Hi Growth Fixed
Hi Growth Fixed
I. Income Statement
Current EBIT = $ 25,897.00 Done
Current Interest Expense = $ Not Done
Current Capital Spending $ (44,972.00) Educated Guess
Current Depreciation and Amortizatio $ 42,807.00 Concerning
Current Revenues = $ 942,773.00
II. Balance Sheet This period Last period
Current Noncash Working Capital = $ 462,600.00 $ 279,072.00
Book Value of Debt = $ 0 LT and ST Debt
Book Value of Equity = ### 1097463.6
Cash & Marketable Securities = $ 755,860.00
Nonoperating Assets $ 755,860.00
III. Tax Information
NOL carried forward = $ 5,956.00
Marginal tax rate = 21.00% Corporate Tax Rate
General Information
Current long term government bond rate = 2.42%
Estimated Market Risk Premium = 7.75%
Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied = 1
Value to Sales multiple in that year = 1.14
growing rapidly
(in thousands) 2017 2018 Current/LTM
Total Assets 1,225,601 1,175,563 1,175,563
Cash and Short Term Investments 821,216 755,860 755,860
Operating Assets 404,385 419,703 419,703
Non-Operating Assets 821,216 755,860 755,860
EBIT 179,622 25,897 25,897
Capital Expenditures -30,245 -44,972 -44,972
Depreciation & Amortization 41,198 42,807 42,807
Non Cash Working Capital 279,072 462,600 462,600
DTA - Net Operating Loss Carryforw 8,115 5,956 5,956
Weighted Average Cost of Cap 12.36 10.94 10.14%
Book Value per Share 13.24 13.12 13.12
Current Shares Outstanding 82.89 83.08 82.03
Current Shares Outstanding(actual) 82890 83080 82030
BV of Equity 1097463.6 1090009.6 1076233.6
Risk Premium 9.95 8.26 7.75
Country Risk - Risk Free Rate 2.41 2.68 2.39
Options Outstanding End Of Period 7 7 7
Avg Exercise Price (Options Outstan 22.7 24.54 24.54
In Thousands of USD except Per Share 2017 Y 2018 Y Last 12M
12 Months Ending 12/31/2017 12/31/2018 12/31/2018
Revenue 850,847 942,773 942,773
Sales & Services Revenue 850,847 942,773 942,773
Cost of Revenue 70,518 57,872 57,872
Cost of Goods & Services 70,518 57,872 57,872
Gross Profit 780,329 884,901 884,901
Other Operating Income 0 0 0
Operating Expenses 765,198 859,004 862,428
Selling, General & Admin 547,131 603,878 603,878
Selling & Marketing 437,424 483,309 483,309
General & Administrative 109,707 120,569 120,569
Research & Development 175,787 212,319 212,319
Depreciation & Amortization 41,198 42,807 42,807
Other Operating Expense 1,082 0 3,424
Operating Income (Loss) 15,131 25,897 22,473
Non-Operating (Income) Loss -4,864 -14,109 -14,109
Interest Expense, Net -4,189 -13,804 -13,804
Interest Expense 0 0 0
Interest Income 4,189 13,804 13,804
Foreign Exch (Gain) Loss -258 70 70
(Income) Loss from Affiliates — —
Other Non-Op (Income) Loss -417 -375 -375
Pretax Income (Loss), Adjusted 19,995 40,006 36,582
Abnormal Losses (Gains) -164,491 0 -3,424
Disposal of Assets — —
Gain/Loss on Sale/Acquisition of Business -164,779 —
Legal Settlement — —
Restructuring — —
Other Abnormal Items 288 —
Pretax Income (Loss), GAAP 184,486 40,006 40,006
Income Tax Expense (Benefit) 31,491 -15,344 -15,344
Current Income Tax 31,208 125
Deferred Income Tax 283 -15,469
Tax Allowance/Credit — —
Income (Loss) from Cont Ops 152,995 55,350 55,350
Net Extraordinary Losses (Gains) 0 0 0
Discontinued Operations 0 0 0
XO & Accounting Changes 0 0 0
Income (Loss) Incl. MI 152,995 55,350 55,350
Minority Interest 0 0 0
Net Income, GAAP 152,995 55,350 55,350
Preferred Dividends 0 0 0
Other Adjustments 0 0 0
Net Income Avail to Common, GAAP 152,995 55,350 55,350
Reference Items
Accounting Standard US GAAP US GAAP
EBITDA 56,329 68,704 65,280
EBITDA Margin (T12M) 6.62 7.29 6.92
EBITA 21,729 29,404 25,980
EBIT 15,131 25,897 22,473
Gross Margin 91.71 93.86 93.86
Operating Margin 1.78 2.75 2.38
Profit Margin 5.42 5.87 5.58
Sales per Employee 163,750.38 156,347.10
