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.
What the model does
This 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.

e worksheets.

and different inputs

e (3-stage model).
r 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 cho
If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.xls spread

Master Input Sheet

Do you want to capitalize R&D expenses?
Do you want to convert operating leases to debt?
Do you want to normalize operating income?

No
No
No

! Yes or No
! Yes or No

Go to R&D Converter
Go to Operating lease converter
Go to Earnings Normalizer

Inputs
From Current Financials
Current EBIT =
Current Interest Expense =
Current Capital Spending
Current Depreciation & Amort'n =
Tax Rate on Income =
Current Revenues =
Current Non-cash Working Capital =
Chg. Working Capital =
Book Value of Debt =
Book Value of Equity =
Cash & Marketable Securities =
Value of Non-operating Assets =
Market Data for your firm
Is your stock currently traded?
If yes, enter the following:
Current Stock Price =
Number of shares outstanding =
Market Value of Debt =
If no, enter the following
Would you like to use the book value debt ratio?
If no, enter the debt ratio to use in valuation

$500.00
! If negative, go back and choose to normalize earnings
$85.00
$250.00
$150.00
40.00%
Previous year-end
$10,000.00
9000
$750.00
$40.00 Previous year-end
$900.00
850
$1,500.00
1350
$125.00
$0.00

No
$51.90
246.10
$900.00
No
30%

General Market Data

Long Term Treasury bond rate=
Risk premium for equity =

4.50%
4.00%

Ratings
Do you want to estimate the firm's synthetic rating =
If yes, choose the type of firm
If not, what is the current rating of the firm?
Enter the cost of debt associated with the rating =

Yes
2
AAA
6.20%

Options
Do you have equity options (management options, warrants) outstanding? No
If yes, enter the number of options
7.07
Average strike price
$57.46
Average maturity
6.1
Standard Deviation in stock price
40%
Do you want to use the stock price to value the option or your estimated value?
P
Valuation Inputs
High Growth Period

! If yes, use the rating estimator worksheet that is attach

Length of high growth period =

5
Beta to use for high growth period for your firm=
2.94
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 30.00%
If no, enter the debt ratio that you would like to use in the high growth period
7.00%
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
7.50%
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
If no, enter the expected growth rate in operating income for high growth period
15%
If yes, the inputs to the fundamental growth calculation (based upon your inputs) are
Return on Capital =
13.64%
Reinvestment Rate =
46.67%
Do you want to change these inputs?
No
Return on Capital =
16.00%
Reinvestment Rate =
80.00%
Do you want me to gradually adjust your high growth inputs in the second half?
No
Stable Growth Period
Growth rate during stable growth period =
4.00%
Beta to use in stable growth period =
3.00
Risk premium for equity in stable growth period =
4.00%
Debt Ratio to use in stable growth period =
30.00%
Pre-tax cost of debt in stable growth period =
5.50%
Tax Rate to use in stable growth period =
40.00%
To compute the reinvestment rate in stable growth, you have two options
Do you want to compute reinvestment needs in stable growth based on fundamentals?
Yes
If yes, enter the return on capital that the firm will have in stable growth 12.54%
If no, enter capital expenditure as % of depreciation in stable growth
120%
(in percent)

e inputs are required only if you choose the appropriate option, though.
e, 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 =

If historical average,
Average Earnings before interest and taxes =

3500

If historical average ROC,

Historical average pre-tax return on capital =

22%

If sector margin
Pre-tax Operating Margin for Sector =

14.72%

! Look at industry average

Normalized Earnings before interest and taxes = $1,471.67

Worksheet for normalization (Last 5 years of data)

-5
-4
-3
Revenues
2032
2376
2779
EBIT
186
454
529
Operating Margin
9.15%
19.11%
19.04%

-2
3155
448
14.20%

-1
3248
383
11.79%

Total
13590
2000
14.72%

R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses
5
! If in doubt, use the lookup table below
Enter the current year's R&D expense =
$1,594.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
-4
-5
0
0
0
0
0
Output
Year
Current
-1
-2
-3
-4
-5
0
0
0
0
0

R& D Expenses
1026.00
! Year -1 is the year prior to the current year
698.00
! Year -2 is the two years prior to the current year
399.00
211.00
89.00

