Estimation of Current Cost of Capital

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

Number of Shares outstanding = 2407.00

Current Market Price per share = $ 37.53

Approach for estimating beta Single Business(Global)

If direct input, enter levered beta (or reg 1.20
Unlevered beta = 1.10
Riskfree Rate = 2.50%
What approach do you want to use to in Operating regions
Direct input for ERP (if you choose "will i 5.75%
Equity Risk Premium used in cost of equit 7.13%

Debt
Book Value of Straight Debt = $ 1,000.00
Interest Expense on Debt = $ 56.00
Average Maturity = 3
Approach for estimating pre-tax cost of d Direct input
If direct input, input the pre-tax cost of d 3.500%
If actual rating, input the rating Baa2/BBB
If synethetic rating, input the type of c 1
The pre-tax operating income for the co $1,500.00
Pre-tax Cost of Debt = 3.50%
Approach for estimating marginal tax rat Will input
If direct input, enter the tax rate 35.00%
Tax Rate = 40%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ 1,127.92

Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Output
Estimating Market Value of Straight Debt = ###
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = ###
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.11

Equity Debt Preferred StockCapital

Market Value $ 90,334.71 ### $ - ###
Weight in Cost of Capital 97.64% 2.36% 0.00% 100.00%
Cost of Component 10.43% 2.10% 7.14% 10.23%
Operating Countries ERP calculator
Country Revenues ERP Weight Weighted ERP
Argentina $19.00 17.00% 19.00% 3.23%
France $81.00 6.35% 81.00% 5.14%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Total $100.00 100.00% 8.37%
Operating Regions ERP calculator
Region Revenues ERP Weight Weighted ERP
Africa $0.00 11.73% 0.00% 0.0000%
Asia $56.00 7.26% 4.21% 0.3059%
Australia & New Zealand 5.75% 0.00% 0.0000%
Caribbean $100.00 14.37% 7.52% 1.0813%
Central and South America 9.95% 0.00% 0.0000%
Eastern Europe & Russia 9.08% 0.00% 0.0000%
Middle East $631.00 6.85% 47.48% 3.2523%
North America $374.00 5.75% 28.14% 1.6181%
Western Europe $168.00 6.88% 12.64% 0.8697%

Total 1329 100.00% 7.1274%

Multi Business (US Industry Averages)

Business Revenues EV/Sales EstimatedUnlevered Beta
Advertising $ 84.00 1.9458 $163.44 0.8264
Entertainment $ 16.00 3.1101 $ 49.76 0.9861
0.0000 $ - 0.0000
0.0000 $ - 0.0000
 0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 100.00 $213.21 0.8637

Multi Business (Global Industry Averages)

Business Revenues EV/Sales EstimatedUnlevered Beta
Advertising $ 84.00 1.5086 $126.72 1.0965
Internet software and ser $ 16.00 1.0161 $ 16.26 0.5230
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 100.00 $142.98 1.0510
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 180.00
Operating Lease Commitments (From footnote to financials)
Year Commitment! Year 1 is next year, ….
1 $156.00
2 $150.00
3 $145.00
4 $143.00
5 $140.00
6 and beyond $600.00

Output
Pre-tax Cost of Debt = 3.50% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 4 ! 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 CommitmentPresent Value
1 $ 156.00 $ 150.72
2 $ 150.00 $ 140.03
3 $ 145.00 $ 130.78
4 $ 143.00 $ 124.62
5 $ 140.00 $ 117.88
6 and beyond $ 150.00 $ 463.90 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $1,127.92

Restated Financials
Depreciation on Operating Lease Asset = $ 125.32 ! I use straight line depreciation
Adjustment to Operating Earnings = $54.68 ! Add this amount to pre-tax operating income
Adjustment to Total Debt outstanding = $1,127.92 ! Add this amount to debt
Adjustment to Depreciation = $125.32
.

e-tax operating income

 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) = $1,554.68 (Add back only long term interest expense for financial firms)
Enter current interest expenses = $95.48 (Use only long term interest expense for financial firms)
Enter long term risk free rate = 2.50%
Output
Interest coverage ratio = 16.28
Estimated Bond Rating = Aaa/AAA Note: If you get REF! All over the place, set the operating lease commitment
Estimated Company Default Spread 0.40% to No, and then reset it to Yes. It should work.
Estimated County Default Spread (if 0.00%
Estimated Cost of Debt = 2.90%

If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> ≤ to Rating is Spread is
-100000 0.199999 D2/D 12.00%
0.2 0.649999 Caa/CCC 10.00%
0.65 0.799999 Ca2/CC 8.00%
0.8 1.249999 C2/C 7.00%
1.25 1.499999 B3/B- 6.00%
1.5 1.749999 B2/B 5.00%
1.75 1.999999 B1/B+ 4.00%
2 2.2499999 Ba2/BB 3.25%
2.25 2.49999 Ba1/BB+ 2.75%
2.5 2.999999 Baa2/BBB 1.75%
3 4.249999 A3/A- 1.20%
4.25 5.499999 A2/A 1.00%
5.5 6.499999 A1/A+ 0.90%
6.5 8.499999 Aa2/AA 0.70%
8.50 100000 Aaa/AAA 0.40%

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 10.00% A1/A+ 0.90%
0.8 1.249999 Ca2/CC 8.00% A2/A 1.00%
1.25 1.499999 C2/C 7.00% A3/A- 1.20%
1.5 1.999999 B3/B- 6.00% Aa2/AA 0.70%
2 2.499999 B2/B 5.00% Aaa/AAA 0.40%
2.5 2.999999 B1/B+ 4.00% B1/B+ 4.00%
3 3.499999 Ba2/BB 3.25% B2/B 5.00%
3.5 3.9999999 Ba1/BB+ 2.75% B3/B- 6.00%
 4 4.499999 Baa2/BBB 1.75% Ba1/BB+ 2.75%
4.5 5.999999 A3/A- 1.20% Ba2/BB 3.25%
6 7.499999 A2/A 1.00% Baa2/BBB 1.75%
7.5 9.499999 A1/A+ 0.90% C2/C 7.00%
9.5 12.499999 Aa2/AA 0.70% Ca2/CC 8.00%
12.5 100000 Aaa/AAA 0.40% Caa/CCC 10.00%
D2/D 12.00%
ns in excel) is checked.

xpense for financial firms)

e for financial firms)

