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Company's current status

What was the total grossed by your company in the most recent twelve months?

What revenues did your company generate in the most recent twelve months?

What operating profits (losses) did your company report in that twelve-month period?

Overall Market

What is the potential market for Uber?

Based on your potential market choice above, this is the potential market

What effect will Uber have on the size (growth) of the potential market?

Expected annual growth rate (next 10 years) based on your growth rate choice

Company's share of that market

How strong will Uber's network effect be in the potential market?

Expected market share (based upon your network choice)

When do you expect the company to get to this market share?

How strong and sustainable are Uber's competitive advantages

What will the gross receipts will accrue to the company as revenues?

How much incremental revenue do you expect for every dollar of incremental investment?

If direct input of incremental investment, enter the number here

Profitability

What is the expected operating margin (in steady state)?

What is the effective tax rate on your income?

Risk

What cost of capital would you assign to this company, ignoring surivival risk?

If direct input, what is the cost of capital you would like to use initially (first 5 years)?

What cost of capital would you assign to established players in this business?

If direct input, what is the cost of capital you would like to use in steady state (after year 10)?What is the probability that the company will fail sometime in the next 10 years?

What return on capital do you see the company generating in steady state?

General inputs

What is the risk free rate?

What is the statutory tax rate for the country in which the company in incorporated?

Do you want me to use this as the effective tax rate in steady state?

Your narrative for Uber

Uber's potential market is

Uber's effects on growth in the potential market will beWithin this market, Uber will have

Uber's competitive advantages in that market will be

Uber' reinvestment for growth will be

Uber's operating risk will result in a cost of capital that puts it in

Uber's chance of failure (not making it) is

And your resulting valuation of Uber is

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Value of the operating assets =

Imputed multiple of current revenues =

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Potential Market

$3,500.00 A1. Urban car service

$700.00 A2. All car service

$10.00 A3. Logistics

A4. Mobility Services

A2. All car service

$150,000.00 Growth Effect

B3. Increase market by 50% B1. None

7.26% B2. Increase market by 25%

B3. Increase market by 50%

C4. Weak global network effects B4. Double market size

25.00%

10 Network Effects

D3. Semi-strong C1. No network effects

15.00% C2. Weak local network effects

Minimal capital needs, small acquisitions (5.00) C3. Strong local network effects

5.00 C4. Weak global network effects

C5. Strong global network effects

40.00%

30.00% Competitive Advantages

D1. None

Ninth decile of US companies (12%) D2. Weak

D3. Semi-strong

Median of US companies (8%) D4. Strong & Sustainable

10%

90th percentile (ROIC=25%)

2.25%

40.00%

Yes

A2. All car service

B3. Increase market by 50%C4. Weak global network effects

D3. Semi-strong

Minimal capital needs, small acquisitions (5.00)

Ninth decile of US companies (12%)

10%

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$17,404.33

24.86

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Market size (in millions) Description

$100,000 Taxi cabs, limos & car services (urban)

$150,000 + Rental Cars+ Non-urban car service

$205,000 + Moving + Local Delivery

$285,000 + Mass Transit + Car Sharing

Annual growth rate (next 10 years)

