Get documents about "Equipment Beta used for stock
Shared by: HC120915005815
-
Stats
- views:
- 0
- posted:
- 9/14/2012
- language:
- Unknown
- pages:
- 29
Document Sample
FCFF VALUATION MODEL
Before you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and check
the iteration box.
This
What the model does model is designed to value firms with operating income that is either positive or can be normalized to be
positive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.
Inputs The inputs are in the following pages:
1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current
financial statements, and review and change the inputs for the valuation.
2. If you want to normalized operating income, use the earnings normalizer worksheet.
3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.
Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.
Options The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputs
for a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model).
To switch from one to the other, enter yes in the master input page to the question of whether you want the
inputs adjusted during the second half of the high growth phase.
You can even make it a stable growth model, by setting the length of the high growth period to zero.
Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet
1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to
input.
2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital,
reinvestment rates and working capital.
Output The output is contained in the valuation model worksheet.
n excel) and check
normalized to be
3-stage model.
and different inputs
e (3-stage model).
er you want the
h you will have to
urn on capital,
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you choo
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spreads
Master Input Sheet
Do you want to capitalize R&D expenses? No ! Yes or No Go to R&D Converter
Do you want to convert operating leases to debt? Yes ! Yes or No Go to Operating lease converter
Do you want to normalize operating income? No Go to Earnings Normalizer
Inputs
From Current Financials
Current EBIT = $9,445.00 ! If negative, go back and choose to normalize earnings
Current Interest Expense = $377.00
Current Capital Spending $1,666.00
Current Depreciation & Amort'n = $1,744.00
Tax Rate on Income = 37.50% Previous year-end
Current Revenues = $39,540.00 34922
Current Non-cash Working Capital = ($3,904.00)
Chg. Working Capital = $146.00 Previous year-end
Book Value of Debt = $6,393.00 6408
Book Value of Equity = $34,402.00 31490
Cash & Marketable Securities = $5,191.00 3728
Goodwill $12,392.00 12121
Value of Non-operating Assets = $0.00
Market Data for your firm
Is your stock currently traded? Yes
If yes, enter the following:
Current Stock Price = $16.15
Number of shares outstanding = 5,855.09
Market Value of Debt = $6,393.00
If no, enter the following
Would you like to use the book value debt ratio? No
If no, enter the debt ratio to use in valuation 35%
General Market Data
Long Term Riskfree rate= 2.35%
Risk premium for equity = 6.00%
Ratings
Do you want to estimate the firm's synthetic rating = Yes ! If yes, use the rating estimator worksheet that is attach
If yes, choose the type of firm 1
If not, what is the current rating of the firm? BBB
Enter the cost of debt associated with the rating = 5.75%
Options
Do you have equity options (management options, warrants) outstanding? Yes
If yes, enter the number of options 1199.00
Average strike price $27.83
Average maturity 4.53
Standard Deviation in stock price 40%
P
Do you want to use the stock price to value the option or your estimated value?
Valuation Inputs
High Growth Period The questions below, especially the yes or no ones, can be confusing. P
Length of high growth period = 5
Beta to use for high growth period for your firm= 1.73
Do you want to keep the debt ratio computed from your inputs? Yes
If yes, the debt ratio that will be used to compute the cost of capital is 7.46%
7.00%
If no, enter the debt ratio that you would like to use in the high growth period
Do you want to keep the existing ratio of working capital to revenue? No
If yes, the working capital as a percent of revenues will be -9.87%
If no, enter the ratio of working capital to revenues to use in analysis 12%
Do you want to compute your growth rate from fundamentals? Yes
15%
If no, enter the expected growth rate in operating income for high growth period
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital = 25.53%
Reinvestment Rate = 3.15%
Do you want to change these inputs? Yes
Return on Capital = 25.53%
Reinvestment Rate = 35.49%
No
Do you want me to gradually adjust your high growth inputs in the second half?
Stable Growth Period
Growth rate during stable growth period = 2.35%
Beta to use in stable growth period = 1.20
Risk premium for equity in stable growth period = 4.00%
Debt Ratio to use in stable growth period = 7.46%
Pre-tax cost of debt in stable growth period = 5.25%
Tax Rate to use in stable growth period = 37.50%
To compute the reinvestment rate in stable growth, you have two options
Yes
Do you want to compute reinvestment needs in stable growth based on fundamentals?
If yes, enter the return on capital that the firm will have in stable growth 10.00%
If no, enter capital expenditure as % of depreciation in stable growth 120% (in percent)
nputs are required only if you choose the appropriate option, though.
or use the highgrowth.xls spreadsheet.
Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer
back and choose to normalize earnings.
ating estimator worksheet that is attached
he yes or no ones, can be confusing. Please read the comments on the input cells.
