Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month

data)
I. Income Statement
Current EBIT =
$ (410.00)
Current Interest Expense =
$
74.00
Current Capital Spending
$ 242.67
Current Depreciation and Amortization
$ = 30.67
Current Revenues =
$ 1,117.00
II. Balance Sheet
This period Last period
Current Non-cash Working Capital =$ (110.50) $
(31.00)
Book Value of Debt =
$ 348.68
76.7
Book Value of Equity =
$ 138.00
28.59
Cash & Non-operating assets =
$
25.56
1.88
III. Tax Information
NOL carried forward =
$ 500.00
Marginal tax rate =
35.00%
Adjustments to Current Financial Information
Do you have any operating leases?
Does your firm have R&D expenses?
Are there any other operating expenses to be capitalized?
Discount Rate Inputs
Current Beta =
Current Cost of Borrowing =
Current Market Value of Debt =

No
No
No

1.60
8%
348.68

Expectations for the future

Do you want to enter the growth rate in revenues each year?
If no, Compounded Annual Growth Rate in Revenues for next 10 years:

Yes
42.60%

Do you want me to use current working capital as percent of revenues for the future?No
If not, enter non-cash working capital as a percent of revenues in future periods 3.00%
How would you like capital expenditures to be estimated?
3
If you would chose 3, enter the sales to capital ratio that you would like maintained
3.00
Stable Growth Inputs
Expected Growth Rate in perpetutity =
Expected Operating Margin =
Expected Debt to Capital(MV) Ratio for the firm =
Expected Beta =
Expected Cost of Debt =
Return on Capital for the firm =

6%
10.00%
15.00%
1.00
7.00%
20.00%

Per Share Inputs

Number of Shares outstanding =
340.79
Current Stock Price =
$
84.00
Does your firm have equity options outstanding?
Yes
If yes, enter the number of options outstanding =
38
and the average exercise price of the options outstanding = 13.375
and the average maturity of the options outstanding =
8.4
and the standard deviation in the firm's stock price =
50%
General Information
Current long term government bond rate =
Estimated Market Risk Premium =

6.50%
4.00%

Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied =
10
Value to Sales multiple in that year =
1.15

ng 12-month data)

Relative Valuation Output

Year in which multiple is used =
Value to Sales Ratio for Specialty retailers=
Revenue in chosen year =
$
Value in chosen year =
$
Cost of capital in chosen year
Value today =
$
+ Cash & Securities =
$
- Debt outstanding =
$
-Equity options outstanding= $
Value of Equity in stock =
$
Value per share =
$

39,006
44,857
3.0789
14,569
26
349
2,892
11,354
33.32

10
1.15

Year
1
2
3
4
5
6
7
8
9
10

Revenues
$
2,793
$
5,585
$
9,774
$
14,661
$
19,059
$
23,862
$
28,729
$
33,211
$
36,798
$
39,006

Cumulated Cost of Capital

112.84%
127.33%
143.68%
162.11%
182.87%
205.05%
228.88%
254.25%
280.90%
307.89%

Base
Revenue Growth Rate
Revenues
$
Operating Margin
EBIT
Taxes
EBIT(1-t)
+ Depreciation
- Capital Expenditures
- Chg WC
FCFF
NOL
Terminal Value

1,117 $
-36.71%
-$410
$0
-$410
$31
$243
-$80
-$543
$500

Cost of Capital Calculations

Tax Rate
0.00%
Debt Ratio
1.20%
Beta
1.60
Cost of Equity
12.90%
Cost of Debt
8.00%
After-tax cost of debt
8.00%
Cost of Capital
12.84%

