Brazil (Damodaran.jan.13)

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Company Name Exchange:Ticker Industry Group Country Tereos Internacional S.A. (BOVESPA:TERI3) BOVESPA:TERI3 Farming/Agriculture Brazil BOVESPA:AGRO3 Farming/Agriculture Brazil SLC Agricola S.A. (BOVESPA:SLCE3) BOVESPA:SLCE3 Farming/Agriculture Brazil BOVESPA:LOGN3 Tranportation Brazil Cia. Hering (BOVESPA:HGTX3) BOVESPA:HGTX3 Retail (Special Lines) Brazil BOVESPA:GUAR3 Apparel Brazil BOVESPA:LLIS3 Apparel Brazil Technos S.A. (BOVESPA:TECN3) BOVESPA:TECN3 Apparel Brazil BOVESPA:CTIP3 Investment Co. Brazil Tupy S.A. (BOVESPA:TUPY3) BOVESPA:TUPY3 Auto Parts Brazil Mahle Metal Leve S.A. (BOVESPA:LEVE3) BOVESPA:LEVE3 Auto Parts Brazil Autometal S.A. (BOVESPA:AUTM3) BOVESPA:AUTM3 Auto Parts Brazil BOVESPA:PLAS3 Auto Parts Brazil Portobello S.A. (BOVESPA:PTBL3) BOVESPA:PTBL3 Building Materials Brazil BOVESPA:CCXC3 Coal & Related Energy Brazil BOVESPA:VLID3 Publshing & Newspapers Brazil M&G Poliester S.A. (BOVESPA:RHDS3) BOVESPA:RHDS3 Chemical (Basic) Brazil GPC Participa›es S.A. (BOVESPA:GPCP3) BOVESPA:GPCP3 Chemical (Basic) Brazil Positivo Inform‡tica S.A. (BOVESPA:POSI3) BOVESPA:POSI3 Computers/Peripherals Brazil Bematech SA (BOVESPA:BEMA3) BOVESPA:BEMA3 Computers/Peripherals Brazil Iochpe-Maxion S.A. (BOVESPA:MYPK3) BOVESPA:MYPK3 Heavy Construction Brazil BOVESPA:MAGG3 Construction Brazil Eternit S.A. (BOVESPA:ETER3) BOVESPA:ETER3 Construction Brazil IGB Eletronica S.A. (BOVESPA:IGBR3) BOVESPA:IGBR3 Brazil Financeira Alfa SA (BOVESPA:CRIV3) BOVESPA:CRIV3 Financial Svcs. Brazil Cielo SA (BOVESPA:CIEL3) BOVESPA:CIEL3 Information Services Brazil CSU Cardsystem S.A. (BOVESPA:CARD3) BOVESPA:CARD3 Information Services Brazil BrasilAgro-Companhia Brasileira de Propriedades Agricolas (BOVESPA:AGRO3) Log-In - Log’stica Intermodal S/A (BOVESPA:LOGN3) Guararapes Confeccoes S.A. (BOVESPA:GUAR3) Restoque ComŽrcio e Confec›es de Roupas SA (BOVESPA:LLIS3) CETIP SA - Mercados Organizados (BOVESPA:CTIP3) Plascar Participacoes Industriais (BOVESPA:PLAS3) CCX Carv‹o da Col™mbia S.A. (BOVESPA:CCXC3) Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (BOVESPA:VLID3) Magnesita Refratarios S.A. (BOVESPA:MAGG3) Electronics (Consumer & Office)

Transcript of Brazil (Damodaran.jan.13)

Page 1: Brazil (Damodaran.jan.13)

Company Name Exchange:Ticker Industry Group Country Sub GroupTereos Internacional S.A. (BOVESPA:TERI3) BOVESPA:TERI3 Farming/Agriculture Brazil

BOVESPA:AGRO3 Farming/Agriculture Brazil

SLC Agricola S.A. (BOVESPA:SLCE3) BOVESPA:SLCE3 Farming/Agriculture Brazil

BOVESPA:LOGN3 Tranportation Brazil

Cia. Hering (BOVESPA:HGTX3) BOVESPA:HGTX3 Retail (Special Lines) Brazil

BOVESPA:GUAR3 Apparel Brazil

BOVESPA:LLIS3 Apparel Brazil

Technos S.A. (BOVESPA:TECN3) BOVESPA:TECN3 Apparel Brazil

BOVESPA:CTIP3 Investment Co. Brazil

Tupy S.A. (BOVESPA:TUPY3) BOVESPA:TUPY3 Auto Parts Brazil

Mahle Metal Leve S.A. (BOVESPA:LEVE3) BOVESPA:LEVE3 Auto Parts Brazil

Autometal S.A. (BOVESPA:AUTM3) BOVESPA:AUTM3 Auto Parts Brazil

BOVESPA:PLAS3 Auto Parts Brazil

Portobello S.A. (BOVESPA:PTBL3) BOVESPA:PTBL3 Building Materials Brazil

BOVESPA:CCXC3 Coal & Related Energy Brazil

BOVESPA:VLID3 Brazil

M&G Poliester S.A. (BOVESPA:RHDS3) BOVESPA:RHDS3 Chemical (Basic) Brazil

GPC Participa›es S.A. (BOVESPA:GPCP3)� BOVESPA:GPCP3 Chemical (Basic) Brazil

Positivo Inform‡tica S.A. (BOVESPA:POSI3) BOVESPA:POSI3 Computers/Peripherals Brazil

Bematech SA (BOVESPA:BEMA3) BOVESPA:BEMA3 Computers/Peripherals Brazil

Iochpe-Maxion S.A. (BOVESPA:MYPK3) BOVESPA:MYPK3 Heavy Construction Brazil

BOVESPA:MAGG3 Construction Brazil

Eternit S.A. (BOVESPA:ETER3) BOVESPA:ETER3 Construction Brazil

IGB Eletronica S.A. (BOVESPA:IGBR3) BOVESPA:IGBR3 Brazil

Financeira Alfa SA (BOVESPA:CRIV3) BOVESPA:CRIV3 Financial Svcs. Brazil

Cielo SA (BOVESPA:CIEL3) BOVESPA:CIEL3 Information Services Brazil

CSU Cardsystem S.A. (BOVESPA:CARD3) BOVESPA:CARD3 Information Services Brazil

Broad Group

Emerging Markets

Latin America & Caribbean

BrasilAgro-Companhia Brasileira de Propriedades Agricolas (BOVESPA:AGRO3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Log-In - Log’stica Intermodal S/A (BOVESPA:LOGN3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Guararapes Confeccoes S.A. (BOVESPA:GUAR3)

Emerging Markets

Latin America & Caribbean

Restoque ComŽrcio e Confec›es de Roupas �SA (BOVESPA:LLIS3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

CETIP SA - Mercados Organizados (BOVESPA:CTIP3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Plascar Participacoes Industriais (BOVESPA:PLAS3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

CCX Carv‹o da Col™mbia S.A. (BOVESPA:CCXC3)

Emerging Markets

Latin America & Caribbean

Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (BOVESPA:VLID3)

Publshing & Newspapers

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Magnesita Refratarios S.A. (BOVESPA:MAGG3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Electronics (Consumer & Office)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

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Lojas Renner S.A. (BOVESPA:LREN3) BOVESPA:LREN3 Retail (General) Brazil

Marisa Lojas S.A. (BOVESPA:AMAR3) BOVESPA:AMAR3 Retail (General) Brazil

Banco do Brasil S.A. (BOVESPA:BBAS3) BOVESPA:BBAS3 Bank Brazil

Paranapanema S.A. (BOVESPA:PMAM3) BOVESPA:PMAM3 Metals & Mining Brazil

Multiplus SA (BOVESPA:MPLU3) BOVESPA:MPLU3 Brazil

Raia Drogasil SA (BOVESPA:RADL3) BOVESPA:RADL3 Retail (Special Lines) Brazil

Brazil Pharma SA (BOVESPA:BPHA3) BOVESPA:BPHA3 Retail (Special Lines) Brazil

Est‡cio Participa›es S.A (BOVESPA:ESTC3)� BOVESPA:ESTC3 Educational Services Brazil

Kroton Educacional S.A. (BOVESPA:KROT3) BOVESPA:KROT3 Educational Services Brazil

BOVESPA:AEDU3 Educational Services Brazil

CPFL Energia S.A. (BOVESPA:CPFE3) BOVESPA:CPFE3 Power Brazil

AES Elpa S.A. (BOVESPA:AELP3) BOVESPA:AELP3 Power Brazil

BOVESPA:ENBR3 Power Brazil

BOVESPA:CBEE3 Power Brazil

Equatorial Energia S.A. (BOVESPA:EQTL3) BOVESPA:EQTL3 Power Brazil

SOMA:ENMA3B Power Brazil

BOVESPA:EEEL3 Power Brazil

Light SA (BOVESPA:LIGT3) BOVESPA:LIGT3 Power Brazil

BOVESPA:CEED3 Power Brazil

Redentor Energia SA (BOVESPA:RDTR3) BOVESPA:RDTR3 Power Brazil

BOVESPA:LIPR3 Power Brazil

BOVESPA:AFLT3 Power Brazil

GTD Participa›es, SA (SOMA:GTDP3B)� SOMA:GTDP3B Power Brazil

Fertilizantes Heringer S/A (BOVESPA:FHER3) BOVESPA:FHER3 Chemical (Specialty) Brazil

BOVESPA:NUTR3M Chemical (Specialty) Brazil

Grendene S/a. (BOVESPA:GRND3) BOVESPA:GRND3 Shoe Brazil

Vulcabras|azaleia SA (BOVESPA:VULC3) BOVESPA:VULC3 Shoe Brazil

BOVESPA:ARZZ3 Shoe Brazil

Duratex SA (BOVESPA:DTEX3) BOVESPA:DTEX3 Paper/Forest Products Brazil

Magazine Luiza S/A (BOVESPA:MGLU3) BOVESPA:MGLU3 Retail (General) Brazil

Jaguar Mining Inc. (TSX:JAG) TSX:JAG Precious Metals Brazil

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Business & Consumer Services

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Anhanguera Educacional Participacoes S.A. (BOVESPA:AEDU3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

EDP - Energias do Brasil S.A. (BOVESPA:ENBR3)

Emerging Markets

Latin America & Caribbean

Ampla Energia e Servios S/A �(BOVESPA:CBEE3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

CEMAR - Cia Energetica do Maranhao (SOMA:ENMA3B)

Emerging Markets

Latin America & Caribbean

Companhia Estadual de Distribui‹o de Energia �ElŽtrica - CEEE-D (BOVESPA:EEEL3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Companhia Estadual de Distribui‹o de Energia �ElŽtrica (BOVESPA:CEED3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Eletrobras Participacoes SA (BOVESPA:LIPR3)

Emerging Markets

Latin America & Caribbean

Afluente Transmissao De Energia Eletrica SA (BOVESPA:AFLT3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Nutriplant Indœstria e ComŽrcio S.A. (BOVESPA:NUTR3M)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Arezzo Industria e Comercio S.A. (BOVESPA:ARZZ3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

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Lion Gold Brazil, Inc. (OTCPK:LGBI) OTCPK:LGBI Precious Metals Brazil

BOVESPA:PFRM3 Healthcare Services Brazil

Diagnosticos da America (BOVESPA:DASA3) BOVESPA:DASA3 Healthcare Services Brazil

Fleury S/A (BOVESPA:FLRY3) BOVESPA:FLRY3 Healthcare Services Brazil

Cremer SA (BOVESPA:CREM3) BOVESPA:CREM3 Healthcare Products Brazil

CCR SA (BOVESPA:CCRO3) BOVESPA:CCRO3 Tranportation Brazil

BOVESPA:ECOR3 Tranportation Brazil

BOVESPA:TPIS3 Tranportation Brazil

BOVESPA:SGPS3 Furn/Home Furnishings Brazil

BOVESPA:UCAS3 Furn/Home Furnishings Brazil

Viavarejo SA (BOVESPA:VVAR3) BOVESPA:VVAR3 Retail (Building Supply) Brazil

Cyrela Brazil Realty S.A (BOVESPA:CYRE3) BOVESPA:CYRE3 Homebuilding Brazil

BOVESPA:PDGR3 Homebuilding Brazil

BOVESPA:MRVE3 Homebuilding Brazil

Rossi Residencial S.A. (BOVESPA:RSID3) BOVESPA:RSID3 Homebuilding Brazil

Gafisa S.A. (BOVESPA:GFSA3) BOVESPA:GFSA3 Homebuilding Brazil

BOVESPA:BISA3 Homebuilding Brazil

BOVESPA:EVEN3 Homebuilding Brazil

BOVESPA:HBOR3 Homebuilding Brazil

Tecnisa S.A. (BOVESPA:TCSA3) BOVESPA:TCSA3 Homebuilding Brazil

BOVESPA:RDNI3 Homebuilding Brazil

BOVESPA:EZTC3 Homebuilding Brazil

Trisul S.A. (BOVESPA:TRIS3) BOVESPA:TRIS3 Homebuilding Brazil

BOVESPA:VIVR3 Homebuilding Brazil

BOVESPA:CRDE3 Homebuilding Brazil

Direcional Engenharia S/A (BOVESPA:DIRR3) BOVESPA:DIRR3 Homebuilding Brazil

BOVESPA:BHGR3 Hotel/Gaming Brazil

Mundial Sa (BOVESPA:MNDL3) BOVESPA:MNDL3 Household Products Brazil

Tractebel Energia S.A. (BOVESPA:TBLE3) BOVESPA:TBLE3 Power Brazil

AES Tiet S.A. (BOVESPA:GETI3)� BOVESPA:GETI3 Power Brazil

BOVESPA:AFLU3 Power Brazil

MPX Energia SA (BOVESPA:MPXE3) BOVESPA:MPXE3 Power Brazil

Emerging Markets

Latin America & Caribbean

Profarma Distribuidora de Produtos Farmacuticos S.A. (BOVESPA:PFRM3)�

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

EcoRodovias Infraestrutura e Log’stica SA (BOVESPA:ECOR3)

Emerging Markets

Latin America & Caribbean

Triunfo Participacoes e Investimentos S.A. (BOVESPA:TPIS3)

Emerging Markets

Latin America & Caribbean

Springs Global Participa›es S.A. �(BOVESPA:SGPS3)

Emerging Markets

Latin America & Caribbean

UNICASA Indœstria de M—veis S/A (BOVESPA:UCAS3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

PDG Realty S.A. Empreendimentos e Participacoes (BOVESPA:PDGR3)

Emerging Markets

Latin America & Caribbean

MRV Engenharia e Participa›es s.a. �(BOVESPA:MRVE3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Brookfield Incorporacoes SA (BOVESPA:BISA3)

Emerging Markets

Latin America & Caribbean

Even Construtora e Incorporadora S.A. (BOVESPA:EVEN3)

Emerging Markets

Latin America & Caribbean

Helbor Empreendimentos S.A. (BOVESPA:HBOR3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Rodobens Negocios Imobiliarios S.A. (BOVESPA:RDNI3)

Emerging Markets

Latin America & Caribbean

EZTEC Empreendimentos e Participacoes SA (BOVESPA:EZTC3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Viver Incorporadora e Construtora S.A. (BOVESPA:VIVR3)

Emerging Markets

Latin America & Caribbean

CR2 Empreendimentos Imobiliarios SA (BOVESPA:CRDE3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

BHG SA Brazil Hospitality Group (BOVESPA:BHGR3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

AFLUENTE GERA‚ÌO DE ENERGIA ELƒTRICA SA (BOVESPA:AFLU3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

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BOVESPA:BTTL3 Diversified Brazil

Weg SA (BOVESPA:WEGE3) BOVESPA:WEGE3 Machinery Brazil

Metalfrio Solutions SA (BOVESPA:FRIO3) BOVESPA:FRIO3 Machinery Brazil

Industrias Romi SA (BOVESPA:ROMI3) BOVESPA:ROMI3 Machinery Brazil

Kepler Weber S.A. (BOVESPA:KEPL3) BOVESPA:KEPL3 Machinery Brazil

BOVESPA:BRIN3 Insurance (General) Brazil

BOVESPA:INET3 Telecom. Services Brazil

BOVESPA:BTOW3 Retail (Internet) Brazil

BOVESPA:DTCY3 Brazil

Bicicletas Monark S.A. (BOVESPA:BMKS3) BOVESPA:BMKS3 Recreation Brazil

Amil Participacoes SA (BOVESPA:AMIL3) BOVESPA:AMIL3 Healthcare Services Brazil

Tempo Participacoes SA (BOVESPA:TEMP3) BOVESPA:TEMP3 Healthcare Services Brazil

Odontoprev S.A. (BOVESPA:ODPV3) BOVESPA:ODPV3 Healthcare Services Brazil

Qualicorp S.A. (BOVESPA:QUAL3) BOVESPA:QUAL3 Healthcare Services Brazil

LLX Log’stica S.A. (BOVESPA:LLXL3) BOVESPA:LLXL3 Shipbuilding & Marine Brazil

T4F Entretenimento S.A. (BOVESPA:SHOW3) BOVESPA:SHOW3 Entertainment Brazil

Porto Seguro SA (BOVESPA:PSSA3) BOVESPA:PSSA3 Insurance (General) Brazil

Lupatech S.A. (BOVESPA:LUPA3) BOVESPA:LUPA3 Oilfield Svcs/Equip. Brazil

OSX Brasil S.A. (BOVESPA:OSXB3) BOVESPA:OSXB3 Oilfield Svcs/Equip. Brazil

Qgep Participacoes S.A. (BOVESPA:QGEP3) BOVESPA:QGEP3 Brazil

BOVESPA:HRTP3 Brazil

BOVESPA:OGXP3 Brazil

BOVESPA:CSAN3 Oilfield Svcs/Equip. Brazil

Vanguarda Agro SA (BOVESPA:VAGR3) BOVESPA:VAGR3 Oilfield Svcs/Equip. Brazil

Alfa Holdings S.A. (BOVESPA:RPAD3) BOVESPA:RPAD3 Brazil

JBS S.A. (BOVESPA:JBSS3) BOVESPA:JBSS3 Food Processing Brazil

BRF - Brasil Foods S.A. (BOVESPA:BRFS3) BOVESPA:BRFS3 Food Processing Brazil

Marfrig Alimentos SA (BOVESPA:MRFG3) BOVESPA:MRFG3 Food Processing Brazil

BOVESPA:MDIA3 Food Processing Brazil

S‹o Martinho S.A. (BOVESPA:SMTO3) BOVESPA:SMTO3 Food Processing Brazil

Vigor Alimentos S.A. (BOVESPA:VIGR3) BOVESPA:VIGR3 Food Processing Brazil

Battistella Administra‹o e Participa›es S.A. � �(BOVESPA:BTTL3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Brasil Insurance Participacoes e Administracao SA (BOVESPA:BRIN3)

Emerging Markets

Latin America & Caribbean

Inepar Telecomunicacoes S.A. (BOVESPA:INET3)

Emerging Markets

Latin America & Caribbean

B2W Companhia Global do Varejo S.A. (BOVESPA:BTOW3)

Emerging Markets

Latin America & Caribbean

DTCOM - Direct to Company S/A (BOVESPA:DTCY3)

Internet software and services

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Oil/Gas (Production and Exploration)

Emerging Markets

Latin America & Caribbean

HRT Participa›es em Petr—leo S.A. �(BOVESPA:HRTP3)

Oil/Gas (Production and Exploration)

Emerging Markets

Latin America & Caribbean

OGX Petr—leo e G‡s Participa›es SA �(BOVESPA:OGXP3)

Oil/Gas (Production and Exploration)

Emerging Markets

Latin America & Caribbean

Cosan S. A. Indœstria e ComŽrcio (BOVESPA:CSAN3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Financial Svcs. (Non-bank & Insurance)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

