | 1.31 | 1.17 | 8.56% | 97.81% | 4.76% | 2.24% | 8.43% | 2.40 | 4.15 | 23.16 | 31.64 | 5.25 | 181.13 |
| Investment Companies | 31 | 42.77% | 26.90% | 5.87% | 2.26% | 1.21 | 1.27 | 9.11% | 24.10% | 2.26% | 7.02% | 8.57% | 0.26 | 4.89 | 15.67 | 18.19 | 1.31 | 64.45 |
| IT Services | 63 | 6.33% | 11.19% | 21.77% | 16.27% | 1.11 | 1.05 | 7.83% | 56.11% | 3.26% | 5.41% | 7.51% | 2.98 | 1.79 | 12.22 | 16.02 | 4.36 | 39.49 |
| Machinery | 94 | 17.69% | 11.95% | 13.43% | 22.73% | 1.18 | 1.26 | 9.07% | 45.07% | 2.76% | 14.81% | 7.97% | 1.53 | 1.55 | 9.93 | 12.94 | 2.76 | 21.30 |
| Maritime | 51 | 0.35% | 12.18% | 3.54% | 7.92% | 0.60 | 1.51 | 10.53% | 62.52% | 3.26% | 64.44% | 5.00% | 0.36 | 2.64 | 10.36 | 21.66 | 0.85 | 22.57 |
| Med Supp Invasive | 87 | 7.09% | 21.19% | 14.91% | 12.60% | 0.82 | 0.87 | 6.78% | 55.49% | 3.26% | 14.15% | 6.10% | 0.92 | 2.71 | 10.16 | 12.81 | 2.82 | 46.69 |
| Med Supp Non-Invasive | 143 | 8.96% | 6.43% | 19.94% | 10.61% | 1.10 | 1.07 | 7.94% | 67.73% | 3.76% | 11.42% | 7.29% | 4.21 | 0.78 | 9.78 | 12.07 | 3.11 | 35.61 |
| Medical Services | 118 | 4.57% | 10.05% | 14.44% | 17.72% | 0.66 | 0.84 | 6.62% | 74.16% | 3.76% | 33.44% | 5.16% | 2.19 | 0.74 | 6.02 | 7.32 | 2.03 | 29.94 |
| Metal Fabricating | 25 | 19.43% | 14.66% | 14.39% | 23.30% | 1.56 | 1.63 | 11.19% | 60.59% | 3.26% | 19.09% | 9.42% | 1.38 | 1.28 | 6.90 | 8.75 | 1.90 | 63.26 |
| Metals & Mining (Div.) | 77 | 21.71% | 34.97% | 25.19% | 11.24% | 1.54 | 1.62 | 11.14% | 93.05% | 4.76% | 13.36% | 10.03% | 0.99 | 2.18 | 5.27 | 6.24 | 2.35 | 36.66 |
| Natural Gas (Div.) | 31 | 11.77% | 28.13% | 7.36% | 22.02% | 1.01 | 1.28 | 9.16% | 44.57% | 2.76% | 29.12% | 6.97% | 0.43 | 2.89 | 5.41 | 10.26 | 1.35 | 53.21 |
| Natural Gas Utility | 27 | 0.45% | 7.26% | 7.04% | 28.80% | 0.32 | 0.46 | 4.40% | 28.44% | 2.76% | 39.82% | 3.31% | 1.40 | 1.03 | 9.89 | 14.20 | 1.99 | 23.01 |
| Newspaper | 14 | -6.65% | 12.30% | 10.99% | 18.35% | 1.50 | 1.86 | 12.56% | 54.39% | 3.26% | 28.21% | 9.57% | 1.22 | 1.57 | 8.72 | 12.77 | 2.70 | 115.92 |
| Office Equip/Supplies | 22 | 12.17% | 6.59% | 10.89% | 22.66% | 1.05 | 1.43 | 10.03% | 51.92% | 3.26% | 41.91% | 6.65% | 2.34 | 0.46 | 4.76 | 6.94 | 1.11 | 21.17 |
| Oil/Gas Distribution | 12 | 8.28% | 19.29% | 7.62% | 18.11% | 0.72 | 1.02 | 7.65% | 35.63% | 2.76% | 34.81% | 5.56% | 0.56 | 3.42 | 12.02 | 17.73 | 3.56 | 37.30 |
| Oilfield Svcs/Equip. | 81 | 26.77% | 16.51% | 9.50% | 18.20% | 1.45 | 1.66 | 11.39% | 59.58% | 3.26% | 21.70% | 9.34% | 0.79 | 2.00 | 7.98 | 12.13 | 1.79 | 14.61 |
| Packaging & Container | 27 | 10.50% | 9.63% | 11.11% | 23.09% | 0.88 | 1.20 | 8.72% | 36.52% | 2.76% | 35.97% | 6.18% | 1.56 | 1.08 | 7.57 | 11.20 | 2.49 | 17.22 |
| Paper/Forest Products | 32 | 6.15% | 10.40% | 11.16% | 11.43% | 1.07 | 1.37 | 9.73% | 52.28% | 3.26% | 30.07% | 7.39% | 1.32 | 1.18 | 7.22 | 11.38 | 1.92 | 29.45 |
| Petroleum (Integrated) | 26 | 24.94% | 11.99% | 14.65% | 30.34% | 1.10 | 1.17 | 8.55% | 47.25% | 2.76% | 16.99% | 7.38% | 2.03 | 0.70 | 4.39 | 5.81 | 1.49 | 11.29 |
| Petroleum (Producing) | 176 | 32.94% | 21.76% | 14.99% | 11.71% | 1.21 | 1.45 | 10.18% | 71.26% | 3.76% | 21.95% | 8.44% | 1.07 | 1.26 | 4.06 | 5.77 | 1.47 | 24.25 |
| Pharmacy Services | 18 | 16.76% | 5.48% | 11.53% | 23.18% | 1.07 | 1.17 | 8.53% | 42.23% | 2.76% | 15.88% | 7.44% | 3.34 | 0.66 | 9.57 | 11.98 | 2.58 | 19.67 |
| Pipeline MLPs | 53 | 20.21% | 8.99% | 9.50% | 4.30% | 0.52 | 0.74 | 6.05% | 24.88% | 2.26% | 30.73% | 4.61% | 1.10 | 1.70 | 13.43 | 18.87 | 2.96 | 130.50 |
| Power | 101 | 8.17% | 6.97% | 2.62% | 6.19% | 0.58 | 1.35 | 9.61% | 84.63% | 4.26% | 62.04% | 5.23% | 0.61 | 1.51 | 8.92 | 21.70 | 0.82 | 304.86 |
| Precious Metals | 83 | 28.17% | 39.11% | 11.91% | 11.13% | 1.00 | 1.03 | 7.75% | 77.77% | 3.76% | 12.01% | 7.09% | 0.43 | 3.64 | 7.17 | 9.30 | 1.61 | 24.60 |
| Precision Instrument | 82 | 10.50% | 7.02% | 5.78% | 14.13% | 1.21 | 1.27 | 9.12% | 60.11% | 3.26% | 17.50% | 7.86% | 1.23 | 1.89 | 14.89 | 26.86 | 2.57 | 23.56 |
