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Price-Implied Expectations (PIE) Inputs
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Operating Value Drivers:
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Revenue growth rate21.56%
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Starting Revenue $ 433.34
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Net Operating Profit Before Tax (NOPBT) Margin
57.63%
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 Starting NOPBT Margin 57.63%
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Incremental fixed capital investment rate139.46%
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Incremental working capital investment rate7.57%
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Other Value Determinants:
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Cash Operating Tax Rate44.35%
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WACC7.18%
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Market Valuation Metrics:
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 Share price $ 18.58
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Shares Outstanding (thousands) 58,266.31
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Market Value of Equity (millions) $ 1,082.59
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Debt & Other Liabilities, i.e. Fair Value of Total Debt, inc. operating leases; Fair Value of Preferred Capital; Net Deferred Tax Liability; Fair Value of Minority Interests; Value of Outstanding ESO After-Tax; &
Pensions Net Funded Status.
 $ 1,280.76
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Non-Operating Assets, i.e. Excess Cash, Net Assets from Discontinued Operations, Net Deferred Compensation Assets, and Fair Value of Unconsolidated Subsidiary Assets (non-op)
 $ 24.79
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