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Restaurant Cashflow Worksheet - Excel

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Restaurant Cashflow Worksheet - Excel Powered By Docstoc
					                                                              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?                       No       ! 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 =                                                      $222.00   ! If negative, go back and choose to normalize earnings
Current Interest Expense =                                           $19.40
Current Capital Spending                                            $102.30
Current Depreciation & Amort'n =                                     $73.70
Tax Rate on Income =                                                 30.44%   Previous year-end
Current Revenues =                                                 $1,035.70           1036.1
Current Non-cash Working Capital =                                  $147.10
Chg. Working Capital =                                               $10.20  Previous year-end
Book Value of Debt =                                                $398.80             361.3
Book Value of Equity =                                              $498.80             477.1
Minority Interests if any =                                          $52.40
Price to Book Ratio of minority interest company =                    1.93

Cash & Marketable Securities =                                       $54.70
Value of Non-operating Assets =                                      $26.50

Market Data for your firm
Is your stock currently traded?                                       Yes
If yes, enter the following:
Current Stock Price =                                                $37.26
Number of shares outstanding =                                        38.18
Market Value of Debt =                                              $396.46
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 Treasury bond rate=                                        4.31%
Risk premium for equity =                                            4.44%

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                                          2
If not, what is the current rating of the firm?                          A
Enter the cost of debt associated with the rating =                   5.03%
If your country has a default spread enter it here                    0.22%
Options
Do you have equity options (management options, warrants) outstanding? No
If yes, enter the number of options                                   439.00
Average strike price                                                 $22.52
Average maturity                                                        6.8
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
Length of high growth period =                                                  5
Beta to use for high growth period for your firm=                             0.95
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 21.79%
                                                                             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?         Yes
If yes, the working capital as a percent of revenues will be                14.20%
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 =                                                         18.42%
Reinvestment Rate =                                                         25.13%
Do you want to change these inputs?                                           Yes
Return on Capital =                                                         18.42%
Reinvestment Rate =                                                         25.59%

                                                                         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 =                                     4.31%
Beta to use in stable growth period =                                          1.00
Risk premium for equity in stable growth period =                             4.00%
Debt Ratio to use in stable growth period =                                  21.79%
Pre-tax cost of debt in stable growth period =                                4.81%
Tax Rate to use in stable growth period =                                    33.00%
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 7.20%
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
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 =                21.09%      ! Look at industry average


Normalized Earnings before interest and taxes =       $218.45


Worksheet for normalization (Last 5 years of data)
                     -5              -4                -3             -2              -1          Total
Revenues                562.6           622.7            982.9         1036.1           1035.7        4240
EBIT                 $122.55         $162.78           $186.39        $200.60         $222.00       894.32
Operating Margin      21.78%          26.14%           18.96%         19.36%           21.43%      21.09%

                     1999            2000           2001             2002            2003         Total
Cp Ex              $136.65          $50.54         $81.00          $113.30         $102.30       $483.79
Depreciation        $89.53          $39.26         $40.87           $80.94          $73.70       $324.30
EBIT               $122.55         $162.78        $186.39          $200.60         $222.00
EBIT(1-t)           $85.25         $113.23        $129.65          $139.54         $154.42       $622.09
                    EBIT(1-t)
Net Cap Ex as % of55.28%            9.96%         30.95%           23.19%          18.52%        25.64%
Revenues                 562.6          622.7      982.9               1036.1          1035.7         4240
Non-cashh Current assets
                       236.38          248.55     342.95               352.93        $402.10
Non-debt current liabilities
                       106.98          133.33         177.15       194.57                 255
Non-cash WC              129.4         115.22          165.8           158.36           147.1       715.88
as % of revenues      23.00%          18.50%         16.87%           15.28%          14.20%       16.88%
                                                                      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                                $338


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 =                            $121.00
Operating Lease Commitments (From footnote to financials)
     Year        Commitment ! Year 1 is next year, ….
       1        $     156.00
       2        $     143.00
       3        $     122.00
       4        $     109.00
       5        $      97.00
 6 and beyond $       448.00

Output
Pre-tax Cost of Debt =              4.81%      ! 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) =                    $222.00 ! This is the EBIT reported in the current income statement
Reported Debt =                                       $396.46 ! 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 $        156.00      $148.84
            2 $        143.00      $130.18
            3 $        122.00      $105.96
            4 $        109.00        $90.33
            5 $         97.00        $76.69
6 and beyond $         149.33      $322.68 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =        $      874.68

