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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 be
Within 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

Value of the operating assets =


Imputed multiple of current revenues =

$3,500.00
$700.00
$10.00
A2. All car service
$150,000.00
B3. Increase market by 50%
7.26%
C4. Weak global network effects
25.00%
10
D3. Semi-strong
15.00%
Minimal capital needs, small acquisitions (5.00)
5.00
40.00%
30.00%
Ninth decile of US companies (12%)
Median of US companies (8%)
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%

Potential Market
A1. Urban car service
A2. All car service
A3. Logistics
A4. Mobility Services
Growth Effect
B1. None
B2. Increase market by 25%
B3. Increase market by 50%
B4. Double market size
Network Effects
C1. No network effects
C2. Weak local network effects
C3. Strong local network effects
C4. Weak global network effects
C5. Strong global network effects
Competitive Advantages
D1. None
D2. Weak
D3. Semi-strong
D4. Strong & Sustainable

$17,404.33
24.86

Market size (in millions)


$100,000
$150,000
$205,000
$285,000

Description
Taxi cabs, limos & car services (urban)
+ Rental Cars+ Non-urban car service
+ Moving + Local Delivery
+ 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%
10%
15%
20%

Unrestricted entry + No pricing power


Unrestricted entry+ Some Pricing Power
Unrestricted entry + Pricing Power
Restricted entry + Pricing Power

Overall market
Share of market (gross)
Revenues as percent of gross
Annual Revenue
Operating margin
Operating Income
Effective tax rate
- Taxes
After-tax operating income
Sales/Capital Ratio
- Reinvestment
Free Cash Flow to the Firm
Terminal value
Present value of FCFF
Present value of terminal value
Cost of capital
Cumulated cost of capital =
Imputed Return on capital

Base
1
2
3
$150,000.00 $160,890.00 $172,570.61 $185,099.24
2.33%
4.600%
6.867%
9.133%
20.00%
19.50%
19.00%
18.50%
$700.00
$1,443.18
$2,251.47
$3,127.56
1.43%
5.29%
9.14%
13.00%
$10.00
$76.28
$205.85
$406.58
30.00%
31.00%
32.00%
33.00%
$3.00
$23.65
$65.87
$134.17
$7.00
$52.63
$139.98
$272.41
5.00
5.00
5.00
$148.64
$161.66
$175.22
-$96.00
-$21.68
$97.19

12.00%

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

-$85.72

-$17.28

$69.18

12.00%
1.1200

12.00%
1.2544

12.00%
1.4049

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

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%

Taxi & Limo Market


New York
United States
United Kingdom
Tokyo
Global urban car services
Rental Car Market
US rental car market
Global rental car market
Logisitics Market
Moving Services
Local Delivery
Moving + Local Delivery
Mobility Services
Mass Transit (US)
Car Sharing (Global)
Mobility

Potential Market
Taxi & Limo Market

Rental Car Market

Moving Services

Local Delivery business

Mass Transit

Car Sharing

$2,500
$11,000
$9,000
$22,000
$100,000
$36,000
$50,000
$20,000
$35,000
$55,000
$60,000
$20,000
$80,000

Market Size
Industry structure
Roughly $100 billion (based upon Highly splintered (top 50 companies
account for 35% market share),
city-specific estimates)
localized and private.
Approximately $36 billion just for Three companies (Enterprise, Hertz and
Avis) account for 60% of the overall
the US and $50 billion globally
market.
Approximately $20 billion in the A few large companies but none with
dominant market share, with lots of
US (and no data is available for
localized, small movers.
global)
Approximately $35 billion (more
Historically, its been a localized,
guesstimate than estimate).
splintered business but Amazon and
Google have entered business recently.
Approximately $60 billion for the Barring a few privately owned bus
companies, mostly government owned
US.
and subsidized.
Approximately $20 billion, bigger A mix of young businesses, some tech
based, trying to match needs to
in Europe than in the US, but
resources.
growing fast.

Entry and operations are


highly regulated in most
cities.
Control airport access and
rental fleets.
Truck fleets and local
knowledge.

