Vous êtes sur la page 1sur 30

FCFFVALUATIONMODEL

Beforeyoustart Thespreadsheethascircularreasoning.Thisisnotaproblem.Gointocalculationoptions(inexcel)andcheck
theiterationbox.
Whatthemodeldoe Thismodelisdesignedtovaluefirmswithoperatingincomethatiseitherpositiveorcanbenormalizedtobe
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.
MODEL
s(inexcel)andcheck

nbenormalizedtobe
ora3stagemodel.

fromthecurrent

hoseworksheets.
ofyourinputs.
aseanddifferentinputs
hase(3stagemodel).
etheryouwantthe

hichyouwillhaveto

returnoncapital,
An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are require
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 !YesorNo
Doyouwanttoconvertoperatingleasestodebt? Yes !YesorNo
Doyouwanttonormalizeoperatingincome? No

Inputs
FromCurrentFinancials
CurrentEBIT= !Ifnegative,gobackandchoosetonorma
CurrentInterestExpense=
CurrentCapitalSpending
CurrentDepreciation&Amort'n=
TaxRateonIncome= Previousyearend
CurrentRevenues=
CurrentNoncashWorkingCapital=
Chg.WorkingCapital= ($163.00) Previousyearend
BookValueofDebt=
BookValueofEquity=

Cash&MarketableSecurities=
ValueofNonoperatingAssets=

MarketDataforyourfirm
Isyourstockcurrentlytraded? Yes
Ifyes,enterthefollowing:
CurrentStockPrice=
Numberofsharesoutstanding=
MarketValueofDebt= $0.00
Ifno,enterthefollowing
Wouldyouliketousethebookvaluedebtratio? No
Ifno,enterthedebtratiotouseinvaluation

GeneralMarketData
LongTermTreasurybondrate=
Riskpremiumforequity=

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

Options
Doyouhaveequityoptions(managementoptions,warrants)outstanding? Yes
Ifyes,enterthenumberofoptions 97.08
Annualizeddividendyieldonstock= 0.30%
Averagestrikeprice $21.29
Averagematurity 6.83
StandardDeviationinstockprice 41%
Doyouwanttousethestockpricetovaluetheoptionoryourestimatedvalue? P

ValuationInputs
HighGrowthPeriod
Lengthofhighgrowthperiod=
Betatouseforhighgrowthperiodforyourfirm=
Doyouwanttokeepthedebtratiocomputedfromyourinputs? Yes
Ifyes,thedebtratiothatwillbeusedtocomputethecostofcapitalis #VALUE!
Ifno,enterthedebtratiothatyouwouldliketouseinthehighgrowthperiod
Doyouwanttokeeptheexistingratioofworkingcapitaltorevenue? Yes
Ifyes,theworkingcapitalasapercentofrevenueswillbe #DIV/0!
Ifno,entertheratioofworkingcapitaltorevenuestouseinanalysis
Doyouwanttocomputeyourgrowthratefromfundamentals? Yes
Ifno,entertheexpectedgrowthrateinoperatingincomeforhighgrowthperiod
Ifyes,theinputstothefundamentalgrowthcalculation(baseduponyourinputs)are
ReturnonCapital= #DIV/0!
ReinvestmentRate= #DIV/0!
Doyouwanttochangetheseinputs? Yes
ReturnonCapital= #DIV/0!
ReinvestmentRate=

Doyouwantmetograduallyadjustyourhighgrowthinputsinthesecondhalf No

StableGrowthPeriod
Growthrateduringstablegrowthperiod=
Betatouseinstablegrowthperiod=
Riskpremiumforequityinstablegrowthperiod=
DebtRatiotouseinstablegrowthperiod= #VALUE!
Pretaxcostofdebtinstablegrowthperiod= 0.00%
TaxRatetouseinstablegrowthperiod= 0.00%
Tocomputethereinvestmentrateinstablegrowth,youhavetwooptions
Doyouwanttocomputereinvestmentneedsinstablegrowthbasedonfundam Yes
Ifyes,enterthereturnoncapitalthatthefirmwillhaveinstablegrowth #DIV/0!
Ifno,entercapitalexpenditureas%ofdepreciationinstablegrowth 120% (inpercent)
. Many of the inputs are required only if you choose the appropriate option, though.
make it positive, or use the highgrowth.xls spreadsheet.