Restated Financials
Depreciation on Operating Lease Asset =                                               $109.34 ! I use straight line depreciation
Adjustment to Operating Earnings =                                                     $42.07 ! PV of operating leases * Pre-tax cost of deb
Adjustment to Total Debt outstanding =                                          $      874.68
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
PV of operating leases * Pre-tax cost of debt
                                Value and Reinvestment Rate


35,000




30,000




25,000




20,000




15,000




10,000




 5,000




    0
         0%   10%   20%   30%        40%         50%           60%   70%   80%   90%   100%
                                           Reinvestment rate
             rate
Reinvestment Value/share
         0%        14,610
        10%        15,789
        20%         17022
        30%         18310
        40%         19654
        50%         21057
        60%         22520
        70%         24045
        80%         25632
        90%         27284
       100%         29002
                                                                           Two-Stage FCFF Discount Model




                                                           Input Summary
Normalized EBIT (before adjustments)    $222.00
Adjusted EBIT =                         $222.00
Adjusted Interest Expense =             $19.40
Adjusted Capital Spending               $102.30
Adjusted Depreciation & Amort'n =       $73.70
Tax Rate on Income =                    30.44%
Current Revenues =                     $1,035.70
Current Non-cash Working Capital =      $147.10
Chg. Working Capital =                  $10.20
Adjusted Book Value of Debt =           $361.30
Adjusted Book Value of Equity =         $477.10


Length of High Growth Period =             5       Forever
Growth Rate =                            4.71%     4.31%

                                          21.79%
Debt Ratio used in Cost of Capital Calculation=    21.79%
Beta used for stock =                     0.95      1.00
Riskfree rate =                          4.31%     4.31%
Risk Premium =                           4.44%     4.00%
Cost of Debt =                           5.03%     4.81%
Tax Rate =                              30.44%     33.00%
Return on Capital =                     18.42%     7.20%
Reinvestment Rate =                     25.59%     59.85%




                                                                                     Page 15
                                                                                       Two-Stage FCFF Discount Model




                                                  Output from the program
Cost of Equity =                        8.53%
Equity/(Debt+Equity ) =                 78.21%
After-tax Cost of debt =                3.50%
Debt/(Debt +Equity) =                   21.79%
Cost of Capital =                       7.43%


Intermediate Output
Expected Growth Rate                    4.71%
Working Capital as percent of revenues = 14.20%        (in percent)
The FCFF for the high growth phase are shown below (upto 10 years)
                           Current         1                2            3            4             5
Expected Growth Rate                    4.71%            4.71%         4.71%        4.71%         4.71%
Cumulated Growth                       104.71%         109.65%        114.82%      120.23%      125.90%
Reinvestment Rate                       25.59%          25.59%        25.59%       25.59%        25.59%
EBIT * (1 - tax rate)      € 154.42    € 161.70         € 169.33      € 177.31     € 185.67      € 194.42
- (CapEx-Depreciation) € 28.60          € 34.45         € 36.08       € 37.78      € 39.56       € 41.42
-Chg. Working Capital € 10.20           € 6.93           € 7.26        € 7.60       € 7.96        € 8.34
Free Cashflow to Firm € 115.62         € 120.32         € 125.99      € 131.93     € 138.15      € 144.66
Cost of Capital                         7.43%            7.43%         7.43%        7.43%         7.43%
Cumulated Cost of Capital               1.0743           1.1542       1.2399       1.3321        1.4311
   Present Value                        $112             $109          $106         $104          $101


Growth Rate in Stable Phase =           4.31%
Reinvestment Rate in Stable Phase =     59.85%
FCFF in Stable Phase =                  $78.43
Cost of Equity in Stable Phase =        8.31%
Equity/ (Equity + Debt) =               78.21%
AT Cost of Debt in Stable Phase =       3.22%
Debt/ (Equity + Debt) =                 21.79%
Cost of Capital in Stable Phase =       7.20%
Value at the end of growth phase =    $2,712.51
                                                                       Valuation
Present Value of FCFF in high growth phase =                          $532.34




                                                                                                 Page 16
                                                                                   Two-Stage FCFF Discount Model




