FCFFVALUATIONMODEL

Beforeyoustart [Link](inexcel)andcheck
theiterationbox.
WhatthemodeldoeThismodelisdesignedtovaluefirmswithoperatingincomethatiseitherpositiveorcanbenormalizedtobe
positive.Itallowsforupto15yearsofhighgrowth,andcanbeusedeitherasa2stageora3stagemodel.
Inputs Theinputsareinthefollowingpages:
[Link],youcaninputthenumbersfromthecurrent
financialstatements,andreviewandchangetheinputsforthevaluation.
[Link],usetheearningsnormalizerworksheet.
[Link]&Doroperatingleases,youwillneedtoinputtherequirednumbersinthoseworksheets.
Important:[Link],usemillionsforallofyourinputs.
Options Thespreadsheetcanbeusedtovalueacompany,withfixedinputsforahighgrowthphaseanddifferentinputs
forastablegrowthphase(2stagemodel)oritcanbeadjustedtoallowforatransitionphase(3stagemodel).
Toswitchfromonetotheother,enteryesinthemasterinputpagetothequestionofwhetheryouwantthe
inputsadjustedduringthesecondhalfofthehighgrowthphase.
Youcanevenmakeitastablegrowthmodel,bysettingthelengthofthehighgrowthperiodtozero.
Otherworksheets Therearetwootherworksheetsthatyoumightfindusefulattheendofthisspreadsheet
[Link]:willestimateyourleveredbeta,givenanunleveredbeta(whichyouwillhaveto
input.
[Link]:Here,youcanlookupindustryaveragesforvariablessuchasbeta,returnoncapital,
reinvestmentratesandworkingcapital.
Output Theoutputiscontainedinthevaluationmodelworksheet.
MODEL
s(inexcel)andcheck

benormalizedtobe
ra3stagemodel.

romthecurrent

oseworksheets.
ofyourinputs.
seanddifferentinputs
ase(3stagemodel).
theryouwantthe

hichyouwillhaveto

returnoncapital,
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required
If you have negative operating income, you will either have to normalize it to make it positive, or use the highg
MasterInputSheet
DoyouwanttocapitalizeR&Dexpenses? Yes !YesorNo
Doyouwanttoconvertoperatingleasestodebt? Yes !YesorNo
Doyouwanttonormalizeoperatingincome? No

Inputs
FromCurrentFinancials
CurrentEBIT= $3,455.00 !Ifnegative,gobackandchoosetonorma
CurrentInterestExpense= $0.00
CurrentCapitalSpending $3,100.00
CurrentDepreciation&Amort'n= $486.00
TaxRateonIncome= 35.00% Previousyearend
CurrentRevenues= $12,154.00 8488
CurrentNoncashWorkingCapital= ($404.00)
[Link]= ($700.00) Previousyearend
BookValueofDebt= $0.00 0
BookValueofEquity= $11,722.00 7191

Cash&MarketableSecurities= $2,016.00
ValueofNonoperatingAssets= $7,032.00

MarketDataforyourfirm
Isyourstockcurrentlytraded? Yes
Ifyes,enterthefollowing:
CurrentStockPrice= $64.88
Numberofsharesoutstanding= 6,890.00
MarketValueofDebt= $0.00
Ifno,enterthefollowing
Wouldyouliketousethebookvaluedebtratio? No
Ifno,enterthedebtratiotouseinvaluation 35%

GeneralMarketData
LongTermTreasurybondrate= 6.00%
Riskpremiumforequity= 4.00%

Ratings
Doyouwanttoestimatethefirm'ssyntheticrating= No !Ifyes,usetheratingestimatorworkshee
Ifyes,choosethetypeoffirm 2
Ifnot,whatisthecurrentratingofthefirm? AAA
Enterthecostofdebtassociatedwiththerating= 6.20%

Options
Doyouhaveequityoptions(managementoptions,warrants)outstanding? Yes
Ifyes,enterthenumberofoptions 439.00
Averagestrikeprice $22.52
Averagematurity 6.8
StandardDeviationinstockprice 40%
Doyouwanttousethestockpricetovaluetheoptionoryourestimatedvalue? P
ValuationInputs
HighGrowthPeriod
Lengthofhighgrowthperiod= 12
Betatouseforhighgrowthperiodforyourfirm= 1.43
Doyouwanttokeepthedebtratiocomputedfromyourinputs? Yes
Ifyes,thedebtratiothatwillbeusedtocomputethecostofcapitalis 0.18%
Ifno,enterthedebtratiothatyouwouldliketouseinthehighgrowthperiod 7.00%
Doyouwanttokeeptheexistingratioofworkingcapitaltorevenue? No
Ifyes,theworkingcapitalasapercentofrevenueswillbe 3.32%
Ifno,entertheratioofworkingcapitaltorevenuestouseinanalysis 12%
Doyouwanttocomputeyourgrowthratefromfundamentals? Yes
Ifno,entertheexpectedgrowthrateinoperatingincomeforhighgrowthperio 15%
Ifyes,theinputstothefundamentalgrowthcalculation(baseduponyourinputs)are
ReturnonCapital= 34.07%
ReinvestmentRate= 106.81%
Doyouwanttochangetheseinputs? No
ReturnonCapital= 16.00%
ReinvestmentRate= 80.00%