Normalizing Earnings
Approach used to normalize earnings = 3
If historical average,
Average Earnings before interest and taxes = 3500
If historical average ROC,
Historical average pre-tax return on capital = 22%
If sector margin
Pre-tax Operating Margin for Sector = 14.72% ! Look at industry average
Normalized Earnings before interest and taxes = $5,818.98
Worksheet for normalization (Last 5 years of data)
-5 -4 -3 -2 -1 Total
Revenues 2032 2376 2779 3155 3248 13590
EBIT 186 454 529 448 383 2000
Operating Margin 9.15% 19.11% 19.04% 14.20% 11.79% 14.72%
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 = $1,594.00 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 1026.00 ! Year -1 is the year prior to the current year
-2 698.00 ! Year -2 is the two years prior to the current year
-3 399.00
-4 211.00
-5 89.00
0
0
0
0
0
Output
Year R&D Expense Unamortized portion Amortization this year
Current 1594.00 1.00 1594.00
-1 1026.00 0.80 820.80 $205.20
-2 698.00 0.60 418.80 $139.60
-3 399.00 0.40 159.60 $79.80
-4 211.00 0.20 42.20 $42.20
-5 89.00 0.00 0.00 $17.80
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
Value of Research Asset = $3,035.40 $484.60
Amortization of asset for current year = $484.60
Adjustment to Operating Income = $1,109.40 ! A positive number indicates an increase in operating income (add to report
Tax Effect of R&D Expensing $416
Look Up Table for Amortization Periods
Industry Name Amortization Period
Advertising 2
Aerospace/Defense 10 Non-technological Service 2 years
Air Transport 10 Retail, Tech Service 3 years
Aluminum 5 Light Manufacturing 5 years
Apparel 3 Heavy Manufacturing 10 years
Auto & Truck 10 Research, with Patenting 10 years
Auto Parts (OEM) 5 Long Gestation Period 10 years
Auto Parts (Replacement) 5
Bank 2
Bank (Canadian) 2
Bank (Foreign) 2
Bank (Midwest) 2
Beverage (Alcoholic) 3
Beverage (Soft Drink) 3
Building Materials 5
Cable TV 10
Canadian Energy 10
Cement & Aggregates 10
Chemical (Basic) 10
Chemical (Diversified) 10
Chemical (Specialty) 10
Coal/Alternate Energy 5
Computer & Peripherals 5
Computer Software & Svcs 3
Copper 5
Diversified Co. 5
Drug 10
Drugstore 3
Educational Services 3
Electric Util. (Central) 10
Electric Utility (East) 10
Electric Utility (West) 10
Electrical Equipment 10
Electronics 5
Entertainment 3
Environmental 5
Financial Services 2
Food Processing 3
Food Wholesalers 3
Foreign Electron/Entertn 5
Foreign Telecom. 10
Furn./Home Furnishings 3
Gold/Silver Mining 5
Grocery 2
Healthcare Info Systems 3
Home Appliance 5
Homebuilding 5
Hotel/Gaming 3
Household Products 3
Industrial Services 3
Insurance (Diversified) 3
Insurance (Life) 3
Insurance (Prop/Casualty) 3
Internet 3
Investment Co. (Domestic) 3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery 10
Manuf. Housing/Rec Veh 5
Maritime 10
Medical Services 3
Medical Supplies 5
Metal Fabricating 10
Metals & Mining (Div.) 5
Natural Gas (Distrib.) 10
Natural Gas (Diversified) 10
Newspaper 3
Office Equip & Supplies 5
Oilfield Services/Equip. 5
Packaging & Container 5
Paper & Forest Products 10
Petroleum (Integrated) 5
Petroleum (Producing) 5
Precision Instrument 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail (Special Lines) 2
Retail Building Supply 2
Retail Store 2
Securities Brokerage 2
Semiconductor 5
Semiconductor Cap Equip 5
Shoe 3
Steel (General) 5
Steel (Integrated) 5
Telecom. Equipment 10
Telecom. Services 5
Textile 5
Thrift 2
