Date of valuation Sep-12 Important: Before you run this sp

Company name P&G There should be a check against th

Numbers from your base year below ( in same units)

This year Last year
Industry Household Products
Revenues $ 83,680.00 ###
Operating income or EBIT $ 13,292.00 ###
Book value of equity $ 64,035.00 ###
Book value of debt $ 29,778.00 ###
Do you have operating lease commitments? Yes
Cash and cross holdings $ 4,436.00 $ 2,768.00
Non-operating assets $ - $ -
Minority interests $ 596.00 $ 361.00
Number of shares outstanding = 2754.28
Current stock price = $ 68.91
Effective tax rate = 27.10%
Marginal tax rate = 35.00%
The value drivers below:
Compounded annual revenue growth rate over next 5 y 3.00%
Target pre-tax operating margin (EBIT as % of sales in y 16.00%
Sales to capital ratio (for computing reinvestment) = 0.94
Market numbers
Riskfree rate 1.60%
Initial cost of capital = 9.28%
Other inputs
Do you have employee options outstanding? Yes
Number of options outstanding = 353.09
Average strike price = $53.83
Average maturity = 5.00
Standard deviation on stock price = 20.00%

Default assumptions.
In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature compan
Do you want to override this assumption = No Mature companies generally see th
If yes, enter the cost of capital after year 10 = 7% Though some sectors, even in stab
I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming
Do you want to override this assumption = Yes Mature companies find it difficult t
If yes, enter the return on capital you expect after year 10% But there are significant exception
I will assume that your firm has no chance of failure over the foreseeable future.
Do you want to override this assumption = No Many young, growth companies fa
If yes, enter the probability of failure = 20% Tough to estimate but a key input.
What do you want to tie your proceeds in failure to? V B: Book value of capital, V= Estima
Enter the distress proceeds as percentage of book or fai 50% This can be zero, if the assets will b
I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you over
Do you want to override this assumption = No
I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you h
Do you want to override this assumption = No Check the financial statements.
If yes, enter the NOL that you are carrying over into yea $250.00 An NOL will shield your income from
mportant: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options
here should be a check against the iteration box. If there is not, you will get circular reasoning errors.

10K: Page # Concerns

3
66
66
67
67 51, 93, 95
103 103
67
67
67
3 & 68 113
Current Computed numbers: Here is what your company's num
32, 66,100
100 Revenue growth in the most recent year =
Pre-tax operating margin in the most recent year
57 Sales to capital ratio in most recent year =
30 Return on invested capital in most recent year=
Standard deviation in stock prices =
Cost of capital =
Current
4

91

to that of typical mature companies (riskfree rate + 4.5%)

ature companies generally see their risk levels approach the average
hough some sectors, even in stable growth, may have higher risk.
pital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.
ature companies find it difficult to generate returns that exceed the cost of capital
ut there are significant exceptions among companies with long-lasting competitive advantages.

any young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because th
ough to estimate but a key input.
Book value of capital, V= Estimated fair value for the company
his can be zero, if the assets will be worth nothing if the firm fails.
by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

oming into the valuation. If you have a money losing company, you may want to override tis.
heck the financial statements.
n NOL will shield your income from taxes, even after you start making money.
your company's numbers look like, relative to industry.
Company Industry (US data)
3.18% 16.13%
15.88% 17.38%
0.94 1.13
9.93% 14.52%
62.24%
7.32%

mpanies fail, because they have trouble making debt payments.

 Base year 1 2 3
Revenue growth rate 3.00% 3.00% 3.00%
Revenues $ 83,680.00 $ 86,190.40 $ 88,776.11 $ 91,439.40
EBIT (Operating) margin 15.99% 15.99% 15.99% 15.99%
EBIT (Operating income) $ 13,378.19 $ 13,780.63 $ 14,195.17 $ 14,622.19
Tax rate 27.10% 27.10% 27.10% 27.10%
EBIT(1-t) $ 9,752.70 $ 10,046.08 $ 10,348.28 $ 10,659.58
- Reinvestment $ 2,681.31 $ 2,761.75 $ 2,844.60
FCFF $ 7,364.77 $ 7,586.53 $ 7,814.97
NOL $ - $ - $ - $ -

Cost of capital 9.28% 9.28% 9.28%

Cumulated discount factor 0.9151 0.8373 0.7662
PV(FCFF) $ 6,739.17 $ 6,352.40 $ 5,987.83

Terminal cash flow $ 9,580.81

Terminal cost of capital 6.10%
Terminal value $ 212,906.89
PV(Terminal value) $ 95,724.30
PV (CF over next 10 years $ 53,119.25
Sum of PV $ 148,843.55
Probability of failure = 0.00%
Proceeds if firm fails = $74,421.78
Value of operating assets = $ 148,843.55
- Debt $ 31,400.47
- Minority interests $ 596.00
+ Cash $ 4,436.00
+ Non-operating assets $ -
Value of equity $ 121,283.08
- Value of options $6,379.59
Value of equity in common $ 114,903.49
Number of shares 2,754.28
Estimated value /share $ 41.72
Price $ 68.91
Price as % of value 165.18%

Implied variables
Sales to capital ratio 0.94 0.94 0.94
Invested capital $ 89,377 $ 92,058 $ 94,820 $ 97,665
ROIC 10.91% 10.91% 10.91% 10.91%
 4 5 6 7 8 9
3.00% 3.00% 2.72% 2.44% 2.16% 1.88%
$ 94,182.58 $ 97,008.05 $ 99,646.67 $ 102,078.05 $ 104,282.94 $ 106,243.46
15.99% 15.99% 15.99% 16.00% 16.00% 16.00%
$ 15,062.05 $ 15,515.14 $ 15,938.41 $ 16,328.61 $ 16,682.63 $ 16,997.61
27.10% 27.10% 28.68% 30.26% 31.84% 33.42%
$ 10,980.23 $ 11,310.54 $ 11,367.28 $ 11,387.57 $ 11,370.88 $ 11,317.01
$ 2,929.94 $ 3,017.84 $ 2,818.26 $ 2,596.91 $ 2,355.00 $ 2,093.99
$ 8,050.29 $ 8,292.70 $ 8,549.02 $ 8,790.66 $ 9,015.88 $ 9,223.01
$ - $ - $ - $ - $ - $ -