1
150.00%
2,793 $
-13.35%
-$373
$0
-$373
$46
$554
$50
-$931
$873

0.00%
1.20%
1.60
12.90%
8.00%
8.00%
12.84%

2
100.00%
5,585 $
-1.68%
-$94
$0
-$94
$60
$907
$84
-$1,024
$967

0.00%
1.20%
1.60
12.90%
8.00%
8.00%
12.84%

3
75.00%
9,774 $
4.16%
$407
$0
$407
$75
$1,345
$126
-$989
$560

4
50.00%
14,661 $
7.08%
$1,038
$167
$871
$90
$1,572
$147
-$758
$0

5
30.00%
19,059 $
8.54%
$1,628
$570
$1,058
$104
$1,438
$132
-$408
$0

6
25.20%
23,862
9.27%
$2,212
$774
$1,438
$115
$1,572
$144
-$163
$0

0.00%
1.20%
1.60
12.90%
8.00%
8.00%
12.84%

16.13%
1.20%
1.60
12.90%
8.00%
6.71%
12.83%

35.00%
1.20%
1.60
12.90%
8.00%
5.20%
12.81%

35.00%
3.96%
1.48
12.42%
7.80%
5.07%
12.13%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $ 486.68 $
1,045 $
1,976 $
3,372 $
5,001 $
6,467 $
8,068
Reinvestment Rate
NMF
NMF
NMF
343.26%
187.09%
138.57%
116.85%
Increase in Revenue/Increase in Capital
3.00
3.00
3.00
3.00
3.00
3.00
Return on Capital
-76.62%
-8.96%
20.59%
25.82%
21.16%
22.23%
Present Value Calculations
Cumulative WACC
Present Value of FCFF
Present Value of Terminal Value

The Valuation
PV of FCFF during high growth phase =
PV of Terminal Value =
Value of Operating Assets of the firm =
Value of Cash & Non-operating assets=
Value of Firm =
- Value of Outstanding Debt =
Value of Equity =
- Value of Equity Options =
Value of Equity in Common Stock =
Value of Equity per share =

112.84% 1.273309903 1.43681607 1.621095017 1.828714163 2.050514171

(825) $
(805) $
(689) $
(468) $
(223) $
(80)

$
$
$
$
$
$
$
$
$
$

(1,767)
16,937
15,170
25.56
15,196
349
14,847
2,892
11,955
35.08

Treasury Stock Approach

$
40.54

7
20.40%
28,729 $
9.64%
$2,768
$969
$1,799
$122
$1,599
$146
$177
$0

8
15.60%
33,211 $
9.82%
$3,261
$1,141
$2,119
$130
$1,489
$134
$625
$0

9
10.80%
36,798 $
9.91%
$3,646
$1,276
$2,370
$138
$1,226
$108
$1,174
$0

10
Terminal Year
6.00%
6%
39,006 $
41,346
9.95%
10.00%
$3,883
$4,135
$1,359
$1,447
$2,524
$2,688
$146
$155
$815
$891
$66
$70
$1,788
$1,881
$0
$0
$52,148

35.00%
4.65%
1.36
11.94%
7.75%
5.04%
11.62%

35.00%
5.80%
1.24
11.46%
7.67%
4.98%
11.08%

35.00%
8.10%
1.12
10.98%
7.50%
4.88%
10.49%

35.00%
15.00%
1.00
10.50%
7.00%
4.55%
9.61%

35.00%
15.00%
1.00
10.50%
7.00%
4.55%
9.61%

9,691 $
11,185 $
12,380 $
13,116 $
13,923
111.43%
102.38%
84.28%
30.00%
30.00%
3.00
3.00
3.00
3.00
2.90
22.30%
21.87%
21.19%
20.39%
20.00%

2.288760516 2.542451478 2.809037477 3.078915753

$
77 $
246 $
418 $
581
$
16,937

Operating Lease Converter

Inputs
Operating lease expense in current year =
$
Operating Lease Commitments (From footnote to financials)
Year
Commitment ! Year 1 is next year, .
1
$ 205.00
2
$ 167.00
3
$ 120.00
4
$
86.00
5
$
61.00
6 and beyond $
-

100.00

Output
Pre-tax Cost of Debt =

8.00%

! 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) =
$ (410.00) ! This is the EBIT reported in the current income statement
Reported Debt =
$ 348.68 ! This is the interest-bearing debt reported on the balance sheet
Number of years embedded in yr 6 estimate =

! 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 $ 205.00 $ 189.81
2 $ 167.00 $ 143.18
3 $ 120.00 $
95.26
4 $
86.00 $
63.21
5 $
61.00 $
41.52
6 and beyond $
$
! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases =
$ 532.98
Restated Financials
Depreciation on Operating Lease Asset =
Adjustment to Operating Earnings =
Adjustment to Total Debt outstanding =