R&D Expense
1594.00
1026.00
698.00
399.00
211.00
89.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1594.00
0.80
820.80
0.60
418.80
0.40
159.60
0.20
42.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Value of Research Asset =

Amortization of asset for current year =

0.00

$3,035.40
$484.60

Amortization this year

$205.20
$139.60
$79.80
$42.20
$17.80
$0.00
$0.00
$0.00
$0.00
$0.00

$484.60

Adjustment to Operating Income =

Tax Effect of R&D Expensing

$1,109.40 ! A positive number indicates an increase in operating income (add to reported EBIT)
$444

Look Up Table for Amortization Periods

Industry Name Amortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
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

Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period

2 years
3 years
5 years
10 years
10 years
10 years

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)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility

5
5
5
3
3
5
5
2
2
2
2
2
5
5
3
5
5
10
5
5
2
5
5
3
5
10
10

Operating Lease Converter

Inputs
Operating lease expense in current year =
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$14.60
2
$14.39
3
$13.78
4
$12.19
5
$10.15
6 and beyond
$13.38

$15.10

Output
Pre-tax Cost of Debt =

5.50%

! 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) =
$500.00 ! This is the EBIT reported in the current income statement
Reported Debt =
$900.00 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate =

! 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
$14.60
$13.84
2
$14.39
$12.93
3
$13.78
$11.74
4
$12.19
$9.84
5
$10.15
$7.76
6 and beyond
$13.38
$9.70 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$65.81
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$10.97 ! I use straight line depreciation

$3.62 ! PV of operating leases * Pre-tax cost of debt
$65.81

Two-Stage FCFF Discount Model

Input Summary
Normalized EBIT (before adjustments)

$500.00

Adjusted EBIT =

$500.00

Adjusted Interest Expense =

$85.00

Adjusted Capital Spending

$250.00

Adjusted Depreciation & Amort'n =

$150.00

Tax Rate on Income =

40.00%

Current Revenues =

$10,000.00

Current Non-cash Working Capital =

$750.00

Chg. Working Capital =

$40.00

Adjusted Book Value of Debt =

$850.00

Adjusted Book Value of Equity =

$1,350.00

Length of High Growth Period =

Forever

6.36%

4.00%

Debt Ratio used in Cost of Capital Calculation=

30.00%

30.00%

Growth Rate =

Beta used for stock =

2.94

3.00

Riskfree rate =

4.50%

4.50%

Risk Premium =

4.00%

4.00%

Cost of Debt =

5.50%

5.50%

Tax Rate =

40.00%

40.00%

Return on Capital =

13.64%

12.54%

Reinvestment Rate =

46.67%

31.90%

Page

Two-Stage FCFF Discount Model

Output from the program

Cost of Equity =

16.26%

Equity/(Debt+Equity ) =

70.00%

After-tax Cost of debt =

3.30%

Debt/(Debt +Equity) =

30.00%

Cost of Capital =

12.37%

Intermediate Output
Expected Growth Rate

6.36%

Working Capital as percent of revenues = 7.50%

(in percent)

The FCFF for the high growth phase are shown below (upto 10 years)
Current

6.36%

6.36%

6.36%

6.36%

6.36%

Cumulated Growth

106.36%

113.13%

120.33%

127.99%

136.13%

Reinvestment Rate

46.67%

46.67%

46.67%

46.67%

46.67%

$300

$319

$339

$361

$384

$408

- (CapEx-Depreciation) $100

$101

$108

$114

$122

$130

-Chg. Working Capital

$40

$48

$51

$54

$57

$61

Free Cashflow to Firm

$160

$170

$181

$193

$205

$218

Cost of Capital

12.37%

12.37%

12.37%

12.37%

12.37%

Cumulated Cost of Capital

1.1237

1.2627

1.4190

1.5945

1.7918

$151

$143

$136

$128

$122

Expected Growth Rate

EBIT * (1 - tax rate)

