Vous êtes sur la page 1sur 43

FCFFVALUATIONMODEL

Beforeyoustart Thespreadsheethascircularreasoning.Thisisnotaproblem.Gointocalculationoptions(inexcel)andcheck
theiterationbox.
WhatthemodeldoeThismodelisdesignedtovaluefirmswithoperatingincomethatiseitherpositiveorcanbenormalizedtobe
positive.Itallowsforupto15yearsofhighgrowth,andcanbeusedeitherasa2stageora3stagemodel.
Inputs Theinputsareinthefollowingpages:
1.Thebulkoftheinputsareinthemasterinputspage.Here,youcaninputthenumbersfromthecurrent
financialstatements,andreviewandchangetheinputsforthevaluation.
2.Ifyouwanttonormalizedoperatingincome,usetheearningsnormalizerworksheet.
3.IfyouhaveR&Doroperatingleases,youwillneedtoinputtherequirednumbersinthoseworksheets.
Important:Beconsistentabouttheunitsyouuse.Ifyouusemillions,usemillionsforallofyourinputs.
Options Thespreadsheetcanbeusedtovalueacompany,withfixedinputsforahighgrowthphaseanddifferentinputs
forastablegrowthphase(2stagemodel)oritcanbeadjustedtoallowforatransitionphase(3stagemodel).
Toswitchfromonetotheother,enteryesinthemasterinputpagetothequestionofwhetheryouwantthe
inputsadjustedduringthesecondhalfofthehighgrowthphase.
Youcanevenmakeitastablegrowthmodel,bysettingthelengthofthehighgrowthperiodtozero.
Otherworksheets Therearetwootherworksheetsthatyoumightfindusefulattheendofthisspreadsheet
1.Bottomupbetaestimator:willestimateyourleveredbeta,givenanunleveredbeta(whichyouwillhaveto
input.
2.Industryaverages:Here,youcanlookupindustryaveragesforvariablessuchasbeta,returnoncapital,
reinvestmentratesandworkingcapital.
Output Theoutputiscontainedinthevaluationmodelworksheet.
ODEL
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? No
Doyouwanttoconvertoperatingleasestodebt? No
Doyouwanttonormalizeoperatingincome? No

Inputs
FromCurrentFinancials
CurrentEBIT= $1,337.93 !Ifnegative,gobackandchoosetonorma
CurrentInterestExpense= $255.26
CurrentCapitalSpending $603.39
CurrentDepreciation&Amort'n= $356.20
Effectivetaxrate(foruseonoperatingincome) 31.65%
Marginaltaxrate(foruseoncostofdebt) 34.00% Previousyearend
CurrentRevenues= $7,010.31 $6,345.70
CurrentNoncashWorkingCapital= $483.70
Chg.WorkingCapital= ($62.00) Previousyearend
BookValueofDebt= $2,609.00 $2,207.20
BookValueofEquity= $915.40 $1,306.10

Cash&MarketableSecurities= $960.20 $1,286.90


ValueofNonoperatingAssets= $609.80 $566.60
Minorityinterests $17.70 $0.00

MarketDataforyourfirm
Isyourstockcurrentlytraded? Yes
Ifyes,enterthefollowing:
CurrentStockPrice= $38.34
Numberofsharesoutstanding= 441.71
MarketValueofDebt= $2,609.00
Ifno,enterthefollowing
Wouldyouliketousethebookvaluedebtratio? No
Ifno,enterthedebtratiotouseinvaluation 35%

GeneralMarketData
LongTermRiskfreerate= 11.28%
Riskpremiumforequity= 7.85% Youcanusethecostofcapitalspreadsheet

Ratings
Doyouwanttoestimatethefirm'ssyntheticrating= Yes !Ifyes,usetheratingestimatorworksheet
Ifyes,choosethetypeoffirm 2
Ifnot,whatisthecurrentratingofthefirm? BBB
Enterthecostofdebtassociatedwiththerating= 5.75%

Options
Doyouhaveequityoptions(managementoptions,warrants)outstanding? No
Ifyes,enterthenumberofoptions 51.00
Averagestrikeprice $40.35
Averagematurity 8.3
StandardDeviationinstockprice 25%
Doyouwanttousethestockpricetovaluetheoptionoryourestimatedvalue? CurrentPrice
ValuationInputs
HighGrowthPeriod Thequestionsbelow,especiallytheyesornoones,canbeco
Lengthofhighgrowthperiod= 10
Betatouseforhighgrowthperiodforyourfirm= 1.14 Youcanusethecostofcapitalspreadsheet
Doyouwanttokeepthedebtratiocomputedfromyourinputs? Yes
Ifyes,thedebtratiothatwillbeusedtocomputethecostofcapitalis 13.35%
Ifno,enterthedebtratiothatyouwouldliketouseinthehighgrowthperiod 7.00%
Doyouwanttokeeptheexistingratioofworkingcapitaltorevenue? Yes
Ifyes,theworkingcapitalasapercentofrevenueswillbe 6.90%
Ifno,entertheratioofworkingcapitaltorevenuestouseinanalysis 12%
Doyouwanttocomputeyourgrowthratefromfundamentals? Yes
Ifno,entertheexpectedgrowthrateinoperatingincomeforhighgrowthperio 15%
Ifyes,theinputstothefundamentalgrowthcalculation(baseduponyourinputs)are
ReturnonCapital= 53.20%
ReinvestmentRate= 32.05%
Doyouwanttochangetheseinputs? No
ReturnonCapital= 33.00%
ReinvestmentRate= 32.05%

Doyouwantmetograduallyadjustyourhighgrowthinputsinthesecondhalf Yes

StableGrowthPeriod
Growthrateduringstablegrowthperiod= 10.00%
Betatouseinstablegrowthperiod= 1.00
Riskpremiumforequityinstablegrowthperiod= 7.50%
DebtRatiotouseinstablegrowthperiod= 30.00%
Pretaxcostofdebtinstablegrowthperiod= 9.00%
TaxRatetouseinstablegrowthperiod= 34.00%
Tocomputethereinvestmentrateinstablegrowth,youhavetwooptions
Doyouwanttocomputereinvestmentneedsinstablegrowthbasedonfundam Yes
Ifyes,enterthereturnoncapitalthatthefirmwillhaveinstablegrowth 25.00%
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 highgrowth.xls spreadsheet.