3.00% No change in market size

5.32% Increase market size by 25% over 10 years

7.26% Increase market size by 50% over 10 years

10.39% Double market size over 10 years

Market share of potential market

5% Open competition in every market

10% Dominance in a few local markets

15% Dominance in multiple local markets

25% Weak spillover benefits in new markets

40% Strong spillover benefits in new markets

Slice of Gross Receipts

5% Unrestricted entry + No pricing power

10% Unrestricted entry+ Some Pricing Power

15% Unrestricted entry + Pricing Power

20% Restricted entry + Pricing Power

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Base 1 2 3

Overall market $150,000.00 $160,890.00 $172,570.61 $185,099.24

Share of market (gross) 2.33% 4.600% 6.867% 9.133%

Revenues as percent of gross 20.00% 19.50% 19.00% 18.50%

Annual Revenue $700.00 $1,443.18 $2,251.47 $3,127.56

Operating margin 1.43% 5.29% 9.14% 13.00%

Operating Income $10.00 $76.28 $205.85 $406.58

Effective tax rate 30.00% 31.00% 32.00% 33.00%

- Taxes $3.00 $23.65 $65.87 $134.17

After-tax operating income $7.00 $52.63 $139.98 $272.41

Sales/Capital Ratio 5.00 5.00 5.00

- Reinvestment $148.64 $161.66 $175.22

Free Cash Flow to the Firm -$96.00 -$21.68 $97.19

Terminal value

Present value of FCFF -$85.72 -$17.28 $69.18

Present value of terminal value

Cost of capital 12.00% 12.00% 12.00% 12.00%

Cumulated cost of capital = 1.1200 1.2544 1.4049

Imputed Return on capital

PV of cash flows during next 10 years $3,535.81

PV of terminal value = $15,802.34

Value of operating assets $19,338.14

Probability of failure 10%

Adjusted value of operating assets $17,404.33

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4 5 6 7 8 9 10

$198,537.45 $212,951.26 $228,411.53 $244,994.20 $262,780.78 $281,858.67 $302,321.61

11.400% 13.667% 15.933% 18.200% 20.467% 22.733% 25.000%

18.00% 17.50% 17.00% 16.50% 16.00% 15.50% 15.00%

$4,073.99 $5,093.08 $6,186.91 $7,357.18 $8,605.19 $9,931.76 $11,337.06

16.86% 20.71% 24.57% 28.43% 32.29% 36.14% 40.00%

$686.76 $1,055.00 $1,520.21 $2,091.54 $2,778.25 $3,589.62 $4,534.82

34.00% 35.00% 36.00% 37.00% 38.00% 39.00% 40.00%

$233.50 $369.25 $547.28 $773.87 $1,055.73 $1,399.95 $1,813.93

$453.26 $685.75 $972.94 $1,317.67 $1,722.51 $2,189.67 $2,720.89

5.00 5.00 5.00 5.00 5.00 5.00 5.00

$189.29 $203.82 $218.76 $234.05 $249.60 $265.31 $281.06

$263.97 $481.93 $754.17 $1,083.62 $1,472.91 $1,924.36 $2,439.83

$44,029.99

$167.76 $273.46 $384.84 $500.85 $621.16 $745.90 $875.66

$15,802.34

12.00% 12.00% 11.20% 10.40% 9.60% 8.80% 8.00%

1.5735 1.7623 1.9597 2.1635 2.3712 2.5799 2.7863

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Terminal year

$309,123.84

25.00%

15.00%

$11,592.14

40.00%

$4,636.86

40.00%

$1,854.74

$2,782.11

$250.39

$2,531.72

25.00%

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New York $2,500

United States $11,000

United Kingdom $9,000

Tokyo $22,000

Global urban car services $100,000

US rental car market $36,000

Global rental car market $50,000

Moving Services $20,000

Local Delivery $35,000

Moving + Local Delivery $55,000

Mass Transit (US) $60,000

Car Sharing (Global) $20,000

Mobility $80,000

Potential Market Market Size Industry structure

Taxi & Limo Market

Roughly $100 billion (based upon

city-specific estimates)

Highly splintered (top 50 companies

account for 35% market share),

localized and private.

Rental Car Market

Approximately $36 billion just for

the US and $50 billion globally

Three companies (Enterprise, Hertz and

Avis) account for 60% of the overall

market.

Moving Services

Approximately $20 billion in the

US (and no data is available for

global)

A few large companies but none with

dominant market share, with lots of

localized, small movers.

Local Delivery business

Approximately $35 billion (more

guesstimate than estimate). Historically, its been a localized,

splintered business but Amazon and

Google have entered business recently.

Mass Transit

Approximately $60 billion for the

US.

Barring a few privately owned bus

companies, mostly government owned

and subsidized.

Car Sharing

Approximately $20 billion, bigger

in Europe than in the US, but

growing fast.

A mix of young businesses, some tech

based, trying to match needs to

resources.

Taxi & Limo Market

Rental Car Market

Logisitics Market

Mobility Services

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Entry and operations are

highly regulated in most

cities.

Control airport access and

rental fleets.

Truck fleets and local

knowledge.

