Security Valuation Project Estimate American Express’ Required Rate of Return and Intrinsic Value Per Share Due Date: Monday, February 11, 2019, 12:00PM This assignment is to be done in Bloomberg and Excel. Bloomberg terminals are located in the Capital Markets Lab (Room 315). Please see Mr. George Micheni, Director of the Capital Markets Lab, or a lab assistant if you have any questions about Bloomberg. Please follow the posted template and submit your projects via e-mail. Your Excel spreadsheet should be active, which means that I should be able to see your formulas by clicking on the appropriate cells. Please name your project as “Firstname Lastname” (without quotes) and submit it to the e-mail thread. Download weekly data for Jabil Circuit (symbol: JBL) from January 4, 2010, to January 4, 2019. Do the same thing for Depository Receipts from Standard and Poor’s (S&P). S&P’s Depository Receipts have symbol SPY and are commonly called “spiders.” We will use SPY as the market portfolio. Problems: 1. Calculate the weekly return on JBL by dividing the adjusted close in any particular week by the adjusted closing price the previous week and subtracting 1. 2. Calculate the weekly return on the SPY the same way. Paste the returns on the S&P and the returns on JBL into a single spreadsheet. (To do so, use the “Paste-Special-Values” sequence in Excel). 3. Calculate the correlation coefficient between JBL returns and SPY returns. 4. You will run a regression in Excel using the returns on JBL as the dependent, or Y variable, and returns on the SPY as the independent, or X variable. You can use the data analysis function under the tools menu (you may have to first click “Add ins” under the tools menu and then check the box labeled “Analysis Toolpak”). Click “Tools-Data Analysis Regression” to set up the regression. Type in the cell range containing JBL returns for the input Y range, and type in the cell range containing the SPY returns for the input X range. Leave all the other boxes unchecked. You have just estimated JBL’s beta, which is the coefficient of the X variable in the regression output. 5. Estimate JBL’s required rate of return using a risk-free rate of 0.5% and a market risk premium of 1.5%. 6. Estimate JBL’s dividend growth rate (g) using the formula g = ROE × b, where b is the retention ratio. Remember that b = 1- Dividend Payout Ratio. Use the value of “Dvd Payout Ratio” for 2018Y in the “11) Profitability” tab under “5) Ratios.” Convert the dividend payout ratio to a decimal. Use the ROE value in the same location, and convert it to a decimal. 7. Find the most recent annual dividend paid by JBL as of the most recent date in the date range and assume that the dividend growth rate will remain constant. What would be JBL’s intrinsic stock price according to the Constant Dividend Growth Model? 8. Answer the following questions by comparing your computed stock price from Problem 7 to JBL’s closing price as of the most recent date in the raw data. Is JBL’s current stock price overvalued or undervalued? Why? If you already hold JBL in your portfolio, should you sell it or keep holding it? Why? If you do not already hold JBL, should you buy it or not? Why? Page 1 Date 2/7/2019 2/1/2019 1/25/2019 1/18/2019 1/11/2019 1/4/2019 12/28/2018 12/21/2018 12/14/2018 12/7/2018 11/30/2018 11/23/2018 11/16/2018 11/9/2018 11/2/2018 10/26/2018 10/19/2018 10/12/2018 10/5/2018 9/28/2018 9/21/2018 9/14/2018 9/7/2018 8/31/2018 8/24/2018 8/17/2018 8/10/2018 8/3/2018 7/27/2018 7/20/2018 7/13/2018 7/6/2018 6/29/2018 6/22/2018 6/15/2018 6/8/2018 6/1/2018 5/25/2018 5/18/2018 5/11/2018 5/4/2018 4/27/2018 4/20/2018 4/13/2018 4/6/2018 3/30/2018 Last PX 27,18 26,57 25,83 25,42 24,55 23,95 24,49 23,4 21,84 23,26 24,97 24,64 24,99 25,29 26,13 23,63 23,93 23,73 25,72 27,08 29,86 29,5 29,15 29,56 28,1 27,67 28,08 28,54 28,05 28,56 28,67 28,22 27,66 28,3 27,73 29,25 28,68 28,21 27,93 27,61 27,44 26,67 27,94 29,23 27,95 28,73 3/23/2018 3/16/2018 3/9/2018 3/2/2018 2/23/2018 2/16/2018 2/9/2018 2/2/2018 1/26/2018 1/19/2018 1/12/2018 1/5/2018 12/29/2017 12/22/2017 12/15/2017 12/8/2017 12/1/2017 11/24/2017 11/17/2017 11/10/2017 11/3/2017 10/27/2017 10/20/2017 10/13/2017 10/6/2017 9/29/2017 9/22/2017 9/15/2017 9/8/2017 9/1/2017 8/25/2017 8/18/2017 8/11/2017 8/4/2017 7/28/2017 7/21/2017 7/14/2017 7/7/2017 6/30/2017 6/23/2017 6/16/2017 6/9/2017 6/2/2017 5/26/2017 5/19/2017 5/12/2017 5/5/2017 28,59 31,37 28,19 27 26,61 26,37 25,44 25,28 26,53 27,39 27,66 27,19 26,25 26,7 27,87 27,88 28,58 29,78 29,22 28,61 28,02 28,44 27,96 28,24 29,79 28,55 29,44 30,72 30,44 31,34 30,3 29,67 29,22 30,72 30,57 30,74 30,49 29,29 29,19 30,09 28,46 31,04 30,86 29,32 28,58 