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					         Discounted Cash Flow (DCF) for Avon Products was created by Wikiwealth.com, your source and Warren Buffett Calculator.
Investment research analysis for Wavecom S.A. includes the WACC, discounted cash flow, EV Multiple, for investment research and analysis.                                                                           Wikiwealth.com, your source Avon Products was created analysis. Wikiwealth.com, your for investment research and analysis.
                                                                                                                                                                                                                             WACC (discount rate) for Avon Products was created by
                                                                                                                                            Enterprise Value (EV) multiple analysis for Avon Products was created byWarren Buffett calculation for for investment research and by Wikiwealth.com, your sourcesource for investment research and analysis.




                                                                                                           -HOLD
-HOLD




  -9%
                                                                                                                                                                                                                                                                                                                                                                      Home Page                                             Avon Pro
                                                                                                                                                                                                                                                                                                                                                                      Full Research Report


                                                                                            Try The Experimental Mode for AVP                                                                                                                                                                                                                                        Enter Experimental Mode   Millions USD


                                                                           Target Price                                                                                                                                                                                 Potential Change

                                                                 $27.4                                                                                                                                                                                                   (8.9%)                                                                                      -HOLD                     Total Revenue
                                                                                                                                                                                                                                                                                                                                                                                               % growth rate

                                                                                     Last Price                                                                                                                                                                                                            Riskiness                                                   Cash Flow Potential     - COGS
                                                                                                                                                                                                                                                                                                                                                                                               % of revenue
                                                                 $30.0                                                                                                                                                                                  Medium                                                                                                        (12%)                    Gross Profit
                                                                                                   Analysis (rating, weight, potential)                                                                                                                                                                                                                                                        % of revenue
            Cash Flow                                                                                                                            -HOLD                                                                                                                                                       70%                                            (12%)        Potential Price
            Comparative                                                                                                                                HOLD                                                                                                                                                  20%                                               2%                              - Operating Exp
            Buffett Calc
            Conclusion
                                                                                                                                                 -HOLD
                                                                                                                                                 -HOLD                                                                                                                                           100%
                                                                                                                                                                                                                                                                                                             10%                                             (9%)
                                                                                                                                                                                                                                                                                                                                                             (9%)        $26                   % of revenue


                                                                                                                                                                                                                                                                                                                                                                                               - SG&A (Op Ex)
                                                         Important Statistics & AVP SWOT Analysis                                                                                                                                                                                                                                                                        Last Stock Price      % of revenue
            WACC                                                                                                                                                                  9% Div Yield                                                                                                                                                                 n/a
            Cost of Debt
            Cost of Equity
                                                                                                                                                                                  5% ROIC
                                                                                                                                                                                  9% PEG Ratio
                                                                                                                                                                                                                                                                                                                                                               5%
                                                                                                                                                                                                                                                                                                                                                              51.6       $30                   EBITDA
                                                                                                                                                                                                                                                                                                                                                                                               % of revenue
            Implied Debt Cost                                                                                                                                                     5% Market Cap                                                                                                                                                             13,105
            Risk Free Rate                                                                                                                                       4.3% Reinvest                                                                                                                                                                                11%                              - D & A (Op Ex)
            Interest Coverage                                                                                                                           10.2 x Beta                                                                                                                                                                                           1.48                             % of revenue


                                                                                         Top Competitor → Click To See All                                                                                                                                                                                                                                                                     EBIT (oper profits)
            Avon Products (AVP)                                                                                                                                                                                                                                                                                                                             -HOLD                              % of revenue
            Estee Lauder (EL)
            Stephan (TSC)                                                                                                                                                                                                                                                                                                                                                                      - Taxes
            USANA Health Sciences (USNA)                                                                                                                                                                                                                                                                                                                                                       % of EBIT
            Revlon (REV)
            Elizabeth Arden (RDEN)                                                                                                                                                                                                                                                                                                                                                             NOPAT
            CCA Inds (CAW)                                                                                                                                                                                                                                                                                                                                                                     % of revenue
            Alberto-Culver (ACV)
            Inter Parfums (IPAR)
            Colgate-Palmolive (CL)
            Procter & Gamble (PG)                                                                                                                                                                                                                                                                                                                                                              +D&A
                                                                                                                                                                                                                                                                                                                                                                                               % of revenue
            Financial Stats                                                                                                                                                                                                    Competitors                                                                                                                    AVP
            Revenue Growth                                                                                                                                                                                                                                                                                              6%                                     6%                              - CapEx
            EBITDA Margin                                                                                                                                                                                                                                                                                    16%                                              12%                              % of revenue
            EBIT Margin                                                                                                                                                                                                                                                                                      13%                                              10%
            Cash Flow Margin                                                                                                                                                                                                                                                                                 13%                                               5%                              Working Capital
            Taxes                                                                                                                                                                                                                                                                                            26%                                              30%                              % of revenue
            Debt / Equity                                                                                                                                                                                                                                                                                    26%                                              25%
            Return On Equity                                                                                                                                                                                                                                                                                            9%                                     5%                              - WC Investment
                                                                                                                                                                                                                                                                                                                                                                                               % of revenue
            Multiple Stats                                                                                                                                                                                                     Competitors                                                                                                                    AVP
1.3999

