id	sid	tid	token	lemma	pos
faba-4	1	1	33	33	NUM
faba-4	1	2	finance	finance	NOUN
faba-4	1	3	,	,	PUNCT
faba-4	1	4	accounting	accounting	NOUN
faba-4	1	5	and	and	CCONJ
faba-4	1	6	business	business	NOUN
faba-4	1	7	analysis	analysis	NOUN
faba-4	1	8	volume	volume	NOUN
faba-4	1	9	1	1	NUM
faba-4	1	10	issue	issue	NOUN
faba-4	1	11	1	1	NUM
faba-4	1	12	,	,	PUNCT
faba-4	1	13	2019	2019	NUM
faba-4	1	14	bulgarian	bulgarian	ADJ
faba-4	1	15	sofix	sofix	NOUN
faba-4	1	16	levels	level	NOUN
faba-4	1	17	in	in	ADP
faba-4	1	18	2017	2017	NUM
faba-4	1	19	according	accord	VERB
faba-4	1	20	to	to	ADP
faba-4	1	21	the	the	DET
faba-4	1	22	“	"	PUNCT
faba-4	1	23	price	price	NOUN
faba-4	1	24	-	-	PUNCT
faba-4	1	25	to	to	ADP
faba-4	1	26	-	-	PUNCT
faba-4	1	27	sales	sale	NOUN
faba-4	1	28	”	"	PUNCT
faba-4	1	29	and	and	CCONJ
faba-4	1	30	“	"	PUNCT
faba-4	1	31	enterprise	enterprise	NOUN
faba-4	1	32	value	value	NOUN
faba-4	1	33	-	-	PUNCT
faba-4	1	34	to	to	ADP
faba-4	1	35	-	-	PUNCT
faba-4	1	36	sales	sale	NOUN
faba-4	1	37	”	"	PUNCT
faba-4	1	38	ratios	ratio	NOUN
faba-4	1	39	dimiter	dimiter	NOUN
faba-4	1	40	nenkov	nenkov	PROPN
faba-4	1	41	university	university	PROPN
faba-4	1	42	of	of	ADP
faba-4	1	43	national	national	ADJ
faba-4	1	44	and	and	CCONJ
faba-4	1	45	world	world	NOUN
faba-4	1	46	economy	economy	NOUN
faba-4	1	47	,	,	PUNCT
faba-4	1	48	sofia	sofia	NOUN
faba-4	1	49	info	info	NOUN
faba-4	1	50	articles	article	NOUN
faba-4	1	51	abstract	abstract	ADJ
faba-4	1	52	history	history	NOUN
faba-4	1	53	article	article	NOUN
faba-4	1	54	:	:	PUNCT
faba-4	1	55	received	receive	VERB
faba-4	1	56	2	2	NUM
faba-4	1	57	june	june	PROPN
faba-4	1	58	2018	2018	NUM
faba-4	1	59	accepted	accept	VERB
faba-4	1	60	8	8	NUM
faba-4	1	61	december	december	PROPN
faba-4	1	62	2018	2018	NUM
faba-4	1	63	published	publish	VERB
faba-4	1	64	29	29	NUM
faba-4	1	65	january	january	PROPN
faba-4	1	66	2019	2019	NUM
faba-4	1	67	this	this	DET
faba-4	1	68	paper	paper	NOUN
faba-4	1	69	is	be	AUX
faba-4	1	70	focused	focus	VERB
faba-4	1	71	on	on	ADP
faba-4	1	72	the	the	DET
faba-4	1	73	“	"	PUNCT
faba-4	1	74	price	price	NOUN
faba-4	1	75	-	-	PUNCT
faba-4	1	76	to	to	ADP
faba-4	1	77	-	-	PUNCT
faba-4	1	78	sales	sale	NOUN
faba-4	1	79	ratio	ratio	NOUN
faba-4	1	80	”	"	PUNCT
faba-4	1	81	(	(	PUNCT
faba-4	1	82	p	p	X
faba-4	1	83	/	/	SYM
faba-4	1	84	s	s	NOUN
faba-4	1	85	)	)	PUNCT
faba-4	1	86	and	and	CCONJ
faba-4	1	87	the	the	DET
faba-4	1	88	“	"	PUNCT
faba-4	1	89	enterprise	enterprise	NOUN
faba-4	1	90	value	value	NOUN
faba-4	1	91	-	-	PUNCT
faba-4	1	92	to	to	ADP
faba-4	1	93	-	-	PUNCT
faba-4	1	94	sales	sale	NOUN
faba-4	1	95	ratio	ratio	NOUN
faba-4	1	96	”	"	PUNCT
faba-4	1	97	(	(	PUNCT
faba-4	1	98	ev	ev	PROPN
faba-4	1	99	/	/	SYM
faba-4	1	100	s	s	PROPN
faba-4	1	101	)	)	PUNCT
faba-4	1	102	,	,	PUNCT
faba-4	1	103	which	which	PRON
faba-4	1	104	can	can	AUX
faba-4	1	105	be	be	AUX
faba-4	1	106	used	use	VERB
faba-4	1	107	in	in	ADP
faba-4	1	108	relative	relative	ADJ
faba-4	1	109	valuation	valuation	NOUN
faba-4	1	110	,	,	PUNCT
faba-4	1	111	in	in	ADP
faba-4	1	112	the	the	DET
faba-4	1	113	analysis	analysis	NOUN
faba-4	1	114	of	of	ADP
faba-4	1	115	companies	company	NOUN
faba-4	1	116	’	'	PUNCT
faba-4	1	117	performance	performance	NOUN
faba-4	1	118	,	,	PUNCT
faba-4	1	119	as	as	ADV
faba-4	1	120	well	well	ADV
faba-4	1	121	as	as	ADP
faba-4	1	122	in	in	ADP
faba-4	1	123	the	the	DET
faba-4	1	124	analysis	analysis	NOUN
faba-4	1	125	of	of	ADP
faba-4	1	126	different	different	ADJ
faba-4	1	127	sectors	sector	NOUN
faba-4	1	128	and	and	CCONJ
faba-4	1	129	of	of	ADP
faba-4	1	130	the	the	DET
faba-4	1	131	market	market	NOUN
faba-4	1	132	as	as	ADP
faba-4	1	133	a	a	DET
faba-4	1	134	whole	whole	NOUN
faba-4	1	135	.	.	PUNCT
faba-4	2	1	the	the	DET
faba-4	2	2	advantages	advantage	NOUN
faba-4	2	3	and	and	CCONJ
faba-4	2	4	drawbacks	drawback	NOUN
faba-4	2	5	of	of	ADP
faba-4	2	6	the	the	DET
faba-4	2	7	market	market	NOUN
faba-4	2	8	ratios	ratio	NOUN
faba-4	2	9	are	be	AUX
faba-4	2	10	analyzed	analyze	VERB
faba-4	2	11	in	in	ADP
faba-4	2	12	brief	brief	NOUN
faba-4	2	13	.	.	PUNCT
faba-4	3	1	the	the	DET
faba-4	3	2	derivation	derivation	NOUN
faba-4	3	3	of	of	ADP
faba-4	3	4	the	the	DET
faba-4	3	5	fundamental	fundamental	ADJ
faba-4	3	6	“	"	PUNCT
faba-4	3	7	price	price	NOUN
faba-4	3	8	-	-	PUNCT
faba-4	3	9	to	to	ADP
faba-4	3	10	-	-	PUNCT
faba-4	3	11	sales	sale	NOUN
faba-4	3	12	”	"	PUNCT
faba-4	3	13	(	(	PUNCT
faba-4	3	14	p	p	X
faba-4	3	15	/	/	SYM
faba-4	3	16	s	s	NOUN
faba-4	3	17	)	)	PUNCT
faba-4	3	18	and	and	CCONJ
faba-4	3	19	the	the	DET
faba-4	3	20	“	"	PUNCT
faba-4	3	21	enterprise	enterprise	NOUN
faba-4	3	22	value	value	NOUN
faba-4	3	23	-	-	PUNCT
faba-4	3	24	to	to	ADP
faba-4	3	25	-	-	PUNCT
faba-4	3	26	sales”(ev	sales”(ev	NOUN
faba-4	3	27	/	/	SYM
faba-4	3	28	s	s	NOUN
faba-4	3	29	)	)	PUNCT
faba-4	3	30	ratios	ratio	NOUN
faba-4	3	31	is	be	AUX
faba-4	3	32	discussed	discuss	VERB
faba-4	3	33	in	in	ADP
faba-4	3	34	detail	detail	NOUN
faba-4	3	35	.	.	PUNCT
faba-4	4	1	the	the	DET
faba-4	4	2	two	two	NUM
faba-4	4	3	fundamental	fundamental	ADJ
faba-4	4	4	p	p	X
faba-4	4	5	/	/	SYM
faba-4	4	6	s	s	X
faba-4	4	7	and	and	CCONJ
faba-4	4	8	ev	ev	ADP
faba-4	4	9	/	/	SYM
faba-4	4	10	s	s	PART
faba-4	4	11	ratios	ratio	NOUN
faba-4	4	12	for	for	ADP
faba-4	4	13	the	the	DET
faba-4	4	14	bulgarian	bulgarian	ADJ
faba-4	4	15	stock	stock	NOUN
faba-4	4	16	market	market	NOUN
faba-4	4	17	are	be	AUX
faba-4	4	18	calculated	calculate	VERB
faba-4	4	19	and	and	CCONJ
faba-4	4	20	compared	compare	VERB
faba-4	4	21	with	with	ADP
faba-4	4	22	the	the	DET
faba-4	4	23	corresponding	corresponding	ADJ
faba-4	4	24	actual	actual	ADJ
faba-4	4	25	p	p	X
faba-4	4	26	/	/	SYM
faba-4	4	27	s	s	X
faba-4	4	28	and	and	CCONJ
faba-4	4	29	ev	ev	PROPN
faba-4	4	30	/	/	SYM
faba-4	4	31	s.	s.	PROPN
faba-4	4	32	the	the	DET
faba-4	4	33	results	result	NOUN
faba-4	4	34	of	of	ADP
faba-4	4	35	the	the	DET
faba-4	4	36	study	study	NOUN
faba-4	4	37	indicate	indicate	VERB
faba-4	4	38	that	that	SCONJ
faba-4	4	39	the	the	DET
faba-4	4	40	current	current	ADJ
faba-4	4	41	levels	level	NOUN
faba-4	4	42	of	of	ADP
faba-4	4	43	the	the	DET
faba-4	4	44	actual	actual	ADJ
faba-4	4	45	p	p	X
faba-4	4	46	/	/	SYM
faba-4	4	47	s	s	X
faba-4	4	48	and	and	CCONJ
faba-4	4	49	ev	ev	PRON
faba-4	4	50	/	/	SYM
faba-4	4	51	s	s	NOUN
faba-4	4	52	are	be	AUX
faba-4	4	53	much	much	ADV
faba-4	4	54	higher	high	ADJ
faba-4	4	55	than	than	ADP
faba-4	4	56	the	the	DET
faba-4	4	57	levels	level	NOUN
faba-4	4	58	suggested	suggest	VERB
faba-4	4	59	by	by	ADP
faba-4	4	60	fundamentals	fundamental	NOUN
faba-4	4	61	,	,	PUNCT
faba-4	4	62	which	which	PRON
faba-4	4	63	is	be	AUX
faba-4	4	64	an	an	DET
faba-4	4	65	indicator	indicator	NOUN
faba-4	4	66	for	for	ADP
faba-4	4	67	an	an	DET
faba-4	4	68	overpriced	overpriced	ADJ
faba-4	4	69	bulgarian	bulgarian	ADJ
faba-4	4	70	stock	stock	NOUN
faba-4	4	71	market	market	NOUN
faba-4	4	72	in	in	ADP
faba-4	4	73	2017	2017	NUM
faba-4	4	74	.	.	PUNCT
faba-4	5	1	keywords	keyword	NOUN
faba-4	5	2	:	:	PUNCT
faba-4	5	3	stock	stock	NOUN
faba-4	5	4	markets	market	NOUN
faba-4	5	5	,	,	PUNCT
faba-4	5	6	relative	relative	ADJ
faba-4	5	7	valuation	valuation	NOUN
faba-4	5	8	,	,	PUNCT
faba-4	5	9	market	market	NOUN
faba-4	5	10	ratios	ratio	NOUN
faba-4	5	11	,	,	PUNCT
faba-4	5	12	p	p	X
faba-4	5	13	/	/	SYM
faba-4	5	14	s	s	PART
faba-4	5	15	ratio	ratio	NOUN
faba-4	5	16	,	,	PUNCT
faba-4	5	17	ev	ev	PROPN
faba-4	5	18	/	/	SYM
faba-4	5	19	s	s	PART
faba-4	5	20	ratio	ratio	NOUN
faba-4	5	21	,	,	PUNCT
faba-4	5	22	fundamentals	fundamental	NOUN
faba-4	5	23	.	.	PUNCT
faba-4	6	1	address	address	NOUN
faba-4	6	2	correspondence	correspondence	NOUN
faba-4	6	3	:	:	PUNCT
faba-4	7	1	e	e	X
faba-4	7	2	-	-	NOUN
faba-4	7	3	mail	mail	NOUN
faba-4	7	4	:	:	PUNCT
faba-4	7	5	dnenkov@unwe.eu	dnenkov@unwe.eu	X
faba-4	7	6	dimitir	dimitir	PROPN
faba-4	7	7	nenkov	nenkov	PROPN
faba-4	7	8	/	/	SYM
faba-4	7	9	finance	finance	NOUN
faba-4	7	10	,	,	PUNCT
faba-4	7	11	accounting	accounting	NOUN
faba-4	7	12	,	,	PUNCT
faba-4	7	13	and	and	CCONJ
faba-4	7	14	business	business	NOUN
faba-4	7	15	analisys	analisys	NOUN
faba-4	7	16	34	34	NUM
faba-4	7	17	introduction	introduction	NOUN
faba-4	7	18	market	market	NOUN
faba-4	7	19	ratios	ratio	NOUN
faba-4	7	20	,	,	PUNCT
faba-4	7	21	also	also	ADV
faba-4	7	22	called	call	VERB
faba-4	7	23	ratios	ratio	NOUN
faba-4	7	24	of	of	ADP
faba-4	7	25	market	market	NOUN
faba-4	7	26	performance	performance	NOUN
faba-4	7	27	,	,	PUNCT
faba-4	7	28	are	be	AUX
faba-4	7	29	one	one	NUM
faba-4	7	30	important	important	ADJ
faba-4	7	31	group	group	NOUN
faba-4	7	32	out	out	ADP
faba-4	7	33	of	of	ADP
faba-4	7	34	the	the	DET
faba-4	7	35	several	several	ADJ
faba-4	7	36	groups	group	NOUN
faba-4	7	37	of	of	ADP
faba-4	7	38	ratios	ratio	NOUN
faba-4	7	39	for	for	ADP
faba-4	7	40	financial	financial	ADJ
faba-4	7	41	analysis	analysis	NOUN
faba-4	7	42	of	of	ADP
faba-4	7	43	public	public	ADJ
faba-4	7	44	companies.1	companies.1	NOUN
faba-4	7	45	the	the	DET
faba-4	7	46	feature	feature	NOUN
faba-4	7	47	which	which	PRON
faba-4	7	48	distinguishes	distinguish	VERB
faba-4	7	49	this	this	DET
faba-4	7	50	group	group	NOUN
faba-4	7	51	of	of	ADP
faba-4	7	52	ratios	ratio	NOUN
faba-4	7	53	is	be	AUX
faba-4	7	54	that	that	SCONJ
faba-4	7	55	the	the	DET
faba-4	7	56	numerator	numerator	NOUN
faba-4	7	57	of	of	ADP
faba-4	7	58	each	each	PRON
faba-4	7	59	of	of	ADP
faba-4	7	60	them	they	PRON
faba-4	7	61	is	be	AUX
faba-4	7	62	the	the	DET
faba-4	7	63	market	market	NOUN
faba-4	7	64	price	price	NOUN
faba-4	7	65	per	per	ADP
faba-4	7	66	share	share	NOUN
faba-4	7	67	(	(	PUNCT
faba-4	7	68	p0	p0	NOUN
faba-4	7	69	)	)	PUNCT
faba-4	7	70	,	,	PUNCT
faba-4	7	71	or	or	CCONJ
faba-4	7	72	,	,	PUNCT
faba-4	7	73	alternatively	alternatively	ADV
faba-4	7	74	the	the	DET
faba-4	7	75	enterprise	enterprise	NOUN
faba-4	7	76	value	value	NOUN
faba-4	7	77	of	of	ADP
faba-4	7	78	the	the	DET
faba-4	7	79	company	company	NOUN
faba-4	7	80	(	(	PUNCT
faba-4	7	81	ev	ev	PROPN
faba-4	7	82	)	)	PUNCT
faba-4	7	83	.	.	PUNCT
faba-4	8	1	this	this	PRON
faba-4	8	2	is	be	AUX
faba-4	8	3	why	why	SCONJ
faba-4	8	4	they	they	PRON
faba-4	8	5	are	be	AUX
faba-4	8	6	called	call	VERB
faba-4	8	7	market	market	NOUN
faba-4	8	8	ratios	ratio	NOUN
faba-4	8	9	.	.	PUNCT
faba-4	9	1	this	this	DET
faba-4	9	2	specific	specific	ADJ
faba-4	9	3	feature	feature	NOUN
faba-4	9	4	of	of	ADP
faba-4	9	5	market	market	NOUN
faba-4	9	6	ratios	ratio	NOUN
faba-4	9	7	provides	provide	VERB
faba-4	9	8	the	the	DET
faba-4	9	9	opportunity	opportunity	NOUN
faba-4	9	10	to	to	PART
faba-4	9	11	use	use	VERB
faba-4	9	12	them	they	PRON
faba-4	9	13	in	in	ADP
faba-4	9	14	several	several	ADJ
faba-4	9	15	aspects	aspect	NOUN
faba-4	9	16	:	:	PUNCT
faba-4	9	17	for	for	ADP
faba-4	9	18	the	the	DET
faba-4	9	19	analysis	analysis	NOUN
faba-4	9	20	of	of	ADP
faba-4	9	21	the	the	DET
faba-4	9	22	performance	performance	NOUN
faba-4	9	23	of	of	ADP
faba-4	9	24	companies	company	NOUN
faba-4	9	25	,	,	PUNCT
faba-4	9	26	whose	whose	DET
faba-4	9	27	shares	share	NOUN
faba-4	9	28	are	be	AUX
faba-4	9	29	publicly	publicly	ADV
faba-4	9	30	traded	trade	VERB
faba-4	9	31	;	;	PUNCT
faba-4	9	32	for	for	ADP
faba-4	9	33	the	the	DET
faba-4	9	34	analysis	analysis	NOUN
faba-4	9	35	of	of	ADP
faba-4	9	36	the	the	DET
faba-4	9	37	market	market	NOUN
faba-4	9	38	as	as	ADP
faba-4	9	39	a	a	DET
faba-4	9	40	whole	whole	NOUN
faba-4	9	41	and	and	CCONJ
faba-4	9	42	of	of	ADP
faba-4	9	43	different	different	ADJ
faba-4	9	44	sectors	sector	NOUN
faba-4	9	45	,	,	PUNCT
faba-4	9	46	including	include	VERB
faba-4	9	47	for	for	ADP
faba-4	9	48	comparing	compare	VERB
faba-4	9	49	among	among	ADP
faba-4	9	50	different	different	ADJ
faba-4	9	51	markets	market	NOUN
faba-4	9	52	and	and	CCONJ
faba-4	9	53	sectors	sector	NOUN
faba-4	9	54	;	;	PUNCT
faba-4	9	55	in	in	ADP
faba-4	9	56	the	the	DET
faba-4	9	57	relative	relative	ADJ
faba-4	9	58	valuation	valuation	NOUN
faba-4	9	59	of	of	ADP
faba-4	9	60	other	other	ADJ
faba-4	9	61	companies	company	NOUN
faba-4	9	62	,	,	PUNCT
faba-4	9	63	which	which	PRON
faba-4	9	64	is	be	AUX
faba-4	9	65	also	also	ADV
faba-4	9	66	popular	popular	ADJ
faba-4	9	67	as	as	ADP
faba-4	9	68	multiples	multiple	NOUN
faba-4	9	69	valuation	valuation	NOUN
faba-4	9	70	,	,	PUNCT
faba-4	9	71	etc	etc	X
faba-4	9	72	.	.	X
faba-4	9	73	another	another	DET
faba-4	9	74	specific	specific	ADJ
faba-4	9	75	feature	feature	NOUN
faba-4	9	76	of	of	ADP
faba-4	9	77	market	market	NOUN
faba-4	9	78	ratios	ratio	NOUN
faba-4	9	79	makes	make	VERB
faba-4	9	80	them	they	PRON
faba-4	9	81	especially	especially	ADV
faba-4	9	82	useful	useful	ADJ
faba-4	9	83	in	in	ADP
faba-4	9	84	the	the	DET
faba-4	9	85	above	above	ADJ
faba-4	9	86	three	three	NUM
faba-4	9	87	aspects	aspect	NOUN
faba-4	9	88	.	.	PUNCT
faba-4	10	1	this	this	PRON
faba-4	10	2	is	be	AUX
faba-4	10	3	the	the	DET
faba-4	10	4	fact	fact	NOUN
faba-4	10	5	that	that	SCONJ
faba-4	10	6	they	they	PRON
faba-4	10	7	are	be	AUX
faba-4	10	8	a	a	DET
faba-4	10	9	kind	kind	NOUN
faba-4	10	10	of	of	ADP
faba-4	10	11	“	"	PUNCT
faba-4	10	12	standardized	standardized	ADJ
faba-4	10	13	prices	price	NOUN
faba-4	10	14	”	"	PUNCT
faba-4	10	15	of	of	ADP
faba-4	10	16	stocks	stock	NOUN
faba-4	10	17	,	,	PUNCT
faba-4	10	18	which	which	PRON
faba-4	10	19	make	make	VERB
faba-4	10	20	different	different	ADJ
faba-4	10	21	companies	company	NOUN
faba-4	10	22	,	,	PUNCT
faba-4	10	23	sectors	sector	NOUN
faba-4	10	24	and	and	CCONJ
faba-4	10	25	markets	market	NOUN
faba-4	10	26	comparable	comparable	ADJ
faba-4	10	27	with	with	ADP
faba-4	10	28	each	each	DET
faba-4	10	29	other.2	other.2	NOUN
faba-4	10	30	according	accord	VERB
faba-4	10	31	to	to	ADP
faba-4	10	32	a.	a.	NOUN
faba-4	10	33	damodaran	damodaran	NOUN
faba-4	10	34	,	,	PUNCT
faba-4	10	35	there	there	PRON
faba-4	10	36	are	be	VERB
faba-4	10	37	a	a	DET
faba-4	10	38	few	few	ADJ
faba-4	10	39	reasons	reason	NOUN
faba-4	10	40	for	for	ADP
faba-4	10	41	the	the	DET
faba-4	10	42	popularity	popularity	NOUN
faba-4	10	43	of	of	ADP
faba-4	10	44	relative	relative	ADJ
faba-4	10	45	valuation	valuation	NOUN
faba-4	10	46	methods	method	NOUN
faba-4	10	47	:	:	PUNCT
faba-4	10	48	that	that	SCONJ
faba-4	10	49	they	they	PRON
faba-4	10	50	are	be	AUX
faba-4	10	51	quick	quick	ADJ
faba-4	10	52	,	,	PUNCT
faba-4	10	53	easy	easy	ADJ
faba-4	10	54	to	to	PART
faba-4	10	55	implement	implement	VERB
faba-4	10	56	,	,	PUNCT
faba-4	10	57	easy	easy	ADJ
faba-4	10	58	to	to	PART
faba-4	10	59	explain	explain	VERB
faba-4	10	60	,	,	PUNCT
faba-4	10	61	they	they	PRON
faba-4	10	62	normally	normally	ADV
faba-4	10	63	yield	yield	VERB
faba-4	10	64	results	result	NOUN
faba-4	10	65	,	,	PUNCT
faba-4	10	66	which	which	PRON
faba-4	10	67	are	be	AUX
faba-4	10	68	close	close	ADJ
faba-4	10	69	to	to	ADP
faba-4	10	70	current	current	ADJ
faba-4	10	71	market	market	NOUN
faba-4	10	72	prices	price	NOUN
faba-4	10	73	.	.	PUNCT
faba-4	11	1	the	the	DET
faba-4	11	2	truth	truth	NOUN
faba-4	11	3	,	,	PUNCT
faba-4	11	4	however	however	ADV
faba-4	11	5	,	,	PUNCT
faba-4	11	6	is	be	AUX
faba-4	11	7	that	that	SCONJ
faba-4	11	8	the	the	DET
faba-4	11	9	above	above	ADJ
faba-4	11	10	advantages	advantage	NOUN
faba-4	11	11	also	also	ADV
faba-4	11	12	contain	contain	VERB
faba-4	11	13	the	the	DET
faba-4	11	14	prerequisites	prerequisite	NOUN
faba-4	11	15	for	for	ADP
faba-4	11	16	the	the	DET
faba-4	11	17	disadvantages	disadvantage	NOUN
faba-4	11	18	of	of	ADP
faba-4	11	19	relative	relative	ADJ
faba-4	11	20	valuation	valuation	NOUN
faba-4	11	21	methods	method	NOUN
faba-4	11	22	.	.	PUNCT
faba-4	12	1	quite	quite	ADV
faba-4	12	2	often	often	ADV
faba-4	12	3	,	,	PUNCT
faba-4	12	4	applying	apply	VERB
faba-4	12	5	relative	relative	ADJ
faba-4	12	6	valuation	valuation	NOUN
faba-4	12	7	,	,	PUNCT
faba-4	12	8	analysts	analyst	NOUN
faba-4	12	9	and	and	CCONJ
faba-4	12	10	appraisers	appraiser	NOUN
faba-4	12	11	arrive	arrive	VERB
faba-4	12	12	at	at	ADP
faba-4	12	13	totally	totally	ADV
faba-4	12	14	wrong	wrong	ADJ
faba-4	12	15	price	price	NOUN
faba-4	12	16	,	,	PUNCT
faba-4	12	17	because	because	SCONJ
faba-4	12	18	of	of	ADP
faba-4	12	19	ignoring	ignore	VERB
faba-4	12	20	key	key	ADJ
faba-4	12	21	variables	variable	NOUN
faba-4	12	22	.	.	PUNCT
faba-4	13	1	the	the	DET
faba-4	13	2	stocks	stock	NOUN
faba-4	13	3	are	be	AUX
faba-4	13	4	normally	normally	ADV
faba-4	13	5	overpriced	overpriced	ADJ
faba-4	13	6	when	when	SCONJ
faba-4	13	7	the	the	DET
faba-4	13	8	market	market	NOUN
faba-4	13	9	overprices	overprice	VERB
faba-4	13	10	the	the	DET
faba-4	13	11	comparable	comparable	ADJ
faba-4	13	12	companies	company	NOUN
faba-4	13	13	and	and	CCONJ
faba-4	13	14	vice	vice	NOUN
faba-4	13	15	versa	versa	ADV
faba-4	13	16	.	.	PUNCT
faba-4	14	1	the	the	DET
faba-4	14	2	lack	lack	NOUN
faba-4	14	3	of	of	ADP
faba-4	14	4	transparency	transparency	NOUN
faba-4	14	5	with	with	ADP
faba-4	14	6	regard	regard	NOUN
faba-4	14	7	to	to	ADP
faba-4	14	8	key	key	ADJ
faba-4	14	9	variables	variable	NOUN
faba-4	14	10	makes	make	VERB
faba-4	14	11	relative	relative	ADJ
faba-4	14	12	valuation	valuation	NOUN
faba-4	14	13	very	very	ADV
faba-4	14	14	sensitive	sensitive	ADJ
faba-4	14	15	to	to	PART
faba-4	14	16	manipulation.3	manipulation.3	VERB
faba-4	14	17	these	these	PRON
faba-4	14	18	are	be	AUX
faba-4	14	19	a	a	DET
faba-4	14	20	part	part	NOUN
faba-4	14	21	of	of	ADP
faba-4	14	22	the	the	DET
faba-4	14	23	reasons	reason	NOUN
faba-4	14	24	why	why	SCONJ
faba-4	14	25	relative	relative	ADJ
faba-4	14	26	valuation	valuation	NOUN
faba-4	14	27	methods	method	NOUN
faba-4	14	28	are	be	AUX
faba-4	14	29	very	very	ADV
faba-4	14	30	convenient	convenient	ADJ
faba-4	14	31	and	and	CCONJ
faba-4	14	32	very	very	ADV
faba-4	14	33	much	much	ADV
faba-4	14	34	wanted	want	VERB
faba-4	14	35	during	during	ADP
faba-4	14	36	bull	bull	NOUN
faba-4	14	37	markets	market	NOUN
faba-4	14	38	.	.	PUNCT
faba-4	15	1	in	in	ADP
faba-4	15	2	such	such	ADJ
faba-4	15	3	conditions	condition	NOUN
faba-4	15	4	most	most	ADJ
faba-4	15	5	stock	stock	NOUN
faba-4	15	6	market	market	NOUN
faba-4	15	7	players	player	NOUN
faba-4	15	8	,	,	PUNCT
faba-4	15	9	such	such	ADJ
faba-4	15	10	as	as	ADP
faba-4	15	11	investment	investment	NOUN
faba-4	15	12	bankers	banker	NOUN
faba-4	15	13	,	,	PUNCT
faba-4	15	14	consultants	consultant	NOUN
faba-4	15	15	,	,	PUNCT
faba-4	15	16	and	and	CCONJ
faba-4	15	17	others	other	NOUN
faba-4	15	18	,	,	PUNCT
faba-4	15	19	are	be	AUX
faba-4	15	20	interested	interested	ADJ
faba-4	15	21	in	in	ADP
faba-4	15	22	valuation	valuation	NOUN
faba-4	15	23	results	result	NOUN
faba-4	15	24	,	,	PUNCT
faba-4	15	25	which	which	PRON
faba-4	15	26	are	be	AUX
faba-4	15	27	close	close	ADJ
faba-4	15	28	to	to	ADP
faba-4	15	29	market	market	NOUN
faba-4	15	30	prices	price	NOUN
faba-4	15	31	,	,	PUNCT
faba-4	15	32	thus	thus	ADV
faba-4	15	33	justifying	justify	VERB
faba-4	15	34	the	the	DET
faba-4	15	35	respective	respective	ADJ
faba-4	15	36	transactions	transaction	NOUN
faba-4	15	37	.	.	PUNCT
faba-4	16	1	commissions	commission	NOUN
faba-4	16	2	are	be	AUX
faba-4	16	3	earned	earn	VERB
faba-4	16	4	only	only	ADV
faba-4	16	5	if	if	SCONJ
faba-4	16	6	deals	deal	NOUN
faba-4	16	7	are	be	AUX
faba-4	16	8	finalized	finalize	VERB
faba-4	16	9	.	.	PUNCT
faba-4	17	1	given	give	VERB
faba-4	17	2	the	the	DET
faba-4	17	3	expectations	expectation	NOUN
faba-4	17	4	for	for	ADP
faba-4	17	5	continuously	continuously	ADV
faba-4	17	6	rising	rise	VERB
faba-4	17	7	stock	stock	NOUN
faba-4	17	8	prices	price	NOUN
faba-4	17	9	,	,	PUNCT
faba-4	17	10	most	most	ADJ
faba-4	17	11	players	player	NOUN
faba-4	17	12	seem	seem	VERB
faba-4	17	13	satisfied	satisfied	ADJ
faba-4	17	14	with	with	ADP
faba-4	17	15	such	such	ADJ
faba-4	17	16	results	result	NOUN
faba-4	17	17	(	(	PUNCT
faba-4	17	18	until	until	ADP
faba-4	17	19	the	the	DET
faba-4	17	20	moment	moment	NOUN
faba-4	17	21	when	when	SCONJ
faba-4	17	22	the	the	DET
faba-4	17	23	bubble	bubble	NOUN
faba-4	17	24	bursts	burst	VERB
faba-4	17	25	out	out	ADP
faba-4	17	26	)	)	PUNCT
faba-4	17	27	.	.	PUNCT
faba-4	18	1	this	this	PRON
faba-4	18	2	copes	cope	VERB
faba-4	18	3	perfectly	perfectly	ADV
faba-4	18	4	with	with	ADP
faba-4	18	5	multiples	multiple	NOUN
faba-4	18	6	valuation	valuation	NOUN
faba-4	18	7	,	,	PUNCT
faba-4	18	8	which	which	DET
faba-4	18	9	yields	yield	NOUN
faba-4	18	10	overpriced	overprice	VERB
faba-4	18	11	stocks	stock	NOUN
faba-4	18	12	in	in	ADP
faba-4	18	13	the	the	DET
faba-4	18	14	conditions	condition	NOUN
faba-4	18	15	of	of	ADP
faba-4	18	16	an	an	DET
faba-4	18	17	overpriced	overpriced	ADJ
faba-4	18	18	market	market	NOUN
faba-4	18	19	.	.	PUNCT
faba-4	19	1	the	the	DET
faba-4	19	2	relatively	relatively	ADV
faba-4	19	3	neutral	neutral	ADJ
faba-4	19	4	dcf	dcf	PROPN
faba-4	19	5	valuation	valuation	NOUN
faba-4	19	6	models	model	NOUN
faba-4	19	7	are	be	AUX
faba-4	19	8	often	often	ADV
faba-4	19	9	neglected	neglect	VERB
faba-4	19	10	in	in	ADP
faba-4	19	11	such	such	ADJ
faba-4	19	12	situations	situation	NOUN
faba-4	19	13	.	.	PUNCT
faba-4	20	1	in	in	ADP
faba-4	20	2	this	this	DET
faba-4	20	3	way	way	NOUN
faba-4	20	4	the	the	DET
faba-4	20	5	stock	stock	NOUN
faba-4	20	6	bubble	bubble	NOUN
faba-4	20	7	is	be	AUX
faba-4	20	8	kind	kind	ADV
faba-4	20	9	of	of	ADP
faba-4	20	10	“	"	PUNCT
faba-4	20	11	legalized	legalize	VERB
faba-4	20	12	”	"	PUNCT
faba-4	20	13	in	in	ADP
faba-4	20	14	the	the	DET
faba-4	20	15	eyes	eye	NOUN
faba-4	20	16	of	of	ADP
faba-4	20	17	the	the	DET
faba-4	20	18	public	public	NOUN
faba-4	20	19	.	.	PUNCT
faba-4	21	1	4	4	NUM
faba-4	21	2	in	in	ADP
faba-4	21	3	this	this	DET
faba-4	21	4	connection	connection	NOUN
faba-4	21	5	some	some	DET
faba-4	21	6	valuation	valuation	NOUN
faba-4	21	7	experts	expert	NOUN
faba-4	21	8	say	say	VERB
faba-4	21	9	that	that	SCONJ
faba-4	21	10	the	the	DET
faba-4	21	11	most	most	ADV
faba-4	21	12	important	important	ADJ
faba-4	21	13	question	question	NOUN
faba-4	21	14	when	when	SCONJ
faba-4	21	15	reviewing	review	VERB
faba-4	21	16	a	a	DET
faba-4	21	17	valuation	valuation	NOUN
faba-4	21	18	is	be	AUX
faba-4	21	19	not	not	PART
faba-4	21	20	which	which	DET
faba-4	21	21	methods	method	NOUN
faba-4	21	22	are	be	AUX
faba-4	21	23	used	use	VERB
faba-4	21	24	,	,	PUNCT
faba-4	21	25	but	but	CCONJ
faba-4	21	26	who	who	PRON
faba-4	21	27	paid	pay	VERB
faba-4	21	28	for	for	ADP
faba-4	21	29	the	the	DET
faba-4	21	30	valuation5	valuation5	NOUN
faba-4	21	31	.	.	PUNCT
faba-4	22	1	many	many	ADJ
faba-4	22	2	analysts	analyst	NOUN
faba-4	22	3	contend	contend	VERB
faba-4	22	4	that	that	SCONJ
faba-4	22	5	the	the	DET
faba-4	22	6	multiples	multiple	NOUN
faba-4	22	7	valuation	valuation	NOUN
faba-4	22	8	methods	method	NOUN
faba-4	22	9	are	be	AUX
faba-4	22	10	easy	easy	ADJ
faba-4	22	11	to	to	PART
faba-4	22	12	implement	implement	VERB
faba-4	22	13	,	,	PUNCT
faba-4	22	14	but	but	CCONJ
faba-4	22	15	according	accord	VERB
faba-4	22	16	to	to	ADP
faba-4	22	17	koller	koller	PROPN
faba-4	22	18	,	,	PUNCT
faba-4	22	19	goedhart	goedhart	NOUN
faba-4	22	20	and	and	CCONJ
faba-4	22	21	wessels	wessels	PROPN
faba-4	22	22	,	,	PUNCT
faba-4	22	23	in	in	ADP
faba-4	22	24	reality	reality	NOUN
faba-4	22	25	it	it	PRON
faba-4	22	26	is	be	AUX
faba-4	22	27	just	just	ADV
faba-4	22	28	the	the	DET
faba-4	22	29	opposite.6	opposite.6	NOUN
faba-4	22	30	a	a	DET
faba-4	22	31	well	well	ADV
faba-4	22	32	elaborated	elaborate	VERB
faba-4	22	33	multiples	multiple	NOUN
faba-4	22	34	analysis	analysis	NOUN
faba-4	22	35	requires	require	VERB
faba-4	22	36	a	a	DET
faba-4	22	37	lot	lot	NOUN
faba-4	22	38	of	of	ADP
faba-4	22	39	the	the	DET
faba-4	22	40	same	same	ADJ
faba-4	22	41	efforts	effort	NOUN
faba-4	22	42	and	and	CCONJ
faba-4	22	43	adjustments	adjustment	NOUN
faba-4	22	44	as	as	ADP
faba-4	22	45	with	with	ADP
faba-4	22	46	the	the	DET
faba-4	22	47	traditional	traditional	ADJ
faba-4	22	48	dcf	dcf	NOUN
faba-4	22	49	analysis	analysis	NOUN
faba-4	22	50	.	.	PUNCT
faba-4	23	1	the	the	DET
faba-4	23	2	disadvantages	disadvantage	NOUN
faba-4	23	3	of	of	ADP
faba-4	23	4	the	the	DET
faba-4	23	5	market	market	NOUN
faba-4	23	6	ratios	ratio	NOUN
faba-4	23	7	,	,	PUNCT
faba-4	23	8	which	which	PRON
faba-4	23	9	were	be	AUX
faba-4	23	10	discussed	discuss	VERB
faba-4	23	11	in	in	ADP
faba-4	23	12	terms	term	NOUN
faba-4	23	13	of	of	ADP
faba-4	23	14	relative	relative	ADJ
faba-4	23	15	valuation	valuation	NOUN
faba-4	23	16	,	,	PUNCT
faba-4	23	17	need	need	VERB
faba-4	23	18	to	to	PART
faba-4	23	19	be	be	AUX
faba-4	23	20	accounted	account	VERB
faba-4	23	21	for	for	ADP
faba-4	23	22	when	when	SCONJ
faba-4	23	23	used	use	VERB
faba-4	23	24	in	in	ADP
faba-4	23	25	the	the	DET
faba-4	23	26	other	other	ADJ
faba-4	23	27	two	two	NUM
faba-4	23	28	directions	direction	NOUN
faba-4	23	29	as	as	ADV
faba-4	23	30	well	well	ADV
faba-4	23	31	–	–	PUNCT
faba-4	23	32	for	for	ADP
faba-4	23	33	company	company	NOUN
faba-4	23	34	analysis	analysis	NOUN
faba-4	23	35	and	and	CCONJ
faba-4	23	36	for	for	ADP
faba-4	23	37	the	the	DET
faba-4	23	38	analysis	analysis	NOUN
faba-4	23	39	of	of	ADP
faba-4	23	40	the	the	DET
faba-4	23	41	sectors	sector	NOUN
faba-4	23	42	and	and	CCONJ
faba-4	23	43	of	of	ADP
faba-4	23	44	the	the	DET
faba-4	23	45	stock	stock	NOUN
faba-4	23	46	market	market	NOUN
faba-4	23	47	as	as	ADP
faba-4	23	48	a	a	DET
faba-4	23	49	whole	whole	NOUN
faba-4	23	50	.	.	PUNCT
faba-4	24	1	1	1	NUM
faba-4	24	2	brigham	brigham	PROPN
faba-4	24	3	,	,	PUNCT
faba-4	24	4	eugene	eugene	PROPN
faba-4	24	5	f.	f.	PROPN
faba-4	24	6	,	,	PUNCT
faba-4	24	7	louis	louis	PROPN
faba-4	24	8	gapenski	gapenski	PROPN
faba-4	24	9	–	–	PUNCT
faba-4	24	10	“	"	PUNCT
faba-4	24	11	financial	financial	ADJ
faba-4	24	12	management	management	NOUN
faba-4	24	13	–	–	PUNCT
faba-4	24	14	theory	theory	NOUN
faba-4	24	15	and	and	CCONJ
faba-4	24	16	practice	practice	NOUN
faba-4	24	17	”	"	PUNCT
faba-4	24	18	,	,	PUNCT
faba-4	24	19	the	the	DET
faba-4	24	20	dryden	dryden	PROPN
faba-4	24	21	press	press	PROPN
faba-4	24	22	,	,	PUNCT
faba-4	24	23	1994	1994	NUM
faba-4	24	24	2	2	NUM
faba-4	24	25	damodaran	damodaran	VERB
faba-4	24	26	,	,	PUNCT
faba-4	24	27	a.	a.	NOUN
faba-4	24	28	–	–	PUNCT
faba-4	24	29	“	"	PUNCT
faba-4	24	30	investment	investment	NOUN
faba-4	24	31	valuation	valuation	NOUN
faba-4	24	32	–	–	PUNCT
faba-4	24	33	tools	tool	NOUN
faba-4	24	34	and	and	CCONJ
faba-4	24	35	techniques	technique	NOUN
faba-4	24	36	for	for	ADP
faba-4	24	37	determining	determine	VERB
faba-4	24	38	the	the	DET
faba-4	24	39	value	value	NOUN
faba-4	24	40	of	of	ADP
faba-4	24	41	any	any	DET
faba-4	24	42	asset	asset	NOUN
faba-4	24	43	”	"	PUNCT
faba-4	24	44	,	,	PUNCT
faba-4	24	45	john	john	PROPN
faba-4	24	46	wiley	wiley	PROPN
faba-4	24	47	&	&	CCONJ
faba-4	24	48	sons	son	NOUN
faba-4	24	49	,	,	PUNCT
faba-4	24	50	new	new	PROPN
faba-4	24	51	york	york	PROPN
faba-4	24	52	,	,	PUNCT
faba-4	24	53	2002	2002	NUM
faba-4	24	54	,	,	PUNCT
faba-4	24	55	p.	p.	NOUN
faba-4	24	56	453	453	NUM
faba-4	24	57	3	3	NUM
faba-4	24	58	damodaran	damodaran	ADJ
faba-4	24	59	,	,	PUNCT
faba-4	24	60	a.	a.	NOUN
faba-4	24	61	–	–	PUNCT
faba-4	24	62	“	"	PUNCT
faba-4	24	63	investment	investment	NOUN
faba-4	24	64	valuation	valuation	NOUN
faba-4	24	65	–	–	PUNCT
faba-4	24	66	tools	tool	NOUN
faba-4	24	67	and	and	CCONJ
faba-4	24	68	techniques	technique	NOUN
faba-4	24	69	for	for	ADP
faba-4	24	70	determining	determine	VERB
faba-4	24	71	the	the	DET
faba-4	24	72	value	value	NOUN
faba-4	24	73	of	of	ADP
faba-4	24	74	any	any	DET
faba-4	24	75	asset	asset	NOUN
faba-4	24	76	”	"	PUNCT
faba-4	24	77	,	,	PUNCT
faba-4	24	78	john	john	PROPN
faba-4	24	79	wiley	wiley	PROPN
faba-4	24	80	&	&	CCONJ
faba-4	24	81	sons	son	NOUN
faba-4	24	82	,	,	PUNCT
faba-4	24	83	new	new	PROPN
faba-4	24	84	york	york	PROPN
faba-4	24	85	,	,	PUNCT
faba-4	24	86	2002	2002	NUM
faba-4	24	87	,	,	PUNCT
faba-4	24	88	p.	p.	NOUN
faba-4	24	89	454	454	NUM
faba-4	24	90	4	4	NUM
faba-4	24	91	ненков	ненков	NOUN
faba-4	24	92	,	,	PUNCT
faba-4	24	93	д	д	X
faba-4	24	94	.	.	PUNCT
faba-4	24	95	–	–	PUNCT
faba-4	24	96	“	"	PUNCT
faba-4	24	97	финансовият	финансовият	ADJ
faba-4	24	98	мениджмънт	мениджмънт	PROPN
faba-4	24	99	и	и	PROPN
faba-4	24	100	уроците	уроците	PROPN
faba-4	24	101	от	от	ADP
faba-4	24	102	финансовата	финансовата	NOUN
faba-4	24	103	криза	криза	VERB
faba-4	24	104	”	"	PUNCT
faba-4	24	105	,	,	PUNCT
faba-4	24	106	доклад	доклад	NOUN
faba-4	24	107	,	,	PUNCT
faba-4	24	108	международна	международна	PROPN
faba-4	24	109	научна	научна	PROPN
faba-4	24	110	конференция	конференция	NOUN
faba-4	24	111	“	"	PUNCT
faba-4	24	112	световната	световната	PROPN
faba-4	24	113	финансова	финансова	PROPN
faba-4	24	114	криза	криза	VERB
faba-4	24	115	и	и	PROPN
faba-4	24	116	поуките	поуките	PROPN
faba-4	24	117	за	за	ADP
faba-4	24	118	финансовия	финансовия	PROPN
faba-4	24	119	сектор	сектор	PROPN
faba-4	24	120	на	на	PROPN
faba-4	24	121	българия	българия	PROPN
faba-4	24	122	”	"	PUNCT
faba-4	24	123	,	,	PUNCT
faba-4	24	124	равда	равда	PROPN
faba-4	24	125	,	,	PUNCT
faba-4	24	126	24	24	NUM
faba-4	24	127	-	-	SYM
faba-4	24	128	26	26	NUM
faba-4	24	129	септември	септември	NOUN
faba-4	24	130	2010	2010	NUM
faba-4	24	131	г	г	NOUN
faba-4	24	132	.	.	PROPN
faba-4	24	133	,	,	PUNCT
faba-4	24	134	стр	стр	PROPN
faba-4	24	135	.	.	PUNCT
faba-4	25	1	19	19	NUM
faba-4	25	2	-	-	SYM
faba-4	25	3	26	26	NUM
faba-4	25	4	5	5	NUM
faba-4	25	5	damodaran	damodaran	ADJ
faba-4	25	6	,	,	PUNCT
faba-4	25	7	a.	a.	NOUN
faba-4	25	8	–	–	PUNCT
faba-4	25	9	„	„	PUNCT
faba-4	25	10	september	september	PROPN
faba-4	25	11	12	12	NUM
faba-4	25	12	to	to	ADP
faba-4	25	13	october	october	PROPN
faba-4	25	14	16	16	NUM
faba-4	25	15	–	–	PUNCT
faba-4	25	16	five	five	NUM
faba-4	25	17	weeks	week	NOUN
faba-4	25	18	from	from	ADP
faba-4	25	19	hell	hell	NOUN
faba-4	25	20	and	and	CCONJ
faba-4	25	21	the	the	DET
faba-4	25	22	lessons	lesson	NOUN
faba-4	25	23	we	we	PRON
faba-4	25	24	have	have	AUX
faba-4	25	25	learned	learn	VERB
faba-4	25	26	”	"	PUNCT
faba-4	25	27	,	,	PUNCT
faba-4	25	28	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	25	29	6	6	NUM
faba-4	25	30	koller	koller	NOUN
faba-4	25	31	,	,	PUNCT
faba-4	25	32	t.	t.	PROPN
faba-4	25	33	,	,	PUNCT
faba-4	25	34	goedhart	goedhart	NOUN
faba-4	25	35	,	,	PUNCT
faba-4	25	36	m.	m.	NOUN
faba-4	25	37	,	,	PUNCT
faba-4	25	38	wessels	wessels	PROPN
faba-4	25	39	,	,	PUNCT
faba-4	25	40	d.	d.	PROPN
faba-4	25	41	–	–	PUNCT
faba-4	25	42	“	"	PUNCT
faba-4	25	43	valuation	valuation	NOUN
faba-4	25	44	–	–	PUNCT
faba-4	25	45	measuring	measure	VERB
faba-4	25	46	and	and	CCONJ
faba-4	25	47	managing	manage	VERB
faba-4	25	48	the	the	DET
faba-4	25	49	value	value	NOUN
faba-4	25	50	of	of	ADP
faba-4	25	51	companies	company	NOUN
faba-4	25	52	”	"	PUNCT
faba-4	25	53	,	,	PUNCT
faba-4	25	54	(	(	PUNCT
faba-4	25	55	mckinsey	mckinsey	NOUN
faba-4	25	56	&	&	CCONJ
faba-4	25	57	company	company	PROPN
faba-4	25	58	)	)	PUNCT
faba-4	25	59	,	,	PUNCT
faba-4	25	60	published	publish	VERB
faba-4	25	61	by	by	ADP
faba-4	25	62	john	john	PROPN
faba-4	25	63	weley	weley	PROPN
faba-4	25	64	&	&	CCONJ
faba-4	25	65	sons	son	NOUN
faba-4	25	66	,	,	PUNCT
faba-4	25	67	new	new	PROPN
faba-4	25	68	york	york	PROPN
faba-4	25	69	,	,	PUNCT
faba-4	25	70	2015	2015	NUM
faba-4	25	71	,	,	PUNCT
faba-4	25	72	p.	p.	NOUN
faba-4	25	73	371	371	NUM
faba-4	25	74	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-4	25	75	dimitir	dimitir	ADJ
faba-4	25	76	nenkov	nenkov	PROPN
faba-4	25	77	/	/	SYM
faba-4	25	78	finance	finance	NOUN
faba-4	25	79	,	,	PUNCT
faba-4	25	80	accounting	accounting	NOUN
faba-4	25	81	,	,	PUNCT
faba-4	25	82	and	and	CCONJ
faba-4	25	83	business	business	NOUN
faba-4	25	84	analisys	analisys	NOUN
faba-4	25	85	35	35	NUM
faba-4	25	86	“	"	PUNCT
faba-4	25	87	price	price	NOUN
faba-4	25	88	-	-	PUNCT
faba-4	25	89	to	to	ADP
faba-4	25	90	-	-	PUNCT
faba-4	25	91	sales	sale	NOUN
faba-4	25	92	”	"	PUNCT
faba-4	25	93	(	(	PUNCT
faba-4	25	94	p	p	X
faba-4	25	95	/	/	SYM
faba-4	25	96	s	s	NOUN
faba-4	25	97	)	)	PUNCT
faba-4	25	98	and	and	CCONJ
faba-4	25	99	“	"	PUNCT
faba-4	25	100	enterprise	enterprise	NOUN
faba-4	25	101	value	value	NOUN
faba-4	25	102	-	-	PUNCT
faba-4	25	103	to	to	ADP
faba-4	25	104	-	-	PUNCT
faba-4	25	105	sales	sale	NOUN
faba-4	25	106	”	"	PUNCT
faba-4	25	107	(	(	PUNCT
faba-4	25	108	ev	ev	PROPN
faba-4	25	109	/	/	SYM
faba-4	25	110	s	s	NOUN
faba-4	25	111	)	)	PUNCT
faba-4	25	112	ratios	ratio	NOUN
faba-4	25	113	james	james	PROPN
faba-4	25	114	o’shaughnessy	o’shaughnessy	PROPN
faba-4	25	115	qualifies	qualify	VERB
faba-4	25	116	the	the	DET
faba-4	25	117	price	price	NOUN
faba-4	25	118	-	-	PUNCT
faba-4	25	119	to	to	ADP
faba-4	25	120	-	-	PUNCT
faba-4	25	121	sales	sale	NOUN
faba-4	25	122	(	(	PUNCT
faba-4	25	123	p	p	X
faba-4	25	124	/	/	SYM
faba-4	25	125	s	s	NOUN
faba-4	25	126	)	)	PUNCT
faba-4	25	127	ratio	ratio	NOUN
faba-4	25	128	as	as	ADP
faba-4	25	129	the	the	DET
faba-4	25	130	best	good	ADJ
faba-4	25	131	of	of	ADP
faba-4	25	132	all	all	DET
faba-4	25	133	market	market	NOUN
faba-4	25	134	ratios.7	ratios.7	NOUN
faba-4	25	135	ken	ken	PROPN
faba-4	25	136	fisher	fisher	PROPN
faba-4	25	137	calls	call	VERB
faba-4	25	138	it	it	PRON
faba-4	25	139	“	"	PUNCT
faba-4	25	140	almost	almost	ADV
faba-4	25	141	perfect	perfect	ADJ
faba-4	25	142	measure	measure	NOUN
faba-4	25	143	of	of	ADP
faba-4	25	144	popularity”.8	popularity”.8	PUNCT
faba-4	25	145	the	the	DET
faba-4	25	146	p	p	X
faba-4	25	147	/	/	SYM
faba-4	25	148	s	s	PART
faba-4	25	149	is	be	AUX
faba-4	25	150	a	a	DET
faba-4	25	151	measure	measure	NOUN
faba-4	25	152	of	of	ADP
faba-4	25	153	the	the	DET
faba-4	25	154	value	value	NOUN
faba-4	25	155	of	of	ADP
faba-4	25	156	company	company	NOUN
faba-4	25	157	’s	’s	PART
faba-4	25	158	equity	equity	NOUN
faba-4	25	159	,	,	PUNCT
faba-4	25	160	relative	relative	ADJ
faba-4	25	161	to	to	ADP
faba-4	25	162	its	its	PRON
faba-4	25	163	sales	sale	NOUN
faba-4	25	164	.	.	PUNCT
faba-4	26	1	as	as	SCONJ
faba-4	26	2	there	there	PRON
faba-4	26	3	are	be	VERB
faba-4	26	4	many	many	ADJ
faba-4	26	5	investors	investor	NOUN
faba-4	26	6	who	who	PRON
faba-4	26	7	like	like	VERB
faba-4	26	8	high	high	ADJ
faba-4	26	9	p	p	X
faba-4	26	10	/	/	SYM
faba-4	26	11	s	s	PART
faba-4	26	12	ratios	ratio	NOUN
faba-4	26	13	,	,	PUNCT
faba-4	26	14	there	there	PRON
faba-4	26	15	are	be	VERB
faba-4	26	16	also	also	ADV
faba-4	26	17	investors	investor	NOUN
faba-4	26	18	,	,	PUNCT
faba-4	26	19	who	who	PRON
faba-4	26	20	buy	buy	VERB
faba-4	26	21	at	at	ADP
faba-4	26	22	low	low	ADJ
faba-4	26	23	p	p	PROPN
faba-4	26	24	/	/	SYM
faba-4	26	25	s	s	PART
faba-4	26	26	ratios	ratio	NOUN
faba-4	26	27	,	,	PUNCT
faba-4	26	28	since	since	SCONJ
faba-4	26	29	they	they	PRON
faba-4	26	30	believe	believe	VERB
faba-4	26	31	they	they	PRON
faba-4	26	32	have	have	VERB
faba-4	26	33	a	a	DET
faba-4	26	34	bargain.9	bargain.9	PROPN
faba-4	26	35	the	the	DET
faba-4	26	36	price	price	NOUN
faba-4	26	37	-	-	PUNCT
faba-4	26	38	earnings	earning	NOUN
faba-4	26	39	(	(	PUNCT
faba-4	26	40	p	p	X
faba-4	26	41	/	/	SYM
faba-4	26	42	e	e	NOUN
faba-4	26	43	)	)	PUNCT
faba-4	26	44	and	and	CCONJ
faba-4	26	45	the	the	DET
faba-4	26	46	price	price	NOUN
faba-4	26	47	-	-	PUNCT
faba-4	26	48	to	to	ADP
faba-4	26	49	-	-	PUNCT
faba-4	26	50	book	book	NOUN
faba-4	26	51	(	(	PUNCT
faba-4	26	52	p	p	NOUN
faba-4	26	53	/	/	SYM
faba-4	26	54	bv	bv	NOUN
faba-4	26	55	)	)	PUNCT
faba-4	26	56	ratios	ratio	NOUN
faba-4	26	57	continue	continue	VERB
faba-4	26	58	to	to	PART
faba-4	26	59	be	be	AUX
faba-4	26	60	very	very	ADV
faba-4	26	61	popular	popular	ADJ
faba-4	26	62	as	as	SCONJ
faba-4	26	63	they	they	PRON
faba-4	26	64	used	use	VERB
faba-4	26	65	to	to	PART
faba-4	26	66	be	be	AUX
faba-4	26	67	in	in	ADP
faba-4	26	68	the	the	DET
faba-4	26	69	past	past	NOUN
faba-4	26	70	,	,	PUNCT
faba-4	26	71	but	but	CCONJ
faba-4	26	72	during	during	ADP
faba-4	26	73	the	the	DET
faba-4	26	74	latest	late	ADJ
faba-4	26	75	two	two	NUM
faba-4	26	76	or	or	CCONJ
faba-4	26	77	three	three	NUM
faba-4	26	78	decades	decade	NOUN
faba-4	26	79	the	the	DET
faba-4	26	80	analysts	analyst	NOUN
faba-4	26	81	extended	extend	VERB
faba-4	26	82	the	the	DET
faba-4	26	83	circle	circle	NOUN
faba-4	26	84	of	of	ADP
faba-4	26	85	ratios	ratio	NOUN
faba-4	26	86	used	use	VERB
faba-4	26	87	,	,	PUNCT
faba-4	26	88	including	include	VERB
faba-4	26	89	the	the	DET
faba-4	26	90	p	p	PROPN
faba-4	26	91	/	/	SYM
faba-4	26	92	s	s	PART
faba-4	26	93	ratios	ratio	NOUN
faba-4	26	94	.	.	PUNCT
faba-4	27	1	it	it	PRON
faba-4	27	2	is	be	AUX
faba-4	27	3	very	very	ADV
faba-4	27	4	attractive	attractive	ADJ
faba-4	27	5	to	to	ADP
faba-4	27	6	investors	investor	NOUN
faba-4	27	7	and	and	CCONJ
faba-4	27	8	analysts	analyst	NOUN
faba-4	27	9	for	for	ADP
faba-4	27	10	several	several	ADJ
faba-4	27	11	reasons	reason	NOUN
faba-4	27	12	:	:	PUNCT
faba-4	27	13	in	in	ADP
faba-4	27	14	the	the	DET
faba-4	27	15	first	first	ADJ
faba-4	27	16	place	place	NOUN
faba-4	27	17	,	,	PUNCT
faba-4	27	18	while	while	SCONJ
faba-4	27	19	p	p	X
faba-4	27	20	/	/	SYM
faba-4	27	21	e	e	NOUN
faba-4	27	22	ratios	ratio	NOUN
faba-4	27	23	are	be	AUX
faba-4	27	24	often	often	ADV
faba-4	27	25	negative	negative	ADJ
faba-4	27	26	,	,	PUNCT
faba-4	27	27	the	the	DET
faba-4	27	28	p	p	X
faba-4	27	29	/	/	SYM
faba-4	27	30	s	s	PART
faba-4	27	31	ratio	ratio	NOUN
faba-4	27	32	is	be	AUX
faba-4	27	33	available	available	ADJ
faba-4	27	34	even	even	ADV
faba-4	27	35	for	for	ADP
faba-4	27	36	the	the	DET
faba-4	27	37	worst	worst	ADV
faba-4	27	38	-	-	PUNCT
faba-4	27	39	performing	perform	VERB
faba-4	27	40	companies	company	NOUN
faba-4	27	41	,	,	PUNCT
faba-4	27	42	as	as	ADV
faba-4	27	43	well	well	ADV
faba-4	27	44	as	as	ADP
faba-4	27	45	for	for	ADP
faba-4	27	46	the	the	DET
faba-4	27	47	start	start	VERB
faba-4	27	48	-	-	PUNCT
faba-4	27	49	up	up	ADP
faba-4	27	50	companies	company	NOUN
faba-4	27	51	.	.	PUNCT
faba-4	28	1	there	there	PRON
faba-4	28	2	is	be	VERB
faba-4	28	3	virtually	virtually	ADV
faba-4	28	4	no	no	DET
faba-4	28	5	bias	bias	NOUN
faba-4	28	6	of	of	ADP
faba-4	28	7	average	average	ADJ
faba-4	28	8	p	p	PROPN
faba-4	28	9	/	/	SYM
faba-4	28	10	s	s	PROPN
faba-4	28	11	,	,	PUNCT
faba-4	28	12	resulting	result	VERB
faba-4	28	13	from	from	ADP
faba-4	28	14	the	the	DET
faba-4	28	15	exclusion	exclusion	NOUN
faba-4	28	16	of	of	ADP
faba-4	28	17	loss	loss	NOUN
faba-4	28	18	making	make	VERB
faba-4	28	19	companies	company	NOUN
faba-4	28	20	.	.	PUNCT
faba-4	29	1	in	in	ADP
faba-4	29	2	the	the	DET
faba-4	29	3	second	second	ADJ
faba-4	29	4	place	place	NOUN
faba-4	29	5	,	,	PUNCT
faba-4	29	6	p	p	X
faba-4	29	7	/	/	SYM
faba-4	29	8	s	s	PART
faba-4	29	9	is	be	AUX
faba-4	29	10	quite	quite	ADV
faba-4	29	11	independent	independent	ADJ
faba-4	29	12	of	of	ADP
faba-4	29	13	the	the	DET
faba-4	29	14	alternative	alternative	ADJ
faba-4	29	15	accounting	accounting	NOUN
faba-4	29	16	practices	practice	NOUN
faba-4	29	17	,	,	PUNCT
faba-4	29	18	unlike	unlike	ADP
faba-4	29	19	p	p	X
faba-4	29	20	/	/	SYM
faba-4	29	21	e	e	NOUN
faba-4	29	22	and	and	CCONJ
faba-4	29	23	p	p	X
faba-4	29	24	/	/	SYM
faba-4	29	25	bv	bv	PROPN
faba-4	29	26	.	.	PROPN
faba-4	29	27	10	10	NUM
faba-4	29	28	in	in	ADP
faba-4	29	29	the	the	DET
faba-4	29	30	third	third	ADJ
faba-4	29	31	place	place	NOUN
faba-4	29	32	,	,	PUNCT
faba-4	29	33	p	p	X
faba-4	29	34	/	/	SYM
faba-4	29	35	s	s	PART
faba-4	29	36	ratios	ratio	NOUN
faba-4	29	37	are	be	AUX
faba-4	29	38	normally	normally	ADV
faba-4	29	39	more	more	ADV
faba-4	29	40	sustainable	sustainable	ADJ
faba-4	29	41	in	in	ADP
faba-4	29	42	time	time	NOUN
faba-4	29	43	than	than	ADP
faba-4	29	44	p	p	X
faba-4	29	45	/	/	SYM
faba-4	29	46	es.11	es.11	NOUN
faba-4	29	47	the	the	DET
faba-4	29	48	latter	latter	ADJ
faba-4	29	49	are	be	AUX
faba-4	29	50	very	very	ADV
faba-4	29	51	volatile	volatile	ADJ
faba-4	29	52	because	because	SCONJ
faba-4	29	53	of	of	ADP
faba-4	29	54	the	the	DET
faba-4	29	55	effects	effect	NOUN
faba-4	29	56	of	of	ADP
faba-4	29	57	the	the	DET
faba-4	29	58	operating	operate	VERB
faba-4	29	59	and	and	CCONJ
faba-4	29	60	financial	financial	ADJ
faba-4	29	61	leverage	leverage	NOUN
faba-4	29	62	,	,	PUNCT
faba-4	29	63	and	and	CCONJ
faba-4	29	64	the	the	DET
faba-4	29	65	resulting	result	VERB
faba-4	29	66	serious	serious	ADJ
faba-4	29	67	volatility	volatility	NOUN
faba-4	29	68	of	of	ADP
faba-4	29	69	earnings	earning	NOUN
faba-4	29	70	per	per	ADP
faba-4	29	71	share	share	NOUN
faba-4	29	72	by	by	ADP
faba-4	29	73	year.12	year.12	NOUN
faba-4	29	74	the	the	DET
faba-4	29	75	main	main	ADJ
faba-4	29	76	disadvantage	disadvantage	NOUN
faba-4	29	77	of	of	ADP
faba-4	29	78	the	the	DET
faba-4	29	79	p	p	PROPN
faba-4	29	80	/	/	SYM
faba-4	29	81	s	s	NOUN
faba-4	29	82	and	and	CCONJ
faba-4	29	83	ev	ev	PROPN
faba-4	29	84	/	/	SYM
faba-4	29	85	s	s	PART
faba-4	29	86	ratios	ratio	NOUN
faba-4	29	87	is	be	AUX
faba-4	29	88	that	that	SCONJ
faba-4	29	89	they	they	PRON
faba-4	29	90	may	may	AUX
faba-4	29	91	lead	lead	VERB
faba-4	29	92	to	to	ADP
faba-4	29	93	determining	determine	VERB
faba-4	29	94	high	high	ADJ
faba-4	29	95	value	value	NOUN
faba-4	29	96	of	of	ADP
faba-4	29	97	a	a	DET
faba-4	29	98	company	company	NOUN
faba-4	29	99	with	with	ADP
faba-4	29	100	growing	grow	VERB
faba-4	29	101	revenues	revenue	NOUN
faba-4	29	102	,	,	PUNCT
faba-4	29	103	even	even	ADV
faba-4	29	104	if	if	SCONJ
faba-4	29	105	this	this	DET
faba-4	29	106	company	company	NOUN
faba-4	29	107	works	work	VERB
faba-4	29	108	at	at	ADP
faba-4	29	109	loss	loss	NOUN
