Dividend Discount Model

Assumptions 1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
3. The dividend payout ratio is consistent with the expected growth rate.
Inputs needed 1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity
How the model The expected dividends are estimated for the high growth period, using the payout
ratio for the high growth period and the expected growth rate in earnings per share.
The expected growth rate is estimated either using fundamentals:
Expected growth = Retention Ratio * Return on Equity
Alternatively, you can input the expected growth rate.
At the end of the high growth phase, the expected terminal price is estimated using
dividends per share one year after the high growth period, using the growth rate
in stable growth, the payout ratio in stable growth and the cost of equity in stable
growth.
The dividends per share and the terminal price are discounted back to the present at
the cost of equity changes.
If your cost of equity in stable growth is different from your cost of equity in high
growth, the cost of equity in the second half of the stable growth period will be
adjusted gradually from the high growth cost of equity to a stable growth cost of
equity.
Options AvailabYou can make this model into a three stage model by answering yes to the question
of whether you want me to adjust the inputs in the second half of the high growth
period. If you do, I will adjust the growth rate, the payout ratio and the cost of
equity from high-growth levels to stable growth levels gradually.
You can also make this a stable growth model by setting the high
growth period to zero.
ount Model

stable growth rate.

od, using the payout

n earnings per share.

ce is estimated using
ng the growth rate
of equity in stable

back to the present at

of equity in high
h period will be
ble growth cost of

ng yes to the question

of the high growth
and the cost of
 Your Company inputs
Name of company: JP Morgan Chase
Date of valuation: 23-May-24
Name for your valuation story Dimon in the Rough
Inputs from current financials
Last 12 months
Book Value of Equity = $322,878.00
Net Income = $49,552.00
Current Dividends (aggregate) = $13,463.00
Number of shares outstanding 2908.30
Current stock price $198.06

Inputs for Discount Rate

Beta of the stock = 1.06
Riskfree rate= 4.50%
Equity Risk Premium 5.09%

Inputs for High Growth Period

Length of high growth period 10

Do you want to calculate the growth rate from fundamentals? Yes

If no, enter the expected growth rate in earnings in high growth = 15%
If yes, the following will be the inputs to the fundamental growth formulation:
ROE = 16.95%
Retention = 72.83%
Do you want to change any of these inputs for the high growth peri Yes
If yes, specify the values for these inputs (Please enter all variables)
ROE = 15.00%
Retention = 72.83%
Do you want to change any of these inputs for the stable growth pe Yes
If yes, specify the values for these inputs
ROE = 12.00%
Do you want me to gradually adjust your inputs during the second h Yes

Inputs for Stable Growth Period

The model uses the riskfree rate as the growth rate in perpeutiy. If you want to change that assumption, y
Do you want to override the detault & use a different growth rate No
Enter growth rate in stable growth period? 1.50%
Stable payout ratio from fundamentals is = 62.50%
Do you want to change this payout ratio? No
If yes, enter the stable payout ratio=

Will the beta to change in the stable period? No

If yes, enter the beta for stable period = 0.80
 Input cell Calculated cell
uts

Last year
$292,332.00 (in currency)
$37,676.00 (in currency)
(in currency)

Use industry average sheet for guidance

(in percent) Use the currrent riskfree rate in your currency of choi
(in percent) Use the ERP calculator for guidance

Up to 15 years

(Yes or No)

(in percent)
(in percent)

(in percent) Use industry average sheet for guidance

(in percent) Use industry average sheet for guidance

(in percent) Use industry average sheet for guidance

change that assumption, you can do so below (but you are entering dangerous territory)

(in percent)
(in percent)
(Yes or No)
(in percent)

(Yes or No)
 Two-Stage Dividend Discount Model

Output from the program

Cost of Equity = 9.90%
Return on Equity = 15.00%
Net Income = $49,552
Earnings per Share = $17.04
Growth rate in Net Income - 10.92%
Payout Ratio for high growth phase= 27.17%

The dividends for the high growth phase are shown below (upto 10 years)
1 2 3 4
Expected Growth Rate 10.92% 10.92% 10.92% 10.92%
Return on equity 15.00% 15.00% 15.00% 15.00%
Earnings per share $49,552.00 $54,965.35 $60,970.09 $67,630.81
Payout ratio 27.17% 27.17% 27.17% 27.17%
Dividends per share $13,463.00 $14,933.78 $16,565.23 $18,374.91
Cost of Equity 9.90% 9.90% 9.90% 9.90%
Cumulative Cost of Equit 109.90% 120.77% 132.72% 145.86%
Present Value $12,250.70 $12,365.38 $12,481.14 $12,597.98

Page
 Two-Stage Dividend Discount Model

Return on equity in Stable Phase = 12.00%

Growth Rate in Stable Phase = 4.50%
Payout Ratio in Stable Phase = 62.50%
Cost of Equity in Stable Phase = 9.90%
Value at the end of growth phase = ###

Present Value of dividends in high growth phase = ###

Present Value of Terminal Price = ###
Value of equity = ###
Number of shares outstanding $2,908.30
Value per share = $228.88
Price per share = $198.06

Estimating the value of growth

Value of assets in place = $172.18
Value of stable growth = $34.06
Value of extraordinary growth = $22.65
Value of the stock = $228.88

Page
 Two-Stage Dividend Discount Model

5 6 7 8 9 10
10.92% 9.64% 8.35% 7.07% 5.78% 4.50%
15.00% 14.40% 13.80% 13.20% 12.60% 12.00%
$75,019.20 $82,250.80 $89,122.65 $95,423.47 $100,943.64 $105,486.11
27.17% 34.24% 41.30% 48.37% 55.43% 62.50%
$20,382.30 $28,159.01 $36,809.14 $46,154.21 $55,956.99 $65,928.82
9.90% 9.90% 9.90% 9.90% 9.90% 9.90%
160.29% 176.15% 193.58% 212.74% 233.79% 256.93%
$12,715.91 $15,985.67 $19,014.63 $21,695.14 $23,934.50 $25,660.44

Page
Two-Stage Dividend Discount Model

Page
 JP Morgan Chase
Dimon in the Rough
JP Morgan, the largest bank in the world, also happens to be one of the best regarded. With a large and very sticky d
corporate heavyweight, JPM will continue to deliver supeiror returns on equity, aided by the the stresses on smaller
growth, but it will manage to

The Assumptions
Base year Growth Period - !st Half 2nd half

Net Income $17.04 10.92% Moves to

Dividend Payout Ratio 27.17% 27.2% Moves to

Return on Equity 16.95% 15.00% Moves to

Cost of equity 9.90% Moves to
The Cash Flows
Net Income Expected Growth Payout Ratio Dividends
1 $49,552.00 10.92% 27.17% $13,463.00
2 $54,965.35 10.92% 27.17% $14,933.78
3 $60,970.09 10.92% 27.17% $16,565.23
4 $67,630.81 10.92% 27.17% $18,374.91
5 $75,019.20 10.92% 27.17% $20,382.30
6 $82,250.80 9.64% 34.24% $28,159.01
7 $89,122.65 8.35% 41.30% $36,809.14
8 $95,423.47 7.07% 48.37% $46,154.21
9 $100,943.64 5.78% 55.43% $55,956.99
10 $105,486.11 4.50% 62.50% $65,928.82
11
12
13
14
15
Terminal year $110,232.98 4.50% 62.50% $68,895.61
The Value
Expected dividends in terminal year $68,895.61
Expected growth rate in perpetuity 4.50%
Cost of equity in perpetuity 9.90%
Terminal value per shae $1,276,836.90
PV of terminal value = $496,963.31
PV of dividends during high growth = $168,701.48
Value of equity $665,664.79
Number of shares outstanding = 2908.30 Stock w
Value per share = $228.88 % Under
 May-24
ugh
a large and very sticky deposit base, and a client list that includes almost every
the stresses on smaller banks. Its size will make it difficult to deliver high

ns
Stable Growth Link to story
Gain market share at expense of smaller
banks,
Payoutbut size
ratio acts as aoflimiting
a function growthfactor.
and
62.50% ROE
Significant competitive advantages and
12.00% superior management team.
9.90% Median cost of equity for large banks
s
Cumulated Cost of Equity PV of Dividends
1.0990 $12,250.70
1.2077 $12,365.38
1.3272 $12,481.14
1.4586 $12,597.98
1.6029 $12,715.91
1.7615 $15,985.67
1.9358 $19,014.63
2.1274 $21,695.14
2.3379 $23,934.50
2.5693 $25,660.44