            Revenue (x)                                                                                                                                                                                                                                                                                   2.0 x                                              1.4 x                             Free Cash Flow
11.994

            EBITDA (x)                                                                                                                                                                                                                                                                        11.5 x                                                        12.0 x                             % of revenue
14.171

            EBIT (x)                                                                                                                                                                                                                                                                          14.7 x                                                        14.2 x
27.558

            Cash Flow (x)                                                                                                                                                                                                                                                                     20.2 x                                                        27.6 x                             Present Value Factor
1.1603

            Book Value (x)                                                                                                                                                                                                                                                                                1.2 x                                              1.2 x
21.509

            PE Ratio (x)                                                                                                                                                                                                                                                                      22.8 x                                                        21.5 x                             Present Value of Free Cash Flows
Important Links
Mutual Funds that own Avon Products                                   Conclusion: Per Share Value
ETF Funds that own Avon Products
See Avon Products's SWOT Analysis                                     Invested Capital (Equity and Debt) Value
See Avon Products's Company Profile                                   + Excess Cash
                                                                      - Interest Bearing Debt, Preferred and Minority I


                                                                      Equity Value (Net Present Value)


                                                                      Divide: Shares Outstanding

                                                                      Fair Value per Share


                                      Notes on Analysis:
                                      1. All numbers are in millions of US dollars. For valuation purposes, the currenc
                                Avon Products (AVP) - Discounted Cash Flow Analysis (DCF)

                                    Historical Year Ended                                                              Projected Year Ending
                       2006      2007        2008     2009       2010         2011      2012      2013        2014        2015      2016       2017


                       8,677       9,939    10,690    10,383     10,863      11,949    12,427    12,924       13,441     13,979    14,538      15,119
                         n/a       14.5%      7.6%     -2.9%      4.6%        10.0%      4.0%      4.0%        4.0%        4.0%      4.0%       4.0%


                       3,435       3,941      3,949    3,888      4,041       4,561     4,743     4,933        5,130       5,335    5,549       5,770
                       39.6%       39.7%     36.9%    37.4%      37.2%        38.2%     38.2%     38.2%       38.2%       38.2%     38.2%      38.2%


                       5,243       5,998      6,741    6,495      6,822       7,389     7,684     7,991        8,311       8,644    8,989       9,349
                       60.4%       60.3%     63.1%    62.6%      62.8%        61.8%     61.8%     61.8%       61.8%       61.8%     61.8%      61.8%


                       4,568       5,125      5,402    5,476      5,748       6,223     6,472     6,731        7,000       7,280    7,571       7,874
                       52.6%       51.6%     50.5%    52.7%      52.9%        52.1%     52.1%     52.1%       52.1%       52.1%     52.1%      52.1%


                       4,408       4,953      5,215    5,296      5,554       5,992     6,214     6,445        6,684       6,932    7,189       7,455
                       50.8%       49.8%     48.8%    51.0%      51.1%        50.1%     50.0%     49.9%       49.7%       49.6%     49.4%      49.3%


                         834       1,045      1,527    1,199      1,268       1,396     1,470     1,547        1,627       1,712    1,800       1,894
                        9.6%       10.5%     14.3%    11.5%      11.7%        11.7%     11.8%     12.0%       12.1%       12.2%     12.4%      12.5%


                         160        172        187      181        195          231       258       286         316         348       382        419
                        1.8%       1.7%       1.8%     1.7%       1.8%         1.9%      2.1%      2.2%        2.4%        2.5%      2.6%       2.8%