Tire & Rubber 5
Tobacco 5
Toiletries/Cosmetics 3
Trucking/Transp. Leasing 5
Utility (Foreign) 10
Water Utility 10
priate adjustments to operating income, net
If in doubt, use the lookup table below
he maximum allowed is ten years
mined by the amortization period
increase in operating income (add to reported EBIT)
Operating Lease Converter
Inputs
Operating lease expense in current year = $291.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $ 298.00
2 $ 238.00
3 $ 193.00
4 $ 143.00
5 $ 128.00
6 and beyond $ 577.00
Output
Pre-tax Cost of Debt = 3.60% ! 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) = $9,445.00 ! This is the EBIT reported in the current income statement
Reported Debt = $6,393.00 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate = 3 ! 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 $ 298.00 $287.64
2 $ 238.00 $221.75
3 $ 193.00 $173.57
4 $ 143.00 $124.14
5 $ 128.00 $107.25
6 and beyond $ 192.33 $450.65 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,365.00
Restated Financials
Depreciation on Operating Lease Asset = $170.63 ! I use straight line depreciation
Adjustment to Operating Earnings = $120.37 ! Operating lease expense - Depreciation
Adjustment to Total Debt outstanding = $ 1,365.00
nverter
current income statement
reported on the balance sheet
over the first five years
f expenses in yr 6
nnuity for ten years
I use straight line depreciation
Operating lease expense - Depreciation
Two-Stage FCFF Discount Model
Input Summary
Normalized EBIT (before adjustments) $9,445.00
Adjusted EBIT = $9,565.37
Adjusted Interest Expense = $426.14
Adjusted Capital Spending $1,957.00
Adjusted Depreciation & Amort'n = $1,914.63
Tax Rate on Income = 37.50%
Current Revenues = $39,540.00
Current Non-cash Working Capital = ($3,904.00)
Chg. Working Capital = $146.00
Adjusted Book Value of Debt = $7,773.00
Adjusted Book Value of Equity = $31,490.00
Input Diagnostics
Length of High Growth Period = 5 Forever
Growth Rate = 9.06% 2.35%
Debt Ratio used in Cost of Capital Calculation=
7.46% 7.46% Stable growth debt ratio is set to same value as high growth debt ratio. While this is possible, stable growth companies usually ca
Beta used for stock = 1.73 1.20
Riskfree rate = 2.35% 2.35%
Risk Premium = 6.00% 4.00%
Cost of Debt = 3.60% 5.25%
Tax Rate = 37.50% 37.50%
Return on Capital = 25.53% 10.00%
Reinvestment Rate = 35.49% 23.50% Imputed Return on capital forever = 10.00%
Page 14
Two-Stage FCFF Discount Model
Output from the program
Cost of Equity = 12.73%
Equity/(Debt+Equity ) = 92.54%
After-tax Cost of debt = 2.25%
Debt/(Debt +Equity) = 7.46%
Cost of Capital = 11.95%
Intermediate Output
Expected Growth Rate 9.06%
Working Capital as percent of revenues = 12.00% (in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
Current 1 2 3 4 5
Expected Growth Rate 9.06% 9.06% 9.06% 9.06% 9.06%
Cumulated Growth 109.06% 118.94% 129.72% 141.48% 154.30%
Reinvestment Rate 35.49% 35.49% 35.49% 35.49% 35.49%
EBIT * (1 - tax rate) $5,978 $6,520 $7,111 $7,755 $8,458 $9,225
- (CapEx-Depreciation) $42 $1,884 $2,055 $2,241 $2,444 $2,665
-Chg. Working Capital $146 $430 $469 $511 $558 $608
Free Cashflow to Firm $5,790 $4,206 $4,587 $5,003 $5,456 $5,951
Cost of Capital 11.95% 11.95% 11.95% 11.95% 11.95%
Cumulated Cost of Capital 1.1195 1.2532 1.4030 1.5706 1.7582
Present Value $3,757 $3,660 $3,566 $3,474 $3,384
Growth Rate in Stable Phase = 2.35%
Reinvestment Rate in Stable Phase = 23.50%