GotoR&DConverter
GotoOperatingleaseconverter
GotoEarningsNormalizer

fnegative,gobackandchoosetonormalizeearnings.

eviousyearend

viousyearend

$0.00
$5,650.00

fyes,usetheratingestimatorworksheetthatisattached
0.212687099
NormalizingEarnings
Approachusedtonormalizeearnings= 3

Ifhistoricalaverage,
AverageEarningsbeforeinterestandtaxes= 3500

IfhistoricalaverageROC,
Historicalaveragepretaxreturnoncapital= 22%

Ifsectormargin
PretaxOperatingMarginforSector= 25.33% !Lookatindustryaverage

NormalizedEarningsbeforeinterestandtaxes= $0.00

Worksheetfornormalization(Last5yearsofdata)
5 4 3 2 1 Total
Revenues $6,508 $9,054 $2,779 $3,155 21496
EBIT $851 $1,333 $1,817 $1,445 5446
OperatingMargin $0 $0 $1 $0 25.33%
CapEx $466 $798 $1,239 $1,859 4362
Depreciation $270 $326 $436 $590 1622
ChginWC $38 $136 $347 $322 571
Reinvestment $234 $336 $1,150 $1,591 3311
ReinvRate 0.6079691517
R&DConverter
ThisspreadsheetconvertsR&Dexpensesfromoperatingtocapitalexpenses.Itmakestheappropriateadjustmentstooperatingincome,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 $0

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= $705.80
OperatingLeaseCommitments(Fromfootnotetofinancials)
Year Commitment !Year1isnextyear,.
1 $774.60
2 $749.30
3 $696.50
4 $635.10
5 $529.70
6andbeyond $5,457.90

Output
PretaxCostofDebt= 0.00% !Ifyoudonothaveacostofdebt,usetheratingsestimator

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

Numberofyearsembeddedinyr6estimate= 8 !Iusetheaverageleaseexpenseoverthefirstfiveyears
toestimatethenumberofyearsofexpensesinyr6
ConvertingOperatingLeasesintodebt
Year Commitment PresentValue
1 $774.60 $774.60
2 $749.30 $749.30
3 $696.50 $696.50
4 $635.10 $635.10
5 $529.70 $529.70
6andbeyond $682.24 #DIV/0! !Commitmentbeyondyear6convertedintoanannuityfortenyears
DebtValueofleases= #DIV/0!

RestatedFinancials
DepreciationonOperatingLeaseAsset= #DIV/0! !Iusestraightlinedepreciation
AdjustmenttoOperatingEarnings= #DIV/0! !PVofoperatingleases*Pretaxcostofdebt
AdjustmenttoTotalDebtoutstanding= #DIV/0!
1298
Year EBIT(1-t) Reinvestment FCFF Present Value
Current #DIV/0! #DIV/0! #DIV/0!
1 #VALUE! #VALUE!
2 #VALUE! #VALUE!
3 #VALUE! #VALUE!
4 #VALUE! #VALUE!
5 #VALUE! #VALUE!
$0
Two-Stage FCFF Discount Model

InputSummary
NormalizedEBIT(beforeadjustments) $0.00
AdjustedEBIT= #DIV/0!

AdjustedInterestExpense= #DIV/0!
AdjustedCapitalSpending $705.80
AdjustedDepreciation&Amort'n= #DIV/0!
TaxRateonIncome= 0.00%
CurrentRevenues= $0.00

CurrentNoncashWorkingCapital= $0.00
Chg.WorkingCapital= #DIV/0!
AdjustedBookValueofDebt= #DIV/0!
AdjustedBookValueofEquity= $0.00

LengthofHighGrowthPeriod= 0 Forever
GrowthRate= #DIV/0! 0.00%
DebtRatiousedinCostofCapitalCalcula #VALUE! #VALUE!
Betausedforstock= 0.00 0.00
Riskfreerate= 0.00% 0.00%

RiskPremium= 0.00% 0.00%


CostofDebt= 0.00% 0.00%
TaxRate= 0.00% 0.00%
ReturnonCapital= #DIV/0! #DIV/0!
ReinvestmentRate= 0.00% #DIV/0!

Page 18
Two-Stage FCFF Discount Model

Outputfromtheprogram
CostofEquity= 0.00%
Equity/(Debt+Equity)= #VALUE!
AftertaxCostofdebt= 0.00%
Debt/(Debt+Equity)= #VALUE!
CostofCapital= #VALUE!

