Financial valuation Applications and Models phần 3 pdf

184 MARKET APPROACH Market Approach OVERVIEW The idea behind the market approach is that the value of a business (often a small, privately held firm) can be determined by reference to “reasonably comparable guideline companies” (sometimes called “comparables” or “comps”), for which values are known. The values may be known because these companies are publicly traded or because they were recently sold and the terms of the transaction were dis- closed. While data sources that provide financial and other information about guideline companies in a particular industry are useful for understanding industry norms, they are useful for valuing businesses only if the underlying values of the businesses are known. The market approach is the most common approach employed by real estate appraisers. Real estate appraisers, particularly those who specialize in residential real estate, are fortunate in that they generally have tens or even hundreds of comps from which to choose. For a business valuation professional, a large set of comps may be half a dozen. Questions to Consider What does “comparable” mean? Does it imply being in the same industry as the subject? How important is size, and what measurement of size is relevant: sales, profits, assets, market capitalization? Is location a significant factor? How much weight should be given to financial ratios (i.e., profit margins, current ratios, etc.) in the selection of guideline companies? What about business and financial risks? What are the key value indicators? What do buyers of these kinds of businesses look at when determining what they will pay? On what types of factors do investors in publicly traded companies focus: revenues, income, cash flow, number of clicks, or assets? What are the differences between the subject and the comps, and how does one incorporate them into the analysis? If all of the guideline companies were identical to one another and the subject company was identical to the guideline companies, then its value would be equal to the values of the guideline companies (all of which would have values identical to one another). Since this is never the case, the analyst has to identify the important differences and determine what adjustments need to be made to arrive at a reasonable estimate of value for the subject. 184 CHAPTER 6 How much weight should be placed on the market approach in the overall valuation? The market approach is often one of several approaches used in a valuation analysis. The valuation analyst must decide how much importance the value derived from the market approach will have in the overall assessment of value. This judgment normally is based on the number of guideline companies and the quantity and quality of the data. Sometimes the value from the market approach might be used simply as a sanity check on the other values, and is not explicitly included in the final assessment. Quantitative and Qualitative Factors As with other valuation approaches, the market approach does not exempt the valuation analyst from having to exercise professional judgment. The use of guideline companies is a starting point in that they provide analysts with some objective, quantitative guidance; these value indications must, however, be tempered with con- sideration of qualitative factors, such as product quality, depth and breadth of man- agement, and employee turnover—factors that can be ascertained only from a solid understanding of the subject company and the experience of the business appraiser. Market Approach Is Forward Looking Some people contend that the market approach, unlike other valuation approaches, is not forward looking (e.g., forecasts). This is absolutely incorrect. The value of a business is not a function of how it performed last year or the year before; rather it is a function of its perceived future prospects. Historical balance sheet and income statements, from which many of the ratios used to value companies have been developed, can help tell where a business has been. More important from a valuation perspective, they provide the necessary foundations from which forecasts can be developed. Yet these are only some of the many pieces of information investors consider when establishing a price. For example, biotechnology start-ups, which may have no sales and negative earnings, can have positive market values simply because investors believe that firms will show positive earnings and cash flows in the future. TYPE OF VALUE OBTAINED The value obtained using the market approach is a function of the type of guideline company information used. When sales transactions are the basis of the value, this value generally represents a controlling, nonmarketable value. It is controlling because it is based on acquisitions of entire companies, and it is relatively nonmarketable because