Dividends per Share 0 0 0
Total Cash Common Dividends 0 0 0
Capitalized Interest Expense 0 0 0
Depreciation Expense 34,600 39,300 39,300
Rental Expense 42,500 51,200 13,500
In Thousands of USD except Per Share 2017 Y 2018 Y
12 Months Ending 12/31/2017 12/31/2018
Total Assets
Cash, Cash Equivalents & STI 821,216 755,860
Cash & Cash Equivalents 547,850 332,764
ST Investments 273,366 423,096
Accounts & Notes Receiv 76,173 87,305
Accounts Receivable, Net 76,173 87,305
Notes Receivable, Net 0 0
Inventories 0 0
Raw Materials 0 0
Work In Process 0 0
Finished Goods 0 0
Other Inventory 0 0
Other ST Assets 15,700 17,104
Derivative & Hedging Assets 0 0
Misc ST Assets 15,700 17,104
Total Current Assets 913,089 860,269
Property, Plant & Equip, Net 103,651 114,800
Property, Plant & Equip 210,039 257,383
Accumulated Depreciation 106,388 142,583
LT Investments & Receivables 25,032 0
LT Marketable Securities 25,032 0
Other LT Assets 183,829 200,494
Total Intangible Assets 124,847 118,979
Goodwill 107,954 105,620
Other Intangible Assets 16,893 13,359
Derivative & Hedging Assets 0 0
Misc LT Assets 58,982 81,515
Total Noncurrent Assets 312,512 315,294
Total Assets 1,225,601 1,175,563
Reference Items
Accounting Standard US GAAP US GAAP
Shares Outstanding 84 82
Number of Treasury Shares — —
Pension Obligations 0 0
Future Minimum Operating Lease Obligations 332,836 321,241
Capital Leases Total 0 0
Options Granted During Period 1 1
Options Outstanding at Period End 7 7
Net Debt -846,248 -755,860
Net Debt to Equity -76.33 -70.28
Tangible Common Equity Ratio 89.38 90.53
Current Ratio 10.6 13.25
Number of Employees 5,196 6,030
In Thousands of USD except Per Share2017 Y 2018 Y Last 12M
12 Months Ending 12/31/2017 12/31/2018 12/31/2018
Cash from Operating Activities
Net Income 152,995 55,350 55,350
Depreciation & Amor 41,198 42,807 42,807
Non-Cash Items -40,853 122,710 122,710
Stock-Based Compe 100,415 114,386 114,386
Other Non-Cash Adj -141,268 8,324 8,324
Chg in Non-Cash W 14,307 -60,680 -60,680
(Inc) Dec in Accts R -36,146 -35,664 -35,664
(Inc) Dec in Invento 0 0 0
Inc (Dec) in Accts P— —
Inc (Dec) in Other 50,453 -25,016 -25,016
Net Cash From Dis 0 0 0
Cash from Operating 167,647 160,187 160,187
Reference Items
EBITDA 220,820 68,704 68,704
Trailing 12M EBITD 25.95 7.29 7.29
Net Cash Paid for Ac 50,544 0 0
Tax Benefit from St — —
Free Cash Flow 137,402 115,215 115,215
Free Cash Flow to 137,402 —
Free Cash Flow to E 390,065 115,215 115,215
Free Cash Flow per 1.68 1.38 1.38
Price to Free Cash 24.92 25.38 24.98
Cash Flow to Net I 1.1 2.89 1.38
Base 1 2 3 4 5 6 7 8
Revenue Growth Rate 584.00% 25.80% 16.30% 3.60% 12.90% 10.00% 10.00% 10.00%
Revenues $942,773 $6,448,567 $8,112,298 $9,434,602 $9,774,248 $11,035,126 $12,138,638 $13,352,502 $14,687,753
Operating Margin 11.16% 9.39% 8.46% 7.97% 7.72% 7.59% 7.52% 7.48% 7.46%
EBIT $105,234 $605,501 $686,403 $752,405 $754,593 $837,210 $912,447 $998,804 $1,095,867
Taxes $20,848 $125,904 $144,145 $158,005 $158,464 $175,814 $191,614 $209,749 $230,132
EBIT(1-t) $84,385 $479,596 $542,259 $594,400 $596,128 $661,396 $720,833 $789,055 $865,735
+ Depreciation $199,975 $207,174 $233,900 $257,290 $283,018 $311,320 $342,452 $376,698 $391,765
- Capital Expenditures $167,347 $1,144,653 $1,439,974 $1,674,690 $1,734,979 $1,958,791 $2,154,670 $2,370,137 $2,607,151
- Chg WC $183,528 $7,750,507 $2,342,033 $1,861,408 $478,119 $1,774,938 $1,553,415 $1,708,756 $1,879,632
FCFF -$66,515 -$8,208,390 -$3,005,849 -$2,684,409 -$1,333,951 -$2,761,012 -$2,644,799 -$2,913,141 -$3,229,282
NOL $5,956 $0 $0 $0 $0 $0 $0 $0 $0
Terminal Value
Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested ### $ 10,064,432 $ 13,612,540 $ 16,891,348 $ 18,821,428 $ 22,243,836 $ 25,609,469 $ 29,311,664 $ 33,406,681