faba-4	29	110	.	.	PUNCT
faba-4	30	1	in	in	ADP
faba-4	30	2	order	order	NOUN
faba-4	30	3	to	to	PART
faba-4	30	4	have	have	AUX
faba-4	30	5	high	high	ADJ
faba-4	30	6	intrinsic	intrinsic	ADJ
faba-4	30	7	value	value	NOUN
faba-4	30	8	,	,	PUNCT
faba-4	30	9	the	the	DET
faba-4	30	10	company	company	NOUN
faba-4	30	11	should	should	AUX
faba-4	30	12	generate	generate	VERB
faba-4	30	13	high	high	ADJ
faba-4	30	14	profits	profit	NOUN
faba-4	30	15	and	and	CCONJ
faba-4	30	16	cash	cash	NOUN
faba-4	30	17	flows	flow	NOUN
faba-4	30	18	.	.	PUNCT
faba-4	31	1	in	in	ADP
faba-4	31	2	this	this	DET
faba-4	31	3	connection	connection	NOUN
faba-4	31	4	,	,	PUNCT
faba-4	31	5	it	it	PRON
faba-4	31	6	is	be	AUX
faba-4	31	7	extremely	extremely	ADV
faba-4	31	8	important	important	ADJ
faba-4	31	9	to	to	PART
faba-4	31	10	ensure	ensure	VERB
faba-4	31	11	that	that	SCONJ
faba-4	31	12	the	the	DET
faba-4	31	13	comparable	comparable	ADJ
faba-4	31	14	companies	company	NOUN
faba-4	31	15	have	have	VERB
faba-4	31	16	similar	similar	ADJ
faba-4	31	17	profitability	profitability	NOUN
faba-4	31	18	ratios	ratio	NOUN
faba-4	31	19	and	and	CCONJ
faba-4	31	20	cash	cash	NOUN
faba-4	31	21	flows	flow	NOUN
faba-4	31	22	with	with	ADP
faba-4	31	23	the	the	DET
faba-4	31	24	valued	value	VERB
faba-4	31	25	company	company	NOUN
faba-4	31	26	.	.	PUNCT
faba-4	32	1	the	the	DET
faba-4	32	2	p	p	X
faba-4	32	3	/	/	SYM
faba-4	32	4	s	s	PART
faba-4	32	5	is	be	AUX
faba-4	32	6	the	the	DET
faba-4	32	7	ratio	ratio	NOUN
faba-4	32	8	between	between	ADP
faba-4	32	9	the	the	DET
faba-4	32	10	market	market	NOUN
faba-4	32	11	price	price	NOUN
faba-4	32	12	per	per	ADP
faba-4	32	13	share	share	NOUN
faba-4	32	14	and	and	CCONJ
faba-4	32	15	the	the	DET
faba-4	32	16	sales	sale	NOUN
faba-4	32	17	per	per	ADP
faba-4	32	18	share	share	NOUN
faba-4	32	19	:	:	PUNCT
faba-4	33	1	𝑷	𝑷	PROPN
faba-4	33	2	𝑺	𝑺	PROPN
faba-4	33	3	=	=	PUNCT
faba-4	33	4	𝑷𝒓𝒊𝒄𝒆	𝑷𝒓𝒊𝒄𝒆	PROPN
faba-4	33	5	𝒑𝒆𝒓	𝒑𝒆𝒓	ADJ
faba-4	33	6	𝒔𝒉𝒂𝒓𝒆	𝒔𝒉𝒂𝒓𝒆	ADP
faba-4	33	7	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	33	8	𝒑𝒆𝒓	𝒑𝒆𝒓	ADJ
faba-4	33	9	𝒔𝒉𝒂𝒓𝒆	𝒔𝒉𝒂𝒓𝒆	ADP
faba-4	33	10	alternatively	alternatively	ADV
faba-4	33	11	,	,	PUNCT
faba-4	33	12	the	the	DET
faba-4	33	13	p	p	X
faba-4	33	14	/	/	SYM
faba-4	33	15	s	s	X
faba-4	33	16	can	can	AUX
faba-4	33	17	also	also	ADV
faba-4	33	18	be	be	AUX
faba-4	33	19	presented	present	VERB
faba-4	33	20	as	as	ADP
faba-4	33	21	the	the	DET
faba-4	33	22	ratio	ratio	NOUN
faba-4	33	23	between	between	ADP
faba-4	33	24	market	market	NOUN
faba-4	33	25	value	value	NOUN
faba-4	33	26	of	of	ADP
faba-4	33	27	equity	equity	NOUN
faba-4	33	28	(	(	PUNCT
faba-4	33	29	market	market	NOUN
faba-4	33	30	capitalization	capitalization	NOUN
faba-4	33	31	)	)	PUNCT
faba-4	33	32	and	and	CCONJ
faba-4	33	33	sales	sale	NOUN
faba-4	33	34	:	:	PUNCT
faba-4	34	1	𝑷	𝑷	PROPN
faba-4	34	2	𝑺	𝑺	PROPN
faba-4	34	3	=	=	SYM
faba-4	35	1	𝑴𝒂𝒓𝒌𝒆𝒕	𝑴𝒂𝒓𝒌𝒆𝒕	ADJ
faba-4	35	2	𝒗𝒂𝒍𝒖𝒆	𝒗𝒂𝒍𝒖𝒆	NOUN
faba-4	35	3	𝒐𝒇	𝒐𝒇	PUNCT
faba-4	35	4	𝒆𝒒𝒖𝒊𝒕𝒚	𝒆𝒒𝒖𝒊𝒕𝒚	ADV
faba-4	35	5	(	(	PUNCT
faba-4	35	6	𝒎𝒂𝒓𝒌𝒆𝒕	𝒎𝒂𝒓𝒌𝒆𝒕	NOUN
faba-4	35	7	𝒄𝒂𝒑𝒊𝒕𝒂𝒍𝒊𝒛𝒂𝒕𝒊𝒐𝒏	𝒄𝒂𝒑𝒊𝒕𝒂𝒍𝒊𝒛𝒂𝒕𝒊𝒐𝒏	NOUN
faba-4	35	8	)	)	PUNCT
faba-4	36	1	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	VERB
faba-4	36	2	another	another	DET
faba-4	36	3	drawback	drawback	NOUN
faba-4	36	4	of	of	ADP
faba-4	36	5	the	the	DET
faba-4	36	6	p	p	NOUN
faba-4	36	7	/	/	SYM
faba-4	36	8	s	s	PART
faba-4	36	9	is	be	AUX
faba-4	36	10	that	that	SCONJ
faba-4	36	11	it	it	PRON
faba-4	36	12	is	be	AUX
faba-4	36	13	incorrectly	incorrectly	ADV
faba-4	36	14	defined	define	VERB
faba-4	36	15	–	–	PUNCT
faba-4	36	16	there	there	PRON
faba-4	36	17	is	be	VERB
faba-4	36	18	no	no	DET
faba-4	36	19	compliance	compliance	NOUN
faba-4	36	20	between	between	ADP
faba-4	36	21	numerator	numerator	NOUN
faba-4	36	22	and	and	CCONJ
faba-4	36	23	denominator	denominator	NOUN
faba-4	36	24	.	.	PUNCT
faba-4	37	1	the	the	DET
faba-4	37	2	denominator	denominator	NOUN
faba-4	37	3	is	be	AUX
faba-4	37	4	an	an	DET
faba-4	37	5	enterprise	enterprise	NOUN
faba-4	37	6	indicator	indicator	NOUN
faba-4	37	7	,	,	PUNCT
faba-4	37	8	which	which	PRON
faba-4	37	9	depends	depend	VERB
faba-4	37	10	only	only	ADV
faba-4	37	11	on	on	ADP
faba-4	37	12	company	company	NOUN
faba-4	37	13	’s	’s	PART
faba-4	37	14	operations	operation	NOUN
faba-4	37	15	and	and	CCONJ
faba-4	37	16	is	be	AUX
faba-4	37	17	not	not	PART
faba-4	37	18	influenced	influence	VERB
faba-4	37	19	by	by	ADP
faba-4	37	20	financial	financial	ADJ
faba-4	37	21	leverage	leverage	NOUN
faba-4	37	22	.	.	PUNCT
faba-4	38	1	the	the	DET
faba-4	38	2	numerator	numerator	NOUN
faba-4	38	3	is	be	AUX
faba-4	38	4	an	an	DET
faba-4	38	5	equity	equity	NOUN
faba-4	38	6	indicator	indicator	NOUN
faba-4	38	7	,	,	PUNCT
faba-4	38	8	which	which	PRON
faba-4	38	9	is	be	AUX
faba-4	38	10	a	a	DET
faba-4	38	11	function	function	NOUN
faba-4	38	12	of	of	ADP
faba-4	38	13	both	both	PRON
faba-4	38	14	of	of	ADP
faba-4	38	15	operations	operation	NOUN
faba-4	38	16	and	and	CCONJ
faba-4	38	17	capital	capital	NOUN
faba-4	38	18	structure	structure	NOUN
faba-4	38	19	.	.	PUNCT
faba-4	39	1	this	this	DET
faba-4	39	2	way	way	NOUN
faba-4	39	3	,	,	PUNCT
faba-4	39	4	when	when	SCONJ
faba-4	39	5	comparing	compare	VERB
faba-4	39	6	companies	company	NOUN
faba-4	39	7	with	with	ADP
faba-4	39	8	different	different	ADJ
faba-4	39	9	capital	capital	NOUN
faba-4	39	10	structure	structure	NOUN
faba-4	39	11	,	,	PUNCT
faba-4	39	12	the	the	DET
faba-4	39	13	p	p	X
faba-4	39	14	/	/	SYM
faba-4	39	15	s	s	PART
faba-4	39	16	can	can	AUX
faba-4	39	17	lead	lead	VERB
faba-4	39	18	to	to	ADP
faba-4	39	19	the	the	DET
faba-4	39	20	wrong	wrong	ADJ
faba-4	39	21	conclusions	conclusion	NOUN
faba-4	39	22	.	.	PUNCT
faba-4	40	1	in	in	ADP
faba-4	40	2	order	order	NOUN
faba-4	40	3	to	to	PART
faba-4	40	4	overcome	overcome	VERB
faba-4	40	5	this	this	DET
faba-4	40	6	drawback	drawback	NOUN
faba-4	40	7	of	of	ADP
faba-4	40	8	p	p	X
faba-4	40	9	/	/	SYM
faba-4	40	10	s	s	PROPN
faba-4	40	11	,	,	PUNCT
faba-4	40	12	an	an	DET
faba-4	40	13	alternative	alternative	ADJ
faba-4	40	14	sales	sale	NOUN
faba-4	40	15	-	-	PUNCT
faba-4	40	16	based	base	VERB
faba-4	40	17	market	market	NOUN
faba-4	40	18	ratio	ratio	NOUN
faba-4	40	19	is	be	AUX
faba-4	40	20	recommended	recommend	VERB
faba-4	40	21	–	–	PUNCT
faba-4	40	22	the	the	DET
faba-4	40	23	enterprise	enterprise	NOUN
faba-4	40	24	value	value	NOUN
faba-4	40	25	-	-	PUNCT
faba-4	40	26	to	to	ADP
faba-4	40	27	sales	sale	NOUN
faba-4	40	28	ratio	ratio	NOUN
faba-4	40	29	(	(	PUNCT
faba-4	40	30	ev	ev	PROPN
faba-4	40	31	/	/	SYM
faba-4	40	32	s	s	PROPN
faba-4	40	33	)	)	PUNCT
faba-4	40	34	.	.	PUNCT
faba-4	41	1	it	it	PRON
faba-4	41	2	is	be	AUX
faba-4	41	3	the	the	DET
faba-4	41	4	ratio	ratio	NOUN
faba-4	41	5	between	between	ADP
faba-4	41	6	enterprise	enterprise	NOUN
faba-4	41	7	value	value	NOUN
faba-4	41	8	and	and	CCONJ
faba-4	41	9	sales	sale	NOUN
faba-4	41	10	:	:	PUNCT
faba-4	41	11	𝑬𝑽/𝑺	𝑬𝑽/𝑺	NUM
faba-4	42	1	=	=	PUNCT
faba-4	42	2	𝑬𝒏𝒕𝒆𝒓𝒑𝒓𝒊𝒔𝒆	𝑬𝒏𝒕𝒆𝒓𝒑𝒓𝒊𝒔𝒆	PROPN
faba-4	42	3	𝒗𝒂𝒍𝒖𝒆	𝒗𝒂𝒍𝒖𝒆	NOUN
faba-4	42	4	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	42	5	7	7	NUM
faba-4	42	6	o’shaughnessy	o’shaughnessy	PROPN
faba-4	42	7	,	,	PUNCT
faba-4	42	8	j.	j.	PROPN
faba-4	42	9	p.	p.	PROPN
faba-4	42	10	–	–	PUNCT
faba-4	42	11	“	"	PUNCT
faba-4	42	12	what	what	PRON
faba-4	42	13	works	work	VERB
faba-4	42	14	on	on	ADP
faba-4	42	15	wall	wall	PROPN
faba-4	42	16	street	street	PROPN
faba-4	42	17	”	"	PUNCT
faba-4	42	18	,	,	PUNCT
faba-4	42	19	mcgraw	mcgraw	PROPN
faba-4	42	20	-	-	PUNCT
faba-4	42	21	hill	hill	NOUN
faba-4	42	22	,	,	PUNCT
faba-4	42	23	2005	2005	NUM
faba-4	42	24	,	,	PUNCT
faba-4	42	25	p.	p.	NOUN
faba-4	42	26	127	127	NUM
faba-4	42	27	8	8	NUM
faba-4	42	28	fisher	fisher	PROPN
faba-4	42	29	,	,	PUNCT
faba-4	42	30	kenneth	kenneth	PROPN
faba-4	42	31	l.	l.	PROPN
faba-4	42	32	,	,	PUNCT
faba-4	42	33	2008	2008	NUM
faba-4	42	34	,	,	PUNCT
faba-4	42	35	super	super	ADJ
faba-4	42	36	stocks	stock	NOUN
faba-4	42	37	,	,	PUNCT
faba-4	42	38	mcgraw	mcgraw	PROPN
faba-4	42	39	-	-	PUNCT
faba-4	42	40	hill	hill	NOUN
faba-4	42	41	,	,	PUNCT
faba-4	42	42	reissued	reissue	VERB
faba-4	42	43	ed	ed	NOUN
faba-4	42	44	.	.	PROPN
faba-4	42	45	,	,	PUNCT
faba-4	42	46	2008	2008	NUM
faba-4	42	47	,	,	PUNCT
faba-4	42	48	p	p	X
faba-4	42	49	……	……	NOUN
faba-4	42	50	9	9	NUM
faba-4	42	51	o’shaughnessy	o’shaughnessy	PROPN
faba-4	42	52	,	,	PUNCT
faba-4	42	53	j.	j.	PROPN
faba-4	42	54	p.	p.	PROPN
faba-4	42	55	–	–	PUNCT
faba-4	42	56	“	"	PUNCT
faba-4	42	57	what	what	PRON
faba-4	42	58	works	work	VERB
faba-4	42	59	on	on	ADP
faba-4	42	60	wall	wall	PROPN
faba-4	42	61	street	street	PROPN
faba-4	42	62	”	"	PUNCT
faba-4	42	63	,	,	PUNCT
faba-4	42	64	mcgraw	mcgraw	PROPN
faba-4	42	65	-	-	PUNCT
faba-4	42	66	hill	hill	NOUN
faba-4	42	67	,	,	PUNCT
faba-4	42	68	2005	2005	NUM
faba-4	42	69	,	,	PUNCT
faba-4	42	70	p.	p.	NOUN
faba-4	42	71	127	127	NUM
faba-4	42	72	10	10	NUM
faba-4	42	73	damodaran	damodaran	ADJ
faba-4	42	74	,	,	PUNCT
faba-4	42	75	a.	a.	NOUN
faba-4	42	76	–	–	PUNCT
faba-4	42	77	“	"	PUNCT
faba-4	42	78	investment	investment	NOUN
faba-4	42	79	valuation	valuation	NOUN
faba-4	42	80	–	–	PUNCT
faba-4	42	81	tools	tool	NOUN
faba-4	42	82	and	and	CCONJ
faba-4	42	83	techniques	technique	NOUN
faba-4	42	84	for	for	ADP
faba-4	42	85	determining	determine	VERB
faba-4	42	86	the	the	DET
faba-4	42	87	value	value	NOUN
faba-4	42	88	of	of	ADP
faba-4	42	89	any	any	DET
faba-4	42	90	asset	asset	NOUN
faba-4	42	91	”	"	PUNCT
faba-4	42	92	,	,	PUNCT
faba-4	42	93	john	john	PROPN
faba-4	42	94	wiley	wiley	PROPN
faba-4	42	95	&	&	CCONJ
faba-4	42	96	sons	son	NOUN
faba-4	42	97	,	,	PUNCT
faba-4	42	98	new	new	PROPN
faba-4	42	99	york	york	PROPN
faba-4	42	100	,	,	PUNCT
faba-4	42	101	2002	2002	NUM
faba-4	42	102	,	,	PUNCT
faba-4	42	103	p.	p.	NOUN
faba-4	42	104	543	543	NUM
faba-4	42	105	11	11	NUM
faba-4	42	106	reed	reed	NOUN
faba-4	42	107	,	,	PUNCT
faba-4	42	108	j.p	j.p	PROPN
faba-4	42	109	.	.	PROPN
faba-4	42	110	–	–	PUNCT
faba-4	42	111	“	"	PUNCT
faba-4	42	112	five	five	NUM
faba-4	42	113	fisher	fisher	PROPN
faba-4	42	114	super	super	ADJ
faba-4	42	115	stocks	stock	NOUN
faba-4	42	116	”	"	PUNCT
faba-4	42	117	,	,	PUNCT
faba-4	42	118	march	march	PROPN
faba-4	42	119	2011	2011	NUM
faba-4	42	120	,	,	PUNCT
faba-4	43	1	https://www.forbes.com/sites/investor/2011/03/07/fivefisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/fivefisher-super-stocks/#33070f3752fb	PROPN
faba-4	43	2	(	(	PUNCT
faba-4	43	3	accessed	access	VERB
faba-4	43	4	1	1	NUM
faba-4	43	5	aug	aug	PROPN
faba-4	43	6	,	,	PUNCT
faba-4	43	7	2017	2017	NUM
faba-4	43	8	)	)	PUNCT
faba-4	43	9	12	12	NUM
faba-4	43	10	molodovsky	molodovsky	NOUN
faba-4	43	11	,	,	PUNCT
faba-4	43	12	nickolas	nickola	VERB
faba-4	43	13	–	–	PUNCT
faba-4	43	14	“	"	PUNCT
faba-4	43	15	a	a	DET
faba-4	43	16	theory	theory	NOUN
faba-4	43	17	of	of	ADP
faba-4	43	18	price	price	NOUN
faba-4	43	19	-	-	PUNCT
faba-4	43	20	earnings	earning	NOUN
faba-4	43	21	ratios	ratio	NOUN
faba-4	43	22	”	"	PUNCT
faba-4	43	23	,	,	PUNCT
faba-4	43	24	financial	financial	ADJ
faba-4	43	25	analysts	analyst	NOUN
faba-4	43	26	journal	journal	NOUN
faba-4	43	27	,	,	PUNCT
faba-4	43	28	january	january	PROPN
faba-4	43	29	/	/	SYM
faba-4	43	30	february	february	PROPN
faba-4	43	31	1995	1995	NUM
faba-4	43	32	(	(	PUNCT
faba-4	43	33	reprinted	reprint	VERB
faba-4	43	34	from	from	ADP
faba-4	43	35	“	"	PUNCT
faba-4	43	36	the	the	DET
faba-4	43	37	analyst	analyst	NOUN
faba-4	43	38	journal	journal	NOUN
faba-4	43	39	”	"	PUNCT
faba-4	43	40	,	,	PUNCT
faba-4	43	41	november	november	PROPN
faba-4	43	42	1953	1953	NUM
faba-4	43	43	)	)	PUNCT
faba-4	43	44	,	,	PUNCT
faba-4	43	45	p.	p.	NOUN
faba-4	43	46	33	33	NUM
faba-4	44	1	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	PRON
faba-4	44	2	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	PRON
faba-4	44	3	dimitir	dimitir	ADJ
faba-4	44	4	nenkov	nenkov	NOUN
faba-4	44	5	/	/	SYM
faba-4	44	6	finance	finance	NOUN
faba-4	44	7	,	,	PUNCT
faba-4	44	8	accounting	accounting	NOUN
faba-4	44	9	,	,	PUNCT
faba-4	44	10	and	and	CCONJ
faba-4	44	11	business	business	NOUN
faba-4	44	12	analisys	analisys	NOUN
faba-4	44	13	36	36	NUM
faba-4	44	14	according	accord	VERB
faba-4	44	15	to	to	ADP
faba-4	44	16	aswath	aswath	ADJ
faba-4	44	17	damodaran	damodaran	NOUN
faba-4	44	18	(	(	PUNCT
faba-4	44	19	damodaran	damodaran	VERB
faba-4	44	20	,	,	PUNCT
faba-4	44	21	a.	a.	NOUN
faba-4	44	22	2002	2002	NUM
faba-4	44	23	)	)	PUNCT
faba-4	44	24	,	,	PUNCT
faba-4	44	25	the	the	DET
faba-4	44	26	enterprise	enterprise	NOUN
faba-4	44	27	value	value	NOUN
faba-4	44	28	(	(	PUNCT
faba-4	44	29	ev	ev	INTJ
faba-4	44	30	)	)	PUNCT
faba-4	44	31	is	be	AUX
faba-4	44	32	equal	equal	ADJ
faba-4	44	33	to:13	to:13	PROPN
faba-4	44	34	𝐄𝐕	𝐄𝐕	PROPN
faba-4	44	35	=	=	SYM
faba-4	44	36	𝐌𝐚𝐫𝐤𝐞𝐭	𝐌𝐚𝐫𝐤𝐞𝐭	PROPN
faba-4	44	37	𝐯𝐚𝐥𝐮𝐞	𝐯𝐚𝐥𝐮𝐞	VERB
faba-4	44	38	𝐨𝐟	𝐨𝐟	ADP
faba-4	44	39	𝐞𝐪𝐮𝐢𝐭𝐲	𝐞𝐪𝐮𝐢𝐭𝐲	NOUN
faba-4	44	40	+	+	CCONJ
faba-4	45	1	𝐌𝐚𝐫𝐤𝐞𝐭	𝐌𝐚𝐫𝐤𝐞𝐭	PROPN
faba-4	45	2	𝐯𝐚𝐥𝐮𝐞	𝐯𝐚𝐥𝐮𝐞	VERB
faba-4	45	3	𝐨𝐟	𝐨𝐟	ADP
faba-4	45	4	𝐝𝐞𝐛𝐭	𝐝𝐞𝐛𝐭	PROPN
faba-4	45	5	−	−	PROPN
faba-4	45	6	𝐂𝐚𝐬𝐡	𝐂𝐚𝐬𝐡	PROPN
faba-4	45	7	this	this	PRON
faba-4	45	8	should	should	AUX
faba-4	45	9	correspond	correspond	VERB
faba-4	45	10	to	to	ADP
faba-4	45	11	the	the	DET
faba-4	45	12	market	market	NOUN
faba-4	45	13	value	value	NOUN
faba-4	45	14	of	of	ADP
faba-4	45	15	the	the	DET
faba-4	45	16	operating	operate	VERB
faba-4	45	17	assets	asset	NOUN
faba-4	45	18	of	of	ADP
faba-4	45	19	the	the	DET
faba-4	45	20	company	company	NOUN
faba-4	45	21	.	.	PUNCT
faba-4	46	1	by	by	ADP
faba-4	46	2	definition	definition	NOUN
faba-4	46	3	,	,	PUNCT
faba-4	46	4	it	it	PRON
faba-4	46	5	does	do	AUX
faba-4	46	6	not	not	PART
faba-4	46	7	include	include	VERB
faba-4	46	8	financial	financial	ADJ
faba-4	46	9	and	and	CCONJ
faba-4	46	10	other	other	ADJ
faba-4	46	11	non	non	ADJ
faba-4	46	12	-	-	ADJ
faba-4	46	13	operating	operate	VERB
faba-4	46	14	assets	asset	NOUN
faba-4	46	15	.	.	PUNCT
faba-4	47	1	the	the	DET
faba-4	47	2	above	above	ADJ
faba-4	47	3	formula	formula	NOUN
faba-4	47	4	reflects	reflect	VERB
faba-4	47	5	the	the	DET
faba-4	47	6	earlier	early	ADJ
faba-4	47	7	definition	definition	NOUN
faba-4	47	8	provided	provide	VERB
faba-4	47	9	by	by	ADP
faba-4	47	10	damodaran.14	damodaran.14	NOUN
faba-4	47	11	in	in	ADP
faba-4	47	12	more	more	ADV
faba-4	47	13	recent	recent	ADJ
faba-4	47	14	publications15	publications15	NOUN
faba-4	47	15	the	the	DET
faba-4	47	16	same	same	ADJ
faba-4	47	17	author	author	NOUN
faba-4	47	18	gives	give	VERB
faba-4	47	19	a	a	DET
faba-4	47	20	little	little	ADJ
faba-4	47	21	bit	bit	NOUN
faba-4	47	22	different	different	ADJ
faba-4	47	23	definition	definition	NOUN
faba-4	47	24	,	,	PUNCT
faba-4	47	25	as	as	SCONJ
faba-4	47	26	follows	follow	VERB
faba-4	47	27	:	:	PUNCT
faba-4	47	28	𝐄𝐕	𝐄𝐕	PROPN
faba-4	47	29	=	=	SYM
faba-4	47	30	𝐌𝐚𝐫𝐤𝐞𝐭	𝐌𝐚𝐫𝐤𝐞𝐭	PROPN
faba-4	47	31	𝐯𝐚𝐥𝐮𝐞	𝐯𝐚𝐥𝐮𝐞	VERB
faba-4	47	32	𝐨𝐟	𝐨𝐟	ADP
faba-4	47	33	𝐞𝐪𝐮𝐢𝐭𝐲	𝐞𝐪𝐮𝐢𝐭𝐲	NOUN
faba-4	48	1	+	+	CCONJ
faba-4	48	2	𝐁𝐨𝐨𝐤	𝐁𝐨𝐨𝐤	NOUN
faba-4	48	3	𝐯𝐚𝐥𝐮𝐞	𝐯𝐚𝐥𝐮𝐞	NOUN
faba-4	48	4	𝐨𝐟	𝐨𝐟	ADP
faba-4	48	5	𝐝𝐞𝐛𝐭	𝐝𝐞𝐛𝐭	PROPN
faba-4	48	6	−	−	PROPN
faba-4	48	7	𝐂𝐚𝐬𝐡	𝐂𝐚𝐬𝐡	PROPN
faba-4	48	8	this	this	DET
faba-4	48	9	second	second	ADJ
faba-4	48	10	definition	definition	NOUN
faba-4	48	11	should	should	AUX
faba-4	48	12	be	be	AUX
faba-4	48	13	accepted	accept	VERB
faba-4	48	14	as	as	ADP
faba-4	48	15	more	more	ADV
faba-4	48	16	sustained	sustain	VERB
faba-4	48	17	.	.	PUNCT
faba-4	49	1	the	the	DET
faba-4	49	2	main	main	ADJ
faba-4	49	3	argument	argument	NOUN
faba-4	49	4	for	for	ADP
faba-4	49	5	this	this	PRON
faba-4	49	6	is	be	AUX
faba-4	49	7	that	that	SCONJ
faba-4	49	8	when	when	SCONJ
faba-4	49	9	calculating	calculate	VERB
faba-4	49	10	equity	equity	NOUN
faba-4	49	11	market	market	NOUN
faba-4	49	12	value	value	NOUN
faba-4	49	13	,	,	PUNCT
faba-4	49	14	it	it	PRON
faba-4	49	15	is	be	AUX
faba-4	49	16	normal	normal	ADJ
faba-4	49	17	to	to	PART
faba-4	49	18	deduct	deduct	VERB
faba-4	49	19	the	the	DET
faba-4	49	20	book	book	NOUN
faba-4	49	21	value	value	NOUN
faba-4	49	22	of	of	ADP
faba-4	49	23	debt	debt	NOUN
faba-4	49	24	from	from	ADP
faba-4	49	25	enterprise	enterprise	NOUN
faba-4	49	26	value	value	NOUN
faba-4	49	27	.	.	PUNCT
faba-4	50	1	this	this	PRON
faba-4	50	2	is	be	AUX
faba-4	50	3	the	the	DET
faba-4	50	4	amount	amount	NOUN
faba-4	50	5	due	due	ADJ
faba-4	50	6	to	to	ADP
faba-4	50	7	creditors	creditor	NOUN
faba-4	50	8	.	.	PUNCT
faba-4	51	1	for	for	ADP
faba-4	51	2	example	example	NOUN
faba-4	51	3	,	,	PUNCT
faba-4	51	4	when	when	SCONJ
faba-4	51	5	the	the	DET
faba-4	51	6	company	company	NOUN
faba-4	51	7	has	have	VERB
faba-4	51	8	high	high	ADJ
faba-4	51	9	default	default	NOUN
faba-4	51	10	risk	risk	NOUN
faba-4	51	11	,	,	PUNCT
faba-4	51	12	the	the	DET
faba-4	51	13	market	market	NOUN
faba-4	51	14	value	value	NOUN
faba-4	51	15	of	of	ADP
faba-4	51	16	bonds	bond	NOUN
faba-4	51	17	goes	go	VERB
faba-4	51	18	down	down	ADP
faba-4	51	19	significantly	significantly	ADV
faba-4	51	20	below	below	ADP
faba-4	51	21	their	their	PRON
faba-4	51	22	face	face	NOUN
faba-4	51	23	value	value	NOUN
faba-4	51	24	.	.	PUNCT
faba-4	52	1	if	if	SCONJ
faba-4	52	2	we	we	PRON
faba-4	52	3	deduct	deduct	VERB
faba-4	52	4	this	this	DET
faba-4	52	5	low	low	ADJ
faba-4	52	6	market	market	NOUN
faba-4	52	7	value	value	NOUN
faba-4	52	8	of	of	ADP
faba-4	52	9	debt	debt	NOUN
faba-4	52	10	,	,	PUNCT
faba-4	52	11	we	we	PRON
faba-4	52	12	arrive	arrive	VERB
faba-4	52	13	at	at	ADP
faba-4	52	14	equity	equity	NOUN
faba-4	52	15	value	value	NOUN
faba-4	52	16	,	,	PUNCT
faba-4	52	17	which	which	PRON
faba-4	52	18	is	be	AUX
faba-4	52	19	overpriced	overprice	VERB
faba-4	52	20	.	.	PUNCT
faba-4	53	1	the	the	DET
faba-4	53	2	market	market	NOUN
faba-4	53	3	value	value	NOUN
faba-4	53	4	of	of	ADP
faba-4	53	5	debt	debt	NOUN
faba-4	53	6	is	be	AUX
faba-4	53	7	connected	connect	VERB
faba-4	53	8	with	with	ADP
faba-4	53	9	bond	bond	NOUN
faba-4	53	10	holders	holder	NOUN
faba-4	53	11	and	and	CCONJ
faba-4	53	12	potential	potential	ADJ
faba-4	53	13	buyers	buyer	NOUN
faba-4	53	14	of	of	ADP
faba-4	53	15	debt	debt	NOUN
faba-4	53	16	on	on	ADP
faba-4	53	17	the	the	DET
faba-4	53	18	secondary	secondary	ADJ
faba-4	53	19	bond	bond	NOUN
faba-4	53	20	markets	market	NOUN
faba-4	53	21	.	.	PUNCT
faba-4	54	1	this	this	PRON
faba-4	54	2	is	be	AUX
faba-4	54	3	the	the	DET
faba-4	54	4	value	value	NOUN
faba-4	54	5	at	at	ADP
faba-4	54	6	which	which	PRON
faba-4	54	7	bondholders	bondholder	NOUN
faba-4	54	8	could	could	AUX
faba-4	54	9	sell	sell	VERB
faba-4	54	10	their	their	PRON
faba-4	54	11	bonds	bond	NOUN
faba-4	54	12	.	.	PUNCT
faba-4	55	1	but	but	CCONJ
faba-4	55	2	the	the	DET
faba-4	55	3	principle	principle	NOUN
faba-4	55	4	due	due	ADJ
faba-4	55	5	by	by	ADP
faba-4	55	6	a	a	DET
faba-4	55	7	company	company	NOUN
faba-4	55	8	to	to	ADP
faba-4	55	9	its	its	PRON
faba-4	55	10	bondholders	bondholder	NOUN
faba-4	55	11	should	should	AUX
faba-4	55	12	equal	equal	VERB
faba-4	55	13	their	their	PRON
faba-4	55	14	book	book	NOUN
faba-4	55	15	value	value	NOUN
faba-4	55	16	,	,	PUNCT
faba-4	55	17	regardless	regardless	ADV
faba-4	55	18	of	of	ADP
faba-4	55	19	the	the	DET
faba-4	55	20	current	current	ADJ
faba-4	55	21	market	market	NOUN
faba-4	55	22	value	value	NOUN
faba-4	55	23	of	of	ADP
faba-4	55	24	bonds	bond	NOUN
faba-4	55	25	.	.	PUNCT
faba-4	56	1	finally	finally	ADV
faba-4	56	2	,	,	PUNCT
faba-4	56	3	it	it	PRON
faba-4	56	4	makes	make	VERB
faba-4	56	5	sense	sense	NOUN
faba-4	56	6	to	to	PART
faba-4	56	7	use	use	VERB
faba-4	56	8	book	book	NOUN
faba-4	56	9	value	value	NOUN
faba-4	56	10	of	of	ADP
faba-4	56	11	debt	debt	NOUN
faba-4	56	12	in	in	ADP
faba-4	56	13	the	the	DET
faba-4	56	14	formula	formula	NOUN
faba-4	56	15	for	for	ADP
faba-4	56	16	ev	ev	PROPN
faba-4	56	17	.	.	PUNCT
faba-4	57	1	another	another	DET
faba-4	57	2	important	important	ADJ
faba-4	57	3	issue	issue	NOUN
faba-4	57	4	related	relate	VERB
faba-4	57	5	to	to	ADP
faba-4	57	6	the	the	DET
faba-4	57	7	above	above	ADJ
faba-4	57	8	definition	definition	NOUN
faba-4	57	9	of	of	ADP
faba-4	57	10	ev	ev	ADP
faba-4	57	11	concerns	concern	NOUN
faba-4	57	12	the	the	DET
faba-4	57	13	scope	scope	NOUN
faba-4	57	14	of	of	ADP
faba-4	57	15	“	"	PUNCT
faba-4	57	16	cash	cash	NOUN
faba-4	57	17	”	"	PUNCT
faba-4	57	18	.	.	PUNCT
faba-4	58	1	in	in	ADP
faba-4	58	2	our	our	PRON
faba-4	58	3	view	view	NOUN
faba-4	58	4	this	this	PRON
faba-4	58	5	should	should	AUX
faba-4	58	6	not	not	PART
faba-4	58	7	be	be	AUX
faba-4	58	8	limited	limit	VERB
faba-4	58	9	to	to	PART
faba-4	58	10	cash	cash	VERB
faba-4	58	11	in	in	ADP
faba-4	58	12	banks	bank	NOUN
faba-4	58	13	,	,	PUNCT
faba-4	58	14	but	but	CCONJ
faba-4	58	15	should	should	AUX
faba-4	58	16	also	also	ADV
faba-4	58	17	include	include	VERB
faba-4	58	18	investments	investment	NOUN
faba-4	58	19	in	in	ADP
faba-4	58	20	different	different	ADJ
faba-4	58	21	financial	financial	ADJ
faba-4	58	22	and	and	CCONJ
faba-4	58	23	other	other	ADJ
faba-4	58	24	non	non	ADJ
faba-4	58	25	-	-	ADJ
faba-4	58	26	operating	operate	VERB
faba-4	58	27	assets	asset	NOUN
faba-4	58	28	.	.	PUNCT
faba-4	59	1	the	the	DET
faba-4	59	2	ev	ev	PROPN
faba-4	59	3	,	,	PUNCT
faba-4	59	4	defined	define	VERB
faba-4	59	5	in	in	ADP
faba-4	59	6	this	this	DET
faba-4	59	7	way	way	NOUN
faba-4	59	8	,	,	PUNCT
faba-4	59	9	is	be	AUX
faba-4	59	10	indeed	indeed	ADV
faba-4	59	11	the	the	DET
faba-4	59	12	equivalent	equivalent	NOUN
faba-4	59	13	of	of	ADP
faba-4	59	14	the	the	DET
faba-4	59	15	operating	operating	NOUN
faba-4	59	16	value	value	NOUN
faba-4	59	17	of	of	ADP
faba-4	59	18	the	the	DET
faba-4	59	19	company	company	NOUN
faba-4	59	20	.	.	PUNCT
faba-4	60	1	the	the	DET
faba-4	60	2	interpretation	interpretation	NOUN
faba-4	60	3	of	of	ADP
faba-4	60	4	ev	ev	PROPN
faba-4	60	5	is	be	AUX
faba-4	60	6	not	not	PART
faba-4	60	7	unanimous	unanimous	ADJ
faba-4	60	8	by	by	ADP
faba-4	60	9	different	different	ADJ
faba-4	60	10	authors	author	NOUN
faba-4	60	11	.	.	PUNCT
faba-4	61	1	koller	koller	PROPN
faba-4	61	2	,	,	PUNCT
faba-4	61	3	goedhart	goedhart	NOUN
faba-4	61	4	and	and	CCONJ
faba-4	61	5	wessels16	wessels16	NOUN
faba-4	61	6	have	have	VERB
faba-4	61	7	a	a	DET
faba-4	61	8	little	little	ADJ
faba-4	61	9	bit	bit	NOUN
faba-4	61	10	different	different	ADJ
faba-4	61	11	understanding	understanding	NOUN
faba-4	61	12	about	about	ADP
faba-4	61	13	enterprise	enterprise	NOUN
faba-4	61	14	value	value	NOUN
faba-4	61	15	.	.	PUNCT
faba-4	62	1	they	they	PRON
faba-4	62	2	define	define	VERB
faba-4	62	3	it	it	PRON
faba-4	62	4	in	in	ADP
faba-4	62	5	an	an	DET
faba-4	62	6	alternative	alternative	ADJ
faba-4	62	7	way	way	NOUN
faba-4	62	8	,	,	PUNCT
faba-4	62	9	as	as	ADP
faba-4	62	10	the	the	DET
faba-4	62	11	function	function	NOUN
faba-4	62	12	of	of	ADP
faba-4	62	13	certain	certain	ADJ
faba-4	62	14	positions	position	NOUN
faba-4	62	15	in	in	ADP
faba-4	62	16	the	the	DET
faba-4	62	17	asset	asset	NOUN
faba-4	62	18	side	side	NOUN
faba-4	62	19	of	of	ADP
faba-4	62	20	the	the	DET
faba-4	62	21	balance	balance	NOUN
faba-4	62	22	sheet	sheet	NOUN
faba-4	62	23	,	,	PUNCT
faba-4	62	24	as	as	SCONJ
faba-4	62	25	follows	follow	VERB
faba-4	62	26	:	:	PUNCT
faba-4	62	27	operating	operating	NOUN
faba-4	62	28	value	value	NOUN
faba-4	62	29	(	(	PUNCT
faba-4	62	30	value	value	NOUN
faba-4	62	31	of	of	ADP
faba-4	62	32	operations	operation	NOUN
faba-4	62	33	)	)	PUNCT
faba-4	63	1	+	+	NUM
faba-4	63	2	value	value	NOUN
faba-4	63	3	of	of	ADP
faba-4	63	4	financial	financial	ADJ
faba-4	63	5	assets	asset	NOUN
faba-4	63	6	+	+	CCONJ
faba-4	63	7	value	value	NOUN
faba-4	63	8	of	of	ADP
faba-4	63	9	non	non	ADJ
faba-4	63	10	consolidated	consolidated	ADJ
faba-4	63	11	interest	interest	NOUN
faba-4	63	12	in	in	ADP
faba-4	63	13	other	other	ADJ
faba-4	63	14	companies	company	NOUN
faba-4	63	15	+	+	CCONJ
faba-4	63	16	excess	excess	ADJ
faba-4	63	17	cash	cash	NOUN
faba-4	63	18	=	=	NOUN
faba-4	63	19	enterprise	enterprise	NOUN
faba-4	63	20	value	value	NOUN
faba-4	63	21	(	(	PUNCT
faba-4	63	22	ev	ev	NOUN
faba-4	63	23	)	)	PUNCT
faba-4	63	24	obviously	obviously	ADV
faba-4	63	25	,	,	PUNCT
faba-4	63	26	these	these	DET
faba-4	63	27	authors	author	NOUN
faba-4	63	28	have	have	VERB
faba-4	63	29	in	in	ADP
faba-4	63	30	mind	mind	NOUN
faba-4	63	31	the	the	DET
faba-4	63	32	value	value	NOUN
faba-4	63	33	of	of	ADP
faba-4	63	34	the	the	DET
faba-4	63	35	company	company	NOUN
faba-4	63	36	as	as	ADP
faba-4	63	37	a	a	DET
faba-4	63	38	whole	whole	NOUN
faba-4	63	39	,	,	PUNCT
faba-4	63	40	including	include	VERB
faba-4	63	41	both	both	DET
faba-4	63	42	operating	operate	VERB
faba-4	63	43	and	and	CCONJ
faba-4	63	44	non	non	ADJ
faba-4	63	45	operating	operate	VERB
faba-4	63	46	assets	asset	NOUN
faba-4	63	47	.	.	PUNCT
faba-4	64	1	for	for	ADP
faba-4	64	2	this	this	DET
faba-4	64	3	value	value	NOUN
faba-4	64	4	damodaran	damodaran	VERB
faba-4	64	5	uses	use	VERB
faba-4	64	6	the	the	DET
faba-4	64	7	term	term	NOUN
faba-4	64	8	firm	firm	ADJ
faba-4	64	9	value.17	value.17	NOUN
faba-4	64	10	identifying	identifying	NOUN
faba-4	64	11	ev	ev	INTJ
faba-4	64	12	with	with	ADP
faba-4	64	13	operating	operating	NOUN
faba-4	64	14	value	value	NOUN
faba-4	64	15	is	be	AUX
faba-4	64	16	more	more	ADV
faba-4	64	17	justified	justified	ADJ
faba-4	64	18	in	in	ADP
faba-4	64	19	terms	term	NOUN
faba-4	64	20	of	of	ADP
faba-4	64	21	ensuring	ensure	VERB
faba-4	64	22	comparability	comparability	NOUN
faba-4	64	23	between	between	ADP
faba-4	64	24	the	the	DET
faba-4	64	25	numerator	numerator	NOUN
faba-4	64	26	and	and	CCONJ
faba-4	64	27	denominator	denominator	NOUN
faba-4	64	28	of	of	ADP
faba-4	64	29	the	the	DET
faba-4	64	30	ev	ev	PROPN
faba-4	64	31	/	/	SYM
faba-4	64	32	s.	s.	PROPN
faba-4	64	33	the	the	DET
faba-4	64	34	sales	sale	NOUN
faba-4	64	35	(	(	PUNCT
faba-4	64	36	s	s	NOUN
faba-4	64	37	)	)	PUNCT
faba-4	64	38	in	in	ADP
faba-4	64	39	the	the	DET
faba-4	64	40	denominator	denominator	NOUN
faba-4	64	41	are	be	AUX
faba-4	64	42	the	the	DET
faba-4	64	43	function	function	NOUN
faba-4	64	44	predominantly	predominantly	ADV
faba-4	64	45	of	of	ADP
faba-4	64	46	the	the	DET
faba-4	64	47	operating	operate	VERB
faba-4	64	48	assets	asset	NOUN
faba-4	64	49	of	of	ADP
faba-4	64	50	the	the	DET
faba-4	64	51	company	company	NOUN
faba-4	64	52	.	.	PUNCT
faba-4	65	1	they	they	PRON
faba-4	65	2	do	do	AUX
faba-4	65	3	not	not	PART
faba-4	65	4	include	include	VERB
faba-4	65	5	revenue	revenue	NOUN
faba-4	65	6	from	from	ADP
faba-4	65	7	financial	financial	ADJ
faba-4	65	8	and	and	CCONJ
faba-4	65	9	other	other	ADJ
faba-4	65	10	non	non	ADJ
faba-4	65	11	operating	operate	VERB
faba-4	65	12	assets	asset	NOUN
faba-4	65	13	.	.	PUNCT
faba-4	66	1	in	in	ADP
faba-4	66	2	this	this	DET
faba-4	66	3	connection	connection	NOUN
faba-4	66	4	,	,	PUNCT
faba-4	66	5	it	it	PRON
faba-4	66	6	is	be	AUX
faba-4	66	7	sustained	sustain	VERB
faba-4	66	8	that	that	SCONJ
faba-4	66	9	the	the	DET
faba-4	66	10	numerator	numerator	NOUN
faba-4	66	11	is	be	AUX
faba-4	66	12	equal	equal	ADJ
faba-4	66	13	to	to	ADP
faba-4	66	14	the	the	DET
faba-4	66	15	value	value	NOUN
faba-4	66	16	of	of	ADP
faba-4	66	17	operating	operate	VERB
faba-4	66	18	assets	asset	NOUN
faba-4	66	19	only	only	ADV
faba-4	66	20	,	,	PUNCT
faba-4	66	21	which	which	PRON
faba-4	66	22	corresponds	correspond	VERB
faba-4	66	23	to	to	ADP
faba-4	66	24	the	the	DET
faba-4	66	25	definition	definition	NOUN
faba-4	66	26	of	of	ADP
faba-4	66	27	enterprise	enterprise	NOUN
faba-4	66	28	value	value	NOUN
faba-4	66	29	,	,	PUNCT
faba-4	66	30	given	give	VERB
faba-4	66	31	by	by	ADP
faba-4	66	32	a.	a.	NOUN
faba-4	66	33	damodaran	damodaran	NOUN
faba-4	66	34	.	.	PUNCT
faba-4	67	1	further	far	ADV
faba-4	67	2	in	in	ADP
faba-4	67	3	this	this	DET
faba-4	67	4	study	study	NOUN
faba-4	67	5	we	we	PRON
faba-4	67	6	stick	stick	VERB
faba-4	67	7	to	to	ADP
faba-4	67	8	this	this	DET
faba-4	67	9	interpretation	interpretation	NOUN
faba-4	67	10	of	of	ADP
faba-4	67	11	enterprise	enterprise	NOUN
faba-4	67	12	value	value	NOUN
faba-4	67	13	(	(	PUNCT
faba-4	67	14	ev	ev	PROPN
faba-4	67	15	)	)	PUNCT
faba-4	67	16	.	.	PUNCT
faba-4	68	1	13	13	NUM
faba-4	68	2	damodaran	damodaran	NOUN
faba-4	68	3	,	,	PUNCT
faba-4	68	4	a.	a.	NOUN
faba-4	68	5	–	–	PUNCT
faba-4	68	6	“	"	PUNCT
faba-4	68	7	investment	investment	NOUN
faba-4	68	8	valuation	valuation	NOUN
faba-4	68	9	–	–	PUNCT
faba-4	68	10	tools	tool	NOUN
faba-4	68	11	and	and	CCONJ
faba-4	68	12	techniques	technique	NOUN
faba-4	68	13	for	for	ADP
faba-4	68	14	determining	determine	VERB
faba-4	68	15	the	the	DET
faba-4	68	16	value	value	NOUN
faba-4	68	17	of	of	ADP
faba-4	68	18	any	any	DET
faba-4	68	19	asset	asset	NOUN
faba-4	68	20	”	"	PUNCT
faba-4	68	21	,	,	PUNCT
faba-4	68	22	john	john	PROPN
faba-4	68	23	wiley	wiley	PROPN
faba-4	68	24	&	&	CCONJ
faba-4	68	25	sons	son	NOUN
faba-4	68	26	,	,	PUNCT
faba-4	68	27	new	new	PROPN
faba-4	68	28	york	york	PROPN
faba-4	68	29	,	,	PUNCT
faba-4	68	30	2002	2002	NUM
faba-4	68	31	,	,	PUNCT
faba-4	68	32	p.	p.	NOUN
faba-4	68	33	544	544	NUM
faba-4	68	34	14	14	NUM
faba-4	68	35	same	same	ADJ
faba-4	68	36	source	source	NOUN
faba-4	68	37	15	15	NUM
faba-4	68	38	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	68	39	16	16	NUM
faba-4	68	40	koller	koller	NOUN
faba-4	68	41	,	,	PUNCT
faba-4	68	42	t.	t.	PROPN
faba-4	68	43	,	,	PUNCT
faba-4	68	44	goedhart	goedhart	NOUN
faba-4	68	45	,	,	PUNCT
faba-4	68	46	m.	m.	NOUN
faba-4	68	47	,	,	PUNCT
faba-4	68	48	wessels	wessels	PROPN
faba-4	68	49	,	,	PUNCT
faba-4	68	50	d.	d.	PROPN
faba-4	68	51	–	–	PUNCT
faba-4	68	52	“	"	PUNCT
faba-4	68	53	valuation	valuation	NOUN
faba-4	68	54	–	–	PUNCT
faba-4	68	55	measuring	measure	VERB
faba-4	68	56	and	and	CCONJ
faba-4	68	57	managing	manage	VERB
faba-4	68	58	the	the	DET
faba-4	68	59	value	value	NOUN
faba-4	68	60	of	of	ADP
faba-4	68	61	companies	company	NOUN
faba-4	68	62	”	"	PUNCT
faba-4	68	63	,	,	PUNCT
faba-4	68	64	(	(	PUNCT
faba-4	68	65	mckinsey	mckinsey	NOUN
faba-4	68	66	&	&	CCONJ
faba-4	68	67	company	company	PROPN
faba-4	68	68	)	)	PUNCT
faba-4	68	69	,	,	PUNCT
faba-4	68	70	published	publish	VERB
faba-4	68	71	by	by	ADP
faba-4	68	72	john	john	PROPN
faba-4	68	73	weley	weley	PROPN
faba-4	68	74	&	&	CCONJ
faba-4	68	75	sons	son	NOUN
faba-4	68	76	,	,	PUNCT
faba-4	68	77	new	new	PROPN
faba-4	68	78	york	york	PROPN
faba-4	68	79	,	,	PUNCT
faba-4	68	80	2015	2015	NUM
faba-4	68	81	,	,	PUNCT
faba-4	68	82	p.	p.	NOUN
faba-4	68	83	107	107	NUM
faba-4	68	84	17	17	NUM
faba-4	68	85	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	68	86	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-4	68	87	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-4	68	88	dimitir	dimitir	ADJ
faba-4	68	89	nenkov	nenkov	PROPN
faba-4	68	90	/	/	SYM
faba-4	68	91	finance	finance	NOUN
faba-4	68	92	,	,	PUNCT
faba-4	68	93	accounting	accounting	NOUN
faba-4	68	94	,	,	PUNCT
faba-4	68	95	and	and	CCONJ
faba-4	68	96	business	business	NOUN
faba-4	68	97	analisys	analisys	NOUN
faba-4	68	98	37	37	NUM
faba-4	68	99	actual	actual	ADJ
faba-4	68	100	p	p	X
faba-4	68	101	/	/	SYM
faba-4	68	102	s	s	X
faba-4	68	103	and	and	CCONJ
faba-4	68	104	ev	ev	ADP
faba-4	68	105	/	/	SYM
faba-4	68	106	s	s	PART
faba-4	68	107	ratios	ratio	NOUN
faba-4	68	108	on	on	ADP
faba-4	68	109	the	the	DET
faba-4	68	110	bulgarian	bulgarian	ADJ
faba-4	68	111	capital	capital	NOUN
faba-4	68	112	market	market	NOUN
faba-4	68	113	table	table	NOUN
faba-4	68	114	1	1	NUM
faba-4	68	115	presents	present	VERB
faba-4	68	116	the	the	DET
faba-4	68	117	market	market	NOUN
faba-4	68	118	ratios	ratio	VERB
faba-4	68	119	p	p	X
faba-4	68	120	/	/	SYM
faba-4	68	121	s	s	X
faba-4	68	122	and	and	CCONJ
faba-4	68	123	ev	ev	ADP
faba-4	68	124	/	/	SYM
faba-4	68	125	s	s	PROPN
faba-4	68	126	of	of	ADP
faba-4	68	127	the	the	DET
faba-4	68	128	companies	company	NOUN
faba-4	68	129	included	include	VERB
faba-4	68	130	in	in	ADP
faba-4	68	131	the	the	DET
faba-4	68	132	leading	lead	VERB
faba-4	68	133	index	index	NOUN
faba-4	68	134	on	on	ADP
faba-4	68	135	the	the	DET
faba-4	68	136	bulgarian	bulgarian	ADJ
faba-4	68	137	stock	stock	PROPN
faba-4	68	138	exchange	exchange	PROPN
faba-4	68	139	sofix	sofix	NOUN
faba-4	68	140	.	.	PUNCT
faba-4	69	1	the	the	DET
faba-4	69	2	net	net	ADJ
faba-4	69	3	margin	margin	NOUN
faba-4	69	4	and	and	CCONJ
faba-4	69	5	the	the	DET
faba-4	69	6	operating	operate	VERB
faba-4	69	7	margin	margin	NOUN
faba-4	69	8	,	,	PUNCT
faba-4	69	9	influencing	influence	VERB
faba-4	69	10	the	the	DET
faba-4	69	11	levels	level	NOUN
faba-4	69	12	of	of	ADP
faba-4	69	13	the	the	DET
faba-4	69	14	two	two	NUM
faba-4	69	15	market	market	NOUN
faba-4	69	16	ratios	ratio	NOUN
faba-4	69	17	,	,	PUNCT
faba-4	69	18	are	be	AUX
faba-4	69	19	also	also	ADV
faba-4	69	20	shown	show	VERB
faba-4	69	21	in	in	ADP
faba-4	69	22	the	the	DET
faba-4	69	23	table	table	NOUN
faba-4	69	24	.	.	PUNCT
faba-4	70	1	there	there	PRON
faba-4	70	2	are	be	VERB
faba-4	70	3	two	two	NUM
faba-4	70	4	things	thing	NOUN
faba-4	70	5	which	which	PRON
faba-4	70	6	make	make	VERB
faba-4	70	7	impression	impression	NOUN
faba-4	70	8	:	:	PUNCT
faba-4	70	9	in	in	ADP
faba-4	70	10	the	the	DET
faba-4	70	11	first	first	ADJ
faba-4	70	12	place	place	NOUN
faba-4	70	13	,	,	PUNCT
faba-4	70	14	there	there	PRON
faba-4	70	15	is	be	VERB
faba-4	70	16	no	no	DET
faba-4	70	17	data	datum	NOUN
faba-4	70	18	about	about	ADP
faba-4	70	19	these	these	DET
faba-4	70	20	indicators	indicator	NOUN
faba-4	70	21	for	for	ADP
faba-4	70	22	four	four	NUM
faba-4	70	23	of	of	ADP
faba-4	70	24	the	the	DET
faba-4	70	25	companies	company	NOUN
faba-4	70	26	in	in	ADP
faba-4	70	27	the	the	DET
faba-4	70	28	index	index	NOUN
faba-4	70	29	in	in	ADP
faba-4	70	30	the	the	DET
faba-4	70	31	infostock	infostock	NOUN
faba-4	70	32	database	database	NOUN
faba-4	70	33	:	:	PUNCT
faba-4	70	34	eurohold	eurohold	PROPN
faba-4	70	35	bulgaria	bulgaria	PROPN
faba-4	70	36	,	,	PUNCT
faba-4	70	37	ccb	ccb	PROPN
faba-4	70	38	,	,	PUNCT
faba-4	70	39	advance	advance	NOUN
faba-4	70	40	terafond	terafond	NOUN
faba-4	70	41	adsic	adsic	ADJ
faba-4	70	42	,	,	PUNCT
faba-4	70	43	and	and	CCONJ
faba-4	70	44	real	real	ADJ
faba-4	70	45	estate	estate	NOUN
faba-4	70	46	fund	fund	NOUN
faba-4	70	47	bg	bg	PROPN
faba-4	70	48	adsic	adsic	PROPN
faba-4	70	49	;	;	PUNCT
faba-4	70	50	in	in	ADP
faba-4	70	51	the	the	DET
faba-4	70	52	second	second	ADJ
faba-4	70	53	place	place	NOUN
faba-4	70	54	,	,	PUNCT
faba-4	70	55	for	for	ADP
faba-4	70	56	four	four	NUM
faba-4	70	57	other	other	ADJ
faba-4	70	58	companies	company	NOUN
faba-4	70	59	in	in	ADP
faba-4	70	60	the	the	DET
faba-4	70	61	index	index	NOUN
faba-4	70	62	,	,	PUNCT
faba-4	70	63	the	the	DET
faba-4	70	64	indicators	indicator	NOUN
faba-4	70	65	are	be	AUX
faba-4	70	66	obviously	obviously	ADV
faba-4	70	67	abnormally	abnormally	ADV
faba-4	70	68	high	high	ADJ
faba-4	70	69	and	and	CCONJ
faba-4	70	70	have	have	VERB
faba-4	70	71	no	no	DET
faba-4	70	72	economic	economic	ADJ
faba-4	70	73	sense	sense	NOUN
faba-4	70	74	.	.	PUNCT
faba-4	71	1	these	these	PRON
faba-4	71	2	are	be	AUX
faba-4	71	3	:	:	PUNCT
faba-4	71	4	chimimport	chimimport	NOUN
faba-4	71	5	,	,	PUNCT
faba-4	71	6	holding	hold	VERB
faba-4	71	7	varna	varna	ADJ
faba-4	71	8	ad	ad	NOUN
faba-4	71	9	,	,	PUNCT
faba-4	71	10	stara	stara	PROPN
faba-4	71	11	planina	planina	PROPN
faba-4	71	12	hold	hold	VERB
faba-4	71	13	ad	ad	NOUN
faba-4	71	14	and	and	CCONJ
faba-4	71	15	industrial	industrial	ADJ
faba-4	71	16	capital	capital	NOUN
faba-4	71	17	holding	hold	VERB
faba-4	71	18	ad	ad	NOUN
faba-4	71	19	.	.	PUNCT
faba-4	72	1	the	the	DET
faba-4	72	2	holdings	holding	NOUN
faba-4	72	3	most	most	ADV
faba-4	72	4	likely	likely	ADV
faba-4	72	5	have	have	VERB
faba-4	72	6	a	a	DET
faba-4	72	7	problem	problem	NOUN
faba-4	72	8	with	with	ADP
faba-4	72	9	some	some	DET
faba-4	72	10	incorrect	incorrect	ADJ
faba-4	72	11	interpretation	interpretation	NOUN
faba-4	72	12	of	of	ADP
faba-4	72	13	input	input	NOUN
faba-4	72	14	data	datum	NOUN
faba-4	72	15	,	,	PUNCT
faba-4	72	16	which	which	PRON
faba-4	72	17	does	do	AUX
faba-4	72	18	not	not	PART
faba-4	72	19	allow	allow	VERB
faba-4	72	20	for	for	ADP
faba-4	72	21	compatibility	compatibility	NOUN
faba-4	72	22	between	between	ADP
faba-4	72	23	numerator	numerator	NOUN
faba-4	72	24	and	and	CCONJ
faba-4	72	25	denominator	denominator	NOUN
faba-4	72	26	of	of	ADP
faba-4	72	27	the	the	DET
faba-4	72	28	ratios	ratio	NOUN
faba-4	72	29	.	.	PUNCT
faba-4	73	1	it	it	PRON
faba-4	73	2	is	be	AUX
faba-4	73	3	quite	quite	ADV
faba-4	73	4	possible	possible	ADJ
faba-4	73	5	that	that	SCONJ
faba-4	73	6	the	the	DET
faba-4	73	7	denominators	denominator	NOUN
faba-4	73	8	of	of	ADP
faba-4	73	9	each	each	PRON
faba-4	73	10	of	of	ADP
faba-4	73	11	the	the	DET
faba-4	73	12	indicators	indicator	NOUN
faba-4	73	13	of	of	ADP
faba-4	73	14	the	the	DET
faba-4	73	15	four	four	NUM
faba-4	73	16	companies	company	NOUN
faba-4	73	17	expresses	express	VERB
faba-4	73	18	only	only	ADV
faba-4	73	19	the	the	DET
faba-4	73	20	sales	sale	NOUN
faba-4	73	21	,	,	PUNCT
faba-4	73	22	respectively	respectively	ADV
faba-4	73	23	the	the	DET
faba-4	73	24	profits	profit	NOUN
faba-4	73	25	,	,	PUNCT
faba-4	73	26	of	of	ADP
faba-4	73	27	the	the	DET
faba-4	73	28	mother	mother	NOUN
faba-4	73	29	companies	company	NOUN
faba-4	73	30	,	,	PUNCT
faba-4	73	31	rather	rather	ADV
faba-4	73	32	than	than	ADP
faba-4	73	33	of	of	ADP
faba-4	73	34	the	the	DET
faba-4	73	35	whole	whole	ADJ
faba-4	73	36	holding	holding	NOUN
faba-4	73	37	.	.	PUNCT
faba-4	74	1	table	table	NOUN
faba-4	74	2	1	1	NUM
faba-4	74	3	:	:	PUNCT
faba-4	74	4	p	p	X
faba-4	74	5	/	/	SYM
faba-4	74	6	s	s	X
faba-4	74	7	and	and	CCONJ
faba-4	74	8	ev	ev	ADP
faba-4	74	9	/	/	SYM
faba-4	74	10	s	s	PART
faba-4	74	11	ratios	ratio	NOUN
faba-4	74	12	of	of	ADP
faba-4	74	13	companies	company	NOUN
faba-4	74	14	in	in	ADP
faba-4	74	15	the	the	DET
faba-4	74	16	sofix	sofix	NOUN
faba-4	74	17	as	as	ADP
faba-4	74	18	of	of	ADP
faba-4	74	19	july	july	PROPN
faba-4	74	20	2017	2017	NUM
faba-4	74	21	company	company	NOUN
faba-4	74	22	ps	ps	AUX
faba-4	74	23	evs	evs	VERB
faba-4	74	24	net	net	ADJ
faba-4	74	25	margin	margin	NOUN
faba-4	74	26	operating	operate	VERB
faba-4	74	27	margin	margin	NOUN
faba-4	74	28	/pretax	/pretax	PUNCT
faba-4	74	29	/	/	SYM
faba-4	74	30	sopharma	sopharma	NOUN
faba-4	74	31	ad	ad	NOUN
faba-4	74	32	3.60	3.60	NUM
faba-4	74	33	4.20	4.20	NUM
faba-4	74	34	20.88	20.88	NUM
faba-4	74	35	%	%	NOUN
faba-4	74	36	23.11	23.11	NUM
faba-4	74	37	%	%	NOUN
faba-4	74	38	fibank	fibank	NOUN
faba-4	74	39	0.75	0.75	NUM
faba-4	74	40	3.66	3.66	NUM
faba-4	74	41	%	%	NOUN
faba-4	74	42	4.08	4.08	NUM
faba-4	74	43	%	%	NOUN
faba-4	74	44	monbat	monbat	NOUN
faba-4	74	45	ad	ad	NOUN
faba-4	74	46	1.34	1.34	NUM
faba-4	74	47	1.62	1.62	NUM
faba-4	74	48	4.38	4.38	NUM
faba-4	74	49	%	%	NOUN
faba-4	74	50	4.88	4.88	NUM
faba-4	74	51	%	%	NOUN
faba-4	74	52	chimimport	chimimport	NOUN
faba-4	74	53	29.51	29.51	NUM
faba-4	74	54	47.89	47.89	NUM
faba-4	74	55	278.30	278.30	NUM
faba-4	74	56	%	%	NOUN
faba-4	74	57	257.54	257.54	NUM
faba-4	74	58	%	%	NOUN
faba-4	74	59	m+s	m+s	NUM
faba-4	74	60	hidravlik	hidravlik	NOUN
faba-4	74	61	ad	ad	NOUN
faba-4	74	62	3.76	3.76	NUM
faba-4	74	63	3.75	3.75	NUM
faba-4	74	64	12.31	12.31	NUM
faba-4	74	65	%	%	NOUN
faba-4	74	66	13.67	13.67	NUM
faba-4	74	67	%	%	NOUN
faba-4	74	68	alkomet	alkomet	NOUN
faba-4	74	69	ad	ad	NOUN
faba-4	74	70	0.97	0.97	NUM
faba-4	74	71	1.27	1.27	NUM
faba-4	74	72	7.23	7.23	NUM
faba-4	74	73	%	%	NOUN
faba-4	74	74	8.03	8.03	NUM
faba-4	74	75	%	%	NOUN
faba-4	74	76	albena	albena	NOUN
faba-4	74	77	3.28	3.28	NUM
faba-4	74	78	4.34	4.34	NUM
faba-4	74	79	32.17	32.17	NUM
faba-4	74	80	%	%	NOUN
faba-4	74	81	33.98	33.98	NUM
faba-4	74	82	%	%	NOUN
faba-4	74	83	eurohold	eurohold	VERB
faba-4	74	84	bulgaria	bulgaria	PROPN
faba-4	74	85	ccbank	ccbank	PROPN
faba-4	74	86	advance	advance	PROPN
faba-4	74	87	terra	terra	PROPN
faba-4	74	88	fund	fund	NOUN
faba-4	75	1	adsic	adsic	ADJ
faba-4	75	2	holding	holding	NOUN
faba-4	75	3	varna	varna	NOUN
faba-4	75	4	ad	ad	NOUN
faba-4	75	5	172.85	172.85	NUM
faba-4	75	6	240.02	240.02	NUM
faba-4	75	7	150.43	150.43	NUM
faba-4	75	8	%	%	NOUN
faba-4	75	9	150.43	150.43	NUM
faba-4	75	10	%	%	NOUN
faba-4	75	11	stara	stara	PROPN
faba-4	75	12	planina	planina	PROPN
faba-4	75	13	hold	hold	VERB
faba-4	75	14	ad	ad	NOUN
faba-4	75	15	2288.46	2288.46	NUM
faba-4	75	16	2226.88	2226.88	NUM
faba-4	75	17	6594.87	6594.87	NUM
faba-4	75	18	%	%	NOUN
faba-4	75	19	6594.87	6594.87	NUM
faba-4	75	20	%	%	NOUN
faba-4	75	21	neohim	neohim	PROPN
faba-4	75	22	ad	ad	NOUN
faba-4	75	23	0.70	0.70	NUM
faba-4	75	24	0.82	0.82	NUM
faba-4	75	25	11.01	11.01	NUM
faba-4	75	26	%	%	NOUN
faba-4	75	27	11.89	11.89	NUM
faba-4	75	28	%	%	NOUN
faba-4	75	29	industrial	industrial	ADJ
faba-4	75	30	capital	capital	NOUN
faba-4	75	31	holding	hold	VERB
faba-4	75	32	ad	ad	NOUN
faba-4	75	33	12354.48	12354.48	NUM
faba-4	75	34	15233.88	15233.88	NUM
faba-4	75	35	28860.00	28860.00	NUM
faba-4	75	36	%	%	NOUN
faba-4	75	37	28860.00	28860.00	NUM
faba-4	75	38	%	%	NOUN
faba-4	75	39	real	real	ADJ
faba-4	75	40	estate	estate	NOUN
faba-4	75	41	fund	fund	NOUN
faba-4	75	42	bg	bg	PROPN
faba-4	75	43	adsic	adsic	ADJ
faba-4	75	44	mean	mean	NOUN
faba-4	75	45	(	(	PUNCT
faba-4	75	46	average	average	ADJ
faba-4	75	47	)	)	PUNCT
faba-4	75	48	1350.88	1350.88	NUM
faba-4	75	49	1776.47	1776.47	NUM
faba-4	75	50	3270.48	3270.48	NUM
