Company name

Groupon
Numbers from your base year below:
Revenues
$
1,290.00
Operating income or EBIT
$
(554.50)
Book value of equity
$
(14.70)
Book value of debt
$
Cash
$
722.70
Number of shares outstanding =
696.00
Current stock price =
$
16.00
Tax rate =
35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 years 50.00%
=
Target pre-tax operating margin (EBIT as % of sales in year 23.00%
10) =
Sales to capital ratio (for computing reinvestment) =
2.00
Market numbers
Riskfree rate
2.05%
Initial cost of capital =
15.00%
Other inputs
Number of options outstanding =
18.40
Average strike price =
$1.11
Average maturity =
5.00
Standard deviation on stock price =
44.00%

Important: Before you run this spreadsheet, go into preferences in

There should be a check against the iteration box. If there is not, yo
S1 Filing (October 2011): Page 43 (1,118 -141+313)
S1 Filing (October 2011): Page 43 (-218.4-(-84.2)+(-420.3)
S1 Filing (October 2011): Page 45
S1 Filing (October 2011): No interest bearing debt* (See below for
S1 Filing (October 2011): Page 45 + Expected proceeds from IPO
S1 Filing (October 2011): Page 5 (630.4 million Class A shares + 2
Expected IPO price (from WSJ on October 31, 2011)
(Federal corporate tax rate)

Revenue growth rate last year was more than 300%...

Backed out the margin on revenues without customer acquisition c
Assumption based on the small revenues/subscriber and competiio
10 year treasury bond rate on November 1, 2011
Based on the top decile of publicly traded companies with no debt

S1 Filing: Page 5
S1 Filing: Page 5
Not available (My estimate. Employee options usually have 8-10 ye
S1 Filing: Page 69

Default assumptions
I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)
Do you want to override this assumption =
Yes
Mature companies generally see their risk levels approach the aver
If yes, enter the cost of capital after year 10 =
8%
Though some sectors, even in stable growth, may have higher risk
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10
Do you want to override this assumption =
Yes
Mature companies find it difficult to generate returns that exceed th
If yes, enter the return on capital you expect after year 10
10%
But there are significant exceptions among companies with long-las
I will assume that your firm has no chance of failure in the next 10 years
Do you want to override this assumption =
No
Many young, growth companies fail, especially if they have trouble
If yes, enter the probability of failure in the next 10 years =
20%
Tough to estimate but a key input.
I will asssume that you have no NOL coming into the valuation
Do you want to override this assumption =
Yes
Check the financial statements.
If yes, enter the NOL that you are carrying over into year 1 $800.00
An NOL will shield your income from taxes, even after you start ma

Groupon has operating lease commitments, but the numbers are small. If they had been larger, I would have capitalized them and brought t

his spreadsheet, go into preferences in Excel and check under Calculation options
gainst the iteration box. If there is not, you will get circular reasoning errors.
Page 43 (1,118 -141+313)
Page 43 (-218.4-(-84.2)+(-420.3)

No interest bearing debt* (See below for lease comment)

Page 45 + Expected proceeds from IPO from S! Filing (Page 5)
Page 5 (630.4 million Class A shares + 2.4 million Class B + 10.6 million class A restricted stock shares + 49.9 million shares for grants in 2011
WSJ on October 31, 2011)

ear was more than 300%...

revenues without customer acquisition costs & portion of marketing expenses.
small revenues/subscriber and competiion.
3.57188498
on November 1, 2011
publicly traded companies with no debt

. Employee options usually have 8-10 year lives)

kfree rate + 4.5%)

ly see their risk levels approach the average
n in stable growth, may have higher risk (which is my assumption with Groupon)

fficult to generate returns that exceed the cost of capital

ceptions among companies with long-lasting competitive advantages (and I am assuming that Groupon is one)

anies fail, especially if they have trouble raising cash (I am being optimistic and assuming that Groupon has no chance of failure)

ome from taxes, even after you start making money (and Groupon has NOLs)

ould have capitalized them and brought them in as debt.

s for grants in 2011

Revenues

2010 10K
First 9 months- 2010 First 9 months - 2011 Trailing 12 month value
$312,941
$140,717
$1,118,266
$1,290,490

