Dividend Discount Model

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.
3. The dividend payout ratio is consistent with the expected growth rate.
Inputs needed 1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity
How the model works The expected dividends are estimated for the high growth period, using the payout
ratio for the high growth period and the expected growth rate in earnings per share.
The expected growth rate is estimated either using fundamentals:
Expected growth = Retention Ratio * Return on Equity
Alternatively, you can input the expected growth rate.
At the end of the high growth phase, the expected terminal price is estimated using
dividends per share one year after the high growth period, using the growth rate
in stable growth, the payout ratio in stable growth and the cost of equity in stable
growth.
The dividends per share and the terminal price are discounted back to the present at
the cost of equity changes.
If your cost of equity in stable growth is different from your cost of equity in high
growth, the cost of equity in the second half of the stable growth period will be
adjusted gradually from the high growth cost of equity to a stable growth cost of
equity.
Options Available You can make this model into a three stage model by answering yes to the question
of whether you want me to adjust the inputs in the second half of the high growth
period. If you do, I will adjust the growth rate, the payout ratio and the cost of
equity from high-growth levels to stable growth levels gradually.
You can also make this a stable growth model by setting the high
growth period to zero.
count Model
Inputs from current financials
Net Income = $4,096.00 (in currency)
Interest income from cash and marketable securities = $132.00 Last year
Book Value of Equity = $12,072.00 $10,237.00 (in currency)
Cash and Marketable Securities $2,475.00 $1,918.00
Market Value of Equity = $357,352.00
Number of shares outstanding = 6222.40
Current Capital Expenditures = $11,986.00
Current Depreciation = $9,767.00
Change in non-cash Working capital in most recent year = $214.00
Net Debt Issued (Paid) during the year = ($1,951.00)
Do you want to normalize the net income/earnings per share? Yes
Do you want to normalize your reinvestment needs? Yes
If yes, these will be your normalized values
Normalized Net Capital Expenditures = $4,242.61
Normalized Working Capital Change = $336.31
Normalized Net Debt issued = $1,864.62

Inputs for Discount Rate

Beta of the stock = 0.8
Riskfree rate= 4.50% (in percent)
Risk Premium= 4.00% (in percent)

Inputs for High Growth Period

Length of high growth period 5

Do you want to calculate the growth rate from fundamentals? Yes (Yes or No)
If no, enter the expected growth rate in earnings in high growth period=
If yes, the following will be the inputs to the fundamental growth formulation:
Non-cash ROE = 219.65% (in percent)
Equity Reinvestment Rate = 68.47% (in percent)
Do you want to change any of these inputs for the high growth period? No
If yes, specify the values for these inputs (Please enter all variables)
Non-cash ROE = 15.00% (in percent)
Equity Reinvestment Rate = 68.47% (in percent)
Do you want to change any of these inputs for the stable growth period? Yes
If yes, specify the values for these inputs
ROE = 219.65% (in percent)

Do you want me to gradually adjust your inputs during the second half? No

Inputs for Stable Growth Period

Enter growth rate in stable growth period? 150.41% (in percent)

Stable equity reinvestment ratio from fundamentals is = 68.47% (in percent)

Do you want to change this equity reinvestment rate? No (Yes or No)
If yes, enter the stable period equity reinvestment rate = (in percent)

Will the beta to change in the stable period? Yes (Yes or No)
If yes, enter the beta for stable period = 0.80
Enter the risk premium to use in stable period = 4.00%
 Normalized Earnings Calculation
Choose the approach to normalized earnings 1
Approach 1: Average Net Income over last 5 years
-5 -4 -3
Net Income $15,320.00 $11,460.00

Approach 2: Normalized return on equity

Normalized ROE = 22%
ized Earnings Calculation

-2 Current Average
$21,510.00 $25,330.00 $18,405.00
Normalizing Net Cap Ex
Choose the approach to normalized earnings 1
Approach 1: Average Net Cap Ex over last 5 years
-5 -4 -3 -2 Current Average
Net Cap Ex $2,141.00 $3,127.00 $3,812.00 $2,219.00 $2,824.75
EBIT $21,510.00 $14,970.00 $23,183.00 $35,872.00 $23,883.75
11.83%
Approach 2: Industry average
Industry average net cap ex/ EBIT 22%