faba-4	75	51	%	%	NOUN
faba-4	75	52	3269.32	3269.32	NUM
faba-4	75	53	%	%	NOUN
faba-4	75	54	median	median	NOUN
faba-4	75	55	3.60	3.60	NUM
faba-4	75	56	4.27	4.27	NUM
faba-4	75	57	20.88	20.88	NUM
faba-4	75	58	%	%	NOUN
faba-4	75	59	23.11	23.11	NUM
faba-4	75	60	%	%	NOUN
faba-4	75	61	minimum	minimum	NOUN
faba-4	75	62	0.7	0.7	NUM
faba-4	75	63	0.82	0.82	NUM
faba-4	75	64	3.66	3.66	NUM
faba-4	75	65	%	%	NOUN
faba-4	75	66	4.08	4.08	NUM
faba-4	75	67	%	%	NOUN
faba-4	75	68	maximum	maximum	ADJ
faba-4	75	69	12354.48	12354.48	NUM
faba-4	75	70	15233.88	15233.88	NUM
faba-4	75	71	28860.00	28860.00	NUM
faba-4	75	72	%	%	NOUN
faba-4	75	73	28860.00	28860.00	NUM
faba-4	75	74	%	%	NOUN
faba-4	75	75	source	source	NOUN
faba-4	75	76	:	:	PUNCT
faba-4	75	77	infostock	infostock	ADJ
faba-4	75	78	:	:	PUNCT
faba-4	75	79	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	75	80	(	(	PUNCT
faba-4	75	81	28	28	NUM
faba-4	75	82	july	july	PROPN
faba-4	75	83	,	,	PUNCT
faba-4	75	84	2017	2017	NUM
faba-4	75	85	)	)	PUNCT
faba-4	76	1	this	this	PRON
faba-4	76	2	is	be	AUX
faba-4	76	3	a	a	DET
faba-4	76	4	typical	typical	ADJ
faba-4	76	5	example	example	NOUN
faba-4	76	6	about	about	ADP
faba-4	76	7	the	the	DET
faba-4	76	8	commented	comment	VERB
faba-4	76	9	in	in	ADP
faba-4	76	10	previous	previous	ADJ
faba-4	76	11	items	item	NOUN
faba-4	76	12	of	of	ADP
faba-4	76	13	this	this	DET
faba-4	76	14	study	study	NOUN
faba-4	76	15	bias	bias	NOUN
faba-4	76	16	of	of	ADP
faba-4	76	17	average	average	ADJ
faba-4	76	18	(	(	PUNCT
faba-4	76	19	mean	mean	ADJ
faba-4	76	20	)	)	PUNCT
faba-4	76	21	ratios	ratio	NOUN
faba-4	76	22	,	,	PUNCT
faba-4	76	23	as	as	ADP
faba-4	76	24	a	a	DET
faba-4	76	25	result	result	NOUN
faba-4	76	26	of	of	ADP
faba-4	76	27	individual	individual	ADJ
faba-4	76	28	extremely	extremely	ADV
faba-4	76	29	high	high	ADJ
faba-4	76	30	ratios	ratio	NOUN
faba-4	76	31	of	of	ADP
faba-4	76	32	some	some	DET
faba-4	76	33	companies	company	NOUN
faba-4	76	34	.	.	PUNCT
faba-4	77	1	this	this	PRON
faba-4	77	2	should	should	AUX
faba-4	77	3	n’t	not	PART
faba-4	77	4	be	be	AUX
faba-4	77	5	allowed	allow	VERB
faba-4	77	6	or	or	CCONJ
faba-4	77	7	left	leave	VERB
faba-4	77	8	as	as	SCONJ
faba-4	77	9	it	it	PRON
faba-4	77	10	is	be	AUX
faba-4	77	11	.	.	PUNCT
faba-4	78	1	it	it	PRON
faba-4	78	2	is	be	AUX
faba-4	78	3	more	more	ADJ
faba-4	78	4	than	than	ADP
faba-4	78	5	clear	clear	ADJ
faba-4	78	6	that	that	SCONJ
faba-4	78	7	average	average	ADJ
faba-4	78	8	market	market	NOUN
faba-4	78	9	ratios	ratio	NOUN
faba-4	78	10	of	of	ADP
faba-4	78	11	more	more	ADJ
faba-4	78	12	than	than	ADP
faba-4	78	13	1000	1000	NUM
faba-4	78	14	and	and	CCONJ
faba-4	78	15	average	average	ADJ
faba-4	78	16	profit	profit	NOUN
faba-4	78	17	margins	margin	NOUN
faba-4	78	18	above	above	ADP
faba-4	78	19	3000	3000	NUM
faba-4	78	20	%	%	NOUN
faba-4	78	21	are	be	AUX
faba-4	78	22	not	not	PART
faba-4	78	23	normal	normal	ADJ
faba-4	78	24	,	,	PUNCT
faba-4	78	25	especially	especially	ADV
faba-4	78	26	for	for	ADP
faba-4	78	27	mature	mature	ADJ
faba-4	78	28	companies	company	NOUN
faba-4	78	29	.	.	PUNCT
faba-4	79	1	the	the	DET
faba-4	79	2	positions	position	NOUN
faba-4	79	3	of	of	ADP
faba-4	79	4	these	these	DET
faba-4	79	5	four	four	NUM
faba-4	79	6	holdings	holding	NOUN
faba-4	79	7	are	be	AUX
faba-4	79	8	marked	mark	VERB
faba-4	79	9	in	in	ADP
faba-4	79	10	yellow	yellow	ADJ
faba-4	79	11	,	,	PUNCT
faba-4	79	12	in	in	ADP
faba-4	79	13	order	order	NOUN
faba-4	79	14	to	to	PART
faba-4	79	15	indicate	indicate	VERB
faba-4	79	16	that	that	SCONJ
faba-4	79	17	their	their	PRON
faba-4	79	18	indicators	indicator	NOUN
faba-4	79	19	will	will	AUX
faba-4	79	20	be	be	AUX
faba-4	79	21	excluded	exclude	VERB
faba-4	79	22	from	from	ADP
faba-4	79	23	the	the	DET
faba-4	79	24	database	database	NOUN
faba-4	79	25	in	in	ADP
faba-4	79	26	the	the	DET
faba-4	79	27	next	next	ADJ
faba-4	79	28	table	table	NOUN
faba-4	79	29	(	(	PUNCT
faba-4	79	30	table	table	NOUN
faba-4	79	31	2	2	NUM
faba-4	79	32	)	)	PUNCT
faba-4	79	33	.	.	PUNCT
faba-4	80	1	in	in	ADP
faba-4	80	2	this	this	DET
faba-4	80	3	way	way	NOUN
faba-4	80	4	much	much	ADV
faba-4	80	5	more	more	ADV
faba-4	80	6	realistic	realistic	ADJ
faba-4	80	7	average	average	ADJ
faba-4	80	8	p	p	X
faba-4	80	9	/	/	SYM
faba-4	80	10	s	s	NOUN
faba-4	80	11	and	and	CCONJ
faba-4	80	12	ev	ev	ADP
faba-4	80	13	/	/	SYM
faba-4	80	14	s	s	PART
faba-4	80	15	ratios	ratio	NOUN
faba-4	80	16	and	and	CCONJ
faba-4	80	17	profit	profit	NOUN
faba-4	80	18	margins	margin	NOUN
faba-4	80	19	for	for	ADP
faba-4	80	20	the	the	DET
faba-4	80	21	sofix	sofix	NOUN
faba-4	80	22	are	be	AUX
faba-4	80	23	calculated	calculate	VERB
faba-4	80	24	.	.	PUNCT
faba-4	81	1	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	81	2	dimitir	dimitir	ADJ
faba-4	81	3	nenkov	nenkov	NOUN
faba-4	81	4	/	/	SYM
faba-4	81	5	finance	finance	NOUN
faba-4	81	6	,	,	PUNCT
faba-4	81	7	accounting	accounting	NOUN
faba-4	81	8	,	,	PUNCT
faba-4	81	9	and	and	CCONJ
faba-4	81	10	business	business	NOUN
faba-4	81	11	analisys	analisys	NOUN
faba-4	81	12	38	38	NUM
faba-4	81	13	table	table	NOUN
faba-4	81	14	2	2	NUM
faba-4	81	15	:	:	PUNCT
faba-4	81	16	corrected	correct	VERB
faba-4	81	17	p	p	PROPN
faba-4	81	18	/	/	SYM
faba-4	81	19	s	s	NOUN
faba-4	81	20	and	and	CCONJ
faba-4	81	21	ev	ev	ADP
faba-4	81	22	/	/	SYM
faba-4	81	23	s	s	PART
faba-4	81	24	ratios	ratio	NOUN
faba-4	81	25	of	of	ADP
faba-4	81	26	companies	company	NOUN
faba-4	81	27	in	in	ADP
faba-4	81	28	the	the	DET
faba-4	81	29	sofix	sofix	NOUN
faba-4	81	30	as	as	ADP
faba-4	81	31	of	of	ADP
faba-4	81	32	july	july	PROPN
faba-4	81	33	2017	2017	NUM
faba-4	81	34	company	company	NOUN
faba-4	81	35	ps	ps	AUX
faba-4	81	36	evs	evs	VERB
faba-4	81	37	net	net	ADJ
faba-4	81	38	margin	margin	NOUN
faba-4	81	39	operating	operate	VERB
faba-4	81	40	margin	margin	NOUN
faba-4	81	41	/pretax	/pretax	PUNCT
faba-4	81	42	/	/	SYM
faba-4	81	43	sopharma	sopharma	NOUN
faba-4	81	44	ad	ad	NOUN
faba-4	81	45	3.60	3.60	NUM
faba-4	81	46	4.20	4.20	NUM
faba-4	81	47	20.88	20.88	NUM
faba-4	81	48	%	%	NOUN
faba-4	81	49	23.11	23.11	NUM
faba-4	81	50	%	%	NOUN
faba-4	81	51	fibank	fibank	NOUN
faba-4	81	52	0.75	0.75	NUM
faba-4	81	53	3.66	3.66	NUM
faba-4	81	54	%	%	NOUN
faba-4	81	55	4.08	4.08	NUM
faba-4	81	56	%	%	NOUN
faba-4	81	57	monbat	monbat	NOUN
faba-4	81	58	ad	ad	NOUN
faba-4	81	59	1.34	1.34	NUM
faba-4	81	60	1.62	1.62	NUM
faba-4	81	61	4.38	4.38	NUM
faba-4	81	62	%	%	NOUN
faba-4	81	63	4.88	4.88	NUM
faba-4	81	64	%	%	NOUN
faba-4	81	65	chimimport	chimimport	NOUN
faba-4	81	66	m+s	m+s	PROPN
faba-4	81	67	hidravlik	hidravlik	ADJ
faba-4	81	68	ad	ad	NOUN
faba-4	81	69	3.76	3.76	NUM
faba-4	81	70	3.75	3.75	NUM
faba-4	81	71	12.31	12.31	NUM
faba-4	81	72	%	%	NOUN
faba-4	81	73	13.67	13.67	NUM
faba-4	81	74	%	%	NOUN
faba-4	81	75	alkomet	alkomet	NOUN
faba-4	81	76	ad	ad	NOUN
faba-4	81	77	0.97	0.97	NUM
faba-4	81	78	1.27	1.27	NUM
faba-4	81	79	7.23	7.23	NUM
faba-4	81	80	%	%	NOUN
faba-4	81	81	8.03	8.03	NUM
faba-4	81	82	%	%	NOUN
faba-4	81	83	albena	albena	NOUN
faba-4	81	84	3.28	3.28	NUM
faba-4	81	85	4.34	4.34	NUM
faba-4	81	86	32.17	32.17	NUM
faba-4	81	87	%	%	NOUN
faba-4	81	88	33.98	33.98	NUM
faba-4	81	89	%	%	NOUN
faba-4	81	90	eurohold	eurohold	VERB
faba-4	81	91	bulgaria	bulgaria	PROPN
faba-4	81	92	ccbank	ccbank	PROPN
faba-4	81	93	advance	advance	PROPN
faba-4	81	94	terra	terra	PROPN
faba-4	81	95	fund	fund	NOUN
faba-4	81	96	adsic	adsic	ADJ
faba-4	81	97	holding	holding	NOUN
faba-4	81	98	varna	varna	NOUN
faba-4	81	99	ad	ad	NOUN
faba-4	81	100	stara	stara	PROPN
faba-4	81	101	planina	planina	PROPN
faba-4	81	102	hold	hold	VERB
faba-4	81	103	ad	ad	NOUN
faba-4	81	104	neohim	neohim	PROPN
faba-4	81	105	ad	ad	NOUN
faba-4	81	106	0.70	0.70	NUM
faba-4	81	107	0.82	0.82	NUM
faba-4	81	108	11.01	11.01	NUM
faba-4	81	109	%	%	NOUN
faba-4	82	1	11.89	11.89	NUM
faba-4	82	2	%	%	NOUN
faba-4	82	3	industrial	industrial	ADJ
faba-4	82	4	capital	capital	NOUN
faba-4	82	5	holding	hold	VERB
faba-4	82	6	ad	ad	NOUN
faba-4	82	7	real	real	ADJ
faba-4	82	8	estate	estate	NOUN
faba-4	82	9	fund	fund	NOUN
faba-4	82	10	bg	bg	PROPN
faba-4	82	11	adsic	adsic	ADJ
faba-4	82	12	mean	mean	NOUN
faba-4	82	13	(	(	PUNCT
faba-4	82	14	average	average	ADJ
faba-4	82	15	)	)	PUNCT
faba-4	82	16	2.06	2.06	NUM
faba-4	82	17	2.67	2.67	NUM
faba-4	82	18	13.09	13.09	NUM
faba-4	82	19	%	%	NOUN
faba-4	82	20	14.23	14.23	NUM
faba-4	82	21	%	%	NOUN
faba-4	82	22	median	median	NOUN
faba-4	82	23	1.34	1.34	NUM
faba-4	82	24	2.69	2.69	NUM
faba-4	82	25	11.01	11.01	NUM
faba-4	82	26	%	%	NOUN
faba-4	82	27	11.89	11.89	NUM
faba-4	82	28	%	%	NOUN
faba-4	82	29	minimum	minimum	NOUN
faba-4	82	30	0.7	0.7	NUM
faba-4	82	31	0.82	0.82	NUM
faba-4	82	32	3.66	3.66	NUM
faba-4	82	33	%	%	NOUN
faba-4	82	34	4.08	4.08	NUM
faba-4	82	35	%	%	NOUN
faba-4	82	36	maximum	maximum	NOUN
faba-4	82	37	3.76	3.76	NUM
faba-4	82	38	4.34	4.34	NUM
faba-4	82	39	32.17	32.17	NUM
faba-4	82	40	%	%	NOUN
faba-4	82	41	33.98	33.98	NUM
faba-4	82	42	%	%	NOUN
faba-4	82	43	source	source	NOUN
faba-4	82	44	:	:	PUNCT
faba-4	82	45	infostock	infostock	ADJ
faba-4	82	46	:	:	PUNCT
faba-4	82	47	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	82	48	(	(	PUNCT
faba-4	82	49	28	28	NUM
faba-4	82	50	july	july	PROPN
faba-4	82	51	,	,	PUNCT
faba-4	82	52	2017	2017	NUM
faba-4	82	53	)	)	PUNCT
faba-4	82	54	in	in	ADP
faba-4	82	55	this	this	DET
faba-4	82	56	way	way	NOUN
faba-4	82	57	,	,	PUNCT
faba-4	82	58	the	the	DET
faba-4	82	59	average	average	ADJ
faba-4	82	60	sofix	sofix	NOUN
faba-4	82	61	indicators	indicator	NOUN
faba-4	82	62	in	in	ADP
faba-4	82	63	table	table	NOUN
faba-4	82	64	2	2	NUM
faba-4	82	65	are	be	AUX
faba-4	82	66	calculated	calculate	VERB
faba-4	82	67	on	on	ADP
faba-4	82	68	the	the	DET
faba-4	82	69	basis	basis	NOUN
faba-4	82	70	of	of	ADP
faba-4	82	71	7	7	NUM
faba-4	82	72	companies	company	NOUN
faba-4	82	73	(	(	PUNCT
faba-4	82	74	and	and	CCONJ
faba-4	82	75	for	for	ADP
faba-4	82	76	the	the	DET
faba-4	82	77	ev	ev	PROPN
faba-4	82	78	/	/	SYM
faba-4	82	79	s	s	PROPN
faba-4	82	80	on	on	ADP
faba-4	82	81	the	the	DET
faba-4	82	82	basis	basis	NOUN
faba-4	82	83	of	of	ADP
faba-4	82	84	only	only	ADV
faba-4	82	85	6	6	NUM
faba-4	82	86	companies	company	NOUN
faba-4	82	87	)	)	PUNCT
faba-4	82	88	out	out	ADP
faba-4	82	89	of	of	ADP
faba-4	82	90	15	15	NUM
faba-4	82	91	included	include	VERB
faba-4	82	92	in	in	ADP
faba-4	82	93	the	the	DET
faba-4	82	94	index	index	NOUN
faba-4	82	95	.	.	PUNCT
faba-4	83	1	this	this	PRON
faba-4	83	2	is	be	AUX
faba-4	83	3	a	a	DET
faba-4	83	4	much	much	ADV
faba-4	83	5	better	well	ADJ
faba-4	83	6	variant	variant	NOUN
faba-4	83	7	,	,	PUNCT
faba-4	83	8	since	since	SCONJ
faba-4	83	9	the	the	DET
faba-4	83	10	average	average	ADJ
faba-4	83	11	indicators	indicator	NOUN
faba-4	83	12	for	for	ADP
faba-4	83	13	the	the	DET
faba-4	83	14	index	index	NOUN
faba-4	83	15	are	be	AUX
faba-4	83	16	calculated	calculate	VERB
faba-4	83	17	only	only	ADV
faba-4	83	18	on	on	ADP
faba-4	83	19	the	the	DET
faba-4	83	20	basis	basis	NOUN
faba-4	83	21	of	of	ADP
faba-4	83	22	individual	individual	ADJ
faba-4	83	23	indicators	indicator	NOUN
faba-4	83	24	that	that	PRON
faba-4	83	25	are	be	AUX
faba-4	83	26	within	within	ADP
faba-4	83	27	a	a	DET
faba-4	83	28	reasonable	reasonable	ADJ
faba-4	83	29	range	range	NOUN
faba-4	83	30	of	of	ADP
faba-4	83	31	values	value	NOUN
faba-4	83	32	.	.	PUNCT
faba-4	84	1	and	and	CCONJ
faba-4	84	2	still	still	ADV
faba-4	84	3	,	,	PUNCT
faba-4	84	4	the	the	DET
faba-4	84	5	representativeness	representativeness	NOUN
faba-4	84	6	of	of	ADP
faba-4	84	7	the	the	DET
faba-4	84	8	above	above	ADJ
faba-4	84	9	averages	average	NOUN
faba-4	84	10	is	be	AUX
faba-4	84	11	not	not	PART
faba-4	84	12	good	good	ADJ
faba-4	84	13	enough	enough	ADV
faba-4	84	14	,	,	PUNCT
faba-4	84	15	given	give	VERB
faba-4	84	16	the	the	DET
faba-4	84	17	fact	fact	NOUN
faba-4	84	18	that	that	SCONJ
faba-4	84	19	4	4	NUM
faba-4	84	20	holding	hold	VERB
faba-4	84	21	companies	company	NOUN
faba-4	84	22	,	,	PUNCT
faba-4	84	23	the	the	DET
faba-4	84	24	adsic	adsic	ADJ
faba-4	84	25	companies	company	NOUN
faba-4	84	26	and	and	CCONJ
faba-4	84	27	one	one	NUM
faba-4	84	28	bank	bank	NOUN
faba-4	84	29	are	be	AUX
faba-4	84	30	out	out	ADP
faba-4	84	31	of	of	ADP
faba-4	84	32	the	the	DET
faba-4	84	33	database	database	NOUN
faba-4	84	34	.	.	PUNCT
faba-4	85	1	unfortunately	unfortunately	ADV
faba-4	85	2	,	,	PUNCT
faba-4	85	3	this	this	PRON
faba-4	85	4	happens	happen	VERB
faba-4	85	5	quite	quite	ADV
faba-4	85	6	often	often	ADV
faba-4	85	7	with	with	ADP
faba-4	85	8	most	most	ADJ
faba-4	85	9	databases	database	NOUN
faba-4	85	10	.	.	PUNCT
faba-4	86	1	the	the	DET
faba-4	86	2	calculated	calculated	ADJ
faba-4	86	3	mean	mean	NOUN
faba-4	86	4	for	for	ADP
faba-4	86	5	the	the	DET
faba-4	86	6	p	p	NOUN
faba-4	86	7	/	/	SYM
faba-4	86	8	s	s	PART
faba-4	86	9	is	be	AUX
faba-4	86	10	2.06	2.06	NUM
faba-4	86	11	,	,	PUNCT
faba-4	86	12	and	and	CCONJ
faba-4	86	13	the	the	DET
faba-4	86	14	median	median	NOUN
faba-4	86	15	is	be	AUX
faba-4	86	16	1.34	1.34	NUM
faba-4	86	17	.	.	PUNCT
faba-4	87	1	when	when	SCONJ
faba-4	87	2	the	the	DET
faba-4	87	3	difference	difference	NOUN
faba-4	87	4	between	between	ADP
faba-4	87	5	the	the	DET
faba-4	87	6	mean	mean	NOUN
faba-4	87	7	and	and	CCONJ
faba-4	87	8	the	the	DET
faba-4	87	9	median	median	NOUN
faba-4	87	10	is	be	AUX
faba-4	87	11	significant	significant	ADJ
faba-4	87	12	,	,	PUNCT
faba-4	87	13	as	as	SCONJ
faba-4	87	14	it	it	PRON
faba-4	87	15	is	be	AUX
faba-4	87	16	in	in	ADP
faba-4	87	17	this	this	DET
faba-4	87	18	case	case	NOUN
faba-4	87	19	,	,	PUNCT
faba-4	87	20	the	the	DET
faba-4	87	21	recommendation	recommendation	NOUN
faba-4	87	22	is	be	AUX
faba-4	87	23	to	to	PART
faba-4	87	24	use	use	VERB
faba-4	87	25	the	the	DET
faba-4	87	26	median	median	NOUN
faba-4	87	27	.	.	PUNCT
faba-4	88	1	the	the	DET
faba-4	88	2	mean	mean	NOUN
faba-4	88	3	is	be	AUX
faba-4	88	4	very	very	ADV
faba-4	88	5	susceptible	susceptible	ADJ
faba-4	88	6	to	to	ADP
faba-4	88	7	upward	upward	ADJ
faba-4	88	8	distortion	distortion	NOUN
faba-4	88	9	when	when	SCONJ
faba-4	88	10	there	there	PRON
faba-4	88	11	are	be	VERB
faba-4	88	12	individual	individual	ADJ
faba-4	88	13	very	very	ADV
faba-4	88	14	high	high	ADJ
faba-4	88	15	ratios	ratio	NOUN
faba-4	88	16	in	in	ADP
faba-4	88	17	the	the	DET
faba-4	88	18	database	database	NOUN
faba-4	88	19	,	,	PUNCT
faba-4	88	20	especially	especially	ADV
faba-4	88	21	for	for	ADP
faba-4	88	22	small	small	ADJ
faba-4	88	23	databases	database	NOUN
faba-4	88	24	.	.	PUNCT
faba-4	89	1	the	the	DET
faba-4	89	2	mean	mean	NOUN
faba-4	89	3	for	for	ADP
faba-4	89	4	the	the	DET
faba-4	89	5	ev	ev	PROPN
faba-4	89	6	/	/	SYM
faba-4	89	7	s	s	PROPN
faba-4	89	8	of	of	ADP
faba-4	89	9	2.67	2.67	NUM
faba-4	89	10	is	be	AUX
faba-4	89	11	almost	almost	ADV
faba-4	89	12	equal	equal	ADJ
faba-4	89	13	to	to	ADP
faba-4	89	14	the	the	DET
faba-4	89	15	median	median	NOUN
faba-4	89	16	of	of	ADP
faba-4	89	17	2.69	2.69	NUM
faba-4	89	18	and	and	CCONJ
faba-4	89	19	this	this	DET
faba-4	89	20	problem	problem	NOUN
faba-4	89	21	does	do	AUX
faba-4	89	22	not	not	PART
faba-4	89	23	exist	exist	VERB
faba-4	89	24	here	here	ADV
faba-4	89	25	.	.	PUNCT
faba-4	90	1	the	the	DET
faba-4	90	2	net	net	ADJ
faba-4	90	3	margin	margin	NOUN
faba-4	90	4	is	be	AUX
faba-4	90	5	with	with	ADP
faba-4	90	6	a	a	DET
faba-4	90	7	mean	mean	NOUN
faba-4	90	8	of	of	ADP
faba-4	90	9	3.09	3.09	NUM
faba-4	90	10	%	%	NOUN
faba-4	90	11	and	and	CCONJ
faba-4	90	12	a	a	DET
faba-4	90	13	median	median	NOUN
faba-4	90	14	of	of	ADP
faba-4	90	15	14.23	14.23	NUM
faba-4	90	16	%	%	NOUN
faba-4	90	17	.	.	PUNCT
faba-4	91	1	the	the	DET
faba-4	91	2	operating	operate	VERB
faba-4	91	3	margin	margin	NOUN
faba-4	91	4	respectively	respectively	ADV
faba-4	91	5	is	be	AUX
faba-4	91	6	with	with	ADP
faba-4	91	7	a	a	DET
faba-4	91	8	mean	mean	NOUN
faba-4	91	9	of	of	ADP
faba-4	91	10	14.23	14.23	NUM
faba-4	91	11	%	%	NOUN
faba-4	91	12	and	and	CCONJ
faba-4	91	13	a	a	DET
faba-4	91	14	median	median	NOUN
faba-4	91	15	of	of	ADP
faba-4	91	16	11.89	11.89	NUM
faba-4	91	17	%	%	NOUN
faba-4	91	18	.	.	PUNCT
faba-4	92	1	it	it	PRON
faba-4	92	2	is	be	AUX
faba-4	92	3	logical	logical	ADJ
faba-4	92	4	to	to	PART
faba-4	92	5	ask	ask	VERB
faba-4	92	6	the	the	DET
faba-4	92	7	question	question	NOUN
faba-4	92	8	what	what	PRON
faba-4	92	9	is	be	AUX
faba-4	92	10	the	the	DET
faba-4	92	11	purpose	purpose	NOUN
faba-4	92	12	of	of	ADP
faba-4	92	13	the	the	DET
faba-4	92	14	above	above	ADJ
faba-4	92	15	review	review	NOUN
faba-4	92	16	of	of	ADP
faba-4	92	17	the	the	DET
faba-4	92	18	p	p	PROPN
faba-4	92	19	/	/	SYM
faba-4	92	20	s	s	NOUN
faba-4	92	21	and	and	CCONJ
faba-4	92	22	ev	ev	ADP
faba-4	92	23	/	/	SYM
faba-4	92	24	s	s	PART
faba-4	92	25	ratios	ratio	NOUN
faba-4	92	26	.	.	PUNCT
faba-4	93	1	this	this	PRON
faba-4	93	2	is	be	AUX
faba-4	93	3	done	do	VERB
faba-4	93	4	with	with	ADP
faba-4	93	5	a	a	DET
faba-4	93	6	reason	reason	NOUN
faba-4	93	7	.	.	PUNCT
faba-4	94	1	an	an	DET
faba-4	94	2	important	important	ADJ
faba-4	94	3	prerequisite	prerequisite	NOUN
faba-4	94	4	for	for	ADP
faba-4	94	5	the	the	DET
faba-4	94	6	correct	correct	ADJ
faba-4	94	7	use	use	NOUN
faba-4	94	8	of	of	ADP
faba-4	94	9	market	market	NOUN
faba-4	94	10	ratios	ratio	NOUN
faba-4	94	11	is	be	AUX
faba-4	94	12	to	to	PART
faba-4	94	13	find	find	VERB
faba-4	94	14	out	out	ADP
faba-4	94	15	which	which	DET
faba-4	94	16	values	value	NOUN
faba-4	94	17	are	be	AUX
faba-4	94	18	low	low	ADJ
faba-4	94	19	or	or	CCONJ
faba-4	94	20	high	high	ADJ
faba-4	94	21	,	,	PUNCT
faba-4	94	22	and	and	CCONJ
faba-4	94	23	which	which	PRON
faba-4	94	24	are	be	AUX
faba-4	94	25	normal	normal	ADJ
faba-4	94	26	for	for	ADP
faba-4	94	27	the	the	DET
faba-4	94	28	market	market	NOUN
faba-4	94	29	.	.	PUNCT
faba-4	95	1	the	the	DET
faba-4	95	2	analysts	analyst	NOUN
faba-4	95	3	should	should	AUX
faba-4	95	4	know	know	VERB
faba-4	95	5	the	the	DET
faba-4	95	6	typical	typical	ADJ
faba-4	95	7	levels	level	NOUN
faba-4	95	8	of	of	ADP
faba-4	95	9	market	market	NOUN
faba-4	95	10	ratios	ratio	NOUN
faba-4	95	11	on	on	ADP
faba-4	95	12	different	different	ADJ
faba-4	95	13	stock	stock	NOUN
faba-4	95	14	markets	market	NOUN
faba-4	95	15	both	both	CCONJ
faba-4	95	16	at	at	ADP
faba-4	95	17	present	present	ADJ
faba-4	95	18	and	and	CCONJ
faba-4	95	19	from	from	ADP
faba-4	95	20	historical	historical	ADJ
faba-4	95	21	perspective	perspective	NOUN
faba-4	95	22	.	.	PUNCT
faba-4	96	1	this	this	PRON
faba-4	96	2	requires	require	VERB
faba-4	96	3	that	that	SCONJ
faba-4	96	4	analysts	analyst	NOUN
faba-4	96	5	are	be	AUX
faba-4	96	6	familiar	familiar	ADJ
faba-4	96	7	to	to	ADP
faba-4	96	8	what	what	DET
faba-4	96	9	extent	extent	NOUN
faba-4	96	10	the	the	DET
faba-4	96	11	average	average	ADJ
faba-4	96	12	values	value	NOUN
faba-4	96	13	themselves	themselves	PRON
faba-4	96	14	might	might	AUX
faba-4	96	15	be	be	AUX
faba-4	96	16	distorted	distort	VERB
faba-4	96	17	by	by	ADP
faba-4	96	18	individual	individual	ADJ
faba-4	96	19	extremely	extremely	ADV
faba-4	96	20	high	high	ADJ
faba-4	96	21	or	or	CCONJ
faba-4	96	22	low	low	ADJ
faba-4	96	23	ratios	ratio	NOUN
faba-4	96	24	of	of	ADP
faba-4	96	25	certain	certain	ADJ
faba-4	96	26	companies	company	NOUN
faba-4	96	27	in	in	ADP
faba-4	96	28	the	the	DET
faba-4	96	29	samples	sample	NOUN
faba-4	96	30	.	.	PUNCT
faba-4	97	1	18	18	NUM
faba-4	97	2	this	this	PRON
faba-4	97	3	can	can	AUX
faba-4	97	4	cause	cause	VERB
faba-4	97	5	significant	significant	ADJ
faba-4	97	6	distortion	distortion	NOUN
faba-4	97	7	of	of	ADP
faba-4	97	8	the	the	DET
faba-4	97	9	average	average	NOUN
faba-4	97	10	,	,	PUNCT
faba-4	97	11	when	when	SCONJ
faba-4	97	12	the	the	DET
faba-4	97	13	samples	sample	NOUN
faba-4	97	14	contains	contain	VERB
faba-4	97	15	a	a	DET
faba-4	97	16	small	small	ADJ
faba-4	97	17	number	number	NOUN
faba-4	97	18	of	of	ADP
faba-4	97	19	companies	company	NOUN
faba-4	97	20	,	,	PUNCT
faba-4	97	21	as	as	SCONJ
faba-4	97	22	is	be	AUX
faba-4	97	23	the	the	DET
faba-4	97	24	case	case	NOUN
faba-4	97	25	with	with	ADP
faba-4	97	26	the	the	DET
faba-4	97	27	bulgarian	bulgarian	ADJ
faba-4	97	28	capital	capital	NOUN
faba-4	97	29	market	market	NOUN
faba-4	97	30	,	,	PUNCT
faba-4	97	31	18	18	NUM
faba-4	97	32	stickney	stickney	NOUN
faba-4	97	33	,	,	PUNCT
faba-4	97	34	clyde	clyde	PROPN
faba-4	97	35	p.	p.	PROPN
faba-4	97	36	–	–	PUNCT
faba-4	97	37	“	"	PUNCT
faba-4	97	38	financial	financial	ADJ
faba-4	97	39	reporting	reporting	NOUN
faba-4	97	40	and	and	CCONJ
faba-4	97	41	statement	statement	NOUN
faba-4	97	42	analysis	analysis	NOUN
faba-4	97	43	”	"	PUNCT
faba-4	97	44	,	,	PUNCT
faba-4	97	45	the	the	DET
faba-4	97	46	dryden	dryden	PROPN
faba-4	97	47	press	press	PROPN
faba-4	97	48	,	,	PUNCT
faba-4	97	49	1996	1996	NUM
faba-4	97	50	,	,	PUNCT
faba-4	98	1	p.	p.	NOUN
faba-4	98	2	614	614	NUM
faba-4	98	3	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	98	4	dimitir	dimitir	ADJ
faba-4	98	5	nenkov	nenkov	NOUN
faba-4	98	6	/	/	SYM
faba-4	98	7	finance	finance	NOUN
faba-4	98	8	,	,	PUNCT
faba-4	98	9	accounting	accounting	NOUN
faba-4	98	10	,	,	PUNCT
faba-4	98	11	and	and	CCONJ
faba-4	98	12	business	business	NOUN
faba-4	98	13	analisys	analisys	NOUN
faba-4	98	14	39	39	NUM
faba-4	98	15	for	for	ADP
faba-4	98	16	example	example	NOUN
faba-4	98	17	.	.	PUNCT
faba-4	99	1	there	there	PRON
faba-4	99	2	are	be	VERB
faba-4	99	3	too	too	ADV
faba-4	99	4	many	many	ADJ
faba-4	99	5	such	such	ADJ
faba-4	99	6	cases	case	NOUN
faba-4	99	7	in	in	ADP
faba-4	99	8	reality.19	reality.19	NOUN
faba-4	99	9	it	it	PRON
faba-4	99	10	is	be	AUX
faba-4	99	11	also	also	ADV
faba-4	99	12	curious	curious	ADJ
faba-4	99	13	to	to	PART
faba-4	99	14	ask	ask	VERB
faba-4	99	15	why	why	SCONJ
faba-4	99	16	net	net	ADJ
faba-4	99	17	margin	margin	NOUN
faba-4	99	18	and	and	CCONJ
faba-4	99	19	operating	operate	VERB
faba-4	99	20	margin	margin	NOUN
faba-4	99	21	are	be	AUX
faba-4	99	22	included	include	VERB
faba-4	99	23	as	as	ADP
faba-4	99	24	important	important	ADJ
faba-4	99	25	data	datum	NOUN
faba-4	99	26	in	in	ADP
faba-4	99	27	the	the	DET
faba-4	99	28	table	table	NOUN
faba-4	99	29	.	.	PUNCT
faba-4	100	1	both	both	DET
faba-4	100	2	indicators	indicator	NOUN
faba-4	100	3	measure	measure	VERB
faba-4	100	4	the	the	DET
faba-4	100	5	profitability	profitability	NOUN
faba-4	100	6	of	of	ADP
faba-4	100	7	sales	sale	NOUN
faba-4	100	8	.	.	PUNCT
faba-4	101	1	the	the	DET
faba-4	101	2	net	net	ADJ
faba-4	101	3	margin	margin	NOUN
faba-4	101	4	is	be	AUX
faba-4	101	5	the	the	DET
faba-4	101	6	so	so	ADV
faba-4	101	7	called	call	VERB
faba-4	101	8	companion	companion	NOUN
faba-4	101	9	variable	variable	NOUN
faba-4	101	10	for	for	ADP
faba-4	101	11	the	the	DET
faba-4	101	12	p	p	PROPN
faba-4	101	13	/	/	SYM
faba-4	101	14	s	s	PART
faba-4	101	15	ratio	ratio	NOUN
faba-4	101	16	,	,	PUNCT
faba-4	101	17	which	which	PRON
faba-4	101	18	pretty	pretty	ADV
faba-4	101	19	much	much	ADV
faba-4	101	20	explains	explain	VERB
faba-4	101	21	the	the	DET
faba-4	101	22	changes	change	NOUN
faba-4	101	23	in	in	ADP
faba-4	101	24	its	its	PRON
faba-4	101	25	values	value	NOUN
faba-4	101	26	.	.	PUNCT
faba-4	102	1	respectively	respectively	ADV
faba-4	102	2	,	,	PUNCT
faba-4	102	3	the	the	DET
faba-4	102	4	operating	operate	VERB
faba-4	102	5	margin	margin	NOUN
faba-4	102	6	is	be	AUX
faba-4	102	7	the	the	DET
faba-4	102	8	companion	companion	NOUN
faba-4	102	9	variable	variable	NOUN
faba-4	102	10	for	for	ADP
faba-4	102	11	the	the	DET
faba-4	102	12	ev	ev	PROPN
faba-4	102	13	/	/	SYM
faba-4	102	14	s	s	PART
faba-4	102	15	ratio	ratio	NOUN
faba-4	102	16	has	have	VERB
faba-4	102	17	the	the	DET
faba-4	102	18	most	most	ADV
faba-4	102	19	serious	serious	ADJ
faba-4	102	20	impact	impact	NOUN
faba-4	102	21	on	on	ADP
faba-4	102	22	its	its	PRON
faba-4	102	23	values	value	NOUN
faba-4	102	24	.	.	PUNCT
faba-4	103	1	20	20	NUM
faba-4	103	2	this	this	PRON
faba-4	103	3	will	will	AUX
faba-4	103	4	be	be	AUX
faba-4	103	5	explained	explain	VERB
faba-4	103	6	further	far	ADV
faba-4	103	7	in	in	ADP
faba-4	103	8	the	the	DET
faba-4	103	9	course	course	NOUN
faba-4	103	10	of	of	ADP
faba-4	103	11	the	the	DET
faba-4	103	12	study	study	NOUN
faba-4	103	13	.	.	PUNCT
faba-4	104	1	fundamental	fundamental	ADJ
faba-4	104	2	model	model	NOUN
faba-4	104	3	of	of	ADP
faba-4	104	4	the	the	DET
faba-4	104	5	p	p	PROPN
faba-4	104	6	/	/	SYM
faba-4	104	7	s	s	NOUN
faba-4	104	8	ratio	ratio	NOUN
faba-4	104	9	the	the	DET
faba-4	104	10	correct	correct	ADJ
faba-4	104	11	use	use	NOUN
faba-4	104	12	of	of	ADP
faba-4	104	13	the	the	DET
faba-4	104	14	p	p	PROPN
faba-4	104	15	/	/	SYM
faba-4	104	16	s	s	PART
faba-4	104	17	ratio	ratio	NOUN
faba-4	104	18	goes	go	VERB
faba-4	104	19	through	through	ADP
faba-4	104	20	serious	serious	ADJ
faba-4	104	21	analysis	analysis	NOUN
faba-4	104	22	of	of	ADP
faba-4	104	23	the	the	DET
faba-4	104	24	average	average	ADJ
faba-4	104	25	ratios	ratio	NOUN
faba-4	104	26	from	from	ADP
faba-4	104	27	a	a	DET
faba-4	104	28	sample	sample	NOUN
faba-4	104	29	,	,	PUNCT
faba-4	104	30	before	before	SCONJ
faba-4	104	31	they	they	PRON
faba-4	104	32	are	be	AUX
faba-4	104	33	applied	apply	VERB
faba-4	104	34	as	as	ADP
faba-4	104	35	multiples	multiple	NOUN
faba-4	104	36	for	for	ADP
faba-4	104	37	valuation	valuation	NOUN
faba-4	104	38	or	or	CCONJ
faba-4	104	39	as	as	ADP
faba-4	104	40	indicators	indicator	NOUN
faba-4	104	41	for	for	ADP
faba-4	104	42	assessment	assessment	NOUN
faba-4	104	43	of	of	ADP
faba-4	104	44	the	the	DET
faba-4	104	45	performance	performance	NOUN
faba-4	104	46	of	of	ADP
faba-4	104	47	companies	company	NOUN
faba-4	104	48	,	,	PUNCT
faba-4	104	49	sectors	sector	NOUN
faba-4	104	50	and	and	CCONJ
faba-4	104	51	markets	market	NOUN
faba-4	104	52	.	.	PUNCT
faba-4	105	1	this	this	DET
faba-4	105	2	analysis	analysis	NOUN
faba-4	105	3	includes	include	VERB
faba-4	105	4	,	,	PUNCT
faba-4	105	5	among	among	ADP
faba-4	105	6	other	other	ADJ
faba-4	105	7	things	thing	NOUN
faba-4	105	8	,	,	PUNCT
faba-4	105	9	comparing	compare	VERB
faba-4	105	10	current	current	ADJ
faba-4	105	11	average	average	ADJ
faba-4	105	12	p	p	X
faba-4	105	13	/	/	SYM
faba-4	105	14	s	s	NOUN
faba-4	105	15	of	of	ADP
faba-4	105	16	a	a	DET
faba-4	105	17	sample	sample	NOUN
faba-4	105	18	with	with	ADP
faba-4	105	19	the	the	DET
faba-4	105	20	average	average	ADJ
faba-4	105	21	p	p	X
faba-4	105	22	/	/	SYM
faba-4	105	23	s	s	NOUN
faba-4	105	24	in	in	ADP
faba-4	105	25	other	other	ADJ
faba-4	105	26	sectors	sector	NOUN
faba-4	105	27	or	or	CCONJ
faba-4	105	28	markets	market	NOUN
faba-4	105	29	for	for	ADP
faba-4	105	30	the	the	DET
faba-4	105	31	same	same	ADJ
faba-4	105	32	period	period	NOUN
faba-4	105	33	,	,	PUNCT
faba-4	105	34	as	as	ADV
faba-4	105	35	well	well	ADV
faba-4	105	36	as	as	ADP
faba-4	105	37	comparing	compare	VERB
faba-4	105	38	them	they	PRON
faba-4	105	39	with	with	ADP
faba-4	105	40	historic	historic	ADJ
faba-4	105	41	average	average	NOUN
faba-4	105	42	p	p	X
faba-4	105	43	/	/	SYM
faba-4	105	44	s.	s.	PROPN
faba-4	105	45	another	another	DET
faba-4	105	46	perspective	perspective	NOUN
faba-4	105	47	of	of	ADP
faba-4	105	48	the	the	DET
faba-4	105	49	analysis	analysis	NOUN
faba-4	105	50	of	of	ADP
faba-4	105	51	the	the	DET
faba-4	105	52	actual	actual	ADJ
faba-4	105	53	market	market	NOUN
faba-4	105	54	ratios	ratio	NOUN
faba-4	105	55	,	,	PUNCT
faba-4	105	56	including	include	VERB
faba-4	105	57	p	p	PROPN
faba-4	105	58	/	/	SYM
faba-4	105	59	s	s	PROPN
faba-4	105	60	,	,	PUNCT
faba-4	105	61	is	be	AUX
faba-4	105	62	the	the	DET
faba-4	105	63	comparison	comparison	NOUN
faba-4	105	64	with	with	ADP
faba-4	105	65	their	their	PRON
faba-4	105	66	corresponding	corresponding	ADJ
faba-4	105	67	fundamental	fundamental	ADJ
faba-4	105	68	ratios	ratio	NOUN
faba-4	105	69	,	,	PUNCT
faba-4	105	70	which	which	PRON
faba-4	105	71	are	be	AUX
faba-4	105	72	derived	derive	VERB
faba-4	105	73	directly	directly	ADV
faba-4	105	74	from	from	ADP
faba-4	105	75	fundamentals	fundamental	NOUN
faba-4	105	76	.	.	PUNCT
faba-4	106	1	while	while	SCONJ
faba-4	106	2	actual	actual	ADJ
faba-4	106	3	market	market	NOUN
faba-4	106	4	ratios	ratio	NOUN
faba-4	106	5	indicate	indicate	VERB
faba-4	106	6	the	the	DET
faba-4	106	7	price	price	NOUN
faba-4	106	8	at	at	ADP
faba-4	106	9	which	which	PRON
faba-4	106	10	a	a	DET
faba-4	106	11	company	company	NOUN
faba-4	106	12	’s	’s	PART
faba-4	106	13	stocks	stock	NOUN
faba-4	106	14	are	be	AUX
faba-4	106	15	traded	trade	VERB
faba-4	106	16	,	,	PUNCT
faba-4	106	17	fundamental	fundamental	ADJ
faba-4	106	18	ratios	ratio	NOUN
faba-4	106	19	indicate	indicate	VERB
faba-4	106	20	the	the	DET
faba-4	106	21	price	price	NOUN
faba-4	106	22	at	at	ADP
faba-4	106	23	which	which	PRON
faba-4	106	24	a	a	DET
faba-4	106	25	company	company	NOUN
faba-4	106	26	’s	’s	PART
faba-4	106	27	stocks	stock	NOUN
faba-4	106	28	should	should	AUX
faba-4	106	29	be	be	AUX
faba-4	106	30	traded	trade	VERB
faba-4	106	31	.	.	PUNCT
faba-4	107	1	unfortunately	unfortunately	ADV
faba-4	107	2	,	,	PUNCT
faba-4	107	3	this	this	DET
faba-4	107	4	perspective	perspective	NOUN
faba-4	107	5	of	of	ADP
faba-4	107	6	the	the	DET
faba-4	107	7	analysis	analysis	NOUN
faba-4	107	8	is	be	AUX
faba-4	107	9	preformed	preform	VERB
faba-4	107	10	quite	quite	ADV
faba-4	107	11	rarely	rarely	ADV
faba-4	107	12	in	in	ADP
faba-4	107	13	reality	reality	NOUN
faba-4	107	14	,	,	PUNCT
faba-4	107	15	which	which	PRON
faba-4	107	16	is	be	AUX
faba-4	107	17	a	a	DET
faba-4	107	18	serious	serious	ADJ
faba-4	107	19	prerequisite	prerequisite	NOUN
faba-4	107	20	for	for	ADP
faba-4	107	21	the	the	DET
faba-4	107	22	distortion	distortion	NOUN
faba-4	107	23	of	of	ADP
faba-4	107	24	many	many	ADJ
faba-4	107	25	valuations	valuation	NOUN
faba-4	107	26	and	and	CCONJ
faba-4	107	27	analyses	analysis	NOUN
faba-4	107	28	.	.	PUNCT
faba-4	108	1	only	only	ADV
faba-4	108	2	after	after	ADP
faba-4	108	3	the	the	DET
faba-4	108	4	above	above	ADJ
faba-4	108	5	aspects	aspect	NOUN
faba-4	108	6	of	of	ADP
faba-4	108	7	the	the	DET
faba-4	108	8	analysis	analysis	NOUN
faba-4	108	9	we	we	PRON
faba-4	108	10	could	could	AUX
faba-4	108	11	know	know	VERB
faba-4	108	12	whether	whether	SCONJ
faba-4	108	13	the	the	DET
faba-4	108	14	respective	respective	ADJ
faba-4	108	15	market	market	NOUN
faba-4	108	16	ratios	ratio	NOUN
faba-4	108	17	of	of	ADP
faba-4	108	18	the	the	DET
faba-4	108	19	comparable	comparable	ADJ
faba-4	108	20	companies	company	NOUN
faba-4	108	21	(	(	PUNCT
faba-4	108	22	peer	peer	NOUN
faba-4	108	23	companies	company	NOUN
faba-4	108	24	)	)	PUNCT
faba-4	108	25	,	,	PUNCT
faba-4	108	26	or	or	CCONJ
faba-4	108	27	of	of	ADP
faba-4	108	28	any	any	DET
faba-4	108	29	sample	sample	NOUN
faba-4	108	30	,	,	PUNCT
faba-4	108	31	are	be	AUX
faba-4	108	32	normal	normal	ADJ
faba-4	108	33	,	,	PUNCT
faba-4	108	34	representative	representative	NOUN
faba-4	108	35	,	,	PUNCT
faba-4	108	36	and	and	CCONJ
faba-4	108	37	have	have	VERB
faba-4	108	38	economic	economic	ADJ
faba-4	108	39	sense	sense	NOUN
faba-4	108	40	,	,	PUNCT
faba-4	108	41	in	in	ADP
faba-4	108	42	order	order	NOUN
faba-4	108	43	to	to	PART
faba-4	108	44	be	be	AUX
faba-4	108	45	used	use	VERB
faba-4	108	46	in	in	ADP
faba-4	108	47	a	a	DET
faba-4	108	48	specific	specific	ADJ
faba-4	108	49	valuation	valuation	NOUN
faba-4	108	50	or	or	CCONJ
faba-4	108	51	analysis	analysis	NOUN
faba-4	108	52	.	.	PUNCT
faba-4	109	1	in	in	ADP
faba-4	109	2	order	order	NOUN
faba-4	109	3	to	to	PART
faba-4	109	4	find	find	VERB
faba-4	109	5	out	out	ADP
faba-4	109	6	which	which	PRON
faba-4	109	7	variables	variable	NOUN
faba-4	109	8	drive	drive	VERB
faba-4	109	9	the	the	DET
faba-4	109	10	fundamental	fundamental	ADJ
faba-4	109	11	p	p	PROPN
faba-4	109	12	/	/	SYM
faba-4	109	13	s	s	PROPN
faba-4	109	14	,	,	PUNCT
faba-4	109	15	we	we	PRON
faba-4	109	16	have	have	VERB
faba-4	109	17	to	to	PART
faba-4	109	18	get	get	VERB
faba-4	109	19	familiar	familiar	ADJ
faba-4	109	20	with	with	ADP
faba-4	109	21	its	its	PRON
faba-4	109	22	theoretical	theoretical	ADJ
faba-4	109	23	or	or	CCONJ
faba-4	109	24	fundamental	fundamental	ADJ
faba-4	109	25	model	model	NOUN
faba-4	109	26	.	.	PUNCT
faba-4	110	1	it	it	PRON
faba-4	110	2	is	be	AUX
faba-4	110	3	derived	derive	VERB
faba-4	110	4	as	as	SCONJ
faba-4	110	5	follows	follow	VERB
faba-4	110	6	:	:	PUNCT
faba-4	111	1	𝑷𝟎	𝑷𝟎	PROPN
faba-4	111	2	=	=	SYM
faba-4	112	1	𝑫𝑰𝑽𝟏	𝑫𝑰𝑽𝟏	PROPN
faba-4	112	2	𝒓	𝒓	NOUN
faba-4	112	3	−	−	NOUN
faba-4	112	4	𝒈	𝒈	SYM
faba-4	112	5	=	=	SYM
faba-4	112	6	𝑬𝑷𝑺𝟏	𝑬𝑷𝑺𝟏	NUM
faba-4	112	7	×	×	NOUN
faba-4	112	8	(	(	PUNCT
faba-4	112	9	𝟏	𝟏	NOUN
faba-4	112	10	−	−	NOUN
faba-4	112	11	𝒃	𝒃	NOUN
faba-4	112	12	)	)	PUNCT
faba-4	112	13	𝒓	𝒓	NOUN
faba-4	112	14	−	−	PROPN
faba-4	112	15	𝒈	𝒈	SYM
faba-4	112	16	=	=	SYM
faba-4	112	17	𝑬𝑷𝑺𝟎	𝑬𝑷𝑺𝟎	PROPN
faba-4	112	18	×	×	NOUN
faba-4	112	19	(	(	PUNCT
faba-4	112	20	𝟏	𝟏	NOUN
faba-4	112	21	−	−	NOUN
faba-4	112	22	𝒃	𝒃	NOUN
faba-4	112	23	)	)	PUNCT
faba-4	112	24	×	×	NOUN
faba-4	112	25	(	(	PUNCT
faba-4	112	26	𝟏	𝟏	NUM
faba-4	112	27	+	+	NUM
faba-4	112	28	𝒈	𝒈	NOUN
faba-4	112	29	)	)	PUNCT
faba-4	112	30	𝒓	𝒓	NOUN
faba-4	112	31	−	−	PROPN
faba-4	112	32	𝒈	𝒈	PROPN
faba-4	112	33	(	(	PUNCT
faba-4	112	34	𝟏	𝟏	NUM
faba-4	112	35	)	)	PUNCT
faba-4	112	36	where	where	SCONJ
faba-4	112	37	:	:	PUNCT
faba-4	112	38	p0	p0	NOUN
faba-4	112	39	=	=	SYM
faba-4	112	40	current	current	ADJ
faba-4	112	41	price	price	NOUN
faba-4	112	42	per	per	ADP
faba-4	112	43	share	share	NOUN
faba-4	112	44	of	of	ADP
faba-4	112	45	stock	stock	NOUN
faba-4	112	46	,	,	PUNCT
faba-4	112	47	div1	div1	PROPN
faba-4	112	48	=	=	PUNCT
faba-4	112	49	expected	expect	VERB
faba-4	112	50	dividend	dividend	NOUN
faba-4	112	51	per	per	ADP
faba-4	112	52	share	share	NOUN
faba-4	112	53	for	for	ADP
faba-4	112	54	next	next	ADJ
faba-4	112	55	year	year	NOUN
faba-4	112	56	(	(	PUNCT
faba-4	112	57	year	year	NOUN
faba-4	112	58	1	1	NUM
faba-4	112	59	)	)	PUNCT
faba-4	112	60	,	,	PUNCT
faba-4	112	61	eps1	eps1	PROPN
faba-4	112	62	=	=	PUNCT
faba-4	112	63	expected	expect	VERB
faba-4	112	64	earnings	earning	NOUN
faba-4	112	65	per	per	ADP
faba-4	112	66	share	share	NOUN
faba-4	112	67	for	for	ADP
faba-4	112	68	next	next	ADJ
faba-4	112	69	year	year	NOUN
faba-4	112	70	(	(	PUNCT
faba-4	112	71	year	year	NOUN
faba-4	112	72	1	1	NUM
faba-4	112	73	)	)	PUNCT
faba-4	112	74	,	,	PUNCT
faba-4	112	75	eps0	eps0	PROPN
faba-4	112	76	=	=	PUNCT
faba-4	112	77	earnings	earning	NOUN
faba-4	112	78	per	per	ADP
faba-4	112	79	share	share	NOUN
faba-4	112	80	for	for	ADP
faba-4	112	81	the	the	DET
faba-4	112	82	current	current	ADJ
faba-4	112	83	year	year	NOUN
faba-4	112	84	,	,	PUNCT
faba-4	112	85	b	b	X
faba-4	112	86	=	=	PUNCT
faba-4	112	87	foreseen	foresee	VERB
faba-4	112	88	plowback	plowback	PROPN
faba-4	112	89	ratio	ratio	NOUN
faba-4	112	90	,	,	PUNCT
faba-4	112	91	(	(	PUNCT
faba-4	112	92	1	1	NUM
faba-4	112	93	–	–	SYM
faba-4	112	94	b	b	NOUN
faba-4	112	95	)	)	PUNCT
faba-4	112	96	=	=	VERB
faba-4	112	97	foreseen	foresee	VERB
faba-4	112	98	payout	payout	NOUN
faba-4	112	99	ratio	ratio	NOUN
faba-4	112	100	,	,	PUNCT
faba-4	112	101	r	r	NOUN
faba-4	112	102	=	=	SYM
faba-4	112	103	cost	cost	NOUN
faba-4	112	104	of	of	ADP
faba-4	112	105	equity	equity	NOUN
faba-4	112	106	,	,	PUNCT
faba-4	112	107	g	g	NOUN
faba-4	112	108	=	=	PUNCT
faba-4	112	109	expected	expect	VERB
faba-4	112	110	growth	growth	NOUN
faba-4	112	111	rate	rate	NOUN
faba-4	112	112	of	of	ADP
faba-4	112	113	dividends	dividend	NOUN
faba-4	112	114	per	per	ADP
faba-4	112	115	share	share	NOUN
faba-4	112	116	.	.	PUNCT
faba-4	113	1	the	the	DET
faba-4	113	2	net	net	ADJ
faba-4	113	3	margin	margin	NOUN
faba-4	113	4	is	be	AUX
faba-4	113	5	equal	equal	ADJ
faba-4	113	6	to	to	ADP
faba-4	113	7	the	the	DET
faba-4	113	8	net	net	ADJ
faba-4	113	9	profit	profit	NOUN
faba-4	113	10	divided	divide	VERB
faba-4	113	11	by	by	ADP
faba-4	113	12	sales	sale	NOUN
faba-4	113	13	(	(	PUNCT
faba-4	113	14	ni	ni	NOUN
faba-4	113	15	/	/	SYM
faba-4	113	16	sales	sale	NOUN
faba-4	113	17	)	)	PUNCT
faba-4	113	18	.	.	PUNCT
faba-4	114	1	it	it	PRON
faba-4	114	2	can	can	AUX
faba-4	114	3	also	also	ADV
faba-4	114	4	be	be	AUX
faba-4	114	5	presented	present	VERB
faba-4	114	6	as	as	ADP
faba-4	114	7	the	the	DET
faba-4	114	8	ratio	ratio	NOUN
faba-4	114	9	of	of	ADP
faba-4	114	10	earnings	earning	NOUN
faba-4	114	11	per	per	ADP
faba-4	114	12	share	share	NOUN
faba-4	114	13	to	to	ADP
faba-4	114	14	sales	sale	NOUN
faba-4	114	15	per	per	ADP
faba-4	114	16	share	share	NOUN
faba-4	114	17	(	(	PUNCT
faba-4	114	18	eps	eps	PROPN
faba-4	114	19	/	/	SYM
faba-4	114	20	sales	sale	NOUN
faba-4	114	21	per	per	ADP
faba-4	114	22	share	share	NOUN
faba-4	114	23	)	)	PUNCT
faba-4	114	24	.	.	PUNCT
faba-4	115	1	this	this	PRON
faba-4	115	2	makes	make	VERB
faba-4	115	3	possible	possible	ADJ
faba-4	115	4	to	to	PART
faba-4	115	5	express	express	VERB
faba-4	115	6	eps	eps	PROPN
faba-4	115	7	as	as	ADP
faba-4	115	8	a	a	DET
faba-4	115	9	function	function	NOUN
faba-4	115	10	of	of	ADP
faba-4	115	11	the	the	DET
faba-4	115	12	net	net	ADJ
faba-4	115	13	margin	margin	NOUN
faba-4	115	14	and	and	CCONJ
faba-4	115	15	sales	sale	NOUN
faba-4	115	16	per	per	ADP
faba-4	115	17	share	share	NOUN
faba-4	115	18	,	,	PUNCT
faba-4	115	19	as	as	SCONJ
faba-4	115	20	follows	follow	VERB
faba-4	115	21	:	:	PUNCT
faba-4	115	22	19	19	NUM
faba-4	115	23	nenkov	nenkov	NOUN
faba-4	115	24	,	,	PUNCT
faba-4	115	25	d.	d.	PROPN
faba-4	115	26	,	,	PUNCT
faba-4	115	27	bathala	bathala	PROPN
faba-4	115	28	,	,	PUNCT
faba-4	115	29	c.	c.	NOUN
faba-4	115	30	–	–	PUNCT
faba-4	115	31	“	"	PUNCT
faba-4	115	32	price	price	NOUN
faba-4	115	33	-	-	PUNCT
faba-4	115	34	earnings	earning	NOUN
faba-4	115	35	ratios	ratio	NOUN
faba-4	115	36	on	on	ADP
faba-4	115	37	the	the	DET
faba-4	115	38	bulgarian	bulgarian	ADJ
faba-4	115	39	capital	capital	NOUN
faba-4	115	40	market	market	NOUN
faba-4	115	41	:	:	PUNCT
faba-4	115	42	an	an	DET
faba-4	115	43	analytical	analytical	ADJ
faba-4	115	44	approach	approach	NOUN
faba-4	115	45	to	to	ADP
faba-4	115	46	comparing	compare	VERB
faba-4	115	47	actual	actual	ADJ
faba-4	115	48	vs.	vs.	X
faba-4	115	49	fundamental	fundamental	ADJ
faba-4	115	50	p	p	X
faba-4	115	51	/	/	SYM
faba-4	115	52	e	e	NOUN
faba-4	115	53	ratios	ratio	NOUN
faba-4	115	54	”	"	PUNCT
faba-4	115	55	,	,	PUNCT
faba-4	115	56	in	in	ADP
faba-4	115	57	“	"	PUNCT
faba-4	115	58	globalization	globalization	NOUN
faba-4	115	59	:	:	PUNCT
faba-4	115	60	opportunities	opportunity	NOUN
faba-4	115	61	&	&	CCONJ
faba-4	115	62	challenges	challenge	NOUN
faba-4	115	63	”	"	PUNCT
faba-4	115	64	,	,	PUNCT
faba-4	115	65	wisdom	wisdom	NOUN
faba-4	115	66	publications	publication	NOUN
faba-4	115	67	,	,	PUNCT
faba-4	115	68	delhi	delhi	ADJ
faba-4	115	69	,	,	PUNCT
faba-4	115	70	2008	2008	NUM
faba-4	115	71	,	,	PUNCT
faba-4	116	1	p.	p.	NOUN
faba-4	116	2	351	351	NUM
faba-4	116	3	20	20	NUM
faba-4	116	4	damodaran	damodaran	ADJ
faba-4	116	5	,	,	PUNCT
faba-4	116	6	a.	a.	NOUN
faba-4	116	7	–	–	PUNCT
faba-4	116	8	“	"	PUNCT
faba-4	116	9	investment	investment	NOUN
faba-4	116	10	valuation	valuation	NOUN
faba-4	116	11	–	–	PUNCT
faba-4	116	12	tools	tool	NOUN
faba-4	116	13	and	and	CCONJ
faba-4	116	14	techniques	technique	NOUN
faba-4	116	15	for	for	ADP
faba-4	116	16	determining	determine	VERB
faba-4	116	17	the	the	DET
faba-4	116	18	value	value	NOUN
faba-4	116	19	of	of	ADP
faba-4	116	20	any	any	DET
faba-4	116	21	asset	asset	NOUN
faba-4	116	22	”	"	PUNCT
faba-4	116	23	,	,	PUNCT
faba-4	116	24	john	john	PROPN
faba-4	116	25	wiley	wiley	PROPN
faba-4	116	26	&	&	CCONJ
faba-4	116	27	sons	son	NOUN
faba-4	116	28	,	,	PUNCT
faba-4	116	29	new	new	PROPN
faba-4	116	30	york	york	PROPN
faba-4	116	31	,	,	PUNCT
faba-4	116	32	2002	2002	NUM
faba-4	116	33	,	,	PUNCT
faba-4	116	34	p.	p.	NOUN
faba-4	116	35	462	462	NUM
faba-4	117	1	dimitir	dimitir	ADJ
faba-4	117	2	nenkov	nenkov	PROPN
faba-4	117	3	/	/	SYM
faba-4	117	4	finance	finance	NOUN
faba-4	117	5	,	,	PUNCT
faba-4	117	6	accounting	accounting	NOUN
faba-4	117	7	,	,	PUNCT
faba-4	117	8	and	and	CCONJ
faba-4	117	9	business	business	NOUN
faba-4	117	10	analisys	analisys	NOUN
faba-4	117	11	40	40	NUM
faba-4	117	12	𝑬𝑷𝑺𝟎	𝑬𝑷𝑺𝟎	PROPN
faba-4	117	13	=	=	SYM
faba-4	117	14	𝑵𝒆𝒕	𝑵𝒆𝒕	PROPN
faba-4	117	15	𝒎𝒂𝒓𝒈𝒊𝒏	𝒎𝒂𝒓𝒈𝒊𝒏	VERB
faba-4	117	16	×	×	PROPN
faba-4	117	17	𝑺𝟎	𝑺𝟎	NOUN
faba-4	118	1	where	where	SCONJ
faba-4	118	2	:	:	PUNCT
faba-4	118	3	s0	s0	PROPN
faba-4	118	4	=	=	PUNCT
faba-4	118	5	current	current	ADJ
faba-4	118	6	sales	sale	NOUN
faba-4	118	7	per	per	ADP
faba-4	118	8	share	share	NOUN
faba-4	118	9	given	give	VERB
faba-4	118	10	the	the	DET
faba-4	118	11	above	above	ADJ
faba-4	118	12	,	,	PUNCT
faba-4	118	13	equation	equation	NOUN
faba-4	118	14	(	(	PUNCT
faba-4	118	15	1	1	NUM
faba-4	118	16	)	)	PUNCT
faba-4	118	17	becomes:21	becomes:21	NOUN
faba-4	118	18	𝑷𝟎	𝑷𝟎	NOUN
faba-4	118	19	=	=	PUNCT
faba-4	119	1	𝑺𝟎	𝑺𝟎	ADJ
faba-4	119	2	×	×	PROPN
faba-4	119	3	𝑵𝒆𝒕	𝑵𝒆𝒕	PROPN
faba-4	119	4	𝒎𝒂𝒓𝒈𝒊𝒏	𝒎𝒂𝒓𝒈𝒊𝒏	VERB
faba-4	119	5	×	×	NOUN
faba-4	119	6	(	(	PUNCT
faba-4	119	7	𝟏	𝟏	NOUN
faba-4	119	8	−	−	NOUN
faba-4	119	9	𝒃	𝒃	NOUN
faba-4	119	10	)	)	PUNCT
faba-4	119	11	×	×	NOUN
faba-4	119	12	(	(	PUNCT
faba-4	119	13	𝟏	𝟏	NUM
faba-4	119	14	+	+	NUM
faba-4	119	15	𝒈	𝒈	NOUN
faba-4	119	16	)	)	PUNCT
faba-4	119	17	𝒓	𝒓	NOUN
faba-4	119	18	−	−	PROPN
faba-4	119	19	𝒈	𝒈	PROPN
faba-4	119	20	(	(	PUNCT
faba-4	119	21	𝟐	𝟐	NUM
faba-4	119	22	)	)	PUNCT
faba-4	119	23	dividing	divide	VERB