Doyouwantmetograduallyadjustyourhighgrowthinputsinthesecondhalf Yes

StableGrowthPeriod
Growthrateduringstablegrowthperiod= 5.00%
Betatouseinstablegrowthperiod= 1.00
Riskpremiumforequityinstablegrowthperiod= 4.00%
DebtRatiotouseinstablegrowthperiod= 10.00%
Pretaxcostofdebtinstablegrowthperiod= 6.20%
TaxRatetouseinstablegrowthperiod= 35.00%
Tocomputethereinvestmentrateinstablegrowth,youhavetwooptions
Doyouwanttocomputereinvestmentneedsinstablegrowthbasedonfundam Yes
Ifyes,enterthereturnoncapitalthatthefirmwillhaveinstablegrowth 16.52%
Ifno,entercapitalexpenditureas%ofdepreciationinstablegrowth 120% (inpercent)
 Many of the inputs are required only if you choose the appropriate option, though.
ake it positive, or use the [Link] spreadsheet.

GotoR&DConverter
GotoOperatingleaseconverter
GotoEarningsNormalizer

negative,gobackandchoosetonormalizeearnings.

viousyearend

iousyearend

yes,usetheratingestimatorworksheetthatisattached
NormalizingEarnings
Approachusedtonormalizeearnings= 3

Ifhistoricalaverage,
AverageEarningsbeforeinterestandtaxes= 3500

IfhistoricalaverageROC,
Historicalaveragepretaxreturnoncapital= 22%

Ifsectormargin
PretaxOperatingMarginforSector= 14.72% !Lookatindustryaverage

NormalizedEarningsbeforeinterestandtaxes= $1,788.67

Worksheetfornormalization(Last5yearsofdata)
5 4 3 2 1 Total
Revenues 2032 2376 2779 3155 3248 13590
EBIT 186 454 529 448 383 2000
OperatingMargin 9.15% 19.11% 19.04% 14.20% 11.79% 14.72%
 R&DConverter
ThisspreadsheetconvertsR&[Link],net
income,thebookvalueofassetsandthebookvalueofequity.

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 5 !Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense= $1,594.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year R&DExpenses
1 1026.00 !Year1istheyearpriortothecurrentyear
2 698.00 !Year2isthetwoyearspriortothecurrentyear
3 399.00
4 211.00
5 89.00
0
0
0
0
0

Output
Year R&DExpense Unamortizedportion Amortizationthisyear
Current 1594.00 1.00 1594.00
1 1026.00 0.80 820.80 $205.20
2 698.00 0.60 418.80 $139.60
3 399.00 0.40 159.60 $79.80
4 211.00 0.20 42.20 $42.20
5 89.00 0.00 0.00 $17.80
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
0 0.00 0.00 0.00 $0.00
ValueofResearchAsset= $3,035.40 $484.60
Amortizationofassetforcurrentyear= $484.60

AdjustmenttoOperatingIncome= $1,109.40 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreportedEBIT)

Tax Effect of R&D Expensing $388

Look Up Table for Amortization Periods

IndustryName AmortizationPeriod
Advertising 2
Aerospace/Defens 10 NontechnologicalService 2years
AirTransport 10 Retail,TechService 3years
Aluminum 5 LightManufacturing 5years
Apparel 3 HeavyManufacturing 10years
Auto&Truck 10 Research,withPatenting 10years
AutoParts(OEM 5 LongGestationPeriod 10years
AutoParts(Repl 5
Bank 2
Bank(Canadian) 2
Bank(Foreign) 2
Bank(Midwest) 2
Beverage(Alcoho 3
Beverage(SoftDr 3
BuildingMaterial 5
CableTV 10
CanadianEnergy 10
Cement&Aggreg 10
Chemical(Basic) 10
Chemical(Diversi 10
Chemical(Special 10
Coal/AlternateE 5
Computer&Perip 5
ComputerSoftwa 3
Copper 5
DiversifiedCo. 5
Drug 10
Drugstore 3
EducationalServi 3
ElectricUtil.(Cen 10
ElectricUtility(E 10
ElectricUtility( 10
ElectricalEquipm 10
Electronics 5
Entertainment 3
Environmental 5
FinancialService 2
FoodProcessing 3
FoodWholesalers 3
ForeignElectron/ 5
ForeignTelecom. 10
Furn./HomeFurni 3
Gold/SilverMini 5
Grocery 2
HealthcareInfoS 3
HomeAppliance 5
Homebuilding 5
Hotel/Gaming 3
HouseholdProduc 3
IndustrialService 3
Insurance(Diversi 3
Insurance(Life) 3
Insurance(Prop/C 3
Internet 3
InvestmentCo.( 3
InvestmentCo.(F 3
InvestmentCo.( 3
Machinery 10
[Link]/ 5
Maritime 10
MedicalServices 3
MedicalSupplies 5
MetalFabricating 10
Metals&Mining 5
NaturalGas(Distr 10
NaturalGas(Dive 10
Newspaper 3
OfficeEquip&S 5
OilfieldServices/ 5
Packaging&Cont 5
Paper&ForestPr 10
Petroleum(Integr 5
Petroleum(Produ 5
PrecisionInstrum 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail(SpecialLi 2
RetailBuildingS 2
RetailStore 2
SecuritiesBroker 2
Semiconductor 5
SemiconductorC 5
Shoe 3
Steel(General) 5
Steel(Integrated) 5
[Link] 10
[Link] 5
Textile 5
Thrift 2
Tire&Rubber 5
Tobacco 5
Toiletries/Cosmet 3
Trucking/Transp. 5
Utility(Foreign) 10
WaterUtility 10
 OperatingLeaseConverter
Inputs
Operatingleaseexpenseincurrentyear= $121.00
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $156.00
2 $143.00
3 $122.00
4 $109.00
5 $97.00
6andbeyond $448.00