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities

Number of firms
65
95
25
70
26
75
7
721
47
19
349
30
49
37
179
16
47
10
100
45
129
273
66
18
20
40
135
191
26
56
85
108
29
76
17
97
18
36
193
47

Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (Development)
Real Estate (General/Diversified)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)

58
126
125
46
32
89
139
71
26
27
53
330
65
141
134
30
8
411
80
163
24
21
138
106
166
52
46
10
22
11
47
70
3
84
30
7
87
21
21
47
137

Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

4
104
51
14
14
37
28
131
82
223
12
22
28
20
20
7766

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%
0.95
22.98%
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%
0.21
3.22%
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

22.82%
7.41%
6.62%
1.01%
-3.54%
6.47%
7.01%
4.45%
2.95%
7.09%
8.42%
12.49%
8.42%
5.43%
0.00%
-3.24%
-2.82%
9.37%
10.85%
9.78%
10.38%
5.47%
19.49%
2.90%
60.95%
0.72%
23.69%
5.16%
5.89%
-10.83%
-2.04%
8.46%
22.40%
5.32%
8.11%
6.03%
11.30%
3.31%
0.97%
2.54%
4.20%

10.65%
4.99%
13.02%
9.71%
8.80%
15.76%
16.43%
24.23%
13.04%
8.54%
14.35%
18.91%
6.83%
12.07%
14.28%
8.27%
12.61%
22.49%
7.95%
5.69%
9.29%
7.20%
24.76%
17.06%
11.65%
9.24%
0.29%
30.74%
8.18%
8.37%
9.14%
14.11%
8.25%
15.05%
5.47%
9.86%
9.32%
5.28%
3.00%
4.37%
7.02%

1.44
8.83
1.68
1.62
1.22
0.74
2.48
2.26
0.56
0.85
1.01
1.21
0.33
2.56
1.06
3.09
1.84
0.21
1.40
3.53
2.35
1.92
1.18
0.55
0.41
3.16
0.03
0.65
0.25
0.17
0.98
1.59
0.94
1.38
3.14
2.29
1.90
3.48
4.06
8.95
2.42

2.95%
3.85%
-3.01%
-0.82%
7.22%
-2.45%
4.25%
3.73%
7.19%
8.47%
3.55%
7.86%
0.08%
-2.40%
11.93%
6.88%

7.01%
15.65%
6.65%
7.68%
12.67%
4.38%
3.65%
18.71%
12.27%
-0.23%
40.07%
5.91%
9.05%
17.48%
29.10%
10.57%

3.69
1.24
1.16
0.66
2.43
2.02
0.70
1.32
1.26
0.02
3.17
2.87
1.38
0.56
0.34
0.75

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% 3.17
12.60%
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% 6.91
9.77%
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

8.76%
13.77%
6.09%
19.40%
6.68%
10.48%
9.51%
17.05%
19.19%
17.82%
19.42%
4.59%
6.62%
13.02%
1.90%
12.81%
20.55%
6.29%
4.18%
10.73%
21.28%
8.20%
4.30%
16.03%
0.82%
13.92%
2.48%
20.51%
3.00%
8.72%
8.56%
8.81%
13.34%
15.17%
19.23%
21.97%
16.18%
25.03%
22.83%
9.80%
18.90%

7.07%
6.10%
7.13%
8.26%
8.73%
7.23%
7.08%
6.40%
5.80%
6.28%
5.53%
7.63%
4.85%
7.09%
7.45%
6.66%
7.22%
7.69%
5.32%
8.35%
5.96%
7.18%
7.61%
4.54%
7.93%
6.85%
3.34%
7.10%
6.79%
5.66%
7.81%
8.14%
4.55%
6.31%
6.88%
7.31%
6.37%
6.53%
5.77%
7.55%
7.05%

3.26
0.57
3.62
1.42
1.68
3.44
2.50
4.40
1.59
1.33
1.36
6.99
5.29
1.87
2.09
1.17
1.22
6.10
1.91
0.70
1.26
1.18
3.97
2.74
2.40
1.57
32.89
3.88
7.07
12.03
2.57
2.28
1.05
2.88
0.85
1.50
1.54
0.72
0.51
3.31
1.11

15.21%
7.30%
5.13%
4.99%
19.82%
14.13%
11.54%
6.90%
8.40%
18.93%
14.23%
21.21%
27.93%
29.93%
14.52%
10.32%