Ifyes,pleaseinputyournumbersintoR&Dconverterworksheet
Ifyes,pleaseinputyournumbersintooperatingleaseworksheet
Ifyes,pleaseinputyournumbersintoEarningsNormalizerworksheet

negative,gobackandchoosetonormalizeearnings.

viousyearend

viousyearend

ucanusethecostofcapitalspreadsheettocomputethisnumber

yes,usetheratingestimatorworksheetthatisattached
especiallytheyesornoones,canbeconfusing.Pleasereadthecommentsontheinputcells.

ucanusethecostofcapitalspreadsheettocomputethisnumber
NormalizingEarnings
Approachusedtonormalizeearnings= 3

Ifhistoricalaverage,
AverageEarningsbeforeinterestandtaxes= 3500

IfhistoricalaverageROC,
Historicalaveragepretaxreturnoncapital= 22%

Ifsectormargin
PretaxOperatingMarginforSector= 14.72% !Lookatindustryaverage

NormalizedEarningsbeforeinterestandtaxes= $1,031.69

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

Inputs
OverhowmanyyearsdoyouwanttoamortizeR&Dexpenses 5 !Ifindoubt,usethelookuptablebelow
Enterthecurrentyear'sR&Dexpense= $1,771.00 Themaximumallowedistenyears
EnterR&Dexpensesforpastyears:thenumberofyearsthatyouwillneedtoenterwillbedeterminedbytheamortizationperiod
Donotinputnumbersinthefirstcolumn(Year).Itwillgetautomaticallyupdatedbasedontheinputabove.
Year R&DExpenses
1 1678.00 !Year1istheyearpriortothecurrentyear
2 1529.00 !Year2isthetwoyearspriortothecurrentyear
3 1367.00
4 1267.00
5 1205.00
0
0
0
0
0

Output
Year R&DExpense Unamortizedportion Amortizationthisyear
Current 1771.00 1.00 1771.00
1 1678.00 0.80 1342.40 $335.60
2 1529.00 0.60 917.40 $305.80
3 1367.00 0.40 546.80 $273.40
4 1267.00 0.20 253.40 $253.40
5 1205.00 0.00 0.00 $241.00
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
0 0.00 0.00 0.00 $0.00
ValueofResearchAsset= $4,831.00 $1,409.20

Amortizationofassetforcurrentyear= $1,409.20
AdjustmenttoOperatingIncome= $361.80 !Apositivenumberindicatesanincreaseinoperatingincome(addtoreportedEBIT)
Tax Effect of R&D Expensing $123

Look Up Table for Amortization Periods


IndustryName AmortizationPeriod
Advertising 2
Aerospace/Defen 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(SoftD 3
BuildingMateria 5
CableTV 10
CanadianEnergy 10
Cement&Aggreg 10
Chemical(Basic) 10
Chemical(Divers 10
Chemical(Specia 10
Coal/AlternateE 5
Computer&Peri 5
ComputerSoftwa 3
Copper 5
DiversifiedCo. 5
Drug 10
Drugstore 3
EducationalServ 3
ElectricUtil.(Ce 10
ElectricUtility( 10
ElectricUtility( 10
ElectricalEquip 10
Electronics 5
Entertainment 3
Environmental 5
FinancialService 2
FoodProcessing 3
FoodWholesaler 3
ForeignElectron 5
ForeignTelecom 10
Furn./HomeFurn 3
Gold/SilverMini 5
Grocery 2
HealthcareInfo 3
HomeAppliance 5
Homebuilding 5
Hotel/Gaming 3
HouseholdProdu 3
IndustrialServic 3
Insurance(Divers 3
Insurance(Life) 3
Insurance(Prop/ 3
Internet 3
InvestmentCo.( 3
InvestmentCo.( 3
InvestmentCo.( 3
Machinery 10
Manuf.Housing/ 5
Maritime 10
MedicalServices 3
MedicalSupplies 5
MetalFabricatin 10
Metals&Mining 5
NaturalGas(Dist 10
NaturalGas(Dive 10
Newspaper 3
OfficeEquip&S 5
OilfieldServices 5
Packaging&Con 5
Paper&ForestP 10
Petroleum(Integr 5
Petroleum(Produ 5
PrecisionInstru 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail(SpecialL 2
RetailBuilding 2
RetailStore 2
SecuritiesBroke 2
Semiconductor 5
SemiconductorC 5
Shoe 3
Steel(General) 5
Steel(Integrated) 5
Telecom.Equipm 10
Telecom.Service 5
Textile 5
Thrift 2
Tire&Rubber 5
Tobacco 5
Toiletries/Cosme 3
Trucking/Transp. 5
Utility(Foreign) 10
WaterUtility 10
OperatingLeaseConverter
Inputs
Operatingleaseexpenseincurrentyear= $504.00
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $453.00
2 $371.00
3 $265.00
4 $180.00
5 $122.00
6andbeyond $259.00

Output
PretaxCostofDebt= 12.58% !Ifyoudonothaveacostofdebt,usetheratingsestimator

Fromthecurrentfinancialstatements,enterthefollowing
ReportedOperatingIncome(EBIT)= $1,337.93 !ThisistheEBITreportedinthecurrentincomestatement
ReportedDebt= $2,609.00 !Thisistheinterestbearingdebtreportedonthebalancesheet

Numberofyearsembeddedinyr6estimate= 1 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $453.00 $402.38
2 $371.00 $292.72
3 $265.00 $185.72
4 $180.00 $112.05
5 $122.00 $67.46
6andbeyond $259.00 $127.21 !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= $1,187.55

RestatedFinancials
DepreciationonOperatingLeaseAsset= $197.92 !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= $306.08 !OperatingleaseexpenseDepreciation
AdjustmenttoTotalDebtoutstanding= $1,187.55
Two-Stage FCFF Discount Model

InputSummary
NormalizedEBIT(beforeadjustments) $1,337.93
AdjustedEBIT= $1,337.93

AdjustedInterestExpense= $255.26

AdjustedCapitalSpending $603.39

AdjustedDepreciation&Amort'n= $356.20
TaxRateonIncome= 34.00%

CurrentRevenues= $7,010.31

CurrentNoncashWorkingCapital= $483.70

Chg.WorkingCapital= $45.86

AdjustedBookValueofDebt= $2,207.20

AdjustedBookValueofEquity= $1,306.10
InputDiagnostics
LengthofHighGrowthPeriod= 10 Forever
GrowthRate= 17.05% 10.00%

DebtRatiousedinCostofCapitalCalcula 13.35% 30.00%

Betausedforstock= 1.14 1.00


Riskfreerate= 11.28% 11.28%

RiskPremium= 7.85% 7.50%

CostofDebt= 12.58% 9.00% CostofdebtislessthantheriskfreerateNotpossible


EffectiveTaxrate(forcashflow)= 31.65% 34.00%

Marginaltaxrate(forcostofdebt)= 34.00% 34.00% IfthisisaUScompany,thistaxrateisbelowthemarginaltaxrate.Movetowardsamarginaltaxrate


ReturnonCapital= 53.20% 25.00% Yourreturnoncapitalexceedsyourcostofcapitalbymorethan5%.Thatisunusuallyhigh.Doesyourcompanyhave
ReinvestmentRate= 32.05% 40.00% ImputedReturnoncapitalforeve 25.00%

Page
Two-Stage FCFF Discount Model

Outputfromtheprogram
CostofEquity= 20.23%

Equity/(Debt+Equity)= 86.65%

AftertaxCostofdebt= 8.30%

Debt/(Debt+Equity)= 13.35%
CostofCapital= 18.64%

IntermediateOutput
ExpectedGrowthRate 17.05%

WorkingCapitalaspercentofrevenues= 6.90% (inpercent)

TheFCFFforthehighgrowthphaseareshownbelow(upto10years)