Normalizing Non-cash Working Capital

Choose the approach to normalized earnings 1
Approach 1: Average Net Income over last 5 years
Total non-cash working capital current year= 1748
Revenues in current year = 263989
Revenues last year = 213199

Approach 2: Industry average

Industry average non-cash WC/ Revenues 22%

Normalizing Net Debt Issued

Choose the approach to normalized earnings 1
Approaches 1 or 2: Current Book or Market Debt Ratio
Book value of debt in current year = 8293

Approach 2: Industry average

Industry average debt to capital ratio = 15%
 Two-Stage Dividend Discount Model

Output from the program

Cost of Equity = 7.70%
Net Income = $18,405
Net Income without interest income from cash= $18,273
Growth rate in Net Income = 150.41%
Equity Reinvestment Rate for high growth phase= 68.47%

The dividends for the high growth phase are shown below (upto 10 years)
1 2 3 4
Expected Growth Rate 150.41% 150.41% 150.41% 150.41%
Net Income $45,756.52 $114,576.65 $286,905.74 $718,426.55
Equity Reinvestment Rate 68.47% 68.47% 68.47% 68.47%
FCFE $14,425.34 $36,121.78 $90,450.78 $226,493.34
Cost of Equity 7.70% 7.70% 7.70% 7.70%
Cumulative Cost of Equity 107.70% 115.99% 124.92% 134.54%
Present Value $13,394.00 $31,141.37 $72,404.44 $168,342.06

Growth Rate in Stable Phase = 150.41%

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 Two-Stage Dividend Discount Model

Equity Reinvestment rate inn st 68.47%

Cost of Equity in Stable Phase = 7.70%
Price at the end of growth phase = ($995,181.46)

Present Value of FCFEs in high growth phase = $676,681.18

Present Value of Terminal Equity Value = ($686,789.68)
Value of equity in operating assets = ($10,108.50)
Value of Cash and Marketable Securities = $2,475.00
Value of equity in firm = ($7,633.50)
Value per share = ($1.23)

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 Two-Stage Dividend Discount Model

ogram

5
150.41%
$1,798,976.55
68.47%
$567,150.83
7.70%
144.90%
$391,399.31

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Two-Stage Dividend Discount Model

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Two-Stage Dividend Discount Model

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Two-Stage Dividend Discount Model

