Linkedin Feb 2016

7/25/2019 Linkedin Feb 2016

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be a check against the iteration box. If there is not, you will get circular reasoning

year below ( in consistent units


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e valuation. If you have a money losing company, you may want to override tis.

ancial statements.

hield your income from ta0es, even after you start making money.

ta0 liability coming due


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Compaa. theb. theIf it is t


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10 Terminal year

1.90% 1.90%

$ 15,344.12 $ 15,635.66

18.00% 18.00%

$ 2,761.94 $ 2,814.42 ' (,331.2+

35.00% 35.00%

$ 1,795.26 $ 1,829.37

$ 190.73 $ 289.65 ' ,0(0.+(

$ 1,604.53 $ 1,539.72

$ - $ -

8.00% 8.00%

0.4764

$ 764.43

After year 10

1.50

$ 13,222

13.58% 12.00%

Check these re$enues againsta. $erall market si6eb. Bargest companies in this market

This is how much capital youin$ested o$er the ten yearperiod.

This is is how much your operating

income grew o$er the ten:year period.


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Valuing Options or WarrantsEnter the current stock price = $ 112.50

Enter the strike price on the option = $ 94.24

Enter the expiration of the option = 3.70

Enter the standard deviation in stock prices = 40.00% (volatility)

Enter the annualized dividend yield on stock = 0.00%

Enter the treasury bond rate = 1.90%

Enter the number of warrants (options) outstan 2.78

Enter the number of shares outstanding = 116.51

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION

Stock Price= 112.5 # Warrants issued= 2.78

Strike Price= 94.24 # Shares outstanding= 117

Adjusted S = 110.86996434 T.Bond rate= 1.90%

Adjusted K = 94.24 Variance= 0.1600

Expiration (in years) = 3.7 Annualized dividend yield= 0.00%

Div. Adj. interest rate= 1.90%

d1 = 0.6872923626

N (d1) = 0.7540507447

d2 = -0.082123

N (d2) = 0.4672744518

Value per option = $ 42.56

Value of all options outstanding = $118.30


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VALUATION DIAGNOSTICS

Invested capital at start of valuation

Invested capital at end of valuation

Change in invested capital over 10 years

Change in EBIT*(1t) (after-ta operating inco!e) over 10 years

"arginal #$IC over 10 years

#$IC at end of valuation

%verage &%CC over the 10 years (co!pounded)

'our calculated value as a percent of current price

Inputs

Revenue growth rate (input cell B3)

Last period EBIT as % of revenue (Input cell B14)

Sales to Capital Ratio or reinvestment (Input cell B15)

Return on capital in perpetuity (B30 & B31)


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+,.,

1/./1

,/.2

11.,/

/1.213

1/.,3

2.203

+1.++3

If calculated value is negative or looks too low

Increase revenue growth rate

Increase the target pre-tax operating margin

Decrease the sales/capital ratio

Increase relative to your cost of capital


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If calculated value looks too high

Decrease revenue growth rate

Decrease the target pre-tax operating margin

Increase the sales/capital ratio

If higher than your cost of capital, lower towards your cost of capital T


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R & D ConverterThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustm

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, us

Enter the current year's R&D expense = $ 775.65 The maximum

Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the

Do not input numbers in the first column (Year). It will get automatically updated based on the input above.

Year R& D Expenses

-1 536.18 ! Year -1 is the year prior to the current year

-2 395.64 ! 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 775.65 1.00 775.65

-1 536.18 0.50 268.09 $ 268.09

-2 395.64 0.00 0.00 $ 197.82

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 = $1,043.74 $ 465.91

Amortization of asset for current year = $465.91

Adjustment to Operating Income = $309.74 ! A positive number indicates an increase in op

Tax />ect of /xpensing $108


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nts to operating income, net

e the lookup table below

allowed is ten years

mortization period

rating income (add to reported EBIT)


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er them.

ator

ive years

r 6

years

ine depreciation

nt to pre-tax operating income

nt to debt


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Equity Debt Preferred Stock

Market Value $ 13,107.38 $ 2,595.97 $ -

Weight in Cost of Capital 83.47% 16.53% 0.00%

Cost of Component 8.60% 2.37% 7.14%


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Operating Countries ERP calculator

Country Revenues ERP Weight

Argentina 19 17.17% 10.11%

Brazil 4 9.28% 2.13%

El Salvador 130 11.37% 69.15%

Bolivia 23 11.37% 12.23%

India 5 9.28% 2.66%

United States of America 7 6.00% 3.72%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

Total 188 100.00%

Operating Regions ERP calculator

Region Revenues ERP Weight

Africa 0 11.76% 0.00%

Asia 247 7.49% 8.26%

Australia & New Zealand 6.00% 0.00%

Caribbean 0 14.61% 0.00%

Central and South America 168 10.42% 5.62%

Eastern Europe & Russia 9.65% 0.00%

Middle East 0 7.11% 0.00%

North America 1846 6.00% 61.72%

Western Europe 730 7.16% 24.41%

Rest of the World 0 7.39% 0.00%Total 2991 100.00%

u us ness n us ry verages

Business Revenues EV/Sales Estimated Valu

Electronics (Consumer & $ 90.00 1.1894 $ 107.04

Entertainment $ 10.00 2.8528 $ 28.53

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

Company ' +**.** $ 135.57


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Capital Multi Business (Global Industry Averages)$ 15,703.35 Business Revenues EV/Sales Estimated Valu

100.00% Advertising $ 581.00 1.9500 $ 1,132.95

7.57% Business & Consumer Serv $ 2,409.00 1.5100 $ 3,637.59

0.0000 $ -0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

Company ' (,))*.** $ 4,770.54


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Weighted ERP

1.74%

0.20%

7.86%

1.39%

0.25%

0.22%

0.00%

0.00%

0.00%

0.00%

0.00%

11.65%

Weighted ERP

0.0000%

0.6184%

0.0000%

0.0000%

0.5853%

0.0000%

0.0000%

3.7031%

1.7476%

0.0000%6.6544%

Unlevered Beta

1.1642

0.9783

0.0000

0.0000

0.0000

0.00000.0000

0.0000

0.0000

0.0000

0.0000

0.0000

+.+(0+


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Unlevered Beta

0.9600

0.8700

0.00000.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

*.)+1


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Inputs for synthetic rating estimation

Please read the special cases worksheet (see below) before you use this spr

Before you use this spreadsheet, make sure that the iteration box (under calculation optio

Enter the type of firm = 1

Enter current Earnings before interest and taxes (EBIT) = $ (159.63) (Add back onlyEnter current interest expenses = $104.06 (Use only long

Enter long term risk free rate = 1.90%

Output

Interest coverage ratio = -100000.00

Estimated Bond Rating = D,D 8ote3 If you get R#@A ;ll

Estimated Company Default Spread = 20.00% to 8o, and then reset it t

Estimated County Default Spread (if any) = 0.00%

Estimated Cost of Debt = 21.90%

If you want to update the spreads listed below, please visit http://www.bondsonline.com

For large manufacturing firms

If interest coverage ratio is

> to Rating is Spread is

-100000 0.199999 5(D5 (*.**?

0.2 0.649999 CaaDCCC +3.**?

0.65 0.799999 Ca(DCC +(.**?

0.8 1.249999 C(DC ).**?

1.25 1.499999 "2D": -.0*?

1.5 1.749999 "(D" 3.0*?

1.75 1.999999 "+D"E 0.0*?

2 2.2499999 "a(D"" 1.(0?

2.25 2.49999 "a+D""E 2.(0?

2.5 2.999999 "aa(D""" (.(0?