Current 1 2 3 4 5 6 7 8

ExpectedGrowthRate 17.05% 17.05% 17.05% 17.05% 17.05% 15.64% 14.23% 12.82%


CumulatedGrowth 117.05% 137.01% 160.37% 187.71% 219.71% 254.07% 290.23% 327.43%

ReinvestmentRate 32.05% 32.05% 32.05% 32.05% 32.05% 33.64% 35.23% 36.82%

EBIT $1,338 $1,566 $1,833 $2,146 $2,511 $2,940 $3,399 $3,883 $4,381

Taxrate(forcashflow 31.65% 31.89% 32.12% 32.36% 32.59% 32.83% 33.06% 33.30% 33.53%

EBIT*(1taxrate) $914 $1,067 $1,244 $1,451 $1,693 $1,975 $2,275 $2,590 $2,912

(CapExDepreciation $247 $259 $302 $352 $410 $478 $599 $738 $892

Chg.WorkingCapita $46 $82 $97 $113 $132 $155 $166 $175 $180

FreeCashflowtoFirm $621 $725 $845 $986 $1,150 $1,342 $1,510 $1,678 $1,840
CostofCapital 18.64% 18.64% 18.64% 18.64% 18.64% 17.90% 17.15% 16.41%

CumulatedCostofCapital 1.1864 1.4075 1.6698 1.9810 2.3502 2.7707 3.2460 3.7787

PresentValue $611 $601 $591 $581 $571 $545 $517 $487

GrowthRateinStablePhase= 10.00%

ReinvestmentRateinStablePhase= 40.00%

FCFFinStablePhase= $2,338.63

CostofEquityinStablePhase= 18.78%
Equity/(Equity+Debt)= 70.00%

Page
Two-Stage FCFF Discount Model

ATCostofDebtinStablePhase= 5.94%

Debt/(Equity+Debt)= 30.00%

CostofCapitalinStablePhase= 14.93%
Valueattheendofgrowthphase= $47,455.92
Valuation
PresentValueofFCFFinhighgrowthphase= $5,381.33

PresentValueofTerminalValueofFirm= $9,447.10

Valueofoperatingassetsofthefirm= $14,828.43

ValueofCash,MarketableSecurities&Nonoperatingassets= $1,570.00

ValueofFirm= $16,398.43

MarketValueofoutstandingdebt= $2,609.00

MinorityInterests $17.70

MarketValueofEquity= $13,771.73
ValueofEquityinOptions= $0.00

ValueofEquityinCommonStock= $13,771.73

MarketValueofEquity/share= $31.18

Page
Two-Stage FCFF Discount Model

ostics Revisitinputcell
B54
B74
B77
B75

B78

rdsamarginaltaxrate B79
usuallyhigh.Doesyourcompanyhavethatsustainableacompetitivea B82
B8183

Page
Two-Stage FCFF Discount Model

9 10 TerminalYear

11.41% 10.00%
364.79% 401.27%

38.41% 40.00%

$4,881 $5,369

33.77% 34.00% 34.00%

$3,233 $3,543 $3,897.71

$1,061 $1,241 $1,325.59

$181 $176 $233.50

$1,991 $2,126 $2,338.63


15.67% 14.93%

4.3709 5.0233
$456 $423

Page
ValuingOptionsorWarrants
Enterthecurrentstockprice= $38.34
Enterthestrikepriceontheoption= $40.35
Entertheexpirationoftheoption= 8.3
Enterthestandarddeviationinstockprices= 25.00% (volatility)
Entertheannualizeddividendyieldonstock= 0.00%
Enterthetreasurybondrate= 11.28%
Enterthenumberofwarrants(options)outstanding 51.00
Enterthenumberofsharesoutstanding= 441.71

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 38.34 #Warrantsissued= 50.998
StrikePrice= 40.35 #Sharesoutstanding= 442
AdjustedS= 36.6287168684 T.Bondrate= 11.28%
AdjustedK= 40.35 Variance= 0.0625
Expiration(inyears)= 8.3 Annualizeddividendyield= 0.00%
Div.Adj.interestrate= 11.28%

d1= 1.5256741541
N(d1)= 0.9364544828

d2= 0.8054311395
N(d2)= 0.7897145358

Valueperoption= $21.81
Valueofalloptionsoutstanding= $1,112.11
EstimationofCurrentCostofCapital
Inputs
Equity
NumberofSharesoutstanding= 441.71
CurrentMarketPricepershare= $38.34

Unleveredbeta= 0.97
RiskfreeRate= 11.28%
EquityRiskPremium= 6.44%

Debt
BookValueofStraightDebt= $2,609.00
InterestExpenseonDebt= $255.26
AverageMaturity= 5
PretaxCostofDebt= 3.65%
TaxRate= 34%

BookValueofConvertibleDebt= 0
InterestExpenseonConvertible= 0
MaturityofConvertibleBond= 0
MarketValueofConvertible= 0

Debtvalueofoperatingleases= $

PreferredStock
NumberofPreferredShares= 0
CurrentMarketPriceperShare= 70
AnnualDividendperShare= 5

Output
EstimatingMarketValueofStraightDebt= $3,328.48
EstimatedValueofStraightDebtinConvertible= $0.00
ValueofDebtinOperatingleases= $0.00
EstimatedValueofEquityinConvertible= $0.00
LeveredBetaforequity= 1.10

Equity Debt PreferredStock Capital


MarketValue $16,935.00 $3,328.48 $0.00 $20,263.48
WeightinCostofCapital 83.57% 16.43% 0.00% 100.00%
CostofComponent 18.35% 2.41% 7.14% 15.73%
Ifyouareamultinationalcompanyandhaveabreakdownbycountry,youcanuset
Country Revenues ERP Weight
Brazil 800 7.85% 100.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 800 100.00%
Ifyouareamultinationalcompanyandhaveabreakdownonlybyregion,youcanu
Region Revenues ERP Weight
Africa 0 10.04% 0.00%
Asia 0 6.51% 0.00%
Australia&NewZealand 5.00% 0.00%
Caribbean 10 12.65% 10.00%
CentralandSouthAmerica 8.62% 0.00%
EasternEurope&Russia 7.96% 0.00%
MiddleEast 30 6.14% 30.00%
NorthAmerica 35 5.00% 35.00%
WesternEurope 15 6.29% 15.00%
Global 10 6.35% 10.00%
Total 100 100.00%

Ifyouareamultibusinesscompany,youcaninputthefollowing
Business Revenues EV/Sales EstimatedValue
Toiletries/Cosmetics $100.00 1.7329 $173.29
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
0.0000 $
Company $ 100.00 $173.29
akdownbycountry,youcanusethistable(forupto10countries)
WeightedERP
7.85%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.85%
akdownonlybyregion,youcanusethistableinstead
WeightedERP
0.0000%
0.0000%
0.0000%
1.2647%
0.0000%
0.0000%
1.8432%
1.7500%
0.9441%
0.6350%
6.4369%