Reinvestment Rate 178.82% 1811.52% 654.32% 551.62% 323.77% 517.45% 416.99% 391.88% 350.02%
Increase in Revenue/Increase in Capital 0.63 0.47 0.40 0.18 0.37 0.33 0.33 0.33
Return on Capital 34.84% 5.39% 4.37% 3.53% 3.51% 3.24% 3.08% 2.95%
The Valuation
PV of FCFF during high growth phase = $ (17,606,732)
PV of Terminal Value = $ 3,311,127
Value of Operating Assets of the firm = $ (14,295,605)
Value of Cash & Non-operating assets= $1,511,720.00
Value of Firm = $ (12,783,885)
- Value of Outstanding Debt = $ 238,518
Value of Equity = $ (13,022,403)
- Value of Equity Options = $ 95
Value of Equity in Common Stock = $ (13,022,498) Treasury Stock Approach
Value of Equity per share = $ (158.81) $ (158.79)
Summary Output
Revenues $6,448,567 $8,112,298 $9,434,602 $9,774,248 $11,035,126 $12,138,638 $13,352,502 $14,687,753 $16,156,528
EBIT $605,501 $686,403 $752,405 $754,593 $837,210 $912,447 $998,804 $1,095,867 $1,203,831
EBIT(1-t) $479,596 $542,259 $594,400 $596,128 $661,396 $720,833 $789,055 $865,735 $951,026
- Reinvestment $8,687,986 $3,548,108 $3,278,808 $1,930,079 $3,422,409 $3,365,632 $3,702,196 $4,095,017 $4,528,025
FCFF -$8,208,390 -$3,005,849 -$2,684,409 -$1,333,951 -$2,761,012 -$2,644,799 -$2,913,141 -$3,229,282 -$3,576,998
9 10 Terminal Year
10.00% 10.00% 4%
$16,156,528 $17,772,181 $18,483,068
7.45% 7.45% 7.44%
$1,203,831 $1,323,279 $1,375,140
$252,804 $277,889 $288,779
$951,026 $1,045,390 $1,086,361
$407,436 $423,734 $440,683
$2,867,866 $3,154,652 -$395,339
$2,067,595 $2,274,354 $1,000,716
-$3,576,998 -$3,959,883 $921,667
$0 $0 $0
$14,112,321
3.8560153615 4.2620899871
$ (927,641) $ (929,094)
$ 3,311,127
$17,772,181 $18,483,068
$1,323,279 $1,375,140
$1,045,390 $1,086,361
$5,005,273 $164,694
-$3,959,883 $921,667
Relative Valuation Output
Year in which multiple is used = 1 Year Revenues Cumulated Cost of Capital
Value to Sales Ratio for Specialty retailers= 1.14 1 $ 6,448,567 117.30%
2 $ 8,112,298 137.58%
Revenue in chosen year = $ 6,448,567 3 $ 9,434,602 161.37%
Value in chosen year = $ 7,351,367 4 $ 9,774,248 189.28%
Cost of capital in chosen year 1.1730 5 $ 11,035,126 222.02%
Value today = $ 6,267,386 6 $ 12,138,638 257.72%
+ Cash & Securities = $ 1,511,720 7 $ 13,352,502 297.24%
- Debt outstanding = $ 238,518 8 $ 14,687,753 340.28%
-Equity options outstanding= $ 95 9 $ 16,156,528 385.60%
Value of Equity in stock = $ 7,540,493 10 $ 17,772,181 426.21%
Value per share = $ 91.96
Company Market Value Percent Owned
Operating Lease Converter
Inputs
Operating lease expense in current year = $ 56,703.00 ST Capital Leases
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $ 59,009.00
2 $ 51,429.00
3 $ 43,603.00
4 $ 40,517.00
5 $ 69,980.00
6 and beyond $ 69,980.00
Output
Pretax Cost of Debt = 10.14% ! If you do not have a cost of debt, use the ratings estimator
From the current financial statements, enter the following
Reported Operating Income (EBIT) = $ (388.10) ! This is the EBIT reported in the current income statement
Reported Debt = $ 11,971.40 ! This is the interestbearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate = 1 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year Commitment Present Value
1 $ 59,009.00 $ 53,576.36
2 $ 51,429.00 $ 42,395.32
3 $ 43,603.00 $ 32,634.81
4 $ 40,517.00 $ 27,533.22
5 $ 69,980.00 $ 43,176.61
6 and beyond $ 69,980.00 $ 39,201.57 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 238,517.90
Restated Financials
Depreciation on Operating Lease Asset = $ 39,752.98 ! I use straight line depreciation
Adjustment to Operating Earnings = $24,185.72 ! PV of operating leases * Pretax cost of debt
Adjustment to Total Debt outstanding = $ 238,517.90
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.