9.28% 9.28% 8.65% 8.01% 7.37% 6.74%

0.7011 0.6416 0.5905 0.5467 0.5092 0.4770
$ 5,644.18 $ 5,320.25 $ 5,048.20 $ 4,805.94 $ 4,590.60 $ 4,399.68

0.94 0.94 0.94 0.94 0.94 0.94

$ 100,595 $ 103,612 $ 106,431 $ 109,028 $ 111,383 $ 113,477
10.92% 10.92% 10.68% 10.44% 10.21% 9.97%
 10 Terminal year Check these revenues against
1.60% 1.60% a. Overall market size
b. Largest companies in this market
$ 107,943.35 $ 109,670.45
16.00% 16.00%
This is is how much your operating income grew
$ 17,270.94 $ 17,547.27 $ 4,169.08 over the ten-year period.
35.00% 35.00%
$ 11,226.11 $ 11,405.73
This is how much capital you
$ 1,815.63 $ 1,824.92 $ 27,740.14 invested over the ten year period.
$ 9,410.48 $ 9,580.81
$ - $ -

6.10% 6.10%
0.4496
$ 4,231.01

After year 10
0.94
$ 115,292
9.74% 10.00%
Compare this return on capital in year 10 against
a. the industry average(column E of worksheet)
b. the return on capital after year 10
If it is too high (low), you may want to lower (raise) your sales to capital ratio
Valuing Options or Warrants
Enter the current stock price = $ 68.91
Enter the strike price on the option = $ 53.83
Enter the expiration of the option = 5.00
Enter the standard deviation in stock prices = 20.00% (volatility)
Enter the annualized dividend yield on stock = 0.00%
Enter the treasury bond rate = 1.60%
Enter the number of warrants (options) outstan 353.09
Enter the number of shares outstanding = 2,754.28

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 68.91 # Warrants issued= 353.09
Strike Price= 53.83 # Shares outstanding= 2,754
Adjusted S = 63.132808796 [Link] rate= 1.60%
Adjusted K = 53.83 Variance= 0.0400
Expiration (in years) = 5 Annualized dividend yield= 0.00%
Div. Adj. interest rate= 1.60%

d1 = 0.758943052
N (d1) = 0.7760566881

d2 = 0.3117294565
N (d2) = 0.6223769302

Value per option = $ 18.07

Value of all options outstanding = $6,379.59
VALUATION DIAGNOSTICS
Invested capital at start of valuation
Invested capital at end of valuation
Change in invested capital over 10 years
Change in EBIT*(1–t) (after-tax operating income) over 10 years
Marginal ROIC over 10 years
ROIC at end of valuation
Average WACC over the 10 years (compounded)
Your 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)
 $ 89,377.00
$ 115,292.22
$ 25,915.22
$ 3,892.74
15.02%
9.74%
8.32%
60.54%

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
 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
 Operating Lease Converter
The yellow cells are input cells. Please enter them.
Inputs
Operating lease expense in current year = $ 289.00
Operating Lease Commitments (From footnote to financials)
Year Commitment ! Year 1 is next year, ….
1 $ 289.00
2 $ 263.00
3 $ 235.00
4 $ 223.00
5 $ 170.00
6 and beyond $ 637.00

Output
Pre-tax Cost of Debt = 2.75% ! If you do not have a cost of debt, use the synthetic rating estimator

Number of years embedded in yr 6 estimate = 3 ! 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 $ 289.00 $ 281.27
2 $ 263.00 $ 249.11
3 $ 235.00 $ 216.63
4 $ 223.00 $ 200.07
5 $ 170.00 $ 148.44
6 and beyond $ 212.33 $ 526.95 ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 1,622.47

Restated Financials
Depreciation on Operating Lease Asset = $ 202.81 ! I use straight line depreciation
Adjustment to Operating Earnings = $86.19 ! Add this amount to pre-tax operating incom
Adjustment to Total Debt outstanding = $ 1,622.47 ! Add this amount to debt
nverter
Please enter them.

tic rating estimator

over the first five years

f expenses in yr 6

nnuity for ten years

I use straight line depreciation

Add this amount to pre-tax operating income
Add this amount to debt
Estimation of Current Cost of Capital
Inputs
Equity 10K: Page #
Number of Shares outstanding = 2754.28
Current Market Price per share = $ 68.91

Unlevered beta = 1.03 36-43

Riskfree Rate = 1.60%
Equity Risk Premium = 7.80% 6

Debt
Book Value of Straight Debt = $ 29,778.00
Interest Expense on Debt = 769 66
Average Maturity = 3.41 82-85
Pre-tax Cost of Debt = 2.85% 48
Tax Rate = 35%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0
Maturity of Convertible Bond = 0
Market Value of Convertible = 0

Debt value of operating leases = $ 1,622.47

Preferred Stock
Number of Preferred Shares = 0
Current Market Price per Share= 70
Annual Dividend per Share = 5

Output
Estimating Market Value of Straight Debt = $ 29,522.55
Estimated Value of Straight Debt in Convertible = $ -
Value of Debt in Operating leases = $ 1,622.47
Estimated Value of Equity in Convertible = $ -
Levered Beta for equity = 1.14

Equity Debt Preferred Stock Capital

Market Value $ 189,797.09 $ 31,145.02 $ - $ 220,942.11
Weight in Cost of Capital 85.90% 14.10% 0.00% 100.00%
Cost of Component 10.50% 1.85% 7.14% 9.28%
Weighted maturity
Year Dollar debt due Weight
0 $8,698.00 29.21% 0.00
1 $4,083.00 13.71% 0.14
2 $3,013.00 10.12% 0.20
3 $4,082.00 13.71% 0.41
4 $2,404.00 8.07% 0.32
5 $1,093.00 3.67% 0.18
10 $6,405.00 21.51% 2.15
Total 29778 3.41
If you are a multinational company and have a breakdown by country, you can use this table (for up
Country Revenues ERP Weight Weighted ERP
Bolivia 800 10.88% 80.00% 8.70%
Ecuador 200 18.75% 20.00% 3.75%
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 1000 100.00% 12.45%
If you are a multinational company and have a breakdown only by region, you can use this table ins
Region Revenues ERP Weight Weighted ERP
Africa 0 9.72% 0.00% 0.0000%
Australia & New Zealand 0 6.00% 0.00% 0.0000%
Caribbean 10.52% 0.00% 0.0000%
Central and South America 10 10.85% 10.00% 1.0854%
Eastern Europe & Russia 14 9.94% 14.00% 1.3922%
Middle East 8.03% 0.00% 0.0000%
North America 39 6.00% 39.00% 2.3400%
Western Europe 19 7.64% 19.00% 1.4508%
Asia (w/o Japan) 10 9.69% 10.00% 0.9694%
Japan 8 7.05% 8.00% 0.5640%
Total 100 100.00% 7.8018%