M. Dias Branco S.A. Indœstria e ComŽrcio de Alimentos (BOVESPA:MDIA3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

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BOVESPA:MNPR3 Food Processing Brazil

Renar Macas S/a (BOVESPA:RNAR3) BOVESPA:RNAR3 Food Processing Brazil

Minerva S.A (BOVESPA:BEEF3) BOVESPA:BEEF3 Food Processing Brazil

Fibria Celulose SA (BOVESPA:FIBR3) BOVESPA:FIBR3 Paper/Forest Products Brazil

Celulose Irani, S.A. (BOVESPA:RANI3) BOVESPA:RANI3 Paper/Forest Products Brazil

Natura CosmŽticos SA (BOVESPA:NATU3) BOVESPA:NATU3 Household Products Brazil

Hypermarcas S.A. (BOVESPA:HYPE3) BOVESPA:HYPE3 Household Products Brazil

BOVESPA:ALLL3 Railroad Brazil

BOVESPA:JFEN3 Brazil

BOVESPA:BRML3 Brazil

BOVESPA:MULT3 Brazil

JHSF Participacoes SA (BOVESPA:JHSF3) BOVESPA:JHSF3 Brazil

BOVESPA:SCAR3 Brazil

BOVESPA:IGTA3 Brazil

BOVESPA:ALSC3 Brazil

Sonae Sierra Brasil SA (BOVESPA:SSBR3) BOVESPA:SSBR3 Brazil

BOVESPA:GSHP3 Brazil

BOVESPA:LPSB3 Brazil

BOVESPA:BBRK3 Brazil

Banco da Amazonia S.A. (BOVESPA:BAZA3) BOVESPA:BAZA3 Banks (Regional) Brazil

BOVESPA:BEES3 Banks (Regional) Brazil

BOVESPA:IMCH3 Restaurant Brazil

Brazil Fast Food Corp. (OTCPK:BOBS) OTCPK:BOBS Restaurant Brazil

BM&F Bovespa SA (BOVESPA:BVMF3) BOVESPA:BVMF3 Financial Svcs. Brazil

BOVESPA:CSNA3 Steel Brazil

BOVESPA:MMXM3 Steel Brazil

All Ore Minera‹o S.A. (BOVESPA:AORE3)� BOVESPA:AORE3 Steel Brazil

Minupar Participacoes S.A. (BOVESPA:MNPR3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

All America Latina Logistica S.A. (BOVESPA:ALLL3)

Emerging Markets

Latin America & Caribbean

Joao Fortes Engenharia S.A. (BOVESPA:JFEN3)

Real Estate (Development)

Emerging Markets

Latin America & Caribbean

BR Malls Participacoes SA (BOVESPA:BRML3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Multiplan Empreendimentos Imobili‡rios S.A (BOVESPA:MULT3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

S‹o Carlos Empreendimentos e Participa›es �S.A. (BOVESPA:SCAR3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Iguatemi Empresa de Shopping Centers SA (BOVESPA:IGTA3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Aliansce Shopping Centers SA (BOVESPA:ALSC3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

General Shopping Brasil S.A. (BOVESPA:GSHP3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

LPS Brasil - Consultoria de Im—veis S.A. (BOVESPA:LPSB3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Brasil Brokers Participacoes SA (BOVESPA:BBRK3)

Real Estate (Operations & Services)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Banestes S.A - Banco do Estado do Esp’rito Santo S.A. (BOVESPA:BEES3)

Emerging Markets

Latin America & Caribbean

International Meal Company Holdings, S.A. (BOVESPA:IMCH3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Companhia Siderurgica Nacional (BOVESPA:CSNA3)

Emerging Markets

Latin America & Caribbean

Mmx Mineracao E Metalicos SA (BOVESPA:MMXM3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

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TOTVS S.A. (BOVESPA:TOTS3) BOVESPA:TOTS3 Computer Software Brazil

BOVESPA:PRVI3 Apparel Brazil

Souza Cruz SA (BOVESPA:CRUZ3) BOVESPA:CRUZ3 Tobacco Brazil

BOVESPA:MILS3 Retail (Distributors) Brazil

Localiza Rent a Car SA (BOVESPA:RENT3) BOVESPA:RENT3 Trucking Brazil

BOVESPA:TGMA3 Trucking Brazil

BOVESPA:LCAM3 Trucking Brazil

JSL S.A. (BOVESPA:JSLG3) BOVESPA:JSLG3 Trucking Brazil

BOVESPA:SBSP3 Utility (Water) Brazil

BOVESPA:CSMG3 Utility (Water) Brazil

BOVESPA:CASN3 Utility (Water) Brazil

TIM Participacoes S.A. (BOVESPA:TIMP3) BOVESPA:TIMP3 Telecom (Wireless) Brazil

Emerging Markets

Latin America & Caribbean

Companhia Providncia Indœstria e ComŽrcio �(BOVESPA:PRVI3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Mills Estruturas e Servicos de Engenharia SA (BOVESPA:MILS3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Tegma Gest‹o Log’stica S.A. (BOVESPA:TGMA3)

Emerging Markets

Latin America & Caribbean

Companhia de Loca‹o das AmŽricas S.A. �(BOVESPA:LCAM3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Companhia de Saneamento Basico do Estado de Sao Paulo (BOVESPA:SBSP3)

Emerging Markets

Latin America & Caribbean

Companhia De Saneamento De Minas Gerais. (BOVESPA:CSMG3)

Emerging Markets

Latin America & Caribbean

Companhia Catarinense de Aguas e Saneamento-CASAN (BOVESPA:CASN3)

Emerging Markets

Latin America & Caribbean

Emerging Markets

Latin America & Caribbean

Page 7: Brazil (Damodaran.jan.13)

0.7364 1.3931 8.43% 13.50% 2.75% 4.51% 2.98% 6.76% -11.40% -0.06% $1,236.10

0.7364 0.8529 8.43% 8.95% 2.75% 4.51% 2.98% 8.13% -12.99% -13.51% $285.80

0.7364 0.9411 8.43% 9.69% 2.75% 4.51% 2.98% 7.29% -8.74% 4.55% $954.10

0.7471 1.8146 8.43% 17.06% 2.75% 4.51% 2.98% 8.78% -27.44% -9.16% $358.10

1.0098 1.0127 8.43% 10.30% 2.75% 4.51% 2.98% 10.27% 34.91% 62.68% $3,373.30

0.9961 1.0624 8.43% 10.72% 2.75% 4.51% 2.98% 10.09% 3.64% 5.95% $3,530.10

0.9961 1.2332 8.43% 12.16% 2.75% 4.51% 2.98% 9.78% -0.08% 25.77% $800.20

0.9961 0.9961 8.43% 10.16% 4.25% 6.01% 3.97% 10.16% 15.50% 35.19% $948.50

0.5780 0.6576 8.43% 7.30% 2.75% 4.51% 2.98% 6.61% 13.74% 23.72% $3,188.50

1.1883 1.7735 8.43% 16.71% 4.25% 6.01% 3.97% 11.57% -6.35% -2.42% $1,383.30

1.1883 1.3496 8.43% 13.14% 4.25% 6.01% 3.97% 11.73% -4.04% 3.11% $1,569.20

1.1883 1.3960 8.43% 13.53% 4.25% 6.01% 3.97% 11.87% 0.05% 16.85% $1,294.70

1.1883 6.1951 8.43% 53.98% 2.75% 4.51% 2.98% 12.76% -73.31% -19.03% $46.90

0.8064 0.8893 8.43% 9.26% 2.75% 4.51% 2.98% 8.41% 57.58% 41.33% $347.70

1.0758 2.4882 8.43% 22.74% 4.25% 6.01% 3.97% 12.08% NA NA $170.60

0.7482 0.7874 8.43% 8.40% 2.25% 4.01% 2.65% 8.01% 14.21% 34.47% $1,235.30

0.8552 1.5891 8.43% 15.16% 3.25% 5.01% 3.31% 9.68% -32.18% -3.85% $312.90

0.8552 5.1709 8.43% 45.35% 5.75% 7.51% 4.96% 11.64% -86.25% -16.00% $28.10

1.0399 1.8619 8.43% 17.46% 2.75% 4.51% 2.98% 11.06% -6.91% -0.56% $212.30

1.0399 1.1200 8.43% 11.20% 2.75% 4.51% 2.98% 10.50% -5.13% 11.54% $145.80

0.9878 1.6135 8.43% 15.36% 2.75% 4.51% 2.98% 8.80% -8.22% 8.02% $1,265.40

0.7459 1.0902 8.43% 10.95% 2.75% 4.51% 2.98% 7.48% -8.03% 9.92% $1,178.40

0.7459 0.8319 8.43% 8.77% 2.25% 4.01% 2.65% 7.94% 16.21% 25.98% $354.50

0.9611 4.7594 8.43% 41.88% 4.75% 6.51% 4.30% 11.89% NA NA $62.30

0.1764 0.2694 8.43% 4.03% 2.75% 4.51% 2.98% 3.55% 9.69% 41.99% $258.20

0.9808 1.0005 8.43% 10.19% 2.75% 4.51% 2.98% 9.98% 155.47% 271.77% $18,242.40

0.9808 1.1931 8.43% 11.82% 2.75% 4.51% 2.98% 9.76% 4.23% 14.90% $92.40

Bottom up Beta for sector

Bottom up levered

betaERP for Country

Cost of equity in

US$

Total Default spread

(Company + Country)

Pre-tax cost of debt in

US $

After-tax cost of debt

in US $

Cost of capital in

US$ROE - Cost of Equity

ROIC - Cost of Capital

Market Cap (in US $)

Page 8: Brazil (Damodaran.jan.13)

0.7761 0.8496 8.43% 8.92% 2.75% 4.51% 2.98% 8.21% 19.00% 31.42% $4,844.20

0.7761 0.8556 8.43% 8.97% 2.75% 4.51% 2.98% 8.28% 7.16% 8.38% $2,951.10

0.3064 1.5502 8.43% 14.83% 2.75% 4.51% 2.98% 4.83% 3.38% -4.83% $35,793.60

1.0776 1.5874 8.43% 15.14% 3.25% 5.01% 3.31% 11.34% -31.46% -16.16% $774.40

0.8272 0.8272 8.43% 8.73% 2.75% 4.51% 2.98% 8.73% 76.36% 90.84% $3,780.90

1.0098 1.0254 8.43% 10.40% 4.25% 6.01% 3.97% 10.28% 5.54% 22.46% $3,728.60

1.0098 1.0723 8.43% 10.80% 4.25% 6.01% 3.97% 10.11% -9.09% 40.07% $1,793.50

1.1031 1.1893 8.43% 11.79% 2.75% 4.51% 2.98% 11.10% 2.19% 13.82% $1,677.90

1.1031 1.2016 8.43% 11.89% 2.75% 4.51% 2.98% 11.14% 0.87% 16.33% $3,039.80

1.1031 1.2339 8.43% 12.16% 3.25% 5.01% 3.31% 11.22% -7.38% 5.61% $2,463.80

0.4657 0.7167 8.43% 7.80% 2.25% 4.01% 2.65% 5.49% 10.75% 12.31% $10,073.70

0.4657 1.1166 8.43% 11.17% 2.75% 4.51% 2.98% 5.63% -0.88% 8.03% $677.50

0.4657 0.7161 8.43% 7.80% 2.25% 4.01% 2.65% 5.64% -2.57% 6.72% $2,905.70

0.4657 0.5592 8.43% 6.47% 3.75% 5.51% 3.64% 5.74% 4.95% 13.01% $2,168.30

0.4657 0.6358 8.43% 7.12% 2.75% 4.51% 2.98% 5.82% 10.98% 17.97% $1,697.30

0.4657 0.8088 8.43% 8.58% 4.25% 6.01% 3.97% 6.38% 18.32% 14.95% $795.10

0.4657 0.5507 8.43% 6.40% 4.25% 6.01% 3.97% 5.95% 3.20% 2.53% $402.80

0.4657 0.8605 8.43% 9.01% 2.75% 4.51% 2.98% 5.90% 1.00% 8.59% $2,226.70

0.4657 0.8068 8.43% 8.56% 4.25% 6.01% 3.97% 6.62% -19.78% -7.82% $353.80

0.4657 0.4657 8.43% 5.69% 2.75% 4.51% 2.98% 5.69% 2.55% -5.81% $406.10

0.4657 0.4657 8.43% 5.69% 2.25% 4.01% 2.65% 5.69% 0.37% -9.90% $287.80

0.4657 0.4657 8.43% 5.69% 4.25% 6.01% 3.97% 5.69% NA NA $92.60

0.4657 0.4657 8.43% 5.69% 5.75% 7.51% 4.96% 5.69% 7.22% -7.89% $17.90

0.9876 3.0056 8.43% 27.10% 2.75% 4.51% 2.98% 10.90% -28.35% 3.32% $247.10

0.9876 1.8279 8.43% 17.17% 5.75% 7.51% 4.96% 11.56% 136.88% -21.55% $18.10

1.0626 1.0681 8.43% 10.76% 2.75% 4.51% 2.98% 10.72% 9.31% 3.06% $2,425.80

1.0626 4.6735 8.43% 41.16% 4.25% 6.01% 3.97% 12.42% -136.85% -25.51% $153.40

1.0626 1.0751 8.43% 10.82% 4.25% 6.01% 3.97% 10.71% 11.73% 17.91% $1,713.90

0.6407 0.7836 8.43% 8.37% 2.75% 4.51% 2.98% 7.19% 1.41% 1.64% $3,983.00

0.7761 1.1607 8.43% 11.54% 4.25% 6.01% 3.97% 9.03% -16.30% -0.67% $1,108.50

1.1564 7.0997 8.43% 61.61% 5.75% 7.51% 4.96% 14.19% -86.95% -22.82% $51.70

Page 9: Brazil (Damodaran.jan.13)

1.1564 1.1632 8.43% 11.57% 5.75% 7.51% 4.96% 11.53% -288.11% -274.08% $4.45

0.8065 1.1038 8.43% 11.06% 2.75% 4.51% 2.98% 8.47% -4.03% 4.53% $230.70

0.8065 0.9427 8.43% 9.71% 2.75% 4.51% 2.98% 8.33% -5.91% 15.39% $2,004.40

0.8065 0.9100 8.43% 9.43% 2.75% 4.51% 2.98% 8.53% -3.46% 40.14% $1,762.40

0.7781 1.2847 8.43% 12.59% 2.75% 4.51% 2.98% 8.58% -4.83% 3.71% $207.20

0.7471 0.8621 8.43% 9.03% 2.75% 4.51% 2.98% 7.89% 26.24% 22.21% $16,799.10

0.7471 0.8888 8.43% 9.25% 2.75% 4.51% 2.98% 7.78% 9.51% 21.78% $4,726.00

0.7471 1.0859 8.43% 10.91% 2.75% 4.51% 2.98% 7.14% -8.91% 0.93% $892.80

0.9372 2.1039 8.43% 19.50% 2.75% 4.51% 2.98% 10.34% -38.06% -11.34% $284.70

0.9372 0.9426 8.43% 9.71% 4.25% 6.01% 3.97% 9.66% NA NA $361.80

0.6764 1.0251 8.43% 10.40% 2.75% 4.51% 2.98% 7.02% -2.62% 8.71% $2,841.40

0.9995 1.4677 8.43% 14.13% 2.75% 4.51% 2.98% 9.84% -2.12% -0.15% $3,598.70

0.9995 2.6553 8.43% 24.14% 3.25% 5.01% 3.31% 11.15% -29.82% -12.27% $2,159.50

0.9995 1.5775 8.43% 15.06% 3.25% 5.01% 3.31% 10.51% 1.66% 2.48% $2,798.00

0.9995 3.7731 8.43% 33.57% 3.25% 5.01% 3.31% 10.00% -20.87% 0.00% $598.50

0.9995 2.9000 8.43% 26.21% 3.25% 5.01% 3.31% 11.20% -46.35% -14.65% $996.80

0.9995 3.1568 8.43% 28.37% 3.25% 5.01% 3.31% 11.24% -36.53% -11.51% $953.60

0.9995 1.4982 8.43% 14.39% 2.75% 4.51% 2.98% 9.92% -2.37% -0.31% $1,072.80

0.9995 1.3041 8.43% 12.75% 2.75% 4.51% 2.98% 10.16% 14.91% 10.47% $1,199.00

0.9995 2.2146 8.43% 20.43% 2.75% 4.51% 2.98% 10.85% -26.00% -11.19% $719.60

0.9995 1.7601 8.43% 16.60% 2.75% 4.51% 2.98% 9.82% -5.24% -0.73% $296.70

0.9995 1.0347 8.43% 10.48% 2.75% 4.51% 2.98% 10.21% 12.50% 15.11% $1,844.60

0.9995 2.7582 8.43% 25.01% 2.75% 4.51% 2.98% 7.85% -21.39% -3.95% $115.60

0.9995 9.5241 8.43% 82.05% 2.75% 4.51% 2.98% 11.28% -112.12% -21.37% $89.30

0.9995 1.9361 8.43% 18.08% 2.75% 4.51% 2.98% 10.78% -17.27% -8.03% $111.10

0.9995 1.3157 8.43% 12.85% 2.75% 4.51% 2.98% 10.22% 2.76% 5.05% $1,065.80

0.8376 0.9823 8.43% 10.04% 2.75% 4.51% 2.98% 8.23% -10.86% -5.46% $394.20

0.8244 3.9482 8.43% 35.04% 4.25% 6.01% 3.97% 10.46% -67.84% -2.69% $21.80

0.4657 0.5180 8.43% 6.13% 2.25% 4.01% 2.65% 5.65% 20.21% 24.07% $10,649.10

0.4657 0.5006 8.43% 5.98% 2.25% 4.01% 2.65% 5.65% 39.62% 41.34% $4,147.50

0.4657 0.4657 8.43% 5.69% 2.75% 4.51% 2.98% 5.69% 15.61% 22.69% $47.10

0.4657 0.8812 8.43% 9.19% 2.75% 4.51% 2.98% 6.26% -45.71% -12.68% $3,154.00

Page 10: Brazil (Damodaran.jan.13)