                         675        873       1,339    1,018      1,073       1,166     1,212     1,261        1,311       1,364    1,418       1,475
                        7.8%       8.8%      12.5%     9.8%       9.9%         9.8%      9.8%      9.8%        9.8%        9.8%      9.8%       9.8%


                         223        263         363     298        350          355       369       384         399         415       432        449
                       33.1%       30.1%     27.1%    29.3%      32.6%        30.4%     30.4%     30.4%       30.4%       30.4%     30.4%      30.4%


                         451        610         977     720        723          811       843       877         912         948       986       1,026
                        5.2%       6.1%       9.1%     6.9%       6.7%         6.8%      6.8%      6.8%        6.8%        6.8%      6.8%       6.8%

                                                                        Free Cash Flow to the Firm Analysis


                         160        172         187     181        195          231       258       286         316         348       382        419
                        1.8%       1.7%       1.8%     1.7%       1.8%         1.9%      2.1%      2.2%        2.4%        2.5%      2.6%       2.8%


                         175        279         381     297        331          364       379       394         410         426       443        461
                        2.0%       2.8%       3.6%     2.9%       3.0%         3.0%      3.0%      3.0%        3.0%        3.0%      3.0%       3.0%


                         226        428         571     741        776          853       887       923         960         998     1,038       1,080
                        2.6%       4.3%       5.3%     7.1%       7.1%         7.1%      7.1%      7.1%        7.1%        7.1%      7.1%       7.1%


                          n/a       202         143     170         35           78        34        35          37          38        40         42
                         n/a       2.0%       1.3%     1.6%       0.3%         0.6%      0.3%      0.3%        0.3%        0.3%      0.3%       0.3%


                          n/a       301         640     434        552          600       688       733         781         832       886        942
                         n/a       3.0%       6.0%     4.2%       5.1%         5.0%      5.5%      5.7%        5.8%        6.0%      6.1%       6.2%


Present Value Factor            Industry WACC               9%                0.919     0.844     0.776        0.713       0.655    0.602       0.553


Present Value of Free Cash Flows           Lt Grth          3%                  551       581       569         557         545       533        521
Conclusion: Per Share Value                                                                       Working Capital Inputs               2006      2007


nvested Capital (Equity and Debt) Value                                       13,649              Current Assets                     3,334      3,515
                                                                               1,180              - Excess Cash                      1,199        963
- Interest Bearing Debt, Preferred and Minority Interest                       3,281              - Current Liabilities              2,525      3,053
                                                                                                  + Short Term Debt                    616        930
Equity Value (Net Present Value)                                              11,548              Working Capital                      226        428
                                                                                                  % of revenue                        2.6%       4.3%
Divide: Shares Outstanding                                                       437
                                                                                                  Interest Exp (net)                   155        154
Fair Value per Share                                                             $26              Total Debt                         1,786      2,097



US dollars. For valuation purposes, the currency and stock price do not matter, because potential is a relative figure. The higher the potential the better.
 ysis (DCF)                                   Home Page                                                            Avon Products (AVP
                                               Full Research Report


Year Ending                                  Enter Experimental Mode                                          Ent Value       Revenue Growth
              2018     2019     Stable >                                                                       Current         -1yr


              15,724
               4.0%
                       16,353
                        4.0%
                                 16,844
                                   3.0%
                                              HOLD                         Avon Products
                                                                           Estee Lauder
                                                                                                                 15,207
                                                                                                                 20,071
                                                                                                                               5%
                                                                                                                               6%
                                                                           Stephan
               6,001    6,241     6,429         Multiples Potential        USANA Health Sciences                      447     18%
              38.2%    38.2%     38.2%                                     Revlon                                 1,979        2%


               9,723   10,112    10,415
                                                     2%                    Elizabeth Arden
                                                                           CCA Inds
                                                                                                                  1,126        3%


              61.8%    61.8%     61.8%                                     Alberto-Culver                         3,700       11%
                                                    Potential Price        Inter Parfums                              634     12%
               8,189    8,517     8,772                                    Colgate-Palmolive                     45,550        2%
              52.1%    52.1%     52.1%
                                                  $30                      Procter & Gamble                     216,106        0%


               7,732    8,018     8,259                                    Low Value                                  447      0%
              49.2%    49.0%     49.0%           Last Stock Price          High Value                           216,106       18%
                                                                           Average Value                         36,202        7%
               1,991
              12.7%
                        2,094
                       12.8%
                                  2,157
                                 12.8%
                                                  $30                      Median Value                           2,840        5%