If you are a multi-business company, you can input the following

Business Revenues EV/Sales Estimated Valu Unlevered Beta
Household Products $ 43,747.00 2.2053 $ 96,476.94 0.9550
Toiletries/Cosmetics $ 28,657.00 1.4837 $ 42,517.34 1.1960
Med Supp Non-Invasive $ 12,421.00 0.7345 $ 9,123.08 1.0670
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
0.0000 $ - 0.0000
Company $ 84,825.00 $ 148,117.36 1.0311
you can use this table (for up to 10 countries)

on, you can use this table instead

Inputs for synthetic rating estimation
Please read the special cases worksheet (see below) before you use this spreadsheet.
Before you use this spreadsheet, make sure that the iteration box (under calculation options in excel) is checked.
Enter the type of firm = 2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial s
Do you have any operating lease or rental commitments? Yes
Enter current Earnings before interest and taxes (EBIT) = $ 13,292.00 (Add back only long term interest expense f
Enter current interest expenses = 769 (Use only long term interest expense for fina
Enter long term risk free rate = 1.60%
Output
Interest coverage ratio = 16.44
Estimated Bond Rating = AAA Note: If you get REF! All over the place, set the
Estimated Default Spread = 0.65% to No, and then reset it to Yes. It should work.
Estimated Cost of Debt = 2.25%

If you want to update the spreads listed below, please visit [Link]
For large manufacturing firms For financial service firms (default spreads are slighty d
If interest coverage ratio is If long term interest coverage ratio is
> ≤ to Rating is Spread is greater than ≤ to
-100000 0.199999 D 12.00% -100000 0.049999
0.2 0.649999 C 10.50% 0.05 0.099999
0.65 0.799999 CC 9.50% 0.1 0.199999
0.8 1.249999 CCC 8.75% 0.2 0.299999
1.25 1.499999 B- 6.75% 0.3 0.399999
1.5 1.749999 B 6.00% 0.4 0.499999
1.75 1.999999 B+ 5.50% 0.5 0.599999
2 2.2499999 BB 4.75% 0.6 0.749999
2.25 2.49999 BB+ 3.75% 0.75 0.899999
2.5 2.999999 BBB 2.50% 0.9 1.199999
3 4.249999 A- 1.65% 1.2 1.49999
4.25 5.499999 A 1.40% 1.5 1.99999
5.5 6.499999 A+ 1.30% 2 2.49999
6.5 8.499999 AA 1.15% 2.5 2.99999
8.50 100000 AAA 0.65% 3 100000

For smaller and riskier firms

If interest coverage ratio is
greater than ≤ to Rating is Spread is
-100000 0.499999 D 12.00%
0.5 0.799999 C 10.50%
0.8 1.249999 CC 9.50%
1.25 1.499999 CCC 8.75%
1.5 1.999999 B- 6.75%
2 2.499999 B 6.00%
2.5 2.999999 B+ 5.50%
3 3.499999 BB 4.75%
3.5 3.9999999 BB+ 3.75%
4 4.499999 BBB 2.50%
4.5 5.999999 A- 1.65%
6 7.499999 A 1.40%
7.5 9.499999 A+ 1.30%
9.5 12.499999 AA 1.15%
12.5 100000 AAA 0.65%
e this spreadsheet.
ation options in excel) is checked.
or riskier firm, 3 if financial s Small: <$5 billion

Add back only long term interest expense for financial firms)
Use only long term interest expense for financial firms)

et REF! All over the place, set the operating lease commitment question in cell F5
en reset it to Yes. It should work.

vice firms (default spreads are slighty different)