Cost of revenue
Marketing
SG&A
Customer acquisition costs

$42,896
$290,569
$196,637
$203,183

$17,705
$89,642
$79,741
$37,844

$162,614
$613,173
$565,686
-$4,793

$187,805
$814,100
$682,582
$160,546

Operating income

-$420,344

-$84,215

-$218,414

-$554,543

Net income

-$389,640

-$76,410

-$214,481

-$527,711

Base year
Revenue growth rate
Revenues
EBIT (Operating) margin
EBIT (Operating income)
EBIT(1-t)
- Reinvestment
FCFF
NOL

$1,290.00 $
-42.98%
$ (554.50) $
$ (554.50) $
$
$
$ 800.00 $

WACC
Discount factor
PV(FCFF)

1
50.00%
1,935.00
-36.39%
(704.07)
(704.07)
322.50
(1,026.57)
1,504.07

$
$
$
$
$
$

2
50.00%
2,902.50
-29.79%
(864.59)
(864.59)
483.75
(1,348.34)
2,368.66

$
$
$
$
$
$

3
50.00%
4,353.75
-23.19%
(1,009.60)
(1,009.60)
725.63
(1,735.22)
3,378.25

$
$
$
$
$
$

4
50.00%
6,530.63
-16.59%
(1,083.48)
(1,083.48)
1,088.44
(2,171.91)
4,461.73

$
$
$
$
$
$

5
50.00%
9,795.94
-9.99%
(978.83)
(978.83)
1,632.66
(2,611.49)
5,440.56

15.00%
15.00%
15.00%
15.00%
15.00%
0.870
0.756
0.658
0.572
0.497
(892.67) $ (1,019.53) $ (1,140.94) $ (1,241.80) $ (1,298.37)

Terminal cash flow

$3,014.27
Terminal Cost of capital
8.00%
Terminal value
########
PV(Terminal value)
########
PV (CF over next 10 years)
########
Sum of PV
$9,728.53
Probability of failure =
0.00%
Value of operating assets = $9,728.53
Debt
$
Cash
$ 722.70
Value of equity
########
- Value of options
$275.53
Value of equity in common stock
########
Number of shares
696.00
Estimated value /share
$ 14.62
Price on IPO
$ 16.00
Price as % of value
109.44%
Implied variables
Sales to capital ratio
Invested capital
ROIC

(737) $
75.20%

2.00
2.00
2.00
(415) $
69 $
794 $
169.70%
-1255.75%
-127.08%

2.00
1,883 $
-57.54%

2.00
3,516
-27.84%

$
$
$
$
$
$

6
40.41%
13,754.48
-3.39%
(466.80)
(466.80)
1,979.27
(2,446.07)
5,907.36

$
$
$
$
$
$

7
30.82%
17,993.61
3.20%
576.63
576.63
2,119.56
(1,542.93)
5,330.73

$
$
$
$
$
$

8
21.23%
21,813.65
9.80%
2,138.41
2,138.41
1,910.02
228.39
3,192.32

$
$
$
$
$
$

9
11.64%
24,352.76
16.40%
3,994.23
3,713.56
1,269.55
2,444.01
-

$
$
$
$
$
$

10
2.05%
24,851.99
23.00%
5,715.96
3,715.37
249.62
3,465.76
-

Terminal year
2.05%
$ 25,361.45
23.00%
$ 5,833.13
$ 3,791.54
$
777.27
$ 3,014.27
$
8.00%

13.60%
0.438
$ (1,070.54) $

12.20%
0.390
(601.85) $

10.80%
0.352
80.40 $

9.40%
8.00%
0.322
0.298
786.47 $ 1,032.66

2.00
5,495 $
-8.50%

2.00
7,614 $
7.57%

2.00
9,524 $
22.45%

2.00
10,794 $
34.40%

After year 10
$

2.00
11,044
33.64%

10.00%

VALUATION DIAGNOSTICS
Invested capital at start of valuation
$
Invested capital at end of valuation
$
Change in invested capital over 10 years
$
Change in EBIT*(1t) (after-tax operating income) over 10 years
$
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years
Your calculated value as a percent of current price
Inputs
Revenue growth rate
Last period EBIT as % of revenue