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Industry name Number of firms

Advertising 65

Aerospace/Defense 95

Air Transport 25

Apparel 70

Auto & Truck 26

Auto Parts 75

Bank 7

Banks (Regional) 721

Beverage 47

Beverage (Alcoholic) 19

Biotechnology 349

Broadcasting 30

Brokerage & Investment Banking 49

Building Materials 37

Business & Consumer Services 179

Cable TV 16

Chemical (Basic) 47

Chemical (Diversified) 10

Chemical (Specialty) 100

Coal & Related Energy 45

Computer Services 129

Computer Software 273

Computers/Peripherals 66

Construction 18Diversified 20

Educational Services 40

Electrical Equipment 135

Electronics 191

Electronics (Consumer & Office) 26

Engineering 56

Entertainment 85

Environmental & Waste Services 108

Farming/Agriculture 29

Financial Svcs. 76Financial Svcs. (Non-bank & Insurance) 17

Food Processing 97

Food Wholesalers 18

Furn/Home Furnishings 36

Healthcare Equipment 193

Healthcare Facilities 47

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Healthcare Products 58

Healthcare Services 126

Heathcare Information and Technology 125

Heavy Construction 46

Homebuilding 32

Hotel/Gaming 89

Household Products 139

Information Services 71

Insurance (General) 26

Insurance (Life) 27

Insurance (Prop/Cas.) 53

Internet software and services 330

Investment Co. 65

Machinery 141

Metals & Mining 134

Office Equipment & Services 30

Oil/Gas (Integrated) 8

Oil/Gas (Production and Exploration) 411

Oil/Gas Distribution 80

Oilfield Svcs/Equip. 163

Packaging & Container 24

Paper/Forest Products 21

Pharma & Drugs 138

Power 106

Precious Metals 166Publshing & Newspapers 52

R.E.I.T. 46

Railroad 10

Real Estate (Development) 22

Real Estate (General/Diversified) 11

Real Estate (Operations & Services) 47

Recreation 70

Reinsurance 3

Restaurant 84

Retail (Automotive) 30Retail (Building Supply) 7

Retail (Distributors) 87

Retail (General) 21

Retail (Grocery and Food) 21

Retail (Internet) 47

Retail (Special Lines) 137

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Rubber& Tires 4

Semiconductor 104

Semiconductor Equip 51

Shipbuilding & Marine 14

Shoe 14

Steel 37

Telecom (Wireless) 28

Telecom. Equipment 131

Telecom. Services 82

Thrift 223

Tobacco 12

Transportation 22

Trucking 28

Utility (General) 20

Utility (Water) 20

Total Market 7766

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Annual Average Revenue growth - Last 5 years Pre-tax Operating Margin Sales/Capital

