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
Yes
No

! Yes or No
! Yes or No

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

Inputs
Current EBIT =
$2,661.00
! If negative, go back and choose to normalize earnings.
Current Interest Expense =
$37.00
Current Capital Spending
$2,059.00
Current Depreciation & Amort'n = $373.00
Tax Rate on Income =
35.00%
Current Revenues =
$30,219.00
Current Non-cash Working Capital
$2,028.00
=
Chg. Working Capital =
$190.00 Previous year-end
Book Value of Debt =
$1,580.00
1311
Book Value of Equity =
$8,749.00
7214
Cash & Marketable Securities =
Value of Non-operating Assets =

$62.00
$0.00

Current Stock Price =

$57.94
Number of shares outstanding = 1,478.63
Market Value of Debt =
$1,433.00
Market Data
Long Term Treasury bond rate=
Risk premium for equity =

5.00%
5.50%

Ratings
Do you want to estimate the firm's current rating = No
If not, what is the current rating of the firm?
A+
Enter the cost of debt associated with the rating = 5.80%

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

ease converter

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 =

40%

If sector margin
Pre-tax Operating Margin for Sector =

27.29%

Normalized Earnings before interest and taxes =

$3,500.00

! Look at industry average

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

! If in doubt, use the lookup table below

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
-6
-7
-8
-9
-10
Output
Year
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10

10

R& D Expenses
0.00
! Year -1 is the most recent financial year
0.00
! Year -2 is the year before the most recent financial year
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

R&D Expense
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
0.00
0.90
0.00
0.80
0.00
0.70
0.00
0.60
0.00
0.50
0.00
0.40
0.00
0.30
0.00
0.20
0.00
0.10

0.00

Value of Research Asset =

$0.00

Amortization of asset for current year =

$0.00

Adjustment to Operating Income =

Tax Effect of R&D Expensing

$0.00 ! A positive number indicates an increase in operating income (add to reporte

$0

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

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

Bank
Bank (Canadian)
Bank (Foreign)
Bank (Midwest)
Beverage (Alcoholic)
Beverage (Soft Drink)
Building Materials
Cable TV
Canadian Energy
Cement & Aggregates
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal/Alternate Energy
Computer & Peripherals
Computer Software & Svcs
Copper
Diversified Co.
Drug
Drugstore
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Entertainment
Environmental
Financial Services
Food Processing
Food Wholesalers
Foreign Electron/Entertn
Foreign Telecom.
Furn./Home Furnishings
Gold/Silver Mining
Grocery
Healthcare Info Systems
Home Appliance
Homebuilding
Hotel/Gaming
Household Products
Industrial Services
Insurance (Diversified)
Insurance (Life)
Insurance (Prop/Casualty)
Internet
Investment Co. (Domestic)
Investment Co. (Foreign)
Investment Co. (Income)
Machinery
Manuf. Housing/Rec Veh
Maritime

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

Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified)
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
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

3
5
10
5
10
10
3
5
5
5
10
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

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 =
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$
294.00
2
$
291.00
3
$
264.00
4
$
245.00
5
$
236.00
6 and beyond $ 2,700.00
Pre-tax Cost of Debt =

5.80%

$290.00

! 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) =
$2,661.00 ! This is the EBIT reported in the current income statement
Reported Debt =
$1,433.00 ! This is the interest-bearing debt reported on the balance sheet
Output
Number of years embedded in yr 6 estimate =

10

! 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 $
294.00
$277.88
2 $
291.00
$259.97
3 $
264.00
$222.92
4 $
245.00
$195.53
5 $
236.00
$178.03
6 and beyond $
270.00
$1,513.37 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$ 2,647.70
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$176.51 ! I use straight line depreciation

$153.57 ! PV of operating leases * Pre-tax cost of deb
2,647.70

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

Two-Stage FCFF Discount Model

Two-Stage FCFF Discount Model

This model is designed to value a firm, with two stages of growth, an initial
period of higher growth and a subsequent period of stable growth.
Assumptions
1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.

