Valuation Multiples for US COMPANIES

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    01-Dec-2014

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Finance For Executives

INSEAD

Value Multiples by SectorData used: Value Line database of 7091 US companies. As of January 2005 This table shows industry average valuation multiples for US COMPANIES. You can estimate your companys or projects value by multiplying your companys or projects EBITDA (or EBIT) by the industry average ratio. However, a more careful estimation requires the computation of the free cash flow and the cost of capital. Please refer to the section: Variable Definition for further explanations.Industry Name Number of Firms Value/EBITDA Value/EBIT Value/EBIT(1-t) Tax Rate

Advertising Aerospace/Defense Air Transport Apparel Auto & Truck Auto Parts Bank Bank (Canadian) Bank (Foreign) Bank (Midwest) Beverage (Alcoholic) Beverage (Soft Drink) Biotechnology Building Materials Cable TV Canadian Energy Cement & Aggregates Chemical (Basic) Chemical (Diversified) Chemical (Specialty) Coal Computer Software/Svcs Computers/Peripherals Diversified Co. Drug E-Commerce Educational Services Electric Util. (Central) Electric Utility (East) Electric Utility (West) Electrical Equipment Electronics Entertainment Entertainment Tech Environmental

35 67 46 65 25 60 499 7 5 38 22 17 90 49 21 11 13 16 31 92 11 389 143 117 305 52 38 25 31 16 93 179 88 31 85Number of

10,83 10,23 6,82 7,18 5,95 4,98 NA NA NA NA 9,04 10,52 30,68 7,50 8,68 4,60 7,09 11,08 6,95 7,93 10,12 12,85 10,84 8,93 12,58 19,37 15,40 6,55 6,73 4,89 7,44 13,33 9,76 13,89 6,68

13,66 13,27 10,05 8,56 8,22 7,16 NA NA NA NA 10,94 12,82 41,95 9,39 14,94 5,90 9,87 17,18 9,28 10,57 15,60 15,64 14,76 11,27 14,97 29,97 18,57 8,93 9,25 6,91 8,15 22,53 13,18 18,75 9,29

23,97 18,94 18,09 13,53 12,26 10,65 NA NA NA NA 17,22 17,53 76,89 15,02 14,97 8,59 14,71 23,61 15,27 15,29 23,62 23,22 20,30 16,89 20,66 36,63 30,07 13,27 13,33 9,63 10,54 26,61 22,12 34,42 15,04

10,63% 20,26% 21,75% 20,73% 22,94% 22,81% 27,49% 29,70% 8,31% 27,82% 20,24% 20,09% 4,35% 25,76% 1,47% 32,61% 26,47% 13,07% 26,83% 16,52% 17,08% 11,06% 10,65% 20,47% 6,74% 8,19% 19,43% 29,29% 28,04% 27,26% 12,33% 12,79% 17,31% 14,36% 9,72%

Value/EBITDA Value/EBIT Value/EBIT(1-t) Tax Rate

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Finance For ExecutivesIndustry Name Firms

INSEAD

Financial Svcs. (Div.) Food Processing Food Wholesalers Foreign Electronics Foreign Telecom. Furn/Home Furnishings Grocery Healthcare Information Home Appliance Homebuilding Hotel/Gaming Household Products Human Resources Industrial Services Information Services Insurance (Life) Insurance (Prop/Cas.) Internet Investment Co. Investment Co.(Foreign) Machinery Manuf. Housing/RV Maritime Medical Services Medical Supplies Metal Fabricating Metals & Mining (Div.) Natural Gas (Distrib.) Natural Gas (Div.) Newspaper Office Equip/Supplies Oilfield Svcs/Equip. Packaging & Container Paper/Forest Products Petroleum (Integrated) Petroleum (Producing) Pharmacy Services Power Precious Metals Precision Instrument Publishing R.E.I.T. Railroad Recreation Restaurant Retail (Special Lines) Retail Automotive Retail Building Supply Retail Store Securities Brokerage

233 104 20 12 21 38 23 32 16 34 77 30 28 200 33 43 78 297 21 17 133 19 28 195 262 38 76 30 38 20 28 93 35 39 34 145 14 24 61 104 43 135 18 78 84 175 14 9 49 26Number of

93,46 8,59 8,15 4,21 6,32 8,11 4,52 12,60 5,64 9,38 10,33 9,89 8,98 8,75 10,84 NA NA 39,83 28,39 86,73 9,17 22,27 6,62 7,67 12,53 9,61 10,44 6,64 6,99 11,08 8,36 11,18 6,50 7,05 5,07 4,53 11,11 15,93 13,14 11,58 7,02 133,05 7,39 11,88 8,77 7,07 8,02 10,36 8,61 9,69

108,19 10,15 9,69 5,31 10,61 10,53 6,23 19,28 7,40 9,99 14,07 11,74 11,25 11,59 13,69 NA NA 61,24 42,85 91,44 12,37 33,48 8,96 9,27 14,54 12,54 14,16 8,71 9,52 13,01 10,75 16,79 8,97 11,08 6,76 5,69 13,04 21,47 20,22 17,49 9,47 172,85 9,80 15,27 11,18 9,23 9,35 11,98 10,73 10,15

161,36 14,42 14,58 8,42 15,09 16,08 9,34 37,22 10,86 15,78 20,27 16,81 22,44 17,96 20,40 NA NA 114,83 42,85 145,83 17,43 56,68 10,00 14,96 20,54 17,69 20,75 13,28 12,91 20,73 16,51 24,02 15,66 12,16 11,60 8,13 20,66 34,76 28,05 30,42 14,54 223,56 14,94 19,67 16,85 14,86 15,41 19,14 17,04 14,41

20,19% 23,76% 23,53% 30,71% 16,96% 29,42% 27,24% 13,74% 22,01% 28,14% 14,57% 24,99% 24,79% 17,97% 20,63% 19,78% 16,44% 3,51% 0,00% 2,19% 22,54% 17,91% 11,27% 16,69% 13,80% 22,57% 10,43% 27,66% 20,52% 25,31% 29,24% 19,07% 21,93% 14,16% 31,59% 15,15% 35,79% 9,30% 5,49% 13,61% 19,45% 1,88% 34,56% 20,46% 20,88% 24,76% 38,92% 36,49% 25,81% 21,08%

Value/EBITDA Value/EBIT Value/EBIT(1-t) Tax Rate

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Finance For ExecutivesIndustry Name Firms

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Semiconductor Semiconductor Equip Shoe Steel (General) Steel (Integrated) Telecom. Equipment Telecom. Services Thrift Tire & Rubber Tobacco Toiletries/Cosmetics Trucking Utility (Foreign) Water Utility Wireless NetworkingGrand Total

124 14 28 31 16 147 190 147 18 13 25 41 6 17 77 7091

8,57 19.77 10.24 10.09 8.87 17.39 6.02 NA 4,56 8,02 13,22 5,12 7,28 7,87 17,96 9,66

13,10 36.13 11.95 15.10 14.07 23.10 9.25 NA 6,97 8,59 15,99 7,55 10,30 9,91 32,67 12,77

17,88 39.97 18.18 22.30 17.57 36.68 13.34 NA 11,11 13,95 23,48 12,20 14,78 15,08 35,77 18,89

10,41% 9,22% 24,94% 20,76% 14,94% 9,51% 12,71% 28,76% 19,10% 23,83% 23,33% 33,89% 17,82% 30,67% 6,35%16,93%

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