$
$

106.60 ! I use straight line depreciation

$42.64 ! PV of operating leases * Pre-tax cost of debt
532.98

come statement
on the balance sheet

line depreciation
ing leases * Pre-tax cost of debt

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

! If in doubt, use the lookup table below

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
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
Output
Year
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10

10

R& D Expenses
1895.00
! Year -1 is the most recent financial year
1924.00
! Year -2 is the year before the most recent financial year
1633.00
1300.00
1704.00
1661.00
1846.00
1417.00
827.00
754.00

R&D Expense
1895.00
1924.00
1633.00
1300.00
1704.00
1661.00
1846.00
1417.00
827.00
754.00

Unamortized portion
1.00
1895.00
0.90
1731.60
0.80
1306.40
0.70
910.00
0.60
1022.40
0.50
830.50
0.40
738.40
0.30
425.10
0.20
165.40
0.10

75.40

Amortization this year

$
189.50
$
192.40
$
163.30
$
130.00
$
170.40
$
166.10
$
184.60
$
141.70
$
82.70
$

75.40

Value of Research Asset =

$9,100.20 $ 1,496.10

Amortization of asset for current year =

$1,496.10

Adjustment to Operating Income =

Tax Effect of R&D Expensing

$398.90 ! A positive number indicates an increase in operating income (add to reported EB

$140

Look Up Table for Amortization Periods

Industry NameAmortization Period

Advertising
2
Aerospace/Defense
10
Air Transport
10
Aluminum
5
Apparel
3
Auto & Truck
10
Auto Parts (OEM)
5
Auto Parts (Replacement) 5
Bank
2
Bank (Canadian)
2
Bank (Foreign)
2

Non-technological Service
Retail, Tech Service
Light Manufacturing
Heavy Manufacturing
Research, with Patenting
Long Gestation Period

2 years
3 years
5 years
10 years
10 years
10 years

Bank (Midwest)
2
Beverage (Alcoholic)
3
Beverage (Soft Drink)
3
Building Materials
5
Cable TV
10
Canadian Energy
10
Cement & Aggregates 10
Chemical (Basic)
10
Chemical (Diversified) 10
Chemical (Specialty)
10
Coal/Alternate Energy
5
Computer & Peripherals 5
Computer Software & Svcs3
Copper
5
Diversified Co.
5
Drug
10
Drugstore
3
Educational Services
3
Electric Util. (Central) 10
Electric Utility (East)
10
Electric Utility (West) 10
Electrical Equipment
10
Electronics
5
Entertainment
3
Environmental
5
Financial Services
2
Food Processing
3
Food Wholesalers
3
Foreign Electron/Entertn 5
Foreign Telecom.
10
Furn./Home Furnishings 3
Gold/Silver Mining
5
Grocery
2
Healthcare Info Systems 3
Home Appliance
5
Homebuilding
5
Hotel/Gaming
3
Household Products
3
Industrial Services
3
Insurance (Diversified) 3
Insurance (Life)
3
Insurance (Prop/Casualty) 3
Internet
3
Investment Co. (Domestic)3
Investment Co. (Foreign) 3
Investment Co. (Income) 3
Machinery
10
Manuf. Housing/Rec Veh 5
Maritime
10
Medical Services
3
Medical Supplies
5
Metal Fabricating
10
Metals & Mining (Div.) 5
Natural Gas (Distrib.) 10
Natural Gas (Diversified)10

Newspaper
3
Office Equip & Supplies 5
Oilfield Services/Equip. 5
Packaging & Container 5
Paper & Forest Products 10
Petroleum (Integrated)
5
Petroleum (Producing)
5
Precision Instrument
5
Publishing
3
R.E.I.T.
3
Railroad
5
Recreation
5
Restaurant
2
Retail (Special Lines)
2
Retail Building Supply 2
Retail Store
2
Securities Brokerage
2
Semiconductor
5
Semiconductor Cap Equip 5
Shoe
3
Steel (General)
5
Steel (Integrated)
5
Telecom. Equipment
10
Telecom. Services
5
Textile
5
Thrift
2
Tire & Rubber
5
Tobacco
5
Toiletries/Cosmetics
3
Trucking/Transp. Leasing 5
Utility (Foreign)
10
Water Utility
10

e adjustments to operating income, net

se the lookup table below

allowed is ten years
ed by the amortization period

n operating income (add to reported EBIT)

Other Operating Expenses to be Capitalized

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 are the benefits of this expense spread?