Output
PretaxCostofDebt= 6.20% !Ifyoudonothaveacostofdebt,usetheratingsestimator

Fromthecurrentfinancialstatements,enterthefollowing
ReportedOperatingIncome(EBIT)= $3,455.00 !ThisistheEBITreportedinthecurrentincomestatement
ReportedDebt= $0.00 !Thisistheinterestbearingdebtreportedonthebalancesheet

Numberofyearsembeddedinyr6estimate= 3 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $156.00 $146.89
2 $143.00 $126.79
3 $122.00 $101.86
4 $109.00 $85.69
5 $97.00 $71.80
6andbeyond $149.33 $294.39 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $827.43

RestatedFinancials
DepreciationonOperatingLeaseAsset= $103.43 !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= $51.30 !PVofoperatingleases*Pretaxcostofdebt
AdjustmenttoTotalDebtoutstanding= $827.43
 Two-Stage FCFF Discount Model

InputSummary
NormalizedEBIT(beforeadjustments) $3,455.00

AdjustedEBIT= $4,615.70

AdjustedInterestExpense= $51.30

AdjustedCapitalSpending $4,815.00

AdjustedDepreciation&Amort'n= $1,074.03

TaxRateonIncome= 35.00%

CurrentRevenues= $12,154.00

CurrentNoncashWorkingCapital= ($404.00)

[Link]= ($121.86)

AdjustedBookValueofDebt= $827.43

AdjustedBookValueofEquity= $9,117.00

LengthofHighGrowthPeriod= 12 Forever

GrowthRate= 36.39% 5.00%

DebtRatiousedinCostofCapitalCalcula 0.18% 10.00%

Betausedforstock= 1.43 1.00

Riskfreerate= 6.00% 6.00%

RiskPremium= 4.00% 4.00%

CostofDebt= 6.20% 6.20%

TaxRate= 35.00% 35.00%

ReturnonCapital= 34.07% 16.52%

ReinvestmentRate= 106.81% 30.27%

Page
 Two-Stage FCFF Discount Model

Outputfromtheprogram
CostofEquity= 11.72%

Equity/(Debt+Equity)= 99.82%

AftertaxCostofdebt= 4.03%

Debt/(Debt+Equity)= 0.18%

CostofCapital= 11.71%

IntermediateOutput

ExpectedGrowthRate 36.39%

WorkingCapitalaspercentofrevenues= 12.00% (inpercent)

TheFCFFforthehighgrowthphaseareshownbelow(upto10years)

Current 1 2 3 4 5 6 7 8

ExpectedGrowthRate 36.39% 36.39% 36.39% 36.39% 36.39% 36.39% 31.16% 25.93%

CumulatedGrowth 136.39% 186.03% 253.73% 346.08% 472.03% 643.81% 844.43% 1063.38%

ReinvestmentRate 106.81% 106.81% 106.81% 106.81% 106.81% 106.81% 94.05% 81.29%

EBIT*(1taxrate) $3,388 $4,622 $6,304 $8,598 $11,727 $15,995 $21,816 $28,614 $36,033

(CapExDepreciation $3,741 $4,405 $6,009 $8,196 $11,178 $15,246 $20,795 $23,985 $26,099

[Link] ($122) $531 $724 $987 $1,347 $1,837 $2,505 $2,926 $3,193

FreeCashflowtoFirm ($231) ($315) ($429) ($585) ($798) ($1,089) ($1,485) $1,703 $6,741

CostofCapital 11.71% 11.71% 11.71% 11.71% 11.71% 11.71% 11.32% 10.94%

CumulatedCostofCapital 1.1171 1.2478 1.3939 1.5571 1.7394 1.9430 2.1630 2.3995

PresentValue ($282) ($344) ($420) ($513) ($626) ($764) $787 $2,809

GrowthRateinStablePhase= 5.00%

ReinvestmentRateinStablePhase= 30.27%

FCFFinStablePhase= $42,556.97

CostofEquityinStablePhase= 10.00%

Equity/(Equity+Debt)= 90.00%

ATCostofDebtinStablePhase= 4.03%

Page
 Two-Stage FCFF Discount Model

Debt/(Equity+Debt)= 10.00%

CostofCapitalinStablePhase= 9.40%
Valueattheendofgrowthphase= $966,544.78
Valuation
PresentValueofFCFFinhighgrowthphase= $34,780.03