Present Value

Growth Rate in Stable Phase =

4.00%

Reinvestment Rate in Stable Phase =

31.90%

FCFF in Stable Phase =

$289.25

Cost of Equity in Stable Phase =

16.50%

Equity/ (Equity + Debt) =

70.00%

AT Cost of Debt in Stable Phase =

3.30%

Debt/ (Equity + Debt) =

30.00%

Page

Two-Stage FCFF Discount Model

Cost of Capital in Stable Phase =

Value at the end of growth phase =

12.54%
$3,387.06

Valuation
Present Value of FCFF in high growth phase =

$680.46

Present Value of Terminal Value of Firm =

$1,890.31

Value of operating assets of the firm =

$2,570.77

Value of Cash, Marketable Securities & Non-operating assets =

Value of Firm =

$2,695.77

Market Value of outstanding debt =

$900.00

Market Value of Equity =

$1,795.77

Value of Equity in Options =

$0.00

Value of Equity in Common Stock =

$1,795.77

Market Value of Equity/share =

Year
EBIT (1-t)
- Reinvestment
=FCFF

$125.00

1
$319
$149
$170

$7.30

2
$339
$158
$181

3
$361
$168
$193

4
$384
$179
$205

5
$408
$191
$218

Page

Two-Stage FCFF Discount Model

Page

Two-Stage FCFF Discount Model

Terminal Year

$424.74
$94.64
$40.84
$289.25

Page

Two-Stage FCFF Discount Model

Page

Valuing Options or Warrants

Enter the current stock price =
Enter the strike price on the option =
Enter the expiration of the option =
Enter the standard deviation in stock prices =
Enter the annualized dividend yield on stock =
Enter the treasury bond rate =
Enter the number of warrants (options) outstanding =
Enter the number of shares outstanding =

$51.90
$57.46
6.1
40.20% (volatility)
0.00%
4.50%
7.07
246.10

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
51.9 # Warrants issued=
Strike Price=
57.46 # Shares outstanding=
Adjusted S =
#VALUE! T.Bond rate=
Adjusted K =
57.46 Variance=
Expiration (in years) =
6.1 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

#VALUE!
#VALUE!

d2 =
N (d2) =

#VALUE!
#VALUE!

Value per option =

#VALUE!
Value of all options outstanding =

#VALUE!

7.071
246
4.50%
0.1616
0.00%
4.50%

Bottom-up Beta Calculator

Unlevered beta for sector =
Output
Firm's Current market value D/E ratio =
Firm's Current tax rate =
Bottom-up beta for firm =

0.78 ! Look up industry averages

42.86% ! Reverted back to conventional debt to equity ratio

40.00%
0.98

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) =
$500.00 (Add back only long term interest expense for f
Enter current interest expenses =
$85.00 (Use only long term interest expense for financi
Enter current long term government bond rate =
4.50%
Output
Interest coverage ratio =
5.88
Estimated Bond Rating =
AEstimated Default Spread =
1.00%
Estimated Cost of Debt =
5.50%
For large manufacturing firms
If interest coverage ratio is
>
to
Rating is
-100000
0.199999
D
0.2
0.649999
C
0.65
0.799999
CC
0.8
1.249999
CCC
1.25
1.499999
B1.5
1.749999
B
1.75
1.999999
B+
2
2.2499999
BB
2.25
2.49999
BB+
2.5
2.999999
BBB
3
4.249999
A4.25
5.499999
A
5.5
6.499999
A+
6.5
8.499999
AA
8.50
100000
AAA

Spread is
20.00%
12.00%
10.00%
8.00%
6.00%
4.00%
3.25%
2.50%
2.00%
1.50%
1.00%
0.85%
0.70%
0.50%
0.35%

For smaller and riskier firms

If interest coverage ratio is
greater than
to
-100000
0.499999
0.5
0.799999
0.8
1.249999
1.25
1.499999
1.5
1.999999
2
2.499999
2.5
2.999999
3
3.499999
3.5
3.9999999
4
4.499999
4.5
5.999999
6
7.499999
7.5
9.499999
9.5
12.499999
12.5
100000

Spread is
20.00%
12.00%
10.00%
8.00%
6.00%
4.00%
3.25%
2.50%
2.00%
1.50%
1.00%
0.85%
0.70%
0.50%
0.35%

Rating is
D
C
CC
CCC
BB
B+
BB
BB+
BBB
AA
A+
AA
AAA

For financial service firms

If long term interest coverage ratio is
greater than
to
Rating is
-100000
0.049999
D
0.05
0.099999
C
0.1
0.199999
CC
0.2
0.299999
CCC
0.3
0.399999
B0.4
0.499999
B
0.5
0.599999
B+
0.6
0.749999
BB
0.75
0.899999
BB+
0.9
1.199999
BBB
1.2
1.49999
A1.5
1.99999
A
2
2.49999
A+
2.5
2.99999
AA
3
100000
AAA

