Company's current status

What was the total grossed by your company in the most recent twelve months?
What revenues did your company generate in the most recent twelve months?
What operating profits (losses) did your company report in that twelve-month period?
Overall Market
What is the potential market for Uber?
Based on your potential market choice above, this is the potential market
What effect will Uber have on the size (growth) of the potential market?
Expected annual growth rate (next 10 years) based on your growth rate choice
Company's share of that market
How strong will Uber's network effect be in the potential market?
Expected market share (based upon your network choice)
When do you expect the company to get to this market share?
How strong and sustainable are Uber's competitive advantages
What will the gross receipts will accrue to the company as revenues?
How much incremental revenue do you expect for every dollar of incremental investment?
If direct input of incremental investment, enter the number here
Profitability
What is the expected operating margin (in steady state)?
What is the effective tax rate on your income?
Risk
What cost of capital would you assign to this company, ignoring surivival risk?
If direct input, what is the cost of capital you would like to use initially (first 5 years)?
What cost of capital would you assign to established players in this business?
If direct input, what is the cost of capital you would like to use in steady state (after year 10)
What is the probability that the company will fail sometime in the next 10 years?
What return on capital do you see the company generating in steady state?
General inputs
What is the risk free rate?
What is the statutory tax rate for the country in which the company in incorporated?
Do you want me to use this as the effective tax rate in steady state?

Your narrative for Uber

Uber's potential market is
Uber's effects on growth in the potential market will be
Within this market, Uber will have
Uber's competitive advantages in that market will be
Uber' reinvestment for growth will be
Uber's operating risk will result in a cost of capital that puts it in
Uber's chance of failure (not making it) is
And your resulting valuation of Uber is
Value of the operating assets =
Imputed multiple of current revenues =
 $3,500.00
$700.00
$10.00

A2. All car service

$150,000.00
B3. Increase market by 50%
7.26%

C4. Weak global network effects

25.00%
10
D3. Semi-strong
15.00%
Minimal capital needs, small acquisitions (5.00)
5.00

40.00%
30.00%

Ninth decile of US companies (12%)

Median of US companies (8%)

10%
90th percentile (ROIC=25%)

2.25%
40.00%
Yes

A2. All car service

B3. Increase market by 50%
C4. Weak global network effects
D3. Semi-strong
Minimal capital needs, small acquisitions (5.00)
Ninth decile of US companies (12%)
10%
$17,404.33
24.86
Potential Market Market size (in millions)
A1. Urban car service $100,000
A2. All car service $150,000
A3. Logistics $205,000
A4. Mobility Services $285,000

Growth Effect Annual growth rate (next 10 years)

B1. None 3.00%
B2. Increase market by 25% 5.32%
B3. Increase market by 50% 7.26%
B4. Double market size 10.39%

Network Effects Market share of potential market

C1. No network effects 5%
C2. Weak local network effects 10%
C3. Strong local network effects 15%
C4. Weak global network effects 25%
C5. Strong global network effects 40%

Competitive Advantages Slice of Gross Receipts

D1. None 5%
D2. Weak 10%
D3. Semi-strong 15%
D4. Strong & Sustainable 20%
 Description
Taxi cabs, limos & car services (urban)
+ Rental Cars+ Non-urban car service
+ Moving + Local Delivery
+ Mass Transit + Car Sharing

ext 10 years)
No change in market size
Increase market size by 25% over 10 years
Increase market size by 50% over 10 years
Double market size over 10 years

tial market
Open competition in every market
Dominance in a few local markets
Dominance in multiple local markets
Weak spillover benefits in new markets
Strong spillover benefits in new markets

Unrestricted entry + No pricing power

Unrestricted entry+ Some Pricing Power
Unrestricted entry + Pricing Power
Restricted entry + Pricing Power
 Base 1 2
Overall market $150,000.00 $160,890.00 $172,570.61
Share of market (gross) 2.33% 4.600% 6.867%
Revenues as percent of gross 20.00% 19.50% 19.00%
Annual Revenue $700.00 $1,443.18 $2,251.47
Operating margin 1.43% 5.29% 9.14%
Operating Income $10.00 $76.28 $205.85
Effective tax rate 30.00% 31.00% 32.00%
- Taxes $3.00 $23.65 $65.87
After-tax operating income $7.00 $52.63 $139.98
Sales/Capital Ratio 5.00 5.00
- Reinvestment $148.64 $161.66
Free Cash Flow to the Firm -$96.00 -$21.68
Terminal value
Present value of FCFF -$85.72 -$17.28
Present value of terminal value
Cost of capital 12.00% 12.00% 12.00%
Cumulated cost of capital = 1.1200 1.2544
Imputed Return on capital