IntermediateOutput
ExpectedGrowthRate #DIV/0!
WorkingCapitalaspercentofrevenues= #DIV/0! (inpercent)

TheFCFFforthehighgrowthphaseareshownbelow(upto10years)
Current
ExpectedGrowthRate
CumulatedGrowth
ReinvestmentRate
EBIT*(1taxrate) #DIV/0!
(CapExDepreciation #DIV/0!

Chg.WorkingCapita #DIV/0!
FreeCashflowtoFirm #DIV/0!
CostofCapital
CumulatedCostofCapital
PresentValue

GrowthRateinStablePhase= 0.00%
ReinvestmentRateinStablePhase= #DIV/0!
FCFFinStablePhase= #DIV/0!
CostofEquityinStablePhase= 0.00%

Equity/(Equity+Debt)= #VALUE!
ATCostofDebtinStablePhase= 0.00%
Debt/(Equity+Debt)= #VALUE!

Page 19
Two-Stage FCFF Discount Model

CostofCapitalinStablePhase= #VALUE!
Valueattheendofgrowthphase= #VALUE!
Valuation
PresentValueofFCFFinhighgrowthphase= $0.00
PresentValueofTerminalValueofFirm= #VALUE!
Valueofoperatingassetsofthefirm= #VALUE!

ValueofCash,MarketableSecurities&Nonoperatingassets= $0.00
ValueofFirm= #VALUE!
MarketValueofoutstandingdebt= #DIV/0!
MarketValueofEquity= #VALUE!
ValueofEquityinOptions= #VALUE!

ValueofEquityinCommonStock= #VALUE!
MarketValueofEquity/share= #VALUE!

Page 20
Two-Stage FCFF Discount Model

TerminalYear



#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!


Page 21
ValuingOptionsorWarrants
Enterthecurrentstockprice= $0.00
Enterthestrikepriceontheoption= $21.29
Entertheexpirationoftheoption= 6.83
Enterthestandarddeviationinstockprices= 41.00% (volatility)
Entertheannualizeddividendyieldonstock= 0.30%
Enterthetreasurybondrate= 0.00%
Enterthenumberofwarrants(options)outstanding 97.08
Enterthenumberofsharesoutstanding= 0.00

Donotinputanynumbersbelowthisline
VALUINGWARRANTSWHENTHEREISDILUTION
StockPrice= 0 #Warrantsissued= 97.08
StrikePrice= 21.29 #Sharesoutstanding= 0
AdjustedS= #VALUE! T.Bondrate= 0.00%
AdjustedK= 21.29 Variance= 0.1681
Expiration(inyears)= 6.83 Annualizeddividendyield= 0.30%
Div.Adj.interestrate= 0.30%

d1= #VALUE!
N(d1)= #VALUE!

d2= #VALUE!
N(d2)= #VALUE!

Valueperoption= #VALUE!
Valueofalloptionsoutstanding= #VALUE!
BottomupBetaCalculator
Unleveredbetaforsector= 0.68 !Lookupindustryaverages

Output
Firm'sCurrentmarketvalueD/Eratio= #DIV/0! !Revertedbacktoconventionaldebttoequityratio
Firm'sCurrenttaxrate= 0.00%

Bottomupbetaforfirm= #DIV/0!
Inputsforsyntheticratingestimation
Enterthetypeoffirm= 2 (Enter1iflargemanufacturingfirm,2ifsmallerorriskierfirm,3iffinancialservicef
EntercurrentEarningsbeforeinterestandtaxes(EBIT)= $705.80 (Addbackonlylongterminteres
Entercurrentinterestexpenses= $705.80 (Useonlylongterminterestexpe
Entercurrentlongtermgovernmentbondrate= 0.00%
Output
Interestcoverageratio= 1.00
EstimatedBondRating= CC
EstimatedDefaultSpread= 11.50%
EstimatedCostofDebt= 11.50%

Forlargemanufacturingfirms Forfinancialservicefirms
Ifinterestcoverageratiois Iflongterminterestcoverageratiois
> to Ratingis Spreadis greaterthan to
100000 0.199999 D 14.00% 100000 0.049999
0.2 0.649999 C 12.70% 0.05 0.099999
0.65 0.799999 CC 11.50% 0.1 0.199999
0.8 1.249999 CCC 10.00% 0.2 0.299999
1.25 1.499999 B 8.00% 0.3 0.399999
1.5 1.749999 B 6.50% 0.4 0.499999
1.75 1.999999 B+ 4.75% 0.5 0.599999
2 2.499999 BB 3.50% 0.6 0.799999
2.5 2.999999 BBB 2.25% 0.8 0.999999
3 4.249999 A 2.00% 1 1.49999
4.25 5.499999 A 1.80% 1.5 1.99999
5.5 6.499999 A+ 1.50% 2 2.49999
6.5 8.499999 AA 1.00% 2.5 2.99999
8.50 100000 AAA 0.75% 3 100000