operating lease commitment question in cell F5

 Annual
Average
Revenue Pre-tax Average
Number of growth - Last Operating After-tax effective tax Unlevered
Industry Name firms 5 years Margin ROC rate Beta
Advertising 52 5.44% 11.28% 40.86% 33.48% 0.83
Aerospace/Defense 93 4.07% 12.21% 37.18% 28.27% 1.06
Air Transport 22 10.17% 8.02% 9.50% 16.89% 0.61
Apparel 64 8.20% 12.92% 18.12% 28.09% 0.86
Auto & Truck 22 30.26% 2.49% 3.31% 6.21% 0.59
Auto Parts 75 9.10% 6.75% 18.16% 25.43% 1.14
Bank (Money Center) 13 10.00% -0.24% -0.02% 30.66% 0.34
Banks (Regional) 676 13.45% -0.35% -0.08% 27.66% 0.37
Beverage (Alcoholic) 22 8.49% 21.40% 15.85% 25.99% 0.89
Beverage (Soft) 46 4.72% 18.76% 27.58% 24.38% 0.98
Broadcasting 28 9.56% 23.08% 19.98% 31.10% 0.83
Brokerage & Investment B 46 9.78% 0.11% 0.02% 27.82% 0.41
Building Materials 39 8.34% 7.75% 15.41% 23.17% 0.93
Business & Consumer Serv 177 4.10% 9.78% 23.95% 35.62% 1.00
Cable TV 18 3.16% 19.12% 17.33% 34.20% 0.70
Chemical (Basic) 46 14.17% 12.10% 18.04% 32.10% 0.75
Chemical (Diversified) 10 7.90% 10.71% 13.66% 25.86% 0.99
Chemical (Specialty) 103 8.73% 14.74% 22.41% 27.58% 0.91
Coal & Related Energy 42 1.20% 0.61% 0.38% 0.82% 0.83
Computer Services 119 13.14% 9.53% 37.39% 20.31% 0.99
Computers/Peripherals 64 4.34% 19.80% 30.98% 25.37% 1.17
Construction Supplies 55 8.98% 10.03% 12.42% 29.02% 1.22
Diversified 23 8.96% 15.16% 7.66% 21.55% 0.70
Drugs (Biotechnology) 400 16.84% 27.47% 13.63% 20.11% 1.06
Drugs (Pharmaceutical) 151 16.29% 24.94% 18.40% 19.42% 0.95
Education 42 3.27% 6.83% 9.97% 29.81% 0.95
Electrical Equipment 126 29.39% 13.15% 29.56% 31.77% 1.14
Electronics (Consumer & Of 28 2.20% 8.57% 18.29% 25.05% 1.38
Electronics (General) 189 6.13% 9.27% 11.35% 26.75% 1.01
Engineering/Construction 56 5.04% 4.46% 17.79% 34.58% 1.19
Entertainment 84 16.26% 19.56% 30.87% 29.15% 0.99
Environmental & Waste Ser 103 16.37% 12.79% 19.53% 42.82% 0.94
Farming/Agriculture 37 17.02% 5.34% 9.72% 31.92% 0.58
Financial Svcs. (Non-bank 288 12.49% 6.92% 0.19% 28.54% 0.06
Food Processing 96 9.13% 12.01% 26.50% 30.63% 0.82
Food Wholesalers 14 10.72% 3.30% 21.26% 36.78% 1.26
Furn/Home Furnishings 27 6.06% 8.25% 15.30% 21.57% 0.92
Green & Renewable Energ 26 28.92% 15.40% 4.36% 24.38% 0.68
Healthcare Products 261 8.97% 17.11% 16.05% 25.58% 0.90
Healthcare Support Servic 138 10.30% 4.55% 37.10% 38.53% 0.91
Heathcare Information and 127 14.92% 12.67% 17.56% 22.62% 0.84
Homebuilding 35 13.29% 10.22% 9.57% 31.35% 0.92
Hospitals/Healthcare Facilit 56 11.57% 12.84% 9.47% 22.46% 0.59
Hotel/Gaming 80 7.46% 15.23% 8.61% 18.02% 0.83
Household Products 135 12.12% 16.51% 30.38% 27.66% 0.91
Information Services 67 6.99% 22.44% 35.97% 30.25% 1.04
Insurance (General) 24 4.83% 14.02% 7.68% 26.45% 0.80
Insurance (Life) 25 4.98% 14.12% 8.73% 26.66% 0.75
Insurance (Prop/Cas.) 52 9.50% 14.71% 11.99% 28.61% 0.69
Investments & Asset Mana 148 15.73% 18.56% 6.55% 15.87% 0.73
Machinery 137 6.96% 13.22% 24.16% 28.95% 1.11
Metals & Mining 124 3.76% 16.09% 13.24% 33.52% 0.91
Office Equipment & Servic 25 1.72% 9.42% 21.41% 32.01% 1.00
Oil/Gas (Integrated) 8 4.72% 12.25% 15.99% 37.64% 0.76
Oil/Gas (Production and Ex 392 26.59% 23.91% 11.84% 41.46% 0.91
Oil/Gas Distribution 85 22.80% 7.41% 10.27% 17.53% 0.67
Oilfield Svcs/Equip. 161 18.31% 6.09% 17.80% 28.68% 1.32
Packaging & Container 26 6.24% 9.88% 19.48% 26.61% 0.70
Paper/Forest Products 22 8.74% 7.95% 13.55% 19.43% 0.59
Power 82 5.74% 16.35% 6.97% 30.68% 0.53
Precious Metals 147 23.22% 6.76% 2.60% 44.83% 1.05
Publshing & Newspapers 43 0.12% 9.44% 14.43% 18.16% 0.88
R.E.I.T. 213 19.18% 20.50% 2.56% 2.23% 0.43
Real Estate (Development) 18 28.52% 12.10% 3.28% 69.82% 0.82
Real Estate (General/Divers 11 20.70% 43.52% 19.42% 20.79% 1.47
Real Estate (Operations & 52 17.24% 10.25% 18.12% 22.41% 0.89
Recreation 68 4.79% 12.70% 15.60% 23.19% 0.99
Reinsurance 4 26.15% 13.53% 11.82% 30.65% 1.12
Restaurant/Dining 79 6.02% 13.38% 15.09% 32.98% 0.74
Retail (Automotive) 30 9.83% 4.77% 11.27% 36.53% 0.85
Retail (Building Supply) 5 7.40% 9.83% 16.28% 37.06% 1.29
Retail (Distributors) 90 13.32% 9.25% 14.87% 35.49% 0.81
Retail (General) 23 3.67% 4.54% 12.10% 34.19% 0.85
Retail (Grocery and Food) 21 4.11% 2.02% 6.51% 35.11% 0.75
Retail (Online) 46 6.60% 3.99% 17.38% 22.34% 1.39
Retail (Special Lines) 128 6.48% 5.93% 10.93% 35.82% 0.85
Rubber& Tires 4 4.31% 8.89% 21.62% 23.90% 0.65
Semiconductor 100 11.08% 20.90% 13.75% 21.75% 1.17
Semiconductor Equip 47 10.47% 11.52% 9.68% 20.29% 1.17
Shipbuilding & Marine 14 -0.18% 9.43% 6.60% 16.29% 0.94
Shoe 13 11.88% 12.39% 21.65% 24.52% 0.82
Software (Entertainment) 20 1.95% 13.64% 13.80% 12.35% 1.13
Software (Internet) 327 11.52% 20.30% 15.25% 35.06% 1.29
Software (System & Applica 259 15.90% 26.36% 22.64% 22.52% 1.06
Steel 40 6.18% 4.61% 8.04% 30.32% 0.90
Telecom (Wireless) 21 3.51% 1.43% 0.92% 21.78% 0.51
Telecom. Equipment 126 6.91% 18.90% 14.10% 19.18% 1.20
Telecom. Services 77 6.45% 22.48% 25.71% 31.14% 0.69
Tobacco 20 7.49% 40.78% 100.07% 32.47% 0.94
Transportation 21 14.50% 8.23% 19.98% 35.84% 0.77
Transportation (Railroads) 10 10.69% 31.68% 16.35% 36.99% 0.92
Trucking 30 6.70% 9.79% 9.74% 39.23% 0.92
Unclassified 8 2.00% -34.11% -12.18% 29.55% 0.14
Utility (General) 21 0.45% 15.91% 6.62% 31.27% 0.42
Utility (Water) 19 6.87% 30.57% 8.85% 31.71% 0.77
Total Market 7887 0.115385699 0.1125604590759 0.0735879734 0.2809390479 0.7040359926
 Equity
(Levered) Std deviation Pre-tax cost Market Cost of
Beta Cost of equity in stock prices of debt Debt/Capital capital Sales/Capital EV/Sales
1.18 8.96% 51.52% 3.67% 33.61% 6.69% 3.78 1.95
1.16 8.84% 50.15% 3.67% 15.93% 7.78% 3.57 1.57
0.98 7.80% 53.32% 3.67% 44.91% 5.28% 1.46 1.78
0.99 7.88% 56.24% 3.67% 17.17% 6.90% 1.58 2.37
1.09 8.47% 43.52% 3.17% 51.44% 5.09% 1.38 0.97
1.35 9.92% 53.89% 3.67% 22.27% 8.20% 3.03 0.83
0.81 6.81% 39.98% 3.17% 68.62% 3.44% 0.14 8.01
0.53 5.20% 37.41% 3.17% 43.72% 3.76% 0.27 5.43
1.06 8.24% 55.14% 3.67% 17.95% 7.16% 0.81 4.60
1.14 8.71% 61.94% 3.67% 18.73% 7.49% 1.56 3.30
1.30 9.62% 62.12% 3.67% 41.54% 6.54% 1.06 3.45
1.16 8.84% 44.77% 3.17% 75.22% 3.62% 0.18 5.85
1.12 8.59% 43.52% 3.17% 24.38% 6.96% 2.41 1.36
1.19 9.03% 52.77% 3.67% 23.32% 7.44% 2.82 1.59
0.91 7.42% 52.83% 3.67% 30.94% 5.81% 1.15 2.85
0.94 7.55% 50.32% 3.67% 28.73% 6.01% 1.67 1.16
1.17 8.91% 41.14% 3.17% 24.92% 7.17% 1.65 1.53
1.03 8.07% 51.80% 3.67% 17.60% 7.04% 1.71 2.38
1.64 11.61% 74.62% 4.17% 52.47% 6.83% 0.64 1.76
1.16 8.84% 59.41% 3.67% 21.61% 7.40% 4.38 1.03
1.21 9.13% 66.35% 4.17% 8.65% 8.56% 1.69 2.45