Present Value of Terminal Value of Firm =                          $1,895.41
Value of operating assets of the firm =                            $2,427.76
Value of Cash, Marketable Securities & Non-operating assets =       $81.20
Value of Firm =                                                    $2,508.96
Market Value of outstanding debt =                                 $396.46
Value of Minority Interests in Consolidated Company =              $101.13
Market Value of Equity =                                           $2,011.36
Value of Equity in Options =                                        $0.00
Value of Equity in Common Stock =                                  $2,011.36
Market Value of Equity/share =                                      $52.68




       Year               1                  2             3          4           5
EBIT                   € 232.47           € 243.42      € 254.90   € 266.92    € 279.50
EBIT(1-t)              € 161.70           € 169.33      € 177.31   € 185.67    € 194.42
- Reinvestment         € 41.39            € 43.34       € 45.38    € 47.52     € 49.76
= FCFF                 € 120.32           € 125.99      € 131.93   € 138.15    € 144.66




                                                                                             Page 17
Two-Stage FCFF Discount Model




          Page 18
                Two-Stage FCFF Discount Model




Terminal Year




  € 195.33
  € 108.93
   € 7.98
   € 78.43




                          Page 19
Valuing Options or Warrants
Enter the current stock price =                         $37.26
Enter the strike price on the option =                  $22.52
Enter the expiration of the option =                        6.8
Enter the standard deviation in stock prices =          40.20% (volatility)
Enter the annualized dividend yield on stock =           0.00%
Enter the treasury bond rate =                           4.31%
Enter the number of warrants (options) outstanding =     439.00
Enter the number of shares outstanding =                  38.18

Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=                           37.26 # Warrants issued=                  439
Strike Price=                          22.52 # Shares outstanding=                38
Adjusted S =                  3.126898014 T.Bond rate=                        4.31%
Adjusted K =                           22.52 Variance=                        0.1616
Expiration (in years) =                  6.8 Annualized dividend yield=       0.00%
                                             Div. Adj. interest rate=         4.31%

d1 =            -1.079692807
N (d1) =         0.140139499

d2 =            -2.127980554
N (d2) =         0.016669348

Value per option =                     $0.16
Value of all options outstanding =                      $69.44
Bottom-up Beta Calculator
Unlevered beta for sector =                   0.8 ! Look up industry averages

Output
Firm's Current market value D/E ratio =   27.87% ! Reverted back to conventional debt to equity ratio
Firm's Current tax rate =                 30.44%

Bottom-up beta for firm =                    0.96
debt to equity ratio
Inputs for synthetic rating estimation
Enter the type of firm =                      2 (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) =                             $222.00 (Add back only long term interest expense fo
Enter current interest expenses =                                                       $19.40 (Use only long term interest expense for fina
Enter current long term government bond rate =                                           4.31%
Output
Interest coverage ratio =                           11.44
Estimated Bond Rating =                               AA
Estimated Default Spread =                          0.50%
Estimated Cost of Debt =                            4.81%