UnleveredBeta
0.9727
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.9727
Inputsforsyntheticratingestimation
Enterthetypeoffirm= 2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancialservicefi
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $1,337.93 (Addbackonlylongterminterest
Entercurrentinterestexpenses= $255.26 (Useonlylongterminterestexpen
Entercurrentlongtermgovernmentbondrate= 11.28%
Output
Interestcoverageratio= 5.24
EstimatedBondRating= A3/A-
EstimatedDefaultSpread= 1.30%
EstimatedCostofDebt= 12.58%

Forlargemanufacturingfirms Forfinancialservicefirms
Ifinterestcoverageratiois Iflongterminterestcoverageratiois
> to Ratingis Spreadis greaterthan to
100000 0.199999 D2/D 12.00% 100000 0.049999
0.2 0.649999 C2/C 10.50% 0.05 0.099999
0.65 0.799999 Ca2/CC 9.50% 0.1 0.199999
0.8 1.249999 Caa/CCC 8.75% 0.2 0.299999
1.25 1.499999 B3/B- 7.25% 0.3 0.399999
1.5 1.749999 B2/B 6.50% 0.4 0.499999
1.75 1.999999 B1/B+ 5.50% 0.5 0.599999
2 2.2499999 Ba2/BB 4.00% 0.6 0.749999
2.25 2.49999 Ba1/BB+ 3.00% 0.75 0.899999
2.5 2.999999 Baa2/BBB 2.00% 0.9 1.199999
3 4.249999 A3/A- 1.30% 1.2 1.49999
4.25 5.499999 A2/A 1.00% 1.5 1.99999
5.5 6.499999 A1/A+ 0.85% 2 2.49999
6.5 8.499999 Aa2/AA 0.70% 2.5 2.99999
8.50 100000 Aaa/AAA 0.40% 3 100000

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D2/D 12.00%
0.5 0.799999 C2/C 10.50%
0.8 1.249999 Ca2/CC 9.50%
1.25 1.499999 Caa/CCC 8.75%
1.5 1.999999 B3/B- 7.25%
2 2.499999 B2/B 6.50%
2.5 2.999999 B1/B+ 5.50%
3 3.499999 Ba2/BB 4.00%
3.5 3.9999999 Ba1/BB+ 3.00%
4 4.499999 Baa2/BBB 2.00%
4.5 5.999999 A3/A- 1.30%
6 7.499999 A2/A 1.00%
7.5 9.499999 A1/A+ 0.85%
9.5 12.499999 Aa2/AA 0.70%
12.5 100000 Aaa/AAA 0.40%
ierfirm,3iffinancialservicefirm)
ddbackonlylongterminterestexpenseforfinancialfirms)
eonlylongterminterestexpenseforfinancialfirms)