                                                                                              Avon Products vs. their Competitors (+ means target comp
                457      499        514                                                                       Ent Value       Revenue Growth
               2.9%     3.0%       3.0%                                    Low Value                              +           +
                                                                           High Value
               1,534    1,595     1,643                                    Average Value
               9.8%     9.8%       9.8%                                    Median Value                           +
                                                                           Advantages v. Competitors             50%         56%
                467      486        500
              30.4%    30.4%     30.4%     Notes on Analysis:
                                           1. WikiWealth uses quantitative measures to determine the multiple range.
               1,067    1,109     1,143    2. Free cash flow to the firm (FCF) multiple is free cash flow to equity holders plus interest owed to debt hold
               6.8%     6.8%       6.8%    3. Multiples incorporate benefits due to economies of scale; WikiWealth compares absolute EV to competito
                                           4. We exclude outliers in the individual company multiples.

                                           Additional Calculations
                457      499        514
               2.9%     3.0%       3.0%                                                                                Financial Analysis
                                           Stock Research                                                    Revenue        EBITDA
                479      499        514
               3.0%     3.0%       3.0%    Avon Products                                                          10,863     1,268
                                           Estee Lauder                                                           7,796      1,115
               1,123    1,168              Stephan
               7.1%     7.1%               USANA Health Sciences                                                      518      76
                                           Revlon                                                                 1,321       265
                 43       45         46    Elizabeth Arden                                                        1,104        79
               0.3%     0.3%       0.3%    CCA Inds
                                           Alberto-Culver                                                         1,597       254
               1,002    1,065     1,096    Inter Parfums                                                              460      66
               6.4%     6.5%       6.5%    Colgate-Palmolive                                                     15,564      4,166
                                           Procter & Gamble                                                      78,938 19,129
               0.508    0.467     0.467
                                           Average Value                                                          13,129     2,935
                509      497      8,786
                               2008    2009    2010


                           3,557      4,189   4,184
                           1,105      1,312   1,180
                           2,912      2,275   2,956
                           1,031       138     728
                               571     741     776
                           5.3%       7.1%    7.1%


                               138     125      73
                           2,694      2,660   3,281



er the potential the better.
     Avon Products (AVP) - Comparative (EV) Multiples

               Revenue Growth           EBITDA Margin                EBIT Margin        Cash Flow Margin           Enterprise Value Multiples
                        -5yr    +5yr   -1yr     -5yr   +5yr      -1yr    -5yr   +5yr    -1yr   -5yr   +5yr    Rev        EBITDA     EBIT       FCF


                         6%      5%    12%     12%     12%       10%     10%    10%      5%    10%     6%      1.4 x       12.0 x   14.2 x     27.6 x Include
                         5%      5%    13%     13%     14%       10%     10%    10%      7%    10%     7%      2.6 x       18.0 x   23.6 x     24.8 x Include
                                                                                                                                                        Include
                         9%      5%    16%     16%     16%       14%     14%    14%      8%    14%     8%          n/m      5.9 x     6.5 x      9.3 x Include
                         0%      3%    14%     16%     13%       9%       9%       9%   12%    9%     10%      1.5 x        7.5 x     9.9 x       n/m Include
                         4%      4%     8%       7%        7%    5%       5%       5%    3%    5%      3%      1.0 x       14.2 x   25.1 x     13.9 x Include
                                                                                                                                                        Include
                         8%      7%    13%     13%     13%       11%     11%    11%      3%    11%     5%      2.3 x       14.5 x   16.4 x        n/m Include
                       10%       7%    14%     14%     15%       12%     12%    12%      1%    12%     4%      1.4 x        9.7 x   11.2 x     31.2 x Include
                         6%      5%    24%     24%     25%       22%     22%    22%     14%    22%    15%      2.9 x       10.9 x   12.0 x     19.4 x Include
                         4%      4%    24%     24%     24%       20%     20%    20%     15%    20%    15%      2.7 x       11.3 x   13.5 x     15.0 x Include


