Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month

data)
I. Income Statement
Current EBIT = $ (55.00)
Current Interest Expense = $ 0.51
Current Capital Spending $ 459.27
Current Depreciation and Amort$ 59.52
Current Revenues = $ 1,246.30
II. Balance Sheet This period Last period
Current Non-cash Working Capi$ 65.00 $ 29.00
Book Value of Debt = $ 198.47 108.165
Book Value of Equity = $ 1,513.04 1097.267
Cash & Marketable Securities $ 792.26
Non-operating Assets $ 194.48
III. Tax Information
NOL carried forward = $ 1,289.00
Marginal tax rate = 37.50%

Adjustments to Current Financial Information

Do you have any operating leases? Yes
Does your firm have R&D expenses? No
Are there any other operating expenses to be capitalized? No

Discount Rate Inputs

Current Beta = 1.37
Current Cost of Borrowing = 5.91%
Current Market Value of Debt = $ 143.14

Expectations for the future

Do you want to enter the growth rate in revenues each year? Yes
If no, Compounded Annual Growth Rate in Revenues for next 10 years: 28.54%
Do you want me to use current working capital as percent of revenues for No
If not, enter non-cash working capital as a percent of revenues in future p 140.77%
How would you like capital expenditures to be estimated? 3
If you would chose 3, enter the sales to capital ratio that you would like 3.02

Stable Growth Inputs

Expected Growth Rate in perpetutity = 3% Speed of convergence
Expected Operating Margin = 14.19% 1.5
Expected Debt to Capital(MV) Ratio for the firm 44.71%
Expected Beta = 1.10
Expected Cost of Debt = 7.20%
Return on Capital for the firm = 26.39%

Per Share Inputs

Number of Shares outstanding = 81.644
Current Stock Price = $ 119.48
Does your firm have equity options outstanding? Yes
If yes, enter the number of options outstanding = 1.53631
and the average exercise price of the options outstanding 251.31
and the average maturity of the options outstanding = 9
and the standard deviation in the firm's stock price = 61%
General Information
Current long term government bond rate = 3.55%
Estimated Market Risk Premium = 4.56%

Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied = 10
Value to Sales multiple in that year = 3.796507133
use trailing 12-month data)
 Base 1 2 3 4 5 6 7 8 9 10 Terminal Year
Revenue Growth Rate 55.00% 45.00% 40.00% 35.00% 30.00% 20.00% 15.00% 12.00% 8.00% 6.00% 3%
Revenues $1,246 $1,932 $2,801 $3,921 $5,294 $6,882 $8,259 $9,497 $10,637 $11,488 $12,177 $12,543
Operating Margin -4.18% 3.17% 7.58% 10.22% 11.81% 12.76% 13.34% 13.68% 13.88% 14.01% 14.08% 14.19%
EBIT -$52 $61 $212 $401 $625 $878 $1,101 $1,299 $1,477 $1,609 $1,715 $1,780
Taxes $0 $0 $0 $0 $4 $329 $413 $487 $554 $603 $643 $668
EBIT(1-t) -$52 $61 $212 $401 $621 $549 $688 $812 $923 $1,006 $1,072 $1,113
+ Depreciation $60 $80 $104 $125 $144 $161 $174 $185 $190 $196 $202 $208
- Capital Expenditure $459 -$658 -$831 -$1,081 -$1,333 -$1,548 -$1,307 -$1,149 -$1,037 -$720 -$540 -$180
- Chg WC $36 $965 $1,224 $1,577 $1,932 $2,236 $1,938 $1,744 $1,604 $1,198 $970 $514
FCFF -$488 -$166 -$76 $30 $167 $23 $233 $402 $546 $724 $844 $986
NOL $1,289 $1,228 $1,016 $615 $0 $0 $0 $0 $0 $0 $0 $0
Terminal Value $26,302