coverageratiois
Ratingis SpreadisOperatingIncomeDecline
D2/D 12.00% 50.00%
C2/C 10.50% 40.00%
Ca2/CC 9.50% 40.00%
Caa/CCC 8.75% 40.00%
B3/B- 7.25% 25.00%
B2/B 6.50% 20.00%
B1/B+ 5.50% 20.00%
Ba2/BB 4.00% 20.00%
Ba1/BB+ 3.00% 20.00%
Baa2/BBB 2.00% 20.00%
A3/A- 1.30% 17.50%
A2/A 1.00% 15.00%
A1/A+ 0.85% 10.00%
Aa2/AA 0.70% 5.00%
Aaa/AAA 0.40% 0.00%
Industry Name Number
Annual of
Average
firms Revenue growth
Pre-tax- Last
Operating
5 years
Margin
After-tax ROC
Average effective tax rate
Advertising 31 4.60% 11.44% 11.59% 16.81%
Aerospace/Defense 66 12.33% 9.99% 18.08% 23.03%
Air Transport 35 6.51% 8.04% 16.80% 26.03%
Apparel 46 7.48% 10.70% 14.62% 18.85%
Auto Parts 54 0.90% 6.88% 14.06% 17.88%
Automotive 11 9.66% 6.55% 6.10% 17.79%
Bank 375 0.00% NA NA 17.91%
Bank (Midwest) 86 0.00% NA NA 21.88%
Beverage 36 3.24% 20.46% 13.87% 17.04%
Biotechnology 232 23.92% 22.27% 16.57% 2.63%
Building Materials 42 4.86% 0.55% -0.38% 11.27%
Cable TV 18 8.74% 19.14% 11.44% 20.75%
Chemical (Basic) 18 -6.24% 14.15% 15.30% 21.56%
Chemical (Diversified) 32 9.02% 15.73% 15.21% 21.15%
Chemical (Specialty) 73 11.69% 11.66% 14.17% 15.52%
Coal 19 5.79% 10.20% 7.65% 9.47%
Computer Software 181 10.34% 26.93% 25.52% 13.43%
Computers/Peripherals 68 -0.77% 15.88% 29.07% 7.63%
Diversified Co. 123 11.32% 13.18% 8.83% 20.27%
Drug 199 23.48% 25.65% 16.78% 5.89%
E-Commerce 66 13.83% 12.17% 9.11% 10.24%
Educational Services 33 3.59% 12.70% 25.71% 21.44%
Electric Util. (Central) 20 -2.25% 18.58% 6.29% 28.85%
Electric Utility (East) 17 -9.80% 20.00% 5.45% 31.06%
Electric Utility (West) 15 -5.02% 16.88% 6.45% 28.24%
Electrical Equipment 60 -2.61% 6.74% 4.41% 16.78%
Electronics 99 5.20% 5.97% 12.06% 11.65%
Engineering & Const 30 13.10% 5.19% 13.83% 19.88%
Entertainment 67 9.04% 21.64% 11.79% 14.87%
Entertainment Tech 36 5.45% 14.84% 14.97% 11.45%
Environmental 61 16.24% 14.23% 7.15% 10.82%
Financial Svcs. (Div.) 225 19.02% 48.76% 11.19% 16.74%
Food Processing 104 6.58% 9.23% 12.40% 21.85%
Foreign Electronics 10 -9.48% 4.56% 6.75% 31.10%
Funeral Services 6 6.73% 14.72% 8.41% 27.80%
Furn/Home Furnishings 28 2.97% 6.84% 10.10% 19.54%
Healthcare Information 19 7.12% 13.68% 10.00% 18.01%
Heavy Truck & Equip 21 3.93% 10.87% 15.04% 20.13%
Homebuilding 25 14.61% -17.62% -17.93% 7.09%
Hotel/Gaming 53 15.36% 15.20% 10.23% 14.48%
Household Products 26 7.33% 16.93% 14.72% 23.88%
Human Resources 25 7.68% 3.15% 11.69% 25.63%
Industrial Services 122 6.30% 10.23% 7.45% 20.04%
Information Services 29 10.26% 19.64% 12.07% 17.00%
Insurance (Life) 31 0.00% NA NA 20.49%
Insurance (Prop/Cas.) 66 4.96% NA NA 12.62%
Internet 145 18.48% 14.24% 25.22% 11.27%
Investment Co. 16 32.20% 32.79% 93.10% 21.82%
IT Services 55 3.33% 13.66% 28.42% 18.61%
Machinery 82 3.47% 12.51% 11.76% 24.47%
Maritime 51 -7.04% 10.84% 3.33% 5.99%
Med Supp Invasive 74 1.14% 23.03% 16.28% 15.02%
Med Supp Non-Invasive 127 11.25% 7.77% 19.25% 11.14%
Medical Services 106 8.35% 10.56% 13.73% 18.76%
Metal Fabricating 25 0.74% 13.69% 13.72% 16.65%
Metals & Mining (Div.) 71 2.64% 24.25% 13.22% 11.84%
Natural Gas (Div.) 30 -4.25% 18.59% 5.47% 19.04%
Natural Gas Utility 26 -7.97% 11.95% 6.31% 25.74%
Newspaper 12 2.29% 13.30% 12.66% 29.11%
Office Equip/Supplies 18 0.49% 6.97% 10.97% 22.90%
Oil/Gas Distribution 11 -2.80% 12.54% 6.46% 17.33%
Oilfield Svcs/Equip. 80 14.20% 16.01% 9.70% 19.53%
Packaging & Container 26 2.70% 9.62% 11.37% 23.58%
Paper/Forest Products 29 5.05% 8.71% 8.49% 12.27%
Petroleum (Integrated) 28 20.39% 10.63% 12.64% 30.70%
Petroleum (Producing) 168 7.01% 24.23% 11.54% 13.09%
Pharmacy Services 16 13.34% 4.76% 8.27% 23.64%
Pipeline MLPs 62 -1.75% 8.65% 7.70% 5.50%
Power 92 -2.13% 7.75% 3.17% 8.99%
Precious Metals 74 14.61% 31.98% 8.98% 10.50%
Precision Instrument 76 -3.49% 16.03% 13.41% 13.41%
Public/Private Equity 20 14.68% 33.10% 13.90% 20.12%
Publishing 21 -3.12% 8.10% 8.55% 23.36%
R.E.I.T. 131 -5.51% 80.18% 12.59% 0.50%
Railroad 13 12.09% 29.50% 12.36% 30.96%
Recreation 53 10.80% 12.22% 9.17% 20.89%
Reinsurance 12 0.00% NA NA 6.53%
Restaurant 67 1.40% 16.31% 19.44% 22.49%
Retail (Hardlines) 69 10.42% 8.70% 14.89% 23.83%
Retail (Softlines) 41 7.33% 10.85% 35.44% 26.53%
Retail Automotive 19 11.71% 6.83% 9.54% 32.89%
Retail Building Supply 10 8.37% 9.34% 16.18% 24.71%
Retail Store 36 8.73% 5.53% 13.70% 23.46%
Retail/Wholesale Food 32 10.91% 3.78% 11.65% 29.85%
Securities Brokerage 30 -4.90% 32.05% 5.43% 24.32%
Semiconductor 136 -4.41% 18.28% 18.03% 11.02%
Semiconductor Equip 10 2.12% 10.34% 9.54% 20.20%
Shoe 12 5.03% 11.18% 26.04% 23.43%
Steel 32 1.11% 2.99% 2.14% 26.96%
Telecom. Equipment 91 1.39% -0.15% -6.38% 17.41%
Telecom. Services 61 6.10% 19.86% 12.19% 17.82%
Telecom. Utility 24 0.01% 15.94% 9.15% 19.76%
Thrift 170 0.00% NA NA 16.03%
Tobacco 11 20.51% 23.01% 33.57% 33.51%
Toiletries/Cosmetics 15 4.78% 10.51% 17.09% 29.96%
Trucking 31 1.26% 7.85% 12.48% 27.33%