6.29% 11.54% 3.76

2.60% 11.13% 5.97

7.74% 6.60% 2.14

3.27% 12.95% 1.78

9.97% 3.34% 2.32

3.06% 7.45% 3.54

6.99% 0.00% 0.29

7.50% 0.00% 0.26

6.92% 17.75% 1.59

2.69% 20.23% 0.70

14.17% 16.91% 0.79

3.13% 24.41% 1.13

7.96% 0.59% 0.19

1.77% 6.35% 2.47

3.45% 9.51% 2.68

6.86% 18.61% 1.26

1.50% 10.01% 1.54

4.24% 9.38% 1.90

8.76% 15.25% 2.11

4.17% 2.70% 0.73

3.87% 9.78% 6.24

8.59% 26.73% 1.83

-1.20% 18.60% 2.39

0.49% 6.19% 0.9522.98% 13.77% 0.39

7.73% 8.23% 1.89

4.58% 12.66% 2.87

1.07% 8.25% 1.55

16.78% 6.46% 2.39

3.94% 4.48% 4.89

-1.37% 19.81% 1.57

12.46% 11.62% 1.71

12.62% 2.40% 3.09

10.81% 9.85% 0.213.22% 0.14% 0.12

4.90% 10.75% 2.63

0.63% 4.00% 6.93

-0.39% 7.33% 2.73

11.30% 20.30% 1.51

5.16% 10.76% 1.54

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22.82% 10.65% 1.44

7.41% 4.99% 8.83

6.62% 13.02% 1.68

1.01% 9.71% 1.62

-3.54% 8.80% 1.22

6.47% 15.76% 0.74

7.01% 16.43% 2.48

4.45% 24.23% 2.26

2.95% 13.04% 0.56

7.09% 8.54% 0.85

8.42% 14.35% 1.01

12.49% 18.91% 1.21

8.42% 6.83% 0.33

5.43% 12.07% 2.56

0.00% 14.28% 1.06

-3.24% 8.27% 3.09

-2.82% 12.61% 1.84

9.37% 22.49% 0.21

10.85% 7.95% 1.40

9.78% 5.69% 3.53

10.38% 9.29% 2.35

5.47% 7.20% 1.92

19.49% 24.76% 1.18

2.90% 17.06% 0.55

60.95% 11.65% 0.410.72% 9.24% 3.16

23.69% 0.29% 0.03

5.16% 30.74% 0.65

5.89% 8.18% 0.25

-10.83% 8.37% 0.17

-2.04% 9.14% 0.98

8.46% 14.11% 1.59

22.40% 8.25% 0.94

5.32% 15.05% 1.38

8.11% 5.47% 3.146.03% 9.86% 2.29

11.30% 9.32% 1.90

3.31% 5.28% 3.48

0.97% 3.00% 4.06

2.54% 4.37% 8.95

4.20% 7.02% 2.42

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2.95% 7.01% 3.69

3.85% 15.65% 1.24

-3.01% 6.65% 1.16

-0.82% 7.68% 0.66

7.22% 12.67% 2.43

-2.45% 4.38% 2.02

4.25% 3.65% 0.70

3.73% 18.71% 1.32

7.19% 12.27% 1.26

8.47% -0.23% 0.02

3.55% 40.07% 3.17

7.86% 5.91% 2.87

0.08% 9.05% 1.38

-2.40% 17.48% 0.56

11.93% 29.10% 0.34

6.88% 10.57% 0.75

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Average effective tax rate Cost of capital EV/Sales