28,95 28,95 4/28/2017 4/21/2017 4/14/2017 4/7/2017 3/31/2017 3/24/2017 3/17/2017 3/10/2017 3/3/2017 2/24/2017 2/17/2017 2/10/2017 2/3/2017 1/27/2017 1/20/2017 1/13/2017 1/6/2017 12/30/2016 12/23/2016 12/16/2016 12/9/2016 12/2/2016 11/25/2016 11/18/2016 11/11/2016 11/4/2016 10/28/2016 10/21/2016 10/14/2016 10/7/2016 9/30/2016 9/23/2016 9/16/2016 9/9/2016 9/2/2016 8/26/2016 8/19/2016 8/12/2016 8/5/2016 7/29/2016 7/22/2016 7/15/2016 7/8/2016 7/1/2016 6/24/2016 6/17/2016 6/10/2016 29,02 28,95 28,24 28,72 28,92 28,74 28,8 26,33 25,96 26,23 25,91 25,44 24,39 23,88 23,2 23,58 23,34 23,67 24,11 24,15 21,62 20,5 21,62 20,41 21,65 20,45 21,42 21,68 21,26 21,78 21,82 21,89 22,48 20,69 21,42 21,08 21,08 20,84 20,72 20,35 20,37 20,57 18,76 18,62 18,53 18,95 18,86 6/3/2016 5/27/2016 5/20/2016 5/13/2016 5/6/2016 4/29/2016 4/22/2016 4/15/2016 4/8/2016 4/1/2016 3/25/2016 3/18/2016 3/11/2016 3/4/2016 2/26/2016 2/19/2016 2/12/2016 2/5/2016 1/29/2016 1/22/2016 1/15/2016 1/8/2016 1/1/2016 12/25/2015 12/18/2015 12/11/2015 12/4/2015 11/27/2015 11/20/2015 11/13/2015 11/6/2015 10/30/2015 10/23/2015 10/16/2015 10/9/2015 10/2/2015 9/25/2015 9/18/2015 9/11/2015 9/4/2015 8/28/2015 8/21/2015 8/14/2015 8/7/2015 7/31/2015 7/24/2015 7/17/2015 19,43 19,03 17,58 16,88 17,04 17,36 17,96 17,88 17,97 19,2 18,94 19,59 21,72 21,73 20,84 20,7 19,06 19,91 19,91 19,23 19,3 19,84 23,29 23,9 23,52 23,84 25,93 25,48 25,21 23,49 24,24 22,98 23,13 23,06 22,52 21,92 21,88 20,01 19,77 19,01 19,47 18,59 19,77 19,7 20,25 19,48 20,01 7/10/2015 7/3/2015 6/26/2015 6/19/2015 6/12/2015 6/5/2015 5/29/2015 5/22/2015 5/15/2015 5/8/2015 5/1/2015 4/24/2015 4/17/2015 4/10/2015 4/3/2015 3/27/2015 3/20/2015 3/13/2015 3/6/2015 2/27/2015 2/20/2015 2/13/2015 2/6/2015 1/30/2015 1/23/2015 1/16/2015 1/9/2015 1/2/2015 12/26/2014 12/19/2014 12/12/2014 12/5/2014 11/28/2014 11/21/2014 11/14/2014 11/7/2014 10/31/2014 10/24/2014 10/17/2014 10/10/2014 10/3/2014 9/26/2014 9/19/2014 9/12/2014 9/5/2014 8/29/2014 8/22/2014 20,51 21,1 21,98 22,6 24,14 24,23 24,57 24,57 24,31 23,38 22,96 23,69 23,07 23,91 23,14 22,9 23,65 21,73 21,74 21,97 22,39 22,27 21,24 20,61 20,79 21,07 21,75 21,62 22,33 21,44 19,51 20,71 20,75 20,62 20,71 21,13 20,95 19,43 18,49 18,2 19,98 20,6 21,34 21,5 21,39 21,58 21,41 8/15/2014 8/8/2014 8/1/2014 7/25/2014 7/18/2014 7/11/2014 7/4/2014 6/27/2014 6/20/2014 6/13/2014 6/6/2014 5/30/2014 5/23/2014 5/16/2014 5/9/2014 5/2/2014 4/25/2014 4/18/2014 4/11/2014 4/4/2014 3/28/2014 3/21/2014 3/14/2014 3/7/2014 2/28/2014 2/21/2014 2/14/2014 2/7/2014 1/31/2014 1/24/2014 1/17/2014 1/10/2014 1/3/2014 12/27/2013 12/20/2013 12/13/2013 12/6/2013 11/29/2013 11/22/2013 11/15/2013 11/8/2013 11/1/2013 10/25/2013 10/18/2013 10/11/2013 10/4/2013 9/27/2013 20,55 19,92 20,05 20,77 20,8 20,72 21,05 20,91 20,48 19,79 19,48 18,82 18,5 17,76 17,52 17,6 17,64 17,6 17,23 18,44 17,76 17,72 17,73 18,39 18,51 18,48 18,49 18,01 17,97 17,96 18,01 17,02 17,19 17,01 16,12 19,07 20,42 20,27 19,62 19,82 20,51 20,71 22,52 22,52 21,99 22,11 21,42 9/20/2013 9/13/2013 9/6/2013 8/30/2013 8/23/2013 8/16/2013 8/9/2013 8/2/2013 7/26/2013 7/19/2013 7/12/2013 7/5/2013 6/28/2013 6/21/2013 6/14/2013 6/7/2013 5/31/2013 5/24/2013 5/17/2013 5/10/2013 5/3/2013 4/26/2013 4/19/2013 4/12/2013 4/5/2013 3/29/2013 3/22/2013 3/15/2013 3/8/2013 3/1/2013 2/22/2013 2/15/2013 2/8/2013 2/1/2013 1/25/2013 1/18/2013 1/11/2013 1/4/2013 12/28/2012 12/21/2012 12/14/2012 12/7/2012 11/30/2012 11/23/2012 11/16/2012 11/9/2012 11/2/2012 23,11 23,67 23 22,82 23,39 23,36 23,63 23,39 22,6 22,25 21,95 20,93 20,38 20,23 19,42 19,44 20,06 19,25 20,05 19,28 18,23 17,31 16,57 18,01 18,31 18,48 18,56 19,25 18,89 18,47 19,07 19,77 19,36 19,36 19,94 19,63 19,92 19,44 18,61 19,39 17,51 18,37 19 18,95 17,63 17,62 17,4 10/26/2012 10/19/2012 10/12/2012 10/5/2012 9/28/2012 9/21/2012 9/14/2012 9/7/2012 8/31/2012 8/24/2012 8/17/2012 8/10/2012 8/3/2012 7/27/2012 7/20/2012 7/13/2012 7/6/2012 6/29/2012 6/22/2012 6/15/2012 6/8/2012 6/1/2012 5/25/2012 5/18/2012 5/11/2012 5/4/2012 4/27/2012 4/20/2012 4/13/2012 4/6/2012 3/30/2012 3/23/2012 3/16/2012 3/9/2012 3/2/2012 2/24/2012 2/17/2012 2/10/2012 2/3/2012 1/27/2012 1/20/2012 1/13/2012 1/6/2012 12/30/2011 12/23/2011 12/16/2011 12/9/2011 17,28 17,19 17,03 18,05 18,72 21,55 22,7 21,9 22,78 23,27 23,16 22,67 22,02 21,22 20,55 19,02 19,85 20,33 19,76 19,13 19,1 18,19 19,25 18,91 20,04 21,66 23,58 22,58 23,03 24,2 25,12 25,5 26,82 26,16 25,98 26,01 26,03 24,72 24,12 22,8 23 21,04 20,87 19,66 19,91 19,42 20,65 12/2/2011 11/25/2011 11/18/2011 11/11/2011 11/4/2011 10/28/2011 10/21/2011 10/14/2011 10/7/2011 9/30/2011 9/23/2011 9/16/2011 9/9/2011 9/2/2011 8/26/2011 8/19/2011 8/12/2011 8/5/2011 7/29/2011 7/22/2011 7/15/2011 