PresentValueofTerminalValueofFirm= $275,340.53

Valueofoperatingassetsofthefirm= $310,120.55

ValueofCash,MarketableSecurities&Nonoperatingassets= $9,048.00

ValueofFirm= $319,168.55

MarketValueofoutstandingdebt= $827.43

MarketValueofEquity= $318,341.13

ValueofEquityinOptions= $14,305.20

ValueofEquityinCommonStock= $304,035.93

MarketValueofEquity/share= $44.13

Page
 Two-Stage FCFF Discount Model

9 10 11 12 TerminalYear

20.70% 15.46% 10.23% 5.00%

1283.47% 1481.95% 1633.59% 1715.27%

68.54% 55.78% 43.02% 30.27%

$43,490 $50,216 $55,354 $58,122 $61,027.87

$26,597 $25,115 $21,603 $16,400 $15,448.24

$3,210 $2,895 $2,212 $1,191 $3,022.66

$13,684 $22,206 $31,539 $40,530 $42,556.97

10.55% 10.17% 9.79% 9.40%

2.6528 2.9226 3.2087 3.5104

$5,158 $7,598 $9,829 $11,546

Page
ValuingOptionsorWarrants
Enterthecurrentstockprice= $64.88
Enterthestrikepriceontheoption= $22.52
Entertheexpirationoftheoption= 6.8
Enterthestandarddeviationinstockprices= 40.20% (volatility)
Entertheannualizeddividendyieldonstock= 0.00%
Enterthetreasurybondrate= 6.00%
Enterthenumberofwarrants(options)outstanding= 439.00
Enterthenumberofsharesoutstanding= 6,890.00

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 64.875 #Warrantsissued= 439
StrikePrice= 22.52 #Sharesoutstanding= 6,890
AdjustedS= 63.9919146532 [Link]= 6.00%
AdjustedK= 22.52 Variance= 0.1616
Expiration(inyears)= 6.8 Annualizeddividendyield= 0.00%
[Link]= 6.00%

d1= 1.9095964298
N(d1)= 0.9719074024

d2= 0.861308683
N(d2)= 0.8054659727

Valueperoption= $50.13
Valueofalloptionsoutstanding= $22,007.99
BottomupBetaCalculator
Unleveredbetaforsector= 0.68 !Lookupindustryaverages

Output
Firm'sCurrentmarketvalueD/Eratio= 0.00% !Revertedbacktoconventionaldebttoequityratio
Firm'sCurrenttaxrate= 35.00%

Bottomupbetaforfirm= 0.68
nventionaldebttoequityratio
Inputsforsyntheticratingestimation
Enterthetypeoffirm= 2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancialservice
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $3,506.30
Entercurrentinterestexpenses= $51.30
Entercurrentlongtermgovernmentbondrate= 6.00%
Output
Interestcoverageratio= 68.35
EstimatedBondRating= AAA
EstimatedDefaultSpread= 0.35%
EstimatedCostofDebt= 6.35%

Forlargemanufacturingfirms Forfinancialservicefirms
Ifinterestcoverageratiois Iflongterminterestcoverageratiois
> to Ratingis Spreadis greaterthan
100000 0.199999 D 20.00% 100000
0.2 0.649999 C 12.00% 0.05
0.65 0.799999 CC 10.00% 0.1
0.8 1.249999 CCC 8.00% 0.2
1.25 1.499999 B 6.00% 0.3
1.5 1.749999 B 4.00% 0.4
1.75 1.999999 B+ 3.25% 0.5
2 2.2499999 BB 2.50% 0.6
2.25 2.49999 BB+ 2.00% 0.75
2.5 2.999999 BBB 1.50% 0.9
3 4.249999 A 1.00% 1.2
4.25 5.499999 A 0.85% 1.5
5.5 6.499999 A+ 0.70% 2
6.5 8.499999 AA 0.50% 2.5
8.50 100000 AAA 0.35% 3

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D 20.00%
0.5 0.799999 C 12.00%
0.8 1.249999 CC 10.00%
1.25 1.499999 CCC 8.00%
1.5 1.999999 B 6.00%
2 2.499999 B 4.00%
2.5 2.999999 B+ 3.25%
3 3.499999 BB 2.50%
3.5 3.9999999 BB+ 2.00%
4 4.499999 BBB 1.50%
4.5 5.999999 A 1.00%
6 7.499999 A 0.85%
7.5 9.499999 A+ 0.70%
9.5 12.499999 AA 0.50%
12.5 100000 AAA 0.35%
fsmallerorriskierfirm,3iffinancialservicefirm)
(Addbackonlylongterminterestexpenseforfinancialfirms)
(Useonlylongterminterestexpenseforfinancialfirms)