PV of cash flows during next 10 years $3,535.81

PV of terminal value = $15,802.34
Value of operating assets $19,338.14
Probability of failure 10%
Adjusted value of operating assets $17,404.33
 3 4 5 6 7
$185,099.24 $198,537.45 $212,951.26 $228,411.53 $244,994.20
9.133% 11.400% 13.667% 15.933% 18.200%
18.50% 18.00% 17.50% 17.00% 16.50%
$3,127.56 $4,073.99 $5,093.08 $6,186.91 $7,357.18
13.00% 16.86% 20.71% 24.57% 28.43%
$406.58 $686.76 $1,055.00 $1,520.21 $2,091.54
33.00% 34.00% 35.00% 36.00% 37.00%
$134.17 $233.50 $369.25 $547.28 $773.87
$272.41 $453.26 $685.75 $972.94 $1,317.67
5.00 5.00 5.00 5.00 5.00
$175.22 $189.29 $203.82 $218.76 $234.05
$97.19 $263.97 $481.93 $754.17 $1,083.62

$69.18 $167.76 $273.46 $384.84 $500.85

12.00% 12.00% 12.00% 11.20% 10.40%

1.4049 1.5735 1.7623 1.9597 2.1635
 8 9 10 Terminal year
$262,780.78 $281,858.67 $302,321.61 $309,123.84
20.467% 22.733% 25.000% 25.00%
16.00% 15.50% 15.00% 15.00%
$8,605.19 $9,931.76 $11,337.06 $11,592.14
32.29% 36.14% 40.00% 40.00%
$2,778.25 $3,589.62 $4,534.82 $4,636.86
38.00% 39.00% 40.00% 40.00%
$1,055.73 $1,399.95 $1,813.93 $1,854.74
$1,722.51 $2,189.67 $2,720.89 $2,782.11
5.00 5.00 5.00
$249.60 $265.31 $281.06 $250.39
$1,472.91 $1,924.36 $2,439.83 $2,531.72
$44,029.99
$621.16 $745.90 $875.66
$15,802.34
9.60% 8.80% 8.00%
2.3712 2.5799 2.7863
25.00%
 Taxi & Limo Market
New York $2,500
United States $11,000
United Kingdom $9,000
Tokyo $22,000
Global urban car service $100,000
Rental Car Market
US rental car market $36,000
Global rental car market $50,000
Logisitics Market
Moving Services $20,000
Local Delivery $35,000
Moving + Local Delivery $55,000
Mobility Services
Mass Transit (US) $60,000
Car Sharing (Global) $20,000
Mobility $80,000

Potential Market Market Size

Roughly $100 billion (based upon
Taxi & Limo Market city-specific estimates)

Approximately $36 billion just for

Rental Car Market the US and $50 billion globally

Approximately $20 billion in the

Moving Services US (and no data is available for
global)
Approximately $35 billion (more
guesstimate than estimate).
Local Delivery business

Approximately $60 billion for the

Mass Transit US.

Approximately $20 billion, bigger

Car Sharing in Europe than in the US, but
growing fast.
 Industry structure
Highly splintered (top 50 companies
account for 35% market share),
localized and private.
Three companies (Enterprise, Hertz and
Avis) account for 60% of the overall
market.
A few large companies but none with
dominant market share, with lots of
localized, small movers.
Entry and operations are
highly regulated in most
cities.
Control airport access and
rental fleets.
Truck fleets and local
knowledge.

