Primerica, Inc. Financial Ratios — PRI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	42.45	40.97	28.42	25.24	21.71	20.97	27.86	22.62	23.76	23.4	25.73	22.7	26.02	20.87	32.32
Return on Assets (%)	1.59	1.72	1.57	1.72	1.78	1.99	2.93	2.59	2.79	2.7	3.08	3.07	3.89	3.18	5.08
Return on Capital (%)	26.14	25.66	19.58	16.95	13.74	12.85	16.74	13.03	12.87	12.21	13.32	12.02	13.96	11.52	18.28
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	22.11	23.07	19.94	20.62	20.72	22.22	22.47	21.9	23.25	22.85	23.75	27.04	28.08	30.4	29.61
Profit Margin (%)	14.25	15.06	13.24	13.57	13.52	14.44	20.74	17.06	17.85	17.41	17.62	17.76	20.98	15.23	22.82
Net Income to Common Margin (%)	14.25	15.06	13.24	13.57	13.52	14.44	20.74	17.06	17.85	17.41	17.62	17.76	20.98	15.23	22.82
Effective Tax Rate (%)	35.55	34.88	35.23	34.78	34.75	35.01	7.71	22.11	23.21	23.79	26.04	22.81	23.4	23.33	22.92
Dvd Payout Ratio (%)	4.65	8.5	15.79	14.74	17.28	15.21	10.23	13.62	15.73	16.66	15.73	15.24	15.85	15.67	18.11
Sustainable Growth Rate (%)	40.48	37.48	23.93	21.52	17.95	17.78	25.01	19.54	20.03	19.5	21.68	19.24	21.9	17.6	26.47

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	300	374	374	595	737	875	1,110	1,343	1,611	1,773	2,040	2,083	2,039	1,954	1,820
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15	- -	- -	- -	- -
LT Debt	300	374	374	595	737	875	1,110	1,343	1,611	1,773	2,025	2,083	2,039	1,954	1,820
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-0.14	- -	- -	- -	- -	- -	- -	-0.47	-0.88	-0.96	-0.81	-0.95	-1.27	-1.17	-1.09
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	28	33	35	35	34	29	28	29	29	29	31	27	27	25	24
Common Equity/Total Assets	3.5	4.87	6.21	7.42	8.98	9.96	11.04	11.83	11.64	11.45	12.43	14.71	15.15	15.31	16.1
Long-Term Debt/Equity (%)	22.61	29.36	30.64	47.75	64.32	71.67	78.2	91.91	97.5	96.57	96.88	102.57	98.7	86.48	74.41
Long-Term Debt/Capital (%)	46.53	42.64	36.86	42.75	43.6	43.45	44.65	47.41	50.27	50.96	49.97	49.17	47.24	46.68	42.96
Long-Term Debt/Total Assets (%)	3.05	3.62	3.63	5.54	6.95	7.65	8.91	10.67	11.77	11.9	12.56	14.23	13.57	13.4	12.12
Total Debt/Equity (%)	22.61	29.36	30.64	47.75	64.32	71.67	78.2	91.91	97.5	96.57	97.6	102.57	98.7	86.48	74.41
Total Debt/Capital (%)	46.53	42.64	36.86	42.75	43.6	43.45	44.65	47.41	50.27	50.96	50.34	49.17	47.24	46.68	42.96
Total Debt/Total Assets (%)	3.05	3.62	3.63	5.54	6.95	7.65	8.91	10.67	11.77	11.9	12.65	14.23	13.57	13.4	12.12
Net Debt to Equity	12.36	20.56	18.44	32.33	51.03	54.32	58.47	73.98	78.72	63.87	76.24	76.22	67.09	53.57	41.47
Net Debt/Capital (%)	32.23	34.23	25.99	33.58	38.02	36.8	37.62	42.05	44.13	40	43.54	41.3	37.24	34.6	29.14
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-4	- -	- -	- -	- -	- -	- -	-14	-25	-28	-25	-26	-34	-29	-26