0.6653 2.7541 8.43% 24.98% 3.25% 5.01% 3.31% 8.54% NA -11.56% $78.80

1.0616 1.2025 8.43% 11.90% 2.75% 4.51% 2.98% 10.58% 4.01% 0.11% $8,194.40

1.0616 4.7951 8.43% 42.18% 2.75% 4.51% 2.98% 11.66% -32.82% -11.92% $77.60

1.0616 3.9022 8.43% 34.66% 2.75% 4.51% 2.98% 11.60% -41.37% -16.30% $162.20

1.0616 1.4942 8.43% 14.36% 2.75% 4.51% 2.98% 10.95% -5.15% 0.25% $156.30

0.7138 0.7138 8.43% 7.78% 2.75% 4.51% 2.98% 7.78% 13.15% 15.54% $910.30

0.6300 0.6300 8.43% 7.07% 3.25% 5.01% 3.31% 7.07% NA NA $3.46

1.0810 2.1118 8.43% 19.56% 2.75% 4.51% 2.98% 11.47% -31.76% -6.42% $1,301.80

1.2164 1.2856 8.43% 12.60% 2.25% 4.01% 2.65% 12.06% -28.25% -10.23% $12.60

0.8596 0.8596 8.43% 9.01% 3.25% 5.01% 3.31% 9.01% -3.74% -7.08% $84.10

0.8065 0.9070 8.43% 9.41% 2.75% 4.51% 2.98% 8.69% -13.81% 10.70% $5,501.20

0.8065 0.8426 8.43% 8.86% 2.75% 4.51% 2.98% 8.57% 0.21% 4.73% $254.10

0.8065 0.8065 8.43% 8.56% 2.75% 4.51% 2.98% 8.56% 10.41% 79.35% $2,788.80

0.8065 0.8289 8.43% 8.75% 4.25% 6.01% 3.97% 8.50% -6.61% 0.35% $2,733.00

0.6794 1.4385 8.43% 13.89% 3.25% 5.01% 3.31% 8.30% -17.48% -15.49% $814.50

0.9750 1.1088 8.43% 11.11% 4.25% 6.01% 3.97% 9.89% 6.26% 220.96% $267.70

0.7138 0.7227 8.43% 7.85% 2.75% 4.51% 2.98% 7.77% 4.26% 12.83% $3,715.00

1.1202 17.2361 8.43% 147.06% 3.75% 5.51% 3.64% 12.96% -658.39% -17.17% $48.60

1.1202 2.7317 8.43% 24.79% 2.75% 4.51% 2.98% 11.92% -24.05% -13.78% $1,530.20

1.0497 1.0497 8.43% 10.61% 4.25% 6.01% 3.97% 10.61% -8.11% -10.32% $1,688.60

1.0497 1.0521 8.43% 10.63% 3.75% 5.51% 3.64% 10.61% -16.95% -26.53% $683.20

1.0497 1.6494 8.43% 15.66% 2.75% 4.51% 2.98% 11.05% -27.59% -25.02% $6,933.60

1.1202 1.4791 8.43% 14.23% 2.75% 4.51% 2.98% 11.37% -8.96% -2.43% $8,257.40

1.1202 1.7755 8.43% 16.73% 3.25% 5.01% 3.31% 11.77% -28.92% -11.85% $465.30

0.1712 1.2770 8.43% 12.52% 2.25% 4.01% 2.65% 3.64% -6.27% 5.65% $165.10

0.6895 1.2094 8.43% 11.96% 3.25% 5.01% 3.31% 7.25% -9.00% 2.80% $8,353.80

0.6895 0.7934 8.43% 8.45% 2.75% 4.51% 2.98% 7.35% -6.05% -0.86% $17,945.20

0.6895 3.3258 8.43% 29.80% 3.25% 5.01% 3.31% 8.80% -31.02% -1.95% $1,975.90

0.6895 0.7342 8.43% 7.95% 2.25% 4.01% 2.65% 7.59% 12.80% 19.84% $4,333.90

0.6895 1.0064 8.43% 10.24% 2.75% 4.51% 2.98% 7.58% -5.98% -1.18% $1,536.70

0.6895 0.7943 8.43% 8.46% 4.25% 6.01% 3.97% 7.85% NA NA $424.80

Page 11: Brazil (Damodaran.jan.13)

0.6895 1.3906 8.43% 13.48% 2.75% 4.51% 2.98% 8.19% -183.78% -48.13% $41.70

0.6895 3.4413 8.43% 30.77% 2.75% 4.51% 2.98% 8.55% -75.46% -19.70% $11.00

0.6895 1.8457 8.43% 17.32% 2.75% 4.51% 2.98% 8.34% -37.70% 11.52% $786.50

0.6407 1.2060 8.43% 11.93% 2.75% 4.51% 2.98% 7.73% -18.75% -7.82% $6,112.20

0.6407 1.5692 8.43% 14.99% 3.25% 5.01% 3.31% 8.08% -13.38% -2.81% $121.30

0.8244 0.8738 8.43% 9.13% 2.75% 4.51% 2.98% 8.63% 76.36% 63.18% $12,312.40

0.8244 1.0168 8.43% 10.33% 3.25% 5.01% 3.31% 8.10% -8.55% -2.42% $5,088.10

0.4625 1.2025 8.43% 11.90% 2.75% 4.51% 2.98% 6.41% -6.82% 7.40% $2,772.70

0.8421 1.2929 8.43% 12.66% 2.75% 4.51% 2.98% 7.79% -5.60% -3.15% $468.40

0.5589 0.6883 8.43% 7.56% 2.75% 4.51% 2.98% 6.40% 6.25% 1.90% $5,992.50

0.5589 0.6128 8.43% 6.93% 2.75% 4.51% 2.98% 6.48% 3.99% 10.89% $5,255.40

0.5589 0.7590 8.43% 8.16% 2.75% 4.51% 2.98% 6.63% 6.55% 9.79% $1,811.60

0.5589 0.7431 8.43% 8.02% 2.75% 4.51% 2.98% 6.53% 21.49% 19.17% $1,263.60

0.5589 0.7157 8.43% 7.79% 2.75% 4.51% 2.98% 6.63% 7.42% 10.89% $2,109.60

0.5589 0.7402 8.43% 8.00% 2.75% 4.51% 2.98% 6.50% NA NA $1,871.50

0.5589 0.6877 8.43% 7.56% 4.25% 6.01% 3.97% 6.73% 2.41% 3.36% $1,205.70

0.5589 1.8044 8.43% 16.97% 2.75% 4.51% 2.98% 7.31% -40.53% 3.44% $263.50

0.5589 0.5589 8.43% 6.47% 2.75% 4.51% 2.98% 6.47% 24.50% 563.74% $1,055.50

0.5589 0.5589 8.43% 6.47% 2.75% 4.51% 2.98% 6.47% 3.82% 24.53% $634.70

0.4411 0.6424 8.43% 7.18% 2.25% 4.01% 2.65% 5.15% -0.61% -5.15% $536.60

0.4411 1.6383 8.43% 15.57% 2.75% 4.51% 2.98% 5.69% -5.66% -5.69% $389.90

0.6222 0.6673 8.43% 7.39% 4.25% 6.01% 3.97% 7.06% -4.99% -0.35% $1,039.30

0.6222 0.7061 8.43% 7.71% 3.25% 5.01% 3.31% 7.10% 26.13% 78.31% $65.00

0.1764 0.1822 8.43% 3.30% 2.75% 4.51% 2.98% 3.28% 1.67% 25.77% $13,224.40

0.8618 2.3762 8.43% 21.79% 2.75% 4.51% 2.98% 9.80% -20.92% 5.39% $8,458.80

0.8618 1.7326 8.43% 16.37% 3.25% 5.01% 3.31% 9.80% -28.18% -8.04% $1,359.10

0.8618 0.9982 8.43% 10.18% 4.25% 6.01% 3.97% 9.33% -150.78% -50.05% $173.00

Page 12: Brazil (Damodaran.jan.13)

1.1210 1.1507 8.43% 11.46% 2.75% 4.51% 2.98% 11.16% 13.78% 31.18% $3,193.50

0.9961 1.5000 8.43% 14.41% 2.75% 4.51% 2.98% 9.39% -9.39% -2.03% $349.80

0.4923 0.5022 8.43% 5.99% 2.75% 4.51% 2.98% 5.91% 83.04% 140.69% $23,036.70

0.6118 0.6815 8.43% 7.51% 2.75% 4.51% 2.98% 6.87% 10.59% 15.77% $2,102.30

0.5514 0.6470 8.43% 7.21% 2.75% 4.51% 2.98% 6.40% 12.52% 11.00% $3,641.50

0.5514 0.6121 8.43% 6.92% 2.75% 4.51% 2.98% 6.39% 13.79% 28.77% $1,129.00

0.5514 1.0293 8.43% 10.44% 4.25% 6.01% 3.97% 7.43% -11.72% 2.18% $387.70

0.5514 0.8593 8.43% 9.00% 2.75% 4.51% 2.98% 6.11% -0.86% 7.21% $1,470.60

0.5299 0.7070 8.43% 7.72% 2.75% 4.51% 2.98% 6.28% 6.75% 9.41% $9,682.10

0.5299 0.7683 8.43% 8.24% 2.75% 4.51% 2.98% 6.30% 1.20% 4.07% $2,553.80

0.5299 0.6118 8.43% 6.92% 4.25% 6.01% 3.97% 6.52% -5.11% 2.22% $1,047.90

0.7950 0.8898 8.43% 9.26% 2.75% 4.51% 2.98% 8.29% 1.70% 10.27% $9,694.80

Page 13: Brazil (Damodaran.jan.13)

Cash$2,204.40 $3,440.50 $297.30 $3,143.20 8.64% 0.00 52.61% 64.07% 111.01% 178.34% $1.51

$45.20 $331.00 $26.50 $304.50 8.01% 0.00 14.16% 13.66% 16.50% 15.82% $4.89

$530.30 $1,484.40 $79.20 $1,405.20 5.34% 0.00 35.79% 35.72% 55.73% 55.58% $9.71

$511.60 $869.70 $36.70 $833.00 4.22% 0.00 65.89% 58.82% 193.13% 142.87% $4.18

$12.70 $3,386.00 $160.40 $3,225.60 4.74% 0.01 3.12% 0.38% 3.22% 0.38% $20.54

$310.90 $3,841.00 $52.10 $3,788.90 1.36% 0.00 20.62% 8.09% 25.97% 8.81% $59.43

$279.00 $1,079.20 $107.30 $971.90 9.94% 0.00 74.02% 25.85% 284.98% 34.87% $4.66

$0.00 $948.50 $18.00 $930.50 1.90% 0.00 0.00% 0.00% 0.00% 0.00% $12.29

$608.30 $3,796.80 $3.44 $3,793.36 0.09% 0.01 47.43% 16.02% 90.21% 19.08% $12.42

$934.70 $2,318.00 $257.60 $2,060.40 11.11% 0.00 61.36% 40.32% 158.83% 67.57% $24.21

$283.60 $1,852.80 $155.40 $1,697.40 8.39% 0.00 28.93% 15.31% 40.70% 18.07% $12.23

$272.40 $1,567.10 $376.70 $1,190.40 24.04% 0.00 30.46% 17.38% 43.79% 21.04% $10.28

$197.60 $244.50 $1.72 $242.78 0.70% 0.00 48.02% 80.82% 92.38% 421.32% $0.20

$54.20 $401.90 $7.68 $394.22 1.91% 0.00 47.01% 13.49% 88.71% 15.59% $2.19

$224.00 $394.60 $249.30 $145.30 63.18% 0.00 38.30% 56.77% 62.07% 131.30% $1.00

$88.30 $1,323.60 $49.80 $1,273.80 3.76% 0.00 25.85% 6.67% 34.86% 7.15% $22.26

$268.50 $581.40 $31.70 $549.70 5.45% 0.00 75.27% 46.18% 304.42% 85.81% $0.04

$141.80 $169.90 $12.20 $157.70 7.18% 0.00 61.52% 83.46% 159.86% 504.63% $0.08

$167.80 $380.10 $29.30 $350.80 7.71% 0.00 34.76% 44.15% 53.29% 79.04% $2.47

$13.70 $159.50 $21.50 $138.00 13.48% 0.00 7.06% 8.59% 7.60% 9.40% $2.84

$1,428.30 $2,693.70 $178.20 $2,515.50 6.62% 0.01 72.61% 53.02% 265.09% 112.87% $13.38

$906.80 $2,085.20 $377.90 $1,707.30 18.12% 0.00 39.12% 43.49% 64.25% 76.95% $4.04

$55.60 $410.10 $44.10 $366.00 10.75% 0.00 19.43% 13.56% 24.11% 15.68% $3.96

$246.20 $308.50 $0.11 $308.40 0.03% 0.00 91.97% 79.81% 1145.12% 395.18% $4.98

$221.00 $479.20 $1.09 $478.11 0.23% 0.00 39.21% 46.12% 64.49% 85.59% $2.58

$552.00 $18,794.40 $193.60 $18,600.80 1.03% 0.00 35.11% 2.94% 54.11% 3.03% $27.88

$28.10 $120.50 $14.60 $105.90 12.12% 0.00 25.41% 23.32% 34.06% 30.41% $2.05

Total Debt (in US $)

Firm Value (in US $)

Enterprise Value (in US

$)

Cash/ Firm Value

Liquidity Ratio (Daily

trading volume/Shr

s outs)

Book Debt to capital

ratio

Market Debt to capital ratio

Book Debt to Equity

Ratio

Market Debt to Equity ratio

Stock price (Dec 31,

2012)in US$

Page 14: Brazil (Damodaran.jan.13)

$656.80 $5,501.00 $316.90 $5,184.10 5.76% 0.01 53.27% 11.94% 114.01% 13.56% $39.01

$388.20 $3,339.30 $12.80 $3,326.50 0.38% 0.00 44.37% 11.63% 79.76% 13.15% $15.91

$193,678.40 $229,472.00 $27,545.00 $201,927.00 12.00% 0.00 85.99% 84.40% 613.75% 541.10% $12.52

$366.40 $1,140.80 $35.10 $1,105.70 3.08% 0.00 34.39% 32.12% 52.43% 47.31% $2.43

$0.00 $3,780.90 $0.39 $3,780.51 0.01% 0.00 0.00% 0.00% 0.00% 0.00% $23.34

$73.30 $3,801.90 $107.50 $3,694.40 2.83% 0.00 6.19% 1.93% 6.60% 1.97% $11.29

$201.70 $1,995.20 $199.30 $1,795.90 9.99% 0.00 20.87% 10.11% 26.38% 11.25% $7.04

$141.60 $1,819.50 $5.79 $1,813.71 0.32% 0.01 28.64% 7.78% 40.14% 8.44% $20.41

$280.30 $3,320.10 $22.60 $3,297.50 0.68% 0.00 20.09% 8.44% 25.14% 9.22% $22.62

$292.10 $2,755.90 $119.00 $2,636.90 4.32% 0.01 21.32% 10.60% 27.09% 11.86% $16.91

$8,226.10 $18,299.80 $1,311.50 $16,988.30 7.17% 0.00 67.08% 44.95% 203.78% 81.66% $10.47

$1,414.80 $2,092.30 $26.70 $2,065.60 1.28% 0.00 39.49% 67.62% 65.25% 208.83% $7.13

$2,089.50 $4,995.20 $448.60 $4,546.60 8.98% 0.00 39.24% 41.83% 64.57% 71.91% $6.11

$753.10 $2,921.40 $52.90 $2,868.50 1.81% 0.00 45.59% 25.78% 83.78% 34.73% $0.00

$778.70 $2,476.00 $244.60 $2,231.40 9.88% 0.00 51.92% 31.45% 108.00% 45.88% $9.16

$727.10 $1,522.20 $235.30 $1,286.90 15.46% 0.00 56.17% 47.77% 128.17% 91.45% $4.84

$92.70 $495.50 $12.70 $482.80 2.56% 0.00 6.79% 18.71% 7.28% 23.01% $1.04

$2,372.20 $4,598.90 $579.20 $4,019.70 12.59% 0.00 59.85% 51.58% 149.08% 106.53% $10.92

$259.10 $612.90 $68.50 $544.40 11.18% 0.00 29.17% 42.27% 41.19% 73.23% $0.93

$0.00 $406.10 $0.48 $405.62 0.12% 0.00 0.00% 0.00% 0.00% 0.00% $3.74

$0.00 $287.80 $31.50 $256.30 10.95% 0.00 0.00% 0.00% 0.00% 0.00% $24.46

$0.00 $92.60 $0.00 $92.60 0.00% 0.00 NA 0.00% NA 0.00% $1.47

$0.00 $17.90 $1.68 $16.22 9.39% 0.00 0.00% 0.00% 0.00% 0.00% $0.11

$504.90 $752.00 $154.50 $597.50 20.55% 0.00 70.78% 67.14% 242.27% 204.33% $5.10

$15.40 $33.50 $3.02 $30.48 9.01% 0.00 46.67% 45.97% 87.50% 85.08% $1.46

$14.20 $2,440.00 $14.40 $2,425.60 0.59% 0.00 1.51% 0.58% 1.54% 0.59% $8.07

$521.30 $674.70 $6.84 $667.86 1.01% 0.00 92.66% 77.26% 1262.23% 339.83% $0.55

$27.70 $1,741.60 $4.12 $1,737.48 0.24% 0.00 11.52% 1.59% 13.02% 1.62% $19.35

$1,107.80 $5,090.80 $422.20 $4,668.60 8.29% 0.00 36.32% 21.76% 57.04% 27.81% $7.26

$549.20 $1,657.70 $48.70 $1,609.00 2.94% 0.00 64.82% 33.13% 184.23% 49.54% $5.94

$265.70 $317.40 $20.00 $297.40 6.30% 0.00 56.69% 83.71% 130.89% 513.93% $0.61

Page 15: Brazil (Damodaran.jan.13)

$0.03 $4.48 $0.01 $4.47 0.22% 0.00 NA 0.58% NA 0.58% $0.10

$108.90 $339.60 $6.94 $332.66 2.04% 0.00 27.57% 32.07% 38.06% 47.20% $7.09

$514.80 $2,519.20 $53.40 $2,465.80 2.12% 0.01 28.47% 20.44% 39.81% 25.68% $6.45

$287.60 $2,050.00 $117.50 $1,932.50 5.73% 0.00 25.52% 14.03% 34.27% 16.32% $11.28

$148.60 $355.80 $50.20 $305.60 14.11% 0.00 48.50% 41.77% 94.17% 71.72% $6.33

$3,893.40 $20,692.50 $724.70 $19,967.80 3.50% 0.00 72.42% 18.82% 262.55% 23.18% $9.51

$1,455.90 $6,181.90 $258.50 $5,923.40 4.18% 0.00 58.01% 23.55% 138.16% 30.81% $8.46

$809.60 $1,702.40 $119.70 $1,582.70 7.03% 0.00 55.06% 47.56% 122.50% 90.68% $6.11

$354.40 $639.10 $55.80 $583.30 8.73% 0.00 36.05% 55.45% 56.36% 124.48% $1.42

$2.93 $364.73 $9.83 $354.90 2.70% 0.00 2.60% 0.80% 2.67% 0.81% $5.47

$2,376.90 $5,218.30 $616.20 $4,602.10 11.81% 0.00 63.59% 45.55% 174.67% 83.65% $8.81

$2,251.10 $5,849.80 $177.50 $5,672.30 3.03% 0.01 46.04% 38.48% 85.33% 62.55% $8.75

$3,577.30 $5,736.80 $879.70 $4,857.10 15.33% 0.02 51.47% 62.36% 106.04% 165.65% $1.62

$1,765.30 $4,563.30 $725.20 $3,838.10 15.89% 0.01 46.79% 38.68% 87.94% 63.09% $5.86

$2,109.30 $2,707.80 $351.00 $2,356.80 12.96% 0.02 67.28% 77.90% 205.64% 352.43% $2.23

$1,895.30 $2,892.10 $228.30 $2,663.80 7.89% 0.03 58.14% 65.53% 138.89% 190.14% $2.30

$2,058.10 $3,011.70 $233.90 $2,777.80 7.77% 0.01 61.15% 68.34% 157.40% 215.82% $1.67

$691.20 $1,764.00 $21.90 $1,742.10 1.24% 0.01 44.28% 39.18% 79.48% 64.43% $4.60

$432.50 $1,631.50 $77.70 $1,553.80 4.76% 0.00 43.80% 26.51% 77.94% 36.07% $6.14

$874.80 $1,594.40 $157.10 $1,437.30 9.85% 0.00 53.54% 54.87% 115.24% 121.57% $3.94

$293.60 $590.30 $107.30 $483.00 18.18% 0.00 43.25% 49.74% 76.20% 98.96% $6.19

$69.60 $1,914.20 $28.20 $1,886.00 1.47% 0.00 7.80% 3.64% 8.46% 3.77% $12.57

$406.80 $522.40 $67.10 $455.30 12.84% 0.00 63.09% 77.87% 170.92% 351.90% $1.41

$761.60 $850.90 $75.90 $775.00 8.92% 0.00 67.27% 89.51% 205.56% 852.86% $0.31

$104.10 $215.20 $5.24 $209.96 2.43% 0.00 33.54% 48.37% 50.46% 93.70% $2.29

$387.20 $1,453.00 $226.50 $1,226.50 15.59% 0.00 36.09% 26.65% 56.48% 36.33% $6.92