Stock was trading at = $198.06

% Under or Over Valued -13.47%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective Unlevered
Industry Name firms years (Unadjusted) After-tax ROC tax rate Beta
Advertising 57 11.57% 9.61% 31.52% 20.55% 1.18
Aerospace/Defense 70 7.59% 8.54% 16.17% 15.45% 0.93
Air Transport 25 2.90% 6.90% 10.92% 23.53% 0.64
Apparel 38 5.72% 8.76% 15.29% 32.17% 0.93
Auto & Truck 34 21.94% 4.82% 5.19% 13.21% 1.30
Auto Parts 39 6.28% 5.31% 10.16% 27.95% 1.12
Bank (Money Center) 15 7.28% 0.00% 0.02% 15.86% 0.64
Banks (Regional) 625 9.22% 0.00% -0.05% 20.72% 0.33
Beverage (Alcoholic) 19 12.06% 20.63% 16.67% 25.60% 0.97
Beverage (Soft) 29 28.58% 19.30% 30.65% 18.73% 0.70
Broadcasting 22 5.48% 11.78% 12.06% 26.27% 0.50
Brokerage & Investment 27 12.79% 0.77% 0.13% 21.05% 0.55
Building Materials 44 6.41% 13.55% 25.27% 24.75% 1.21
Business & Consumer Se 162 6.69% 11.10% 27.45% 24.24% 0.93
Cable TV 10 16.23% 19.47% 11.31% 25.56% 0.74
Chemical (Basic) 32 11.32% 7.88% 11.81% 23.97% 0.87
Chemical (Diversified) 4 -0.76% 1.52% 1.57% 44.29% 0.81
Chemical (Specialty) 68 7.33% 13.09% 13.51% 18.27% 0.94
Coal & Related Energy 18 5.56% 20.51% 29.50% 13.13% 1.24
Computer Services 72 10.93% 6.98% 24.17% 18.86% 0.86
Computers/Peripherals 36 2.31% 21.06% 37.80% 14.61% 1.10
Construction Supplies 11 9.32% 19.04% 16.92% 20.59% 0.85
Diversified 23 6.94% 22.93% 20.40% 17.65% 1.09
Drugs (Biotechnology) 572 18.95% 1.08% 1.56% 16.41% 1.09
Drugs (Pharmaceutical) 245 41.54% 18.16% 13.38% 14.92% 0.94
Education 31 4.12% 5.82% 5.93% 32.16% 1.15
Electrical Equipment 103 14.91% 9.00% 13.27% 21.67% 1.15
Electronics (Consumer & 13 -6.32% -0.08% 0.95% 69.44% 1.30
Electronics (General) 129 15.82% 9.48% 15.11% 22.61% 0.88
Engineering/Constructio 77 6.55% 10.36% 18.53% 23.69% 0.92
Entertainment 98 15.47% 7.01% 7.56% 20.00% 0.87
Environmental & Waste 57 13.38% 13.55% 29.94% 24.03% 0.79
Farming/Agriculture 42 21.38% 10.18% 17.93% 20.91% 0.77
Financial Svcs. (Non-ba 192 19.12% 15.99% 0.96% 19.00% 0.33
Food Processing 93 6.45% 10.49% 16.63% 22.34% 0.57
Food Wholesalers 14 18.65% 2.23% 14.96% 24.40% 0.74
Furn/Home Furnishings 31 3.13% 5.86% 10.31% 34.49% 0.86
Green & Renewable Ene 17 3.74% 23.44% 4.15% 7.06% 0.56
Healthcare Products 230 17.95% 13.29% 13.08% 20.58% 1.01
Healthcare Support Serv 119 12.42% 3.92% 45.74% 22.53% 0.94
Heathcare Information a 128 19.67% 14.01% 14.28% 11.69% 1.19
Homebuilding 32 11.04% 16.24% 20.91% 23.44% 1.35
Hospitals/Healthcare Faci 32 18.11% 11.57% 20.16% 20.30% 0.56
Hotel/Gaming 68 10.24% 17.14% 9.99% 19.27% 1.05
Household Products 19 1.30% 18.74% 34.64% 21.28% 0.72
Information Services 18 4.72% 11.63% 22.74% 25.78% 0.77
Insurance (General) 21 7.76% 15.23% 15.65% 20.67% 0.89
Insurance (Life) 23 -0.06% 0.07% 0.11% 17.73% 0.54
Insurance (Prop/Cas.) 50 6.17% 7.41% 11.12% 18.94% 0.68
Investments & Asset M 334 4.60% 15.00% 6.16% 18.98% 0.39
Machinery 103 4.71% 14.78% 24.91% 21.72% 0.94
Metals & Mining 68 -1.31% 19.62% 24.03% 35.29% 0.91
Office Equipment & Serv 17 15.85% 7.29% 12.93% 44.32% 0.88
Oil/Gas (Integrated) 4 1.76% 15.60% 17.04% 29.51% 0.64
Oil/Gas (Production and 166 23.28% 37.27% 28.41% 20.34% 0.82
Oil/Gas Distribution 24 27.45% 37.95% 20.60% 18.24% 0.53
Oilfield Svcs/Equip. 100 7.74% 8.72% 28.02% 21.84% 0.85
Packaging & Container 11 4.63% 10.14% 14.47% 21.44% 0.59
Paper/Forest Products 7 3.84% 9.96% 18.90% 30.91% 1.59
Power 50 5.33% 16.29% 5.78% 16.14% 0.39
Precious Metals 61 11.64% 9.48% 4.69% 22.88% 0.83
Publishing & Newspaper 13 1.89% 7.59% 11.74% 33.50% 0.81
R.E.I.T. 181 7.95% 22.31% 2.60% 3.42% 0.65
Real Estate (Developmen 17 55.56% 12.61% 2.93% 24.26% 0.43
Real Estate (General/Dive 11 9.08% 16.13% 5.31% 17.40% 0.51
Real Estate (Operations 60 5.44% -0.28% 0.07% 18.04% 0.88
Recreation 55 10.95% 9.66% 9.54% 27.91% 0.85
Reinsurance 1 6.95% 9.66% 30.12% 22.95% 0.61
Restaurant/Dining 64 6.80% 15.80% 19.56% 19.97% 1.02
Retail (Automotive) 30 17.50% 6.18% 13.20% 23.75% 1.06
Retail (Building Supply) 16 8.91% 12.51% 39.43% 24.04% 1.70
Retail (Distributors) 62 5.81% 11.95% 18.61% 23.45% 0.91
Retail (General) 26 18.06% 4.41% 9.89% 21.72% 1.17
Retail (Grocery and Foo 14 6.59% 2.42% 10.99% 22.91% 0.36
Retail (REITs) 28 4.11% 36.75% 4.46% 4.20% 0.79
Retail (Special Lines) 105 12.07% 4.62% 13.50% 24.71% 0.97
Rubber& Tires 3 9.02% 1.84% 3.12% #DIV/0! 0.26
Semiconductor 63 6.44% 19.71% 11.37% 9.31% 1.46
Semiconductor Equip 30 9.93% 24.19% 25.68% 12.27% 1.51
Shipbuilding & Marine 8 -0.68% 10.65% 9.24% 18.85% 0.69
Shoe 13 11.49% 12.20% 24.04% 17.46% 1.27
Software (Entertainment 84 17.41% 26.80% 19.94% 16.57% 1.11
Software (Internet) 35 22.24% -3.36% -0.48% 17.88% 1.51
Software (System & Appl 351 15.90% 25.30% 23.22% 17.85% 1.27
Steel 29 7.87% 12.10% 22.18% 19.96% 1.08
Telecom (Wireless) 13 9.30% 16.79% 6.55% 24.65% 0.75
Telecom. Equipment 66 9.62% 19.58% 28.18% 16.91% 1.05
Telecom. Services 42 13.17% 20.86% 11.80% 21.77% 0.41
Tobacco 16 34.97% 40.82% 80.36% 21.14% 0.99
Transportation 110 7.39% 8.51% 16.09% 22.12% 0.84
Transportation (Railroad 4 2.49% 35.11% 14.26% 22.98% 0.86
Trucking 22 6.19% 8.49% 12.75% 25.56% 1.03
Utility (General) 14 4.34% 21.81% 6.47% 16.02% 0.36
Utility (Water) 13 10.85% 30.79% 6.80% 14.92% 0.52
 Std Market
Cost of deviation in Pre-tax cost Debt/Capita Cost of Sales/
Equity (Levered) Beta equity stock prices of debt l capital Capital
1.37 10.19% 56.41% 5.35% 25.24% 8.63% 3.28
1.08 8.83% 36.40% 5.09% 20.29% 7.81% 1.98
1.27 9.71% 44.65% 5.09% 61.85% 6.06% 1.78
1.19 9.38% 37.04% 5.09% 32.78% 7.55% 1.77
1.52 10.88% 59.70% 5.35% 23.68% 9.26% 1.05
1.34 10.06% 37.07% 5.09% 27.77% 8.33% 2.00
1.06 8.76% 22.51% 4.50% 68.37% 5.08% 0.27
0.46 6.00% 18.68% 4.50% 50.48% 4.68% 0.37
1.13 9.09% 49.70% 5.09% 19.66% 8.05% 0.90
0.76 7.40% 42.96% 5.09% 14.62% 6.87% 1.69
1.06 8.76% 38.46% 5.09% 63.82% 5.60% 1.12
1.12 9.03% 25.21% 5.09% 69.33% 5.41% 0.28
1.32 9.94% 28.72% 5.09% 15.36% 9.00% 2.29
1.02 8.58% 41.29% 5.09% 15.21% 7.86% 2.72
1.28 9.75% 33.01% 5.09% 50.43% 6.76% 0.78
1.10 8.92% 38.92% 5.09% 31.35% 7.32% 1.62
1.13 9.09% 37.24% 5.09% 41.01% 6.93% 1.28
1.09 8.88% 36.60% 5.09% 21.15% 7.81% 1.16
1.27 9.73% 55.69% 5.35% 18.40% 8.67% 1.47
1.00 8.47% 49.61% 5.09% 22.57% 7.42% 3.59
1.13 9.09% 38.90% 5.09% 5.74% 8.79% 1.92
0.94 8.19% 30.30% 5.09% 13.98% 7.58% 1.05
1.19 9.38% 52.25% 5.35% 16.07% 8.51% 0.93
1.12 9.05% 61.98% 5.35% 14.08% 8.34% 0.41
1.03 8.60% 65.30% 6.09% 13.83% 8.05% 0.64
1.23 9.52% 43.78% 5.09% 16.38% 8.58% 1.29
1.24 9.59% 54.42% 5.35% 17.62% 8.61% 1.47
1.30 9.84% 39.42% 5.09% 15.49% 8.90% 1.67
0.93 8.18% 42.94% 5.09% 14.67% 7.54% 1.68
1.06 8.75% 36.59% 5.09% 21.10% 7.71% 2.04
0.99 8.45% 61.19% 5.35% 22.33% 7.46% 1.11
0.91 8.05% 46.07% 5.09% 18.00% 7.29% 2.29
0.99 8.44% 54.14% 5.35% 31.18% 7.06% 1.83
1.14 9.12% 38.10% 5.09% 77.42% 5.01% 0.07
0.71 7.13% 35.52% 5.09% 26.89% 6.24% 1.71
0.97 8.32% 27.30% 5.09% 30.86% 6.93% 8.02
1.11 8.97% 46.65% 5.09% 32.23% 7.31% 1.96
1.11 8.97% 57.34% 5.35% 58.58% 6.07% 0.20
1.06 8.77% 52.21% 5.35% 11.24% 8.23% 0.99
1.03 8.63% 49.53% 5.09% 21.18% 7.61% 12.88
1.27 9.74% 54.15% 5.35% 13.85% 8.95% 1.04