3 4.249999 A2DA: +.-0?

4.25 5.499999 A(DA +.(0?

5.5 6.499999 A+DAE +.+*?

6.5 8.499999 Aa(DAA +.**?

8.50 100000 AaaDAAA *.-0?

For smaller and riskier firms

If interest coverage ratio is

greater than to Rating is Spread is

-100000 0.499999 5(D5 (*.**? Rating is

0.5 0.799999 CaaDCCC +3.**? A+DAE

0.8 1.249999 Ca(DCC +(.**? A(DA

1.25 1.499999 C(DC ).**? A2DA:

1.5 1.999999 "2D": -.0*? Aa(DAA

2 2.499999 "(D" 3.0*? AaaDAAA

2.5 2.999999 "+D"E 0.0*? "+D"E


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3 3.499999 "a(D"" 1.(0? "(D"

3.5 3.9999999 "a+D""E 2.(0? "2D":

4 4.499999 "aa(D""" (.(0? "a+D""E

4.5 5.999999 A2DA: +.-0? "a(D""

6 7.499999 A(DA +.(0? "aa(D"""

7.5 9.499999 A+DAE +.+*? C(DC

9.5 12.499999 Aa(DAA +.**? Ca(DCC

12.5 100000 AaaDAAA *.-0? CaaDCCC

5(D5


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adsheet.

s in excel) is checked.

long term interest expense for financial firms)term interest expense for financial firms)

ver the place, set the operating lease commitment -uestion in cell @(


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5.00%

6.00%

2.75%

3.25%

1.75%

7.00%

8.00%

10.00%

12.00%


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Industry 8ame ;fter2ta0 R9:

%dvertising -0.,3 11.13 +.,3

%erospace45efense + .3 1.3 /0.13%ir Transport 0 +./3 1.23 1,.23

%pparel / 1.,3 1.1/3 1.++3

%uto 6 Truc7 1+ 2.+23 .3 .03

%uto 8arts .3 2.3 1,./,3

Ban7 ("oney Center) + 1.03 -0.13 -0.013

Ban7s (#egional) 1/.+3 -0.1/3 -0.03

Beverage (%lcoholic) +.23 .+03 1.,3

Beverage (9oft) / ,.,03 1,.03 .3

Broadcasting + +.1/3 .+3 1+./,3

Bro7erage 6 Invest!ent Ban7ing ./3 0.013 0.003

Building "aterials /+ +./3 +.103 1.+13

Business 6 Consu!er 9ervices 1+ .03 11.103 .13Ca:le T; 1+ .03 1+.+3 1.03

Che!ical (Basic) .+/3 +.23 1.23

Che!ical (5iversified) + .++3 11.+3 1.23

Che!ical (9pecialty) 10 2.13 1.3 0.03

Coal 6 #elated Energy /, 0.23 0./23 0.3

Co!puter 9ervices 11, +.1/3 ,.,3 /0.103

Co!puters48eripherals /.+,3 1+.,3 /.203

Construction 9upplies 11.3 10.3 1.1,3

5iversified .003 1.3 2.213

5rugs (Biotechnology) 11 0./03 /.123 0.//3

5rugs (8har!aceutical) 12 1.3 .+/3 1.1+3

Education 0 -.0,3 ,.003 +./3Electrical Ear!ing4%griculture /2 1/.123 .,+3 2./3

>inancial 9vcs. (?on-:an7 6 Insur 2 1.,3 .,,3 0.13

>ood 8rocessing ,+ 1.03 11.13 /.1/3

>ood &holesalers 1 +.//3 .+03 12.+3

>urn4@o!e >urnishings /0 ./03 ,./03 1.023

=reen 6 #eneAa:le Energy , /.2+3 1/.3 .,13

@ealthcare 8roducts 11.+,3 1.,,3 1.23

@ealthcare 9upport 9ervices 12 .3 .23 1.03

@eathcare Infor!ation and Techn 1 0.03 1/.03 1./3

@o!e:uilding / 1.//3 +.+3 ,.3

@ospitals4@ealthcare >acilities , 1.3 1.+/3 +.03

@otel4=a!ing 2/ 2.13 1.3 +.13

@ousehold 8roducts 1/ ,.3 12.113 +.013

8umber of"rms

;nnual;verageRevenue

growth 2 ast( years

!re2ta0 9perating+argin


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Infor!ation 9ervices 20 +.3 /.23 /2.13

Insurance (=eneral) 0 /.+3 1/./3 .3

Insurance (ife) .,/3 1.3 ,.3

Insurance (8rop4Cas.) / ,.03 1.23 11.+3

Invest!ents 6 %sset "anage!ent 1 1/./+3 1+.3 ./3

"achinery 1/0 .003 1.,/3 .3

"etals 6 "ining 11 /.,/3 11.13 ,.+3$ffice E


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:ost of e-uity

/1.3 0.2 1.0, ,.23 21.0/3 .3 /.003

,.++3 1.0 1.// 10.3 .+03 /.3 12.0130.+23 0., 1.2 +.,,3 1.+3 .03 1.103

.,3 0.,, 1.0 ,.13 0.3 .03 1.2+3

,.113 0.2 0.+ ,.003 //.213 /.3 .13

./3 1.0, 1.+ +.+,3 .03 .03 .23

.2/3 0.2 1.11 ,.+/3 /.223 /.3 ,.03

,.0,3 0./ 0.1 ./3 ,.+/3 /.3 .013

2.113 0., 0.+ 2.+03 ,.13 .03 1.3

2.+/3 0.++ 1.1 +.1+3 .3 .03 1,.,3

/1.0+3 0.2 1.+ 10.03 2.3 /.3 ,.3

2.,3 0. 1./ 10./3 ,.03 /.3 2.03

//.,23 0.+, 1.1, +.//3 .23 /.3 .+03

/.,23 0.+ 1.1+ +.03 0.1/3 .03 .113/./13 0.,+ 1./ +.3 1.,3 /.3 //.13

/.,13 0.,1 1.12 +.,3 .03 .03 /,.3

,./23 1.2 1. 11.03 0.3 /.3 2.,3

.03 1.01 1. +.23 0./3 .03 /.,,3

0.+,3 0./+ 1.+ 11.1+3 ,.2,3 .3 2.2/3

/.3 1.00 1.12 +./03 1.23 .03 .03

.13 1. 1.// 10.3 /.+13 .03 1.23

+.003 1.1, 1. 1.123 .13 /.3 /2.13

/.+3 0.2 1.01 ,./3 2./23 /.3 /.2,3

0./,3 1.1+ 1., +.+3 ,,.,+3 .3 1.03

./3 0.+ 1.0 ,./23 22./03 .3 11.13

0.+3 0., 1.0 ,.+3 +.3 .03 /1.3/.03 1.0/ 1.1 +.123 21.03 .3 12.+23

.2,3 1.1 1./ +.3 /.3 .03 1.+03

1.3 0.+, 1.0/ ,.3 +./3 .03 1.3

/1.+3 1.02 1./ 10.123 2.03 .03 +./3

.2,3 0.+, 1.1 +.3 /.13 .03 /.03

+./3 0., 1.10 ,.+03 .13 .3 2.+3

/0.13 0.22 1. +.223 ,.+3 /.3 /.0+3

//.13 0.0 0. .13 /.+23 /.3 +/.03

/.+3 0.2 0.,+ 2.+3 /,.+3 /.3 0.23

//.,3 0.1 0.2/ .3 .+3 .03 1+.+,3

.,3 1.00 1./ +.3 .+3 /.3 /./3

,.13 0., 1. 1.013 ./3 .03 2.023

1.23 0.+ 1.0/ ,./3 .13 .03 1./3

0.,3 0.,+ 1.0 ,.23 ./3 .03 .3

1.,3 0.++ 1.11 ,.+/3 0.3 .03 1.03

/.23 0.,1 1.1 +.003 1.213 /.3 /2.,3

/.+03 0. 0., 2.1+3 /.+3 /.3 +.13

1.3 0., 0.+2 ,.103 .23 /.3 /.3

//.13 0.+1 1.0 ,.3 .03 .03 1.,3

;veragee6ective ta0

rate=nlevered

1eta#-uity

%evered* 1eta>td deviationin stock prices

!re2ta0 cost ofdebt

+arketDebtB:apital


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,.0,3 0.+ 1.00 ,.23 0.23 /.3 1/.3