The user has to define the following inputs:

1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Capital Spending, Depreciation and Working Capital needs during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Inputs for the cost of capital. (Cost of equity, Cost of debt, Weights on debt and equity)

Page 10

Two-Stage FCFF Discount Model

Inputs to the model

Normalized EBIT (before adjustments)$2,661.00
Adjusted EBIT =

$2,814.57

(in currency)

Adjusted Interest Expense =

$190.57

(in currency)

Adjusted Capital Spending

$2,349.00

(in currency)

$549.51

(in currency)

Adjusted Depreciation & Amort'n =

Tax Rate on Income =

35.00%

(in percent)

$30,219.00

( in currency)

Current Non-cash Working Capital = $2,028.00

(in currency)

Chg. Working Capital =

(in currency)

Current Revenues =

$190.00

! See attached R&D and operating lease converters

Adjusted Book Value of Debt =

$3,958.70

( in currency) ! See attached operating lease converters

Adjusted Book Value of Equity =

$7,214.00

(in currency)

! If you capitalize R&D, this has to be adjusted too.

Weights on Debt and Equity

Is the firm publicly traded ?

Yes

( Yes or No)

These will be the inputs for your market value calculations (Do not input)
Market price per share =

$57.94

(in currency)

1478.63

(in #)

$4,080.70

( in currency)

& Number of shares outstanding =

& Market Value of Debt =

Are there equity options outstanding on the firm?

Yes

If yes, estimate the estimated market value of these equity options

$2,021

! Use option value estimator worksheet if necessary

If your stock is not traded, do you want to use the book value debt ratio ?

(Yes or No)

If you do not want to use book value ratio, enter the debt to capital ratio to be used =

(in percent)

Enter length of extraordinary growth period =

10

Do you want to change the debt ratio in the stable growth period?

(in years)

Yes

Page 11

Two-Stage FCFF Discount Model

If yes, enter the debt ratio for the stable growth period =

30%

Costs of Components
Do you want to enter cost of equity directly?

No

If yes, enter the cost of equity =

(Yes or No)
(in percent)

If no, enter the inputs to the cost of equity

Beta of the stock =

0.87

! See attached worksheet for bottom-up beta calculator

Riskfree rate=

5.00%

(in percent)

Risk Premium=

5.50%

(in percent)

Enter the cost of debt for cost of capital calculation

5.80%

( in percent)

No

(Yes or No)

$800.00

(in currency)

Yes

(Yes or No)

12.50%

(in percent)

! See worksheet on ratings

Earnings Inputs
Do you want to use the historical growth rate?
If yes, enter EBIT from five years ago =

Do you have an outside estimate of growth ?

If yes, enter the estimated growth:

Do you want to calculate the growth rate from fundamentals?

Yes

(Yes or No)

Yes

(Yes or No)

The following will be the inputs to the fundamental growth formulation:

ROC =

16.37%

Reinv. Rate =

108.75%

Do you want to change any of these inputs for the high growth period?
If yes, specify the values for these inputs (Please enter all variables)
ROC =

16.37%

Reinv. Rate =

88.62%

Specify weights to be assigned to each of these growth rates:

Page 12

Two-Stage FCFF Discount Model

Historical Growth Rate =

0.00%

(in percent)

Outside Prediction of Growth =

0.00%

(in percent)

100.00%

(in percent)

5.00%

(in percent)

Will the beta to change in the stable period?

No

(Yes or No)

If yes, enter the beta for stable period =

1.00

Will the cost of debt change in the stable period?

Yes

(Yes or No)

5.50%

( in percent)

Fundamental Estimate of Growth =

Enter growth rate in stable growth period?

Beta

If yes, enter the new cost of debt =

Capital Spending, Depreciation & Working Capital

Do you want all these items to grow at the same rate as earnings ?

Yes

(Yes or No)

If not, enter the growth rates for each of the following items:
Capital Spending Depreciation

Revenues

High Growth

6%

6%

6%

(in percent)

Stable Growth

Do not enter

Do not enter

5%

(in percent)

Do you want to keep the current fraction of working capital to revenues?

Specify working capital as a percent of revenues:

4.12%

Yes

(Yes or No)

(in percent)

Capital Spending and Depreciation in Stable Growth

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

14.10%

If no, answer the following questions:

Is capital spending to be offset by depreciation in stable period?
If no, do you want to enter capital expenditure as % of depreciation

No

(Yes or No)

120%

(in percent)

Page 13

Two-Stage FCFF Discount Model

Before reviewing the output, check to see if any warnings appear on the next page.