, 3 if financial service firm)

long term interest expense for financial firms)
erm interest expense for financial firms)

SpreadOperating
is
Income Decline
16.00%
-50.00%
14.00%
-40.00%
12.50%
-40.00%
10.50%
-40.00%
6.25%
-25.00%
6.00%
-20.00%
5.75%
-20.00%
4.75%
-20.00%
4.25%
-20.00%
2.00%
-20.00%
1.50%
-17.50%
1.40%
-15.00%
1.25%
-10.00%
0.90%
-5.00%
0.70%
0.00%

Industry

Number of firmsLevered Beta Unlevered Beta

Market D/E

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Biotechnology
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software/Svcs
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Food Wholesalers
Foreign Electronics
Foreign Telecom.
Furn/Home Furnishings
Grocery
Healthcare Information
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services

34
72
43
59
21
62
504
7
4
43
24
17
84
48
24
10
14
16
33
95
8
387
148
102
276
41
34
27
29
15
86
181
84
32
77
231
104
22
13
19
36
25
35
15
44
80
32
27
190

1.19
0.79
1.32
0.88
0.99
0.90
0.62
0.83
1.18
0.73
0.57
0.59
1.20
0.80
1.71
0.66
0.78
0.88
0.83
0.80
0.95
1.77
1.83
0.78
1.15
2.89
1.03
0.80
0.73
0.79
1.34
1.41
1.18
1.82
0.75
0.90
0.64
0.67
1.16
1.58
0.76
0.72
1.00
0.87
0.80
0.84
0.76
0.98
0.79

1.06
0.62
1.05
0.84
0.49
0.69
0.47
0.78
0.72
0.60
0.51
0.55
1.26
0.71
1.09
0.56
0.67
0.74
0.73
0.65
0.73
1.97
1.88
0.64
1.17
3.77
1.09
0.43
0.44
0.45
1.29
1.40
1.05
1.96
0.52
0.51
0.53
0.59
1.18
1.41
0.72
0.48
1.05
0.77
0.62
0.56
0.72
0.99
0.71

25.35%
42.59%
50.37%
14.85%
162.16%
46.22%
69.15%
15.24%
128.95%
57.29%
20.51%
13.42%
3.92%
43.53%
69.22%
28.39%
25.35%
30.97%
23.19%
34.57%
33.60%
3.03%
9.46%
44.55%
6.69%
6.07%
2.17%
123.05%
94.48%
122.79%
6.50%
18.70%
23.99%
8.60%
59.91%
112.97%
33.29%
25.09%
33.24%
31.88%
15.14%
82.02%
13.24%
32.95%
51.79%
65.99%
13.16%
11.13%
26.83%

Market Debt/Capital
ROE

20.23%
29.87%
33.50%
12.93%
61.86%
31.61%
40.88%
13.23%
56.32%
36.42%
17.02%
11.83%
3.77%
30.33%
40.90%
22.11%
20.22%
23.65%
18.82%
25.69%
25.15%
2.94%
8.64%
30.82%
6.27%
5.72%
2.12%
55.17%
48.58%
55.11%
6.10%
15.76%
19.35%
7.92%
37.46%
53.04%
24.97%
20.06%
24.95%
24.17%
13.15%
45.06%
11.69%
24.78%
34.12%
39.75%
11.63%
10.02%
21.16%

7.63%
12.23%
-6.66%
15.86%
13.60%
13.60%
12.67%
11.83%
16.11%
16.71%
30.26%
26.95%
0.49%
-2.07%
-5.49%
13.86%
9.79%
10.52%
15.28%
12.21%
4.96%
13.71%
11.01%
12.27%
21.27%
-37.14%
8.77%
9.52%
12.16%
4.04%
18.69%
-5.62%
0.99%
2.21%
13.44%
15.10%
19.87%
17.51%
2.98%
-7.09%
11.39%
12.63%
1.28%
25.34%
18.83%
7.99%
37.41%
4.61%
9.51%