FCFF in Stable Phase = $7,222.60
Cost of Equity in Stable Phase = 7.15%
Equity/ (Equity + Debt) = 92.54%
AT Cost of Debt in Stable Phase = 3.28%
Page 15
Two-Stage FCFF Discount Model
Debt/ (Equity + Debt) = 7.46%
Cost of Capital in Stable Phase = 6.86%
Value at the end of growth phase = $160,102.47
Valuation
Present Value of FCFF in high growth phase = $17,842.11
Present Value of Terminal Value of Firm = $91,058.54
Value of operating assets of the firm = $108,900.66
Value of Cash, Marketable Securities & Non-operating assets = $5,191.00
Value of Firm = $114,091.66
Market Value of outstanding debt = $7,758.00
Market Value of Equity = $106,333.65
Value of Equity in Options = $1,621.64
Value of Equity in Common Stock = $104,712.01
Market Value of Equity/share = $17.88
Page 16
Two-Stage FCFF Discount Model
Revisit input cell
B54
B74
B77
able growth companies usually carry more debt. Look at the industry average
B75
B78
B79
B82
B81-83
Page 17
Two-Stage FCFF Discount Model
Terminal Year
$9,441.31
$2,046.66
$172.05
$7,222.60
Page 18
Valuing Options or Warrants
Enter the current stock price = $16.15
Enter the strike price on the option = $27.83
Enter the expiration of the option = 4.53
Enter the standard deviation in stock prices = 40.20% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 2.35%
Enter the number of warrants (options) outstanding = 1199.00
Enter the number of shares outstanding = 5,855.09
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 16.15 # Warrants issued= 1199
Strike Price= 27.83 # Shares outstanding= 5,855
Adjusted S = 13.77276538 T.Bond rate= 2.35%
Adjusted K = 27.83 Variance= 0.1616
Expiration (in years) = 4.53 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.35%
d1 = -0.26990541
N (d1) = 0.393616513
d2 = -1.125514035
N (d2) = 0.130185637
Value per option = $2.16
Value of all options outstanding = $2,594.63
Bottom-up Beta Calculator
Unlevered beta for sector = 1.66 ! Look up industry averages
Output
Firm's Current market value D/E ratio = 6.76% ! Reverted back to conventional debt to equity ratio
Firm's Current tax rate = 37.50%
Bottom-up beta for firm = 1.73
debt to equity ratio
Inputs for synthetic rating estimation
Enter the type of firm = 1 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)
Enter current Earnings before interest and taxes (EBIT) = $9,494.14 (Add back only long term interest expense fo
Enter current interest expenses = $426.14 (Use only long term interest expense for fina
Enter current long term government bond rate = 2.35%
Output
Interest coverage ratio = 22.28
Estimated Bond Rating = AAA
Estimated Default Spread = 1.25%
Estimated Cost of Debt = 3.60%
For large manufacturing firms For financial service firms
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to
-100000 0.199999 D 20.00% -100000 0.049999
0.2 0.649999 C 15.00% 0.05 0.099999
0.65 0.799999 CC 12.00% 0.1 0.199999
0.8 1.249999 CCC 10.00% 0.2 0.299999
1.25 1.499999 B- 8.50% 0.3 0.399999
1.5 1.749999 B 7.25% 0.4 0.499999
1.75 1.999999 B+ 6.00% 0.5 0.599999
2 2.2499999 BB 5.00% 0.6 0.749999
2.25 2.49999 BB+ 4.25% 0.75 0.899999
2.5 2.999999 BBB 3.50% 0.9 1.199999
3 4.249999 A- 3.00% 1.2 1.49999
4.25 5.499999 A 2.50% 1.5 1.99999
5.5 6.499999 A+ 2.25% 2 2.49999
6.5 8.499999 AA 1.75% 2.5 2.99999
8.50 100000 AAA 1.25% 3 100000
For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D 20.00%
0.5 0.799999 C 15.00%
0.8 1.249999 CC 12.00%