| Property Management | 31 | 14.32% | 13.68% | 4.72% | 16.50% | 0.73 | 1.30 | 9.30% | 50.63% | 3.26% | 52.96% | 5.41% | 0.40 | 3.12 | 15.96 | 22.79 | 1.66 | 44.26 |
| Public/Private Equity | 12 | -8.37% | 38.25% | 8.83% | 19.17% | 1.94 | 2.02 | 13.48% | 42.00% | 2.76% | 22.32% | 10.84% | 0.28 | 4.00 | 10.30 | 10.45 | 1.12 | 8.65 |
| Publishing | 29 | 6.27% | 10.07% | 11.20% | 22.69% | 0.96 | 1.17 | 8.56% | 65.72% | 3.76% | 26.55% | 6.88% | 1.66 | 1.32 | 8.76 | 13.14 | 3.37 | 14.22 |
| R.E.I.T. | 127 | 0.01% | 161.63% | 14.58% | 0.04% | 1.12 | 1.43 | 10.04% | 34.76% | 2.76% | 27.01% | 7.78% | 0.09 | 13.11 | 7.25 | 8.11 | 1.29 | 16.85 |
| Railroad | 12 | 44.26% | 28.08% | 12.37% | 28.60% | 1.15 | 1.32 | 9.40% | 35.73% | 2.76% | 19.00% | 7.93% | 0.67 | 3.32 | 9.13 | 11.81 | 2.99 | 17.50 |
| Recreation | 51 | 5.39% | 11.54% | 9.09% | 20.31% | 1.18 | 1.45 | 10.14% | 52.30% | 3.26% | 27.41% | 7.90% | 0.96 | 1.70 | 9.89 | 14.69 | 2.01 | 24.73 |
| Reinsurance | 11 | 0.00% | NA | NA | 3.58% | 0.91 | 0.82 | 6.49% | 20.74% | 2.26% | 15.90% | 5.67% | NA | NA | 28.62 | 28.62 | 0.82 | 8.25 |
| Restaurant | 65 | 6.61% | 16.78% | 21.41% | 19.23% | 1.08 | 1.16 | 8.48% | 50.92% | 3.26% | 11.62% | 7.72% | 1.83 | 2.46 | 11.50 | 14.65 | 6.65 | 19.52 |
| Retail (Hardlines) | 79 | 8.37% | 8.22% | 14.89% | 22.55% | 1.65 | 1.79 | 12.14% | 63.49% | 3.26% | 20.64% | 10.03% | 2.61 | 0.87 | 7.65 | 10.61 | 2.76 | 22.74 |
| Retail (Softlines) | 42 | 9.79% | 9.37% | 30.03% | 25.57% | 1.51 | 1.43 | 10.05% | 42.54% | 2.76% | 5.29% | 9.60% | 5.17 | 1.14 | 9.02 | 12.12 | 4.94 | 18.19 |
| Retail Automotive | 19 | 22.30% | 6.78% | 9.57% | 32.69% | 1.10 | 1.39 | 9.82% | 64.20% | 3.26% | 30.71% | 7.40% | 2.17 | 0.93 | 11.03 | 13.74 | 3.46 | 15.97 |
| Retail Building Supply | 10 | 5.08% | 8.35% | 13.54% | 25.56% | 1.04 | 1.11 | 8.22% | 31.82% | 2.76% | 10.49% | 7.53% | 2.55 | 1.31 | 12.23 | 15.74 | 4.32 | 25.76 |
| Retail Store | 38 | 16.35% | 5.24% | 12.85% | 24.83% | 1.14 | 1.29 | 9.26% | 63.15% | 3.26% | 20.37% | 7.77% | 3.61 | 0.61 | 8.39 | 11.67 | 2.90 | 20.34 |
| Retail/Wholesale Food | 30 | 8.91% | 3.34% | 11.26% | 31.18% | 0.58 | 0.68 | 5.69% | 29.93% | 2.76% | 25.84% | 4.65% | 4.99 | 0.43 | 8.27 | 12.98 | 3.18 | 14.89 |
| Securities Brokerage | 27 | 1.86% | 32.82% | 7.09% | 30.41% | 0.66 | 1.07 | 7.95% | 40.56% | 2.76% | 72.57% | 3.38% | 0.30 | 3.23 | 8.79 | 9.85 | 0.93 | 20.01 |
| Semiconductor | 142 | 6.94% | 20.38% | 22.88% | 11.71% | 1.60 | 1.49 | 10.41% | 53.65% | 3.26% | 9.14% | 9.64% | 1.41 | 2.16 | 6.98 | 10.58 | 2.72 | 50.55 |
| Semiconductor Equip | 10 | -5.75% | 11.80% | 11.35% | 15.21% | 2.01 | 1.79 | 12.16% | 40.44% | 2.76% | 14.52% | 10.63% | 1.21 | 1.44 | 8.07 | 12.22 | 1.64 | 25.21 |
| Shoe | 17 | 13.34% | 8.37% | 17.66% | 19.89% | 1.37 | 1.26 | 9.09% | 47.32% | 2.76% | 1.90% | 8.94% | 3.24 | 1.42 | 14.09 | 16.98 | 3.66 | 13.75 |
| Steel | 33 | 26.86% | 8.19% | 7.59% | 24.24% | 1.27 | 1.65 | 11.32% | 45.66% | 2.76% | 35.98% | 7.84% | 1.26 | 0.73 | 5.63 | 8.89 | 0.88 | 23.48 |
| Telecom. Equipment | 105 | 1.06% | 14.90% | 26.25% | 14.01% | 1.37 | 1.07 | 7.96% | 64.86% | 3.26% | 11.75% | 7.25% | 2.29 | 1.27 | 6.74 | 8.51 | 2.08 | 24.80 |
| Telecom. Services | 76 | 19.34% | 20.13% | 13.66% | 16.22% | 1.00 | 1.15 | 8.43% | 64.04% | 3.26% | 24.14% | 6.86% | 0.90 | 1.91 | 5.39 | 9.47 | 2.02 | 18.25 |
| Telecom. Utility | 23 | 0.46% | 14.69% | 7.49% | 26.94% | 0.53 | 0.92 | 7.08% | 43.85% | 2.76% | 51.98% | 4.26% | 0.72 | 1.77 | 5.08 | 12.05 | 1.77 | 16.70 |
| Thrift | 170 | 0.00% | NA | NA | 15.84% | 0.78 | 0.68 | 5.68% | 41.73% | 2.76% | 16.32% | 5.03% | NA | NA | 4.08 | 4.08 | 0.99 | 29.69 |
| Tobacco | 11 | 13.51% | 22.35% | 31.97% | 32.82% | 0.79 | 0.86 | 6.75% | 36.44% | 2.76% | 15.87% | 5.94% | 2.10 | 2.30 | 9.48 | 10.30 | 11.46 | 19.42 |
| Toiletries/Cosmetics | 14 | 9.53% | 11.07% | 21.44% | 27.33% | 1.09 | 1.17 | 8.52% | 40.10% | 2.76% | 17.10% | 7.35% | 2.83 | 1.37 | 10.10 | 12.39 | 6.04 | 20.39 |
| Trucking | 34 | 15.05% | 7.47% | 11.97% | 25.94% | 0.87 | 1.09 | 8.08% | 48.32% | 2.76% | 29.74% | 6.17% | 2.44 | 0.82 | 6.19 | 10.96 | 3.07 | 16.70 |