Cost of Capital Calculations

Tax Rate 0.00% 0.00% 0.00% 0.00% 0.64% 37.50% 37.50% 37.50% 37.50% 37.50% 37.50% 37.50%
Debt Ratio 1.92% 1.92% 1.92% 1.92% 1.92% 1.92% 10.48% 12.62% 16.19% 23.32% 44.71% 44.71%
Beta 1.37 1.37 1.37 1.37 1.37 1.37 1.32 1.26 1.21 1.15 1.10 1.10
Cost of Equity 9.80% 9.80% 9.80% 9.80% 9.80% 9.80% 9.55% 9.30% 9.06% 8.81% 8.57% 8.57%
Cost of Debt 5.91% 5.91% 5.91% 5.91% 5.91% 5.91% 6.17% 6.23% 6.34% 6.56% 7.20% 7.20%
After-tax cost of debt 5.91% 5.91% 5.91% 5.91% 5.87% 3.69% 3.86% 3.90% 3.96% 4.10% 4.50% 4.50%
Cost of Capital 9.72% 9.72% 9.72% 9.72% 9.72% 9.68% 8.95% 8.62% 8.23% 7.71% 6.75% 6.75%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Investe $ 1,711.51 $ 1,938 $ 2,226 $ 2,597 $ 3,052 $ 3,578 $ 4,033 $ 4,444 $ 4,821 $ 5,103 $ 5,331 $ 5,458
Reinvestment Rate NMF 371.04% 135.62% 92.54% 73.15% 95.78% 78.90% 74.68% 67.65% 53.58% 11.37% 11.37%
Increase in Revenue/Increase in Cap 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 3.02 2.89
Return on Capital 3.57% 10.95% 18.01% 23.92% 17.99% 19.24% 20.13% 20.77% 20.86% 21.00% 26.39%

Present Value Calculations

Cumulative WACC 1.09721575 1.2038824 1.32091873 1.44932323 1.589602415 1.731926011 1.881246989 2.036139682 2.193186029 2.341210317
Present Value of FCFF $ (151) $ (63) $ 23 $ 115 $ 15 $ 134 $ 214 $ 268 $ 330 $ 360
Present Value of Terminal Value $ 11,235

The Valuation
PV of FCFF during high growth phase = $ 1,245
PV of Terminal Value = $ 11,235
Value of Operating Assets of the firm = $ 12,479
Value of Cash & Non-operating assets= $ 986.74
Value of Firm = $ 13,466
- Value of Outstanding Debt = $ 191
Value of Equity = $ 13,275
- Value of Equity Options = $ 95
Value of Equity in Common Stock = $ 13,180 Treasury Stock Approach
Value of Equity per share = $ 161.43 $ 164.23

Summary Output
Revenues $1,932 $2,801 $3,921 $5,294 $6,882 $8,259 $9,497 $10,637 $11,488 $12,177 $12,543
EBIT $61 $212 $401 $625 $878 $1,101 $1,299 $1,477 $1,609 $1,715 $1,780
EBIT(1-t) $61 $212 $401 $621 $549 $688 $812 $923 $1,006 $1,072 $1,113
- Reinvestment $227 $288 $371 $454 $526 $456 $410 $377 $282 $228 $127
FCFF -$166 -$76 $30 $167 $23 $233 $402 $546 $724 $844 $986
Relative Valuation Output
Year in which multiple is used = 10 Year Revenues Cumulated Cost of Capital
Value to Sales Ratio for Specialty retailers 3.796507133 1 $ 1,932 109.72%
2 $ 2,801 120.39%
Revenue in chosen year = $ 12,177 3 $ 3,921 132.09%
Value in chosen year = $ 46,232 4 $ 5,294 144.93%
Cost of capital in chosen ye 2.3412 5 $ 6,882 158.96%
Value today = $ 19,747 6 $ 8,259 173.19%
+ Cash & Securities = $ 987 7 $ 9,497 188.12%
- Debt outstanding = $ 191 8 $ 10,637 203.61%
-Equity options outstandin $ 95 9 $ 11,488 219.32%
Value of Equity in stock = $ 20,447 10 $ 12,177 234.12%
Value per share = $ 250.44
Cumulated Cost of Capital
Company Market Value Percent Owned
 Operating Lease Converter
Inputs
Operating lease expense in current year = $ 43.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $ 9.38
2 $ 5.30
3 $ 4.85
4 $ 4.05
5 $ 3.92
6 and beyond $ 41.68

Output
Pre-tax Cost of Debt = 5.91% ! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following

Reported Operating Income (EBIT) = $ 438.34 ! This is the EBIT reported in the current income statement
Reported Debt = $ 254.63 ! This is the interest-bearing debt reported on the balance sheet

Number of years embedded in yr 6 est 8 ! 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 $ 9.38 $ 8.86
2 $ 5.30 $ 4.72
3 $ 4.85 $ 4.08
4 $ 4.05 $ 3.22
5 $ 3.92 $ 2.94
6 and beyon $ 5.21 $ 24.36 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 48.18

Restated Financials
Depreciation on Operating Lease Asset = $ 3.71 ! I use straight line depreciation
Adjustment to Operating Earnings = $2.85 ! PV of operating leases * Pre-tax cost of debt
Adjustment to Total Debt outstanding = $ 48.18
* Pre-tax cost of debt
 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 3 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 34.42 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 16.91 ! Year -1 is the year prior to the current year
-2 7.26 ! Year -2 is the two years prior to the current year
-3 3.27
0 1.24
0 3.84
0
0
0
0
0