1.60 11.37% 47.26% 3.17% 31.22% 8.42% 1.48 1.51
1.00 7.91% 32.85% 3.17% 37.84% 5.64% 0.59 2.96
1.10 8.52% 93.06% 5.17% 7.82% 8.10% 0.50 10.80
1.03 8.08% 75.04% 4.17% 11.83% 7.42% 0.77 4.72
1.13 8.65% 70.19% 4.17% 28.28% 6.91% 1.66 1.42
1.24 9.29% 65.34% 4.17% 14.43% 8.31% 2.39 1.93
1.37 10.06% 56.16% 3.67% 4.24% 9.73% 2.22 2.09
1.03 8.08% 69.01% 4.17% 12.81% 7.37% 1.34 1.66
1.31 9.69% 47.91% 3.17% 21.45% 8.02% 4.65 0.54
1.21 9.10% 58.48% 3.67% 21.58% 7.61% 1.65 3.11
1.28 9.56% 65.61% 4.17% 28.86% 7.52% 1.63 2.22
0.84 7.02% 41.59% 3.17% 37.68% 5.09% 2.01 0.71
0.67 6.01% 38.80% 3.17% 92.35% 2.22% 0.03 31.67
0.99 7.88% 42.05% 3.17% 21.39% 6.60% 2.56 1.82
1.41 10.29% 35.73% 3.17% 14.60% 9.07% 7.45 0.52
1.09 8.44% 54.24% 3.67% 21.02% 7.13% 2.17 1.28
1.32 9.76% 53.18% 3.67% 52.37% 5.80% 0.29 9.23
0.99 7.86% 64.48% 3.67% 13.54% 7.09% 1.00 3.70
1.05 8.23% 46.72% 3.17% 21.05% 6.90% 9.41 0.61
0.95 7.63% 70.49% 4.17% 16.49% 6.79% 1.47 3.67
1.29 9.57% 53.78% 3.67% 37.80% 6.78% 1.14 1.60
0.97 7.76% 43.11% 3.17% 43.05% 5.24% 0.83 2.70
1.18 8.96% 49.55% 3.17% 35.33% 6.47% 0.64 3.46
1.03 8.08% 61.63% 3.67% 15.89% 7.15% 2.05 2.66
1.11 8.58% 42.71% 3.17% 11.75% 7.80% 1.95 3.96
1.03 8.09% 35.35% 3.17% 30.09% 6.23% 0.68 1.56
1.04 8.16% 34.48% 3.17% 41.60% 5.56% 0.82 1.51
0.83 6.94% 36.73% 3.17% 24.76% 5.69% 1.05 1.38
1.10 8.48% 41.63% 3.17% 42.55% 5.68% 0.38 4.94
1.23 9.22% 46.22% 3.17% 16.97% 7.98% 2.16 1.80
1.28 9.54% 74.49% 4.17% 33.64% 7.17% 0.84 1.83
1.34 9.89% 49.87% 3.17% 34.16% 7.16% 2.79 1.21
0.81 6.81% 33.56% 3.17% 9.96% 6.33% 1.53 1.14
1.27 9.45% 71.93% 4.17% 32.51% 7.19% 0.53 2.68
0.96 7.71% 43.15% 3.17% 32.32% 5.84% 1.45 1.93
1.54 11.04% 65.23% 4.17% 21.65% 9.19% 3.28 0.64
0.95 7.62% 31.06% 3.17% 32.70% 5.75% 2.41 1.36
0.84 6.97% 44.94% 3.17% 33.78% 5.26% 1.93 1.19
0.83 6.94% 29.70% 3.17% 43.10% 4.77% 0.54 2.97
1.29 9.61% 93.69% 5.17% 28.98% 7.72% 0.39 2.57
1.15 8.77% 50.42% 3.67% 32.15% 6.66% 1.79 1.61
0.79 6.69% 31.55% 3.17% 46.95% 4.44% 0.13 12.07
1.02 8.04% 43.65% 3.17% 31.23% 6.13% 0.29 6.72
1.82 12.63% 45.97% 3.17% 21.61% 10.31% 0.49 4.18
1.30 9.66% 50.05% 3.67% 36.44% 6.94% 1.93 2.48
1.21 9.14% 50.41% 3.67% 24.03% 7.47% 1.38 2.07
1.35 9.91% 21.20% 2.67% 27.32% 7.64% 1.03 1.07
0.89 7.30% 44.43% 3.17% 21.80% 6.13% 1.33 2.98
1.18 8.93% 48.06% 3.17% 33.42% 6.58% 2.91 0.98
1.44 10.46% 50.71% 3.67% 16.29% 9.12% 2.39 1.74
1.12 8.58% 52.06% 3.67% 32.43% 6.51% 1.93 1.39
1.03 8.10% 46.36% 3.17% 23.88% 6.62% 3.39 0.76
1.05 8.20% 51.83% 3.67% 35.95% 6.04% 4.18 0.56
1.40 10.19% 70.16% 4.17% 6.99% 9.65% 4.78 2.27
1.07 8.35% 51.42% 3.67% 29.30% 6.55% 2.32 1.21
1.02 8.04% 49.54% 3.17% 46.74% 5.17% 2.81 0.74
1.21 9.15% 57.12% 3.67% 9.71% 8.48% 0.73 3.21
1.23 9.26% 60.18% 3.67% 14.99% 8.20% 0.90 2.76
1.36 10.00% 71.45% 4.17% 34.90% 7.38% 0.75 1.90
0.84 7.01% 40.80% 3.17% 6.84% 6.66% 2.19 2.51
1.12 8.58% 69.84% 4.17% 14.75% 7.68% 1.03 2.86
1.29 9.57% 72.48% 4.17% 5.29% 9.19% 0.79 6.32
1.10 8.52% 61.85% 3.67% 8.84% 7.96% 0.92 4.93
1.31 9.72% 52.45% 3.67% 39.04% 6.78% 2.03 0.75
1.15 8.78% 53.05% 3.67% 60.69% 4.79% 0.68 1.81
1.24 9.32% 62.74% 3.67% 10.49% 8.57% 0.82 3.05
1.07 8.31% 55.60% 3.67% 39.55% 5.90% 1.30 2.37
1.09 8.41% 41.74% 3.17% 16.49% 7.34% 2.80 4.99
0.86 7.10% 42.36% 3.17% 17.38% 6.20% 3.04 1.50
1.05 8.19% 30.73% 3.17% 16.81% 7.14% 0.66 4.43
1.32 9.78% 48.49% 3.17% 40.00% 6.63% 1.37 1.63
0.10 2.77% #DIV/0! #DIV/0! 20.80% #DIV/0! 0.37 3.69
0.59 5.58% 23.02% 2.67% 38.00% 4.07% 0.60 2.83
1.09 8.41% 38.21% 3.17% 33.41% 6.24% 0.34 5.19
1.0641183433 0.0828868047 0.5359783894 0.0367 0.3980888242 0.05865641 0.7317306967 2.6023084522
 Non-cash Net Cap Ex
WC as % of Cap Ex as % as % of Reinvestmen
EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues of Revenues Revenues t Rate ROE
9.76 17.20 5.52 30.35 1.17% 2.74% 1.06% 18.06% 17.92%
10.35 12.93 3.61 31.15 27.80% 2.49% 4.81% 75.91% 24.54%
8.09 22.22 4.00 28.11 4.12% 9.32% 6.08% 90.78% 2.84%
12.39 18.49 4.55 27.82 27.02% 3.18% 5.66% 77.15% 18.48%
14.53 41.13 2.14 15.06 -0.64% 5.93% 6.24% 352.32% 18.61%
8.16 12.14 2.73 20.35 9.40% 3.80% 6.33% 133.17% 15.84%
NA NA 1.05 17.26 NA 1.30% 0.41% NA 8.21%
NA NA 1.18 47.60 NA 6.37% 0.53% NA 8.87%
17.32 21.29 3.35 32.93 22.12% 7.27% 7.03% 42.49% 13.66%
14.26 17.63 5.93 36.74 0.01% 4.53% 4.53% 31.62% 27.88%
10.68 14.96 2.57 24.79 22.82% 3.03% 5.69% 43.92% 18.80%
NA NA 1.29 33.18 NA 1.89% 2.55% ### 10.38%
11.81 17.60 3.23 32.83 17.33% 3.29% 4.70% 96.89% 14.81%
10.16 16.03 3.51 91.67 14.51% 2.96% 4.64% 90.54% 12.43%
9.20 14.82 5.67 55.67 1.27% 11.90% 2.03% 17.81% 31.43%
6.48 9.41 1.82 35.40 19.65% 6.48% 10.22% 138.25% 14.72%
9.56 14.24 2.81 18.40 23.23% 5.71% 5.59% 88.13% 21.60%
11.85 16.16 3.99 23.73 20.86% 6.08% 10.27% 97.96% 19.22%
8.91 66.81 1.32 11.40 5.56% 13.80% 1.48% -59.99% -6.41%
8.39 10.79 5.05 21.26 11.44% 1.67% 2.81% 53.74% 32.01%
10.00 12.64 4.50 47.13 4.98% 4.35% 7.23% 41.98% 25.04%
10.34 14.88 3.04 24.73 17.17% 5.35% 6.46% 94.09% 19.50%
14.03 19.46 1.84 22.78 2.22% 7.19% 9.81% 92.26% 11.00%
19.06 36.39 8.62 223.02 23.48% 3.72% 22.96% 154.62% 11.94%
13.58 18.79 4.02 49.13 24.69% 3.82% 7.82% 43.76% 17.06%
7.56 20.14 2.25 1476.10 10.07% 4.95% 3.56% 125.02% 3.76%
10.15 13.74 3.69 28.84 21.27% 4.07% 7.57% 103.86% 12.61%
19.55 28.49 5.70 53.39 19.46% 2.72% 9.05% 166.49% 12.81%
11.02 18.02 2.21 59.06 21.21% 4.45% 6.96% 119.51% 8.67%
7.60 12.08 1.58 26.67 15.67% 1.71% 4.69% 170.32% 5.27%
11.71 15.79 3.54 41.75 11.08% 3.95% 2.25% 92.21% 17.84%
9.97 17.17 3.02 63.61 14.52% 6.88% 2.60% 40.22% 5.68%
9.65 13.28 1.90 30.17 10.24% 2.64% 4.14% 90.20% 13.54%
NA NA 1.83 66.14 NA 10.39% 11.86% 229.52% -2.23%
11.91 15.08 3.53 26.87 10.76% 3.36% 9.93% 116.12% 18.17%
11.21 15.60 3.64 29.92 7.97% 1.28% 1.81% 105.32% 16.10%
10.36 15.42 2.95 24.81 14.39% 3.87% 5.13% 99.77% 11.62%
14.32 52.03 1.35 20.98 12.07% 124.95% 172.54% 1636.53% 0.31%
14.49 21.06 3.75 76.45 26.46% 5.02% 11.51% 102.72% 11.23%
10.49 13.43 2.84 60.10 -2.46% 0.77% 1.17% 65.41% 12.27%
17.57 29.77 4.10 254.40 23.33% 3.38% 24.49% 276.82% 10.39%
14.44 15.59 1.69 22.85 99.89% 0.60% 5.48% 298.60% 14.34%
12.24 21.01 2.77 52.89 21.73% 4.91% 7.42% 125.37% 10.48%
12.97 22.56 3.55 28.37 6.22% 7.94% 2.98% 19.95% 5.77%
12.80 16.13 4.92 67.11 11.33% 3.94% 5.77% 41.54% 19.31%
 14.07 17.69 5.48 50.40 15.01% 3.08% 5.44% 38.63% 21.66%
8.23 11.12 0.89 43.72 -11.14% 1.70% 3.40% 31.23% 7.39%
9.79 10.67 1.03 20.03 13.43% 0.16% 1.12% 13.37% 10.13%
8.59 9.37 1.30 17.68 -22.25% 0.69% 2.53% 29.08% 12.41%
20.79 24.69 1.19 19.05 NA 1.92% 1.47% 5.51% 13.45%