6.77%
7.97%
8.18%
7.99%
6.53%
6.94%
5.04%
7.90%
5.92%
3.19%
6.45%
7.08%
6.32%
4.15%
5.12%
6.06%

0.54
2.80
2.42
2.37
2.44
0.84
2.79
2.84
1.98
66.04
4.57
1.48
1.56
2.63
4.78
2.52

Industry name
Advertising
Aerospace/Defense
Air Transport
Apparel
Auto & Truck
Auto Parts
Bank
Banks (Regional)
Beverage
Beverage (Alcoholic)
Biotechnology
Broadcasting
Brokerage & Investment Banking
Building Materials
Business & Consumer Services
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal & Related Energy
Computer Services
Computer Software
Computers/Peripherals
Construction
Diversified
Educational Services
Electrical Equipment
Electronics
Electronics (Consumer & Office)
Engineering
Entertainment
Environmental & Waste Services
Farming/Agriculture
Financial Svcs.
Financial Svcs. (Non-bank & Insurance)
Food Processing
Food Wholesalers
Furn/Home Furnishings
Healthcare Equipment
Healthcare Facilities

Number of firms
243
207
157
1170
129
609
580
947
107
209
707
134
521
414
714
63
735
84
681
322
939
1059
316
477
341
161
863
1167
185
1167
352
312
341
548
133
1201
115
319
448
170

Healthcare Products
Healthcare Services
Heathcare Information and Technology
Heavy Construction
Homebuilding
Hotel/Gaming
Household Products
Information Services
Insurance (General)
Insurance (Life)
Insurance (Prop/Cas.)
Internet software and services
Investment Co.
Machinery
Metals & Mining
Office Equipment & Services
Oil/Gas (Integrated)
Oil/Gas (Production and Exploration)
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Pharma & Drugs
Power
Precious Metals
Publshing & Newspapers
R.E.I.T.
Railroad
Real Estate (General/Diversified)
Real Estate (Development)
Real Estate (Operations & Services)
Recreation
Reinsurance
Restaurant
Retail (Automotive)
Retail (Building Supply)
Retail (Distributors)
Retail (General)
Retail (Grocery and Food)
Retail (Internet)
Retail (Special Lines)

159
322
278
335
164
648
458
177
235
121
219
706
433
1270
1691
161
53
1172
199
593
398
303
820
743
1181
390
49
54
422
647
481
286
37
304
148
50
848
229
174
118
543

Rubber& Tires
Semiconductor
Semiconductor Equip
Shipbuilding & Marine
Shoe
Steel
Telecom (Wireless)
Telecom. Equipment
Telecom. Services
Thrift
Tobacco
Transportation
Trucking
Utility (General)
Utility (Water)
Total Market

93
559
263
356
92
714
116
525
317
281
53
228
191
55
97
40906

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%
0.99
7.97%
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%
0.06
19.67%
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

16.82%
12.41%
8.13%
3.60%
3.48%
9.11%
8.81%
6.21%
9.69%
12.08%
7.94%
9.58%
-2.32%
2.08%
9.15%
0.82%
6.66%
12.46%
11.09%
9.00%
6.04%
2.19%
12.16%
12.80%
29.33%
0.47%
20.47%
4.64%
3.78%
13.65%
11.14%
2.77%
13.21%
5.91%
9.04%
4.20%
5.91%
8.91%
6.59%
9.44%
4.59%

12.59%
4.86%
11.93%
6.31%
6.57%
11.94%
14.73%
23.19%
8.75%
8.67%
10.97%
19.33%
13.93%
8.67%
13.48%
7.00%
10.32%
22.69%
7.99%
4.17%
7.53%
5.63%
21.09%
11.80%
9.60%
7.76%
1.21%
19.33%
16.33%
22.49%
29.41%
11.46%
11.07%
10.88%
4.71%
8.02%
3.55%
4.88%
4.04%
4.93%
6.76%

1.45
7.31
1.57
1.55
1.19
0.99
2.13
2.33
1.71
1.71
1.38
1.34
0.34
1.80
0.91
2.16
1.65
0.31
1.17
3.55
1.76
1.03
1.17
0.67
0.54
1.70
0.03
0.54
0.31
0.50
0.21
1.26
1.32
1.63
2.97
2.02
1.99
2.76
3.42
6.75
2.43