6.04% 6.80% 1.91

15.03% 6.95% 1.53

13.79% 5.88% 1.06

10.29% 7.73% 2.22

4.71% 6.76% 0.90

9.43% 8.61% 0.86

22.17% 4.45% 5.18

18.00% 4.50% 5.06

3.95% 8.73% 3.02

10.72% 7.28% 4.69

1.13% 7.80% 10.72

13.21% 8.43% 4.14

13.44% 4.42% 5.66

16.33% 7.71% 1.37

13.41% 6.35% 1.68

15.00% 6.13% 2.73

6.27% 6.91% 1.65

25.03% 7.99% 1.51

12.74% 7.05% 2.17

2.44% 6.93% 1.64

9.94% 6.62% 1.13

6.16% 7.61% 4.55

5.66% 7.98% 2.00

9.82% 6.57% 3.1712.60% 4.64% 4.07

11.84% 8.07% 1.26

7.49% 7.81% 2.12

7.52% 7.28% 1.60

8.97% 8.14% 1.02

14.86% 7.83% 0.60

4.85% 7.76% 3.00

5.02% 7.16% 2.18

9.01% 5.63% 0.41

18.37% 5.29% 6.919.77% 4.23% 8.65

14.00% 6.08% 1.64

10.69% 7.80% 0.54

10.03% 7.94% 1.18

5.80% 6.46% 2.88

13.49% 5.95% 1.44

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8.76% 7.07% 3.26

13.77% 6.10% 0.57

6.09% 7.13% 3.62

19.40% 8.26% 1.42

6.68% 8.73% 1.68

10.48% 7.23% 3.44

9.51% 7.08% 2.50

17.05% 6.40% 4.40

19.19% 5.80% 1.59

17.82% 6.28% 1.33

19.42% 5.53% 1.36

4.59% 7.63% 6.99

6.62% 4.85% 5.29

13.02% 7.09% 1.87

1.90% 7.45% 2.09

12.81% 6.66% 1.17

20.55% 7.22% 1.22

6.29% 7.69% 6.10

4.18% 5.32% 1.91

10.73% 8.35% 0.70

21.28% 5.96% 1.26

8.20% 7.18% 1.18

4.30% 7.61% 3.97

16.03% 4.54% 2.74

0.82% 7.93% 2.4013.92% 6.85% 1.57

2.48% 3.34% 32.89

20.51% 7.10% 3.88

3.00% 6.79% 7.07

8.72% 5.66% 12.03

8.56% 7.81% 2.57

8.81% 8.14% 2.28

13.34% 4.55% 1.05

15.17% 6.31% 2.88

19.23% 6.88% 0.8521.97% 7.31% 1.50

16.18% 6.37% 1.54

25.03% 6.53% 0.72

22.83% 5.77% 0.51

9.80% 7.55% 3.31

18.90% 7.05% 1.11

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15.21% 6.77% 0.54

7.30% 7.97% 2.80

5.13% 8.18% 2.42

4.99% 7.99% 2.37

19.82% 6.53% 2.44

14.13% 6.94% 0.84

11.54% 5.04% 2.79

6.90% 7.90% 2.84

8.40% 5.92% 1.98

18.93% 3.19% 66.04

14.23% 6.45% 4.57

21.21% 7.08% 1.48

27.93% 6.32% 1.56

29.93% 4.15% 2.63

14.52% 5.12% 4.78

10.32% 6.06% 2.52

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Industry name Number of firms

Advertising 243

Aerospace/Defense 207

Air Transport 157

Apparel 1170

Auto & Truck 129

Auto Parts 609

Bank 580

Banks (Regional) 947

Beverage 107

Beverage (Alcoholic) 209

Biotechnology 707

Broadcasting 134

Brokerage & Investment Banking 521

Building Materials 414

Business & Consumer Services 714

Cable TV 63

Chemical (Basic) 735

Chemical (Diversified) 84

Chemical (Specialty) 681

Coal & Related Energy 322

Computer Services 939

Computer Software 1059

Computers/Peripherals 316

Construction 477Diversified 341

Educational Services 161

Electrical Equipment 863

Electronics 1167

Electronics (Consumer & Office) 185

Engineering 1167

Entertainment 352

Environmental & Waste Services 312

Farming/Agriculture 341

Financial Svcs. 548Financial Svcs. (Non-bank & Insurance) 133

Food Processing 1201

Food Wholesalers 115

Furn/Home Furnishings 319

Healthcare Equipment 448

Healthcare Facilities 170

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Healthcare Products 159

Healthcare Services 322

Heathcare Information and Technology 278

Heavy Construction 335

Homebuilding 164

Hotel/Gaming 648

Household Products 458

Information Services 177

Insurance (General) 235

Insurance (Life) 121

Insurance (Prop/Cas.) 219

Internet software and services 706

Investment Co. 433

Machinery 1270

Metals & Mining 1691

Office Equipment & Services 161

Oil/Gas (Integrated) 53

Oil/Gas (Production and Exploration) 1172

Oil/Gas Distribution 199

Oilfield Svcs/Equip. 593

Packaging & Container 398

Paper/Forest Products 303

Pharma & Drugs 820

Power 743

Precious Metals 1181Publshing & Newspapers 390

R.E.I.T. 49

Railroad 54

Real Estate (General/Diversified) 422

Real Estate (Development) 647

Real Estate (Operations & Services) 481

Recreation 286

Reinsurance 37

Restaurant 304

Retail (Automotive) 148Retail (Building Supply) 50

Retail (Distributors) 848

Retail (General) 229

Retail (Grocery and Food) 174

Retail (Internet) 118

Retail (Special Lines) 543

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Rubber& Tires 93

Semiconductor 559

Semiconductor Equip 263

Shipbuilding & Marine 356

Shoe 92

Steel 714

Telecom (Wireless) 116

Telecom. Equipment 525

Telecom. Services 317

Thrift 281

Tobacco 53

Transportation 228

Trucking 191

Utility (General) 55

Utility (Water) 97

Total Market 40906

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Annual Average Revenue growth - Last 5 years Pre-tax Operating Margin Sales/Capital