financialservicefirms
ngterminterestcoverageratiois
to Ratingis Spreadis OperatingIncomeDecline
0.049999 D 16.00% 50.00%
0.099999 C 14.00% 40.00%
0.199999 CC 12.50% 40.00%
0.299999 CCC 10.50% 40.00%
0.399999 B 6.25% 25.00%
0.499999 B 6.00% 20.00%
0.599999 B+ 5.75% 20.00%
0.749999 BB 4.75% 20.00%
0.899999 BB+ 4.25% 20.00%
1.199999 BBB 2.00% 20.00%
1.49999 A 1.50% 17.50%
1.99999 A 1.40% 15.00%
2.49999 A+ 1.25% 10.00%
2.99999 AA 0.90% 5.00%
100000 AAA 0.70% 0.00%
Industry Number of firms
Levered Beta Unlevered B Market D/E Market Debt/Capit
Advertising 34 1.19 1.06 25.35% 20.23%
Aerospace/Defense 72 0.79 0.62 42.59% 29.87%
Air Transport 43 1.32 1.05 50.37% 33.50%
Apparel 59 0.88 0.84 14.85% 12.93%
Auto & Truck 21 0.99 0.49 162.16% 61.86%
Auto Parts 62 0.90 0.69 46.22% 31.61%
Bank 504 0.62 0.47 69.15% 40.88%
Bank (Canadian) 7 0.83 0.78 15.24% 13.23%
Bank (Foreign) 4 1.18 0.72 128.95% 56.32%
Bank (Midwest) 43 0.73 0.60 57.29% 36.42%
Beverage (Alcoholic) 24 0.57 0.51 20.51% 17.02%
Beverage (Soft Drink) 17 0.59 0.55 13.42% 11.83%
Biotechnology 84 1.20 1.26 3.92% 3.77%
Building Materials 48 0.80 0.71 43.53% 30.33%
Cable TV 24 1.71 1.09 69.22% 40.90%
Canadian Energy 10 0.66 0.56 28.39% 22.11%
Cement & Aggregates 14 0.78 0.67 25.35% 20.22%
Chemical (Basic) 16 0.88 0.74 30.97% 23.65%
Chemical (Diversified) 33 0.83 0.73 23.19% 18.82%
Chemical (Specialty) 95 0.80 0.65 34.57% 25.69%
Coal 8 0.95 0.73 33.60% 25.15%
Computer Software/Svc 387 1.77 1.97 3.03% 2.94%
Computers/Peripherals 148 1.83 1.88 9.46% 8.64%
Diversified Co. 102 0.78 0.64 44.55% 30.82%
Drug 276 1.15 1.17 6.69% 6.27%
E-Commerce 41 2.89 3.77 6.07% 5.72%
Educational Services 34 1.03 1.09 2.17% 2.12%
Electric Util. (Central) 27 0.80 0.43 123.05% 55.17%
Electric Utility (East) 29 0.73 0.44 94.48% 48.58%
Electric Utility (West) 15 0.79 0.45 122.79% 55.11%
Electrical Equipment 86 1.34 1.29 6.50% 6.10%
Electronics 181 1.41 1.40 18.70% 15.76%
Entertainment 84 1.18 1.05 23.99% 19.35%
Entertainment Tech 32 1.82 1.96 8.60% 7.92%
Environmental 77 0.75 0.52 59.91% 37.46%
Financial Svcs. (Div.) 231 0.90 0.51 112.97% 53.04%
Food Processing 104 0.64 0.53 33.29% 24.97%
Food Wholesalers 22 0.67 0.59 25.09% 20.06%
Foreign Electronics 13 1.16 1.18 33.24% 24.95%
Foreign Telecom. 19 1.58 1.41 31.88% 24.17%
Furn/Home Furnishings 36 0.76 0.72 15.14% 13.15%
Grocery 25 0.72 0.48 82.02% 45.06%
Healthcare Information 35 1.00 1.05 13.24% 11.69%
Home Appliance 15 0.87 0.77 32.95% 24.78%
Homebuilding 44 0.80 0.62 51.79% 34.12%
Hotel/Gaming 80 0.84 0.56 65.99% 39.75%
Household Products 32 0.76 0.72 13.16% 11.63%
Human Resources 27 0.98 0.99 11.13% 10.02%
Industrial Services 190 0.79 0.71 26.83% 21.16%
Information Services 29 1.04 0.98 11.70% 10.48%
Insurance (Life) 45 0.88 0.91 15.65% 13.53%
Insurance (Prop/Cas.) 69 0.81 0.84 7.36% 6.85%
Internet 289 2.72 3.10 4.15% 3.99%
Investment Co. 22 0.66 0.46 56.03% 35.91%
Investment Co.(Foreign 17 1.05 1.05 3.18% 3.08%
Machinery 138 0.79 0.62 43.83% 30.47%
Manuf. Housing/RV 18 0.93 0.85 21.81% 17.90%
Maritime 23 0.80 0.55 101.31% 50.33%