ROC

8.47%
11.78%
10.55%
14.32%
10.69%
27.55%
NA
NA
NA
NA
18.29%
19.33%
4.47%
4.88%
6.47%
15.55%
13.54%
14.26%
17.10%
13.40%
17.69%
16.39%
13.76%
11.09%
19.40%
-93.80%
16.23%
10.05%
10.39%
8.57%
17.11%
3.43%
7.30%
13.35%
11.90%
10.54%
14.72%
14.64%
6.36%
9.04%
14.56%
12.55%
8.79%
21.54%
10.73%
10.32%
23.97%
9.90%
13.51%

Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Co.
Investment Co.(Foreign)
Machinery
Manuf. Housing/RV
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Div.)
Newspaper
Office Equip/Supplies
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Power
Precious Metals
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility

29
45
69
289
22
17
138
18
23
197
236
37
54
31
39
20
31
88
34
40
34
128
15
19
48
102
40
144
16
73
85
196
8
43
27
113
15
24
27
14
124
137
18
242
12
11
21
39
6
16

1.04
0.88
0.81
2.72
0.66
1.05
0.79
0.93
0.80
0.82
0.84
0.76
0.98
0.65
0.85
0.85
0.90
0.90
0.83
0.84
0.82
0.73
0.89
1.45
0.41
1.33
0.90
0.64
0.83
0.87
0.74
0.94
1.01
0.91
1.31
2.59
2.50
0.82
0.80
0.84
1.87
1.35
0.73
0.57
0.95
0.67
0.74
0.83
0.83
0.57

0.98
0.91
0.84
3.10
0.46
1.05
0.62
0.85
0.55
0.80
0.82
0.73
0.83
0.40
0.52
0.79
0.74
0.83
0.58
0.62
0.74
0.60
0.86
0.54
0.39
1.37
0.78
0.57
0.59
1.41
0.66
0.93
1.01
0.80
0.81
2.72
2.67
0.85
0.63
0.63
2.01
0.96
0.52
0.57
0.66
0.59
0.69
0.63
0.54
0.39

11.70%
15.65%
7.36%
4.15%
56.03%
3.18%
43.83%
21.81%
101.31%
22.33%
6.98%
15.35%
25.22%
88.04%
88.88%
17.24%
41.90%
16.35%
75.23%
71.86%
18.32%
29.03%
8.97%
207.95%
9.18%
10.10%
24.28%
17.51%
61.36%
21.13%
20.31%
14.46%
4.57%
23.84%
171.94%
6.08%
7.98%
6.68%
41.50%
62.24%
3.89%
55.11%
86.19%
23.85%
74.03%
24.34%
13.61%
53.18%
83.78%
66.22%

10.48%
13.53%
6.85%
3.99%
35.91%
3.08%
30.47%
17.90%
50.33%
18.26%
6.52%
13.30%
20.14%
46.82%
47.06%
14.70%
29.53%
14.05%
42.93%
41.81%
15.48%
22.50%
8.23%
67.53%
8.41%
9.18%
19.53%
14.90%
38.03%
17.45%
16.88%
12.63%
4.37%
19.25%
63.23%
5.73%
7.39%
6.26%
29.33%
38.36%
3.75%
35.53%
46.29%
19.25%
42.54%
19.58%
11.98%
34.72%
45.59%
39.84%

13.99%
9.18%
8.27%
-19.18%
7.74%
2.67%
7.59%
-3.20%
3.49%
12.26%
21.64%
8.55%
6.38%
12.10%
1.22%
10.24%
19.52%
11.02%
4.18%
4.86%
11.57%
12.63%
13.44%
5.98%
4.93%
1.07%
9.65%
10.22%
9.92%
12.72%
16.34%
12.23%
17.89%
16.02%
12.10%
2.89%
-2.77%
15.95%
11.43%
7.12%
-6.76%
10.70%
-1.59%
14.96%
8.14%
39.44%
50.07%
9.00%
14.44%
8.34%

16.63%
NA
NA
0.21%
NA
NA
9.93%
3.62%
-1.48%
15.66%
19.84%
10.94%
10.44%
10.70%
10.32%
10.48%
13.55%
13.41%
12.54%
9.62%
13.71%
17.10%
14.99%
5.12%
11.94%
7.90%
18.67%
4.54%
9.84%
-0.65%
16.74%
14.49%
18.11%
13.29%
9.49%
10.98%
4.27%
17.54%
12.94%
12.12%
2.72%
17.85%
5.77%
NA
17.90%
30.00%
24.44%
15.90%
16.93%
12.03%