10.46 13.56 3.15 161.09 22.95% 3.03% 7.41% 88.52% 16.66%
6.47 11.12 1.42 25.80 12.39% 19.89% 10.53% 109.08% 2.15%
8.91 12.77 4.25 19.68 10.42% 3.03% 4.92% 91.56% 27.77%
5.90 9.30 1.65 9.47 2.07% 13.25% 6.64% 97.92% 16.83%
5.09 10.87 1.35 29.39 -2.80% 62.06% 38.34% 249.48% 6.25%
16.03 25.03 2.23 113.53 3.23% 12.96% 13.84% 221.04% 9.57%
6.92 10.39 1.74 18.40 8.92% 3.81% 3.65% 96.05% 14.04%
9.09 13.78 3.58 26.99 11.62% 4.26% 6.99% 91.60% 20.65%
9.05 14.93 3.11 36.87 12.82% 4.87% 1.40% 29.98% 9.94%
9.89 18.14 1.85 22.03 11.56% 21.53% 14.65% 131.27% 9.53%
6.11 30.13 0.97 17.87 30.52% 16.65% -7.73% 27.69% -6.90%
9.57 17.17 1.74 53.61 12.26% 3.88% 7.13% 108.28% 19.97%
22.67 51.90 2.11 43.45 41.25% 4.70% -0.23% 12.02% 7.74%
27.76 55.29 1.85 147.18 26.49% 9.73% 9.04% 198.85% 0.50%
8.23 9.17 1.82 70.45 7.79% 31.22% 30.73% 101.02% 24.65%
14.86 23.74 2.69 48.96 6.66% 3.98% 3.91% 59.17% 16.36%
10.41 16.36 3.66 32.94 20.37% 6.91% 6.77% 85.55% 24.83%
6.71 7.72 0.98 13.28 33.53% 0.79% 0.62% 24.85% 10.89%
11.86 21.68 7.80 40.53 0.78% 6.86% 4.57% 52.82% 32.27%
12.58 20.53 6.27 19.44 9.80% 2.04% 3.87% 147.48% 32.34%
12.41 17.67 9.59 29.90 7.16% 1.76% -0.35% -10.25% 30.36%
12.23 15.02 3.33 29.24 19.65% 6.58% 8.04% 148.83% 16.79%
9.57 16.57 3.54 27.65 4.42% 2.49% 1.88% 67.51% 17.15%
9.19 27.44 4.20 31.83 0.86% 2.61% 2.95% 237.13% 39.05%
24.51 59.62 8.20 59.46 -0.67% 4.76% 7.68% 285.26% 11.91%
9.40 20.41 4.01 35.59 10.36% 2.52% 3.00% 96.65% 15.78%
5.31 8.40 2.59 13.70 13.03% 5.55% 5.58% 88.51% 52.36%
10.29 15.89 3.44 93.00 19.54% 10.97% 14.51% 93.83% 16.11%
12.21 21.57 2.76 48.99 19.93% 11.14% 16.66% 243.55% 5.55%
9.44 19.50 1.58 13.39 9.09% 11.73% 4.31% 68.24% 20.76%
15.17 20.26 5.83 21.88 21.38% 0.57% 0.74% 11.00% 24.09%
13.11 18.19 2.75 48.14 26.09% 2.14% 4.84% 40.47% 7.12%
21.10 33.76 4.15 157.21 14.67% 11.58% 20.28% 180.35% 13.48%
14.32 18.41 4.62 85.73 12.36% 4.50% 13.26% 75.08% 18.77%
8.63 16.14 1.58 52.01 20.85% 3.51% 4.94% 173.87% -13.99%
7.79 120.94 1.32 66.02 4.88% 14.14% -22.20% ### -4.75%
12.01 15.86 2.86 77.37 16.90% 3.71% 4.91% 32.16% 14.40%
6.03 10.53 3.20 32.00 -3.02% 15.46% 1.94% 6.76% 23.72%
11.55 12.24 955.60 19.92 15.97% 2.60% 2.77% 16.06% -54.14%
10.64 18.25 6.04 25.11 8.28% 4.74% 2.08% 52.77% 24.27%
10.51 13.98 3.78 25.81 2.83% 18.30% 10.30% 50.71% 20.44%
9.97 16.70 4.35 27.84 5.75% 17.15% 14.97% 260.42% 19.36%
114.72 NA 1.44 18.87 NA 15.60% 18.27% NA -11.89%
10.58 17.81 2.08 20.12 7.16% 23.51% 14.03% 132.75% 11.00%
11.38 16.70 2.18 19.81 6.55% 30.71% 17.96% 91.50% 10.08%
14.728994403 22.796544732 2.5775972659 60.491478147 -0.16621221 0.066826066 0.062067757 0.853003718 0.144883007
 Equity
Dividend Reinvestmen
Payout Ratio t Rate
72.50% 72.50%
31.00% 31.00%
5.10% 5.10%
26.40% 26.40%
35.90% 35.90%
21.04% 21.04%
23.15% 23.15%
26.83% 26.83%
24.49% 24.49%
55.88% 55.88%
10.09% 10.09%
15.80% 15.80%
18.90% 18.90%
29.90% 29.90%
21.15% 21.15%
69.73% 69.73%
36.27% 36.27%
28.02% 28.02%
0.51% 0.51%
26.40% 26.40%
27.74% 27.74%
32.89% 32.89%
25.83% 25.83%
22.05% 22.05%
61.85% 61.85%
25.14% 25.14%
49.60% 49.60%
29.48% 29.48%
14.55% 14.55%
13.88% 13.88%
22.97% 22.97%
94.98% 94.98%
26.00% 26.00%
9.85% 9.85%
40.22% 40.22%
58.20% 58.20%
26.36% 26.36%
2.69% 2.69%
37.39% 37.39%
18.14% 18.14%
12.54% 12.54%
6.30% 6.30%
82.39% 82.39%
126.86% 126.86%
59.29% 59.29%
 22.96% 22.96%
17.17% 17.17%
24.29% 24.29%
23.12% 23.12%
48.31% 48.31%
25.36% 25.36%
261.66% 261.66%
30.36% 30.36%
33.65% 33.65%
55.40% 55.40%
158.35% 158.35%
30.49% 30.49%
26.28% 26.28%
61.59% 61.59%
65.39% 65.39%
0.26% 0.26%
20.50% 20.50%
124.84% 124.84%
0.00% 0.00%
1.65% 1.65%
6.42% 6.42%
49.53% 49.53%
6.20% 6.20%
47.68% 47.68%
3.49% 3.49%
38.38% 38.38%
29.90% 29.90%
40.23% 40.23%
13.87% 13.87%
20.21% 20.21%
30.14% 30.14%
11.62% 11.62%
38.14% 38.14%
64.79% 64.79%
4.33% 4.33%
25.33% 25.33%
12.13% 12.13%
0.62% 0.62%
37.51% 37.51%
1.05% 1.05%
5.26% 5.26%
37.39% 37.39%
55.02% 55.02%
81.95% 81.95%
41.90% 41.90%
31.26% 31.26%
10.86% 10.86%
0.00% 0.00%
64.06% 64.06%
52.85% 52.85%
0.372225274 0.372225274
 Annual
Average
Revenue Pre-tax Average Equity
Number of growth - Operating After-tax effective tax Unlevered (Levered)
Industry Name firms Last 5 years Margin ROC rate Beta Beta
Advertising 253 9.72% 8.86% 28.21% 30.55% 1.10 1.27
Aerospace/Defense 208 6.91% 10.04% 24.34% 27.54% 0.97 1.08
Air Transport 158 8.61% 5.22% 5.17% 19.11% 0.64 1.09
Apparel 1174 10.86% 12.37% 14.95% 25.61% 0.73 0.82
Auto & Truck 125 10.79% 5.89% 6.47% 23.00% 0.84 1.28
Auto Parts 632 11.44% 6.85% 11.15% 25.00% 1.15 1.25
Bank (Money Center) 604 12.92% -0.03% 0.00% 24.29% 0.39 1.02
Banks (Regional) 911 12.34% -0.17% -0.03% 27.98% 0.49 0.66
Beverage (Alcoholic) 216 7.37% 19.23% 13.38% 22.00% 0.69 0.79
Beverage (Soft) 108 4.58% 15.21% 21.84% 25.35% 0.81 0.93
Broadcasting 138 5.19% 16.54% 15.61% 30.24% 1.05 1.35
Brokerage & Investment B 551 8.50% 0.29% 0.04% 26.12% 0.45 1.05
Building Materials 432 9.34% 7.40% 9.85% 28.21% 0.80 0.96
Business & Consumer Serv 759 7.87% 8.26% 21.64% 30.08% 0.91 1.05
Cable TV 64 10.80% 18.63% 15.72% 31.30% 0.71 0.96
Chemical (Basic) 731 10.24% 9.60% 10.93% 18.39% 0.75 0.95
Chemical (Diversified) 85 8.76% 8.08% 9.22% 27.77% 1.14 1.42
Chemical (Specialty) 700 10.47% 10.90% 11.95% 26.02% 0.92 1.03
Coal & Related Energy 321 18.43% 9.68% 7.36% 23.63% 1.05 1.38
Computer Services 934 9.21% 7.92% 23.36% 23.77% 0.92 0.99
Computers/Peripherals 329 4.18% 11.53% 17.59% 23.60% 1.13 1.13
Construction Supplies 751 7.27% 7.82% 7.93% 24.49% 0.89 1.15
Diversified 378 8.76% 10.04% 7.85% 17.76% 0.76 1.08
Drugs (Biotechnology) 782 16.54% 23.93% 12.46% 19.44% 1.12 1.16
Drugs (Pharmaceutical) 877 12.40% 20.91% 13.90% 20.40% 0.85 0.91
Education 170 11.53% 9.43% 11.93% 23.90% 1.02 1.14
Electrical Equipment 838 11.79% 7.51% 11.81% 25.25% 0.99 1.10
Electronics (Consumer & Of 151 1.83% 2.94% 4.86% 38.71% 1.07 1.22
Electronics (General) 1227 6.11% 6.26% 8.61% 24.22% 1.04 1.08
Engineering/Construction 1148 5.35% 4.58% 8.60% 28.15% 0.89 1.25
Entertainment 350 7.33% 16.96% 22.91% 29.19% 0.94 1.12
Environmental & Waste Ser 307 9.07% 9.40% 14.39% 35.83% 1.00 1.27
Farming/Agriculture 408 11.81% 6.00% 8.13% 27.71% 0.64 0.90
Financial Svcs. (Non-bank 966 17.40% 8.26% 0.36% 23.16% 0.10 0.79
Food Processing 1247 8.50% 8.58% 14.22% 26.99% 0.66 0.77
Food Wholesalers 125 5.22% 3.11% 15.64% 29.36% 0.54 0.81
Furn/Home Furnishings 303 7.04% 7.62% 16.09% 19.84% 0.99 1.01
Green & Renewable Energ 167 8.90% 33.92% 8.15% 23.62% 0.74 1.20
Healthcare Products 642 9.88% 16.17% 15.69% 24.47% 0.90 0.97