Output
Year R&D Expense Unamortized portion Amortization this year
Current 34.42 1.00 34.42
-1 16.91 0.67 11.27 $ 5.64
-2 7.26 0.33 2.42 $ 2.42
-3 3.27 0.00 0.00 $ 1.09
0 1.24 0.00 0.00 $ -
0 3.84 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Research Asset = $48.11 $ 9.15

Amortization of asset for current year $9.15

Adjustment to Operating Income = $25.27 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $9

Look Up Table for Amortization Periods

Industry Na Amortization Period
Advertising 2
Aerospace/D 10 Non-technological Servic 2 years
Air Transpor 10 Retail, Tech Service 3 years
Aluminum 5 Light Manufacturing 5 years
Apparel 3 Heavy Manufacturing 10 years
Auto & Truc 10 Research, with Patenting 10 years
Auto Parts 5 Long Gestation Period 10 years
Auto Parts ( 5
Bank 2
Bank (Canad 2
Bank (Forei 2
Bank (Midwe 2
Beverage (Al 3
Beverage (So 3
Building Mat 5
Cable TV 10
Canadian En 10
Cement & Ag 10
Chemical (B 10
Chemical (Di 10
Chemical (Sp 10
Coal/Alterna 5
Computer & 5
Computer So 3
Copper 5
Diversified 5
Drug 10
Drugstore 3
Educational 3
Electric Util 10
Electric Util 10
Electric Util 10
Electrical E 10
Electronics 5
Entertainme 3
Environment 5
Financial Se 2
Food Proces 3
Food Wholes 3
Foreign Elec 5
Foreign Tel 10
Furn./Home 3
Gold/Silver 5
Grocery 2
Healthcare I 3
Home Appli 5
Homebuildi 5
Hotel/Gamin 3
Household P 3
Industrial Se 3
Insurance (D 3
Insurance (L 3
Insurance (P 3
Internet 3
Investment 3
Investment C 3
Investment 3
Machinery 10
Manuf. Hous 5
Maritime 10
Medical Serv 3
Medical Sup 5
Metal Fabric 10
Metals & Mi 5
Natural Gas ( 10
Natural Gas 10
Newspaper 3
Office Equip 5
Oilfield Ser 5
Packaging & 5
Paper & Fore 10
Petroleum (I 5
Petroleum ( 5
Precision In 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail (Speci 2
Retail Build 2
Retail Store 2
Securities B 2
Semiconduct 5
Semiconduct 5
Shoe 3
Steel (Gener 5
Steel (Integr 5
Telecom. Eq 10
Telecom. Se 5
Textile 5
Thrift 2
Tire & Rubb 5
Tobacco 5
Toiletries/C 3
Trucking/Tra 5
Utility (Fore 10
Water Utilit 10
adjustments to operating income, net

kup table below

d by the amortization period

ting income (add to reported EBIT)

 Other Expenses to Capitalize
This spreadsheet converts any 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 these expenses 10
Enter the current year's operating expense = $ 206.54 The maximum allowed is ten years
Enter operating 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 Operating Expenses
-1 99.12 ! Year -1 is the year prior to the current year
-2 45.07 ! Year -2 is the two years prior to the current year
-3 19.00
-4 10.21
-5 11.98
-6
-7
-8
-9
-10

Output
Year R&D Expense Unamortized portion Amortization this year
Current 206.54 1.00 206.54
-1 99.12 0.90 89.20 $ 9.91
-2 45.07 0.80 36.06 $ 4.51
-3 19.00 0.70 13.30 $ 1.90
-4 10.21 0.60 6.13 $ 1.02
-5 11.98 0.50 5.99 $ 1.20
-6 0.00 0.40 0.00 $ -
-7 0.00 0.30 0.00 $ -
-8 0.00 0.20 0.00 $ -
-9 0.00 0.10 0.00 $ -
-10 0.00 0.00 0.00 $ -
Value of Expensing Asset = $357.22 $ 18.54

Amortization of asset for current year = $18.54

Adjustment to Operating Income = $188.00 ! A positive number indicates an increase in operating income (add to reported EB
Tax Effect of Expensing $70
ments to operating income, net

by the amortization period

ting income (add to reported EBIT)

Enter the expected growth rate in revenues each year for the next 10 years
Year Expected Growth Rate
1 55.00%
2 45.00%
3 40.00%
4 35.00%
5 30.00%
6 20.00%
7 15.00%
8 12.00%
9 8.00%
10 6.00%
Compounded 25.60%
Valuing Options or Warrants
Enter the current stock price = $ 161.43
Enter the strike price on the option = 251.31
Enter the expiration of the option = 9
Enter the standard deviation in stock p 61.18% (volatility)
Enter the annualized dividend yield on 0.00%
Enter the treasury bond rate = 3.55%
Enter the number of warrants (options 1.53631
Enter the number of shares outstandin 81.64