est coverage ratio is
Rating is Spread is
D 12.00%
C 10.50%
CC 9.50%
CCC 8.75%
B- 6.75%
B 6.00%
B+ 5.50%
BB 4.75%
BB+ 3.75%
BBB 2.50%
A- 1.65%
A 1.40%
A+ 1.30%
AA 1.15%
AAA 0.65%
Industry Name Number of firmsAnnual Average Revenue growth - Last 5 years
Pre-tax Operating Margin
Advertising 31 16.76% 10.27%
Aerospace/Defense 64 9.41% 10.16%
Air Transport 36 8.77% 8.78%
Apparel 57 5.83% 10.97%
Auto Parts 51 23.94% 6.49%
Automotive 12 1.66% 6.99%
Bank 426 0.00% NA
Bank (Midwest) 45 0.00% NA
Beverage 34 -0.59% 20.45%
Biotechnology 158 26.94% -7.79%
Building Materials 45 2.82% 4.17%
Cable TV 21 1.53% 19.58%
Chemical (Basic) 16 33.40% 12.09%
Chemical (Diversified) 31 9.21% 13.20%
Chemical (Specialty) 70 25.69% 11.10%
Coal 20 16.91% 15.94%
Computer Software 184 14.88% 31.35%
Computers/Peripherals 87 10.93% 14.15%
Diversified Co. 107 17.24% 14.09%
Drug 279 34.97% 21.91%
E-Commerce 57 21.87% 14.39%
Educational Services 34 17.27% 20.80%
Electric Util. (Central) 21 4.81% 17.72%
Electric Utility (East) 21 -3.29% 19.13%
Electric Utility (West) 14 1.24% 16.79%
Electrical Equipment 68 25.14% 13.19%
Electronics 139 12.50% 5.99%
Engineering & Const 25 4.58% 4.72%
Entertainment 77 10.49% 17.72%
Entertainment Tech 40 14.78% 10.48%
Environmental 82 9.90% 15.22%
Financial Svcs. (Div.) 225 14.51% 43.49%
Food Processing 112 9.48% 9.08%
Foreign Electronics 9 17.51% 5.27%
Funeral Services 6 1.09% 15.64%
Furn/Home Furnishing 35 1.89% 6.43%
Healthcare Informatio 25 11.71% 12.11%
Heavy Truck & Equip 21 7.38% 9.13%
Homebuilding 23 -9.29% -1.56%
Hotel/Gaming 51 7.52% 12.61%
Household Products 26 16.13% 17.38%
Human Resources 23 0.01% 1.91%
Industrial Services 137 8.39% -21.40%
Information Services 27 16.56% 19.33%
Insurance (Life) 30 0.00% NA
Insurance (Prop/Cas.) 49 17.00% NA
Internet 186 12.44% 18.25%
IT Services 60 7.21% 14.43%
Machinery 100 13.57% 11.05%
Maritime 52 5.93% 14.81%
Med Supp Invasive 83 6.53% 22.22%
Med Supp Non-Invasiv 146 7.18% 6.48%
Medical Services 122 4.92% 11.11%
Metal Fabricating 24 10.76% 15.07%
Metals & Mining (Div.) 73 31.59% 31.57%
Natural Gas (Div.) 29 8.90% 28.94%
Natural Gas Utility 22 -0.95% 12.80%
Newspaper 13 -5.01% 14.59%
Office Equip/Supplies 24 10.81% 6.65%
Oil/Gas Distribution 13 12.65% 18.45%
Oilfield Svcs/Equip. 93 17.02% 15.11%
Packaging & Container 26 9.09% 10.12%
Paper/Forest Products 32 10.88% 12.01%
Petroleum (Integrated) 20 20.81% 9.76%
Petroleum (Producing) 176 32.22% 25.74%
Pharmacy Services 19 11.95% 5.11%
Pipeline MLPs 27 22.83% 8.95%
Power 93 43.06% 14.54%
Precious Metals 84 32.31% 33.30%
Precision Instrument 77 23.36% 10.74%
Property Management 31 19.80% 15.63%
Public/Private Equity 11 39.94% -2.58%
Publishing 24 -6.93% 12.10%
R.E.I.T. 5 0.01% 129.07%
Railroad 12 12.29% 28.43%
Recreation 56 6.56% 11.51%
Reinsurance 13 0.00% NA
Restaurant 63 2.45% 15.82%
Retail (Hardlines) 75 3.83% 7.50%
Retail (Softlines) 47 6.18% 9.39%
Retail Automotive 20 11.09% 6.88%
Retail Building Supply 8 15.38% 8.13%
Retail Store 37 8.85% 5.84%
Retail/Wholesale Food 30 8.23% 3.18%
Securities Brokerage 28 4.59% 48.78%
Semiconductor 141 41.30% 22.76%
Semiconductor Equip 12 55.88% 21.65%
Shoe 19 3.50% 11.34%
Steel 32 30.89% 5.83%
Telecom. Equipment 99 4.18% 10.87%
Telecom. Services 74 14.95% 22.74%
Telecom. Utility 25 -6.90% 15.83%
Thrift 148 0.00% NA
Tobacco 11 6.61% 20.61%
Toiletries/Cosmetics 15 2.56% 10.85%
Trucking 36 9.52% 6.37%
Utility (Foreign) 4 4.92% 11.60%
Water Utility 11 5.43% 26.61%
Wireless Networking 57 10.71% -11.47%
Total Market 5891 14.80% 17.24%
After-tax ROC Average effective tax rate Unlevered Beta Equity (Levered) Beta Cost of equity
10.54% 10.73% 1.75 2.02 14.09%
18.53% 20.72% 1.03 1.10 8.49%
16.45% 20.54% 1.10 1.21 9.21%
14.02% 16.08% 1.22 1.30 9.71%
15.82% 18.99% 1.59 1.70 12.13%
6.96% 24.07% 0.96 1.59 11.47%
NA 15.97% 0.38 0.77 6.52%
NA 17.77% 0.73 0.93 7.50%
12.95% 19.14% 0.77 0.88 7.20%
-13.33% 2.49% 1.16 1.03 8.09%
2.58% 11.17% 0.89 1.50 10.96%
8.80% 27.35% 0.98 1.37 10.15%
13.66% 20.90% 1.24 1.36 10.08%
13.81% 21.73% 1.39 1.51 11.02%
12.25% 17.58% 1.15 1.28 9.57%
15.26% 12.75% 1.32 1.53 11.08%
45.06% 12.27% 1.18 1.04 8.17%
32.09% 11.77% 1.33 1.30 9.71%
8.01% 15.55% 0.71 1.14 8.76%
15.02% 5.36% 1.08 1.12 8.63%