Page 14

Two-Stage FCFF Discount Model

Warnings

Capital Spending exceeds depreciation by a significant factor

Page 15

Two-Stage FCFF Discount Model

Output from the program

Cost of Equity =

9.79%

Equity/(Debt+Equity ) =

95.55%

After-tax Cost of debt =

3.77%

Debt/(Debt +Equity) =

4.45%

Cost of Capital =

9.52%

Current EBIT * (1 - tax rate) =

$1,829.47

- (Capital Spending - Depreciation)

$1,799.49

- Change in Working Capital

$190.00

Current FCFF

($160.02)

Growth Rate in Earnings per share

Growth Rate

Weight

Historical Growth =

28.61%

0.00%

Outside Estimates =

12.50%

0.00%

Fundamental Growth =

14.51%

100.00%

Weighted Average

14.51%

Growth Rate in capital spending, depreciation and working capital

High Growth

Stable Growth

Growth rate in capital spending =

14.51%

Do not enter

Growth rate in depreciation =

14.51%

Do not enter

Growth rate in revenues =

14.51%

5.00%

Working Capital as percent of revenues =

6.71%

(in percent)

The FCFE for the high growth phase are shown below (upto 10 years)
1

Page 16

10

Two-Stage FCFF Discount Model

EBIT * (1 - tax rate)

$2,094.94

$2,398.94

$2,747.05

$3,145.68

$3,602.15

$4,124.86

$4,723.42

$5,408.84

$6,193.71

$7,092.49

- (CapEx-Depreciation)

$1,562.25

$1,788.95

$2,048.55

$2,345.82

$2,686.22

$3,076.02

$3,522.38

$4,033.51

$4,618.82

$5,289.06

-Chg. Working Capital

$294.28

$336.99

$385.89

$441.88

$506.01

$579.43

$663.52

$759.80

$870.05

$996.31

Free Cashflow to Firm

$238.40

$273.00

$312.61

$357.98

$409.92

$469.41

$537.53

$615.53

$704.84

$807.12

$217.69

$227.61

$237.99

$248.84

$260.19

$272.05

$284.45

$297.42

$310.99

$325.17

Present Value

Growth Rate in Stable Phase =

FCFF in Stable Phase =

5.00%
$4,806.29

Cost of Equity in Stable Phase =

9.79%

Equity/ (Equity + Debt) =

70.00%

AT Cost of Debt in Stable Phase =

3.58%

Debt/ (Equity + Debt) =

30.00%

Cost of Capital in Stable Phase =

7.92%

Value at the end of growth phase =

$164,486.36

Present Value of FCFF in high growth phase =

$2,682.40

Present Value of Terminal Value of Firm =

$66,266.39

Value of operating assets of the firm =

$68,948.79

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

$62.00

Value of Firm =

$69,010.79

Market Value of outstanding debt =

$4,080.70

Market Value of Equity =

$64,930.09

Value of Equity in Options =

$2,021.00

Value of Equity in Common Stock =

$62,909.09

Market Value of Equity/share =

$42.55

Page 17

Two-Stage FCFF Discount Model

Page 18

Two-Stage FCFF Discount Model

Page 19

Two-Stage FCFF Discount Model

Page 20

Two-Stage FCFF Discount Model

Page 21

Two-Stage FCFF Discount Model

Page 22

Two-Stage FCFF Discount Model

Page 23

Two-Stage FCFF Discount Model

Terminal Year

Page 24

Two-Stage FCFF Discount Model

$7,447.11
$2,247.71
$393.11
$4,806.29

35.46%

Page 25

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 =

$57.94
20.17
7.6
30.00% (volatility)
0.40%
5.00%
47.728
1,478.63

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
57.9375 # Warrants issued=
Stock Price=
20.17 # Shares outstanding=
Strike Price=
Adjusted S (DO NOT ENTER)= 57.44980534 T.Bond rate=
20.17 Variance=
Adjusted K (DO NOT ENTER)=
7.6 Annualized dividend yield=
Expiration (in years) =
Div. Adj. interest rate=
d1 =
N (d1) =