Healthcare Support Servic 335 10.58% 4.60% 28.81% 36.36% 0.95 1.11
Heathcare Information and 285 12.80% 12.13% 15.56% 22.34% 1.01 1.14
Homebuilding 160 8.42% 8.34% 8.08% 27.66% 1.01 1.34
Hospitals/Healthcare Facilit 199 11.25% 11.47% 8.13% 19.75% 0.56 0.83
Hotel/Gaming 665 11.49% 12.27% 9.28% 17.03% 0.75 0.94
Household Products 465 9.00% 15.11% 23.56% 27.21% 0.91 0.98
Information Services 185 6.68% 21.74% 35.83% 29.68% 1.00 1.06
Insurance (General) 233 13.39% 9.34% 14.32% 27.36% 0.63 0.72
Insurance (Life) 124 14.71% 9.10% 12.13% 24.59% 0.94 1.04
Insurance (Prop/Cas.) 220 11.15% 11.13% 12.48% 23.11% 0.52 0.60
Investments & Asset Mana 914 11.09% 22.78% 8.21% 15.76% 0.65 0.89
Machinery 1272 7.29% 9.72% 12.27% 27.17% 1.06 1.12
Metals & Mining 1589 13.47% 12.05% 11.67% 31.03% 1.07 1.43
Office Equipment & Servic 155 4.05% 7.87% 12.73% 31.08% 0.74 0.91
Oil/Gas (Integrated) 55 10.45% 9.23% 9.99% 37.73% 1.17 1.40
Oil/Gas (Production and Ex 1140 23.64% 23.49% 11.72% 34.94% 1.10 1.48
Oil/Gas Distribution 215 15.15% 7.70% 8.39% 17.89% 0.85 1.23
Oilfield Svcs/Equip. 586 13.00% 4.14% 10.48% 27.30% 1.05 1.38
Packaging & Container 398 8.20% 8.50% 11.72% 25.36% 0.61 0.79
Paper/Forest Products 303 5.58% 6.35% 5.61% 22.24% 0.62 0.96
Power 574 11.86% 12.46% 6.80% 24.89% 0.51 0.87
Precious Metals 1079 33.25% 5.32% 2.64% 41.95% 1.21 1.48
Publshing & Newspapers 373 0.67% 8.47% 10.71% 18.18% 0.86 1.02
R.E.I.T. 482 13.47% 29.53% 3.32% 2.63% 0.45 0.79
Real Estate (Development) 703 15.78% 21.57% 9.14% 30.11% 0.78 1.16
Real Estate (General/Divers 449 9.47% 19.85% 4.89% 19.17% 0.70 1.08
Real Estate (Operations & 577 10.19% 30.68% 5.23% 19.41% 0.55 0.92
Recreation 293 4.14% 10.82% 9.82% 26.92% 0.95 1.07
Reinsurance 40 14.08% 12.50% 14.99% 11.50% 1.07 1.21
Restaurant/Dining 306 6.71% 9.65% 12.01% 31.32% 0.70 0.84
Retail (Automotive) 149 9.64% 4.30% 9.99% 32.98% 0.72 0.96
Retail (Building Supply) 50 7.99% 8.10% 11.71% 35.68% 0.90 1.03
Retail (Distributors) 889 9.42% 3.78% 6.18% 27.60% 0.58 0.93
Retail (General) 231 8.82% 4.17% 9.01% 32.62% 0.73 0.93
Retail (Grocery and Food) 180 10.24% 3.15% 7.30% 28.84% 0.60 0.85
Retail (Online) 115 19.34% 4.34% 17.10% 26.29% 1.40 1.42
Retail (Special Lines) 540 5.69% 6.29% 11.13% 32.67% 0.87 1.03
Rubber& Tires 89 8.87% 10.96% 12.44% 32.30% 0.93 1.13
Semiconductor 564 8.27% 17.56% 12.65% 17.85% 1.23 1.27
Semiconductor Equip 259 12.60% 10.95% 8.54% 18.24% 1.35 1.40
Shipbuilding & Marine 354 3.18% 7.80% 4.65% 26.44% 0.83 1.26
Shoe 95 9.66% 9.80% 14.71% 23.66% 0.84 0.86
Software (Entertainment) 119 0.74% 12.62% 9.82% 30.54% 1.35 1.19
Software (Internet) 759 10.80% 20.41% 17.14% 32.81% 1.35 1.34
Software (System & Applica 991 9.53% 23.80% 21.97% 23.04% 1.10 1.12
Steel 757 5.82% 4.83% 5.22% 29.21% 0.79 1.28
Telecom (Wireless) 117 9.09% 13.50% 9.69% 29.45% 0.88 1.17
Telecom. Equipment 484 5.85% 12.38% 11.52% 19.92% 1.15 1.18
Telecom. Services 308 5.53% 16.07% 13.64% 27.70% 0.69 1.01
Tobacco 61 8.38% 28.61% 52.27% 29.24% 0.69 0.77
Transportation 225 10.45% 8.65% 11.57% 30.04% 0.70 0.88
Transportation (Railroads) 53 5.05% 21.36% 8.88% 31.36% 0.81 1.00
Trucking 190 5.42% 7.61% 9.19% 33.70% 0.68 0.96
Unclassified 33 7.56% 19.38% 6.38% 8.75% 0.61 0.86
Utility (General) 56 2.00% 9.94% 7.44% 32.69% 0.51 0.80
Utility (Water) 98 12.98% 26.22% 9.19% 20.05% 0.73 0.98
Total Market 42410 9.94% 9.05% 5.93% 26.09% 0.71 1.07
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/
equity stock prices of debt l capital Capital EV/Sales EV/EBITDA EV/EBIT Price/Book
11.31% 56.72% 4.63% 23.31% 9.43% 3.78 1.51 9.78 16.21 2.50
9.91% 47.90% 4.13% 18.10% 8.64% 2.78 1.38 10.34 13.98 3.26
9.98% 43.55% 4.13% 49.06% 6.50% 1.16 1.41 8.26 26.97 2.30
8.06% 51.79% 4.63% 19.89% 7.10% 1.44 1.73 9.40 13.59 2.27
11.37% 45.05% 4.13% 45.27% 7.53% 1.26 0.94 9.19 15.51 1.43
11.14% 47.79% 4.13% 20.24% 9.47% 2.01 0.81 7.39 11.71 1.84
9.52% 35.24% 4.13% 73.39% 4.66% 0.11 9.37 NA NA 1.11
6.88% 36.79% 4.13% 53.21% 4.76% 0.26 4.39 NA NA 0.96
7.85% 43.05% 4.13% 18.82% 6.91% 0.84 3.33 12.30 16.58 2.86
8.86% 42.96% 4.13% 19.20% 7.71% 1.64 2.63 13.61 17.27 4.66
11.85% 50.58% 4.63% 29.37% 9.32% 1.17 2.48 10.59 14.91 2.36
9.70% 56.73% 4.63% 67.14% 5.36% 0.17 6.96 NA NA 1.74
9.06% 47.42% 4.13% 27.13% 7.39% 1.63 1.11 9.32 14.78 1.75
9.69% 50.70% 4.63% 21.87% 8.28% 3.21 1.31 10.13 15.57 3.17
9.10% 43.88% 4.13% 32.90% 7.05% 1.02 3.56 10.92 19.07 5.79
8.99% 46.40% 4.13% 30.25% 7.14% 1.36 1.07 7.02 10.38 1.45
12.38% 43.73% 4.13% 28.94% 9.64% 1.45 1.12 8.46 13.61 1.91
9.55% 49.35% 4.13% 19.09% 8.28% 1.32 1.74 10.87 15.79 2.58
12.08% 72.21% 5.13% 35.06% 9.11% 0.81 1.72 8.55 16.48 1.30
9.26% 52.97% 4.63% 16.07% 8.29% 3.62 1.03 9.56 12.73 3.44
10.29% 55.30% 4.63% 11.15% 9.51% 1.78 1.30 7.90 11.26 2.51
10.46% 48.14% 4.13% 32.34% 8.01% 1.20 1.37 10.07 16.74 1.68
9.93% 38.88% 4.13% 39.72% 7.13% 0.92 1.69 11.27 16.46 1.34
10.48% 85.38% 5.63% 7.64% 9.98% 0.53 10.12 19.75 38.97 7.84
8.68% 55.39% 4.63% 11.43% 8.06% 0.77 3.93 13.61 18.69 3.72
10.33% 56.66% 4.63% 21.75% 8.79% 1.49 1.86 9.42 18.98 2.21
10.06% 49.99% 4.13% 21.03% 8.55% 1.81 1.31 11.22 16.76 2.23
10.91% 52.36% 4.63% 28.81% 8.70% 1.89 0.52 6.99 15.49 1.47
9.90% 52.45% 4.63% 17.84% 8.72% 1.60 1.07 9.07 16.71 1.78
11.16% 52.45% 4.63% 44.62% 7.63% 2.25 0.67 9.17 14.19 1.48
10.22% 59.72% 4.63% 21.67% 8.71% 1.49 2.98 11.79 17.14 3.29
11.27% 62.88% 4.63% 26.68% 9.12% 1.74 1.72 10.23 17.89 2.61
8.64% 46.18% 4.13% 37.62% 6.48% 1.55 0.93 10.71 15.17 1.59
7.82% 45.27% 4.13% 89.52% 3.41% 0.05 19.48 155.86 NA 1.30
7.71% 42.50% 4.13% 20.81% 6.71% 2.00 1.43 11.81 16.48 2.69
7.97% 45.54% 4.13% 44.51% 5.71% 6.08 0.37 7.71 11.87 1.25
9.42% 49.73% 4.13% 16.71% 8.33% 2.55 0.97 9.24 12.52 2.29
10.79% 53.45% 4.63% 42.14% 7.61% 0.26 6.20 10.84 18.03 1.54
9.16% 58.69% 4.63% 12.80% 8.40% 1.07 3.51 14.49 21.03 3.70
10.15% 47.70% 4.13% 22.93% 8.49% 7.48 0.63 10.23 13.52 2.49
10.33% 68.43% 5.13% 16.49% 9.22% 1.38 3.38 16.46 28.13 3.93
11.77% 51.33% 4.63% 36.53% 8.65% 1.21 1.19 10.40 13.85 1.36
8.15% 41.92% 4.13% 38.34% 6.13% 0.83 2.83 13.23 24.14 2.88
8.90% 46.98% 4.13% 28.60% 7.18% 0.87 2.50 11.74 19.98 2.29
9.19% 50.39% 4.63% 12.70% 8.44% 1.82 2.56 13.28 16.84 4.26
9.78% 51.45% 4.63% 11.71% 9.02% 1.98 3.78 13.72 17.35 5.23
7.31% 35.05% 4.13% 29.30% 6.01% 1.81 0.81 7.10 8.37 1.07
9.61% 36.75% 4.13% 32.85% 7.40% 1.66 0.96 9.82 10.58 1.35
 6.45% 37.33% 4.13% 23.97% 5.60% 1.35 1.02 8.51 9.05 1.22
8.57% 47.25% 4.13% 38.41% 6.39% 0.39 4.69 16.33 17.97 1.27
10.23% 48.15% 4.13% 17.38% 8.95% 1.55 1.49 10.83 15.07 2.35
12.45% 79.34% 5.13% 31.87% 9.63% 1.01 1.37 6.81 11.10 1.28