| Water Utility | 11 | 4.16% | 26.21% | 5.89% | 31.45% | 0.33 | 0.49 | 4.61% | 37.24% | 2.76% | 42.26% | 3.36% | 0.32 | 4.36 | 11.20 | 16.62 | 2.00 | 20.46 |
| Wireless Networking | 58 | 6.59% | 15.93% | 12.27% | 10.06% | 1.17 | 1.35 | 9.62% | 62.91% | 3.26% | 20.43% | 8.05% | 0.94 | 2.68 | 10.48 | 16.83 | 3.51 | 29.68 |
| Total Market | 6177 | 12.24% | 17.13% | 12.88% | 14.93% | 0.96 | 1.17 | 8.53% | 59.15% | 3.26% | 30.03% | 6.56% | 1.04 | 1.64 | 7.37 | 9.59 | 2.11 | 33.45 |
Country tax rates
| Country | Tax Rate |
| Afghanistan | 20.00% |
| Albania | 10.00% |
| Angola | 35.00% |
| Argentina | 35.00% |
| Armenia | 20.00% |
| Aruba | 28.00% |
| Australia | 30.00% |
| Austria | 25.00% |
| Bahamas | 0.00% |
| Bahrain | 0.00% |
| Bangladesh | 27.50% |
| Barbados | 25.00% |
| Belarus | 18.00% |
| Belgium | 33.99% |
| Bermuda | 0.00% |
| Bolivia | 25.00% |
| Bonaire | 0.00% |
| Bosnia and Herzegovina | 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 equity risk premiums
| Country | Long-Term Rating | Adj. Default Spread | Total Risk Premium | Country Risk Premium | Region |
| Albania | B1 | 4.00% | 11.80% | 6.00% | Eastern Europe & Russia |
| Angola | Ba3 | 3.25% | 10.68% | 4.88% | Africa |
| Argentina | B3 | 6.00% | 14.80% | 9.00% | Central and South America |
| Armenia | Ba2 | 2.75% | 9.93% | 4.13% | Eastern Europe & Russia |
| Australia | Aaa | 0.00% | 5.80% | 0.00% | Australia & New Zealand |
| Austria | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Azerbaijan | Baa3 | 2.00% | 8.80% | 3.00% | Eastern Europe & Russia |
| Bahamas | Baa1 | 1.50% | 8.05% | 2.25% | Caribbean |
| Bahrain | Baa1 | 1.50% | 8.05% | 2.25% | Middle East |
| Bangladesh | Ba3 | 3.25% | 10.68% | 4.88% | Asia |
| Barbados | Baa3 | 2.00% | 8.80% | 3.00% | Caribbean |
| Belarus | B3 | 6.00% | 14.80% | 9.00% | Eastern Europe & Russia |
| Belgium | Aa3 | 0.70% | 6.85% | 1.05% | Western Europe |
| Belize | Caa3 | 10.00% | 20.80% | 15.00% | Central and South America |
| Bermuda | Aa2 | 0.50% | 6.55% | 0.75% | Caribbean |
| Bolivia | Ba3 | 3.25% | 10.68% | 4.88% | Central and South America |
| Bosnia and Herzegovina | B3 | 6.00% | 14.80% | 9.00% | Eastern Europe & Russia |
| Botswana | A2 | 1.00% | 7.30% | 1.50% | Africa |
| Brazil | Baa2 | 1.75% | 8.43% | 2.63% | Central and South America |
| Bulgaria | Baa2 | 1.75% | 8.43% | 2.63% | Eastern Europe & Russia |
| Cambodia | B2 | 5.00% | 13.30% | 7.50% | Asia |
| Canada | Aaa | 0.00% | 5.80% | 0.00% | North America |
| Cayman Islands | Aa3 | 0.70% | 6.85% | 1.05% | Caribbean |
| Chile | Aa3 | 0.70% | 6.85% | 1.05% | Central and South America |
| China | Aa3 | 0.70% | 6.85% | 1.05% | Asia |
| Colombia | Baa3 | 2.00% | 8.80% | 3.00% | Central and South America |
| Costa Rica | Baa3 | 2.00% | 8.80% | 3.00% | Central and South America |
| Croatia | Baa3 | 2.00% | 8.80% | 3.00% | Eastern Europe & Russia |
| Cuba | Caa1 | 7.00% | 16.30% | 10.50% | Caribbean |
| Cyprus | B3 | 6.00% | 14.80% | 9.00% | Western Europe |
| Czech Republic | A1 | 0.85% | 7.08% | 1.28% | Eastern Europe & Russia |
| Denmark | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Dominican Republic | B1 | 4.00% | 11.80% | 6.00% | Caribbean |
| Ecuador | Caa1 | 7.00% | 16.30% | 10.50% | Central and South America |
| Egypt | B2 | 5.00% | 13.30% | 7.50% | Africa |
| El Salvador | Ba3 | 3.25% | 10.68% | 4.88% | Central and South America |
| Estonia | A1 | 0.85% | 7.08% | 1.28% | Eastern Europe & Russia |
| Fiji Islands | B1 | 4.00% | 11.80% | 6.00% | Asia |
| Finland | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| France | Aa1 | 0.25% | 6.18% | 0.38% | Western Europe |
| Georgia | Ba3 | 3.25% | 10.68% | 4.88% | Eastern Europe & Russia |
| Germany | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Greece | Caa1 | 7.00% | 16.30% | 10.50% | Western Europe |
| Guatemala | Ba1 | 2.40% | 9.40% | 3.60% | Central and South America |
| Honduras | B2 | 5.00% | 13.30% | 7.50% | Central and South America |
| Hong Kong | Aa1 | 0.25% | 6.18% | 0.38% | Asia |
| Hungary | Ba1 | 2.40% | 9.40% | 3.60% | Eastern Europe & Russia |
