calculate equity and debt using the numbers in the table 123456789 PIENS616 5 United Technologies 10 CC&S

calculate equity and debt using the numbers in the table

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123456789 PIENS616 5 United Technologies 10 CC&S Segment (a) 7 Possible Comparable Firms 11 12 13 14 15 A 17 B 18 AAON, Inc. A. O. Smith Corp. Comfort Systems Daikin Industries (b) Emerson Electric Honeywell Int'l Inc. Ingersoll-Rand Plc Johnson Controls Lennox Int'l Watsco, Inc. Revenue ($ Bil) $59.8 $17.8 $0.4 $3.0 $1.8 $21.6 $15.9 $40.5 $14.2 $30.5 $3.8 $4.3 As a % of Revnue Debt-to- Total Gross SG&A Operating Profit Expense Profit Capital 26.5% 29.3% 10.3% 30.5% 41.3% 20.5% 34.9% 42.5% 23.9% 32.0% 14.3% 31.2% 19.1% 30.4% 18.2% 29.3% 16.6% 24.5% 16.0% 11.8% 24.0% 14.2% 17.7% 14.5% 18.5% 18.5% 17.4% 5.6% 11.1% 17.4% 17.6% 12.2% 11.0% 12.7% 8.1% 47% 0% 20% 13% 30% 39% 51% 36% 37% 95% 1% H Equity Beta 1.00 1.25 1.20 1.15 orecast Growth Rate:V to FY18 Cash EBITDA Flow Multiple Sales 7.5% 9.0% 10.5% n/a n/a 7.5% 3.0% 6.0% n/a 1.15 1.05 1.20 1.00 6.0% 1.25 (2.5%) 1.05 4.0% 9.0% 15.0% 15.0% n/a n/a 10.5% 7.5% 10.5% 10.0% 2.0% 9.5% 18.5 16.1 10.1 11.2 11.3 12.8 11.1 9.8 15.3 15.9 123456789 PIENS616 5 United Technologies 10 CC&S Segment (a) 7 Possible Comparable Firms 11 12 13 14 15 A 17 B 18 AAON, Inc. A. O. Smith Corp. Comfort Systems Daikin Industries (b) Emerson Electric Honeywell Int'l Inc. Ingersoll-Rand Plc Johnson Controls Lennox Int'l Watsco, Inc. Revenue ($ Bil) $59.8 $17.8 $0.4 $3.0 $1.8 $21.6 $15.9 $40.5 $14.2 $30.5 $3.8 $4.3 As a % of Revnue Debt-to- Total Gross SG&A Operating Profit Expense Profit Capital 26.5% 29.3% 10.3% 30.5% 41.3% 20.5% 34.9% 42.5% 23.9% 32.0% 14.3% 31.2% 19.1% 30.4% 18.2% 29.3% 16.6% 24.5% 16.0% 11.8% 24.0% 14.2% 17.7% 14.5% 18.5% 18.5% 17.4% 5.6% 11.1% 17.4% 17.6% 12.2% 11.0% 12.7% 8.1% 47% 0% 20% 13% 30% 39% 51% 36% 37% 95% 1% H Equity Beta 1.00 1.25 1.20 1.15 orecast Growth Rate:V to FY18 Cash EBITDA Flow Multiple Sales 7.5% 9.0% 10.5% n/a n/a 7.5% 3.0% 6.0% n/a 1.15 1.05 1.20 1.00 6.0% 1.25 (2.5%) 1.05 4.0% 9.0% 15.0% 15.0% n/a n/a 10.5% 7.5% 10.5% 10.0% 2.0% 9.5% 18.5 16.1 10.1 11.2 11.3 12.8 11.1 9.8 15.3 15.9