1.37 10.18% 32.31% 5.09% 14.10% 9.28% 1.55
0.88 7.93% 46.33% 5.09% 44.37% 6.10% 1.87
1.34 10.06% 40.80% 5.09% 32.74% 8.02% 0.81
0.78 7.47% 30.17% 5.09% 12.89% 7.00% 2.09
0.93 8.16% 33.83% 5.09% 26.29% 7.02% 2.19
1.03 8.63% 40.38% 5.09% 20.59% 7.64% 1.19
0.77 7.40% 30.85% 5.09% 47.98% 5.68% 0.94
0.74 7.28% 27.40% 5.09% 16.24% 6.72% 1.69
0.46 5.98% 15.15% 4.50% 28.74% 5.23% 0.47
1.03 8.60% 33.44% 5.09% 14.43% 7.91% 1.87
0.96 8.31% 60.56% 5.35% 13.66% 7.72% 1.25
1.14 9.12% 30.28% 5.09% 34.46% 7.29% 2.07
0.67 6.96% 26.44% 5.09% 11.11% 6.61% 1.37
0.93 8.16% 46.31% 5.09% 18.88% 7.34% 0.80
0.79 7.52% 32.55% 5.09% 41.25% 5.99% 0.59
0.98 8.39% 43.73% 5.09% 24.32% 7.27% 3.55
0.87 7.87% 22.80% 4.50% 41.68% 6.00% 1.81
1.94 12.80% 43.04% 5.09% 27.20% 10.35% 2.14
0.65 6.87% 20.39% 4.50% 48.17% 5.19% 0.41
0.87 7.88% 63.61% 5.35% 13.20% 7.37% 0.51
0.92 8.10% 31.02% 5.09% 22.32% 7.15% 1.81
1.02 8.59% 23.59% 4.50% 44.37% 6.28% 0.14
0.67 6.96% 34.24% 5.09% 48.48% 5.43% 0.27
0.56 6.47% 35.91% 5.09% 24.17% 5.83% 0.37
1.08 8.85% 44.19% 5.09% 30.83% 7.30% 1.45
1.17 9.27% 44.30% 5.09% 36.94% 7.25% 1.28
0.66 6.89% 17.09% 4.50% 29.84% 5.84% 4.05
1.19 9.38% 35.37% 5.09% 20.46% 8.24% 1.62
1.49 10.75% 46.79% 5.09% 36.51% 8.22% 2.67
1.94 12.80% 45.21% 5.09% 16.61% 11.30% 3.64
1.11 8.97% 37.74% 5.09% 24.41% 7.71% 1.82
1.25 9.61% 38.28% 5.09% 11.84% 8.93% 2.41
0.49 6.15% 25.65% 5.09% 35.83% 5.31% 4.76
1.12 9.04% 20.72% 4.50% 37.04% 6.94% 0.13
1.18 9.31% 44.01% 5.09% 26.55% 7.85% 3.11
0.67 6.98% 40.77% 5.09% 70.17% 4.76% 1.45
1.50 10.76% 41.47% 5.09% 5.70% 10.36% 0.58
1.53 10.91% 37.04% 5.09% 7.22% 10.40% 1.16
0.81 7.61% 45.07% 5.09% 22.94% 6.74% 0.83
1.29 9.82% 36.28% 5.09% 8.01% 9.34% 2.23
1.11 8.98% 52.79% 5.35% 3.06% 8.83% 0.74
1.62 11.31% 65.22% 6.09% 10.70% 10.59% 0.64
1.29 9.83% 52.09% 5.35% 5.84% 9.49% 0.92
1.13 9.06% 38.10% 5.09% 16.79% 8.18% 2.17
1.09 8.88% 60.31% 5.35% 39.08% 6.98% 0.48
1.08 8.85% 46.62% 5.09% 10.25% 8.33% 1.45
0.78 7.49% 50.42% 5.35% 55.54% 5.56% 0.60
1.22 9.51% 48.00% 5.09% 25.87% 8.03% 2.18
1.00 8.47% 56.20% 5.35% 23.57% 7.42% 2.01
1.02 8.56% 22.28% 4.50% 21.14% 7.46% 0.49
1.15 9.16% 28.33% 5.09% 16.63% 8.27% 1.84
0.58 6.55% 14.93% 4.50% 45.90% 5.09% 0.35
0.71 7.16% 28.20% 5.09% 33.73% 6.03% 0.25
 Non-cash Cap Ex as Net Cap Ex
WC as % of % of as % of
EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues Revenues Revenues
2.26 12.94 22.24 5.76 175.73 1.25% 1.83% -1.69%
2.48 18.49 28.31 5.08 32.52 45.04% 2.83% 2.28%
0.91 6.17 13.02 2.24 12.66 1.09% 11.16% 6.72%
1.20 7.92 12.39 2.56 18.69 24.65% 2.42% 0.54%
2.49 21.65 49.58 4.60 21.12 -2.20% 6.41% 2.66%
0.82 7.06 14.12 2.00 39.03 15.45% 3.71% 3.17%
5.27 NA NA 1.05 8.55 NA 1.97% 1.30%
4.47 NA NA 1.02 35.97 NA 2.73% -10.09%
3.89 14.84 18.68 3.10 35.38 17.12% 7.66% 9.39%
4.16 18.07 21.47 7.42 33.67 -7.14% 4.65% 2.39%
1.25 7.31 10.67 0.80 7.82 10.92% 2.52% -2.06%
5.61 NA NA 1.66 222.19 NA 3.41% 1.68%
2.11 12.01 15.39 4.74 24.85 18.36% 3.25% 2.45%
2.68 16.12 23.49 5.54 86.90 13.48% 2.98% 1.69%
2.55 7.80 13.35 2.06 16.12 -0.10% 14.08% 1.65%
1.15 8.10 14.06 1.98 12.41 14.74% 5.51% 3.08%
1.16 15.40 73.62 1.97 30.53 17.62% 4.51% -0.58%
2.68 12.85 20.00 2.67 60.90 22.75% 8.46% 9.81%
1.33 2.75 4.04 1.79 91.91 6.13% 9.30% 1.59%
1.37 12.61 18.86 4.37 76.13 13.85% 1.23% 0.82%
5.51 21.83 25.97 30.98 31.83 -9.87% 3.06% 0.90%
4.10 14.94 21.87 3.77 63.10 22.90% 9.47% 3.45%
2.43 8.93 10.51 1.87 13.80 5.00% 4.48% 4.61%
6.89 13.52 NA 6.14 30.39 9.98% 3.82% 3.47%
5.08 16.62 27.43 5.20 57.63 22.37% 5.31% 12.97%
2.30 10.80 31.74 2.72 34.57 9.08% 2.92% 0.33%
2.98 14.65 28.89 2.92 24.69 28.27% 6.16% 9.82%
0.85 19.14 NA 1.90 38.63 15.53% 1.56% -0.22%
2.18 13.59 22.11 3.28 102.26 24.01% 4.06% 4.12%
1.57 11.04 14.82 3.75 36.14 18.94% 3.74% 2.84%
3.07 16.37 42.53 2.59 31.17 3.81% 4.37% -2.26%
3.38 15.00 24.26 6.25 31.28 10.18% 7.84% 6.48%
1.11 8.97 10.56 2.73 21.61 14.72% 3.40% 2.70%
18.64 57.68 77.49 3.38 25.81 1260.44% 2.84% 2.78%
1.73 11.44 16.12 2.30 30.03 7.75% 4.47% 3.30%
0.40 11.26 18.05 4.10 26.10 5.78% 0.93% 0.90%
1.05 9.37 16.70 2.25 19.58 13.97% 3.24% 7.22%
7.47 12.63 33.58 0.85 39.87 -27.98% 44.32% 20.46%
5.16 21.51 36.99 4.63 61.89 25.57% 4.90% 2.08%
0.61 11.29 15.46 3.34 80.17 -6.53% 0.71% 1.92%
 5.29 21.44 36.53 4.09 44.44 22.95% 4.51% 2.67%
1.32 7.79 8.11 2.00 10.66 58.51% 0.51% 0.36%
1.56 8.75 13.41 5.12 22.87 11.17% 6.25% 2.20%
4.23 14.98 30.73 11.06 32.22 2.99% 6.71% 1.12%
3.59 15.88 19.03 8.18 42.52 5.11% 3.52% 1.11%
2.33 12.15 19.06 4.06 24.76 15.73% 1.90% -3.63%
2.66 11.48 17.34 2.86 92.18 -0.01% 0.93% -2.60%
1.57 17.24 NA 1.62 176.38 28.62% 0.18% -2.56%
1.36 11.77 15.66 2.30 20.72 -40.94% 0.78% -0.13%
5.42 34.85 34.90 2.00 69.38 NA 2.97% 6.14%
3.07 15.46 20.31 4.34 26.95 25.17% 2.44% 6.43%
2.94 10.36 14.87 3.22 33.13 15.32% 13.03% 5.91%
1.17 9.34 15.61 2.54 249.16 9.13% 2.29% 1.98%
1.35 6.24 8.54 1.82 8.02 3.37% 7.39% -0.02%
2.65 4.67 6.98 1.94 16.33 1.00% 30.05% 16.05%
3.58 7.31 9.29 2.32 18.41 2.53% 16.53% 13.12%
0.63 5.42 7.08 1.98 70.30 6.34% 2.36% 0.58%
1.49 9.28 14.55 2.96 17.37 7.67% 6.76% 3.86%
1.04 7.06 10.31 2.42 19.99 12.90% 7.59% 5.07%
3.72 11.69 22.34 1.71 23.19 8.26% 33.95% 22.70%
3.96 13.01 40.06 2.04 34.23 9.83% 25.41% 9.54%
1.62 11.87 22.46 2.03 33.97 11.80% 3.78% -1.45%
11.74 21.91 53.48 1.98 123.36 117.77% 2.09% -16.89%
4.38 17.93 36.27 1.35 8.02 4.08% 2.54% -5.93%
4.78 18.01 28.44 1.25 33.23 201.30% 2.84% -5.14%
1.51 14.98 NA 2.87 104.24 9.69% 1.30% -1.17%
1.84 9.99 21.72 3.46 27.70 18.04% 7.11% 3.21%
0.69 7.28 7.14 1.31 9.34 17.09% 0.14% 4.33%
4.19 16.60 29.33 NA 94.19 0.86% 5.79% 3.57%
1.05 11.63 17.42 6.97 17.89 9.98% 1.91% 2.18%
2.17 13.33 17.19 NA 27.87 8.47% 2.43% 0.85%
1.81 11.63 13.82 4.03 28.91 17.42% 6.26% 9.22%
1.57 16.63 38.47 7.24 29.84 0.77% 5.20% 2.28%
0.41 6.38 19.80 2.90 16.76 -0.24% 2.66% 1.33%
12.15 17.43 34.71 1.94 74.09 -9.87% 5.17% -26.53%
0.98 9.34 20.32 4.78 48.79 5.06% 2.59% 2.66%
0.63 7.95 29.78 0.79 #DIV/0! 10.69% 5.42% 0.71%
10.60 31.59 53.32 7.38 82.75 22.40% 17.00% 6.90%
5.24 18.18 21.53 8.10 163.52 34.56% 5.08% 2.60%
1.70 8.38 14.23 1.36 24.76 11.30% 10.24% 4.03%
2.89 18.95 23.68 8.71 19.77 19.61% 0.86% -0.52%
6.03 17.16 22.22 6.24 30.82 4.78% 12.67% 8.70%
8.38 19.33 NA 9.00 35.18 9.67% 5.58% 2.83%
10.72 28.43 39.48 11.03 88.72 11.20% 8.67% 5.92%
0.94 5.93 7.73 1.76 14.54 19.02% 6.20% 4.21%
3.51 9.01 23.51 2.53 67.85 6.27% 15.31% -0.30%
3.61 13.98 17.65 5.14 70.49 23.09% 2.78% 3.98%
2.36 6.18 11.21 1.30 77.10 -3.22% 16.72% 2.43%
4.80 10.84 11.67 NA 17.75 15.30% 2.71% 33.43%
1.87 12.83 21.71 5.35 26.99 7.71% 7.93% 4.79%
6.63 14.32 18.97 6.91 22.29 2.26% 15.70% 5.60%
1.81 10.57 20.59 3.58 36.08 6.75% 14.93% 9.10%
4.13 11.70 19.08 1.65 17.48 13.37% 38.61% 25.91%
7.90 16.86 25.64 2.30 34.88 11.35% 53.91% 40.18%
 Pre-tax
Operating
Equity Margin (Lease
Reinvestme Dividend Reinvestment & R&D
nt Rate ROE Payout Ratio Rate adjusted)
-0.99% 3.25% 282.84% 282.84% 10.14%
39.25% 13.19% 53.69% 53.69% 8.77%
118.59% 21.94% 7.86% 7.86% 6.72%
-7.29% 9.20% 74.98% 74.98% 9.60%
81.47% 9.37% 35.46% 35.46% 5.10%
95.18% 5.72% 45.37% 45.37% 5.85%