1.25 1.499999 CCC 10.00%
1.5 1.999999 B- 8.50%
2 2.499999 B 7.25%
2.5 2.999999 B+ 6.00%
3 3.499999 BB 5.00%
3.5 3.9999999 BB+ 4.25%
4 4.499999 BBB 3.50%
4.5 5.999999 A- 3.00%
6 7.499999 A 2.50%
7.5 9.499999 A+ 2.25%
9.5 12.499999 AA 1.75%
12.5 100000 AAA 1.25%
or riskier firm, 3 if financial service firm)
Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)
est coverage ratio is
Rating is is
Spread Operating Income Decline
D 20.00% 15.00%
C 15.00% 10.00%
CC 12.00% 8.00%
CCC 10.00% 6.00%
B- 8.50% 5.00%
B 7.25% 4.50%
B+ 6.00% 4.00%
BB 5.00% 3.00%
BB+ 4.25% 2.50%
BBB 3.50% 1.50%
A- 3.00% 1.30%
A 2.50% 1.20%
A+ 2.25% 1.15%
AA 1.75% 0.90%
AAA 1.25% 0.70%
Industry Name Number of firms Levered Beta Unlevered Beta Std Dev: Equity Market D/E
Advertising 30 1.43 0.87 80.69% 126.31%
Aerospace/Defense 66 1.27 1.20 47.75% 27.21%
Air Transport 44 1.15 0.86 60.46% 78.21%
Apparel 53 1.14 0.93 68.33% 44.32%
Auto & Truck 20 1.49 0.76 34.92% 183.75%
Auto Parts 54 1.56 1.10 52.04% 94.19%
Bank 477 0.71 0.47 27.49% 91.52%
Bank (Canadian) 8 0.86 0.83 17.85% 10.36%
Bank (Midwest) 39 0.91 0.66 27.13% 68.98%
Beverage 41 0.95 0.85 54.53% 19.02%
Biotechnology 108 1.25 1.27 69.85% 9.98%
Building Materials 52 1.39 0.80 61.96% 103.11%
Cable TV 25 1.56 0.95 44.91% 88.77%
Canadian Energy 12 1.22 0.99 33.84% 35.70%
Chemical (Basic) 19 1.26 1.10 37.09% 29.11%
Chemical (Diversified) 33 1.21 1.10 39.47% 26.70%
Chemical (Specialty) 88 1.18 0.98 57.61% 35.74%
Coal 18 1.98 1.43 49.41% 48.02%
Computer Software/Svcs 322 1.22 1.33 71.38% 7.77%
Computers/Peripherals 125 1.29 1.39 82.96% 18.36%
Diversified Co. 113 1.25 0.60 48.51% 160.98%
Drug 342 1.16 1.14 96.99% 14.51%
E-Commerce 54 1.50 1.76 57.18% 11.43%
Educational Services 34 0.84 0.89 52.81% 2.22%
Electric Util. (Central) 24 0.82 0.49 21.09% 107.83%
Electric Utility (East) 26 0.74 0.50 22.24% 73.30%
Electric Utility (West) 16 0.79 0.50 18.64% 90.70%
Electrical Equipment 83 1.37 1.26 57.31% 23.53%
Electronics 173 1.31 1.23 79.26% 45.62%
Entertainment 84 1.66 1.09 50.24% 79.23%
Entertainment Tech 33 1.45 2.33 70.79% 11.54%
Environmental 79 1.11 0.80 87.19% 49.86%
Financial Svcs. (Div.) 296 1.27 0.45 62.78% 261.38%
Food Processing 109 0.80 0.65 40.11% 35.15%
Food Wholesalers 18 0.73 0.54 46.75% 59.50%
Foreign Electronics 10 1.18 1.40 25.56% 42.29%
Furn/Home Furnishings 34 1.29 0.94 43.85% 65.75%
Grocery 14 0.84 0.78 27.93% 13.91%
Healthcare Information 29 1.05 1.04 50.75% 19.87%
Heavy Construction 14 1.48 1.74 42.91% 9.49%
Homebuilding 32 1.36 0.65 44.28% 162.15%
Hotel/Gaming 68 1.70 0.84 64.47% 142.62%
Household Products 26 1.08 0.95 37.34% 23.21%
Human Resources 31 1.44 1.61 43.81% 18.42%
Industrial Services 167 1.20 0.98 63.50% 43.98%
Information Services 34 1.22 1.24 37.26% 21.88%
Insurance (Life) 35 1.17 1.27 50.74% 21.71%
Insurance (Prop/Cas.) 78 0.91 0.92 26.47% 1.89%
Internet 208 1.41 1.66 86.31% 4.07%
Investment Co. 17 0.83 0.90 18.96% 14.84%
Investment Co.(Foreign) 16 1.31 1.36 28.87% 5.16%
Machinery 124 1.39 1.08 48.66% 55.77%
Manuf. Housing/RV 18 1.32 1.38 47.67% 50.13%
Maritime 56 1.30 0.52 37.08% 185.73%
Medical Services 160 1.10 0.90 86.84% 54.66%
Medical Supplies 252 1.17 1.13 72.38% 13.28%
Metal Fabricating 35 1.56 1.55 60.00% 25.44%
Metals & Mining (Div.) 78 1.69 1.48 97.21% 21.94%
Natural Gas (Div.) 34 1.20 0.85 35.65% 58.57%
Natural Gas Utility 25 0.69 0.43 25.71% 85.33%
Newspaper 16 1.16 0.72 34.32% 86.43%