(737.40)
11,043.59
11,780.99
6,270.46
53.23%
33.64%
12.90%
91.38%

If calculated value is
negative or looks too
Increase revenue growth
rate
23%

Last period EBIT as % of revenue needed to earn cost of capital8.82%

If calculated value looks too high

Decrease revenue growth rate
Decrease margin until return in year 10 = cost of capital

Valuing Options or Warrants

Enter the current stock price =
$
16.00
Enter the strike price on the option =
$
1.11
Enter the expiration of the option =
5.00
Enter the standard deviation in stock prices =
44.00% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
2.05%
Enter the number of warrants (options) outstanding 18.40
=
Enter the number of shares outstanding =
696.00
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
16 # Warrants issued=
Strike Price=
1.11 # Shares outstanding=
Adjusted S =
15.973582 T.Bond rate=
Adjusted K =
1.11 Variance=
Expiration (in years) =
5 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

3.30640889
0.9995275

d2 =
N (d2) =

2.32253898
0.98989803

Value per option =

$
14.97
Value of all options outstanding =

$275.53

18.4
696
2.05%
0.1936
0.00%
2.05%

Revenues
Cost of revenue
Marketing
SG&A expenses
Acquisition related costs
Pre-tax operating margin

2010
$312,941
$42,896
$290,569
$196,637
$203,183

2010 (in %) 2011 (First 9 months) 2011(in %) Steady state margin

44.97%
$1,118,266
100.00%
100.00%
13.71%
92.85%
62.84%
64.93%
-134.32%

$162,614
$613,173
$565,686
-$4,793

14.54%
54.83%
50.59%
-0.43%
-19.53%

15.00%
12.00%
45.00%
5.00%
23.00%

Industry Name
Number of FirmsAverage BetaUnlevered Beta corrected for cashMarket D/E Ratio Cost of Equity
Advertising
28
1.79
1.55
36.55%
11.80%
Aerospace/Defense
63
1.15
1.07
23.64%
8.74%
Air Transport
40
1.21
0.95
52.64%
9.01%
Apparel
48
1.35
1.32
15.80%
9.70%
Auto Parts
47
1.78
1.58
24.67%
11.71%
Automotive
19
1.50
0.93
108.58%
10.40%
Bank
418
0.75
0.47
85.86%
6.82%
Bank (Canadian)
7
0.86
0.84
13.77%
7.39%
Bank (Midwest)
40
0.96
0.68
69.03%
7.84%
Beverage
34
0.92
0.86
13.09%
7.63%
Biotechnology
120
1.13
1.20
13.24%
8.66%
Building Materials
47
1.33
0.88
71.38%
9.60%
Cable TV
24
1.43
0.97
68.40%
10.07%
Canadian Energy
10
1.14
0.94
28.44%
8.69%
Chemical (Basic)
17
1.28
1.19
18.75%
9.38%
Chemical (Diversified)
31
1.51
1.39
21.07%
10.46%
Chemical (Specialty)
83
1.37
1.20
23.06%
9.78%
Coal
25
1.59
1.45
16.16%
10.82%
Computer Software/Svcs
247
1.06
1.12
4.68%
8.31%
Computers/Peripherals
101
1.27
1.31
9.13%
9.33%
Diversified Co.
111
1.22
0.76
99.77%
9.07%
Drug
301
1.11
1.08
14.10%
8.55%
E-Commerce
52
1.14
1.19
4.58%
8.68%
Educational Services
37
0.79
0.84
8.89%
7.05%
Electric Util. (Central)
23
0.78
0.46
96.84%
6.99%
Electric Utility (East)
25
0.73
0.49
74.73%
6.74%
Electric Utility (West)
14
0.75
0.49
83.18%
6.83%
Electrical Equipment
79
1.32
1.29
10.91%
9.54%
Electronics
158
1.13
1.13
18.40%
8.63%
Engineering & Const
17
1.65
1.85
7.93%
11.12%
Entertainment
75
1.72
1.38
37.99%
11.44%
Entertainment Tech
31
1.39
1.55
7.80%
9.87%
Environmental
69
0.85
0.64
41.13%
7.32%
Financial Svcs. (Div.)
230
1.37
0.75
135.83%
9.79%
Food Processing
109
0.87
0.74
28.98%
7.41%
Foreign Electronics
9
1.14
1.23
29.55%
8.68%
Funeral Services
5
1.22
0.94
50.78%
9.08%
Furn/Home Furnishings
30
1.67
1.49
26.18%
11.19%
Healthcare Information
26
0.94
0.96
4.86%
7.76%
Heavy Truck/Equip Makers
8
1.94
1.55
46.41%
12.50%
Homebuilding
24
1.39
1.05
89.05%
9.88%
Hotel/Gaming
52
1.76
1.33
49.08%
11.63%
Household Products
22
1.17
1.05
18.38%
8.82%
Human Resources
24
1.44
1.57
9.14%
10.13%
Industrial Services
137
0.96
0.86
26.26%
7.83%
Information Services
26
1.10
0.98
20.21%
8.49%
Insurance (Life)
31
1.39
1.44
18.28%
9.86%
Insurance (Prop/Cas.)
67
0.92
0.94
11.12%
7.66%
Internet
180
1.11
1.21
1.57%
8.54%
Machinery
114
1.22
1.05
28.52%
9.05%
Maritime
53
1.37
0.64
138.71%
9.79%
Medical Services
139
0.88
0.80
38.70%
7.47%
Medical Supplies
231
1.02
1.01
11.48%
8.13%
Metal Fabricating
30
1.44
1.44
18.24%
10.12%
Metals & Mining (Div.)
69
1.33
1.25
11.01%
9.59%
Natural Gas (Div.)
32
1.25
0.99
34.98%
9.23%