Water Utility 9 4.44% 27.63% 6.15% 34.28%
Wireless Networking 53 11.83% 7.57% 4.09% 11.06%
Unlevered Beta
Equity (Levered)
Cost
Beta
of equity
Std deviation in stock pricesPre-tax cost of debt
1.13 1.30 9.54% 83.02% 5.54%
0.87 0.92 7.62% 44.75% 4.04%
0.92 1.07 8.37% 63.96% 4.54%
1.17 1.20 9.06% 67.00% 5.04%
1.50 1.66 11.35% 51.50% 4.54%
1.14 1.70 11.52% 49.51% 4.04%
0.62 0.88 7.45% 43.18% 4.04%
0.86 0.95 7.80% 32.12% 4.04%
0.71 0.81 7.08% 47.98% 4.04%
1.27 1.24 9.22% 83.67% 5.54%
1.28 1.69 11.50% 76.77% 5.04%
0.71 0.96 7.83% 37.32% 4.04%
1.20 1.32 9.63% 38.16% 4.04%
1.24 1.32 9.62% 44.72% 4.04%
1.03 1.13 8.71% 60.60% 4.54%
0.89 1.44 10.26% 46.07% 4.04%
0.90 0.85 7.28% 67.14% 5.04%
1.29 1.28 9.45% 77.26% 5.04%
0.88 1.15 8.79% 57.21% 4.54%
0.99 1.04 8.25% 84.78% 5.54%
0.82 0.82 7.13% 72.45% 5.04%
0.85 0.78 6.93% 81.04% 5.54%
0.35 0.55 5.77% 14.80% 3.54%
0.26 0.39 4.99% 13.08% 3.54%
0.37 0.54 5.76% 14.11% 3.54%
1.34 1.35 9.77% 67.15% 5.04%
1.10 1.14 8.74% 75.34% 5.04%
1.15 1.10 8.56% 56.11% 4.54%
1.18 1.33 9.71% 61.01% 4.54%
1.33 1.06 8.35% 49.47% 4.04%
0.34 0.45 5.31% 77.98% 5.04%
0.95 1.19 8.98% 54.62% 4.54%
0.76 0.85 7.29% 51.38% 4.54%
1.15 1.11 8.57% 29.83% 4.04%
0.81 1.01 8.11% 25.91% 4.04%
1.33 1.39 10.01% 45.61% 4.04%
1.08 1.07 8.37% 54.31% 4.54%
1.46 1.79 12.01% 39.16% 4.04%
1.40 1.79 11.98% 41.47% 4.04%
1.14 1.49 10.47% 58.46% 4.54%
0.86 0.94 7.75% 40.37% 4.04%
1.50 1.47 10.40% 50.44% 4.54%
0.68 0.93 7.68% 58.23% 4.54%
1.02 1.14 8.73% 55.92% 4.54%
1.66 1.62 11.14% 29.38% 4.04%
0.81 0.81 7.09% 27.38% 4.04%
1.02 0.95 7.77% 90.80% 6.04%
1.47 1.19 9.01% 66.00% 5.04%
0.94 0.90 7.56% 51.20% 4.54%
1.09 1.19 8.99% 47.09% 4.04%
0.71 1.48 10.46% 75.61% 5.04%
0.92 0.97 7.87% 55.16% 4.54%
0.87 0.88 7.45% 62.14% 4.54%
0.73 0.91 7.60% 72.79% 5.04%
1.31 1.41 10.07% 57.52% 4.54%
1.22 1.39 9.98% 82.87% 5.54%
1.04 1.29 9.51% 43.11% 4.04%
0.40 0.56 5.83% 29.29% 4.04%
1.90 2.01 13.08% 42.63% 4.04%
0.94 1.14 8.72% 56.56% 4.54%
0.67 1.01 8.11% 37.38% 4.04%
1.29 1.47 10.37% 53.47% 4.54%
0.87 1.09 8.48% 44.69% 4.04%
0.93 1.17 8.91% 43.52% 4.04%
1.01 1.07 8.38% 47.09% 4.04%
1.23 1.48 10.42% 72.91% 5.04%
0.90 1.00 8.05% 55.91% 4.54%
0.41 0.56 5.85% 22.33% 3.54%
0.73 1.50 10.53% 88.17% 5.54%
0.73 0.83 7.19% 66.24% 5.04%
1.08 1.12 8.65% 57.51% 4.54%
1.58 1.67 11.40% 33.66% 4.04%
0.92 1.13 8.70% 54.21% 4.54%
0.98 1.35 9.77% 29.77% 4.04%
1.24 1.40 10.03% 32.21% 4.04%
1.15 1.37 9.87% 46.18% 4.04%
0.90 0.81 7.08% 20.86% 3.54%
0.94 1.00 8.04% 53.50% 4.54%
1.60 1.68 11.44% 52.44% 4.54%
1.33 1.27 9.41% 56.84% 4.54%
1.04 1.27 9.40% 36.44% 4.04%
1.10 1.17 8.90% 28.59% 4.04%
1.05 1.18 8.95% 40.98% 4.04%
0.68 0.78 6.95% 30.14% 4.04%
0.80 1.18 8.95% 43.92% 4.04%
1.44 1.38 9.93% 49.52% 4.04%
1.88 1.73 11.71% 36.83% 4.04%
1.39 1.32 9.62% 49.98% 4.04%
1.22 1.66 11.36% 39.65% 4.04%
1.27 1.05 8.27% 61.81% 4.54%
0.90 1.05 8.30% 62.49% 4.54%
0.47 0.77 6.87% 41.97% 4.04%
0.79 0.69 6.51% 34.84% 4.04%
0.81 0.88 7.45% 30.12% 4.04%
0.97 1.03 8.18% 38.40% 4.04%
1.19 1.40 10.05% 42.67% 4.04%
0.31 0.45 5.27% 14.75% 3.54%
0.93 1.18 8.96% 62.14% 4.54%
Market Debt/Capital Cost of capital Sales/Capital EV/Sales EV/EBITDA
26.35% 7.90% 1.39 1.67 10.91
16.46% 6.77% 2.67 1.31 10.54
30.31% 6.66% 2.72 1.01 7.89
8.57% 8.54% 1.92 2.08 15.70
18.11% 9.78% 2.53 0.93 9.56
46.62% 7.28% 1.32 0.98 8.76
45.74% 5.15% NA NA 5.40
24.39% 6.49% NA NA 5.43
18.12% 6.24% 0.86 3.59 14.36
11.16% 8.56% 0.93 8.17 28.37
30.25% 8.94% 1.07 1.64 26.98
35.25% 5.92% 0.86 2.62 8.03
18.89% 8.27% 1.42 1.59 8.37
14.84% 8.56% 1.38 2.07 10.11
16.36% 7.73% 1.70 1.71 10.92
43.67% 6.84% 0.87 1.40 6.97
7.05% 6.98% 1.26 4.09 12.98
7.89% 8.95% 2.45 1.67 8.69
37.79% 6.50% 0.86 2.18 12.68
11.62% 7.67% 0.82 4.06 11.84
7.30% 6.83% 1.00 6.01 30.97
12.53% 6.47% 3.30 1.02 5.95
44.44% 4.15% 0.49 2.61 8.51
44.17% 3.73% 0.40 3.09 9.56
41.24% 4.26% 0.51 2.46 8.32
10.49% 9.06% 1.46 1.91 18.40
15.50% 7.85% 2.68 0.83 9.61
10.59% 7.95% 3.76 0.61 9.17
16.95% 8.52% 0.79 3.31 12.88
6.01% 8.00% 1.27 1.96 10.01
28.42% 4.66% 0.76 2.36 10.35
35.09% 6.79% 0.32 5.48 10.58
17.03% 6.52% 1.78 1.40 12.04
24.76% 7.05% 2.23 0.54 5.39
28.09% 6.51% 0.85 2.24 11.69
12.04% 9.10% 1.94 1.34 14.07
7.71% 7.93% 1.11 4.74 21.11
29.49% 9.18% 1.95 1.14 8.23
35.22% 8.61% 0.94 1.84 NA
30.65% 8.10% 0.81 3.10 13.81
13.70% 7.02% 1.19 2.65 13.13
8.33% 9.76% 6.09 0.52 13.14
37.91% 5.80% 1.04 1.56 11.24
16.06% 7.76% 0.83 4.05 14.48
26.98% 8.79% NA NA 1.51
17.91% 6.25% NA NA 299.00
2.34% 7.67% 2.29 5.57 27.77
5.35% 8.69% 3.59 3.05 8.17
5.29% 7.31% 2.79 2.13 12.62
16.62% 7.90% 1.32 1.92 11.60
57.16% 6.21% 0.36 2.99 12.20
12.93% 7.20% 0.92 3.13 10.99
9.09% 7.02% 3.35 1.11 11.73
31.09% 6.18% 2.00 0.92 7.18
15.91% 8.90% 1.44 1.71 9.92
19.45% 8.68% 0.79 2.17 6.71
26.18% 7.66% 0.40 4.09 8.25
37.22% 4.56% 0.74 2.12 11.43
16.94% 11.27% 1.31 2.13 11.17
31.65% 6.82% 2.20 0.66 6.33
39.32% 5.88% 0.66 2.49 13.84