2.+3 0., 1.0 ,.3 //.23 /.3 +.+3

,.,3 0.+1 1., +.+23 /.+3 /.3 .13

,.213 0.2 0.+0 2.3 /.+/3 /.3 /.,+3

1.13 0.,1 1.12 +./13 /2.,3 /.3 /./03

+.003 1./ 1. 10.,,3 .023 /.3 1.13

/.23 0.,2 1. 11.03 +1.03 2.223 .123/.1/3 1.+ 1., 1/.13 1.,3 /.3 /2.23

,.013 1./, 1. 11.+3 0.3 .03 1.13

/1.2+3 0.+ 1./ 1.03 ,0.3 .3 .03

+.013 0. 1. +.13 2.,3 /.3 ,.3

+.+3 1.1 1.2 1.23 +.3 .3 ,.103

/0.23 0.+1 1. +.,3 /.103 /.3 /./23

+.03 0.,+ 1. 11./23 /,./3 /.3 2.113

/1.+3 0.0 0.,0 2.03 +./13 /.3 .+3

2./3 1.0/ 1.+ 10.0/3 +/.1/3 2.223 //./3

1,.3 1.02 1. 10.+3 1.03 .03 //.13

.+/3 0.1 0.2 .,3 .213 /.3 2./3

12./3 0.+/ 1.1 10.213 /.13 /.3 /,.13

/.//3 1.0/ 1. +.23 0.23 /.3 0./03

/1.++3 0.++ 1.0 11.3 /.3 /.3 /+.3

+.223 0.2 0.+1 2.23 .23 /.3 .03

/0.223 0.,+ 1.0/ ,.3 +.13 /.3 ,./03

/1.123 0. 0.2 .,/3 0.23 /.3 0.3

/.+3 0.2 1.0 ,./3 ./3 /.3 /.213

/.,3 1./1 1.2 11.103 0./3 .03 1.2,3

/.023 0.,/ 1. +.03 ./3 .03 /2./3

//.03 0.+ 1.1 +.3 .,23 /.3 ,./13

/.3 0.22 1.0 ,.03 1.23 .03 /1.+3

,.23 1./ 1., 11.23 0.3 .03 2.,/3

/.23 0.,1 1.02 ,.213 0.+3 .03 /1.,/3

2./,3 1.1, 1. 1./3 /,.003 /.3 /+.+3

1+.23 1./ 1./+ 10.+3 1.3 .03 11.123

1.13 1. 1.0 10.3 .13 .03 2./13

11.03 0., 1. +.23 0.,+3 .03 /.,3

0.,3 0.,1 0., 2.03 /+.03 /.3 ./3

1/.23 1. 1. 10.223 .1,3 .03 +.,3

.13 1.// 1./ 10./03 .213 .03 .3

,.13 1. 1.// 10./3 +.3 .03 10.,3

+.0,3 0., 1./ 10.,/3 1.3 .03 2.,3

.03 0. 1., 11.1/3 .113 /.3 0.0+3

0.13 1.12 1.+ 10.03 2.2,3 .03 12.13/1.113 0.2 0.+ 2.+3 .3 .03 /.,3

/.,3 1. 1.+1 1/.23 ,.+03 /.3 1.3

/.,3 1.1+ 1.1 10.23 0.0/3 /.3 /.2/3

/.,03 0.+/ 1.1 +.1,3 /1.03 /.3 /./23

/.03 1.0/ 1.+ 1.03 /.0,3 /.3 0./03

0.003 0.11 0./ /.3 .13 /.03 0.103

/0.+23 0./ 0. .23 .0/3 /.3 1./3

/./3 0.// 0.2 .023 /.2,3 /.3 /.,,3


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:ost of capital >alesB:apital #4B>ales #4B#1ID; #4B#1I !riceB1ook railing !#

.23 ./ 1.20 ,.+ 1. .,1 110.1

,.,3 .,0 1., 10.// 1.2 ./+ /1..,13 1.+ 1., .,0 +.21 /., 1.01

2.3 1./ 1.+2 10., 1./+ /.2/ 1,.

.203 1.1+ 1.0 10.0/ 0.+/ . 1.1+

,.113 . 0.2, 2./ 10.2, . .2

.23 0.1/ 2.2 ?% ?% 0.+ 1/./

/.+3 0. . ?% ?% 1.1 1,.1

2.03 0.2, ./ 1+.+/ .1/ ./ /,.0

2.+3 1./ /. 1., 1+. ,.1/ /+.0

.123 1.0+ .+/ +./ 1.+, ./+ .1

.3 0.0 ., ?% ?% 1.1 /.2,

2.3 . 1.2 11. 1.0+ .0 ,.,,

2.,3 ./ 1.+ 11.1 12.1 /.,, .202.13 0.+2 /.02 +./ 1.1 .2 +./2

.3 1./ 1.0 .+ 10.+/ 1.+ 1/.0+

,.+23 1./+ 1. +.10 1/. /.10 .0

,.003 1.1 .1+ 10., 1.,1 /.21 ,.//

.,3 0.0 1./ .0 1,./1 0.2 .,

2.23 /.+ 0.+2 ,.2 10.,+ ./ /1.+0

+.013 1.+0 1.2 .+2 +.0/ /. /.+/

,./3 1.0 1. ,./2 1.0/ .2 /.,

.103 0., .2 1.21 12.2 1., .2+

+.03 0.+ ,./ 1/.0 1.0 2.0 2+.1

2.23 0./ .2 1/./ 1+./ .0 1.,

./3 1./2 1./2 .+ 1. 1.2+ .2,.013 ., 1.2+ +.,2 1./ /. .,2

,.23 . 1.1+ +.1 1/.1 .2 0.,1

2./3 1.0 1. +., 1.+ .01 .2

2.,,3 .20 0.0 2. 1/., 1., 1.++

2.+03 1.0 ., 10./ 1/.1 /.0 /2.2

2.123 1. . 10.1/ 1,.+ /.1 .0

.23 1., 0.2 10.0 1.1 1.2/ 1+.+

./+3 0.0/ //.1 ?% ?% 1.2/ .+0

.3 ./ ./ 1.+/ 1+.1 .21 ./

.,03 2./ 0./ 10.1 1.2 /., ./

2.,23 .1 1. +.+2 1.0/ ., 0.10

./3 0.1 2., 11.2 1.0 0.2/ +0.,

2.3 1.0 /.2 1.2 1.+ /., 2.0

2.03 10.1 0.0 10.0 1. /.0+ 0./0

2.+3 1.12 .0 12.+ +.+/ . .

.03 1.0, 1. 1/.+ 1. 1.0 1.+

.23 0., ./, 10.+ 1,./+ .0 /,.+,

.+3 0. /./0 11.,+ 0.0 /.1/ 1,.,+

2./3 1., .,0 1.+ 1./ ./2 /0./2


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2.3 1.+/ . 1.2 1+.+0 .2 .