| Iceland | Baa3 | 2.00% | 8.80% | 3.00% | Western Europe |
| India | Baa3 | 2.00% | 8.80% | 3.00% | Asia |
| Indonesia | Baa3 | 2.00% | 8.80% | 3.00% | Asia |
| Ireland | Ba1 | 2.40% | 9.40% | 3.60% | Western Europe |
| Isle of Man | Aaa | 0.00% | 5.80% | 0.00% | Financial Center |
| Israel | A1 | 0.85% | 7.08% | 1.28% | Middle East |
| Italy | Baa2 | 1.75% | 8.43% | 2.63% | Western Europe |
| Jamaica | B3 | 6.00% | 14.80% | 9.00% | Caribbean |
| Japan | Aa3 | 0.70% | 6.85% | 1.05% | Asia |
| Jordan | Ba2 | 2.75% | 9.93% | 4.13% | Middle East |
| Kazakhstan | Baa2 | 1.75% | 8.43% | 2.63% | Eastern Europe & Russia |
| Kenya | B1 | 4.00% | 11.80% | 6.00% | Africa |
| Korea | Aa3 | 0.70% | 6.85% | 1.05% | Asia |
| Kuwait | Aa2 | 0.50% | 6.55% | 0.75% | Middle East |
| Latvia | Baa3 | 2.00% | 8.80% | 3.00% | Eastern Europe & Russia |
| Lebanon | B1 | 4.00% | 11.80% | 6.00% | Middle East |
| Lithuania | Baa1 | 1.50% | 8.05% | 2.25% | Eastern Europe & Russia |
| Luxembourg | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Macao | Aa3 | 0.70% | 6.85% | 1.05% | Asia |
| Malaysia | A3 | 1.15% | 7.53% | 1.73% | Asia |
| Malta | A3 | 1.15% | 7.53% | 1.73% | Western Europe |
| Mauritius | Baa1 | 1.50% | 8.05% | 2.25% | Africa |
| Mexico | Baa1 | 1.50% | 8.05% | 2.25% | Central and South America |
| Moldova | B3 | 6.00% | 14.80% | 9.00% | Eastern Europe & Russia |
| Mongolia | B1 | 4.00% | 11.80% | 6.00% | Asia |
| Montenegro | Ba3 | 3.25% | 10.68% | 4.88% | Eastern Europe & Russia |
| Morocco | Ba1 | 2.40% | 9.40% | 3.60% | Africa |
| Namibia | Baa3 | 2.00% | 8.80% | 3.00% | Africa |
| Netherlands | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| New Zealand | Aaa | 0.00% | 5.80% | 0.00% | Australia & New Zealand |
| Nicaragua | B3 | 6.00% | 14.80% | 9.00% | Central and South America |
| Nigeria | Ba3 | 3.25% | 10.68% | 4.88% | Africa |
| Norway | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Oman | A1 | 0.85% | 7.08% | 1.28% | Middle East |
| Pakistan | Caa1 | 7.00% | 16.30% | 10.50% | Asia |
| Panama | Baa2 | 1.75% | 8.43% | 2.63% | Central and South America |
| Papua New Guinea | B1 | 4.00% | 11.80% | 6.00% | Asia |
| Paraguay | B1 | 4.00% | 11.80% | 6.00% | Central and South America |
| Peru | Baa2 | 1.75% | 8.43% | 2.63% | Central and South America |
| Philippines | Ba1 | 2.40% | 9.40% | 3.60% | Asia |
| Poland | A2 | 1.00% | 7.30% | 1.50% | Eastern Europe & Russia |
| Portugal | Ba3 | 3.25% | 10.68% | 4.88% | Western Europe |
| Qatar | Aa2 | 0.50% | 6.55% | 0.75% | Middle East |
| Romania | Baa3 | 2.00% | 8.80% | 3.00% | Eastern Europe & Russia |
| Russia | Baa1 | 1.50% | 8.05% | 2.25% | Eastern Europe & Russia |
| Saudi Arabia | Aa3 | 0.70% | 6.85% | 1.05% | Middle East |
| Senegal | B1 | 4.00% | 11.80% | 6.00% | Africa |
| Singapore | Aaa | 0.00% | 5.80% | 0.00% | Asia |
| Slovakia | A2 | 1.00% | 7.30% | 1.50% | Eastern Europe & Russia |
| Slovenia | Baa2 | 1.75% | 8.43% | 2.63% | Western Europe |
| South Africa | Baa1 | 1.50% | 8.05% | 2.25% | Africa |
| Spain | Baa3 | 2.00% | 8.80% | 3.00% | Western Europe |
| Sri Lanka | B1 | 4.00% | 11.80% | 6.00% | Asia |
| St. Maarten | Baa1 | 1.50% | 8.05% | 2.25% | Caribbean |
| St. Vincent & the Grenadines | B2 | 5.00% | 13.30% | 7.50% | Caribbean |
| Suriname | Ba3 | 3.25% | 10.68% | 4.88% | Caribbean |
| Sweden | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Switzerland | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| Taiwan | Aa3 | 0.70% | 6.85% | 1.05% | Asia |
| Thailand | Baa1 | 1.50% | 8.05% | 2.25% | Asia |
| Trinidad and Tobago | Baa1 | 1.50% | 8.05% | 2.25% | Caribbean |
| Tunisia | Baa3 | 2.00% | 8.80% | 3.00% | Africa |
| Turkey | Ba1 | 2.40% | 9.40% | 3.60% | Western Europe |
| Ukraine | B3 | 6.00% | 14.80% | 9.00% | Eastern Europe & Russia |
| United Arab Emirates | Aa2 | 0.50% | 6.55% | 0.75% | Middle East |
| United Kingdom | Aaa | 0.00% | 5.80% | 0.00% | Western Europe |
| United States of America | Aaa | 0.00% | 5.80% | 0.00% | North America |
| Uruguay | Baa3 | 2.00% | 8.80% | 3.00% | Central and South America |