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.5	4.87	6.21	7.42	8.98	9.96	11.04	11.83	11.64	11.45	12.43	14.71	15.15	15.31	16.1
Long-Term Debt/Equity (%)	22.61	29.36	30.64	47.75	64.32	71.67	78.2	91.91	97.5	96.57	96.88	102.57	98.7	86.48	74.41
Long-Term Debt/Capital (%)	46.53	42.64	36.86	42.75	43.6	43.45	44.65	47.41	50.27	50.96	49.97	49.17	47.24	46.68	42.96
Long-Term Debt/Total Assets (%)	3.05	3.62	3.63	5.54	6.95	7.65	8.91	10.67	11.77	11.9	12.56	14.23	13.57	13.4	12.12
Total Debt/Equity (%)	22.61	29.36	30.64	47.75	64.32	71.67	78.2	91.91	97.5	96.57	97.6	102.57	98.7	86.48	74.41
Total Debt/Capital (%)	46.53	42.64	36.86	42.75	43.6	43.45	44.65	47.41	50.27	50.96	50.34	49.17	47.24	46.68	42.96
Total Debt/Total Assets (%)	3.05	3.62	3.63	5.54	6.95	7.65	8.91	10.67	11.77	11.9	12.65	14.23	13.57	13.4	12.12
CFO/Total Liabilities	1.02	1.37	2.06	2.5	2.79	2.88	3.55	4.29	4.03	4.92	4.68	6.01	5.34	7	7.17
CFO/CapEx	22.29	- -	- -	- -	- -	- -	- -	35.37	19.09	23.29	26.61	29.36	20.43	29.5	34.59
Altman's Z-Score	0.28	0.3	0.37	0.42	0.41	0.47	0.54	0.55	0.59	0.56	0.61	0.65	0.74	0.88	0.85

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	0.53	0.28	0.29	0.31	0.33	0.35	0.38	0.43	0.47	0.5	0.6	0.67	0.81	0.98	1.12
Days Sales Outstanding	692.74	1,296.26	1,248.35	1,163.99	1,117.49	1,045.8	954.98	844.51	778.34	734.95	610.15	548.71	448.12	372.89	325.27
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,680	1,832	2,396	2,961	2,403	3,278	4,630	4,285	5,507	5,366	6,059	5,389	7,398	9,267	8,431
- Cash & Cash Equivalents	136	112	149	192	152	212	280	262	257	548	393	489	594	688	756
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	- -	- -	- -	- -
+ Total Debt	300	374	374	595	737	875	1,110	1,343	1,611	1,773	2,040	2,083	2,039	1,954	1,820
Enterprise Value	-142	170	826	1,551	1,208	2,105	3,491	3,288	4,505	4,127	4,925	4,418	6,123	7,586	8,281
Total Capital	645	878	1,016	1,391	1,690	2,015	2,485	2,833	3,205	3,479	4,052	4,237	4,316	4,185	4,236
Total Debt/Capital (%)	46.53	42.64	36.86	42.75	43.6	43.45	44.65	47.41	50.27	50.96	50.34	49.17	47.24	46.68	42.96
Total Debt / EV	-2.11	2.2	0.45	0.38	0.61	0.42	0.32	0.41	0.36	0.43	0.41	0.47	0.33	0.26	0.22
EV/Sales	- -	0.15	0.67	1.16	0.86	1.39	2.07	1.73	2.19	1.86	1.82	1.66	2.23	2.46	2.52
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	1.17	3.92	5.97	4.22	6.72	8.36	6.57	8.87	6.2	7.25	5.67	8.59	8.61	9
EV/Free Cash Flow to Firm	- -	1.17	3.92	5.97	4.22	6.72	8.36	6.4	8.45	5.95	6.99	5.49	8.2	8.33	8.76
Diluted Market Cap	1,699	1,873	2,430	2,963	2,405	3,281	4,640	4,298	5,525	5,382	6,077	5,389	7,413	9,282	8,443
Diluted Enterprise Value	1,863	2,135	2,655	3,365	2,989	3,945	5,469	5,379	6,879	6,607	7,732	6,983	8,858	10,548	9,507
EV per Share	- -	2.79	14.79	28.42	23.75	44.39	76.57	74.98	106.79	103	124.6	116.27	170.31	222.2	253.76