faba-4	119	24	both	both	DET
faba-4	119	25	sides	side	NOUN
faba-4	119	26	by	by	ADP
faba-4	119	27	the	the	DET
faba-4	119	28	sales	sale	NOUN
faba-4	119	29	per	per	ADP
faba-4	119	30	share	share	NOUN
faba-4	119	31	(	(	PUNCT
faba-4	119	32	s0	s0	PROPN
faba-4	119	33	)	)	PUNCT
faba-4	119	34	we	we	PRON
faba-4	119	35	come	come	VERB
faba-4	119	36	at	at	ADP
faba-4	119	37	the	the	DET
faba-4	119	38	fundamental	fundamental	ADJ
faba-4	119	39	model	model	NOUN
faba-4	119	40	of	of	ADP
faba-4	119	41	the	the	DET
faba-4	119	42	p	p	PROPN
faba-4	119	43	/	/	SYM
faba-4	119	44	s	s	PART
faba-4	119	45	–	–	PUNCT
faba-4	119	46	equation	equation	NOUN
faba-4	119	47	(	(	PUNCT
faba-4	119	48	3	3	NUM
faba-4	119	49	):	):	PUNCT
faba-4	119	50	𝑷	𝑷	PROPN
faba-4	119	51	𝑺	𝑺	PROPN
faba-4	119	52	=	=	SYM
faba-4	119	53	𝑵𝒆𝒕	𝑵𝒆𝒕	PROPN
faba-4	119	54	𝒎𝒂𝒓𝒈𝒊𝒏	𝒎𝒂𝒓𝒈𝒊𝒏	VERB
faba-4	119	55	×	×	NOUN
faba-4	119	56	(	(	PUNCT
faba-4	119	57	𝟏	𝟏	NOUN
faba-4	119	58	−	−	NOUN
faba-4	119	59	𝒃	𝒃	NOUN
faba-4	119	60	)	)	PUNCT
faba-4	119	61	×	×	NOUN
faba-4	119	62	(	(	PUNCT
faba-4	119	63	𝟏	𝟏	NUM
faba-4	119	64	+	+	NUM
faba-4	119	65	𝒈	𝒈	NOUN
faba-4	119	66	)	)	PUNCT
faba-4	119	67	𝒓	𝒓	NOUN
faba-4	119	68	−	−	PROPN
faba-4	119	69	𝒈	𝒈	PROPN
faba-4	119	70	(	(	PUNCT
faba-4	119	71	𝟑	𝟑	X
faba-4	119	72	)	)	PUNCT
faba-4	119	73	as	as	SCONJ
faba-4	119	74	seen	see	VERB
faba-4	119	75	from	from	ADP
faba-4	119	76	the	the	DET
faba-4	119	77	equation	equation	NOUN
faba-4	119	78	,	,	PUNCT
faba-4	119	79	the	the	DET
faba-4	119	80	price	price	NOUN
faba-4	119	81	-	-	PUNCT
faba-4	119	82	to	to	ADP
faba-4	119	83	-	-	PUNCT
faba-4	119	84	sales	sale	NOUN
faba-4	119	85	ratio	ratio	NOUN
faba-4	119	86	is	be	AUX
faba-4	119	87	a	a	DET
faba-4	119	88	function	function	NOUN
faba-4	119	89	of	of	ADP
faba-4	119	90	:	:	PUNCT
faba-4	119	91	the	the	DET
faba-4	119	92	net	net	ADJ
faba-4	119	93	margin	margin	NOUN
faba-4	119	94	,	,	PUNCT
faba-4	119	95	the	the	DET
faba-4	119	96	plowback	plowback	NOUN
faba-4	119	97	ratio	ratio	NOUN
faba-4	119	98	(	(	PUNCT
faba-4	119	99	or	or	CCONJ
faba-4	119	100	alternatively	alternatively	ADV
faba-4	119	101	the	the	DET
faba-4	119	102	payout	payout	NOUN
faba-4	119	103	ratio	ratio	NOUN
faba-4	119	104	)	)	PUNCT
faba-4	119	105	,	,	PUNCT
faba-4	119	106	the	the	DET
faba-4	119	107	cost	cost	NOUN
faba-4	119	108	of	of	ADP
faba-4	119	109	equity	equity	NOUN
faba-4	119	110	,	,	PUNCT
faba-4	119	111	and	and	CCONJ
faba-4	119	112	the	the	DET
faba-4	119	113	growth	growth	NOUN
faba-4	119	114	rate	rate	NOUN
faba-4	119	115	of	of	ADP
faba-4	119	116	eps	eps	PROPN
faba-4	119	117	g.	g.	PROPN
faba-4	119	118	if	if	SCONJ
faba-4	119	119	we	we	PRON
faba-4	119	120	express	express	VERB
faba-4	119	121	the	the	DET
faba-4	119	122	plowback	plowback	NOUN
faba-4	119	123	ratio	ratio	NOUN
faba-4	119	124	b	b	PROPN
faba-4	119	125	as	as	ADP
faba-4	119	126	a	a	DET
faba-4	119	127	function	function	NOUN
faba-4	119	128	of	of	ADP
faba-4	119	129	the	the	DET
faba-4	119	130	return	return	NOUN
faba-4	119	131	on	on	ADP
faba-4	119	132	equity	equity	NOUN
faba-4	119	133	(	(	PUNCT
faba-4	119	134	roe	roe	PROPN
faba-4	119	135	)	)	PUNCT
faba-4	119	136	and	and	CCONJ
faba-4	119	137	the	the	DET
faba-4	119	138	expected	expect	VERB
faba-4	119	139	growth	growth	NOUN
faba-4	119	140	rate	rate	NOUN
faba-4	119	141	(	(	PUNCT
faba-4	119	142	g	g	NOUN
faba-4	119	143	)	)	PUNCT
faba-4	119	144	,	,	PUNCT
faba-4	119	145	the	the	DET
faba-4	119	146	model	model	NOUN
faba-4	119	147	becomes	become	VERB
faba-4	119	148	as	as	SCONJ
faba-4	119	149	follows	follow	VERB
faba-4	119	150	–	–	PUNCT
faba-4	119	151	equation	equation	NOUN
faba-4	119	152	(	(	PUNCT
faba-4	119	153	4	4	NUM
faba-4	119	154	):	):	PUNCT
faba-4	120	1	𝑷	𝑷	PROPN
faba-4	120	2	𝑺	𝑺	NOUN
faba-4	120	3	=	=	NOUN
faba-4	120	4	net	net	ADJ
faba-4	120	5	margin	margin	NOUN
faba-4	120	6	×	×	NOUN
faba-4	120	7	(	(	PUNCT
faba-4	120	8	𝟏	𝟏	NUM
faba-4	120	9	−	−	PROPN
faba-4	120	10	𝒈/𝑹𝑶𝑬	𝒈/𝑹𝑶𝑬	PROPN
faba-4	120	11	)	)	PUNCT
faba-4	120	12	×	×	NOUN
faba-4	120	13	(	(	PUNCT
faba-4	120	14	𝟏	𝟏	NUM
faba-4	120	15	+	+	NUM
faba-4	120	16	𝒈	𝒈	NOUN
faba-4	120	17	)	)	PUNCT
faba-4	120	18	𝒓	𝒓	NOUN
faba-4	120	19	−	−	PROPN
faba-4	120	20	𝒈	𝒈	PROPN
faba-4	120	21	(	(	PUNCT
faba-4	120	22	𝟒	𝟒	X
faba-4	120	23	)	)	PUNCT
faba-4	120	24	one	one	NUM
faba-4	120	25	of	of	ADP
faba-4	120	26	the	the	DET
faba-4	120	27	advantages	advantage	NOUN
faba-4	120	28	of	of	ADP
faba-4	120	29	this	this	DET
faba-4	120	30	variant	variant	NOUN
faba-4	120	31	of	of	ADP
faba-4	120	32	the	the	DET
faba-4	120	33	model	model	NOUN
faba-4	120	34	is	be	AUX
faba-4	120	35	that	that	SCONJ
faba-4	120	36	it	it	PRON
faba-4	120	37	can	can	AUX
faba-4	120	38	be	be	AUX
faba-4	120	39	used	use	VERB
faba-4	120	40	to	to	PART
faba-4	120	41	determine	determine	VERB
faba-4	120	42	the	the	DET
faba-4	120	43	p	p	NOUN
faba-4	120	44	/	/	SYM
faba-4	120	45	s	s	X
faba-4	120	46	of	of	ADP
faba-4	120	47	non	non	ADJ
faba-4	120	48	public	public	NOUN
faba-4	120	49	(	(	PUNCT
faba-4	120	50	closed	closed	ADJ
faba-4	120	51	)	)	PUNCT
faba-4	120	52	companies	company	NOUN
faba-4	120	53	,	,	PUNCT
faba-4	120	54	which	which	PRON
faba-4	120	55	do	do	AUX
faba-4	120	56	not	not	PART
faba-4	120	57	pay	pay	VERB
faba-4	120	58	dividends	dividend	NOUN
faba-4	120	59	.	.	PUNCT
faba-4	121	1	it	it	PRON
faba-4	121	2	also	also	ADV
faba-4	121	3	becomes	become	VERB
faba-4	121	4	clear	clear	ADJ
faba-4	121	5	from	from	ADP
faba-4	121	6	the	the	DET
faba-4	121	7	model	model	NOUN
faba-4	121	8	that	that	SCONJ
faba-4	121	9	the	the	DET
faba-4	121	10	priceto	priceto	NOUN
faba-4	121	11	-	-	PUNCT
faba-4	121	12	sales	sale	NOUN
faba-4	121	13	ratio	ratio	NOUN
faba-4	121	14	of	of	ADP
faba-4	121	15	a	a	DET
faba-4	121	16	company	company	NOUN
faba-4	121	17	with	with	ADP
faba-4	121	18	a	a	DET
faba-4	121	19	very	very	ADV
faba-4	121	20	low	low	ADJ
faba-4	121	21	or	or	CCONJ
faba-4	121	22	zero	zero	NUM
faba-4	121	23	growth	growth	NOUN
faba-4	121	24	rate	rate	NOUN
faba-4	121	25	is	be	AUX
faba-4	121	26	actually	actually	ADV
faba-4	121	27	determined	determine	VERB
faba-4	121	28	by	by	ADP
faba-4	121	29	the	the	DET
faba-4	121	30	differential	differential	NOUN
faba-4	121	31	between	between	ADP
faba-4	121	32	net	net	ADJ
faba-4	121	33	margin	margin	NOUN
faba-4	121	34	and	and	CCONJ
faba-4	121	35	cost	cost	NOUN
faba-4	121	36	of	of	ADP
faba-4	121	37	capital	capital	NOUN
faba-4	121	38	.	.	PUNCT
faba-4	122	1	if	if	SCONJ
faba-4	122	2	the	the	DET
faba-4	122	3	net	net	ADJ
faba-4	122	4	margin	margin	NOUN
faba-4	122	5	is	be	AUX
faba-4	122	6	higher	high	ADJ
faba-4	122	7	than	than	ADP
faba-4	122	8	the	the	DET
faba-4	122	9	cost	cost	NOUN
faba-4	122	10	of	of	ADP
faba-4	122	11	equity	equity	NOUN
faba-4	122	12	,	,	PUNCT
faba-4	122	13	the	the	DET
faba-4	122	14	price	price	NOUN
faba-4	122	15	per	per	ADP
faba-4	122	16	share	share	NOUN
faba-4	122	17	should	should	AUX
faba-4	122	18	be	be	AUX
faba-4	122	19	higher	high	ADJ
faba-4	122	20	than	than	ADP
faba-4	122	21	the	the	DET
faba-4	122	22	sales	sale	NOUN
faba-4	122	23	per	per	ADP
faba-4	122	24	share	share	NOUN
faba-4	122	25	.	.	PUNCT
faba-4	123	1	and	and	CCONJ
faba-4	123	2	vice	vice	ADV
faba-4	123	3	versa	versa	ADV
faba-4	123	4	,	,	PUNCT
faba-4	123	5	if	if	SCONJ
faba-4	123	6	the	the	DET
faba-4	123	7	net	net	ADJ
faba-4	123	8	margin	margin	NOUN
faba-4	123	9	is	be	AUX
faba-4	123	10	lower	low	ADJ
faba-4	123	11	than	than	ADP
faba-4	123	12	the	the	DET
faba-4	123	13	cost	cost	NOUN
faba-4	123	14	of	of	ADP
faba-4	123	15	equity	equity	NOUN
faba-4	123	16	,	,	PUNCT
faba-4	123	17	the	the	DET
faba-4	123	18	price	price	NOUN
faba-4	123	19	per	per	ADP
faba-4	123	20	share	share	NOUN
faba-4	123	21	should	should	AUX
faba-4	123	22	be	be	AUX
faba-4	123	23	lower	low	ADJ
faba-4	123	24	than	than	ADP
faba-4	123	25	the	the	DET
faba-4	123	26	sales	sale	NOUN
faba-4	123	27	per	per	ADP
faba-4	123	28	share	share	NOUN
faba-4	123	29	.	.	PUNCT
faba-4	124	1	the	the	DET
faba-4	124	2	fundamental	fundamental	ADJ
faba-4	124	3	p	p	PROPN
faba-4	124	4	/	/	SYM
faba-4	124	5	s	s	PART
faba-4	124	6	ratio	ratio	NOUN
faba-4	124	7	of	of	ADP
faba-4	124	8	a	a	DET
faba-4	124	9	company	company	NOUN
faba-4	124	10	with	with	ADP
faba-4	124	11	temporarily	temporarily	ADV
faba-4	124	12	high	high	ADJ
faba-4	124	13	growth	growth	NOUN
faba-4	124	14	can	can	AUX
faba-4	124	15	be	be	AUX
faba-4	124	16	derived	derive	VERB
faba-4	124	17	from	from	ADP
faba-4	124	18	the	the	DET
faba-4	124	19	twostage	twostage	NOUN
faba-4	124	20	dividend	dividend	NOUN
faba-4	124	21	discount	discount	NOUN
faba-4	124	22	model	model	NOUN
faba-4	124	23	.	.	PUNCT
faba-4	125	1	under	under	ADP
faba-4	125	2	this	this	DET
faba-4	125	3	model	model	NOUN
faba-4	125	4	future	future	ADJ
faba-4	125	5	dividends	dividend	NOUN
faba-4	125	6	are	be	AUX
faba-4	125	7	grouped	group	VERB
faba-4	125	8	in	in	ADP
faba-4	125	9	two	two	NUM
faba-4	125	10	sub	sub	NOUN
faba-4	125	11	-	-	ADJ
faba-4	125	12	periods	periods	ADJ
faba-4	125	13	:	:	PUNCT
faba-4	125	14	high	high	ADJ
faba-4	125	15	growth	growth	NOUN
faba-4	125	16	period	period	NOUN
faba-4	125	17	and	and	CCONJ
faba-4	125	18	stable	stable	ADJ
faba-4	125	19	(	(	PUNCT
faba-4	125	20	sustainable	sustainable	ADJ
faba-4	125	21	)	)	PUNCT
faba-4	125	22	growth	growth	NOUN
faba-4	125	23	period	period	NOUN
faba-4	125	24	.	.	PUNCT
faba-4	126	1	one	one	NUM
faba-4	126	2	way	way	NOUN
faba-4	126	3	to	to	PART
faba-4	126	4	present	present	VERB
faba-4	126	5	the	the	DET
faba-4	126	6	two	two	NUM
faba-4	126	7	-	-	PUNCT
faba-4	126	8	stage	stage	NOUN
faba-4	126	9	dividend	dividend	NOUN
faba-4	126	10	discount	discount	NOUN
faba-4	126	11	model	model	NOUN
faba-4	126	12	is	be	AUX
faba-4	126	13	as	as	ADP
faba-4	126	14	follows:22	follows:22	NOUN
faba-4	126	15	𝑷𝟎	𝑷𝟎	PROPN
faba-4	126	16	=	=	SYM
faba-4	126	17	𝑬𝑷𝑺𝟎	𝑬𝑷𝑺𝟎	PROPN
faba-4	126	18	×	×	NOUN
faba-4	126	19	(	(	PUNCT
faba-4	126	20	𝟏	𝟏	NUM
faba-4	126	21	−	−	NOUN
faba-4	126	22	𝒃𝟏	𝒃𝟏	NOUN
faba-4	126	23	)	)	PUNCT
faba-4	126	24	×	×	NOUN
faba-4	126	25	(	(	PUNCT
faba-4	126	26	𝟏	𝟏	NUM
faba-4	126	27	+	+	NUM
faba-4	126	28	𝒈𝟏	𝒈𝟏	PROPN
faba-4	126	29	)	)	PUNCT
faba-4	126	30	×	×	NOUN
faba-4	127	1	[	[	X
faba-4	127	2	𝟏	𝟏	NUM
faba-4	127	3	−	−	NOUN
faba-4	127	4	(	(	PUNCT
faba-4	127	5	𝟏	𝟏	NUM
faba-4	128	1	+	+	NUM
faba-4	128	2	𝒈𝟏)𝒏	𝒈𝟏)𝒏	NOUN
faba-4	128	3	(	(	PUNCT
faba-4	128	4	𝟏	𝟏	NUM
faba-4	128	5	+	+	CCONJ
faba-4	128	6	𝒓𝟏)𝒏	𝒓𝟏)𝒏	NOUN
faba-4	128	7	]	]	PUNCT
faba-4	128	8	𝒓𝟏	𝒓𝟏	ADP
faba-4	128	9	−	−	PROPN
faba-4	128	10	𝒈𝟏	𝒈𝟏	PROPN
faba-4	128	11	+	+	CCONJ
faba-4	128	12	+	+	CCONJ
faba-4	128	13	𝑬𝑷𝑺𝟎	𝑬𝑷𝑺𝟎	PROPN
faba-4	128	14	×	×	NOUN
faba-4	128	15	(	(	PUNCT
faba-4	128	16	𝟏	𝟏	NUM
faba-4	128	17	−	−	PROPN
faba-4	128	18	𝒃𝟐	𝒃𝟐	PROPN
faba-4	128	19	)	)	PUNCT
faba-4	128	20	×	×	NOUN
faba-4	128	21	(	(	PUNCT
faba-4	128	22	𝟏	𝟏	NUM
faba-4	128	23	+	+	CCONJ
faba-4	128	24	𝒈𝟏)𝒏	𝒈𝟏)𝒏	ADJ
faba-4	128	25	×	×	NOUN
faba-4	128	26	(	(	PUNCT
faba-4	128	27	𝟏	𝟏	NUM
faba-4	128	28	+	+	NUM
faba-4	128	29	𝒈𝟐	𝒈𝟐	NOUN
faba-4	128	30	)	)	PUNCT
faba-4	128	31	(	(	PUNCT
faba-4	128	32	𝒓𝟐	𝒓𝟐	VERB
faba-4	128	33	−	−	PROPN
faba-4	128	34	𝒈𝟐	𝒈𝟐	NOUN
faba-4	128	35	)	)	PUNCT
faba-4	128	36	×	×	NOUN
faba-4	128	37	(	(	PUNCT
faba-4	128	38	𝟏	𝟏	NUM
faba-4	128	39	+	+	CCONJ
faba-4	128	40	𝒓𝟏)𝒏	𝒓𝟏)𝒏	PROPN
faba-4	128	41	(	(	PUNCT
faba-4	128	42	𝟏	𝟏	X
faba-4	128	43	)	)	PUNCT
faba-4	128	44	21	21	NUM
faba-4	128	45	damodaran	damodaran	VERB
faba-4	128	46	,	,	PUNCT
faba-4	128	47	a.	a.	NOUN
faba-4	128	48	–	–	PUNCT
faba-4	128	49	“	"	PUNCT
faba-4	128	50	investment	investment	NOUN
faba-4	128	51	valuation	valuation	NOUN
faba-4	128	52	–	–	PUNCT
faba-4	128	53	tools	tool	NOUN
faba-4	128	54	and	and	CCONJ
faba-4	128	55	techniques	technique	NOUN
faba-4	128	56	for	for	ADP
faba-4	128	57	determining	determine	VERB
faba-4	128	58	the	the	DET
faba-4	128	59	value	value	NOUN
faba-4	128	60	of	of	ADP
faba-4	128	61	any	any	DET
faba-4	128	62	asset	asset	NOUN
faba-4	128	63	”	"	PUNCT
faba-4	128	64	,	,	PUNCT
faba-4	128	65	john	john	PROPN
faba-4	128	66	wiley	wiley	PROPN
faba-4	128	67	&	&	CCONJ
faba-4	128	68	sons	son	NOUN
faba-4	128	69	,	,	PUNCT
faba-4	128	70	new	new	PROPN
faba-4	128	71	york	york	PROPN
faba-4	128	72	,	,	PUNCT
faba-4	128	73	2012	2012	NUM
faba-4	128	74	,	,	PUNCT
faba-4	128	75	p.	p.	NOUN
faba-4	128	76	546	546	NUM
faba-4	128	77	22	22	NUM
faba-4	128	78	same	same	ADJ
faba-4	128	79	source	source	NOUN
faba-4	128	80	dimitir	dimitir	ADJ
faba-4	128	81	nenkov	nenkov	PROPN
faba-4	128	82	/	/	SYM
faba-4	128	83	finance	finance	NOUN
faba-4	128	84	,	,	PUNCT
faba-4	128	85	accounting	accounting	NOUN
faba-4	128	86	,	,	PUNCT
faba-4	128	87	and	and	CCONJ
faba-4	128	88	business	business	NOUN
faba-4	128	89	analisys	analisys	NOUN
faba-4	128	90	41	41	NUM
faba-4	129	1	where	where	SCONJ
faba-4	129	2	:	:	PUNCT
faba-4	129	3	p0	p0	NOUN
faba-4	129	4	=	=	SYM
faba-4	129	5	price	price	NOUN
faba-4	129	6	per	per	ADP
faba-4	129	7	share	share	NOUN
faba-4	129	8	of	of	ADP
faba-4	129	9	stock	stock	NOUN
faba-4	129	10	,	,	PUNCT
faba-4	129	11	eps0	eps0	PROPN
faba-4	129	12	=	=	PUNCT
faba-4	129	13	net	net	ADJ
faba-4	129	14	income	income	NOUN
faba-4	129	15	(	(	PUNCT
faba-4	129	16	profit	profit	NOUN
faba-4	129	17	)	)	PUNCT
faba-4	129	18	per	per	ADP
faba-4	129	19	share	share	NOUN
faba-4	129	20	for	for	ADP
faba-4	129	21	current	current	ADJ
faba-4	129	22	year	year	NOUN
faba-4	129	23	,	,	PUNCT
faba-4	129	24	(	(	PUNCT
faba-4	129	25	1	1	NUM
faba-4	129	26	–	–	PUNCT
faba-4	129	27	b1	b1	NOUN
faba-4	129	28	)	)	PUNCT
faba-4	129	29	=	=	SYM
faba-4	129	30	payout	payout	NOUN
faba-4	129	31	dividend	dividend	NOUN
faba-4	129	32	during	during	ADP
faba-4	129	33	high	high	ADJ
faba-4	129	34	-	-	PUNCT
faba-4	129	35	growth	growth	NOUN
faba-4	129	36	period	period	NOUN
faba-4	129	37	,	,	PUNCT
faba-4	129	38	(	(	PUNCT
faba-4	129	39	1	1	NUM
faba-4	129	40	–	–	PUNCT
faba-4	129	41	b2	b2	NOUN
faba-4	129	42	)	)	PUNCT
faba-4	129	43	=	=	SYM
faba-4	129	44	payout	payout	NOUN
faba-4	129	45	dividend	dividend	NOUN
faba-4	129	46	during	during	ADP
faba-4	129	47	stable	stable	ADJ
faba-4	129	48	-	-	PUNCT
faba-4	129	49	growth	growth	NOUN
faba-4	129	50	period	period	NOUN
faba-4	129	51	,	,	PUNCT
faba-4	129	52	g1	g1	PROPN
faba-4	129	53	=	=	PUNCT
faba-4	129	54	expected	expect	VERB
faba-4	129	55	growth	growth	NOUN
faba-4	129	56	rate	rate	NOUN
faba-4	129	57	of	of	ADP
faba-4	129	58	eps	eps	PROPN
faba-4	129	59	during	during	ADP
faba-4	129	60	high	high	ADJ
faba-4	129	61	-	-	PUNCT
faba-4	129	62	growth	growth	NOUN
faba-4	129	63	period	period	NOUN
faba-4	129	64	,	,	PUNCT
faba-4	129	65	g2	g2	PROPN
faba-4	129	66	=	=	PUNCT
faba-4	129	67	expected	expect	VERB
faba-4	129	68	growth	growth	NOUN
faba-4	129	69	rate	rate	NOUN
faba-4	129	70	of	of	ADP
faba-4	129	71	eps	eps	PROPN
faba-4	129	72	during	during	ADP
faba-4	129	73	stable	stable	ADJ
faba-4	129	74	-	-	PUNCT
faba-4	129	75	growth	growth	NOUN
faba-4	129	76	period	period	NOUN
faba-4	129	77	,	,	PUNCT
faba-4	129	78	r1	r1	NOUN
faba-4	129	79	=	=	PUNCT
faba-4	129	80	cost	cost	NOUN
faba-4	129	81	of	of	ADP
faba-4	129	82	capital	capital	NOUN
faba-4	129	83	during	during	ADP
faba-4	129	84	high	high	ADJ
faba-4	129	85	-	-	PUNCT
faba-4	129	86	growth	growth	NOUN
faba-4	129	87	period	period	NOUN
faba-4	129	88	,	,	PUNCT
faba-4	129	89	r2	r2	NOUN
faba-4	129	90	=	=	PUNCT
faba-4	129	91	cost	cost	NOUN
faba-4	129	92	of	of	ADP
faba-4	129	93	capital	capital	NOUN
faba-4	129	94	during	during	ADP
faba-4	129	95	stable	stable	ADJ
faba-4	129	96	-	-	PUNCT
faba-4	129	97	growth	growth	NOUN
faba-4	129	98	period	period	NOUN
faba-4	129	99	,	,	PUNCT
faba-4	129	100	n	n	NOUN
faba-4	129	101	=	=	NOUN
faba-4	129	102	number	number	NOUN
faba-4	129	103	of	of	ADP
faba-4	129	104	years	year	NOUN
faba-4	129	105	of	of	ADP
faba-4	129	106	high	high	ADJ
faba-4	129	107	-	-	PUNCT
faba-4	129	108	growth	growth	NOUN
faba-4	129	109	period	period	NOUN
faba-4	129	110	.	.	PUNCT
faba-4	130	1	the	the	DET
faba-4	130	2	first	first	ADJ
faba-4	130	3	collectible	collectible	NOUN
faba-4	130	4	at	at	ADP
faba-4	130	5	the	the	DET
faba-4	130	6	right	right	ADJ
faba-4	130	7	side	side	NOUN
faba-4	130	8	of	of	ADP
faba-4	130	9	the	the	DET
faba-4	130	10	equation	equation	NOUN
faba-4	130	11	is	be	AUX
faba-4	130	12	the	the	DET
faba-4	130	13	present	present	ADJ
faba-4	130	14	value	value	NOUN
faba-4	130	15	of	of	ADP
faba-4	130	16	a	a	DET
faba-4	130	17	growing	grow	VERB
faba-4	130	18	perpetuity	perpetuity	NOUN
faba-4	130	19	,	,	PUNCT
faba-4	130	20	in	in	ADP
faba-4	130	21	which	which	PRON
faba-4	130	22	the	the	DET
faba-4	130	23	annual	annual	ADJ
faba-4	130	24	cash	cash	NOUN
faba-4	130	25	flows	flow	NOUN
faba-4	130	26	are	be	AUX
faba-4	130	27	the	the	DET
faba-4	130	28	dividends	dividend	NOUN
faba-4	130	29	for	for	ADP
faba-4	130	30	the	the	DET
faba-4	130	31	respective	respective	ADJ
faba-4	130	32	years	year	NOUN
faba-4	130	33	of	of	ADP
faba-4	130	34	the	the	DET
faba-4	130	35	high	high	ADJ
faba-4	130	36	-	-	PUNCT
faba-4	130	37	growth	growth	NOUN
faba-4	130	38	period	period	NOUN
faba-4	130	39	.	.	PUNCT
faba-4	131	1	the	the	DET
faba-4	131	2	second	second	ADJ
faba-4	131	3	collectible	collectible	ADJ
faba-4	131	4	presents	present	VERB
faba-4	131	5	the	the	DET
faba-4	131	6	present	present	ADJ
faba-4	131	7	value	value	NOUN
faba-4	131	8	of	of	ADP
faba-4	131	9	the	the	DET
faba-4	131	10	future	future	ADJ
faba-4	131	11	price	price	NOUN
faba-4	131	12	pn	pn	NOUN
faba-4	131	13	,	,	PUNCT
faba-4	131	14	which	which	PRON
faba-4	131	15	is	be	AUX
faba-4	131	16	the	the	DET
faba-4	131	17	equivalent	equivalent	NOUN
faba-4	131	18	of	of	ADP
faba-4	131	19	the	the	DET
faba-4	131	20	future	future	ADJ
faba-4	131	21	dividends	dividend	NOUN
faba-4	131	22	during	during	ADP
faba-4	131	23	the	the	DET
faba-4	131	24	stable	stable	ADJ
faba-4	131	25	-	-	PUNCT
faba-4	131	26	growth	growth	NOUN
faba-4	131	27	period	period	NOUN
faba-4	131	28	.	.	PUNCT
faba-4	132	1	the	the	DET
faba-4	132	2	eps0	eps0	PROPN
faba-4	132	3	can	can	AUX
faba-4	132	4	be	be	AUX
faba-4	132	5	expressed	express	VERB
faba-4	132	6	as	as	ADP
faba-4	132	7	the	the	DET
faba-4	132	8	function	function	NOUN
faba-4	132	9	of	of	ADP
faba-4	132	10	sales	sale	NOUN
faba-4	132	11	per	per	ADP
faba-4	132	12	share	share	NOUN
faba-4	132	13	(	(	PUNCT
faba-4	132	14	s0	s0	PROPN
faba-4	132	15	)	)	PUNCT
faba-4	132	16	and	and	CCONJ
faba-4	132	17	net	net	ADJ
faba-4	132	18	margin	margin	NOUN
faba-4	132	19	,	,	PUNCT
faba-4	132	20	after	after	ADP
faba-4	132	21	which	which	PRON
faba-4	132	22	both	both	DET
faba-4	132	23	sides	side	NOUN
faba-4	132	24	of	of	ADP
faba-4	132	25	the	the	DET
faba-4	132	26	equation	equation	NOUN
faba-4	132	27	are	be	AUX
faba-4	132	28	divided	divide	VERB
faba-4	132	29	by	by	ADP
faba-4	132	30	the	the	DET
faba-4	132	31	sales	sale	NOUN
faba-4	132	32	per	per	ADP
faba-4	132	33	share	share	NOUN
faba-4	132	34	,	,	PUNCT
faba-4	132	35	as	as	ADP
faba-4	132	36	a	a	DET
faba-4	132	37	result	result	NOUN
faba-4	132	38	of	of	ADP
faba-4	132	39	which	which	PRON
faba-4	132	40	we	we	PRON
faba-4	132	41	arrive	arrive	VERB
faba-4	132	42	at	at	ADP
faba-4	132	43	the	the	DET
faba-4	132	44	two	two	NUM
faba-4	132	45	-	-	PUNCT
faba-4	132	46	stage	stage	NOUN
faba-4	132	47	fundamental	fundamental	ADJ
faba-4	132	48	model	model	NOUN
faba-4	132	49	of	of	ADP
faba-4	132	50	p	p	X
faba-4	132	51	/	/	SYM
faba-4	132	52	s	s	NOUN
faba-4	132	53	:	:	PUNCT
faba-4	132	54	𝑷	𝑷	PROPN
faba-4	132	55	𝑺	𝑺	NOUN
faba-4	132	56	=	=	NOUN
faba-4	132	57	net	net	ADJ
faba-4	132	58	margin	margin	NOUN
faba-4	132	59	×	×	NOUN
faba-4	132	60	(	(	PUNCT
faba-4	132	61	𝟏	𝟏	NUM
faba-4	132	62	−	−	NOUN
faba-4	132	63	𝒃𝟏	𝒃𝟏	NOUN
faba-4	132	64	)	)	PUNCT
faba-4	132	65	×	×	NOUN
faba-4	132	66	(	(	PUNCT
faba-4	132	67	𝟏	𝟏	NUM
faba-4	132	68	+	+	NUM
faba-4	132	69	𝒈𝟏	𝒈𝟏	PROPN
faba-4	132	70	)	)	PUNCT
faba-4	132	71	×	×	NOUN
faba-4	133	1	[	[	X
faba-4	133	2	𝟏	𝟏	NUM
faba-4	133	3	−	−	NOUN
faba-4	133	4	(	(	PUNCT
faba-4	133	5	𝟏	𝟏	NUM
faba-4	134	1	+	+	NUM
faba-4	134	2	𝒈𝟏)𝒏	𝒈𝟏)𝒏	NOUN
faba-4	134	3	(	(	PUNCT
faba-4	134	4	𝟏	𝟏	NUM
faba-4	134	5	+	+	CCONJ
faba-4	134	6	𝒓𝟏)𝒏	𝒓𝟏)𝒏	NOUN
faba-4	134	7	]	]	PUNCT
faba-4	134	8	𝒓𝟏	𝒓𝟏	ADP
faba-4	134	9	−	−	PROPN
faba-4	134	10	𝒈𝟏	𝒈𝟏	PROPN
faba-4	134	11	+	+	CCONJ
faba-4	134	12	+	+	CCONJ
faba-4	134	13	net	net	ADJ
faba-4	134	14	margin	margin	NOUN
faba-4	134	15	×	×	NOUN
faba-4	134	16	(	(	PUNCT
faba-4	134	17	𝟏	𝟏	NUM
faba-4	134	18	−	−	PROPN
faba-4	134	19	𝒃𝟐	𝒃𝟐	PROPN
faba-4	134	20	)	)	PUNCT
faba-4	134	21	×	×	NOUN
faba-4	134	22	(	(	PUNCT
faba-4	134	23	𝟏	𝟏	NUM
faba-4	134	24	+	+	CCONJ
faba-4	134	25	𝒈𝟏)𝒏	𝒈𝟏)𝒏	ADJ
faba-4	134	26	×	×	NOUN
faba-4	134	27	(	(	PUNCT
faba-4	134	28	𝟏	𝟏	NUM
faba-4	134	29	+	+	NUM
faba-4	134	30	𝒈𝟐	𝒈𝟐	NOUN
faba-4	134	31	)	)	PUNCT
faba-4	134	32	(	(	PUNCT
faba-4	134	33	𝒓𝟐	𝒓𝟐	VERB
faba-4	134	34	−	−	PROPN
faba-4	134	35	𝒈𝟐	𝒈𝟐	NOUN
faba-4	134	36	)	)	PUNCT
faba-4	134	37	×	×	NOUN
faba-4	134	38	(	(	PUNCT
faba-4	134	39	𝟏	𝟏	NUM
faba-4	134	40	+	+	CCONJ
faba-4	134	41	𝒓𝟏)𝒏	𝒓𝟏)𝒏	PROPN
faba-4	134	42	(	(	PUNCT
faba-4	134	43	𝟐	𝟐	NUM
faba-4	134	44	)	)	PUNCT
faba-4	134	45	fundamental	fundamental	ADJ
faba-4	134	46	model	model	NOUN
faba-4	134	47	of	of	ADP
faba-4	134	48	the	the	DET
faba-4	134	49	ev	ev	PROPN
faba-4	134	50	/	/	SYM
faba-4	134	51	s	s	PART
faba-4	134	52	ratio	ratio	NOUN
faba-4	134	53	taking	take	VERB
faba-4	134	54	into	into	ADP
faba-4	134	55	account	account	NOUN
faba-4	134	56	that	that	SCONJ
faba-4	134	57	the	the	DET
faba-4	134	58	numerator	numerator	NOUN
faba-4	134	59	of	of	ADP
faba-4	134	60	the	the	DET
faba-4	134	61	ev	ev	PROPN
faba-4	134	62	/	/	SYM
faba-4	134	63	s	s	PART
faba-4	134	64	is	be	AUX
faba-4	134	65	the	the	DET
faba-4	134	66	operating	operating	NOUN
faba-4	134	67	value	value	NOUN
faba-4	134	68	of	of	ADP
faba-4	134	69	the	the	DET
faba-4	134	70	company	company	NOUN
faba-4	134	71	,	,	PUNCT
faba-4	134	72	the	the	DET
faba-4	134	73	dcf	dcf	PROPN
faba-4	134	74	enterprise	enterprise	NOUN
faba-4	134	75	valuation	valuation	NOUN
faba-4	134	76	model	model	NOUN
faba-4	134	77	is	be	AUX
faba-4	134	78	the	the	DET
faba-4	134	79	most	most	ADV
faba-4	134	80	appropriate	appropriate	ADJ
faba-4	134	81	for	for	ADP
faba-4	134	82	deriving	derive	VERB
faba-4	134	83	the	the	DET
faba-4	134	84	fundamental	fundamental	ADJ
faba-4	134	85	model	model	NOUN
faba-4	134	86	of	of	ADP
faba-4	134	87	this	this	DET
faba-4	134	88	ratio	ratio	NOUN
faba-4	134	89	.	.	PUNCT
faba-4	135	1	if	if	SCONJ
faba-4	135	2	the	the	DET
faba-4	135	3	case	case	NOUN
faba-4	135	4	is	be	AUX
faba-4	135	5	about	about	ADP
faba-4	135	6	a	a	DET
faba-4	135	7	mature	mature	ADJ
faba-4	135	8	company	company	NOUN
faba-4	135	9	,	,	PUNCT
faba-4	135	10	with	with	ADP
faba-4	135	11	assumed	assume	VERB
faba-4	135	12	stable	stable	ADJ
faba-4	135	13	growth	growth	NOUN
faba-4	135	14	rate	rate	NOUN
faba-4	135	15	until	until	ADP
faba-4	135	16	infinity	infinity	NOUN
faba-4	135	17	,	,	PUNCT
faba-4	135	18	its	its	PRON
faba-4	135	19	enterprise	enterprise	NOUN
faba-4	135	20	value	value	NOUN
faba-4	135	21	can	can	AUX
faba-4	135	22	be	be	AUX
faba-4	135	23	determined	determine	VERB
faba-4	135	24	as	as	SCONJ
faba-4	135	25	follows	follow	VERB
faba-4	135	26	:	:	PUNCT
faba-4	136	1	𝑬𝑽	𝑬𝑽	PROPN
faba-4	136	2	=	=	SYM
faba-4	136	3	𝑵𝑶𝑷𝑳𝑨𝑻𝟏	𝑵𝑶𝑷𝑳𝑨𝑻𝟏	PROPN
faba-4	136	4	×	×	NOUN
faba-4	136	5	(	(	PUNCT
faba-4	136	6	𝟏	𝟏	NOUN
faba-4	136	7	−	−	NOUN
faba-4	136	8	𝒃	𝒃	NOUN
faba-4	136	9	)	)	PUNCT
faba-4	136	10	𝑾𝑨𝑪𝑪	𝑾𝑨𝑪𝑪	NOUN
faba-4	136	11	−	−	ADP
faba-4	136	12	𝒈	𝒈	SYM
faba-4	136	13	=	=	SYM
faba-4	136	14	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	PROPN
faba-4	136	15	×	×	NOUN
faba-4	136	16	(	(	PUNCT
faba-4	136	17	𝟏	𝟏	NUM
faba-4	136	18	+	+	NUM
faba-4	136	19	𝒈	𝒈	NOUN
faba-4	136	20	)	)	PUNCT
faba-4	136	21	×	×	NOUN
faba-4	136	22	(	(	PUNCT
faba-4	136	23	𝟏	𝟏	NOUN
faba-4	136	24	−	−	NOUN
faba-4	136	25	𝒃	𝒃	NOUN
faba-4	136	26	)	)	PUNCT
faba-4	136	27	𝑾𝑨𝑪𝑪	𝑾𝑨𝑪𝑪	NOUN
faba-4	136	28	−	−	PROPN
faba-4	136	29	𝒈	𝒈	SYM
faba-4	136	30	(	(	PUNCT
faba-4	136	31	𝟏	𝟏	NUM
faba-4	136	32	)	)	PUNCT
faba-4	136	33	where	where	SCONJ
faba-4	136	34	:	:	PUNCT
faba-4	136	35	noplat	noplat	NOUN
faba-4	136	36	=	=	NOUN
faba-4	136	37	net	net	ADJ
faba-4	136	38	operating	operating	NOUN
faba-4	136	39	profit	profit	NOUN
faba-4	136	40	after	after	ADP
faba-4	136	41	tax	tax	NOUN
faba-4	136	42	,	,	PUNCT
faba-4	136	43	b	b	NOUN
faba-4	136	44	=	=	NOUN
faba-4	136	45	retention	retention	NOUN
faba-4	136	46	(	(	PUNCT
faba-4	136	47	reinvestment	reinvestment	NOUN
faba-4	136	48	)	)	PUNCT
faba-4	136	49	ratio	ratio	NOUN
faba-4	136	50	,	,	PUNCT
faba-4	136	51	wacc	wacc	PROPN
faba-4	136	52	=	=	PRON
faba-4	136	53	weighted	weight	VERB
faba-4	136	54	average	average	ADJ
faba-4	136	55	cost	cost	NOUN
faba-4	136	56	of	of	ADP
faba-4	136	57	capital	capital	NOUN
faba-4	136	58	,	,	PUNCT
faba-4	136	59	g	g	NOUN
faba-4	136	60	=	=	PUNCT
faba-4	136	61	expected	expect	VERB
faba-4	136	62	growth	growth	NOUN
faba-4	136	63	rate	rate	NOUN
faba-4	136	64	of	of	ADP
faba-4	136	65	noplat	noplat	NOUN
faba-4	136	66	.	.	PUNCT
faba-4	137	1	dimitir	dimitir	ADJ
faba-4	137	2	nenkov	nenkov	PROPN
faba-4	137	3	/	/	SYM
faba-4	137	4	finance	finance	NOUN
faba-4	137	5	,	,	PUNCT
faba-4	137	6	accounting	accounting	NOUN
faba-4	137	7	,	,	PUNCT
faba-4	137	8	and	and	CCONJ
faba-4	137	9	business	business	NOUN
faba-4	137	10	analisys	analisys	NOUN
faba-4	137	11	42	42	NUM
faba-4	137	12	dividing	divide	VERB
faba-4	137	13	both	both	DET
faba-4	137	14	sides	side	NOUN
faba-4	137	15	by	by	ADP
faba-4	137	16	the	the	DET
faba-4	137	17	sales	sale	NOUN
faba-4	137	18	from	from	ADP
faba-4	137	19	current	current	ADJ
faba-4	137	20	year	year	NOUN
faba-4	137	21	(	(	PUNCT
faba-4	137	22	s0	s0	PROPN
faba-4	137	23	)	)	PUNCT
faba-4	137	24	,	,	PUNCT
faba-4	137	25	we	we	PRON
faba-4	137	26	arrive	arrive	VERB
faba-4	137	27	at	at	ADP
faba-4	137	28	:	:	PUNCT
faba-4	137	29	𝑬𝑽	𝑬𝑽	PROPN
faba-4	137	30	𝑺	𝑺	NOUN
faba-4	137	31	=	=	PUNCT
faba-4	138	1	𝑵𝑶𝑷𝑳𝑨𝑻𝟎/𝑺𝟎	𝑵𝑶𝑷𝑳𝑨𝑻𝟎/𝑺𝟎	PROPN
faba-4	138	2	×	×	NOUN
faba-4	138	3	(	(	PUNCT
faba-4	138	4	𝟏	𝟏	NUM
faba-4	138	5	+	+	NUM
faba-4	138	6	𝒈	𝒈	NOUN
faba-4	138	7	)	)	PUNCT
faba-4	138	8	×	×	NOUN
faba-4	138	9	(	(	PUNCT
faba-4	138	10	𝟏	𝟏	NOUN
faba-4	138	11	−	−	NOUN
faba-4	138	12	𝒃	𝒃	NOUN
faba-4	138	13	)	)	PUNCT
faba-4	138	14	𝑾𝑨𝑪𝑪	𝑾𝑨𝑪𝑪	NOUN
faba-4	138	15	−	−	PROPN
faba-4	138	16	𝒈	𝒈	SYM
faba-4	138	17	(	(	PUNCT
faba-4	138	18	𝟐	𝟐	NUM
faba-4	138	19	)	)	PUNCT
faba-4	138	20	the	the	DET
faba-4	138	21	net	net	ADJ
faba-4	138	22	operating	operate	VERB
faba-4	138	23	margin	margin	NOUN
faba-4	138	24	is	be	AUX
faba-4	138	25	equal	equal	ADJ
faba-4	138	26	to	to	ADP
faba-4	138	27	the	the	DET
faba-4	138	28	ratio	ratio	NOUN
faba-4	138	29	between	between	ADP
faba-4	138	30	net	net	ADJ
faba-4	138	31	operating	operating	NOUN
faba-4	138	32	profit	profit	NOUN
faba-4	138	33	after	after	ADP
faba-4	138	34	tax	tax	NOUN
faba-4	138	35	(	(	PUNCT
faba-4	138	36	noplat	noplat	NOUN
faba-4	138	37	)	)	PUNCT
faba-4	138	38	and	and	CCONJ
faba-4	138	39	sales	sale	NOUN
faba-4	138	40	(	(	PUNCT
faba-4	138	41	noplat0	noplat0	PROPN
faba-4	138	42	/	/	SYM
faba-4	138	43	s0	s0	PROPN
faba-4	138	44	)	)	PUNCT
faba-4	138	45	.	.	PUNCT
faba-4	139	1	after	after	ADP
faba-4	139	2	substituting	substitute	VERB
faba-4	139	3	,	,	PUNCT
faba-4	139	4	the	the	DET
faba-4	139	5	above	above	ADJ
faba-4	139	6	equation	equation	NOUN
faba-4	139	7	transforms	transform	VERB
faba-4	139	8	into	into	ADP
faba-4	139	9	the	the	DET
faba-4	139	10	one	one	NUM
faba-4	139	11	-	-	PUNCT
faba-4	139	12	stage	stage	NOUN
faba-4	139	13	fundamental	fundamental	ADJ
faba-4	139	14	model	model	NOUN
faba-4	139	15	of	of	ADP
faba-4	139	16	ev	ev	PROPN
faba-4	139	17	/	/	SYM
faba-4	139	18	s	s	PROPN
faba-4	139	19	:	:	PUNCT
faba-4	139	20	𝑬𝑽	𝑬𝑽	PROPN
faba-4	139	21	𝑺	𝑺	NOUN
faba-4	139	22	=	=	NOUN
faba-4	139	23	net	net	ADJ
faba-4	139	24	operating	operate	VERB
faba-4	139	25	margin	margin	NOUN
faba-4	139	26	×	×	NOUN
faba-4	139	27	(	(	PUNCT
faba-4	139	28	𝟏	𝟏	NUM
faba-4	139	29	+	+	NUM
faba-4	139	30	𝒈	𝒈	NOUN
faba-4	139	31	)	)	PUNCT
faba-4	139	32	×	×	NOUN
faba-4	139	33	(	(	PUNCT
faba-4	139	34	𝟏	𝟏	NOUN
faba-4	139	35	−	−	NOUN
faba-4	139	36	𝒃	𝒃	NOUN
faba-4	139	37	)	)	PUNCT
faba-4	139	38	𝑾𝑨𝑪𝑪	𝑾𝑨𝑪𝑪	NOUN
faba-4	139	39	−	−	PROPN
faba-4	139	40	𝒈	𝒈	SYM
faba-4	139	41	(	(	PUNCT
faba-4	139	42	𝟑	𝟑	X
faba-4	139	43	)	)	PUNCT
faba-4	139	44	in	in	ADP
faba-4	139	45	this	this	DET
faba-4	139	46	case	case	NOUN
faba-4	139	47	the	the	DET
faba-4	139	48	net	net	ADJ
faba-4	139	49	operating	operate	VERB
faba-4	139	50	margin	margin	NOUN
faba-4	139	51	is	be	AUX
faba-4	139	52	calculated	calculate	VERB
faba-4	139	53	as	as	ADP
faba-4	139	54	the	the	DET
faba-4	139	55	ratio	ratio	NOUN
faba-4	139	56	of	of	ADP
faba-4	139	57	current	current	ADJ
faba-4	139	58	noplat	noplat	NOUN
faba-4	139	59	to	to	ADP
faba-4	139	60	current	current	ADJ
faba-4	139	61	sales	sale	NOUN
faba-4	139	62	.	.	PUNCT
faba-4	140	1	from	from	ADP
faba-4	140	2	equation	equation	NOUN
faba-4	140	3	(	(	PUNCT
faba-4	140	4	3	3	X
faba-4	140	5	)	)	PUNCT
faba-4	140	6	we	we	PRON
faba-4	140	7	see	see	VERB
faba-4	140	8	that	that	SCONJ
faba-4	140	9	the	the	DET
faba-4	140	10	enterprise	enterprise	NOUN
faba-4	140	11	value	value	NOUN
faba-4	140	12	-	-	PUNCT
faba-4	140	13	to	to	ADP
faba-4	140	14	-	-	PUNCT
faba-4	140	15	sales	sale	NOUN
faba-4	140	16	ratio	ratio	NOUN
faba-4	140	17	is	be	AUX
faba-4	140	18	a	a	DET
faba-4	140	19	growing	grow	VERB
faba-4	140	20	function	function	NOUN
faba-4	140	21	of	of	ADP
faba-4	140	22	the	the	DET
faba-4	140	23	net	net	ADJ
faba-4	140	24	operating	operate	VERB
faba-4	140	25	margin	margin	NOUN
faba-4	140	26	and	and	CCONJ
faba-4	140	27	the	the	DET
faba-4	140	28	growth	growth	NOUN
faba-4	140	29	rate	rate	NOUN
faba-4	140	30	(	(	PUNCT
faba-4	140	31	g	g	NOUN
faba-4	140	32	)	)	PUNCT
faba-4	140	33	and	and	CCONJ
faba-4	140	34	a	a	DET
faba-4	140	35	decreasing	decrease	VERB
faba-4	140	36	function	function	NOUN
faba-4	140	37	of	of	ADP
faba-4	140	38	the	the	DET
faba-4	140	39	reinvestment	reinvestment	NOUN
faba-4	140	40	rate	rate	NOUN
faba-4	140	41	(	(	PUNCT
faba-4	140	42	b	b	NOUN
faba-4	140	43	)	)	PUNCT
faba-4	140	44	and	and	CCONJ
faba-4	140	45	the	the	DET
faba-4	140	46	weighted	weighted	ADJ
faba-4	140	47	average	average	ADJ
faba-4	140	48	cost	cost	NOUN
faba-4	140	49	of	of	ADP
faba-4	140	50	capital	capital	NOUN
faba-4	140	51	(	(	PUNCT
faba-4	140	52	wacc	wacc	PROPN
faba-4	140	53	)	)	PUNCT
faba-4	140	54	.	.	PUNCT
faba-4	141	1	after	after	ADP
faba-4	141	2	expressing	express	VERB
faba-4	141	3	the	the	DET
faba-4	141	4	reinvestment	reinvestment	NOUN
faba-4	141	5	rate	rate	NOUN
faba-4	141	6	(	(	PUNCT
faba-4	141	7	b	b	NOUN
faba-4	141	8	)	)	PUNCT
faba-4	141	9	as	as	ADP
faba-4	141	10	a	a	DET
faba-4	141	11	function	function	NOUN
faba-4	141	12	of	of	ADP
faba-4	141	13	the	the	DET
faba-4	141	14	return	return	NOUN
faba-4	141	15	on	on	ADP
faba-4	141	16	invested	invest	VERB
faba-4	141	17	capital	capital	NOUN
faba-4	141	18	(	(	PUNCT
faba-4	141	19	roic	roic	ADJ
faba-4	141	20	)	)	PUNCT
faba-4	141	21	and	and	CCONJ
faba-4	141	22	the	the	DET
faba-4	141	23	growth	growth	NOUN
faba-4	141	24	rate	rate	NOUN
faba-4	141	25	(	(	PUNCT
faba-4	141	26	g	g	NOUN
faba-4	141	27	)	)	PUNCT
faba-4	141	28	,	,	PUNCT
faba-4	141	29	the	the	DET
faba-4	141	30	fundamental	fundamental	ADJ
faba-4	141	31	model	model	NOUN
faba-4	141	32	acquires	acquire	VERB
faba-4	141	33	the	the	DET
faba-4	141	34	following	follow	VERB
faba-4	141	35	shape	shape	NOUN
faba-4	141	36	:	:	PUNCT
faba-4	141	37	𝑬𝑽	𝑬𝑽	PROPN
faba-4	141	38	𝑺	𝑺	NOUN
faba-4	141	39	=	=	NOUN
faba-4	141	40	net	net	ADJ
faba-4	141	41	operating	operate	VERB
faba-4	141	42	margin	margin	NOUN
faba-4	141	43	×	×	NOUN
faba-4	141	44	(	(	PUNCT
faba-4	141	45	𝟏	𝟏	NUM
faba-4	141	46	+	+	NUM
faba-4	141	47	𝒈	𝒈	NOUN
faba-4	141	48	)	)	PUNCT
faba-4	141	49	×	×	NOUN
faba-4	141	50	(	(	PUNCT
faba-4	141	51	𝟏	𝟏	NOUN
faba-4	141	52	−	−	NOUN
faba-4	141	53	𝒈/𝑹𝑶𝑰𝑪	𝒈/𝑹𝑶𝑰𝑪	NOUN
faba-4	141	54	)	)	PUNCT
faba-4	141	55	𝑾𝑨𝑪𝑪	𝑾𝑨𝑪𝑪	NOUN
faba-4	141	56	−	−	PROPN
faba-4	141	57	𝒈	𝒈	SYM
faba-4	141	58	(	(	PUNCT
faba-4	141	59	𝟒	𝟒	X
faba-4	141	60	)	)	PUNCT
faba-4	141	61	it	it	PRON
faba-4	141	62	becomes	become	VERB
faba-4	141	63	clear	clear	ADJ
faba-4	141	64	from	from	ADP
faba-4	141	65	the	the	DET
faba-4	141	66	model	model	NOUN
faba-4	141	67	that	that	SCONJ
faba-4	141	68	for	for	ADP
faba-4	141	69	a	a	DET
faba-4	141	70	company	company	NOUN
faba-4	141	71	with	with	ADP
faba-4	141	72	a	a	DET
faba-4	141	73	growth	growth	NOUN
faba-4	141	74	rate	rate	NOUN
faba-4	141	75	close	close	ADJ
faba-4	141	76	to	to	ADP
faba-4	141	77	or	or	CCONJ
faba-4	141	78	equal	equal	ADJ
faba-4	141	79	to	to	ADP
faba-4	141	80	zero	zero	NUM
faba-4	141	81	,	,	PUNCT
faba-4	141	82	the	the	DET
faba-4	141	83	ev	ev	PROPN
faba-4	141	84	/	/	SYM
faba-4	141	85	s	s	PART
faba-4	141	86	should	should	AUX
faba-4	141	87	be	be	AUX
faba-4	141	88	determined	determine	VERB
faba-4	141	89	by	by	ADP
faba-4	141	90	the	the	DET
faba-4	141	91	differential	differential	NOUN
faba-4	141	92	between	between	ADP
faba-4	141	93	net	net	ADJ
faba-4	141	94	operating	operate	VERB
faba-4	141	95	margin	margin	NOUN
faba-4	141	96	and	and	CCONJ
faba-4	141	97	wacc	wacc	PROPN
faba-4	141	98	.	.	PUNCT
faba-4	142	1	the	the	DET
faba-4	142	2	model	model	NOUN
faba-4	142	3	also	also	ADV
faba-4	142	4	shows	show	VERB
faba-4	142	5	that	that	SCONJ
faba-4	142	6	for	for	ADP
faba-4	142	7	a	a	DET
faba-4	142	8	given	give	VERB
faba-4	142	9	level	level	NOUN
faba-4	142	10	of	of	ADP
faba-4	142	11	the	the	DET
faba-4	142	12	growth	growth	NOUN
faba-4	142	13	rate	rate	NOUN
faba-4	142	14	(	(	PUNCT
faba-4	142	15	g	g	NOUN
faba-4	142	16	)	)	PUNCT
faba-4	142	17	,	,	PUNCT
faba-4	142	18	the	the	PRON
faba-4	142	19	higher	high	ADJ
faba-4	142	20	the	the	DET
faba-4	142	21	roic	roic	ADJ
faba-4	142	22	,	,	PUNCT
faba-4	142	23	the	the	DET
faba-4	142	24	higher	high	ADJ
faba-4	142	25	is	be	AUX
faba-4	142	26	the	the	DET
faba-4	142	27	ev	ev	PROPN
faba-4	142	28	/	/	SYM
faba-4	142	29	s.	s.	PROPN
faba-4	142	30	the	the	DET
faba-4	142	31	two	two	NUM
faba-4	142	32	-	-	PUNCT
faba-4	142	33	stage	stage	NOUN
faba-4	142	34	fundamental	fundamental	ADJ
faba-4	142	35	model	model	NOUN
faba-4	142	36	of	of	ADP
faba-4	142	37	ev	ev	PROPN
faba-4	142	38	/	/	SYM
faba-4	142	39	s	s	PART
faba-4	142	40	can	can	AUX
faba-4	142	41	be	be	AUX
faba-4	142	42	derived	derive	VERB
faba-4	142	43	from	from	ADP
faba-4	142	44	the	the	DET
faba-4	142	45	two	two	NUM
faba-4	142	46	-	-	PUNCT
faba-4	142	47	stage	stage	NOUN
faba-4	142	48	dcf	dcf	NOUN
faba-4	142	49	enterprise	enterprise	NOUN
faba-4	142	50	valuation	valuation	NOUN
faba-4	142	51	model	model	NOUN
faba-4	142	52	,	,	PUNCT
faba-4	142	53	where	where	SCONJ
faba-4	142	54	the	the	DET
faba-4	142	55	future	future	NOUN
faba-4	142	56	is	be	AUX
faba-4	142	57	divided	divide	VERB
faba-4	142	58	into	into	ADP
faba-4	142	59	two	two	NUM
faba-4	142	60	sub	sub	NOUN
faba-4	142	61	-	-	ADJ
faba-4	142	62	periods	period	NOUN
faba-4	142	63	an	an	DET
faba-4	142	64	explicit	explicit	ADJ
faba-4	142	65	forecast	forecast	NOUN
faba-4	142	66	period	period	NOUN
faba-4	142	67	and	and	CCONJ
faba-4	142	68	after	after	ADP
faba-4	142	69	it	it	PRON
faba-4	142	70	.	.	PUNCT
faba-4	143	1	from	from	ADP
faba-4	143	2	the	the	DET
faba-4	143	3	dcf	dcf	PROPN
faba-4	143	4	model	model	NOUN
faba-4	143	5	we	we	PRON
faba-4	143	6	know	know	VERB
faba-4	143	7	that	that	SCONJ
faba-4	143	8	,	,	PUNCT
faba-4	143	9	other	other	ADJ
faba-4	143	10	things	thing	NOUN
faba-4	143	11	being	be	AUX
faba-4	143	12	equal	equal	ADJ
faba-4	143	13	,	,	PUNCT
faba-4	143	14	the	the	DET
faba-4	143	15	free	free	ADJ
faba-4	143	16	cash	cash	NOUN
faba-4	143	17	flow	flow	NOUN
faba-4	143	18	to	to	ADP
faba-4	143	19	investors	investor	NOUN
faba-4	143	20	(	(	PUNCT
faba-4	143	21	fcfi	fcfi	NOUN
faba-4	143	22	)	)	PUNCT
faba-4	143	23	for	for	ADP
faba-4	143	24	each	each	DET
faba-4	143	25	year	year	NOUN
faba-4	143	26	is	be	AUX
faba-4	143	27	equal	equal	ADJ
faba-4	143	28	to	to	ADP
faba-4	143	29	that	that	DET
faba-4	143	30	part	part	NOUN
faba-4	143	31	of	of	ADP
faba-4	143	32	noplat	noplat	NOUN
faba-4	143	33	,	,	PUNCT
faba-4	143	34	which	which	PRON
faba-4	143	35	is	be	AUX
faba-4	143	36	not	not	PART
faba-4	143	37	retained	retain	VERB
faba-4	143	38	and	and	CCONJ
faba-4	143	39	reinvested	reinveste	VERB
faba-4	143	40	,	,	PUNCT
faba-4	143	41	and	and	CCONJ
faba-4	143	42	can	can	AUX
faba-4	143	43	be	be	AUX
faba-4	143	44	expressed	express	VERB
faba-4	143	45	as	as	SCONJ
faba-4	143	46	follows	follow	VERB
faba-4	143	47	:	:	PUNCT
faba-4	143	48	fcfi	fcfi	NOUN
faba-4	143	49	=	=	SYM
faba-4	143	50	noplat	noplat	NOUN
faba-4	143	51	×	×	NOUN
faba-4	143	52	(	(	PUNCT
faba-4	143	53	1	1	NUM
faba-4	143	54	-	-	PUNCT
faba-4	143	55	b	b	NOUN
faba-4	143	56	)	)	PUNCT
faba-4	143	57	if	if	SCONJ
faba-4	143	58	we	we	PRON
faba-4	143	59	assume	assume	VERB
faba-4	143	60	that	that	SCONJ
faba-4	143	61	there	there	PRON
faba-4	143	62	is	be	VERB
faba-4	143	63	one	one	NUM
faba-4	143	64	and	and	CCONJ
faba-4	143	65	the	the	DET
faba-4	143	66	same	same	ADJ
faba-4	143	67	growth	growth	NOUN
faba-4	143	68	rate	rate	NOUN
faba-4	143	69	for	for	ADP
faba-4	143	70	the	the	DET
faba-4	143	71	years	year	NOUN
faba-4	143	72	of	of	ADP
faba-4	143	73	the	the	DET
faba-4	143	74	explicit	explicit	ADJ
faba-4	143	75	growth	growth	NOUN
faba-4	143	76	period	period	NOUN
faba-4	143	77	g1	g1	NOUN
faba-4	143	78	,	,	PUNCT
faba-4	143	79	and	and	CCONJ
faba-4	143	80	another	another	DET
faba-4	143	81	constant	constant	ADJ
faba-4	143	82	growth	growth	NOUN
faba-4	143	83	rate	rate	NOUN
faba-4	143	84	after	after	ADP
faba-4	143	85	the	the	DET
faba-4	143	86	explicit	explicit	ADJ
faba-4	143	87	forecast	forecast	NOUN
faba-4	143	88	period	period	NOUN
faba-4	143	89	g2	g2	PROPN
faba-4	143	90	,	,	PUNCT
faba-4	143	91	then	then	ADV
faba-4	143	92	the	the	DET
faba-4	143	93	model	model	NOUN
faba-4	143	94	can	can	AUX
faba-4	143	95	be	be	AUX
faba-4	143	96	presented	present	VERB
faba-4	143	97	in	in	ADP
faba-4	143	98	the	the	DET
faba-4	143	99	following	following	ADJ
faba-4	143	100	way	way	NOUN
faba-4	143	101	:	:	PUNCT
faba-4	143	102	𝑬𝑽	𝑬𝑽	PROPN
faba-4	143	103	=	=	SYM
faba-4	143	104	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	PROPN
faba-4	143	105	×	×	NOUN
faba-4	143	106	(	(	PUNCT
faba-4	143	107	𝟏	𝟏	NUM
faba-4	143	108	−	−	NOUN
faba-4	143	109	𝒃𝟏	𝒃𝟏	NOUN
faba-4	143	110	)	)	PUNCT
faba-4	143	111	×	×	NOUN
faba-4	143	112	(	(	PUNCT
faba-4	143	113	𝟏	𝟏	NUM
faba-4	143	114	+	+	NUM
faba-4	143	115	𝒈𝟏	𝒈𝟏	PROPN
faba-4	143	116	)	)	PUNCT
faba-4	143	117	×	×	NOUN
faba-4	144	1	[	[	X
faba-4	144	2	𝟏	𝟏	NUM
faba-4	144	3	−	−	NOUN
faba-4	144	4	(	(	PUNCT
faba-4	144	5	𝟏	𝟏	NUM
faba-4	145	1	+	+	NUM
faba-4	145	2	𝒈𝟏)𝒏	𝒈𝟏)𝒏	NOUN
faba-4	145	3	(	(	PUNCT
faba-4	145	4	𝟏	𝟏	NUM
faba-4	145	5	+	+	CCONJ
faba-4	145	6	𝑾𝑨𝑪𝑪𝟏)𝒏	𝑾𝑨𝑪𝑪𝟏)𝒏	PROPN
faba-4	145	7	]	]	X
faba-4	145	8	𝑾𝑨𝑪𝑪𝟏	𝑾𝑨𝑪𝑪𝟏	ADP
faba-4	145	9	−	−	PROPN
faba-4	145	10	𝒈𝟏	𝒈𝟏	PROPN
faba-4	145	11	+	+	CCONJ
faba-4	145	12	+	+	CCONJ
faba-4	145	13	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	𝑵𝑶𝑷𝑳𝑨𝑻𝟎	PROPN
faba-4	145	14	×	×	NOUN
faba-4	145	15	(	(	PUNCT
faba-4	145	16	𝟏	𝟏	NUM
faba-4	145	17	−	−	PROPN
faba-4	145	18	𝒃𝟐	𝒃𝟐	PROPN
faba-4	145	19	)	)	PUNCT
faba-4	145	20	×	×	NOUN
faba-4	145	21	(	(	PUNCT
faba-4	145	22	𝟏	𝟏	NUM
faba-4	145	23	+	+	CCONJ
faba-4	145	24	𝒈𝟏)𝒏	𝒈𝟏)𝒏	ADJ
faba-4	145	25	×	×	NOUN
faba-4	145	26	(	(	PUNCT
faba-4	145	27	𝟏	𝟏	NUM
faba-4	145	28	+	+	NUM
faba-4	145	29	𝒈𝟐	𝒈𝟐	NOUN
faba-4	145	30	)	)	PUNCT
faba-4	145	31	(	(	PUNCT
faba-4	145	32	𝑾𝑨𝑪𝑪𝟐	𝑾𝑨𝑪𝑪𝟐	PROPN
faba-4	145	33	−	−	NOUN
faba-4	145	34	𝒈𝟐	𝒈𝟐	NOUN
faba-4	145	35	)	)	PUNCT
faba-4	145	36	×	×	NOUN
faba-4	145	37	(	(	PUNCT
faba-4	145	38	𝟏	𝟏	NUM
faba-4	145	39	+	+	CCONJ
faba-4	145	40	𝑾𝑨𝑪𝑪𝟏)𝒏	𝑾𝑨𝑪𝑪𝟏)𝒏	PROPN
faba-4	145	41	(	(	PUNCT
faba-4	145	42	𝟏	𝟏	NUM
faba-4	145	43	)	)	PUNCT
faba-4	145	44	where	where	SCONJ
faba-4	145	45	:	:	PUNCT
faba-4	145	46	noplat0	noplat0	PROPN
faba-4	145	47	=	=	SYM
faba-4	145	48	net	net	ADJ
faba-4	145	49	operating	operating	NOUN
faba-4	145	50	profit	profit	NOUN
faba-4	145	51	for	for	ADP
faba-4	145	52	current	current	ADJ
faba-4	145	53	year	year	NOUN
faba-4	145	54	,	,	PUNCT
faba-4	145	55	b1	b1	NOUN
faba-4	145	56	=	=	SYM
faba-4	145	57	reinvestment	reinvestment	NOUN
faba-4	145	58	rate	rate	NOUN
faba-4	145	59	for	for	ADP
faba-4	145	60	noplat	noplat	NOUN
faba-4	145	61	during	during	ADP
faba-4	145	62	the	the	DET
faba-4	145	63	explicit	explicit	ADJ
faba-4	145	64	forecast	forecast	NOUN
faba-4	145	65	period	period	NOUN
faba-4	145	66	,	,	PUNCT
faba-4	145	67	b2	b2	NOUN
faba-4	145	68	=	=	SYM
faba-4	145	69	reinvestment	reinvestment	NOUN
faba-4	145	70	rate	rate	NOUN
faba-4	145	71	for	for	ADP
faba-4	145	72	noplat	noplat	NOUN
faba-4	145	73	after	after	ADP
faba-4	145	74	the	the	DET
faba-4	145	75	explicit	explicit	ADJ
faba-4	145	76	forecast	forecast	NOUN
faba-4	145	77	period	period	NOUN
faba-4	145	78	,	,	PUNCT
faba-4	145	79	g1	g1	PROPN
faba-4	145	80	=	=	PUNCT
faba-4	145	81	expected	expect	VERB
faba-4	145	82	growth	growth	NOUN
faba-4	145	83	rate	rate	NOUN
faba-4	145	84	of	of	ADP
faba-4	145	85	noplat	noplat	NOUN
faba-4	145	86	during	during	ADP
faba-4	145	87	the	the	DET
faba-4	145	88	explicit	explicit	ADJ
faba-4	145	89	forecast	forecast	NOUN
faba-4	145	90	period	period	NOUN
faba-4	145	91	,	,	PUNCT
faba-4	145	92	g2	g2	PROPN
faba-4	145	93	=	=	PUNCT
faba-4	145	94	expected	expect	VERB
faba-4	145	95	growth	growth	NOUN
faba-4	145	96	rate	rate	NOUN
faba-4	145	97	of	of	ADP