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 161.428151 # Warrants issued= 1.53631
Strike Price= 251.31 # Shares outstanding= 82
Adjusted S (DO NOT E 160.274831 T.Bond rate= 3.55%
Adjusted K (DO NOT E 251.31 Variance= 0.3744
Expiration (in years) = 9 Annualized dividend yiel 0.00%
Div. Adj. interest rate= 3.55%

d1 = 0.84678228
N (d1) = 0.80144176

d2 = -0.9887541
N (d2) = 0.16139174

Value per option = $ 98.98

Value of all options outstanding = $152
Industry Name Number of firmsLevered Beta Unlevered B Std Dev: Equity Market D/E Market Debt/Capital
Advertising 31 2.02 1.75 101.29% 43.26% 30.20%
Aerospace/Defense 64 1.10 1.03 61.32% 25.66% 20.42%
Air Transport 36 1.21 1.10 64.80% 24.32% 19.56%
Apparel 57 1.30 1.22 88.82% 18.38% 15.53%
Auto Parts 51 1.70 1.59 80.58% 27.65% 21.66%
Automotive 12 1.59 0.96 68.91% 134.57% 57.37%
Bank 426 0.77 0.38 61.15% 156.11% 60.95%
Bank (Midwest) 45 0.93 0.73 55.60% 59.52% 37.31%
Beverage 34 0.88 0.77 66.05% 26.52% 20.96%
Biotechnology 158 1.03 1.16 113.11% 13.48% 11.88%
Building Materials 45 1.50 0.89 78.83% 94.33% 48.54%
Cable TV 21 1.37 0.98 50.77% 68.06% 40.50%
Chemical (Basic) 16 1.36 1.24 49.27% 27.35% 21.47%
Chemical (Diversified) 31 1.51 1.39 56.31% 22.37% 18.28%
Chemical (Specialty) 70 1.28 1.15 71.60% 21.15% 17.46%
Coal 20 1.53 1.32 55.52% 28.90% 22.42%
Computer Software 184 1.04 1.18 82.03% 7.49% 6.97%
Computers/Peripherals 87 1.30 1.33 97.69% 10.23% 9.28%
Diversified Co. 107 1.14 0.71 75.00% 102.24% 50.55%
Drug 279 1.12 1.08 103.44% 15.46% 13.39%
E-Commerce 57 1.03 1.08 88.13% 6.40% 6.02%
Educational Services 34 0.83 0.92 78.24% 12.33% 10.97%
Electric Util. (Central) 21 0.75 0.48 23.37% 86.16% 46.28%
Electric Utility (East) 21 0.70 0.49 18.30% 66.16% 39.82%
Electric Utility (West) 14 0.75 0.49 19.85% 84.54% 45.81%
Electrical Equipment 68 1.33 1.35 67.76% 12.66% 11.24%
Electronics 139 1.07 1.08 89.93% 22.33% 18.25%
Engineering & Const 25 1.22 1.39 65.03% 11.99% 10.71%
Entertainment 77 1.63 1.31 108.37% 40.99% 29.07%
Entertainment Tech 40 1.23 1.48 76.91% 9.76% 8.89%
Environmental 82 0.81 0.60 92.14% 43.70% 30.41%
Financial Svcs. (Div.) 225 1.31 0.50 82.27% 251.49% 71.55%
Food Processing 112 0.91 0.77 60.68% 29.53% 22.80%
Foreign Electronics 9 1.09 1.24 35.40% 42.09% 29.62%
Funeral Services 6 1.14 0.85 39.35% 56.60% 36.14%
Furn/Home Furnishings 35 1.81 1.65 80.90% 24.39% 19.61%
Healthcare Information 25 1.17 1.20 65.79% 6.35% 5.97%
Heavy Truck & Equip 21 1.80 1.48 69.92% 43.66% 30.39%
Homebuilding 23 1.45 1.02 70.00% 100.28% 50.07%
Hotel/Gaming 51 1.74 1.28 79.09% 52.07% 34.24%
Household Products 26 1.07 0.95 62.24% 18.99% 15.96%
Human Resources 23 1.24 1.40 78.27% 10.31% 9.35%