Historically, its been a localized,

splintered business but Amazon and
Google have entered business recently.
Barring a few privately owned bus
companies, mostly government owned
and subsidized.
A mix of young businesses, some tech
based, trying to match needs to
resources.
Industry name Number of firms
Advertising 65
Aerospace/Defense 95
Air Transport 25
Apparel 70
Auto & Truck 26
Auto Parts 75
Bank 7
Banks (Regional) 721
Beverage 47
Beverage (Alcoholic) 19
Biotechnology 349
Broadcasting 30
Brokerage & Investment Banking 49
Building Materials 37
Business & Consumer Services 179
Cable TV 16
Chemical (Basic) 47
Chemical (Diversified) 10
Chemical (Specialty) 100
Coal & Related Energy 45
Computer Services 129
Computer Software 273
Computers/Peripherals 66
Construction 18
Diversified 20
Educational Services 40
Electrical Equipment 135
Electronics 191
Electronics (Consumer & Office) 26
Engineering 56
Entertainment 85
Environmental & Waste Services 108
Farming/Agriculture 29
Financial Svcs. 76
Financial Svcs. (Non-bank & Insurance) 17
Food Processing 97
Food Wholesalers 18
Furn/Home Furnishings 36
Healthcare Equipment 193
Healthcare Facilities 47
Healthcare Products 58
Healthcare Services 126
Heathcare Information and Technology 125
Heavy Construction 46
Homebuilding 32
Hotel/Gaming 89
Household Products 139
Information Services 71
Insurance (General) 26
Insurance (Life) 27
Insurance (Prop/Cas.) 53
Internet software and services 330
Investment Co. 65
Machinery 141
Metals & Mining 134
Office Equipment & Services 30
Oil/Gas (Integrated) 8
Oil/Gas (Production and Exploration) 411
Oil/Gas Distribution 80
Oilfield Svcs/Equip. 163
Packaging & Container 24
Paper/Forest Products 21
Pharma & Drugs 138
Power 106
Precious Metals 166
Publshing & Newspapers 52
R.E.I.T. 46
Railroad 10
Real Estate (Development) 22
Real Estate (General/Diversified) 11
Real Estate (Operations & Services) 47
Recreation 70
Reinsurance 3
Restaurant 84
Retail (Automotive) 30
Retail (Building Supply) 7
Retail (Distributors) 87
Retail (General) 21
Retail (Grocery and Food) 21
Retail (Internet) 47
Retail (Special Lines) 137
Rubber& Tires 4
Semiconductor 104
Semiconductor Equip 51
Shipbuilding & Marine 14
Shoe 14
Steel 37
Telecom (Wireless) 28
Telecom. Equipment 131
Telecom. Services 82
Thrift 223
Tobacco 12
Transportation 22
Trucking 28
Utility (General) 20
Utility (Water) 20
Total Market 7766
Annual Average Revenue growth - Last 5 years Pre-tax Operating Margin
6.29% 11.54%
2.60% 11.13%
7.74% 6.60%
3.27% 12.95%
9.97% 3.34%
3.06% 7.45%
6.99% 0.00%
7.50% 0.00%
6.92% 17.75%
2.69% 20.23%
14.17% 16.91%
3.13% 24.41%
7.96% 0.59%
1.77% 6.35%
3.45% 9.51%
6.86% 18.61%
1.50% 10.01%
4.24% 9.38%
8.76% 15.25%
4.17% 2.70%
3.87% 9.78%