faba-4	145	98	noplat	noplat	NOUN
faba-4	145	99	after	after	ADP
faba-4	145	100	the	the	DET
faba-4	145	101	explicit	explicit	ADJ
faba-4	145	102	forecast	forecast	NOUN
faba-4	145	103	period	period	NOUN
faba-4	145	104	,	,	PUNCT
faba-4	145	105	wacc1	wacc1	PROPN
faba-4	146	1	=	=	PUNCT
faba-4	146	2	weighted	weight	VERB
faba-4	146	3	average	average	ADJ
faba-4	146	4	cost	cost	NOUN
faba-4	146	5	of	of	ADP
faba-4	146	6	capital	capital	NOUN
faba-4	146	7	during	during	ADP
faba-4	146	8	the	the	DET
faba-4	146	9	explicit	explicit	ADJ
faba-4	146	10	forecast	forecast	NOUN
faba-4	146	11	period	period	NOUN
faba-4	146	12	,	,	PUNCT
faba-4	146	13	wacc2	wacc2	NOUN
faba-4	146	14	=	=	SYM
faba-4	146	15	weighted	weight	VERB
faba-4	146	16	average	average	ADJ
faba-4	146	17	cost	cost	NOUN
faba-4	146	18	of	of	ADP
faba-4	146	19	capital	capital	NOUN
faba-4	146	20	after	after	ADP
faba-4	146	21	the	the	DET
faba-4	146	22	explicit	explicit	ADJ
faba-4	146	23	forecast	forecast	NOUN
faba-4	146	24	period	period	NOUN
faba-4	146	25	,	,	PUNCT
faba-4	146	26	n	n	NOUN
faba-4	146	27	=	=	NOUN
faba-4	146	28	number	number	NOUN
faba-4	146	29	of	of	ADP
faba-4	146	30	years	year	NOUN
faba-4	146	31	of	of	ADP
faba-4	146	32	the	the	DET
faba-4	146	33	explicit	explicit	ADJ
faba-4	146	34	forecast	forecast	NOUN
faba-4	146	35	period	period	NOUN
faba-4	146	36	.	.	PUNCT
faba-4	147	1	the	the	DET
faba-4	147	2	first	first	ADJ
faba-4	147	3	collectible	collectible	NOUN
faba-4	147	4	at	at	ADP
faba-4	147	5	the	the	DET
faba-4	147	6	right	right	ADJ
faba-4	147	7	side	side	NOUN
faba-4	147	8	of	of	ADP
faba-4	147	9	the	the	DET
faba-4	147	10	equation	equation	NOUN
faba-4	147	11	is	be	AUX
faba-4	147	12	the	the	DET
faba-4	147	13	sum	sum	NOUN
faba-4	147	14	of	of	ADP
faba-4	147	15	the	the	DET
faba-4	147	16	present	present	ADJ
faba-4	147	17	values	value	NOUN
faba-4	147	18	of	of	ADP
faba-4	147	19	annual	annual	ADJ
faba-4	147	20	free	free	ADJ
faba-4	147	21	cash	cash	NOUN
faba-4	147	22	dimitir	dimitir	ADJ
faba-4	147	23	nenkov	nenkov	PROPN
faba-4	147	24	/	/	SYM
faba-4	147	25	finance	finance	NOUN
faba-4	147	26	,	,	PUNCT
faba-4	147	27	accounting	accounting	NOUN
faba-4	147	28	,	,	PUNCT
faba-4	147	29	and	and	CCONJ
faba-4	147	30	business	business	NOUN
faba-4	147	31	analisys	analisys	NOUN
faba-4	147	32	43	43	NUM
faba-4	147	33	flows	flow	NOUN
faba-4	147	34	to	to	ADP
faba-4	147	35	the	the	DET
faba-4	147	36	firm	firm	NOUN
faba-4	147	37	(	(	PUNCT
faba-4	147	38	fcfi	fcfi	NOUN
faba-4	147	39	)	)	PUNCT
faba-4	147	40	during	during	ADP
faba-4	147	41	the	the	DET
faba-4	147	42	explicit	explicit	ADJ
faba-4	147	43	forecast	forecast	NOUN
faba-4	147	44	period	period	NOUN
faba-4	147	45	.	.	PUNCT
faba-4	148	1	the	the	DET
faba-4	148	2	second	second	ADJ
faba-4	148	3	collectible	collectible	NOUN
faba-4	148	4	is	be	AUX
faba-4	148	5	the	the	DET
faba-4	148	6	present	present	ADJ
faba-4	148	7	value	value	NOUN
faba-4	148	8	of	of	ADP
faba-4	148	9	the	the	DET
faba-4	148	10	continuing	continue	VERB
faba-4	148	11	or	or	CCONJ
faba-4	148	12	terminal	terminal	ADJ
faba-4	148	13	value	value	NOUN
faba-4	148	14	(	(	PUNCT
faba-4	148	15	cv	cv	PROPN
faba-4	148	16	,	,	PUNCT
faba-4	148	17	tv	tv	NOUN
faba-4	148	18	)	)	PUNCT
faba-4	148	19	.	.	PUNCT
faba-4	149	1	cv	cv	PROPN
faba-4	149	2	is	be	AUX
faba-4	149	3	the	the	DET
faba-4	149	4	equivalent	equivalent	NOUN
faba-4	149	5	of	of	ADP
faba-4	149	6	future	future	ADJ
faba-4	149	7	fcfi	fcfi	NOUN
faba-4	149	8	after	after	ADP
faba-4	149	9	the	the	DET
faba-4	149	10	end	end	NOUN
faba-4	149	11	of	of	ADP
faba-4	149	12	the	the	DET
faba-4	149	13	explicit	explicit	ADJ
faba-4	149	14	forecast	forecast	NOUN
faba-4	149	15	period	period	NOUN
faba-4	149	16	.	.	PUNCT
faba-4	150	1	after	after	ADP
faba-4	150	2	expressing	express	VERB
faba-4	150	3	noplat0	noplat0	PROPN
faba-4	150	4	as	as	ADP
faba-4	150	5	a	a	DET
faba-4	150	6	function	function	NOUN
faba-4	150	7	of	of	ADP
faba-4	150	8	sales	sale	NOUN
faba-4	150	9	and	and	CCONJ
faba-4	150	10	the	the	DET
faba-4	150	11	net	net	ADJ
faba-4	150	12	operating	operate	VERB
faba-4	150	13	margin	margin	NOUN
faba-4	150	14	and	and	CCONJ
faba-4	150	15	dividing	divide	VERB
faba-4	150	16	both	both	DET
faba-4	150	17	sides	side	NOUN
faba-4	150	18	of	of	ADP
faba-4	150	19	the	the	DET
faba-4	150	20	equation	equation	NOUN
faba-4	150	21	by	by	ADP
faba-4	150	22	(	(	PUNCT
faba-4	150	23	s0	s0	PROPN
faba-4	150	24	)	)	PUNCT
faba-4	150	25	,	,	PUNCT
faba-4	150	26	we	we	PRON
faba-4	150	27	arrive	arrive	VERB
faba-4	150	28	at	at	ADP
faba-4	150	29	the	the	DET
faba-4	150	30	two	two	NUM
faba-4	150	31	-	-	PUNCT
faba-4	150	32	stage	stage	NOUN
faba-4	150	33	fundamental	fundamental	ADJ
faba-4	150	34	model	model	NOUN
faba-4	150	35	of	of	ADP
faba-4	150	36	the	the	DET
faba-4	150	37	ev	ev	PROPN
faba-4	150	38	/	/	SYM
faba-4	150	39	s	s	PROPN
faba-4	150	40	:	:	PUNCT
faba-4	150	41	𝑬𝑽	𝑬𝑽	PROPN
faba-4	150	42	𝑺	𝑺	NOUN
faba-4	150	43	=	=	NOUN
faba-4	150	44	net	net	ADJ
faba-4	150	45	operating	operate	VERB
faba-4	150	46	margin	margin	NOUN
faba-4	150	47	×	×	NOUN
faba-4	150	48	(	(	PUNCT
faba-4	150	49	𝟏	𝟏	NUM
faba-4	150	50	−	−	NOUN
faba-4	150	51	𝒃𝟏	𝒃𝟏	NOUN
faba-4	150	52	)	)	PUNCT
faba-4	150	53	×	×	NOUN
faba-4	150	54	(	(	PUNCT
faba-4	150	55	𝟏	𝟏	NUM
faba-4	150	56	+	+	NUM
faba-4	150	57	𝒈𝟏	𝒈𝟏	PROPN
faba-4	150	58	)	)	PUNCT
faba-4	150	59	×	×	NOUN
faba-4	151	1	[	[	X
faba-4	151	2	𝟏	𝟏	NUM
faba-4	151	3	−	−	NOUN
faba-4	151	4	(	(	PUNCT
faba-4	151	5	𝟏	𝟏	NUM
faba-4	152	1	+	+	NUM
faba-4	152	2	𝒈𝟏)𝒏	𝒈𝟏)𝒏	NOUN
faba-4	152	3	(	(	PUNCT
faba-4	152	4	𝟏	𝟏	NUM
faba-4	152	5	+	+	CCONJ
faba-4	152	6	𝑾𝑨𝑪𝑪𝟏)𝒏	𝑾𝑨𝑪𝑪𝟏)𝒏	PROPN
faba-4	152	7	]	]	X
faba-4	152	8	𝑾𝑨𝑪𝑪𝟏	𝑾𝑨𝑪𝑪𝟏	ADP
faba-4	152	9	−	−	PROPN
faba-4	152	10	𝒈𝟏	𝒈𝟏	PROPN
faba-4	152	11	+	+	CCONJ
faba-4	152	12	+	+	CCONJ
faba-4	152	13	net	net	ADJ
faba-4	152	14	operating	operate	VERB
faba-4	152	15	margin	margin	NOUN
faba-4	152	16	×	×	NOUN
faba-4	152	17	(	(	PUNCT
faba-4	152	18	𝟏	𝟏	NUM
faba-4	152	19	−	−	PROPN
faba-4	152	20	𝒃𝟐	𝒃𝟐	PROPN
faba-4	152	21	)	)	PUNCT
faba-4	152	22	×	×	NOUN
faba-4	152	23	(	(	PUNCT
faba-4	152	24	𝟏	𝟏	NUM
faba-4	152	25	+	+	CCONJ
faba-4	152	26	𝒈𝟏)𝒏	𝒈𝟏)𝒏	ADJ
faba-4	152	27	×	×	NOUN
faba-4	152	28	(	(	PUNCT
faba-4	152	29	𝟏	𝟏	NUM
faba-4	152	30	+	+	NUM
faba-4	152	31	𝒈𝟐	𝒈𝟐	NOUN
faba-4	152	32	)	)	PUNCT
faba-4	152	33	(	(	PUNCT
faba-4	152	34	𝑾𝑨𝑪𝑪𝟐	𝑾𝑨𝑪𝑪𝟐	PROPN
faba-4	152	35	−	−	NOUN
faba-4	152	36	𝒈𝟐	𝒈𝟐	NOUN
faba-4	152	37	)	)	PUNCT
faba-4	152	38	×	×	NOUN
faba-4	152	39	(	(	PUNCT
faba-4	152	40	𝟏	𝟏	NUM
faba-4	152	41	+	+	CCONJ
faba-4	152	42	𝑾𝑨𝑪𝑪𝟏)𝒏	𝑾𝑨𝑪𝑪𝟏)𝒏	PROPN
faba-4	152	43	(	(	PUNCT
faba-4	152	44	𝟐	𝟐	NUM
faba-4	152	45	)	)	PUNCT
faba-4	152	46	the	the	DET
faba-4	152	47	sales	sale	NOUN
faba-4	152	48	-	-	PUNCT
faba-4	152	49	based	base	VERB
faba-4	152	50	market	market	NOUN
faba-4	152	51	ratios	ratio	NOUN
faba-4	152	52	,	,	PUNCT
faba-4	152	53	even	even	ADV
faba-4	152	54	though	though	SCONJ
faba-4	152	55	a	a	DET
faba-4	152	56	function	function	NOUN
faba-4	152	57	of	of	ADP
faba-4	152	58	several	several	ADJ
faba-4	152	59	variables	variable	NOUN
faba-4	152	60	,	,	PUNCT
faba-4	152	61	are	be	AUX
faba-4	152	62	mostly	mostly	ADV
faba-4	152	63	influenced	influence	VERB
faba-4	152	64	by	by	ADP
faba-4	152	65	the	the	DET
faba-4	152	66	profit	profit	NOUN
faba-4	152	67	margins	margin	NOUN
faba-4	152	68	–	–	PUNCT
faba-4	152	69	the	the	DET
faba-4	152	70	net	net	ADJ
faba-4	152	71	margin	margin	NOUN
faba-4	152	72	for	for	ADP
faba-4	152	73	p	p	PROPN
faba-4	152	74	/	/	SYM
faba-4	152	75	s	s	NOUN
faba-4	152	76	and	and	CCONJ
faba-4	152	77	the	the	DET
faba-4	152	78	net	net	ADJ
faba-4	152	79	operating	operate	VERB
faba-4	152	80	margin	margin	NOUN
faba-4	152	81	for	for	ADP
faba-4	152	82	ev	ev	PROPN
faba-4	152	83	/	/	SYM
faba-4	152	84	s.	s.	PROPN
faba-4	152	85	different	different	ADJ
faba-4	152	86	sectors	sector	NOUN
faba-4	152	87	and	and	CCONJ
faba-4	152	88	businesses	business	NOUN
faba-4	152	89	have	have	VERB
faba-4	152	90	different	different	ADJ
faba-4	152	91	profit	profit	NOUN
faba-4	152	92	margins	margin	NOUN
faba-4	152	93	,	,	PUNCT
faba-4	152	94	which	which	PRON
faba-4	152	95	suggests	suggest	VERB
faba-4	152	96	different	different	ADJ
faba-4	152	97	p	p	PROPN
faba-4	152	98	/	/	SYM
faba-4	152	99	s	s	NOUN
faba-4	152	100	and	and	CCONJ
faba-4	152	101	ev	ev	ADP
faba-4	152	102	/	/	SYM
faba-4	152	103	s	s	PROPN
faba-4	152	104	for	for	ADP
faba-4	152	105	these	these	DET
faba-4	152	106	businesses	business	NOUN
faba-4	152	107	.	.	PUNCT
faba-4	153	1	companies	company	NOUN
faba-4	153	2	in	in	ADP
faba-4	153	3	businesses	business	NOUN
faba-4	153	4	with	with	ADP
faba-4	153	5	high	high	ADJ
faba-4	153	6	margin	margin	NOUN
faba-4	153	7	should	should	AUX
faba-4	153	8	have	have	VERB
faba-4	153	9	high	high	ADJ
faba-4	153	10	sales	sale	NOUN
faba-4	153	11	-	-	PUNCT
faba-4	153	12	based	base	VERB
faba-4	153	13	ratios	ratio	NOUN
faba-4	153	14	and	and	CCONJ
faba-4	153	15	vice	vice	NOUN
faba-4	153	16	versa	versa	ADV
faba-4	153	17	.	.	PUNCT
faba-4	154	1	a	a	DET
faba-4	154	2	low	low	ADJ
faba-4	154	3	profit	profit	NOUN
faba-4	154	4	margin	margin	NOUN
faba-4	154	5	directly	directly	ADV
faba-4	154	6	leads	lead	VERB
faba-4	154	7	to	to	PART
faba-4	154	8	lower	lower	VERB
faba-4	154	9	p	p	NOUN
faba-4	154	10	/	/	SYM
faba-4	154	11	s	s	NOUN
faba-4	154	12	and	and	CCONJ
faba-4	154	13	ev	ev	PROPN
faba-4	154	14	/	/	SYM
faba-4	154	15	s	s	PROPN
faba-4	154	16	,	,	PUNCT
faba-4	154	17	but	but	CCONJ
faba-4	154	18	it	it	PRON
faba-4	154	19	has	have	VERB
faba-4	154	20	also	also	ADV
faba-4	154	21	indirect	indirect	ADJ
faba-4	154	22	effect	effect	NOUN
faba-4	154	23	in	in	ADP
faba-4	154	24	the	the	DET
faba-4	154	25	same	same	ADJ
faba-4	154	26	direction	direction	NOUN
faba-4	154	27	,	,	PUNCT
faba-4	154	28	because	because	SCONJ
faba-4	154	29	it	it	PRON
faba-4	154	30	reduces	reduce	VERB
faba-4	154	31	the	the	DET
faba-4	154	32	growth	growth	NOUN
faba-4	154	33	rate	rate	NOUN
faba-4	154	34	(	(	PUNCT
faba-4	154	35	g	g	NOUN
faba-4	154	36	)	)	PUNCT
faba-4	154	37	.	.	PUNCT
faba-4	155	1	however	however	ADV
faba-4	155	2	,	,	PUNCT
faba-4	155	3	this	this	PRON
faba-4	155	4	does	do	AUX
faba-4	155	5	not	not	PART
faba-4	155	6	necessarily	necessarily	ADV
faba-4	155	7	mean	mean	VERB
faba-4	155	8	that	that	SCONJ
faba-4	155	9	all	all	DET
faba-4	155	10	companies	company	NOUN
faba-4	155	11	with	with	ADP
faba-4	155	12	low	low	ADJ
faba-4	155	13	net	net	ADJ
faba-4	155	14	margin	margin	NOUN
faba-4	155	15	or	or	CCONJ
faba-4	155	16	net	net	ADJ
faba-4	155	17	operating	operate	VERB
faba-4	155	18	margin	margin	NOUN
faba-4	155	19	would	would	AUX
faba-4	155	20	be	be	AUX
faba-4	155	21	with	with	ADP
faba-4	155	22	poor	poor	ADJ
faba-4	155	23	financial	financial	ADJ
faba-4	155	24	results	result	NOUN
faba-4	155	25	and	and	CCONJ
faba-4	155	26	not	not	PART
faba-4	155	27	creating	create	VERB
faba-4	155	28	value	value	NOUN
faba-4	155	29	.	.	PUNCT
faba-4	156	1	many	many	ADJ
faba-4	156	2	companies	company	NOUN
faba-4	156	3	rely	rely	VERB
faba-4	156	4	on	on	ADP
faba-4	156	5	high	high	ADJ
faba-4	156	6	turnover	turnover	NOUN
faba-4	156	7	,	,	PUNCT
faba-4	156	8	which	which	PRON
faba-4	156	9	very	very	ADV
faba-4	156	10	often	often	ADV
faba-4	156	11	is	be	AUX
faba-4	156	12	at	at	ADP
faba-4	156	13	the	the	DET
faba-4	156	14	expense	expense	NOUN
faba-4	156	15	of	of	ADP
faba-4	156	16	low	low	ADJ
faba-4	156	17	operating	operating	NOUN
faba-4	156	18	margin	margin	NOUN
faba-4	156	19	.	.	PUNCT
faba-4	157	1	they	they	PRON
faba-4	157	2	bet	bet	VERB
faba-4	157	3	on	on	ADP
faba-4	157	4	being	be	AUX
faba-4	157	5	the	the	DET
faba-4	157	6	leaders	leader	NOUN
faba-4	157	7	in	in	ADP
faba-4	157	8	the	the	DET
faba-4	157	9	market	market	NOUN
faba-4	157	10	by	by	ADP
faba-4	157	11	volume	volume	NOUN
faba-4	157	12	of	of	ADP
faba-4	157	13	sales	sale	NOUN
faba-4	157	14	.	.	PUNCT
faba-4	158	1	others	other	NOUN
faba-4	158	2	bet	bet	VERB
faba-4	158	3	on	on	ADP
faba-4	158	4	high	high	ADJ
faba-4	158	5	margin	margin	NOUN
faba-4	158	6	,	,	PUNCT
faba-4	158	7	trying	try	VERB
faba-4	158	8	to	to	PART
faba-4	158	9	be	be	AUX
faba-4	158	10	the	the	DET
faba-4	158	11	price	price	NOUN
faba-4	158	12	leaders	leader	NOUN
faba-4	158	13	.	.	PUNCT
faba-4	159	1	not	not	PART
faba-4	159	2	always	always	ADV
faba-4	159	3	the	the	DET
faba-4	159	4	latter	latter	ADJ
faba-4	159	5	are	be	AUX
faba-4	159	6	better	well	ADJ
faba-4	159	7	off	off	ADV
faba-4	159	8	than	than	ADP
faba-4	159	9	the	the	DET
faba-4	159	10	first	first	ADJ
faba-4	159	11	.	.	PUNCT
faba-4	160	1	this	this	PRON
faba-4	160	2	depends	depend	VERB
faba-4	160	3	on	on	ADP
faba-4	160	4	the	the	DET
faba-4	160	5	effect	effect	NOUN
faba-4	160	6	which	which	PRON
faba-4	160	7	the	the	DET
faba-4	160	8	selected	select	VERB
faba-4	160	9	strategy	strategy	NOUN
faba-4	160	10	has	have	VERB
faba-4	160	11	over	over	ADP
faba-4	160	12	the	the	DET
faba-4	160	13	value	value	NOUN
faba-4	160	14	creation	creation	NOUN
faba-4	160	15	process	process	NOUN
faba-4	160	16	.	.	PUNCT
faba-4	161	1	value	value	NOUN
faba-4	161	2	creation	creation	NOUN
faba-4	161	3	itself	itself	PRON
faba-4	161	4	depends	depend	VERB
faba-4	161	5	on	on	ADP
faba-4	161	6	the	the	DET
faba-4	161	7	spread	spread	NOUN
faba-4	161	8	between	between	ADP
faba-4	161	9	the	the	DET
faba-4	161	10	return	return	NOUN
faba-4	161	11	on	on	ADP
faba-4	161	12	invested	invest	VERB
faba-4	161	13	capital	capital	NOUN
faba-4	161	14	(	(	PUNCT
faba-4	161	15	roic	roic	ADJ
faba-4	161	16	)	)	PUNCT
faba-4	161	17	and	and	CCONJ
faba-4	161	18	the	the	DET
faba-4	161	19	cost	cost	NOUN
faba-4	161	20	of	of	ADP
faba-4	161	21	capital	capital	NOUN
faba-4	161	22	(	(	PUNCT
faba-4	161	23	wacc	wacc	PROPN
faba-4	161	24	)	)	PUNCT
faba-4	161	25	,	,	PUNCT
faba-4	161	26	at	at	ADP
faba-4	161	27	the	the	DET
faba-4	161	28	enterprise	enterprise	NOUN
faba-4	161	29	level	level	NOUN
faba-4	161	30	,	,	PUNCT
faba-4	161	31	and	and	CCONJ
faba-4	161	32	respectively	respectively	ADV
faba-4	161	33	on	on	ADP
faba-4	161	34	the	the	DET
faba-4	161	35	spread	spread	NOUN
faba-4	161	36	between	between	ADP
faba-4	161	37	the	the	DET
faba-4	161	38	return	return	NOUN
faba-4	161	39	on	on	ADP
faba-4	161	40	equity	equity	NOUN
faba-4	161	41	(	(	PUNCT
faba-4	161	42	roe	roe	PROPN
faba-4	161	43	)	)	PUNCT
faba-4	161	44	and	and	CCONJ
faba-4	161	45	the	the	DET
faba-4	161	46	cost	cost	NOUN
faba-4	161	47	of	of	ADP
faba-4	161	48	equity	equity	NOUN
faba-4	161	49	(	(	PUNCT
faba-4	161	50	r	r	NOUN
faba-4	161	51	)	)	PUNCT
faba-4	161	52	,	,	PUNCT
faba-4	161	53	at	at	ADP
faba-4	161	54	the	the	DET
faba-4	161	55	equity	equity	NOUN
faba-4	161	56	level	level	NOUN
faba-4	161	57	.	.	PUNCT
faba-4	162	1	this	this	PRON
faba-4	162	2	is	be	AUX
faba-4	162	3	the	the	DET
faba-4	162	4	moment	moment	NOUN
faba-4	162	5	to	to	PART
faba-4	162	6	note	note	VERB
faba-4	162	7	that	that	SCONJ
faba-4	162	8	each	each	PRON
faba-4	162	9	of	of	ADP
faba-4	162	10	the	the	DET
faba-4	162	11	two	two	NUM
faba-4	162	12	sales	sale	NOUN
faba-4	162	13	-	-	PUNCT
faba-4	162	14	based	base	VERB
faba-4	162	15	market	market	NOUN
faba-4	162	16	ratios	ratio	NOUN
faba-4	162	17	is	be	AUX
faba-4	162	18	influenced	influence	VERB
faba-4	162	19	also	also	ADV
faba-4	162	20	by	by	ADP
faba-4	162	21	another	another	DET
faba-4	162	22	variable	variable	NOUN
faba-4	162	23	,	,	PUNCT
faba-4	162	24	which	which	PRON
faba-4	162	25	does	do	AUX
faba-4	162	26	not	not	PART
faba-4	162	27	show	show	VERB
faba-4	162	28	up	up	ADP
faba-4	162	29	in	in	ADP
faba-4	162	30	the	the	DET
faba-4	162	31	above	above	ADJ
faba-4	162	32	fundamental	fundamental	ADJ
faba-4	162	33	models	model	NOUN
faba-4	162	34	of	of	ADP
faba-4	162	35	p	p	X
faba-4	162	36	/	/	SYM
faba-4	162	37	s	s	PROPN
faba-4	162	38	and	and	CCONJ
faba-4	162	39	ev	ev	PROPN
faba-4	162	40	/	/	SYM
faba-4	162	41	s.	s.	PROPN
faba-4	162	42	in	in	ADP
faba-4	162	43	this	this	DET
faba-4	162	44	connection	connection	NOUN
faba-4	162	45	it	it	PRON
faba-4	162	46	is	be	AUX
faba-4	162	47	useful	useful	ADJ
faba-4	162	48	to	to	PART
faba-4	162	49	express	express	VERB
faba-4	162	50	roic	roic	ADJ
faba-4	162	51	and	and	CCONJ
faba-4	162	52	roe	roe	NOUN
faba-4	162	53	in	in	ADP
faba-4	162	54	the	the	DET
faba-4	162	55	following	following	ADJ
faba-4	162	56	way	way	NOUN
faba-4	162	57	:	:	PUNCT
faba-4	163	1	𝑹𝑶𝑰𝑪	𝑹𝑶𝑰𝑪	PROPN
faba-4	163	2	=	=	PUNCT
faba-4	163	3	𝑵𝑶𝑷𝑳𝑨𝑻	𝑵𝑶𝑷𝑳𝑨𝑻	PROPN
faba-4	163	4	𝑰𝒏𝒗𝒆𝒔𝒕𝒆𝒅	𝑰𝒏𝒗𝒆𝒔𝒕𝒆𝒅	PROPN
faba-4	163	5	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	PROPN
faba-4	163	6	=	=	PUNCT
faba-4	163	7	𝑵𝑶𝑷𝑳𝑨𝑻	𝑵𝑶𝑷𝑳𝑨𝑻	PROPN
faba-4	163	8	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	163	9	×	×	PROPN
faba-4	163	10	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	163	11	𝑰𝒏𝒗𝒆𝒔𝒕𝒆𝒅	𝑰𝒏𝒗𝒆𝒔𝒕𝒆𝒅	NOUN
faba-4	163	12	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	PROPN
faba-4	163	13	=	=	PUNCT
faba-4	163	14	=	=	SYM
faba-4	163	15	𝑵𝒆𝒕	𝑵𝒆𝒕	PROPN
faba-4	163	16	𝑶𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈	𝑶𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈	PROPN
faba-4	163	17	𝑴𝒂𝒓𝒈𝒊𝒏	𝑴𝒂𝒓𝒈𝒊𝒏	PROPN
faba-4	163	18	×	×	NOUN
faba-4	163	19	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	𝑪𝒂𝒑𝒊𝒕𝒂𝒍	PROPN
faba-4	164	1	𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓	𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓	PROPN
faba-4	164	2	𝑹𝑶𝑬	𝑹𝑶𝑬	PROPN
faba-4	164	3	=	=	PUNCT
faba-4	164	4	𝑵𝑰	𝑵𝑰	NOUN
faba-4	164	5	𝑬𝒒𝒖𝒊𝒕𝒚	𝑬𝒒𝒖𝒊𝒕𝒚	PROPN
faba-4	164	6	=	=	PUNCT
faba-4	164	7	𝑵𝑰	𝑵𝑰	PROPN
faba-4	164	8	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	164	9	×	×	NOUN
faba-4	164	10	𝑺𝒂𝒍𝒆𝒔	𝑺𝒂𝒍𝒆𝒔	PROPN
faba-4	164	11	𝑬𝒒𝒖𝒊𝒕𝒚	𝑬𝒒𝒖𝒊𝒕𝒚	PROPN
faba-4	164	12	=	=	PUNCT
faba-4	165	1	=	=	SYM
faba-4	165	2	𝑵𝒆𝒕	𝑵𝒆𝒕	PROPN
faba-4	165	3	𝑴𝒂𝒓𝒈𝒊𝒏	𝑴𝒂𝒓𝒈𝒊𝒏	PROPN
faba-4	165	4	×	×	PROPN
faba-4	165	5	𝑬𝒒𝒖𝒊𝒕𝒚	𝑬𝒒𝒖𝒊𝒕𝒚	PROPN
faba-4	165	6	𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓	𝑻𝒖𝒓𝒏𝒐𝒗𝒆𝒓	PROPN
faba-4	165	7	the	the	DET
faba-4	165	8	two	two	NUM
faba-4	165	9	equations	equation	NOUN
faba-4	165	10	indicate	indicate	VERB
faba-4	165	11	that	that	SCONJ
faba-4	165	12	the	the	DET
faba-4	165	13	variable	variable	NOUN
faba-4	165	14	in	in	ADP
faba-4	165	15	question	question	NOUN
faba-4	165	16	at	at	ADP
faba-4	165	17	the	the	DET
faba-4	165	18	enterprise	enterprise	NOUN
faba-4	165	19	level	level	NOUN
faba-4	165	20	is	be	AUX
faba-4	165	21	capital	capital	NOUN
faba-4	165	22	turnover	turnover	NOUN
faba-4	165	23	ratio	ratio	NOUN
faba-4	165	24	and	and	CCONJ
faba-4	165	25	at	at	ADP
faba-4	165	26	the	the	DET
faba-4	165	27	equity	equity	NOUN
faba-4	165	28	level	level	NOUN
faba-4	165	29	it	it	PRON
faba-4	165	30	is	be	AUX
faba-4	165	31	equity	equity	NOUN
faba-4	165	32	turnover	turnover	NOUN
faba-4	165	33	ratio	ratio	NOUN
faba-4	165	34	.	.	PUNCT
faba-4	166	1	normally	normally	ADV
faba-4	166	2	businesses	business	NOUN
faba-4	166	3	with	with	ADP
faba-4	166	4	low	low	ADJ
faba-4	166	5	margin	margin	NOUN
faba-4	166	6	have	have	VERB
faba-4	166	7	higher	high	ADJ
faba-4	166	8	turnover	turnover	NOUN
faba-4	166	9	of	of	ADP
faba-4	166	10	both	both	DET
faba-4	166	11	invested	invest	VERB
faba-4	166	12	capital	capital	NOUN
faba-4	166	13	and	and	CCONJ
faba-4	166	14	equity	equity	NOUN
faba-4	166	15	.	.	PUNCT
faba-4	167	1	this	this	PRON
faba-4	167	2	compensates	compensate	VERB
faba-4	167	3	the	the	DET
faba-4	167	4	low	low	ADJ
faba-4	167	5	profit	profit	NOUN
faba-4	167	6	margin	margin	NOUN
faba-4	167	7	,	,	PUNCT
faba-4	167	8	leading	lead	VERB
faba-4	167	9	to	to	ADP
faba-4	167	10	roic	roic	ADJ
faba-4	167	11	and	and	CCONJ
faba-4	167	12	roe	roe	NOUN
faba-4	167	13	which	which	PRON
faba-4	167	14	are	be	AUX
faba-4	167	15	high	high	ADJ
faba-4	167	16	enough	enough	ADV
faba-4	167	17	.	.	PUNCT
faba-4	168	1	this	this	PRON
faba-4	168	2	explains	explain	VERB
faba-4	168	3	how	how	SCONJ
faba-4	168	4	companies	company	NOUN
faba-4	168	5	with	with	ADP
faba-4	168	6	low	low	ADJ
faba-4	168	7	profit	profit	NOUN
faba-4	168	8	margins	margin	NOUN
faba-4	168	9	can	can	AUX
faba-4	168	10	also	also	ADV
faba-4	168	11	create	create	VERB
faba-4	168	12	economic	economic	ADJ
faba-4	168	13	value	value	NOUN
faba-4	168	14	added	add	VERB
faba-4	168	15	.	.	PUNCT
faba-4	169	1	the	the	DET
faba-4	169	2	fact	fact	NOUN
faba-4	169	3	that	that	SCONJ
faba-4	169	4	the	the	DET
faba-4	169	5	net	net	ADJ
faba-4	169	6	margin	margin	NOUN
faba-4	169	7	is	be	AUX
faba-4	169	8	the	the	DET
faba-4	169	9	leading	lead	VERB
faba-4	169	10	(	(	PUNCT
faba-4	169	11	companion	companion	NOUN
faba-4	169	12	)	)	PUNCT
faba-4	169	13	variable	variable	NOUN
faba-4	169	14	,	,	PUNCT
faba-4	169	15	which	which	PRON
faba-4	169	16	has	have	VERB
faba-4	169	17	significant	significant	ADJ
faba-4	169	18	impact	impact	NOUN
faba-4	169	19	on	on	ADP
faba-4	169	20	the	the	DET
faba-4	169	21	values	value	NOUN
faba-4	169	22	of	of	ADP
faba-4	169	23	the	the	DET
faba-4	169	24	p	p	PROPN
faba-4	169	25	/	/	SYM
faba-4	169	26	s	s	PART
faba-4	169	27	ratio	ratio	NOUN
faba-4	169	28	is	be	AUX
faba-4	169	29	confirmed	confirm	VERB
faba-4	169	30	by	by	ADP
faba-4	169	31	different	different	ADJ
faba-4	169	32	studies	study	NOUN
faba-4	169	33	.	.	PUNCT
faba-4	170	1	for	for	ADP
faba-4	170	2	example	example	NOUN
faba-4	170	3	,	,	PUNCT
faba-4	170	4	one	one	NUM
faba-4	170	5	very	very	ADV
faba-4	170	6	simplified	simplified	ADJ
faba-4	170	7	regression	regression	NOUN
faba-4	170	8	of	of	ADP
faba-4	170	9	p	p	X
faba-4	170	10	/	/	SYM
faba-4	170	11	s	s	X
faba-4	170	12	against	against	ADP
faba-4	170	13	net	net	ADJ
faba-4	170	14	margin	margin	NOUN
faba-4	170	15	for	for	ADP
faba-4	170	16	companies	company	NOUN
faba-4	170	17	in	in	ADP
faba-4	170	18	sector	sector	NOUN
faba-4	170	19	“	"	PUNCT
faba-4	170	20	production	production	NOUN
faba-4	170	21	of	of	ADP
faba-4	170	22	machines	machine	NOUN
faba-4	170	23	and	and	CCONJ
faba-4	170	24	equipment	equipment	NOUN
faba-4	170	25	”	"	PUNCT
faba-4	170	26	on	on	ADP
faba-4	170	27	the	the	DET
faba-4	170	28	bulgarian	bulgarian	ADJ
faba-4	170	29	stock	stock	NOUN
faba-4	170	30	exchange	exchange	NOUN
faba-4	170	31	in	in	ADP
faba-4	170	32	2006	2006	NUM
faba-4	170	33	establishes	establish	VERB
faba-4	170	34	strong	strong	ADJ
faba-4	170	35	positive	positive	ADJ
faba-4	170	36	correlation	correlation	NOUN
faba-4	170	37	and	and	CCONJ
faba-4	170	38	a	a	DET
faba-4	170	39	relatively	relatively	ADV
faba-4	170	40	high	high	ADJ
faba-4	170	41	determination	determination	NOUN
faba-4	170	42	ratio	ratio	NOUN
faba-4	170	43	(	(	PUNCT
faba-4	170	44	r2	r2	PROPN
faba-4	170	45	)	)	PUNCT
faba-4	170	46	of	of	ADP
faba-4	170	47	0.68	0.68	NUM
faba-4	170	48	.	.	PUNCT
faba-4	171	1	the	the	DET
faba-4	171	2	same	same	ADJ
faba-4	171	3	strong	strong	ADJ
faba-4	171	4	positive	positive	ADJ
faba-4	171	5	correlation	correlation	NOUN
faba-4	171	6	is	be	AUX
faba-4	171	7	established	establish	VERB
faba-4	171	8	between	between	ADP
faba-4	171	9	ev	ev	PROPN
faba-4	171	10	/	/	SYM
faba-4	171	11	s	s	PROPN
faba-4	171	12	and	and	CCONJ
faba-4	171	13	the	the	DET
faba-4	171	14	operating	operate	VERB
faba-4	171	15	margin	margin	NOUN
faba-4	171	16	,	,	PUNCT
faba-4	171	17	with	with	ADP
faba-4	171	18	dimitir	dimitir	ADJ
faba-4	171	19	nenkov	nenkov	PROPN
faba-4	171	20	/	/	SYM
faba-4	171	21	finance	finance	NOUN
faba-4	171	22	,	,	PUNCT
faba-4	171	23	accounting	accounting	NOUN
faba-4	171	24	,	,	PUNCT
faba-4	171	25	and	and	CCONJ
faba-4	171	26	business	business	NOUN
faba-4	171	27	analisys	analisys	NOUN
faba-4	171	28	44	44	NUM
faba-4	171	29	coefficient	coefficient	NOUN
faba-4	171	30	of	of	ADP
faba-4	171	31	determination	determination	NOUN
faba-4	171	32	(	(	PUNCT
faba-4	171	33	r2	r2	PROPN
faba-4	171	34	)	)	PUNCT
faba-4	171	35	of	of	ADP
faba-4	171	36	0.78	0.78	NUM
faba-4	171	37	23	23	NUM
faba-4	171	38	.	.	PUNCT
faba-4	172	1	in	in	ADP
faba-4	172	2	other	other	ADJ
faba-4	172	3	words	word	NOUN
faba-4	172	4	,	,	PUNCT
faba-4	172	5	in	in	ADP
faba-4	172	6	this	this	DET
faba-4	172	7	case	case	NOUN
faba-4	172	8	both	both	DET
faba-4	172	9	margins	margin	NOUN
faba-4	172	10	explain	explain	VERB
faba-4	172	11	the	the	DET
faba-4	172	12	changes	change	NOUN
faba-4	172	13	in	in	ADP
faba-4	172	14	the	the	DET
faba-4	172	15	two	two	NUM
faba-4	172	16	market	market	NOUN
faba-4	172	17	ratios	ratio	NOUN
faba-4	172	18	to	to	ADP
faba-4	172	19	a	a	DET
faba-4	172	20	very	very	ADV
faba-4	172	21	high	high	ADJ
faba-4	172	22	extent	extent	NOUN
faba-4	172	23	.	.	PUNCT
faba-4	173	1	damodaran	damodaran	PROPN
faba-4	173	2	makes	make	VERB
faba-4	173	3	annual	annual	ADJ
faba-4	173	4	regressions	regression	NOUN
faba-4	173	5	for	for	ADP
faba-4	173	6	each	each	PRON
faba-4	173	7	of	of	ADP
faba-4	173	8	the	the	DET
faba-4	173	9	main	main	ADJ
faba-4	173	10	market	market	NOUN
faba-4	173	11	ratios	ratio	NOUN
faba-4	173	12	against	against	ADP
faba-4	173	13	a	a	DET
faba-4	173	14	group	group	NOUN
faba-4	173	15	of	of	ADP
faba-4	173	16	independent	independent	ADJ
faba-4	173	17	variables	variable	NOUN
faba-4	173	18	.	.	PUNCT
faba-4	174	1	they	they	PRON
faba-4	174	2	also	also	ADV
faba-4	174	3	confirm	confirm	VERB
faba-4	174	4	the	the	DET
faba-4	174	5	high	high	ADJ
faba-4	174	6	weight	weight	NOUN
faba-4	174	7	of	of	ADP
faba-4	174	8	the	the	DET
faba-4	174	9	profit	profit	NOUN
faba-4	174	10	margins	margin	NOUN
faba-4	174	11	in	in	ADP
faba-4	174	12	explaining	explain	VERB
faba-4	174	13	the	the	DET
faba-4	174	14	changes	change	NOUN
faba-4	174	15	of	of	ADP
faba-4	174	16	p	p	X
faba-4	174	17	/	/	SYM
faba-4	174	18	s	s	PROPN
faba-4	174	19	and	and	CCONJ
faba-4	174	20	ev	ev	PRON
faba-4	174	21	/	/	SYM
faba-4	174	22	s.24	s.24	NOUN
faba-4	174	23	fundamental	fundamental	ADJ
faba-4	174	24	p	p	X
faba-4	174	25	/	/	SYM
faba-4	174	26	s	s	X
faba-4	174	27	and	and	CCONJ
faba-4	174	28	ev	ev	ADP
faba-4	174	29	/	/	SYM
faba-4	174	30	s	s	PROPN
faba-4	174	31	for	for	ADP
faba-4	174	32	the	the	DET
faba-4	174	33	bulgarian	bulgarian	ADJ
faba-4	174	34	capital	capital	NOUN
faba-4	174	35	market	market	NOUN
faba-4	174	36	for	for	ADP
faba-4	174	37	2017	2017	NUM
faba-4	174	38	fundamental	fundamental	ADJ
faba-4	174	39	р	р	PROPN
faba-4	174	40	/	/	SYM
faba-4	174	41	s	s	PART
faba-4	174	42	ratio	ratio	NOUN
faba-4	174	43	for	for	ADP
faba-4	174	44	sofix	sofix	NOUN
faba-4	174	45	for	for	ADP
faba-4	174	46	the	the	DET
faba-4	174	47	calculation	calculation	NOUN
faba-4	174	48	of	of	ADP
faba-4	174	49	the	the	DET
faba-4	174	50	average	average	ADJ
faba-4	174	51	fundamental	fundamental	ADJ
faba-4	174	52	p	p	X
faba-4	174	53	/	/	SYM
faba-4	174	54	s	s	NOUN
faba-4	174	55	for	for	ADP
faba-4	174	56	the	the	DET
faba-4	174	57	sofix	sofix	NOUN
faba-4	174	58	we	we	PRON
faba-4	174	59	can	can	AUX
faba-4	174	60	use	use	VERB
faba-4	174	61	average	average	ADJ
faba-4	174	62	values	value	NOUN
faba-4	174	63	of	of	ADP
faba-4	174	64	the	the	DET
faba-4	174	65	key	key	ADJ
faba-4	174	66	variables	variable	NOUN
faba-4	174	67	which	which	PRON
faba-4	174	68	determine	determine	VERB
faba-4	174	69	it	it	PRON
faba-4	174	70	.	.	PUNCT
faba-4	175	1	we	we	PRON
faba-4	175	2	can	can	AUX
faba-4	175	3	start	start	VERB
faba-4	175	4	with	with	ADP
faba-4	175	5	the	the	DET
faba-4	175	6	one	one	NUM
faba-4	175	7	-	-	PUNCT
faba-4	175	8	stage	stage	NOUN
faba-4	175	9	model	model	NOUN
faba-4	175	10	,	,	PUNCT
faba-4	175	11	as	as	ADP
faba-4	175	12	a	a	DET
faba-4	175	13	more	more	ADV
faba-4	175	14	simple	simple	ADJ
faba-4	175	15	one	one	NUM
faba-4	175	16	.	.	PUNCT
faba-4	176	1	besides	besides	SCONJ
faba-4	176	2	the	the	DET
faba-4	176	3	average	average	ADJ
faba-4	176	4	net	net	ADJ
faba-4	176	5	margin	margin	NOUN
faba-4	176	6	(	(	PUNCT
faba-4	176	7	table	table	NOUN
faba-4	176	8	2	2	NUM
faba-4	176	9	)	)	PUNCT
faba-4	176	10	,	,	PUNCT
faba-4	176	11	some	some	DET
faba-4	176	12	other	other	ADJ
faba-4	176	13	input	input	NOUN
faba-4	176	14	variables	variable	NOUN
faba-4	176	15	for	for	ADP
faba-4	176	16	the	the	DET
faba-4	176	17	usa	usa	PROPN
faba-4	176	18	are	be	AUX
faba-4	176	19	also	also	ADV
faba-4	176	20	needed	need	VERB
faba-4	176	21	,	,	PUNCT
faba-4	176	22	such	such	ADJ
faba-4	176	23	as	as	ADP
faba-4	176	24	:	:	PUNCT
faba-4	176	25	cost	cost	NOUN
faba-4	176	26	of	of	ADP
faba-4	176	27	equity	equity	NOUN
faba-4	176	28	(	(	PUNCT
faba-4	176	29	r	r	NOUN
faba-4	176	30	)	)	PUNCT
faba-4	176	31	,	,	PUNCT
faba-4	176	32	return	return	VERB
faba-4	176	33	on	on	ADP
faba-4	176	34	equity	equity	NOUN
faba-4	176	35	(	(	PUNCT
faba-4	176	36	roe	roe	PROPN
faba-4	176	37	)	)	PUNCT
faba-4	176	38	and	and	CCONJ
faba-4	176	39	retention	retention	NOUN
faba-4	176	40	rate	rate	NOUN
faba-4	176	41	(	(	PUNCT
faba-4	176	42	b	b	NOUN
faba-4	176	43	)	)	PUNCT
faba-4	176	44	.	.	PUNCT
faba-4	177	1	the	the	DET
faba-4	177	2	last	last	ADJ
faba-4	177	3	two	two	NUM
faba-4	177	4	variables	variable	NOUN
faba-4	177	5	are	be	AUX
faba-4	177	6	necessary	necessary	ADJ
faba-4	177	7	for	for	ADP
faba-4	177	8	determining	determine	VERB
faba-4	177	9	forecasted	forecast	VERB
faba-4	177	10	growth	growth	NOUN
faba-4	177	11	rate	rate	NOUN
faba-4	177	12	(	(	PUNCT
faba-4	177	13	g	g	NOUN
faba-4	177	14	)	)	PUNCT
faba-4	177	15	.	.	PUNCT
faba-4	178	1	these	these	DET
faba-4	178	2	indicators	indicator	NOUN
faba-4	178	3	are	be	AUX
faba-4	178	4	shown	show	VERB
faba-4	178	5	in	in	ADP
faba-4	178	6	table	table	NOUN
faba-4	178	7	3	3	NUM
faba-4	178	8	.	.	PUNCT
faba-4	178	9	table	table	NOUN
faba-4	178	10	3	3	NUM
faba-4	178	11	:	:	PUNCT
faba-4	178	12	average	average	ADJ
faba-4	178	13	roe	roe	NOUN
faba-4	178	14	,	,	PUNCT
faba-4	178	15	roa	roa	PROPN
faba-4	178	16	,	,	PUNCT
faba-4	178	17	roce	roce	NOUN
faba-4	178	18	,	,	PUNCT
faba-4	178	19	payout	payout	ADJ
faba-4	178	20	ratios	ratio	NOUN
faba-4	178	21	and	and	CCONJ
faba-4	178	22	retention	retention	NOUN
faba-4	178	23	ratios	ratio	NOUN
faba-4	178	24	for	for	ADP
faba-4	178	25	sofix	sofix	NOUN
faba-4	178	26	as	as	ADP
faba-4	178	27	of	of	ADP
faba-4	178	28	july	july	PROPN
faba-4	178	29	2017	2017	NUM
faba-4	178	30	sofix	sofix	NOUN
faba-4	178	31	payout	payout	NOUN
faba-4	178	32	ratio	ratio	NOUN
faba-4	178	33	retention	retention	NOUN
faba-4	178	34	ratio	ratio	PROPN
faba-4	178	35	roe	roe	PROPN
faba-4	178	36	roa	roa	PROPN
faba-4	178	37	roce	roce	PROPN
faba-4	178	38	mean	mean	PROPN
faba-4	178	39	0.41	0.41	NUM
faba-4	178	40	0.59	0.59	NUM
faba-4	178	41	9.98	9.98	NUM
faba-4	178	42	%	%	NOUN
faba-4	178	43	7.31	7.31	NUM
faba-4	178	44	%	%	NOUN
faba-4	178	45	8.70	8.70	NUM
faba-4	178	46	%	%	NOUN
faba-4	178	47	median	median	NOUN
faba-4	178	48	0.34	0.34	NUM
faba-4	178	49	0.66	0.66	NUM
faba-4	178	50	8.49	8.49	NUM
faba-4	178	51	%	%	NOUN
faba-4	178	52	6.06	6.06	NUM
faba-4	178	53	%	%	NOUN
faba-4	178	54	7.06	7.06	NUM
faba-4	178	55	%	%	NOUN
faba-4	178	56	minimum	minimum	NOUN
faba-4	178	57	0.07	0.07	NUM
faba-4	178	58	0.19	0.19	NUM
faba-4	178	59	1.02	1.02	NUM
faba-4	178	60	%	%	NOUN
faba-4	178	61	0.69	0.69	NUM
faba-4	178	62	%	%	NOUN
faba-4	178	63	0.47	0.47	NUM
faba-4	178	64	%	%	NOUN
faba-4	178	65	maximum	maximum	NOUN
faba-4	178	66	0.81	0.81	NUM
faba-4	178	67	0.93	0.93	NUM
faba-4	178	68	22.81	22.81	NUM
faba-4	178	69	%	%	NOUN
faba-4	178	70	15.04	15.04	NUM
faba-4	178	71	%	%	NOUN
faba-4	178	72	19.57	19.57	NUM
faba-4	178	73	%	%	NOUN
faba-4	178	74	source	source	NOUN
faba-4	178	75	:	:	PUNCT
faba-4	178	76	infostock	infostock	ADJ
faba-4	178	77	:	:	PUNCT
faba-4	178	78	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	178	79	(	(	PUNCT
faba-4	178	80	28	28	NUM
faba-4	178	81	july	july	PROPN
faba-4	178	82	,	,	PUNCT
faba-4	178	83	2017	2017	NUM
faba-4	178	84	)	)	PUNCT
faba-4	178	85	the	the	DET
faba-4	178	86	difference	difference	NOUN
faba-4	178	87	between	between	ADP
faba-4	178	88	the	the	DET
faba-4	178	89	mean	mean	NOUN
faba-4	178	90	and	and	CCONJ
faba-4	178	91	the	the	DET
faba-4	178	92	median	median	NOUN
faba-4	178	93	very	very	ADV
faba-4	178	94	significant	significant	ADJ
faba-4	179	1	and	and	CCONJ
faba-4	179	2	we	we	PRON
faba-4	179	3	can	can	AUX
faba-4	179	4	use	use	VERB
faba-4	179	5	each	each	PRON
faba-4	179	6	of	of	ADP
faba-4	179	7	them	they	PRON
faba-4	179	8	or	or	CCONJ
faba-4	179	9	the	the	DET
faba-4	179	10	average	average	NOUN
faba-4	179	11	between	between	ADP
faba-4	179	12	them	they	PRON
faba-4	179	13	.	.	PUNCT
faba-4	180	1	in	in	ADP
faba-4	180	2	this	this	DET
faba-4	180	3	case	case	NOUN
faba-4	180	4	,	,	PUNCT
faba-4	180	5	for	for	ADP
faba-4	180	6	determining	determine	VERB
faba-4	180	7	the	the	DET
faba-4	180	8	growth	growth	NOUN
faba-4	180	9	rate	rate	NOUN
faba-4	180	10	(	(	PUNCT
faba-4	180	11	g	g	NOUN
faba-4	180	12	)	)	PUNCT
faba-4	180	13	we	we	PRON
faba-4	180	14	use	use	VERB
faba-4	180	15	the	the	DET
faba-4	180	16	mean	mean	NOUN
faba-4	180	17	for	for	ADP
faba-4	180	18	the	the	DET
faba-4	180	19	roe	roe	NOUN
faba-4	180	20	of	of	ADP
faba-4	180	21	9.98	9.98	NUM
faba-4	180	22	,	,	PUNCT
faba-4	180	23	which	which	PRON
faba-4	180	24	is	be	AUX
faba-4	180	25	slightly	slightly	ADV
faba-4	180	26	more	more	ADV
faba-4	180	27	optimistic	optimistic	ADJ
faba-4	180	28	,	,	PUNCT
faba-4	180	29	as	as	ADV
faba-4	180	30	well	well	ADV
faba-4	180	31	as	as	ADP
faba-4	180	32	the	the	DET
faba-4	180	33	retention	retention	NOUN
faba-4	180	34	ratio	ratio	NOUN
faba-4	180	35	of	of	ADP
faba-4	180	36	0.59	0.59	NUM
faba-4	180	37	.	.	PUNCT
faba-4	181	1	another	another	DET
faba-4	181	2	important	important	ADJ
faba-4	181	3	input	input	NOUN
faba-4	181	4	variable	variable	NOUN
faba-4	181	5	is	be	AUX
faba-4	181	6	the	the	DET
faba-4	181	7	average	average	ADJ
faba-4	181	8	cost	cost	NOUN
faba-4	181	9	of	of	ADP
faba-4	181	10	equity	equity	NOUN
faba-4	181	11	for	for	ADP
faba-4	181	12	the	the	DET
faba-4	181	13	companies	company	NOUN
faba-4	181	14	on	on	ADP
faba-4	181	15	the	the	DET
faba-4	181	16	bulgarian	bulgarian	ADJ
faba-4	181	17	market	market	NOUN
faba-4	181	18	.	.	PUNCT
faba-4	182	1	we	we	PRON
faba-4	182	2	can	can	AUX
faba-4	182	3	take	take	VERB
faba-4	182	4	it	it	PRON
faba-4	182	5	from	from	ADP
faba-4	182	6	other	other	ADJ
faba-4	182	7	studies	study	NOUN
faba-4	182	8	.	.	PUNCT
faba-4	183	1	according	accord	VERB
faba-4	183	2	to	to	ADP
faba-4	183	3	the	the	DET
faba-4	183	4	prevailing	prevail	VERB
faba-4	183	5	opinion	opinion	NOUN
faba-4	183	6	,	,	PUNCT
faba-4	183	7	there	there	PRON
faba-4	183	8	should	should	AUX
faba-4	183	9	be	be	AUX
faba-4	183	10	a	a	DET
faba-4	183	11	country	country	NOUN
faba-4	183	12	risk	risk	NOUN
faba-4	183	13	premium	premium	NOUN
faba-4	183	14	for	for	ADP
faba-4	183	15	emerging	emerge	VERB
faba-4	183	16	markets	market	NOUN
faba-4	183	17	,	,	PUNCT
faba-4	183	18	such	such	ADJ
faba-4	183	19	as	as	ADP
faba-4	183	20	the	the	DET
faba-4	183	21	bulgarian	bulgarian	ADJ
faba-4	183	22	stock	stock	NOUN
faba-4	183	23	market.25,26	market.25,26	NOUN
faba-4	183	24	the	the	DET
faba-4	183	25	arguments	argument	NOUN
faba-4	183	26	in	in	ADP
faba-4	183	27	favor	favor	NOUN
faba-4	183	28	of	of	ADP
faba-4	183	29	this	this	DET
faba-4	183	30	vision	vision	NOUN
faba-4	183	31	can	can	AUX
faba-4	183	32	be	be	AUX
faba-4	183	33	seen	see	VERB
faba-4	183	34	in	in	ADP
faba-4	183	35	many	many	ADJ
faba-4	183	36	publications,27	publications,27	NOUN
faba-4	183	37	,	,	PUNCT
faba-4	183	38	28	28	NUM
faba-4	183	39	but	but	CCONJ
faba-4	183	40	they	they	PRON
faba-4	183	41	are	be	AUX
faba-4	183	42	not	not	PART
faba-4	183	43	the	the	DET
faba-4	183	44	subject	subject	NOUN
faba-4	183	45	of	of	ADP
faba-4	183	46	this	this	DET
faba-4	183	47	research	research	NOUN
faba-4	183	48	.	.	PUNCT
faba-4	184	1	in	in	ADP
faba-4	184	2	this	this	DET
faba-4	184	3	case	case	NOUN
faba-4	184	4	we	we	PRON
faba-4	184	5	use	use	VERB
faba-4	184	6	a	a	DET
faba-4	184	7	cost	cost	NOUN
faba-4	184	8	of	of	ADP
faba-4	184	9	equity	equity	NOUN
faba-4	184	10	,	,	PUNCT
faba-4	184	11	determined	determine	VERB
faba-4	184	12	on	on	ADP
faba-4	184	13	the	the	DET
faba-4	184	14	basis	basis	NOUN
faba-4	184	15	of	of	ADP
faba-4	184	16	the	the	DET
faba-4	184	17	geometric	geometric	ADJ
faba-4	184	18	average	average	ADJ
faba-4	184	19	risk	risk	NOUN
faba-4	184	20	-	-	PUNCT
faba-4	184	21	free	free	ADJ
faba-4	184	22	rate	rate	NOUN
faba-4	184	23	and	and	CCONJ
faba-4	184	24	the	the	DET
faba-4	184	25	geometric	geometric	ADJ
faba-4	184	26	average	average	ADJ
faba-4	184	27	risk	risk	NOUN
faba-4	184	28	premium	premium	NOUN
faba-4	184	29	for	for	ADP
faba-4	184	30	the	the	DET
faba-4	184	31	us	us	PROPN
faba-4	184	32	stock	stock	NOUN
faba-4	184	33	market	market	NOUN
faba-4	184	34	,	,	PUNCT
faba-4	184	35	plus	plus	CCONJ
faba-4	184	36	a	a	DET
faba-4	184	37	risk	risk	NOUN
faba-4	184	38	premium	premium	NOUN
faba-4	184	39	for	for	ADP
faba-4	184	40	bulgaria	bulgaria	PROPN
faba-4	184	41	.	.	PUNCT
faba-4	185	1	the	the	DET
faba-4	185	2	latter	latter	ADJ
faba-4	185	3	is	be	AUX
faba-4	185	4	determined	determine	VERB
faba-4	185	5	using	use	VERB
faba-4	185	6	the	the	DET
faba-4	185	7	combined	combined	ADJ
faba-4	185	8	approach	approach	NOUN
faba-4	185	9	:	:	PUNCT
faba-4	185	10	the	the	DET
faba-4	185	11	default	default	NOUN
faba-4	185	12	spread	spread	NOUN
faba-4	185	13	of	of	ADP
faba-4	185	14	bulgarian	bulgarian	ADJ
faba-4	185	15	government	government	NOUN
faba-4	185	16	bonds	bond	NOUN
faba-4	185	17	,	,	PUNCT
faba-4	185	18	multiplied	multiply	VERB
faba-4	185	19	by	by	ADP
faba-4	185	20	an	an	DET
faba-4	185	21	adjustment	adjustment	NOUN
faba-4	185	22	coefficient	coefficient	NOUN
faba-4	185	23	.	.	PUNCT
faba-4	186	1	thus	thus	ADV
faba-4	186	2	,	,	PUNCT
faba-4	186	3	the	the	DET
faba-4	186	4	cost	cost	NOUN
faba-4	186	5	of	of	ADP
faba-4	186	6	equity	equity	NOUN
faba-4	186	7	is	be	AUX
faba-4	186	8	:	:	PUNCT
faba-4	186	9	23	23	NUM
faba-4	186	10	nenkov	nenkov	NOUN
faba-4	186	11	.	.	PUNCT
faba-4	187	1	d.	d.	PROPN
faba-4	187	2	–	–	PUNCT
faba-4	187	3	“	"	PUNCT
faba-4	187	4	opredelyane	opredelyane	NOUN
faba-4	187	5	na	na	PART
faba-4	187	6	stoynostta	stoynostta	VERB
faba-4	187	7	na	na	PART
faba-4	187	8	kompaniite	kompaniite	VERB
faba-4	187	9	”	"	PUNCT
faba-4	187	10	,	,	PUNCT
faba-4	187	11	sofia	sofia	PROPN
faba-4	187	12	,	,	PUNCT
faba-4	187	13	2015	2015	NUM
faba-4	187	14	,	,	PUNCT
faba-4	187	15	p.	p.	NOUN
faba-4	187	16	286	286	NUM
faba-4	187	17	24	24	NUM
faba-4	187	18	source	source	NOUN
faba-4	187	19	:	:	PUNCT
faba-4	187	20	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	187	21	25	25	NUM
faba-4	187	22	reilly	reilly	ADV
faba-4	187	23	,	,	PUNCT
faba-4	187	24	frank	frank	PROPN
faba-4	187	25	k.	k.	PROPN
faba-4	187	26	,	,	PUNCT
faba-4	187	27	keith	keith	PROPN
faba-4	187	28	c.	c.	PROPN
faba-4	187	29	brown	brown	PROPN
faba-4	187	30	–	–	PUNCT
faba-4	187	31	“	"	PUNCT
faba-4	187	32	investment	investment	NOUN
faba-4	187	33	analysis	analysis	NOUN
faba-4	187	34	–	–	PUNCT
faba-4	187	35	portfolio	portfolio	NOUN
faba-4	187	36	management	management	NOUN
faba-4	187	37	”	"	PUNCT
faba-4	187	38	,	,	PUNCT
faba-4	187	39	thomson	thomson	PROPN
faba-4	187	40	learning	learning	PROPN
faba-4	187	41	,	,	PUNCT
faba-4	187	42	usa	usa	PROPN
faba-4	187	43	,	,	PUNCT
faba-4	187	44	2003	2003	NUM
faba-4	187	45	26	26	NUM
faba-4	187	46	fishman	fishman	PROPN
faba-4	187	47	,	,	PUNCT
faba-4	187	48	pratt	pratt	PROPN
faba-4	187	49	,	,	PUNCT
faba-4	187	50	wislon	wislon	PROPN
faba-4	187	51	,	,	PUNCT
faba-4	187	52	griffith	griffith	PROPN
faba-4	187	53	,	,	PUNCT
faba-4	187	54	meltzer	meltzer	PROPN
faba-4	187	55	–	–	PUNCT
faba-4	187	56	“	"	PUNCT
faba-4	187	57	guide	guide	NOUN
faba-4	187	58	to	to	ADP
faba-4	187	59	business	business	NOUN
faba-4	187	60	valuations	valuation	NOUN
faba-4	187	61	”	"	PUNCT
faba-4	187	62	27	27	NUM
faba-4	187	63	damodaran	damodaran	ADJ
faba-4	187	64	,	,	PUNCT
faba-4	187	65	aswath	aswath	ADJ
faba-4	187	66	–	–	PUNCT
faba-4	187	67	“	"	PUNCT
faba-4	187	68	investment	investment	NOUN
faba-4	187	69	valuation	valuation	NOUN
faba-4	187	70	–	–	PUNCT
faba-4	187	71	tools	tool	NOUN
faba-4	187	72	and	and	CCONJ
faba-4	187	73	techniques	technique	NOUN
faba-4	187	74	for	for	ADP
faba-4	187	75	determining	determine	VERB
faba-4	187	76	the	the	DET
faba-4	187	77	value	value	NOUN
faba-4	187	78	of	of	ADP
faba-4	187	79	any	any	DET
faba-4	187	80	asset	asset	NOUN
faba-4	187	81	”	"	PUNCT
faba-4	187	82	,	,	PUNCT
faba-4	187	83	john	john	PROPN
faba-4	187	84	wiley	wiley	PROPN
faba-4	187	85	&	&	CCONJ
faba-4	187	86	sons	son	NOUN
faba-4	187	87	,	,	PUNCT
faba-4	187	88	new	new	PROPN
faba-4	187	89	york	york	PROPN
faba-4	187	90	,	,	PUNCT
faba-4	187	91	2002	2002	NUM
faba-4	187	92	28	28	NUM
faba-4	187	93	copeland	copeland	PROPN
faba-4	187	94	,	,	PUNCT
faba-4	187	95	tom	tom	PROPN
faba-4	187	96	,	,	PUNCT
faba-4	187	97	tim	tim	PROPN
faba-4	187	98	koller	koller	PROPN
faba-4	187	99	,	,	PUNCT
faba-4	187	100	jack	jack	PROPN
faba-4	187	101	murrin	murrin	PROPN
faba-4	187	102	–	–	PUNCT
faba-4	187	103	“	"	PUNCT
faba-4	187	104	valuation	valuation	NOUN
faba-4	187	105	–	–	PUNCT
faba-4	187	106	measuring	measure	VERB
faba-4	187	107	and	and	CCONJ
faba-4	187	108	managing	manage	VERB
faba-4	187	109	the	the	DET
faba-4	187	110	value	value	NOUN
faba-4	187	111	of	of	ADP
faba-4	187	112	companies	company	NOUN
faba-4	187	113	”	"	PUNCT
faba-4	187	114	,	,	PUNCT
faba-4	187	115	john	john	PROPN
faba-4	187	116	wiley	wiley	PROPN
faba-4	187	117	&	&	CCONJ
faba-4	187	118	sons	son	NOUN
faba-4	187	119	,	,	PUNCT
faba-4	187	120	new	new	PROPN
faba-4	187	121	york	york	PROPN
faba-4	187	122	,	,	PUNCT
faba-4	187	123	2000	2000	NUM
faba-4	187	124	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	187	125	dimitir	dimitir	ADJ