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Industry Name Number of firms Levered Beta Unlevered Beta Std Dev: Equity Market D/E
Advertising 30 1.43 0.87 80.69% 126.31%
Aerospace/Defense 66 1.27 1.20 47.75% 27.21%
Air Transport 44 1.15 0.86 60.46% 78.21%
Apparel 53 1.14 0.93 68.33% 44.32%
Auto & Truck 20 1.49 0.76 34.92% 183.75%
Auto Parts 54 1.56 1.10 52.04% 94.19%
Bank 477 0.71 0.47 27.49% 91.52%
Bank (Canadian) 8 0.86 0.83 17.85% 10.36%
Bank (Midwest) 39 0.91 0.66 27.13% 68.98%
Beverage 41 0.95 0.85 54.53% 19.02%
Biotechnology 108 1.25 1.27 69.85% 9.98%
Building Materials 52 1.39 0.80 61.96% 103.11%
Cable TV 25 1.56 0.95 44.91% 88.77%
Canadian Energy 12 1.22 0.99 33.84% 35.70%
Chemical (Basic) 19 1.26 1.10 37.09% 29.11%
Chemical (Diversified) 33 1.21 1.10 39.47% 26.70%
Chemical (Specialty) 88 1.18 0.98 57.61% 35.74%
Coal 18 1.98 1.43 49.41% 48.02%
Computer Software/Svcs 322 1.22 1.33 71.38% 7.77%
Computers/Peripherals 125 1.29 1.39 82.96% 18.36%
Diversified Co. 113 1.25 0.60 48.51% 160.98%
Drug 342 1.16 1.14 96.99% 14.51%
E-Commerce 54 1.50 1.76 57.18% 11.43%
Educational Services 34 0.84 0.89 52.81% 2.22%
Electric Util. (Central) 24 0.82 0.49 21.09% 107.83%
Electric Utility (East) 26 0.74 0.50 22.24% 73.30%
Electric Utility (West) 16 0.79 0.50 18.64% 90.70%
Electrical Equipment 83 1.37 1.26 57.31% 23.53%
Electronics 173 1.31 1.23 79.26% 45.62%
Entertainment 84 1.66 1.09 50.24% 79.23%
Entertainment Tech 33 1.45 2.33 70.79% 11.54%
Environmental 79 1.11 0.80 87.19% 49.86%
Financial Svcs. (Div.) 296 1.27 0.45 62.78% 261.38%
Food Processing 109 0.80 0.65 40.11% 35.15%
Food Wholesalers 18 0.73 0.54 46.75% 59.50%
Foreign Electronics 10 1.18 1.40 25.56% 42.29%
Furn/Home Furnishings 34 1.29 0.94 43.85% 65.75%
Grocery 14 0.84 0.78 27.93% 13.91%
Healthcare Information 29 1.05 1.04 50.75% 19.87%
Heavy Construction 14 1.48 1.74 42.91% 9.49%
Homebuilding 32 1.36 0.65 44.28% 162.15%
Hotel/Gaming 68 1.70 0.84 64.47% 142.62%
Household Products 26 1.08 0.95 37.34% 23.21%
Human Resources 31 1.44 1.61 43.81% 18.42%
Industrial Services 167 1.20 0.98 63.50% 43.98%
Information Services 34 1.22 1.24 37.26% 21.88%
Insurance (Life) 35 1.17 1.27 50.74% 21.71%
Insurance (Prop/Cas.) 78 0.91 0.92 26.47% 1.89%
Internet 208 1.41 1.66 86.31% 4.07%
Investment Co. 17 0.83 0.90 18.96% 14.84%
Investment Co.(Foreign) 16 1.31 1.36 28.87% 5.16%
Machinery 124 1.39 1.08 48.66% 55.77%
Manuf. Housing/RV 18 1.32 1.38 47.67% 50.13%
Maritime 56 1.30 0.52 37.08% 185.73%
Medical Services 160 1.10 0.90 86.84% 54.66%
Medical Supplies 252 1.17 1.13 72.38% 13.28%
Metal Fabricating 35 1.56 1.55 60.00% 25.44%