.03 0.0 1., ,.2 11.+2 0.+1 .,

.03 0.2 1.+ ,./, +.0 0.+ 1/.+,

./3 1.0 1.1 ,./ +. 1./, 1.0

.1+3 0./ ./, 1,./ 1.2 1.11 .,

,.++3 .02 1. +.0 1.0 /.00 ,.01

,.03 0.2 1.+ . 1/. 1.1 .12,.++3 ., 1.0, 2./+ 10.12 /.,1 1/.,

10.03 0.+, 1., +.0 .21 1.+ 12.+

,./23 0.// /.02 .+ ?% 1.1 1,.+

.+23 0.+2 .10 11.,1 1+., 1.1+ .

+.+13 . 0./ .22 ,.,2 1. 2.1+

2.13 .1 1. +. 1.+ /./1 /.+

2.013 1.2 1.2 +.0, 1.1 /. ,.0,

.,13 0. .2+ ,.+ 1./ 1.0 1./,

,.3 0. 1.+2 .2 ,., 0.2/ 1.,+

,.13 1., 1./ ,., 1. 1.2 .1

.13 0.1/ 1.0 1. ,.1+ .0 ,.1

2./+3 0.+ .2 ,.2 ?% 1./2 /2.1

,.03 0. ., 1.,1 . 1.+ 21.

2.3 1.1/ .// 1/. 1.+2 . ,1./1

.03 1.0 1.+ 10. 1. /.2 /.1+

.3 0.,2 1.0+ 2.,+ +. 0.+ 1.1

.,3 1. /.02 1., ./ 10., +.,

./23 .22 1.00 11.+ 12./ .+0 1.

+.2/3 . 1.,+ 1/.0/ 12.2 1./ /2.,+

.,+3 1., 1.12 10.2 1/.1 .,0 ,.2+

2.3 /. 0. 2.+ 1/. /.0 .2

.3 .// 0.+ ,.2, 0./ .+ .,,

10.++3 .0 /.1 /.02 ,., 1.2 10./

.213 .2 1.1 ,.,1 12.1+ /.1 ,./

,./3 .01 0., .12 2. 1.+ +./0

+.,3 0.21 /.1 +. 1. .+, 20.+

,.13 0., ./ 11. 1,.02 .2 1.

2.023 0.2/ 1.1 .0 1/.1 1.0 10.2

.,23 .12 .+ 12. /. .+ 1./

10.003 1., ., 12.2+ /.1/ .0 .

+.+23 0., 2.0 /.,1 /+.0 .+ 22.2

+./+3 0.,/ . 1.21 0., .12 /.1,

.,03 1., 0. 2.0 ?% 1./ .

.213 0. .0 2.0 2.0 1.2 /.0

,.213 0.,0 .22 10.0 1/., . +1.2.3 1.11 ./ ,. 1+.1 .20 0./2

11.,3 ., .10 1.+1 1.,2 +.+ 1+.,,

,.+3 ., 1./1 ,., 1., . /.0/

2./3 0.1 /./1 2.2/ 10.0 ./ /.0

2.3 1.2, 1. ,./ 1/.+, /.0/ 1.++

.2/3 0.1, ., 2/.0 ?% 1.1 .1/

.13 0. .+ +.,/ 1./2 1.,/ 2.

.103 0.// . 1.0 12.0 .+ 0.2


37/77


38/77


39/77


40/77

Infor!ation 9ervices 1, ,.,+3 1.++3 /.03 ,.03

Insurance (=eneral) 1 11.3 ,.3 10.3 .013

Insurance (ife) 1 2.,/3 +./3 1.03 .23

Insurance (8rop4Cas.) 1+ ,.13 11.0+3 11.,3 ./13

Invest!ents 6 %sset "anage!ent +2 10.1,3 ./13 2.,3 12.,03

"achinery 1 ./3 +.23 11.,3 ,.0/3

"etals 6 "ining 11, ,.13 +.1+3 2./3 /,.223$ffice E


41/77

0.+ 1.11 10.3 .3 .103 .13 ,.+23 /.

1.0 1.1, 11.03 2.3 .03 1,.23 +.,3 .+0.1 0.+ +.13 /+.,3 .03 .+3 ./3 1.10

0.2+ 0.,+ ,.+03 0.213 .103 1+.03 2.,23 1./0

0.,/ 1. 11.13 .3 .03 .+3 2.,3 1.1+

1.1 1./1 1.003 ./3 .03 1,.3 10./,3 1.,,

0./ 0.+ +.,3 /0.13 .03 2.13 .2,3 0.11

0.2 0.0 .23 +./3 .03 .003 .,13 0.

0.2 0., ,.+3 1.23 .03 1.3 2.+3 0.2

0.+ 1.0 10.123 /,./3 .03 1+.023 ,.,3 1.1

0.,+ 1.1, 11.0+3 /.+3 .03 /1.3 ,.03 1.0+

0. 1.0 10.113 ,.+3 .03 ,.13 .13 0.1

0., 1.01 +.2,3 .3 .03 .03 ,.13 1.1

0.,2 1.00 +.203 2.3 .03 1.3 ,./13 .,0.,0 1.11 10.03 /2.3 .03 /.,3 ,.13 0.,,

0.+ 1.11 10.3 .03 .03 .23 ,.213 1.02

1.0, 1./ 1./3 0.3 .03 +.13 +.+3 1./

1.0/ 1.1, 11.03 2.,/3 .03 0.23 +.3 1.

0.+ 1.0 1.23 +.03 .03 1.++3 +.0/3 0.0

0.+ 1.0 +.,3 ,.,3 .03 1.2/3 ,.,13 /.

1.2 1./ 1.13 0.013 .103 1./,3 10.23 1.2+

0.,+ 1.1 10.2,3 /./3 .03 //.3 ,.23 1.0+

0.20 1.01 +.,3 /.,3 .03 0./23 2.13 0.,

1.1 1.2 11.23 2,.03 .03 11.1+3 10.,,3 0.+

1.0 1.10 10.3 .3 .103 1.3 +.03 0.2/

0.+ 1.0 10.1/3 0.,3 .103 .23 ,.3 1./01.0+ 1.1+ 11.13 1.13 .103 12.+,3 +.23 1.1

1.1, 1.+ 11.,23 /.3 .103 2./3 +.,3 .0/

1. 1.2 11.23 0./3 .103 1.+/3 10.3 1.

0.+0 1.0 11.123 .23 .03 ./3 2.,13 .0

1.0 1. 11.//3 .223 .103 1+.++3 +.2,3 1.,

1.11 1.// 1.1+3 +.,13 .103 .,13 10.3 1.1

0.2 1.01 +.2+3 .,23 .03 /1.3 2.213 1.

0.10 0.2/ 2.,3 0.13 .03 ,+.23 /.+3 0.0

0.2 0., ,.03 0.103 .03 1+./03 2.03 1.2

0.+ 0.21 2.3 1./,3 .03 1.+3 .23 .22

1.0/ 1.0 +.++3 .,3 .03 1.3 +.0/3 .,

0.2 1.12 10.+3 ./03 .103 .,,3 2.2+3 0.1

0.+/ 1.0 +.+03 2./3 .103 1.123 ,.+3 1.0

0.+, 1.1 10.,03 +.,3 .03 /.03 +.03 2.