faba-4	187	126	nenkov	nenkov	NOUN
faba-4	187	127	/	/	SYM
faba-4	187	128	finance	finance	NOUN
faba-4	187	129	,	,	PUNCT
faba-4	187	130	accounting	accounting	NOUN
faba-4	187	131	,	,	PUNCT
faba-4	187	132	and	and	CCONJ
faba-4	187	133	business	business	NOUN
faba-4	187	134	analisys	analisys	NOUN
faba-4	187	135	45	45	NUM
faba-4	187	136	rе	rе	NOUN
faba-4	187	137	(	(	PUNCT
faba-4	187	138	rrrе	rrrе	NOUN
faba-4	187	139	)	)	PUNCT
faba-4	187	140	=	=	SYM
faba-4	187	141	risk	risk	NOUN
faba-4	187	142	-	-	PUNCT
faba-4	187	143	free	free	ADJ
faba-4	187	144	rate	rate	NOUN
faba-4	187	145	(	(	PUNCT
faba-4	187	146	usa	usa	NOUN
faba-4	187	147	)	)	PUNCT
faba-4	187	148	+	+	CCONJ
faba-4	187	149	beta	beta	ADJ
faba-4	187	150	×	×	NOUN
faba-4	187	151	risk	risk	NOUN
faba-4	187	152	premium	premium	NOUN
faba-4	187	153	(	(	PUNCT
faba-4	187	154	сащ	сащ	NOUN
faba-4	187	155	)	)	PUNCT
faba-4	187	156	+	+	PUNCT
faba-4	187	157	+	+	CCONJ
faba-4	187	158	country	country	NOUN
faba-4	187	159	risk	risk	NOUN
faba-4	187	160	premium	premium	NOUN
faba-4	187	161	(	(	PUNCT
faba-4	187	162	default	default	NOUN
faba-4	187	163	spread	spread	VERB
faba-4	187	164	on	on	ADP
faba-4	187	165	bg	bg	PROPN
faba-4	187	166	bonds	bond	NOUN
faba-4	187	167	×	×	NOUN
faba-4	187	168	1.23	1.23	NUM
faba-4	187	169	)	)	PUNCT
faba-4	187	170	=	=	PUNCT
faba-4	188	1	4.91	4.91	NUM
faba-4	188	2	%	%	NOUN
faba-4	188	3	+	+	CCONJ
faba-4	188	4	1.0	1.0	NUM
faba-4	188	5	×	×	NOUN
faba-4	188	6	4.62	4.62	NUM
faba-4	188	7	%	%	NOUN
faba-4	188	8	+	+	NOUN
faba-4	188	9	2.20	2.20	NUM
faba-4	188	10	%	%	NOUN
faba-4	188	11	×	×	NOUN
faba-4	188	12	1.23	1.23	NUM
faba-4	188	13	=	=	PUNCT
faba-4	188	14	=	=	PUNCT
faba-4	188	15	9.53	9.53	NUM
faba-4	188	16	%	%	NOUN
faba-4	188	17	+	+	CCONJ
faba-4	188	18	2.71	2.71	NUM
faba-4	188	19	%	%	NOUN
faba-4	188	20	=	=	SYM
faba-4	188	21	=	=	SYM
faba-4	188	22	12.24	12.24	NUM
faba-4	188	23	%	%	NOUN
faba-4	188	24	source	source	NOUN
faba-4	188	25	:	:	PUNCT
faba-4	188	26	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	188	27	(	(	PUNCT
faba-4	188	28	value	value	NOUN
faba-4	188	29	line	line	NOUN
faba-4	188	30	,	,	PUNCT
faba-4	188	31	bloomberg	bloomberg	PROPN
faba-4	188	32	и	и	PROPN
faba-4	188	33	capital	capital	NOUN
faba-4	188	34	iq	iq	PROPN
faba-4	188	35	)	)	PUNCT
faba-4	188	36	it	it	PRON
faba-4	188	37	is	be	AUX
faba-4	188	38	usually	usually	ADV
faba-4	188	39	recommended	recommend	VERB
faba-4	188	40	to	to	PART
faba-4	188	41	add	add	VERB
faba-4	188	42	also	also	ADV
faba-4	188	43	a	a	DET
faba-4	188	44	specific	specific	ADJ
faba-4	188	45	risk	risk	NOUN
faba-4	188	46	premium	premium	NOUN
faba-4	188	47	,	,	PUNCT
faba-4	188	48	because	because	SCONJ
faba-4	188	49	of	of	ADP
faba-4	188	50	the	the	DET
faba-4	188	51	smaller	small	ADJ
faba-4	188	52	average	average	ADJ
faba-4	188	53	size	size	NOUN
faba-4	188	54	of	of	ADP
faba-4	188	55	bulgarian	bulgarian	ADJ
faba-4	188	56	companies	company	NOUN
faba-4	188	57	,	,	PUNCT
faba-4	188	58	but	but	CCONJ
faba-4	188	59	in	in	ADP
faba-4	188	60	this	this	DET
faba-4	188	61	case	case	NOUN
faba-4	188	62	we	we	PRON
faba-4	188	63	ignore	ignore	VERB
faba-4	188	64	it	it	PRON
faba-4	188	65	,	,	PUNCT
faba-4	188	66	in	in	ADP
faba-4	188	67	order	order	NOUN
faba-4	188	68	to	to	PART
faba-4	188	69	avoid	avoid	VERB
faba-4	188	70	accumulating	accumulate	VERB
faba-4	188	71	too	too	ADV
faba-4	188	72	many	many	ADJ
faba-4	188	73	different	different	ADJ
faba-4	188	74	risk	risk	NOUN
faba-4	188	75	premiums	premium	NOUN
faba-4	188	76	.	.	PUNCT
faba-4	189	1	this	this	PRON
faba-4	189	2	gives	give	VERB
faba-4	189	3	us	we	PRON
faba-4	189	4	the	the	DET
faba-4	189	5	opportunity	opportunity	NOUN
faba-4	189	6	to	to	PART
faba-4	189	7	find	find	VERB
faba-4	189	8	out	out	ADP
faba-4	189	9	what	what	PRON
faba-4	189	10	the	the	DET
faba-4	189	11	results	result	NOUN
faba-4	189	12	will	will	AUX
faba-4	189	13	be	be	AUX
faba-4	189	14	when	when	SCONJ
faba-4	189	15	we	we	PRON
faba-4	189	16	are	be	AUX
faba-4	189	17	not	not	PART
faba-4	189	18	that	that	ADV
faba-4	189	19	conservative	conservative	ADJ
faba-4	189	20	.	.	PUNCT
faba-4	190	1	finally	finally	ADV
faba-4	190	2	,	,	PUNCT
faba-4	190	3	the	the	DET
faba-4	190	4	input	input	NOUN
faba-4	190	5	variables	variable	VERB
faba-4	190	6	for	for	ADP
faba-4	190	7	applying	apply	VERB
faba-4	190	8	the	the	DET
faba-4	190	9	one	one	NUM
faba-4	190	10	-	-	PUNCT
faba-4	190	11	stage	stage	NOUN
faba-4	190	12	model	model	NOUN
faba-4	190	13	are	be	AUX
faba-4	190	14	:	:	PUNCT
faba-4	190	15	net	net	ADJ
faba-4	190	16	margin	margin	NOUN
faba-4	190	17	=	=	SYM
faba-4	190	18	13.09	13.09	NUM
faba-4	190	19	%	%	NOUN
faba-4	190	20	plowback	plowback	NOUN
faba-4	190	21	(	(	PUNCT
faba-4	190	22	retention	retention	NOUN
faba-4	190	23	)	)	PUNCT
faba-4	190	24	ratio	ratio	NOUN
faba-4	190	25	b	b	NOUN
faba-4	191	1	=	=	SYM
faba-4	191	2	0.59	0.59	NUM
faba-4	191	3	cost	cost	NOUN
faba-4	191	4	of	of	ADP
faba-4	191	5	equity	equity	NOUN
faba-4	191	6	r	r	NOUN
faba-4	191	7	(	(	PUNCT
faba-4	191	8	rrre	rrre	PROPN
faba-4	191	9	)	)	PUNCT
faba-4	191	10	=	=	SYM
faba-4	191	11	12.24	12.24	NUM
faba-4	191	12	%	%	NOUN
faba-4	191	13	growth	growth	NOUN
faba-4	191	14	rate	rate	NOUN
faba-4	191	15	g	g	NOUN
faba-4	191	16	=	=	NOUN
faba-4	191	17	5.89	5.89	NUM
faba-4	191	18	%	%	NOUN
faba-4	191	19	(	(	PUNCT
faba-4	191	20	roe	roe	PROPN
faba-4	191	21	×	×	PROPN
faba-4	191	22	b	b	PROPN
faba-4	191	23	=	=	SYM
faba-4	191	24	9.98	9.98	NUM
faba-4	191	25	%	%	NOUN
faba-4	191	26	×	×	NOUN
faba-4	191	27	0.59	0.59	NUM
faba-4	191	28	=	=	SYM
faba-4	191	29	5.89	5.89	NUM
faba-4	191	30	%	%	NOUN
faba-4	191	31	)	)	PUNCT
faba-4	191	32	table	table	NOUN
faba-4	191	33	4	4	NUM
faba-4	191	34	shows	show	VERB
faba-4	191	35	the	the	DET
faba-4	191	36	calculated	calculate	VERB
faba-4	191	37	by	by	ADP
faba-4	191	38	the	the	DET
faba-4	191	39	model	model	NOUN
faba-4	191	40	average	average	ADJ
faba-4	191	41	fundamental	fundamental	ADJ
faba-4	191	42	p	p	PROPN
faba-4	191	43	/	/	SYM
faba-4	191	44	s	s	PART
faba-4	191	45	ratio	ratio	NOUN
faba-4	191	46	.	.	PUNCT
faba-4	192	1	it	it	PRON
faba-4	192	2	is	be	AUX
faba-4	192	3	equal	equal	ADJ
faba-4	192	4	to	to	ADP
faba-4	192	5	0.89	0.89	NUM
faba-4	192	6	and	and	CCONJ
faba-4	192	7	is	be	AUX
faba-4	192	8	considerably	considerably	ADV
faba-4	192	9	lower	low	ADJ
faba-4	192	10	than	than	ADP
faba-4	192	11	the	the	DET
faba-4	192	12	actual	actual	ADJ
faba-4	192	13	arithmetic	arithmetic	ADJ
faba-4	192	14	average	average	NOUN
faba-4	192	15	p	p	X
faba-4	192	16	/	/	SYM
faba-4	192	17	s	s	NOUN
faba-4	192	18	for	for	ADP
faba-4	192	19	sofix	sofix	NOUN
faba-4	192	20	of	of	ADP
faba-4	192	21	2.06	2.06	NUM
faba-4	192	22	,	,	PUNCT
faba-4	192	23	and	and	CCONJ
faba-4	192	24	the	the	DET
faba-4	192	25	median	median	NOUN
faba-4	192	26	of	of	ADP
faba-4	192	27	1.34	1.34	NUM
faba-4	192	28	,	,	PUNCT
faba-4	192	29	as	as	SCONJ
faba-4	192	30	shown	show	VERB
faba-4	192	31	in	in	ADP
faba-4	192	32	table	table	NOUN
faba-4	192	33	2	2	NUM
faba-4	192	34	.	.	PUNCT
faba-4	193	1	the	the	DET
faba-4	193	2	low	low	ADJ
faba-4	193	3	value	value	NOUN
faba-4	193	4	of	of	ADP
faba-4	193	5	the	the	DET
faba-4	193	6	fundamental	fundamental	ADJ
faba-4	193	7	(	(	PUNCT
faba-4	193	8	theoretical	theoretical	ADJ
faba-4	193	9	)	)	PUNCT
faba-4	193	10	p	p	X
faba-4	193	11	/	/	SYM
faba-4	193	12	s	s	PART
faba-4	193	13	should	should	AUX
faba-4	193	14	be	be	AUX
faba-4	193	15	explained	explain	VERB
faba-4	193	16	with	with	ADP
faba-4	193	17	the	the	DET
faba-4	193	18	fact	fact	NOUN
faba-4	193	19	that	that	SCONJ
faba-4	193	20	regardless	regardless	ADV
faba-4	193	21	of	of	ADP
faba-4	193	22	the	the	DET
faba-4	193	23	good	good	ADJ
faba-4	193	24	net	net	ADJ
faba-4	193	25	margin	margin	NOUN
faba-4	193	26	of	of	ADP
faba-4	193	27	13.09	13.09	NUM
faba-4	193	28	%	%	NOUN
faba-4	193	29	,	,	PUNCT
faba-4	193	30	roe	roe	PROPN
faba-4	193	31	is	be	AUX
faba-4	193	32	much	much	ADV
faba-4	193	33	lower	low	ADJ
faba-4	193	34	than	than	ADP
faba-4	193	35	the	the	DET
faba-4	193	36	cost	cost	NOUN
faba-4	193	37	of	of	ADP
faba-4	193	38	equity	equity	NOUN
faba-4	193	39	(	(	PUNCT
faba-4	193	40	r	r	NOUN
faba-4	193	41	)	)	PUNCT
faba-4	193	42	.	.	PUNCT
faba-4	194	1	this	this	DET
faba-4	194	2	fundamental	fundamental	ADJ
faba-4	194	3	p	p	X
faba-4	194	4	/	/	SYM
faba-4	194	5	s	s	PROPN
faba-4	194	6	,	,	PUNCT
faba-4	194	7	which	which	PRON
faba-4	194	8	is	be	AUX
faba-4	194	9	much	much	ADV
faba-4	194	10	lower	low	ADJ
faba-4	194	11	than	than	ADP
faba-4	194	12	the	the	DET
faba-4	194	13	actual	actual	ADJ
faba-4	194	14	average	average	NOUN
faba-4	194	15	p	p	X
faba-4	194	16	/	/	SYM
faba-4	194	17	s	s	PROPN
faba-4	194	18	,	,	PUNCT
faba-4	194	19	indicates	indicate	VERB
faba-4	194	20	that	that	SCONJ
faba-4	194	21	the	the	DET
faba-4	194	22	current	current	ADJ
faba-4	194	23	sofix	sofix	NOUN
faba-4	194	24	level	level	NOUN
faba-4	194	25	is	be	AUX
faba-4	194	26	unjustifiably	unjustifiably	ADV
faba-4	194	27	high	high	ADJ
faba-4	194	28	.	.	PUNCT
faba-4	195	1	table	table	NOUN
faba-4	195	2	4	4	NUM
faba-4	195	3	:	:	PUNCT
faba-4	195	4	average	average	ADJ
faba-4	195	5	fundamental	fundamental	ADJ
faba-4	195	6	p	p	X
faba-4	195	7	/	/	SYM
faba-4	195	8	s	s	NOUN
faba-4	195	9	for	for	ADP
faba-4	195	10	sofix	sofix	NOUN
faba-4	195	11	for	for	ADP
faba-4	195	12	2017	2017	NUM
faba-4	195	13	(	(	PUNCT
faba-4	195	14	one	one	NUM
faba-4	195	15	-	-	PUNCT
faba-4	195	16	stage	stage	NOUN
faba-4	195	17	model	model	NOUN
faba-4	195	18	)	)	PUNCT
faba-4	195	19	pace	pace	NOUN
faba-4	195	20	of	of	ADP
faba-4	195	21	change	change	NOUN
faba-4	195	22	of	of	ADP
faba-4	195	23	net	net	ADJ
faba-4	195	24	margin	margin	NOUN
faba-4	195	25	(	(	PUNCT
faba-4	195	26	in	in	ADP
faba-4	195	27	%	%	NOUN
faba-4	195	28	):	):	PUNCT
faba-4	195	29	10	10	NUM
faba-4	195	30	%	%	NOUN
faba-4	195	31	pace	pace	NOUN
faba-4	195	32	of	of	ADP
faba-4	195	33	change	change	NOUN
faba-4	195	34	of	of	ADP
faba-4	195	35	"	"	PUNCT
faba-4	195	36	r	r	NOUN
faba-4	195	37	"	"	PUNCT
faba-4	195	38	(	(	PUNCT
faba-4	195	39	in	in	ADP
faba-4	195	40	%	%	NOUN
faba-4	195	41	):	):	PUNCT
faba-4	195	42	10	10	NUM
faba-4	195	43	%	%	NOUN
faba-4	195	44	values	value	NOUN
faba-4	195	45	values	value	NOUN
faba-4	195	46	of	of	ADP
faba-4	195	47	net	net	ADJ
faba-4	195	48	margin	margin	NOUN
faba-4	195	49	of	of	ADP
faba-4	195	50	6.5	6.5	NUM
faba-4	195	51	%	%	NOUN
faba-4	195	52	7.9	7.9	NUM
faba-4	195	53	%	%	NOUN
faba-4	195	54	9.2	9.2	NUM
faba-4	195	55	%	%	NOUN
faba-4	195	56	10.5	10.5	NUM
faba-4	195	57	%	%	NOUN
faba-4	195	58	11.8	11.8	NUM
faba-4	195	59	%	%	NOUN
faba-4	195	60	13.1	13.1	NUM
faba-4	195	61	%	%	NOUN
faba-4	195	62	14.4	14.4	NUM
faba-4	195	63	%	%	NOUN
faba-4	195	64	15.7	15.7	NUM
faba-4	195	65	%	%	NOUN
faba-4	195	66	17.0	17.0	NUM
faba-4	195	67	%	%	NOUN
faba-4	195	68	18.3	18.3	NUM
faba-4	195	69	%	%	NOUN
faba-4	195	70	19.6	19.6	NUM
faba-4	195	71	%	%	NOUN
faba-4	195	72	"	"	PUNCT
faba-4	195	73	r	r	NOUN
faba-4	195	74	"	"	PUNCT
faba-4	195	75	р	р	NOUN
faba-4	195	76	/	/	SYM
faba-4	195	77	s	s	NOUN
faba-4	195	78	р	р	ADP
faba-4	195	79	/	/	SYM
faba-4	195	80	s	s	NOUN
faba-4	195	81	р	р	ADP
faba-4	195	82	/	/	SYM
faba-4	195	83	s	s	NOUN
faba-4	195	84	р	р	ADP
faba-4	195	85	/	/	SYM
faba-4	195	86	s	s	NOUN
faba-4	195	87	р	р	ADP
faba-4	195	88	/	/	SYM
faba-4	195	89	s	s	NOUN
faba-4	195	90	р	р	ADP
faba-4	195	91	/	/	SYM
faba-4	195	92	s	s	NOUN
faba-4	195	93	р	р	ADP
faba-4	195	94	/	/	SYM
faba-4	195	95	s	s	NOUN
faba-4	195	96	р	р	ADP
faba-4	195	97	/	/	SYM
faba-4	195	98	s	s	NOUN
faba-4	195	99	р	р	ADP
faba-4	195	100	/	/	SYM
faba-4	195	101	s	s	NOUN
faba-4	195	102	р	р	ADP
faba-4	195	103	/	/	SYM
faba-4	195	104	s	s	NOUN
faba-4	195	105	р	р	NOUN
faba-4	195	106	/	/	SYM
faba-4	195	107	s	s	PART
faba-4	195	108	6.1	6.1	NUM
faba-4	195	109	%	%	NOUN
faba-4	195	110	12.26	12.26	NUM
faba-4	195	111	14.71	14.71	NUM
faba-4	195	112	17.16	17.16	NUM
faba-4	195	113	19.61	19.61	NUM
faba-4	195	114	22.06	22.06	NUM
faba-4	195	115	24.52	24.52	NUM
faba-4	195	116	26.97	26.97	NUM
faba-4	195	117	29.42	29.42	NUM
faba-4	195	118	31.87	31.87	NUM
faba-4	195	119	34.32	34.32	NUM
faba-4	195	120	36.77	36.77	NUM
faba-4	195	121	7.3	7.3	NUM
faba-4	195	122	%	%	NOUN
faba-4	195	123	1.95	1.95	NUM
faba-4	195	124	2.34	2.34	NUM
faba-4	195	125	2.73	2.73	NUM
faba-4	195	126	3.12	3.12	NUM
faba-4	195	127	3.51	3.51	NUM
faba-4	195	128	3.90	3.90	NUM
faba-4	195	129	4.29	4.29	NUM
faba-4	195	130	4.68	4.68	NUM
faba-4	195	131	5.07	5.07	NUM
faba-4	195	132	5.47	5.47	NUM
faba-4	195	133	5.86	5.86	NUM
faba-4	195	134	8.6	8.6	NUM
faba-4	195	135	%	%	NOUN
faba-4	195	136	1.06	1.06	NUM
faba-4	195	137	1.27	1.27	NUM
faba-4	195	138	1.48	1.48	NUM
faba-4	195	139	1.70	1.70	NUM
faba-4	195	140	1.91	1.91	NUM
faba-4	195	141	2.12	2.12	NUM
faba-4	195	142	2.33	2.33	NUM
faba-4	195	143	2.54	2.54	NUM
faba-4	195	144	2.76	2.76	NUM
faba-4	195	145	2.97	2.97	NUM
faba-4	195	146	3.18	3.18	NUM
faba-4	195	147	9.8	9.8	NUM
faba-4	195	148	%	%	NOUN
faba-4	195	149	0.73	0.73	NUM
faba-4	195	150	0.87	0.87	NUM
faba-4	195	151	1.02	1.02	NUM
faba-4	195	152	1.16	1.16	NUM
faba-4	195	153	1.31	1.31	NUM
faba-4	195	154	1.46	1.46	NUM
faba-4	195	155	1.60	1.60	NUM
faba-4	195	156	1.75	1.75	NUM
faba-4	195	157	1.89	1.89	NUM
faba-4	195	158	2.04	2.04	NUM
faba-4	195	159	2.18	2.18	NUM
faba-4	195	160	11.0	11.0	NUM
faba-4	195	161	%	%	NOUN
faba-4	195	162	0.55	0.55	NUM
faba-4	195	163	0.66	0.66	NUM
faba-4	195	164	0.78	0.78	NUM
faba-4	195	165	0.89	0.89	NUM
faba-4	195	166	1.00	1.00	NUM
faba-4	195	167	1.11	1.11	NUM
faba-4	195	168	1.22	1.22	NUM
faba-4	195	169	1.33	1.33	NUM
faba-4	195	170	1.44	1.44	NUM
faba-4	195	171	1.55	1.55	NUM
faba-4	195	172	1.66	1.66	NUM
faba-4	195	173	12.2	12.2	NUM
faba-4	195	174	%	%	NOUN
faba-4	195	175	0.45	0.45	NUM
faba-4	195	176	0.54	0.54	NUM
faba-4	195	177	0.63	0.63	NUM
faba-4	195	178	0.72	0.72	NUM
faba-4	195	179	0.81	0.81	NUM
faba-4	195	180	0.89	0.89	NUM
faba-4	195	181	0.98	0.98	NUM
faba-4	195	182	1.07	1.07	NUM
faba-4	195	183	1.16	1.16	NUM
faba-4	195	184	1.25	1.25	NUM
faba-4	195	185	1.34	1.34	NUM
faba-4	195	186	13.5	13.5	NUM
faba-4	195	187	%	%	NOUN
faba-4	195	188	0.38	0.38	NUM
faba-4	195	189	0.45	0.45	NUM
faba-4	195	190	0.53	0.53	NUM
faba-4	195	191	0.60	0.60	NUM
faba-4	195	192	0.68	0.68	NUM
faba-4	195	193	0.75	0.75	NUM
faba-4	195	194	0.83	0.83	NUM
faba-4	195	195	0.90	0.90	NUM
faba-4	195	196	0.98	0.98	NUM
faba-4	195	197	1.05	1.05	NUM
faba-4	195	198	1.13	1.13	NUM
faba-4	195	199	14.7	14.7	NUM
faba-4	195	200	%	%	NOUN
faba-4	195	201	0.32	0.32	NUM
faba-4	195	202	0.39	0.39	NUM
faba-4	195	203	0.45	0.45	NUM
faba-4	195	204	0.52	0.52	NUM
faba-4	195	205	0.58	0.58	NUM
faba-4	195	206	0.65	0.65	NUM
faba-4	195	207	0.71	0.71	NUM
faba-4	195	208	0.77	0.77	NUM
faba-4	195	209	0.84	0.84	NUM
faba-4	195	210	0.90	0.90	NUM
faba-4	195	211	0.97	0.97	NUM
faba-4	195	212	15.9	15.9	NUM
faba-4	195	213	%	%	NOUN
faba-4	195	214	0.28	0.28	NUM
faba-4	195	215	0.34	0.34	NUM
faba-4	195	216	0.40	0.40	NUM
faba-4	195	217	0.45	0.45	NUM
faba-4	195	218	0.51	0.51	NUM
faba-4	195	219	0.57	0.57	NUM
faba-4	195	220	0.62	0.62	NUM
faba-4	195	221	0.68	0.68	NUM
faba-4	195	222	0.74	0.74	NUM
faba-4	195	223	0.79	0.79	NUM
faba-4	195	224	0.85	0.85	NUM
faba-4	195	225	17.1	17.1	NUM
faba-4	195	226	%	%	NOUN
faba-4	195	227	0.25	0.25	NUM
faba-4	195	228	0.30	0.30	NUM
faba-4	195	229	0.35	0.35	NUM
faba-4	195	230	0.40	0.40	NUM
faba-4	195	231	0.45	0.45	NUM
faba-4	195	232	0.51	0.51	NUM
faba-4	195	233	0.56	0.56	NUM
faba-4	195	234	0.61	0.61	NUM
faba-4	195	235	0.66	0.66	NUM
faba-4	195	236	0.71	0.71	NUM
faba-4	195	237	0.76	0.76	NUM
faba-4	195	238	18.4	18.4	NUM
faba-4	195	239	%	%	NOUN
faba-4	195	240	0.23	0.23	NUM
faba-4	195	241	0.27	0.27	NUM
faba-4	195	242	0.32	0.32	NUM
faba-4	195	243	0.36	0.36	NUM
faba-4	195	244	0.41	0.41	NUM
faba-4	195	245	0.46	0.46	NUM
faba-4	195	246	0.50	0.50	NUM
faba-4	195	247	0.55	0.55	NUM
faba-4	195	248	0.59	0.59	NUM
faba-4	195	249	0.64	0.64	NUM
faba-4	195	250	0.68	0.68	NUM
faba-4	195	251	source	source	NOUN
faba-4	195	252	:	:	PUNCT
faba-4	195	253	calculations	calculation	NOUN
faba-4	195	254	of	of	ADP
faba-4	195	255	the	the	DET
faba-4	195	256	author	author	NOUN
faba-4	195	257	the	the	DET
faba-4	195	258	values	value	NOUN
faba-4	195	259	in	in	ADP
faba-4	195	260	the	the	DET
faba-4	195	261	table	table	NOUN
faba-4	195	262	also	also	ADV
faba-4	195	263	illustrate	illustrate	VERB
faba-4	195	264	the	the	DET
faba-4	195	265	high	high	ADJ
faba-4	195	266	sensitivity	sensitivity	NOUN
faba-4	195	267	of	of	ADP
faba-4	195	268	the	the	DET
faba-4	195	269	fundamental	fundamental	ADJ
faba-4	195	270	p	p	X
faba-4	195	271	/	/	SYM
faba-4	195	272	s	s	NOUN
faba-4	195	273	to	to	ADP
faba-4	195	274	the	the	DET
faba-4	195	275	combination	combination	NOUN
faba-4	195	276	between	between	ADP
faba-4	195	277	net	net	ADJ
faba-4	195	278	margin	margin	NOUN
faba-4	195	279	and	and	CCONJ
faba-4	195	280	r.	r.	NOUN
faba-4	195	281	they	they	PRON
faba-4	195	282	vary	vary	VERB
faba-4	195	283	within	within	ADP
faba-4	195	284	a	a	DET
faba-4	195	285	broad	broad	ADJ
faba-4	195	286	range	range	NOUN
faba-4	195	287	from	from	ADP
faba-4	195	288	0.23	0.23	NUM
faba-4	195	289	at	at	ADP
faba-4	195	290	the	the	DET
faba-4	195	291	bottom	bottom	NOUN
faba-4	195	292	left	leave	VERB
faba-4	195	293	corner	corner	NOUN
faba-4	195	294	of	of	ADP
faba-4	195	295	the	the	DET
faba-4	195	296	table	table	NOUN
faba-4	195	297	to	to	ADP
faba-4	195	298	36.77	36.77	NUM
faba-4	195	299	at	at	ADP
faba-4	195	300	the	the	DET
faba-4	195	301	upper	upper	ADJ
faba-4	195	302	right	right	ADJ
faba-4	195	303	corner	corner	NOUN
faba-4	195	304	of	of	ADP
faba-4	195	305	the	the	DET
faba-4	195	306	table	table	NOUN
faba-4	195	307	(	(	PUNCT
faba-4	195	308	under	under	ADP
faba-4	195	309	a	a	DET
faba-4	195	310	combination	combination	NOUN
faba-4	195	311	of	of	ADP
faba-4	195	312	6.1	6.1	NUM
faba-4	195	313	%	%	NOUN
faba-4	195	314	cost	cost	NOUN
faba-4	195	315	of	of	ADP
faba-4	195	316	equity	equity	NOUN
faba-4	195	317	and	and	CCONJ
faba-4	195	318	a	a	DET
faba-4	195	319	net	net	ADJ
faba-4	195	320	margin	margin	NOUN
faba-4	195	321	of	of	ADP
faba-4	195	322	19.6	19.6	NUM
faba-4	195	323	%	%	NOUN
faba-4	195	324	)	)	PUNCT
faba-4	195	325	.	.	PUNCT
faba-4	196	1	this	this	PRON
faba-4	196	2	is	be	AUX
faba-4	196	3	mainly	mainly	ADV
faba-4	196	4	due	due	ADJ
faba-4	196	5	to	to	ADP
faba-4	196	6	the	the	DET
faba-4	196	7	application	application	NOUN
faba-4	196	8	of	of	ADP
faba-4	196	9	the	the	DET
faba-4	196	10	one	one	NUM
faba-4	196	11	-	-	PUNCT
faba-4	196	12	stage	stage	NOUN
faba-4	196	13	model	model	NOUN
faba-4	196	14	.	.	PUNCT
faba-4	197	1	the	the	DET
faba-4	197	2	extreme	extreme	ADJ
faba-4	197	3	values	value	NOUN
faba-4	197	4	received	receive	VERB
faba-4	197	5	under	under	ADP
faba-4	197	6	this	this	DET
faba-4	197	7	model	model	NOUN
faba-4	197	8	usually	usually	ADV
faba-4	197	9	do	do	AUX
faba-4	197	10	not	not	PART
faba-4	197	11	have	have	VERB
faba-4	197	12	economic	economic	ADJ
faba-4	197	13	sense	sense	NOUN
faba-4	197	14	and	and	CCONJ
faba-4	197	15	are	be	AUX
faba-4	197	16	not	not	PART
faba-4	197	17	recommended	recommend	VERB
faba-4	197	18	for	for	ADP
faba-4	197	19	use	use	NOUN
faba-4	197	20	.	.	PUNCT
faba-4	198	1	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-4	198	2	dimitir	dimitir	ADJ
faba-4	198	3	nenkov	nenkov	PROPN
faba-4	198	4	/	/	SYM
faba-4	198	5	finance	finance	NOUN
faba-4	198	6	,	,	PUNCT
faba-4	198	7	accounting	accounting	NOUN
faba-4	198	8	,	,	PUNCT
faba-4	198	9	and	and	CCONJ
faba-4	198	10	business	business	NOUN
faba-4	198	11	analisys	analisys	NOUN
faba-4	198	12	46	46	NUM
faba-4	198	13	the	the	DET
faba-4	198	14	one	one	NUM
faba-4	198	15	-	-	PUNCT
faba-4	198	16	stage	stage	NOUN
faba-4	198	17	models	model	NOUN
faba-4	198	18	for	for	ADP
faba-4	198	19	determining	determine	VERB
faba-4	198	20	the	the	DET
faba-4	198	21	fundamental	fundamental	ADJ
faba-4	198	22	ratios	ratio	NOUN
faba-4	198	23	reproduce	reproduce	VERB
faba-4	198	24	the	the	DET
faba-4	198	25	drawbacks	drawback	NOUN
faba-4	198	26	of	of	ADP
faba-4	198	27	the	the	DET
faba-4	198	28	capitalization	capitalization	NOUN
faba-4	198	29	models	model	NOUN
faba-4	198	30	,	,	PUNCT
faba-4	198	31	from	from	ADP
faba-4	198	32	which	which	PRON
faba-4	198	33	they	they	PRON
faba-4	198	34	were	be	AUX
faba-4	198	35	derived	derive	VERB
faba-4	198	36	,	,	PUNCT
faba-4	198	37	such	such	ADJ
faba-4	198	38	as	as	ADP
faba-4	198	39	the	the	DET
faba-4	198	40	gordon	gordon	PROPN
faba-4	198	41	dividend	dividend	NOUN
faba-4	198	42	model	model	NOUN
faba-4	198	43	and	and	CCONJ
faba-4	198	44	its	its	PRON
faba-4	198	45	analogues	analogue	NOUN
faba-4	198	46	.	.	PUNCT
faba-4	199	1	because	because	SCONJ
faba-4	199	2	of	of	ADP
faba-4	199	3	this	this	PRON
faba-4	199	4	,	,	PUNCT
faba-4	199	5	one	one	NUM
faba-4	199	6	-	-	PUNCT
faba-4	199	7	stage	stage	NOUN
faba-4	199	8	models	model	NOUN
faba-4	199	9	easily	easily	ADV
faba-4	199	10	yield	yield	VERB
faba-4	199	11	illogical	illogical	ADJ
faba-4	199	12	and	and	CCONJ
faba-4	199	13	misleading	misleading	ADJ
faba-4	199	14	results	result	NOUN
faba-4	199	15	for	for	ADP
faba-4	199	16	the	the	DET
faba-4	199	17	fundamental	fundamental	ADJ
faba-4	199	18	ratios	ratio	NOUN
faba-4	199	19	.	.	PUNCT
faba-4	200	1	this	this	PRON
faba-4	200	2	is	be	AUX
faba-4	200	3	why	why	SCONJ
faba-4	200	4	,	,	PUNCT
faba-4	200	5	it	it	PRON
faba-4	200	6	is	be	AUX
faba-4	200	7	recommended	recommend	VERB
faba-4	200	8	in	in	ADP
faba-4	200	9	most	most	ADJ
faba-4	200	10	cases	case	NOUN
faba-4	200	11	to	to	PART
faba-4	200	12	apply	apply	VERB
faba-4	200	13	the	the	DET
faba-4	200	14	two	two	NUM
faba-4	200	15	-	-	PUNCT
faba-4	200	16	stage	stage	NOUN
faba-4	200	17	fundamental	fundamental	ADJ
faba-4	200	18	models	model	NOUN
faba-4	200	19	.	.	PUNCT
faba-4	201	1	from	from	ADP
faba-4	201	2	the	the	DET
faba-4	201	3	models	model	NOUN
faba-4	201	4	above	above	ADP
faba-4	201	5	it	it	PRON
faba-4	201	6	became	become	VERB
faba-4	201	7	clear	clear	ADJ
faba-4	201	8	that	that	SCONJ
faba-4	201	9	the	the	DET
faba-4	201	10	two	two	NUM
faba-4	201	11	-	-	PUNCT
faba-4	201	12	stage	stage	NOUN
faba-4	201	13	model	model	NOUN
faba-4	201	14	divides	divide	VERB
faba-4	201	15	the	the	DET
faba-4	201	16	future	future	NOUN
faba-4	201	17	into	into	ADP
faba-4	201	18	two	two	NUM
faba-4	201	19	sub	sub	NOUN
faba-4	201	20	-	-	ADJ
faba-4	201	21	periods	periods	ADJ
faba-4	201	22	:	:	PUNCT
faba-4	201	23	high	high	ADJ
faba-4	201	24	growth	growth	NOUN
faba-4	201	25	period	period	NOUN
faba-4	201	26	and	and	CCONJ
faba-4	201	27	stable	stable	ADJ
faba-4	201	28	growth	growth	NOUN
faba-4	201	29	period	period	NOUN
faba-4	201	30	.	.	PUNCT
faba-4	202	1	more	more	ADJ
faba-4	202	2	conservative	conservative	ADJ
faba-4	202	3	values	value	NOUN
faba-4	202	4	for	for	ADP
faba-4	202	5	the	the	DET
faba-4	202	6	growth	growth	NOUN
faba-4	202	7	rate	rate	NOUN
faba-4	202	8	g2	g2	PROPN
faba-4	202	9	should	should	AUX
faba-4	202	10	normally	normally	ADV
faba-4	202	11	be	be	AUX
faba-4	202	12	used	use	VERB
faba-4	202	13	for	for	ADP
faba-4	202	14	the	the	DET
faba-4	202	15	stable	stable	ADJ
faba-4	202	16	growth	growth	NOUN
faba-4	202	17	period	period	NOUN
faba-4	202	18	.	.	PUNCT
faba-4	203	1	the	the	DET
faba-4	203	2	retention	retention	NOUN
faba-4	203	3	ratio	ratio	NOUN
faba-4	203	4	b2	b2	NOUN
faba-4	203	5	should	should	AUX
faba-4	203	6	be	be	AUX
faba-4	203	7	with	with	ADP
faba-4	203	8	some	some	DET
faba-4	203	9	moderate	moderate	ADJ
faba-4	203	10	value	value	NOUN
faba-4	203	11	,	,	PUNCT
faba-4	203	12	such	such	ADJ
faba-4	203	13	as	as	ADP
faba-4	203	14	0.50	0.50	NUM
faba-4	203	15	.	.	PUNCT
faba-4	204	1	other	other	ADJ
faba-4	204	2	things	thing	NOUN
faba-4	204	3	being	be	AUX
faba-4	204	4	equal	equal	ADJ
faba-4	204	5	,	,	PUNCT
faba-4	204	6	the	the	DET
faba-4	204	7	average	average	ADJ
faba-4	204	8	roe	roe	NOUN
faba-4	204	9	in	in	ADP
faba-4	204	10	the	the	DET
faba-4	204	11	long	long	ADJ
faba-4	204	12	run	run	NOUN
faba-4	204	13	would	would	AUX
faba-4	204	14	most	most	ADV
faba-4	204	15	likely	likely	ADV
faba-4	204	16	be	be	AUX
faba-4	204	17	equal	equal	ADJ
faba-4	204	18	to	to	ADP
faba-4	204	19	the	the	DET
faba-4	204	20	average	average	ADJ
faba-4	204	21	cost	cost	NOUN
faba-4	204	22	of	of	ADP
faba-4	204	23	equity	equity	NOUN
faba-4	204	24	r.	r.	PROPN
faba-4	204	25	this	this	PRON
faba-4	204	26	is	be	AUX
faba-4	204	27	why	why	SCONJ
faba-4	204	28	,	,	PUNCT
faba-4	204	29	in	in	ADP
faba-4	204	30	this	this	DET
faba-4	204	31	case	case	NOUN
faba-4	204	32	we	we	PRON
faba-4	204	33	assume	assume	VERB
faba-4	204	34	that	that	SCONJ
faba-4	204	35	roe	roe	NOUN
faba-4	204	36	during	during	ADP
faba-4	204	37	the	the	DET
faba-4	204	38	stable	stable	ADJ
faba-4	204	39	growth	growth	NOUN
faba-4	204	40	period	period	NOUN
faba-4	204	41	will	will	AUX
faba-4	204	42	be	be	AUX
faba-4	204	43	equal	equal	ADJ
faba-4	204	44	to	to	ADP
faba-4	204	45	the	the	DET
faba-4	204	46	cost	cost	NOUN
faba-4	204	47	of	of	ADP
faba-4	204	48	capital	capital	NOUN
faba-4	204	49	of	of	ADP
faba-4	204	50	12.24	12.24	NUM
faba-4	204	51	%	%	NOUN
faba-4	204	52	.	.	PUNCT
faba-4	205	1	we	we	PRON
faba-4	205	2	also	also	ADV
faba-4	205	3	use	use	VERB
faba-4	205	4	the	the	DET
faba-4	205	5	calculated	calculated	ADJ
faba-4	205	6	average	average	ADJ
faba-4	205	7	net	net	ADJ
faba-4	205	8	margin	margin	NOUN
faba-4	205	9	for	for	ADP
faba-4	205	10	sofix	sofix	NOUN
faba-4	205	11	of	of	ADP
faba-4	205	12	13.09	13.09	NUM
faba-4	205	13	%	%	NOUN
faba-4	205	14	,	,	PUNCT
faba-4	205	15	assuming	assume	VERB
faba-4	205	16	that	that	SCONJ
faba-4	205	17	it	it	PRON
faba-4	205	18	will	will	AUX
faba-4	205	19	stay	stay	VERB
faba-4	205	20	the	the	DET
faba-4	205	21	same	same	ADJ
faba-4	205	22	during	during	ADP
faba-4	205	23	the	the	DET
faba-4	205	24	stable	stable	ADJ
faba-4	205	25	-	-	PUNCT
faba-4	205	26	growth	growth	NOUN
faba-4	205	27	period	period	NOUN
faba-4	205	28	.	.	PUNCT
faba-4	206	1	thus	thus	ADV
faba-4	206	2	,	,	PUNCT
faba-4	206	3	the	the	DET
faba-4	206	4	input	input	NOUN
faba-4	206	5	variables	variable	VERB
faba-4	206	6	for	for	ADP
faba-4	206	7	the	the	DET
faba-4	206	8	two	two	NUM
faba-4	206	9	-	-	PUNCT
faba-4	206	10	stage	stage	NOUN
faba-4	206	11	model	model	NOUN
faba-4	206	12	are	be	AUX
faba-4	206	13	as	as	SCONJ
faba-4	206	14	follows	follow	VERB
faba-4	206	15	:	:	PUNCT
faba-4	206	16	net	net	ADJ
faba-4	206	17	margin	margin	NOUN
faba-4	206	18	for	for	ADP
faba-4	206	19	the	the	DET
faba-4	206	20	first	first	ADJ
faba-4	206	21	sub	sub	NOUN
faba-4	206	22	-	-	NOUN
faba-4	206	23	period	period	NOUN
faba-4	206	24	(	(	PUNCT
faba-4	206	25	first	first	ADJ
faba-4	206	26	5	5	NUM
faba-4	206	27	years	year	NOUN
faba-4	206	28	)	)	PUNCT
faba-4	206	29	=	=	SYM
faba-4	207	1	13.09	13.09	NUM
faba-4	207	2	%	%	NOUN
faba-4	207	3	retention	retention	NOUN
faba-4	207	4	ratio	ratio	NOUN
faba-4	207	5	for	for	ADP
faba-4	207	6	the	the	DET
faba-4	207	7	first	first	ADJ
faba-4	207	8	sub	sub	ADJ
faba-4	207	9	-	-	ADJ
faba-4	207	10	period	period	NOUN
faba-4	207	11	b1	b1	NOUN
faba-4	207	12	=	=	SYM
faba-4	207	13	0.59	0.59	NUM
faba-4	207	14	cost	cost	NOUN
faba-4	207	15	of	of	ADP
faba-4	207	16	equity	equity	NOUN
faba-4	207	17	for	for	ADP
faba-4	207	18	the	the	DET
faba-4	207	19	first	first	ADJ
faba-4	207	20	sub	sub	ADJ
faba-4	207	21	-	-	NOUN
faba-4	207	22	period	period	NOUN
faba-4	207	23	r1	r1	NOUN
faba-4	207	24	=	=	NOUN
faba-4	207	25	12.24	12.24	NUM
faba-4	207	26	%	%	NOUN
faba-4	207	27	growth	growth	NOUN
faba-4	207	28	rate	rate	NOUN
faba-4	207	29	for	for	ADP
faba-4	207	30	the	the	DET
faba-4	207	31	first	first	ADJ
faba-4	207	32	sub	sub	ADJ
faba-4	207	33	-	-	ADJ
faba-4	207	34	period	period	NOUN
faba-4	207	35	g1	g1	NOUN
faba-4	207	36	=	=	PUNCT
faba-4	207	37	5.89	5.89	NUM
faba-4	207	38	%	%	NOUN
faba-4	207	39	(	(	PUNCT
faba-4	207	40	roe	roe	PROPN
faba-4	207	41	×	×	PROPN
faba-4	207	42	b	b	PROPN
faba-4	207	43	=	=	SYM
faba-4	207	44	9.98	9.98	NUM
faba-4	207	45	%	%	NOUN
faba-4	207	46	×	×	NOUN
faba-4	207	47	0.59	0.59	NUM
faba-4	207	48	=	=	SYM
faba-4	207	49	5.89	5.89	NUM
faba-4	207	50	%	%	NOUN
faba-4	207	51	)	)	PUNCT
faba-4	207	52	continuance	continuance	NOUN
faba-4	207	53	of	of	ADP
faba-4	207	54	the	the	DET
faba-4	207	55	first	first	ADJ
faba-4	207	56	sub	sub	NOUN
faba-4	207	57	-	-	NOUN
faba-4	207	58	period	period	NOUN
faba-4	207	59	n	n	NOUN
faba-4	207	60	=	=	SYM
faba-4	207	61	5	5	NUM
faba-4	207	62	years	year	NOUN
faba-4	207	63	net	net	ADJ
faba-4	207	64	margin	margin	NOUN
faba-4	207	65	for	for	ADP
faba-4	207	66	the	the	DET
faba-4	207	67	stable	stable	ADJ
faba-4	207	68	growth	growth	NOUN
faba-4	207	69	period	period	NOUN
faba-4	207	70	=	=	NOUN
faba-4	207	71	13.09	13.09	NUM
faba-4	207	72	%	%	NOUN
faba-4	207	73	(	(	PUNCT
faba-4	207	74	remains	remain	VERB
faba-4	207	75	the	the	DET
faba-4	207	76	same	same	ADJ
faba-4	207	77	)	)	PUNCT
faba-4	207	78	retention	retention	NOUN
faba-4	207	79	ratio	ratio	NOUN
faba-4	207	80	during	during	ADP
faba-4	207	81	the	the	DET
faba-4	207	82	stable	stable	ADJ
faba-4	207	83	growth	growth	NOUN
faba-4	207	84	period	period	NOUN
faba-4	207	85	b2	b2	NOUN
faba-4	207	86	=	=	NOUN
faba-4	207	87	0.5	0.5	NUM
faba-4	207	88	cost	cost	NOUN
faba-4	207	89	of	of	ADP
faba-4	207	90	equity	equity	NOUN
faba-4	207	91	during	during	ADP
faba-4	207	92	the	the	DET
faba-4	207	93	stable	stable	ADJ
faba-4	207	94	growth	growth	NOUN
faba-4	207	95	period	period	NOUN
faba-4	207	96	r2	r2	NOUN
faba-4	207	97	=	=	NOUN
faba-4	207	98	12.24	12.24	NUM
faba-4	207	99	%	%	NOUN
faba-4	207	100	growth	growth	NOUN
faba-4	207	101	rate	rate	NOUN
faba-4	207	102	during	during	ADP
faba-4	207	103	the	the	DET
faba-4	207	104	stable	stable	ADJ
faba-4	207	105	growth	growth	NOUN
faba-4	207	106	period	period	NOUN
faba-4	207	107	g2	g2	PROPN
faba-4	207	108	=	=	PUNCT
faba-4	207	109	6.12	6.12	NUM
faba-4	207	110	%	%	NOUN
faba-4	207	111	(	(	PUNCT
faba-4	207	112	roe	roe	PROPN
faba-4	207	113	×	×	PROPN
faba-4	207	114	b	b	PROPN
faba-4	207	115	=	=	SYM
faba-4	207	116	12.24	12.24	NUM
faba-4	207	117	%	%	NOUN
faba-4	207	118	×	×	NOUN
faba-4	207	119	0.5	0.5	NUM
faba-4	207	120	=	=	SYM
faba-4	207	121	6.12	6.12	NUM
faba-4	207	122	%	%	NOUN
faba-4	207	123	)	)	PUNCT
faba-4	207	124	the	the	DET
faba-4	207	125	specifics	specific	NOUN
faba-4	207	126	in	in	ADP
faba-4	207	127	this	this	DET
faba-4	207	128	case	case	NOUN
faba-4	207	129	is	be	AUX
faba-4	207	130	that	that	SCONJ
faba-4	207	131	it	it	PRON
faba-4	207	132	is	be	AUX
faba-4	207	133	not	not	PART
faba-4	207	134	correct	correct	ADJ
faba-4	207	135	to	to	PART
faba-4	207	136	talk	talk	VERB
faba-4	207	137	about	about	ADP
faba-4	207	138	a	a	DET
faba-4	207	139	high	high	ADJ
faba-4	207	140	growth	growth	NOUN
faba-4	207	141	period	period	NOUN
faba-4	207	142	at	at	ADP
faba-4	207	143	the	the	DET
faba-4	207	144	beginning	beginning	NOUN
faba-4	207	145	.	.	PUNCT
faba-4	208	1	the	the	DET
faba-4	208	2	input	input	NOUN
faba-4	208	3	assumptions	assumption	NOUN
faba-4	208	4	and	and	CCONJ
faba-4	208	5	variables	variable	NOUN
faba-4	208	6	are	be	AUX
faba-4	208	7	such	such	ADJ
faba-4	208	8	,	,	PUNCT
faba-4	208	9	that	that	PRON
faba-4	208	10	forecasted	forecast	VERB
faba-4	208	11	growth	growth	NOUN
faba-4	208	12	rate	rate	NOUN
faba-4	208	13	during	during	ADP
faba-4	208	14	the	the	DET
faba-4	208	15	first	first	ADJ
faba-4	208	16	sub	sub	NOUN
faba-4	208	17	-	-	NOUN
faba-4	208	18	period	period	NOUN
faba-4	208	19	is	be	AUX
faba-4	208	20	actually	actually	ADV
faba-4	208	21	somewhat	somewhat	ADV
faba-4	208	22	lower	low	ADJ
faba-4	208	23	than	than	ADP
faba-4	208	24	growth	growth	NOUN
faba-4	208	25	rate	rate	NOUN
faba-4	208	26	during	during	ADP
faba-4	208	27	the	the	DET
faba-4	208	28	stable	stable	ADJ
faba-4	208	29	growth	growth	NOUN
faba-4	208	30	period	period	NOUN
faba-4	208	31	.	.	PUNCT
faba-4	209	1	table	table	NOUN
faba-4	209	2	5	5	NUM
faba-4	209	3	:	:	PUNCT
faba-4	209	4	average	average	ADJ
faba-4	209	5	fundamental	fundamental	ADJ
faba-4	209	6	p	p	X
faba-4	209	7	/	/	SYM
faba-4	209	8	s	s	NOUN
faba-4	209	9	for	for	ADP
faba-4	209	10	sofix	sofix	NOUN
faba-4	209	11	for	for	ADP
faba-4	209	12	2017	2017	NUM
faba-4	209	13	(	(	PUNCT
faba-4	209	14	two	two	NUM
faba-4	209	15	-	-	PUNCT
faba-4	209	16	stage	stage	NOUN
faba-4	209	17	model	model	NOUN
faba-4	209	18	)	)	PUNCT
faba-4	209	19	pace	pace	NOUN
faba-4	209	20	of	of	ADP
faba-4	209	21	change	change	NOUN
faba-4	209	22	of	of	ADP
faba-4	209	23	net	net	ADJ
faba-4	209	24	margin	margin	NOUN
faba-4	209	25	(	(	PUNCT
faba-4	209	26	in	in	ADP
faba-4	209	27	%	%	NOUN
faba-4	209	28	):	):	PUNCT
faba-4	209	29	10	10	NUM
faba-4	209	30	%	%	NOUN
faba-4	209	31	pace	pace	NOUN
faba-4	209	32	of	of	ADP
faba-4	209	33	change	change	NOUN
faba-4	209	34	of	of	ADP
faba-4	209	35	"	"	PUNCT
faba-4	209	36	r	r	NOUN
faba-4	209	37	"	"	PUNCT
faba-4	209	38	(	(	PUNCT
faba-4	209	39	in	in	ADP
faba-4	209	40	%	%	NOUN
faba-4	209	41	):	):	PUNCT
faba-4	209	42	10	10	NUM
faba-4	209	43	%	%	NOUN
faba-4	209	44	values	value	NOUN
faba-4	209	45	values	value	NOUN
faba-4	209	46	of	of	ADP
faba-4	209	47	net	net	ADJ
faba-4	209	48	margin	margin	NOUN
faba-4	209	49	of	of	ADP
faba-4	209	50	6.5	6.5	NUM
faba-4	209	51	%	%	NOUN
faba-4	209	52	7.9	7.9	NUM
faba-4	209	53	%	%	NOUN
faba-4	209	54	9.2	9.2	NUM
faba-4	209	55	%	%	NOUN
faba-4	209	56	10.5	10.5	NUM
faba-4	209	57	%	%	NOUN
faba-4	209	58	11.8	11.8	NUM
faba-4	209	59	%	%	NOUN
faba-4	209	60	13.1	13.1	NUM
faba-4	209	61	%	%	NOUN
faba-4	209	62	14.4	14.4	NUM
faba-4	209	63	%	%	NOUN
faba-4	209	64	15.7	15.7	NUM
faba-4	209	65	%	%	NOUN
faba-4	209	66	17.0	17.0	NUM
faba-4	209	67	%	%	NOUN
faba-4	209	68	18.3	18.3	NUM
faba-4	209	69	%	%	NOUN
faba-4	209	70	19.6	19.6	NUM
faba-4	209	71	%	%	NOUN
faba-4	209	72	"	"	PUNCT
faba-4	209	73	r	r	NOUN
faba-4	209	74	"	"	PUNCT
faba-4	209	75	р	р	NOUN
faba-4	209	76	/	/	SYM
faba-4	209	77	s	s	NOUN
faba-4	209	78	р	р	ADP
faba-4	209	79	/	/	SYM
faba-4	209	80	s	s	NOUN
faba-4	209	81	р	р	ADP
faba-4	209	82	/	/	SYM
faba-4	209	83	s	s	NOUN
faba-4	209	84	р	р	ADP
faba-4	209	85	/	/	SYM
faba-4	209	86	s	s	NOUN
faba-4	209	87	р	р	ADP
faba-4	209	88	/	/	SYM
faba-4	209	89	s	s	NOUN
faba-4	209	90	р	р	ADP
faba-4	209	91	/	/	SYM
faba-4	209	92	s	s	NOUN
faba-4	209	93	р	р	ADP
faba-4	209	94	/	/	SYM
faba-4	209	95	s	s	NOUN
faba-4	209	96	р	р	ADP
faba-4	209	97	/	/	SYM
faba-4	209	98	s	s	NOUN
faba-4	209	99	р	р	ADP
faba-4	209	100	/	/	SYM
faba-4	209	101	s	s	NOUN
faba-4	209	102	р	р	ADP
faba-4	209	103	/	/	SYM
faba-4	209	104	s	s	NOUN
faba-4	209	105	р	р	NOUN
faba-4	209	106	/	/	SYM
faba-4	209	107	s	s	PART
faba-4	209	108	6.1	6.1	NUM
faba-4	209	109	%	%	NOUN
faba-4	209	110	1.26	1.26	NUM
faba-4	209	111	1.28	1.28	NUM
faba-4	209	112	1.31	1.31	NUM
faba-4	209	113	1.34	1.34	NUM
faba-4	209	114	1.36	1.36	NUM
faba-4	209	115	1.39	1.39	NUM
faba-4	209	116	1.42	1.42	NUM
faba-4	209	117	1.44	1.44	NUM
faba-4	209	118	1.47	1.47	NUM
faba-4	209	119	1.50	1.50	NUM
faba-4	209	120	1.52	1.52	NUM
faba-4	209	121	7.3	7.3	NUM
faba-4	209	122	%	%	NOUN
faba-4	209	123	1.19	1.19	NUM
faba-4	209	124	1.21	1.21	NUM
faba-4	209	125	1.24	1.24	NUM
faba-4	209	126	1.27	1.27	NUM
faba-4	209	127	1.29	1.29	NUM
faba-4	209	128	1.32	1.32	NUM
faba-4	209	129	1.34	1.34	NUM
faba-4	209	130	1.37	1.37	NUM
faba-4	209	131	1.39	1.39	NUM
faba-4	209	132	1.42	1.42	NUM
faba-4	209	133	1.45	1.45	NUM
faba-4	209	134	8.6	8.6	NUM
faba-4	209	135	%	%	NOUN
faba-4	209	136	1.13	1.13	NUM
faba-4	209	137	1.15	1.15	NUM
faba-4	209	138	1.18	1.18	NUM
faba-4	209	139	1.20	1.20	NUM
faba-4	209	140	1.23	1.23	NUM
faba-4	209	141	1.25	1.25	NUM
faba-4	209	142	1.28	1.28	NUM
faba-4	209	143	1.30	1.30	NUM
faba-4	209	144	1.33	1.33	NUM
faba-4	209	145	1.35	1.35	NUM
faba-4	209	146	1.38	1.38	NUM
faba-4	209	147	9.8	9.8	NUM
faba-4	209	148	%	%	NOUN
faba-4	209	149	1.07	1.07	NUM
faba-4	209	150	1.09	1.09	NUM
faba-4	209	151	1.12	1.12	NUM
faba-4	209	152	1.14	1.14	NUM
faba-4	209	153	1.16	1.16	NUM
faba-4	209	154	1.19	1.19	NUM
faba-4	209	155	1.21	1.21	NUM
faba-4	209	156	1.24	1.24	NUM
faba-4	209	157	1.26	1.26	NUM
faba-4	209	158	1.28	1.28	NUM
faba-4	209	159	1.31	1.31	NUM
faba-4	209	160	11.0	11.0	NUM
faba-4	209	161	%	%	NOUN
faba-4	209	162	1.01	1.01	NUM
faba-4	209	163	1.04	1.04	NUM
faba-4	209	164	1.06	1.06	NUM
faba-4	209	165	1.08	1.08	NUM
faba-4	209	166	1.11	1.11	NUM
faba-4	209	167	1.13	1.13	NUM
faba-4	209	168	1.15	1.15	NUM
faba-4	209	169	1.18	1.18	NUM
faba-4	209	170	1.20	1.20	NUM
faba-4	209	171	1.22	1.22	NUM
faba-4	209	172	1.25	1.25	NUM
faba-4	209	173	12.2	12.2	NUM
faba-4	209	174	%	%	NOUN
faba-4	209	175	0.96	0.96	NUM
faba-4	209	176	0.98	0.98	NUM
faba-4	209	177	1.01	1.01	NUM
faba-4	209	178	1.03	1.03	NUM
faba-4	209	179	1.05	1.05	NUM
faba-4	209	180	1.07	1.07	NUM
faba-4	209	181	1.10	1.10	NUM
faba-4	209	182	1.12	1.12	NUM
faba-4	209	183	1.14	1.14	NUM
faba-4	209	184	1.16	1.16	NUM
faba-4	209	185	1.19	1.19	NUM
faba-4	209	186	13.5	13.5	NUM
faba-4	209	187	%	%	NOUN
faba-4	209	188	0.91	0.91	NUM
faba-4	209	189	0.93	0.93	NUM
faba-4	209	190	0.96	0.96	NUM
faba-4	209	191	0.98	0.98	NUM
faba-4	209	192	1.00	1.00	NUM
faba-4	209	193	1.02	1.02	NUM
faba-4	209	194	1.04	1.04	NUM
faba-4	209	195	1.07	1.07	NUM
faba-4	209	196	1.09	1.09	NUM
faba-4	209	197	1.11	1.11	NUM
faba-4	209	198	1.13	1.13	NUM
faba-4	209	199	14.7	14.7	NUM
faba-4	209	200	%	%	NOUN
faba-4	209	201	0.87	0.87	NUM
faba-4	209	202	0.89	0.89	NUM
faba-4	209	203	0.91	0.91	NUM
faba-4	209	204	0.93	0.93	NUM
faba-4	209	205	0.95	0.95	NUM
faba-4	209	206	0.97	0.97	NUM
faba-4	209	207	1.00	1.00	NUM
faba-4	209	208	1.02	1.02	NUM
faba-4	209	209	1.04	1.04	NUM
faba-4	209	210	1.06	1.06	NUM
faba-4	209	211	1.08	1.08	NUM
faba-4	209	212	15.9	15.9	NUM
faba-4	209	213	%	%	NOUN
faba-4	209	214	0.83	0.83	NUM
faba-4	209	215	0.85	0.85	NUM
faba-4	209	216	0.87	0.87	NUM
faba-4	209	217	0.89	0.89	NUM
faba-4	209	218	0.91	0.91	NUM
faba-4	209	219	0.93	0.93	NUM
faba-4	209	220	0.95	0.95	NUM
faba-4	209	221	0.97	0.97	NUM
faba-4	209	222	0.99	0.99	NUM
faba-4	209	223	1.01	1.01	NUM
faba-4	209	224	1.03	1.03	NUM
faba-4	209	225	17.1	17.1	NUM
faba-4	209	226	%	%	NOUN
faba-4	209	227	0.79	0.79	NUM
faba-4	209	228	0.81	0.81	NUM
faba-4	209	229	0.83	0.83	NUM
faba-4	209	230	0.85	0.85	NUM
faba-4	209	231	0.87	0.87	NUM
faba-4	209	232	0.89	0.89	NUM
faba-4	209	233	0.91	0.91	NUM
faba-4	209	234	0.93	0.93	NUM
faba-4	209	235	0.95	0.95	NUM
faba-4	209	236	0.97	0.97	NUM
faba-4	209	237	0.99	0.99	NUM
faba-4	209	238	18.4	18.4	NUM
faba-4	209	239	%	%	NOUN
faba-4	209	240	0.75	0.75	NUM
faba-4	209	241	0.77	0.77	NUM
faba-4	209	242	0.79	0.79	NUM
faba-4	209	243	0.81	0.81	NUM
faba-4	209	244	0.83	0.83	NUM
faba-4	209	245	0.84	0.84	NUM
faba-4	209	246	0.86	0.86	NUM
faba-4	209	247	0.88	0.88	NUM
faba-4	209	248	0.90	0.90	NUM
faba-4	209	249	0.92	0.92	NUM
faba-4	209	250	0.94	0.94	NUM
faba-4	209	251	source	source	NOUN
faba-4	209	252	:	:	PUNCT
faba-4	209	253	calculations	calculation	NOUN
faba-4	209	254	of	of	ADP
faba-4	209	255	the	the	DET
faba-4	209	256	author	author	NOUN
faba-4	209	257	the	the	DET
faba-4	209	258	calculated	calculated	ADJ
faba-4	209	259	average	average	ADJ
faba-4	209	260	p	p	PROPN
faba-4	209	261	/	/	SYM
faba-4	209	262	s	s	PART
faba-4	209	263	ratios	ratio	NOUN
faba-4	209	264	is	be	AUX
faba-4	209	265	only	only	ADV
faba-4	209	266	1.07	1.07	NUM
faba-4	209	267	(	(	PUNCT
faba-4	209	268	table	table	NOUN
faba-4	209	269	5	5	NUM
faba-4	209	270	)	)	PUNCT
faba-4	209	271	.	.	PUNCT
faba-4	210	1	the	the	DET
faba-4	210	2	p	p	PROPN
faba-4	210	3	/	/	SYM
faba-4	210	4	s	s	PART
faba-4	210	5	ratios	ratio	NOUN
faba-4	210	6	,	,	PUNCT
faba-4	210	7	which	which	PRON
faba-4	210	8	are	be	AUX
faba-4	210	9	determined	determine	VERB
faba-4	210	10	by	by	ADP
faba-4	210	11	using	use	VERB
faba-4	210	12	the	the	DET
faba-4	210	13	two	two	NUM
faba-4	210	14	-	-	PUNCT
faba-4	210	15	stage	stage	NOUN
faba-4	210	16	model	model	NOUN
faba-4	210	17	are	be	AUX
faba-4	210	18	much	much	ADV
faba-4	210	19	more	more	ADV
faba-4	210	20	precise	precise	ADJ
faba-4	210	21	.	.	PUNCT
faba-4	211	1	and	and	CCONJ
faba-4	211	2	is	be	AUX
faba-4	211	3	not	not	PART
faba-4	211	4	sufficiently	sufficiently	ADV
faba-4	211	5	different	different	ADJ
faba-4	211	6	from	from	ADP
faba-4	211	7	the	the	DET
faba-4	211	8	fundamental	fundamental	ADJ
faba-4	211	9	p	p	X
faba-4	211	10	/	/	SYM
faba-4	211	11	s	s	VERB
faba-4	211	12	calculated	calculate	VERB
faba-4	211	13	through	through	ADP
faba-4	211	14	the	the	DET
faba-4	211	15	one	one	NUM
faba-4	211	16	-	-	PUNCT
faba-4	211	17	stage	stage	NOUN
faba-4	211	18	model	model	NOUN
faba-4	211	19	.	.	PUNCT
faba-4	212	1	as	as	ADP
faba-4	212	2	a	a	DET
faba-4	212	3	rule	rule	NOUN
faba-4	212	4	,	,	PUNCT
faba-4	212	5	the	the	DET
faba-4	212	6	results	result	NOUN
faba-4	212	7	received	receive	VERB
faba-4	212	8	under	under	ADP
faba-4	212	9	the	the	DET
faba-4	212	10	two	two	NUM
faba-4	212	11	-	-	PUNCT
faba-4	212	12	stage	stage	NOUN
faba-4	212	13	model	model	NOUN
faba-4	212	14	are	be	AUX
faba-4	212	15	much	much	ADV
faba-4	212	16	dimitir	dimitir	ADJ
faba-4	212	17	nenkov	nenkov	NOUN
faba-4	212	18	/	/	SYM
faba-4	212	19	finance	finance	NOUN
faba-4	212	20	,	,	PUNCT
faba-4	212	21	accounting	accounting	NOUN
faba-4	212	22	,	,	PUNCT
faba-4	212	23	and	and	CCONJ
faba-4	212	24	business	business	NOUN
faba-4	212	25	analisys	analisys	NOUN
faba-4	212	26	47	47	NUM
faba-4	212	27	more	more	ADV
faba-4	212	28	precise	precise	ADJ
faba-4	212	29	.	.	PUNCT
faba-4	213	1	by	by	ADP
faba-4	213	2	forecasting	forecast	VERB