Wireless Networking
Market

63

2.21

1.68

48.51%

32.66%

-52.67%

4.31%

6958

0.91

0.78

37.51%

27.28%

10.12%

10.24%

Effective Tax Rate

14.86%
18.31%
22.58%
23.13%
22.51%
15.00%
28.30%
20.84%
17.51%
31.88%
39.63%
22.19%
5.27%
41.23%
10.07%
36.97%
22.20%
16.76%
28.75%
22.28%
2.95%
14.83%
17.32%
21.10%
11.24%
84.48%
16.44%
24.61%
26.11%
27.10%
13.98%
16.27%
33.67%
26.73%
18.80%
23.33%
28.97%
22.38%
46.73%
32.65%
28.85%
32.12%
13.36%
27.99%
25.13%
15.11%
28.70%
25.12%
25.61%

Pre-tax Operating Margin After-tax Operating

Net Margin
Margin

15.20%
10.70%
9.47%
12.59%
13.76%
8.55%
NA
NA
NA
NA
22.86%
21.77%
20.81%
9.90%
26.69%
31.61%
18.24%
13.19%
19.00%
13.64%
13.27%
23.31%
9.38%
9.46%
26.26%
2.10%
17.84%
21.12%
27.70%
19.20%
20.39%
3.50%
22.63%
13.76%
24.39%
181.19%
15.04%
5.80%
8.69%
22.93%
11.27%
6.77%
14.79%
11.07%
13.92%
23.18%
20.83%
3.96%
10.54%

9.35%
7.71%
6.42%
8.32%
9.55%
10.14%
NA
NA
NA
NA
14.57%
15.15%
12.46%
2.07%
19.22%
19.90%
13.04%
10.83%
12.23%
8.91%
12.80%
15.71%
6.76%
7.40%
18.71%
-106.93%
11.08%
15.23%
19.58%
13.23%
15.76%
1.99%
16.08%
10.15%
15.12%
119.06%
9.84%
3.74%
3.74%
19.01%
7.48%
3.87%
9.67%
7.66%
9.51%
16.89%
14.42%
2.42%
6.79%

2.40%
3.18%
-1.34%
3.51%
1.25%
2.08%
NA
NA
NA
NA
2.60%
5.18%
8.34%
-1.13%
-2.04%
10.48%
5.72%
0.64%
5.66%
3.37%
-0.18%
11.21%
3.81%
1.75%
10.10%
-13.22%
6.28%
3.08%
5.58%
0.18%
12.38%
-2.43%
0.47%
0.42%
2.79%
35.91%
4.22%
2.15%
0.46%
1.00%
2.97%
1.34%
-0.76%
2.22%
6.74%
1.88%
9.85%
0.06%
1.88%

Cap Ex/ Depreciation

76.05%
92.77%
112.47%
104.18%
76.12%
111.60%
NA
NA
NA
NA
103.29%
117.70%
146.56%
101.42%
124.63%
206.17%
102.21%
81.17%
102.30%
90.27%
83.42%
66.43%
84.53%
105.66%
151.85%
59.30%
112.49%
146.82%
171.33%
193.37%
47.09%
64.62%
56.54%
36.78%
108.95%
117.74%
87.97%
265.95%
81.75%
37.67%
75.04%
158.80%
69.15%
105.54%
158.29%
96.85%
89.10%
69.33%
99.93%

22.85%
21.25%
16.40%
3.58%
1.93%
2.53%
21.00%
18.21%
47.84%
20.10%
14.93%
46.94%
9.98%
27.73%
22.46%
29.49%
25.74%
20.61%
37.35%
47.14%
24.07%
18.00%
31.65%
12.40%
7.55%
14.29%
20.91%
1.73%
31.06%
262.39%
26.91%
25.77%
37.30%
28.78%
18.43%
19.32%
3.24%
27.03%
20.58%
27.09%
8.68%
12.04%
41.73%
30.01%
18.12%
30.88%
25.07%
27.30%
16.74%
30.97%