7/8/2011 7/1/2011 6/24/2011 6/17/2011 6/10/2011 6/3/2011 5/27/2011 5/20/2011 5/13/2011 5/6/2011 4/29/2011 4/22/2011 4/15/2011 4/8/2011 4/1/2011 3/25/2011 3/18/2011 3/11/2011 3/4/2011 2/25/2011 2/18/2011 2/11/2011 2/4/2011 1/28/2011 1/21/2011 1/14/2011 20,71 18,34 20,32 20,91 20,59 21,32 19,92 20,07 18,6 17,79 16,28 17,66 15,76 16,37 15,46 14,22 16,25 15,54 18,31 20,26 19,79 21,35 20,77 19,14 18,29 19,08 19,95 21,22 20,74 21,58 20,99 19,84 19,91 19,18 19,79 20,04 21,28 18,59 20,48 21,79 20,93 22,57 21,66 21,22 19,81 19,84 21,34 1/7/2011 12/31/2010 12/24/2010 12/17/2010 12/10/2010 12/3/2010 11/26/2010 11/19/2010 11/12/2010 11/5/2010 10/29/2010 10/22/2010 10/15/2010 10/8/2010 10/1/2010 9/24/2010 9/17/2010 9/10/2010 9/3/2010 8/27/2010 8/20/2010 8/13/2010 8/6/2010 7/30/2010 7/23/2010 7/16/2010 7/9/2010 7/2/2010 6/25/2010 6/18/2010 6/11/2010 6/4/2010 5/28/2010 5/21/2010 5/14/2010 5/7/2010 4/30/2010 4/23/2010 4/16/2010 4/9/2010 4/2/2010 3/26/2010 3/19/2010 3/12/2010 3/5/2010 2/26/2010 2/19/2010 21,07 20,09 19,93 17,47 16,71 16,16 14,59 15,03 14,39 15,63 15,34 14,18 14,75 14,71 14,3 13,57 12,79 12,22 11,73 10,82 11,17 11,55 13,29 14,51 15,31 14,79 13,97 13,02 14,4 13,96 13,09 12,66 13,69 13,15 14,12 14,09 15,32 17,02 16,45 16,8 16,27 16,37 17,34 17,62 16,72 15,17 15,16 2/12/2010 2/5/2010 1/29/2010 1/22/2010 1/15/2010 1/8/2010 14,74 14,36 14,48 15,69 17,04 17,54 Date Last PX 1/4/2019 252,39 12/28/2018 247,75 12/21/2018 240,7 12/14/2018 260,47 12/7/2018 263,57 11/30/2018 275,65 11/23/2018 263,25 11/16/2018 273,73 11/9/2018 277,76 11/2/2018 271,89 10/26/2018 265,33 10/19/2018 276,25 10/12/2018 275,95 10/5/2018 287,82 9/28/2018 290,72 9/21/2018 291,99 9/14/2018 290,88 9/7/2018 287,6 8/31/2018 290,31 8/24/2018 287,51 8/17/2018 285,06 8/10/2018 283,16 8/3/2018 283,6 7/27/2018 281,42 7/20/2018 279,68 7/13/2018 279,59 7/6/2018 275,42 6/29/2018 271,28 6/22/2018 274,74 6/15/2018 277,13 6/8/2018 278,19 6/1/2018 273,6 5/25/2018 272,15 5/18/2018 271,33 5/11/2018 272,85 5/4/2018 266,02 4/27/2018 266,56 4/20/2018 266,61 4/13/2018 265,15 4/6/2018 259,72 3/30/2018 263,15 3/23/2018 258,05 3/16/2018 274,2 3/9/2018 278,87 3/2/2018 269,08 2/23/2018 274,71 2/16/2018 2/9/2018 2/2/2018 1/26/2018 1/19/2018 1/12/2018 1/5/2018 12/29/2017 12/22/2017 12/15/2017 12/8/2017 12/1/2017 11/24/2017 11/17/2017 11/10/2017 11/3/2017 10/27/2017 10/20/2017 10/13/2017 10/6/2017 9/29/2017 9/22/2017 9/15/2017 9/8/2017 9/1/2017 8/25/2017 8/18/2017 8/11/2017 8/4/2017 7/28/2017 7/21/2017 7/14/2017 7/7/2017 6/30/2017 6/23/2017 6/16/2017 6/9/2017 6/2/2017 5/26/2017 5/19/2017 5/12/2017 5/5/2017 4/28/2017 4/21/2017 4/14/2017 4/7/2017 3/31/2017 273,11 261,5 275,45 286,58 280,41 277,92 273,42 266,86 267,51 266,51 265,51 264,46 260,36 257,86 258,09 258,45 257,71 257,11 254,95 254,37 251,23 249,44 249,19 246,58 247,84 244,56 242,71 244,12 247,41 246,91 246,88 245,56 242,11 241,8 243,13 242,64 243,41 244,17 241,71 238,31 238,98 239,7 238,08 234,59 232,51 235,2 235,74 3/24/2017 233,86 3/17/2017 237,03 3/10/2017 237,69 3/3/2017 238,42 2/24/2017 236,74 2/17/2017 235,09 2/10/2017 231,51 2/3/2017 229,34 1/27/2017 228,97 1/20/2017 226,74 1/13/2017 227,05 1/6/2017 227,21 12/30/2016 223,53 12/23/2016 225,71 12/16/2016 225,04 12/9/2016 226,51 12/2/2016 219,68 11/25/2016 221,52 11/18/2016 218,5 11/11/2016 216,42 11/4/2016 208,55 10/28/2016 212,54 10/21/2016 213,98 10/14/2016 213,12 10/7/2016 215,04 9/30/2016 216,3 9/23/2016 215,99 9/16/2016 213,37 9/9/2016 213,28 9/2/2016 218,37 8/26/2016 217,29 8/19/2016 218,54 8/12/2016 218,46 8/5/2016 218,18 7/29/2016 217,12 7/22/2016 217,24 7/15/2016 215,83 7/8/2016 212,65 7/1/2016 209,9208 6/24/2016 203,13 6/17/2016 206,52 6/10/2016 210,07 6/3/2016 210,28 5/27/2016 210,24 5/20/2016 205,49 5/13/2016 204,76 5/6/2016 205,72 4/29/2016 4/22/2016 4/15/2016 4/8/2016 4/1/2016 3/25/2016 3/18/2016 3/11/2016 3/4/2016 2/26/2016 2/19/2016 2/12/2016 2/5/2016 1/29/2016 1/22/2016 1/15/2016 1/8/2016 1/1/2016 12/25/2015 12/18/2015 12/11/2015 12/4/2015 11/27/2015 11/20/2015 11/13/2015 11/6/2015 10/30/2015 10/23/2015 10/16/2015 10/9/2015 10/2/2015 9/25/2015 9/18/2015 9/11/2015 9/4/2015 8/28/2015 8/21/2015 8/14/2015 8/7/2015 7/31/2015 7/24/2015 7/17/2015 7/10/2015 7/3/2015 6/26/2015 6/19/2015 6/12/2015 206,3308 208,97 207,78 204,4992 206,92 203,12 204,38 202,76 200,43 195,0892 192 186,63 187,95 193,7208 190,52 187,81 191,923 203,87 205,68 200,0208 201,88 209,62 209,56 209,3108 202,54 210,04 207,93 207,51 203,27 201,33 195 192,85 195,45 196,74 192,59 199,28 197,83 209,42 207,95 210,5 208 212,48 207,48 207,31 209,82 210,81 210,01 6/5/2015 209,77 5/29/2015 211,14 5/22/2015 212,99 5/15/2015 212,44 5/8/2015 211,62 5/1/2015 210,72 4/24/2015 211,6499 4/17/2015 207,95 4/10/2015 