faba-4	213	3	the	the	DET
faba-4	213	4	return	return	NOUN
faba-4	213	5	on	on	ADP
faba-4	213	6	equity	equity	NOUN
faba-4	213	7	(	(	PUNCT
faba-4	213	8	roe	roe	PROPN
faba-4	213	9	)	)	PUNCT
faba-4	213	10	for	for	ADP
faba-4	213	11	the	the	DET
faba-4	213	12	stable	stable	ADJ
faba-4	213	13	growth	growth	NOUN
faba-4	213	14	period	period	NOUN
faba-4	213	15	to	to	PART
faba-4	213	16	be	be	AUX
faba-4	213	17	equal	equal	ADJ
faba-4	213	18	to	to	ADP
faba-4	213	19	the	the	DET
faba-4	213	20	cost	cost	NOUN
faba-4	213	21	of	of	ADP
faba-4	213	22	equity	equity	NOUN
faba-4	213	23	on	on	ADP
faba-4	213	24	average	average	ADJ
faba-4	213	25	,	,	PUNCT
faba-4	213	26	we	we	PRON
faba-4	213	27	come	come	VERB
faba-4	213	28	up	up	ADP
faba-4	213	29	with	with	ADP
faba-4	213	30	a	a	DET
faba-4	213	31	combination	combination	NOUN
faba-4	213	32	,	,	PUNCT
faba-4	213	33	suggesting	suggest	VERB
faba-4	213	34	moderate	moderate	ADJ
faba-4	213	35	levels	level	NOUN
faba-4	213	36	of	of	ADP
faba-4	213	37	the	the	DET
faba-4	213	38	fundamental	fundamental	ADJ
faba-4	213	39	p	p	PROPN
faba-4	213	40	/	/	SYM
faba-4	213	41	s.	s.	PROPN
faba-4	213	42	under	under	ADP
faba-4	213	43	the	the	DET
faba-4	213	44	two	two	NUM
faba-4	213	45	-	-	PUNCT
faba-4	213	46	stage	stage	NOUN
faba-4	213	47	model	model	NOUN
faba-4	213	48	,	,	PUNCT
faba-4	213	49	given	give	VERB
faba-4	213	50	a	a	DET
faba-4	213	51	duration	duration	NOUN
faba-4	213	52	of	of	ADP
faba-4	213	53	the	the	DET
faba-4	213	54	first	first	ADJ
faba-4	213	55	period	period	NOUN
faba-4	213	56	of	of	ADP
faba-4	213	57	5	5	NUM
faba-4	213	58	years	year	NOUN
faba-4	213	59	,	,	PUNCT
faba-4	213	60	the	the	DET
faba-4	213	61	weight	weight	NOUN
faba-4	213	62	of	of	ADP
faba-4	213	63	the	the	DET
faba-4	213	64	cash	cash	NOUN
faba-4	213	65	flows	flow	VERB
faba-4	213	66	from	from	ADP
faba-4	213	67	the	the	DET
faba-4	213	68	stable	stable	ADJ
faba-4	213	69	growth	growth	NOUN
faba-4	213	70	period	period	NOUN
faba-4	213	71	(	(	PUNCT
faba-4	213	72	the	the	DET
faba-4	213	73	so	so	ADV
faba-4	213	74	called	call	VERB
faba-4	213	75	“	"	PUNCT
faba-4	213	76	continuing	continue	VERB
faba-4	213	77	value	value	NOUN
faba-4	213	78	”	"	PUNCT
faba-4	213	79	)	)	PUNCT
faba-4	213	80	is	be	AUX
faba-4	213	81	decisive	decisive	ADJ
faba-4	213	82	for	for	ADP
faba-4	213	83	the	the	DET
faba-4	213	84	present	present	ADJ
faba-4	213	85	value	value	NOUN
faba-4	213	86	of	of	ADP
faba-4	213	87	stocks	stock	NOUN
faba-4	213	88	.	.	PUNCT
faba-4	214	1	in	in	ADP
faba-4	214	2	the	the	DET
faba-4	214	3	applied	apply	VERB
faba-4	214	4	here	here	ADV
faba-4	214	5	two	two	NUM
faba-4	214	6	-	-	PUNCT
faba-4	214	7	stage	stage	NOUN
faba-4	214	8	model	model	NOUN
faba-4	214	9	the	the	DET
faba-4	214	10	net	net	ADJ
faba-4	214	11	margin	margin	NOUN
faba-4	214	12	and	and	CCONJ
faba-4	214	13	the	the	DET
faba-4	214	14	cost	cost	NOUN
faba-4	214	15	of	of	ADP
faba-4	214	16	equity	equity	NOUN
faba-4	214	17	(	(	PUNCT
faba-4	214	18	r	r	NOUN
faba-4	214	19	)	)	PUNCT
faba-4	214	20	change	change	NOUN
faba-4	214	21	only	only	ADV
faba-4	214	22	during	during	ADP
faba-4	214	23	the	the	DET
faba-4	214	24	first	first	ADJ
faba-4	214	25	subperiod	subperiod	NOUN
faba-4	214	26	,	,	PUNCT
faba-4	214	27	and	and	CCONJ
faba-4	214	28	remain	remain	VERB
faba-4	214	29	constant	constant	ADJ
faba-4	214	30	during	during	ADP
faba-4	214	31	the	the	DET
faba-4	214	32	stable	stable	ADJ
faba-4	214	33	growth	growth	NOUN
faba-4	214	34	period	period	NOUN
faba-4	214	35	.	.	PUNCT
faba-4	215	1	this	this	PRON
faba-4	215	2	is	be	AUX
faba-4	215	3	why	why	SCONJ
faba-4	215	4	the	the	DET
faba-4	215	5	values	value	NOUN
faba-4	215	6	in	in	ADP
faba-4	215	7	table	table	NOUN
faba-4	215	8	5	5	NUM
faba-4	215	9	are	be	AUX
faba-4	215	10	not	not	PART
faba-4	215	11	very	very	ADV
faba-4	215	12	sensitive	sensitive	ADJ
faba-4	215	13	to	to	ADP
faba-4	215	14	the	the	DET
faba-4	215	15	different	different	ADJ
faba-4	215	16	combinations	combination	NOUN
faba-4	215	17	between	between	ADP
faba-4	215	18	net	net	ADJ
faba-4	215	19	margin	margin	NOUN
faba-4	215	20	and	and	CCONJ
faba-4	215	21	cost	cost	NOUN
faba-4	215	22	of	of	ADP
faba-4	215	23	equity	equity	NOUN
faba-4	215	24	.	.	PUNCT
faba-4	216	1	they	they	PRON
faba-4	216	2	vary	vary	VERB
faba-4	216	3	within	within	ADP
faba-4	216	4	a	a	DET
faba-4	216	5	narrow	narrow	ADJ
faba-4	216	6	range	range	NOUN
faba-4	216	7	between	between	ADP
faba-4	216	8	0.75	0.75	NUM
faba-4	216	9	and	and	CCONJ
faba-4	216	10	1.52	1.52	NUM
faba-4	216	11	.	.	PUNCT
faba-4	217	1	this	this	DET
faba-4	217	2	fundamental	fundamental	ADJ
faba-4	217	3	average	average	NOUN
faba-4	217	4	p	p	X
faba-4	217	5	/	/	SYM
faba-4	217	6	s	s	NOUN
faba-4	217	7	of	of	ADP
faba-4	217	8	1.07	1.07	NUM
faba-4	217	9	is	be	AUX
faba-4	217	10	higher	high	ADJ
faba-4	217	11	than	than	ADP
faba-4	217	12	the	the	DET
faba-4	217	13	one	one	NOUN
faba-4	217	14	calculated	calculate	VERB
faba-4	217	15	under	under	ADP
faba-4	217	16	the	the	DET
faba-4	217	17	one	one	NUM
faba-4	217	18	-	-	PUNCT
faba-4	217	19	stage	stage	NOUN
faba-4	217	20	model	model	NOUN
faba-4	217	21	(	(	PUNCT
faba-4	217	22	0.89	0.89	NUM
faba-4	217	23	)	)	PUNCT
faba-4	217	24	,	,	PUNCT
faba-4	217	25	but	but	CCONJ
faba-4	217	26	again	again	ADV
faba-4	217	27	…	…	PUNCT
faba-4	217	28	.	.	PUNCT
faba-4	218	1	it	it	PRON
faba-4	218	2	is	be	AUX
faba-4	218	3	almost	almost	ADV
faba-4	218	4	two	two	NUM
faba-4	218	5	times	time	NOUN
faba-4	218	6	lower	low	ADJ
faba-4	218	7	than	than	ADP
faba-4	218	8	the	the	DET
faba-4	218	9	average	average	ADJ
faba-4	218	10	actual	actual	ADJ
faba-4	218	11	p	p	X
faba-4	218	12	/	/	SYM
faba-4	218	13	s	s	NOUN
faba-4	218	14	for	for	ADP
faba-4	218	15	sofix	sofix	NOUN
faba-4	218	16	of	of	ADP
faba-4	218	17	2.06	2.06	NUM
faba-4	218	18	.	.	PUNCT
faba-4	219	1	it	it	PRON
faba-4	219	2	is	be	AUX
faba-4	219	3	quite	quite	ADV
faba-4	219	4	lower	low	ADJ
faba-4	219	5	than	than	ADP
faba-4	219	6	the	the	DET
faba-4	219	7	median	median	ADJ
faba-4	219	8	actual	actual	ADJ
faba-4	219	9	p	p	X
faba-4	219	10	/	/	SYM
faba-4	219	11	s	s	NOUN
faba-4	219	12	of	of	ADP
faba-4	219	13	1.34	1.34	NUM
faba-4	219	14	,	,	PUNCT
faba-4	219	15	too	too	ADV
faba-4	219	16	.	.	PUNCT
faba-4	220	1	we	we	PRON
faba-4	220	2	should	should	AUX
faba-4	220	3	bear	bear	VERB
faba-4	220	4	in	in	ADP
faba-4	220	5	mind	mind	NOUN
faba-4	220	6	that	that	SCONJ
faba-4	220	7	we	we	PRON
faba-4	220	8	have	have	AUX
faba-4	220	9	made	make	VERB
faba-4	220	10	somewhat	somewhat	ADV
faba-4	220	11	optimistic	optimistic	ADJ
faba-4	220	12	assumptions	assumption	NOUN
faba-4	220	13	about	about	ADP
faba-4	220	14	net	net	ADJ
faba-4	220	15	margin	margin	NOUN
faba-4	220	16	and	and	CCONJ
faba-4	220	17	roe	roe	NOUN
faba-4	220	18	during	during	ADP
faba-4	220	19	the	the	DET
faba-4	220	20	stable	stable	ADJ
faba-4	220	21	-	-	PUNCT
faba-4	220	22	growth	growth	NOUN
faba-4	220	23	period	period	NOUN
faba-4	220	24	.	.	PUNCT
faba-4	221	1	in	in	ADP
faba-4	221	2	other	other	ADJ
faba-4	221	3	words	word	NOUN
faba-4	221	4	,	,	PUNCT
faba-4	221	5	the	the	DET
faba-4	221	6	fundamental	fundamental	ADJ
faba-4	221	7	p	p	X
faba-4	221	8	/	/	SYM
faba-4	221	9	s	s	NOUN
faba-4	221	10	of	of	ADP
faba-4	221	11	1.07	1.07	NUM
faba-4	221	12	could	could	AUX
faba-4	221	13	be	be	AUX
faba-4	221	14	regarded	regard	VERB
faba-4	221	15	to	to	ADP
faba-4	221	16	as	as	ADV
faba-4	221	17	relatively	relatively	ADV
faba-4	221	18	optimistic	optimistic	ADJ
faba-4	221	19	.	.	PUNCT
faba-4	222	1	if	if	SCONJ
faba-4	222	2	we	we	PRON
faba-4	222	3	assume	assume	VERB
faba-4	222	4	that	that	SCONJ
faba-4	222	5	the	the	DET
faba-4	222	6	mean	mean	NOUN
faba-4	222	7	and	and	CCONJ
faba-4	222	8	the	the	DET
faba-4	222	9	median	median	NOUN
faba-4	222	10	of	of	ADP
faba-4	222	11	the	the	DET
faba-4	222	12	actual	actual	ADJ
faba-4	222	13	average	average	NOUN
faba-4	222	14	p	p	X
faba-4	222	15	/	/	SYM
faba-4	222	16	s	s	NOUN
faba-4	222	17	are	be	AUX
faba-4	222	18	representative	representative	ADJ
faba-4	222	19	,	,	PUNCT
faba-4	222	20	we	we	PRON
faba-4	222	21	should	should	AUX
faba-4	222	22	conclude	conclude	VERB
faba-4	222	23	that	that	SCONJ
faba-4	222	24	the	the	DET
faba-4	222	25	sofix	sofix	NOUN
faba-4	222	26	index	index	NOUN
faba-4	222	27	is	be	AUX
faba-4	222	28	overpriced	overprice	VERB
faba-4	222	29	against	against	ADP
faba-4	222	30	its	its	PRON
faba-4	222	31	fundamental	fundamental	ADJ
faba-4	222	32	value	value	NOUN
faba-4	222	33	.	.	PUNCT
faba-4	223	1	fundamental	fundamental	ADJ
faba-4	223	2	ev	ev	ADP
faba-4	223	3	/	/	SYM
faba-4	223	4	s	s	PART
faba-4	223	5	ratio	ratio	NOUN
faba-4	223	6	for	for	ADP
faba-4	223	7	sofix	sofix	NOUN
faba-4	223	8	the	the	DET
faba-4	223	9	input	input	NOUN
faba-4	223	10	variables	variable	NOUN
faba-4	223	11	for	for	ADP
faba-4	223	12	the	the	DET
faba-4	223	13	fundamental	fundamental	ADJ
faba-4	223	14	ev	ev	PROPN
faba-4	223	15	/	/	SYM
faba-4	223	16	s	s	PART
faba-4	223	17	are	be	AUX
faba-4	223	18	indicators	indicator	NOUN
faba-4	223	19	at	at	ADP
faba-4	223	20	the	the	DET
faba-4	223	21	enterprise	enterprise	NOUN
faba-4	223	22	level	level	NOUN
faba-4	223	23	(	(	PUNCT
faba-4	223	24	or	or	CCONJ
faba-4	223	25	invested	invest	VERB
faba-4	223	26	capital	capital	NOUN
faba-4	223	27	level	level	NOUN
faba-4	223	28	)	)	PUNCT
faba-4	223	29	,	,	PUNCT
faba-4	223	30	including	include	VERB
faba-4	223	31	:	:	PUNCT
faba-4	223	32	net	net	ADJ
faba-4	223	33	operating	operate	VERB
faba-4	223	34	margin	margin	NOUN
faba-4	223	35	,	,	PUNCT
faba-4	223	36	weighted	weight	VERB
faba-4	223	37	average	average	ADJ
faba-4	223	38	cost	cost	NOUN
faba-4	223	39	of	of	ADP
faba-4	223	40	capital	capital	NOUN
faba-4	223	41	(	(	PUNCT
faba-4	223	42	wacc	wacc	PROPN
faba-4	223	43	)	)	PUNCT
faba-4	223	44	,	,	PUNCT
faba-4	223	45	return	return	VERB
faba-4	223	46	on	on	ADP
faba-4	223	47	invested	invest	VERB
faba-4	223	48	capital	capital	NOUN
faba-4	223	49	(	(	PUNCT
faba-4	223	50	roic	roic	ADJ
faba-4	223	51	)	)	PUNCT
faba-4	223	52	,	,	PUNCT
faba-4	223	53	growth	growth	NOUN
faba-4	223	54	rate	rate	NOUN
faba-4	223	55	of	of	ADP
faba-4	223	56	net	net	ADJ
faba-4	223	57	operating	operating	NOUN
faba-4	223	58	profit	profit	NOUN
faba-4	223	59	(	(	PUNCT
faba-4	223	60	g	g	NOUN
faba-4	223	61	)	)	PUNCT
faba-4	223	62	.	.	PUNCT
faba-4	224	1	in	in	ADP
faba-4	224	2	order	order	NOUN
faba-4	224	3	to	to	PART
faba-4	224	4	calculate	calculate	VERB
faba-4	224	5	wacc	wacc	PROPN
faba-4	224	6	,	,	PUNCT
faba-4	224	7	we	we	PRON
faba-4	224	8	need	need	VERB
faba-4	224	9	the	the	DET
faba-4	224	10	debt	debt	NOUN
faba-4	224	11	-	-	PUNCT
faba-4	224	12	to	to	ADP
faba-4	224	13	-	-	PUNCT
faba-4	224	14	capital	capital	NOUN
faba-4	224	15	ratio	ratio	NOUN
faba-4	224	16	(	(	PUNCT
faba-4	224	17	d	d	X
faba-4	224	18	/	/	SYM
faba-4	224	19	c	c	NOUN
faba-4	224	20	)	)	PUNCT
faba-4	224	21	.	.	PUNCT
faba-4	225	1	for	for	ADP
faba-4	225	2	this	this	DET
faba-4	225	3	purpose	purpose	NOUN
faba-4	225	4	we	we	PRON
faba-4	225	5	use	use	VERB
faba-4	225	6	the	the	DET
faba-4	225	7	closest	close	ADJ
faba-4	225	8	to	to	ADP
faba-4	225	9	it	it	PRON
faba-4	225	10	indicator	indicator	NOUN
faba-4	225	11	,	,	PUNCT
faba-4	225	12	available	available	ADJ
faba-4	225	13	in	in	ADP
faba-4	225	14	the	the	DET
faba-4	225	15	infostock	infostock	ADJ
faba-4	225	16	database	database	NOUN
faba-4	225	17	for	for	ADP
faba-4	225	18	sofix	sofix	NOUN
faba-4	225	19	companies	company	NOUN
faba-4	225	20	–	–	PUNCT
faba-4	225	21	total	total	ADJ
faba-4	225	22	debt	debt	NOUN
faba-4	225	23	-	-	PUNCT
faba-4	225	24	to	to	ADP
faba-4	225	25	-	-	PUNCT
faba-4	225	26	total	total	NOUN
faba-4	225	27	assets	asset	NOUN
faba-4	225	28	.	.	PUNCT
faba-4	226	1	on	on	ADP
faba-4	226	2	28	28	NUM
faba-4	226	3	of	of	ADP
faba-4	226	4	july	july	PROPN
faba-4	226	5	,	,	PUNCT
faba-4	226	6	2017	2017	NUM
faba-4	226	7	,	,	PUNCT
faba-4	226	8	its	its	PRON
faba-4	226	9	mean	mean	NOUN
faba-4	226	10	is	be	AUX
faba-4	226	11	0.2555	0.2555	NUM
faba-4	226	12	and	and	CCONJ
faba-4	226	13	its	its	PRON
faba-4	226	14	median	median	NOUN
faba-4	226	15	is	be	AUX
faba-4	226	16	0.2400	0.2400	NUM
faba-4	226	17	.	.	PUNCT
faba-4	227	1	29	29	NUM
faba-4	228	1	we	we	PRON
faba-4	228	2	use	use	VERB
faba-4	228	3	the	the	DET
faba-4	228	4	mean	mean	NOUN
faba-4	228	5	of	of	ADP
faba-4	228	6	0.2555	0.2555	NUM
faba-4	228	7	in	in	ADP
faba-4	228	8	this	this	DET
faba-4	228	9	case	case	NOUN
faba-4	228	10	.	.	PUNCT
faba-4	229	1	the	the	DET
faba-4	229	2	cost	cost	NOUN
faba-4	229	3	of	of	ADP
faba-4	229	4	debt	debt	NOUN
faba-4	229	5	is	be	AUX
faba-4	229	6	determined	determine	VERB
faba-4	229	7	on	on	ADP
faba-4	229	8	the	the	DET
faba-4	229	9	basis	basis	NOUN
faba-4	229	10	of	of	ADP
faba-4	229	11	debt	debt	NOUN
faba-4	229	12	on	on	ADP
faba-4	229	13	a	a	DET
faba-4	229	14	mature	mature	ADJ
faba-4	229	15	capital	capital	NOUN
faba-4	229	16	market	market	NOUN
faba-4	229	17	(	(	PUNCT
faba-4	229	18	us	us	PROPN
faba-4	229	19	market	market	NOUN
faba-4	229	20	in	in	ADP
faba-4	229	21	this	this	DET
faba-4	229	22	case	case	NOUN
faba-4	229	23	)	)	PUNCT
faba-4	229	24	,	,	PUNCT
faba-4	229	25	plus	plus	CCONJ
faba-4	229	26	a	a	DET
faba-4	229	27	premium	premium	NOUN
faba-4	229	28	,	,	PUNCT
faba-4	229	29	equal	equal	ADJ
faba-4	229	30	to	to	ADP
faba-4	229	31	the	the	DET
faba-4	229	32	average	average	ADJ
faba-4	229	33	default	default	NOUN
faba-4	229	34	spread	spread	VERB
faba-4	229	35	on	on	ADP
faba-4	229	36	bulgarian	bulgarian	ADJ
faba-4	229	37	government	government	NOUN
faba-4	229	38	bonds	bond	NOUN
faba-4	229	39	,	,	PUNCT
faba-4	229	40	plus	plus	CCONJ
faba-4	229	41	spread	spread	VERB
faba-4	229	42	for	for	ADP
faba-4	229	43	companies	company	NOUN
faba-4	229	44	with	with	ADP
faba-4	229	45	“	"	PUNCT
faba-4	229	46	aa	aa	NOUN
faba-4	229	47	”	"	PUNCT
faba-4	229	48	ratings	rating	NOUN
faba-4	229	49	,	,	PUNCT
faba-4	229	50	according	accord	VERB
faba-4	229	51	to	to	ADP
faba-4	229	52	standard	standard	PROPN
faba-4	229	53	&	&	CCONJ
faba-4	229	54	poors	poors	PROPN
faba-4	229	55	ratings	rating	NOUN
faba-4	229	56	services	service	NOUN
faba-4	229	57	:	:	PUNCT
faba-4	229	58	rd	rd	NOUN
faba-4	229	59	=	=	SYM
faba-4	229	60	risk	risk	NOUN
faba-4	229	61	-	-	PUNCT
faba-4	229	62	free	free	ADJ
faba-4	229	63	rate	rate	NOUN
faba-4	229	64	(	(	PUNCT
faba-4	229	65	usa	usa	NOUN
faba-4	229	66	)	)	PUNCT
faba-4	229	67	+	+	NOUN
faba-4	229	68	default	default	NOUN
faba-4	229	69	spread	spread	VERB
faba-4	229	70	on	on	ADP
faba-4	229	71	bg	bg	PROPN
faba-4	229	72	government	government	NOUN
faba-4	229	73	bonds	bond	NOUN
faba-4	229	74	+	+	CCONJ
faba-4	229	75	spread	spread	VERB
faba-4	229	76	for	for	ADP
faba-4	229	77	companies	company	NOUN
faba-4	229	78	with	with	ADP
faba-4	229	79	rating	rating	NOUN
faba-4	229	80	„	„	PUNCT
faba-4	229	81	аа	аа	NOUN
faba-4	229	82	“	"	PUNCT
faba-4	229	83	according	accord	VERB
faba-4	229	84	to	to	ADP
faba-4	229	85	s&p	s&p	PROPN
faba-4	229	86	=	=	PUNCT
faba-4	229	87	4.91	4.91	NUM
faba-4	229	88	%	%	NOUN
faba-4	229	89	+	+	CCONJ
faba-4	229	90	2.20	2.20	NUM
faba-4	229	91	%	%	NOUN
faba-4	229	92	+	+	CCONJ
faba-4	229	93	0.80	0.80	NUM
faba-4	229	94	%	%	NOUN
faba-4	229	95	=	=	SYM
faba-4	229	96	=	=	SYM
faba-4	229	97	7.91	7.91	NUM
faba-4	229	98	%	%	NOUN
faba-4	229	99	source	source	NOUN
faba-4	229	100	:	:	PUNCT
faba-4	229	101	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	VERB
faba-4	229	102	the	the	DET
faba-4	229	103	corporate	corporate	ADJ
faba-4	229	104	-	-	PUNCT
faba-4	229	105	tax	tax	NOUN
faba-4	229	106	rate	rate	NOUN
faba-4	229	107	(	(	PUNCT
faba-4	229	108	t	t	NOUN
faba-4	229	109	)	)	PUNCT
faba-4	229	110	is	be	AUX
faba-4	229	111	10	10	NUM
faba-4	229	112	%	%	NOUN
faba-4	229	113	.	.	PUNCT
faba-4	230	1	thus	thus	ADV
faba-4	230	2	,	,	PUNCT
faba-4	230	3	the	the	DET
faba-4	230	4	weighted	weighted	ADJ
faba-4	230	5	average	average	ADJ
faba-4	230	6	cost	cost	NOUN
faba-4	230	7	of	of	ADP
faba-4	230	8	capital	capital	NOUN
faba-4	230	9	is	be	AUX
faba-4	230	10	:	:	PUNCT
faba-4	230	11	wacc	wacc	PROPN
faba-4	230	12	=	=	PUNCT
faba-4	230	13	e	e	X
faba-4	230	14	/	/	SYM
faba-4	230	15	c	c	PROPN
faba-4	230	16	×	×	NOUN
faba-4	230	17	re	re	ADP
faba-4	230	18	+	+	PROPN
faba-4	230	19	d	d	X
faba-4	230	20	/	/	SYM
faba-4	230	21	c	c	PROPN
faba-4	230	22	×	×	PROPN
faba-4	230	23	rd	rd	PROPN
faba-4	230	24	×	×	NOUN
faba-4	230	25	(	(	PUNCT
faba-4	230	26	1	1	NUM
faba-4	230	27	-	-	PUNCT
faba-4	230	28	t	t	NOUN
faba-4	230	29	)	)	PUNCT
faba-4	230	30	=	=	PUNCT
faba-4	231	1	=	=	SYM
faba-4	231	2	0.7445	0.7445	NUM
faba-4	231	3	×	×	NOUN
faba-4	231	4	12.24	12.24	NUM
faba-4	231	5	%	%	NOUN
faba-4	231	6	+	+	CCONJ
faba-4	231	7	0.2555	0.2555	NUM
faba-4	231	8	×	×	NOUN
faba-4	231	9	7.81	7.81	NUM
faba-4	231	10	%	%	NOUN
faba-4	231	11	×	×	NOUN
faba-4	231	12	(	(	PUNCT
faba-4	231	13	1	1	NUM
faba-4	231	14	-	-	NUM
faba-4	231	15	0.10	0.10	NUM
faba-4	231	16	)	)	PUNCT
faba-4	231	17	=	=	SYM
faba-4	232	1	=	=	SYM
faba-4	232	2	10.93	10.93	NUM
faba-4	232	3	%	%	NOUN
faba-4	232	4	the	the	DET
faba-4	232	5	rest	rest	NOUN
faba-4	232	6	of	of	ADP
faba-4	232	7	the	the	DET
faba-4	232	8	input	input	NOUN
faba-4	232	9	variables	variable	NOUN
faba-4	232	10	are	be	AUX
faba-4	232	11	taken	take	VERB
faba-4	232	12	from	from	ADP
faba-4	232	13	the	the	DET
faba-4	232	14	mean	mean	NOUN
faba-4	232	15	(	(	PUNCT
faba-4	232	16	average	average	ADJ
faba-4	232	17	)	)	PUNCT
faba-4	232	18	values	value	NOUN
faba-4	232	19	in	in	ADP
faba-4	232	20	table	table	NOUN
faba-4	232	21	1	1	NUM
faba-4	232	22	and	and	CCONJ
faba-4	232	23	table	table	NOUN
faba-4	232	24	2	2	NUM
faba-4	232	25	.	.	PUNCT
faba-4	233	1	in	in	ADP
faba-4	233	2	the	the	DET
faba-4	233	3	place	place	NOUN
faba-4	233	4	of	of	ADP
faba-4	233	5	roic	roic	ADJ
faba-4	233	6	(	(	PUNCT
faba-4	233	7	return	return	VERB
faba-4	233	8	on	on	ADP
faba-4	233	9	invested	invest	VERB
faba-4	233	10	capital	capital	NOUN
faba-4	233	11	)	)	PUNCT
faba-4	233	12	we	we	PRON
faba-4	233	13	use	use	VERB
faba-4	233	14	the	the	DET
faba-4	233	15	closest	close	ADJ
faba-4	233	16	to	to	ADP
faba-4	233	17	it	it	PRON
faba-4	233	18	,	,	PUNCT
faba-4	233	19	available	available	ADJ
faba-4	233	20	in	in	ADP
faba-4	233	21	infostock	infostock	NOUN
faba-4	233	22	–	–	PUNCT
faba-4	233	23	return	return	NOUN
faba-4	233	24	on	on	ADP
faba-4	233	25	capital	capital	NOUN
faba-4	233	26	employed	employ	VERB
faba-4	233	27	(	(	PUNCT
faba-4	233	28	roce	roce	NOUN
faba-4	233	29	)	)	PUNCT
faba-4	233	30	.	.	PUNCT
faba-4	234	1	29	29	NUM
faba-4	234	2	infostock	infostock	NOUN
faba-4	234	3	:	:	PUNCT
faba-4	234	4	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	234	5	(	(	PUNCT
faba-4	234	6	28	28	NUM
faba-4	234	7	july	july	PROPN
faba-4	234	8	,	,	PUNCT
faba-4	234	9	2017	2017	NUM
faba-4	234	10	)	)	PUNCT
faba-4	234	11	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	234	12	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	http://www.infostock.bg/infostock/control/trading/index/quotes/sofix	NOUN
faba-4	234	13	dimitir	dimitir	ADJ
faba-4	234	14	nenkov	nenkov	NOUN
faba-4	234	15	/	/	SYM
faba-4	234	16	finance	finance	NOUN
faba-4	234	17	,	,	PUNCT
faba-4	234	18	accounting	accounting	NOUN
faba-4	234	19	,	,	PUNCT
faba-4	234	20	and	and	CCONJ
faba-4	234	21	business	business	NOUN
faba-4	234	22	analisys	analisys	NOUN
faba-4	234	23	48	48	NUM
faba-4	234	24	thus	thus	ADV
faba-4	234	25	,	,	PUNCT
faba-4	234	26	the	the	DET
faba-4	234	27	input	input	NOUN
faba-4	234	28	variables	variable	VERB
faba-4	234	29	for	for	ADP
faba-4	234	30	the	the	DET
faba-4	234	31	one	one	NUM
faba-4	234	32	-	-	PUNCT
faba-4	234	33	stage	stage	NOUN
faba-4	234	34	model	model	NOUN
faba-4	234	35	for	for	ADP
faba-4	234	36	calculating	calculate	VERB
faba-4	234	37	the	the	DET
faba-4	234	38	fundamental	fundamental	ADJ
faba-4	234	39	ev	ev	NOUN
faba-4	234	40	/	/	SYM
faba-4	234	41	s	s	NOUN
faba-4	234	42	are	be	AUX
faba-4	234	43	as	as	SCONJ
faba-4	234	44	follows	follow	VERB
faba-4	234	45	:	:	PUNCT
faba-4	234	46	net	net	ADJ
faba-4	234	47	operating	operate	VERB
faba-4	234	48	margin	margin	NOUN
faba-4	234	49	=	=	SYM
faba-4	234	50	14.23	14.23	NUM
faba-4	234	51	%	%	NOUN
faba-4	234	52	reinvestment	reinvestment	NOUN
faba-4	234	53	rate	rate	NOUN
faba-4	234	54	b	b	NOUN
faba-4	234	55	=	=	SYM
faba-4	234	56	0.59	0.59	NUM
faba-4	234	57	weighted	weight	VERB
faba-4	234	58	average	average	ADJ
faba-4	234	59	cost	cost	NOUN
faba-4	234	60	of	of	ADP
faba-4	234	61	capital	capital	PROPN
faba-4	234	62	wacc	wacc	PROPN
faba-4	234	63	=	=	PUNCT
faba-4	234	64	10.93	10.93	NUM
faba-4	234	65	%	%	NOUN
faba-4	234	66	growth	growth	NOUN
faba-4	234	67	rate	rate	NOUN
faba-4	234	68	g	g	PROPN
faba-4	234	69	=	=	PROPN
faba-4	234	70	5.13	5.13	NUM
faba-4	234	71	%	%	NOUN
faba-4	234	72	(	(	PUNCT
faba-4	234	73	roce	roce	NOUN
faba-4	234	74	×	×	PROPN
faba-4	234	75	b	b	PROPN
faba-4	234	76	=	=	SYM
faba-4	234	77	8.70	8.70	NUM
faba-4	234	78	%	%	NOUN
faba-4	234	79	×	×	NOUN
faba-4	234	80	0.59	0.59	NUM
faba-4	234	81	=	=	SYM
faba-4	234	82	5.13	5.13	NUM
faba-4	234	83	%	%	NOUN
faba-4	234	84	)	)	PUNCT
faba-4	234	85	the	the	DET
faba-4	234	86	results	result	NOUN
faba-4	234	87	of	of	ADP
faba-4	234	88	the	the	DET
faba-4	234	89	application	application	NOUN
faba-4	234	90	of	of	ADP
faba-4	234	91	the	the	DET
faba-4	234	92	one	one	NUM
faba-4	234	93	-	-	PUNCT
faba-4	234	94	stage	stage	NOUN
faba-4	234	95	model	model	NOUN
faba-4	234	96	are	be	AUX
faba-4	234	97	in	in	ADP
faba-4	234	98	table	table	NOUN
faba-4	234	99	6	6	NUM
faba-4	234	100	.	.	PUNCT
faba-4	235	1	the	the	DET
faba-4	235	2	calculated	calculate	VERB
faba-4	235	3	fundamental	fundamental	ADJ
faba-4	235	4	ev	ev	PROPN
faba-4	235	5	/	/	SYM
faba-4	235	6	s	s	PART
faba-4	235	7	ratio	ratio	NOUN
faba-4	235	8	for	for	ADP
faba-4	235	9	sofix	sofix	NOUN
faba-4	235	10	is	be	AUX
faba-4	235	11	1.06	1.06	NUM
faba-4	235	12	,	,	PUNCT
faba-4	235	13	about	about	ADV
faba-4	235	14	two	two	NUM
faba-4	235	15	and	and	CCONJ
faba-4	235	16	a	a	DET
faba-4	235	17	half	half	NOUN
faba-4	235	18	times	time	NOUN
faba-4	235	19	lower	low	ADJ
faba-4	235	20	than	than	ADP
faba-4	235	21	the	the	DET
faba-4	235	22	mean	mean	NOUN
faba-4	235	23	of	of	ADP
faba-4	235	24	the	the	DET
faba-4	235	25	actual	actual	ADJ
faba-4	235	26	ev	ev	PART
faba-4	235	27	/	/	SYM
faba-4	235	28	s	s	PROPN
faba-4	235	29	of	of	ADP
faba-4	235	30	2.67	2.67	NUM
faba-4	235	31	and	and	CCONJ
faba-4	235	32	the	the	DET
faba-4	235	33	median	median	NOUN
faba-4	235	34	of	of	ADP
faba-4	235	35	2.69	2.69	NUM
faba-4	235	36	.	.	PUNCT
faba-4	236	1	the	the	DET
faba-4	236	2	conclusion	conclusion	NOUN
faba-4	236	3	is	be	AUX
faba-4	236	4	that	that	SCONJ
faba-4	236	5	this	this	DET
faba-4	236	6	actual	actual	ADJ
faba-4	236	7	ratio	ratio	NOUN
faba-4	236	8	for	for	ADP
faba-4	236	9	sofix	sofix	NOUN
faba-4	236	10	also	also	ADV
faba-4	236	11	looks	looks	AUX
faba-4	236	12	unjustifiably	unjustifiably	ADV
faba-4	236	13	elevated	elevate	VERB
faba-4	236	14	.	.	PUNCT
faba-4	237	1	the	the	DET
faba-4	237	2	values	value	NOUN
faba-4	237	3	in	in	ADP
faba-4	237	4	the	the	DET
faba-4	237	5	table	table	NOUN
faba-4	237	6	show	show	VERB
faba-4	237	7	very	very	ADV
faba-4	237	8	high	high	ADJ
faba-4	237	9	sensitivity	sensitivity	NOUN
faba-4	237	10	to	to	ADP
faba-4	237	11	the	the	DET
faba-4	237	12	combination	combination	NOUN
faba-4	237	13	between	between	ADP
faba-4	237	14	the	the	DET
faba-4	237	15	operating	operate	VERB
faba-4	237	16	margin	margin	NOUN
faba-4	237	17	and	and	CCONJ
faba-4	237	18	wacc	wacc	PROPN
faba-4	237	19	.	.	PUNCT
faba-4	238	1	this	this	PRON
faba-4	238	2	has	have	VERB
faba-4	238	3	to	to	PART
faba-4	238	4	be	be	AUX
faba-4	238	5	explained	explain	VERB
faba-4	238	6	again	again	ADV
faba-4	238	7	with	with	ADP
faba-4	238	8	the	the	DET
faba-4	238	9	usage	usage	NOUN
faba-4	238	10	of	of	ADP
faba-4	238	11	the	the	DET
faba-4	238	12	one	one	NUM
faba-4	238	13	-	-	PUNCT
faba-4	238	14	stage	stage	NOUN
faba-4	238	15	model	model	NOUN
faba-4	238	16	.	.	PUNCT
faba-4	238	17	table	table	NOUN
faba-4	238	18	6	6	NUM
faba-4	238	19	:	:	PUNCT
faba-4	238	20	average	average	ADJ
faba-4	238	21	fundamental	fundamental	ADJ
faba-4	238	22	ev	ev	PROPN
faba-4	238	23	/	/	SYM
faba-4	238	24	s	s	PROPN
faba-4	238	25	for	for	ADP
faba-4	238	26	sofix	sofix	NOUN
faba-4	238	27	for	for	ADP
faba-4	238	28	2017	2017	NUM
faba-4	238	29	(	(	PUNCT
faba-4	238	30	one	one	NUM
faba-4	238	31	-	-	PUNCT
faba-4	238	32	stage	stage	NOUN
faba-4	238	33	model	model	NOUN
faba-4	238	34	)	)	PUNCT
faba-4	238	35	pace	pace	NOUN
faba-4	238	36	of	of	ADP
faba-4	238	37	change	change	NOUN
faba-4	238	38	of	of	ADP
faba-4	238	39	net	net	ADJ
faba-4	238	40	operating	operate	VERB
faba-4	238	41	margin	margin	NOUN
faba-4	238	42	(	(	PUNCT
faba-4	238	43	in	in	ADP
faba-4	238	44	%	%	NOUN
faba-4	238	45	):	):	PUNCT
faba-4	238	46	10	10	NUM
faba-4	238	47	%	%	NOUN
faba-4	238	48	pace	pace	NOUN
faba-4	238	49	of	of	ADP
faba-4	238	50	change	change	NOUN
faba-4	238	51	of	of	ADP
faba-4	238	52	"	"	PUNCT
faba-4	238	53	wacc	wacc	PROPN
faba-4	238	54	"	"	PUNCT
faba-4	238	55	(	(	PUNCT
faba-4	238	56	in	in	ADP
faba-4	238	57	%	%	NOUN
faba-4	238	58	):	):	PUNCT
faba-4	238	59	10	10	NUM
faba-4	238	60	%	%	NOUN
faba-4	238	61	values	value	NOUN
faba-4	238	62	values	value	NOUN
faba-4	238	63	of	of	ADP
faba-4	238	64	net	net	ADJ
faba-4	238	65	operating	operate	VERB
faba-4	238	66	margin	margin	NOUN
faba-4	238	67	of	of	ADP
faba-4	238	68	7.1	7.1	NUM
faba-4	238	69	%	%	NOUN
faba-4	238	70	8.5	8.5	NUM
faba-4	238	71	%	%	NOUN
faba-4	238	72	10.0	10.0	NUM
faba-4	238	73	%	%	NOUN
faba-4	238	74	11.4	11.4	NUM
faba-4	238	75	%	%	NOUN
faba-4	238	76	12.8	12.8	NUM
faba-4	238	77	%	%	NOUN
faba-4	238	78	14.2	14.2	NUM
faba-4	238	79	%	%	NOUN
faba-4	238	80	15.7	15.7	NUM
faba-4	238	81	%	%	NOUN
faba-4	238	82	17.1	17.1	NUM
faba-4	238	83	%	%	NOUN
faba-4	238	84	18.5	18.5	NUM
faba-4	238	85	%	%	NOUN
faba-4	238	86	19.9	19.9	NUM
faba-4	238	87	%	%	NOUN
faba-4	238	88	21.3	21.3	NUM
faba-4	238	89	%	%	NOUN
faba-4	238	90	wacc	wacc	PROPN
faba-4	238	91	ev	ev	PROPN
faba-4	238	92	/	/	SYM
faba-4	238	93	s	s	PART
faba-4	238	94	ev	ev	PROPN
faba-4	238	95	/	/	SYM
faba-4	238	96	s	s	PART
faba-4	238	97	ev	ev	PROPN
faba-4	238	98	/	/	SYM
faba-4	238	99	s	s	PART
faba-4	238	100	ev	ev	PROPN
faba-4	238	101	/	/	SYM
faba-4	238	102	s	s	PART
faba-4	238	103	ev	ev	PROPN
faba-4	238	104	/	/	SYM
faba-4	238	105	s	s	PART
faba-4	238	106	ev	ev	PROPN
faba-4	238	107	/	/	SYM
faba-4	238	108	s	s	PART
faba-4	238	109	ev	ev	PROPN
faba-4	238	110	/	/	SYM
faba-4	238	111	s	s	PART
faba-4	238	112	ev	ev	PROPN
faba-4	238	113	/	/	SYM
faba-4	238	114	s	s	PART
faba-4	238	115	ev	ev	PROPN
faba-4	238	116	/	/	SYM
faba-4	238	117	s	s	PART
faba-4	238	118	ev	ev	PROPN
faba-4	238	119	/	/	SYM
faba-4	238	120	s	s	PART
faba-4	238	121	ev	ev	PROPN
faba-4	238	122	/	/	SYM
faba-4	238	123	s	s	PART
faba-4	238	124	5.5	5.5	NUM
faba-4	238	125	%	%	NOUN
faba-4	238	126	9.24	9.24	NUM
faba-4	238	127	11.09	11.09	NUM
faba-4	238	128	12.93	12.93	NUM
faba-4	238	129	14.78	14.78	NUM
faba-4	238	130	16.63	16.63	NUM
faba-4	238	131	18.48	18.48	NUM
faba-4	238	132	20.32	20.32	NUM
faba-4	238	133	22.17	22.17	NUM
faba-4	238	134	24.02	24.02	NUM
faba-4	238	135	25.87	25.87	NUM
faba-4	238	136	27.71	27.71	NUM
faba-4	238	137	6.6	6.6	NUM
faba-4	238	138	%	%	NOUN
faba-4	238	139	2.15	2.15	NUM
faba-4	238	140	2.58	2.58	NUM
faba-4	238	141	3.01	3.01	NUM
faba-4	238	142	3.44	3.44	NUM
faba-4	238	143	3.87	3.87	NUM
faba-4	238	144	4.30	4.30	NUM
faba-4	238	145	4.73	4.73	NUM
faba-4	238	146	5.17	5.17	NUM
faba-4	238	147	5.60	5.60	NUM
faba-4	238	148	6.03	6.03	NUM
faba-4	238	149	6.46	6.46	NUM
faba-4	238	150	7.7	7.7	NUM
faba-4	238	151	%	%	NOUN
faba-4	238	152	1.22	1.22	NUM
faba-4	238	153	1.46	1.46	NUM
faba-4	238	154	1.71	1.71	NUM
faba-4	238	155	1.95	1.95	NUM
faba-4	238	156	2.19	2.19	NUM
faba-4	238	157	2.44	2.44	NUM
faba-4	238	158	2.68	2.68	NUM
faba-4	238	159	2.92	2.92	NUM
faba-4	238	160	3.17	3.17	NUM
faba-4	238	161	3.41	3.41	NUM
faba-4	238	162	3.65	3.65	NUM
faba-4	238	163	8.7	8.7	NUM
faba-4	238	164	%	%	NOUN
faba-4	238	165	0.85	0.85	NUM
faba-4	238	166	1.02	1.02	NUM
faba-4	238	167	1.19	1.19	NUM
faba-4	238	168	1.36	1.36	NUM
faba-4	238	169	1.53	1.53	NUM
faba-4	238	170	1.70	1.70	NUM
faba-4	238	171	1.87	1.87	NUM
faba-4	238	172	2.04	2.04	NUM
faba-4	238	173	2.21	2.21	NUM
faba-4	238	174	2.38	2.38	NUM
faba-4	238	175	2.55	2.55	NUM
faba-4	238	176	9.8	9.8	NUM
faba-4	238	177	%	%	NOUN
faba-4	238	178	0.65	0.65	NUM
faba-4	238	179	0.78	0.78	NUM
faba-4	238	180	0.91	0.91	NUM
faba-4	238	181	1.04	1.04	NUM
faba-4	238	182	1.17	1.17	NUM
faba-4	238	183	1.30	1.30	NUM
faba-4	238	184	1.43	1.43	NUM
faba-4	238	185	1.56	1.56	NUM
faba-4	238	186	1.70	1.70	NUM
faba-4	238	187	1.83	1.83	NUM
faba-4	238	188	1.96	1.96	NUM
faba-4	238	189	10.9	10.9	NUM
faba-4	238	190	%	%	NOUN
faba-4	238	191	0.53	0.53	NUM
faba-4	238	192	0.63	0.63	NUM
faba-4	238	193	0.74	0.74	NUM
faba-4	238	194	0.85	0.85	NUM
faba-4	238	195	0.95	0.95	NUM
faba-4	238	196	1.06	1.06	NUM
faba-4	238	197	1.16	1.16	NUM
faba-4	238	198	1.27	1.27	NUM
faba-4	238	199	1.38	1.38	NUM
faba-4	238	200	1.48	1.48	NUM
faba-4	238	201	1.59	1.59	NUM
faba-4	238	202	12.0	12.0	NUM
faba-4	238	203	%	%	NOUN
faba-4	238	204	0.45	0.45	NUM
faba-4	238	205	0.53	0.53	NUM
faba-4	238	206	0.62	0.62	NUM
faba-4	238	207	0.71	0.71	NUM
faba-4	238	208	0.80	0.80	NUM
faba-4	238	209	0.89	0.89	NUM
faba-4	238	210	0.98	0.98	NUM
faba-4	238	211	1.07	1.07	NUM
faba-4	238	212	1.16	1.16	NUM
faba-4	238	213	1.25	1.25	NUM
faba-4	238	214	1.34	1.34	NUM
faba-4	238	215	13.1	13.1	NUM
faba-4	238	216	%	%	NOUN
faba-4	238	217	0.38	0.38	NUM
faba-4	238	218	0.46	0.46	NUM
faba-4	238	219	0.54	0.54	NUM
faba-4	238	220	0.61	0.61	NUM
faba-4	238	221	0.69	0.69	NUM
faba-4	238	222	0.77	0.77	NUM
faba-4	238	223	0.85	0.85	NUM
faba-4	238	224	0.92	0.92	NUM
faba-4	238	225	1.00	1.00	NUM
faba-4	238	226	1.08	1.08	NUM
faba-4	238	227	1.15	1.15	NUM
faba-4	238	228	14.2	14.2	NUM
faba-4	238	229	%	%	NOUN
faba-4	238	230	0.34	0.34	NUM
faba-4	238	231	0.41	0.41	NUM
faba-4	238	232	0.47	0.47	NUM
faba-4	238	233	0.54	0.54	NUM
faba-4	238	234	0.61	0.61	NUM
faba-4	238	235	0.68	0.68	NUM
faba-4	238	236	0.74	0.74	NUM
faba-4	238	237	0.81	0.81	NUM
faba-4	238	238	0.88	0.88	NUM
faba-4	238	239	0.95	0.95	NUM
faba-4	238	240	1.01	1.01	NUM
faba-4	238	241	15.3	15.3	NUM
faba-4	238	242	%	%	NOUN
faba-4	238	243	0.30	0.30	NUM
faba-4	238	244	0.36	0.36	NUM
faba-4	238	245	0.42	0.42	NUM
faba-4	238	246	0.48	0.48	NUM
faba-4	238	247	0.54	0.54	NUM
faba-4	238	248	0.60	0.60	NUM
faba-4	238	249	0.66	0.66	NUM
faba-4	238	250	0.72	0.72	NUM
faba-4	238	251	0.78	0.78	NUM
faba-4	238	252	0.84	0.84	NUM
faba-4	238	253	0.90	0.90	NUM
faba-4	238	254	16.4	16.4	NUM
faba-4	238	255	%	%	NOUN
faba-4	238	256	0.27	0.27	NUM
faba-4	238	257	0.33	0.33	NUM
faba-4	238	258	0.38	0.38	NUM
faba-4	238	259	0.44	0.44	NUM
faba-4	238	260	0.49	0.49	NUM
faba-4	238	261	0.54	0.54	NUM
faba-4	238	262	0.60	0.60	NUM
faba-4	238	263	0.65	0.65	NUM
faba-4	238	264	0.71	0.71	NUM
faba-4	238	265	0.76	0.76	NUM
faba-4	238	266	0.82	0.82	NUM
faba-4	238	267	source	source	NOUN
faba-4	238	268	:	:	PUNCT
faba-4	238	269	calculations	calculation	NOUN
faba-4	238	270	of	of	ADP
faba-4	238	271	the	the	DET
faba-4	238	272	author	author	NOUN
faba-4	238	273	the	the	DET
faba-4	238	274	input	input	NOUN
faba-4	238	275	variables	variable	VERB
faba-4	238	276	for	for	ADP
faba-4	238	277	the	the	DET
faba-4	238	278	two	two	NUM
faba-4	238	279	-	-	PUNCT
faba-4	238	280	stage	stage	NOUN
faba-4	238	281	model	model	NOUN
faba-4	238	282	are	be	AUX
faba-4	238	283	determined	determine	VERB
faba-4	238	284	,	,	PUNCT
faba-4	238	285	following	follow	VERB
faba-4	238	286	the	the	DET
faba-4	238	287	same	same	ADJ
faba-4	238	288	logic	logic	NOUN
faba-4	238	289	as	as	ADP
faba-4	238	290	for	for	ADP
faba-4	238	291	the	the	DET
faba-4	238	292	twostage	twostage	NOUN
faba-4	238	293	fundamental	fundamental	ADJ
faba-4	238	294	p	p	PROPN
faba-4	238	295	/	/	SYM
faba-4	238	296	s	s	PART
faba-4	238	297	model	model	NOUN
faba-4	238	298	.	.	PUNCT
faba-4	239	1	we	we	PRON
faba-4	239	2	assume	assume	VERB
faba-4	239	3	that	that	SCONJ
faba-4	239	4	the	the	DET
faba-4	239	5	net	net	ADJ
faba-4	239	6	operating	operate	VERB
faba-4	239	7	margin	margin	NOUN
faba-4	239	8	during	during	ADP
faba-4	239	9	the	the	DET
faba-4	239	10	stable	stable	ADJ
faba-4	239	11	growth	growth	NOUN
faba-4	239	12	period	period	NOUN
faba-4	239	13	will	will	AUX
faba-4	239	14	remain	remain	VERB
faba-4	239	15	the	the	DET
faba-4	239	16	same	same	ADJ
faba-4	239	17	as	as	ADP
faba-4	239	18	for	for	ADP
faba-4	239	19	the	the	DET
faba-4	239	20	explicit	explicit	ADJ
faba-4	239	21	forecast	forecast	NOUN
faba-4	239	22	period	period	NOUN
faba-4	239	23	.	.	PUNCT
faba-4	240	1	for	for	ADP
faba-4	240	2	determining	determine	VERB
faba-4	240	3	the	the	DET
faba-4	240	4	expected	expect	VERB
faba-4	240	5	growth	growth	NOUN
faba-4	240	6	rate	rate	NOUN
faba-4	240	7	g2	g2	PROPN
faba-4	240	8	we	we	PRON
faba-4	240	9	assume	assume	VERB
faba-4	240	10	that	that	SCONJ
faba-4	240	11	the	the	DET
faba-4	240	12	return	return	NOUN
faba-4	240	13	on	on	ADP
faba-4	240	14	capital	capital	NOUN
faba-4	240	15	(	(	PUNCT
faba-4	240	16	roc	roc	PROPN
faba-4	240	17	)	)	PUNCT
faba-4	240	18	in	in	ADP
faba-4	240	19	the	the	DET
faba-4	240	20	long	long	ADJ
faba-4	240	21	term	term	NOUN
faba-4	240	22	will	will	AUX
faba-4	240	23	be	be	AUX
faba-4	240	24	about	about	ADV
faba-4	240	25	the	the	DET
faba-4	240	26	same	same	ADJ
faba-4	240	27	as	as	ADP
faba-4	240	28	the	the	DET
faba-4	240	29	weighted	weighted	ADJ
faba-4	240	30	average	average	ADJ
faba-4	240	31	cost	cost	NOUN
faba-4	240	32	of	of	ADP
faba-4	240	33	capital	capital	NOUN
faba-4	240	34	(	(	PUNCT
faba-4	240	35	wacc	wacc	PROPN
faba-4	240	36	)	)	PUNCT
faba-4	240	37	,	,	PUNCT
faba-4	240	38	and	and	CCONJ
faba-4	240	39	the	the	DET
faba-4	240	40	reinvestment	reinvestment	NOUN
faba-4	240	41	rate	rate	NOUN
faba-4	240	42	of	of	ADP
faba-4	240	43	the	the	DET
faba-4	240	44	net	net	ADJ
faba-4	240	45	operating	operating	NOUN
faba-4	240	46	profit	profit	NOUN
faba-4	240	47	(	(	PUNCT
faba-4	240	48	noplat	noplat	NOUN
faba-4	240	49	)	)	PUNCT
faba-4	240	50	is	be	AUX
faba-4	240	51	with	with	ADP
faba-4	240	52	a	a	DET
faba-4	240	53	moderate	moderate	ADJ
faba-4	240	54	value	value	NOUN
faba-4	240	55	of	of	ADP
faba-4	240	56	0.5	0.5	NUM
faba-4	240	57	.	.	PUNCT
faba-4	240	58	dimitir	dimitir	ADJ
faba-4	240	59	nenkov	nenkov	PROPN
faba-4	240	60	/	/	SYM
faba-4	240	61	finance	finance	NOUN
faba-4	240	62	,	,	PUNCT
faba-4	240	63	accounting	accounting	NOUN
faba-4	240	64	,	,	PUNCT
faba-4	240	65	and	and	CCONJ
faba-4	240	66	business	business	NOUN
faba-4	240	67	analisys	analisys	NOUN
faba-4	240	68	49	49	NUM
faba-4	240	69	thus	thus	ADV
faba-4	240	70	,	,	PUNCT
faba-4	240	71	the	the	DET
faba-4	240	72	input	input	NOUN
faba-4	240	73	variable	variable	NOUN
faba-4	240	74	for	for	ADP
faba-4	240	75	the	the	DET
faba-4	240	76	model	model	NOUN
faba-4	240	77	are	be	AUX
faba-4	240	78	as	as	SCONJ
faba-4	240	79	follows	follow	VERB
faba-4	240	80	:	:	PUNCT
faba-4	241	1	net	net	ADJ
faba-4	241	2	operating	operate	VERB
faba-4	241	3	margin	margin	NOUN
faba-4	241	4	during	during	ADP
faba-4	241	5	the	the	DET
faba-4	241	6	explicit	explicit	ADJ
faba-4	241	7	forecast	forecast	NOUN
faba-4	241	8	period	period	NOUN
faba-4	241	9	=	=	SYM
faba-4	241	10	14.23	14.23	NUM
faba-4	241	11	%	%	NOUN
faba-4	241	12	retention	retention	NOUN
faba-4	241	13	(	(	PUNCT
faba-4	241	14	reinvestment	reinvestment	NOUN
faba-4	241	15	)	)	PUNCT
faba-4	241	16	rate	rate	NOUN
faba-4	241	17	during	during	ADP
faba-4	241	18	the	the	DET
faba-4	241	19	explicit	explicit	ADJ
faba-4	241	20	forecast	forecast	NOUN
faba-4	241	21	period	period	NOUN
faba-4	241	22	b1	b1	NOUN
faba-4	241	23	=	=	SYM
faba-4	241	24	0.59	0.59	NUM
faba-4	241	25	weighted	weight	VERB
faba-4	241	26	average	average	ADJ
faba-4	241	27	cost	cost	NOUN
faba-4	241	28	of	of	ADP
faba-4	241	29	capital	capital	NOUN
faba-4	241	30	during	during	ADP
faba-4	241	31	the	the	DET
faba-4	241	32	explicit	explicit	ADJ
faba-4	241	33	forecast	forecast	NOUN
faba-4	241	34	period	period	NOUN
faba-4	241	35	wacc1	wacc1	NOUN
faba-4	241	36	=	=	PUNCT
faba-4	241	37	10.93	10.93	NUM
faba-4	241	38	%	%	NOUN
faba-4	241	39	growth	growth	NOUN
faba-4	241	40	rate	rate	NOUN
faba-4	241	41	during	during	ADP
faba-4	241	42	the	the	DET
faba-4	241	43	explicit	explicit	ADJ
faba-4	241	44	forecast	forecast	NOUN
faba-4	241	45	period	period	NOUN
faba-4	241	46	g1	g1	NOUN
faba-4	241	47	=	=	PUNCT
faba-4	241	48	5.13	5.13	NUM
faba-4	241	49	%	%	NOUN
faba-4	241	50	(	(	PUNCT
faba-4	241	51	roce	roce	NOUN
faba-4	241	52	×	×	PROPN
faba-4	241	53	b	b	PROPN
faba-4	241	54	=	=	SYM
faba-4	241	55	8.70	8.70	NUM
faba-4	241	56	%	%	NOUN
faba-4	241	57	×	×	NOUN
faba-4	241	58	0.59	0.59	NUM
faba-4	241	59	=	=	SYM
faba-4	241	60	5.13	5.13	NUM
faba-4	241	61	%	%	NOUN
faba-4	241	62	)	)	PUNCT
faba-4	241	63	continuance	continuance	NOUN
faba-4	241	64	of	of	ADP
faba-4	241	65	the	the	DET
faba-4	241	66	explicit	explicit	ADJ
faba-4	241	67	forecast	forecast	NOUN
faba-4	241	68	period	period	NOUN
faba-4	241	69	n	n	NOUN
faba-4	241	70	=	=	SYM
faba-4	241	71	5	5	NUM
faba-4	241	72	years	year	NOUN
faba-4	241	73	net	net	ADJ
faba-4	241	74	operating	operating	NOUN
faba-4	241	75	margin	margin	NOUN
faba-4	241	76	after	after	ADP
faba-4	241	77	the	the	DET
faba-4	241	78	explicit	explicit	ADJ
faba-4	241	79	forecast	forecast	NOUN
faba-4	241	80	period	period	NOUN
faba-4	241	81	=	=	NOUN
faba-4	241	82	14.23	14.23	NUM
faba-4	241	83	%	%	NOUN
faba-4	241	84	(	(	PUNCT
faba-4	241	85	remains	remain	VERB
faba-4	241	86	the	the	DET
faba-4	241	87	same	same	ADJ
faba-4	241	88	)	)	PUNCT
faba-4	241	89	retention	retention	NOUN
faba-4	241	90	(	(	PUNCT
faba-4	241	91	reinvestment	reinvestment	NOUN
faba-4	241	92	)	)	PUNCT
faba-4	241	93	rate	rate	NOUN
faba-4	241	94	after	after	ADP
faba-4	241	95	the	the	DET
faba-4	241	96	explicit	explicit	ADJ
faba-4	241	97	forecast	forecast	NOUN
faba-4	241	98	period	period	NOUN
faba-4	241	99	b2	b2	NOUN
faba-4	241	100	=	=	PUNCT
faba-4	241	101	0.5	0.5	NUM
faba-4	241	102	weighted	weight	VERB
faba-4	241	103	average	average	ADJ
faba-4	241	104	cost	cost	NOUN
faba-4	241	105	of	of	ADP
faba-4	241	106	capital	capital	NOUN
faba-4	241	107	after	after	ADP
faba-4	241	108	the	the	DET
faba-4	241	109	explicit	explicit	ADJ
faba-4	241	110	forecast	forecast	NOUN
faba-4	241	111	period	period	NOUN
faba-4	241	112	wacc2	wacc2	NOUN
faba-4	241	113	=	=	SYM
faba-4	241	114	10.93	10.93	NUM
faba-4	241	115	%	%	NOUN
faba-4	241	116	growth	growth	NOUN
faba-4	241	117	rate	rate	NOUN
faba-4	241	118	after	after	ADP
faba-4	241	119	the	the	DET
faba-4	241	120	explicit	explicit	ADJ
faba-4	241	121	forecast	forecast	NOUN
faba-4	241	122	period	period	NOUN
faba-4	241	123	g2	g2	PROPN
faba-4	241	124	=	=	PUNCT
faba-4	241	125	5.46	5.46	NUM
faba-4	241	126	%	%	NOUN
faba-4	241	127	(	(	PUNCT
faba-4	241	128	roce	roce	NOUN
faba-4	241	129	×	×	PROPN
faba-4	241	130	b	b	PROPN
faba-4	241	131	=	=	SYM
faba-4	241	132	10.93	10.93	NUM
faba-4	241	133	%	%	NOUN
faba-4	241	134	×	×	NOUN
faba-4	241	135	0.5	0.5	NUM
faba-4	241	136	=	=	SYM
faba-4	241	137	5.46	5.46	NUM
faba-4	241	138	%	%	NOUN
faba-4	241	139	)	)	PUNCT
faba-4	241	140	table	table	NOUN
faba-4	241	141	7	7	NUM
faba-4	241	142	:	:	PUNCT
faba-4	241	143	average	average	ADJ
faba-4	241	144	fundamental	fundamental	ADJ
faba-4	241	145	ev	ev	PROPN
faba-4	241	146	/	/	SYM
faba-4	241	147	s	s	PROPN
faba-4	241	148	for	for	ADP
faba-4	241	149	sofix	sofix	NOUN
faba-4	241	150	for	for	ADP
faba-4	241	151	2017	2017	NUM
faba-4	241	152	(	(	PUNCT
faba-4	241	153	two	two	NUM
faba-4	241	154	-	-	PUNCT
faba-4	241	155	stage	stage	NOUN
faba-4	241	156	model	model	NOUN
faba-4	241	157	)	)	PUNCT
faba-4	241	158	pace	pace	NOUN
faba-4	241	159	of	of	ADP
faba-4	241	160	change	change	NOUN
faba-4	241	161	of	of	ADP
faba-4	241	162	net	net	ADJ
faba-4	241	163	operating	operate	VERB
faba-4	241	164	margin	margin	NOUN
faba-4	241	165	(	(	PUNCT
faba-4	241	166	in	in	ADP
faba-4	241	167	%	%	NOUN
faba-4	241	168	):	):	PUNCT
faba-4	241	169	10	10	NUM
faba-4	241	170	%	%	NOUN
faba-4	241	171	pace	pace	NOUN
faba-4	241	172	of	of	ADP
faba-4	241	173	change	change	NOUN
faba-4	241	174	of	of	ADP
faba-4	241	175	"	"	PUNCT
faba-4	241	176	wacc	wacc	PROPN
faba-4	241	177	"	"	PUNCT
faba-4	241	178	(	(	PUNCT
faba-4	241	179	in	in	ADP
faba-4	241	180	%	%	NOUN
faba-4	241	181	):	):	PUNCT
faba-4	241	182	10	10	NUM
faba-4	241	183	%	%	NOUN
faba-4	241	184	values	value	NOUN
faba-4	241	185	values	value	NOUN
faba-4	241	186	of	of	ADP
faba-4	241	187	net	net	ADJ
faba-4	241	188	operating	operate	VERB
faba-4	241	189	margin	margin	NOUN
faba-4	241	190	of	of	ADP
faba-4	241	191	7.1	7.1	NUM
faba-4	241	192	%	%	NOUN
faba-4	241	193	8.5	8.5	NUM
faba-4	241	194	%	%	NOUN
faba-4	241	195	10.0	10.0	NUM
faba-4	241	196	%	%	NOUN
faba-4	241	197	11.4	11.4	NUM
faba-4	241	198	%	%	NOUN
faba-4	241	199	12.8	12.8	NUM
faba-4	241	200	%	%	NOUN
faba-4	241	201	14.2	14.2	NUM
faba-4	241	202	%	%	NOUN
faba-4	241	203	15.7	15.7	NUM
faba-4	241	204	%	%	NOUN
faba-4	241	205	17.1	17.1	NUM
faba-4	241	206	%	%	NOUN
faba-4	241	207	18.5	18.5	NUM
faba-4	241	208	%	%	NOUN
faba-4	241	209	19.9	19.9	NUM
faba-4	241	210	%	%	NOUN
faba-4	241	211	21.3	21.3	NUM
faba-4	241	212	%	%	NOUN
faba-4	241	213	wacc	wacc	PROPN
faba-4	241	214	ev	ev	PROPN
faba-4	241	215	/	/	SYM
faba-4	241	216	s	s	PART
faba-4	241	217	ev	ev	PROPN