The maximum allowed is ten years

Enter the operating expense (eg. S, G &A) for past years: the number of years that you will need to enter will be determined by the amortiza
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year
-1
-2
-3
0
0
0
0
0
0
0
Output
Year
-1
-2
-3
0
0
0
0
0
0
0

Operating Expense
1895.00
! Year -1 is the most recent financial year
1924.00
! Year -2 is the year before the most recent financial year
1633.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Operating Expense
1895.00
1924.00
1633.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Unamortized portion
1.00
1895.00
0.67
1282.67
0.33
544.33
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

Amortization this year

$
631.67
$
641.33
$
544.33
$
$
$
$
$
$
$

Value of Asset created by capitalizing =

$3,722.00 $ 1,817.33

Amortization of asset for current year =

$1,817.33

Adjustment to Operating Income =

Tax Effect of Expensing

$77.67 ! A positive number indicates an increase in operating income (add to reported E

$27

ed

adjustments to operating income, net

allowed is ten years

r will be determined by the amortization period

n operating income (add to reported EBIT)

Enter the expected growth rate in revenues each year for the next 10 years
Year
Expected Growth Rate
1
150.00%
2
100.00%
3
75.00%
4
50.00%
5
30.00%
6
25.20%
7
20.40%
8
15.60%
9
10.80%
10
6.00%
Compounded Average
42.66%

Valuing Options or Warrants

Enter the current stock price =
$84.00
Enter the strike price on the option =
13.375
Enter the expiration of the option =
8.4
Enter the standard deviation in stock prices =
50.00% (volatility)
Enter the annualized dividend yield on stock =
0.00%
Enter the treasury bond rate =
6.50%
Enter the number of warrants (options) outstanding = 38
Enter the number of shares outstanding =
340.79
Do not input any numbers below this line
VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price=
84 # Warrants issued=
Strike Price=
13.375 # Shares outstanding=
Adjusted S (DO NOT ENTER)=
83.2078437 T.Bond rate=
Adjusted K (DO NOT ENTER)= 13.375 Variance=
Expiration (in years) =
8.4 Annualized dividend yield=
Div. Adj. interest rate=
d1 =
N (d1) =

2.36275296
0.99093012

d2 =
N (d2) =

0.91361528
0.81954048

Value per option =

76.10

Value of all options outstanding =

$2,892

38
341
6.50%
0.2500
0.00%
6.50%

Industry
Num ber of Firms
Advertising
31
Aerospace/Defense
43
Air Transport
42
Aluminum
8
Apparel
48
Auto & Truck
21
Auto Parts (OEM)
34
Auto Parts (Replacement)
29
Bank
184
Bank (Canadian)
7
Bank (Foreign)
2
Bank (Midwest)
36
Beverage (Alcoholic)
22
Beverage (Soft Drink)
15
Building Materials
46
Cable TV
20
Canadian Energy
16
Cement & Aggregates
13
Chemical (Basic)
14
Chemical (Diversified)
33
Chemical (Specialty)
83
Computer & Peripherals
157
Computer Software & Svcs
432
Copper
5
Diversified Co.
94
Drug
248
Drugstore
10
Educational Services
25
Electric Util. (Central)
38
Electric Utility (East)
38
Electric Utility (West)
17
Electrical Equipment
95
Electronics
139
Entertainment
88
Environmental
54
Financial Svcs. (Div.)
187
Food Processing
95
Food Wholesalers
26
Foreign Electron/Entertn
13
Foreign Telecom.
16
Furn./Home Furnishings
39
Gold/Silver Mining
31
Grocery
27
Healthcare Info Systems
34
Home Appliance
12
Homebuilding
59
Hotel/Gaming
56
Household Products
30
Industrial Services
196
Insurance (Diversified)
1
Insurance (Life)
34
Insurance (Prop/Casualty)
62
Internet
213
Investment Co.
27
Investment Co. (Foreign)
20
Machinery
128