5572.88% 14.87% 24.34% 24.34% 0.08%
NA 12.14% 32.01% 32.01% -0.18%
90.81% 8.70% 54.63% 54.63% 20.75%
25.68% 30.56% 66.39% 66.39% 19.40%
211.44% -2.16% 0.22% 0.22% 11.73%
5643.37% 10.41% 43.53% 43.53% 0.58%
-0.76% 21.35% 29.02% 29.02% 13.77%
25.45% 14.00% 59.78% 59.78% 11.31%
15.77% 19.47% 21.93% 21.93% 19.09%
17.37% 8.89% 131.27% 131.27% 8.02%
-555.65% -2.36% 1.04% 1.04% 1.46%
103.48% 14.94% 33.25% 33.25% 13.05%
13.28% 29.07% 15.16% 15.16% 20.55%
23.80% 18.77% 57.07% 57.07% 7.30%
9.24% 0.00% 17.44% 17.44% 21.48%
39.65% 17.20% 15.19% 15.19% 18.71%
25.08% 15.87% 8.16% 8.16% 23.07%
NA -11.59% 0.09% 0.09% 3.83%
85.39% 17.32% 69.96% 69.96% 21.33%
97.50% 1.67% 38.08% 38.08% 5.16%
214.64% 23.70% 17.18% 17.18% 9.57%
NA -6.63% 0.00% 0.00% 0.57%
70.43% 8.80% 28.53% 28.53% 9.80%
66.62% 21.24% 24.75% 24.75% 10.64%
-20.65% -0.27% 0.34% 0.34% 7.05%
70.10% 21.01% 36.34% 36.34% 13.82%
53.01% 27.51% 17.33% 17.33% 10.49%
20.11% 21.31% 31.70% 31.70% 16.01%
46.46% 8.98% 76.42% 76.42% 10.67%
47.19% 21.11% 38.16% 38.16% 2.22%
97.31% -6.53% 0.86% 0.86% 6.11%
115.90% 10.68% 25.60% 25.60% 21.78%
49.51% 8.31% 41.77% 41.77% 13.84%
62.75% 15.62% 29.63% 29.63% 3.86%
 31.34% 5.18% 19.73% 19.73% 14.15%
-5.00% 22.88% 6.43% 6.43% 16.30%
34.92% 61.97% 12.78% 12.78% 11.55%
21.81% 35.87% 8.43% 8.43% 13.54%
2.04% 36.41% 66.56% 66.56% 18.90%
-26.31% 8.43% 60.70% 60.70% 12.34%
37.90% 13.52% 32.75% 32.75% 15.27%
NA 1.32% 381.21% 381.21% 0.13%
28.66% 10.36% 35.13% 35.13% 7.49%
54.67% 13.78% 42.11% 42.11% 14.67%
66.77% 19.02% 36.27% 36.27% 15.06%
63.15% 12.17% 95.47% 95.47% 19.56%
16.58% 2.66% 225.17% 225.17% 7.53%
-1.67% 19.85% 37.14% 37.14% 15.78%
50.40% 31.09% 31.27% 31.27% 37.69%
40.28% 42.41% 39.84% 39.84% 38.21%
15.49% 29.65% 18.81% 18.81% 8.85%
70.32% 19.62% 25.85% 25.85% 10.21%
99.70% 15.17% 27.58% 27.58% 10.14%
173.43% 8.60% 76.67% 76.67% 16.29%
146.26% -2.33% 0.88% 0.88% 9.48%
-12.40% 2.54% 96.09% 96.09% 7.26%
-82.96% 4.15% 232.08% 232.08% 19.65%
-97.27% -8.54% 0.00% 0.00% 11.16%
-59.41% 9.11% 24.92% 24.92% 16.44%
NA -8.27% 0.76% 0.76% 0.05%
56.16% 2.56% 199.59% 199.59% 8.10%
75.61% 31.23% 18.93% 18.93% 9.66%
34.51% NA 53.08% 53.08% 13.61%
71.35% 47.33% 5.79% 5.79% 5.71%
2.33% NA 46.64% 46.64% 12.38%
103.75% 25.45% 25.22% 25.22% 12.17%
79.45% 19.55% 21.74% 21.74% 4.70%
114.28% 14.78% 36.92% 36.92% 2.65%
-81.80% 6.52% 155.57% 155.57% 35.01%
55.23% 9.64% 87.04% 87.04% 4.80%
-32.00% -10.00% #DIV/0! #DIV/0! 2.16%
49.86% 12.61% 48.87% 48.87% 20.54%
13.88% 32.89% 20.09% 20.09% 25.00%
50.27% 7.82% 29.34% 29.34% 11.94%
-20.18% 29.90% 32.26% 32.26% 12.18%
46.79% 23.26% 0.25% 0.25% 28.17%
NA -14.54% 0.00% 0.00% -0.83%
36.38% 24.44% 27.22% 27.22% 26.30%
15.70% 22.19% 12.47% 12.47% 12.15%
55.10% 9.74% 11.05% 11.05% 14.95%
 36.67% 24.55% 46.08% 46.08% 20.71%
20.12% -0.34% 0.16% 0.16% 20.98%
117.64% NA 87.98% 87.98% 41.00%
72.06% 22.06% 109.30% 109.30% 8.58%
22.18% 31.68% 43.52% 43.52% 34.95%
121.78% 12.97% 17.36% 17.36% 8.69%
150.53% 11.15% 58.88% 58.88% 21.64%
149.51% 15.98% 60.59% 39.24% 30.68%
 Annual
Average
Revenue Pre-tax
growth - Operating Average
Number of Last 5 Margin effective Unlevered
Industry Name firms years (Unadjusted) After-tax ROC tax rate Beta
Advertising 391 6.07% 7.89% 22.32% 24.67% 1.23
Aerospace/Defense 289 9.31% 7.99% 13.94% 16.18% 0.90
Air Transport 155 2.48% 7.28% 7.61% 18.08% 0.81
Apparel 1152 2.99% 14.64% 21.31% 25.31% 0.78
Auto & Truck 165 8.13% 7.56% 8.62% 21.88% 1.10
Auto Parts 761 6.87% 5.01% 6.95% 24.08% 1.21
Bank (Money Center) 607 12.03% 0.28% 0.04% 18.59% 0.42
Banks (Regional) 881 8.40% -0.01% -0.01% 19.18% 0.28
Beverage (Alcoholic) 220 8.25% 21.69% 16.07% 21.95% 0.69
Beverage (Soft) 100 13.11% 16.71% 26.08% 20.41% 0.66
Broadcasting 130 4.03% 9.91% 8.82% 25.29% 0.66
Brokerage & Investment 590 10.42% 1.18% 0.18% 18.96% 0.40
Building Materials 457 6.03% 10.64% 16.73% 22.84% 0.94
Business & Consumer Se 980 7.48% 9.15% 21.05% 24.71% 0.96
Cable TV 48 4.19% 18.61% 12.00% 25.00% 0.61
Chemical (Basic) 888 8.59% 4.65% 4.64% 19.90% 0.90
Chemical (Diversified) 64 8.10% 6.62% 5.45% 22.37% 0.85
Chemical (Specialty) 949 9.48% 11.95% 12.38% 20.89% 0.94
Coal & Related Energy 215 14.78% 24.03% 32.22% 22.56% 1.08
Computer Services 1164 10.30% 7.56% 21.09% 23.63% 1.00
Computers/Peripherals 338 0.58% 11.39% 15.75% 15.10% 1.25
Construction Supplies 453 9.48% 9.89% 7.75% 22.83% 0.74
Diversified 326 8.09% 15.64% 11.94% 17.38% 0.74
Drugs (Biotechnology) 1259 20.21% -0.43% 0.69% 16.29% 1.15
Drugs (Pharmaceutical) 1299 18.01% 18.17% 12.87% 16.61% 0.89
Education 260 10.49% 11.07% 9.27% 20.12% 0.76
Electrical Equipment 1072 10.65% 7.13% 10.90% 18.78% 1.10
Electronics (Consumer & 127 3.04% 4.68% 6.23% 14.51% 1.13
Electronics (General) 1486 5.84% 5.28% 6.44% 18.36% 1.28
Engineering/Constructio 1623 6.36% 5.68% 8.78% 22.55% 0.81
Entertainment 741 9.61% 7.30% 7.47% 22.10% 1.03
Environmental & Waste 383 8.21% 10.59% 10.78% 22.83% 0.83
Farming/Agriculture 430 11.07% 8.16% 10.56% 21.47% 0.57
Financial Svcs. (Non-ba 1258 12.56% 12.68% 0.94% 17.19% 0.28
Food Processing 1657 8.47% 7.66% 11.46% 23.28% 0.61
Food Wholesalers 173 7.76% 2.47% 10.68% 24.53% 0.50
Furn/Home Furnishings 383 5.15% 7.24% 13.13% 18.19% 0.93
Green & Renewable Ene 253 13.56% 29.24% 7.17% 16.00% 0.61
Healthcare Products 849 15.23% 12.43% 11.04% 20.59% 1.04
Healthcare Support Serv 463 12.62% 3.95% 28.93% 23.07% 0.82
Heathcare Information a 443 16.61% 13.60% 12.76% 14.06% 1.17
Homebuilding 173 7.83% 13.28% 14.42% 24.28% 1.01
Hospitals/Healthcare Faci 232 11.02% 10.86% 12.32% 20.09% 0.58
Hotel/Gaming 650 3.48% 14.02% 8.27% 20.56% 0.79
Household Products 178 3.95% 16.56% 25.24% 22.23% 0.68
Information Services 81 2.07% 10.93% 21.88% 25.72% 1.02
Insurance (General) 202 8.46% 11.83% 18.16% 20.99% 0.63
Insurance (Life) 137 8.27% 10.82% 9.64% 14.30% 0.77
Insurance (Prop/Cas.) 228 9.06% 9.76% 13.31% 18.70% 0.66
Investments & Asset M 1374 11.47% 17.62% 5.58% 17.30% 0.54
Machinery 1492 6.07% 9.92% 12.71% 21.30% 1.04
Metals & Mining 1815 19.80% 10.66% 14.84% 30.84% 0.99
Office Equipment & Serv 137 7.10% 7.10% 11.21% 26.68% 0.78
Oil/Gas (Integrated) 36 17.37% 18.33% 21.96% 41.15% 0.94
Oil/Gas (Production and 590 26.67% 36.36% 24.16% 31.26% 0.96
Oil/Gas Distribution 174 14.22% 20.65% 12.63% 17.58% 0.58
Oilfield Svcs/Equip. 444 7.79% 6.72% 14.55% 23.02% 0.82
Packaging & Container 164 5.77% 9.17% 12.16% 21.20% 0.63
Paper/Forest Products 266 3.02% 6.55% 4.96% 20.85% 0.67
Power 488 10.55% 13.54% 7.78% 20.81% 0.45
Precious Metals 853 39.66% 11.72% 9.09% 25.66% 1.04
Publishing & Newspaper 205 2.56% 7.57% 9.17% 11.85% 0.98
R.E.I.T. 633 9.18% 30.40% 3.19% 3.29% 0.52
Real Estate (Developmen 884 10.49% 5.01% 2.05% 29.36% 0.42
Real Estate (General/Dive 336 4.39% 15.17% 3.51% 28.12% 0.54
Real Estate (Operations 748 8.53% 16.93% 3.91% 20.98% 0.56
Recreation 326 6.75% 11.26% 11.19% 24.55% 0.90
Reinsurance 34 8.03% 10.23% 23.30% 17.11% 1.09
Restaurant/Dining 394 3.63% 9.51% 12.88% 19.20% 0.85
Retail (Automotive) 204 7.40% 4.58% 10.48% 22.76% 0.72
Retail (Building Supply) 120 5.39% 10.88% 24.34% 24.35% 0.96