5.04% 8.30% 3.87

4.86% 9.38% 4.64

7.67% 5.10% 1.30

6.38% 12.24% 1.57

6.71% 5.71% 1.55

6.04% 6.61% 2.63

8.98% 0.24% 0.10

6.44% 0.00% 0.24

6.04% 14.34% 1.69

6.88% 19.97% 0.93

11.03% 15.58% 0.86

4.12% 16.46% 1.17

4.59% 0.43% 0.18

5.37% 6.63% 1.74

7.52% 7.81% 3.01

10.40% 18.29% 1.20

6.09% 8.81% 1.45

2.78% 7.39% 1.70

8.57% 11.30% 1.57

15.68% 5.92% 1.56

6.29% 7.55% 4.21

7.96% 22.73% 1.89

-0.84% 10.55% 3.14

6.24% 11.08% 0.997.97% 8.63% 1.00

8.79% 9.01% 1.61

4.67% 6.85% 2.09

2.29% 5.40% 2.00

2.59% 3.29% 2.48

6.18% 4.03% 2.44

2.02% 17.23% 1.47

8.64% 8.97% 1.86

8.82% 3.95% 1.82

9.27% 7.36% 0.0619.67% 3.97% 0.14

7.16% 8.09% 2.09

2.07% 3.07% 5.84

3.04% 6.64% 2.88

7.64% 18.37% 1.50

12.96% 10.56% 1.30

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16.82% 12.59% 1.45

12.41% 4.86% 7.31

8.13% 11.93% 1.57

3.60% 6.31% 1.55

3.48% 6.57% 1.19

9.11% 11.94% 0.99

8.81% 14.73% 2.13

6.21% 23.19% 2.33

9.69% 8.75% 1.71

12.08% 8.67% 1.71

7.94% 10.97% 1.38

9.58% 19.33% 1.34

-2.32% 13.93% 0.34

2.08% 8.67% 1.80

9.15% 13.48% 0.91

0.82% 7.00% 2.16

6.66% 10.32% 1.65

12.46% 22.69% 0.31

11.09% 7.99% 1.17

9.00% 4.17% 3.55

6.04% 7.53% 1.76

2.19% 5.63% 1.03

12.16% 21.09% 1.17

12.80% 11.80% 0.67

29.33% 9.60% 0.540.47% 7.76% 1.70

20.47% 1.21% 0.03

4.64% 19.33% 0.54

3.78% 16.33% 0.31

13.65% 22.49% 0.50

11.14% 29.41% 0.21

2.77% 11.46% 1.26

13.21% 11.07% 1.32

5.91% 10.88% 1.63

9.04% 4.71% 2.974.20% 8.02% 2.02

5.91% 3.55% 1.99

8.91% 4.88% 2.76

6.59% 4.04% 3.42

9.44% 4.93% 6.75

4.59% 6.76% 2.43

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6.75% 9.77% 1.81

2.98% 13.80% 1.43

-0.13% 4.54% 1.03

3.58% 6.06% 0.72

8.24% 9.46% 2.39

1.63% 3.39% 1.38

8.86% 15.91% 0.97

4.09% 9.25% 1.94

7.03% 13.81% 1.06

9.30% 1.04% 0.02

9.63% 28.64% 2.44

11.70% 7.83% 1.72

1.87% 6.33% 1.51

4.05% 10.53% 1.07

9.67% 28.16% 0.37

6.86% 8.63% 0.78

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Average effective tax rate Cost of capital EV/Sales