2.101844065
0.982216531

d2 =
N (d2) =

1.27480114
0.898810181

Value per option =

$42.34

Value of all options outstanding =

$2,021

47.728
1,479
5.00%
0.0900
0.40%
4.60%

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 =

0.79 ! Look up industry averages

1.67% ! Reverted back to conventional debt to equity ratio

35.00%
0.80

debt to equity ratio

Inputs for synthetic rating estimation

Enter the type of firm =

1 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)
Enter current Earnings before interest and taxes (EBIT) =
$2,951.00 (Add back only long term interest expense fo
Enter current interest expenses =
$327.00 (Use only long term interest expense for fina
Enter current long term government bond rate =
5.00%
Output
9.02
Interest coverage ratio =
AAA
Estimated Bond Rating =
0.20%
Estimated Default Spread =
5.20%
Estimated Cost of Debt =
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
2.499999
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
10.00%
7.50%
6.00%
5.00%
4.25%
3.25%
2.50%
2.00%
1.50%
1.25%
1.00%
0.80%
0.50%
0.20%

For smaller and riskier firms

If interest coverage ratio is
to
greater than
-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
4.499999
4.5
5.999999
6
7.499999
7.5
9.499999
9.5
12.499999
12.5
100000

Spread is
10.00%
7.50%
6.00%
5.00%
4.25%
3.25%
2.50%
2.00%
1.50%
1.25%
1.00%
0.80%
0.50%
0.20%

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

For financial service firms

If long term interest coverage ratio is
to
greater than
-100000
0.049999
0.05
0.099999
0.1
0.199999
0.2
0.299999
0.3
0.399999
0.4
0.499999
0.5
0.599999
0.6
0.799999
0.8
0.999999
1
1.49999
1.5
1.99999
2
2.49999
2.5
2.99999
3
100000

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

Spread Operating
is
Income Decline
10.00%
-50.00%
7.50%
-40.00%
6.00%
-40.00%
5.00%
-40.00%
4.25%
-25.00%
3.25%
-20.00%
2.50%
-20.00%
2.00%
-20.00%
1.50%
-20.00%
1.25%
-17.50%
1.00%
-15.00%
0.80%
-10.00%
0.50%
-5.00%
0.20%
0.00%

Industry Name
Number of FirmsCap Ex/Depreciation ROC Reinvestment RateUnlevered Beta
MV Debt to Capital Ratio
Advertising
25
84.97%
#####
-7.66%
1.10
10.51%
Aerospace/Defense
48
102.26%
#####
0.48%
0.78
29.88%
Air Transport
44
184.45%
#####
48.85%
0.96
33.41%
Aluminum
9
120.93%
#####
24.39%
0.83
24.65%
Apparel
61
102.94%
#####
11.35%
0.87
17.21%
Auto & Truck
20
103.35%
#####
22.84%
0.61
51.42%
Auto Parts (OEM)
36
159.03%
#####
59.80%
0.75
26.58%
Auto Parts (Replacement)
36
150.40%
#####
45.18%
0.71
21.56%
Bank
162
NA
NA
NA
0.75
21.08%
Bank (Canadian)
8
NA
NA
NA
0.81
25.38%
Bank (Foreign)
2
NA
NA
NA
0.92
19.80%
Bank (Midwest)
34
NA
NA
NA
0.82
15.58%
Beverage (Alcoholic)
22
159.20%
9.82%
37.84%
0.70
15.73%
Beverage (Soft Drink)
13
133.61%
#####
15.11%
0.93
7.70%
Building Materials
57
158.84%
#####
38.98%
0.80
21.73%
Cable TV
22
99.59%
#####
-0.60%
0.71
39.28%
Canadian Energy
15
198.37%
#####
73.39%
0.67
38.36%
Cement & Aggregates
15
167.74%
#####
33.26%
0.84
8.89%
Chemical (Basic)
18
159.05%
#####
20.47%
0.82
20.23%
Chemical (Diversified)
35
129.68%
#####
26.12%
0.79
22.44%
Chemical (Specialty)
89
141.87%
#####
34.67%
0.79
20.66%
Coal/Alternate Energy
6
236.99%
8.53%
62.37%
0.54
44.02%
Computer & Peripherals
166
135.95%
#####
46.71%
1.29
5.05%
Computer Software & Svcs 355
96.47%
#####
11.46%
1.38
2.56%
Copper
7
185.12%
#####
41.43%
0.57
52.45%
Diversified Co.
101
119.92%
#####
20.49%
0.85
17.82%
Drug
229
126.73%
#####
21.74%
1.18
2.83%
Drugstore
12
196.41%
#####
70.88%
0.95
6.12%
Educational Services
21
154.03%
#####
39.79%
1.11
4.00%
Electric Util. (Central)
36
94.94%
9.63%
-0.22%
0.45
41.87%
Electric Utility (East)
38
92.44%
#####
-3.36%
0.48
37.06%
Electric Utility (West)
19
103.83%
#####
3.31%
0.44
42.22%
Electrical Equipment
104
130.44%
#####
25.15%
1.08
4.85%
Electronics
152
145.67%
#####
51.06%
1.06
13.24%
Entertainment
70
80.67%
5.91%
-6.72%
0.90
18.95%
Environmental
61
113.29%
#####
15.36%
0.84
17.49%
Financial Services
101
91.40%
5.87%
89.34%
0.93
33.23%
Food Processing
93
112.82%
#####
10.77%
0.71
14.52%
Food Wholesalers
18
172.17%
#####
48.97%
0.69
21.98%
Foreign Electron/Entertn
13
125.30%
8.59%
44.59%
0.72
27.24%
Foreign Telecom.
19
85.90%
#####
-1.17%
0.99
15.10%
Furn./Home Furnishings
36
118.11%
#####
29.89%
0.92
13.75%
Gold/Silver Mining
34
180.81%
7.20%
92.19%
0.56
14.50%
Grocery
29
169.19%
#####
45.17%
0.71
16.01%
Healthcare Info Systems
32
105.20%
#####
20.90%
1.18
1.39%
Home Appliance
15
118.22%
#####
17.55%
0.77
24.76%
Homebuilding
66
230.29%
7.53%
78.36%
0.71
37.47%
Hotel/Gaming
56
377.52%
#####
133.02%
0.79
35.48%
Household Products
33
147.67%
#####
25.03%
0.90
9.02%
Industrial Services
157
90.71%
#####
16.14%
0.97
16.83%
Insurance (Diversified)
57
422.52%
1.78%
160.39%
0.86
11.13%