Industrial Services 137 0.93 0.81 74.43% 32.71% 24.65%
Information Services 27 1.07 0.89 48.10% 30.21% 23.20%
Insurance (Life) 30 1.58 1.54 53.35% 64.14% 39.08%
Insurance (Prop/Cas.) 49 0.91 1.01 37.88% 23.60% 19.10%
Internet 186 1.09 1.24 117.09% 2.71% 2.63%
IT Services 60 1.06 1.14 69.45% 6.09% 5.74%
Machinery 100 1.20 1.14 57.21% 19.12% 16.05%
Maritime 52 1.40 0.58 69.19% 170.38% 63.01%
Med Supp Invasive 83 0.85 0.80 79.18% 16.08% 13.85%
Med Supp Non-Invasive 146 1.03 1.07 84.89% 13.02% 11.52%
Medical Services 122 0.91 0.78 76.26% 49.45% 33.09%
Metal Fabricating 24 1.59 1.63 68.98% 15.49% 13.41%
Metals & Mining (Div.) 73 1.33 1.28 104.38% 14.10% 12.36%
Natural Gas (Div.) 29 1.33 1.06 48.77% 37.07% 27.04%
Natural Gas Utility 22 0.66 0.46 24.90% 67.38% 40.26%
Newspaper 13 1.76 1.42 90.74% 46.35% 31.67%
Office Equip/Supplies 24 1.38 1.04 64.26% 63.03% 38.66%
Oil/Gas Distribution 13 0.96 0.65 56.61% 58.30% 36.83%
Oilfield Svcs/Equip. 93 1.55 1.39 62.37% 22.92% 18.64%
Packaging & Container 26 1.16 0.88 41.59% 51.82% 34.13%
Paper/Forest Products 32 1.36 0.96 93.84% 59.86% 37.45%
Petroleum (Integrated) 20 1.18 1.12 38.99% 19.19% 16.10%
Petroleum (Producing) 176 1.34 1.13 88.11% 24.88% 19.92%
Pharmacy Services 19 1.12 1.00 59.43% 20.48% 17.00%
Pipeline MLPs 27 0.98 0.72 34.90% 40.97% 29.06%
Power 93 1.35 0.65 97.19% 148.82% 59.81%
Precious Metals 84 1.15 1.14 90.87% 8.20% 7.57%
Precision Instrument 77 1.28 1.33 65.33% 15.94% 13.75%
Property Management 31 1.13 0.59 82.21% 140.63% 58.44%
Public/Private Equity 11 2.18 1.62 77.54% 59.87% 37.45%
Publishing 24 1.25 0.89 64.98% 63.28% 38.76%
R.E.I.T. 5 1.47 1.15 49.61% 34.71% 25.77%
Railroad 12 1.44 1.24 42.95% 25.15% 20.09%
Recreation 56 1.45 1.11 70.55% 48.69% 32.75%
Reinsurance 13 0.93 1.05 30.40% 23.54% 19.06%
Restaurant 63 1.27 1.19 68.37% 12.77% 11.32%
Retail (Hardlines) 75 1.77 1.65 92.79% 24.33% 19.57%
Retail (Softlines) 47 1.44 1.57 60.91% 5.61% 5.32%
Retail Automotive 20 1.37 1.12 52.02% 38.11% 27.59%
Retail Building Supply 8 1.04 0.97 37.61% 14.06% 12.33%
Retail Store 37 1.29 1.14 67.71% 25.58% 20.37%
Retail/Wholesale Food 30 0.75 0.64 40.02% 41.34% 29.25%
Securities Brokerage 28 1.20 0.43 44.31% 430.56% 81.15%
Semiconductor 141 1.50 1.69 70.52% 8.35% 7.70%
Semiconductor Equip 12 1.79 2.42 68.70% 15.20% 13.20%
Shoe 19 1.25 1.38 55.52% 2.18% 2.13%
Steel 32 1.68 1.40 56.94% 46.40% 31.69%
Telecom. Equipment 99 1.02 1.28 87.77% 12.96% 11.48%
Telecom. Services 74 0.98 0.82 68.58% 34.09% 25.42%
Telecom. Utility 25 0.88 0.54 60.40% 96.15% 49.02%
Thrift 148 0.71 0.75 53.93% 29.33% 22.68%
Tobacco 11 0.85 0.78 41.53% 18.71% 15.76%
Toiletries/Cosmetics 15 1.30 1.20 60.34% 20.64% 17.11%