210,04 4/3/2015 206,435 3/27/2015 205,74 3/20/2015 210,41 3/13/2015 205,8272 3/6/2015 207,5 2/27/2015 210,66 2/20/2015 211,239 2/13/2015 209,78 2/6/2015 205,55 1/30/2015 199,45 1/23/2015 204,97 1/16/2015 201,63 1/9/2015 204,25 1/2/2015 205,43 12/26/2014 208,44 12/19/2014 206,52 12/12/2014 200,89 12/5/2014 208 11/28/2014 207,2 11/21/2014 206,68 11/14/2014 204,24 11/7/2014 203,34 10/31/2014 201,66 10/24/2014 196,43 10/17/2014 188,47 10/10/2014 190,54 10/3/2014 196,52 9/26/2014 197,9 9/19/2014 200,7 9/12/2014 199,13 9/5/2014 201,11 8/29/2014 200,71 8/22/2014 199,19 8/15/2014 195,72 8/8/2014 193,24 8/1/2014 192,5 7/25/2014 197,72 7/18/2014 197,7099 7/11/2014 7/4/2014 6/27/2014 6/20/2014 6/13/2014 6/6/2014 5/30/2014 5/23/2014 5/16/2014 5/9/2014 5/2/2014 4/25/2014 4/18/2014 4/11/2014 4/4/2014 3/28/2014 3/21/2014 3/14/2014 3/7/2014 2/28/2014 2/21/2014 2/14/2014 2/7/2014 1/31/2014 1/24/2014 1/17/2014 1/10/2014 1/3/2014 12/27/2013 12/20/2013 12/13/2013 12/6/2013 11/29/2013 11/22/2013 11/15/2013 11/8/2013 11/1/2013 10/25/2013 10/18/2013 10/11/2013 10/4/2013 9/27/2013 9/20/2013 9/13/2013 9/6/2013 8/30/2013 8/23/2013 196,61 198,2 195,82 195,94 194,13 195,375 192,68 190,35 188,05 187,96 188,06 186,29 186,39 181,51 186,4 185,49 186,2 184,66 188,26 186,29 183,89 184,02 179,68 178,18 178,89 183,635 184,14 182,885 183,845 181,56 178,11 180,94 181 180,81 180,05 177,29 176,21 175,95 174,388 170,26 168,89 168,909 170,72 169,33 166,04 163,65 166,62 8/16/2013 165,83 8/9/2013 169,31 8/2/2013 170,95 7/26/2013 169,11 7/19/2013 169,17 7/12/2013 167,51 7/5/2013 163,02 6/28/2013 160,42 6/21/2013 159,07 6/14/2013 163,175 6/7/2013 164,8 5/31/2013 163,445 5/24/2013 165,308 5/17/2013 166,94 5/10/2013 163,41 5/3/2013 161,368 4/26/2013 158,24 4/19/2013 155,48 4/12/2013 158,8 4/5/2013 155,158 3/29/2013 156,67 3/22/2013 155,6 3/15/2013 155,83 3/8/2013 155,44 3/1/2013 152,11 2/22/2013 151,89 2/15/2013 152,11 2/8/2013 151,8 2/1/2013 151,24 1/25/2013 150,25 1/18/2013 148,33 1/11/2013 147,07 1/4/2013 146,37 12/28/2012 140,03 12/21/2012 142,79 12/14/2012 142,1051 12/7/2012 142,415 11/30/2012 142,155 11/23/2012 141,35 11/16/2012 136,37 11/9/2012 138,16 11/2/2012 141,56 10/26/2012 141,35 10/19/2012 143,3896 10/12/2012 142,89 10/5/2012 146,14 9/28/2012 143,97 9/21/2012 9/14/2012 9/7/2012 8/31/2012 8/24/2012 8/17/2012 8/10/2012 8/3/2012 7/27/2012 7/20/2012 7/13/2012 7/6/2012 6/29/2012 6/22/2012 6/15/2012 6/8/2012 6/1/2012 5/25/2012 5/18/2012 5/11/2012 5/4/2012 4/27/2012 4/20/2012 4/13/2012 4/6/2012 3/30/2012 3/23/2012 3/16/2012 3/9/2012 3/2/2012 2/24/2012 2/17/2012 2/10/2012 2/3/2012 1/27/2012 1/20/2012 1/13/2012 1/6/2012 12/30/2011 12/23/2011 12/16/2011 12/9/2011 12/2/2011 11/25/2011 11/18/2011 11/11/2011 11/4/2011 145,87 147,24 144,33 141,16 141,51 142,18 140,84 139,349 138,675 136,47 135,75 135,49 136,105 133,46 134,14 133,1 128,16 132,1 129,74 135,61 137 140,39 137,95 137,14 139,79 140,81 139,65 140,3 137,57 137,312 136,93 136,41 134,361 134,54 131,82 131,54 128,84 127,71 125,5 126,39 121,59 126,05 124,86 116,34 121,979 126,66 125,481 10/28/2011 10/21/2011 10/14/2011 10/7/2011 9/30/2011 9/23/2011 9/16/2011 9/9/2011 9/2/2011 8/26/2011 8/19/2011 8/12/2011 8/5/2011 7/29/2011 7/22/2011 7/15/2011 7/8/2011 7/1/2011 6/24/2011 6/17/2011 6/10/2011 6/3/2011 5/27/2011 5/20/2011 5/13/2011 5/6/2011 4/29/2011 4/22/2011 4/15/2011 4/8/2011 4/1/2011 3/25/2011 3/18/2011 3/11/2011 3/4/2011 2/25/2011 2/18/2011 2/11/2011 2/4/2011 1/28/2011 1/21/2011 1/14/2011 1/7/2011 12/31/2010 12/24/2010 12/17/2010 12/10/2010 128,6 123,97 122,57 115,71 113,15 113,54 121,521 115,92 117,85 117,97 112,64 118,12 120,08 129,33 134,58 131,69 134,4 133,92 126,81 127,05 127,6 130,42 133,51 133,61 134,04 134,2 136,43 133,78 132,04 132,86 133,15 131,3 127,76 130,84 132,47 132,33 134,53 133,11 131,15 127,72 128,37 129,3 127,14 125,75 125,6 124,3 124,48 12/3/2010 11/26/2010 11/19/2010 11/12/2010 11/5/2010 10/29/2010 10/22/2010 10/15/2010 10/8/2010 10/1/2010 9/24/2010 9/17/2010 9/10/2010 9/3/2010 8/27/2010 8/20/2010 8/13/2010 8/6/2010 7/30/2010 7/23/2010 7/16/2010 7/9/2010 7/2/2010 6/25/2010 6/18/2010 6/11/2010 6/4/2010 5/28/2010 5/21/2010 5/14/2010 5/7/2010 4/30/2010 4/23/2010 4/16/2010 4/9/2010 4/2/2010 3/26/2010 3/19/2010 3/12/2010 3/5/2010 2/26/2010 2/19/2010 2/12/2010 2/5/2010 1/29/2010 1/22/2010 1/15/2010 122,89 118,8 120,29 120,198 122,725 118,49 118,347 117,7 116,5375 114,61 114,82 112,49 111,482 110,89 106,86 107,53 108,31 112,392 110,27 110,41 106,66 107,96 102,2 107,8675 111,729 109,68 106,82 109,369 109,115 113,89 111,26 118,8125 121,8125 119,36 119,55 117,8 116,582 115,97 115,46 114,25 110,74 111,14 108,04 106,66 107,39 109,21 113,64 1/8/2010 114,57 Name: Company: FILL IN. Date