Retail (Distributors) 1028 10.37% 5.22% 8.73% 22.08% 0.61
Retail (General) 256 0.96% 4.35% 8.35% 19.38% 0.99
Retail (Grocery and Foo 201 5.33% 3.92% 10.89% 23.48% 0.55
Retail (REITs) 123 5.32% 48.37% 4.50% 4.50% 0.61
Retail (Special Lines) 639 5.19% 5.04% 11.76% 25.22% 0.98
Rubber& Tires 89 5.15% 8.78% 8.67% 22.93% 0.88
Semiconductor 647 5.77% 16.32% 11.42% 12.20% 1.67
Semiconductor Equip 367 8.23% 21.82% 23.28% 15.58% 1.97
Shipbuilding & Marine 348 8.74% 17.22% 11.15% 13.25% 0.86
Shoe 85 -1.58% 9.68% 15.68% 18.94% 0.87
Software (Entertainment 317 9.02% 24.40% 15.96% 16.76% 1.36
Software (Internet) 151 12.34% -0.08% 1.31% 19.52% 1.30
Software (System & Appl 1616 14.32% 20.25% 18.34% 18.84% 1.29
Steel 718 8.99% 7.19% 9.05% 20.41% 1.01
Telecom (Wireless) 98 5.89% 14.60% 8.31% 22.35% 0.65
Telecom. Equipment 453 4.60% 11.00% 13.62% 14.78% 1.17
Telecom. Services 288 8.40% 15.47% 9.50% 21.85% 0.54
Tobacco 56 17.28% 33.76% 23.17% 22.44% 0.55
Transportation 814 6.88% 8.17% 11.09% 23.22% 0.83
Transportation (Railroad 49 -0.31% 21.50% 6.91% 24.51% 0.50
Trucking 106 3.02% 8.60% 11.60% 25.77% 0.87
Utility (General) 50 7.82% 12.26% 8.32% 20.20% 0.45
Utility (Water) 102 6.43% 23.27% 6.23% 19.79% 0.43
 Std deviation Pre-tax cost of Market
Equity (Levered) Beta Cost of equity in stock prices debt Debt/Capital Cost of capital
1.35 12.55% 38.89% 6.44% 23.97% 10.69%
0.98 10.19% 35.10% 6.44% 17.20% 9.26%
1.29 12.13% 30.06% 6.44% 50.98% 8.40%
0.83 9.22% 32.72% 6.44% 14.56% 8.58%
1.36 12.60% 36.46% 6.44% 35.61% 9.83%
1.31 12.25% 30.39% 6.44% 23.44% 10.50%
0.88 9.50% 21.28% 5.85% 74.42% 5.68%
0.52 7.23% 18.30% 5.85% 71.76% 5.18%
0.75 8.66% 27.49% 6.44% 15.74% 8.05%
0.71 8.41% 32.24% 6.44% 14.15% 7.90%
0.98 10.17% 31.54% 6.44% 46.66% 7.67%
0.93 9.83% 31.95% 6.44% 71.23% 6.25%
1.03 10.49% 28.00% 6.44% 17.80% 9.48%
1.04 10.56% 33.31% 6.44% 16.02% 9.64%
1.02 10.43% 30.91% 6.44% 49.23% 7.66%
1.07 10.76% 28.88% 6.44% 30.06% 8.97%
1.09 10.88% 22.36% 5.85% 35.78% 8.55%
1.03 10.46% 31.22% 6.44% 17.87% 9.45%
1.01 10.33% 50.42% 6.70% 16.52% 9.45%
1.04 10.56% 32.90% 6.44% 12.39% 9.84%
1.27 12.00% 32.94% 6.44% 7.03% 11.49%
0.90 9.62% 26.87% 6.44% 29.92% 8.18%
0.95 9.99% 27.14% 6.44% 34.01% 8.23%
1.17 11.40% 53.28% 6.70% 12.54% 10.60%
0.95 9.95% 41.51% 6.44% 13.36% 9.26%
0.83 9.21% 34.53% 6.44% 22.38% 8.22%
1.13 11.13% 35.11% 6.44% 14.98% 10.18%
1.23 11.75% 33.86% 6.44% 23.24% 10.13%
1.28 12.10% 32.53% 6.44% 15.71% 10.95%
1.01 10.38% 30.52% 6.44% 40.14% 8.14%
1.11 10.98% 41.35% 6.44% 18.21% 9.86%
1.00 10.30% 33.89% 6.44% 25.93% 8.88%
0.77 8.84% 34.05% 6.44% 36.69% 7.36%
0.91 9.69% 34.61% 6.44% 76.99% 5.93%
0.72 8.50% 28.61% 6.44% 25.10% 7.57%
0.67 8.17% 30.82% 6.44% 36.58% 6.94%
0.95 9.96% 29.72% 6.44% 21.84% 8.84%
0.87 9.43% 33.37% 6.44% 39.20% 7.62%
1.10 10.92% 42.34% 6.44% 11.70% 10.20%
0.91 9.71% 37.81% 6.44% 23.00% 8.59%
1.23 11.79% 44.93% 6.44% 12.09% 10.94%
1.09 10.90% 28.97% 6.44% 23.11% 9.49%
0.76 8.78% 29.53% 6.44% 32.21% 7.50%
0.98 10.16% 33.83% 6.44% 31.64% 8.46%
0.73 8.54% 29.78% 6.44% 13.33% 8.04%
1.21 11.64% 33.63% 6.44% 25.72% 9.88%
0.69 8.27% 24.79% 5.85% 26.01% 7.26%
0.89 9.56% 25.29% 6.44% 50.93% 7.14%
0.71 8.44% 26.74% 6.44% 18.25% 7.77%
0.75 8.71% 29.52% 6.44% 42.42% 7.05%
1.07 10.74% 29.76% 6.44% 13.31% 9.95%
1.09 10.87% 57.51% 6.70% 21.73% 9.60%
0.83 9.19% 27.91% 6.44% 22.26% 8.22%
0.99 10.23% 26.84% 6.44% 14.88% 9.42%
1.09 10.86% 48.39% 6.44% 21.37% 9.57%
0.85 9.36% 29.60% 6.44% 41.34% 7.48%
0.98 10.14% 36.10% 6.44% 29.36% 8.57%
0.83 9.18% 25.95% 6.44% 34.48% 7.67%
0.91 9.72% 29.23% 6.44% 39.22% 7.79%
0.74 8.60% 25.34% 6.44% 49.59% 6.72%
1.09 10.88% 60.16% 6.70% 15.54% 9.96%
0.99 10.20% 30.05% 6.44% 17.70% 9.25%
0.80 9.03% 19.44% 5.85% 44.10% 6.98%
0.98 10.19% 32.26% 6.44% 71.34% 6.35%
0.94 9.91% 25.55% 6.44% 54.74% 7.12%
0.88 9.49% 28.97% 6.44% 47.13% 7.28%
0.99 10.26% 31.55% 6.44% 21.27% 9.10%
1.14 11.19% 23.43% 5.85% 21.54% 9.72%
0.98 10.16% 29.86% 6.44% 21.47% 9.01%
1.00 10.28% 32.73% 6.44% 38.45% 8.18%
1.11 10.98% 30.07% 6.44% 18.64% 9.83%
0.80 9.02% 31.08% 6.44% 36.45% 7.49%
1.09 10.84% 29.73% 6.44% 16.81% 9.82%
0.71 8.40% 25.26% 6.44% 33.37% 7.20%
0.95 9.95% 17.43% 5.85% 43.60% 7.52%
1.09 10.87% 33.82% 6.44% 21.09% 9.59%
1.04 10.58% 26.90% 6.44% 29.81% 8.86%
1.68 14.66% 34.38% 6.44% 7.37% 13.94%
1.95 16.41% 33.51% 6.44% 5.80% 15.73%
0.95 9.94% 29.86% 6.44% 30.87% 8.36%
0.90 9.65% 31.72% 6.44% 11.00% 9.11%
1.36 12.58% 43.82% 6.44% 4.78% 12.21%
1.36 12.61% 46.98% 6.44% 9.98% 11.83%
1.30 12.21% 43.59% 6.44% 5.85% 11.77%
1.17 11.35% 32.68% 6.44% 29.28% 9.43%
0.90 9.63% 29.27% 6.44% 40.04% 7.70%
1.19 11.48% 36.12% 6.44% 11.42% 10.72%
0.85 9.32% 30.13% 6.44% 45.67% 7.26%
0.67 8.15% 31.22% 6.44% 24.86% 7.32%
0.96 10.04% 33.83% 6.44% 23.40% 8.82%
0.63 7.91% 19.26% 5.85% 29.64% 6.86%
1.01 10.38% 29.12% 6.44% 22.29% 9.14%
0.68 8.26% 18.49% 5.85% 44.49% 6.53%
0.67 8.18% 23.64% 5.85% 46.44% 6.41%
 Non-cash WC
as % of
Sales/Capital EV/Sales EV/EBITDA EV/EBIT Price/Book Trailing PE Revenues
3.23 1.56 11.94 18.47 2.60 53.68 -2.51%
1.83 2.26 17.91 27.41 4.47 77.15 38.81%
1.20 1.42 8.42 18.09 2.40 96.63 -2.85%
1.67 2.44 13.19 16.13 3.63 42.49 22.43%
1.23 1.20 9.84 15.28 1.67 42.26 2.13%
1.73 0.83 8.55 15.81 1.50 130.49 11.76%
0.16 6.77 189.90 NA 0.84 14.73 NA
0.17 5.84 NA NA 0.74 28.98 NA
0.88 3.65 13.89 16.68 3.18 49.81 10.80%
1.76 3.54 17.27 21.07 6.22 34.11 -4.62%
1.05 1.19 7.87 11.67 0.75 45.34 12.36%
0.18 6.82 189.17 NA 1.26 115.18 NA
1.84 1.71 11.51 15.69 2.82 28.79 17.49%
2.72 2.06 15.44 21.52 4.43 215.35 10.54%
0.76 2.54 7.88 13.84 1.87 34.88 0.75%
1.14 1.33 12.71 26.91 1.46 113.95 13.11%
1.08 1.02 7.98 14.42 1.12 82.99 19.33%
1.21 2.25 12.47 18.49 2.45 46.35 18.24%
1.49 1.31 4.07 5.17 1.50 25.30 -3.02%
3.29 1.52 14.68 19.46 4.00 64.47 15.36%
1.64 3.05 18.66 26.44 6.80 54.68 2.10%
0.95 1.65 10.17 16.39 1.32 82.49 13.30%
0.85 1.83 8.93 11.14 1.22 18.17 -9.45%
0.42 6.96 15.32 NA 5.11 127.84 17.16%
0.71 4.05 14.60 21.71 3.88 41.51 15.49%
0.97 2.29 10.92 18.17 1.95 125.42 3.48%
1.67 1.94 15.55 24.89 2.82 97.35 21.72%
1.48 0.94 11.44 19.49 1.72 40.79 6.63%
1.36 1.59 14.16 28.29 2.27 102.00 18.92%
1.80 0.78 9.40 13.17 1.31 42.84 15.92%
1.09 2.91 15.78 36.44 2.48 156.17 4.00%
1.16 2.78 14.04 24.86 3.02 39.26 14.71%
1.45 1.08 9.75 12.67 1.83 26.81 16.20%
0.09 14.43 48.69 67.19 2.24 75.54 NA
1.76 1.39 12.15 17.80 2.27 46.46 10.53%
5.27 0.37 9.71 14.91 2.15 49.79 5.87%
2.09 1.03 9.74 13.62 2.05 37.84 4.91%
0.27 7.40 13.95 22.79 2.01 49.91 9.72%
0.93 4.41 20.07 33.89 3.58 94.73 25.69%
8.66 0.61 11.06 15.22 2.62 57.50 -2.73%
0.98 5.25 21.66 36.68 3.94 128.07 23.90%
1.39 1.18 8.03 9.17 1.58 20.55 60.93%
1.38 2.31 12.44 20.58 4.08 41.98 6.96%
0.76 3.56 15.09 28.37 3.96 60.19 -1.98%
1.78 3.10 15.11 18.46 6.04 53.67 5.32%
2.30 1.93 11.38 16.97 3.37 143.50 14.32%
1.81 1.17 8.14 8.60 1.78 22.77 -1.59%
1.03 1.06 7.22 8.81 1.12 45.47 -96.19%
1.65 1.13 9.25 10.82 1.59 19.55 -28.48%
0.35 4.66 16.81 20.17 1.38 56.35 NA
1.48 2.15 14.74 20.51 2.93 59.82 28.32%
1.44 1.32 7.82 11.72 1.84 54.20 11.98%
1.95 1.06 9.43 14.41 1.84 148.71 13.32%
1.66 1.27 5.33 6.91 2.00 14.03 3.25%