TTM Sales	1,103	1,154	1,229	1,337	1,404	1,519	1,689	1,900	2,053	2,218	2,710	2,657	2,749	3,089	3,292
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	105	146	210	260	286	313	418	501	508	665	680	779	713	881	920
TTM Free Cash Flow to Firm	109	146	210	260	286	313	418	514	533	693	704	804	747	911	946

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	18.64	15.06	12.95	12.48	9.1	11.14	11.85	8.74	10.81	8.02	8.92	6.88	10.2	10.41	9.11
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-142	170	826	1,551	1,208	2,105	3,491	3,288	4,505	4,127	4,925	4,418	6,123	7,586	8,281
Low Price	18.72	22.92	30.38	39.12	40.36	37.09	69	90.05	94.12	61.2	128.84	110.22	141.11	184.76	230.98
EV/Sales	- -	0.15	0.67	1.16	0.86	1.39	2.07	1.73	2.19	1.86	1.82	1.66	2.23	2.46	2.52
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	10.69	10.54	14.72	16.32	12.66	14.94	13.22	13.22	15.03	13.9	12.69	11.42	12.83	19.69	11.22
Price/Earnings Average	10.36	9.41	12.79	14.27	12.8	11.57	10.74	14.39	14.08	12.14	12.61	10.74	11.8	18.15	11.71
Price/Earnings High	12.05	10.64	15.17	16.78	14.8	15.78	13.85	17.37	15.89	14.64	14.87	12.84	13.72	22.34	12.98
Price/Earnings Low	8.61	8.05	10.42	11.77	10.82	8.01	8.98	12.18	10.84	6.35	10.67	8.87	8.8	13.41	10.03
Price/Book Value	4.87	3.64	3.74	3.72	2.52	2.88	3.37	2.88	3.46	3.14	3.02	2.5	3.25	4.15	3.49
Price/Book Value Average	4.72	3.25	3.24	3.25	2.55	2.23	2.73	3.13	3.24	2.75	3	2.35	2.99	3.83	3.64
Price/Book Value High	5.49	3.67	3.85	3.82	2.95	3.04	3.53	3.78	3.65	3.31	3.54	2.81	3.47	4.71	4.03
Price/Book Value Low	3.92	2.78	2.64	2.68	2.15	1.54	2.29	2.65	2.49	1.44	2.54	1.94	2.23	2.83	3.12
Price/Tangible Book Value	1.34	1.52	2.08	2.5	2.21	2.81	3.39	3.03	3.43	3	3.53	3.14	3.66	4.19	3.51
Price/Tangible Book Value Average	1.3	1.36	1.8	2.19	2.24	2.18	2.75	3.3	3.21	2.62	3.51	2.95	3.37	3.86	3.67
Price/Tangible Book Value High	1.51	1.53	2.14	2.57	2.58	2.97	3.55	3.98	3.62	3.16	4.14	3.53	3.91	4.75	4.06
Price/Tangible Book Value Low	1.08	1.16	1.47	1.8	1.89	1.51	2.3	2.79	2.47	1.37	2.97	2.44	2.51	2.85	3.14
Price/Sales	1.52	1.59	1.95	2.21	1.71	2.16	2.74	2.26	2.68	2.42	2.24	2.03	2.69	3	2.56
Price/Sales Average	1.48	1.42	1.69	1.94	1.73	1.67	2.23	2.46	2.51	2.11	2.22	1.91	2.48	2.76	2.67
Price/Sales High	1.72	1.6	2.01	2.28	2	2.28	2.87	2.96	2.84	2.55	2.62	2.28	2.88	3.4	2.96
Price/Sales Low	1.23	1.21	1.38	1.6	1.46	1.16	1.86	2.08	1.93	1.11	1.88	1.58	1.85	2.04	2.29
Price/Cash Flow	19.26	14.74	12.76	12.48	9.09	11.14	11.83	8.96	11.34	8.34	9.22	7.11	10.68	10.75	9.36
Price/Cash Flow Average	18.68	13.15	11.09	10.91	9.2	8.63	9.6	9.76	10.62	7.29	9.16	6.69	9.83	9.9	9.76
Price/Cash Flow High	21.71	14.88	13.15	12.82	10.64	11.76	12.39	11.77	11.99	8.79	10.8	8	11.42	12.19	10.82