0.+, 1.0+ 10./,3 0.,/3 .103 1.03 +./3 1.1

0.+/ 1.1 10.+3 /+.+/3 .03 /1.23 ,.13 1.1

0. 0.2 2.3 /.2/3 .03 .,3 .3 0.,1

0.2/ 0.+/ +.13 ./03 .03 /0.1,3 2./23 0.2,

0.+ 1.0 10.003 +.,3 .03 1.0+3 +.1,3 1.22

=nlevered1eta

#-uity%evered*

1eta:ost ofe-uity

>tddeviation instock prices

!re2ta0 costof debt

+arketDebtB:apital

:ost ofcapital

>alesB:apital


42/77


43/77

#4B>ales #4B#1ID; #4B#1I !riceB1ook railing !#

1.+ 10.1 1.2 /.0 /.0 -,.,03 ./03 .3

1., 10.+ 1. .10 ,.12 1.113 /./3 .+31.1 .,+ 1.+ .+ 1,.2 -.3 10.,3 .013

1., 10. 1.2 . .+0 .23 /.2/3 .03

0.+ ,.,+ 1./ 1. 0./ 2.1,3 .+/3 .,03

0.+ ,.0, 1.,+ 1.+2 1.1 10.1,3 .03 ./03

,.,2 ?% ?% 0.++ 1.0 ?% .03 .1+3

. ?% ?% 0.+2 12.0, ?% ./,3 0.,23

/.+ 1.11 1,. /./ .1 11.013 .,3 ./3

.+0 1.2/ 1+. .+1 /.+ 1.,,3 ./+3 .13

. 10./ 1.1+ ./, /1./ 1/.3 /.,3 .13

.+ ?% ?% 1.1 /./ ?% /.023 /.23

1./0 10. 1.1 .11 1./ 12.2,3 ./3 .03

1.1 10., 1./ /.+ .+ +.,23 .+/3 .,3/.+0 11./ 1., .0 ,/.1 .1+3 1.13 1,./,3

1./ +., 1./ 1.2 . 1/.,3 .,3 .03

1.1 ,.0/ 1.2, 1.+ 2/.2 12.3 .2/3 ,./3

1.,1 10./ 1.++ ., ,.0 12.0,3 .,/3 +.13

1.+1 +.0 .0 1.10 ,. .,03 1.23 ,.+3

1.1 10., 1./1 /., ++. 1/.23 1.23 .3

1.1 .+ +. .10 /.2+ 2.3 ./3 .3

1.1 10., 1+.2 1. +. 1.03 ./+3 .23

1.2/ +.// 1., 1. .21 -1.,03 .//3 ,.023

,.2 1.+ ./ 2.+ +. .0/3 ./03 +.3

./ 1.+2 1. /. 2. 1+.3 .13 .03

1.20 ,.20 12./, 1.+0 /.1 ,.3 .13 +./31.1 1/.1 0./ .2 1. /.+3 .,3 .3

0. .+0 1.+ 1.1 1. .13 /.13 .13

1.1+ +.2 1. .01 2.0 12.2/3 .13 .23

0.2 +.12 1./0 1.2 +.1, 11./3 /.023 .+3

/.0 11.,1 1.1+ /.0 10.2 +.1,3 .03 .3

.0 11., /.2 /.0+ /+. +./23 .+3 ./03

1./1 1. 1,.+ .0 +. 0.23 .1+3 .3

1. 1,.+, ?% 1./ ,/.2 ?% ,./13 1.03

1. 1/./ 1+.0 . 0.+ 10.23 .03 .223

0./, ,. 1/.1/ 1. +.20 /.,23 1.03 1.23

1./ 11., 1. . .1 ,.123 /./3 .++3

.+ 11.1 1+.2, 1. ./ 0.23 .+3 1.+3

/.+0 1./ /.12 /. 111.// .+3 .+3 0.,23

0. 10. 1/.0/ .22 2.22 -0.3 1.003 /.1/3

/.+ 1,.0 /0./2 .0 .1 /./3 /.,3 2.23

1. 10., 1/./ 1., 1,.0 ,.13 0.,03 0.,3

./ 1.01 .01 ., /.2+ 1.3 .03 ,.13

. 11. 0.0 .1/ 2. -1.203 ,.13 2.203

., 1./ 12.++ .0+ ./ +.0/3 /.+3 .0,3

8on2cashC: as ) ofRevenues

:ap #0 as )of Revenues

8et :ap #0as ) of

Revenues


44/77


45/77

R9#

2.3 1.103 .203 .203

+.1,3 1.,3 1.23 1.23.13 1,./,3 1+.,3 1+.,3

.3 11./+3 1.+23 1.+23

12.,3 1/.013 ,.,3 ,.,3

10.,3 1.//3 .03 .03

2/1./13 10.03 /.03 /.03

?% ,.2+3 .+/3 .+/3

/.0/3 1.,23 .13 .13

2.3 12.3 2+.03 2+.03

/.103 2.03 ,.113 ,.113

-/01.0+3 1/.3 .+3 .+3

11,.13 2.1,3 .3 .3

+0.,/3 11.2+3 .3 .31/.,+3 1,.23 /2.,3 /2.,3

,/.3 ,.103 +.1,3 +.1,3

1/./3 1/.2/3 .23 .23

11.3 1.03 1.,3 1.,3

22./,3 -/.023 1+.13 1+.13

./03 1+.+3 /.3 /.3

,.023 12.13 .3 .3

1/0.2+3 .13 2.23 2.23

+2.3 +./3 /.,3 /.,3

12/.23 12.,13 /.,3 /.,3

1/.3 1.03 1.++3 1.++3

10.3 /.,+3 0./3 0./311.13 .+23 20.3 20.3

1+.+3 ./3 .2+3 .2+3

1.+03 10.03 /0.,3 /0.,3

1/1.23 2.013 10.0/3 10.0/3

,.,,3 1,./+3 /.+3 /.+3

10/.,3 .+,3 1./3 1./3

1,./3 .,3 0.+,3 0.+,3

/,.,03 10.013 /2.3 /2.3

111.2/3 11.+/3 .3 .3

+/.23 2.13 2./+3 2./+3

+.3 1.03 0.113 0.113

1/.3 2.+3 22.23 22.23

1,.3 +.,3 ,./03 ,./03

11.13 1.3 .0/3 .0/3

++.+03 10.3 1.1/3 1.1/3

.3 1./3 0.023 0.023

1/0.13 10.+3 ,0.+3 ,0.+3

2+.,3 11./23 ./03 ./03

.03 12.1,3 ,./03 ,./03

Reinvestment Rate

Dividend!ayout Ratio

#-uityReinvestment Rate


46/77

1.13 .3 .13 .13

.3 2.,3 .03 .03

1/.03 11.3 /1./13 /1./13

11.2,3 11.03 2.+,3 2.+,3

-./3 1./23 2.,/3 2.,/3

+.23 +.3 ./3 ./3

1.+3 -1.+3 0.23 0.232,.++3 1/.,+3 /.03 /.03

12.+23 ./3 1+.,3 1+.,3

?% -1.0/3 /.13 /.13

/.13 2./3 12+./23 12+./23

/,./3 /./+3 10/.203 10/.203

11,.2,3 1.1/3 ./3 ./3

,./3 .03 2.0,3 2.0,3

11.3 ,.,23 +./3 +./3

121.023 -2.23 0./3 0./3

+.123 2.3 ,.,13 ,.,13

.,3 +.13 ,./13 ,./13

0.0+3 1./3 +.23 +.23

+/.3 ,.2/3 /0.,3 /0.,3

20.3 +.13 +.13 +.13

11./3 +.,,3 2.23 2.23

10./3 10.23 /.123 /.123

1.3 1+.23 .0/3 .0/3

11.+3 12.3 ,1.+3 ,1.+3

0.23 /.23 /2.23 /2.23

10./3 .03 ,.3 ,.3

102.23 11.1/3 ,.//3 ,.//3

11/./3 /.03 10.203 10.203

/0.23 1.3 .+23 .+23

+2.223 1.3 /.3 /.3

+.3 1./3 2.3 2.3

10.,23 1.2/3 /,.+,3 /,.+,3

1.+03 +.3 /2.23 /2.23

1/+.123 .3 .113 .113

/./3 12.,3 /./3 /./3