                         0%      3%     8%       7%        7%    5%       5%       5%    1%    5%      3%     1.0 x        5.9 x    6.5 x      9.3 x
                       10%       7%    24%     24%     25%       22%     22%    22%     15%    22%    15%     2.9 x       18.0 x    25.1 x     31.2 x
                         6%      5%    16%     16%     16%       13%     13%    13%      8%    13%     8%     2.0 x       11.5 x    14.7 x     20.2 x
                         6%      5%    14%     15%     14%       11%     11%    11%      7%    11%     7%     1.9 x       11.3 x    13.5 x     19.4 x

vs. their Competitors (+ means target company ratios better than competitor ratios)                                      Concluded Range
               Revenue Growth           EBITDA Margin                EBIT Margin        Cash Flow Margin       Ave         Ave     Ave      Ave
                        +       +      +        +          +     +       +         +    +      +      +                  Concluded Multiple
                                                                                                              1.9 x       11.4 x    14.1 x     19.8 x
                        +       +                                                                                     Potential per Multiple
                        +       +                                                                             45%          -6%       -1%       -33%
                        =      Ave     31%      =      Ave      31%      =      Ave     31%    =      Ave    Conclusion                           2%



ple range.
quity holders plus interest owed to debt holders.
Wealth compares absolute EV to competitors.




        Financial Analysis                    Enterprise Value Calculation                                   Rev         EBITDA     EBIT       FCF
                     EBIT      FCFF
                                              Current Financial Results                                       10,863       1,268     1,073        552
                      1,073     552           Multiple x                                                       1.9 x       11.4 x   14.1 x     19.8 x
                       851      809           Multiple Calculation                                            21,121 14,484 15,139 10,910


                         68      48           Enterprise Value
                       200      458           Less: Total Debt                                                 3,281       3,281     3,281      3,281
                         45      81           Plus: Excess Cash                                                1,180       1,180     1,180      1,180
                                              = Stock Holder's Equity Capital                                 19,020 12,382 13,038              8,808
                       225       67
                         56      20           Divide: Shares Outstanding                                           437       437       437        437
                     3,790 2,350              = Fair Value per Share                                                44        28        30         20
                      ##### #####
                                              Current Stock Price                                                 30           30       30         30
                      2,481 2,089             Potential Stock Increase                                          45%          -6%      -1%       -33%
   Home Page                                                     Avon Products (AVP) - Warren Buffett V
   Full Research Report


 Enter Experimental Mode                            Historical Financials (% of revenue)
                              Financial Results         2007     2008     2009     2010    2011   Ave


  -HOLD                       Revenue Growth
                              Gross Profit
                                                           n/a
                                                          60%
                                                                   15%
                                                                   60%
                                                                             8%
                                                                            63%
                                                                                     -3%
                                                                                     63%
                                                                                             5%
                                                                                            63%
                                                                                                   6%
                                                                                                  62%
                              EBITDA Margin               10%      11%      14%      12%    12%   12%
      Buffett Potential       EBIT Margin                  8%       9%      13%      10%    10%   10%
                              Tax Rates                   33%      30%      27%      29%    33%   30%

      (9%)                    NOPAT
                              D&A
                                                           5%
                                                           2%
                                                                    6%
                                                                    2%
                                                                             9%
                                                                             2%
                                                                                      7%
                                                                                      2%
                                                                                             7%
                                                                                             2%
                                                                                                   7%
                                                                                                   2%

       Potential Price        Capital Expenditure          2%       3%       4%       3%     3%    3%


      $27
                              Working Capital Inv          3%       4%       5%       7%     7%    5%
      Last Stock Price


      $30                     Free Cash Flow               n/a      3%       6%       4%     5%    5%

     Investment Score


      60%
Notes on Analysis:
1. The Warren Buffett Valuation model is an experimental model developed to mimic the investment approach used by Warren Buffett, the
ts (AVP) - Warren Buffett Value Calculator                                                                                       Home Page
                                                                                                                                  Full Research Report
                                                                                                                     \