Medical Services 197 0.82 0.80 22.33% 18.26%
Medical Supplies 236 0.84 0.82 6.98% 6.52%
Metal Fabricating 37 0.76 0.73 15.35% 13.30%
Metals & Mining (Div.) 54 0.98 0.83 25.22% 20.14%
Natural Gas (Distrib.) 31 0.65 0.40 88.04% 46.82%
Natural Gas (Div.) 39 0.85 0.52 88.88% 47.06%
Newspaper 20 0.85 0.79 17.24% 14.70%
Office Equip/Supplies 31 0.90 0.74 41.90% 29.53%
Oilfield Svcs/Equip. 88 0.90 0.83 16.35% 14.05%
Packaging & Container 34 0.83 0.58 75.23% 42.93%
Paper/Forest Products 40 0.84 0.62 71.86% 41.81%
Petroleum (Integrated) 34 0.82 0.74 18.32% 15.48%
Petroleum (Producing) 128 0.73 0.60 29.03% 22.50%
Pharmacy Services 15 0.89 0.86 8.97% 8.23%
Power 19 1.45 0.54 207.95% 67.53%
Precious Metals 48 0.41 0.39 9.18% 8.41%
Precision Instrument 102 1.33 1.37 10.10% 9.18%
Publishing 40 0.90 0.78 24.28% 19.53%
R.E.I.T. 144 0.64 0.57 17.51% 14.90%
Railroad 16 0.83 0.59 61.36% 38.03%
Recreation 73 0.87 1.41 21.13% 17.45%
Restaurant 85 0.74 0.66 20.31% 16.88%
Retail (Special Lines) 196 0.94 0.93 14.46% 12.63%
Retail Building Supply 8 1.01 1.01 4.57% 4.37%
Retail Store 43 0.91 0.80 23.84% 19.25%
Securities Brokerage 27 1.31 0.81 171.94% 63.23%
Semiconductor 113 2.59 2.72 6.08% 5.73%
Semiconductor Equip 15 2.50 2.67 7.98% 7.39%
Shoe 24 0.82 0.85 6.68% 6.26%
Steel (General) 27 0.80 0.63 41.50% 29.33%
Steel (Integrated) 14 0.84 0.63 62.24% 38.36%
Telecom. Equipment 124 1.87 2.01 3.89% 3.75%
Telecom. Services 137 1.35 0.96 55.11% 35.53%
Textile 18 0.73 0.52 86.19% 46.29%
Thrift 242 0.57 0.57 23.85% 19.25%
Tire & Rubber 12 0.95 0.66 74.03% 42.54%
Tobacco 11 0.67 0.59 24.34% 19.58%
Toiletries/Cosmetics 21 0.74 0.69 13.61% 11.98%
Trucking 39 0.83 0.63 53.18% 34.72%
Utility (Foreign) 6 0.83 0.54 83.78% 45.59%
Water Utility 16 0.57 0.39 66.22% 39.84%
Wireless Networking 63 2.21 1.68 48.51% 32.66%
Market 6958 0.91 0.78 37.51% 27.28%
ROE ROC Effective Tax Rate Pre-tax Operating Margin After-tax OpNet Margin
7.63% 8.47% 14.86% 15.20% 9.35% 2.40%
12.23% 11.78% 18.31% 10.70% 7.71% 3.18%
-6.66% 10.55% 22.58% 9.47% 6.42% -1.34%
15.86% 14.32% 23.13% 12.59% 8.32% 3.51%
13.60% 10.69% 22.51% 13.76% 9.55% 1.25%
13.60% 27.55% 15.00% 8.55% 10.14% 2.08%
12.67% NA 28.30% NA NA NA
11.83% NA 20.84% NA NA NA
16.11% NA 17.51% NA NA NA
16.71% NA 31.88% NA NA NA
30.26% 18.29% 39.63% 22.86% 14.57% 2.60%
26.95% 19.33% 22.19% 21.77% 15.15% 5.18%
0.49% 4.47% 5.27% 20.81% 12.46% 8.34%
-2.07% 4.88% 41.23% 9.90% 2.07% -1.13%
-5.49% 6.47% 10.07% 26.69% 19.22% -2.04%
13.86% 15.55% 36.97% 31.61% 19.90% 10.48%
9.79% 13.54% 22.20% 18.24% 13.04% 5.72%
10.52% 14.26% 16.76% 13.19% 10.83% 0.64%
15.28% 17.10% 28.75% 19.00% 12.23% 5.66%
12.21% 13.40% 22.28% 13.64% 8.91% 3.37%
4.96% 17.69% 2.95% 13.27% 12.80% -0.18%
13.71% 16.39% 14.83% 23.31% 15.71% 11.21%
11.01% 13.76% 17.32% 9.38% 6.76% 3.81%
12.27% 11.09% 21.10% 9.46% 7.40% 1.75%
21.27% 19.40% 11.24% 26.26% 18.71% 10.10%
-37.14% -93.80% 84.48% 2.10% -106.93% -13.22%
8.77% 16.23% 16.44% 17.84% 11.08% 6.28%
9.52% 10.05% 24.61% 21.12% 15.23% 3.08%
12.16% 10.39% 26.11% 27.70% 19.58% 5.58%
4.04% 8.57% 27.10% 19.20% 13.23% 0.18%