$136.20 $530.40 $8.85 $521.55 1.67% 0.00 26.76% 25.68% 36.54% 34.55% $9.42

$82.60 $104.40 $0.98 $103.42 0.94% 0.01 78.29% 79.12% 360.70% 378.90% $0.07

$1,689.60 $12,338.70 $208.40 $12,130.30 1.69% 0.00 39.28% 13.69% 64.69% 15.87% $16.31

$462.70 $4,610.20 $0.15 $4,610.05 0.00% 0.00 33.03% 10.04% 49.31% 11.16% $10.26

$0.00 $47.10 $2.54 $44.56 5.39% 0.00 0.00% 0.00% 0.00% 0.00% $2.79

$2,813.80 $5,967.80 $484.80 $5,483.00 8.12% 0.00 67.39% 47.15% 206.64% 89.21% $5.45

Page 16: Brazil (Damodaran.jan.13)

$247.40 $326.20 $4.25 $321.95 1.30% 0.00 NA 75.84% NA 313.96% $0.44

$1,414.80 $9,609.20 $67.90 $9,541.30 0.71% 0.00 41.79% 14.72% 71.78% 17.27% $13.21

$272.90 $350.50 $91.80 $258.70 26.19% 0.00 66.24% 77.86% 196.19% 351.68% $1.88

$434.00 $596.20 $43.70 $552.50 7.33% 0.00 57.97% 72.79% 137.91% 267.57% $2.26

$66.80 $223.10 $48.00 $175.10 21.52% 0.00 30.57% 29.94% 44.03% 42.74% $5.97

$0.03 $910.33 $1.88 $908.45 0.21% 0.00 0.01% 0.00% 0.01% 0.00% $9.78

$0.00 $3.46 $0.00 $3.46 0.00% 0.00 NA 0.00% NA 0.00% $0.04

$1,241.40 $2,543.20 $16.90 $2,526.30 0.66% 0.01 71.36% 48.81% 249.13% 95.36% $8.32

$0.72 $13.32 $0.05 $13.27 0.34% 0.00 21.66% 5.38% 27.64% 5.68% $0.23

$0.00 $84.10 $81.40 $2.70 96.79% NA 0.00% 0.00% 0.00% 0.00% $184.91

$685.00 $6,186.20 $236.30 $5,949.90 3.82% 0.00 49.40% 11.07% 97.65% 12.45% $15.09

$13.50 $267.60 $4.39 $263.21 1.64% 0.00 9.64% 5.04% 10.66% 5.31% $1.77

$0.00 $2,788.80 $2.12 $2,786.68 0.08% 0.00 0.00% 0.00% 0.00% 0.00% $5.25

$147.10 $2,880.10 $38.50 $2,841.60 1.34% 0.00 13.00% 5.11% 14.95% 5.38% $10.38

$909.90 $1,724.40 $204.70 $1,519.70 11.87% 0.01 66.43% 52.77% 197.85% 111.71% $1.17

$55.00 $322.70 $102.60 $220.10 31.79% 0.00 22.37% 17.04% 28.81% 20.55% $3.84

$63.50 $3,778.50 $537.10 $3,241.40 14.21% 0.00 2.53% 1.68% 2.59% 1.71% $11.49

$699.20 $747.80 $13.40 $734.40 1.79% 0.01 NA 93.50% NA 1438.68% $0.81

$2,201.30 $3,731.50 $593.00 $3,138.50 15.89% 0.00 61.12% 58.99% 157.22% 143.86% $5.21

$0.00 $1,688.60 $430.90 $1,257.70 25.52% 0.00 0.00% 0.00% 0.00% 0.00% $6.42

$1.59 $684.79 $10.40 $674.39 1.52% 0.01 0.09% 0.23% 0.09% 0.23% $2.31

$3,961.20 $10,894.80 $2,490.20 $8,404.60 22.86% 0.01 50.08% 36.36% 100.30% 57.13% $2.14

$2,806.60 $11,064.00 $931.50 $10,132.50 8.42% 0.00 33.52% 25.37% 50.42% 33.99% $20.42

$272.20 $737.50 $6.76 $730.74 0.92% 0.01 31.21% 36.91% 45.37% 58.50% $0.20

$1,479.10 $1,644.20 $2.56 $1,641.64 0.16% 0.00 81.43% 89.96% 438.51% 895.88% $1.95

$9,986.10 $18,339.90 $2,481.40 $15,858.50 13.53% 0.00 48.52% 54.45% 94.25% 119.54% $2.94

$4,490.30 $22,435.50 $741.70 $21,693.80 3.31% 0.00 39.11% 20.01% 64.22% 25.02% $20.64

$7,554.90 $9,530.80 $531.50 $8,999.30 5.58% 0.01 81.29% 79.27% 434.49% 382.35% $4.15

$312.80 $4,646.70 $83.80 $4,562.90 1.80% 0.00 21.33% 6.73% 27.12% 7.22% $38.20

$888.70 $2,425.40 $350.20 $2,075.20 14.44% 0.00 47.03% 36.64% 88.77% 57.83% $13.70

$66.40 $491.20 $50.70 $440.50 10.32% 0.00 9.97% 13.52% 11.08% 15.63% $2.84

Page 17: Brazil (Damodaran.jan.13)

$42.40 $84.10 $1.02 $83.08 1.21% 0.00 NA 50.42% NA 101.68% $0.06

$43.90 $54.90 $0.04 $54.86 0.07% 0.00 75.56% 79.96% 309.15% 399.09% $0.07

$1,318.80 $2,105.30 $453.10 $1,652.20 21.52% 0.00 82.21% 62.64% 462.09% 167.68% $5.50

$5,392.90 $11,505.10 $316.30 $11,188.80 2.75% 0.00 41.97% 46.87% 72.33% 88.23% $11.04

$175.80 $297.10 $21.50 $275.60 7.24% 0.00 45.10% 59.17% 82.15% 144.93% $0.78

$1,086.60 $13,399.00 $56.20 $13,342.80 0.42% 0.00 67.76% 8.11% 210.13% 8.83% $28.69

$2,373.90 $7,462.00 $1,065.10 $6,396.90 14.27% 0.01 41.71% 31.81% 71.55% 46.66% $8.13

$4,436.70 $7,209.40 $767.70 $6,441.70 10.65% 0.00 67.41% 61.54% 206.82% 160.01% $4.07

$473.90 $942.30 $32.20 $910.10 3.42% 0.00 58.82% 50.29% 142.83% 101.17% $3.42

$2,031.30 $8,023.80 $6.46 $8,017.34 0.08% 0.00 34.46% 25.32% 52.57% 33.90% $13.22

$671.00 $5,926.40 $159.60 $5,766.80 2.69% 0.00 29.81% 11.32% 42.48% 12.77% $29.45

$754.90 $2,566.50 $251.20 $2,315.30 9.79% 0.00 54.28% 29.41% 118.73% 41.67% $4.21

$532.90 $1,796.50 $165.40 $1,631.10 9.21% 0.00 54.27% 29.66% 118.66% 42.17% $22.01

$669.40 $2,779.00 $421.90 $2,357.10 15.18% 0.00 43.30% 24.09% 76.38% 31.73% $13.33

$797.70 $2,669.20 $23.40 $2,645.80 0.88% 0.00 52.64% 29.89% 111.16% 42.62% $11.97

$363.90 $1,569.60 $281.20 $1,288.40 17.92% 0.00 21.80% 23.18% 27.87% 30.18% $15.78

$587.30 $850.80 $9.30 $841.50 1.09% 0.00 82.61% 69.03% 475.16% 222.88% $5.22

$0.00 $1,055.50 $90.90 $964.60 8.61% 0.00 0.00% 0.00% 0.00% 0.00% $18.49

$0.00 $634.70 $29.50 $605.20 4.65% 0.01 0.00% 0.00% 0.00% 0.00% $3.33

$433.70 $970.30 $441.70 $528.60 45.52% 0.00 30.32% 44.70% 43.52% 80.82% $0.18

$1,423.10 $1,813.00 $1,341.40 $471.60 73.99% 0.00 77.22% 78.49% 339.08% 364.99% $0.26

$110.30 $1,149.60 $26.60 $1,123.00 2.31% 0.00 20.52% 9.59% 25.83% 10.61% $12.38

$10.50 $75.50 $14.00 $61.50 18.54% 0.00 26.79% 13.91% 36.59% 16.15% $8.00

$712.70 $13,937.10 $22.80 $13,914.30 0.16% 0.01 6.87% 5.11% 7.38% 5.39% $6.85

$14,865.50 $23,324.30 $7,164.40 $16,159.90 30.72% 0.00 78.16% 63.73% 357.83% 175.74% $5.80

$1,373.40 $2,732.50 $275.70 $2,456.80 10.09% 0.01 52.72% 50.26% 111.52% 101.05% $2.18

$27.40 $200.40 $16.10 $184.30 8.03% 0.00 NA 13.67% NA 15.84% $2.15

Page 18: Brazil (Damodaran.jan.13)

$118.00 $3,311.50 $169.90 $3,141.60 5.13% 0.00 21.17% 3.56% 26.85% 3.70% $19.76

$273.40 $623.20 $51.90 $571.30 8.33% 0.00 44.32% 43.87% 79.59% 78.16% $4.38

$656.50 $23,693.20 $559.60 $23,133.60 2.36% 0.00 39.67% 2.77% 65.77% 2.85% $15.07

$344.60 $2,446.90 $147.40 $2,299.50 6.02% 0.00 45.61% 14.08% 83.86% 16.39% $16.63

$864.20 $4,505.70 $211.40 $4,294.30 4.69% 0.01 58.29% 19.18% 139.75% 23.73% $18.34

$174.20 $1,303.20 $7.60 $1,295.60 0.58% 0.00 46.02% 13.37% 85.27% 15.43% $17.12

$336.00 $723.70 $30.00 $693.70 4.15% 0.00 69.75% 46.43% 230.61% 86.66% $5.96

$1,361.50 $2,832.10 $161.80 $2,670.30 5.71% 0.00 74.39% 48.07% 290.55% 92.58% $6.85

$4,226.70 $13,908.80 $875.10 $13,033.70 6.29% 0.00 42.95% 30.39% 75.29% 43.65% $42.50

$1,485.00 $4,038.80 $265.10 $3,773.70 6.56% 0.00 38.05% 36.77% 61.41% 58.15% $21.40

$162.00 $1,209.90 $5.71 $1,204.19 0.47% NA 20.46% 13.39% 25.72% 15.46% $2.93

$1,762.80 $11,457.60 $957.50 $10,500.10 8.36% 0.00 20.76% 15.39% 26.20% 18.18% $4.01

Page 19: Brazil (Damodaran.jan.13)

Beta Interest coverage ratio Trailing PE PEG PBV PS1.34 39.87% 41.76% 0.22

1.9316.33 38.03 12.28 NA 0.62 0.33

0.31 3.16% 36.37% 0.22

NA

NA NA 41.09 NA 1.04 3.96

1.41 45.93% 36.79% 0.267.41

11.11 95.89 19.00 0.85 1.00 1.77

1.22 33.02% 45.28% 0.24NA

NA NA 10.83 NA 1.35 1.01

1.37 34.64% 37.46% 0.2263.45

21.15 21.74 18.50 1.05 8.55 4.65

1.28 39.24% 27.78% 0.277.13

18.08 21.03 17.08 1.08 2.95 2.16

1.55 50.40% 38.34% 0.243.67

39.61 75.49 28.24 1.13 8.17 3.17

NA NA NA 0.27405.26

19.88 20.57 23.91 1.10 4.85 6.75

0.65 27.75% 31.98% 0.243.14

26.95 24.64 16.58 1.02 4.73 8.01

0.18 7.75% NA 0.331.91

12.68 22.68 NA NA 2.35 1.18

NA NA NA 0.335.26

15.51 21.98 15.80 2.32 2.25 1.31

NA NA NA 0.252.77

13.12 15.51 13.82 2.15 2.08 1.54

1.55 27.20% 43.10% 0.68NA

7.59 NA NA NA 0.22 0.09

1.09 27.93% 46.46% 0.486.60

26.54 13.17 NA NA 5.69 1.10

NA NA NA 0.67NA

NA NA NA NA 0.47 NA

0.95 43.47% 24.55% 0.36

7.99

20.59 20.87 18.10 1.91 4.88 2.63

1.64 35.07% 64.23% 0.301.04

NA NA NA NA 3.55 0.34

2.00 20.49% 146.39% 0.62NA

NA NA NA NA 0.32 0.09

1.17 29.66% 42.39% 0.232.96

NA 6.51 4.90 NA 0.67 0.19

1.10 52.35% 27.61% 0.275.36

NA 13.02 NA NA 0.81 0.92

1.75 49.90% 43.39% 0.312.05

10.55 34.20 17.24 2.27 2.35 0.81

1.77 53.39% 38.07% 0.201.49

22.45 28.19 16.22 0.99 0.83 0.95

0.97 40.37% 24.34% 0.2034.68

6.79 6.21 7.05 NA 1.54 0.81

1.25 20.74% 99.10% 0.36

NA

NA 0.48 NA NA 2.90 NA

0.46 11.40% 25.22% 0.191.88

6.25 5.58 NA NA 0.75 0.76

0.81 31.78% 31.70% 0.24155.33

18.78 16.78 14.52 1.49 17.88 8.08

0.90 22.36% 35.33% 0.176.32

7.57 6.90 NA NA 1.12 0.43

Correlation with market

Standard deviation in stock

price

HiL0 Risk Measure (Hi- lo)/ (Hi+Lo)

Current PE

Forward PE

Page 20: Brazil (Damodaran.jan.13)

1.62 41.47% 38.04% 0.258.13

26.79 30.11 23.93 1.76 8.41 2.79

1.60 43.93% 42.40% 0.324.07

31.00 39.83 22.73 1.80 6.06 2.24

1.88 66.11% 35.40% 0.25NA

5.50 6.49 7.36 1.01 1.13 1.45

2.21 48.89% 52.16% 0.44NA

NA NA 41.19 NA 1.11 0.35

0.88 33.62% 34.21% 0.26

2068.42

25.69 31.69 23.94 1.32 31.77 5.65

NA NA NA 0.319.27

101.05 68.41 35.50 2.85 3.36 2.55

NA NA NA 0.301.95

612.12 242.36 32.74 11.27 2.35 3.34

1.41 40.00% 40.13% 0.434.83

44.63 35.10 20.83 1.32 4.76 2.72

1.50 39.37% 37.21% 0.543.88

151.23 36.15 22.73 1.87 2.73 7.71

1.94 43.47% 54.80% 0.302.43

109.02 47.84 20.40 2.61 2.29 3.73

0.51 26.27% 24.17% 0.192.59

12.27 14.96 14.62 2.19 2.50 1.47

0.32 4.47% 26.27% 0.552.01

2.89 6.60 NA NA 0.31 0.13

0.47 23.66% 23.03% 0.114.15

11.04 21.64 10.03 1.52 0.90 1.00

1.81 28.81% 77.66% 0.004.78

19.21 20.19 NA NA 2.41 1.22

0.52 20.49% 39.16% 0.244.92

19.76 18.78 10.85 NA 2.35 1.60

0.10 NA NA 0.104.44

5.99 5.70 NA NA 1.40 0.77

1.56 27.20% 88.32% 0.33

57.34

8.52 3.24 NA NA 0.32 0.98

0.67 31.30% 30.11% 0.222.01

13.36 12.41 6.87 2.49 1.40 0.60

2.21 NA NA 0.33NA

NA NA NA NA 0.56 0.33

0.45 15.49% 45.18% 0.08NA

19.71 21.04 NA NA 1.90 NA

0.07 13.78% 8.52% 0.03NA

22.66 46.12 NA NA 3.41 NA

NA NA NA 0.34NA

NA NA NA NA NA NA

1.96 20.49% 168.34% 0.28NA

12.52 12.61 NA NA 1.75 NA

1.43 38.47% 33.86% 0.330.37

7.20 NA 7.03 0.58 1.19 0.10

0.67 6.32% 262.07% 0.26NA

NA 4.54 NA NA 1.03 1.15

1.08 43.47% 29.27% 0.3831.03

14.80 12.88 11.87 NA 2.62 3.05

-0.19 15.49% NA 0.41NA

NA NA NA NA 3.71 0.19

NA NA NA 0.2865.51

34.84 37.83 26.73 1.45 8.05 4.70

1.97 61.73% 40.46% 0.282.33

19.84 20.79 18.15 1.48 2.05 2.50

NA NA NA 0.210.89

177.08 NA 16.64 1.06 3.72 0.32

4.33 57.18% 109.73% 0.85NA

NA NA NA NA 0.25 0.21

Page 21: Brazil (Damodaran.jan.13)

3.97 16.12% 441.87% 0.96NA

NA NA NA NA NA 3.45

1.53 36.33% 40.87% 0.284.16

14.88 11.31 9.38 NA 0.81 0.15

0.82 26.65% 33.03% 0.242.41

25.66 38.69 22.63 1.02 1.55 1.71

0.63 33.32% 30.09% 0.123.46

32.64 33.70 20.04 1.26 2.10 2.92

0.50 10.00% 32.75% 0.251.90

20.72 16.44 14.19 NA 1.31 0.84

0.61 23.66% 26.20% 0.273.63

34.81 30.35 23.37 1.43 11.33 6.10

0.21 21.68% 25.83% 0.214.28

23.00 24.35 17.06 1.04 4.48 4.82

1.03 22.36% 32.87% 0.281.62

74.40 61.15 53.60 NA 1.35 2.39

0.82 13.42% 39.13% 0.26NA

NA NA NA NA 0.45 0.38

NA NA NA 0.30114.69

11.67 15.66 11.42 0.56 3.30 2.29

1.03 14.14% 44.72% 0.253.67

58.59 26.86 NA NA 2.09 0.25

2.47 59.67% 46.93% 0.204.06

13.46 12.34 9.88 0.58 1.36 1.09

2.72 60.17% 55.68% 0.49NA

5.71 NA 12.18 2.00 0.64 0.59

2.60 53.57% 53.67% 0.335.25

6.86 9.15 7.77 0.60 1.39 1.30

2.85 55.05% 59.95% 0.534.26

3.28 3.15 10.88 1.17 0.58 0.36

2.62 56.66% 55.60% 0.45NA

NA NA 14.65 NA 0.73 0.63

2.87 64.73% 54.07% 0.46NA

5.44 NA 8.19 0.64 0.73 0.48

2.48 65.42% 43.18% 0.244.22

8.84 10.53 8.29 1.70 1.23 1.05

1.71 56.12% 35.59% 0.3133.79

10.47 9.35 8.77 0.58 2.16 1.90

2.02 50.70% 41.62% 0.25NA

9.29 NA 6.77 0.60 0.95 0.87

1.22 29.66% 36.91% 0.202.74

9.54 6.81 7.03 NA 0.77 0.74

1.93 56.21% 36.60% 0.28NA

10.45 10.78 10.93 0.75 2.24 4.62

1.14 22.58% 45.39% 0.151.34

NA 12.86 NA NA 0.49 0.28

1.52 43.70% 33.52% 0.64NA

NA NA NA NA 0.24 0.23

1.34 33.62% 37.63% 0.190.78

27.91 64.59 NA NA 0.54 1.06

0.96 44.38% 36.84% 0.2533.39

11.34 11.00 8.23 0.69 1.55 1.85

0.27 10.95% 30.81% 0.251.02

92.32 NA 77.21 NA 1.06 3.93

0.17 NA NA 0.630.39

NA NA NA NA 0.95 0.11

0.51 26.27% 22.08% 0.137.25

13.71 14.27 13.15 1.86 4.08 4.59

0.61 39.62% 22.78% 0.2014.77

9.15 8.58 8.48 0.51 4.42 4.10

0.46 10.49% 45.05% 0.16113.33

11.66 9.53 NA NA 2.08 4.24

1.34 31.78% 37.76% 0.30NA

NA NA 30.97 NA 2.32 34.93

Page 22: Brazil (Damodaran.jan.13)