Inputs
Over how many years do you want to amortize R&D expenses 2 ! If in doubt, use the lookup table below
Enter the current year's R&D expense = $ 212,319.00 The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
1 175787.00 ! Year 1 is the year prior to the current year
2 138549.00 ! Year 2 is the two years prior to the current year
0
0
0
0
0
0
0
0
Output
Year R&D Expense Unamortized portion Amortization this year
Current 212319.00 1.00 212319.00
1 175787.00 0.50 87893.50 $ 87,893.50
2 138549.00 0.00 0.00 $ 69,274.50
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
Value of Research Asset = $300,212.50 $ 157,168.00
Amortization of asset for current year = $157,168.00
Inputs
Over how many years do you want to amortize these expenses 2
Enter the current year's operating expense = $ 859,004.00 The maximum allowed is ten years
Enter operating expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year Operating Expenses
1 600707.00 ! Year 1 is the year prior to the current year
2 657685.00 ! Year 2 is the two years prior to the current year
0 19.00
0 10.21
0 11.98
0
0
0
0
0
Output
Year R&D Expense Unamortized portion Amortization this year
Current 859004.00 1.00 859004.00
1 600707.00 0.50 300353.50 $ 300,353.50
2 657685.00 0.00 0.00 $ 328,842.50
0 19.00 0.00 0.00 $
0 10.21 0.00 0.00 $
0 11.98 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
0 0.00 0.00 0.00 $
Value of Expensing Asset = $1,159,357.50 $ 629,196.00
Amortization of asset for current year = $629,196.00
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= $ 34.44 # Warrants issued= 7
Strike Price= 24.54 # Shares outstanding= 82,000
Adjusted S (DO NOT ENTER)= 34.43853193 T.Bond rate= 2.42%
Adjusted K (DO NOT ENTER)= 24.54 Variance= 0.0634
Expiration (in years) = 9 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 2.42%
d1 = 1.114980398
N (d1) = 0.8675705891
d2 = 0.3595803979
N (d2) = 0.6404195277
Value per option = $ 17.24
Value of all options outstanding = $121
Industry Name Number of firmsLevered Beta Unlevered BetStd Dev: Equity Market D/E Market Debt/Capital ROE
Advertising 31 2.02 1.75 101.29% 43.26% 30.20% 8.89%
Aerospace/Defense 64 1.10 1.03 61.32% 25.66% 20.42% 34.00%
Air Transport 36 1.21 1.10 64.80% 24.32% 19.56% 108.90%
Apparel 57 1.30 1.22 88.82% 18.38% 15.53% 17.34%
Auto Parts 51 1.70 1.59 80.58% 27.65% 21.66% 22.59%
Automotive 12 1.59 0.96 68.91% 134.57% 57.37% 18.46%
Bank 426 0.77 0.38 61.15% 156.11% 60.95% 7.60%
Bank (Midwest) 45 0.93 0.73 55.60% 59.52% 37.31% 9.08%
Beverage 34 0.88 0.77 66.05% 26.52% 20.96% 24.58%
Biotechnology 158 1.03 1.16 113.11% 13.48% 11.88% 15.15%
Building Materials 45 1.50 0.89 78.83% 94.33% 48.54% -5.17%
Cable TV 21 1.37 0.98 50.77% 68.06% 40.50% 16.13%
Chemical (Basic) 16 1.36 1.24 49.27% 27.35% 21.47% 25.83%
Chemical (Diversified) 31 1.51 1.39 56.31% 22.37% 18.28% 19.26%
Chemical (Specialty) 70 1.28 1.15 71.60% 21.15% 17.46% 18.50%
Coal 20 1.53 1.32 55.52% 28.90% 22.42% 24.24%