8.59% 26.73%
-1.20% 18.60%
0.49% 6.19%
22.98% 13.77%
7.73% 8.23%
4.58% 12.66%
1.07% 8.25%
16.78% 6.46%
3.94% 4.48%
-1.37% 19.81%
12.46% 11.62%
12.62% 2.40%
10.81% 9.85%
3.22% 0.14%
4.90% 10.75%
0.63% 4.00%
-0.39% 7.33%
11.30% 20.30%
5.16% 10.76%
 22.82% 10.65%
7.41% 4.99%
6.62% 13.02%
1.01% 9.71%
-3.54% 8.80%
6.47% 15.76%
7.01% 16.43%
4.45% 24.23%
2.95% 13.04%
7.09% 8.54%
8.42% 14.35%
12.49% 18.91%
8.42% 6.83%
5.43% 12.07%
0.00% 14.28%
-3.24% 8.27%
-2.82% 12.61%
9.37% 22.49%
10.85% 7.95%
9.78% 5.69%
10.38% 9.29%
5.47% 7.20%
19.49% 24.76%
2.90% 17.06%
60.95% 11.65%
0.72% 9.24%
23.69% 0.29%
5.16% 30.74%
5.89% 8.18%
-10.83% 8.37%
-2.04% 9.14%
8.46% 14.11%
22.40% 8.25%
5.32% 15.05%
8.11% 5.47%
6.03% 9.86%
11.30% 9.32%
3.31% 5.28%
0.97% 3.00%
2.54% 4.37%
4.20% 7.02%
 2.95% 7.01%
3.85% 15.65%
-3.01% 6.65%
-0.82% 7.68%
7.22% 12.67%
-2.45% 4.38%
4.25% 3.65%
3.73% 18.71%
7.19% 12.27%
8.47% -0.23%
3.55% 40.07%
7.86% 5.91%
0.08% 9.05%
-2.40% 17.48%
11.93% 29.10%
6.88% 10.57%
Sales/Capital Average effective tax rate Cost of capital EV/Sales
3.76 6.04% 6.80% 1.91
5.97 15.03% 6.95% 1.53
2.14 13.79% 5.88% 1.06
1.78 10.29% 7.73% 2.22
2.32 4.71% 6.76% 0.90
3.54 9.43% 8.61% 0.86
0.29 22.17% 4.45% 5.18
0.26 18.00% 4.50% 5.06
1.59 3.95% 8.73% 3.02
0.70 10.72% 7.28% 4.69
0.79 1.13% 7.80% 10.72
1.13 13.21% 8.43% 4.14
0.19 13.44% 4.42% 5.66
2.47 16.33% 7.71% 1.37
2.68 13.41% 6.35% 1.68
1.26 15.00% 6.13% 2.73
1.54 6.27% 6.91% 1.65
1.90 25.03% 7.99% 1.51
2.11 12.74% 7.05% 2.17
0.73 2.44% 6.93% 1.64
6.24 9.94% 6.62% 1.13
1.83 6.16% 7.61% 4.55
2.39 5.66% 7.98% 2.00
0.95 9.82% 6.57% 3.17
0.39 12.60% 4.64% 4.07
1.89 11.84% 8.07% 1.26
2.87 7.49% 7.81% 2.12
1.55 7.52% 7.28% 1.60
2.39 8.97% 8.14% 1.02
4.89 14.86% 7.83% 0.60
1.57 4.85% 7.76% 3.00
1.71 5.02% 7.16% 2.18
3.09 9.01% 5.63% 0.41
0.21 18.37% 5.29% 6.91
0.12 9.77% 4.23% 8.65
2.63 14.00% 6.08% 1.64
6.93 10.69% 7.80% 0.54
2.73 10.03% 7.94% 1.18
1.51 5.80% 6.46% 2.88
1.54 13.49% 5.95% 1.44
1.44 8.76% 7.07% 3.26
8.83 13.77% 6.10% 0.57
1.68 6.09% 7.13% 3.62
1.62 19.40% 8.26% 1.42
1.22 6.68% 8.73% 1.68
0.74 10.48% 7.23% 3.44
2.48 9.51% 7.08% 2.50
2.26 17.05% 6.40% 4.40
0.56 19.19% 5.80% 1.59
0.85 17.82% 6.28% 1.33
1.01 19.42% 5.53% 1.36
1.21 4.59% 7.63% 6.99
0.33 6.62% 4.85% 5.29
2.56 13.02% 7.09% 1.87
1.06 1.90% 7.45% 2.09
3.09 12.81% 6.66% 1.17
1.84 20.55% 7.22% 1.22
0.21 6.29% 7.69% 6.10
1.40 4.18% 5.32% 1.91
3.53 10.73% 8.35% 0.70
2.35 21.28% 5.96% 1.26
1.92 8.20% 7.18% 1.18
1.18 4.30% 7.61% 3.97
0.55 16.03% 4.54% 2.74
0.41 0.82% 7.93% 2.40
3.16 13.92% 6.85% 1.57
0.03 2.48% 3.34% 32.89
0.65 20.51% 7.10% 3.88
0.25 3.00% 6.79% 7.07
0.17 8.72% 5.66% 12.03
0.98 8.56% 7.81% 2.57
1.59 8.81% 8.14% 2.28
0.94 13.34% 4.55% 1.05
1.38 15.17% 6.31% 2.88