Office Equip/Supplies 26 1.11 0.84 42.36% 60.35%
Oil/Gas Distribution 19 0.89 0.53 36.90% 81.95%
Oilfield Svcs/Equip. 112 1.56 1.27 46.34% 42.35%
Packaging & Container 33 1.27 0.81 39.90% 84.83%
Paper/Forest Products 38 1.20 0.64 48.42% 118.10%
Petroleum (Integrated) 25 1.34 1.30 37.35% 14.67%
Petroleum (Producing) 188 1.24 0.97 78.27% 37.57%
Pharmacy Services 19 0.94 0.81 30.96% 23.50%
Power 66 1.63 0.95 71.09% 107.88%
Precious Metals 75 1.41 1.37 67.33% 11.77%
Precision Instrument 90 1.47 1.59 53.96% 22.65%
Property Management 17 1.38 0.46 32.79% 282.91%
Publishing 27 1.24 0.62 39.28% 137.13%
R.E.I.T. 144 1.35 0.92 36.52% 53.19%
Railroad 15 1.25 0.99 30.42% 41.53%
Recreation 64 1.41 1.01 57.75% 62.58%
Reinsurance 11 0.91 1.00 22.33% 11.37%
Restaurant 68 1.26 1.09 48.95% 24.97%
Retail (Special Lines) 155 1.26 1.22 57.15% 26.07%
Retail Automotive 16 1.31 0.93 35.23% 66.88%
Retail Building Supply 8 1.01 0.86 24.82% 26.35%
Retail Store 38 1.01 0.86 40.30% 30.29%
Securities Brokerage 32 1.37 0.37 51.25% 462.27%
Semiconductor 122 1.81 2.11 59.20% 13.32%
Semiconductor Equip 16 1.78 2.20 43.35% 13.62%
Shoe 19 1.23 1.39 39.32% 3.66%
Steel (General) 20 1.71 1.53 44.25% 32.18%
Steel (Integrated) 14 1.96 1.54 49.03% 64.96%
Telecom. Equipment 110 1.49 1.87 75.07% 12.71%
Telecom. Services 140 1.43 1.06 82.14% 51.32%
Thrift 234 0.66 0.69 31.62% 9.71%
Tobacco 12 0.71 0.69 29.69% 8.84%
Toiletries/Cosmetics 23 0.95 0.79 51.70% 38.50%
Trucking 33 1.17 0.66 38.85% 126.80%
Utility (Foreign) 5 1.23 0.85 28.01% 62.82%
Water Utility 16 0.86 0.57 35.87% 82.79%
Wireless Networking 57 1.54 1.28 58.41% 36.37%
Public/Private Equity 10 2.08 0.48 45.59% 391.15%
Funeral Services 6 1.41 1.02 29.93% 67.25%
Market 6870 1.19 0.93 56.57% 48.81%
Market Debt/Capital ROE ROC Effective Tax Rate Pre-tax Operating Margin After-tax Operating Margin
55.81% 21.54% 13.01% 18.90% 17.93% 11.95%
21.39% 25.52% 19.53% 24.10% 12.31% 8.31%
43.89% 31.77% 22.00% 23.00% 13.57% 11.05%
30.71% 16.38% 18.05% 17.21% 12.98% 10.18%
64.76% 85.35% 18.80% 24.36% 13.10% 7.96%
48.50% 19.79% 21.81% 19.61% 7.65% 5.56%
47.79% 14.58% NA 25.91% NA NA
9.39% 23.19% NA 15.08% NA NA
40.82% 17.19% NA 26.81% NA NA
15.98% 24.85% 18.98% 16.46% 20.00% 14.75%
9.08% 22.16% 14.78% 3.59% 26.91% 16.90%
50.76% 13.03% 11.35% 18.44% 14.04% 10.51%
47.03% 7.00% 10.91% 22.97% 34.41% 19.49%
26.31% 20.83% 25.35% 27.82% 40.66% 28.84%
22.55% 25.33% 21.96% 19.29% 15.05% 11.97%
21.07% 26.45% 23.67% 25.47% 19.87% 14.14%
26.33% 18.88% 17.93% 18.99% 14.08% 9.75%
32.44% 13.96% 20.13% 10.52% 18.05% 15.76%
7.21% 47.49% 36.64% 12.65% 24.51% 17.24%
15.51% 49.14% 32.96% 9.90% 11.61% 8.78%
61.68% 29.12% 10.79% 20.23% 22.39% 17.93%
12.67% 26.23% 22.57% 5.96% 30.15% 22.65%
10.26% 10.10% 12.54% 13.09% 12.69% 8.76%
2.18% 48.89% 46.84% 20.80% 17.36% 11.69%
51.88% 11.46% 10.28% 33.02% 21.86% 14.67%
42.30% 13.38% 11.64% 32.09% 25.85% 17.24%
47.56% 10.89% 11.52% 30.47% 24.38% 16.51%
19.05% 24.82% 20.50% 14.23% 15.75% 11.48%
31.33% 10.63% 13.01% 11.87% 7.57% 5.61%
44.21% 8.08% 9.98% 17.17% 23.75% 15.00%
10.35% -5.09% 4.51% 13.67% 3.93% 1.77%
33.27% 14.34% 13.67% 15.45% 21.85% 13.42%
72.33% 14.91% 12.33% 17.93% 85.68% 76.59%
26.01% 20.98% 15.64% 21.67% 11.98% 8.59%
37.30% 15.36% 14.62% 27.39% 5.66% 3.75%
29.72% 12.30% 16.90% 37.04% 13.50% 7.43%
39.67% 12.64% 13.85% 23.99% 10.51% 7.04%
12.21% 17.58% 17.38% 32.96% 5.87% 3.81%
16.58% 43.47% 24.69% 16.47% 20.66% 14.16%
8.67% 21.05% 18.45% 34.26% 5.98% 3.85%