Forsmallerandriskierfirms
Ifinterestcoverageratiois
greaterthan to Ratingis Spreadis
100000 0.499999 D 14.00%
0.5 0.799999 C 12.70%
0.8 1.249999 CC 11.50%
1.25 1.499999 CCC 10.00%
1.5 1.999999 B 8.00%
2 2.499999 B 6.50%
2.5 2.999999 B+ 4.75%
3 3.499999 BB 3.50%
3.5 4.499999 BBB 2.25%
4.5 5.999999 A 2.00%
6 7.499999 A 1.80%
7.5 9.499999 A+ 1.50%
9.5 12.499999 AA 1.00%
12.5 100000 AAA 0.75%
kierfirm,3iffinancialservicefirm)
ddbackonlylongterminterestexpenseforfinancialfirms)
seonlylongterminterestexpenseforfinancialfirms)

coverageratiois
Ratingis SpreadisOperatingIncomeDecline
D 14.00% 50.00%
C 12.70% 40.00%
CC 11.50% 40.00%
CCC 10.00% 40.00%
B 8.00% 25.00%
B 6.50% 20.00%
B+ 4.75% 20.00%
BB 3.50% 20.00%
BBB 2.25% 20.00%
A 2.00% 17.50%
A 1.80% 15.00%
A+ 1.50% 10.00%
AA 1.00% 5.00%
AAA 0.75% 0.00%
Inudstry Numberoffirms CapEx/Depreciation ROC ReinvestmentRate UnleveredBeta
Advertising 31 86.11% ### 12.48% 1.06
Aerospace/Defense 41 83.42% ### 4.34% 0.67
AirTransport 38 263.10% ### 29.23% 0.84
Apparel 46 126.18% ### 20.25% 0.65
Auto&Truck 20 89.19% 8.96% 8.57% 0.60
AutoParts(OEM) 31 148.26% ### 16.84% 0.59
AutoParts(Replacement) 28 116.64% ### 23.90% 0.39
Bank 178 NA ### 0.00% 0.70
Bank(Canadian) 7 NA ### 0.00% 0.99
Bank(Foreign) 2 NA ### 0.00% 1.33
Bank(Midwest) 34 NA ### 0.00% 0.71
Beverage(Alcoholic) 22 98.00% 8.52% 1.01% 0.53
Beverage(SoftDrink) 15 110.83% ### 2.20% 0.70
BuildingMaterials 42 172.40% ### 18.60% 0.66
CableTV 21 103.64% 4.74% 28.25% 1.01
CanadianEnergy 16 212.03% 9.20% 26.80% 0.58
Cement&Aggregates 13 201.22% ### 24.94% 0.68
Chemical(Basic) 14 119.47% ### 7.07% 0.74
Chemical(Diversified) 34 112.94% ### 3.39% 0.68
Chemical(Specialty) 83 112.51% ### 7.38% 0.62
Computer&Peripherals 155 94.70% ### 0.24% 1.12
ComputerSoftware&Svc 418 90.33% ### 2.74% 1.08
Copper 2 302.54% 7.41% 75.02% 0.50
DiversifiedCo. 93 123.80% ### 6.11% 0.72
Drug 272 145.87% ### 10.70% 0.88
Drugstore 10 248.97% ### 38.47% 0.83
EducationalServices 29 121.54% ### 5.95% 0.86
ElectricUtil.(Central) 34 147.80% ### 13.28% 0.31
ElectricUtility(East) 36 115.38% ### 4.37% 0.35
ElectricUtility(West) 17 114.85% ### 3.76% 0.33
ElectricalEquipment 87 103.96% ### 2.46% 0.85
Electronics 142 115.28% 7.94% 10.27% 0.96
Entertainment 91 86.49% 6.63% 0.24% 0.79
Environmental 55 98.51% ### 4.64% 0.40
FinancialSvcs.(Div.) 185 150.85% ### 23.89% 0.81
FoodProcessing 94 114.20% ### 2.79% 0.67
FoodWholesalers 23 206.42% ### 23.04% 0.58
ForeignElectron/Entertn 13 106.68% 8.71% 6.82% 0.90