8.73% 48.07% 4.13% 30.48% 6.95% 1.99 1.11 8.47 13.99 2.36
12.19% 40.33% 4.13% 27.35% 9.65% 1.45 0.76 4.60 8.19 1.03
12.82% 73.94% 5.13% 31.98% 9.87% 0.54 2.42 4.83 10.04 1.20
11.02% 45.55% 4.13% 34.58% 8.21% 1.20 2.01 15.65 25.12 2.12
12.11% 56.14% 4.63% 33.42% 9.15% 2.96 0.55 7.76 13.01 1.45
7.84% 44.72% 4.13% 31.57% 6.28% 1.70 1.20 8.74 14.03 2.21
9.06% 47.03% 4.13% 42.96% 6.41% 1.00 1.19 9.18 18.37 1.29
8.42% 38.21% 4.13% 49.19% 5.70% 0.66 1.94 8.65 15.49 1.29
12.80% 95.83% 6.13% 26.22% 10.57% 0.51 2.26 7.63 39.22 1.08
9.50% 52.04% 4.63% 24.72% 7.95% 1.49 1.63 9.61 16.88 1.93
7.81% 29.85% 4.13% 44.49% 5.62% 0.11 12.62 22.80 37.39 1.69
10.52% 48.53% 4.13% 47.42% 6.90% 0.52 2.69 11.38 12.08 1.00
9.90% 49.50% 4.13% 44.11% 6.81% 0.29 3.92 14.41 19.07 0.92
8.77% 43.86% 4.13% 47.25% 5.99% 0.20 6.26 15.88 18.79 0.98
9.82% 49.10% 4.13% 21.63% 8.32% 1.09 1.97 10.71 17.41 2.57
10.83% 28.34% 4.13% 24.87% 8.85% 1.34 0.81 6.52 6.46 0.91
8.21% 41.15% 4.13% 24.61% 6.90% 1.58 2.11 11.48 21.29 5.19
9.05% 43.92% 4.13% 33.74% 6.97% 2.98 0.81 11.72 18.74 3.57
9.54% 35.64% 4.13% 20.43% 8.18% 2.08 1.41 11.04 17.37 4.84
8.84% 49.35% 4.13% 48.46% 5.96% 2.02 0.67 11.52 17.32 1.27
8.84% 40.14% 4.13% 30.82% 7.00% 2.81 0.76 9.30 17.88 2.32
8.24% 36.41% 4.13% 40.82% 6.06% 3.06 0.61 8.05 19.38 1.81
12.34% 72.03% 5.13% 8.44% 11.60% 4.44 2.19 23.72 52.08 7.47
9.57% 47.17% 4.13% 24.59% 7.93% 2.27 1.22 9.90 19.21 3.45
10.29% 43.79% 4.13% 28.39% 8.19% 1.46 0.96 5.84 8.65 1.66
11.30% 53.27% 4.63% 11.47% 10.38% 0.80 2.81 9.48 16.21 2.96
12.25% 57.71% 4.63% 13.47% 11.04% 0.87 2.70 13.80 23.01 2.75
11.19% 49.49% 4.13% 44.10% 7.53% 0.68 1.76 9.50 22.06 1.22
8.35% 49.82% 4.13% 10.52% 7.78% 1.87 1.79 12.99 18.24 3.35
10.72% 68.74% 5.13% 9.48% 10.04% 0.88 2.40 10.25 15.44 2.09
11.77% 68.76% 5.13% 5.23% 11.34% 0.91 6.18 20.73 31.86 4.55
10.24% 62.34% 4.63% 8.14% 9.67% 1.03 4.49 14.24 18.27 4.41
11.34% 54.23% 4.63% 47.34% 7.51% 1.25 0.78 7.47 15.36 0.94
10.55% 47.57% 4.13% 32.79% 8.04% 0.83 2.00 6.42 14.71 1.74
10.61% 57.38% 4.63% 11.72% 9.75% 1.05 2.20 12.08 16.62 2.73
9.44% 50.50% 4.63% 38.63% 7.05% 0.99 2.02 5.91 12.45 1.95
7.66% 39.03% 4.13% 14.43% 6.97% 2.24 3.68 11.59 12.85 10.80
8.49% 42.81% 4.13% 31.89% 6.70% 1.69 1.32 9.31 15.20 2.36
9.36% 32.27% 4.13% 26.24% 7.66% 0.56 3.29 10.32 15.47 2.52
9.04% 42.00% 4.13% 38.57% 6.67% 1.56 1.15 8.21 14.94 2.33
8.34% 58.05% 4.63% 36.24% 6.49% 0.36 6.89 14.41 22.92 2.36
7.90% 32.08% 4.13% 45.72% 5.61% 0.99 1.41 8.29 14.14 1.45
9.17% 42.62% 4.13% 32.89% 7.11% 0.41 4.95 12.83 18.60 2.15
9.87% 51.47% 4.63% 44.24% 6.94% 0.76 2.00 12.54 20.24 1.78
 Non-cash Cap Ex as Net Cap Ex Dividend Equity
WC as % of % of as % of Reinvestme Payout Reinvestmen
Trailing PE Revenues Revenues Revenues nt Rate ROE Ratio t Rate
63.93 -6.27% 1.84% 1.45% 37.84% 10.21% 51.39% 51.39%
36.81 21.11% 3.33% 4.61% 94.37% 21.05% 32.53% 32.53%
23.96 -2.40% 9.99% 5.38% 125.07% 11.09% 32.69% 32.69%
53.20 23.85% 4.28% 5.78% 84.82% 12.07% 43.21% 43.21%
31.16 2.28% 7.09% 6.88% 163.55% 14.68% 29.62% 29.62%
43.50 9.91% 5.45% 5.64% 121.45% 13.32% 22.84% 22.84%
22.92 NA 4.31% 4.74% NA 10.26% 36.72% 36.72%
37.96 NA 5.51% 2.44% NA 8.55% 23.45% 23.45%
34.36 6.81% 5.37% 3.74% 33.29% 14.10% 54.73% 54.73%
64.53 1.63% 3.42% 3.07% -34.69% 20.79% 58.13% 58.13%
28.73 12.92% 3.45% 2.82% 32.76% 8.64% 55.67% 55.67%
248.96 NA 2.63% 2.37% ### 9.01% 27.72% 27.72%
41.88 17.10% 3.85% 4.16% 93.55% 8.50% 39.47% 39.47%
44.50 9.45% 2.78% 3.58% 73.12% 15.21% 65.48% 65.48%
116.12 13.48% 12.50% 2.74% 24.61% 23.75% 29.91% 29.91%
78.15 13.42% 5.40% 5.60% 98.60% 8.91% 62.94% 62.94%
26.74 19.55% 5.92% 6.00% 109.21% 12.43% 46.56% 46.56%
34.22 17.46% 7.00% 8.14% 109.07% 12.32% 47.61% 47.61%
70.52 2.45% 13.39% 11.19% 188.42% 4.50% 117.15% 117.15%
54.59 12.19% 1.72% 2.12% 54.14% 19.68% 31.39% 31.39%
76.74 8.56% 4.89% 5.84% 62.73% 18.26% 26.45% 26.45%
36.16 16.27% 5.31% 5.18% 126.20% 8.90% 54.25% 54.25%
26.92 4.59% 5.82% 6.10% 81.22% 10.75% 29.93% 29.93%
108.44 24.61% 4.44% 21.34% 162.34% 10.58% 29.31% 29.31%
81.26 19.49% 4.36% 7.66% 54.54% 15.00% 61.73% 61.73%
310.11 8.41% 5.37% 6.15% 120.91% 6.10% 62.79% 62.79%
333.33 22.32% 3.73% 4.81% 100.25% 7.76% 57.16% 57.16%
34.90 6.87% 3.02% 2.79% 121.27% 2.35% 101.58% 101.58%
54.19 18.48% 4.97% 5.43% 153.81% 9.11% 31.53% 31.53%
103.83 11.67% 3.10% 3.29% 151.49% 7.62% 67.19% 67.19%
213.79 10.39% 4.13% 2.65% 94.50% 15.25% 25.94% 25.94%
41.23 11.30% 5.89% 2.94% 65.52% 5.93% 86.61% 86.61%
31.29 18.82% 3.80% 4.68% 119.21% 9.68% 37.77% 37.77%
111.52 NA 7.38% 8.26% 158.19% 24.84% 333.91% 333.91%
159.96 10.81% 4.50% 6.98% 115.19% 12.64% 51.45% 51.45%
63.69 2.97% 1.60% 1.62% 90.90% 10.68% 50.99% 50.99%
48.17 10.44% 3.06% 3.64% 50.87% 15.35% 37.28% 37.28%
45.99 0.85% 35.95% 30.40% 120.06% 7.80% 87.40% 87.40%
60.77 25.74% 5.14% 12.28% 114.37% 11.45% 38.96% 38.96%
52.08 0.46% 1.02% 1.58% 76.34% 11.38% 25.05% 25.05%
123.00 22.23% 3.63% 19.35% 227.79% 9.65% 17.60% 17.60%
35.82 66.89% 0.81% 2.14% 137.86% 12.17% 19.62% 19.62%
71.58 13.28% 5.94% 7.58% 124.55% 12.24% 59.84% 59.84%
50.53 -0.80% 7.01% 4.76% 48.85% 9.68% 53.66% 53.66%
63.65 10.14% 4.09% 5.50% 50.37% 17.59% 54.33% 54.33%
35.14 13.85% 3.05% 4.95% 37.13% 22.36% 25.90% 25.90%
20.45 4.37% 0.79% 1.24% 8.48% 10.77% 42.41% 42.41%
29.73 4.75% 0.62% 0.81% 7.98% 10.95% 31.70% 31.70%
 16.13 -25.63% 0.65% 1.33% 18.56% 10.69% 30.35% 30.35%
131.39 NA 2.02% -3.05% -14.15% 12.25% 45.31% 45.31%
54.58 23.46% 3.84% 5.36% 96.20% 11.77% 36.57% 36.57%
65.71 9.89% 12.96% 9.89% 134.21% 8.00% 69.85% 69.85%
203.75 12.95% 3.54% 4.33% 91.05% 10.97% 37.55% 37.55%
15.01 3.33% 11.35% 6.09% 111.94% 11.41% 44.94% 44.94%
52.25 -0.33% 51.05% 34.14% 213.10% 8.23% 52.89% 52.89%
90.52 3.09% 14.79% 14.60% 227.93% 9.15% 138.99% 138.99%
607.04 7.98% 3.57% 3.08% 115.35% 9.97% 40.25% 40.25%
36.73 14.10% 5.30% 6.47% 104.27% 11.20% 44.73% 44.73%
66.53 16.69% 6.33% 4.06% 88.70% 4.52% 73.54% 73.54%
37.79 2.60% 15.91% 11.55% 131.00% 8.15% 68.52% 68.52%
1831.07 13.94% 24.80% 13.37% 548.81% -6.32% 0.76% 0.76%
37.64 8.34% 3.41% 4.51% 73.52% 13.40% 37.79% 37.79%
32.40 34.80% 8.80% 10.10% 45.31% 10.48% 69.95% 69.95%
49.76 164.65% 4.02% 6.75% 185.09% 14.27% 37.86% 37.86%
76.83 78.65% 6.64% 6.88% 85.41% 8.94% 26.94% 26.94%
35.02 20.35% 7.30% 9.65% 46.25% 8.00% 40.10% 40.10%
56.72 17.62% 5.56% 5.22% 73.41% 11.81% 42.07% 42.07%
11.14 -41.98% 0.14% 0.24% 1.49% 13.66% 27.39% 27.39%
44.75 -1.17% 5.52% 4.12% 61.18% 19.55% 50.15% 50.15%
88.65 8.36% 2.65% 3.73% 134.05% 19.36% 23.19% 23.19%
30.55 7.26% 2.03% 0.32% 3.79% 19.41% 37.86% 37.86%