13.08% 12.33% 1.08 1.03 8.08%
34.34% 25.17% 0.92 0.83 6.91%
6.38% 31.82% 0.48 0.75 6.41%
6.89% 33.14% 0.49 0.70 6.08%
6.11% 31.30% 0.49 0.75 6.40%
15.03% 17.02% 1.35 1.33 9.89%
15.72% 10.36% 1.08 1.07 8.31%
13.58% 26.26% 1.39 1.22 9.26%
9.45% 15.38% 1.31 1.63 11.72%
11.69% 11.59% 1.48 1.23 9.32%
7.56% 11.71% 0.60 0.81 6.73%
5.95% 19.18% 0.50 1.31 9.76%
11.88% 20.00% 0.77 0.91 7.39%
7.83% 35.12% 1.24 1.09 8.47%
7.81% 30.84% 0.85 1.14 8.73%
9.50% 20.43% 1.65 1.81 12.81%
9.45% 22.19% 1.20 1.17 8.95%
10.88% 20.62% 1.48 1.80 12.76%
-2.09% 5.12% 1.02 1.45 10.62%
6.95% 14.53% 1.28 1.74 12.37%
14.52% 25.12% 0.95 1.07 8.32%
7.67% 25.35% 1.40 1.24 9.34%
-53.50% 19.03% 0.81 0.93 7.51%
10.83% 18.93% 0.89 1.07 8.35%
NA 28.04% 1.54 1.58 11.43%
NA 19.36% 1.01 0.91 7.37%
32.75% 6.87% 1.24 1.09 8.45%
26.95% 19.15% 1.14 1.06 8.25%
12.60% 22.15% 1.14 1.20 9.12%
4.76% 5.55% 0.58 1.40 10.30%
15.88% 11.86% 0.80 0.85 6.99%
19.24% 12.73% 1.07 1.03 8.09%
18.55% 19.93% 0.78 0.91 7.39%
14.78% 26.55% 1.63 1.59 11.48%
19.48% 11.04% 1.28 1.33 9.89%
7.10% 21.98% 1.06 1.33 9.87%
8.09% 30.16% 0.46 0.66 5.85%
11.05% 25.13% 1.42 1.76 12.53%
10.36% 21.05% 1.04 1.38 10.18%
6.83% 13.70% 0.65 0.96 7.68%
8.54% 17.39% 1.39 1.55 11.24%
10.40% 24.23% 0.88 1.16 8.86%
11.01% 10.61% 0.96 1.36 10.08%
10.08% 27.41% 1.12 1.18 9.01%
13.50% 11.14% 1.13 1.34 9.97%
11.18% 24.67% 1.00 1.12 8.63%
8.60% 6.37% 0.72 0.98 7.81%
7.56% 8.66% 0.65 1.35 10.03%
9.57% 7.51% 1.14 1.15 8.79%
12.10% 13.94% 1.33 1.28 9.57%
5.18% 18.59% 0.59 1.13 8.72%
-0.14% 3.79% 1.62 2.18 15.01%
11.38% 18.55% 0.89 1.25 9.40%
14.07% 1.04% 1.15 1.47 10.73%
11.10% 23.74% 1.24 1.44 10.56%
8.26% 17.37% 1.11 1.45 10.62%
NA 7.22% 1.05 0.93 7.47%
20.32% 21.57% 1.19 1.27 9.52%
14.99% 23.04% 1.65 1.77 12.57%
28.74% 24.64% 1.57 1.44 10.55%
9.89% 34.43% 1.12 1.37 10.13%
12.18% 31.39% 0.97 1.04 8.18%
13.60% 25.02% 1.14 1.29 9.64%
10.38% 31.21% 0.64 0.75 6.39%
10.39% 26.22% 0.43 1.20 9.11%
28.41% 11.01% 1.69 1.50 10.94%
40.44% 15.17% 2.42 1.79 12.70%
27.41% 24.31% 1.38 1.25 9.43%
5.94% 21.03% 1.40 1.68 12.03%
23.30% 13.16% 1.28 1.02 8.00%
13.70% 14.22% 0.82 0.98 7.78%
8.34% 29.42% 0.54 0.88 7.16%
NA 12.43% 0.75 0.71 6.17%
27.98% 31.03% 0.78 0.85 7.03%
19.54% 20.30% 1.20 1.30 9.73%
9.07% 25.48% 1.08 1.24 9.38%
4.56% 26.07% 0.48 0.96 7.68%
 5.42% 35.22% 0.43 0.66 5.85%
-18.21% 12.12% 1.12 1.27 9.54%
12.21% 15.48% 0.92 1.15 8.81%
Std deviation in stock pricesPre-tax cost of debt Market Debt/Capital Cost of capital Sales/Capital EV/Sales
101.29% 5.87% 30.20% 10.90% 1.42 1.14
61.32% 3.37% 20.42% 7.17% 2.53 0.93
64.80% 3.37% 19.56% 7.80% 2.40 1.78
88.82% 4.37% 15.53% 8.61% 1.85 1.19
80.58% 4.37% 21.66% 10.07% 3.18 0.59
68.91% 3.87% 57.37% 6.22% 1.41 0.73
61.15% 3.37% 60.95% 3.78% NA NA
55.60% 3.37% 37.31% 5.46% NA NA
66.05% 3.87% 20.96% 6.18% 0.83 3.03
113.11% 5.87% 11.88% 7.55% 0.97 4.49
78.82% 3.87% 48.54% 6.77% 0.82 1.22
50.77% 3.37% 40.50% 6.86% 0.71 2.21
49.27% 2.87% 21.47% 8.29% 1.43 1.52
56.31% 3.37% 18.28% 9.37% 1.48 1.62
71.60% 3.87% 17.46% 8.31% 1.56 1.56
55.52% 3.37% 22.42% 9.05% 1.22 1.78
82.03% 4.37% 6.97% 7.79% 1.83 3.07
97.69% 4.87% 9.28% 9.08% 2.96 1.39
75.00% 3.87% 50.55% 5.50% 0.68 2.11
103.44% 5.87% 13.39% 7.95% 0.89 2.85
88.13% 4.37% 6.02% 7.75% 1.20 4.55
78.24% 3.87% 10.97% 6.41% 2.66 1.14
23.37% 2.37% 46.28% 4.10% 0.55 2.26
18.30% 2.37% 39.82% 4.23% 0.54 2.51
19.85% 2.37% 45.81% 4.12% 0.54 2.19
67.76% 3.87% 11.24% 9.04% 1.51 1.54
89.93% 4.37% 18.25% 7.28% 3.51 0.47
65.03% 3.87% 10.71% 8.51% 4.05 0.46
108.37% 5.87% 29.07% 9.34% 0.78 1.89
76.91% 3.87% 8.89% 8.70% 1.29 1.87
92.14% 4.87% 30.41% 5.57% 0.80 2.07
82.27% 4.37% 71.55% 4.65% 0.18 6.67
60.68% 3.37% 22.80% 6.16% 1.82 1.08
35.40% 2.87% 29.62% 6.47% 2.43 0.37
39.35% 2.87% 36.14% 6.20% 0.79 1.86
80.90% 4.37% 19.61% 10.81% 2.08 0.92
65.79% 3.87% 5.97% 8.55% 1.24 3.82
69.92% 3.87% 30.39% 9.59% 1.64 1.34
70.00% 3.87% 50.07% 6.47% 1.00 1.23
79.09% 3.87% 34.24% 8.93% 0.69 2.58
62.24% 3.37% 15.96% 7.32% 1.13 2.21
78.27% 3.87% 9.35% 8.68% 6.48 0.29
74.43% 3.87% 24.65% 6.23% 2.26 0.85
48.10% 2.87% 23.20% 6.81% 0.72 2.94
53.35% 3.37% 39.08% 7.76% NA NA
37.88% 2.87% 19.10% 6.29% NA NA
117.09% 5.87% 2.63% 8.32% 2.25 3.91
69.45% 3.87% 5.74% 7.91% 2.61 1.75