0.95 22.58% 61.33% 0.38NA

NA NA NA NA NA 0.15

1.17 48.17% 28.34% 0.234.25

26.01 26.46 21.83 1.61 4.16 2.94

1.38 46.90% 40.29% 0.31NA

19.95 6.41 8.21 1.23 0.56 0.19

1.41 36.88% 46.23% 0.25NA

84.92 NA 48.09 212.30 0.52 0.48

0.75 18.17% 35.92% 0.332.11

10.28 11.24 11.50 NA 1.03 0.69

1.39 43.24% 42.90% 0.16266.50

15.89 18.24 14.64 1.29 3.82 11.67

0.93 14.83% 64.89% 0.50NA

NA NA NA NA NA NA

1.92 42.54% 47.42% 0.601.50

NA NA NA NA 2.61 0.57

0.86 16.43% 24.65% 0.450.13

NA NA NA NA 4.86 2.11

0.41 17.03% 55.79% 0.182.57

6.62 14.35 NA NA 0.86 4.52

1.06 40.74% 29.58% 0.321.16

58.52 NA 36.27 NA 7.84 1.14

1.03 26.83% 41.65% 0.274.54

14.77 17.17 NA NA 2.01 0.46

1.05 33.62% 39.34% 0.17106.98

35.75 36.79 24.42 1.87 8.01 5.81

NA NA NA 0.23NA

NA 123.11 22.76 NA 2.78 7.53

2.37 42.90% 52.40% 0.42NA

NA NA NA NA 1.77 96.96

NA NA NA 0.465.58

8.31 9.11 23.85 0.10 1.40 0.82

1.45 57.45% 31.68% 0.195.48

11.93 12.12 11.38 1.30 1.52 0.63

3.00 60.50% 71.08% 0.63NA

NA NA 26.90 NA NA 0.17

1.32 34.06% 49.62% 0.34NA

376.90 151.50 NA NA 1.09 19.77

NA NA NA 0.420.59

34.18 58.23 15.81 2.44 1.57 10.89

2.77 44.38% 76.04% 0.61NA

NA NA NA NA 0.37 128.18

1.99 50.10% 44.71% 0.63NA

NA NA NA NA 1.76 NA

1.28 47.64% 29.44% 0.242.20

5.78 32.92 19.26 NA 1.48 0.62

1.99 45.28% 51.19% 0.21NA

NA NA NA NA 0.78 0.98

0.12 11.40% 14.91% 0.231.09

6.42 7.61 NA NA 0.49 0.80

1.88 44.05% 51.99% 0.271.41

NA 25.03 13.42 NA 0.79 0.25

1.00 37.42% 32.20% 0.222.54

24.46 98.11 23.24 1.12 2.57 1.30

1.77 33.17% 57.74% 0.240.69

NA NA 29.43 NA 1.14 0.17

0.85 34.64% 24.61% 0.30

19.59

22.03 19.56 17.29 1.14 3.76 2.77

1.04 35.21% 33.79% 0.262.04

22.14 33.63 31.49 0.90 1.54 2.05

NA NA NA 0.291.11

NA 21.24 NA NA 0.71 0.64

Page 23: Brazil (Damodaran.jan.13)

0.76 23.24% 35.18% 0.53NA

NA NA NA NA NA 0.43

0.85 24.70% 39.98% 0.46NA

NA NA NA NA 0.77 0.39

1.26 17.03% 38.61% 0.451.07

32.37 NA 10.32 0.38 2.76 0.37

2.11 60.42% 41.79% 0.32NA

NA NA 39.86 NA 0.82 1.95

0.41 10.00% 51.75% 0.480.87

24.16 30.25 NA NA 0.57 0.47

0.67 30.50% 30.17% 0.2513.02

27.61 27.96 26.08 1.82 23.81 4.10

1.70 41.47% 52.08% 0.340.49

NA 80.25 27.19 NA 1.53 2.85

1.71 54.59% 39.57% 0.211.25

21.10 25.00 16.35 0.93 1.29 1.63

0.73 7.07% 26.87% 0.261.95

13.08 32.99 NA NA 1.41 1.35

1.35 43.47% 37.26% 0.25

2.18

23.71 12.62 22.37 0.98 1.55 12.96

0.99 39.87% 33.04% 0.29

6.71

32.85 29.04 29.45 1.98 3.33 14.48

1.35 38.73% 35.76% 0.26

2.40

15.42 19.84 18.55 1.20 2.85 3.71

0.53 21.68% 27.33% 0.35

4.18

24.44 11.19 26.45 1.28 2.81 6.84

1.51 46.58% 34.94% 0.64

2.47

25.88 16.37 24.69 1.52 2.41 11.93

0.73 39.12% 28.83% 0.31

1.94

34.40 34.79 25.80 1.62 2.61 13.75

NA NA NA 0.21

4.09

9.72 11.76 17.15 0.25 0.92 9.90

1.40 36.06% 37.51% 0.26

0.86

NA NA 18.71 NA 2.13 3.58

1.66 53.10% 35.92% 0.21

129.78

13.80 16.09 18.31 1.13 3.58 4.55

2.62 52.25% 46.22% 0.19

1385.00

11.10 16.40 14.93 NA 1.65 2.90

0.64 34.21% 21.41% 0.14NA

12.72 7.72 NA NA 0.54 1.21

0.90 30.82% 35.36% 0.31NA

8.14 9.00 NA NA 0.93 1.14

NA NA NA 0.351.81

1029.01 98.98 22.59 NA 2.43 2.16

1.40 32.09% 60.60% 0.327.01

13.68 8.89 NA NA 2.26 0.53

1.89 53.01% 38.58% 0.2417.07

23.51 25.63 15.26 1.87 1.37 12.94

2.37 67.16% 47.65% 0.371.29

4.25 215.24 13.74 NA 2.04 0.95

2.81 64.50% 52.71% 0.500.17

NA NA NA NA 1.10 2.45

0.87 NA NA 0.34NA

17.13 NA NA NA NA 4.04

Page 24: Brazil (Damodaran.jan.13)

0.52 11.83% 36.55% 0.1911.37

35.25 32.45 20.82 1.45 7.27 4.65

1.56 41.71% 41.47% 0.23NA

22.14 18.51 17.38 NA 1.02 1.24

0.48 18.97% 28.46% 0.2268.31

26.78 28.02 25.20 2.81 23.08 7.73

1.22 47.64% 42.34% 0.335.61

42.47 30.65 19.66 1.60 5.12 5.78

1.58 48.99% 35.87% 0.202.14

23.27 31.67 20.79 1.26 5.89 2.33

1.58 41.35% 39.60% 0.1817.78

21.59 24.12 16.30 1.07 5.53 1.39

NA NA NA 0.320.82

32.04 NA 16.93 0.79 2.66 1.85

0.57 13.42% 42.49% 0.321.42

48.22 40.18 27.62 1.21 3.14 1.14

1.08 47.01% 26.22% 0.307.21

14.75 12.00 9.75 0.85 1.72 1.81

1.09 43.82% 26.64% 0.233.82

10.24 11.26 9.34 1.14 1.06 1.48

NA NA NA 0.433.61

247.15 106.71 NA NA 1.66 3.62

0.86 42.43% 32.59% 0.299.39

14.10 14.67 11.93 1.34 1.44 1.06

Page 25: Brazil (Damodaran.jan.13)

EV/EBIT EV/EBITDA EV/Sales18.09 6.79 0.96 0.83 72.62% 1.91% NA NA NA NA NA

NA NA 1.04 4.22 NA 0.00% NA NA 0.584 1.804 NA

8.58 5.22 1.00 2.60 305.53% 3.19% NA NA 0.245 0.36 13.10%

NA 315.53 1.13 2.36 NA 0.01% NA NA 0.14 0.167 1.40%

17.35 15.17 13.07 4.44 43.88% 2.02% 0.61 NA 0.306 0.33 20.10%

16.26 11.86 2.60 2.32 10.07% 0.48% 0.187 0.103 0.185 0.142 16.80%

25.24 16.73 4.32 3.84 46.42% 0.61% 0.371 NA 0.333 NA 35.20%

24.17 19.19 8.62 6.62 17.29% 0.84% NA NA NA NA 18.00%

16.18 13.86 5.40 9.53 12.36% 0.50% 0.556 NA 0.559 NA 26.50%

19.47 12.73 1.64 1.76 68.20% 3.01% -0.0143 0.293 0.27 0.102 NA

14.35 8.39 3.27 1.41 164.85% 7.50% NA 0.0775 0.133 0.0656 6.68%

11.42 7.45 3.19 1.42 54.73% 3.53% NA NA NA NA 6.11%

NA 4.99 0.59 0.44 NA 2.71% NA NA 0.195 0.135 NA

7.88 8.65 3.67 1.25 0.00% 0.00% NA NA 0.18 0.107 NA

NA NA 0.43 NA NA 0.00% NA NA NA NA NA

15.18 13.25 6.02 2.72 63.51% 3.04% 0.191 0.113 0.0844 0.172 10.80%

21.99 12.61 1.69 0.59 NA 0.00% NA NA 0.122 0.101 NA

NA 10.51 0.72 0.48 NA 0.00% NA NA 0.00849 -0.0277 NA

8.79 NA 0.79 0.31 33.74% 5.18% 0.2 0.0509 0.0106 0.077 14.90%

6.87 11.22 1.73 0.87 7.68% 0.59% -0.199 NA -0.00325 0.0682 NA

17.74 11.39 1.76 1.61 115.68% 3.38% 0.613 0.0579 0.545 0.322 4.64%

13.96 8.32 2.14 1.37 11.08% 0.39% NA NA 0.1 NA 22.60%

4.80 4.34 1.58 0.83 63.57% 10.24% 0.123 0.251 0.146 0.179 NA

2.14 73.60 1.15 NA 0.00% 0.00% NA NA 0.275 -0.571 NA

2.06 2.23 0.85 1.40 25.92% 4.65% 0.0918 0.0816 0.144 0.0876 NA

14.29 14.44 28.01 8.24 64.02% 3.82% 0.196 NA 0.151 NA 12.60%

4.53 3.05 1.27 0.50 23.66% 3.43% 0.176 NA -0.00665 0.0432 NA

EV/Invested Capital

Payout ratio

Dividend Yield

Historical growth in

Net Income - Last 3 years

Historical growth in

Net Income - Last 5 years

Historical growth in

Revenues - Last 3 years

Historical growth in

Revenues - Last 5 years

Expected growth rate

in EPS- Next 5 years

Page 26: Brazil (Damodaran.jan.13)

21.05 17.54 5.90 2.98 77.44% 2.57% 0.283 0.197 0.172 0.14 15.20%

25.87 15.78 3.96 2.53 15.79% 0.40% 0.137 NA 0.188 NA 17.20%

NA NA 1.02 8.17 11.91% 1.84% 0.0785 0.171 0.119 0.146 5.43%

NA 44.05 1.07 0.50 NA 0.00% NA NA 0.178 -0.0217 NA

32.07 22.69 31.87 5.65 98.74% 3.12% NA NA NA NA 19.40%

41.70 45.22 5.42 2.52 34.31% 0.50% 0.161 0.47 0.461 0.446 35.50%

31.29 68.55 12.92 3.34 8.64% 0.04% NA NA NA NA 54.30%

27.82 26.83 4.66 2.94 17.15% 0.49% 0.327 0.0292 0.0896 0.0893 33.80%

33.34 82.44 10.58 8.37 0.00% 0.00% 0.636 NA 0.528 0.878 80.70%

35.68 35.44 4.77 3.99 0.38% 0.01% 0.154 0.4 0.216 0.409 41.80%

11.45 8.23 1.55 2.48 103.37% 6.91% 0.0443 -0.0328 0.12 0.0977 5.60%

6.89 1.84 0.58 0.39 195.22% 29.56% -0.114 -0.00831 0.0747 0.0652 NA

9.63 5.43 0.94 1.57 187.94% 8.69% -0.209 -0.123 0.08 0.0478 7.26%

9.21 7.10 1.79 1.61 23.46% 1.16% -0.0342 0.0881 0.111 0.114 NA

8.74 7.38 1.78 2.10 6.85% 0.36% -0.128 0.048 -0.0121 0.228 -7.00%

5.74 4.82 1.22 1.25 0.00% 0.00% -0.00224 0.0857 0.265 0.214 NA

3.86 2.98 0.36 1.18 0.00% 0.00% 0.244 0.445 0.0582 0.0524 NA

7.93 6.03 1.19 1.08 0.00% 0.00% -0.172 -0.172 0.106 0.0691 5.37%

NA 6.12 0.66 0.50 NA 0.00% NA NA 0.103 NA NA

NA NA 1.90 NA 0.00% 0.00% NA NA NA NA NA

NA NA 4.85 NA 221.15% 4.79% 0.0562 0.00143 NA NA NA

NA NA NA NA NA 0.00% NA NA NA NA NA

NA NA 1.90 NA 71.83% 5.70% 0.0693 0.259 NA NA NA

6.59 3.14 1.07 0.24 NA 0.00% NA NA 0.183 0.202 12.40%

NA NA 1.29 1.94 0.00% 0.00% NA NA NA NA NA

17.18 20.93 2.63 3.05 51.83% 4.02% 0.123 0.25 0.092 0.0857 NA

NA NA 1.46 0.81 NA 0.00% NA NA 0.012 0.154 NA

27.98 27.67 7.35 4.77 7.09% 0.19% NA NA NA NA 24.10%

21.28 14.38 1.86 2.93 35.91% 1.73% 1.646 0.689 0.502 0.527 13.40%

27.04 11.19 2.01 0.47 NA 0.12% NA NA NA NA 167.70%

NA 5.46 0.66 1.22 NA 0.00% NA NA 0.144 0.376 NA

Page 27: Brazil (Damodaran.jan.13)

NA NA NA 3.46 NA 0.00% NA NA NA NA NA

7.26 7.94 0.88 0.22 11.18% 0.99% -0.0214 0.356 0.0828 0.0885 NA

17.04 9.15 3.22 2.11 60.04% 1.55% 0.0363 0.0945 0.187 0.229 25.20%

17.71 15.98 5.37 3.20 26.96% 0.80% 0.164 NA 0.254 NA 26.00%

11.40 7.64 1.60 1.24 15.24% 0.93% -0.117 NA 0.131 0.143 NA

16.44 14.21 5.20 7.25 8.09% 0.27% 0.164 0.106 0.224 0.191 24.40%

13.78 11.54 2.81 6.04 51.98% 2.13% 0.314 0.221 0.32 0.285 22.10%

18.17 9.95 1.23 4.24 171.23% 2.80% NA NA 0.321 0.362 NA

NA 7.77 0.65 0.77 NA 0.05% NA NA -0.148 -0.164 NA

12.63 8.22 3.50 2.24 279.65% 17.86% NA NA NA NA 21.00%

9.26 8.21 1.48 0.41 0.00% 0.00% NA 0.281 0.79 0.461 NA

12.10 12.76 1.21 1.73 19.96% 1.62% 0.0196 0.0757 0.202 0.34 23.40%

NA 8.81 0.84 1.32 NA 0.64% NA NA 0.499 0.659 2.85%

11.26 8.47 1.26 1.78 15.07% 1.65% 0.278 1.097 0.455 0.645 11.40%

8.62 10.72 0.85 1.43 20.86% 6.63% 0.348 0.269 0.34 0.394 2.80%

NA NA 0.90 1.69 NA 4.88% NA NA 0.0818 0.263 -85.70%

NA 7.79 0.95 1.39 NA 3.91% NA NA 0.276 0.537 8.55%

11.76 11.39 1.13 1.70 25.91% 2.46% 0.26 0.69 0.283 0.441 5.20%

10.38 11.30 1.71 2.46 27.22% 2.91% 0.619 0.621 0.389 0.463 18.20%

NA 12.65 0.98 1.73 NA 3.75% NA NA 0.265 0.313 15.60%

7.17 14.68 0.85 1.21 18.62% 2.74% 0.244 0.363 0.252 0.571 NA

11.78 12.09 2.18 4.72 22.50% 2.09% 0.281 0.538 0.201 0.384 14.00%

15.75 26.78 0.79 1.08 50.95% 3.96% -0.0466 NA 0.141 NA NA

NA NA 0.74 1.99 NA 0.00% NA NA -0.0236 0.259 NA

22.43 14.19 0.69 2.00 80.23% 1.24% -0.336 NA -0.0925 0.557 NA

11.97 12.14 1.45 2.13 21.67% 1.97% 0.395 0.595 0.565 0.722 16.40%

38.92 23.49 1.08 5.20 NA 0.00% NA NA 0.585 NA NA

9.67 7.72 0.99 0.53 NA 0.00% NA NA 0.0855 0.054 NA

9.60 7.88 2.96 5.22 137.09% 9.60% 0.127 0.102 0.114 0.0976 7.38%

6.27 5.85 3.29 4.55 105.89% 12.35% 0.0562 0.1 0.084 0.0829 18.00%

8.74 7.96 2.22 4.01 123.48% 12.95% -0.302 -0.208 -0.214 -0.107 NA

NA NA 1.49 60.72 NA 0.04% NA NA 0.765 NA 11.40%

Page 28: Brazil (Damodaran.jan.13)

NA 9.76 1.68 0.63 NA 0.00% NA NA 0.00435 0.0285 NA

24.87 20.84 3.09 3.43 50.82% 1.92% 0.0727 0.0198 0.105 0.11 16.20%

NA 9.84 0.97 0.64 0.00% 0.00% NA NA 0.0487 0.0717 16.20%

NA 61.53 0.78 1.63 NA 3.09% NA NA 0.0675 -0.01 0.40%

9.03 6.17 1.03 0.77 0.00% 0.00% NA NA 0.203 0.259 NA

16.55 17.71 7.80 11.65 85.77% 4.70% NA NA NA NA 12.30%

NA NA NA NA NA 0.00% NA NA NA NA NA

30.88 18.37 1.50 1.11 NA 0.00% NA NA 0.0768 NA 47.80%

176.95 18.99 4.07 2.22 NA 0.00% NA NA -0.0793 -0.0259 NA

8.77 2.52 0.16 0.15 245.73% 17.12% 0.0196 0.187 0.0102 -0.0573 NA

68.15 21.75 9.56 1.23 NA 0.45% NA NA 0.298 0.776 NA

14.00 10.44 2.24 0.48 0.00% 0.00% NA NA 0.153 0.893 NA

24.57 24.86 27.33 5.80 101.19% 2.75% 0.385 0.351 0.365 0.305 19.10%

62.87 36.86 8.18 7.83 0.00% 0.00% NA NA NA NA 22.20%

NA NA 1.30 180.92 NA 0.00% NA NA 0.621 NA NA

4.74 4.21 2.91 0.67 10.20% 1.12% NA 0.176 NA 0.166 83.80%

6.58 5.30 1.80 0.55 8.87% 0.73% 0.293 0.0334 0.223 0.187 9.17%

NA 24.98 1.64 2.52 NA 0.00% NA NA -0.0383 0.158 NA

NA NA 1.04 40.55 0.00% 0.00% NA NA NA NA NA

622.62 25.93 1.94 8.11 0.00% 0.00% NA NA NA NA 14.00%

NA NA 0.42 126.53 NA 0.00% NA NA NA NA NA

NA NA 1.55 NA NA 0.00% NA NA NA NA 41.50%

21.66 8.64 1.71 0.77 0.00% 0.00% NA NA NA NA -13.50%

NA 77.82 1.00 1.54 NA 0.00% NA NA 0.469 0.281 NA

12.45 10.48 0.91 7.98 12.90% 1.70% NA NA NA NA NA

12.52 9.76 1.22 0.48 0.00% 0.00% NA 0.926 0.247 0.52 NA

35.10 13.52 2.38 1.57 118.37% 1.21% 0.578 0.0206 0.262 0.341 21.80%

18.89 10.48 1.15 0.77 NA 0.37% NA NA 0.353 0.513 6.73%

17.51 17.64 4.33 2.92 18.68% 0.96% 0.122 0.426 0.126 0.183 19.30%

22.31 6.87 1.37 2.77 38.95% 1.16% 0.264 NA 0.142 0.146 24.50%

16.50 NA 2.31 0.67 0.00% 0.00% NA NA NA NA NA

Page 29: Brazil (Damodaran.jan.13)