218.46 14.11% 2.76% 3.12% 151.25% 9.61% 36.45% 36.45%
31.22 0.93% 3.11% 2.53% 99.22% 12.52% 40.62% 40.62%
33.03 -3.53% 3.13% 4.41% 173.08% 10.18% 59.23% 59.23%
73.15 0.21% 4.38% 7.12% 245.73% 11.52% 21.12% 21.12%
28.68 9.75% 2.41% 2.69% 84.55% 14.05% 36.01% 36.01%
19.62 19.58% 4.98% 4.47% 58.12% 14.55% 29.66% 29.66%
50.00 18.02% 13.58% 16.75% 130.50% 14.96% 36.86% 36.86%
41.77 27.30% 7.56% 9.24% 134.95% 5.44% 50.43% 50.43%
45.15 0.03% 12.34% 9.29% 174.25% 6.54% 54.65% 54.65%
25.52 20.69% 1.71% 1.68% 38.92% 15.78% 43.87% 43.87%
52.54 17.88% 3.37% 4.80% 35.41% 8.30% 18.47% 18.47%
145.13 7.59% 9.95% 16.70% 141.83% 14.78% 7.22% 7.22%
69.26 12.98% 4.02% 11.30% 71.24% 17.73% 37.91% 37.91%
47.45 13.06% 5.68% 5.83% 179.95% 0.65% 519.88% 519.88%
24.46 -6.98% 17.84% 9.05% 102.91% 23.02% 28.10% 28.10%
107.83 17.13% 3.14% 4.11% 43.57% 13.72% 40.95% 40.95%
29.53 -0.65% 13.55% 0.83% 9.49% 14.91% 61.31% 61.31%
25.41 16.90% 3.26% 2.02% 11.39% 59.64% 70.95% 70.95%
29.78 3.37% 4.15% 1.78% 51.33% 13.89% 52.25% 52.25%
25.95 -0.04% 15.76% 12.02% 81.74% 13.83% 28.44% 28.44%
29.56 4.80% 9.69% 8.13% 167.50% 10.51% 26.03% 26.03%
89.48 -118.42% 10.36% 16.10% 91.09% -7.15% 0.05% 0.05%
28.99 0.86% 11.37% 6.17% 87.35% 2.02% 357.99% 357.99%
51.54 6.25% 19.01% 13.73% 72.55% 13.69% 55.95% 55.95%
90.60 -93.99% 6.60% 5.65% 97.23% 11.42% 54.41% 54.41%
Country Country Default SpreadERPMarginal tax rateCRP
Abu Dhabi 0.50% 6.50% 55.00% ###
Albania 4.50% ### 15.00% ###
Andorra 0.75% 6.88% 19.00% ###
Angola 3.00% ### 35.00% ###
Anguilla 5.75% ### 16.67% ###
Argentina 7.50% ### 35.00% ###
Armenia 3.00% ### 20.00% ###
Aruba 6.50% ### 28.00% ###
Australia 0.00% 5.75% 30.00% ###
Austria 0.00% 5.75% 25.00% ###
Azerbaijan 2.20% 9.05% 25.00% ###
Bahamas 1.90% 8.60% 0.00% ###
Bahrain 1.90% 8.60% 0.00% ###
Bangladesh 3.60% ### 27.50% ###
Barbados 6.50% ### 25.00% ###
Belarus 6.50% ### 18.00% ###
Belgium 0.60% 6.65% 33.99% ###
Belize 9.00% ### 33.99% ###
Benin 3.99% ### 27.85% ###
Bermuda 0.70% 6.80% 0.00% ###
Bolivia 3.60% ### 25.00% ###
Bosnia and Herzegovina 6.50% ### 10.00% ###
Botswana 0.85% 7.03% 22.00% ###
Brazil 1.90% 8.60% 25.00% ###
British Virgin Islands 5.75% ### 16.67% ###
Bulgaria 1.90% 8.60% 10.00% ###
Burkina Faso 6.50% ### 10.00% ###
Cambodia 5.50% ### 20.00% ###
Cameroon 5.50% ### 20.00% ###
Canada 0.00% 5.75% 26.50% ###
Cape Verde 5.50% ### 26.50% ###
Cayman Islands 5.50% ### 0.00% ###
Channel Islands 0.75% 6.88% 0.00% ###
Chile 0.60% 6.65% 20.00% ###
China 0.60% 6.65% 25.00% ###
Colombia 1.90% 8.60% 25.00% ###
Congo (Democratic Repub 6.50% ### 27.85% ###
Congo (Republic of) 3.60% ### 27.85% ###
Cook Islands 4.50% ### 25.00% ###
Costa Rica 2.50% 9.50% 30.00% ###
Croatia 2.50% 9.50% 20.00% ###
Cuba 9.00% ### 20.00% ###
Curaçao 5.75% ### 27.50% ###
Cyprus 6.50% ### 12.50% ###
Czech Republic 0.70% 6.80% 19.00% ###
Denmark 0.00% 5.75% 24.50% ###
Dominican Republic 4.50% ### 28.00% ###
Ecuador 6.50% ### 22.00% ###
Egypt 7.50% ### 25.00% ###
El Salvador 3.60% ### 30.00% ###
Estonia 0.70% 6.80% 21.00% ###
Falkland Islands 2.80% 9.95% 0.00% ###
Fiji 4.50% ### 20.00% ###
Finland 0.00% 5.75% 20.00% ###
France 0.40% 6.35% 33.33% ###
Gabon 3.60% ### 33.33% ###
Georgia 3.60% ### 15.00% ###
Germany 0.00% 5.75% 29.58% ###
Ghana 5.50% ### 25.00% ###
Gibraltar 0.75% 6.88% 10.00% ###
Greece 7.50% ### 26.00% ###
Greenland 0.75% 6.88% 26.00% ###
Guatemala 2.50% 9.50% 28.00% ###
Honduras 6.50% ### 30.00% ###
Hong Kong 0.40% 6.35% 30.00% ###
Hungary 2.50% 9.50% 19.00% ###
Iceland 2.20% 9.05% 20.00% ###
India 2.20% 9.05% 33.99% ###
Indonesia 2.20% 9.05% 25.00% ###
Ireland 1.60% 8.15% 12.50% ###
Isle of Man 0.40% 6.35% 0.00% ###
Israel 0.70% 6.80% 26.50% ###
Italy 1.90% 8.60% 31.40% ###
Ivory Coast 4.50% ### 27.85% ###
Jamaica 10.00% ### 25.00% ###
Japan 0.70% 6.80% 35.64% ###
Jordan 4.50% ### 14.00% ###
Kazakhstan 1.90% 8.60% 20.00% ###
Kenya 4.50% ### 30.00% ###
Korea 0.60% 6.65% 30.00% ###
Kuwait 0.50% 6.50% 15.00% ###
Kyrgyzstan 2.22% 9.08% 20.00% ###
Laos 1.01% 7.26% 21.91% ###
Latvia 1.60% 8.15% 15.00% ###
Lebanon 5.50% ### 15.00% ###
Liechtenstein 0.00% 5.75% 12.50% ###
Lithuania 1.60% 8.15% 15.00% ###
Luxembourg 0.00% 5.75% 29.22% ###
Macau 0.50% 6.50% 12.00% ###
Macedonia 3.60% ### 10.00% ###
Malawi 3.99% ### 30.00% ###
Malaysia 1.20% 7.55% 25.00% ###
Malta 1.20% 7.55% 35.00% ###
Marshall Islands 1.01% 7.26% 0.00% ###
Mauritius 1.60% 8.15% 15.00% ###
Mexico 1.20% 7.55% 30.00% ###
Moldova 6.50% ### 25.00% ###
Monaco 0.00% 5.75% 30.00% ###
Mongolia 5.50% ### 30.00% ###
Montenegro 3.60% ### 9.00% ###
Montserrat 2.20% 9.05% 20.00% ###
Morocco 2.50% 9.50% 30.00% ###
Mozambique 4.50% ### 32.00% ###
Namibia 2.20% 9.05% 33.00% ###
Netherlands 0.00% 5.75% 25.00% ###
Netherlands Antilles 0.00% 5.75% 20.00% ###
New Zealand 0.00% 5.75% 28.00% ###
Nicaragua 6.50% ### 27.15% ###
Niger 3.99% ### 27.85% ###
Nigeria 3.60% ### 30.00% ###
Norway 0.00% 5.75% 27.00% ###
Oman 0.70% 6.80% 12.00% ###
Pakistan 7.50% ### 34.00% ###
Palestinian Authority 7.50% ### 20.00% ###
Panama 1.90% 8.60% 25.00% ###
Papua New Guinea 4.50% ### 30.00% ###
Paraguay 3.00% ### 10.00% ###
Peru 1.20% 7.55% 30.00% ###
Philippines 1.90% 8.60% 30.00% ###
Poland 0.85% 7.03% 19.00% ###
Portugal 2.50% 9.50% 23.00% ###
Qatar 0.50% 6.50% 10.00% ###
Reunion 0.00% 5.75% 0.00% ###
Romania 2.20% 9.05% 16.00% ###
Russia 1.90% 8.60% 20.00% ###
Rwanda 5.50% ### 27.85% ###
Samoa 5.50% ### 27.00% ###
Saudi Arabia 0.60% 6.65% 20.00% ###
Senegal 4.50% ### 27.85% ###
Serbia 4.50% ### 15.00% ###
Sierra Leone 3.99% ### 30.00% ###
Singapore 0.00% 5.75% 17.00% ###
Slovakia 0.85% 7.03% 22.00% ###
Slovenia 2.50% 9.50% 17.00% ###
South Africa 1.90% 8.60% 28.00% ###
Spain 1.90% 8.60% 30.00% ###
Sri Lanka 4.50% ### 28.00% ###
St. Maarten 1.60% 8.15% 20.00% ###
St. Vincent & the Grenad 6.50% ### 20.00% ###
Sudan 3.99% ### 35.00% ###
Suriname 3.60% ### 34.50% ###
Sweden 0.00% 5.75% 22.00% ###
Switzerland 0.00% 5.75% 17.92% ###
Taiwan 0.60% 6.65% 17.00% ###
Tanzania 3.99% ### 30.00% ###
Thailand 1.60% 8.15% 20.00% ###
Togo 3.99% ### 27.85% ###
Trinidad & Tobago 1.60% 8.15% 25.00% ###
Tunisia 3.60% ### 25.00% ###
Turkey 2.20% 9.05% 20.00% ###
Turks & Caicos Islands 2.20% 9.05% 20.00% ###
Uganda 4.50% ### 30.00% ###
Ukraine 10.00% ### 18.00% ###
United Arab Emirates 0.50% 6.50% 55.00% ###
United Kingdom 0.40% 6.35% 21.00% ###
United States 0.00% 5.75% 40.00% ###
Uruguay 1.90% 8.60% 25.00% ###
Venezuela 7.50% ### 34.00% ###
Vietnam 4.50% ### 22.00% ###
Zambia 4.50% ### 35.00% ###
Zimbabwe 3.99% ### 27.85% ###