Computer Software 184 1.04 1.18 82.03% 7.49% 6.97% 79.13%
Computers/Peripherals 87 1.30 1.33 97.69% 10.23% 9.28% 52.52%
Diversified Co. 107 1.14 0.71 75.00% 102.24% 50.55% 33.28%
Drug 279 1.12 1.08 103.44% 15.46% 13.39% 22.64%
E-Commerce 57 1.03 1.08 88.13% 6.40% 6.02% 16.47%
Educational Services 34 0.83 0.92 78.24% 12.33% 10.97% 53.22%
Electric Util. (Central) 21 0.75 0.48 23.37% 86.16% 46.28% 10.77%
Electric Utility (East) 21 0.70 0.49 18.30% 66.16% 39.82% 11.91%
Electric Utility (West) 14 0.75 0.49 19.85% 84.54% 45.81% 9.88%
Electrical Equipment 68 1.33 1.35 67.76% 12.66% 11.24% 23.02%
Electronics 139 1.07 1.08 89.93% 22.33% 18.25% 22.20%
Engineering & Const 25 1.22 1.39 65.03% 11.99% 10.71% 15.44%
Entertainment 77 1.63 1.31 108.37% 40.99% 29.07% 11.46%
Entertainment Tech 40 1.23 1.48 76.91% 9.76% 8.89% 15.08%
Environmental 82 0.81 0.60 92.14% 43.70% 30.41% 11.00%
Financial Svcs. (Div.) 225 1.31 0.50 82.27% 251.49% 71.55% -303.09%
Food Processing 112 0.91 0.77 60.68% 29.53% 22.80% 17.85%
Foreign Electronics 9 1.09 1.24 35.40% 42.09% 29.62% 6.25%
Funeral Services 6 1.14 0.85 39.35% 56.60% 36.14% 12.34%
Furn/Home Furnishings 35 1.81 1.65 80.90% 24.39% 19.61% 11.66%
Healthcare Information 25 1.17 1.20 65.79% 6.35% 5.97% 11.00%
Heavy Truck & Equip 21 1.80 1.48 69.92% 43.66% 30.39% 30.24%
Homebuilding 23 1.45 1.02 70.00% 100.28% 50.07% -35.82%
Hotel/Gaming 51 1.74 1.28 79.09% 52.07% 34.24% 5.64%
Household Products 26 1.07 0.95 62.24% 18.99% 15.96% 21.80%
Human Resources 23 1.24 1.40 78.27% 10.31% 9.35% 7.25%
Industrial Services 137 0.93 0.81 74.43% 32.71% 24.65% 13.76%
Information Services 27 1.07 0.89 48.10% 30.21% 23.20% 15.60%
Insurance (Life) 30 1.58 1.54 53.35% 64.14% 39.08% 10.45%
Insurance (Prop/Cas.) 49 0.91 1.01 37.88% 23.60% 19.10% 13.32%
Internet 186 1.09 1.24 117.09% 2.71% 2.63% 39.73%
IT Services 60 1.06 1.14 69.45% 6.09% 5.74% 36.11%
Machinery 100 1.20 1.14 57.21% 19.12% 16.05% 14.59%
Maritime 52 1.40 0.58 69.19% 170.38% 63.01% 4.88%
Med Supp Invasive 83 0.85 0.80 79.18% 16.08% 13.85% 22.13%
Med Supp Non-Invasive 146 1.03 1.07 84.89% 13.02% 11.52% 29.56%
Medical Services 122 0.91 0.78 76.26% 49.45% 33.09% 32.81%
Metal Fabricating 24 1.59 1.63 68.98% 15.49% 13.41% 18.66%
Metals & Mining (Div.) 73 1.33 1.28 104.38% 14.10% 12.36% 24.79%
Natural Gas (Div.) 29 1.33 1.06 48.77% 37.07% 27.04% 9.04%
Natural Gas Utility 22 0.66 0.46 24.90% 67.38% 40.26% 10.98%
Newspaper 13 1.76 1.42 90.74% 46.35% 31.67% 16.73%
Office Equip/Supplies 24 1.38 1.04 64.26% 63.03% 38.66% 18.05%
Oil/Gas Distribution 13 0.96 0.65 56.61% 58.30% 36.83% 11.35%
Oilfield Svcs/Equip. 93 1.55 1.39 62.37% 22.92% 18.64% 10.48%
Packaging & Container 26 1.16 0.88 41.59% 51.82% 34.13% 17.52%
Paper/Forest Products 32 1.36 0.96 93.84% 59.86% 37.45% 8.40%
Petroleum (Integrated) 20 1.18 1.12 38.99% 19.19% 16.10% 14.76%
Petroleum (Producing) 176 1.34 1.13 88.11% 24.88% 19.92% 9.46%
Pharmacy Services 19 1.12 1.00 59.43% 20.48% 17.00% 14.82%
Pipeline MLPs 27 0.98 0.72 34.90% 40.97% 29.06% 12.71%