NA 168.52 2.11 0.85 NA 0.00% NA NA 0.304 0.224 NA

NA 165.74 0.94 1.95 NA 0.00% NA NA 0.135 0.0948 NA

8.46 9.39 1.44 0.77 NA 0.41% NA NA 0.215 0.254 86.10%

NA 10.71 1.07 3.56 NA 0.00% NA NA 0.0396 0.104 NA

12.76 5.21 0.75 1.07 294.26% 9.73% 0.241 -0.0523 0.0885 -0.0262 NA

19.78 18.16 8.62 4.45 40.71% 1.46% 0.121 0.151 0.148 0.155 15.20%

59.01 40.59 4.12 3.59 0.00% 0.00% 0.219 NA 0.279 NA 27.00%

10.62 7.63 1.39 3.78 24.26% 0.97% 0.526 0.0525 0.0993 0.107 22.60%

36.26 16.08 1.18 2.63 17.32% 0.53% NA NA 0.514 0.543 NA

19.45 22.07 1.36 17.34 5.05% 0.40% 0.0761 NA 0.415 NA 24.20%

22.87 23.48 2.97 15.89 0.00% 0.00% 0.266 1.533 0.267 0.237 16.60%

17.66 15.45 2.18 4.74 0.00% 0.00% 1.926 0.32 0.247 0.343 12.90%

8.94 15.05 2.00 8.83 11.78% 1.05% 0.197 1.512 0.057 0.481 19.10%

15.27 21.57 2.18 13.33 21.02% 1.28% 0.434 0.462 0.22 0.254 17.00%

31.35 30.38 2.52 19.44 23.42% 0.67% 0.877 0.671 0.289 0.397 21.20%

13.17 13.72 0.93 10.58 11.71% 1.00% NA NA NA NA 39.00%

17.90 17.03 1.22 11.42 NA 0.00% NA NA 0.184 NA NA

18.00 11.00 8.42 4.16 36.59% 2.27% NA 0.205 0.324 0.26 12.20%

10.92 7.33 4.65 2.77 64.60% 3.94% 1.351 NA 0.241 NA NA

NA NA 0.53 1.19 66.19% 8.57% 0.00156 -0.0859 0.0887 0.00562 NA

NA NA 0.94 1.38 0.00% 0.00% -0.171 -0.119 0.0259 0.0182 NA

63.09 23.15 5.33 2.33 0.00% 0.00% NA NA NA NA NA

5.26 3.64 2.58 0.51 0.00% 0.00% NA 0.0369 0.115 0.166 NA

21.12 20.58 5.70 13.61 87.75% 3.42% 0.0953 0.312 0.127 0.408 12.60%

9.93 4.89 1.41 1.82 1502.80% 6.98% -0.76 -0.498 0.133 0.0839 -31.90%

88.06 21.70 1.19 4.42 NA 0.00% NA NA 0.308 0.502 31.70%

NA 5.47 44.62 4.31 NA 0.00% NA NA NA NA NA

Page 30: Brazil (Damodaran.jan.13)

22.11 20.06 10.98 4.58 49.70% 1.53% 0.273 0.419 0.133 0.268 24.30%

14.72 12.37 1.04 2.02 103.17% 5.57% -0.127 0.375 0.12 0.067 NA

19.92 18.58 21.12 7.77 47.43% 1.69% 0.00708 0.103 0.00184 0.0448 9.54%

18.97 17.69 3.91 6.32 13.13% 0.43% NA NA NA NA 26.60%

18.60 9.78 3.38 2.74 11.22% 0.35% 0.452 0.0965 0.229 0.166 18.50%

15.08 12.06 5.52 1.60 68.38% 2.83% 0.159 0.192 0.201 0.229 20.20%

18.55 8.52 1.54 3.31 NA 0.88% NA NA NA NA 40.60%

15.99 11.01 1.74 2.07 3.06% 0.08% NA NA NA NA 40.00%

9.20 7.33 1.45 2.44 32.80% 2.73% 1.678 0.0931 0.166 0.123 17.30%

10.25 6.56 1.04 2.18 31.56% 2.80% 0.15 0.139 -0.0219 0.133 9.00%

18.96 18.38 1.53 4.16 12.22% 0.11% -0.216 -0.161 0.0948 0.102 NA

8.59 4.08 1.56 1.15 38.71% 2.64% 0.675 1.263 0.118 0.0872 10.50%

Page 31: Brazil (Damodaran.jan.13)

11.60% 2.10% 6.70% 0.91% 4.88% 50.00% 1.49% $75.70 $32.50 $173.80

11.10% -4.04% -5.38% -18.50% -23.84% 0.00% 29.38% -$2.75 -$12.80 -$16.50

12.60% 0.96% 11.84% 1.77% 29.10% 50.00% 31.38% $85.90 $9.95 $163.80

8.96% -10.39% -0.39% -9.90% -0.74% 0.00% 45.67% -$41.90 -$32.70 -$2.44

15.30% 45.21% 72.95% 21.87% 26.20% 24.03% 52.41% $159.50 $155.20 $185.90

13.80% 14.35% 16.04% 10.02% 13.90% 24.47% 4.65% $195.30 $167.90 $233.00

40.80% 12.07% 35.55% 3.66% 13.30% 31.74% 17.81% $20.20 $10.60 $38.50

17.80% 25.65% 45.35% 32.10% 26.81% 14.01% 14.60% $47.70 $46.10 $38.50

12.40% 21.04% 30.33% 33.73% 61.13% 27.81% 51.60% $118.30 $129.40 $234.50

NA 10.36% 9.15% 4.82% 8.36% 27.12% 62.33% $109.10 $61.00 $105.80

4.72% 9.10% 14.84% 6.55% 10.86% 24.89% 18.93% $101.20 $71.40 $118.30

5.68% 13.58% 28.71% 11.13% 13.89% 16.93% 13.39% $98.70 $83.50 $104.20

NA -19.32% -6.27% -7.08% -5.68% 0.00% 68.97% $6.18 -$31.40 -$25.20

NA 66.84% 49.74% 8.07% 15.28% 34.01% 27.69% $13.10 $26.40 $50.00

NA NA NA NA NA 0.00% 15.93% -$0.06 -$31.30 -$31.40

12.40% 22.60% 42.48% 12.88% 18.26% 26.64% 63.15% $60.00 $59.20 $83.90

NA -17.03% 5.83% -2.03% 2.69% 0.00% 1.04% -$35.90 -$18.90 $25.00

NA -40.90% -4.36% -10.31% -3.32% 0.00% 14.47% -$31.30 -$31.70 -$10.20

8.07% 10.55% 10.50% 3.11% 3.81% 0.00% 8.93% -$36.40 $32.60 $39.90

NA 6.07% 22.04% 7.02% 12.59% 18.10% 31.82% -$22.80 $11.20 $20.10

47.40% 7.14% 16.82% 1.52% 5.82% 43.88% 70.57% $119.90 $37.00 $141.80

6.90% 2.92% 17.41% 3.46% 10.13% 40.03% 23.70% $52.50 $41.80 $122.30

-7.11% 24.98% 33.93% 13.32% 17.79% 26.51% 42.07% $52.20 $57.10 $76.30

NA NA NA 2458.33% 2734.85% 0.00% 4.21% -$16.80 $129.80 $144.40

NA 13.72% 45.53% 11.54% 57.82% 38.35% 16.75% $41.30 $46.30 $231.90

NA 165.66% 281.75% 43.96% 52.63% 33.72% 84.85% $971.50 $1,087.40 $1,301.70

NA 16.05% 24.66% 7.02% 12.26% 28.83% 55.40% $12.20 $13.40 $23.40

Expected growth in revenues -

Next 2 yearsReturn on

Equity

Return on Capital (ROC or ROIC)

Net Profit Margin

Pre-tax Operating

MarginEffective Tax Rate

% held by institutions

Net Income

Trailing Net

Income

Trailing Operating

Income

Page 32: Brazil (Damodaran.jan.13)

15.80% 27.92% 39.63% 9.00% 13.78% 30.16% 58.77% $180.80 $160.90 $246.30

11.30% 16.13% 16.66% 5.56% 9.65% 22.16% 9.41% $95.20 $74.10 $128.60

30.00% 18.20% 0.00% 22.82% 0.00% 24.99% 36.80% $6,507.10 $5,518.40 $0.00

NA -16.32% -4.82% -8.28% -3.36% 0.00% 49.87% -$25.60 -$151.90 -$61.70

22.50% 85.09% 99.58% 16.79% 16.59% 32.18% 21.43% $147.20 $119.30 $117.90

21.50% 15.94% 32.74% 2.22% 3.60% 21.24% 37.18% $36.90 $54.50 $88.60

78.40% 1.71% 50.17% 0.68% 5.30% 44.96% 24.73% $2.93 $7.40 $57.40

18.50% 13.98% 24.92% 7.38% 10.06% 7.36% 72.53% $37.60 $47.80 $65.20

54.00% 12.76% 27.47% 13.80% 16.23% 3.12% 14.05% $20.10 $84.10 $98.90

24.60% 4.79% 16.84% 6.56% 9.42% 0.00% 49.13% $22.60 $51.50 $73.90

12.60% 18.55% 17.80% 9.63% 21.22% 34.01% 50.41% $821.30 $673.40 $1,483.40

NA 10.29% 13.66% 2.12% 6.18% 33.07% 0.35% $234.40 $102.60 $299.60

9.85% 5.23% 12.36% 4.78% 16.78% 25.23% 29.54% $263.30 $134.30 $471.90

NA 11.43% 18.75% 6.13% 17.77% 42.20% NA $112.90 $107.40 $311.30

4.47% 18.10% 23.79% 7.75% 21.90% 20.38% 36.37% $85.90 $90.40 $255.40

NA 26.90% 21.32% 12.66% 20.34% 19.45% 0.05% $132.80 $139.60 $224.20

NA 9.61% 8.48% 33.39% 33.60% 20.69% 0.03% $47.30 $124.20 $125.00

5.27% 10.01% 14.49% 5.02% 14.18% 20.43% 28.08% $166.70 $179.50 $507.20

NA -11.22% -1.20% -9.58% -1.31% 0.00% 0.03% -$108.90 -$101.40 -$13.90

NA 8.23% -0.13% NA NA 13.87% 0.56% $20.60 $19.30 -$0.30

NA 6.06% -4.22% NA NA 5.23% NA $12.70 $6.24 -$2.74

NA NA NA NA NA 0.00% 2.29% $0.00 $0.00 $0.00

NA 12.91% -2.20% NA NA 5.73% 71.20% $1.43 $1.42 -$0.21

7.10% -1.25% 14.22% -0.11% 3.54% 0.00% 17.66% $34.30 -$2.90 $90.60

NA 154.05% -9.99% 17.42% -4.14% 0.00% 0.11% -$5.38 $3.99 -$0.95

12.50% 20.07% 13.78% 22.12% 16.58% 11.22% 11.56% $163.90 $188.30 $141.20

NA -95.69% -13.09% -25.85% -9.94% 0.00% 0.05% -$169.60 -$197.80 -$76.10

23.60% 22.55% 28.63% 11.41% 15.64% 27.29% 31.24% $49.20 $45.30 $62.10

13.00% 9.78% 8.84% 12.06% 13.81% 19.78% 37.79% $200.80 $191.60 $219.40

18.30% -4.76% 8.36% -0.45% 1.64% 0.00% 14.55% $6.26 -$16.40 $59.50

-10.20% -25.34% -8.63% -35.59% -18.62% 0.00% 31.38% -$65.60 -$68.80 -$36.00

Page 33: Brazil (Damodaran.jan.13)

NA -276.55% -262.56% -103.31% -95.04% 0.00% 0.13% -$1.34 -$1.25 -$1.15

10.90% 7.04% 13.01% 1.30% 2.93% 21.93% 51.55% $15.50 $20.40 $45.80

8.41% 3.79% 23.72% 4.69% 13.09% 34.27% 50.23% $78.10 $51.80 $144.70

24.80% 5.97% 48.66% 7.30% 15.22% 21.40% 24.29% $54.00 $52.30 $109.10

13.20% 7.76% 12.28% 4.89% 10.40% 9.21% 89.36% $10.00 $12.60 $26.80

8.85% 35.27% 30.10% 20.55% 45.11% 33.62% 28.08% $482.60 $553.50 $1,214.90

18.30% 18.76% 29.55% 18.08% 40.02% 38.45% 11.49% $205.50 $194.10 $429.70

13.50% 2.00% 8.07% 3.55% 21.15% 50.00% 27.60% $12.00 $14.60 $87.10

NA -18.57% -1.00% -18.01% -1.40% 0.00% 26.50% -$220.00 -$141.30 -$11.00

NA NA NA 16.51% 20.09% 29.14% 32.65% $31.00 $23.10 $28.10

NA 7.78% 15.73% 0.96% 4.51% 38.39% 0.23% $48.50 $105.80 $496.90

5.30% 12.01% 9.69% 9.35% 15.02% 25.13% 37.61% $267.30 $291.60 $468.60

-9.35% -5.68% -1.12% -7.09% -2.39% 0.00% 55.48% $378.00 -$203.80 -$68.70

9.71% 16.72% 13.00% 14.09% 15.70% 8.36% 37.88% $407.90 $305.90 $341.00

5.91% 12.70% 10.00% 11.35% 16.30% 21.27% 42.46% $182.30 $190.30 $273.40

12.60% -20.14% -3.45% -24.94% -7.42% 0.00% 58.90% -$507.00 -$415.50 -$123.60

0.62% -8.16% -0.27% -8.59% -0.47% 0.00% 29.48% $175.40 -$134.50 -$7.35

8.09% 12.02% 9.61% 9.73% 14.14% 22.57% 53.38% $121.30 $101.90 $148.10

17.10% 27.66% 20.63% 18.48% 21.58% 15.52% 28.29% $114.50 $128.20 $149.70

10.60% -5.57% -0.33% -7.21% -0.70% 0.00% 36.00% $77.50 -$47.90 -$4.67

8.61% 11.35% 9.09% 10.09% 15.60% 23.10% 36.37% $31.10 $43.60 $67.40

36.00% 22.98% 25.32% 42.80% 40.05% 6.78% 15.42% $176.50 $171.10 $160.10

NA 3.62% 3.91% 2.75% 8.84% 50.00% 16.67% -$21.70 $8.99 $28.90

4.86% -30.07% -10.10% -77.45% -55.91% 0.00% 73.56% -$61.70 -$182.70 -$131.90

NA 0.81% 2.75% 1.74% 9.45% 0.00% 38.56% $3.98 $1.72 $9.36

33.50% 15.62% 15.27% 14.92% 15.78% 12.92% 21.61% $94.00 $96.90 $102.50

45.90% -0.82% 2.77% -2.88% 12.07% 50.00% 33.24% $4.27 -$3.20 $13.40

NA -32.80% 7.76% -6.80% 5.96% 0.00% 19.89% -$21.50 -$12.20 $10.70

9.00% 26.33% 29.72% 31.96% 54.11% 29.25% 19.84% $776.80 $746.00 $1,263.00

7.84% 45.60% 46.99% 45.48% 69.15% 32.95% 33.49% $453.40 $483.60 $735.30

NA 21.29% 28.38% 43.33% 44.74% 8.63% 2.27% $4.04 $4.94 $5.10

200.10% -36.52% -6.42% -192.05% -114.36% 0.00% 9.47% -$219.20 -$299.60 -$178.40

Page 34: Brazil (Damodaran.jan.13)

NA NA -3.01% -12.51% -2.03% 0.00% 3.30% -$25.70 -$45.30 -$7.35

16.50% 15.91% 10.70% 10.52% 13.03% 23.13% 10.51% $315.00 $309.70 $383.60

NA 9.37% -0.26% 3.49% -0.19% 0.00% 35.92% $3.89 $12.10 -$0.66

7.05% -6.72% -4.70% -8.99% -13.74% 0.00% 33.44% $1.91 -$25.20 -$38.50

NA 9.21% 11.20% 6.79% 9.48% 4.65% 70.01% $15.20 $13.90 $19.40

21.90% 20.92% 23.32% 49.95% 54.95% 23.52% 33.89% $57.30 $49.90 $54.90

NA NA NA NA NA 0.00% 0.00% -$0.25 -$0.24 -$0.19

10.70% -12.19% 5.05% -3.54% 3.78% 0.00% 24.27% -$47.80 -$76.70 $81.80

NA -15.65% 1.84% -9.11% 1.36% 0.00% 27.96% -$0.75 -$0.50 $0.08

NA 5.27% 1.93% 34.47% 1.81% 34.41% 20.04% $12.70 $5.86 $0.31

10.30% -4.41% 19.39% -0.73% 1.75% 0.00% 24.07% $94.00 -$36.10 $87.30

NA 9.07% 13.30% 2.63% 3.35% 15.80% 35.25% $17.20 $14.80 $18.80

15.80% 18.96% 87.91% 15.48% 23.16% 29.82% 73.33% $78.00 $75.80 $113.40

30.30% 2.14% 8.86% 5.31% 10.81% 48.39% 62.01% -$18.20 $22.20 $45.20

250.40% -3.59% -7.19% -53.70% -160.19% 0.00% 32.21% -$21.10 -$17.40 -$51.90

1.22% 17.37% 230.85% 8.96% 14.14% 33.18% 44.05% $32.20 $29.40 $46.40

10.60% 12.11% 20.61% 5.23% 8.40% 26.94% 11.08% $311.30 $306.50 $492.40

22.50% -511.33% -4.21% -65.41% -6.33% 0.00% 80.07% -$129.50 -$185.10 -$17.90

95.80% 0.74% -1.86% 5.70% -10.55% 0.00% 9.91% $4.06 $10.10 -$18.70

29.80% 2.50% 0.29% 13.72% 0.96% 38.56% 13.97% $49.40 $29.00 $2.02

213.40% -6.32% -15.92% -5037.45% -11138.58% 0.00% 52.61% -$163.20 -$134.50 -$297.40

NA -11.92% -13.96% -788.01% -792.59% 0.00% 17.61% -$258.70 -$584.70 -$588.10

19.00% 5.27% 8.94% 2.02% 3.76% 5.74% 13.69% $1,429.30 $250.80 $467.90

-9.56% -12.19% -0.08% -21.44% -0.15% 0.00% 31.68% -$100.50 -$92.70 -$0.64

NA 6.26% 9.29% 11.52% 70.05% 27.91% 2.08% $25.70 $21.70 $131.90

13.20% 2.96% 10.04% 0.96% 3.64% 36.93% 13.38% -$40.60 $333.80 $1,267.00

9.74% 2.39% 6.50% 1.35% 4.57% 39.79% 63.47% $733.80 $182.90 $618.10

10.30% -1.22% 6.85% -0.33% 4.13% 0.00% 11.42% -$400.30 -$38.50 $476.50

14.80% 20.75% 27.43% 13.31% 15.65% 10.10% 73.79% $196.70 $221.60 $260.60

16.60% 4.26% 6.40% 6.28% 12.79% 20.52% 12.61% $69.40 $45.70 $93.00

NA NA NA 3.13% 4.18% 2.75% 0.09% -$4.08 $20.00 $26.70

Page 35: Brazil (Damodaran.jan.13)