Metals & Mining (Div.) 78 1.69 1.48 97.21% 21.94%
Natural Gas (Div.) 34 1.20 0.85 35.65% 58.57%
Natural Gas Utility 25 0.69 0.43 25.71% 85.33%
Newspaper 16 1.16 0.72 34.32% 86.43%
Office Equip/Supplies 26 1.11 0.84 42.36% 60.35%
Oil/Gas Distribution 19 0.89 0.53 36.90% 81.95%
Oilfield Svcs/Equip. 112 1.56 1.27 46.34% 42.35%
Packaging & Container 33 1.27 0.81 39.90% 84.83%
Paper/Forest Products 38 1.20 0.64 48.42% 118.10%
Petroleum (Integrated) 25 1.34 1.30 37.35% 14.67%
Petroleum (Producing) 188 1.24 0.97 78.27% 37.57%
Pharmacy Services 19 0.94 0.81 30.96% 23.50%
Power 66 1.63 0.95 71.09% 107.88%
Precious Metals 75 1.41 1.37 67.33% 11.77%
Precision Instrument 90 1.47 1.59 53.96% 22.65%
Property Management 17 1.38 0.46 32.79% 282.91%
Publishing 27 1.24 0.62 39.28% 137.13%
R.E.I.T. 144 1.35 0.92 36.52% 53.19%
Railroad 15 1.25 0.99 30.42% 41.53%
Recreation 64 1.41 1.01 57.75% 62.58%
Reinsurance 11 0.91 1.00 22.33% 11.37%
Restaurant 68 1.26 1.09 48.95% 24.97%
Retail (Special Lines) 155 1.26 1.22 57.15% 26.07%
Retail Automotive 16 1.31 0.93 35.23% 66.88%
Retail Building Supply 8 1.01 0.86 24.82% 26.35%
Retail Store 38 1.01 0.86 40.30% 30.29%
Securities Brokerage 32 1.37 0.37 51.25% 462.27%
Semiconductor 122 1.81 2.11 59.20% 13.32%
Semiconductor Equip 16 1.78 2.20 43.35% 13.62%
Shoe 19 1.23 1.39 39.32% 3.66%
Steel (General) 20 1.71 1.53 44.25% 32.18%
Steel (Integrated) 14 1.96 1.54 49.03% 64.96%
Telecom. Equipment 110 1.49 1.87 75.07% 12.71%
Telecom. Services 140 1.43 1.06 82.14% 51.32%
Thrift 234 0.66 0.69 31.62% 9.71%
Tobacco 12 0.71 0.69 29.69% 8.84%
Toiletries/Cosmetics 23 0.95 0.79 51.70% 38.50%
Trucking 33 1.17 0.66 38.85% 126.80%
Utility (Foreign) 5 1.23 0.85 28.01% 62.82%
Water Utility 16 0.86 0.57 35.87% 82.79%
Wireless Networking 57 1.54 1.28 58.41% 36.37%
Public/Private Equity 10 2.08 0.48 45.59% 391.15%
Funeral Services 6 1.41 1.02 29.93% 67.25%
Market 6870 1.19 0.93 56.57% 48.81%
Market Debt/Capital ROE ROC Effective Tax Rate Pre-tax Operating Margin
55.81% 21.54% 13.01% 18.90% 17.93%
21.39% 25.52% 19.53% 24.10% 12.31%
43.89% 31.77% 22.00% 23.00% 13.57%
30.71% 16.38% 18.05% 17.21% 12.98%
64.76% 85.35% 18.80% 24.36% 13.10%
48.50% 19.79% 21.81% 19.61% 7.65%
47.79% 14.58% NA 25.91% NA
9.39% 23.19% NA 15.08% NA
40.82% 17.19% NA 26.81% NA
15.98% 24.85% 18.98% 16.46% 20.00%
9.08% 22.16% 14.78% 3.59% 26.91%
50.76% 13.03% 11.35% 18.44% 14.04%
47.03% 7.00% 10.91% 22.97% 34.41%
26.31% 20.83% 25.35% 27.82% 40.66%
22.55% 25.33% 21.96% 19.29% 15.05%
21.07% 26.45% 23.67% 25.47% 19.87%
26.33% 18.88% 17.93% 18.99% 14.08%
32.44% 13.96% 20.13% 10.52% 18.05%
7.21% 47.49% 36.64% 12.65% 24.51%