Power 93 1.35 0.65 97.19% 148.82% 59.81% 6.95%
Precious Metals 84 1.15 1.14 90.87% 8.20% 7.57% 9.09%
Precision Instrument 77 1.28 1.33 65.33% 15.94% 13.75% 15.37%
Property Management 31 1.13 0.59 82.21% 140.63% 58.44% 10.74%
Public/Private Equity 11 2.18 1.62 77.54% 59.87% 37.45% 35.96%
Publishing 24 1.25 0.89 64.98% 63.28% 38.76% 31.94%
R.E.I.T. 5 1.47 1.15 49.61% 34.71% 25.77% 15.58%
Railroad 12 1.44 1.24 42.95% 25.15% 20.09% 16.43%
Recreation 56 1.45 1.11 70.55% 48.69% 32.75% 11.06%
Reinsurance 13 0.93 1.05 30.40% 23.54% 19.06% 13.29%
Restaurant 63 1.27 1.19 68.37% 12.77% 11.32% 38.25%
Retail (Hardlines) 75 1.77 1.65 92.79% 24.33% 19.57% 22.91%
Retail (Softlines) 47 1.44 1.57 60.91% 5.61% 5.32% 36.27%
Retail Automotive 20 1.37 1.12 52.02% 38.11% 27.59% 20.53%
Retail Building Supply 8 1.04 0.97 37.61% 14.06% 12.33% 16.06%
Retail Store 37 1.29 1.14 67.71% 25.58% 20.37% 21.01%
Retail/Wholesale Food 30 0.75 0.64 40.02% 41.34% 29.25% 16.43%
Securities Brokerage 28 1.20 0.43 44.31% 430.56% 81.15% NA
Semiconductor 141 1.50 1.69 70.52% 8.35% 7.70% 39.10%
Semiconductor Equip 12 1.79 2.42 68.70% 15.20% 13.20% 65.76%
Shoe 19 1.25 1.38 55.52% 2.18% 2.13% 30.49%
Steel 32 1.68 1.40 56.94% 46.40% 31.69% 7.28%
Telecom. Equipment 99 1.02 1.28 87.77% 12.96% 11.48% 29.93%
Telecom. Services 74 0.98 0.82 68.58% 34.09% 25.42% 16.47%
Telecom. Utility 25 0.88 0.54 60.40% 96.15% 49.02% 18.29%
Thrift 148 0.71 0.75 53.93% 29.33% 22.68% -2.14%
Tobacco 11 0.85 0.78 41.53% 18.71% 15.76% 74.21%
Toiletries/Cosmetics 15 1.30 1.20 60.34% 20.64% 17.11% 62.53%
Trucking 36 1.24 1.08 59.88% 27.77% 21.73% 8.19%
Utility (Foreign) 4 0.96 0.48 32.68% 155.03% 60.79% 3.12%
Water Utility 11 0.66 0.43 18.89% 81.42% 44.88% 8.44%
Wireless Networking 57 1.27 1.12 75.03% 27.06% 21.30% 21.34%
Total Market 5891 1.15 0.92 75.08% 46.64% 31.81% 16.07%
ROC Effective Tax Rate Pre-tax OperaAfter-tax Operating MarNet Margin Cap Ex/ Depreciatio Non-cash WC/
10.54% 10.73% 10.27% 7.44% 3.63% 54.18% -19.84%
18.53% 20.72% 10.16% 7.31% 6.78% 126.28% 2.89%
16.45% 20.54% 8.78% 6.86% 3.76% 122.22% -9.25%
14.02% 16.08% 10.97% 7.60% 6.72% 103.24% 17.24%
15.82% 18.99% 6.49% 4.98% 5.10% 96.08% 5.59%
6.96% 24.07% 6.99% 4.94% 3.36% 87.04% 19.37%
NA 15.97% NA NA NA NA NA
NA 17.77% NA NA NA NA NA
12.95% 19.14% 20.45% 15.60% 13.99% 87.24% 1.08%
-13.33% 2.49% -7.79% -13.73% 9.11% 84.42% -5.83%
2.58% 11.17% 4.17% 3.16% -4.01% 48.00% 7.66%
8.80% 27.35% 19.58% 12.43% 9.02% 85.32% -9.65%
13.66% 20.90% 12.09% 9.56% 12.46% 126.81% 9.68%
13.81% 21.73% 13.20% 9.30% 8.79% 104.37% 15.58%
12.25% 17.58% 11.10% 7.87% 8.04% 96.78% 12.60%
15.26% 12.75% 15.94% 12.53% 12.00% 141.73% 3.61%
45.06% 12.27% 31.35% 24.62% 24.78% 64.72% -11.16%
32.09% 11.77% 14.15% 10.83% 10.74% 103.58% -1.97%
8.01% 15.55% 14.09% 11.76% 9.21% 89.24% 71.65%
15.02% 5.36% 21.91% 16.96% 17.99% 37.39% 7.53%
13.08% 12.33% 14.39% 10.87% 10.73% 128.44% -11.60%
34.34% 25.17% 20.80% 12.91% 11.86% 131.38% -7.82%
6.38% 31.82% 17.72% 11.58% 8.89% 158.54% 8.98%