EBIT/Sales
14.42%
10.59%
14.04%
14.74%
13.40%
15.05%
9.42%
11.29%
NA
NA
NA
NA
15.57%
19.68%
11.16%
24.29%
23.78%
24.79%
20.59%
17.88%
15.99%
12.11%
23.44%
26.55%
14.07%
23.73%
7.02%
17.03%
24.40%
30.06%
23.58%
17.81%
8.99%
19.72%
24.39%
25.93%
12.11%
4.52%
10.44%
35.49%
12.65%
32.51%
6.34%
16.03%
11.95%
11.65%
23.14%
19.49%
10.61%
NA
NA
33.29%
-13.96%
16.05%
32.62%
12.11%

Sales/Capital(BV) Debt to Capital (MV)

1.94
5.90%
1.85
30.74%
2.10
41.08%
1.46
19.17%
1.98
28.97%
1.04
50.62%
2.83
35.14%
1.67
48.30%
NA
30.53%
NA
26.77%
NA
21.44%
NA
29.57%
0.91
20.07%
1.24
13.51%
2.64
29.00%
0.53
26.48%
0.82
37.94%
1.26
17.36%
1.12
21.20%
1.32
20.78%
1.44
25.86%
2.44
3.26%
1.48
1.70%
0.76
37.72%
1.54
22.43%
1.17
3.35%
3.43
12.47%
1.59
5.14%
0.74
51.68%
0.68
42.45%
0.92
45.35%
1.80
3.31%
1.86
7.71%
0.72
13.30%
0.91
49.25%
0.25
32.50%
1.70
25.52%
4.87
29.67%
0.76
15.80%
0.65
7.59%
2.37
20.70%
0.45
12.81%
4.68
22.79%
1.42
6.35%
2.53
27.56%
1.36
53.13%
0.67
49.34%
1.84
10.70%
2.23
18.87%
NA
NA
NA
14.51%
NA
8.21%
1.25
0.34%
0.79
2.34%
0.26
3.79%
1.53
30.47%

Manuf. Housing/Rec Veh

Maritime
Medical Services
Medical Supplies
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Distrib.)
Natural Gas (Diversified)
Newspaper
Office Equip & Supplies
Oilfield Services/Equip.
Packaging & Container
Paper & Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Precision Instrument
Publishing
R.E.I.T.
Railroad
Recreation
Restaurant
Retail (Special Lines)
Retail Building Supply
Retail Store
Securities Brokerage
Semiconductor
Semiconductor Cap Equip
Shoe
Steel (General)
Steel (Integrated)
Telecom. Equipment
Telecom. Services
Textile
Thrift
Tire & Rubber
Tobacco
Toiletries/Cosmetics
Trucking/Transp. Leasing
Utility (Foreign)
Water Utility

21
17
174
192
43
24
47
36
20
32
74
35
57
47
98
88
50
158
17
90
92
215
13
32
31
92
8
25
30
19
105
166
29
138
10
14
20
50
2
16

8.34%
19.55%
11.20%
12.84%
13.08%
13.23%
21.17%
13.21%
22.92%
12.79%
20.40%
16.37%
14.50%
14.64%
34.27%
13.96%
14.56%
1.03%
24.55%
17.13%
16.14%
8.25%
9.24%
7.96%
61.40%
23.20%
20.69%
9.84%
10.54%
11.19%
16.20%
30.65%
12.15%
NA
12.74%
15.08%
18.66%
17.23%
51.91%
41.56%

2.77
0.64
1.86
2.29
1.84
0.75
0.78
1.35
0.93
1.70
0.88
1.12
1.23
1.67
0.50
1.66
1.56
13.51
0.73
1.13
1.62
3.46
3.46
2.99
0.46
1.25
1.30
2.26
1.57
0.99
1.48
0.88
1.37
NA
2.11
2.68
1.96
1.55
0.25
0.38

29.31%
58.00%
26.01%
8.51%
16.44%
29.68%
45.53%
30.05%
15.90%
29.53%
17.27%
51.45%
35.32%
10.50%
33.86%
8.87%
17.65%
10.21%
39.43%
15.98%
19.13%
11.00%
2.44%
14.53%
56.04%
2.19%
0.85%
16.92%
32.58%
37.83%
3.72%
12.78%
64.68%
68.57%
32.18%
23.81%
9.54%
56.26%
41.08%
43.30%