Trucking 36 1.24 1.08 59.88% 27.77% 21.73%
Utility (Foreign) 4 0.96 0.48 32.68% 155.03% 60.79%
Water Utility 11 0.66 0.43 18.89% 81.42% 44.88%
Wireless Networking 57 1.27 1.12 75.03% 27.06% 21.30%
Total Market 5891 1.15 0.92 75.08% 46.64% 31.81%
ROE ROC Effective Tax Rate Pre-tax Ope After-tax Operating Net Margin
8.89% 10.54% 10.73% 10.27% 7.44% 3.63%
34.00% 18.53% 20.72% 10.16% 7.31% 6.78%
### 16.45% 20.54% 8.78% 6.86% 3.76%
17.34% 14.02% 16.08% 10.97% 7.60% 6.72%
22.59% 15.82% 18.99% 6.49% 4.98% 5.10%
18.46% 6.96% 24.07% 6.99% 4.94% 3.36%
7.60% NA 15.97% NA NA NA
9.08% NA 17.77% NA NA NA
24.58% 12.95% 19.14% 20.45% 15.60% 13.99%
15.15% -13.33% 2.49% -7.79% -13.73% 9.11%
-5.17% 2.58% 11.17% 4.17% 3.16% -4.01%
16.13% 8.80% 27.35% 19.58% 12.43% 9.02%
25.83% 13.66% 20.90% 12.09% 9.56% 12.46%
19.26% 13.81% 21.73% 13.20% 9.30% 8.79%
18.50% 12.25% 17.58% 11.10% 7.87% 8.04%
24.24% 15.26% 12.75% 15.94% 12.53% 12.00%
79.13% 45.06% 12.27% 31.35% 24.62% 24.78%
52.52% 32.09% 11.77% 14.15% 10.83% 10.74%
33.28% 8.01% 15.55% 14.09% 11.76% 9.21%
22.64% 15.02% 5.36% 21.91% 16.96% 17.99%
16.47% 13.08% 12.33% 14.39% 10.87% 10.73%
53.22% 34.34% 25.17% 20.80% 12.91% 11.86%
10.77% 6.38% 31.82% 17.72% 11.58% 8.89%
11.91% 6.89% 33.14% 19.13% 12.66% 9.77%
9.88% 6.11% 31.30% 16.79% 11.38% 8.53%
23.02% 15.03% 17.02% 13.19% 9.95% 12.12%
22.20% 15.72% 10.36% 5.99% 4.48% 4.63%
15.44% 13.58% 26.26% 4.72% 3.35% 3.47%
11.46% 9.45% 15.38% 17.72% 12.17% 10.12%
15.08% 11.69% 11.59% 10.48% 9.04% 9.62%
11.00% 7.56% 11.71% 15.22% 9.48% 7.53%
### 5.95% 19.18% 43.49% 33.84% 5.08%
17.85% 11.88% 20.00% 9.08% 6.52% 5.36%
6.25% 7.83% 35.12% 5.27% 3.23% 1.83%
12.34% 7.81% 30.84% 15.64% 9.82% 7.48%
11.66% 9.50% 20.43% 6.43% 4.58% 3.76%
11.00% 9.45% 22.19% 12.11% 7.64% 8.81%
30.24% 10.88% 20.62% 9.13% 6.64% 8.48%
-35.82% -2.09% 5.12% -1.56% -2.09% -5.64%
5.64% 6.95% 14.53% 12.61% 10.13% 6.29%
21.80% 14.52% 25.12% 17.38% 12.79% 11.66%
7.25% 7.67% 25.35% 1.91% 1.18% 1.66%
13.76% -53.50% 19.03% -21.40% -23.67% 3.26%
15.60% 10.83% 18.93% 19.33% 15.06% 11.94%
10.45% NA 28.04% NA NA NA
13.32% NA 19.36% NA NA NA
39.73% 32.75% 6.87% 18.25% 14.58% 16.00%
36.11% 26.95% 19.15% 14.43% 10.32% 10.59%
14.59% 12.60% 22.15% 11.05% 8.22% 7.26%
 4.88% 4.76% 5.55% 14.81% 13.69% 0.78%
22.13% 15.88% 11.86% 22.22% 17.28% 16.64%
29.56% 19.24% 12.73% 6.48% 4.81% 4.89%
32.81% 18.55% 19.93% 11.11% 7.39% 4.84%
18.66% 14.78% 26.55% 15.07% 10.89% 7.84%
24.79% 19.48% 11.04% 31.57% 21.88% 7.36%
9.04% 7.10% 21.98% 28.94% 17.50% 12.72%
10.98% 8.09% 30.16% 12.80% 8.57% 5.10%
16.73% 11.05% 25.13% 14.59% 9.02% 3.11%
18.05% 10.36% 21.05% 6.65% 4.59% 4.07%
11.35% 6.83% 13.70% 18.45% 14.46% 9.80%