18.69% 17.11% 13.98% 20.39% 15.76% 12.38%
-5.62% 3.43% 16.27% 3.50% 1.99% -2.43%
0.99% 7.30% 33.67% 22.63% 16.08% 0.47%
2.21% 13.35% 26.73% 13.76% 10.15% 0.42%
13.44% 11.90% 18.80% 24.39% 15.12% 2.79%
15.10% 10.54% 23.33% 181.19% 119.06% 35.91%
19.87% 14.72% 28.97% 15.04% 9.84% 4.22%
17.51% 14.64% 22.38% 5.80% 3.74% 2.15%
2.98% 6.36% 46.73% 8.69% 3.74% 0.46%
-7.09% 9.04% 32.65% 22.93% 19.01% 1.00%
11.39% 14.56% 28.85% 11.27% 7.48% 2.97%
12.63% 12.55% 32.12% 6.77% 3.87% 1.34%
1.28% 8.79% 13.36% 14.79% 9.67% -0.76%
25.34% 21.54% 27.99% 11.07% 7.66% 2.22%
18.83% 10.73% 25.13% 13.92% 9.51% 6.74%
7.99% 10.32% 15.11% 23.18% 16.89% 1.88%
37.41% 23.97% 28.70% 20.83% 14.42% 9.85%
4.61% 9.90% 25.12% 3.96% 2.42% 0.06%
9.51% 13.51% 25.61% 10.54% 6.79% 1.88%
 13.99% 16.63% 22.85% 28.30% 19.55% 6.80%
9.18% NA 21.25% NA NA NA
8.27% NA 16.40% NA NA NA
-19.18% 0.21% 3.58% 3.15% 0.24% -8.66%
7.74% NA 1.93% NA NA NA
2.67% NA 2.53% NA NA NA
7.59% 9.93% 21.00% 10.76% 7.47% 2.00%
-3.20% 3.62% 18.21% 2.62% 1.02% 0.32%
3.49% -1.48% 47.84% 17.53% -2.40% 3.46%
12.26% 15.66% 20.10% 11.89% 7.70% 2.30%
21.64% 19.84% 14.93% 14.27% 10.01% 6.61%
8.55% 10.94% 46.94% 12.22% 7.56% 3.91%
6.38% 10.44% 9.98% 17.46% 11.88% 1.81%
12.10% 10.70% 27.73% 20.59% 13.99% 3.41%
1.22% 10.32% 22.46% 27.33% 21.06% 4.80%
10.24% 10.48% 29.49% 22.47% 13.98% 8.32%
19.52% 13.55% 25.74% 11.95% 7.79% 3.84%
11.02% 13.41% 20.61% 18.67% 12.51% 1.39%
4.18% 12.54% 37.35% 14.20% 9.86% 0.57%
4.86% 9.62% 47.14% 12.85% 9.08% 0.70%
11.57% 13.71% 24.07% 12.88% 7.46% 3.88%
12.63% 17.10% 18.00% 49.23% 34.20% 12.61%
13.44% 14.99% 31.65% 4.99% 3.31% 1.93%
5.98% 5.12% 12.40% 16.22% 10.50% 1.04%
4.93% 11.94% 7.55% 28.85% 25.50% 2.01%
1.07% 7.90% 14.29% 9.18% 6.84% -0.49%
9.65% 18.67% 20.91% 14.05% 9.56% 1.70%
10.22% 4.54% 1.73% 43.72% 35.71% 80.03%
9.92% 9.84% 31.06% 28.20% 18.39% 3.56%
12.72% -0.65% 262.39% 18.62% -0.72% 5.09%
16.34% 16.74% 26.91% 18.50% 11.96% 5.07%
12.23% 14.49% 25.77% 9.13% 5.74% 2.14%
17.89% 18.11% 37.30% 11.33% 7.06% 6.49%
16.02% 13.29% 28.78% 7.70% 4.94% 1.03%
12.10% 9.49% 18.43% 53.99% 36.70% 3.01%
2.89% 10.98% 19.32% 21.09% 14.70% 3.59%
-2.77% 4.27% 3.24% 8.29% 7.03% -4.74%
15.95% 17.54% 27.03% 11.27% 7.43% 5.45%
11.43% 12.94% 20.58% 11.13% 8.61% 0.36%
7.12% 12.12% 27.09% 13.67% 8.96% 0.18%
-6.76% 2.72% 8.68% 7.41% 2.92% 1.07%
10.70% 17.85% 12.04% 36.55% 24.82% 5.14%
-1.59% 5.77% 41.73% 9.15% 3.87% -0.49%
14.96% NA 30.01% NA NA NA
8.14% 17.90% 18.12% 8.23% 6.82% 0.87%
39.44% 30.00% 30.88% 22.31% 14.64% 7.69%
50.07% 24.44% 25.07% 17.73% 11.93% 7.61%
9.00% 15.90% 27.30% 13.02% 8.81% 1.33%
14.44% 16.93% 16.74% 27.40% 19.88% 1.26%
8.34% 12.03% 30.97% 42.99% 32.18% 7.54%
-52.67% 4.31% 5.11% 6.20% 5.68% -11.38%
10.12% 10.24% 32.51% 22.09% 11.96% 4.35%
Cap Ex/ Depreciation Non-cash WC/ Re Payout Ratio ReinvestmenSales/Capital
76.05% -10.66% 19.22% -21.12% 0.91
92.77% 2.45% 30.42% -0.70% 1.53
112.47% -10.15% NA 1.07% 1.64
104.18% 18.06% 45.78% 5.40% 1.72
76.12% 41.92% 26.18% 7.61% 1.12
111.60% 5.66% 29.52% 5.88% 2.72
NA NA 55.57% 0.00% NA
NA NA 0.08% 0.00% NA
NA NA 64.22% 0.00% NA