Price/Cash Flow Low	15.51	11.26	9.04	8.99	7.77	5.97	8.04	8.26	8.18	3.81	7.75	5.53	7.33	7.32	8.36
Price/Free Cash Flow Average	18.08	13.44	11.24	10.92	9.21	8.63	9.62	9.52	10.13	7.01	8.86	6.47	9.39	9.6	9.5
Price/Free Cash Flow High	21.02	15.2	13.34	12.83	10.64	11.77	12.42	11.48	11.43	8.45	10.44	7.73	10.91	11.81	10.53
Price/Free Cash Flow Low	15.02	11.5	9.17	9	7.78	5.98	8.05	8.06	7.79	3.66	7.49	5.35	7	7.09	8.14
EV/Sales Average	1.63	1.64	1.88	2.24	2.15	2.11	2.72	3.02	3.17	2.67	2.83	2.51	3	3.17	3
EV/Sales High	1.87	1.83	2.19	2.58	2.42	2.72	3.36	3.53	3.5	3.1	3.23	2.88	3.4	3.81	3.28
EV/Sales Low	1.38	1.44	1.56	1.9	1.88	1.59	2.35	2.65	2.59	1.66	2.49	2.18	2.37	2.45	2.61
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	23.24	30.01	42.91	54.26	47.23	69.15	101.55	97.71	130.56	133.93	153.27	141.82	205.76	271.42	258.36
High Price	26.2	30.29	44.22	55.77	55.24	73.05	106.4	128.35	138.05	141.15	179.51	159.47	220	307.91	298.75
Enterprise Value Average	1,793	1,897	2,306	2,992	3,016	3,203	4,590	5,746	6,513	5,913	7,673	6,664	8,251	9,804	9,862
Enterprise Value High	2,058	2,112	2,694	3,446	3,395	4,127	5,681	6,710	7,177	6,881	8,750	7,654	9,355	11,778	10,813
Enterprise Value Low	1,517	1,662	1,922	2,537	2,638	2,422	3,976	5,030	5,324	3,677	6,747	5,782	6,519	7,574	8,601

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	65	56	55	52	48	46	44	43	41	39	39	37	35	33	32
Diluted Weighted Avg Shares	73	62	57	55	51	47	46	44	42	40	40	38	36	34	33
Basic Weighted Avg Shares	72	61	56	55	51	47	46	44	42	40	40	38	36	34	33
Revenue per Share	15.26	18.9	22.01	24.5	27.6	32.04	37.04	43.32	48.66	55.35	68.55	69.94	76.45	90.48	100.87
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.17	2.85	2.91	3.32	3.73	4.63	7.68	7.39	8.69	9.64	12.08	12.42	16.04	13.78	23.02
Basic EPS from Cont Ops	2.17	2.84	2.84	3.3	3.73	4.63	7.68	7.39	8.69	9.64	12.04	14.6	16.44	21.09	23.02
Diluted EPS, GAAP	2.15	2.79	2.87	3.32	3.73	4.62	7.67	7.37	8.66	9.61	12.04	12.42	16	13.76	22.99
Diluted EPS from Cont Ops	2.15	2.78	2.8	3.29	3.73	4.62	7.67	7.37	8.66	9.61	12	14.6	16.41	21.06	22.99
Dividend per Share	0.1	0.24	0.45	0.49	0.64	0.7	0.79	1.01	1.37	1.61	1.89	2.2	2.61	3.3	4.17
Cash Flow per Share	1.21	2.04	3.36	4.35	5.19	6.21	8.59	10.9	11.51	16.06	16.62	19.94	19.26	25.25	27.62
Free Cash Flow per Basic Share	1.15	2.04	3.36	4.35	5.19	6.21	8.59	10.59	10.91	15.37	15.99	19.26	18.32	24.39	26.82
Cash & Equivalents per Share	29.36	33.35	34.83	36.73	37.96	43.22	49.32	53.36	61.97	75.18	80.45	80.38	92.17	106.44	60.37
Book Value per Share	4.77	8.25	11.49	14.59	18.74	24.03	30.17	33.98	37.78	42.59	50.72	56.69	63.34	65.37	74.05
Tangible Book Value per Share	17.36	19.74	20.65	21.69	21.37	24.6	29.99	32.23	38.1	44.69	43.38	45.21	56.2	64.84	73.57

Primerica, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)