| Venezuela | B1 | 4.00% | 11.80% | 6.00% | Central and South America |
| Vietnam | B2 | 5.00% | 13.30% | 7.50% | Asia |
| Zambia | B1 | 4.00% | 11.80% | 6.00% | Africa |
| Row Labels | Default Spread (Weighted average) | Total ERP (Weighted Average) | Country Risk Premium (Weighted Average) | ||
| Africa | 2.86% | 10.09% | 4.29% | ||
| Australia & New Zealand | 0.00% | 5.80% | 0.00% | ||
| Caribbean | 4.52% | 12.57% | 6.77% | ||
| Central and South America | 2.26% | 9.18% | 3.38% | ||
| Eastern Europe & Russia | 1.79% | 8.48% | 2.68% | ||
| Middle East | 0.77% | 6.96% | 1.16% | ||
| North America | 0.00% | 5.80% | 0.00% | ||
| Western Europe | 0.70% | 6.85% | 1.05% | ||
| Asia without Japan | 1.18% | 7.58% | 1.78% | ||
| Japan | 0.70% | 6.85% | 1.05% |
Traiing 12 month
| Last 10K | First X months: Last year | First X months: Current year | Trailing 12 month | |
| Revenues | $413.26 | $41.30 | $956.74 | $1,328.70 |
| R&D expense | $273.98 | $107.17 | $143.25 | $310.06 |
| Operating income or EBIT | -$394.28 | -$194.94 | -$17.38 | -$216.72 |
| Interest expenses | $0.25 | $20.23 | $0.15 | -$19.83 |
| Book value of equity | $124.70 | $629.43 | ||
| Book value of debt | $452.34 | $578.74 | ||
| Do you have operating lease commitments? | ||||
| Cash and cross holdings | $201.89 | $746.06 | ||
| Non-operating assets | $0.00 | $0.00 | ||
| Minority interests | $0.00 | $0.00 | ||
| Number of shares outstanding = | $121.45 | $121.45 | ||
| Current stock price = | ||||
| Effective tax rate = | 0.00% | 22.31% | 0.00% | |
| Marginal tax rate = | ||||
| Lease commitments | ||||
| Year 1 | $142.00 | NA | ||
| Year 2 | $128.00 | NA | ||
| Year 3 | $117.00 | NA | ||
| Year 4 | $110.00 | NA | ||
| Year 5 | $102.00 | NA | ||
| Beyond year 5 | $252.00 | NA |
Answer keys
| Yes/No | Book or Market Value | ERP choices | Cost of debt | Synthetic rating | Beta |
| Yes | B | Will input | Direct input | 1 | Direct input |
| No | V | Country of incorporation | Synthetic rating | 2 | Single Business(US) |
| Operating countries | Actual rating | Single Business(Global) | |||
| Operating regions | Multibusiness(US) | ||||
| Multibusiness(Global) |
Global industry averages
| Industry Name | Number of firms | Unlevered beta corrected for cash | Market D/E Ratio | Market Debt to Capital | Effective tax rate | Dividend Payout | Net Margin | Pre-tax Operating Margin | ROE | ROIC | Sales/Capital | EV/Sales | Revenue Growth rate: Last 5 years | Expected Earnings growth: Next 5 years |
| Advertising | 255 | 0.98 | 32.29% | 24.41% | 13.92% | 34.69% | 3.86% | 8.10% | 9.42% | 42.52% | 4.53 | 0.94 | 6.82% | 21.10% |
| Aerospace/Defense | 210 | 0.89 | 26.27% | 20.80% | 13.31% | 33.18% | 5.35% | 8.91% | 16.43% | 35.50% | 4.86 | 0.99 | 5.45% | 12.24% |
| Air Transport | 160 | 0.60 | 100.92% | 50.23% | 16.15% | 51.21% | 1.66% | 4.84% | 6.35% | 6.94% | 1.67 | 0.79 | 9.50% | 21.78% |
| Apparel | 1166 | 1.00 | 17.84% | 15.14% | 13.42% | 37.80% | 6.48% | 11.70% | 12.92% | 15.05% | 1.55 | 1.55 | 8.05% | 14.17% |
| Auto & Truck | 130 | 0.77 | 93.91% | 48.43% | 12.66% | 16.30% | 5.81% | 5.98% | 18.61% | 7.83% | 1.49 | 0.78 | 7.89% | 16.78% |
| Auto Parts | 624 | 1.19 | 37.00% | 27.00% | 16.55% | 12.54% | 4.20% | 6.60% | 13.90% | 14.33% | 2.50 | 0.56 | 7.61% | 15.87% |
| Bank | 568 | 0.31 | 367.12% | 78.59% | 18.93% | 32.02% | 20.42% | 0.25% | 8.97% | 0.02% | 0.09 | 11.36 | 9.33% | 15.27% |
| Banks (Regional) | 944 | 0.44 | 142.34% | 58.74% | 18.85% | 15.95% | 18.68% | 0.00% | 7.17% | 0.00% | 0.23 | 3.92 | 4.05% | 7.68% |
| Beverage | 99 | 0.74 | 21.29% | 17.55% | 12.82% | 30.71% | 10.12% | 14.77% | 21.29% | 18.97% | 1.60 | 2.23 | 9.19% | 14.06% |
| Beverage (Alcoholic) | 209 | 0.68 | 24.36% | 19.59% | 18.60% | 33.05% | 11.69% | 18.89% | 17.27% | 14.32% | 0.89 | 2.91 | 9.46% | 17.42% |
| Biotechnology | 666 | 1.05 | 13.07% | 11.56% | 2.91% | 34.78% | 8.08% | 17.16% | 7.25% | 11.45% | 0.80 | 6.52 | 18.82% | 21.89% |
| Broadcasting | 144 | 1.03 | 40.12% | 28.63% | 17.52% | 31.74% | 8.49% | 15.89% | 13.12% | 15.03% | 1.12 | 2.06 | 6.87% | 5.90% |