Company Prices % Ret Company FILL IN. FILL IN. FILL IN. USE AS MANY ROWS AS NECESSARY. S&P 500 (SPY) Date FILL IN. SPY Prices % Ret SPY FILL IN. FILL IN. 3. Correlation Coefficient ANSWER FOR #3 4. Regression: Get Beta Beta = ANSWER INSERT REGRESSION OUTPUT STARTING HERE 5. Estimate required rate of return. Risk-Free Rate = MRP = CAPM: Required Return = ANSWER ANSWER 6. Estimate g. Dividend Payout Ratio = Retention Ratio = 1 - Payout Ratio = ROE = g = ROE * Retention Ratio = Most recent dividend = Expected dividend = ANSWER ANSWER ANSWER ANSWER ANSWER ANSWER 7. Price using dividend-growth model = ANSWER Decision: ANSWER Percent Percent ANSWER Percent, or ANSWER: HERE, CONVERT C ANSWER: HERE, CONVERT CAPM RESULT TO DECIMAL Names: Company Merck & Company S&P 500 (SPY) Date 11/16/2018 11/9/2018 11/2/2018 10/26/2018 10/19/2018 10/12/2018 10/5/2018 9/28/2018 9/21/2018 9/14/2018 9/7/2018 8/31/2018 8/24/2018 8/17/2018 8/10/2018 8/3/2018 7/27/2018 7/20/2018 7/13/2018 7/6/2018 6/29/2018 6/22/2018 6/15/2018 6/8/2018 6/1/2018 MRK Prices 76.06 74.86 72.27 70.4 72.35 69.81 71.03 70.94 71.1 69.98 69.67 68.59 69.04 69.06 66.07 65.93 63.49 62.52 62.89 62.2 60.7 61.47 62.03 62.58 60.56 % Ret MRK 1.602992252 3.583783036 2.65625 -2.695231513 3.638447214 -1.717584119 0.126867776 -0.225035162 1.600457274 0.444954787 1.574573553 -0.65179606 -0.028960324 4.525503254 0.212346428 3.843124902 1.551503519 -0.588328828 1.109324759 2.471169687 -1.252643566 -0.902788973 -0.87887504 3.335535007 2.48773058 Date 11/16/2018 11/9/2018 11/2/2018 10/26/2018 10/19/2018 10/12/2018 10/5/2018 9/28/2018 9/21/2018 9/14/2018 9/7/2018 8/31/2018 8/24/2018 8/17/2018 8/10/2018 8/3/2018 7/27/2018 7/20/2018 SPY Prices 273.73 277.76 271.89 265.33 276.25 275.95 287.82 290.72 291.99 290.88 287.6 290.31 287.51 285.06 283.16 283.6 281.42 279.68 7/13/2018 7/6/2018 6/29/2018 279.59 275.42 271.28 6/22/2018 6/15/2018 6/8/2018 6/1/2018 274.74 277.13 278.19 273.6 5/25/2018 5/18/2018 5/11/2018 5/4/2018 4/27/2018 4/20/2018 4/13/2018 4/6/2018 59.09 59.14 59.69 57.75 59.47 58.83 57.17 53.36 -0.084545147 -0.921427375 3.359307359 -2.892214562 1.087880333 2.90362078 7.14017991 -2.037818983 5/25/2018 5/18/2018 5/11/2018 5/4/2018 4/27/2018 4/20/2018 4/13/2018 4/6/2018 272.15 271.33 272.85 266.02 266.56 266.61 265.15 259.72 3/30/2018 3/23/2018 3/16/2018 3/9/2018 3/2/2018 54.47 53.41 55.67 55.14 54.36 1.98464707 -4.059637147 0.961189699 1.434878587 -0.929469656 3/30/2018 3/23/2018 3/16/2018 3/9/2018 3/2/2018 263.15 258.05 274.2 278.87 269.08 2/23/2018 2/16/2018 2/9/2018 2/2/2018 1/26/2018 1/19/2018 1/12/2018 1/5/2018 12/29/2017 12/22/2017 12/15/2017 12/8/2017 12/1/2017 11/24/2017 11/17/2017 11/10/2017 11/3/2017 10/27/2017 10/20/2017 10/13/2017 10/6/2017 9/29/2017 9/22/2017 9/15/2017 9/8/2017 9/1/2017 8/25/2017 8/18/2017 8/11/2017 8/4/2017 7/28/2017 7/21/2017 7/14/2017 7/7/2017 6/30/2017 6/23/2017 6/16/2017 6/9/2017 6/2/2017 54.87 56.29 54.87 58.56 62.04 61.28 58.66 56.99 56.27 56.36 56.24 55.57 55.87 54.35 55.2 55.48 56.06 58.24 63.88 63.39 64.55 64.03 65.13 66.16 64.27 63.83 62.94 61.49 62.38 63.1 64.11 62.63 63.06 63.16 64.09 66.16 62.97 64.39 65.47 -2.52265056 2.587935119 -6.301229508 -5.609284333 1.240208877 4.466416638 2.930338656 1.279545051 -0.159687722 0.213371266 1.205686522 -0.536960802 2.796688132 -1.539855072 -0.504686373 -1.03460578 -3.743131868 -8.829054477 0.772992586 -1.797056545 0.812119319 -1.688929833 -1.556831923 2.940718842 0.689331036 1.414045122 2.358107009 -1.42673934 -1.141045959 -1.575417252 2.363084784 -0.681890263 -0.158328056 -1.451084413 -3.128778718 5.065904399 -2.205311384 -1.649610509 0.84719655 2/23/2018 2/16/2018 2/9/2018 2/2/2018 1/26/2018 1/19/2018 1/12/2018 1/5/2018 12/29/2017 12/22/2017 12/15/2017 12/8/2017 12/1/2017 11/24/2017 11/17/2017 11/10/2017 11/3/2017 10/27/2017 10/20/2017 10/13/2017 10/6/2017 9/29/2017 9/22/2017 9/15/2017 9/8/2017 9/1/2017 8/25/2017 8/18/2017 8/11/2017 8/4/2017 7/28/2017 7/21/2017 7/14/2017 7/7/2017 6/30/2017 6/23/2017 6/16/2017 6/9/2017 6/2/2017 274.71 273.11 261.5 275.45 286.58 280.41 277.92 273.42 266.86 267.51 266.51 265.51 264.46 260.36 257.86 258.09 258.45 257.71 257.11 254.95 254.37 251.23 249.44 249.19 246.58 247.84 244.56 242.71 244.12 247.41 246.91 246.88 245.56 242.11 241.8 243.13 242.64 243.41 244.17 5/26/2017 5/19/2017 5/12/2017 5/5/2017 4/28/2017 4/21/2017 4/14/2017 4/7/2017 3/31/2017 3/24/2017 3/17/2017 3/10/2017 3/3/2017 2/24/2017 2/17/2017 2/10/2017 2/3/2017 1/27/2017 1/20/2017 1/13/2017 1/6/2017 12/30/2016 12/23/2016 12/16/2016 12/9/2016 12/2/2016 11/25/2016 11/18/2016 11/11/2016 11/4/2016 10/28/2016 10/21/2016 10/14/2016 10/7/2016 9/30/2016 9/23/2016 9/16/2016 9/9/2016 9/2/2016 8/26/2016 8/19/2016 