NA NA 42.22% 0.00% NA
103.29% 5.52% 31.19% 2.43% 1.26
117.70% -0.15% 38.53% 5.44% 1.28
146.56% 5.23% 0.00% 32.29% 0.36
101.42% 8.60% NA 35.06% 2.35
124.63% -17.25% NA 9.82% 0.34
206.17% 0.19% 20.25% 72.35% 0.78
102.21% 13.51% 31.76% 10.54% 1.04
81.17% 11.97% 128.03% -11.42% 1.32
102.30% 17.21% 42.87% 4.58% 1.40
90.27% 11.90% 45.97% 0.89% 1.50
83.42% 5.24% 87.28% -8.92% 1.38
66.43% -3.92% 14.38% -12.13% 1.04
84.53% 1.89% 18.92% -8.85% 2.04
105.66% 4.07% 24.60% 2.32% 1.50
151.85% 7.78% 52.57% 15.66% 1.04
59.30% -18.77% NA NA 0.88
112.49% -10.26% 0.70% -6.71% 1.46
146.82% 4.35% 68.73% 29.04% 0.66
171.33% 4.30% 61.62% 38.50% 0.53
193.37% -6.21% 98.64% 63.74% 0.65
47.09% -3.69% 53.33% -23.41% 1.09
64.62% 14.37% NA -32.37% 1.72
56.54% -0.86% 56.76% -23.67% 0.45
36.78% -2.84% 1.03% -51.07% 1.32
108.95% -0.77% 4.51% 4.94% 0.79
117.74% 40.92% 30.54% 5.25% 0.09
87.97% 5.59% 43.74% -2.11% 1.50
265.95% 0.34% 13.76% 55.21% 3.91
81.75% 10.33% 48.73% -17.96% 1.70
37.67% -2.75% NA -101.36% 0.48
75.04% 13.67% 24.01% 9.03% 1.95
158.80% 0.95% 15.58% 37.15% 3.24
69.15% -0.12% 46.38% -26.80% 0.91
105.54% 9.47% 24.57% 8.52% 2.81
158.29% 44.17% 10.01% 57.76% 1.13
96.85% -4.33% 27.94% -4.20% 0.61
89.10% 0.91% 38.73% -2.57% 1.66
69.33% 5.95% 17.23% 13.15% 4.10
99.93% 7.58% 23.67% 9.65% 1.99
 53.46% -3.81% 21.64% -22.29% 0.85
NA NA 19.60% 0.43% NA
61000.00% NA 31.39% 328.60% NA
44.87% -48.77% NA -6559.63% 0.90
23.53% NA 188.13% -34.33% NA
131.25% NA 0.00% 2.74% NA
93.99% 21.06% 52.73% 6.07% 1.33
88.96% 8.53% NA 28.02% 3.53
193.84% 3.66% 78.01% NA 0.62
123.41% -0.63% 5.59% 6.58% 2.03
112.96% 10.22% 28.61% 13.65% 1.98
89.65% 14.08% 37.10% 4.18% 1.45
115.59% 11.39% 77.67% 7.79% 0.88
186.38% 4.46% 70.99% 42.60% 0.77
194.80% 9.21% 394.65% 59.84% 0.49
65.69% -1.42% 27.33% -12.21% 0.75
58.46% 13.28% 15.76% -10.71% 1.74
122.64% 9.52% 21.89% 15.89% 1.07
75.67% 7.78% 55.18% -8.60% 1.27
73.38% 9.05% 109.42% -17.97% 1.06
132.46% 0.89% 56.90% 24.13% 1.84
181.75% -0.83% 18.97% 46.58% 0.50
174.13% 5.37% 9.21% 49.12% 4.53
368.42% 4.60% 19.04% 153.08% 0.49
74.25% 5.35% 66.78% -16.95% 0.47
67.81% 12.02% 118.74% -28.30% 1.16
51.29% -1.11% 81.51% -33.55% 1.95
303.36% 52.53% 165.10% 49.82% 0.13
147.93% -4.60% 24.01% 23.17% 0.53
194.72% 1.04% 26.34% NA 0.90
197.52% -5.98% 15.60% 37.61% 1.40
106.48% 7.31% 16.31% 15.69% 2.52
325.74% 4.20% 14.46% 64.36% 2.56
199.13% 10.08% 17.21% 60.93% 2.69
130.47% 169.16% 23.57% 48.07% 0.26
73.96% 7.99% 45.28% -25.71% 0.75
71.03% 24.08% NA -22.28% 0.61
84.76% 19.07% 20.94% 16.71% 2.36
121.85% 18.58% 42.23% 18.99% 1.50
84.96% 14.60% 9.35% -1.95% 1.35
49.39% -3.34% NA -142.06% 0.93
93.45% -1.69% 74.69% -5.36% 0.72
51.97% 20.21% NA -77.39% 1.49
NA NA 36.70% 0.00% NA
72.99% 8.89% 41.73% -5.28% 2.63
145.30% 0.62% 56.37% 4.89% 2.05
86.23% 7.37% 43.67% -0.74% 2.05
253.30% 4.99% 11.99% 123.87% 1.81
133.10% 22.85% 42.75% 27.19% 0.85
186.91% 4.94% 50.77% 29.95% 0.37
116.86% 1.44% NA 39.76% 0.76
103.31% 9.65% 44.79% 6.90% 0.86
EV/Sales
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
 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
2.55
2.10