28.30%
NA
NA
3.15%
NA
NA
10.76%
2.62%
17.53%
11.89%
14.27%
12.22%
17.46%
20.59%
27.33%
22.47%
11.95%
18.67%
14.20%
12.85%
12.88%
49.23%
4.99%
16.22%
28.85%
9.18%
14.05%
43.72%
28.20%
18.62%
18.50%
9.13%
11.33%
7.70%
53.99%
21.09%
8.29%
11.27%
11.13%
13.67%
7.41%
36.55%
9.15%
NA
8.23%
22.31%
17.73%
13.02%
27.40%
42.99%

19.55%
NA
NA
0.24%
NA
NA
7.47%
1.02%
-2.40%
7.70%
10.01%
7.56%
11.88%
13.99%
21.06%
13.98%
7.79%
12.51%
9.86%
9.08%
7.46%
34.20%
3.31%
10.50%
25.50%
6.84%
9.56%
35.71%
18.39%
-0.72%
11.96%
5.74%
7.06%
4.94%
36.70%
14.70%
7.03%
7.43%
8.61%
8.96%
2.92%
24.82%
3.87%
NA
6.82%
14.64%
11.93%
8.81%
19.88%
32.18%

6.80%
NA
NA
-8.66%
NA
NA
2.00%
0.32%
3.46%
2.30%
6.61%
3.91%
1.81%
3.41%
4.80%
8.32%
3.84%
1.39%
0.57%
0.70%
3.88%
12.61%
1.93%
1.04%
2.01%
-0.49%
1.70%
80.03%
3.56%
5.09%
5.07%
2.14%
6.49%
1.03%
3.01%
3.59%
-4.74%
5.45%
0.36%
0.18%
1.07%
5.14%
-0.49%
NA
0.87%
7.69%
7.61%
1.33%
1.26%
7.54%

53.46%
NA
61000.00%
44.87%
23.53%
131.25%
93.99%
88.96%
193.84%
123.41%
112.96%
89.65%
115.59%
186.38%
194.80%
65.69%
58.46%
122.64%
75.67%
73.38%
132.46%
181.75%
174.13%
368.42%
74.25%
67.81%
51.29%
303.36%
147.93%
194.72%
197.52%
106.48%
325.74%
199.13%
130.47%
73.96%
71.03%
84.76%
121.85%
84.96%
49.39%
93.45%
51.97%
NA
72.99%
145.30%
86.23%
253.30%
133.10%
186.91%

5.11%

6.20%

5.68%

-11.38%

32.51%

22.09%

11.96%

4.35%

116.86%
103.31%

Non-cash WC/ Revenues

Payout Ratio ReinvestmentSales/Capital
Rate
EV/Sales

-10.66%
2.45%
-10.15%
18.06%
41.92%
5.66%
NA
NA
NA
NA
5.52%
-0.15%
5.23%
8.60%
-17.25%
0.19%
13.51%
11.97%
17.21%
11.90%
5.24%
-3.92%
1.89%
4.07%
7.78%
-18.77%
-10.26%
4.35%
4.30%
-6.21%
-3.69%
14.37%
-0.86%
-2.84%
-0.77%
40.92%
5.59%
0.34%
10.33%
-2.75%
13.67%
0.95%
-0.12%
9.47%
44.17%
-4.33%
0.91%
5.95%
7.58%

19.22%
30.42%
NA
45.78%
26.18%
29.52%
55.57%
0.08%
64.22%
42.22%
31.19%
38.53%
0.00%
NA
NA
20.25%
31.76%
128.03%
42.87%
45.97%
87.28%
14.38%
18.92%
24.60%
52.57%
NA
0.70%
68.73%
61.62%
98.64%
53.33%
NA
56.76%
1.03%
4.51%
30.54%
43.74%
13.76%
48.73%
NA
24.01%
15.58%
46.38%
24.57%
10.01%
27.94%
38.73%
17.23%
23.67%

-21.12%
-0.70%
1.07%
5.40%
7.61%
5.88%
0.00%
0.00%
0.00%
0.00%
2.43%
5.44%
32.29%
35.06%
9.82%
72.35%
10.54%
-11.42%
4.58%
0.89%
-8.92%
-12.13%
-8.85%
2.32%
15.66%
NA
-6.71%
29.04%
38.50%
63.74%
-23.41%
-32.37%
-23.67%
-51.07%
4.94%
5.25%
-2.11%
55.21%
-17.96%
-101.36%
9.03%
37.15%
-26.80%
8.52%
57.76%
-4.20%
-2.57%
13.15%
9.65%