6.89% 33.14% 19.13% 12.66% 9.77% 201.07% 8.33%
6.11% 31.30% 16.79% 11.38% 8.53% 210.61% -0.59%
15.03% 17.02% 13.19% 9.95% 12.12% 86.14% 12.28%
15.72% 10.36% 5.99% 4.48% 4.63% 103.97% 10.63%
13.58% 26.26% 4.72% 3.35% 3.47% 84.23% 3.30%
9.45% 15.38% 17.72% 12.17% 10.12% 79.38% 1.72%
11.69% 11.59% 10.48% 9.04% 9.62% 78.89% -17.91%
7.56% 11.71% 15.22% 9.48% 7.53% 96.46% 0.48%
5.95% 19.18% 43.49% 33.84% 5.08% 312.33% 11.08%
11.88% 20.00% 9.08% 6.52% 5.36% 139.77% 8.01%
7.83% 35.12% 5.27% 3.23% 1.83% 73.66% 1.47%
7.81% 30.84% 15.64% 9.82% 7.48% 78.63% 3.76%
9.50% 20.43% 6.43% 4.58% 3.76% 65.82% 13.45%
9.45% 22.19% 12.11% 7.64% 8.81% 58.33% 2.00%
10.88% 20.62% 9.13% 6.64% 8.48% 99.81% 24.35%
-2.09% 5.12% -1.56% -2.09% -5.64% 59.80% 76.53%
6.95% 14.53% 12.61% 10.13% 6.29% 109.45% -2.12%
14.52% 25.12% 17.38% 12.79% 11.66% 117.15% 4.70%
7.67% 25.35% 1.91% 1.18% 1.66% 69.60% 4.81%
-53.50% 19.03% -21.40% -23.67% 3.26% 127.45% 10.25%
10.83% 18.93% 19.33% 15.06% 11.94% 64.40% -1.61%
NA 28.04% NA NA NA NA NA
NA 19.36% NA NA NA 9812.35% NA
32.75% 6.87% 18.25% 14.58% 16.00% 154.37% -8.44%
26.95% 19.15% 14.43% 10.32% 10.59% 76.10% 2.88%
12.60% 22.15% 11.05% 8.22% 7.26% 75.32% 16.27%
4.76% 5.55% 14.81% 13.69% 0.78% 316.85% 3.32%
15.88% 11.86% 22.22% 17.28% 16.64% 84.88% 22.14%
19.24% 12.73% 6.48% 4.81% 4.89% 78.77% 3.04%
18.55% 19.93% 11.11% 7.39% 4.84% 91.90% -5.59%
14.78% 26.55% 15.07% 10.89% 7.84% 154.15% 18.02%
19.48% 11.04% 31.57% 21.88% 7.36% 158.10% 6.22%
7.10% 21.98% 28.94% 17.50% 12.72% 297.08% -4.26%
8.09% 30.16% 12.80% 8.57% 5.10% 184.03% 5.53%
11.05% 25.13% 14.59% 9.02% 3.11% 45.60% -3.13%
10.36% 21.05% 6.65% 4.59% 4.07% 61.17% 6.78%
6.83% 13.70% 18.45% 14.46% 9.80% 280.22% -0.01%
8.54% 17.39% 15.11% 11.28% 10.72% 143.22% 16.89%
10.40% 24.23% 10.12% 7.02% 13.46% 92.61% 9.01%
11.01% 10.61% 12.01% 9.84% 4.63% 54.63% 10.19%
10.08% 27.41% 9.76% 5.65% 7.99% 192.87% 1.98%
13.50% 11.14% 25.74% 19.10% 10.69% 192.31% 2.28%
11.18% 24.67% 5.11% 3.14% 2.91% 99.52% 3.68%
8.60% 6.37% 8.95% 8.68% 7.11% 184.61% 0.88%
7.56% 8.66% 14.54% 10.88% 1.49% 181.13% 10.94%
9.57% 7.51% 33.30% 24.02% 30.24% 203.00% 7.21%
12.10% 13.94% 10.74% 8.80% 9.57% 48.46% 15.14%
5.18% 18.59% 15.63% 12.95% 9.18% 227.63% -3.02%
-0.14% 3.79% -2.58% -0.48% 62.30% 554.33% 31.62%
11.38% 18.55% 12.10% 8.33% 6.22% 75.65% 0.81%
14.07% 1.04% 129.07% 126.01% 113.55% 89.50% -10.12%
11.10% 23.74% 28.43% 18.56% 17.86% 175.52% -1.76%
8.26% 17.37% 11.51% 9.26% 7.28% 174.70% -0.96%
NA 7.22% NA NA NA NA NA
20.32% 21.57% 15.82% 11.17% 10.70% 124.28% -4.82%
14.99% 23.04% 7.50% 4.99% 3.86% 219.62% 8.40%
28.74% 24.64% 9.39% 5.82% 5.56% 96.55% 3.40%
9.89% 34.43% 6.88% 4.46% 4.35% 140.44% 13.56%
12.18% 31.39% 8.13% 5.13% 5.14% 78.27% 5.88%
13.60% 25.02% 5.84% 3.83% 3.45% 129.02% 0.88%
10.38% 31.21% 3.18% 2.07% 4.16% 120.58% -0.01%
10.39% 26.22% 48.78% 35.58% 11.45% 86.69% 123.16%
28.41% 11.01% 22.76% 18.13% 17.82% 108.32% 6.93%
40.44% 15.17% 21.65% 18.30% 16.30% 105.87% 12.51%