| Brokerage & Investment Banking | 525 | 0.28 | 415.35% | 80.60% | 11.36% | 36.87% | 5.02% | 0.18% | 4.13% | 0.02% | 0.17 | 6.08 | 5.54% | 16.91% |
| Building Materials | 420 | 0.81 | 44.77% | 30.93% | 16.08% | 36.75% | 2.46% | 6.14% | 5.13% | 7.58% | 1.71 | 0.89 | 1.84% | 19.07% |
| Business & Consumer Services | 709 | 0.83 | 25.13% | 20.08% | 18.11% | 40.69% | 4.20% | 7.85% | 12.28% | 19.57% | 3.23 | 1.09 | 7.64% | 15.23% |
| Cable TV | 65 | 0.76 | 56.80% | 36.22% | 14.42% | 15.91% | 9.79% | 18.41% | 26.04% | 15.33% | 1.08 | 2.38 | 11.67% | 5.51% |
| Chemical (Basic) | 760 | 0.86 | 40.13% | 28.64% | 13.56% | 57.82% | 3.79% | 6.69% | 8.03% | 7.99% | 1.32 | 1.06 | 6.76% | 16.00% |
| Chemical (Diversified) | 86 | 1.11 | 42.99% | 30.07% | 20.09% | 43.49% | 3.43% | 7.96% | 9.84% | 10.52% | 1.78 | 0.96 | 7.14% | 15.67% |
| Chemical (Specialty) | 693 | 0.99 | 20.55% | 17.05% | 16.99% | 30.49% | 8.00% | 12.65% | 14.69% | 15.64% | 1.48 | 1.52 | 10.95% | 15.12% |
| Coal & Related Energy | 322 | 1.08 | 25.95% | 20.60% | 6.36% | 55.14% | 8.20% | 15.68% | 10.92% | 15.36% | 0.94 | 1.81 | 15.30% | 14.80% |
| Computer Services | 938 | 0.97 | 15.82% | 13.66% | 17.31% | 21.36% | 5.44% | 8.16% | 20.43% | 28.10% | 4.56 | 0.90 | 9.20% | 14.72% |
| Computer Software | 1068 | 1.12 | 7.33% | 6.83% | 11.68% | 27.50% | 14.49% | 22.50% | 16.62% | 40.08% | 1.97 | 3.22 | 10.54% | 19.64% |
| Computers/Peripherals | 371 | 1.04 | 16.06% | 13.83% | 12.32% | 16.88% | 5.02% | 9.96% | 17.06% | 32.20% | 3.28 | 0.90 | 0.21% | 48.32% |
| Construction | 466 | 0.75 | 48.57% | 32.69% | 14.87% | 50.95% | 5.17% | 10.85% | 7.25% | 7.89% | 0.85 | 1.70 | 10.75% | 18.76% |
| Diversified | 365 | 0.67 | 79.08% | 44.16% | 13.26% | 25.92% | 6.18% | 9.25% | 11.53% | 7.62% | 0.88 | 1.46 | 7.65% | 13.98% |
| Educational Services | 145 | 1.10 | 20.26% | 16.84% | 14.29% | NA | -1.40% | 11.08% | -2.57% | 21.01% | 2.64 | 0.97 | 15.14% | 20.40% |
| Electrical Equipment | 847 | 0.96 | 29.89% | 23.01% | 13.88% | 50.70% | 3.30% | 6.86% | 7.24% | 11.05% | 2.10 | 1.01 | 8.43% | 20.52% |
| Electronics | 1188 | 1.01 | 31.80% | 24.12% | 12.33% | 30.54% | 2.78% | 4.48% | 6.20% | 6.47% | 1.85 | 0.74 | 2.24% | 18.27% |
| Electronics (Consumer & Office) | 208 | 0.96 | 57.73% | 36.60% | 12.17% | NA | -5.21% | 2.32% | -13.51% | 3.57% | 2.45 | 0.49 | -1.34% | 16.82% |
| Engineering | 1141 | 0.81 | 83.04% | 45.37% | 17.02% | 59.23% | 1.79% | 4.52% | 6.83% | 7.93% | 2.28 | 0.56 | 8.60% | 15.76% |
| Entertainment | 356 | 0.97 | 28.71% | 22.31% | 8.79% | 28.43% | 7.88% | 16.46% | 10.39% | 21.13% | 1.69 | 1.94 | 3.98% | 20.99% |
| Environmental & Waste Services | 307 | 0.86 | 40.91% | 29.03% | 11.25% | 62.60% | 2.97% | 8.92% | 6.76% | 13.28% | 2.04 | 1.31 | 12.01% | 14.79% |
| Farming/Agriculture | 331 | 0.74 | 42.90% | 30.02% | 13.56% | 28.83% | 3.84% | 4.84% | 10.86% | 7.78% | 1.82 | 0.71 | 17.26% | 22.13% |
| Financial Svcs. | 520 | 0.18 | 656.46% | 86.78% | 17.11% | 16.51% | 21.78% | 6.43% | 14.39% | 0.38% | 0.09 | 11.59 | 10.60% | 16.59% |
| Financial Svcs. (Non-bank & Insurance) | 149 | 0.17 | 679.35% | 87.17% | 13.67% | 8.01% | 13.70% | 3.31% | 6.42% | 0.22% | 0.09 | 11.24 | 13.81% | 21.86% |
| Food Processing | 1223 | 0.69 | 27.68% | 21.68% | 15.80% | 43.33% | 4.79% | 8.05% | 12.30% | 13.63% | 2.13 | 1.20 | 10.36% | 20.44% |
| Food Wholesalers | 115 | 0.56 | 70.98% | 41.51% | 18.45% | 54.16% | 1.06% | 2.99% | 10.56% | 13.98% | 5.51 | 0.30 | 3.43% | 11.57% |
| Furn/Home Furnishings | 323 | 0.94 | 26.97% | 21.24% | 14.93% | 30.24% | 4.15% | 6.11% | 12.02% | 13.60% | 2.63 | 0.72 | 3.67% | 25.07% |
| Healthcare Equipment | 448 | 0.92 | 17.33% | 14.77% | 8.87% | 37.02% | 9.98% | 18.21% | 13.27% | 24.36% | 1.50 | 2.55 | 8.27% | 15.75% |
| Healthcare Facilities | 170 | 0.54 | 80.65% | 44.65% | 16.54% | 15.05% | 4.24% | 10.37% | 26.49% | 14.16% | 1.64 | 1.28 | 17.71% | 15.74% |
| Healthcare Products | 155 | 0.78 | 19.42% | 16.26% | 13.49% | 22.73% | 7.95% | 12.14% | 12.03% | 14.31% | 1.32 | 2.49 | 14.20% | 18.06% |
| Healthcare Services | 328 | 0.81 | 31.97% | 24.23% | 17.34% | 16.77% | 2.48% | 4.77% | 13.81% | 30.87% | 7.19 | 0.46 | 13.17% | 16.52% |