0.72 2.38 4.22 6.40 1.54 17.55 1.14%
0.70 2.44 8.65 11.67 1.73 379.61 4.04%
2.48 0.64 6.44 8.89 1.49 46.83 6.44%
1.56 1.40 9.29 15.09 2.20 29.95 13.50%
0.87 1.31 10.15 19.41 1.07 53.23 19.30%
0.69 1.98 8.71 14.11 1.31 19.75 5.13%
0.81 2.39 8.81 18.83 1.68 250.17 10.88%
1.44 1.54 12.20 19.63 1.68 41.06 8.44%
0.11 11.93 21.66 36.91 1.49 65.22 94.40%
0.48 1.68 13.21 25.06 0.47 85.62 193.73%
0.26 3.35 13.53 19.76 0.68 82.38 112.97%
0.25 4.07 16.50 21.26 0.92 66.29 19.38%
1.22 2.16 11.79 19.32 3.04 65.71 16.35%
2.61 0.76 8.52 7.38 1.34 13.50 -69.73%
1.72 2.69 16.48 29.13 9.19 79.59 -1.56%
2.92 0.76 11.19 16.61 3.25 30.24 10.71%
2.83 1.86 12.92 17.01 19.81 33.62 8.97%
1.99 0.83 11.84 15.17 1.69 47.96 15.95%
2.13 1.48 15.61 34.18 4.78 65.25 -1.25%
3.42 0.63 9.29 15.85 2.51 40.91 -3.03%
0.10 12.06 18.14 23.00 1.17 77.56 -7.14%
2.69 1.12 11.71 21.07 3.58 48.40 6.13%
1.18 1.03 6.94 11.45 1.25 30.55 22.17%
0.74 6.33 20.98 37.45 5.05 110.97 16.66%
1.18 5.14 19.32 23.20 6.02 53.59 31.06%
0.75 1.48 6.12 8.45 0.95 16.82 -0.49%
1.88 2.27 17.31 23.14 4.85 37.92 20.00%
0.70 5.60 17.54 22.71 5.14 235.21 1.24%
0.88 6.01 20.44 NA 7.97 62.97 5.21%
0.93 9.20 28.48 41.07 9.15 96.43 13.35%
1.46 0.82 6.90 10.90 1.14 42.98 14.64%
0.71 2.25 7.37 15.64 1.54 33.14 -13.70%
1.26 2.32 14.28 19.41 3.46 120.32 24.68%
0.70 2.16 6.88 13.87 1.38 41.99 -0.23%
0.83 3.47 9.33 10.23 3.17 32.35 16.06%
1.57 1.75 13.10 20.73 2.98 67.82 4.17%
0.42 4.33 13.31 19.99 2.36 54.74 5.75%
1.66 1.59 9.98 17.98 2.86 27.98 6.89%
0.81 1.88 9.86 15.29 1.62 20.36 -0.60%
0.31 4.59 12.67 19.57 1.48 26.69 7.35%
 Pre-tax
Operating
Net Cap Ex as Equity Margin (Lease
Cap Ex as % % of Reinvestment Dividend Reinvestment & R&D
of Revenues Revenues Rate ROE Payout Ratio Rate adjusted)
1.72% 0.17% 25.11% 7.54% 76.01% 76.01% 8.07%
3.54% 2.15% 40.17% 14.14% 44.96% 44.96% 8.36%
9.87% 3.46% 30.36% 19.65% 25.21% 25.21% 7.23%
5.16% 3.43% 52.15% 17.06% 42.38% 42.38% 14.80%
6.07% 3.46% 70.38% 14.50% 26.55% 26.55% 7.74%
5.37% 3.85% 116.14% 7.58% 41.66% 41.66% 4.83%
3.33% 5.08% 1957.50% 12.65% 30.70% 30.70% 0.31%
2.96% -4.27% NA 9.83% 29.09% 29.09% -0.10%
5.11% 2.92% 39.67% 16.53% 44.61% 44.61% 21.74%
4.67% 2.27% 28.35% 25.76% 63.11% 63.11% 16.78%
3.77% -0.27% 153.68% -0.36% 0.47% 0.47% 9.88%
3.21% 1.78% 846.02% 7.66% 59.63% 59.63% 1.13%
4.35% 5.16% 68.00% 13.39% 38.89% 38.89% 10.79%
2.71% 1.45% 30.42% 13.59% 54.38% 54.38% 9.31%
14.16% 1.41% 18.03% 15.88% 24.73% 24.73% 18.27%
9.34% 6.65% 194.59% 3.84% 141.79% 141.79% 4.70%
7.26% 3.00% 49.02% 2.91% 170.74% 170.74% 6.53%
8.83% 6.74% 78.86% 12.07% 51.72% 51.72% 11.94%
9.05% 5.12% 24.95% 21.36% 76.43% 76.43% 24.08%
1.53% 1.13% 27.66% 16.02% 53.07% 53.07% 7.68%
5.68% 3.46% 38.94% 28.45% 24.87% 24.87% 11.01%
7.87% 4.20% 78.19% 8.37% 46.49% 46.49% 9.85%
4.90% 3.61% 37.09% 13.10% 20.07% 20.07% 16.23%
5.67% 9.62% NA -8.83% 0.47% 0.47% 1.63%
5.01% 5.71% 44.22% 13.20% 63.54% 63.54% 19.79%
5.72% 3.01% 57.59% 5.12% 57.71% 57.71% 10.89%
6.89% 6.03% 162.24% 10.86% 39.38% 39.38% 7.39%
4.20% 2.70% 87.12% 7.31% 32.24% 32.24% 4.75%
6.31% 3.57% 96.58% 6.68% 61.91% 61.91% 5.34%
3.37% 2.23% 107.28% 10.08% 53.47% 53.47% 5.77%
3.72% -2.55% -34.12% 2.27% 89.24% 89.24% 7.48%
8.65% 7.45% 134.69% 8.07% 63.17% 63.17% 10.71%
4.19% 2.71% 59.83% 14.47% 33.02% 33.02% 8.38%
4.00% -7.38% -68.66% 18.04% 25.76% 25.76% 12.77%
4.62% 2.54% 61.95% 9.92% 65.85% 65.85% 7.71%
1.42% 0.90% 48.47% 8.91% 56.95% 56.95% 2.47%
3.59% 3.10% 53.44% 11.21% 70.05% 70.05% 7.33%
41.56% 36.68% 152.14% 10.75% 66.39% 66.39% 29.15%
5.43% 3.47% 67.33% 7.58% 50.70% 50.70% 12.86%
0.87% 1.66% 57.45% 12.15% 36.88% 36.88% 3.91%
7.15% 6.14% 71.59% 6.03% 24.43% 24.43% 13.84%
0.69% 0.51% 20.29% 16.61% 18.14% 18.14% 12.79%
 7.17% 2.45% 40.77% 11.95% 45.89% 45.89% 10.77%
6.31% 0.85% 16.02% 10.91% 27.14% 27.14% 12.34%
3.57% 1.32% 7.06% 26.80% 65.69% 65.69% 16.66%
1.97% -1.39% 0.15% 8.98% 55.28% 55.28% 11.38%
0.76% 0.42% 2.02% 15.20% 42.45% 42.45% 11.84%
0.69% 0.48% -7.88% 7.42% 61.91% 61.91% 10.83%
0.70% -0.31% 19.02% 12.31% 31.77% 31.77% 9.79%
3.60% 7.68% 52.42% 10.45% 56.05% 56.05% 17.50%
4.19% 4.24% 91.59% 12.00% 41.45% 41.45% 10.08%
8.00% 4.90% 84.86% 10.50% 85.95% 85.95% 10.72%
2.47% 1.61% 30.44% 8.26% 52.40% 52.40% 7.15%
7.55% 1.79% 14.71% 21.12% 48.94% 48.94% 18.40%
27.79% 14.23% 53.68% 21.87% 38.35% 38.35% 36.60%
11.72% 8.02% 47.88% 19.80% 58.13% 58.13% 20.77%
3.93% 2.15% 41.17% 16.71% 25.28% 25.28% 6.78%
7.34% 4.09% 76.47% 12.44% 40.55% 40.55% 9.21%
10.36% 6.83% 152.70% 6.47% 55.88% 55.88% 6.53%
16.15% 9.78% 94.00% 12.43% 63.06% 63.06% 13.55%
18.59% 11.28% 156.07% 4.32% 98.31% 98.31% 11.75%
3.02% -1.31% -10.84% 8.91% 41.36% 41.36% 7.37%
6.07% -5.90% -18.40% 2.03% 342.98% 342.98% 28.38%
2.42% 1.56% -248.75% -3.48% 0.80% 0.80% 4.98%
8.63% 8.26% 110.17% 3.97% 57.55% 57.55% 15.73%
2.51% 2.32% 13.56% -2.82% 0.66% 0.66% 17.58%
6.22% 3.06% 48.29% 9.45% 48.69% 48.69% 10.63%
0.07% 1.85% 31.39% 19.00% 21.04% 21.04% 10.23%
4.21% 1.65% 24.84% 24.65% 64.04% 64.04% 8.69%
1.95% 1.73% 82.83% 20.77% 26.14% 26.14% 4.37%
2.64% 0.85% 5.88% 85.23% 47.32% 47.32% 10.74%
2.74% 2.79% 75.08% 14.33% 36.17% 36.17% 5.26%
4.72% 1.90% 72.59% 15.08% 25.89% 25.89% 4.60%
2.96% 0.99% 30.01% 10.05% 50.22% 50.22% 3.96%
3.46% -3.25% -8.53% 3.56% 165.16% 165.16% 47.50%
2.26% 1.02% 22.25% 8.23% 71.10% 71.10% 5.16%
6.43% 4.07% 70.27% 9.02% 36.94% 36.94% 8.84%
20.55% 11.50% 93.44% 12.68% 50.89% 50.89% 16.74%
10.52% 8.21% 60.57% 26.29% 28.64% 28.64% 22.43%
10.79% 5.45% 15.41% 13.64% 98.44% 98.44% 17.20%
1.55% -0.48% -16.08% 18.73% 40.97% 40.97% 9.68%
10.66% 6.94% 40.57% 20.90% 2.74% 2.74% 25.40%
5.95% 3.35% NA -10.00% 0.37% 0.37% 1.49%
7.23% 5.89% 47.63% 16.96% 32.89% 32.89% 21.28%
6.05% 3.84% 53.66% 0.01% 50.76% 50.76% 7.22%
15.23% 1.56% 30.51% 8.18% 73.58% 73.58% 14.33%
3.16% 2.56% 53.62% 12.94% 53.28% 53.28% 11.67%
14.74% -1.41% -3.28% 7.80% 89.73% 89.73% 15.57%
2.79% 12.23% 54.79% 28.43% 71.67% 71.67% 33.88%
4.79% 1.79% 26.74% 13.67% 70.69% 70.69% 8.25%
15.78% 9.37% 60.00% 11.85% 40.05% 40.05% 21.54%
11.44% 7.09% 105.34% 12.02% 20.67% 20.67% 8.76%
14.21% 7.75% 78.42% 10.61% 66.70% 66.70% 12.24%
22.67% 11.57% 96.25% 0.86% 83.29% 46.71% 23.25%
If you are a multinational company and have a breakdown by country, you can use this table (for up to 10 countr
Country Revenues ERP Weight Weighted ERP
China 800 5.27% 40.00% 2.11%
United States 1200 4.33% 60.00% 2.60%
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%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total 2000 100.00% 4.71%
If you are a multinational company and have a breakdown only by region, you can use this table instead
Region Revenues ERP Weight Weighted ERP
Africa 12.64% 0.00% 0.0000%
Asia 7607 5.87% 15.59% 0.9149%
Australia & New Zealand 4.33% 0.00% 0.0000%
Caribbean 12.43% 0.00% 0.0000%
Central and South America 2094 9.15% 4.29% 0.3926%
Eastern Europe 7.73% 0.00% 0.0000%
Middle East 6.43% 0.00% 0.0000%
North America 25381 4.33% 52.00% 2.2517%
Western Europe 13725 5.45% 28.12% 1.5312%
7.76% 0.00% 0.0000%
0.00% 0.0000%
Total 48807 100.00% 5.0904%
e this table (for up to 10 countries)