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                12.00%                             0.05         0.099999
      0.65         0.799999       CC                10.00%                              0.1         0.199999
       0.8         1.249999      CCC                 8.00%                              0.2         0.299999
      1.25         1.499999       B-                 6.00%                              0.3         0.399999
       1.5         1.749999        B                 4.00%                              0.4         0.499999
      1.75         1.999999       B+                 3.25%                              0.5         0.599999
        2         2.2499999      BB                  2.50%                              0.6         0.749999
      2.25          2.49999      BB+                 2.00%                             0.75         0.899999
       2.5         2.999999      BBB                 1.50%                              0.9         1.199999
        3          4.249999       A-                 1.00%                              1.2          1.49999
      4.25         5.499999       A                  0.85%                              1.5          1.99999
       5.5         6.499999       A+                 0.70%                               2           2.49999
       6.5         8.499999      AA                  0.50%                              2.5          2.99999
      8.50          100000      AAA                  0.35%                               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             12.00%
       0.8         1.249999          CC             10.00%
      1.25         1.499999         CCC              8.00%
       1.5         1.999999           B-             6.00%
        2          2.499999           B              4.00%
       2.5         2.999999          B+              3.25%
        3          3.499999          BB              2.50%
       3.5        3.9999999         BB+              2.00%
        4          4.499999         BBB              1.50%
       4.5         5.999999           A-             1.00%
        6          7.499999           A              0.85%
       7.5         9.499999          A+              0.70%
       9.5        12.499999          AA              0.50%
      12.5          100000          AAA              0.35%
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           16.00%        -50.00%
                      C           14.00%        -40.00%
                      CC          12.50%        -40.00%
                    CCC           10.50%        -40.00%
                      B-           6.25%        -25.00%
                      B            6.00%        -20.00%
                      B+           5.75%        -20.00%
                     BB            4.75%        -20.00%
                    BB+            4.25%        -20.00%
                    BBB            2.00%        -20.00%
                      A-           1.50%        -17.50%
                      A            1.40%        -15.00%
                      A+           1.25%        -10.00%
                     AA            0.90%         -5.00%
                    AAA            0.70%          0.00%
Inudstry                               C                                        Unlevered Beta Debt to Capital Ratio
                         Number of firms ap Ex/Depreciation ROC Reinvestment Rate            MV
Advertising                   31              86.11%       #####     -12.48%         1.06           8.46%
Aerospace/Defense             41              83.42%       #####       4.34%         0.67          30.76%
Air Transport                 38             263.10%       #####      29.23%         0.84          44.48%
Apparel                       46             126.18%       #####      20.25%         0.65          32.20%
Auto & Truck                  20              89.19%       8.96%       8.57%         0.60          54.37%
Auto Parts (OEM)              31             148.26%       #####      16.84%         0.59          39.06%
Auto Parts (Replacement)      28             116.64%       #####      23.90%         0.39          54.60%
Bank                         178                NA         #####       0.00%         0.70          33.13%
Bank (Canadian)                7                NA         #####       0.00%         0.99          23.39%
Bank (Foreign)                 2                NA         #####       0.00%         1.33          16.64%
Bank (Midwest)                34                NA         #####       0.00%         0.71          34.32%
Beverage (Alcoholic)          22              98.00%       8.52%       1.01%         0.53          20.90%
Beverage (Soft Drink)         15             110.83%       #####       2.20%         0.70          11.69%
Building Materials            42             172.40%       #####      18.60%         0.66          32.61%
Cable TV                      21             103.64%       4.74%     -28.25%         1.01          31.64%
Canadian Energy               16             212.03%       9.20%      26.80%         0.58          34.10%
Cement & Aggregates           13             201.22%       #####      24.94%         0.68          20.10%
Chemical (Basic)              14             119.47%       #####       7.07%         0.74          25.66%
Chemical (Diversified)        34             112.94%       #####       3.39%         0.68          21.46%
Chemical (Specialty)          83             112.51%       #####       7.38%         0.62          29.47%