After-tax Return on Capital Levered Beta Unlevered BetaNon-cash WC/Sales

27.94%
1.05
0.99
-2.65%
19.49%
0.88
0.61
19.06%
29.40%
1.06
0.62
2.47%
21.39%
0.93
0.75
20.12%
26.52%
0.87
0.62
25.28%
15.62%
0.89
0.44
34.59%
26.53%
0.77
0.50
11.02%
18.77%
0.73
0.38
25.95%
NA
0.79
0.55
NA
NA
0.99
0.73
NA
NA
1.10
0.86
NA
NA
0.81
0.57
NA
14.19%
0.64
0.51
11.49%
24.32%
0.79
0.69
6.40%
29.33%
0.83
0.59
12.80%
12.90%
1.01
0.74
-4.68%
19.49%
0.75
0.46
4.00%
31.24%
0.78
0.64
13.79%
22.93%
0.91
0.72
23.32%
23.47%
0.80
0.63
21.58%
23.02%
0.81
0.60
21.05%
29.45%
1.13
1.09
16.46%
34.73%
1.18
1.16
16.99%
20.13%
0.81
0.51
9.30%
21.61%
0.84
0.66
19.53%
27.64%
1.04
1.01
21.27%
24.00%
0.96
0.84
13.65%
26.95%
0.84
0.80
12.27%
17.96%
0.54
0.26
7.16%
20.37%
0.53
0.30
8.47%
21.55%
0.54
0.29
6.66%
32.03%
0.94
0.91
18.87%
16.72%
1.05
0.97
21.76%
14.14%
0.91
0.79
19.80%
22.15%
0.76
0.39
12.77%
NA
0.97
0.65
NA
20.55%
0.70
0.52
15.78%
21.95%
0.76
0.53
3.15%
7.86%
0.85
0.72
22.79%
22.96%
1.03
0.95
12.84%
29.83%
0.87
0.69
19.56%
14.64%
0.44
0.38
10.40%
29.62%
0.68
0.52
3.80%
22.66%
0.95
0.89
19.33%
30.17%
0.88
0.64
19.08%
15.79%
0.88
0.41
38.42%
15.44%
0.91
0.46
2.95%
35.74%
0.77
0.69
15.19%
23.64%
0.95
0.77
14.60%
NA
NA
NA
NA
0.00%
0.93
0.80
NA
0.01%
0.80
0.73
6.57%
-17.41%
1.61
1.60
7.71%
12.65%
0.61
0.59
12.24%
8.59%
1.02
0.98
1.08%
18.47%
0.80
0.56
24.08%

22.98%
12.49%
20.79%
29.31%
24.00%
9.88%
16.51%
17.85%
21.22%
21.71%
18.00%
18.31%
17.73%
24.35%
17.01%
23.07%
22.64%
13.89%
17.90%
19.26%
26.04%
28.49%
31.81%
23.76%
27.87%
28.85%
26.79%
22.13%
16.54%
10.99%
24.02%
26.95%
16.66%
NA
26.86%
40.24%
36.42%
26.70%
13.07%
15.65%

0.80
0.85
0.95
0.91
0.86
0.70
0.58
0.76
0.81
0.92
1.03
0.80
0.80
0.75
0.77
0.99
0.84
0.72
0.82
0.87
0.81
1.00
0.94
0.99
1.26
1.34
1.50
0.81
0.78
0.82
1.21
1.12
0.81
0.82
0.90
0.65
0.90
0.82
0.95
0.56

0.57
0.36
0.70
0.83
0.72
0.49
0.32
0.53
0.68
0.65
0.85
0.39
0.52
0.67
0.51
0.90
0.69
0.65
0.50
0.73
0.66
0.89
0.92
0.85
0.56
1.31
1.49
0.67
0.52
0.51
1.17
0.98
0.29
0.26
0.61
0.50
0.81
0.36
0.56
0.32

20.90%
9.24%
9.69%
17.78%
21.91%
23.84%
5.72%
4.18%
3.51%
26.88%
20.89%
16.43%
15.26%
5.43%
5.16%
28.98%
15.66%
-21.68%
0.94%
17.26%
0.20%
12.54%
11.54%
15.78%
145.45%
17.37%
18.34%
26.85%
20.01%
19.22%
27.67%
4.81%
26.59%
NA
18.08%
14.53%
25.72%
14.42%
5.29%
3.83%