the transactions represent sales of private entities, for which no Type of Value Obtained 185 The prices paid for businesses and business interests reflect investor expectations. Consequently, any valuation methods that use stock or sales prices of businesses, including the market approach, must necessarily be prospective in nature. ValTip immediate and ready market exists (as compared to the liquidity of public stocks). However, it is marketable relative to how long it takes to sell the company as compared to a peer group of transactions. The value obtained using publicly traded companies often is considered a noncontrolling marketable value. It is noncontrolling because most of the trades are of small, minority blocks of stock, 1 and it is marketable because the stocks of publicly traded companies can be bought and sold quickly without significant transaction costs (relative to what is involved in the sale of a private company). The value indications, however, may be different from those given above if, for example, there has been some modification to the subject company’s financial information. These issues will be discussed in more detail later. ADVANTAGES AND DISADVANTAGES OF THE MARKET APPROACH As with any valuation approach, the market approach has its advantages and disadvantages, whether perceived or actual. Advantages • It is fairly simple to understand. Companies with similar product, geographic, and/or business risk and/or financial characteristics should have similar pricing characteristics. People outside of business can understand this logic. • It uses actual data. The estimates of value are based on actual stock prices or transaction prices, not estimates based on a number of assumptions or judgments. • It is relatively simple to apply. The income approach requires the creation of a mathematical model. The market approach derives estimates of value from relatively simple financial ratios, drawn from a group of similar companies. The most complicated mathematics involved is multiplication. • It includes the value of all of a business’s operating assets. The income approach also has this advantage. Using the asset approach, all of a business’s assets and liabilities must be identified and valued separately—both tangible and intangible assets and liabilities. Many of the intangible assets may not appear on the balance sheet (e.g., customer lists, trade names, and goodwill). This is one of the reasons the asset approach is often not used to value ongoing businesses, but rather businesses on a liquidation basis, where the value of these intangible assets is small or zero. 186 MARKET APPROACH The values derived from both the market and income approaches implicitly include all operating assets, both tangible and intangible. ValTip 1 Analysts are not in agreement on this point. Some contend that when public guideline multiples are applied to closely held companies, the resulting value does not only represent a minority position, since many public companies are run very efficiently and a control buyer would not pay any more for the business unless he or she could realize synergies; thus minority and control values are equal. • It does not rely on explicit forecasts. Sometimes an Achilles’ heel of the income approach is the set of assumptions used in developing the forecasted cash flows. The market approach does not require as many assumptions. Disadvantages • No good guideline companies exist. This may be the biggest reason the approach is not used in a valuation; the analyst may not be able to find guideline companies that are sufficiently similar to the subject. Some companies are so unusual or so diversified that there are no other similar companies. • Most of the important assumptions are hidden. Among the most important assumptions in a guideline price multiple is the company’s expected growth in sales or earnings. Unlike in the income approach, where the short-term and perpetual growth rates are listed as assumptions, there is no explicit assumption (in the multiple) about the subject company’s growth. Consequently, the implicit subject company growth will be a function of the growth rates built into the prices of the guideline companies, on which the value of the subject is based. Other important assumptions such as risk and margins, are not explicitly given. • It is not as flexible or adaptable as other approaches. Unlike the income approach, in the market approach it is sometimes difficult to include unique operating characteristics of the firm in the value it produces. For example, a shift- ing product mix, resulting in higher future margins, may not be easily incorpo- rated into a market approach analysis because there may be no other guideline company whose product mix is expected to change in a similar fashion. Likewise, synergies cannot be easily factored directly into the