6.75%
2.98%
-0.13%
3.58%
8.24%
1.63%
8.86%
4.09%
7.03%
9.30%
9.63%
11.70%
1.87%
4.05%
9.67%
6.86%

9.77%
13.80%
4.54%
6.06%
9.46%
3.39%
15.91%
9.25%
13.81%
1.04%
28.64%
7.83%
6.33%
10.53%
28.16%
8.63%

1.81
1.43
1.03
0.72
2.39
1.38
0.97
1.94
1.06
0.02
2.44
1.72
1.51
1.07
0.37
0.78

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%
1.72
14.26%
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%
13.99
12.60%
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

12.66%
17.26%
7.88%
17.11%
16.65%
12.36%
14.13%
17.57%
13.95%
18.80%
15.06%
8.65%
6.96%
17.45%
3.58%
17.66%
24.53%
6.93%
9.63%
13.98%
17.72%
12.53%
13.54%
14.72%
2.16%
15.19%
2.32%
25.54%
13.99%
17.32%
12.90%
17.48%
10.81%
21.05%
18.79%
26.05%
19.04%
23.63%
26.17%
13.55%
20.75%

7.56%
6.94%
9.02%
8.16%
8.89%
7.20%
7.28%
7.40%
6.16%
7.91%
6.24%
9.31%
6.49%
8.43%
9.34%
6.43%
8.80%
9.46%
7.41%
8.31%
6.59%
6.55%
7.66%
5.94%
9.84%
7.30%
4.06%
6.02%
7.00%
5.09%
6.26%
7.68%
7.37%
6.79%
6.79%
7.31%
6.12%
7.22%
5.97%
10.14%
7.96%

3.02
0.58
3.25
1.16
1.22
2.60
2.47
4.18
0.81
0.95
1.00
6.76
4.97
1.50
1.88
1.06
0.80
4.50
1.96
0.58
1.15
1.18
3.59
1.86
2.21
1.57
32.55
2.76
3.59
6.77
6.19
1.84
0.83
2.05
0.75
1.25
0.67
0.75
0.61
3.19
1.17

20.06%
9.04%
9.61%
12.58%
20.41%
12.97%
15.35%
9.56%
12.92%
18.73%
20.52%
20.49%
23.30%
25.18%
15.09%
13.80%

8.15%
10.41%
9.72%
6.91%
8.01%
7.53%
7.31%
9.19%
6.30%
3.85%
6.27%
6.95%
6.21%
5.09%
6.42%
6.85%

0.94
1.81
2.41
1.65
1.71
0.80
2.29
1.75
1.84
60.82
3.52
1.36
1.08
1.27
4.43
1.98

Yes or No
Yes
No

Cost of capital
Lowest decile of US companies (7%)
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

Return on capital (in stable growth)


Match the best (ROIC=40%)
90th percentile (ROIC=25%)
75th percentile (ROIC=20%)
50th percentile (ROIC=12.5%)
25th percentile (ROIC = Cost of capital)
10th percentile (ROIC =5.00%)

Reinvestment
Minimal capital needs, no acquisitions (10.00)
Minimal capital needs, small acquisitions (5.00)
Service company median (3.00)
Technology company median (2.50)
US company median (2.00)
Capital intensive company median (1.50)
Direct input

Total Market
A4. Mobility Services
A3. Logistics
A4. Mobility Services
A2. All car service
A1. Urban car service
A3. Logistics
A1. Urban car service
A2. All car service
A4. Mobility Services
A3. Logistics
A2. All car service
A1. Urban car service

Growth Effect
B4. Double market size
B4. Double market size
B3. Increase market by 50%
B4. Double market size
B4. Double market size
B3. Increase market by 50%
B3. Increase market by 50%
B3. Increase market by 50%
B1. None
B1. None
B1. None
B1. None

Network Effect
C5. Strong global network effects
C5. Strong global network effects
C3. Strong local network effects
C5. Strong global network effects
C5. Strong global network effects
C3. Strong local network effects
C3. Strong local network effects
C3. Strong local network effects
C1. No network effects
C1. No network effects
C1. No network effects
C1. No network effects

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

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