 57.21% 3.37% 16.05% 7.98% 1.53 1.37
69.19% 3.87% 63.01% 5.27% 0.35 2.69
79.18% 3.87% 13.85% 6.35% 0.92 2.52
84.89% 4.37% 11.52% 7.46% 4.00 0.73
76.26% 3.87% 33.09% 5.71% 2.51 0.68
68.98% 3.87% 13.41% 10.25% 1.36 1.67
104.38% 5.87% 12.36% 9.10% 0.89 2.47
48.77% 2.87% 27.04% 7.67% 0.41 3.37
24.90% 2.37% 40.26% 4.07% 0.94 1.45
90.74% 4.87% 31.67% 9.49% 1.23 1.31
64.26% 3.37% 38.66% 7.02% 2.26 0.55
56.61% 3.37% 36.83% 5.60% 0.47 3.56
62.37% 3.37% 18.64% 9.52% 0.76 2.38
41.59% 2.87% 34.13% 6.42% 1.48 1.06
93.84% 4.87% 37.45% 7.40% 1.12 1.06
38.99% 2.87% 16.10% 7.83% 1.78 0.87
88.11% 4.37% 19.92% 8.51% 0.71 2.20
59.43% 3.37% 17.00% 7.51% 3.56 0.53
34.90% 2.87% 29.06% 6.04% 0.99 1.97
97.19% 4.87% 59.81% 5.78% 0.69 1.48
90.87% 4.87% 7.57% 8.35% 0.40 5.33
65.33% 3.87% 13.75% 8.58% 1.38 1.64
82.21% 4.37% 58.44% 5.16% 0.40 2.85
77.54% 3.87% 37.45% 10.26% 0.30 3.43
64.98% 3.37% 38.76% 6.54% 1.37 1.15
49.61% 2.87% 25.77% 8.41% 0.11 14.13
42.95% 2.87% 20.09% 8.79% 0.60 3.44
70.55% 3.87% 32.75% 7.90% 0.89 1.60
30.40% 2.87% 19.06% 6.37% NA NA
68.37% 3.87% 11.32% 8.71% 1.82 2.50
92.79% 4.87% 19.57% 10.68% 3.00 0.83
60.90% 3.37% 5.32% 10.10% 4.94 0.87
52.02% 3.37% 27.59% 7.90% 2.22 0.92
37.61% 2.87% 12.33% 7.38% 2.37 1.04
67.71% 3.87% 20.37% 8.15% 3.55 0.59
40.02% 2.87% 29.25% 5.02% 5.02 0.35
44.31% 2.87% 81.15% 3.11% 0.29 3.08
70.52% 3.87% 7.70% 10.27% 1.57 2.06
68.70% 3.87% 13.20% 11.33% 2.21 0.97
55.52% 3.37% 2.13% 9.27% 3.33 1.52
56.94% 3.37% 31.69% 8.86% 1.21 0.78
87.77% 4.37% 11.48% 7.38% 2.73 1.25
68.58% 3.87% 25.42% 6.39% 0.83 1.85
60.39% 3.37% 49.02% 4.64% 0.74 1.75
53.93% 3.37% 22.68% 5.23% NA NA
41.53% 2.87% 15.76% 6.19% 1.84 2.36
60.34% 3.37% 17.11% 8.41% 2.70 1.48
59.88% 3.37% 21.73% 7.78% 2.16 1.28
32.68% 2.87% 60.79% 4.06% 0.58 1.39
18.89% 2.37% 44.88% 3.86% 0.30 4.39
75.03% 3.87% 21.30% 8.00% 1.14 1.91
75.08% 3.87% 31.81% 6.75% 0.97 1.67
EV/EBITDA EV/EBIT Price/Book Trailing PE
7.90 11.09 1.83 27.39
7.41 9.14 2.75 34.40
12.91 20.22 8.24 156.14
8.65 10.83 2.46 20.56
6.19 9.05 2.08 15.83
5.81 10.40 1.05 10.84
4.37 4.37 0.85 16.69
4.57 4.57 1.29 34.13
12.04 14.80 3.61 22.51
NA NA 3.19 18.87
10.99 29.23 0.99 265.15
6.25 11.27 2.31 12.66
8.90 12.60 2.64 12.17
8.95 12.28 2.96 12.94
9.84 14.06 3.08 15.63
7.34 11.14 2.77 12.09
8.64 9.81 3.74 68.56
8.11 9.85 3.94 38.66
11.37 14.99 2.12 17.94
9.35 13.02 2.73 25.45
22.08 31.60 4.55 192.91
4.62 5.47 2.69 13.83
7.88 12.76 1.57 16.46
8.56 13.14 1.78 20.61
7.56 13.03 1.36 15.54
9.12 11.68 2.33 24.10
5.82 7.84 1.65 14.19
7.36 9.76 1.73 15.95
8.03 10.67 1.71 15.42
11.63 17.81 1.97 23.93
8.77 13.58 2.22 30.21
14.36 15.33 1.79 21.14
9.54 11.93 2.58 20.14
3.48 7.03 0.90 16.66
9.13 11.86 1.93 13.98
9.68 14.31 2.19 21.08
20.77 31.55 4.55 59.71
10.54 14.65 3.42 22.63
NA NA 1.38 33.27
12.46 20.51 2.64 45.84
10.72 12.69 3.33 17.57
9.98 14.92 1.71 57.02
NA NA 2.40 22.05
10.55 15.23 2.97 25.56
1.32 1.32 0.70 18.61
95.56 96.01 1.00 35.02
17.06 21.41 4.59 36.16
9.75 12.15 3.73 21.18
 9.08 12.41 2.33 21.51
9.63 18.14 0.85 31.34
9.06 11.36 2.58 43.84
9.23 11.34 2.82 37.04
5.16 6.15 2.09 16.47
8.91 11.06 2.30 18.01
6.35 7.83 2.35 31.32
6.27 11.63 1.55 54.76
8.06 11.36 1.81 15.86
6.50 8.99 2.04 40.89
5.71 8.25 1.38 16.85
12.59 19.28 2.73 43.30
9.87 15.78 2.06 27.58
7.18 10.51 2.09 13.14
5.46 8.83 1.30 26.24
5.89 8.87 1.64 58.87
5.58 8.53 1.76 38.34
8.20 10.28 2.19 12.97
15.03 21.96 3.12 27.55
6.63 10.17 1.06 17.92
11.52 16.00 2.15 90.39
10.25 15.30 2.20 32.86
13.00 18.21 1.36 48.20
NA NA 1.02 8.92
6.44 9.47 2.20 104.19
9.54 10.95 1.89 16.98
9.19 12.09 2.67 37.96
9.11 13.92 1.71 40.21
22.47 22.47 0.71 47.47
12.17 15.82 6.66 20.03
7.73 11.06 3.04 36.52
6.84 9.30 3.46 45.45
10.76 13.40 3.21 16.22
9.74 12.85 3.02 22.78
7.45 10.10 2.62 18.78
6.73 10.91 2.23 36.66
5.97 6.32 0.72 24.77
6.19 9.03 2.62 20.90
3.78 4.50 1.68 10.83
11.64 13.41 3.74 14.10
7.08 13.30 0.92 16.46
8.46 11.50 2.32 18.32
4.80 8.14 1.75 16.97
5.33 11.05 1.79 132.35
3.67 3.67 0.94 36.40
10.36 11.44 8.63 14.88
11.05 13.67 6.49 35.50
10.13 20.05 4.49 30.78
5.47 11.95 0.64 1687.02
11.13 16.48 1.77 22.35
NA NA 2.72 38.68
7.37 9.70 2.00 33.67
Yes/No Book or Market Value
Yes B
No V
 Tax rate
Afghanistan 20.00%
Albania 10.00%