NA -170.30% -39.94% -12.17% -12.03% 0.00% 0.15% -$6.73 -$17.20 -$17.00

NA -44.69% -11.16% -48.03% -33.15% 0.00% NA -$11.60 -$12.20 -$8.42

11.40% -20.38% 19.86% -3.75% 9.31% 0.00% 11.45% $24.30 -$78.70 $195.40

2.36% -6.82% -0.09% -19.43% -0.37% 0.00% 50.99% -$468.30 -$547.00 -$10.50

NA 1.60% 5.27% 1.66% 8.97% 0.00% NA $5.02 $4.01 $21.60

13.40% 85.48% 71.81% 14.57% 22.31% 32.15% 26.37% $445.90 $440.40 $674.50

13.70% 1.78% 5.68% 3.49% 5.97% 50.00% 24.87% -$29.30 $63.40 $108.40

13.30% 5.07% 13.81% 6.51% 35.61% 0.00% 58.32% $131.40 $110.90 $606.60

NA 7.06% 4.64% 4.00% 7.07% 47.08% 67.03% $35.80 $14.20 $25.10

26.70% 13.81% 8.30% 91.77% 79.66% 31.68% 67.91% $252.70 $475.00 $412.30

23.50% 10.92% 17.37% 40.20% 56.02% 24.38% 57.02% $160.00 $181.00 $252.20

9.01% 14.70% 16.42% 20.13% 28.91% 14.06% 13.06% $117.50 $91.30 $131.10

-5.71% 29.52% 25.69% 34.57% 55.88% 21.81% 31.37% $51.70 $112.90 $182.50

20.50% 15.21% 17.53% 67.63% 81.01% 11.52% 29.60% $81.50 $128.90 $154.40

31.30% NA NA 35.77% 56.12% 23.89% 62.78% $54.40 $53.80 $84.40

23.80% 9.97% 10.09% 82.59% 78.81% 23.60% 18.40% $124.00 $102.50 $97.80

27.00% -23.56% 10.75% -52.63% 57.53% 0.00% 27.01% -$20.40 -$43.00 $47.00

9.01% 30.97% 570.21% 30.33% 24.78% 14.38% 40.18% $76.50 $65.60 $53.60

6.76% 10.29% 31.00% 19.96% 28.57% 30.77% 59.07% $57.20 $38.70 $55.40

NA 6.57% 0.00% 16.33% 0.00% 43.54% NA $42.20 $69.50 $0.00

NA 9.91% 0.00% 13.25% 0.00% 25.65% 0.01% $47.90 $43.30 $0.00

28.60% 2.39% 6.71% 1.94% 3.29% 31.76% 26.39% $1.01 $10.50 $17.80

NA 33.84% 85.41% 6.28% 10.05% 16.60% 5.28% $4.75 $7.31 $11.70

9.45% 4.97% 29.05% 51.46% 65.71% 38.93% 41.28% $562.40 $515.90 $658.80

5.85% 0.88% 15.19% 0.48% 20.08% 0.00% 17.30% $1,988.70 $39.30 $1,628.00

10.50% -11.82% 1.76% -42.25% 6.40% 0.00% 16.28% -$10.30 -$184.30 $27.90

NA -140.61% -40.72% NA NA 0.00% 8.96% $10.10 -$27.70 -$8.47

Page 36: Brazil (Damodaran.jan.13)

11.90% 25.24% 42.34% 14.40% 20.80% 28.13% 45.36% $90.60 $98.40 $142.10

NA 5.02% 7.37% 6.41% 13.15% 35.27% 29.96% $15.80 $18.90 $38.80

7.55% 89.03% 146.60% 27.83% 39.31% 29.15% 11.70% $860.10 $822.10 $1,161.20

26.10% 18.10% 22.64% 16.87% 29.81% 30.50% 47.57% $49.50 $68.60 $121.20

15.00% 19.74% 17.40% 7.43% 14.92% 26.94% 43.29% $156.50 $115.00 $230.90

16.30% 20.71% 35.16% 5.46% 10.02% 28.68% 24.24% $52.30 $46.80 $85.90

NA -1.29% 9.61% -0.51% 17.77% 0.00% 31.74% $12.10 -$1.07 $37.40

30.70% 8.15% 13.32% 2.05% 9.34% 39.70% 14.20% $30.50 $36.60 $167.00

6.35% 14.47% 15.69% 15.63% 27.45% 23.41% 33.85% $656.50 $807.10 $1,417.20

1.62% 9.44% 10.37% 13.72% 22.26% 22.61% 37.19% $249.30 $226.90 $368.30

NA 1.81% 8.75% 3.37% 21.78% 0.00% NA $4.24 $9.82 $63.50

8.99% 10.96% 18.56% 7.28% 13.46% 34.42% 23.12% $687.50 $660.80 $1,222.10

Page 37: Brazil (Damodaran.jan.13)

Revenues EBITDA EBIT (1-t) Net Cap Ex FCFF$3,771.40 $3,561.60 $462.90 $416.50 $86.90 -$266.80 $65.00 $646.40 818.64% -$624.50

$72.10 $69.20 -$0.16 -$3.12 -$16.50 $6.90 -$14.47 $36.81 NA -$38.84

$539.70 $562.90 $269.10 $211.80 $81.90 -$80.70 $56.36 $186.52 296.55% -$160.98

$353.50 $330.20 $2.64 $23.90 -$2.44 -$187.00 $10.45 $154.25 NA -$167.14

$726.20 $709.50 $212.60 $202.10 $141.22 $7.86 $30.42 $20.33 35.94% $90.47

$1,634.60 $1,675.70 $319.60 $298.50 $175.98 -$21.10 $185.23 $34.90 125.09% -$44.15

$252.80 $289.50 $58.10 $46.30 $26.28 -$171.12 $58.32 $113.10 652.30% -$145.14

$140.60 $143.60 $48.50 $40.90 $33.11 $0.00 $9.88 $24.87 104.97% -$1.64

$398.10 $383.60 $273.60 $260.20 $169.27 $145.33 $2.22 -$11.21 -5.31% $178.27

$1,172.80 $1,265.80 $161.90 $166.20 $77.11 -$307.80 $12.38 $493.60 656.21% -$428.87

$1,200.30 $1,089.40 $202.20 $176.00 $88.85 $90.60 -$34.63 $68.59 38.22% $54.89

$838.60 $750.40 $159.80 $132.00 $86.56 $20.30 $9.28 $39.64 56.52% $37.64

$547.40 $443.70 $48.70 -$4.94 -$25.20 -$37.40 -$19.93 $78.46 NA -$83.73

$314.90 $327.30 $45.60 $57.80 $33.00 $8.90 $46.40 $16.03 189.20% -$29.43

$0.00 $0.00 $0.00 $0.00 -$31.40 $0.00 $0.00 -$0.76 NA -$30.64

$469.00 $459.50 $96.10 $99.40 $61.55 -$13.80 $20.41 $23.27 70.96% $17.87

$925.30 $930.30 $43.60 $43.60 $25.00 $38.50 -$60.40 $14.15 -185.00% $71.25

$330.20 $307.50 $15.00 $5.15 -$10.20 $33.54 $4.29 -$12.69 NA -$1.81

$1,116.90 $1,048.50 -$18.40 $43.70 $39.90 $30.50 $70.29 $32.30 257.12% -$62.69

$158.30 $159.60 $12.30 $21.10 $16.46 $2.53 -$8.05 $40.87 199.36% -$16.36

$1,559.00 $2,436.30 $220.90 $212.30 $79.58 -$830.60 $86.30 $725.10 1019.54% -$731.82

$1,244.40 $1,206.90 $205.20 $174.70 $73.35 $19.20 $14.60 $136.00 205.33% -$77.26

$440.20 $428.80 $84.40 $89.20 $56.07 -$37.00 $20.13 $21.91 74.97% $14.03

$0.00 $5.28 $4.19 $148.20 $144.40 $0.00 $0.00 -$2.14 -1.48% $146.54

$341.40 $401.10 $214.80 $232.50 $142.97 $0.00 $0.00 -$29.66 -20.75% $172.63

$2,258.50 $2,473.40 $1,288.10 $1,441.50 $862.74 -$393.45 $1,300.40 $691.48 230.88% -$1,129.14

$213.40 $190.90 $34.70 $37.40 $16.65 $7.21 -$2.75 $10.20 44.73% $9.20

Trailing Revenues

Trailing EBITDA

Net Debt issued (Debt

issue - repaid)

Change in non-cash Working capital

Reinvestment Rate

Page 38: Brazil (Damodaran.jan.13)

$1,737.90 $1,787.50 $295.60 $298.00 $172.00 -$134.10 $173.00 $120.60 170.69% -$121.60

$1,314.90 $1,333.30 $210.80 $197.10 $100.10 -$67.60 $150.90 $25.80 176.52% -$76.60

$24,711.70 $24,186.60 $0.00 $0.00 $0.00 -$11,235.80 $0.00 $10,446.00 NA -$10,446.00

$2,199.30 $1,834.30 $25.10 -$24.00 -$61.70 -$15.70 $264.90 $272.60 NA -$599.20

$669.10 $710.50 $166.60 $118.40 $79.96 $0.00 -$45.60 $16.69 -36.15% $108.87

$1,464.70 $2,459.20 $81.70 $127.00 $69.78 $4.30 $89.67 -$73.30 23.46% $53.41

$537.00 $1,083.30 $26.20 $66.40 $31.59 -$114.10 $110.82 $227.12 1069.73% -$306.35

$616.30 $647.90 $67.60 $85.60 $60.40 -$109.20 $71.40 $169.50 398.84% -$180.50

$394.20 $609.30 $40.00 $128.70 $95.81 -$254.40 $39.72 $518.60 582.73% -$462.51

$661.20 $784.80 $74.40 $103.20 $73.90 $121.20 $78.07 $224.30 409.16% -$228.47

$6,849.50 $6,991.90 $2,064.30 $1,997.80 $978.86 -$970.20 $123.70 $2,136.70 230.92% -$1,281.54

$5,278.00 $4,847.40 $1,125.30 $550.70 $200.52 -$174.40 $131.79 -$185.80 -26.93% $254.53

$2,898.70 $2,811.70 $836.90 $634.80 $352.86 -$300.70 $221.10 $521.92 210.57% -$390.16

$1,777.50 $1,751.40 $404.20 $395.40 $179.94 -$33.70 $79.04 $229.40 171.41% -$128.49

$1,062.80 $1,166.20 $302.40 $296.60 $203.36 -$137.50 $114.06 $177.13 143.19% -$87.83

$1,026.10 $1,102.40 $267.00 $264.50 $180.60 -$138.30 $65.46 $136.80 111.99% -$21.66

$409.20 $372.00 $162.10 $155.90 $99.14 $93.60 $5.27 $10.64 16.05% $83.23

$3,726.70 $3,576.50 $666.40 $675.00 $403.56 -$610.20 $216.08 $483.70 173.40% -$296.22

$1,088.50 $1,058.20 $88.90 $24.90 -$13.90 $2.50 -$37.40 $52.40 NA -$28.90

$0.00 $0.00 $0.00 $0.00 -$0.26 $0.00 -$0.01 $45.70 NA -$45.95

$0.00 $0.00 -$1.03 -$2.73 -$2.60 $0.00 $0.01 -$7.49 NA $4.88

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 NA $0.00

$0.00 $0.00 $0.00 $0.00 -$0.19 $0.00 $0.00 $0.00 NA -$0.19

$2,524.30 $2,556.60 $190.20 $115.40 $90.60 $30.50 $240.90 $19.90 287.85% -$170.20

$15.70 $22.90 -$1.37 -$0.33 -$0.95 -$0.68 $2.04 $2.11 NA -$5.09

$795.60 $851.40 $115.90 $156.10 $125.36 $91.10 $86.80 -$151.00 -51.21% $189.56

$820.60 $765.30 -$67.90 -$22.30 -$76.10 -$55.00 -$23.74 $34.28 NA -$86.64

$364.30 $397.10 $62.80 $65.20 $45.15 -$9.60 $33.61 $21.34 121.69% -$9.80

$1,594.00 $1,588.90 $324.70 $352.20 $176.00 -$80.60 $108.00 $392.60 284.44% -$324.60

$3,444.80 $3,632.60 $143.80 $94.70 $59.50 -$170.70 $509.00 $54.35 946.81% -$503.85

$243.10 $193.30 $54.50 $12.30 -$36.00 -$4.70 -$6.78 $31.00 NA -$60.22

Page 39: Brazil (Damodaran.jan.13)

$1.29 $1.21 $0.00 $0.00 -$1.15 $0.00 -$0.32 $0.00 NA -$0.84

$1,507.80 $1,565.70 $41.90 $49.50 $35.76 -$25.33 $123.36 $10.15 373.38% -$97.75

$1,169.80 $1,105.40 $269.60 $207.00 $95.11 -$29.00 $24.69 $104.42 135.74% -$34.00

$604.10 $716.90 $120.90 $156.10 $85.76 -$203.80 $76.09 $212.40 336.40% -$202.73

$245.60 $257.70 $40.00 $39.80 $24.33 $9.20 $32.91 $57.00 369.51% -$65.58

$2,755.20 $2,693.30 $1,405.30 $1,415.10 $806.48 -$196.60 $18.30 $227.60 30.49% $560.58

$980.60 $1,073.80 $513.10 $529.40 $264.47 -$229.20 $25.80 $550.38 217.86% -$311.71

$373.20 $411.80 $159.00 $153.60 $43.55 -$480.10 $55.00 $244.25 687.14% -$255.70

$755.50 $784.40 $75.10 $24.40 -$11.00 $187.50 -$67.02 -$28.96 NA $84.98

$158.10 $139.90 $43.20 $32.10 $19.91 -$0.86 $3.91 $8.66 63.13% $7.34

$11,278.10 $11,011.00 $560.80 $582.40 $306.16 $16.80 $135.00 $57.00 62.71% $114.16

$3,287.80 $3,119.50 $444.70 $415.60 $350.84 $282.80 -$76.30 $48.66 -7.88% $378.48

$3,690.60 $2,874.30 $551.40 -$3.26 -$68.70 -$628.60 $714.16 -$23.20 NA -$759.66

$2,154.60 $2,171.60 $453.20 $350.60 $312.50 -$457.50 $541.50 $67.00 194.72% -$296.00

$1,648.60 $1,677.20 $219.90 $291.00 $215.26 -$59.20 $220.70 -$53.92 77.48% $48.48

$1,577.90 $1,665.80 -$228.50 -$94.20 -$123.60 -$288.10 -$493.20 $137.70 NA $231.90

$2,000.10 $1,565.50 $356.80 $26.10 -$7.35 -$402.60 $304.70 -$55.06 NA -$256.99

$1,024.10 $1,047.30 $153.00 $151.50 $114.67 -$14.70 $131.50 $51.28 159.39% -$68.11

$632.40 $693.80 $137.50 $159.80 $126.47 -$88.00 $320.50 $16.69 266.61% -$210.72

$830.10 $664.80 $113.60 $4.13 -$4.67 -$54.40 $179.86 $40.60 NA -$225.13

$400.70 $432.00 $32.90 $68.40 $51.83 $184.10 -$19.64 -$75.26 -183.11% $146.73

$399.30 $399.80 $156.00 $160.80 $149.25 -$48.60 $230.17 $18.13 166.36% -$99.05

$419.80 $326.80 $17.00 $31.90 $14.45 $117.20 -$65.37 $0.10 -451.68% $79.72

$390.40 $235.90 -$21.10 -$125.40 -$131.90 $82.40 -$62.33 -$59.34 NA -$10.23

$105.00 $99.00 $14.80 $10.60 $9.36 $22.60 -$32.07 $0.60 -336.24% $40.83

$575.40 $649.60 $101.00 $108.70 $89.26 -$205.60 $97.95 $11.63 122.77% -$20.32

$100.30 $111.00 $22.20 $25.50 $6.70 -$45.20 $3.83 $67.54 1065.19% -$64.67

$195.20 $179.40 $13.40 $16.60 $10.70 $17.96 $8.79 $4.23 121.67% -$2.32

$2,321.90 $2,334.00 $1,539.90 $1,531.30 $893.56 $184.50 $18.00 $168.25 20.84% $707.31

$1,012.10 $1,063.40 $788.30 $816.00 $493.05 $0.13 -$2.24 -$16.60 -3.82% $511.89

$11.10 $11.40 $5.60 $6.15 $4.66 $0.00 $0.23 $1.47 36.31% $2.97

$90.30 $156.00 -$160.90 -$173.30 -$178.40 -$269.80 $107.30 $979.01 NA -$1,264.71

Page 40: Brazil (Damodaran.jan.13)

$509.40 $362.20 $33.00 $12.80 -$7.35 -$6.00 -$15.20 $9.32 NA -$1.47

$2,784.80 $2,943.90 $457.80 $477.00 $294.86 $190.40 $407.40 $297.80 239.16% -$410.34

$405.30 $346.50 $26.30 $9.61 -$0.66 $26.50 $27.63 $30.09 NA -$58.38

$338.60 $280.30 $8.98 -$21.40 -$38.50 $65.90 -$20.86 $27.14 NA -$44.78

$226.50 $204.60 $28.40 $24.00 $18.50 $22.20 $1.46 $18.46 107.70% -$1.43

$78.00 $99.90 $51.30 $57.70 $41.99 -$0.44 $14.76 -$10.00 11.34% $37.22

$0.00 $0.00 $0.00 $0.00 -$0.19 $0.00 $0.00 $0.00 NA -$0.20

$2,271.10 $2,166.40 $137.50 $92.00 $81.80 -$253.00 -$76.00 $366.40 355.01% -$208.60

$5.98 $5.53 $0.70 $0.94 $0.08 $0.10 $0.14 $0.55 929.33% -$0.62

$18.60 $17.00 $1.07 $0.42 $0.20 $0.00 -$0.28 -$3.11 -1676.99% $3.59

$4,834.50 $4,977.80 $273.60 $159.90 $87.30 -$3.40 $0.00 $267.50 306.41% -$180.20

$553.60 $562.00 $25.20 $30.20 $15.83 -$9.68 $24.78 -$12.28 78.99% $3.33

$480.10 $489.70 $112.10 $113.20 $79.58 $0.00 $7.18 $5.89 16.42% $66.51

$362.80 $418.00 $77.10 $121.60 $23.33 $29.80 $11.10 $195.15 884.09% -$182.92

$8.40 $32.40 -$67.50 -$45.40 -$51.90 -$526.20 $0.84 $333.30 NA -$386.04

$327.20 $328.20 $52.30 $50.40 $31.00 $9.60 $17.75 $12.78 98.48% $0.47

$5,926.70 $5,863.70 $612.00 $556.60 $359.77 $0.00 $73.10 $189.10 72.88% $97.57

$290.90 $283.00 $29.40 -$2.08 -$17.90 $41.90 $13.63 $32.60 NA -$64.13

$77.40 $177.20 -$60.10 $7.32 -$18.70 -$1,598.20 $321.00 $2,007.59 NA -$2,347.29

$155.10 $211.40 $48.50 $98.30 $1.24 $91.70 $28.68 $21.01 4003.70% -$48.45

$5.33 $2.67 -$262.60 -$277.80 -$297.40 -$1.59 -$12.40 -$152.00 NA -$133.00

$0.00 $74.20 -$261.60 -$232.90 -$588.10 -$1,249.20 $149.95 $1,573.35 NA -$2,311.40

$13,216.80 $12,436.00 $1,172.90 $1,014.40 $441.06 $344.80 $145.98 $985.90 256.63% -$690.82

$474.00 $432.30 $9.39 $24.60 -$0.64 $120.80 -$61.82 $20.74 NA $40.44

$205.60 $188.30 $156.60 $132.10 $95.08 $0.00 $0.00 $9.14 9.61% $85.94

$33,161.70 $34,843.20 $1,625.20 $2,011.10 $799.15 $144.90 $875.30 $687.49 195.56% -$763.64