analysis. To estimate the value of these two types of situations, either a combination of the market and income approaches is necessary, or the analyst will have to use professional judgment to adjust the value outside of the parameters suggested by the guideline companies. Furthermore, the market approach typically cannot be used to value a number of unusual or intangible assets (e.g., customer lists, mort- gage servicing rights, and noncompete agreements). BASIC IMPLEMENTATION As discussed earlier, one of the advantages to the market approach is the apparent simplicity in implementing it. At its simplest, it requires only multiplication and per- haps some subtraction, depending on the multiple selected. The basic format is: Basic Implementation 187 Implicit in the prices of publicly traded companies and transactions is some assumption about growth. Generally, the higher the expected growth, the higher the value, all else being equal. ValTip Price Value Subject ϭ [( _____________ ) ϫ Parameter Subject ] Ϫ Debt Subject * Parameter comps *Invested Capital Multiples “Parameter” might be sales, net income, book value, and the like. The Price/Parameter multiple is the appropriate pricing multiple based on that parameter (e.g., price/sales, price/net income, price/book value) and taken from the guideline companies. In some cases (invested capital multiples) the debt of the subject company may have to be subtracted. SOURCES AND CHARACTERISTICS OF GUIDELINE COMPANY DATA Guideline Company Transactions Guideline company transactions refers to acquisitions and sales of entire companies, divisions or large blocks of stock of either private or publicly traded firms. INFORMATION SOURCES A number of publications collect and disseminate information on transactions. Most publications make their databases accessible on the Internet for a fee. Among the most widely used are: • BIZCOMPS ® • Done Deals • Institute of Business Appraisers (IBA) database • Mergerstat • Pratt’s Stats ™ The IBA and BIZCOMPS ® databases cover transactions of relatively small companies. The IBA database has considerably more transactions than BIZ- COMPS ® . As of August 2001, the BIZCOMPS ® database had almost 5,000 trans- 188 MARKET APPROACH Guideline company information can be drawn from two distinct pools. 1. Guideline company transactions 2. Guideline publicly traded companies Understanding the value implications of using these different types of data is crucial in properly applying the market approach. ValTip actions, with a median selling price of $115,000. The median revenue of the companies included was $325,000. 2 In 2001, Pratt’s Stats™ included over 3,400 transactions. The companies cov- ered tend to be considerably larger, with a median revenue of $5 million and a median selling price of $6.4 million. There were 391 transactions that had a sale date within the last 12 months. These companies had median revenue of $1.4 million and net income of $18,000. The median equity/net income multiple was 8.8, but the range was very large. The information provided for each transaction is much more detailed than it is for either the BIZCOMPS ® or IBA databases. The Done Deals and Mergerstat data sets generally include transactions where one of the companies is/was publicly traded. (Pratt’s Stats™ also include some publicly traded transactions.) As a consequence, readily available financial statements (8-Ks or 10-Ks) may be used to find additional information about these transactions, if needed. Done Deals had approximately 5,000 transactions as of October 2001. The median sales price for the latest 12 months’ transactions was about $14.5 million, implying a median price to earnings multiple of 18.3. As with the other databases covering actual transactions, the range of observations is very large. ADVANTAGES AND DISADVANTAGES OF THE GUIDELINE COMPANY TRANSACTION METHOD Guideline company transaction information can be useful in the case of a contem- plated sale or purchase, or where the ownership characteristics of the subject matches those of these transactions—typically controlling and nonmarketable (the latter characteristic would not necessarily be true for the publicly traded company transactions, where a publicly traded company was acquired). The application of these data to the subject company is complex because of the difficulty determining whether a transaction is truly comparable given the limited information available in the database. This is one of the major disadvantages of using guideline company transaction information. Advantages and Disadvantages of the Guideline Company Transaction Method 189 2 Shannon Pratt’s Business Valuation Update, Vol. 7, No. 8 (August 2001), p. 8. When using the market approach to value a very small business, the guideline company transaction method is usually a better method than guideline publicly traded company