3.14 19.23% 6.88% 0.85
2.29 21.97% 7.31% 1.50
1.90 16.18% 6.37% 1.54
3.48 25.03% 6.53% 0.72
4.06 22.83% 5.77% 0.51
8.95 9.80% 7.55% 3.31
2.42 18.90% 7.05% 1.11
3.69 15.21% 6.77% 0.54
1.24 7.30% 7.97% 2.80
1.16 5.13% 8.18% 2.42
0.66 4.99% 7.99% 2.37
2.43 19.82% 6.53% 2.44
2.02 14.13% 6.94% 0.84
0.70 11.54% 5.04% 2.79
1.32 6.90% 7.90% 2.84
1.26 8.40% 5.92% 1.98
0.02 18.93% 3.19% 66.04
3.17 14.23% 6.45% 4.57
2.87 21.21% 7.08% 1.48
1.38 27.93% 6.32% 1.56
0.56 29.93% 4.15% 2.63
0.34 14.52% 5.12% 4.78
0.75 10.32% 6.06% 2.52
Industry name Number of firms
Advertising 243
Aerospace/Defense 207
Air Transport 157
Apparel 1170
Auto & Truck 129
Auto Parts 609
Bank 580
Banks (Regional) 947
Beverage 107
Beverage (Alcoholic) 209
Biotechnology 707
Broadcasting 134
Brokerage & Investment Banking 521
Building Materials 414
Business & Consumer Services 714
Cable TV 63
Chemical (Basic) 735
Chemical (Diversified) 84
Chemical (Specialty) 681
Coal & Related Energy 322
Computer Services 939
Computer Software 1059
Computers/Peripherals 316
Construction 477
Diversified 341
Educational Services 161
Electrical Equipment 863
Electronics 1167
Electronics (Consumer & Office) 185
Engineering 1167
Entertainment 352
Environmental & Waste Services 312
Farming/Agriculture 341
Financial Svcs. 548
Financial Svcs. (Non-bank & Insurance) 133
Food Processing 1201
Food Wholesalers 115
Furn/Home Furnishings 319
Healthcare Equipment 448
Healthcare Facilities 170
Healthcare Products 159
Healthcare Services 322
Heathcare Information and Technology 278
Heavy Construction 335
Homebuilding 164
Hotel/Gaming 648
Household Products 458
Information Services 177
Insurance (General) 235
Insurance (Life) 121
Insurance (Prop/Cas.) 219
Internet software and services 706
Investment Co. 433
Machinery 1270
Metals & Mining 1691
Office Equipment & Services 161
Oil/Gas (Integrated) 53
Oil/Gas (Production and Exploration) 1172
Oil/Gas Distribution 199
Oilfield Svcs/Equip. 593
Packaging & Container 398
Paper/Forest Products 303
Pharma & Drugs 820
Power 743
Precious Metals 1181
Publshing & Newspapers 390
R.E.I.T. 49
Railroad 54
Real Estate (General/Diversified) 422
Real Estate (Development) 647
Real Estate (Operations & Services) 481
Recreation 286
Reinsurance 37
Restaurant 304
Retail (Automotive) 148
Retail (Building Supply) 50
Retail (Distributors) 848
Retail (General) 229
Retail (Grocery and Food) 174
Retail (Internet) 118
Retail (Special Lines) 543
Rubber& Tires 93
Semiconductor 559
Semiconductor Equip 263
Shipbuilding & Marine 356
Shoe 92
Steel 714
Telecom (Wireless) 116
Telecom. Equipment 525
Telecom. Services 317
Thrift 281
Tobacco 53
Transportation 228
Trucking 191
Utility (General) 55
Utility (Water) 97
Total Market 40906