Computer & Peripherals       155              94.70%       #####       0.24%         1.12           2.91%
Computer Software & Svcs 418                  90.33%       #####      -2.74%         1.08           2.07%
Copper                         2             302.54%       7.41%      75.02%         0.50          52.99%
Diversified Co.               93             123.80%       #####       6.11%         0.72          22.98%
Drug                         272             145.87%       #####      10.70%         0.88           3.16%
Drugstore                     10             248.97%       #####      38.47%         0.83          13.03%
Educational Services          29             121.54%       #####       5.95%         0.86           4.88%
Electric Util. (Central)      34             147.80%       #####      13.28%         0.31          53.44%
Electric Utility (East)       36             115.38%       #####       4.37%         0.35          46.63%
Electric Utility (West)       17             114.85%       #####       3.76%         0.33          50.66%
Electrical Equipment          87             103.96%       #####       2.46%         0.85           3.11%
Electronics                  142             115.28%       7.94%      10.27%         0.96           5.82%
Entertainment                 91              86.49%       6.63%      -0.24%         0.79          17.93%
Environmental                 55              98.51%       #####       4.64%         0.40          55.94%
Financial Svcs. (Div.)       185             150.85%       #####      23.89%         0.81          31.38%
Food Processing               94             114.20%       #####       2.79%         0.67          23.75%
Food Wholesalers              23             206.42%       #####      23.04%         0.58          26.51%
Foreign Electron/Entertn      13             106.68%       8.71%       6.82%         0.90          16.18%
Foreign Telecom.              16              82.15%       #####      -3.49%         1.06           5.97%
Furn./Home Furnishings        35             151.76%       #####      23.83%         0.73          20.90%
Gold/Silver Mining            31             122.41%       7.21%       5.55%         0.63          12.77%
Grocery                       27             175.61%       #####      18.22%         0.58          28.48%
Healthcare Info Systems       32             100.73%       #####       5.64%         0.84          13.36%
Home Appliance                12             105.27%       #####       8.47%         0.80          26.55%
Homebuilding                  58             253.24%       9.43%      57.47%         0.50          52.98%
Hotel/Gaming                  54             215.77%       8.22%      20.72%         0.55          50.12%
Household Products            30             109.80%       #####       6.65%         0.71          13.68%
Industrial Services          187             104.30%       #####      16.17%         0.82          17.34%
Insurance (Life)              34                NA         #####       3.93%         0.87          18.30%
Insurance (Prop/Casualty      59            49405.56%      0.01%    7000.72%         0.82           7.65%
Internet                     304             160.76%       1.88%     -93.39%         2.12           1.23%
Investment Co.              26   323.32%   9.70%    61.80%   0.57    2.71%
Investment Co. (Foreign)    20    41.40%   6.21%   -18.67%   1.15    3.13%
Machinery                  126   119.36%   #####     8.93%   0.62   30.57%
Manuf. Housing/Rec Veh      21   148.69%   #####    20.68%   0.69   33.27%
Maritime                    16   167.49%   8.16%    23.26%   0.42   57.65%
Medical Services           163   108.58%   #####     9.24%   0.79   25.67%
Medical Supplies           194   114.58%   #####    17.19%   0.80    7.56%
Metal Fabricating           42   125.29%   #####    12.00%   0.74   18.71%
Metals & Mining (Div.)      35   133.53%   #####    13.54%   0.71   28.19%
Natural Gas (Distrib.)      43   184.13%   #####    21.40%   0.40   45.01%
Natural Gas (Diversified    37   226.13%   #####    38.36%   0.57   28.40%
Newspaper                   20    85.71%   #####    -2.72%   0.75   16.54%
Office Equip & Supplies     31    99.98%   #####     4.98%   0.69   33.52%
Oilfield Services/Equip.    72   166.98%   6.67%     9.57%   0.98   14.58%
Packaging & Container       36    92.31%   #####     2.64%   0.47   52.40%
Paper & Forest Products     55    88.65%   #####     2.31%   0.58   39.61%
Petroleum (Integrated)      43   133.14%   #####     8.38%   0.72   11.05%
Petroleum (Producing)       96   161.00%   #####    22.67%   0.60   27.91%
Precision Instrument        89   109.99%   #####     3.63%   0.86    6.79%
Publishing                  49   118.89%   #####     3.97%   0.75   19.97%
R.E.I.T.                   155   395.17%   6.60%    35.16%   0.66    8.89%
Railroad                    16   195.34%   #####    17.34%   0.58   39.87%
Recreation                  87   171.11%   #####    17.95%   0.74   20.21%
Restaurant                  93   184.60%   #####    14.21%   0.68   18.36%
Retail (Special Lines)     205   161.03%   #####    17.87%   1.11   12.66%
Retail Building Supply      12   463.71%   #####    38.03%   0.84    2.63%
Retail Store                31   189.30%   #####    25.24%   0.96   16.68%
Securities Brokerage        32   125.02%   #####    51.37%   0.82   53.50%
Semiconductor               99   109.19%   #####     3.53%   1.32    1.77%