analysis. Comparable transaction information is often available for very small businesses, but even the smallest guideline publicly traded company may be vastly larger than the subject. ValTip Some examples of information difficultes are as follows: Were there any expected synergies in the price paid for a particular business, or was the buyer a financial buyer? Was there a noncompete agreement, employment contract, prom- ises of perquisites, terms, or other aspects to the transaction that would affect the actual price paid for the business? While some databases contain this type of information, it may not be sufficiently detailed to compute a “true” purchase price. PUBLICLY TRADED COMPANIES Publicly traded companies are companies whose securities are traded on any of the major exchanges: New York Stock Exchange (NYSE), American Stock Exchange (AMEX), or National Association of Securities Dealers Automated Quotation System (NASDAQ). As currently more than 10,000 such companies exist, they provide a rich source of information for valuations. Information Sources for Financial Statement Data of Publicly Traded Companies Publicly traded companies are required to file their financial statements electroni- cally with the Security and Exchange Commission (SEC). These filings, made under the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) program are public information and are available on the SEC website at www.sec.gov. Edgar documents can also be obtained from a number of commercial vendors, who add value by allowing the user to extract selected items (i.e., the balance sheet, income statement, etc.) or to search all filings for those meeting certain criteria. In addition, vendors put the data for most or all publicly traded companies in a standardized format. A partial list of those vendors who reformat the data into standardized formats is: 190 MARKET APPROACH The lack of detailed information on comparable transactions is the major disadvantage of this approach. It is difficult to know the struc- ture of the transactions or the motivation of the buyer or seller. ValTip Detailed financial statements of the acquired company are usually not available, so it is impossible to make certain adjustments to the data underlying the pricing multiples, assuming such adjustments are necessary. ValTip • Alacra • Compustat • Disclosure • Market Guide • Mergent Company Data Direct • OneSource Each database contains currently operating U.S. companies. In addition to stan- dardizing data across companies, these vendors also allow the user to screen for companies using both descriptive and financial variables. Descriptive data include business descriptions, Standard Industrial Classification (SIC) and/or North American Industry Classification System (NAICS) codes, and/or industry descriptions. Standardized financial data are provided both quarterly and annually, for periods ranging from five to 20 or more years. Standardization of Data Standardization of the data in the publicly traded company’s financial statements is beneficial for the analyst because most financial concepts are uniform across all companies. One of the trade-offs of data standardization across companies is the loss of detail. For example, operating profit for IBM is composed of the same subaccounts as it is for Dell; however, the detail of what is in these subaccounts is usually not available in these databases. In some cases, the data vendor must make judgments about how to compute the numbers to present certain concepts. These may not be the same judgments the analyst would make if presented with the same information. Last, because parameter definitions differ across databases, one data set is often used for all portions of the analysis to lessen the likelihood of glaring inconsistencies. Restatement of Data Another issue to consider when using a standardized, publicly traded company financial statement database is how the restatements are treated. The financial statements provided by Compustat, OneSource, and Market Guide are restated; restated financial statements replace the originally issued ones. Mergent and Disclosure provide the statements as they were originally issued, without any restatements. Restated financials are Publicly Traded Companies 191 The valuation analyst may have to consult with the publicly traded companies’ filings with the SEC for the underlying detail. The amounts in these electronic databases are good starting points, but the data may have to be adjusted to consistently reflect the financial position and per- formance across the companies analyzed. ValTip important when the valuation date is current and comparisons are being made across time for each of the guideline companies. They can be problematic, however, if the valuation date is in the past and financials known as of that date are required. Periodicity of Data