1+.23 +.,03 0.113 0.113

1.03 11.3 .3 .3

2.,3 11.,3 .13 .13

12.3 -/.1,3 0.+3 0.+3

1,.3 .+3 ,+.03 ,+.03

,,.3 10.3 .1,3 .1,3/.03 10.3 2+.+3 2+.+3

2+./,3 1.213 .+3 .+3

+.0,3 1./13 2.103 2.103

,2.003 1/.3 //.03 //.03

1.23 11./23 ./,3 ./,3

1.3 /.03 0.3 0.3

,0./+3 /.003 01./3 01./3

+.23 +.3 +.13 +.13


47/77

Country rginal tax rate

Abu 5habi 00.**?

Albania +0.**?

Andorra +).**?

Angola 20.**?

Anguilla +3.3-?

Argentina 20.**?

Armenia (*.**?

Aruba (.**?

Australia 2*.**?

Austria (0.**?

A6erbaiFan (0.**?

"ahamas *.**?

"ahrain *.**?

"angladesh (-.0*?"arbados (0.**?

"elarus +.**?

"elgium 22.))?

"eli6e 22.))?

"enin (-.0?

"ermuda *.**?

"oli$ia (0.**?

"osnia and Ger6ego$ina +*.**?

"otswana ((.**?

"ra6il (0.**?"ritish irgin Islands +3.3-?

"ulgaria +*.**?

"urkina Haso +*.**?

Cambodia (*.**?

Cameroon (*.**?

Canada (3.0*?

Cape erde (3.0*?

Cayman Islands *.**?

Channel Islands *.**?Chile (*.**?

China (0.**?

Colombia (0.**?

Congo 5emocratic &epu (-.0?

Congo &epublic of! (-.0?

Cook Islands (0.**?


48/77


49/77

Jorea 2*.**?

Juwait +0.**?

Jyrgy6stan (*.**?

Baos (+.)+?

Bat$ia +0.**?

Bebanon +0.**?

Biechtenstein +(.0*?

Bithuania +0.**?

Buxembourg ().((?

9acau +(.**?

9acedonia +*.**?

9alawi 2*.**?

9alaysia (0.**?

9alta 20.**?

9arshall Islands *.**?9auritius +0.**?

9exico 2*.**?

9oldo$a (0.**?

9onaco 2*.**?

9ongolia 2*.**?

9ontenegro ).**?

9ontserrat (*.**?

9orocco 2*.**?

9o6ambi4ue 2(.**?


50/77

oland +).**?

ortugal (2.**?

Matar +*.**?

&eunion *.**?

&omania +3.**?

&ussia (*.**?

&wanda (-.0?

Samoa (-.**?

Saudi Arabia (*.**?

Senegal (-.0?

Serbia +0.**?

Sierra Beone 2*.**?

Singapore +-.**?

Slo$akia ((.**?

Slo$enia +-.**?South Africa (.**?

Spain 2*.**?

Sri Banka (.**?

St. 9aarten (*.**?

St. incent # the %renadi (*.**?

Sudan 20.**?

Suriname 21.0*?

Sweden ((.**?

Swit6erland +-.)(?

Taiwan +-.**?Tan6ania 2*.**?

Thailand (*.**?

Togo (-.0?

Trinidad # Tobago (0.**?

Tunisia (0.**?

Turkey (*.**?

Turks # Caicos Islands (*.**?

Uganda 2*.**?

Ukraine +.**?United Arab /mirates 00.**?

United Jingdom (+.**?

United States 1*.**?

Uruguay (0.**?

ene6uela 21.**?

ietnam ((.**?


51/77

Lambia 20.**?

Limbabwe (-.0?

Region Tax RateAfrica (-.0?

Asia (+.)+?

Australia #


52/77

Country Default ERP inal tax CRP

Abu 5habi *.0*? 3.0*? 00.**? *.-0*?

Albania 1.0*? +(.0*? +0.**? 3.-0*?

Andorra *.-0? 3.? +).**? +.+2*?

Angola 2.**? +*.(0? 20.**? 1.0**?

Anguilla 0.-0? +1.2-? +3.3-? .3(*?

Argentina -.0*? +-.**? 20.**? ++.(0*?

Armenia 2.**? +*.(0? (*.**? 1.0**?

Aruba 3.0*? +0.0*? (.**? ).-0*?

Australia *.**? 0.-0? 2*.**? *.***?

Austria *.**? 0.-0? (0.**? *.***?

A6erbaiFa (.(*? ).*0? (0.**? 2.2**?

"ahamas +.)*? .3*? *.**? (.0*?

"ahrain +.)*? .3*? *.**? (.0*?

"anglades 2.3*? ++.+0? (-.0*? 0.1**?"arbados 3.0*? +0.0*? (0.**? ).-0*?

"elarus 3.0*? +0.0*? +.**? ).-0*?

"elgium *.3*? 3.30? 22.))? *.)**?

"eli6e ).**? +).(0? 22.))? +2.0**?

"enin 2.))? ++.-2? (-.0? 0.)*?

"ermuda *.-*? 3.*? *.**? +.*0*?

"oli$ia 2.3*? ++.+0? (0.**? 0.1**?

"osnia an 3.0*? +0.0*? +*.**? ).-0*?

"otswana *.0? -.*2? ((.**? +.(-0?

"ra6il +.)*? .3*? (0.**? (.0*?"ritish ir 0.-0? +1.2-? +3.3-? .3(*?

"ulgaria +.)*? .3*? +*.**? (.0*?

"urkina Ha 3.0*? +0.0*? +*.**? ).-0*?

Cambodia 0.0*? +1.**? (*.**? .(0*?

Cameroon 0.0*? +1.**? (*.**? .(0*?

Canada *.**? 0.-0? (3.0*? *.***?

Cape erd 0.0*? +1.**? (3.0*? .(0*?

Cayman I 0.0*? +1.**? *.**? .(0*?

Channel Is *.-0? 3.? *.**? +.+2*?Chile *.3*? 3.30? (*.**? *.)**?

China *.3*? 3.30? (0.**? *.)**?

Colombia +.)*? .3*? (0.**? (.0*?

Congo 5 3.0*? +0.0*? (-.0? ).-0*?

Congo &e 2.3*? ++.+0? (-.0? 0.1**?

Cook Islan 1.0*? +(.0*? (0.**? 3.-0*?


53/77

Costa &ica (.0*? ).0*? 2*.**? 2.-0*?

Croatia (.0*? ).0*? (*.**? 2.-0*?

Cuba ).**? +).(0? (*.**? +2.0**?

Curaao 0.-0? +1.2-? (-.0*? .3(*?

Cyprus 3.0*? +0.0*? +(.0*? ).-0*?

C6ech &e *.-*? 3.*? +).**? +.*0*?

5enmark *.**? 0.-0? (1.0*? *.***?

5ominica 1.0*? +(.0*? (.**? 3.-0*?

/cuador 3.0*? +0.0*? ((.**? ).-0*?

/gypt -.0*? +-.**? (0.**? ++.(0*?

/l Sal$ad 2.3*? ++.+0? 2*.**? 0.1**?