Angola 35.00%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 24.00%
Belgium 33.99%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovin 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Cambodia 20.00%
Canada 28.00%
Cayman Islands 0.00%
Chile 20.00%
China 25.00%
Colombia 33.00%
Costa Rica 30.00%
Croatia 20.00%
Curacao 34.50%
Cyprus 10.00%
Czech Republic 19.00%
Denmark 25.00%
Dominican Republic 29.00%
Ecuador 24.00%
Egypt 20.00%
Estonia 21.00%
Fiji 28.00%
Finland 26.00%
France 33.33%
Germany 29.37%
Gibraltar 10.00%
Greece 20.00%
Guatemala 31.00%
Guernsey 0.00%
Honduras 35.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 32.44%
Indonesia 25.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 31.40%
Jamaica 33.33%
Japan 40.69%
Jersey 0.00%
Jordan 14.00%
Kazakhstan 20.00%
Korea, Republic of 22.00%
Kuwait 15.00%
Latvia 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 28.80%
Macau 12.00%
Macedonia 10.00%
Malaysia 25.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Montenegro 9.00%
Mozambique 32.00%
Namibia 34.00%
Netherlands 25.00%
Netherlands Antilles 0.00%
New Zealand 28.00%
Nigeria 30.00%
Norway 28.00%
Oman 12.00%
Pakistan 35.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 30.00%
Philippines 30.00%
Poland 19.00%
Portugal 25.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Saba 0.00%
Samoa 27.00%
Saudi Arabia 20.00%
Serbia 10.00%
Singapore 17.00%
Slovak Republic 19.00%
Slovenia 20.00%
South Africa 34.55%
Spain 30.00%
Sri Lanka 28.00%
St Eustatius 0.00%
St Maarten 34.50%
Sudan 35.00%
Sweden 26.30%
Switzerland 21.17%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 30.00%
Trinidad and Tobago 0.00%
Tunisia 30.00%
Turkey 20.00%
Ukraine 25.00%
United Arab Emirates 55.00%
United Kingdom 26.00%
United States 40.00%
Uruguay 25.00%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 25.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.75%
Country Long-Term RatingAdj. Default Spread
Albania B1 4.00%
Angola Ba3 3.25%
Argentina B3 6.00%
Armenia Ba2 2.75%
Australia Aaa 0.00%
Austria [1] Aaa 0.00%
Azerbaijan Baa3 2.00%
Bahamas A3 1.15%
Bahrain Baa1 1.50%
Bangladesh Ba3 3.25%
Barbados Baa3 2.00%
Belarus B3 6.00%
Belgium [1] Aa3 0.70%
Belize Ca 2.00%
Bermuda Aa2 0.50%
Bolivia Ba3 3.25%
Bosnia and Herzegovina B3 6.00%
Botswana A2 1.00%
Brazil Baa2 1.75%
Bulgaria Baa2 1.75%
Cambodia B2 5.00%
Canada Aaa 0.00%
Cayman Islands Aa3 0.70%
Chile Aa3 0.70%
China Aa3 0.70%
Colombia Baa3 2.00%
Costa Rica Baa3 2.00%
Croatia Baa3 2.00%
Cuba Caa1 7.00%
Cyprus [1] Ba3 3.25%
Czech Republic A1 0.85%
Denmark Aaa 0.00%
Dominican Republic B1 4.00%
Ecuador Caa2 8.50%
Egypt B2 5.00%
El Salvador Ba2 2.75%
Estonia A1 0.85%
Fiji Islands B1 4.00%
Finland [1] Aaa 0.00%
France [1] Aaa 0.00%
Georgia Ba3 3.25%
Germany [1] Aaa 0.00%
Greece [1] Caa1 7.00%
Guatemala Ba1 2.40%
Honduras B2 5.00%
Hong Kong Aa1 0.25%
Hungary Ba1 2.40%
Iceland Baa3 2.00%
India Baa3 2.00%
Indonesia Baa3 2.00%
Ireland [1] Ba1 2.40%
Isle of Man Aaa 0.00%
Israel A1 0.85%
Italy [1] A3 1.15%
Jamaica B3 6.00%
Japan Aa3 0.70%
Jordan Ba2 2.75%
Kazakhstan Baa2 1.75%
Korea A1 0.85%
Kuwait Aa2 0.50%
Latvia Baa3 2.00%
Lebanon B1 4.00%
Lithuania Baa1 1.50%
Luxembourg [1] Aaa 0.00%
Macao Aa3 0.70%
Malaysia A3 1.15%
Malta [1] A3 1.15%
Mauritius Baa1 1.50%
Mexico Baa1 1.50%
Moldova B3 6.00%
Mongolia B1 4.00%
Montenegro Ba3 3.25%
Morocco Ba1 2.40%
Namibia Baa3 2.00%
Netherlands [1] Aaa 0.00%
New Zealand Aaa 0.00%
Nicaragua B3 6.00%
Norway Aaa 0.00%
Oman A1 0.85%
Pakistan B3 6.00%
Panama Baa3 2.00%
Papua New Guinea B1 4.00%
Paraguay B1 4.00%
Peru Baa3 2.00%
Philippines Ba2 2.75%
Poland A2 1.00%
Portugal [1] Ba3 3.25%
Qatar Aa2 0.50%
Romania Baa3 2.00%
Russia Baa1 1.50%
Saudi Arabia Aa3 0.70%
Senegal B1 4.00%
Singapore Aaa 0.00%
Slovakia A2 1.00%
Slovenia [1] A2 1.00%
South Africa A3 1.15%
Spain Baa3 2.00%
Sri Lanka B1 4.00%
St. Vincent & the Grena B1 4.00%
Suriname Ba3 3.25%
Sweden Aaa 0.00%
Switzerland Aaa 0.00%
Taiwan Aa3 0.70%
Thailand Baa1 1.50%
Trinidad and Tobago Baa1 1.50%
Tunisia Baa3 2.00%
Turkey Ba1 2.40%
Ukraine B2 5.00%
United Arab Emirates Aa2 0.50%
United Kingdom Aaa 0.00%
United States of Americ Aaa 0.00%
Uruguay Ba1 2.40%
Venezuela B1 4.00%
Vietnam B1 4.00%