Insurance (Life)
Insurance (Prop/Casualty)
Internet
Investment Co. (Domestic)
Investment Co. (Foreign)
Investment Co. (Income)
Machinery
Manuf. Housing/Rec Veh
Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified)
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
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

32
66
28
18
24
13
140
21
22
191
210
42
29
54
41
20
31
93
33
63
41
104
101
57
87
15
90
90
172
14
49
35
69
8
26
31
20
100
131
27
120
10
16
25
51
2
17

NA
NA
223.08%
NA
NA
NA
141.31%
211.54%
209.36%
114.44%
177.98%
145.92%
252.18%
216.24%
224.87%
87.58%
100.03%
237.89%
124.15%
112.99%
164.11%
236.40%
159.61%
78.29%
938.39%
221.70%
212.91%
200.93%
159.08%
371.10%
159.44%
132.45%
158.96%
172.18%
202.17%
195.13%
144.10%
217.50%
147.92%
155.36%
357.89%
161.87%
98.85%
187.89%
205.93%
183.70%
242.57%

NA
NA
4.63%
NA
NA
NA
#####
#####
#####
9.22%
#####
#####
6.27%
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
#####
NA
#####
#####
#####
#####
9.74%
9.74%

NA
NA
310.56%
NA
NA
NA
38.10%
74.37%
63.46%
23.32%
44.91%
25.50%
144.76%
61.35%
72.48%
-4.27%
37.27%
67.65%
21.20%
19.92%
38.50%
98.56%
49.60%
-1.12%
144.67%
60.54%
56.34%
50.37%
55.24%
88.62%
40.86%
59.52%
42.93%
57.16%
43.96%
58.38%
17.78%
79.29%
39.04%
43.28%
NA
43.23%
3.71%
39.28%
109.39%
74.41%
49.64%

0.92
0.86
1.81
0.82
NA
NA
0.79
0.83
0.48
0.98
1.05
0.88
0.66
0.46
0.72
0.81
0.91
1.06
0.67
0.71
0.82
0.70
1.04
0.89
0.72
0.82
0.90
0.89
1.07
1.06
1.03
0.63
1.51
1.57
0.86
0.68
0.68
1.37
1.13
0.66
0.47
0.87
0.72
1.00
0.60
0.83
0.42