/stonia *.-*? 3.*? (+.**? +.*0*?

Halkland Is (.*? ).)0? *.**? 1.(**?

HiFi 1.0*? +(.0*? (*.**? 3.-0*?

Hinland *.**? 0.-0? (*.**? *.***?Hrance *.1*? 3.20? 22.22? *.3**?

%abon 2.3*? ++.+0? 22.22? 0.1**?

%eorgia 2.3*? ++.+0? +0.**? 0.1**?

%ermany *.**? 0.-0? ().0? *.***?

%hana 0.0*? +1.**? (0.**? .(0*?

%ibraltar *.-0? 3.? +*.**? +.+2*?

%reece -.0*? +-.**? (3.**? ++.(0*?

%reenland *.-0? 3.? (3.**? +.+2*?

%uatemal (.0*? ).0*? (.**? 2.-0*?

Gonduras 3.0*? +0.0*? 2*.**? ).-0*?Gong Jon *.1*? 3.20? 2*.**? *.3**?

Gungary (.0*? ).0*? +).**? 2.-0*?

Iceland (.(*? ).*0? (*.**? 2.2**?

India (.(*? ).*0? 22.))? 2.2**?

Indonesia (.(*? ).*0? (0.**? 2.2**?

Ireland +.3*? .+0? +(.0*? (.1**?

Isle of 9a *.1*? 3.20? *.**? *.3**?

Israel *.-*? 3.*? (3.0*? +.*0*?

Italy +.)*? .3*? 2+.1*? (.0*?I$ory Coas 1.0*? +(.0*? (-.0? 3.-0*?

Kamaica +*.**? (*.-0? (0.**? +0.***?

Kapan *.-*? 3.*? 20.31? +.*0*?

Kordan 1.0*? +(.0*? +1.**? 3.-0*?

Ja6akhsta +.)*? .3*? (*.**? (.0*?

Jenya 1.0*? +(.0*? 2*.**? 3.-0*?


54/77

Jorea *.3*? 3.30? 2*.**? *.)**?

Juwait *.0*? 3.0*? +0.**? *.-0*?

Jyrgy6sta (.((? ).*? (*.**? 2.22*?

Baos +.*+? -.(3? (+.)+? +.0+*?

Bat$ia +.3*? .+0? +0.**? (.1**?

Bebanon 0.0*? +1.**? +0.**? .(0*?

Biechtens *.**? 0.-0? +(.0*? *.***?

Bithuania +.3*? .+0? +0.**? (.1**?

Buxembou *.**? 0.-0? ().((? *.***?

9acau *.0*? 3.0*? +(.**? *.-0*?

9acedoni 2.3*? ++.+0? +*.**? 0.1**?

9alawi 2.))? ++.-2? 2*.**? 0.)*?

9alaysia +.(*? -.00? (0.**? +.**?

9alta +.(*? -.00? 20.**? +.**?

9arshall I +.*+? -.(3? *.**? +.0+*?9auritius +.3*? .+0? +0.**? (.1**?

9exico +.(*? -.00? 2*.**? +.**?

9oldo$a 3.0*? +0.0*? (0.**? ).-0*?

9onaco *.**? 0.-0? 2*.**? *.***?

9ongolia 0.0*? +1.**? 2*.**? .(0*?

9onteneg 2.3*? ++.+0? ).**? 0.1**?

9ontserra (.(*? ).*0? (*.**? 2.2**?

9orocco (.0*? ).0*? 2*.**? 2.-0*?

9o6ambi4 1.0*? +(.0*? 2(.**? 3.-0*?


55/77

oland *.0? -.*2? +).**? +.(-0?

ortugal (.0*? ).0*? (2.**? 2.-0*?

Matar *.0*? 3.0*? +*.**? *.-0*?

&eunion *.**? 0.-0? *.**? *.***?

&omania (.(*? ).*0? +3.**? 2.2**?

&ussia +.)*? .3*? (*.**? (.0*?

&wanda 0.0*? +1.**? (-.0? .(0*?

Samoa 0.0*? +1.**? (-.**? .(0*?

Saudi Ara *.3*? 3.30? (*.**? *.)**?

Senegal 1.0*? +(.0*? (-.0? 3.-0*?

Serbia 1.0*? +(.0*? +0.**? 3.-0*?

Sierra Beo 2.))? ++.-2? 2*.**? 0.)*?

Singapore *.**? 0.-0? +-.**? *.***?

Slo$akia *.0? -.*2? ((.**? +.(-0?

Slo$enia (.0*? ).0*? +-.**? 2.-0*?South Afri +.)*? .3*? (.**? (.0*?

Spain +.)*? .3*? 2*.**? (.0*?

Sri Banka 1.0*? +(.0*? (.**? 3.-0*?

St. 9aarte +.3*? .+0? (*.**? (.1**?

St. incen 3.0*? +0.0*? (*.**? ).-0*?

Sudan 2.))? ++.-2? 20.**? 0.)*?

Suriname 2.3*? ++.+0? 21.0*? 0.1**?

Sweden *.**? 0.-0? ((.**? *.***?

Swit6erlan *.**? 0.-0? +-.)(? *.***?

Taiwan *.3*? 3.30? +-.**? *.)**?Tan6ania 2.))? ++.-2? 2*.**? 0.)*?

Thailand +.3*? .+0? (*.**? (.1**?

Togo 2.))? ++.-2? (-.0? 0.)*?

Trinidad # +.3*? .+0? (0.**? (.1**?

Tunisia 2.3*? ++.+0? (0.**? 0.1**?

Turkey (.(*? ).*0? (*.**? 2.2**?

Turks # C (.(*? ).*0? (*.**? 2.2**?

Uganda 1.0*? +(.0*? 2*.**? 3.-0*?

Ukraine +*.**? (*.-0? +.**? +0.***?United Ar *.0*? 3.0*? 00.**? *.-0*?

United Ji *.1*? 3.20? (+.**? *.3**?

United Sta *.**? 0.-0? 1*.**? *.***?

Uruguay +.)*? .3*? (0.**? (.0*?

ene6uela -.0*? +-.**? 21.**? ++.(0*?

ietnam 1.0*? +(.0*? ((.**? 3.-0*?


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Lambia 1.0*? +(.0*? 20.**? 3.-0*?

Limbabw 2.))? ++.-2? (-.0? 0.)*?


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Country inal tax rate

Abu 5habi 00.**?

Albania +0.**?

Andorra +).**?

Angola 20.**?

Anguilla +3.3-?

Argentina 20.**?

Armenia (*.**?

Aruba (.**?

Australia 2*.**?

Austria (0.**?

A6erbaiFa (0.**?

"ahamas *.**?

"ahrain *.**?

"anglades (-.0*?"arbados (0.**?

"elarus +.**?

"elgium 22.))?

"eli6e 22.))?

"enin (-.0?

"ermuda *.**?

"oli$ia (0.**?

"osnia an +*.**?

"otswana ((.**?

"ra6il (0.**?"ritish ir +3.3-?

"ulgaria +*.**?

"urkina Ha +*.**?

Cambodia (*.**?

Cameroon (*.**?

Canada (3.0*?

Cape erd (3.0*?

Cayman I *.**?

Channel Is *.**?Chile (*.**?

China (0.**?

Colombia (0.**?

Congo 5 (-.0?

Congo &e (-.0?

Cook Islan (0.**?


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Jorea 2*.**?

Juwait +0.**?

Jyrgy6sta (*.**?

Baos (+.)+?

Bat$ia +0.**?

Bebanon +0.**?

Biechtens +(.0*?

Bithuania +0.**?