Natural Gas Utility

Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Special Lines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Utility (Foreign)
Water Utility
Wireless Networking
Total Market

27
13
24
12
95
27
37
23
163
19
11
68
74
83
27
8
23
6
14
52
8
60
143
15
8
38
29
25
115
14
18
19
13
104
85
28
181
13
15
33
5
12
48
5928

0.65
1.71
1.45
0.97
1.48
1.06
1.52
1.21
1.36
0.96
0.85
1.34
1.18
1.27
1.20
2.18
1.30
1.29
1.28
1.50
0.98
1.33
1.54
1.44
0.92
1.33
0.74
1.25
1.56
1.79
1.31
1.59
1.72
1.04
1.01
1.03
0.70
0.73
1.27
1.20
0.99
0.70
1.25
1.15

0.45
1.34
1.19
0.61
1.34
0.85
1.01
1.12
1.17
0.87
0.61
0.78
1.15
1.31
0.58
1.20
0.96
1.07
1.10
1.21
1.09
1.21
1.48
1.25
0.85
1.19
0.63
0.75
1.68
1.97
1.48
1.43
1.43
1.22
0.84
0.66
0.74
0.66
1.19
0.97
0.70
0.47
1.15
0.96

62.04%
46.80%
45.11%
75.32%
18.94%
44.52%
71.26%
18.37%
22.47%
20.38%
42.18%
98.86%
6.76%
11.20%
144.04%
104.42%
57.88%
30.86%
27.19%
37.21%
15.27%
16.09%
17.17%
27.52%
13.61%
25.22%
42.10%
149.83%
6.24%
5.84%
1.71%
23.47%
36.84%
10.71%
34.06%
84.06%
7.81%
21.57%
19.52%
42.14%
58.68%
77.89%
18.19%
36.04%

6.35%
11.40%
10.17%
7.90%
10.32%
8.32%
10.48%
9.03%
9.76%
7.85%
7.34%
9.64%
8.90%
9.32%
8.99%
13.62%
9.47%
9.40%
9.38%
10.40%
7.91%
9.58%
10.57%
10.10%
7.64%
9.61%
6.82%
9.21%
10.68%
11.77%
9.52%
10.83%
11.44%
8.24%
8.10%
8.16%
6.61%
6.77%
9.31%
8.97%
7.97%
6.61%
9.24%
8.72%