8/12/2016 8/5/2016 7/29/2016 64.92 63.78 63.57 63.97 62.33 61.89 62.61 63.13 63.54 63.18 63.9 65.6 66.58 66.16 65.39 64.15 64.29 61.75 62.53 62.34 60.27 58.87 59.56 62.44 61.23 61.13 62.21 61.87 63.95 58.82 58.84 61.2 62.14 62.77 62.41 62.96 62.28 62.49 62.98 62.85 63.36 63.35 63.86 58.66 1.787394167 0.330344502 -0.625293106 2.631156746 0.710938762 -1.149976042 -0.823697133 -0.645262827 0.56980057 -1.126760563 -2.591463415 -1.471913488 0.634824667 1.177550084 1.932969602 -0.21776326 4.113360324 -1.247401247 0.304780237 3.43454455 2.378121284 -1.158495635 -4.612427931 1.976155479 0.163585801 -1.736055297 0.549539357 -3.252541048 8.721523291 -0.033990483 -3.85620915 -1.512713228 -1.003664171 0.576830636 -0.873570521 1.091843288 -0.336053769 -0.77802477 0.206841687 -0.804924242 0.01578532 -0.798621986 8.86464371 -0.272016321 5/26/2017 5/19/2017 5/12/2017 5/5/2017 4/28/2017 4/21/2017 4/14/2017 4/7/2017 3/31/2017 3/24/2017 3/17/2017 3/10/2017 3/3/2017 2/24/2017 2/17/2017 2/10/2017 2/3/2017 1/27/2017 1/20/2017 1/13/2017 1/6/2017 12/30/2016 12/23/2016 12/16/2016 12/9/2016 12/2/2016 11/25/2016 11/18/2016 11/11/2016 11/4/2016 10/28/2016 10/21/2016 10/14/2016 10/7/2016 9/30/2016 9/23/2016 9/16/2016 9/9/2016 9/2/2016 8/26/2016 8/19/2016 8/12/2016 8/5/2016 7/29/2016 241.71 238.31 238.98 239.7 238.08 234.59 232.51 235.2 235.74 233.86 237.03 237.69 238.42 236.74 235.09 231.51 229.34 228.97 226.74 227.05 227.21 223.53 225.71 225.04 226.51 219.68 221.52 218.5 216.42 208.55 212.54 213.98 213.12 215.04 216.3 215.99 213.37 213.28 218.37 217.29 218.54 218.46 218.18 217.12 7/22/2016 7/15/2016 7/8/2016 7/1/2016 6/24/2016 6/17/2016 6/10/2016 6/3/2016 5/27/2016 5/20/2016 5/13/2016 5/6/2016 4/29/2016 4/22/2016 4/15/2016 4/8/2016 4/1/2016 3/25/2016 3/18/2016 3/11/2016 3/4/2016 2/26/2016 2/19/2016 2/12/2016 2/5/2016 1/29/2016 1/22/2016 1/15/2016 1/8/2016 1/1/2016 12/25/2015 12/18/2015 12/11/2015 12/4/2015 11/27/2015 11/20/2015 11/13/2015 11/6/2015 10/30/2015 10/23/2015 10/16/2015 10/9/2015 10/2/2015 9/25/2015 58.82 59.63 59.35 57.94 55.88 55.89 56.81 56.64 56.48 55.11 53.88 53.6 54.84 56.74 56.14 55.36 53.7 53.07 52.25 53.2 52.08 50.64 50.12 49.03 49.38 50.67 51.35 51.14 51.08 52.82 52.85 51.64 52.15 53.64 53.96 54.1 53.03 54.61 54.66 52.88 51.48 50.95 50.14 49.6 -1.358376656 0.471777591 2.43355195 3.686471009 -0.017892288 -1.619433198 0.300141243 0.283286119 2.485937216 2.28285078 0.52238806 -2.261123268 -3.348607684 1.06875668 1.408959538 3.091247672 1.187111362 1.56937799 -1.785714286 2.150537634 2.843601896 1.037509976 2.223128697 -0.708788983 -2.545885139 -1.324245375 0.410637466 0.117462803 -3.29420674 -0.056764428 2.343144849 -0.977948226 -2.777777778 -0.593031875 -0.258780037 2.017725816 -2.893242996 -0.09147457 3.366111952 2.71950272 1.040235525 1.615476665 1.088709677 -4.853251487 7/22/2016 7/15/2016 7/8/2016 7/1/2016 6/24/2016 6/17/2016 6/10/2016 6/3/2016 5/27/2016 5/20/2016 5/13/2016 5/6/2016 4/29/2016 4/22/2016 4/15/2016 4/8/2016 4/1/2016 3/25/2016 3/18/2016 3/11/2016 3/4/2016 2/26/2016 2/19/2016 2/12/2016 2/5/2016 1/29/2016 1/22/2016 1/15/2016 1/8/2016 1/1/2016 12/25/2015 12/18/2015 12/11/2015 12/4/2015 11/27/2015 11/20/2015 11/13/2015 11/6/2015 10/30/2015 10/23/2015 10/16/2015 10/9/2015 10/2/2015 9/25/2015 217.24 215.83 212.65 209.9208 203.13 206.52 210.07 210.28 210.24 205.49 204.76 205.72 206.3308 208.97 207.78 204.4992 206.92 203.12 204.38 202.76 200.43 195.0892 192 186.63 187.95 193.7208 190.52 187.81 191.923 203.87 205.68 200.0208 201.88 209.62 209.56 209.3108 202.54 210.04 207.93 207.51 203.27 201.33 195 192.85 9/18/2015 9/11/2015 9/4/2015 8/28/2015 8/21/2015 8/14/2015 8/7/2015 7/31/2015 7/24/2015 7/17/2015 7/10/2015 7/3/2015 6/26/2015 6/19/2015 6/12/2015 6/5/2015 5/29/2015 5/22/2015 5/15/2015 5/8/2015 5/1/2015 4/24/2015 4/17/2015 4/10/2015 4/3/2015 3/27/2015 3/20/2015 3/13/2015 3/6/2015 2/27/2015 2/20/2015 2/13/2015 2/6/2015 1/30/2015 1/23/2015 1/16/2015 1/9/2015 1/2/2015 12/26/2014 12/19/2014 12/12/2014 12/5/2014 11/28/2014 11/21/2014 52.13 52.09 51.59 55.37 55.77 59.18 57.97 58.96 57.41 58.82 57.95 57.67 58.49 58.04 57.87 58.99 60.89 59.38 60.23 60.74 59.86 57.6 56.88 57.25 57.1 57.75 58.58 56.2 56.84 58.54 58.35 58.81 58.79 60.28 62.49 63.03 62.56 57.19 57.78 59.58 57.72 61.49 60.4 59.66 0.076790171 0.969180074 -6.826801517 -0.717231486 -5.762081784 2.087286528 -1.679104478 2.69987807 -2.397143829 1.501294219 0.485521068 -1.401949051 0.77532736 0.29376188 -1.898626886 -3.120381015 2.542943752 -1.411256849 -0.839644386 1.470096893 3.923611111 1.265822785 -0.64628821 0.262697023 -1.125541126 -1.416865825 4.234875445 -1.125967628 -2.903997267 0.325621251 -0.782179901 0.034019391 -2.471798275 -3.536565851 -0.856734888 0.751278772 9.389753453 -1.021114573 -3.021148036 3.222453222 -6.131078224 1.804635762 1.240362052 0.998814965 9/18/2015 9/11/2015 9/4/2015 8/28/2015 8/21/2015 8/14/2015 8/7/2015 7/31/2015 7/24/2015 7/17/2015 7/10/2015 7/3/2015 6/26/2015 6/19/2015 6/12/2015 6/5/2015 5/29/2015 5/22/2015 5/15/2015 5/8/2015 5/1/2015 4/24/2015 4/17/2015 4/10/2015 4/3/2015 3/27/2015 3/20/2015 3/13/2015 3/6/2015 2/27/2015 2/20/2015 2/13/2015 2/6/2015 1/30/2015 1/23/2015 1/16/2015 1/9/2015 1/2/2015 12/26/2014 12/19/2014 12/12/2014 12/5/2014 11/28/2014 11/21/2014 195.45 196.74 192.59 199.28 197.83 209.42 207.95 210.5 208 212.48 207.48 207.31 209.82 210.81 210.01 209.77 211.14 212.99 212.44 211.62 210.72 211.6499 207.95 210.04 206.435 205.74 210.41 205.8272 207.5 210.66 211.239 209.78 205.55 199.45 204.97 201.63 204.25 205.43 208.44 206.52 200.89 208 207.2 206.68 11/14/2014 11/7/2014 10/31/2014 10/24/2014 10/17/2014 10/10/2014 10/3/2014 9/26/2014 9/19/2014 9/12/2014 9/5/2014 8/29/2014 8/22/2014 8/15/2014 8/8/2014 8/1/2014 7/25/2014 7/18/2014 7/11/2014 7/4/2014 6/27/2014 6/20/2014 6/13/2014 6/6/2014 5/30/2014 5/23/2014 5/16/2014 5/9/2014 5/2/2014 4/25/2014 4/18/2014 4/11/2014 4/4/2014 3/28/2014 3/21/2014 3/14/2014 3/7/2014 2/28/2014 2/21/2014 2/14/2014 2/7/2014 1/31/2014 1/24/2014 1/17/2014 59.07 59.34 57.94 57.61 54.02 58.66 59.9 59.39 60.49 59.55 61.18 60.11 59.17 58.61 56.55 56.8 58.15 58.34 58.44 59.2 57.53 58.92 58.24 57.85 57.86 56.81 55.87 55.21 58.22 57.24 56.47 55.92 56.12 55.98 54.66 55.7 57.47 56.99 56.03 55.44 54.77 52.97 51.98 51.95 -0.455005056 2.416292717 0.572817219 6.645686783 -7.909989772 -2.070116861 0.858730426 -1.818482394 1.578505458 -2.664269369 1.780069872 1.588642893 0.95546835 3.642793988 -0.440140845 -2.321582115 -0.325677065 -0.171115674 -1.283783784 2.902833304 -2.359131025 1.167582418 0.674157303 -0.017283097 1.84826615 1.682477179 1.195435609 -5.170044658 1.712089448 1.36355587 0.983547926 -0.356379187 0.250089318 2.41492865 -1.867145422 -3.079867757 0.842253027 1.713367839 1.064213564 1.223297426 3.398149896 1.904578684 0.057747834 4.149959904 11/14/2014 11/7/2014 10/31/2014 10/24/2014 10/17/2014 10/10/2014 10/3/2014 9/26/2014 9/19/2014 9/12/2014 9/5/2014 8/29/2014 8/22/2014 8/15/2014 8/8/2014 8/1/2014 7/25/2014 7/18/2014 7/11/2014 7/4/2014 6/27/2014 6/20/2014 6/13/2014 6/6/2014 5/30/2014 5/23/2014 5/16/2014 5/9/2014 5/2/2014 4/25/2014 4/18/2014 4/11/2014 4/4/2014 3/28/2014 3/21/2014 3/14/2014 3/7/2014 2/28/2014 2/21/2014 2/14/2014 2/7/2014 1/31/2014 1/24/2014 1/17/2014 204.24 203.34 201.66 196.43 188.47 190.54 196.52 197.9 200.7 199.13 201.11 200.71 199.19 195.72 193.24 192.5 197.72 197.7099 196.61 198.2 195.82 195.94 194.13 195.375 192.68 190.35 188.05 187.96 188.06 186.29 186.39 181.51 186.4 185.49 186.2 184.66 188.26 186.29 183.89 184.02 179.68 178.18 178.89 183.635 1/10/2014 1/3/2014 12/27/2013 12/20/2013 12/13/2013 12/6/2013 11/29/2013 11/22/2013 11/15/2013 11/8/2013 11/1/2013 10/25/2013 10/18/2013 10/11/2013 10/4/2013 9/27/2013 9/20/2013 9/13/2013 9/6/2013 8/30/2013 8/23/2013 8/16/2013 8/9/2013 8/2/2013 7/26/2013 7/19/2013 7/12/2013 7/5/2013 6/28/2013 6/21/2013 6/14/2013 6/7/2013 5/31/2013 5/24/2013 5/17/2013 5/10/2013 5/3/2013 4/26/2013 4/19/2013 4/12/2013 4/5/2013 3/29/2013 3/22/2013 3/15/2013 49.88 49.73 49.79 49.32 48.38 49.39 49.83 48.94 48.07 46.8 45.23 46.54 46.61 47.29 48.23 47.79 48.01 47.79 47.49 47.29 47.73 47.7 48.39 48.54 48.49 47.79 48.54 47.16 46.45 47 47.95 48.19 46.7 47.16 45.99 45.95 45.67 47.87 47.49 47.11 45.13 44.2 43.9 44.09 0.301628795 -0.120506126 0.95296026 1.942951633 -2.04494837 -0.883002208 1.818553331 1.80986062 2.713675214 3.471147468 -2.814782982 -0.150182364 -1.437936139 -1.948994402 0.920694706 -0.458237867 0.460347353 0.631711939 0.422922394 -0.921852085 0.062893082 -1.425914445 -0.309023486 0.103114044 1.464741578 -1.545117429 2.926208651 1.528525296 -1.170212766 -1.981230448 -0.498028637 3.190578158 -0.975402884 2.544031311 0.087051143 0.613093935 -4.595780238 0.800168457 0.806622798 4.387325504 2.104072398 0.683371298 -0.43093672 2.60646963 1/10/2014 1/3/2014 12/27/2013 12/20/2013 12/13/2013 12/6/2013 11/29/2013 11/22/2013 11/15/2013 11/8/2013 11/1/2013 10/25/2013 10/18/2013 10/11/2013 10/4/2013 9/27/2013 9/20/2013 9/13/2013 9/6/2013 8/30/2013 8/23/2013 8/16/2013 8/9/2013 8/2/2013 7/26/2013 7/19/2013 7/12/2013 7/5/2013 6/28/2013 6/21/2013 6/14/2013 6/7/2013 5/31/2013 5/24/2013 5/17/2013 5/10/2013 5/3/2013 4/26/2013 4/19/2013 4/12/2013 4/5/2013 3/29/2013 3/22/2013 3/15/2013 184.14 182.885 183.845 181.56 178.11 180.94 181 180.81 180.05 177.29 176.21 175.95 174.388 170.26 168.89 168.909 170.72 169.33 166.04 163.65 166.62 165.83 169.31 170.95 169.11 169.17 