61.85% -63.59% -23.17% 6.13% -16.16% -16.36%
58.78% 17.10% 10.83% 17.97% 22.98% 15.26%
18.84% 21.67% 17.10% 29.87% 21.24% 15.33%
15.55% 16.30% 17.34% 29.77% 5.69% 3.31%
30.55% 19.74% 18.18% 19.26% 11.76% 8.27%
17.95% 32.04% 21.20% 20.44% 21.26% 14.72%
17.84% 20.91% NA 25.86% NA NA
1.85% 20.44% NA 20.26% NA NA
3.91% 25.60% 26.46% 7.50% 19.23% 13.94%
12.92% 647.73% NA 0.00% NA NA
4.90% 10.46% NA 2.11% NA NA
35.80% 23.51% 17.21% 22.71% 13.72% 9.49%
33.39% 8.90% 9.47% 14.98% 3.83% 2.37%
65.00% 19.95% 12.18% 7.08% 30.66% 29.09%
35.34% 24.56% 18.25% 18.36% 12.69% 8.16%
11.72% 23.17% 20.34% 12.51% 11.53% 8.54%
20.28% 22.01% 21.33% 20.43% 14.65% 10.22%
17.99% 30.86% 27.62% 9.29% 36.00% 25.33%
36.94% 14.31% 15.08% 24.19% 34.06% 23.75%
46.04% 12.36% 12.02% 24.52% 14.77% 10.36%
46.36% 13.96% 11.21% 23.53% 21.90% 16.06%
37.64% 19.85% 15.81% 22.76% 9.94% 6.92%
45.04% 15.81% 11.69% 9.48% 15.24% 12.24%
29.75% 25.10% 20.50% 22.07% 26.36% 19.65%
45.90% 15.41% 17.06% 24.65% 13.39% 10.04%
54.15% 5.75% 11.21% 13.66% 12.24% 10.31%
12.79% 26.14% 25.61% 33.79% 17.96% 10.45%
27.31% 16.75% 23.41% 13.98% 38.57% 26.43%
19.03% 11.99% 12.17% 21.13% 6.41% 4.13%
51.90% 19.05% 11.71% 6.25% 18.09% 12.74%
10.53% 3.32% 8.54% 5.94% 32.80% 23.79%
18.47% 15.26% 16.76% 14.38% 16.31% 12.59%
73.88% 9.58% 9.81% 19.27% 35.51% 27.99%
57.83% -66.38% 20.12% 20.73% 17.26% 10.27%
34.72% 8.95% 8.49% 1.21% 18.11% 16.08%
29.34% 15.12% 13.91% 30.62% 31.92% 20.60%
38.49% 14.49% 14.02% 19.12% 19.56% 15.62%
10.21% 17.04% NA 8.87% NA NA
19.98% 29.70% 22.15% 20.10% 16.35% 13.16%
20.68% 23.03% 22.65% 23.08% 9.37% 6.06%
40.08% 16.17% 11.67% 34.23% 6.72% 4.31%
20.85% 21.07% 17.82% 28.12% 11.59% 7.31%
23.25% 19.89% 15.19% 25.68% 6.93% 4.47%
82.22% -11.10% 15.35% 22.16% 33.95% 25.61%
11.75% 22.18% 28.67% 10.48% 27.73% 21.97%
11.98% 32.37% 29.91% 22.03% 23.75% 17.41%
3.53% 28.40% 28.46% 30.35% 12.52% 8.44%
24.34% 27.03% 21.54% 29.15% 12.53% 8.29%
39.38% 20.96% 19.41% 29.90% 18.78% 14.41%
11.28% 35.37% 26.58% 12.08% 13.97% 10.62%
33.91% 16.18% 22.22% 15.90% 39.80% 28.38%
8.85% 6.69% NA 17.04% NA NA
8.12% 70.43% 32.64% 20.25% 9.68% 6.66%
27.80% 98.41% 23.11% 23.28% 12.03% 7.97%
55.91% 12.03% 12.67% 33.19% 13.28% 8.54%
38.58% 3.89% 9.93% 15.01% 15.29% 9.47%
45.29% 0.63% 8.11% 35.46% 40.45% 25.93%
26.67% 7.85% 10.21% 14.08% 18.28% 11.63%
79.64% 17.72% 6.46% 6.70% 53.29% 47.57%
40.21% 15.04% 11.67% 33.26% 20.82% 13.16%
32.80% 20.64% 17.73% 16.67% 20.77% 14.61%
Payout Ratio Reinvestment Rate Sales/Capital EV/Sales
Net Margin Cap Ex/ Depreciation Non-cash WC/ Revenues
2.26% 66.89% -15.13% 7.17% -1.16% 1.09 0.94
3.57% 115.91% -0.61% 12.42% -0.05% 2.35 0.73
0.17% 158.61% -8.01% 9.33% 13.68% 1.99 0.65
2.69% 141.22% 19.55% 8.42% -0.71% 1.77 0.64
0.57% 90.69% 13.27% 8.71% 6.48% 2.36 0.51
0.90% 94.73% 6.44% 17.95% -4.20% 3.92 0.29
NA NA NA 36.07% 0.00% NA NA
NA NA NA 46.75% 0.00% NA NA
NA NA NA 54.64% 0.00% NA NA
5.77% 115.01% 5.16% 23.38% 5.26% 1.29 1.99
8.33% 128.27% 4.60% 0.49% 6.79% 0.87 5.71
2.23% 130.86% 6.64% 14.30% 9.21% 1.08 0.85
3.28% 102.79% -10.57% 11.78% 3.61% 0.56 2.20
9.48% 211.40% -5.37% 11.45% 28.10% 0.88 1.61
6.40% 109.34% 11.16% 16.37% -6.47% 1.84 0.88
5.55% 118.69% 13.88% 19.75% -9.92% 1.67 1.15
2.69% 109.81% 11.64% 17.73% -2.32% 1.84 0.90
4.53% 139.17% 4.69% 20.71% 5.35% 1.28 1.26
8.24% 89.63% -6.37% 10.17% -0.96% 2.12 1.93
3.55% 95.27% -0.69% 6.33% -1.84% 3.75 0.70
4.85% 146.86% 91.24% 20.12% -12.75% 0.60 1.96