20.69% 8.79% 0.80 2.16 8.89
28.58% 6.75% 1.62 1.29 9.05
27.43% 7.13% 1.39 1.32 8.97
17.47% 7.34% 2.04 0.67 4.62
21.52% 8.83% 0.75 1.94 5.04
15.78% 7.21% 2.73 0.76 11.70
29.46% 4.75% 0.92 2.12 16.96
57.27% 6.40% 0.61 1.72 9.78
25.52% 6.13% 0.39 2.03 4.55
13.23% 7.86% 1.00 2.66 12.13
21.60% 9.46% 0.48 3.21 8.95
26.84% 7.09% 1.53 1.44 10.62
30.52% 7.53% 0.17 7.13 7.71
17.33% 8.71% 0.64 3.98 10.43
23.96% 8.08% 0.95 2.03 11.30
13.79% 6.39% NA NA 37.10
11.67% 7.42% 1.72 2.71 12.96
11.18% 10.46% 2.55 1.87 15.81
4.77% 9.09% 5.21 1.27 9.12
28.17% 7.43% 2.17 1.08 12.73
9.81% 8.27% 2.71 1.51 12.95
18.54% 7.74% 3.68 0.65 8.65
23.34% 5.90% 4.53 0.54 9.51
63.94% 4.78% 0.27 4.35 12.02
9.85% 9.19% 1.20 2.78 9.35
11.65% 10.63% 1.19 2.07 11.55
3.79% 9.34% 3.14 2.06 15.75
38.89% 7.88% 1.15 0.84 10.62
11.02% 7.66% 2.05 1.59 42.19
25.17% 6.90% 0.92 2.00 5.68
47.08% 4.77% 0.79 1.86 5.42
8.01% 6.18% NA NA 5.52
16.33% 6.63% 2.13 2.41 9.71
15.71% 7.27% 2.57 1.73 12.81
23.56% 8.26% 2.36 1.06 7.72
40.25% 4.01% 0.33 4.34 10.65
28.78% 7.17% 0.70 3.28 16.11
EV/EBIT Price/Book Trailing PE
14.64 3.24 49.37
13.08 4.58 24.32
12.56 5.00 16.16
19.42 4.60 21.97
13.48 2.90 23.26
15.02 1.59 12.65
5.40 1.21 18.14
5.43 1.59 18.57
17.56 4.79 28.96
36.70 6.46 63.71
298.53 2.42 755.50
13.68 5.24 25.95
11.25 2.76 14.55
13.16 3.47 22.16
14.68 3.91 30.18
13.73 1.43 36.36
15.20 4.28 65.03
10.53 4.06 51.52
16.55 2.91 28.68
15.82 3.85 49.11
49.33 6.33 150.17
8.02 2.93 24.10
14.04 1.62 16.69
15.46 1.54 16.67
14.60 1.54 16.85
28.29 2.89 23.36
13.95 2.41 25.26
11.81 2.26 22.41
15.27 3.50 25.36
13.18 1.92 20.10
16.55 2.56 28.06
11.24 2.36 26.69
15.15 3.27 31.35
11.74 1.21 34.22
15.25 2.87 22.40
19.64 2.95 22.35
34.62 5.37 1058.24
10.51 3.58 19.88
NA 2.25 25.56
20.37 5.45 37.99
15.63 4.38 21.02
16.57 3.20 26.37
15.25 2.35 37.63
20.62 5.10 214.35
1.51 1.03 14.72
301.42 1.36 17.61
39.09 6.83 149.75
9.31 3.92 22.44
15.60 5.20 36.04
15.31 3.24 27.41
27.61 1.20 33.50
13.61 3.32 31.42
14.28 3.92 42.85
8.72 2.55 28.01
12.49 2.88 19.53
8.96 1.93 94.26
22.00 2.00 51.23
17.75 2.30 17.95
15.98 3.48 26.37
9.43 1.67 20.21
19.83 2.71 26.58
13.50 1.99 31.86
13.43 3.35 21.90
15.10 2.46 22.48
6.34 1.44 17.57
8.00 1.62 51.32
15.88 2.48 15.14
24.45 3.18 40.98
22.23 1.11 206.85
6.34 0.77 18.03
16.62 2.96 32.15
9.70 1.62 23.33
17.80 3.52 18.78
8.89 1.26 19.03
13.48 3.60 21.75
16.58 2.53 26.53
37.10 0.92 10.51
16.61 7.29 35.82
21.50 6.80 24.22
11.69 5.72 23.20
15.83 4.47 20.02
16.19 5.64 31.29
11.83 3.24 23.95
14.31 3.78 29.78
13.58 1.35 28.12
15.19 3.12 41.18
19.97 2.28 41.76
18.40 5.11 21.06
27.92 0.94 24.37
NA 2.40 33.44
10.05 2.25 108.85
11.68 2.38 20.70
5.52 1.32 55.55
10.48 14.45 16.95
16.48 7.13 29.82
13.47 4.02 21.22
15.69 1.97 21.52
43.41 3.95 74.73
Country LongTermRatingAdj.DefaultSpread
AbuDhabi Aa2 0.50%
Albania B1 4.50%
Andorra A3 1.20%
Angola Ba3 3.60%
Argentina B3 6.50%
Armenia Ba2 3.00%
Aruba Baa1 1.60%
Australia Aaa 0.00%
Austria Aaa 0.00%
Azerbaijan Baa3 2.20%
Bahamas Baa1 1.60%
Bahrain Baa2 1.90%
Bangladesh Ba3 3.60%
Barbados Ba1 2.50%
Belarus B3 6.50%
Belgium Aa3 0.60%
Belize Caa2 9.00%
Benin B2 5.50%
Bermuda Aa3 0.60%
Bolivia Ba3 3.60%
BosniaandHerzegovina B3 6.50%
Botswana A2 0.85%
Brazil Baa2 1.90%
Bulgaria Baa2 1.90%
BurkinaFaso B2 5.50%
Cambodia B2 5.50%
Cameroon B2 5.50%
Canada Aaa 0.00%
CapeVerde B2 5.50%
CaymanIslands Aa3 0.60%
Chile Aa3 0.60%
China Aa3 0.60%
Colombia Baa3 2.20%
CookIslands B1 4.50%
CostaRica Baa3 2.20%
Croatia Ba1 2.50%
Cuba Caa1 7.50%
Curacao B1 4.50%
Cyprus Caa3 10.00%
CzechRepublic A1 0.70%
DemocraticRepublicofCo B3 6.50%
Denmark Aaa 0.00%
DominicanRepublic B1 4.50%
Ecuador Caa1 7.50%
Egypt Caa1 7.50%
ElSalvador Ba3 3.60%
Estonia A1 0.70%
Fiji B1 4.50%
Finland Aaa 0.00%
France Aa1 0.40%
Gabon Ba3 3.60%
Georgia Ba3 3.60%
Germany Aaa 0.00%
Ghana B1 4.50%
Greece Caa3 10.00%
Guatemala Ba1 2.50%
Honduras B2 5.50%
HongKong Aa1 0.40%
Hungary Ba1 2.50%
Iceland Baa3 2.20%
India Baa3 2.20%
Indonesia Baa3 2.20%
Ireland Ba1 2.50%
IsleofMan Aa1 0.40%
Israel A1 0.70%
Italy Baa2 1.90%
Jamaica Caa3 10.00%
Japan Aa3 0.60%
Jordan B1 4.50%
Kazakhstan Baa2 1.90%
Kenya B1 4.50%
Korea Aa3 0.60%
Kuwait Aa2 0.50%
Latvia Baa2 1.90%
Lebanon B1 4.50%
Liechtenstein Aaa 0.00%
Lithuania Baa1 1.60%
Luxembourg Aaa 0.00%
Macao Aa3 0.60%
Macedonia Ba3 3.60%
Malaysia A3 1.20%
Malta A3 1.20%
Mauritius Baa1 1.60%
Mexico Baa1 1.60%
Moldova B3 6.50%
Mongolia B1 4.50%
Montenegro Ba3 3.60%
Montserrat Baa3 2.20%
Morocco Ba1 2.50%
Mozambique B1 4.50%
Namibia Baa3 2.20%
Netherlands Aaa 0.00%
NewZealand Aaa 0.00%
Nicaragua B3 6.50%
Nigeria Ba3 3.60%
Norway Aaa 0.00%
Oman A1 0.70%
Pakistan Caa1 7.50%
Panama Baa2 1.90%
PapuaNewGuinea B1 4.50%
Paraguay Ba3 3.60%
Peru Baa2 1.90%
Philippines Baa3 2.20%
Poland A2 0.85%
Portugal Ba3 3.60%
Qatar Aa2 0.50%
RasAlKaminah A2 0.85%
RepublicoftheCongo Ba3 3.60%
Romania Baa3 2.20%
Russia Baa1 1.60%