| Heathcare Information and Technology | 266 | 0.96 | 20.13% | 16.76% | 8.16% | 14.89% | 6.27% | 12.10% | 7.84% | 16.39% | 1.54 | 2.33 | 12.10% | 21.93% |
| Heavy Construction | 334 | 0.99 | 60.13% | 37.55% | 17.82% | 31.37% | 4.74% | 8.32% | 15.66% | 11.92% | 1.57 | 0.99 | 9.79% | 10.97% |
| Homebuilding | 155 | 1.00 | 58.09% | 36.75% | 19.22% | 14.51% | 4.16% | 6.61% | 7.73% | 5.94% | 1.24 | 0.99 | 1.36% | 10.35% |
| Hotel/Gaming | 618 | 0.84 | 30.37% | 23.29% | 12.19% | 36.52% | 5.73% | 11.80% | 8.02% | 10.35% | 0.95 | 2.24 | 10.03% | 14.85% |
| Household Products | 456 | 0.82 | 14.25% | 12.47% | 13.98% | 43.82% | 8.68% | 14.34% | 16.86% | 22.08% | 2.14 | 2.09 | 11.76% | 16.06% |
| Information Services | 171 | 0.98 | 12.13% | 10.81% | 16.19% | 31.17% | 10.40% | 22.04% | 15.35% | 42.97% | 2.36 | 3.05 | 6.26% | 14.57% |
| Insurance (General) | 220 | 0.71 | 57.51% | 36.51% | 13.65% | 21.45% | 5.89% | 7.96% | 11.52% | 10.66% | 1.56 | 0.67 | 5.98% | 15.55% |
| Insurance (Life) | 117 | 0.94 | 61.35% | 38.02% | 17.28% | 34.76% | 3.67% | 6.60% | 7.68% | 8.95% | 1.50 | 0.77 | 5.07% | 12.51% |
| Insurance (Prop/Cas.) | 220 | 0.65 | 39.18% | 28.15% | 11.96% | 31.87% | 4.42% | 7.64% | 7.35% | 7.58% | 1.23 | 0.91 | 8.42% | 19.51% |
| Internet software and services | 715 | 1.22 | 4.72% | 4.51% | 7.77% | 4.29% | 18.74% | 21.16% | 19.32% | 24.00% | 1.25 | 4.34 | 9.16% | 23.77% |
| Investment Co. | 448 | 0.58 | 95.78% | 48.92% | 5.97% | 38.86% | 14.53% | 11.33% | 8.11% | 3.21% | 0.29 | 3.62 | 8.47% | 10.66% |
| Machinery | 1249 | 1.06 | 25.23% | 20.15% | 17.48% | 32.02% | 5.32% | 8.92% | 10.87% | 12.83% | 1.83 | 1.13 | 3.89% | 15.82% |
| Metals & Mining | 1700 | 1.08 | 27.00% | 21.26% | 4.26% | 45.90% | 7.44% | 15.44% | 10.76% | 12.83% | 1.00 | 1.58 | 20.44% | 10.67% |
| Office Equipment & Services | 162 | 0.81 | 32.17% | 24.34% | 17.48% | 41.76% | 4.25% | 7.35% | 12.40% | 15.21% | 2.60 | 0.72 | 2.53% | 14.58% |
| Oil/Gas (Integrated) | 55 | 1.12 | 22.11% | 18.11% | 25.53% | 27.55% | 7.68% | 10.78% | 16.80% | 12.65% | 1.69 | 0.74 | 14.00% | 8.80% |
| Oil/Gas (Production and Exploration) | 1219 | 1.05 | 30.67% | 23.47% | 6.41% | 44.13% | 7.34% | 17.88% | 7.14% | 8.66% | 0.68 | 2.21 | 21.47% | 18.55% |
| Oil/Gas Distribution | 198 | 0.70 | 61.85% | 38.21% | 8.92% | 115.27% | 5.03% | 10.38% | 11.00% | 8.71% | 0.73 | 2.23 | 16.37% | 17.40% |
| Oilfield Svcs/Equip. | 570 | 1.12 | 36.67% | 26.83% | 14.22% | 26.59% | 2.36% | 4.24% | 11.21% | 11.01% | 3.28 | 0.52 | 15.38% | 26.79% |
| Packaging & Container | 399 | 0.65 | 63.06% | 38.67% | 17.17% | 43.18% | 2.80% | 7.51% | 7.73% | 11.05% | 1.74 | 0.89 | 9.61% | 16.01% |
| Paper/Forest Products | 318 | 0.64 | 91.95% | 47.90% | 11.75% | 80.79% | 1.95% | 5.18% | 3.47% | 3.98% | 1.02 | 1.06 | 6.17% | 13.86% |
| Pharma & Drugs | 823 | 0.88 | 14.74% | 12.85% | 12.53% | 44.83% | 12.55% | 21.12% | 13.76% | 18.46% | 1.13 | 2.78 | 13.72% | 18.46% |
| Power | 719 | 0.47 | 105.84% | 51.42% | 15.12% | 93.77% | 3.62% | 10.49% | 5.23% | 5.14% | 0.64 | 1.80 | 13.97% | 11.64% |
| Precious Metals | 1237 | 1.16 | 14.66% | 12.78% | 3.52% | 61.89% | 6.98% | 18.63% | 4.97% | 8.79% | 0.58 | 3.02 | 40.88% | 18.47% |
| Publshing & Newspapers | 401 | 0.75 | 39.77% | 28.46% | 15.27% | 1731.52% | 0.16% | 7.95% | 0.26% | 10.44% | 1.79 | 1.18 | 1.45% | -4.05% |
| R.E.I.T. | 48 | 0.14 | 560.60% | 84.86% | 2.99% | 55.74% | 61.89% | 2.67% | 10.89% | 0.07% | 0.02 | 47.03 | 2.02% | 4.94% |
| Railroad | 56 | 0.46 | 65.38% | 39.53% | 21.56% | 24.67% | 9.07% | 18.00% | 11.68% | 7.27% | 0.60 | 2.27 | 3.83% | 17.27% |
| Real Estate | 415 | 0.69 | 77.09% | 43.53% | 12.96% | 22.44% | 13.08% | 15.39% | 8.51% | 4.32% | 0.31 | 3.24 | 5.65% | 18.54% |
| Real Estate (Development) | 611 | 0.84 | 64.59% | 39.24% | 17.32% | 32.51% | 19.74% | 24.18% | 12.96% | 7.28% | 0.36 | 3.10 | 12.44% | 19.95% |
| Real Estate (Operations & Services) | 439 | 0.56 | 85.84% | 46.19% | 13.51% | 22.36% | 22.99% | 29.36% | 8.76% | 4.58% | 0.18 | 6.03 | 10.18% | 15.90% |