Cost of Debt
6.29%
4.79%
5.29%
5.29%
5.79%
4.79%
4.79%
4.29%
4.29%
5.29%
6.29%
5.79%
4.79%
4.29%
4.79%
5.29%
5.29%
5.29%
5.79%
7.29%
5.29%
7.29%
5.29%
5.29%
4.29%
4.29%
4.29%
5.29%
5.79%
5.29%
6.29%
6.29%
6.29%
5.79%
4.79%
4.29%
4.29%
5.29%
5.29%
5.79%
5.29%
5.79%
4.79%
5.29%
5.29%
4.29%
5.29%
4.29%
7.29%
5.29%
5.29%
5.79%
5.79%
5.29%
7.29%
4.79%

D/(D+E) Cost of Capital

26.77%
10.11%
19.12%
7.79%
34.49%
7.32%
13.64%
8.95%
19.79%
10.38%
52.06%
6.97%
46.20%
5.58%
12.10%
6.91%
40.84%
6.07%
11.57%
7.24%
11.69%
8.34%
41.65%
7.73%
40.62%
7.48%
22.14%
7.62%
15.79%
8.48%
17.40%
9.34%
18.74%
8.79%
13.91%
9.96%
4.47%
8.16%
8.37%
9.10%
49.94%
6.73%
12.36%
8.34%
4.38%
8.49%
8.16%
6.79%
49.20%
5.13%
42.77%
5.13%
45.41%
5.06%
9.83%
9.04%
15.54%
8.07%
7.35%
10.58%
27.53%
9.76%
7.24%
9.58%
29.14%
6.82%
57.60%
6.87%
22.47%
6.59%
22.81%
7.39%
33.68%
7.05%
20.75%
9.78%
4.64%
7.59%
31.70%
10.00%
47.10%
7.57%
32.92%
9.41%
15.53%
7.99%
8.38%
9.62%
20.80%
7.08%
16.81%
7.62%
15.46%
8.99%
10.01%
7.24%
1.54%
8.51%
22.19%
7.99%
58.11%
6.97%
27.90%
6.67%
10.29%
7.81%
15.42%
9.19%
9.92%
9.31%
25.91%
7.89%

ROC
9.79%
23.55%
12.96%
17.16%
14.31%
12.11%
NA
NA
NA
23.26%
13.79%
11.22%
14.10%
18.03%
21.71%
18.99%
17.58%
24.20%
41.96%
41.12%
10.98%
22.06%
16.02%
33.53%
10.21%
11.25%
10.78%
18.44%
15.92%
20.10%
11.56%
6.84%
12.00%
6.82%
15.80%
11.68%
10.66%
11.99%
17.97%
12.58%
-17.00%
8.66%
18.46%
10.12%
15.41%
15.75%
NA
NA
33.77%
15.27%
11.34%
16.71%
22.36%
18.19%
18.61%
14.08%

