Company Name
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APPLE COMPUTER INC
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Forecast Horizon
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10 Years
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TERM
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Estimated Price/Share=$42.80
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YEAR
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Actual
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Actual
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Actual
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Actual
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Actual
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Forecast
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Fiscal Year End Date
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9/30/2001
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9/30/2002
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9/30/2003
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9/30/2004
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9/30/2005
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9/30/2006
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9/30/2007
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9/30/2008
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9/30/2009
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9/30/2010
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9/30/2011
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9/30/2012
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9/30/2013
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9/30/2014
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9/30/2015
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9/30/2016
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Implied Return on Equity
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0.016
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0.017
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0.059
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0.213
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0.201
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0.056
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0.001
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0.026
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0.069
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0.128
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0.222
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0.267
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0.298
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0.341
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0.387
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Income Statement Assumptions
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Sales Growth
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7.1%
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8.1%
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33.4%
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68.3%
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38.7%
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50.72%
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37.34%
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43.13%
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36.54%
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26.40%
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11.98%
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11.75%
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7.30%
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7.84%
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5.0%
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Cost of Goods Sold/Sales
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75.1%
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70.0%
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70.7%
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70.9%
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69.7%
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71.0%
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70.5%
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70.1%
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69.6%
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69.1%
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68.7%
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68.2%
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67.7%
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67.2%
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66.8%
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66.3%
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R&D/Sales
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8.0%
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7.8%
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7.6%
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5.9%
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3.8%
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3.7%
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8.0%
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7.5%
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7.1%
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6.0%
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5.6%
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4.0%
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4.0%
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3.9%
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3.9%
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3.8%
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SG&A/Sales
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21.2%
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19.3%
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19.5%
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17.2%
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13.3%
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12.6%
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18.0%
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22.2%
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21.1%
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20.0%
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18.0%
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15.0%
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14.0%
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13.8%
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13.6%
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13.3%
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Dep&Amort/Avge PP&E and Intang.
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18.1%
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14.9%
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19.0%
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20.9%
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18.9%
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19.1%
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19.3%
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19.5%
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19.7%
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19.9%
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20.1%
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20.3%
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20.5%
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20.7%
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20.9%
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Interest Expense/Avge Debt
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Non-Operating Income/Sales
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5.5%
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0.7%
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1.1%
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0.4%
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1.2%
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1.9%
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1.5%
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1.6%
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1.5%
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1.5%
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1.4%
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1.4%
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1.3%
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1.3%
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1.2%
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1.2%
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Effective Tax Rate
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28.8%
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25.3%
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26.1%
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27.9%
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26.4%
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29.0%
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30.0%
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29.4%
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28.9%
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28.3%
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27.8%
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27.2%
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26.7%
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26.1%
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25.6%
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25.0%
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Minority Interest/After Tax Income
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Other Income/Sales
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0.2%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Ext. Items & Disc. Ops./Sales
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Pref. Dividends/Avge Pref. Stock
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Balance Sheet Assumptions:
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Working Capital Assumptions
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Ending Operating Cash/Sales
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80.9%
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75.5%
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73.6%
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66.0%
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59.3%
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52.3%
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55.0%
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52.2%
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49.4%
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46.7%
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43.9%
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41.1%
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38.3%
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35.6%
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32.8%
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30.0%
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Ending Receivables/Sales
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8.7%
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9.8%
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12.3%
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9.3%
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6.4%
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6.5%
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7.2%
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8.5%
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9.3%
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8.8%
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8.4%
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7.9%
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7.4%
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6.9%
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6.5%
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6.0%
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Ending Inventories/COGS
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0.3%
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1.1%
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1.3%
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1.7%
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1.7%
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2.0%
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1.8%
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1.8%
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2.0%
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2.0%
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2.0%
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2.0%
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2.0%
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2.0%
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2.0%
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2.0%
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Ending Other Current Assets/Sales
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6.2%
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7.7%
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8.0%
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8.6%
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7.0%
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14.9%
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14.1%
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13.3%
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12.5%
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11.8%
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11.0%
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10.2%
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9.4%
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8.6%
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7.8%
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7.0%
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Ending Accounts Payable/COGS
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19.9%
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22.7%
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26.3%
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24.7%
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18.3%
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18.3%
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24.0%
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22.0%
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20.0%
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18.0%
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16.8%
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15.7%
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14.5%
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13.3%
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12.2%
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11.0%
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Ending Taxes Payable/Sales
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Ending Other Current Liabs/Sales
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13.4%
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13.0%
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14.5%
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14.8%
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12.2%
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16.0%
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15.6%
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15.2%
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14.9%
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14.5%
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14.1%
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13.7%
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13.4%
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13.0%
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12.6%
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12.2%
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Other Operating Asset Assumptions
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Ending Net PP&E/Sales
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10.5%
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10.8%
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10.8%
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8.5%
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5.9%
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6.6%
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8.0%
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10.0%
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12.0%
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8.0%
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6.0%
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6.0%
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6.0%
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6.0%
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6.0%
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6.0%
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Ending Investments/Sales
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Ending Intangibles/Sales
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0.0%
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2.1%
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1.8%
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1.2%
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0.7%
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0.9%
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1.0%
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1.2%
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1.8%
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2.0%
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1.8%
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1.6%
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1.3%
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1.1%
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0.9%
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0.7%
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Ending Other Assets/Sales
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5.9%
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3.0%
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2.4%
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2.3%
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2.4%
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6.4%
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5.0%
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3.0%
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2.9%
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2.9%
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2.8%
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2.7%
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2.6%
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2.6%
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2.5%
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2.4%
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Other Operating Liability Assumptions
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Other Liabilities/Sales
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Deferred Taxes/Sales
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5.0%
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4.0%
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3.8%
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3.6%
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4.3%
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3.8%
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5.0%
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6.0%
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4.0%
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3.8%
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3.7%
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3.5%
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3.4%
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3.3%
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3.1%
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3.0%
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Financing Assumptions
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Current Debt/Total Assets
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0.0%
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0.0%
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4.5%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Long-Term Debt/Total Assets
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5.3%
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5.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Minority Interest/Total Assets
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Preferred Stock/Total Assets
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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Dividend Payout Ratio
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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0.0%
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