                       Buffett          Criteria / Questions / Score            Buffett Intrinsic Value Calc
                       Results
                                                                                                                         WACC
                         9%       Consistency                                   Buffett Formula (FCF/RFR)                WACC Inputs
                        75%       Consistency            Pass       5%                                                   Risk Free Rate
                        15%       Consistency            Pass       5%      Free Cash Flow (fcf)            565          Cost of Debt
                        13%       Consistency            Pass       5%      Risk-Free Rate (rfr)            4.3%         Equity Risk Prem
                        30%       Consistency            Pass       5%      Buffett Fair Value (EV)     13,293           Alpha
                         9%       Consistency            Pass       5%                                                   Country Risk Premium
                         3%       Consistency            Pass       5%          Enterprise Value (EV) Calc
                                                                                                                         Industry WACC Calculation
                         5%       Consistency            Pass       5%      + Cash                         1,180         Beta (unlevered)
                                  < Buffett Portfolio    Pass      10%      - Debt                         3,281         Industry D/E
                                  Low                    Pass       5%      Equity Capital              11,191           Tax Rate (5 yrs)
                                                                                                                         Beta (relevered)
                         0%       Consistency                               Shares                          437
                                  < Buffett Portfolio                                                                    Cost of Debt (after-tax)
                                  < Rev Growth           Pass       5%      Potential Stock Price      $       26        Debt / Capital
                                                                            Current Stock Price        $       30        WAC (debt)
                         6%       Consistency            Pass       5%      Potential Return               -15%
                                  > Buffett Portfolio                       Investment Score                60%          Cost of Equity (capm)
                                                                                                                         Equity / Capital
                                  Investment Score                 60%      Adjusted Potential                 -9%       WAC (equity)


                                                                                                                         WACC Conclusion




                                                                                                                         Notes on Analysis:
e investment approach used by Warren Buffett, the most successful investor of all time.
                                                                                                                         1. The WACC (discount rate) calculation uses c
                                                                                                                         over the long term. If there are any short-term di
                                                                                                                         likely to revert to the industry WACC (discount ra


                                                                                                                         2. The WACC calculation uses the higher of the
                                                                                                                         occur if the beta is negative and the company us
    Home Page                                                          Avon Products (AVP) - WACC Discount Rate
    Full Research Report


                                                                    Calculation to Find the Industry Average Estimates for the WACC Calculation (Millions USD)
                        9%
                                                                                                    Beta
                                     Name (click for report)                             Price     levered     Debt       Shares   Equity    Capital
                             4.3%
                             5.3%    Avon Products                                      $    30     1.48       3,281         437   13,105    16,387
                             5.0%    Estee Lauder                                       $   101     1.26       1,245         197   19,946    21,191
                             0.0%    Stephan
                             0.0%    USANA Health Sciences                              $    30     0.71              0       16      471        471
                                     Revlon                                             $    17     2.23       1,171          52      885      2,056
stry WACC Calculation                Elizabeth Arden                                    $    30     1.46         278          29      876      1,153
                              0.96 CCA Inds
                            12.7%    Alberto-Culver                                     $    37     0.34         150         103    3,852      4,002
                            29.5%    Inter Parfums                                      $    21     1.67          81          30      640        721
                              1.05 Colgate-Palmolive                                    $    87     0.50       3,566         490   42,474    46,040
                                     Procter & Gamble                                   $    67     0.53      30,156        2,801 188,829   218,985
                             3.7%
                            11.2%    Median (middle #)                                              1.26       1,171         103    3,852      4,002
                             0.4%


                             9.5%
                            88.8%
                             8.4%


                             8.8%




he WACC (discount rate) calculation uses comparable companies to produce a single WACC (discount rate). An industry average WACC (discount rate) is the most accurate
 the long term. If there are any short-term differences between the industry WACC and an individual company's WACC (discount rate), then the companies WACC (discount
  to revert to the industry WACC (discount rate) over the long term.


he WACC calculation uses the higher of the WACC or the risk free rate, because no investment can have a cost of capital that is better than risk free. This situation may
 r if the beta is negative and the company uses a significant proportion of equity capital.
Discount Rate

ACC Calculation (Millions USD)


                        Debt       Debt               Beta
                       Equity     Capital   Tax %    unlever


                        25.0%      20.0%     30.4%      1.26 Include
                          6.2%       5.9%    29.5%      1.21 Include


                          0.0%       0.0%    34.8%      0.71 Include
                       132.3%      57.0%      0.0%      0.96 Include
                        31.7%      24.1%     23.5%      1.17 Include


                          3.9%       3.8%    32.1%      0.33 Include
                        12.7%      11.2%     34.5%      1.54 Include
                          8.4%       7.7%    29.1%      0.47 Include
                        16.0%      13.8%     25.9%      0.47 Include


                        12.7%      11.2%     29.5%      0.96




e WACC (discount rate) is the most accurate for a company
t rate), then the companies WACC (discount rate) is more



better than risk free. This situation may

				
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