15.51% 49.14% 32.96% 9.90% 11.61%
61.68% 29.12% 10.79% 20.23% 22.39%
12.67% 26.23% 22.57% 5.96% 30.15%
10.26% 10.10% 12.54% 13.09% 12.69%
2.18% 48.89% 46.84% 20.80% 17.36%
51.88% 11.46% 10.28% 33.02% 21.86%
42.30% 13.38% 11.64% 32.09% 25.85%
47.56% 10.89% 11.52% 30.47% 24.38%
19.05% 24.82% 20.50% 14.23% 15.75%
31.33% 10.63% 13.01% 11.87% 7.57%
44.21% 8.08% 9.98% 17.17% 23.75%
10.35% -5.09% 4.51% 13.67% 3.93%
33.27% 14.34% 13.67% 15.45% 21.85%
72.33% 14.91% 12.33% 17.93% 85.68%
26.01% 20.98% 15.64% 21.67% 11.98%
37.30% 15.36% 14.62% 27.39% 5.66%
29.72% 12.30% 16.90% 37.04% 13.50%
39.67% 12.64% 13.85% 23.99% 10.51%
12.21% 17.58% 17.38% 32.96% 5.87%
16.58% 43.47% 24.69% 16.47% 20.66%
8.67% 21.05% 18.45% 34.26% 5.98%
61.85% -63.59% -23.17% 6.13% -16.16%
58.78% 17.10% 10.83% 17.97% 22.98%
18.84% 21.67% 17.10% 29.87% 21.24%
15.55% 16.30% 17.34% 29.77% 5.69%
30.55% 19.74% 18.18% 19.26% 11.76%
17.95% 32.04% 21.20% 20.44% 21.26%
17.84% 20.91% NA 25.86% NA
1.85% 20.44% NA 20.26% NA
3.91% 25.60% 26.46% 7.50% 19.23%
12.92% 647.73% NA 0.00% NA
4.90% 10.46% NA 2.11% NA
35.80% 23.51% 17.21% 22.71% 13.72%
33.39% 8.90% 9.47% 14.98% 3.83%
65.00% 19.95% 12.18% 7.08% 30.66%
35.34% 24.56% 18.25% 18.36% 12.69%
11.72% 23.17% 20.34% 12.51% 11.53%
20.28% 22.01% 21.33% 20.43% 14.65%
17.99% 30.86% 27.62% 9.29% 36.00%
36.94% 14.31% 15.08% 24.19% 34.06%
46.04% 12.36% 12.02% 24.52% 14.77%
46.36% 13.96% 11.21% 23.53% 21.90%
37.64% 19.85% 15.81% 22.76% 9.94%
45.04% 15.81% 11.69% 9.48% 15.24%
29.75% 25.10% 20.50% 22.07% 26.36%
45.90% 15.41% 17.06% 24.65% 13.39%
54.15% 5.75% 11.21% 13.66% 12.24%
12.79% 26.14% 25.61% 33.79% 17.96%
27.31% 16.75% 23.41% 13.98% 38.57%
19.03% 11.99% 12.17% 21.13% 6.41%
51.90% 19.05% 11.71% 6.25% 18.09%
10.53% 3.32% 8.54% 5.94% 32.80%
18.47% 15.26% 16.76% 14.38% 16.31%
73.88% 9.58% 9.81% 19.27% 35.51%
57.83% -66.38% 20.12% 20.73% 17.26%
34.72% 8.95% 8.49% 1.21% 18.11%
29.34% 15.12% 13.91% 30.62% 31.92%
38.49% 14.49% 14.02% 19.12% 19.56%
10.21% 17.04% NA 8.87% NA
19.98% 29.70% 22.15% 20.10% 16.35%
20.68% 23.03% 22.65% 23.08% 9.37%
40.08% 16.17% 11.67% 34.23% 6.72%
20.85% 21.07% 17.82% 28.12% 11.59%
23.25% 19.89% 15.19% 25.68% 6.93%
82.22% -11.10% 15.35% 22.16% 33.95%
11.75% 22.18% 28.67% 10.48% 27.73%
11.98% 32.37% 29.91% 22.03% 23.75%
3.53% 28.40% 28.46% 30.35% 12.52%
24.34% 27.03% 21.54% 29.15% 12.53%
39.38% 20.96% 19.41% 29.90% 18.78%
11.28% 35.37% 26.58% 12.08% 13.97%
33.91% 16.18% 22.22% 15.90% 39.80%
8.85% 6.69% NA 17.04% NA
8.12% 70.43% 32.64% 20.25% 9.68%
27.80% 98.41% 23.11% 23.28% 12.03%
55.91% 12.03% 12.67% 33.19% 13.28%
38.58% 3.89% 9.93% 15.01% 15.29%