Region Default Spread ERP Tax Rate

Africa 3.99% ### 27.85%
Asia 1.01% ### 21.91%
Australia & New Zealan 0.00% ### 26.00%
Caribbean 5.75% ### 14.92%
Central and South Amer 2.80% ### 27.15%
Eastern Europe & Russi 2.22% ### 16.38%
Middle East 0.73% ### 19.22%
North America 0.00% ### 33.25%
Western Europe 0.75% ### 19.68%
Global 1.43% ### 23.57%
Country GDP (in billions)
Adj. Default Spread Total Risk Premium Country Risk Premium
Abu Dhabi 390 0.50% 6.50% 0.75%
Albania 12.9 4.50% 12.50% 6.75%
Andorra (Principali 4.5 1.60% 8.15% 2.40%
Angola 124.2 3.00% 10.25% 4.50%
Argentina 609.9 7.50% 17.00% 11.25%
Armenia 10.4 3.00% 10.25% 4.50%
Aruba 2.6 6.50% 15.50% 9.75%
Australia 1560.4 0.00% 5.75% 0.00%
Austria 428.3 0.00% 5.75% 0.00%
Azerbaijan 73.4 2.20% 9.05% 3.30%
Bahamas 8.4 1.90% 8.60% 2.85%
Bahrain 32.9 1.90% 8.60% 2.85%
Bangladesh 150 3.60% 11.15% 5.40%
Barbados 3.7 6.50% 15.50% 9.75%
Belarus 71.7 6.50% 15.50% 9.75%
Belgium 524.8 0.60% 6.65% 0.90%
Belize 1.6 9.00% 19.25% 13.50%
Bermuda 5.557 0.70% 6.80% 1.05%
Bolivia 30.6 3.60% 11.15% 5.40%
Bosnia and Herzeg 17.9 6.50% 15.50% 9.75%
Botswana 14.8 0.85% 7.03% 1.28%
Brazil 2245.7 1.90% 8.60% 2.85%
Bulgaria 54.5 1.90% 8.60% 2.85%
Burkina Faso 11.6 6.50% 15.50% 9.75%
Cambodia 15.2 5.50% 14.00% 8.25%
Cameroon 29.6 5.50% 14.00% 8.25%
Canada 1826.8 0.00% 5.75% 0.00%
Cayman Islands 1.897 0.60% 6.65% 0.90%
Cape Verde 4 5.50% 14.00% 8.25%
Chile 277.2 0.60% 6.65% 0.90%
China 9240.3 0.60% 6.65% 0.90%
Colombia 378.4 1.90% 8.60% 2.85%
Congo (Democratic 32.7 6.50% 15.50% 9.75%
Congo (Republic of 14.1 3.60% 11.15% 5.40%
Cook Islands 1.2 4.50% 12.50% 6.75%
Costa Rica 49.6 2.50% 9.50% 3.75%
Côte d'Ivoire 31.1 4.50% 12.50% 6.75%
Croatia 57.9 2.50% 9.50% 3.75%
Cuba 60.8 9.00% 19.25% 13.50%
Curacao 1 1.20% 7.55% 1.80%
Cyprus 21.9 6.50% 15.50% 9.75%
Czech Republic 208.9 0.70% 6.80% 1.05%
Denmark 335.9 0.00% 5.75% 0.00%
Dominican Republi 61.2 4.50% 12.50% 6.75%
Ecuador 94.5 6.50% 15.50% 9.75%
Egypt 272 7.50% 17.00% 11.25%
El Salvador 24.3 3.60% 11.15% 5.40%
Estonia 24.9 0.70% 6.80% 1.05%
Ethiopia 47.5 4.50% 12.50% 6.75%
Fiji 3.9 4.50% 12.50% 6.75%
Finland 267.3 0.00% 5.75% 0.00%
France 2806.4 0.40% 6.35% 0.60%
Gabon 19.3 3.60% 11.15% 5.40%
Georgia 16.1 3.60% 11.15% 5.40%
Germany 3730.3 0.00% 5.75% 0.00%
Ghana 48.1 5.50% 14.00% 8.25%
Greece 242.2 7.50% 17.00% 11.25%
Guatemala 53.8 2.50% 9.50% 3.75%
Guernsey (States of 0.5 0.40% 6.35% 0.60%
Honduras 18.6 6.50% 15.50% 9.75%
Hong Kong 274 0.40% 6.35% 0.60%
Hungary 133.4 2.50% 9.50% 3.75%
Iceland 15.3 2.20% 9.05% 3.30%
India 1876.8 2.20% 9.05% 3.30%
Indonesia 868.4 2.20% 9.05% 3.30%
Ireland 232.1 1.60% 8.15% 2.40%
Isle of Man 1.4 0.40% 6.35% 0.60%
Israel 290.6 0.70% 6.80% 1.05%
Italy 2149.5 1.90% 8.60% 2.85%
Jamaica 14.4 10.00% 20.75% 15.00%
Japan 4919.6 0.70% 6.80% 1.05%
Jersey (States of) 1 0.40% 6.35% 0.60%
Jordan 33.7 4.50% 12.50% 6.75%
Kazakhstan 321.9 1.90% 8.60% 2.85%
Kenya 55.2 4.50% 12.50% 6.75%
Korea 1304.6 0.60% 6.65% 0.90%
Kuwait 175.8 0.50% 6.50% 0.75%
Latvia 31 1.60% 8.15% 2.40%
Lebanon 44.4 5.50% 14.00% 8.25%
Liechtenstein 10.5 0.00% 5.75% 0.00%
Lithuania 45.9 1.60% 8.15% 2.40%
Luxembourg 60.1 0.00% 5.75% 0.00%
Macao 51.8 0.50% 6.50% 0.75%
Macedonia 10.2 3.60% 11.15% 5.40%
Malaysia 313.2 1.20% 7.55% 1.80%
Malta 9.6 1.20% 7.55% 1.80%
Mauritius 11.9 1.60% 8.15% 2.40%
Mexico 1260.9 1.20% 7.55% 1.80%
Moldova 8 6.50% 15.50% 9.75%
Mongolia 11.5 5.50% 14.00% 8.25%
Montenegro 4.4 3.60% 11.15% 5.40%
Montserrat 1.5 2.20% 9.05% 3.30%
Morocco 103.8 2.50% 9.50% 3.75%
Mozambique 15.6 4.50% 12.50% 6.75%
Namibia 13.1 2.20% 9.05% 3.30%
Netherlands 853.54 0.00% 5.75% 0.00%
New Zealand 185.8 0.00% 5.75% 0.00%
Nicaragua 11.3 6.50% 15.50% 9.75%
Nigeria 521.8 3.60% 11.15% 5.40%
Norway 512.6 0.00% 5.75% 0.00%
Oman 80 0.70% 6.80% 1.05%
Pakistan 232.3 7.50% 17.00% 11.25%
Panama 42.7 1.90% 8.60% 2.85%
Papua New Guinea 15.3 4.50% 12.50% 6.75%
Paraguay 29 3.00% 10.25% 4.50%
Peru 202.4 1.20% 7.55% 1.80%
Philippines 272.1 1.90% 8.60% 2.85%
Poland 525.9 0.85% 7.03% 1.28%
Portugal 227.3 2.50% 9.50% 3.75%
Qatar 203.2 0.50% 6.50% 0.75%
Ras Al Khaimah (Em 5.2 0.85% 7.03% 1.28%
Romania 189.6 2.20% 9.05% 3.30%
Russia 2096.8 1.90% 8.60% 2.85%
Rwanda 7.5 5.50% 14.00% 8.25%
Saudi Arabia 748.5 0.60% 6.65% 0.90%
Senegal 14.8 4.50% 12.50% 6.75%
Serbia 45.5 4.50% 12.50% 6.75%
Sharjah 1 1.20% 7.55% 1.80%
Singapore 297.9 0.00% 5.75% 0.00%
Slovakia 97.7 0.85% 7.03% 1.28%
Slovenia 48 2.50% 9.50% 3.75%
South Africa 350.6 1.90% 8.60% 2.85%
Spain 1393 1.90% 8.60% 2.85%
Sri Lanka 67.2 4.50% 12.50% 6.75%
St. Maarten 1.5 1.60% 8.15% 2.40%
St. Vincent & the 0.713 6.50% 15.50% 9.75%
Suriname 5.3 3.60% 11.15% 5.40%
Sweden 579.7 0.00% 5.75% 0.00%
Switzerland 685.4 0.00% 5.75% 0.00%
Taiwan 970.9 0.60% 6.65% 0.90%
Thailand 387.3 1.60% 8.15% 2.40%
Trinidad and Toba 24.6 1.60% 8.15% 2.40%
Tunisia 47 3.60% 11.15% 5.40%
Turkey 822.1 2.20% 9.05% 3.30%
Turks and Caicos I 1.5 1.60% 8.15% 2.40%
Uganda 21.5 4.50% 12.50% 6.75%
Ukraine 177.4 10.00% 20.75% 15.00%
United Arab Emirat 402.3 0.50% 6.50% 0.75%
United Kingdom 2678.5 0.40% 6.35% 0.60%
United States of A 16768.4 0.00% 5.75% 0.00%
Uruguay 55.7 1.90% 8.60% 2.85%
Venezuela 438.3 7.50% 17.00% 11.25%
Vietnam 171.4 4.50% 12.50% 6.75%
Zambia 26.8 4.50% 12.50% 6.75%

Region ERP CRP Default Spread

Africa 11.73% 5.98% 3.99%
Asia 7.26% 1.51% 1.01%
Australia & New Zealand 5.75% 0.00% 0.00%
Caribbean 14.37% 8.62% 5.75%
Central and South Ameri 9.95% 4.20% 2.80%
Eastern Europe & Russia 9.08% 3.33% 2.22%
Middle East 6.85% 1.10% 0.73%
North America 5.75% 0.00% 0.00%
Western Europe 6.88% 1.13% 0.75%
Global 7.18% 1.43% 0.96%
Region
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Africa
North America
Caribbean
Africa
Central and South America
Asia
Central and South America
Africa
Africa
Australia & New Zealand
Central and South America
Africa
Eastern Europe & Russia
Caribbean
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa
Yes/No Book or Market Val ERP choices Cost of debt Synthetic rat Beta
Yes B Will input Direct input 1 Direct input
No V Country of incorporati Synthetic rat 2 Single Business(US)
Operating countries Actual rating Single Business(Global)
Operating regions Multibusiness(US)
Multibusiness(Global)