Annual Average Revenue growth - Last 5 years Pre-tax Operating Margin
5.04% 8.30%
4.86% 9.38%
7.67% 5.10%
6.38% 12.24%
6.71% 5.71%
6.04% 6.61%
8.98% 0.24%
6.44% 0.00%
6.04% 14.34%
6.88% 19.97%
11.03% 15.58%
4.12% 16.46%
4.59% 0.43%
5.37% 6.63%
7.52% 7.81%
10.40% 18.29%
6.09% 8.81%
2.78% 7.39%
8.57% 11.30%
15.68% 5.92%
6.29% 7.55%
7.96% 22.73%
-0.84% 10.55%
6.24% 11.08%
7.97% 8.63%
8.79% 9.01%
4.67% 6.85%
2.29% 5.40%
2.59% 3.29%
6.18% 4.03%
2.02% 17.23%
8.64% 8.97%
8.82% 3.95%
9.27% 7.36%
19.67% 3.97%
7.16% 8.09%
2.07% 3.07%
3.04% 6.64%
7.64% 18.37%
12.96% 10.56%
16.82% 12.59%
12.41% 4.86%
8.13% 11.93%
 3.60% 6.31%
3.48% 6.57%
9.11% 11.94%
8.81% 14.73%
6.21% 23.19%
9.69% 8.75%
12.08% 8.67%
7.94% 10.97%
9.58% 19.33%
-2.32% 13.93%
2.08% 8.67%
9.15% 13.48%
0.82% 7.00%
6.66% 10.32%
12.46% 22.69%
11.09% 7.99%
9.00% 4.17%
6.04% 7.53%
2.19% 5.63%
12.16% 21.09%
12.80% 11.80%
29.33% 9.60%
0.47% 7.76%
20.47% 1.21%
4.64% 19.33%
3.78% 16.33%
13.65% 22.49%
11.14% 29.41%
2.77% 11.46%
13.21% 11.07%
5.91% 10.88%
9.04% 4.71%
4.20% 8.02%
5.91% 3.55%
8.91% 4.88%
6.59% 4.04%
9.44% 4.93%
4.59% 6.76%
6.75% 9.77%
2.98% 13.80%
-0.13% 4.54%
3.58% 6.06%
8.24% 9.46%
1.63% 3.39%
 8.86% 15.91%
4.09% 9.25%
7.03% 13.81%
9.30% 1.04%
9.63% 28.64%
11.70% 7.83%
1.87% 6.33%
4.05% 10.53%
9.67% 28.16%
6.86% 8.63%
Sales/Capital Average effective tax rate Cost of capital EV/Sales
3.87 17.09% 8.24% 1.60
4.64 13.25% 8.10% 1.40
1.30 15.59% 6.76% 1.11
1.57 14.75% 7.74% 1.78
1.55 13.90% 7.60% 0.92
2.63 18.98% 8.90% 0.78
0.10 18.14% 5.02% 9.84
0.24 19.85% 5.21% 4.12
1.69 10.40% 8.00% 2.42
0.93 18.10% 6.97% 3.55
0.86 2.91% 8.96% 9.58
1.17 17.82% 9.35% 2.78
0.18 11.69% 5.38% 5.98
1.74 18.24% 7.39% 1.15
3.01 17.75% 7.35% 1.39
1.20 15.62% 7.18% 3.17
1.45 15.40% 8.22% 2.68
1.70 22.63% 8.60% 1.16
1.57 17.61% 7.79% 1.62
1.56 6.27% 8.49% 0.99
4.21 17.30% 7.80% 1.03
1.89 11.78% 8.73% 4.05
3.14 11.98% 9.04% 1.20
0.99 14.84% 6.80% 1.72
1.00 14.26% 6.23% 1.57
1.61 14.13% 7.65% 1.60
2.09 13.53% 8.32% 1.29
2.00 13.29% 8.55% 0.97
2.48 13.96% 8.49% 0.59
2.44 16.25% 7.50% 0.62
1.47 9.04% 8.28% 2.81
1.86 11.45% 8.23% 1.74
1.82 13.19% 6.49% 0.78
0.06 17.33% 4.57% 13.99
0.14 12.60% 5.21% 7.55
2.09 16.40% 6.67% 1.39
5.84 17.20% 6.41% 0.37
2.88 16.03% 7.51% 0.91
1.50 8.83% 7.58% 2.86
1.30 16.65% 6.04% 1.77
1.45 12.66% 7.56% 3.02
7.31 17.26% 6.94% 0.58
1.57 7.88% 9.02% 3.25
1.55 17.11% 8.16% 1.16
1.19 16.65% 8.89% 1.22
0.99 12.36% 7.20% 2.60
2.13 14.13% 7.28% 2.47
2.33 17.57% 7.40% 4.18
1.71 13.95% 6.16% 0.81
1.71 18.80% 7.91% 0.95
1.38 15.06% 6.24% 1.00
1.34 8.65% 9.31% 6.76
0.34 6.96% 6.49% 4.97
1.80 17.45% 8.43% 1.50
0.91 3.58% 9.34% 1.88
2.16 17.66% 6.43% 1.06
1.65 24.53% 8.80% 0.80
0.31 6.93% 9.46% 4.50
1.17 9.63% 7.41% 1.96
3.55 13.98% 8.31% 0.58
1.76 17.72% 6.59% 1.15