Values
Row Labels Count of Country Average of Total Equity Risk Premi
Africa 9 9.72%
Australia & New Zealand 2 6.00%
Caribbean 10 10.52%
Central and South Americ 18 10.85%
Eastern Europe & Russia 22 9.94%
Middle East 9 8.03%
North America 2 6.00%
Western Europe 21 7.64%
Asia (w/o Japan) 20 9.69%
Japan 1 7.05%
Grand Total 114 9.34%
Total Equity Risk Premium Country Risk Premium Region
12.00% 6.00% Eastern Europe & Russia
10.88% 4.88% Africa
15.00% 9.00% Central and South America
10.13% 4.13% Eastern Europe & Russia
6.00% 0.00% Australia & New Zealand
6.00% 0.00% Western Europe
9.00% 3.00% Eastern Europe & Russia
7.73% 1.73% Caribbean
8.25% 2.25% Middle East
10.88% 4.88% Asia (w/o Japan)
9.00% 3.00% Caribbean
15.00% 9.00% Eastern Europe & Russia
7.05% 1.05% Western Europe
9.00% 3.00% Central and South America
6.75% 0.75% Caribbean
10.88% 4.88% Central and South America
15.00% 9.00% Eastern Europe & Russia
7.50% 1.50% Africa
8.63% 2.63% Central and South America
8.63% 2.63% Eastern Europe & Russia
13.50% 7.50% Asia (w/o Japan)
6.00% 0.00% North America
7.05% 1.05% Caribbean
7.05% 1.05% Central and South America
7.05% 1.05% Asia (w/o Japan)
9.00% 3.00% Central and South America
9.00% 3.00% Central and South America
9.00% 3.00% Eastern Europe & Russia
16.50% 10.50% Caribbean
10.88% 4.88% Western Europe
7.27% 1.28% Eastern Europe & Russia
6.00% 0.00% Western Europe
12.00% 6.00% Caribbean
18.75% 12.75% Central and South America
13.50% 7.50% Africa
10.13% 4.13% Central and South America
7.27% 1.28% Eastern Europe & Russia
12.00% 6.00% Asia (w/o Japan)
6.00% 0.00% Western Europe
 6.00% 0.00% Western Europe
10.88% 4.88% Eastern Europe & Russia
6.00% 0.00% Western Europe
16.50% 10.50% Western Europe
9.60% 3.60% Central and South America
13.50% 7.50% Central and South America
6.38% 0.38% Asia (w/o Japan)
9.60% 3.60% Eastern Europe & Russia
9.00% 3.00% Western Europe
9.00% 3.00% Asia (w/o Japan)
9.00% 3.00% Asia (w/o Japan)
9.60% 3.60% Western Europe
6.00% 0.00% Western Europe
7.27% 1.28% Middle East
7.73% 1.73% Western Europe
15.00% 9.00% Caribbean
7.05% 1.05% Japan
10.13% 4.13% Middle East
8.63% 2.63% Eastern Europe & Russia
7.27% 1.28% Asia (w/o Japan)
6.75% 0.75% Middle East
9.00% 3.00% Eastern Europe & Russia
12.00% 6.00% Middle East
8.25% 2.25% Eastern Europe & Russia
6.00% 0.00% Western Europe
7.05% 1.05% Asia (w/o Japan)
7.73% 1.73% Asia (w/o Japan)
7.73% 1.73% Western Europe
8.25% 2.25% Africa
8.25% 2.25% Central and South America
15.00% 9.00% Eastern Europe & Russia
12.00% 6.00% Asia (w/o Japan)
10.88% 4.88% Eastern Europe & Russia
9.60% 3.60% Africa
9.00% 3.00% Africa
6.00% 0.00% Western Europe
6.00% 0.00% Australia & New Zealand
15.00% 9.00% Central and South America
6.00% 0.00% Western Europe
7.27% 1.28% Middle East
 15.00% 9.00% Asia (w/o Japan)
9.00% 3.00% Central and South America
12.00% 6.00% Asia (w/o Japan)
12.00% 6.00% Central and South America
9.00% 3.00% Central and South America
10.13% 4.13% Asia (w/o Japan)
7.50% 1.50% Eastern Europe & Russia
10.88% 4.88% Western Europe
6.75% 0.75% Middle East
9.00% 3.00% Eastern Europe & Russia
8.25% 2.25% Eastern Europe & Russia
7.05% 1.05% Middle East
12.00% 6.00% Africa
6.00% 0.00% Asia (w/o Japan)
7.50% 1.50% Eastern Europe & Russia
7.50% 1.50% Eastern Europe & Russia
7.73% 1.73% Africa
9.00% 3.00% Western Europe
12.00% 6.00% Asia (w/o Japan)
12.00% 6.00% Caribbean
10.88% 4.88% Caribbean
6.00% 0.00% Western Europe
6.00% 0.00% Western Europe
7.05% 1.05% Asia (w/o Japan)
8.25% 2.25% Asia (w/o Japan)
8.25% 2.25% Caribbean
9.00% 3.00% Africa
9.60% 3.60% Asia (w/o Japan)
13.50% 7.50% Eastern Europe & Russia
6.75% 0.75% Middle East
6.00% 0.00% Western Europe
6.00% 0.00% North America
9.60% 3.60% Central and South America
12.00% 6.00% Central and South America
12.00% 6.00% Asia (w/o Japan)

Average of Country Risk Premium

3.72%
0.00%
4.52%
4.85%
3.94%
2.03%
0.00%
1.64%
3.69%
1.05%
3.34%