ForeignTelecom. 16 82.15% ### 3.49% 1.06
Furn./HomeFurnishings 35 151.76% ### 23.83% 0.73
Gold/SilverMining 31 122.41% 7.21% 5.55% 0.63
Grocery 27 175.61% ### 18.22% 0.58
HealthcareInfoSystems 32 100.73% ### 5.64% 0.84
HomeAppliance 12 105.27% ### 8.47% 0.80
Homebuilding 58 253.24% 9.43% 57.47% 0.50
Hotel/Gaming 54 215.77% 8.22% 20.72% 0.55
HouseholdProducts 30 109.80% ### 6.65% 0.71
IndustrialServices 187 104.30% ### 16.17% 0.82
Insurance(Life) 34 NA ### 3.93% 0.87
Insurance(Prop/Casualty 59 49405.56% 0.01% 7000.72% 0.82
Internet 304 160.76% 1.88% 93.39% 2.12
InvestmentCo. 26 323.32% 9.70% 61.80% 0.57
InvestmentCo.(Foreign) 20 41.40% 6.21% 18.67% 1.15
Machinery 126 119.36% ### 8.93% 0.62
Manuf.Housing/RecVeh 21 148.69% ### 20.68% 0.69
Maritime 16 167.49% 8.16% 23.26% 0.42
MedicalServices 163 108.58% ### 9.24% 0.79
MedicalSupplies 194 114.58% ### 17.19% 0.80
MetalFabricating 42 125.29% ### 12.00% 0.74
Metals&Mining(Div.) 35 133.53% ### 13.54% 0.71
NaturalGas(Distrib.) 43 184.13% ### 21.40% 0.40
NaturalGas(Diversified 37 226.13% ### 38.36% 0.57
Newspaper 20 85.71% ### 2.72% 0.75
OfficeEquip&Supplies 31 99.98% ### 4.98% 0.69
OilfieldServices/Equip. 72 166.98% 6.67% 9.57% 0.98
Packaging&Container 36 92.31% ### 2.64% 0.47
Paper&ForestProducts 55 88.65% ### 2.31% 0.58
Petroleum(Integrated) 43 133.14% ### 8.38% 0.72
Petroleum(Producing) 96 161.00% ### 22.67% 0.60
PrecisionInstrument 89 109.99% ### 3.63% 0.86
Publishing 49 118.89% ### 3.97% 0.75
R.E.I.T. 155 395.17% 6.60% 35.16% 0.66
Railroad 16 195.34% ### 17.34% 0.58
Recreation 87 171.11% ### 17.95% 0.74
Restaurant 93 184.60% ### 14.21% 0.68
Retail(SpecialLines) 205 161.03% ### 17.87% 1.11
RetailBuildingSupply 12 463.71% ### 38.03% 0.84
RetailStore 31 189.30% ### 25.24% 0.96
SecuritiesBrokerage 32 125.02% ### 51.37% 0.82
Semiconductor 99 109.19% ### 3.53% 1.32
SemiconductorCapEquip 7 97.49% ### 1.57% 1.91
Shoe 26 155.94% ### 27.42% 0.89
Steel(General) 30 170.73% ### 17.03% 0.60
Steel(Integrated) 19 148.33% ### 19.36% 0.67
Telecom.Equipment 116 157.32% ### 25.25% 1.09
Telecom.Services 175 172.78% ### 17.62% 1.08
Textile 27 136.70% 9.86% 16.84% 0.33
Thrift 133 NA 9.26% 0.00% 0.26
Tire&Rubber 10 152.36% ### 15.62% 0.63
Tobacco 12 77.55% ### 1.92% 0.56
Toiletries/Cosmetics 20 166.22% ### 10.40% 0.86
Trucking/Transp.Leasing 51 190.04% ### 35.56% 0.51
Utility(Foreign) 2 215.58% ### 50.11% 1.03
WaterUtility 15 254.10% 6.74% 20.89% 0.42
MVDebttoCapitalRatio NonCashWorkingCapital/SalesPretaxOperatingMargin StdDeviationinEquity