10.48% 8.54% 17.39% 15.11% 11.28% 10.72%
17.52% 10.40% 24.23% 10.12% 7.02% 13.46%
8.40% 11.01% 10.61% 12.01% 9.84% 4.63%
14.76% 10.08% 27.41% 9.76% 5.65% 7.99%
9.46% 13.50% 11.14% 25.74% 19.10% 10.69%
14.82% 11.18% 24.67% 5.11% 3.14% 2.91%
12.71% 8.60% 6.37% 8.95% 8.68% 7.11%
6.95% 7.56% 8.66% 14.54% 10.88% 1.49%
9.09% 9.57% 7.51% 33.30% 24.02% 30.24%
15.37% 12.10% 13.94% 10.74% 8.80% 9.57%
10.74% 5.18% 18.59% 15.63% 12.95% 9.18%
35.96% -0.14% 3.79% -2.58% -0.48% 62.30%
31.94% 11.38% 18.55% 12.10% 8.33% 6.22%
15.58% 14.07% 1.04% 129.07% 126.01% 113.55%
16.43% 11.10% 23.74% 28.43% 18.56% 17.86%
11.06% 8.26% 17.37% 11.51% 9.26% 7.28%
13.29% NA 7.22% NA NA NA
38.25% 20.32% 21.57% 15.82% 11.17% 10.70%
22.91% 14.99% 23.04% 7.50% 4.99% 3.86%
36.27% 28.74% 24.64% 9.39% 5.82% 5.56%
20.53% 9.89% 34.43% 6.88% 4.46% 4.35%
16.06% 12.18% 31.39% 8.13% 5.13% 5.14%
21.01% 13.60% 25.02% 5.84% 3.83% 3.45%
16.43% 10.38% 31.21% 3.18% 2.07% 4.16%
NA 10.39% 26.22% 48.78% 35.58% 11.45%
39.10% 28.41% 11.01% 22.76% 18.13% 17.82%
65.76% 40.44% 15.17% 21.65% 18.30% 16.30%
30.49% 27.41% 24.31% 11.34% 8.22% 8.44%
7.28% 5.94% 21.03% 5.83% 4.90% 3.52%
29.93% 23.30% 13.16% 10.87% 8.53% 7.22%
16.47% 13.70% 14.22% 22.74% 16.56% 5.11%
18.29% 8.34% 29.42% 15.83% 11.21% 8.50%
-2.14% NA 12.43% NA NA NA
74.21% 27.98% 31.03% 20.61% 15.24% 8.46%
62.53% 19.54% 20.30% 10.85% 7.24% 7.37%
8.19% 9.07% 25.48% 6.37% 4.20% 2.74%
3.12% 4.56% 26.07% 11.60% 7.81% 0.55%
8.44% 5.42% 35.22% 26.61% 18.05% 12.25%
21.34% -18.21% 12.12% -11.47% -15.91% 7.96%
16.07% 12.21% 15.48% 17.24% 12.62% 8.32%
Cap Ex/ DepreciatNon-cash WC/Payout Ratio Reinvestment Sales/Capital EV/Sales
54.18% -19.84% 43.75% -46.14% 1.42 1.14
126.28% 2.89% 29.13% 14.77% 2.53 0.93
122.22% -9.25% 18.91% 5.54% 2.40 1.78
103.24% 17.24% 18.85% 22.13% 1.85 1.19
96.08% 5.59% 23.74% 15.16% 3.18 0.59
87.04% 19.37% 22.24% -22.37% 1.41 0.73
NA NA 33.53% 0.00% NA NA
NA NA 38.36% 0.00% NA NA
87.24% 1.08% 46.35% -2.46% 0.83 3.03
84.42% -5.83% 59.34% NA 0.97 4.49
48.00% 7.66% NA -106.83% 0.82 1.22
85.32% -9.65% 18.03% -30.82% 0.71 2.21
126.81% 9.68% 30.79% 29.24% 1.43 1.52
104.37% 15.58% 31.68% 47.92% 1.48 1.62
96.78% 12.60% 40.43% 12.99% 1.56 1.56
141.73% 3.61% 33.78% 37.48% 1.22 1.78
64.72% -11.16% 21.61% -9.05% 1.83 3.07
103.58% -1.97% 8.61% 1.22% 2.96 1.39
89.24% 71.65% 36.81% 1.67% 0.68 2.11
37.39% 7.53% 49.12% -28.69% 0.89 2.85
128.44% -11.60% 1.89% -2.56% 1.20 4.55
131.38% -7.82% 2.83% 8.07% 2.66 1.14
158.54% 8.98% 63.88% 56.89% 0.55 2.26
201.07% 8.33% 66.22% 82.35% 0.54 2.51
210.61% -0.59% 56.70% 117.43% 0.54 2.19
86.14% 12.28% 29.40% 9.17% 1.51 1.54
103.97% 10.63% 11.97% 18.61% 3.51 0.47
84.23% 3.30% 6.31% -9.01% 4.05 0.46