45.29% 0.63% 8.11% 35.46% 40.45%
26.67% 7.85% 10.21% 14.08% 18.28%
79.64% 17.72% 6.46% 6.70% 53.29%
40.21% 15.04% 11.67% 33.26% 20.82%
32.80% 20.64% 17.73% 16.67% 20.77%
After-tax Operating Margin Net Margin Cap Ex/ Depreciation Non-cash WC/ Revenues Payout Ratio
11.95% 2.26% 66.89% -15.13% 7.17%
8.31% 3.57% 115.91% -0.61% 12.42%
11.05% 0.17% 158.61% -8.01% 9.33%
10.18% 2.69% 141.22% 19.55% 8.42%
7.96% 0.57% 90.69% 13.27% 8.71%
5.56% 0.90% 94.73% 6.44% 17.95%
NA NA NA NA 36.07%
NA NA NA NA 46.75%
NA NA NA NA 54.64%
14.75% 5.77% 115.01% 5.16% 23.38%
16.90% 8.33% 128.27% 4.60% 0.49%
10.51% 2.23% 130.86% 6.64% 14.30%
19.49% 3.28% 102.79% -10.57% 11.78%
28.84% 9.48% 211.40% -5.37% 11.45%
11.97% 6.40% 109.34% 11.16% 16.37%
14.14% 5.55% 118.69% 13.88% 19.75%
9.75% 2.69% 109.81% 11.64% 17.73%
15.76% 4.53% 139.17% 4.69% 20.71%
17.24% 8.24% 89.63% -6.37% 10.17%
8.78% 3.55% 95.27% -0.69% 6.33%
17.93% 4.85% 146.86% 91.24% 20.12%
22.65% 8.38% 61.72% 10.48% 25.99%
8.76% 3.38% 146.25% -14.07% 1.20%
11.69% 5.63% 106.44% -11.48% 2.31%
14.67% 3.61% 218.97% 5.39% 31.65%
17.24% 4.49% 206.28% 5.64% 29.52%
16.51% 3.72% 218.34% 1.50% 24.77%
11.48% 4.96% 126.55% 12.14% 13.79%
5.61% 1.40% 122.53% 12.65% 7.35%
15.00% 3.66% 91.06% -0.16% 11.91%
1.77% -1.45% 66.84% -6.03% NA
13.42% 3.48% 99.42% 3.48% 22.11%
76.59% -22.60% 258.58% 28.75% 22.83%
8.59% 2.98% 123.88% 6.15% 14.65%
3.75% 0.94% 122.12% 0.94% 11.15%
7.43% 1.67% 87.71% 8.53% 9.77%
7.04% 1.43% 84.73% 13.15% 13.14%
3.81% 1.06% 165.00% -0.29% 6.47%
14.16% 7.79% 84.61% 4.58% 3.84%
3.85% 2.23% 142.75% 1.17% 3.83%
-16.36% -10.34% 72.88% 57.77% NA
15.26% 3.26% 330.71% -3.58% 10.47%
15.33% 5.90% 94.67% 5.69% 21.58%
3.31% 1.20% 81.85% 5.48% 7.33%
8.27% 2.03% 134.26% 6.88% 5.16%
14.72% 5.92% 98.29% -1.64% 5.47%
NA NA 192725.00% NA 23.35%
NA NA 38706.98% NA 14.29%
13.94% 6.53% 133.62% -6.83% 0.20%
 NA NA 20.00% NA NA
NA NA 84.21% NA 36.72%
9.49% 3.49% 134.95% 16.14% 10.21%
2.37% -1.61% 81.33% 5.71% 9.05%
29.09% 13.32% 523.30% 7.18% 17.67%
8.16% 2.38% 146.47% -6.66% 0.86%
8.54% 3.60% 98.75% 6.59% 15.25%
10.22% 2.71% 195.35% 10.84% 10.49%
25.33% 5.94% 251.65% 5.81% 10.00%
23.75% 9.41% 281.53% -3.94% 13.80%
10.36% 2.30% 146.56% 5.17% 30.14%
16.06% 2.18% 71.55% 3.05% 9.12%
6.92% 1.74% 83.36% 9.33% 10.66%
12.24% 4.25% 373.42% -0.45% 39.70%
19.65% 8.24% 268.73% 12.70% 6.06%
10.04% 1.97% 95.74% 5.96% 12.39%
10.31% 0.80% 90.62% 11.37% 28.92%
10.45% 5.11% 186.98% 2.22% 14.04%
26.43% 6.99% 291.48% 2.89% 5.13%
4.13% 1.43% 163.33% 5.33% 6.20%
12.74% 2.50% 197.18% 6.96% 0.19%
23.79% 9.32% 230.19% 0.02% 19.95%
12.59% 4.11% 51.15% 10.13% 4.96%
27.99% 4.02% 608.41% -17.86% 23.90%