8.38% 61.72% 10.48% 25.99% -5.83% 1.00 2.63
3.38% 146.25% -14.07% 1.20% 8.42% 1.43 1.86
5.63% 106.44% -11.48% 2.31% 5.63% 4.01 2.75
3.61% 218.97% 5.39% 31.65% 31.79% 0.70 1.65
4.49% 206.28% 5.64% 29.52% 25.82% 0.68 1.93
3.72% 218.34% 1.50% 24.77% 34.95% 0.70 1.57
4.96% 126.55% 12.14% 13.79% -2.87% 1.79 1.00
1.40% 122.53% 12.65% 7.35% 0.49% 2.32 0.32
3.66% 91.06% -0.16% 11.91% -1.55% 0.67 1.27
-1.45% 66.84% -6.03% NA 51.10% 2.55 0.85
3.48% 99.42% 3.48% 22.11% -4.43% 1.02 1.73
-22.60% 258.58% 28.75% 22.83% -612.73% 0.16 6.96
2.98% 123.88% 6.15% 14.65% -7.14% 1.82 1.01
0.94% 122.12% 0.94% 11.15% 4.36% 3.90 0.36
1.67% 87.71% 8.53% 9.77% -6.57% 2.27 0.32
1.43% 84.73% 13.15% 13.14% -0.04% 1.97 0.45
1.06% 165.00% -0.29% 6.47% 18.50% 4.56 0.79
7.79% 84.61% 4.58% 3.84% -6.78% 1.74 2.08
2.23% 142.75% 1.17% 3.83% -4.58% 4.80 0.49
-10.34% 72.88% 57.77% NA NA 1.42 0.58
3.26% 330.71% -3.58% 10.47% 52.78% 0.71 1.50
5.90% 94.67% 5.69% 21.58% -2.39% 1.12 2.05
1.20% 81.85% 5.48% 7.33% -7.15% 5.24 0.23
2.03% 134.26% 6.88% 5.16% 7.60% 2.20 0.71
5.92% 98.29% -1.64% 5.47% 0.90% 1.44 1.68
NA 192725.00% NA 23.35% 0.00% NA NA
NA 38706.98% NA 14.29% -0.07% NA NA
6.53% 133.62% -6.83% 0.20% 6.25% 1.90 2.22
NA 20.00% NA NA NA NA NA
NA 84.21% NA 36.72% -1.55% NA NA
3.49% 134.95% 16.14% 10.21% -1.51% 1.81 0.70
-1.61% 81.33% 5.71% 9.05% 9.17% 3.99 0.17
13.32% 523.30% 7.18% 17.67% 69.70% 0.42 2.23
2.38% 146.47% -6.66% 0.86% 5.72% 2.24 0.59
3.60% 98.75% 6.59% 15.25% -3.33% 2.38 1.08
2.71% 195.35% 10.84% 10.49% 8.66% 2.09 0.59
5.94% 251.65% 5.81% 10.00% 10.91% 1.09 1.49
9.41% 281.53% -3.94% 13.80% 50.53% 0.63 2.00
2.30% 146.56% 5.17% 30.14% 8.35% 1.16 1.09
2.18% 71.55% 3.05% 9.12% -4.55% 0.70 1.12
1.74% 83.36% 9.33% 10.66% -5.75% 2.28 0.52
4.25% 373.42% -0.45% 39.70% 47.94% 0.95 1.36
8.24% 268.73% 12.70% 6.06% 18.86% 1.04 1.24
1.97% 95.74% 5.96% 12.39% -3.29% 1.70 0.72
0.80% 90.62% 11.37% 28.92% 0.62% 1.09 0.74
5.11% 186.98% 2.22% 14.04% 12.52% 2.45 0.65
6.99% 291.48% 2.89% 5.13% 42.65% 0.89 1.29
1.43% 163.33% 5.33% 6.20% 2.63% 2.95 0.56
2.50% 197.18% 6.96% 0.19% 12.47% 0.92 1.54
9.32% 230.19% 0.02% 19.95% 51.75% 0.36 4.72
4.11% 51.15% 10.13% 4.96% -14.88% 1.33 0.92
4.02% 608.41% -17.86% 23.90% 94.40% 0.35 2.90
1.30% 89.69% 4.17% 80.61% -1.09% 1.96 0.89
61.19% 607.00% -4.12% 115.46% 242.89% 0.53 4.05
7.24% 190.87% -4.11% 14.10% 18.83% 0.68 2.03
4.49% 201.19% -0.80% 21.67% 20.73% 0.90 1.16
NA NA NA 12.85% 0.00% NA NA
4.10% 178.56% -5.11% 21.18% 14.97% 1.68 1.57
1.82% 139.68% 6.30% 9.70% 9.60% 3.74 0.40
1.26% 233.04% 12.86% 1.96% 24.14% 2.70 0.47
2.26% 242.53% 5.07% 14.55% 23.42% 2.44 0.72
1.56% 202.23% 1.53% 11.18% 22.28% 3.40 0.54
-1.40% 166.76% 120.39% 28.02% 140.87% 0.60 1.82
4.69% 110.68% 8.97% 21.82% 1.50% 1.30 1.31
4.57% 95.15% 15.62% 5.01% 5.06% 1.72 0.81
1.68% 135.60% 16.15% 11.89% 1.42% 3.37 0.84
4.36% 187.15% 14.33% 9.43% -13.36% 2.60 0.55
5.67% 124.02% 15.49% 6.35% -8.04% 1.35 0.59
2.81% 71.60% 0.25% 13.06% -7.29% 2.50 0.90
3.45% 190.13% -10.85% 21.11% -1.41% 0.78 1.69
NA NA NA 64.16% 422.33% NA NA
3.00% 331.23% 0.78% 32.09% 24.30% 4.90 1.47
3.04% 117.56% 8.54% 16.72% 0.78% 2.90 0.98
0.95% 682.72% 5.27% 8.06% 170.96% 1.48 0.75
0.01% 143.73% 4.62% 0.00% 0.00% 1.05 0.90
3.63% 262.28% 1.68% 274.15% 18.42% 0.31 3.80
3.52% 82.96% 6.91% 1.53% -32.77% 0.88 2.36
22.90% 15.66% 33.11% 23.46% 0.73% 0.14 4.01
2.96% 116.53% 0.96% 17.83% 1.70% 0.89 1.40
3.44% 158.90% 9.07% 16.22% -30.90% 1.21 1.28