The last two rows in each of country/regiion risk premium tables is

set aside for your input to provide you with flexibility to enter some
numbers directly. For instance, assume that you have a company
that breaks its revenues down into three countries and then puts the
rest into "Rest of the World". You can enter the "Rest of the World"
in one of these two rows and enter an equity risk premium for the
rest of the world. The easiest way to do that is to go into the country
equity risk premium worksheet and change the GDP for the three
countries that you have data for to zero and compute the global
weighted average ERP for the remaining countries. With the regional
worksheet, you can use the last two rows to enter the data for an
individual country (usually the domestic country) that might be
broken out though the rest of the revenues are broken down by
n use this table instead region. You can look up the ERP for the country in the country ERP
worksheet.
Mature Market ERP + 4.33% Updated Jan 1, 2025
Changing this number will update all your country equity risk premiums.

Country Moody's rating Adj. Default Spread Equity Risk Premium

Abu Dhabi Aa2 0.49% 4.99%
Albania Ba3 3.56% 9.13%
Algeria NR 2.98% 8.35%
Andorra (Principality of) Baa1 1.58% 6.46%
Angola B3 6.44% 13.01%
Anguilla NR 6.01% 12.44%
Antigua & Barbuda NR 6.01% 12.43%
Argentina Ca 11.88% 20.35%
Armenia Ba3 3.56% 9.13%
Aruba Baa3 2.18% 7.26%
Australia Aaa 0.00% 4.33%
Austria Aa1 0.40% 4.86%
Azerbaijan Ba1 2.48% 7.67%
Bahamas B1 4.46% 10.34%
Bahrain B2 5.45% 11.67%
Bangladesh B2 5.45% 11.67%
Barbados B3 6.44% 13.01%
Belarus C 17.50% 27.92%
Belgium Aa3 0.59% 5.13%
Belize Caa1 7.43% 14.34%
Benin B1 4.46% 10.34%
Bermuda A2 0.84% 5.46%
Bolivia Caa3 9.91% 17.68%
Bosnia and Herzegovina B3 6.44% 13.01%
Botswana A3 1.19% 5.93%
Brazil Ba1 2.48% 7.67%
British Virgin Islands NR 6.01% 12.44%
Brunei NR 0.59% 5.13%
Bulgaria Baa1 1.58% 6.46%
Burkina Faso Caa1 7.43% 14.34%
Cambodia B2 5.45% 11.67%
Cameroon Caa1 7.43% 14.34%
Canada Aaa 0.00% 4.33%
Cape Verde B2 5.45% 11.67%
Cayman Islands Aa3 0.59% 5.13%
Channel Islands NR 0.83% 5.45%
Chile A2 0.84% 5.46%
China A1 0.70% 5.27%
Colombia Baa2 1.89% 6.87%
Congo (Democratic Republic o B3 6.44% 13.01%
Congo (Republic of) Caa2 8.92% 16.35%
Cook Islands B1 4.46% 10.34%
Costa Rica Ba3 3.56% 9.13%
Croatia A3 1.19% 5.93%
Cuba Ca 11.88% 20.35%
Curaçao Baa3 2.18% 7.26%
Cyprus A3 1.19% 5.93%
Czech Republic Aa3 0.59% 5.13%
Denmark Aaa 0.00% 4.33%
Dominican Republic Ba3 3.56% 9.13%
Ecuador Caa3 9.91% 17.68%
Egypt Caa1 7.43% 14.34%
El Salvador B3 6.44% 13.01%
Estonia A1 0.70% 5.27%
Ethiopia Caa2 8.92% 16.35%
Falkland Islands NR 3.58% 9.15%
Fiji B1 4.46% 10.34%
Finland Aa1 0.40% 4.86%
France Aa3 0.59% 5.13%
French Guiana NR 3.58% 9.15%
Gabon Caa2 8.92% 16.35%
Gambia NR 4.46% 10.34%
Georgia Ba2 2.98% 8.35%
Germany Aaa 0.00% 4.33%
Ghana Caa2 8.92% 16.35%
Gibraltar NR 0.83% 5.45%
Greece Ba1 2.48% 7.67%
Greenland NR 0.83% 5.45%
Guatemala Ba1 2.48% 7.67%
Guernsey (States of) A1 0.70% 5.27%
Guinea NR 8.92% 16.35%
Guinea-Bissau NR 6.44% 13.01%
Guyana NR 1.58% 6.46%
Haiti NR 11.88% 20.35%
Honduras B1 4.46% 10.34%
Hong Kong Aa3 0.59% 5.13%
Hungary Baa2 1.89% 6.87%
Iceland A1 0.70% 5.27%
India Baa3 2.18% 7.26%
Indonesia Baa2 1.89% 6.87%
Iran NR 6.44% 13.01%
Iraq Caa1 7.43% 14.34%
Ireland Aa3 0.59% 5.13%
Isle of Man Aa3 0.59% 5.13%
Israel Baa1 1.58% 6.46%
Italy Baa3 2.18% 7.26%
Ivory Coast Ba2 2.98% 8.35%
Jamaica B1 4.46% 10.34%
Japan A1 0.70% 5.27%
Jersey (States of) Aa2 0.49% 4.99%
Jordan Ba3 3.56% 9.13%
Kazakhstan Baa1 1.58% 6.46%
Kenya Caa1 7.43% 14.34%
Korea, D.P.R. NR 11.88% 20.35%
Kuwait A1 0.70% 5.27%
Kyrgyzstan B3 6.44% 13.01%
Laos Caa3 9.91% 17.68%
Latvia A3 1.19% 5.93%
Lebanon C 17.50% 27.92%
Liberia NR 8.92% 16.35%
Libya NR 1.58% 6.46%
Liechtenstein Aaa 0.00% 4.33%
Lithuania A2 0.84% 5.46%
Luxembourg Aaa 0.00% 4.33%
Macau Aa3 0.59% 5.13%
Macedonia Ba3 3.56% 9.13%
Madagascar NR 5.45% 11.67%
Malawi NR 8.92% 16.35%
Malaysia A3 1.19% 5.93%
Maldives Caa2 8.92% 16.35%
Mali Caa2 8.92% 16.35%
Malta A2 0.84% 5.46%
Martinique NR 6.01% 12.44%
Mauritius Baa3 2.18% 7.26%
Mexico Baa2 1.89% 6.87%
Moldova B3 6.44% 13.01%
Monaco Aaa 0.00% 4.33%
Mongolia B2 5.45% 11.67%
Montenegro B1 4.46% 10.34%
Montserrat Baa3 2.18% 7.26%
Morocco Ba1 2.48% 7.67%
Mozambique Caa2 8.92% 16.35%
Myanmar NR 9.91% 17.68%
Namibia B1 4.46% 10.34%
Nepal Ba3 3.56% 9.13%
Netherlands Aaa 0.00% 4.33%
Netherlands Antilles NR 6.01% 12.44%
New Zealand Aaa 0.00% 4.33%
Nicaragua B2 5.45% 11.67%
Niger Caa3 9.91% 17.68%
Nigeria Caa1 7.43% 14.34%
Norway Aaa 0.00% 4.33%
Oman Ba1 2.48% 7.67%
Pakistan Caa2 8.92% 16.35%
Palestinian Authority NR 17.50% 27.92%
Panama Baa3 2.18% 7.26%
Papua New Guinea B2 5.45% 11.67%
Paraguay Baa3 2.18% 7.26%
Peru Baa1 1.58% 6.46%
Philippines Baa2 1.89% 6.87%
Poland A2 0.84% 5.46%
Portugal A3 1.19% 5.93%
Qatar Aa2 0.49% 4.99%
Ras Al Khaimah (Emirate of) A3 1.19% 5.93%
Reunion NR 1.07% 5.77%
Romania Baa3 2.18% 7.26%
Russia NR 2.98% 8.35%
Rwanda B2 5.45% 11.67%
Saint Lucia NR 6.01% 12.44%
Saudi Arabia Aa3 0.59% 5.13%
Senegal B1 4.46% 10.34%
Serbia Ba2 2.98% 8.35%
Sharjah Ba1 2.48% 7.67%
Sierra Leone NR 8.92% 16.35%
Singapore Aaa 0.00% 4.33%
Slovakia A3 1.19% 5.93%
Slovenia A3 1.19% 5.93%
Solomon Islands Caa1 7.43% 14.34%
Somalia NR 9.91% 17.68%
South Africa Ba2 2.98% 8.35%
South Korea Aa2 0.49% 4.99%
Spain Baa1 1.58% 6.46%
Sri Lanka Ca 11.88% 20.35%
St. Maarten Ba2 2.98% 8.35%
St. Vincent & the Grenadines B3 6.44% 13.01%
Sudan NR 17.50% 27.92%
Suriname Caa1 7.43% 14.34%
Swaziland B2 5.45% 11.67%
Sweden Aaa 0.00% 4.33%
Switzerland Aaa 0.00% 4.33%
Syria NR 17.50% 27.92%
Taiwan Aa3 0.59% 5.13%
Tajikistan B3 6.44% 13.01%
Tanzania B1 4.46% 10.34%
Thailand Baa1 1.58% 6.46%
Togo B3 6.44% 13.01%
Trinidad &' Tobago Ba2 2.98% 8.35%
Tunisia Caa2 8.92% 16.35%
Turkey B1 4.46% 10.34%
Turks & Caicos Islands Baa1 1.58% 6.46%
Uganda B3 6.44% 13.01%
Ukraine Ca 11.88% 20.35%
United Arab Emirates Aa2 0.49% 4.99%
United Kingdom Aa3 0.59% 5.13%
United States Aaa 0.00% 4.33%
Uruguay Baa1 1.58% 6.46%
Uzbekistan Ba3 3.56% 9.13%
Venezuela C 17.50% 27.92%
Vietnam Ba2 2.98% 8.35%
Yemen NR 11.88% 20.35%
Zambia Caa2 8.92% 16.35%
Zimbabwe NR 8.92%