Finally, the dates in these financial statement databases are a function of the companies’ reporting periods and how quickly they release their financial results after the financial reporting period. The latest quarter, the latest 12 months, or the latest fiscal year may represent different time periods for any two companies. For example, Company A’s latest available quarter might end on February 28, 2002, while Company B’s might be as of November 20, 2001. If the analyst were to compare results for the latest available quarters, in this case, he or she would actually be com- paring data three months apart. Finally, there is a lag time between when the financial statements are released (in 10-K or 10-Q SEC filings) and when they are updated in these data sets. INFORMATION SOURCES FOR INDUSTRY “COMPS” Other vendors provide information that can be useful in identifying publicly traded companies in the same industry as the subject. A partial list of such vendors includes: • Hoover’s Online • Ibbotson Associates’ Cost of Capital Yearbook • PricewaterhouseCooper’s EdgarScan™ Hoover’s provides a list of companies that it considers to be similar to one another. The Cost of Capital Yearbook has a list of pure-play companies by SIC code in its appendix. 3 EdgarScan™ lists companies within SIC codes. STOCK PRICES AND NUMBERS OF SHARES OUTSTANDING Sources for stock prices are generally different from those for financial statement data. The main reason for this is that the analyst usually relies on the stock prices for the guideline companies on or close to the valuation date, whereas the financial information used might be months prior to the valuation date. 4 The number of shares used to compute the market value of equity for guideline companies (and for the subject company) should be the number of common shares outstanding net of any Treasury shares on a date nearest the valuation date. Therefore, information on number of shares outstanding should almost always be taken directly from one of the publicly traded company’s filings, since the reporting date for the number of shares outstanding may be closer to the valuation date than it is to the company’s quarter or year end. 5 192 MARKET APPROACH 3 Ibbotson Associates considers a pure-play company to be one for which 75 percent of its sales fall within a particular one-, two-, three- or four-digit SIC code. 4 This difference in dates is not a problem from a valuation perspective. The market only has this “old” financial data when it prices companies; therefore, the prices do reflect the information available at the time. 5 The first page of the 10-K or 10-Q has the number of outstanding shares outstanding (usually net of Treasury shares) as of a later date than the quarter or year end. This later date may be closer to the valuation date. ADVANTAGES/DISADVANTAGES OF PUBLIC COMPANY DATA Because of disclosure laws, the universe of publicly traded companies provides a wealth of information on a very large scale (approximately 10,000 public companies from which to draw information). This means: • the availability of larger potential samples than those from transaction data • readily available, detailed financial statement and pricing data • fairly consistent data across companies (i.e., in accordance with GAAP) • accurate depictions of the financial condition of the firms CHARACTERISTICS OF PUBLICLY TRADED COMPANIES Exhibit 6.1 provides various summary measures for publicly traded companies, demonstrating the wide variety of companies from which to draw data. 6 Note the small size of most publicly traded companies. In particular, the median (the halfway point) is $90 million in sales; this means that one-half of publicly traded companies have sales of less than $90 million. However, many of these are not actively traded. Exhibit 6.2 shows the distribution of public companies by size and broad industry classifications. With the exception of those divisions where there are few companies in total (A and C) and division H, there are reasonably large groups of companies of all sizes, including the “$10 million and under” category. Characteristics of Publicly Traded Companies 193 6 This data was obtained from OneSource and represent over 7,000 U.S. companies, with sales and market capitalization of at least $100,000 for the latest 12 months. Mutual funds and certain holding companies are excluded from this group. The data are the most recent available at the beginning of the fourth quarter of 2001. 16 percent of all publicly held companies had sales of $10 million or less in the period studied. ValTip Some analysts believe that publicly traded companies are much too large to be used as comps in many situations. While this may be true for the smallest of subject companies, such as mom-and-pop opera- tions, small professional practices, or sole proprietorships, there is usually enough size variation among publicly traded companies that they should be considered for most other valuations. ValTip [...]