faba-4	241	218	/	/	SYM
faba-4	241	219	s	s	PART
faba-4	241	220	ev	ev	PROPN
faba-4	241	221	/	/	SYM
faba-4	241	222	s	s	PART
faba-4	241	223	ev	ev	PROPN
faba-4	241	224	/	/	SYM
faba-4	241	225	s	s	PART
faba-4	241	226	ev	ev	PROPN
faba-4	241	227	/	/	SYM
faba-4	241	228	s	s	PART
faba-4	241	229	ev	ev	PROPN
faba-4	241	230	/	/	SYM
faba-4	241	231	s	s	PART
faba-4	241	232	ev	ev	PROPN
faba-4	241	233	/	/	SYM
faba-4	241	234	s	s	PART
faba-4	241	235	ev	ev	PROPN
faba-4	241	236	/	/	SYM
faba-4	241	237	s	s	PART
faba-4	241	238	ev	ev	PROPN
faba-4	241	239	/	/	SYM
faba-4	241	240	s	s	PART
faba-4	241	241	ev	ev	PROPN
faba-4	241	242	/	/	SYM
faba-4	241	243	s	s	PART
faba-4	241	244	ev	ev	PROPN
faba-4	241	245	/	/	SYM
faba-4	241	246	s	s	PART
faba-4	241	247	5.5	5.5	NUM
faba-4	241	248	%	%	NOUN
faba-4	241	249	1.50	1.50	NUM
faba-4	241	250	1.52	1.52	NUM
faba-4	241	251	1.55	1.55	NUM
faba-4	241	252	1.58	1.58	NUM
faba-4	241	253	1.61	1.61	NUM
faba-4	241	254	1.64	1.64	NUM
faba-4	241	255	1.67	1.67	NUM
faba-4	241	256	1.70	1.70	NUM
faba-4	241	257	1.73	1.73	NUM
faba-4	241	258	1.76	1.76	NUM
faba-4	241	259	1.79	1.79	NUM
faba-4	241	260	6.6	6.6	NUM
faba-4	241	261	%	%	NOUN
faba-4	241	262	1.42	1.42	NUM
faba-4	241	263	1.45	1.45	NUM
faba-4	241	264	1.48	1.48	NUM
faba-4	241	265	1.51	1.51	NUM
faba-4	241	266	1.54	1.54	NUM
faba-4	241	267	1.56	1.56	NUM
faba-4	241	268	1.59	1.59	NUM
faba-4	241	269	1.62	1.62	NUM
faba-4	241	270	1.65	1.65	NUM
faba-4	241	271	1.68	1.68	NUM
faba-4	241	272	1.70	1.70	NUM
faba-4	241	273	7.7	7.7	NUM
faba-4	241	274	%	%	NOUN
faba-4	241	275	1.36	1.36	NUM
faba-4	241	276	1.38	1.38	NUM
faba-4	241	277	1.41	1.41	NUM
faba-4	241	278	1.44	1.44	NUM
faba-4	241	279	1.46	1.46	NUM
faba-4	241	280	1.49	1.49	NUM
faba-4	241	281	1.52	1.52	NUM
faba-4	241	282	1.55	1.55	NUM
faba-4	241	283	1.57	1.57	NUM
faba-4	241	284	1.60	1.60	NUM
faba-4	241	285	1.63	1.63	NUM
faba-4	241	286	8.7	8.7	NUM
faba-4	241	287	%	%	NOUN
faba-4	241	288	1.29	1.29	NUM
faba-4	241	289	1.32	1.32	NUM
faba-4	241	290	1.34	1.34	NUM
faba-4	241	291	1.37	1.37	NUM
faba-4	241	292	1.40	1.40	NUM
faba-4	241	293	1.42	1.42	NUM
faba-4	241	294	1.45	1.45	NUM
faba-4	241	295	1.48	1.48	NUM
faba-4	241	296	1.50	1.50	NUM
faba-4	241	297	1.53	1.53	NUM
faba-4	241	298	1.56	1.56	NUM
faba-4	241	299	9.8	9.8	NUM
faba-4	241	300	%	%	NOUN
faba-4	241	301	1.23	1.23	NUM
faba-4	241	302	1.26	1.26	NUM
faba-4	241	303	1.28	1.28	NUM
faba-4	241	304	1.31	1.31	NUM
faba-4	241	305	1.33	1.33	NUM
faba-4	241	306	1.36	1.36	NUM
faba-4	241	307	1.39	1.39	NUM
faba-4	241	308	1.41	1.41	NUM
faba-4	241	309	1.44	1.44	NUM
faba-4	241	310	1.46	1.46	NUM
faba-4	241	311	1.49	1.49	NUM
faba-4	241	312	10.9	10.9	NUM
faba-4	241	313	%	%	NOUN
faba-4	241	314	1.17	1.17	NUM
faba-4	241	315	1.20	1.20	NUM
faba-4	241	316	1.22	1.22	NUM
faba-4	241	317	1.25	1.25	NUM
faba-4	241	318	1.27	1.27	NUM
faba-4	241	319	1.30	1.30	NUM
faba-4	241	320	1.32	1.32	NUM
faba-4	241	321	1.35	1.35	NUM
faba-4	241	322	1.37	1.37	NUM
faba-4	241	323	1.40	1.40	NUM
faba-4	241	324	1.42	1.42	NUM
faba-4	241	325	12.0	12.0	NUM
faba-4	241	326	%	%	NOUN
faba-4	241	327	1.12	1.12	NUM
faba-4	241	328	1.14	1.14	NUM
faba-4	241	329	1.17	1.17	NUM
faba-4	241	330	1.19	1.19	NUM
faba-4	241	331	1.22	1.22	NUM
faba-4	241	332	1.24	1.24	NUM
faba-4	241	333	1.27	1.27	NUM
faba-4	241	334	1.29	1.29	NUM
faba-4	241	335	1.31	1.31	NUM
faba-4	241	336	1.34	1.34	NUM
faba-4	241	337	1.36	1.36	NUM
faba-4	241	338	13.1	13.1	NUM
faba-4	241	339	%	%	NOUN
faba-4	241	340	1.07	1.07	NUM
faba-4	241	341	1.09	1.09	NUM
faba-4	241	342	1.12	1.12	NUM
faba-4	241	343	1.14	1.14	NUM
faba-4	241	344	1.16	1.16	NUM
faba-4	241	345	1.19	1.19	NUM
faba-4	241	346	1.21	1.21	NUM
faba-4	241	347	1.23	1.23	NUM
faba-4	241	348	1.26	1.26	NUM
faba-4	241	349	1.28	1.28	NUM
faba-4	241	350	1.31	1.31	NUM
faba-4	241	351	14.2	14.2	NUM
faba-4	241	352	%	%	NOUN
faba-4	241	353	1.02	1.02	NUM
faba-4	241	354	1.05	1.05	NUM
faba-4	241	355	1.07	1.07	NUM
faba-4	241	356	1.09	1.09	NUM
faba-4	241	357	1.11	1.11	NUM
faba-4	241	358	1.14	1.14	NUM
faba-4	241	359	1.16	1.16	NUM
faba-4	241	360	1.18	1.18	NUM
faba-4	241	361	1.21	1.21	NUM
faba-4	241	362	1.23	1.23	NUM
faba-4	241	363	1.25	1.25	NUM
faba-4	241	364	15.3	15.3	NUM
faba-4	241	365	%	%	NOUN
faba-4	241	366	0.98	0.98	NUM
faba-4	241	367	1.00	1.00	NUM
faba-4	241	368	1.02	1.02	NUM
faba-4	241	369	1.04	1.04	NUM
faba-4	241	370	1.07	1.07	NUM
faba-4	241	371	1.09	1.09	NUM
faba-4	241	372	1.11	1.11	NUM
faba-4	241	373	1.13	1.13	NUM
faba-4	241	374	1.16	1.16	NUM
faba-4	241	375	1.18	1.18	NUM
faba-4	241	376	1.20	1.20	NUM
faba-4	241	377	16.4	16.4	NUM
faba-4	241	378	%	%	NOUN
faba-4	241	379	0.93	0.93	NUM
faba-4	241	380	0.96	0.96	NUM
faba-4	241	381	0.98	0.98	NUM
faba-4	241	382	1.00	1.00	NUM
faba-4	241	383	1.02	1.02	NUM
faba-4	241	384	1.04	1.04	NUM
faba-4	241	385	1.06	1.06	NUM
faba-4	241	386	1.09	1.09	NUM
faba-4	241	387	1.11	1.11	NUM
faba-4	241	388	1.13	1.13	NUM
faba-4	241	389	1.15	1.15	NUM
faba-4	241	390	source	source	NOUN
faba-4	241	391	:	:	PUNCT
faba-4	241	392	calculations	calculation	NOUN
faba-4	241	393	of	of	ADP
faba-4	241	394	the	the	DET
faba-4	241	395	author	author	NOUN
faba-4	241	396	table	table	NOUN
faba-4	241	397	7	7	NUM
faba-4	241	398	shows	show	VERB
faba-4	241	399	that	that	SCONJ
faba-4	241	400	the	the	DET
faba-4	241	401	received	receive	VERB
faba-4	241	402	average	average	ADJ
faba-4	241	403	ev	ev	ADP
faba-4	241	404	/	/	SYM
faba-4	241	405	s	s	PART
faba-4	241	406	ratio	ratio	NOUN
faba-4	241	407	under	under	ADP
faba-4	241	408	the	the	DET
faba-4	241	409	two	two	NUM
faba-4	241	410	-	-	PUNCT
faba-4	241	411	stage	stage	NOUN
faba-4	241	412	model	model	NOUN
faba-4	241	413	is	be	AUX
faba-4	241	414	1.30	1.30	NUM
faba-4	241	415	.	.	PUNCT
faba-4	242	1	the	the	DET
faba-4	242	2	table	table	NOUN
faba-4	242	3	also	also	ADV
faba-4	242	4	shows	show	VERB
faba-4	242	5	that	that	SCONJ
faba-4	242	6	as	as	ADP
faba-4	242	7	a	a	DET
faba-4	242	8	result	result	NOUN
faba-4	242	9	of	of	ADP
faba-4	242	10	the	the	DET
faba-4	242	11	change	change	NOUN
faba-4	242	12	of	of	ADP
faba-4	242	13	the	the	DET
faba-4	242	14	net	net	ADJ
faba-4	242	15	operating	operate	VERB
faba-4	242	16	margin	margin	NOUN
faba-4	242	17	and	and	CCONJ
faba-4	242	18	the	the	DET
faba-4	242	19	weighted	weighted	ADJ
faba-4	242	20	average	average	ADJ
faba-4	242	21	cost	cost	NOUN
faba-4	242	22	of	of	ADP
faba-4	242	23	capital	capital	NOUN
faba-4	242	24	during	during	ADP
faba-4	242	25	the	the	DET
faba-4	242	26	explicit	explicit	ADJ
faba-4	242	27	forecast	forecast	NOUN
faba-4	242	28	period	period	NOUN
faba-4	242	29	,	,	PUNCT
faba-4	242	30	the	the	DET
faba-4	242	31	fundamental	fundamental	ADJ
faba-4	242	32	ev	ev	PROPN
faba-4	242	33	/	/	SYM
faba-4	242	34	s	s	PART
faba-4	242	35	ratios	ratio	NOUN
faba-4	242	36	vary	vary	VERB
faba-4	242	37	within	within	ADP
faba-4	242	38	a	a	DET
faba-4	242	39	narrow	narrow	ADJ
faba-4	242	40	range	range	NOUN
faba-4	242	41	–	–	PUNCT
faba-4	242	42	between	between	ADP
faba-4	242	43	0.93	0.93	NUM
faba-4	242	44	and	and	CCONJ
faba-4	242	45	1.79	1.79	NUM
faba-4	242	46	.	.	PUNCT
faba-4	243	1	this	this	PRON
faba-4	243	2	is	be	AUX
faba-4	243	3	mainly	mainly	ADV
faba-4	243	4	due	due	ADJ
faba-4	243	5	to	to	ADP
faba-4	243	6	the	the	DET
faba-4	243	7	moderate	moderate	ADJ
faba-4	243	8	average	average	ADJ
faba-4	243	9	input	input	NOUN
faba-4	243	10	variables	variable	NOUN
faba-4	243	11	during	during	ADP
faba-4	243	12	the	the	DET
faba-4	243	13	stable	stable	ADJ
faba-4	243	14	growth	growth	NOUN
faba-4	243	15	period	period	NOUN
faba-4	243	16	.	.	PUNCT
faba-4	244	1	the	the	DET
faba-4	244	2	calculated	calculated	ADJ
faba-4	244	3	average	average	ADJ
faba-4	244	4	ev	ev	NOUN
faba-4	244	5	/	/	SYM
faba-4	244	6	s	s	PROPN
faba-4	244	7	of	of	ADP
faba-4	244	8	1.30	1.30	NUM
faba-4	244	9	,	,	PUNCT
faba-4	244	10	even	even	ADV
faba-4	244	11	though	though	SCONJ
faba-4	244	12	somewhat	somewhat	ADV
faba-4	244	13	higher	high	ADJ
faba-4	244	14	than	than	ADP
faba-4	244	15	the	the	DET
faba-4	244	16	one	one	NOUN
faba-4	244	17	under	under	ADP
faba-4	244	18	the	the	DET
faba-4	244	19	one	one	NUM
faba-4	244	20	-	-	PUNCT
faba-4	244	21	stage	stage	NOUN
faba-4	244	22	model	model	NOUN
faba-4	244	23	,	,	PUNCT
faba-4	244	24	is	be	AUX
faba-4	244	25	two	two	NUM
faba-4	244	26	times	time	NOUN
faba-4	244	27	lower	low	ADJ
faba-4	244	28	than	than	ADP
faba-4	244	29	the	the	DET
faba-4	244	30	actual	actual	ADJ
faba-4	244	31	average	average	NOUN
faba-4	244	32	ev	ev	PROPN
faba-4	244	33	/	/	SYM
faba-4	244	34	s	s	PROPN
faba-4	244	35	for	for	ADP
faba-4	244	36	sofix	sofix	NOUN
faba-4	244	37	of	of	ADP
faba-4	244	38	2.67	2.67	NUM
faba-4	244	39	.	.	PUNCT
faba-4	245	1	this	this	PRON
faba-4	245	2	is	be	AUX
faba-4	245	3	again	again	ADV
faba-4	245	4	an	an	DET
faba-4	245	5	indicator	indicator	NOUN
faba-4	245	6	that	that	SCONJ
faba-4	245	7	the	the	DET
faba-4	245	8	sofix	sofix	NOUN
faba-4	245	9	is	be	AUX
faba-4	245	10	probably	probably	ADV
faba-4	245	11	significantly	significantly	ADV
faba-4	245	12	overpriced	overprice	VERB
faba-4	245	13	.	.	PUNCT
faba-4	246	1	dimitir	dimitir	ADJ
faba-4	246	2	nenkov	nenkov	PROPN
faba-4	246	3	/	/	SYM
faba-4	246	4	finance	finance	NOUN
faba-4	246	5	,	,	PUNCT
faba-4	246	6	accounting	accounting	NOUN
faba-4	246	7	,	,	PUNCT
faba-4	246	8	and	and	CCONJ
faba-4	246	9	business	business	NOUN
faba-4	246	10	analisys	analisys	NOUN
faba-4	246	11	50	50	NUM
faba-4	246	12	conclusion	conclusion	NOUN
faba-4	246	13	the	the	DET
faba-4	246	14	p	p	X
faba-4	246	15	/	/	SYM
faba-4	246	16	s	s	NOUN
faba-4	246	17	and	and	CCONJ
faba-4	246	18	ev	ev	PROPN
faba-4	246	19	/	/	SYM
faba-4	246	20	s	s	PART
faba-4	246	21	ratios	ratio	NOUN
faba-4	246	22	provide	provide	VERB
faba-4	246	23	excellent	excellent	ADJ
faba-4	246	24	opportunity	opportunity	NOUN
faba-4	246	25	for	for	ADP
faba-4	246	26	analysis	analysis	NOUN
faba-4	246	27	of	of	ADP
faba-4	246	28	stock	stock	NOUN
faba-4	246	29	prices	price	NOUN
faba-4	246	30	and	and	CCONJ
faba-4	246	31	indexes	index	NOUN
faba-4	246	32	on	on	ADP
faba-4	246	33	the	the	DET
faba-4	246	34	different	different	ADJ
faba-4	246	35	capital	capital	NOUN
faba-4	246	36	markets	market	NOUN
faba-4	246	37	,	,	PUNCT
faba-4	246	38	including	include	VERB
faba-4	246	39	the	the	DET
faba-4	246	40	bulgarian	bulgarian	ADJ
faba-4	246	41	market	market	NOUN
faba-4	246	42	.	.	PUNCT
faba-4	247	1	besides	besides	SCONJ
faba-4	247	2	through	through	ADP
faba-4	247	3	the	the	DET
faba-4	247	4	comparison	comparison	NOUN
faba-4	247	5	among	among	ADP
faba-4	247	6	different	different	ADJ
faba-4	247	7	markets	market	NOUN
faba-4	247	8	,	,	PUNCT
faba-4	247	9	and	and	CCONJ
faba-4	247	10	with	with	ADP
faba-4	247	11	historic	historic	ADJ
faba-4	247	12	averages	average	NOUN
faba-4	247	13	,	,	PUNCT
faba-4	247	14	actual	actual	ADJ
faba-4	247	15	p	p	PROPN
faba-4	247	16	/	/	SYM
faba-4	247	17	s	s	X
faba-4	247	18	and	and	CCONJ
faba-4	247	19	ev	ev	PROPN
faba-4	247	20	/	/	SYM
faba-4	247	21	s	s	PART
faba-4	247	22	can	can	AUX
faba-4	247	23	be	be	AUX
faba-4	247	24	even	even	ADV
faba-4	247	25	better	well	ADV
faba-4	247	26	analyzed	analyze	VERB
faba-4	247	27	by	by	ADP
faba-4	247	28	comparing	compare	VERB
faba-4	247	29	them	they	PRON
faba-4	247	30	with	with	ADP
faba-4	247	31	the	the	DET
faba-4	247	32	respective	respective	ADJ
faba-4	247	33	fundamental	fundamental	ADJ
faba-4	247	34	p	p	PROPN
faba-4	247	35	/	/	SYM
faba-4	247	36	s	s	X
faba-4	247	37	and	and	CCONJ
faba-4	247	38	ev	ev	ADP
faba-4	247	39	/	/	SYM
faba-4	247	40	s	s	PROPN
faba-4	247	41	for	for	ADP
faba-4	247	42	each	each	DET
faba-4	247	43	capital	capital	NOUN
faba-4	247	44	market	market	NOUN
faba-4	247	45	.	.	PUNCT
faba-4	248	1	the	the	DET
faba-4	248	2	derived	derive	VERB
faba-4	248	3	fundamental	fundamental	ADJ
faba-4	248	4	p	p	X
faba-4	248	5	/	/	SYM
faba-4	248	6	s	s	X
faba-4	248	7	and	and	CCONJ
faba-4	248	8	ev	ev	ADP
faba-4	248	9	/	/	SYM
faba-4	248	10	s	s	PART
faba-4	248	11	ratios	ratio	NOUN
faba-4	248	12	for	for	ADP
faba-4	248	13	sofix	sofix	NOUN
faba-4	248	14	are	be	AUX
faba-4	248	15	much	much	ADV
faba-4	248	16	lower	low	ADJ
faba-4	248	17	than	than	ADP
faba-4	248	18	the	the	DET
faba-4	248	19	actual	actual	ADJ
faba-4	248	20	average	average	ADJ
faba-4	248	21	ratios	ratio	NOUN
faba-4	248	22	.	.	PUNCT
faba-4	249	1	this	this	PRON
faba-4	249	2	means	mean	VERB
faba-4	249	3	that	that	SCONJ
faba-4	249	4	judging	judge	VERB
faba-4	249	5	from	from	ADP
faba-4	249	6	these	these	DET
faba-4	249	7	two	two	NUM
faba-4	249	8	market	market	NOUN
faba-4	249	9	ratios	ratio	NOUN
faba-4	249	10	,	,	PUNCT
faba-4	249	11	the	the	DET
faba-4	249	12	sofix	sofix	NOUN
faba-4	249	13	is	be	AUX
faba-4	249	14	probably	probably	ADV
faba-4	249	15	highly	highly	ADV
faba-4	249	16	overpriced	overpriced	ADJ
faba-4	249	17	.	.	PUNCT
faba-4	250	1	this	this	DET
faba-4	250	2	conclusion	conclusion	NOUN
faba-4	250	3	,	,	PUNCT
faba-4	250	4	of	of	ADP
faba-4	250	5	course	course	NOUN
faba-4	250	6	,	,	PUNCT
faba-4	250	7	is	be	AUX
faba-4	250	8	valid	valid	ADJ
faba-4	250	9	only	only	ADV
faba-4	250	10	if	if	SCONJ
faba-4	250	11	the	the	DET
faba-4	250	12	average	average	ADJ
faba-4	250	13	actual	actual	ADJ
faba-4	250	14	p	p	X
faba-4	250	15	/	/	SYM
faba-4	250	16	s	s	X
faba-4	250	17	and	and	CCONJ
faba-4	250	18	ev	ev	ADP
faba-4	250	19	/	/	SYM
faba-4	250	20	s	s	NOUN
faba-4	250	21	are	be	AUX
faba-4	250	22	representative	representative	ADJ
faba-4	250	23	for	for	ADP
faba-4	250	24	sofix	sofix	NOUN
faba-4	250	25	,	,	PUNCT
faba-4	250	26	and	and	CCONJ
faba-4	250	27	if	if	SCONJ
faba-4	250	28	the	the	DET
faba-4	250	29	input	input	NOUN
faba-4	250	30	variables	variable	VERB
faba-4	250	31	for	for	ADP
faba-4	250	32	calculating	calculate	VERB
faba-4	250	33	the	the	DET
faba-4	250	34	fundamental	fundamental	ADJ
faba-4	250	35	p	p	PROPN
faba-4	250	36	/	/	SYM
faba-4	250	37	s	s	X
faba-4	250	38	and	and	CCONJ
faba-4	250	39	ev	ev	ADP
faba-4	250	40	/	/	SYM
faba-4	250	41	s	s	PROPN
faba-4	250	42	for	for	ADP
faba-4	250	43	sofix	sofix	NOUN
faba-4	250	44	are	be	AUX
faba-4	250	45	representative	representative	ADJ
faba-4	250	46	as	as	ADV
faba-4	250	47	well	well	ADV
faba-4	250	48	.	.	PUNCT
faba-4	251	1	dimitir	dimitir	ADJ
faba-4	251	2	nenkov	nenkov	PROPN
faba-4	251	3	/	/	SYM
faba-4	251	4	finance	finance	NOUN
faba-4	251	5	,	,	PUNCT
faba-4	251	6	accounting	accounting	NOUN
faba-4	251	7	,	,	PUNCT
faba-4	251	8	and	and	CCONJ
faba-4	251	9	business	business	NOUN
faba-4	251	10	analisys	analisys	NOUN
faba-4	251	11	51	51	NUM
faba-4	251	12	references	reference	NOUN
faba-4	251	13	alford	alford	PROPN
faba-4	251	14	,	,	PUNCT
faba-4	251	15	a.	a.	PROPN
faba-4	251	16	w.	w.	PROPN
faba-4	251	17	,	,	PUNCT
faba-4	251	18	1992	1992	NUM
faba-4	251	19	.	.	PUNCT
faba-4	252	1	the	the	DET
faba-4	252	2	effect	effect	NOUN
faba-4	252	3	of	of	ADP
faba-4	252	4	the	the	DET
faba-4	252	5	set	set	NOUN
faba-4	252	6	of	of	ADP
faba-4	252	7	comparable	comparable	ADJ
faba-4	252	8	firms	firm	NOUN
faba-4	252	9	on	on	ADP
faba-4	252	10	the	the	DET
faba-4	252	11	accuracy	accuracy	NOUN
faba-4	252	12	of	of	ADP
faba-4	252	13	the	the	DET
faba-4	252	14	price	price	NOUN
faba-4	252	15	-	-	PUNCT
faba-4	252	16	earnings	earning	NOUN
faba-4	252	17	valuation	valuation	NOUN
faba-4	252	18	method	method	NOUN
faba-4	252	19	,	,	PUNCT
faba-4	252	20	journal	journal	NOUN
faba-4	252	21	of	of	ADP
faba-4	252	22	accounting	accounting	NOUN
faba-4	252	23	research	research	NOUN
faba-4	252	24	(	(	PUNCT
faba-4	252	25	spring	spring	NOUN
faba-4	252	26	1992	1992	NUM
faba-4	252	27	)	)	PUNCT
faba-4	252	28	,	,	PUNCT
faba-4	252	29	pp	pp	ADP
faba-4	252	30	.	.	PUNCT
faba-4	253	1	94	94	NUM
faba-4	253	2	-	-	SYM
faba-4	253	3	108	108	NUM
faba-4	253	4	block	block	NOUN
faba-4	253	5	,	,	PUNCT
faba-4	253	6	e.	e.	PROPN
faba-4	253	7	f.	f.	PROPN
faba-4	253	8	,	,	PUNCT
faba-4	253	9	1995	1995	NUM
faba-4	253	10	.	.	PUNCT
faba-4	254	1	a	a	DET
faba-4	254	2	study	study	NOUN
faba-4	254	3	of	of	ADP
faba-4	254	4	the	the	DET
faba-4	254	5	price	price	NOUN
faba-4	254	6	to	to	ADP
faba-4	254	7	book	book	NOUN
faba-4	254	8	relationship	relationship	NOUN
faba-4	254	9	,	,	PUNCT
faba-4	254	10	financial	financial	ADJ
faba-4	254	11	analysts	analyst	NOUN
faba-4	254	12	journal	journal	NOUN
faba-4	254	13	,	,	PUNCT
faba-4	254	14	january	january	PROPN
faba-4	254	15	/	/	SYM
faba-4	254	16	february	february	PROPN
faba-4	254	17	,	,	PUNCT
faba-4	254	18	1995	1995	NUM
faba-4	254	19	blodget	blodget	NOUN
faba-4	254	20	,	,	PUNCT
faba-4	254	21	h.	h.	PROPN
faba-4	254	22	,	,	PUNCT
faba-4	254	23	2011	2011	NUM
faba-4	254	24	,	,	PUNCT
faba-4	254	25	is	be	AUX
faba-4	254	26	there	there	PRON
faba-4	254	27	a	a	DET
faba-4	254	28	new	new	ADJ
faba-4	254	29	tech	tech	NOUN
faba-4	254	30	bubble	bubble	NOUN
faba-4	254	31	?	?	PUNCT
faba-4	255	1	no	no	INTJ
faba-4	255	2	.	.	NOUN
faba-4	255	3	,	,	PUNCT
faba-4	255	4	business	business	NOUN
faba-4	255	5	insider	insider	NOUN
faba-4	255	6	,	,	PUNCT
faba-4	255	7	available	available	ADJ
faba-4	255	8	at	at	ADP
faba-4	255	9	:	:	PUNCT
faba-4	255	10	<	<	X
faba-4	255	11	http://www.businessinsider.com/is-there-a-new-tech-bubble-2011-4#-1	http://www.businessinsider.com/is-there-a-new-tech-bubble-2011-4#-1	PROPN
faba-4	255	12	,	,	PUNCT
faba-4	255	13	[	[	X
faba-4	255	14	accessed	access	VERB
faba-4	255	15	11	11	NUM
faba-4	255	16	april	april	NOUN
faba-4	255	17	.	.	PUNCT
faba-4	256	1	2011	2011	NUM
faba-4	256	2	]	]	X
faba-4	256	3	brigham	brigham	PROPN
faba-4	256	4	,	,	PUNCT
faba-4	256	5	e.	e.	PROPN
faba-4	256	6	f.	f.	PROPN
faba-4	256	7	,	,	PUNCT
faba-4	256	8	gapenski	gapenski	PROPN
faba-4	256	9	,	,	PUNCT
faba-4	256	10	l.	l.	PROPN
faba-4	256	11	,	,	PUNCT
faba-4	256	12	1994	1994	NUM
faba-4	256	13	.	.	PUNCT
faba-4	257	1	financial	financial	ADJ
faba-4	257	2	management	management	NOUN
faba-4	257	3	–	–	PUNCT
faba-4	257	4	theory	theory	NOUN
faba-4	257	5	and	and	CCONJ
faba-4	257	6	practice	practice	NOUN
faba-4	257	7	,	,	PUNCT
faba-4	257	8	the	the	DET
faba-4	257	9	dryden	dryden	PROPN
faba-4	257	10	press	press	PROPN
faba-4	257	11	,	,	PUNCT
faba-4	257	12	1994	1994	NUM
faba-4	257	13	copeland	copeland	PROPN
faba-4	257	14	,	,	PUNCT
faba-4	257	15	t	t	PROPN
faba-4	257	16	,	,	PUNCT
faba-4	257	17	koller	koller	PROPN
faba-4	257	18	,	,	PUNCT
faba-4	257	19	t.	t.	PROPN
faba-4	257	20	,	,	PUNCT
faba-4	257	21	murrin	murrin	PROPN
faba-4	257	22	,	,	PUNCT
faba-4	257	23	j.	j.	PROPN
faba-4	257	24	,	,	PUNCT
faba-4	257	25	2000	2000	NUM
faba-4	257	26	.	.	PUNCT
faba-4	258	1	valuation	valuation	NOUN
faba-4	258	2	–	–	PUNCT
faba-4	258	3	measuring	measure	VERB
faba-4	258	4	and	and	CCONJ
faba-4	258	5	managing	manage	VERB
faba-4	258	6	the	the	DET
faba-4	258	7	value	value	NOUN
faba-4	258	8	of	of	ADP
faba-4	258	9	companies	company	NOUN
faba-4	258	10	,	,	PUNCT
faba-4	258	11	john	john	PROPN
faba-4	258	12	wiley	wiley	PROPN
faba-4	258	13	&	&	CCONJ
faba-4	258	14	sons	son	NOUN
faba-4	258	15	,	,	PUNCT
faba-4	258	16	new	new	PROPN
faba-4	258	17	york	york	PROPN
faba-4	258	18	,	,	PUNCT
faba-4	258	19	2000	2000	NUM
faba-4	258	20	damodaran	damodaran	NOUN
faba-4	258	21	,	,	PUNCT
faba-4	258	22	a.	a.	NOUN
faba-4	258	23	,	,	PUNCT
faba-4	258	24	2002	2002	NUM
faba-4	258	25	.	.	PUNCT
faba-4	259	1	investment	investment	NOUN
faba-4	259	2	valuation	valuation	NOUN
faba-4	259	3	–	–	PUNCT
faba-4	259	4	tools	tool	NOUN
faba-4	259	5	and	and	CCONJ
faba-4	259	6	techniques	technique	NOUN
faba-4	259	7	for	for	ADP
faba-4	259	8	determining	determine	VERB
faba-4	259	9	the	the	DET
faba-4	259	10	value	value	NOUN
faba-4	259	11	of	of	ADP
faba-4	259	12	any	any	DET
faba-4	259	13	asset	asset	NOUN
faba-4	259	14	,	,	PUNCT
faba-4	259	15	john	john	PROPN
faba-4	259	16	wiley	wiley	PROPN
faba-4	259	17	&	&	CCONJ
faba-4	259	18	sons	son	NOUN
faba-4	259	19	,	,	PUNCT
faba-4	259	20	new	new	PROPN
faba-4	259	21	york	york	PROPN
faba-4	259	22	,	,	PUNCT
faba-4	259	23	2002	2002	NUM
faba-4	259	24	damodaran	damodaran	NOUN
faba-4	259	25	,	,	PUNCT
faba-4	259	26	a.	a.	NOUN
faba-4	259	27	,	,	PUNCT
faba-4	259	28	2008	2008	NUM
faba-4	259	29	„	„	SYM
faba-4	259	30	september	september	PROPN
faba-4	259	31	12	12	NUM
faba-4	259	32	to	to	ADP
faba-4	259	33	october	october	PROPN
faba-4	259	34	16	16	NUM
faba-4	259	35	–	–	PUNCT
faba-4	259	36	five	five	NUM
faba-4	259	37	weeks	week	NOUN
faba-4	259	38	from	from	ADP
faba-4	259	39	hell	hell	NOUN
faba-4	259	40	and	and	CCONJ
faba-4	259	41	the	the	DET
faba-4	259	42	lessons	lesson	NOUN
faba-4	259	43	we	we	PRON
faba-4	259	44	have	have	AUX
faba-4	259	45	learned	learn	VERB
faba-4	259	46	”	"	PUNCT
faba-4	259	47	,	,	PUNCT
faba-4	259	48	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	NOUN
faba-4	259	49	damodaran	damodaran	NOUN
faba-4	259	50	,	,	PUNCT
faba-4	259	51	a.	a.	NOUN
faba-4	259	52	,	,	PUNCT
faba-4	259	53	2012	2012	NUM
faba-4	259	54	.	.	PUNCT
faba-4	260	1	investment	investment	NOUN
faba-4	260	2	valuation	valuation	NOUN
faba-4	260	3	–	–	PUNCT
faba-4	260	4	tools	tool	NOUN
faba-4	260	5	and	and	CCONJ
faba-4	260	6	techniques	technique	NOUN
faba-4	260	7	for	for	ADP
faba-4	260	8	determining	determine	VERB
faba-4	260	9	the	the	DET
faba-4	260	10	value	value	NOUN
faba-4	260	11	of	of	ADP
faba-4	260	12	any	any	DET
faba-4	260	13	asset	asset	NOUN
faba-4	260	14	,	,	PUNCT
faba-4	260	15	john	john	PROPN
faba-4	260	16	wiley	wiley	PROPN
faba-4	260	17	&	&	CCONJ
faba-4	260	18	sons	son	NOUN
faba-4	260	19	,	,	PUNCT
faba-4	260	20	new	new	PROPN
faba-4	260	21	york	york	PROPN
faba-4	260	22	,	,	PUNCT
faba-4	260	23	2012	2012	NUM
faba-4	260	24	fernandez	fernandez	NOUN
faba-4	260	25	,	,	PUNCT
faba-4	260	26	p.	p.	NOUN
faba-4	260	27	,	,	PUNCT
faba-4	260	28	2015	2015	NUM
faba-4	260	29	.	.	PUNCT
faba-4	261	1	valuation	valuation	NOUN
faba-4	261	2	and	and	CCONJ
faba-4	261	3	common	common	ADJ
faba-4	261	4	sense	sense	NOUN
faba-4	261	5	”	"	PUNCT
faba-4	261	6	,	,	PUNCT
faba-4	261	7	5th	5th	ADJ
faba-4	261	8	ed	ed	NOUN
faba-4	261	9	.	.	PROPN
faba-4	261	10	,	,	PUNCT
faba-4	261	11	2015	2015	NUM
faba-4	261	12	,	,	PUNCT
faba-4	261	13	http://ssrn.com/abstract=2209089	http://ssrn.com/abstract=2209089	NOUN
faba-4	261	14	fernandez	fernandez	NOUN
faba-4	261	15	,	,	PUNCT
faba-4	261	16	p.	p.	PROPN
faba-4	261	17	,	,	PUNCT
faba-4	261	18	andrada	andrada	PROPN
faba-4	261	19	,	,	PUNCT
faba-4	261	20	b.	b.	PROPN
faba-4	261	21	,	,	PUNCT
faba-4	261	22	2007	2007	NUM
faba-4	261	23	.	.	PUNCT
faba-4	262	1	110	110	NUM
faba-4	262	2	common	common	ADJ
faba-4	262	3	errors	error	NOUN
faba-4	262	4	in	in	ADP
faba-4	262	5	company	company	NOUN
faba-4	262	6	valuations	valuation	NOUN
faba-4	262	7	,	,	PUNCT
faba-4	262	8	iese	iese	ADJ
faba-4	262	9	business	business	NOUN
faba-4	262	10	school	school	NOUN
faba-4	262	11	,	,	PUNCT
faba-4	262	12	working	working	NOUN
faba-4	262	13	paper	paper	NOUN
faba-4	262	14	wp	wp	NOUN
faba-4	262	15	no	no	DET
faba-4	262	16	714	714	NUM
faba-4	262	17	,	,	PUNCT
faba-4	262	18	november	november	PROPN
faba-4	262	19	2007	2007	NUM
faba-4	262	20	,	,	PUNCT
faba-4	262	21	appendix	appendix	X
faba-4	262	22	1	1	NUM
faba-4	262	23	,	,	PUNCT
faba-4	262	24	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110common-errors-in-company-valuations	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110common-errors-in-company-valuation	NOUN
faba-4	262	25	fisher	fisher	PROPN
faba-4	262	26	,	,	PUNCT
faba-4	262	27	kenneth	kenneth	PROPN
faba-4	262	28	l.	l.	PROPN
faba-4	262	29	,	,	PUNCT
faba-4	262	30	2008	2008	NUM
faba-4	262	31	,	,	PUNCT
faba-4	262	32	super	super	ADJ
faba-4	262	33	stocks	stock	NOUN
faba-4	262	34	,	,	PUNCT
faba-4	262	35	mcgraw	mcgraw	PROPN
faba-4	262	36	-	-	PUNCT
faba-4	262	37	hill	hill	NOUN
faba-4	262	38	,	,	PUNCT
faba-4	262	39	reissued	reissue	VERB
faba-4	262	40	ed	ed	NOUN
faba-4	262	41	.	.	PROPN
faba-4	262	42	,	,	PUNCT
faba-4	262	43	2008	2008	NUM
faba-4	262	44	http://finance.yahoo.com/q?s=%5egspc	http://finance.yahoo.com/q?s=%5egspc	PROPN
faba-4	262	45	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/.......html	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/.......html	PROPN
faba-4	262	46	(	(	PUNCT
faba-4	262	47	10.10.2014	10.10.2014	NUM
faba-4	262	48	г	г	NOUN
faba-4	262	49	.	.	PUNCT
faba-4	262	50	)	)	PUNCT
faba-4	263	1	http://uk.finance.yahoo.com	http://uk.finance.yahoo.com	X
faba-4	263	2	http://www.multpl.com/table	http://www.multpl.com/table	PROPN
faba-4	263	3	(	(	PUNCT
faba-4	263	4	12.01.2012	12.01.2012	NUM
faba-4	263	5	г	г	NOUN
faba-4	263	6	.	.	PUNCT
faba-4	263	7	)	)	PUNCT
faba-4	263	8	koller	koller	PROPN
faba-4	263	9	,	,	PUNCT
faba-4	263	10	t.	t.	PROPN
faba-4	263	11	,	,	PUNCT
faba-4	263	12	goedhart	goedhart	NOUN
faba-4	263	13	,	,	PUNCT
faba-4	263	14	m.	m.	NOUN
faba-4	263	15	,	,	PUNCT
faba-4	263	16	wessels	wessels	PROPN
faba-4	263	17	,	,	PUNCT
faba-4	263	18	d.	d.	PROPN
faba-4	263	19	,	,	PUNCT
faba-4	263	20	2015	2015	NUM
faba-4	263	21	.	.	PUNCT
faba-4	264	1	valuation	valuation	NOUN
faba-4	264	2	–	–	PUNCT
faba-4	264	3	measuring	measure	VERB
faba-4	264	4	and	and	CCONJ
faba-4	264	5	managing	manage	VERB
faba-4	264	6	the	the	DET
faba-4	264	7	value	value	NOUN
faba-4	264	8	of	of	ADP
faba-4	264	9	companies	company	NOUN
faba-4	264	10	,	,	PUNCT
faba-4	264	11	(	(	PUNCT
faba-4	264	12	mckinsey	mckinsey	NOUN
faba-4	264	13	&	&	CCONJ
faba-4	264	14	company	company	PROPN
faba-4	264	15	)	)	PUNCT
faba-4	264	16	,	,	PUNCT
faba-4	264	17	published	publish	VERB
faba-4	264	18	by	by	ADP
faba-4	264	19	john	john	PROPN
faba-4	264	20	weley	weley	PROPN
faba-4	264	21	&	&	CCONJ
faba-4	264	22	sons	son	NOUN
faba-4	264	23	,	,	PUNCT
faba-4	264	24	new	new	PROPN
faba-4	264	25	york	york	PROPN
faba-4	264	26	,	,	PUNCT
faba-4	264	27	2015	2015	NUM
faba-4	264	28	lee	lee	PROPN
faba-4	264	29	,	,	PUNCT
faba-4	264	30	c.	c.	PROPN
faba-4	264	31	–	–	PUNCT
faba-4	264	32	“	"	PUNCT
faba-4	264	33	value	value	NOUN
faba-4	264	34	investing	investing	NOUN
faba-4	264	35	:	:	PUNCT
faba-4	264	36	bridging	bridge	VERB
faba-4	264	37	theory	theory	NOUN
faba-4	264	38	and	and	CCONJ
faba-4	264	39	practice	practice	NOUN
faba-4	264	40	”	"	PUNCT
faba-4	264	41	,	,	PUNCT
faba-4	264	42	china	china	PROPN
faba-4	264	43	accounting	accounting	PROPN
faba-4	264	44	and	and	CCONJ
faba-4	264	45	finance	finance	NOUN
faba-4	264	46	review	review	NOUN
faba-4	264	47	,	,	PUNCT
faba-4	264	48	volume	volume	NOUN
faba-4	264	49	16	16	NUM
faba-4	264	50	,	,	PUNCT
faba-4	264	51	number	number	NOUN
faba-4	264	52	2	2	NUM
faba-4	264	53	june	june	PROPN
faba-4	264	54	2014	2014	NUM
faba-4	264	55	massasuke	massasuke	PROPN
faba-4	264	56	ide	ide	NOUN
faba-4	264	57	,	,	PUNCT
faba-4	264	58	1996	1996	NUM
faba-4	264	59	.	.	PUNCT
faba-4	265	1	corporate	corporate	ADJ
faba-4	265	2	profitability	profitability	NOUN
faba-4	265	3	and	and	CCONJ
faba-4	265	4	stock	stock	NOUN
faba-4	265	5	valuation	valuation	NOUN
faba-4	265	6	in	in	ADP
faba-4	265	7	japan	japan	PROPN
faba-4	265	8	,	,	PUNCT
faba-4	265	9	financial	financial	ADJ
faba-4	265	10	analysts	analyst	NOUN
faba-4	265	11	journal	journal	NOUN
faba-4	265	12	,	,	PUNCT
faba-4	265	13	march	march	PROPN
faba-4	265	14	/	/	SYM
faba-4	265	15	april	april	PROPN
faba-4	265	16	,	,	PUNCT
faba-4	265	17	1996	1996	NUM
faba-4	265	18	mctaggart	mctaggart	NOUN
faba-4	265	19	,	,	PUNCT
faba-4	265	20	j.	j.	PROPN
faba-4	265	21	m.	m.	PROPN
faba-4	265	22	,	,	PUNCT
faba-4	265	23	kontes	konte	NOUN
faba-4	265	24	,	,	PUNCT
faba-4	265	25	p.	p.	PROPN
faba-4	265	26	w.	w.	PROPN
faba-4	265	27	,	,	PUNCT
faba-4	265	28	mankins	mankin	NOUN
faba-4	265	29	,	,	PUNCT
faba-4	265	30	m.	m.	NOUN
faba-4	265	31	c.	c.	PROPN
faba-4	265	32	,	,	PUNCT
faba-4	265	33	1994	1994	NUM
faba-4	265	34	.	.	PUNCT
faba-4	266	1	the	the	DET
faba-4	266	2	value	value	NOUN
faba-4	266	3	imperative	imperative	NOUN
faba-4	266	4	–	–	PUNCT
faba-4	266	5	managing	manage	VERB
faba-4	266	6	for	for	ADP
faba-4	266	7	superior	superior	ADJ
faba-4	266	8	shareholder	shareholder	NOUN
faba-4	266	9	returns	return	NOUN
faba-4	266	10	,	,	PUNCT
faba-4	266	11	1994	1994	NUM
faba-4	266	12	molodovsky	molodovsky	NOUN
faba-4	266	13	,	,	PUNCT
faba-4	266	14	n.	n.	NOUN
faba-4	266	15	,	,	PUNCT
faba-4	266	16	1953	1953	NUM
faba-4	266	17	.	.	PUNCT
faba-4	267	1	a	a	DET
faba-4	267	2	theory	theory	NOUN
faba-4	267	3	of	of	ADP
faba-4	267	4	price	price	NOUN
faba-4	267	5	-	-	PUNCT
faba-4	267	6	earnings	earning	NOUN
faba-4	267	7	ratios	ratio	NOUN
faba-4	267	8	,	,	PUNCT
faba-4	267	9	financial	financial	ADJ
faba-4	267	10	analysts	analyst	NOUN
faba-4	267	11	journal	journal	NOUN
faba-4	267	12	,	,	PUNCT
faba-4	267	13	january	january	PROPN
faba-4	267	14	/	/	SYM
faba-4	267	15	february	february	PROPN
faba-4	267	16	1995	1995	NUM
faba-4	267	17	(	(	PUNCT
faba-4	267	18	reprinted	reprint	VERB
faba-4	267	19	from	from	ADP
faba-4	267	20	“	"	PUNCT
faba-4	267	21	the	the	DET
faba-4	267	22	analyst	analyst	NOUN
faba-4	267	23	journal	journal	NOUN
faba-4	267	24	”	"	PUNCT
faba-4	267	25	,	,	PUNCT
faba-4	267	26	november	november	PROPN
faba-4	267	27	1953	1953	NUM
faba-4	267	28	)	)	PUNCT
faba-4	267	29	nenkov	nenkov	PROPN
faba-4	267	30	,	,	PUNCT
faba-4	267	31	d.	d.	PROPN
faba-4	267	32	,	,	PUNCT
faba-4	267	33	2007	2007	NUM
faba-4	267	34	.	.	PUNCT
faba-4	268	1	koeficientni	koeficientni	PROPN
faba-4	268	2	metodi	metodi	PROPN
faba-4	268	3	za	za	PROPN
faba-4	268	4	opredelyane	opredelyane	PROPN
faba-4	268	5	stoynostta	stoynostta	NOUN
faba-4	268	6	na	na	PART
faba-4	268	7	kompaniite	kompaniite	VERB
faba-4	268	8	.	.	PUNCT
faba-4	269	1	sashtnost	sashtnost	NOUN
faba-4	269	2	i	i	PRON
faba-4	269	3	osobenosti	osobenosti	NOUN
faba-4	269	4	na	na	PART
faba-4	269	5	koeficienta	koeficienta	VERB
faba-4	269	6	“	"	PUNCT
faba-4	269	7	cena	cena	NOUN
faba-4	269	8	-	-	PUNCT
faba-4	269	9	dohod	dohod	NOUN
faba-4	269	10	”	"	PUNCT
faba-4	269	11	,	,	PUNCT
faba-4	269	12	nauchni	nauchni	PROPN
faba-4	269	13	trudove	trudove	VERB
faba-4	269	14	na	na	PART
faba-4	269	15	unss	uns	NOUN
faba-4	269	16	,	,	PUNCT
faba-4	269	17	tom	tom	PROPN
faba-4	269	18	2	2	NUM
faba-4	269	19	,	,	PUNCT
faba-4	269	20	2007	2007	NUM
faba-4	269	21	.	.	PUNCT
faba-4	270	1	nenkov	nenkov	PROPN
faba-4	270	2	,	,	PUNCT
faba-4	270	3	d.	d.	PROPN
faba-4	270	4	,	,	PUNCT
faba-4	270	5	2010	2010	NUM
faba-4	270	6	.	.	PUNCT
faba-4	271	1	finansoviyat	finansoviyat	PROPN
faba-4	271	2	menidjmant	menidjmant	PROPN
faba-4	272	1	i	i	PRON
faba-4	272	2	urocite	urocite	ADJ
faba-4	272	3	ot	ot	INTJ
faba-4	272	4	finansovata	finansovata	NOUN
faba-4	272	5	kriza	kriza	NOUN
faba-4	272	6	,	,	PUNCT
faba-4	272	7	doklad	doklad	NOUN
faba-4	272	8	,	,	PUNCT
faba-4	272	9	mezhdunarodna	mezhdunarodna	NOUN
faba-4	272	10	nauchna	nauchna	NOUN
faba-4	272	11	konferencia	konferencia	NOUN
faba-4	272	12	“	"	PUNCT
faba-4	272	13	svetovnata	svetovnata	VERB
faba-4	272	14	finansova	finansova	PROPN
faba-4	272	15	kriza	kriza	PROPN
faba-4	273	1	i	i	PRON
faba-4	273	2	poukite	poukite	VERB
faba-4	273	3	za	za	PROPN
faba-4	273	4	finansovia	finansovia	PROPN
faba-4	273	5	sector	sector	NOUN
faba-4	273	6	na	na	PROPN
faba-4	273	7	bulgaria	bulgaria	PROPN
faba-4	273	8	”	"	PUNCT
faba-4	273	9	,	,	PUNCT
faba-4	273	10	ravda	ravda	NOUN
faba-4	273	11	,	,	PUNCT
faba-4	273	12	24	24	NUM
faba-4	273	13	-	-	SYM
faba-4	273	14	26	26	NUM
faba-4	273	15	septemvri	septemvri	NOUN
faba-4	273	16	2010	2010	NUM
faba-4	273	17	,	,	PUNCT
faba-4	273	18	str	str	NOUN
faba-4	273	19	.	.	PUNCT
faba-4	274	1	19	19	NUM
faba-4	274	2	-	-	SYM
faba-4	274	3	26	26	NUM
faba-4	274	4	nenkov	nenkov	NOUN
faba-4	274	5	,	,	PUNCT
faba-4	274	6	d.	d.	PROPN
faba-4	274	7	,	,	PUNCT
faba-4	274	8	2014	2014	NUM
faba-4	274	9	.	.	PUNCT
faba-4	275	1	novite	novite	NOUN
faba-4	275	2	rekordi	rekordi	NOUN
faba-4	275	3	na	na	PROPN
faba-4	275	4	amerikanskiya	amerikanskiya	PROPN
faba-4	275	5	pazar	pazar	PROPN
faba-4	275	6	na	na	ADP
faba-4	275	7	akcii	akcii	PROPN
faba-4	275	8	–	–	PUNCT
faba-4	275	9	visoka	visoka	NOUN
faba-4	275	10	djstvitelna	djstvitelna	PROPN
faba-4	275	11	stoynost	stoynost	PROPN
faba-4	275	12	ili	ili	PROPN
faba-4	275	13	poredniyat	poredniyat	PROPN
faba-4	275	14	balon	balon	PROPN
faba-4	275	15	?	?	PROPN
faba-4	275	16	,	,	PUNCT
faba-4	275	17	ikonomicheski	ikonomicheski	VERB
faba-4	275	18	i	i	PRON
faba-4	275	19	socialni	socialni	VERB
faba-4	275	20	alternative	alternative	ADJ
faba-4	275	21	,	,	PUNCT
faba-4	275	22	br	br	PROPN
faba-4	275	23	.	.	PROPN
faba-4	275	24	4	4	NUM
faba-4	275	25	,	,	PUNCT
faba-4	275	26	2014	2014	NUM
faba-4	275	27	,	,	PUNCT
faba-4	275	28	s.	s.	PROPN
faba-4	275	29	5	5	NUM
faba-4	275	30	-	-	SYM
faba-4	275	31	16	16	NUM
faba-4	275	32	nenkov	nenkov	NOUN
faba-4	275	33	,	,	PUNCT
faba-4	275	34	d.	d.	PROPN
faba-4	275	35	,	,	PUNCT
faba-4	275	36	2015	2015	NUM
faba-4	275	37	.	.	PUNCT
faba-4	276	1	opredelyane	opredelyane	NOUN
faba-4	276	2	na	na	AUX
faba-4	276	3	stoynostta	stoynostta	VERB
faba-4	276	4	na	na	PART
faba-4	276	5	kompaniite	kompaniite	PROPN
faba-4	276	6	,	,	PUNCT
faba-4	276	7	ik	ik	PROPN
faba-4	276	8	na	na	ADP
faba-4	276	9	unss	unss	PROPN
faba-4	276	10	,	,	PUNCT
faba-4	276	11	sofia	sofia	PROPN
faba-4	276	12	,	,	PUNCT
faba-4	276	13	2015	2015	NUM
faba-4	276	14	http://www.businessinsider.com/is-there-a-new-tech-bubble-2011-4#-1	http://www.businessinsider.com/is-there-a-new-tech-bubble-2011-4#-1	PROPN
faba-4	276	15	http://pages.stern.nyu.edu/~adamodar/	http://pages.stern.nyu.edu/~adamodar/	PROPN
faba-4	276	16	http://ssrn.com/abstract=2209089	http://ssrn.com/abstract=2209089	PROPN
faba-4	276	17	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110-common-errors-in-company-valuations	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110-common-errors-in-company-valuation	NOUN
faba-4	276	18	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110-common-errors-in-company-valuations	http://www.mandaportal.com/getattachment/f64aac39-d353-4df7-907b-2c54918bbfe1/110-common-errors-in-company-valuation	NOUN
faba-4	276	19	http://finance.yahoo.com/q?s=%5egspc	http://finance.yahoo.com/q?s=%5egspc	PROPN
faba-4	276	20	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/.......html	http://pages.stern.nyu.edu/~adamodar/new_home_page/datafile/.......html	PROPN
faba-4	276	21	http://uk.finance.yahoo.com/	http://uk.finance.yahoo.com/	PROPN
faba-4	276	22	http://www.multpl.com/table	http://www.multpl.com/table	PROPN
faba-4	276	23	dimitir	dimitir	ADJ
faba-4	276	24	nenkov	nenkov	NOUN
faba-4	276	25	/	/	SYM
faba-4	276	26	finance	finance	NOUN
faba-4	276	27	,	,	PUNCT
faba-4	276	28	accounting	accounting	NOUN
faba-4	276	29	,	,	PUNCT
faba-4	276	30	and	and	CCONJ
faba-4	276	31	business	business	NOUN
faba-4	276	32	analisys	analisys	PROPN
faba-4	276	33	52	52	NUM
faba-4	276	34	nenkov	nenkov	NOUN
faba-4	276	35	,	,	PUNCT
faba-4	276	36	d.	d.	PROPN
faba-4	276	37	,	,	PUNCT
faba-4	276	38	bathala	bathala	PROPN
faba-4	276	39	,	,	PUNCT
faba-4	276	40	c.	c.	NOUN
faba-4	276	41	,	,	PUNCT
faba-4	276	42	2008	2008	NUM
faba-4	276	43	.	.	PUNCT
faba-4	277	1	price	price	NOUN
faba-4	277	2	-	-	PUNCT
faba-4	277	3	earnings	earning	NOUN
faba-4	277	4	ratios	ratio	NOUN
faba-4	277	5	on	on	ADP
faba-4	277	6	the	the	DET
faba-4	277	7	bulgarian	bulgarian	ADJ
faba-4	277	8	capital	capital	NOUN
faba-4	277	9	market	market	NOUN
faba-4	277	10	:	:	PUNCT
faba-4	277	11	an	an	DET
faba-4	277	12	analytical	analytical	ADJ
faba-4	277	13	approach	approach	NOUN
faba-4	277	14	to	to	ADP
faba-4	277	15	comparing	compare	VERB
faba-4	277	16	actual	actual	ADJ
faba-4	277	17	vs.	vs.	X
faba-4	277	18	fundamental	fundamental	ADJ
faba-4	277	19	p	p	X
faba-4	277	20	/	/	SYM
faba-4	277	21	e	e	NOUN
faba-4	277	22	ratios	ratio	NOUN
faba-4	277	23	,	,	PUNCT
faba-4	277	24	globalization	globalization	NOUN
faba-4	277	25	:	:	PUNCT
faba-4	277	26	opportunities	opportunity	NOUN
faba-4	277	27	&	&	CCONJ
faba-4	277	28	challenges	challenge	NOUN
faba-4	277	29	,	,	PUNCT
faba-4	277	30	wisdom	wisdom	NOUN
faba-4	277	31	publications	publication	NOUN
faba-4	277	32	,	,	PUNCT
faba-4	277	33	delhi	delhi	ADJ
faba-4	277	34	,	,	PUNCT
faba-4	277	35	2008	2008	NUM
faba-4	277	36	o’shaughnessy	o’shaughnessy	PROPN
faba-4	277	37	,	,	PUNCT
faba-4	277	38	j.	j.	PROPN
faba-4	277	39	p.	p.	PROPN
faba-4	277	40	,	,	PUNCT
faba-4	277	41	2005	2005	NUM
faba-4	277	42	.	.	PUNCT
faba-4	278	1	what	what	PRON
faba-4	278	2	works	work	VERB
faba-4	278	3	on	on	ADP
faba-4	278	4	wall	wall	PROPN
faba-4	278	5	street	street	PROPN
faba-4	278	6	”	"	PUNCT
faba-4	278	7	,	,	PUNCT
faba-4	278	8	mcgraw	mcgraw	PROPN
faba-4	278	9	hill	hill	PROPN
faba-4	278	10	,	,	PUNCT
faba-4	278	11	2005	2005	NUM
faba-4	278	12	penman	penman	NOUN
faba-4	278	13	,	,	PUNCT
faba-4	278	14	s.	s.	PROPN
faba-4	278	15	h.	h.	PROPN
faba-4	278	16	,	,	PUNCT
faba-4	278	17	1993	1993	NUM
faba-4	278	18	.	.	PUNCT
faba-4	279	1	the	the	DET
faba-4	279	2	articulation	articulation	NOUN
faba-4	279	3	of	of	ADP
faba-4	279	4	price	price	NOUN
faba-4	279	5	-	-	PUNCT
faba-4	279	6	earnings	earning	NOUN
faba-4	279	7	ratios	ratio	NOUN
faba-4	279	8	and	and	CCONJ
faba-4	279	9	market	market	NOUN
faba-4	279	10	-	-	PUNCT
faba-4	279	11	to	to	ADP
faba-4	279	12	-	-	PUNCT
faba-4	279	13	book	book	NOUN
faba-4	279	14	ratios	ratio	NOUN
faba-4	279	15	and	and	CCONJ
faba-4	279	16	the	the	DET
faba-4	279	17	evaluation	evaluation	NOUN
faba-4	279	18	of	of	ADP
faba-4	279	19	growth	growth	NOUN
faba-4	279	20	,	,	PUNCT
faba-4	279	21	university	university	NOUN
faba-4	279	22	of	of	ADP
faba-4	279	23	california	california	PROPN
faba-4	279	24	-	-	PUNCT
faba-4	279	25	berkeley	berkeley	PROPN
faba-4	279	26	,	,	PUNCT
faba-4	279	27	1993	1993	NUM
faba-4	279	28	penman	penman	NOUN
faba-4	279	29	,	,	PUNCT
faba-4	279	30	stephen	stephen	PROPN
faba-4	279	31	h.	h.	PROPN
faba-4	279	32	,	,	PUNCT
faba-4	279	33	xiao	xiao	PROPN
faba-4	279	34	-	-	PUNCT
faba-4	279	35	jun	jun	PROPN
faba-4	279	36	zhang	zhang	PROPN
faba-4	279	37	–	–	PUNCT
faba-4	279	38	“	"	PUNCT
faba-4	279	39	modeling	model	VERB
faba-4	279	40	sustainable	sustainable	ADJ
faba-4	279	41	earnings	earning	NOUN
faba-4	279	42	and	and	CCONJ
faba-4	279	43	p	p	NOUN
faba-4	279	44	/	/	SYM
faba-4	279	45	e	e	NOUN
faba-4	279	46	ratios	ratio	NOUN
faba-4	279	47	using	use	VERB
faba-4	279	48	financial	financial	ADJ
faba-4	279	49	statements	statement	NOUN
faba-4	279	50	information	information	NOUN
faba-4	279	51	”	"	PUNCT
faba-4	279	52	,	,	PUNCT
faba-4	279	53	2004	2004	NUM
faba-4	279	54	,	,	PUNCT
faba-4	279	55	available	available	ADJ
faba-4	279	56	at	at	ADP
faba-4	279	57	:	:	PUNCT
faba-4	279	58	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earningsand-pe-ratios-research-paper-by-penman-and-zang	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earningsand-pe-ratios-research-paper-by-penman-and-zang	X
faba-4	279	59	,	,	PUNCT
faba-4	279	60	[	[	X
faba-4	279	61	accessed	access	VERB
faba-4	279	62	,	,	PUNCT
faba-4	279	63	25	25	NUM
faba-4	279	64	july	july	PROPN
faba-4	279	65	,	,	PUNCT
faba-4	279	66	2017	2017	NUM
faba-4	279	67	]	]	PUNCT
faba-4	279	68	reed	reed	NOUN
faba-4	279	69	,	,	PUNCT
faba-4	279	70	j.p	j.p	PROPN
faba-4	279	71	.	.	PROPN
faba-4	279	72	,	,	PUNCT
faba-4	279	73	2011	2011	NUM
faba-4	279	74	,	,	PUNCT
faba-4	279	75	five	five	NUM
faba-4	279	76	fisher	fisher	PROPN
faba-4	279	77	super	super	ADJ
faba-4	279	78	stocks	stock	NOUN
faba-4	279	79	,	,	PUNCT
faba-4	279	80	https://www.forbes.com/sites/investor/2011/03/07/fivefisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/fivefisher-super-stocks/#33070f3752fb	PROPN
faba-4	279	81	(	(	PUNCT
faba-4	279	82	accessed	access	VERB
faba-4	279	83	1	1	NUM
faba-4	279	84	aug	aug	PROPN
faba-4	279	85	,	,	PUNCT
faba-4	279	86	2017	2017	NUM
faba-4	279	87	)	)	PUNCT
faba-4	279	88	reilly	reilly	ADV
faba-4	279	89	,	,	PUNCT
faba-4	279	90	f.	f.	PROPN
faba-4	279	91	k.	k.	PROPN
faba-4	279	92	,	,	PUNCT
faba-4	279	93	brown	brown	PROPN
faba-4	279	94	,	,	PUNCT
faba-4	279	95	k.	k.	PROPN
faba-4	279	96	c.	c.	PROPN
faba-4	279	97	,	,	PUNCT
faba-4	279	98	2003	2003	NUM
faba-4	279	99	.	.	PUNCT
faba-4	280	1	investment	investment	NOUN
faba-4	280	2	analysis	analysis	NOUN
faba-4	280	3	–	–	PUNCT
faba-4	280	4	portfolio	portfolio	NOUN
faba-4	280	5	management	management	NOUN
faba-4	280	6	,	,	PUNCT
faba-4	280	7	thomson	thomson	PROPN
faba-4	280	8	learning	learning	PROPN
faba-4	280	9	,	,	PUNCT
faba-4	280	10	usa	usa	PROPN
faba-4	280	11	,	,	PUNCT
faba-4	280	12	2003	2003	NUM
faba-4	280	13	stickney	stickney	NOUN
faba-4	280	14	,	,	PUNCT
faba-4	280	15	c.	c.	PROPN
faba-4	280	16	p.	p.	PROPN
faba-4	280	17	,	,	PUNCT
faba-4	280	18	1996	1996	NUM
faba-4	280	19	.	.	PUNCT
faba-4	281	1	financial	financial	ADJ
faba-4	281	2	reporting	reporting	NOUN
faba-4	281	3	and	and	CCONJ
faba-4	281	4	statement	statement	NOUN
faba-4	281	5	analysis	analysis	NOUN
faba-4	281	6	,	,	PUNCT
faba-4	281	7	1996	1996	NUM
faba-4	281	8	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earnings-and-pe-ratios-research-paper-by-penman-and-zang	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earnings-and-pe-ratios-research-paper-by-penman-and-zang	INTJ
faba-4	282	1	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earnings-and-pe-ratios-research-paper-by-penman-and-zang	https://www.scribd.com/document/299664919/penman-modeling-sustainable-earnings-and-pe-ratios-research-paper-by-penman-and-zang	INTJ
faba-4	283	1	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	INTJ
faba-4	283	2	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	https://www.forbes.com/sites/investor/2011/03/07/five-fisher-super-stocks/#33070f3752fb	INTJ