79.38% 1.72% 25.84% -9.30% 0.78 1.89
78.89% -17.91% 11.57% -25.03% 1.29 1.87
96.46% 0.48% 46.73% -0.26% 0.80 2.07
312.33% 11.08% NA 13.38% 0.18 6.67
139.77% 8.01% 45.25% 25.88% 1.82 1.08
73.66% 1.47% 51.37% -39.15% 2.43 0.37
78.63% 3.76% 49.81% -3.51% 0.79 1.86
65.82% 13.45% 27.83% -12.43% 2.08 0.92
58.33% 2.00% 12.22% -40.14% 1.24 3.82
99.81% 24.35% 34.22% 94.67% 1.64 1.34
59.80% 76.53% NA NA 1.00 1.23
109.45% -2.12% 40.37% -0.79% 0.69 2.58
117.15% 4.70% 48.97% 5.97% 1.13 2.21
69.60% 4.81% 50.59% 27.53% 6.48 0.29
127.45% 10.25% 24.98% NA 2.26 0.85
64.40% -1.61% 38.73% -23.97% 0.72 2.94
NA NA 29.39% 0.24% NA NA
9812.35% NA 23.46% 57.73% NA NA
154.37% -8.44% 0.66% 4.82% 2.25 3.91
76.10% 2.88% 32.87% -4.73% 2.61 1.75
75.32% 16.27% 25.38% 8.44% 1.53 1.37
316.85% 3.32% 25.25% 215.04% 0.35 2.69
84.88% 22.14% 22.91% 1.50% 0.92 2.52
78.77% 3.04% 37.29% -3.21% 4.00 0.73
91.90% -5.59% 8.82% -25.53% 2.51 0.68
154.15% 18.02% 25.70% 32.62% 1.36 1.67
158.10% 6.22% 33.51% 23.26% 0.89 2.47
297.08% -4.26% 33.81% 276.48% 0.41 3.37
184.03% 5.53% 67.28% 49.96% 0.94 1.45
45.60% -3.13% 14.56% -32.30% 1.23 1.31
61.17% 6.78% 28.06% -20.89% 2.26 0.55
280.22% -0.01% 73.98% 124.00% 0.47 3.56
143.22% 16.89% 41.88% 70.61% 0.76 2.38
92.61% 9.01% 24.38% 108.81% 1.48 1.06
54.63% 10.19% 43.21% -26.89% 1.12 1.06
192.87% 1.98% 38.99% 87.67% 1.78 0.87
192.31% 2.28% 9.50% 64.09% 0.71 2.20
99.52% 3.68% 20.26% 5.55% 3.56 0.53
184.61% 0.88% 33.53% 43.79% 0.99 1.97
181.13% 10.94% 13.75% 64.25% 0.69 1.48
203.00% 7.21% 26.71% 62.24% 0.40 5.33
48.46% 15.14% 11.24% 2.04% 1.38 1.64
227.63% -3.02% 27.66% 137.37% 0.40 2.85
554.33% 31.62% 17.28% NA 0.30 3.43
75.65% 0.81% 25.02% -8.51% 1.37 1.15
89.50% -10.12% 91.36% -1.96% 0.11 14.13
175.52% -1.76% 34.63% 36.17% 0.60 3.44
174.70% -0.96% 42.67% 50.56% 0.89 1.60
NA NA 15.87% 50.50% NA NA
124.28% -4.82% 46.73% 8.36% 1.82 2.50
219.62% 8.40% 19.62% 86.40% 3.00 0.83
96.55% 3.40% 21.08% 0.99% 4.94 0.87
140.44% 13.56% 2.49% 40.76% 2.22 0.92
78.27% 5.88% 47.32% -6.28% 2.37 1.04
129.02% 0.88% 29.16% 14.97% 3.55 0.59
120.58% -0.01% 28.62% 23.06% 5.02 0.35
86.69% 123.16% 10.93% -126.66% 0.29 3.08
108.32% 6.93% 30.53% 5.83% 1.57 2.06
105.87% 12.51% 11.30% 2.58% 2.21 0.97
123.84% 16.28% 25.89% 19.07% 3.33 1.52
66.43% 11.41% 34.26% -6.39% 1.21 0.78
60.98% -3.38% 53.72% -21.25% 2.73 1.25
95.55% -12.38% 43.63% -5.54% 0.83 1.85
76.44% -7.76% 80.94% -37.32% 0.74 1.75
NA NA NA 0.00% NA NA
64.69% -2.44% 67.56% -4.20% 1.84 2.36
114.16% 8.55% 25.04% 13.39% 2.70 1.48
156.92% 5.03% 41.07% 94.07% 2.16 1.28
164.69% 7.52% 0.32% 132.29% 0.58 1.39
250.02% 7.51% 48.16% 107.15% 0.30 4.39
85.53% 7.62% 9.13% NA 1.14 1.91
125.47% 7.01% 37.92% 8.65% 0.97 1.67