1.03 12.53% 6.55% 1.18
1.17 13.54% 7.66% 3.59
0.67 14.72% 5.94% 1.86
0.54 2.16% 9.84% 2.21
1.70 15.19% 7.30% 1.57
0.03 2.32% 4.06% 32.55
0.54 25.54% 6.02% 2.76
0.31 13.99% 7.00% 3.59
0.50 17.32% 5.09% 6.77
0.21 12.90% 6.26% 6.19
1.26 17.48% 7.68% 1.84
1.32 10.81% 7.37% 0.83
1.63 21.05% 6.79% 2.05
2.97 18.79% 6.79% 0.75
2.02 26.05% 7.31% 1.25
1.99 19.04% 6.12% 0.67
2.76 23.63% 7.22% 0.75
3.42 26.17% 5.97% 0.61
6.75 13.55% 10.14% 3.19
2.43 20.75% 7.96% 1.17
1.81 20.06% 8.15% 0.94
1.43 9.04% 10.41% 1.81
1.03 9.61% 9.72% 2.41
0.72 12.58% 6.91% 1.65
2.39 20.41% 8.01% 1.71
1.38 12.97% 7.53% 0.80
0.97 15.35% 7.31% 2.29
1.94 9.56% 9.19% 1.75
1.06 12.92% 6.30% 1.84
0.02 18.73% 3.85% 60.82
2.44 20.52% 6.27% 3.52
1.72 20.49% 6.95% 1.36
1.51 23.30% 6.21% 1.08
1.07 25.18% 5.09% 1.27
0.37 15.09% 6.42% 4.43
0.78 13.80% 6.85% 1.98
Yes or No Cost of capital
Yes Lowest decile of US companies (7%)
No 25th percentile of US companies (7.5%)
Median of US companies (8%)
75th percentile of US companies (10%)
Ninth decile of US companies (12%)
Direct input
Return on capital (in stable growth)
Match the best (ROIC=40%)
90th percentile (ROIC=25%)
75th percentile (ROIC=20%)
50th percentile (ROIC=12.5%)
25th percentile (ROIC = Cost of capital)
10th percentile (ROIC =5.00%)
Reinvestment
Minimal capital needs, no acquisitions (10.00)
Minimal capital needs, small acquisitions (5.00)
Service company median (3.00)
Technology company median (2.50)
US company median (2.00)
Capital intensive company median (1.50)
Direct input
 Total Market Growth Effect
A4. Mobility Services B4. Double market size
A3. Logistics B4. Double market size
A4. Mobility Services B3. Increase market by 50%
A2. All car service B4. Double market size
A1. Urban car service B4. Double market size
A3. Logistics B3. Increase market by 50%
A1. Urban car service B3. Increase market by 50%
A2. All car service B3. Increase market by 50%
A4. Mobility Services B1. None
A3. Logistics B1. None
A2. All car service B1. None
A1. Urban car service B1. None
 Network Effect Competitive Advantages Value of Uber
C5. Strong global network effects D4. Strong & Sustainable $90,457
C5. Strong global network effects D4. Strong & Sustainable $65,158
C3. Strong local network effects D3. Semi-strong $52,346
C5. Strong global network effects D4. Strong & Sustainable $47,764
C5. Strong global network effects D4. Strong & Sustainable $31,952
C3. Strong local network effects D3. Semi-strong $14,321
C3. Strong local network effects D3. Semi-strong $7,127
C3. Strong local network effects D3. Semi-strong $4,764
C1. No network effects D1. None $1,888
C1. No network effects D1. None $1,417
C1. No network effects D1. None $1,094
C1. No network effects D1. None $799