8.46% 17.49% 15.84% 48.17%
30.76% 10.38% 10.45% 44.93%
44.48% 11.96% 12.30% 50.15%
32.20% 22.40% 13.24% 54.50%
54.37% 28.34% 15.05% 39.79%
39.06% 6.65% 11.32% 46.30%
54.60% 17.12% 11.79% 49.63%
33.13% NA NA 28.81%
23.39% NA NA 27.03%
16.64% NA NA 33.25%
34.32% NA NA 27.16%
20.90% 4.84% 16.44% 37.06%
11.69% 0.34% 20.00% 38.11%
32.61% 8.05% 12.02% 40.09%
31.64% 30.63% 24.56% 71.94%
34.10% 2.59% 25.48% 33.10%
20.10% 12.75% 24.14% 36.50%
25.66% 16.07% 19.17% 42.82%
21.46% 15.42% 18.37% 34.93%
29.47% 15.42% 16.20% 45.28%
2.91% 6.59% 12.24% 77.96%
2.07% 2.77% 24.78% 78.16%
52.99% 24.99% 15.17% 35.64%
22.98% 8.40% 14.09% 42.51%
3.16% 8.02% 28.69% 80.89%
13.03% 9.41% 7.08% 40.62%
4.88% 3.62% 16.51% 56.15%
53.44% 5.79% 23.32% 23.55%
46.63% 3.29% 28.61% 22.83%
50.66% 2.58% 22.32% 25.54%
3.11% 3.94% 17.07% 64.61%
5.82% 17.99% 9.31% 64.92%
17.93% 7.08% 22.17% 48.22%
55.94% 13.14% 25.60% 64.88%
31.38% 132.06% 94.34% 41.60%
23.75% 1.63% 12.76% 37.72%
26.51% 1.56% 4.40% 36.52%
16.18% 14.39% 9.88% 35.48%
5.97% 7.42% 32.84% 39.47%
20.90% 15.24% 13.37% 38.56%
12.77% 6.94% 33.33% 59.31%
28.48% 1.04% 6.69% 39.12%
13.36% 6.08% 16.06% 111.07%
26.55% 10.11% 13.25% 40.76%
52.98% 36.04% 12.42% 41.68%
50.12% 2.44% 24.75% 49.95%
13.68% 6.68% 20.38% 40.69%
17.34% 9.03% 10.03% 50.02%
18.30% NA NA 37.61%
7.65% 203.53% 38.43% 34.06%
1.23% 21.00% 8.36% 126.31%
2.71% 18.23% 34.01% 17.31%
3.13% 5.35% 55.09% 33.16%
30.57% 21.32% 12.47% 42.63%
33.27% 15.22% 8.10% 41.73%
57.65% 6.98% 18.03% 39.71%
25.67% 5.06% 11.61% 64.74%
7.56% 13.35% 14.18% 63.58%
18.71% 17.40% 14.21% 44.08%
28.19% 15.96% 16.07% 48.65%
45.01% 4.47% 22.03% 24.23%
28.40% 1.23% 13.98% 38.80%
16.54% 2.81% 23.89% 33.24%
33.52% 19.64% 12.46% 44.71%
14.58% 18.24% 16.63% 55.66%
52.40% 10.91% 16.41% 37.83%
39.61% 11.46% 15.64% 35.52%
11.05% 0.64% 15.80% 33.30%
27.91% 0.28% 37.27% 58.29%
6.79% 15.78% 17.02% 62.18%
19.97% 0.89% 19.80% 51.12%
8.89% 23.88% 59.04% 24.25%
39.87% 7.04% 25.60% 38.14%
20.21% 5.50% 16.51% 62.11%
18.36% 4.72% 16.47% 45.04%
12.66% 8.71% 9.32% 62.70%
2.63% 8.14% 10.00% 39.98%
16.68% 11.03% 7.91% 41.19%
53.50% 164.89% 57.47% 54.78%
1.77% 7.04% 26.07% 76.17%
0.56% 15.85% 23.99% 68.02%
14.18% 22.09% 10.34% 52.33%
39.05% 17.00% 10.76% 44.13%
47.76% 13.97% 12.58% 40.76%
3.64% 25.18% 17.32% 86.15%
17.34% 4.86% 34.29% 67.36%
68.59% 22.55% 11.64% 48.08%
76.73% NA NA 31.01%
41.46% 16.61% 10.10% 43.61%
23.40% 1.58% 15.82% 41.65%
13.61% 14.95% 18.43% 48.91%
58.92% 23.74% 19.40% 42.95%
31.65% 7.91% 44.90% 37.97%
45.55% 1.76% 39.50% 28.82%