0.91
1.53
1.64
1.72
1.12
2.72
NA
NA
NA
NA
1.26
1.28
0.36
2.35
0.34
0.78
1.04
1.32
1.40
1.50
1.38
1.04
2.04
1.50
1.04
0.88
1.46
0.66
0.53
0.65
1.09
1.72
0.45
1.32
0.79
0.09
1.50
3.91
1.70
0.48
1.95
3.24
0.91
2.81
1.13
0.61
1.66
4.10
1.99

2.13
1.10
1.15
1.47
1.00
0.56
NA
NA
NA
NA
2.67
3.08
10.79
0.73
4.44
2.45
1.53
1.72
1.70
1.28
1.40
3.73
1.46
1.08
4.53
2.60
3.94
1.79
2.41
1.76
3.35
1.02
3.21
2.29
2.15
15.24
1.42
0.60
0.74
2.74
0.99
0.37
2.50
0.71
1.40
2.49
2.50
0.55
0.97

-3.81%
NA
NA
-48.77%
NA
NA
21.06%
8.53%
3.66%
-0.63%
10.22%
14.08%
11.39%
4.46%
9.21%
-1.42%
13.28%
9.52%
7.78%
9.05%
0.89%
-0.83%
5.37%
4.60%
5.35%
12.02%
-1.11%
52.53%
-4.60%
1.04%
-5.98%
7.31%
4.20%
10.08%
169.16%
7.99%
24.08%
19.07%
18.58%
14.60%
-3.34%
-1.69%
20.21%
NA
8.89%
0.62%
7.37%
4.99%
22.85%
4.94%

21.64%
19.60%
31.39%
NA
188.13%
0.00%
52.73%
NA
78.01%
5.59%
28.61%
37.10%
77.67%
70.99%
394.65%
27.33%
15.76%
21.89%
55.18%
109.42%
56.90%
18.97%
9.21%
19.04%
66.78%
118.74%
81.51%
165.10%
24.01%
26.34%
15.60%
16.31%
14.46%
17.21%
23.57%
45.28%
NA
20.94%
42.23%
9.35%
NA
74.69%
NA
36.70%
41.73%
56.37%
43.67%
11.99%
42.75%
50.77%

-22.29%
0.43%
328.60%
###
-34.33%
2.74%
6.07%
28.02%
NA
6.58%
13.65%
4.18%
7.79%
42.60%
59.84%
-12.21%
-10.71%
15.89%
-8.60%
-17.97%
24.13%
46.58%
49.12%
153.08%
-16.95%
-28.30%
-33.55%
49.82%
23.17%
NA
37.61%
15.69%
64.36%
60.93%
48.07%
-25.71%
-22.28%
16.71%
18.99%
-1.95%
-142.06%
-5.36%
-77.39%
0.00%
-5.28%
4.89%
-0.74%
123.87%
27.19%
29.95%

0.85
NA
NA
0.90
NA
NA
1.33
3.53
0.62
2.03
1.98
1.45
0.88
0.77
0.49
0.75
1.74
1.07
1.27
1.06
1.84
0.50
4.53
0.49
0.47
1.16
1.95
0.13
0.53
0.90
1.40
2.52
2.56
2.69
0.26
0.75
0.61
2.36
1.50
1.35
0.93
0.72
1.49
NA
2.63
2.05
2.05
1.81
0.85
0.37

4.14
NA
NA
5.29
NA
NA
1.30
0.68
1.74
0.91
2.18
1.50
2.36
1.82
2.74
3.23
1.17
2.37
1.20
1.27
0.98
4.01
0.64
2.05
6.11
2.00
1.29
19.67
2.40
2.36
1.75
0.89
1.42
0.89
3.34
4.37
4.88
1.18
1.01
0.75
4.50
2.22
0.64
NA
0.49
1.32
2.68
0.86
1.43
3.93

1.44%
9.65%

NA

39.76%

44.79%

6.90%

0.76
0.86

2.55
2.10