$13,794.60 $13,523.10 $1,605.00 $1,082.70 $372.15 -$195.40 $848.30 $1,264.20 567.65% -$1,740.35

$11,744.00 $11,534.90 $858.60 $860.80 $476.50 $562.40 $484.40 $211.20 145.98% -$219.10

$1,562.10 $1,665.00 $258.70 $298.50 $234.28 -$13.80 $37.13 $179.11 92.30% $18.04

$749.80 $727.20 $302.00 $291.30 $73.91 -$303.10 -$6.40 $305.50 404.66% -$225.19

$659.80 $639.00 $0.00 $0.00 $25.97 $0.00 $0.00 $0.00 0.00% $25.97

Page 41: Brazil (Damodaran.jan.13)

$97.60 $141.30 $0.49 -$14.00 -$17.00 $2.51 $33.85 $2.42 NA -$53.27

$28.20 $25.40 $0.33 -$4.49 -$8.42 $0.15 -$2.79 $1.50 NA -$7.13

$2,134.10 $2,099.90 $175.90 $219.80 $195.40 -$133.40 $105.70 $99.16 104.84% -$9.46

$3,141.60 $2,815.60 $1,044.40 $912.30 -$10.50 $684.30 -$125.79 $790.00 NA -$674.71

$258.40 $240.90 $52.90 $50.20 $21.60 $14.10 $6.01 $16.16 102.65% -$0.57

$3,000.50 $3,023.10 $734.60 $740.70 $457.63 -$453.40 $150.24 $663.00 177.71% -$355.61

$1,784.10 $1,815.90 $157.60 $152.70 $54.20 $604.10 $122.60 $16.10 255.90% -$84.50

$1,702.80 $1,703.60 $844.70 $817.80 $606.60 $112.20 $70.69 $460.43 87.56% $75.48

$346.10 $354.90 $56.60 $26.10 $13.28 -$143.70 $168.90 $69.78 1797.04% -$225.40

$462.30 $517.60 $363.20 $415.20 $281.68 -$385.70 $65.02 $558.08 221.21% -$341.42

$362.90 $450.20 $245.60 $286.00 $190.71 -$392.20 $44.00 $422.85 244.79% -$276.14

$488.00 $453.50 $149.90 $147.90 $112.67 -$187.80 $193.24 $166.10 318.94% -$246.67

$184.70 $326.60 $108.40 $195.60 $142.69 $60.70 $0.75 $113.90 80.35% $28.04

$176.80 $190.60 $109.30 $172.30 $136.61 -$193.30 $10.99 $255.60 195.15% -$129.98

$136.10 $150.40 $87.10 $99.10 $64.24 -$406.40 $4.48 $462.94 727.61% -$403.18

$121.80 $124.10 $93.90 $98.60 $74.72 -$195.60 $7.05 $170.66 237.83% -$102.99

$73.70 $81.70 $49.40 $54.70 $47.00 -$199.50 $16.98 $233.54 533.02% -$203.52

$232.00 $216.30 $87.70 $80.50 $45.89 $0.69 $18.19 $11.69 65.10% $16.02

$218.80 $193.90 $82.60 $62.50 $38.35 $0.00 -$2.56 $106.72 271.58% -$65.81

$444.10 $425.50 $0.00 $0.00 $0.00 $0.00 $0.00 $312.50 NA -$312.50

$342.50 $326.80 $0.00 $0.00 $0.00 $0.00 $0.00 $18.97 NA -$18.97

$482.20 $540.30 $48.50 $55.60 $12.15 $16.66 $11.95 $6.40 151.08% -$6.20

$121.70 $116.40 $16.90 $15.40 $9.76 -$5.76 -$4.95 $9.85 50.23% $4.86

$1,022.10 $1,002.60 $676.10 $698.30 $402.30 $0.05 $0.46 $27.70 7.00% $374.14

$8,864.80 $8,106.00 $3,301.60 $2,191.80 $1,628.00 -$652.10 $159.20 $2,122.80 140.17% -$654.00

$555.80 $436.20 $113.20 $43.50 $27.90 -$458.30 $10.80 $551.87 2016.74% -$534.77

$42.80 $0.00 $33.70 -$8.41 -$8.47 $2.76 $0.08 $2.19 NA -$10.73

Page 42: Brazil (Damodaran.jan.13)

$686.40 $683.10 $156.60 $167.30 $102.12 $32.00 $35.37 -$23.08 12.03% $89.83

$282.60 $295.00 $46.20 $54.30 $25.11 $97.80 -$13.83 $41.89 111.72% -$2.94

$2,978.40 $2,953.70 $1,245.40 $1,236.90 $822.74 $55.70 $114.50 $132.20 29.99% $576.04

$363.60 $406.60 $130.00 $171.10 $84.24 -$148.90 $31.17 $148.21 212.94% -$95.14

$1,565.90 $1,547.70 $439.00 $424.00 $168.70 $98.50 $37.87 $44.30 48.71% $86.53

$810.00 $857.40 $107.40 $98.30 $61.26 -$5.20 $52.96 $144.28 321.96% -$135.98

$209.60 $210.50 $81.40 $72.80 $37.40 -$4.10 -$37.80 $56.46 49.89% $18.74

$1,292.30 $1,787.80 $242.60 $300.60 $100.70 $90.10 $4.20 $172.38 175.36% -$75.88

$5,334.90 $5,163.40 $1,778.00 $1,775.90 $1,085.43 $248.90 $181.34 $1,049.40 113.39% -$145.31

$1,730.60 $1,654.30 $575.40 $478.40 $285.02 -$239.50 $30.82 $383.28 145.29% -$129.08

$289.30 $291.60 $65.50 $91.20 $63.50 $6.80 $4.05 $388.00 617.41% -$328.55

$9,168.80 $9,081.70 $2,571.90 $2,501.30 $801.43 $213.10 $760.80 $2,354.16 388.67% -$2,313.53

Page 43: Brazil (Damodaran.jan.13)

FCFE Dividends-$412.10 $1,548.00 $2,594.00 $1,985.80 $3,265.70 -$23.60

-$42.04 $316.60 $306.70 $273.90 $292.60 $0.00

-$152.23 $1,038.60 $1,383.20 $951.60 $1,402.70 -$30.40

-$10.40 $314.80 $632.30 $264.90 $739.80 -$0.03

$96.59 $343.30 $254.84 $394.50 $246.80 -$68.10

-$31.13 $1,169.90 $1,452.65 $1,197.10 $1,455.90 -$16.90

$10.30 $87.80 $108.30 $97.90 $224.90 -$4.92

$11.35 $179.70 $84.90 $195.70 $108.00 -$7.97

-$6.94 $615.00 $773.15 $674.30 $702.26 -$16.00

-$137.18 $588.70 $1,155.70 $588.50 $1,252.90 -$41.60

-$53.16 $784.80 $797.10 $696.80 $518.60 -$117.70

$14.28 $615.00 $362.90 $622.00 $373.50 -$45.70

-$52.53 $162.50 $402.00 $213.90 $409.78 -$1.27

-$44.93 $39.50 $100.53 $61.10 $107.53 $0.00

-$30.54 $0.00 $0.00 $360.90 $335.60 $0.00

$29.32 $261.90 $197.50 $253.30 $211.70 -$37.60

-$11.15 $111.00 $428.70 $88.20 $325.00 $0.00

-$56.85 $77.50 $234.10 $88.70 $218.30 $0.00

-$100.49 $309.00 $379.86 $314.90 $446.42 -$11.00

-$24.15 $184.60 $91.20 $180.30 $79.60 -$0.86

$56.20 $517.90 $843.00 $538.80 $1,425.60 -$42.80

-$128.00 $1,430.90 $702.60 $1,411.30 $796.70 -$4.63

$52.06 $228.60 $224.90 $230.60 $232.26 -$36.30

$131.94 -$253.70 -$43.50 $21.50 $267.60 $0.00

$75.96 $337.40 $509.30 $342.70 $562.61 -$12.00

-$511.03 $656.40 $462.00 $1,020.20 $664.00 -$696.10

-$1.26 $83.50 $94.90 $82.50 $83.30 -$3.17

Book Value of Equity - 4

qtrs ago

Invested Capital - 4 qtre ago

Current Book Value

of Equity

Current Invested Capital

Page 44: Brazil (Damodaran.jan.13)

$1.40 $576.20 $621.50 $576.10 $878.10 -$124.60

-$35.00 $459.30 $771.98 $486.70 $840.70 -$11.70

$6,308.20 $30,314.50 $182,170.60 $31,556.50 $197,689.90 -$657.20

-$673.70 $931.00 $1,279.50 $698.90 $1,030.20 $0.00

$148.21 $140.20 $118.40 $119.00 $118.61 -$117.80

$33.83 $341.90 $270.60 $1,110.10 $682.10 -$18.70

-$216.44 $434.00 $114.40 $764.70 $139.00 -$0.64

-$83.90 $341.90 $261.60 $352.80 $389.31 -$8.20

-$219.82 $659.10 $360.02 $1,114.80 $311.70 $0.00

-$372.07 $1,076.10 $438.90 $1,078.10 $552.70 -$0.19

-$616.80 $3,630.70 $8,334.24 $4,036.80 $10,948.39 -$696.10

$331.01 $996.70 $2,192.70 $2,168.20 $3,556.30 -$200.30

-$308.02 $2,567.60 $3,817.30 $3,236.10 $4,856.20 -$252.40

-$167.34 $939.80 $1,660.30 $898.90 $1,599.10 -$25.20

-$63.29 $499.40 $1,073.60 $721.00 $1,255.10 -$6.19

$75.64 $519.00 $1,051.50 $567.30 $1,059.10 $0.00

$14.69 $1,292.90 $1,474.50 $1,272.80 $1,352.80 $0.00

$89.92 $1,793.20 $3,500.00 $1,591.20 $3,384.20 $0.00

-$118.90 $903.50 $1,158.70 $629.00 $819.60 $0.00

-$26.39 $234.40 $234.20 $214.00 $213.52 $0.00

$13.72 $103.00 $65.00 $84.30 $52.80 -$13.80

$0.00 $0.00 $0.00 $0.00 $0.00 $0.00

$1.42 $11.00 $9.30 $10.20 $8.52 -$1.02

-$294.20 $231.50 $637.10 $208.40 $558.80 $0.00

$0.52 $2.59 $9.49 $17.60 $23.67 $0.00

$161.40 $938.00 $1,024.76 $924.20 $922.61 -$97.60

-$153.34 $206.70 $581.40 $41.30 $457.36 $0.00

-$0.05 $200.90 $216.94 $212.80 $236.38 -$3.21

-$228.40 $1,959.30 $2,482.30 $1,942.30 $2,516.20 -$68.80

-$409.05 $344.80 $711.50 $298.10 $798.60 -$1.36

-$88.32 $271.50 $417.20 $203.00 $448.70 $0.00

Page 45: Brazil (Damodaran.jan.13)

-$0.94 $0.45 $0.44 -$0.79 -$0.78 $0.00

-$87.78 $289.80 $352.15 $286.10 $380.15 -$2.28

-$48.31 $1,365.10 $610.00 $1,293.30 $766.20 -$31.10

-$32.39 $876.30 $224.20 $839.30 $359.60 -$14.10

-$86.51 $162.30 $218.20 $157.80 $190.60 -$1.92

$504.20 $1,569.30 $4,035.70 $1,482.90 $3,842.40 -$44.80

-$152.88 $1,034.50 $1,454.10 $1,053.80 $2,105.20 -$100.90

$195.45 $729.50 $1,079.40 $660.90 $1,289.50 -$25.00

-$232.82 $761.00 $1,097.60 $628.80 $902.10 -$0.14

$11.39 $0.00 $0.00 $109.70 $101.29 -$64.60

-$103.00 $1,359.80 $3,158.30 $1,360.80 $3,106.40 $0.00

$36.44 $2,428.50 $4,835.30 $2,638.00 $4,706.05 -$58.20

-$266.16 $3,591.10 $6,128.80 $3,373.60 $5,762.70 -$13.90

$154.90 $1,829.70 $2,623.55 $2,007.30 $3,045.81 -$46.10

$82.72 $1,498.90 $2,734.80 $1,025.70 $2,784.00 -$39.70

$228.10 $2,062.80 $3,583.60 $1,364.60 $2,947.10 -$48.60

$18.46 $1,647.90 $2,730.90 $1,307.60 $2,916.50 -$37.30

-$66.18 $847.60 $1,540.70 $869.70 $1,539.00 -$26.40

-$120.99 $463.50 $725.70 $554.90 $909.70 -$34.90

-$213.96 $860.40 $1,401.85 $759.10 $1,468.57 -$27.00

-$45.60 $384.00 $741.19 $385.30 $568.09 -$8.12

-$28.60 $744.50 $632.20 $822.40 $863.80 -$38.50

-$42.94 $248.10 $739.50 $238.00 $577.70 -$4.58

-$143.43 $607.50 $1,306.41 $370.50 $1,045.50 $0.00

$10.59 $211.20 $340.71 $206.30 $305.16 -$1.38

$192.92 $620.50 $671.20 $685.60 $846.30 -$21.00

-$29.37 $388.70 $483.97 $372.70 $482.75 $0.00

-$43.18 $37.20 $137.83 $22.90 $104.52 $0.00

$375.25 $2,833.00 $4,250.04 $2,611.70 $4,092.02 -$1,022.70

$502.31 $1,060.60 $1,564.80 $938.30 $1,400.85 -$512.10

$3.25 $23.20 $17.97 $22.60 $20.06 -$6.10

-$1,116.11 $820.40 $2,779.16 $1,361.70 $3,683.08 -$1.12

Page 46: Brazil (Damodaran.jan.13)

-$33.42 -$6.46 $243.85 -$51.10 $192.05 $0.00

-$585.90 $1,947.10 $3,586.40 $1,971.10 $3,091.00 -$157.40

-$72.12 $129.20 $253.60 $139.10 $266.30 $0.00

-$97.38 $375.10 $819.21 $314.70 $705.00 -$5.02

-$28.22 $150.90 $173.20 $151.70 $170.50 $0.00

$45.57 $238.50 $235.47 $238.50 $116.45 -$42.80

-$0.25 -$11.60 -$11.60 -$10.90 -$10.90 $0.00

-$114.10 $629.00 $1,619.46 $498.30 $1,680.90 $0.00

-$1.30 $3.22 $4.09 $2.59 $3.26 $0.00

$9.25 $111.20 $16.00 $98.20 $16.80 -$14.40

-$300.20 $819.20 $450.20 $701.50 $622.70 -$24.60

$11.97 $163.20 $141.35 $126.60 $117.61 $0.00

$62.73 $399.70 $129.00 $348.10 $101.98 -$76.70

-$213.85 $1,038.70 $510.30 $984.20 $347.50 $0.00

$174.66 $484.60 $722.20 $459.90 $1,165.10 $0.00

-$10.73 $169.30 $20.10 $190.90 $75.70 -$3.00

$44.30 $2,530.90 $2,389.70 $2,449.10 $1,804.80 -$27.20

-$273.23 $36.20 $424.80 -$5.96 $448.44 $0.00

-$720.29 $1,363.20 $1,004.60 $1,400.10 $3,008.40 $0.00

-$112.39 $1,159.50 $707.80 $1,078.10 $647.20 $0.00

$31.49 $2,129.30 $1,868.30 $1,832.40 $1,623.49 $0.00

-$1,058.80 $4,903.40 $4,211.30 $3,949.30 $5,420.30 $0.00

-$1,225.88 $4,761.00 $5,232.90 $5,566.30 $5,910.50 $0.00

-$172.42 $760.30 $804.40 $599.90 $729.74 $0.00

$12.56 $346.90 $1,419.72 $337.30 $1,813.84 -$2.80

-$1,373.89 $11,282.50 $12,613.30 $10,595.40 $13,007.10 $0.00

-$1,734.20 $7,642.30 $9,514.00 $6,992.20 $9,127.80 -$216.50

-$1,296.50 $3,159.80 $6,957.00 $1,738.80 $7,831.00 -$7.32

$19.16 $1,067.80 $950.00 $1,153.50 $1,053.80 -$41.40

$49.70 $1,072.50 $1,452.60 $1,001.10 $1,518.40 -$17.80

$20.00 $0.00 $0.00 $599.30 $190.50 $0.00

Page 47: Brazil (Damodaran.jan.13)

-$55.98 $10.10 $42.56 -$2.03 $39.35 $0.00

-$11.06 $27.30 $75.46 $14.20 $58.06 $0.00

-$150.16 $386.10 $984.00 $285.40 $1,151.10 -$3.23

-$1,895.51 $8,017.70 $11,664.80 $7,456.10 $10,450.20 $0.00

-$32.26 $250.00 $410.10 $214.00 $368.30 -$11.80

$80.56 $515.20 $939.30 $517.10 $1,547.50 -$179.30

-$679.40 $3,556.70 $1,909.80 $3,317.90 $1,552.60 $0.00

-$532.42 $2,185.60 $4,392.40 $2,145.20 $4,627.70 -$26.90

-$80.78 $201.10 $541.17 $331.80 $771.92 -$2.46

$237.60 $3,439.70 $4,968.77 $3,863.80 $5,888.64 -$24.00

$106.35 $1,657.70 $1,451.70 $1,579.70 $1,941.70 $0.00

-$80.24 $620.90 $798.20 $635.80 $1,060.60 $0.00

-$62.45 $382.50 $710.30 $449.10 $816.60 -$13.30

$55.61 $847.30 $881.00 $876.40 $1,080.50 -$27.10

-$7.22 $0.00 $0.00 $717.60 $1,051.80 -$12.60

$120.39 $1,027.90 $969.70 $1,305.70 $1,388.40 -$12.00

-$94.02 $182.50 $437.10 $123.60 $689.20 $0.00

$35.04 $211.80 $9.40 $294.70 $114.50 -$24.00

-$65.46 $376.20 $178.70 $384.30 $130.10 -$25.00

-$243.00 $1,057.90 $1,156.30 $996.60 $988.60 -$46.00

$24.33 $436.90 $2,096.60 $419.70 $501.40 $0.00

-$24.51 $438.90 $265.40 $427.10 $210.50 $0.00

$8.17 $21.60 $13.70 $28.70 $23.87 $0.00

$487.69 $10,389.50 $2,267.80 $9,660.50 $2,442.40 -$452.70

-$1,590.60 $4,484.80 $10,719.20 $4,154.30 $11,468.80 -$590.60

-$288.67 $1,559.40 $1,585.30 $1,231.50 $2,057.30 $0.00

-$32.72 $19.70 $20.80 -$7.17 $4.13 $0.00

Page 48: Brazil (Damodaran.jan.13)

$54.11 $389.80 $335.60 $439.50 $286.10 -$48.90

-$106.96 $376.80 $526.80 $343.50 $548.70 -$19.50

$519.70 $923.40 $792.10 $998.20 $1,095.10 -$389.90

$38.12 $379.10 $535.40 $410.90 $588.40 -$9.01

-$65.67 $582.60 $1,327.07 $618.40 $1,268.98 -$12.90

-$145.24 $226.00 $244.30 $204.30 $234.90 -$32.00

-$15.63 $83.20 $389.10 $145.70 $451.70 -$3.40

-$230.08 $449.20 $1,254.20 $468.60 $1,533.80 -$1.12

-$672.54 $5,576.90 $9,033.00 $5,614.00 $8,965.60 -$264.70

$52.30 $2,404.30 $3,550.30 $2,418.00 $3,637.90 -$71.60

-$389.03 $542.80 $725.97 $629.90 $786.19 -$1.20

-$2,667.26 $6,026.60 $6,583.10 $6,729.40 $6,717.40 -$255.80