10.27% 1.30% 89.69% 4.17% 80.61%
16.08% 61.19% 607.00% -4.12% 115.46%
20.60% 7.24% 190.87% -4.11% 14.10%
15.62% 4.49% 201.19% -0.80% 21.67%
NA NA NA NA 12.85%
13.16% 4.10% 178.56% -5.11% 21.18%
6.06% 1.82% 139.68% 6.30% 9.70%
4.31% 1.26% 233.04% 12.86% 1.96%
7.31% 2.26% 242.53% 5.07% 14.55%
4.47% 1.56% 202.23% 1.53% 11.18%
25.61% -1.40% 166.76% 120.39% 28.02%
21.97% 4.69% 110.68% 8.97% 21.82%
17.41% 4.57% 95.15% 15.62% 5.01%
8.44% 1.68% 135.60% 16.15% 11.89%
8.29% 4.36% 187.15% 14.33% 9.43%
14.41% 5.67% 124.02% 15.49% 6.35%
10.62% 2.81% 71.60% 0.25% 13.06%
28.38% 3.45% 190.13% -10.85% 21.11%
NA NA NA NA 64.16%
6.66% 3.00% 331.23% 0.78% 32.09%
7.97% 3.04% 117.56% 8.54% 16.72%
8.54% 0.95% 682.72% 5.27% 8.06%
9.47% 0.01% 143.73% 4.62% 0.00%
25.93% 3.63% 262.28% 1.68% 274.15%
11.63% 3.52% 82.96% 6.91% 1.53%
47.57% 22.90% 15.66% 33.11% 23.46%
13.16% 2.96% 116.53% 0.96% 17.83%
14.61% 3.44% 158.90% 9.07% 16.22%
Reinvestment Rate Sales/Capital EV/Sales
-1.16% 1.09 0.94
-0.05% 2.35 0.73
13.68% 1.99 0.65
-0.71% 1.77 0.64
6.48% 2.36 0.51
-4.20% 3.92 0.29
0.00% NA NA
0.00% NA NA
0.00% NA NA
5.26% 1.29 1.99
6.79% 0.87 5.71
9.21% 1.08 0.85
3.61% 0.56 2.20
28.10% 0.88 1.61
-6.47% 1.84 0.88
-9.92% 1.67 1.15
-2.32% 1.84 0.90
5.35% 1.28 1.26
-0.96% 2.12 1.93
-1.84% 3.75 0.70
-12.75% 0.60 1.96
-5.83% 1.00 2.63
8.42% 1.43 1.86
5.63% 4.01 2.75
31.79% 0.70 1.65
25.82% 0.68 1.93
34.95% 0.70 1.57
-2.87% 1.79 1.00
0.49% 2.32 0.32
-1.55% 0.67 1.27
51.10% 2.55 0.85
-4.43% 1.02 1.73
-612.73% 0.16 6.96
-7.14% 1.82 1.01
4.36% 3.90 0.36
-6.57% 2.27 0.32
-0.04% 1.97 0.45
18.50% 4.56 0.79
-6.78% 1.74 2.08
-4.58% 4.80 0.49
NA 1.42 0.58
52.78% 0.71 1.50
-2.39% 1.12 2.05
-7.15% 5.24 0.23
7.60% 2.20 0.71
0.90% 1.44 1.68
0.00% NA NA
-0.07% NA NA
6.25% 1.90 2.22
 NA NA NA
-1.55% NA NA
-1.51% 1.81 0.70
9.17% 3.99 0.17
69.70% 0.42 2.23
5.72% 2.24 0.59
-3.33% 2.38 1.08
8.66% 2.09 0.59
10.91% 1.09 1.49
50.53% 0.63 2.00
8.35% 1.16 1.09
-4.55% 0.70 1.12
-5.75% 2.28 0.52
47.94% 0.95 1.36
18.86% 1.04 1.24
-3.29% 1.70 0.72
0.62% 1.09 0.74
12.52% 2.45 0.65
42.65% 0.89 1.29
2.63% 2.95 0.56
12.47% 0.92 1.54
51.75% 0.36 4.72
-14.88% 1.33 0.92
94.40% 0.35 2.90
-1.09% 1.96 0.89
242.89% 0.53 4.05
18.83% 0.68 2.03
20.73% 0.90 1.16
0.00% NA NA
14.97% 1.68 1.57
9.60% 3.74 0.40
24.14% 2.70 0.47
23.42% 2.44 0.72
22.28% 3.40 0.54
140.87% 0.60 1.82
1.50% 1.30 1.31
5.06% 1.72 0.81
1.42% 3.37 0.84
-13.36% 2.60 0.55
-8.04% 1.35 0.59
-7.29% 2.50 0.90
-1.41% 0.78 1.69
422.33% NA NA
24.30% 4.90 1.47
0.78% 2.90 0.98
170.96% 1.48 0.75
0.00% 1.05 0.90
18.42% 0.31 3.80
-32.77% 0.88 2.36
0.73% 0.14 4.01
1.70% 0.89 1.40
-30.90% 1.21 1.28