ROE Net MarginAfter-tax Operating MarginPre-tax Operating Margin

0.46%
1.15%
7.70%
13.75%
23.91%
2.77%
8.02%
11.46%
0.11%
1.86%
5.83%
10.17%
11.79%
6.49%
8.70%
13.15%
4.15%
2.18%
5.79%
8.23%
-24.81% -0.83%
6.66%
8.33%
2.54%
NA
NA
NA
11.01%
NA
NA
NA
0.46%
NA
NA
NA
28.15%
7.46%
16.12%
21.54%
6.60%
6.97%
15.10%
27.94%
1.99%
-0.57%
13.86%
14.55%
11.20%
4.08%
21.19%
34.01%
7.02%
10.01%
33.51%
37.52%
19.70%
4.67%
14.35%
17.14%
12.40%
3.46%
13.12%
19.29%
13.65%
3.11%
10.52%
14.36%
17.18% 10.06%
18.89%
23.53%
24.38%
9.67%
19.61%
27.49%
26.57%
4.94%
10.57%
13.89%
13.13%
3.70%
17.08%
21.19%
17.21%
8.32%
23.85%
32.12%
6.76%
3.32%
8.15%
12.02%
22.74%
7.06%
11.77%
18.55%
9.70%
8.55%
18.55%
26.80%
11.82%
4.88%
18.99%
28.32%
9.75%
8.48%
19.23%
28.36%
16.59%
5.78%
12.66%
17.55%
9.03%
2.25%
5.62%
7.97%
12.36%
3.17%
4.58%
6.69%
9.20%
4.19%
15.41%
24.01%
-1.60%
3.61%
6.38%
8.33%
11.17%
3.57%
14.29%
23.70%
-35.39% 5.54%
20.57%
26.07%
17.91%
2.70%
7.81%
11.05%
-0.31%
1.69%
5.38%
8.34%
11.81%
9.07%
13.17%
20.61%
5.49%
3.37%
5.98%
8.29%
7.85%
3.39%
10.01%
15.26%
3.47%
4.55%
6.70%
10.17%
-38.66% -0.77%
-17.12%
1.02%
4.81%
0.79%
13.37%
18.60%
21.44% 11.96%
15.54%
22.00%
3.69%
0.37%
1.83%
3.71%
11.72%
1.88%
7.14%
10.73%
14.09%
5.27%
16.37%
21.45%
9.09%
NA
NA
NA
11.48%
NA
NA
NA
12.48%
7.73%
15.52%
20.64%
14.36%
2.63%
10.10%
13.82%
12.67%
3.37%
30.96%
33.86%
13.47%
3.15%
6.13%
9.76%
18.54%
3.74%
9.02%
12.17%
11.85%
3.73%
11.91%
16.07%
14.56%
3.98%
22.33%
35.73%
9.93%
16.37%
32.41%
42.09%

4.29%
5.79%
5.29%
5.29%
4.79%
4.79%
6.29%
4.29%
6.29%
5.29%
4.29%
6.29%
6.29%
5.29%
5.29%
5.79%
4.79%
4.79%
4.29%
5.79%
4.29%
5.29%
5.79%
4.79%
4.29%
4.79%
4.29%
4.79%
5.29%
5.29%
4.79%
4.79%
5.29%
5.79%
5.29%
4.79%
4.79%
5.79%
4.79%
5.29%
4.29%
3.79%
5.29%
5.29%

38.29%
31.88%
31.09%
42.96%
15.92%
30.80%
41.61%
15.52%
18.35%
16.93%
29.67%
49.71%
6.33%
10.07%
59.02%
51.08%
36.66%
23.58%
21.38%
27.12%
13.25%
13.86%
14.65%
21.58%
11.98%
20.14%
29.63%
59.97%
5.87%
5.52%
1.68%
19.01%
26.92%
9.68%
25.41%
45.67%
7.25%
17.74%
16.33%
29.65%
36.98%
43.78%
15.39%
26.49%

5.17%
9.06%
8.41%
6.44%
9.31%
6.93%
8.34%
8.11%
9.02%
7.20%
6.40%
7.74%
8.70%
8.85%
6.32%
9.61%
7.31%
8.20%
8.05%
8.88%
7.35%
8.82%
9.71%
8.62%
7.10%
8.39%
5.63%
5.78%
10.34%
11.40%
9.42%
9.56%
9.55%
7.93%
7.19%
6.09%
6.43%
6.36%
8.40%
7.48%
6.29%
4.79%
8.53%
7.60%

11.38%
10.07%
14.74%
11.66%
19.02%
17.60%
13.13%
15.12%
22.24%
14.08%
12.52%
11.83%
9.87%
15.47%
7.63%
-10.39%
23.00%
16.46%
12.95%
11.44%
NA
23.32%
20.14%
13.11%
15.06%
15.82%
16.96%
10.87%
23.32%
8.64%
30.79%
4.75%
14.67%
23.21%
22.89%
22.72%
NA
29.29%
27.12%
11.58%
9.53%
7.53%
15.42%
16.59%

11.10%
5.86%
10.85%
13.13%
16.75%
15.15%
-6.09%
11.93%
9.69%
12.83%
14.89%
7.94%
5.44%
8.05%
3.23%
-6.59%
55.74%
9.77%
12.84%
8.99%
13.06%
27.13%
11.19%
15.84%
12.48%
15.70%
13.81%
11.17%
6.99%
-1.32%
15.53%
-2.01%
10.55%
6.63%
13.75%
16.35%
-1.59%
48.24%
32.29%
-0.38%
3.80%
7.07%
10.03%
10.28%