8.02%
6.35%
0.42%
1.81%
2.53%
0.00%
24.96%
13.19%
51.32%
24.50%
5.33%
16.56%
32.26%
38.24%
32.25%
18.81%
20.29%
14.60%
35.18%
37.33%
12.72%
33.84%
9.46%
13.86%
11.71%
33.11%
12.57%
15.97%
10.25%
3.03%
16.84%
62.16%
3.03%
3.25%
20.39%
33.12%
37.95%
4.47%
13.62%
40.96%
59.11%
16.09%
16.46%
5.97%
50.04%
31.50%
41.37%

Non-Cash Working Capital/Sales

Pre-tax Operating Margin
Std Deviation in Equity
-2.57%
14.76%
40.76%
18.95%
23.68%
41.59%
3.51%
14.01%
47.25%
18.82%
14.83%
32.19%
26.48%
11.04%
48.52%
41.80%
15.88%
33.71%
11.77%
11.11%
36.08%
21.49%
11.31%
36.33%
NA
NA
25.95%
NA
NA
24.87%
NA
NA
33.26%
NA
NA
23.10%
17.61%
18.05%
29.77%
5.54%
21.04%
37.17%
12.87%
9.57%
37.64%
-1.14%
33.63%
45.99%
3.07%
26.09%
27.50%
16.20%
22.82%
34.07%
17.57%
25.99%
33.93%
19.92%
18.05%
30.62%
20.79%
16.79%
38.83%
9.97%
31.90%
41.48%
19.79%
13.62%
62.99%
18.00%
23.22%
62.08%
10.86%
25.39%
31.17%
18.71%
12.49%
37.59%
21.27%
27.29%
64.84%
13.37%
6.94%
44.50%
12.07%
16.79%
56.30%
7.42%
26.23%
16.77%
8.89%
29.57%
19.20%
8.44%
28.41%
17.89%
20.25%
15.02%
48.48%
24.26%
11.30%
53.56%
17.43%
20.33%
37.64%
15.35%
16.06%
57.37%
156.89%
27.47%
39.76%
9.30%
11.39%
33.84%
3.38%
4.51%
31.97%
23.37%
11.31%
27.63%
15.75%
33.19%
39.42%
20.93%
12.18%
34.77%
8.07%
26.50%
56.14%
4.11%
6.10%
34.80%
22.06%
22.04%
70.20%
22.74%
11.01%
38.18%
32.38%
8.97%
43.98%
0.53%
20.82%
49.01%
15.39%
18.76%
35.37%
14.85%
10.78%
45.01%
NA
20.16%
30.73%

NA
NA
21.09%
NA
NA
NA
24.39%
20.48%
10.85%
8.36%
18.67%
22.05%
19.33%
6.30%
3.88%
3.90%
27.07%
20.72%
12.92%
15.45%
6.43%
3.35%
26.56%
16.37%
NA
1.67%
18.71%
0.28%
14.01%
12.30%
17.56%
NA
17.09%
22.97%
26.56%
18.16%
18.31%
24.25%
6.75%
26.65%
NA
17.14%
15.77%
23.87%
14.21%
8.11%
3.58%

NA
NA
4.06%
NA
NA
NA
13.13%
8.44%
16.02%
10.39%
13.86%
14.30%
12.73%
20.58%
15.42%
21.71%
12.99%
22.66%
15.78%
12.57%
16.59%
40.34%
14.73%
18.32%
NA
26.27%
17.17%
16.46%
8.24%
8.72%
8.05%
59.16%
26.53%
23.38%
9.75%
11.20%
12.77%
14.78%
33.05%
12.23%
NA
12.43%
17.49%
18.24%
16.84%
46.07%
42.12%

28.87%
28.60%
72.04%
24.07%
31.76%
12.23%
38.42%
38.66%
36.05%
58.39%
56.18%
37.75%
56.00%
20.38%
37.09%
24.83%
37.14%
51.59%
34.36%
31.90%
27.87%
49.98%
49.15%
50.96%
21.88%
35.91%
50.57%
41.39%
58.34%
43.30%
45.50%
42.19%
63.35%
58.26%
42.88%
36.76%
37.58%
63.32%
51.66%
34.26%
28.78%
26.72%
36.91%
44.87%
35.74%
25.69%
22.56%