Buxembou ().((?

9acau +(.**?

9acedoni +*.**?

9alawi 2*.**?

9alaysia (0.**?

9alta 20.**?

9arshall I *.**?9auritius +0.**?

9exico 2*.**?

9oldo$a (0.**?

9onaco 2*.**?

9ongolia 2*.**?

9onteneg ).**?

9ontserra (*.**?

9orocco 2*.**?

9o6ambi4 2(.**?


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oland +).**?

ortugal (2.**?

Matar +*.**?

&eunion *.**?

&omania +3.**?

&ussia (*.**?

&wanda (-.0?

Samoa (-.**?

Saudi Ara (*.**?

Senegal (-.0?

Serbia +0.**?

Sierra Beo 2*.**?

Singapore +-.**?

Slo$akia ((.**?

Slo$enia +-.**?South Afri (.**?

Spain 2*.**?

Sri Banka (.**?

St. 9aarte (*.**?

St. incen (*.**?

Sudan 20.**?

Suriname 21.0*?

Sweden ((.**?

Swit6erlan +-.)(?

Taiwan +-.**?Tan6ania 2*.**?

Thailand (*.**?

Togo (-.0?

Trinidad # (0.**?

Tunisia (0.**?

Turkey (*.**?

Turks # C (*.**?

Uganda 2*.**?

Ukraine +.**?United Ar 00.**?

United Ji (+.**?

United Sta 1*.**?

Uruguay (0.**?

ene6uela 21.**?

ietnam ((.**?


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Lambia 20.**?

Limbabw (-.0?


62/77

Country DP (in billions Adj. Default Spread

Abu Dhabi 390 0.55%

Albania 13.2 4.99%

Andorra (Principality of 3.25 2.44%

Angola 138.4 3.33%

Argentina 537.8 8.31%

Armenia 11.6 3.99%

Aruba 2.6 1.77%

Australia 1454.7 0.00%

Austria 436.9 0.00%

Azerbaijan 75.2 2.44%

Bahamas 8.5 2.11%

Bahrain 33.9 2.44%

Bangladesh 172.9 3.99%

Barbados 4.4 7.21%Belarus 76.1 8.31%

Belgium 531.2 0.67%

Belize 1.7 9.98%

Bermuda 5.557 0.78%

Bolivia 33 3.99%

Bosnia and Herzegovina 18.3 7.21%

Botswana 15.8 0.94%

Brazil 2346.1 2.44%

Bulgaria 56.7 2.11%

Burkina Faso 12.5 7.21%Cambodia 16.8 6.10%

Cameroon 32.1 6.10%

Canada 1785.4 0.00%

Cayman Islands 3.2 0.67%

Cape Verde 1.9 6.10%

Chile 258.1 0.67%

China 10354.8 0.67%

Colombia 377.7 2.11%

Congo (Democratic Rep 33.1 7.21%Congo (Republic of) 14.2 3.99%

Cook Islands 1.2 4.99%

Costa Rica 49.6 2.77%

Cte d'Ivoire 34.2 3.99%

Croatia 57.1 2.77%

Cuba 77.2 9.98%


63/77

Curacao 1 1.33%

Cyprus 23.2 4.99%

Czech Republic 205.3 0.78%

Denmark 342.4 0.00%

Dominican Republic 64.1 4.99%

Ecuador 100.9 7.21%

Egypt 286.5 7.21%

El Salvador 25.2 3.99%

Estonia 26.5 0.78%

Ethiopia 55.6 4.99%

Fiji 4.5 4.99%

Finland 272.2 0.00%

France 2829.2 0.55%

Gabon 18.2 3.99%

Georgia 16.5 3.99%Germany 3868.3 0.00%

Ghana 38.6 7.21%

Greece 235.6 11.08%

Guatemala 58.8 2.77%

Guernsey (States of) 0.5 0.44%

Honduras 19.4 7.21%

Hong Kong 290.1 0.44%

Hungary 138.4 2.77%

Iceland 17 2.11%

India 2048.5 2.44%Indonesia 888.5 2.44%

Ireland 250.8 1.77%

Isle of Man 1.4 0.44%

Israel 305.7 0.78%

Italy 2141.2 2.11%

Jamaica 13.9 9.98%

Japan 4601.5 0.78%

Jersey (States of) 1 0.44%

Jordan 35.8 4.99%Kazakhstan 217.9 2.11%

Kenya 60.9 4.99%

Korea 1410.4 0.55%

Kuwait 163.6 0.55%

Latvia 31.3 1.33%

Lebanon 45.7 6.10%


64/77

Liechtenstein 10.5 0.00%

Lithuania 48.4 1.33%

Luxembourg 64.9 0.00%

Macao 55.5 0.55%

Macedonia 11.3 3.99%

Malaysia 338.1 1.33%

Malta 9.6 1.33%

Mauritius 12.6 1.77%

Mexico 1294.7 1.33%

Moldova 8 7.21%

Mongolia 12 6.10%

Montenegro 4.6 3.99%

Montserrat 1.5 2.44%

Morocco 110 2.77%

Mozambique 15.9 6.10%Namibia 13 2.44%

Netherlands 879.3 0.00%

New Zealand 166.1 0.00%

Nicaragua 11.8 6.10%

Nigeria 568.5 3.99%

Norway 499.8 0.00%

Oman 81.8 0.78%

Pakistan 243.6 7.21%

Panama 46.2 2.11%

Papua New Guinea 16.9 4.99%Paraguay 30.9 2.77%

Peru 202.6 1.33%

Philippines 284.8 2.11%

Poland 545 0.94%

Portugal 230.1 2.77%

Qatar 210.1 0.55%

Ras Al Khaimah (Emira 5.2 0.94%

Romania 199 2.44%

Russia 1860.6 2.77%Rwanda 7.9 4.99%

Saudi Arabia 746.3 0.67%

Senegal 15.7 4.99%

Serbia 43.9 4.99%

Sharjah 1 1.33%

Singapore 307.9 0.00%


65/77

Slovakia 100.3 0.94%

Slovenia 49.5 2.44%

South Africa 350.6 2.11%

Spain 1381.3 2.11%

Sri Lanka 78.8 4.99%

St. Maarten 1.5 1.77%

St. Vincent & the Grena 0.713 7.21%

Suriname 5.2 3.99%

Sweden 571.1 0.00%

Switzerland 701 0.00%

Taiwan 970.9 0.67%

Thailand 404.8 1.77%

Trinidad and Tobago 28.9 2.11%

Tunisia 48.6 3.99%

Turkey 798.4 2.44%Turks and Caicos Island 1.5 1.77%

Uganda 27 4.99%

Ukraine 131.8 11.08%

United Arab Emirates 399.5 0.55%

United Kingdom 2988.9 0.44%

United States of Americ 17419 0.00%

Uruguay 57.5 2.11%

Venezuela 381.3 11.08%

Vietnam 186.2 4.99%

Zambia 27.1 6.10%

Region ighted ;verage3 Ceighted ;verage3 :R!

Africa ++.-3? 0.-3?

Asia -.1)? +.1)?

Australia #


66/77

Total Risk Premium Country Risk Premium Corporate Tax Rate Region

6.74% 0.74% 55.00% 9iddle /ast

12.71% 6.71% 15.00% /astern /urop

9.28% 3.28% 0.00% @estern /uro

10.48% 4.48% 30.00% Africa

17.17% 11.17% 35.00% Central and S

11.37% 5.37% 20.00% /astern /urop

8.38% 2.38% 28.00% Caribbean

6.00% 0.00% 30.00% Australia #

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Linkedin Feb 2016