... $1 to $10 4 48 3 392 53 21 27 4 288 840 $10 to $25 3 24 8 30 6 50 25 24 139 216 795 $25 to $50 4 27 3 287 36 24 26 214 219 840 $50 to $100 4 17 9 262 46 32 29 221 2 13 833 $100 to $250 2 34 8 37 6 86 34 74 198 251 1,0 63 $250 to $500 4 28 11 233 78 34 70 167 146 771 $500 to $1,000 — 16 9 211 51 34 60 75 109 565 $1,000 to $10,000 2 35 26 37 7 132 47 91 72 119 901 $10,000 to $100,000 — 11 — 64 38 12 25 109... 514,582.8 456 ,37 5 .3 438 ,129.9 38 3, 038 .8 34 0 ,36 0 .3 294,186.5 0.0 0.0 0.0 0.6 0.6 4.9 0.1 13. 6 145,8 73. 5 31 5,257.5 286,867.6 225, 736 .1 167, 930 .9 38 2,1 93. 7 176,878.8 237 ,37 4 .3 Top 10 SIC Codes with Market Capitalization Description Offices of Bank Holding Companies Prepackaged Software Real Estate Investment Trusts Pharmaceutical Preparations Computer Integrated Systems Design Crude Petroleum and Natural... Exhibit 6.10 Presentation of Standard Financial Indicators 2.5 10.7 22.9 27 .3 Long-Term Growth Pretax EBIT Income _ _ 40.6% 51.6% 36 .9% 58.5% 4.9% -0.4% 23. 6% 28.4% 67.2% 76.2% 32 .9% 25.8% 5.2 27.5 36 .7 55.5 Sales 64.8 62.0 55.5 54 .3 36.7 31 .0 27.5 21 .3 17.1 Gross Profit 33 .5 42.4 27 .3 26.5 22.9 10.7 17 .3 8.0 7 .3 Net Income 58.4% 33 .7% -36 .6% 28.6% 75.2% 23. 0% 0.5 1.7 4.5 6.0 EBITDA ... Subject Company 121.0 206.0 31 5.0 29.8 36 .8 51.5 Employees 31 5.0 35 3.0 246.0 36 1.0 121.0 206.0 134 .0 100.0 117.0 25.5 33 .4 40.2 $ Millions _ Tangible Total Assets Assets _ 72.4 74.0 40.2 51.5 35 .2 47.4 44.4 52.0 33 .4 36 .8 25.5 36 .3 20.7 20.7 26.5 29.8 12 .3 13. 3 25th Percentile Median 75th Percentile Guideline Company Company 1 Company 2 Company 3 Company 4 Company 5 Company... 5.9% 6.2% 3. 9% 68.4% 15 .3% 11 .3% 9.4% 5 .3% 49.2% 8.1% 6.8% 1.4% 0.9% 48.8% 5.7% 11.0% 8 .3% 8.7% 62.4% 33 .0% 29.2% 13. 4% 7.9% 34 .5% 4.5% 2.9% 0 .3% -0 .3% 62.9% 4.7% 2.9% 3. 6% 4.0% 37 .6% 19.7% 8.9% 10.8% 5.6% 42.7% 2.9% 9.9% 7.0% 5 .3% 12.6% 18.1% 21 .3% Sales 13. 3% 5.2% 18.7% Gross Profit 12.6% -2.7% 18.1% Company Company 7 Company 8 Company 9 Exhibit 6.10 continued -2.2% 11.1% 17 .3% 28.1%... companies with sales and market capitalization greater than 0 196 MARKET APPROACH Exhibit 6 .3 SIC Code 2 834 6712 48 13 737 2 131 1 633 1 36 74 35 11 35 71 531 1 Description Pharmaceutical Preparations Offices of Bank Holding Companies Telephone Communications, except Radiotelephone Prepackaged Software Crude Petroleum and Natural Gas Fire, Marine, and Casualty Insurance Semiconductors and Related Devices... Steam, Gas, and Hydraulic Turbines, etc Electronic Computers Department Stores Exhibit 6.4 SIC Code 6712 737 2 6798 2 834 737 3 131 1 737 5 36 74 5812 48 13 Four Digit SIC Codes with Market Capitalization Number of Market Capitalization ($ Millions) Companies Total Minimum _ _ Maximum 168 1,220,404.6 0.0 259,452.4 680 596,054 .3 0.9 68,807.7 121 37 0 159 66 147 5 46 14 545 ,35 2.9 5 43, 331 .6 514,582.8... 4.5 6.0 EBITDA _ 4.5 9.5 4.5 6.0 12.1 1.4 1 .3 4.2 1.7 Assets 32 .2% 18 .3% 15.8% 17 .3% 42.7% 28.1% 0.4 1.2 3. 8 4.5 EBIT 3. 8 7.0 3. 8 4.5 10.7 0.9 0.8 1.9 1.2 Amounts in $ Millions Shrhld Equity 46.6% 8.2% 11.2% 25.4% 47.0% 21.5% 0.4 0.9 2 .3 4.7 Pretax Income _ 4.0 5.8 0.8 4.7 4.9 0.1 1.0 2 .3 0.9 0 .3 0.5 1.2 2.9 Net Income _ 2.5 3. 3 0.5 3. 1 2.9 (0.1) 1.1 1.2 0.5 (continues) 206 4.4%... 19.7% 11.8% 42.5% 9.4% 6.8% 4.6% 3. 0% 16.7% 13. 1% 23. 0% 33 .7% Net Income 5 .3% 13. 1% 13. 9% 207 Curr Ratio _ 2.9 2.8 2.4 5.9 2.9 1.7 4.0 7.6 2.2 Sales/ Assets 0.9 1.2 1.2 1.0 1.0 0.9 1 .3 0.7 1 .3 0.9 1.0 1.2 1 .3 Company Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Company 8 Company 9 25th Percentile Median 75th Percentile Subject Company 3. 9 2.4 2.9 4.0 9.6% 48.1% Subject... 9.9% 15 .3% 42.7% 49.2% 62.4% 25th Percentile Median 75th Percentile 3. 1 1.4 2.2 2.6 Quick Ratio _ 2.4 1.6 1.4 3. 9 2.2 0.8 2.6 4.4 1.0 7.7% 5.9% 7.0% 8.9% 0.6 0 .3 0.4 0.6 W/C / Sales _ 0.7 0.4 0 .3 0.6 0 .3 0.2 0.5 0.7 0 .3 7.7% 3. 6% 6.2% 9.4% 2.0 2.4 2.5 2.9 Inv Turn _ 3. 4 2.5 2.4 2.8 3. 8 2.2 2.9 2.2 2.5 5.8% 2.9% 4.0% 5.6% 9.0% 9.6% 11.7% 12.6% — 3. 8 19.9 26.2 32 .2 Total Debt ($ Mil.) 3. 1 12.8 . 4 48 3 392 53 21 27 4 288 840 $10 to $25 3 24 8 30 6 50 25 24 139 216 795 $25 to $50 4 27 3 287 36 24 26 214 219 840 $50 to $100 4 17 9 262 46 32 29 221 2 13 833 $100 to $250 2 34 8 37 6 86 34 74. 145,8 73. 5 737 2 Prepackaged Software 37 0 5 43, 331 .6 0.0 31 5,257.5 131 1 Crude Petroleum and Natural Gas 159 514,582.8 0.0 286,867.6 633 1 Fire, Marine, and Casualty Insurance 66 456 ,37 5 .3 0.6 225, 736 .1 36 74. 225, 736 .1 36 74 Semiconductors and Related Devices 147 438 ,129.9 0.6 167, 930 .9 35 11 Steam, Gas, and Hydraulic Turbines, etc. 5 38 3, 038 .8 4.9 38 2,1 93. 7 35 71 Electronic Computers 46 34 0 ,36 0 .3 0.1 176,878.8 531 1

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