27.41% 24.31% 11.34% 8.22% 8.44% 123.84% 16.28%
5.94% 21.03% 5.83% 4.90% 3.52% 66.43% 11.41%
23.30% 13.16% 10.87% 8.53% 7.22% 60.98% -3.38%
13.70% 14.22% 22.74% 16.56% 5.11% 95.55% -12.38%
8.34% 29.42% 15.83% 11.21% 8.50% 76.44% -7.76%
NA 12.43% NA NA NA NA NA
27.98% 31.03% 20.61% 15.24% 8.46% 64.69% -2.44%
19.54% 20.30% 10.85% 7.24% 7.37% 114.16% 8.55%
9.07% 25.48% 6.37% 4.20% 2.74% 156.92% 5.03%
4.56% 26.07% 11.60% 7.81% 0.55% 164.69% 7.52%
5.42% 35.22% 26.61% 18.05% 12.25% 250.02% 7.51%
-18.21% 12.12% -11.47% -15.91% 7.96% 85.53% 7.62%
12.21% 15.48% 17.24% 12.62% 8.32% 125.47% 7.01%
Payout Ratio Reinvestment RSales/Capital EV/Sales
43.75% -46.14% 1.42 1.14
29.13% 14.77% 2.53 0.93
18.91% 5.54% 2.40 1.78
18.85% 22.13% 1.85 1.19
23.74% 15.16% 3.18 0.59
22.24% -22.37% 1.41 0.73
33.53% 0.00% NA NA
38.36% 0.00% NA NA
46.35% -2.46% 0.83 3.03
59.34% NA 0.97 4.49
NA -106.83% 0.82 1.22
18.03% -30.82% 0.71 2.21
30.79% 29.24% 1.43 1.52
31.68% 47.92% 1.48 1.62
40.43% 12.99% 1.56 1.56
33.78% 37.48% 1.22 1.78
21.61% -9.05% 1.83 3.07
8.61% 1.22% 2.96 1.39
36.81% 1.67% 0.68 2.11
49.12% -28.69% 0.89 2.85
1.89% -2.56% 1.20 4.55
2.83% 8.07% 2.66 1.14
63.88% 56.89% 0.55 2.26
66.22% 82.35% 0.54 2.51
56.70% 117.43% 0.54 2.19
29.40% 9.17% 1.51 1.54
11.97% 18.61% 3.51 0.47
6.31% -9.01% 4.05 0.46
25.84% -9.30% 0.78 1.89
11.57% -25.03% 1.29 1.87
46.73% -0.26% 0.80 2.07
NA 13.38% 0.18 6.67
45.25% 25.88% 1.82 1.08
51.37% -39.15% 2.43 0.37
49.81% -3.51% 0.79 1.86
27.83% -12.43% 2.08 0.92
12.22% -40.14% 1.24 3.82
34.22% 94.67% 1.64 1.34
NA NA 1.00 1.23
40.37% -0.79% 0.69 2.58
48.97% 5.97% 1.13 2.21
50.59% 27.53% 6.48 0.29
24.98% NA 2.26 0.85
38.73% -23.97% 0.72 2.94
29.39% 0.24% NA NA
23.46% 57.73% NA NA
0.66% 4.82% 2.25 3.91
32.87% -4.73% 2.61 1.75
25.38% 8.44% 1.53 1.37
25.25% 215.04% 0.35 2.69
22.91% 1.50% 0.92 2.52
37.29% -3.21% 4.00 0.73
8.82% -25.53% 2.51 0.68
25.70% 32.62% 1.36 1.67
33.51% 23.26% 0.89 2.47
33.81% 276.48% 0.41 3.37
67.28% 49.96% 0.94 1.45
14.56% -32.30% 1.23 1.31
28.06% -20.89% 2.26 0.55
73.98% 124.00% 0.47 3.56
41.88% 70.61% 0.76 2.38
24.38% 108.81% 1.48 1.06
43.21% -26.89% 1.12 1.06
38.99% 87.67% 1.78 0.87
9.50% 64.09% 0.71 2.20
20.26% 5.55% 3.56 0.53
33.53% 43.79% 0.99 1.97
13.75% 64.25% 0.69 1.48
26.71% 62.24% 0.40 5.33
11.24% 2.04% 1.38 1.64
27.66% 137.37% 0.40 2.85
17.28% NA 0.30 3.43
25.02% -8.51% 1.37 1.15
91.36% -1.96% 0.11 14.13
34.63% 36.17% 0.60 3.44
42.67% 50.56% 0.89 1.60
15.87% 50.50% NA NA
46.73% 8.36% 1.82 2.50
19.62% 86.40% 3.00 0.83
21.08% 0.99% 4.94 0.87
2.49% 40.76% 2.22 0.92
47.32% -6.28% 2.37 1.04
29.16% 14.97% 3.55 0.59
28.62% 23.06% 5.02 0.35
10.93% -126.66% 0.29 3.08
30.53% 5.83% 1.57 2.06
11.30% 2.58% 2.21 0.97
25.89% 19.07% 3.33 1.52
34.26% -6.39% 1.21 0.78
53.72% -21.25% 2.73 1.25
43.63% -5.54% 0.83 1.85
80.94% -37.32% 0.74 1.75
NA 0.00% NA NA
67.56% -4.20% 1.84 2.36
25.04% 13.39% 2.70 1.48
41.07% 94.07% 2.16 1.28
0.32% 132.29% 0.58 1.39
48.16% 107.15% 0.30 4.39
9.13% NA 1.14 1.91
37.92% 8.65% 0.97 1.67