17.09% 8.24% 1.60

13.25% 8.10% 1.40

15.59% 6.76% 1.11

14.75% 7.74% 1.78

13.90% 7.60% 0.92

18.98% 8.90% 0.78

18.14% 5.02% 9.84

19.85% 5.21% 4.12

10.40% 8.00% 2.42

18.10% 6.97% 3.55

2.91% 8.96% 9.58

17.82% 9.35% 2.78

11.69% 5.38% 5.98

18.24% 7.39% 1.15

17.75% 7.35% 1.39

15.62% 7.18% 3.17

15.40% 8.22% 2.68

22.63% 8.60% 1.16

17.61% 7.79% 1.62

6.27% 8.49% 0.99

17.30% 7.80% 1.03

11.78% 8.73% 4.05

11.98% 9.04% 1.20

14.84% 6.80% 1.7214.26% 6.23% 1.57

14.13% 7.65% 1.60

13.53% 8.32% 1.29

13.29% 8.55% 0.97

13.96% 8.49% 0.59

16.25% 7.50% 0.62

9.04% 8.28% 2.81

11.45% 8.23% 1.74

13.19% 6.49% 0.78

17.33% 4.57% 13.9912.60% 5.21% 7.55

16.40% 6.67% 1.39

17.20% 6.41% 0.37

16.03% 7.51% 0.91

8.83% 7.58% 2.86

16.65% 6.04% 1.77

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12.66% 7.56% 3.02

17.26% 6.94% 0.58

7.88% 9.02% 3.25

17.11% 8.16% 1.16

16.65% 8.89% 1.22

12.36% 7.20% 2.60

14.13% 7.28% 2.47

17.57% 7.40% 4.18

13.95% 6.16% 0.81

18.80% 7.91% 0.95

15.06% 6.24% 1.00

8.65% 9.31% 6.76

6.96% 6.49% 4.97

17.45% 8.43% 1.50

3.58% 9.34% 1.88

17.66% 6.43% 1.06

24.53% 8.80% 0.80

6.93% 9.46% 4.50

9.63% 7.41% 1.96

13.98% 8.31% 0.58

17.72% 6.59% 1.15

12.53% 6.55% 1.18

13.54% 7.66% 3.59

14.72% 5.94% 1.86

2.16% 9.84% 2.2115.19% 7.30% 1.57

2.32% 4.06% 32.55

25.54% 6.02% 2.76

13.99% 7.00% 3.59

17.32% 5.09% 6.77

12.90% 6.26% 6.19

17.48% 7.68% 1.84

10.81% 7.37% 0.83

21.05% 6.79% 2.05

18.79% 6.79% 0.7526.05% 7.31% 1.25

19.04% 6.12% 0.67

23.63% 7.22% 0.75

26.17% 5.97% 0.61

13.55% 10.14% 3.19

20.75% 7.96% 1.17

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20.06% 8.15% 0.94

9.04% 10.41% 1.81

9.61% 9.72% 2.41

12.58% 6.91% 1.65

20.41% 8.01% 1.71

12.97% 7.53% 0.80

15.35% 7.31% 2.29

9.56% 9.19% 1.75

12.92% 6.30% 1.84

18.73% 3.85% 60.82

20.52% 6.27% 3.52

20.49% 6.95% 1.36

23.30% 6.21% 1.08

25.18% 5.09% 1.27

15.09% 6.42% 4.43

13.80% 6.85% 1.98

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Yes or No Cost of capital

Yes Lowest decile of US companies (7%)

No 25th percentile of US companies (7.5%)

Median of US companies (8%)

75th percentile of US companies (10%)

Ninth decile of US companies (12%)

Direct input

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Return on capital (in stable growth) Reinvestment

Match the best (ROIC=40%) Minimal capital needs, no acquisitions (10.00)

90th percentile (ROIC=25%) Minimal capital needs, small acquisitions (5.00)

75th percentile (ROIC=20%) Service company median (3.00)

50th percentile (ROIC=12.5%) Technology company median (2.50)

25th percentile (ROIC = Cost of capital) US company median (2.00)

10th percentile (ROIC =5.00%) Capital intensive company median (1.50)

Direct input

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Total Market Growth Effect Network Effect

A4. Mobility Services B4. Double market size C5. Strong global network effects

A3. Logistics B4. Double market size C5. Strong global network effects

A4. Mobility Services B3. Increase market by 50% C3. Strong local network effects

A2. All car service B4. Double market size C5. Strong global network effects

A1. Urban car service B4. Double market size C5. Strong global network effects

A3. Logistics B3. Increase market by 50% C3. Strong local network effects

A1. Urban car service B3. Increase market by 50% C3. Strong local network effects

A2. All car service B3. Increase market by 50% C3. Strong local network effects

A4. Mobility Services B1. None C1. No network effects

A3. Logistics B1. None C1. No network effects

A2. All car service B1. None C1. No network effects

A1. Urban car service B1. None C1. No network effects

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Competitive Advantages Value of Uber

D4. Strong & Sustainable $90,457

D4. Strong & Sustainable $65,158

D3. Semi-strong $52,346

D4. Strong & Sustainable $47,764

D4. Strong & Sustainable $31,952

D3. Semi-strong $14,321

D3. Semi-strong $7,127

D3. Semi-strong $4,764

D1. None $1,888

D1. None $1,417

D1. None $1,094

D1. None $799