2.49%
2.82%
3.66%
4.19%
5.00%
5.25%
1.04%
7.10%
4.41%
2.58%
7.47%
1.50%
12.43%
5.71%
3.66%
18.10%
3.47%
68.47%
8.68%
3.85%
NA
5.12%
2.05%
3.99%
4.71%
1.63%
1.73%
8.29%
10.57%
22.97%
8.95%
3.58%
2.11%
4.34%
4.85%
3.77%
NA
5.60%
6.50%
1.73%
0.31%
6.08%
5.65%
4.47%

11.26%
8.25%
5.75%
20.98%
23.32%
10.66%
12.31%
8.91%
32.05%
4.32%
14.78%
15.44%
25.01%
11.77%
22.07%
-83.38%
12.72%
138.72%
24.70%
14.10%
NA
13.45%
5.86%
5.07%
6.49%
4.41%
3.63%
19.56%
18.35%
7.18%
8.66%
3.01%
15.05%
9.10%
28.64%
26.67%
NA
15.70%
8.81%
6.09%
8.62%
24.33%
14.73%
14.84%

16.80%
16.18%
8.14%
24.80%
30.58%
14.40%
14.96%
14.73%
43.05%
6.84%
15.13%
22.74%
36.82%
15.32%
31.67%
20.69%
18.87%
151.62%
37.26%
19.07%
NA
19.04%
9.76%
7.87%
10.03%
6.76%
5.44%
27.29%
27.31%
9.81%
12.00%
4.31%
19.54%
14.56%
39.07%
38.83%
NA
22.96%
12.77%
11.78%
14.64%
37.41%
21.16%
20.44%

Sales/CapitalReinvestment Rate
1.27
-21.48%
2.94
2.92%
2.22
25.03%
1.97
7.62%
2.47
-0.44%
1.82
4.63%
NA
0.00%
NA
0.00%
NA
0.00%
1.44
2.52%
0.91
-3.96%
0.81
-11.33%
0.67
-7.87%
0.54
36.94%
1.51
17.10%
1.45
26.08%
1.67
7.86%
1.28
13.98%
2.14
-6.93%
3.89
-5.57%
0.64
-6.31%
0.92
-29.03%
1.97
-1.19%
2.85
-1.61%
0.55
55.36%
0.59
63.04%
0.56
63.94%
1.46
9.49%
2.83
10.53%
4.38
0.82%
0.75
-5.43%
1.07
-62.93%
0.84
-2.37%
0.33
24.40%
2.02
11.36%
2.17
-18.30%
0.81
-6.00%
2.01
-24.99%
1.80
-23.43%
1.88
-22.53%
0.99
NA
0.65
39.18%
1.19
2.10%
5.54
-12.80%
2.16
12.53%
0.96
-8.83%
NA
0.77%
NA
72.42%
2.18
-7.15%
1.51
13.86%
0.37
76.91%
2.73
0.33%
2.48
0.02%
1.53
26.23%
0.83
45.02%
0.43
99.83%

1.01
1.22
2.56
0.56
0.82
1.65
1.07
1.70
0.69
3.26
0.85
0.77
0.39
1.31
0.35
0.12
1.81
0.12
0.52
0.81
NA
1.73
3.44
2.58
2.32
3.59
4.68
0.56
1.27
1.20
3.56
1.58
0.97
2.55
0.80
0.85
NA
1.87
3.08
1.90
1.11
0.31
1.05
1.12

29.96%
-59.73%
-8.37%
87.33%
41.47%
-7.84%
-23.96%
61.48%
54.97%
1.22%
32.68%
81.59%
79.31%
-14.52%
47.28%
NA
-12.51%
-7.77%
32.15%
45.40%
9.74%
14.02%
41.81%
134.58%
-2.31%
19.03%
14.38%
-105.93%
-9.91%
225.40%
10.68%
121.34%
2.80%
-20.24%
-5.14%
-14.93%
0.00%
-1.38%
6.86%
38.78%
64.81%
90.25%
-62.83%
7.80%