| Recreation | 292 | 0.86 | 31.84% | 24.15% | 15.30% | 28.25% | 5.97% | 11.01% | 9.65% | 10.47% | 1.31 | 1.31 | 1.93% | 16.35% |
| Reinsurance | 35 | 0.86 | 42.79% | 29.97% | 11.47% | 24.17% | 8.86% | 12.30% | 14.39% | 15.67% | 1.25 | 0.73 | 6.02% | 15.30% |
| Restaurant | 298 | 0.62 | 23.26% | 18.87% | 20.90% | 40.98% | 6.14% | 11.37% | 19.63% | 18.98% | 2.20 | 1.55 | 6.48% | 15.53% |
| Retail (Automotive) | 138 | 0.74 | 51.60% | 34.04% | 19.42% | 16.71% | 2.82% | 5.12% | 17.68% | 12.96% | 3.11 | 0.63 | 6.02% | 15.76% |
| Retail (Building Supply) | 51 | 0.68 | 18.80% | 15.82% | 23.15% | 38.17% | 3.91% | 7.43% | 13.28% | 12.75% | 2.72 | 0.95 | 5.10% | 13.61% |
| Retail (Distributors) | 842 | 0.61 | 97.73% | 49.42% | 19.16% | 30.47% | 2.60% | 3.52% | 11.51% | 5.90% | 2.06 | 0.57 | 6.29% | 16.59% |
| Retail (General) | 226 | 0.78 | 32.07% | 24.28% | 22.21% | 35.74% | 2.82% | 5.10% | 13.35% | 12.28% | 3.28 | 0.65 | 7.69% | 15.61% |
| Retail (Grocery and Food) | 170 | 0.54 | 38.11% | 27.59% | 23.43% | 39.98% | 2.15% | 4.14% | 12.11% | 12.94% | 3.96 | 0.48 | 5.93% | 13.19% |
| Retail (Internet) | 108 | 1.08 | 5.00% | 4.76% | 11.10% | 21.17% | 2.83% | 5.02% | 14.07% | 44.11% | 7.82 | 2.11 | 12.55% | 31.94% |
| Retail (Special Lines) | 536 | 1.01 | 13.85% | 12.16% | 20.10% | 31.63% | 3.53% | 6.62% | 13.63% | 18.53% | 3.94 | 0.79 | 5.00% | 12.17% |
| Rubber& Tires | 91 | 0.84 | 51.66% | 34.06% | 16.86% | 16.29% | 4.71% | 8.10% | 15.87% | 11.74% | 1.77 | 0.78 | 10.45% | 35.67% |
| Semiconductor | 564 | 1.20 | 13.88% | 12.19% | 8.19% | 38.44% | 7.21% | 11.30% | 10.20% | 12.92% | 1.30 | 1.66 | 5.70% | 17.73% |
| Semiconductor Equip | 264 | 1.49 | 22.44% | 18.33% | 7.82% | NA | -1.37% | 7.82% | -1.66% | 7.97% | 1.21 | 1.52 | 0.87% | 12.94% |
| Shipbuilding & Marine | 351 | 0.68 | 90.71% | 47.56% | 11.28% | 497.14% | 0.35% | 5.05% | 0.54% | 2.97% | 0.82 | 1.24 | 8.50% | 1.87% |
| Shoe | 95 | 1.06 | 7.42% | 6.90% | 16.82% | 18.13% | 7.16% | 9.81% | 16.29% | 18.16% | 2.12 | 1.27 | 8.98% | 14.72% |
| Steel | 725 | 0.86 | 81.02% | 44.76% | 12.68% | 411.43% | 0.33% | 3.86% | 0.72% | 3.97% | 1.36 | 0.75 | 8.35% | 17.15% |
| Telecom (Wireless) | 117 | 0.79 | 31.99% | 24.24% | 14.76% | 111.38% | 4.90% | 16.86% | 6.29% | 12.46% | 0.96 | 1.87 | 8.43% | 11.64% |
| Telecom. Equipment | 550 | 1.18 | 15.23% | 13.22% | 9.09% | 46.05% | 5.90% | 7.46% | 9.43% | 11.82% | 1.93 | 1.37 | 3.55% | 18.69% |
| Telecom. Services | 325 | 0.63 | 65.54% | 39.59% | 11.92% | 103.40% | 5.58% | 14.71% | 9.01% | 12.33% | 0.98 | 1.56 | 7.88% | 8.79% |
| Thrift | 295 | 0.02 | 5432.46% | 98.19% | 18.11% | 9.16% | 39.07% | 0.59% | -12.11% | -0.00% | 0.01 | 112.28 | 7.27% | 8.29% |
| Tobacco | 48 | 0.49 | 15.48% | 13.40% | 19.70% | 63.68% | 16.71% | 28.10% | 44.22% | 47.52% | 2.44 | 3.33 | 6.18% | 9.46% |
| Tranportation | 223 | 0.75 | 48.75% | 32.77% | 19.61% | 42.98% | 5.01% | 8.46% | 13.01% | 10.37% | 1.60 | 1.14 | 11.17% | 14.34% |
| Trucking | 185 | 0.55 | 77.55% | 43.68% | 21.99% | 21.81% | 2.95% | 6.16% | 10.18% | 7.81% | 1.72 | 0.79 | 3.04% | 13.65% |
| Utility (General) | 61 | 0.41 | 107.15% | 51.73% | 23.56% | 91.00% | 3.71% | 10.48% | 7.06% | 8.12% | 1.00 | 1.24 | 8.49% | 5.63% |
| Utility (Water) | 97 | 0.53 | 63.18% | 38.72% | 14.78% | 54.81% | 16.28% | 27.53% | 12.47% | 8.81% | 0.36 | 4.03 | 17.20% | 12.97% |
| Grand Total | 40943 | 0.64 | 98.96% | 49.74% | 13.40% | 37.49% | 5.74% | 8.63% | 10.49% | 5.11% | 0.77 | 1.76 | 8.94% | 16.07% |
test
| Base | -21.857 |
| 1 | -5.20642 |
| 2 | 45.464902 |
| 3 | 169.6272206 |
| 4 | 445.33898326 |
| 5 | 1023.92987555 |
| 6 | 2020.7215372481 |
| 7 | 3489.4661025356 |
| 8 | 5299.1581119516 |
| 9 | 7058.2476163242 |
| 10 | 8177.7425279911 |
Revenues
Pre-tax operating income
Revenues (in billions)
Pre-tax Operating Income
1328.696
2258.7832
3839.93144
6527.883448
11097.4018616
18865.58316472
29534.0704443692
42263.2548058923
54794.3098558393
63670.9880524853
65421.9402239286
Summary sheet
| Year | Revenues | Pre-tax operating income |
| Base | $ 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 |