Semiconductor Cap Equip      7    97.49%   #####     1.57%   1.91    0.56%
Shoe                        26   155.94%   #####    27.42%   0.89   14.18%
Steel (General)             30   170.73%   #####    17.03%   0.60   39.05%
Steel (Integrated)          19   148.33%   #####    19.36%   0.67   47.76%
Telecom. Equipment         116   157.32%   #####    25.25%   1.09    3.64%
Telecom. Services          175   172.78%   #####    17.62%   1.08   17.34%
Textile                     27   136.70%   9.86%    16.84%   0.33   68.59%
Thrift                     133      NA     9.26%     0.00%   0.26   76.73%
Tire & Rubber               10   152.36%   #####    15.62%   0.63   41.46%
Tobacco                     12    77.55%   #####    -1.92%   0.56   23.40%
Toiletries/Cosmetics        20   166.22%   #####    10.40%   0.86   13.61%
Trucking/Transp. Leasing    51   190.04%   #####    35.56%   0.51   58.92%
Utility (Foreign)            2   215.58%   #####    50.11%   1.03   31.65%
Water Utility               15   254.10%   6.74%    20.89%   0.42   45.55%
                          Pre-tax Operating Margin Deviation in Equity
Non-Cash Working Capital/Sales                 Std
           -17.49%                 15.84%              48.17%
           10.38%                  10.45%              44.93%
           -11.96%                 12.30%              50.15%
           22.40%                  13.24%              54.50%
           28.34%                  15.05%              39.79%
            6.65%                  11.32%              46.30%
           17.12%                  11.79%              49.63%
              NA                     NA                28.81%
              NA                     NA                27.03%
              NA                     NA                33.25%
              NA                     NA                27.16%
            4.84%                  16.44%              37.06%
            0.34%                  20.00%              38.11%
            8.05%                  12.02%              40.09%
           -30.63%                 24.56%              71.94%
            2.59%                  25.48%              33.10%
           12.75%                  24.14%              36.50%
           16.07%                  19.17%              42.82%
           15.42%                  18.37%              34.93%
           15.42%                  16.20%              45.28%
            6.59%                  12.24%              77.96%
            -2.77%                 24.78%              78.16%
           24.99%                  15.17%              35.64%
            8.40%                  14.09%              42.51%
            8.02%                  28.69%              80.89%
            9.41%                   7.08%              40.62%
            3.62%                  16.51%              56.15%
            5.79%                  23.32%              23.55%
            3.29%                  28.61%              22.83%
            -2.58%                 22.32%              25.54%
            3.94%                  17.07%              64.61%
           17.99%                   9.31%              64.92%
            7.08%                  22.17%              48.22%
           13.14%                  25.60%              64.88%
          132.06%                  94.34%              41.60%
            1.63%                  12.76%              37.72%
            1.56%                   4.40%              36.52%
           14.39%                   9.88%              35.48%
            7.42%                  32.84%              39.47%
           15.24%                  13.37%              38.56%
            6.94%                  33.33%              59.31%
            1.04%                   6.69%              39.12%
            6.08%                  16.06%             111.07%
           10.11%                  13.25%              40.76%
           36.04%                  12.42%              41.68%
            -2.44%                 24.75%              49.95%
            6.68%                  20.38%              40.69%
            9.03%                  10.03%              50.02%
              NA                     NA                37.61%
          -203.53%                 38.43%              34.06%
           -21.00%                  8.36%             126.31%
 18.23%   34.01%   17.31%
 -5.35%   55.09%   33.16%
 21.32%   12.47%   42.63%
 15.22%    8.10%   41.73%
  6.98%   18.03%   39.71%
  5.06%   11.61%   64.74%
 13.35%   14.18%   63.58%
 17.40%   14.21%   44.08%
 15.96%   16.07%   48.65%
  4.47%   22.03%   24.23%
  1.23%   13.98%   38.80%
 -2.81%   23.89%   33.24%
 19.64%   12.46%   44.71%
 18.24%   16.63%   55.66%
 10.91%   16.41%   37.83%
 11.46%   15.64%   35.52%
  0.64%   15.80%   33.30%
 -0.28%   37.27%   58.29%
 15.78%   17.02%   62.18%
 -0.89%   19.80%   51.12%
-23.88%   59.04%   24.25%
 -7.04%   25.60%   38.14%
  5.50%   16.51%   62.11%
 -4.72%   16.47%   45.04%
  8.71%    9.32%   62.70%
  8.14%   10.00%   39.98%
 11.03%    7.91%   41.19%
164.89%   57.47%   54.78%
  7.04%   26.07%   76.17%
 15.85%   23.99%   68.02%
 22.09%   10.34%   52.33%
 17.00%   10.76%   44.13%
 13.97%   12.58%   40.76%
 25.18%   17.32%   86.15%
 -4.86%   34.29%   67.36%
 22.55%   11.64%   48.08%
   NA       NA     31.01%
 16.61%   10.10%   43.61%
  1.58%   15.82%   41.65%
 14.95%   18.43%   48.91%
 23.74%   19.40%   42.95%
 -7.91%   44.90%   37.97%
  1.76%   39.50%   28.82%

				
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Description: Restaurant Cashflow Worksheet document sample