Region ERP Weighted Average: Default Spreads Tax Rate

Africa 12.64% 6.16% 27.42%
Asia 5.87% 1.07% 25.34%
Australia & New Zealand 4.33% 0.00% 29.74%
Caribbean 12.43% 6.01% 25.23%
Central and South America 9.15% 3.58% 31.55%
Eastern Europe 7.73% 2.52% 17.23%
Middle East 6.43% 1.56% 18.94%
North America 4.33% 0.00% 25.11%
Western Europe 5.45% 0.83% 24.78%
Global 5.76% 1.04% 25.22%

ERP Default Spread Tax rate

Africa & Mid East 9.89% 3.53% 22.57%
Australia, NZ & Canada 4.33% 0.00% 28.06%
Latin America & Caribbean 9.32% 3.71% 31.22%
Japan 4.99% 0.49% 25.00%
US 4.33% 0.00% 25.00%
Europe 5.45% 0.83% 24.78%
Emerging Markets 6.79% 1.85% 25.32%
Small Asia (No India, China & 6.08% 1.30% 25.52%
India 7.26% 2.18% 30.00%
China 5.27% 0.70% 25.00%
Global 5.76% 1.04% 25.22%

For other regional groupings

ERP Default Spread Tax rate
EMEA 6.17% 1.37% 24.33%
Country Risk PremiumCorporate Tax Rate
0.66% 15.00%
4.80% 15.00%
4.02% 15.00%
2.13% 18.98%
8.68% 25.00%
8.11% 25.23%
8.10% 25.23%
16.02% 35.00%
4.80% 18.00%
2.93% 25.00%
0.00% 30.00%
0.53% 24.00%
3.34% 20.00%
6.01% 0.00%
7.34% 0.00%
7.34% 30.00%
8.68% 5.50%
23.59% 18.00%
0.80% 25.00%
10.01% 28.53%
6.01% 30.00%
1.13% 0.00%
13.35% 25.00%
8.68% 10.00%
1.60% 22.00%
3.34% 34.00%
8.11% 25.23%
0.80% 34.00%
2.13% 10.00%
10.01% 28.00%
7.34% 20.00%
10.01% 33.00%
0.00% 26.50%
7.34% 0.00%
0.80% 0.00%
1.12% 24.78%
 1.13% 27.00%
0.94% 25.00%
2.54% 35.00%
8.68% 30.00%
12.02% 28.00%
6.01% 29.74%
4.80% 30.00%
1.60% 18.00%
16.02% 28.53%
2.93% 22.00%
1.60% 12.50%
0.80% 19.00%
0.00% 22.00%
4.80% 27.00%
13.35% 25.00%
10.01% 22.50%
8.68% 30.00%
0.94% 20.00%
12.02% 30.00%
4.82% 31.55%
6.01% 20.00%
0.53% 20.00%
0.80% 25.00%
4.82% 31.55%
12.02% 30.00%
6.01% 30.00%
4.02% 15.00%
0.00% 30.00%
12.02% 25.00%
1.12% 24.78%
3.34% 22.00%
1.12% 24.78%
3.34% 25.00%
0.94% 0.00%
12.02% 0.00%
8.68% 0.00%
2.13% 0.00%
16.02% 0.00%
6.01% 25.00%
0.80% 16.50%
 2.54% 9.00%
0.94% 20.00%
2.93% 30.00%
2.54% 22.00%
8.68% 22.00%
10.01% 15.00%
0.80% 12.50%
0.80% 0.00%
2.13% 23.00%
2.93% 24.00%
4.02% 25.00%
6.01% 25.00%
0.94% 30.62%
0.66% 0.00%
4.80% 20.00%
2.13% 20.00%
10.01% 30.00%
16.02% 25.00%
0.94% 15.00%
8.68% 10.00%
13.35% 26.86%
1.60% 20.00%
23.59% 17.00%
12.02% 17.00%
2.13% 17.00%
0.00% 12.50%
1.13% 15.00%
0.00% 24.94%
0.80% 26.86%
4.80% 10.00%
7.34% 10.00%
12.02% 10.00%
1.60% 24.00%
12.02% 26.86%
12.02% 26.86%
1.13% 35.00%
8.11% 25.23%
2.93% 15.00%
2.54% 30.00%
8.68% 12.00%
 0.00% 24.78%
7.34% 25.00%
6.01% 15.00%
2.93% 28.53%
3.34% 32.00%
12.02% 32.00%
13.35% 32.00%
6.01% 32.00%
4.80% 25.00%
0.00% 25.80%
8.11% 25.23%
0.00% 28.00%
7.34% 30.00%
13.35% 26.86%
10.01% 30.00%
0.00% 22.00%
3.34% 15.00%
12.02% 29.00%
23.59% 17.00%
2.93% 25.00%
7.34% 30.00%
2.93% 10.00%
2.13% 29.50%
2.54% 25.00%
1.13% 19.00%
1.60% 21.00%
0.66% 10.00%
1.60% 0.00%
1.44% 25.34%
2.93% 16.00%
4.02% 20.00%
7.34% 30.00%
8.11% 25.23%
0.80% 20.00%
6.01% 30.00%
4.02% 15.00%
3.34% 0.00%
12.02% 0.00%
0.00% 17.00%
1.60% 21.00%
 1.60% 19.00%
10.01% 30.00%
13.35% 30.00%
4.02% 27.00%
0.66% 25.00%
2.13% 25.00%
16.02% 24.00%
4.02% 28.53%
8.68% 28.53%
23.59% 28.53%
10.01% 36.00%
7.34% 27.50%
0.00% 20.60%
0.00% 14.60%
23.59% 14.60%
0.80% 20.00%
8.68% 18.00%
6.01% 30.00%
2.13% 20.00%
8.68% 26.86%
4.02% 30.00%
12.02% 15.00%
6.01% 25.00%
2.13% 0.00%
8.68% 30.00%
16.02% 18.00%
0.66% 25.00%
0.80% 25.00%
0.00% 25.00%
2.13% 25.00%
4.80% 15.00%
23.59% 34.00%
4.02% 20.00%
16.02% 20.00%
12.02% 35.00%
12.02% 35.00%

Weighted Average: CRP Total GDP (in $ millions)

8.31% $2,508,221
 1.54% $32,948,678
0.00% $1,942,472
8.10% $869,389
4.82% $5,601,818
3.40% $5,010,073
2.10% $3,382,578
0.00% $27,577,639
1.12% $20,250,229
1.43% $100,091,097

CRP
5.56%
0.00%
4.99%
0.66%
0.00%
1.12%
2.46%
1.75%
2.93%
0.94%
1.43%

CRP
1.84%
Yes
No