Rwanda B2 5.50%
SaudiArabia Aa3 0.60%
Senegal B1 4.50%
Serbia B1 4.50%
Singapore Aaa 0.00%
Slovakia A2 0.85%
Slovenia Ba1 2.50%
SouthAfrica Baa1 1.60%
Spain Baa3 2.20%
SriLanka B1 4.50%
St.Maarten Baa1 1.60%
St.Vincent&theGrenadin B2 5.50%
Suriname Ba3 3.60%
Sweden Aaa 0.00%
Switzerland Aaa 0.00%
Taiwan Aa3 0.60%
Thailand Baa1 1.60%
TrinidadandTobago Baa1 1.60%
Tunisia Ba3 3.60%
Turkey Baa3 2.20%
Uganda B1 4.50%
Ukraine Caa1 7.50%
UnitedArabEmirates Aa2 0.50%
UnitedKingdom Aa1 0.40%
UnitedStatesofAmerica Aaa 0.00%
Uruguay Baa3 2.20%
Venezuela Caa1 7.50%
Vietnam B2 5.50%
Zambia B1 4.50%
Region Weighted AverageWeighted Average: TRP
Africa 3.36% 10.04%
Asia 1.00% 6.51%
Australia & New Zealand 0.00% 5.00%
Caribbean 5.10% 12.65%
Central and South America 2.42% 8.62%
Eastern Europe & Russia 1.98% 7.96%
Middle East 0.76% 6.14%
North America 0.00% 5.00%
Western Europe 0.86% 6.29%
Global 0.90% 6.35%
TotalRiskPremium CountryRiskPremiumRegion
5.75% 0.75% Middle East
11.75% 6.75% Eastern Europe & Russia
6.80% 1.80% Western Europe
10.40% 5.40% Africa
14.75% 9.75% Central and South America
9.50% 4.50% Eastern Europe & Russia
7.40% 2.40% Caribbean
5.00% 0.00% Australia & New Zealand
5.00% 0.00% Western Europe
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Caribbean
7.85% 2.85% Middle East
10.40% 5.40% Asia
8.75% 3.75% Caribbean
14.75% 9.75% Eastern Europe & Russia
5.90% 0.90% Western Europe
18.50% 13.50% Central and South America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
10.40% 5.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
6.28% 1.28% Africa
7.85% 2.85% Central and South America
7.85% 2.85% Eastern Europe & Russia
13.25% 8.25% Africa
13.25% 8.25% Asia
13.25% 8.25% Africa
5.00% 0.00% North America
13.25% 8.25% Africa
5.90% 0.90% Caribbean
5.90% 0.90% Central and South America
5.90% 0.90% Asia
8.30% 3.30% Central and South America
11.75% 6.75% Australia & New Zealand
8.30% 3.30% Central and South America
8.75% 3.75% Eastern Europe & Russia
16.25% 11.25% Caribbean
11.75% 6.75% Caribbean
20.00% 15.00% Western Europe
6.05% 1.05% Eastern Europe & Russia
14.75% 9.75% Africa
5.00% 0.00% Western Europe
11.75% 6.75% Caribbean
16.25% 11.25% Central and South America
16.25% 11.25% Africa
10.40% 5.40% Central and South America
6.05% 1.05% Eastern Europe & Russia
11.75% 6.75% Asia
5.00% 0.00% Western Europe
5.60% 0.60% Western Europe
10.40% 5.40% Africa
10.40% 5.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
11.75% 6.75% Africa
20.00% 15.00% Western Europe
8.75% 3.75% Central and South America
13.25% 8.25% Central and South America
5.60% 0.60% Asia
8.75% 3.75% Eastern Europe & Russia
8.30% 3.30% Western Europe
8.30% 3.30% Asia
8.30% 3.30% Asia
8.75% 3.75% Western Europe
5.60% 0.60% Western Europe
6.05% 1.05% Middle East
7.85% 2.85% Western Europe
20.00% 15.00% Caribbean
5.90% 0.90% Asia
11.75% 6.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Africa
5.90% 0.90% Asia
5.75% 0.75% Middle East
7.85% 2.85% Eastern Europe & Russia
11.75% 6.75% Middle East
5.00% 0.00% Western Europe
7.40% 2.40% Eastern Europe & Russia
5.00% 0.00% Western Europe
5.90% 0.90% Asia
10.40% 5.40% Eastern Europe & Russia
6.80% 1.80% Asia
6.80% 1.80% Western Europe
7.40% 2.40% Asia
7.40% 2.40% Central and South America
14.75% 9.75% Eastern Europe & Russia
11.75% 6.75% Asia
10.40% 5.40% Eastern Europe & Russia
8.30% 3.30% Caribbean
8.75% 3.75% Africa
11.75% 6.75% Africa
8.30% 3.30% Africa
5.00% 0.00% Western Europe
5.00% 0.00% Australia & New Zealand
14.75% 9.75% Central and South America
10.40% 5.40% Africa
5.00% 0.00% Western Europe
6.05% 1.05% Middle East
16.25% 11.25% Asia
7.85% 2.85% Central and South America
11.75% 6.75% Asia
10.40% 5.40% Central and South America
7.85% 2.85% Central and South America
8.30% 3.30% Asia
6.28% 1.28% Eastern Europe & Russia
10.40% 5.40% Western Europe
5.75% 0.75% Middle East
6.28% 1.28% Middle East
10.40% 5.40% Africa
8.30% 3.30% Eastern Europe & Russia
7.40% 2.40% Eastern Europe & Russia
13.25% 8.25% Africa
5.90% 0.90% Middle East
11.75% 6.75% Africa
11.75% 6.75% Eastern Europe & Russia
5.00% 0.00% Asia
6.28% 1.28% Eastern Europe & Russia
8.75% 3.75% Eastern Europe & Russia
7.40% 2.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Asia
7.40% 2.40% Caribbean
13.25% 8.25% Caribbean
10.40% 5.40% Central and South America
5.00% 0.00% Western Europe
5.00% 0.00% Western Europe
5.90% 0.90% Asia
7.40% 2.40% Asia
7.40% 2.40% Caribbean
10.40% 5.40% Africa
8.30% 3.30% Western Europe
11.75% 6.75% Africa
16.25% 11.25% Eastern Europe & Russia
5.75% 0.75% Middle East
5.60% 0.60% Western Europe
5.00% 0.00% North America
8.30% 3.30% Central and South America
16.25% 11.25% Central and South America
13.25% 8.25% Asia
11.75% 6.75% Africa
Weighted Average: CRP
5.04%
1.51%
0.00%
7.65%
3.62%
2.96%
1.14%
0.00%
1.29%
1.35%
Yes/No
Yes Current Price
No Estimated Value