167.51 163.02 160.42 159.07 163.175 164.8 163.445 165.308 166.94 163.41 161.368 158.24 155.48 158.8 155.158 156.67 155.6 155.83 3/8/2013 3/1/2013 2/22/2013 2/15/2013 2/8/2013 2/1/2013 1/25/2013 1/18/2013 1/11/2013 1/4/2013 12/28/2012 12/21/2012 12/14/2012 12/7/2012 11/30/2012 11/23/2012 11/16/2012 11/9/2012 11/2/2012 10/26/2012 10/19/2012 10/12/2012 10/5/2012 9/28/2012 9/21/2012 9/14/2012 9/7/2012 8/31/2012 8/24/2012 8/17/2012 8/10/2012 8/3/2012 7/27/2012 7/20/2012 7/13/2012 7/6/2012 6/29/2012 6/22/2012 6/15/2012 6/8/2012 6/1/2012 5/25/2012 5/18/2012 5/11/2012 42.97 42.63 42.97 41.42 41.18 41.83 43.46 42.98 43.23 41.97 40.64 41.52 43.54 44.63 44.3 44.28 43.07 44.05 46 46.15 47.03 45.62 46.28 45.095 44.91 43.62 44.05 43.05 43.12 43.34 44.57 44.15 45.095 43.41 43.47 41.51 41.75 40.18 38.94 38.46 37.18 37.55 37.821 38.03 0.797560403 -0.791249709 3.742153549 0.582807188 -1.553908678 -3.750575242 1.116798511 -0.578302105 3.002144389 3.272637795 -2.119460501 -4.639412035 -2.442303383 0.744920993 0.045167118 2.809380079 -2.224744608 -4.239130435 -0.325027086 -1.871146077 3.090749671 -1.426101988 2.627785786 0.411934981 2.95735901 -0.976163451 2.322880372 -0.162337662 -0.507614213 -2.759703837 0.951302378 -2.095576006 3.881594103 -0.138026225 4.721753794 -0.574850299 3.907416625 3.184386235 1.248049922 3.442711135 -0.985352863 -0.716533143 -0.549566132 -2.085478888 3/8/2013 3/1/2013 2/22/2013 2/15/2013 2/8/2013 2/1/2013 1/25/2013 1/18/2013 1/11/2013 1/4/2013 12/28/2012 12/21/2012 12/14/2012 12/7/2012 11/30/2012 11/23/2012 11/16/2012 11/9/2012 11/2/2012 10/26/2012 10/19/2012 10/12/2012 10/5/2012 9/28/2012 9/21/2012 9/14/2012 9/7/2012 8/31/2012 8/24/2012 8/17/2012 8/10/2012 8/3/2012 7/27/2012 7/20/2012 7/13/2012 7/6/2012 6/29/2012 6/22/2012 6/15/2012 6/8/2012 6/1/2012 5/25/2012 5/18/2012 5/11/2012 155.44 152.11 151.89 152.11 151.8 151.24 150.25 148.33 147.07 146.37 140.03 142.79 142.1051 142.415 142.155 141.35 136.37 138.16 141.56 141.35 143.3896 142.89 146.14 143.97 145.87 147.24 144.33 141.16 141.51 142.18 140.84 139.349 138.675 136.47 135.75 135.49 136.105 133.46 134.14 133.1 128.16 132.1 129.74 135.61 5/4/2012 4/27/2012 4/20/2012 4/13/2012 4/6/2012 3/30/2012 3/23/2012 3/16/2012 3/9/2012 3/2/2012 2/24/2012 2/17/2012 2/10/2012 2/3/2012 1/27/2012 1/20/2012 1/13/2012 1/6/2012 12/30/2011 12/23/2011 12/16/2011 12/9/2011 12/2/2011 11/25/2011 11/18/2011 11/11/2011 11/4/2011 10/28/2011 10/21/2011 10/14/2011 10/7/2011 9/30/2011 9/23/2011 9/16/2011 9/9/2011 9/2/2011 8/26/2011 8/19/2011 8/12/2011 8/5/2011 7/29/2011 7/22/2011 7/15/2011 7/8/2011 38.84 38.46 38.73 37.78 38.88 38.4 38.005 38.03 37.6 37.93 38.2 38.56 37.91 38.37 38.52 39.2 38.32 38.47 37.7 37.9 36.25 35.68 35.48 33.16 34.95 35.97 34.02 35.11 33.35 32.98 31.61 32.7 31.05 32.68 31.84 32.37 31.92 31.26 31.34 31.71 34.13 36.09 35.93 36.12 0.988039522 -0.697134005 2.514557967 -2.829218107 1.25 1.039336929 -0.065737576 1.143617021 -0.870023728 -0.706806283 -0.933609959 1.71458718 -1.198853271 -0.3894081 -1.734693878 2.296450939 -0.389914219 2.042440318 -0.527704485 4.551724138 1.597533632 0.563697858 6.996381182 -5.121602289 -2.835696414 5.731922399 -3.104528624 5.277361319 1.121892056 4.334071496 -3.333333333 5.314009662 -4.987760098 2.638190955 -1.637318505 1.409774436 2.111324376 -0.255264837 -1.166824346 -7.090536185 -5.430867276 0.445310326 -0.526024363 1.460674157 5/4/2012 4/27/2012 4/20/2012 4/13/2012 4/6/2012 3/30/2012 3/23/2012 3/16/2012 3/9/2012 3/2/2012 2/24/2012 2/17/2012 2/10/2012 2/3/2012 1/27/2012 1/20/2012 1/13/2012 1/6/2012 12/30/2011 12/23/2011 12/16/2011 12/9/2011 12/2/2011 11/25/2011 11/18/2011 11/11/2011 11/4/2011 10/28/2011 10/21/2011 10/14/2011 10/7/2011 9/30/2011 9/23/2011 9/16/2011 9/9/2011 9/2/2011 8/26/2011 8/19/2011 8/12/2011 8/5/2011 7/29/2011 7/22/2011 7/15/2011 7/8/2011 137 140.39 137.95 137.14 139.79 140.81 139.65 140.3 137.57 137.312 136.93 136.41 134.361 134.54 131.82 131.54 128.84 127.71 125.5 126.39 121.59 126.05 124.86 116.34 121.979 126.66 125.481 128.6 123.97 122.57 115.71 113.15 113.54 121.521 115.92 117.85 117.97 112.64 118.12 120.08 129.33 134.58 131.69 134.4 7/1/2011 6/24/2011 6/17/2011 6/10/2011 6/3/2011 5/27/2011 5/20/2011 5/13/2011 5/6/2011 4/29/2011 4/22/2011 4/15/2011 4/8/2011 4/1/2011 3/25/2011 3/18/2011 3/11/2011 3/4/2011 2/25/2011 2/18/2011 2/11/2011 2/4/2011 1/28/2011 1/21/2011 1/14/2011 1/7/2011 12/31/2010 12/24/2010 12/17/2010 12/10/2010 12/3/2010 11/26/2010 11/19/2010 11/12/2010 11/5/2010 10/29/2010 10/22/2010 10/15/2010 10/8/2010 10/1/2010 9/24/2010 9/17/2010 9/10/2010 9/3/2010 35.6 34.55 35.39 35.45 35.82 36.21 37.06 37.08 36.39 35.95 34.04 34.51 33.67 33.07 32.57 31.91 32.73 33.06 32.19 32.85 33.07 32.89 33.07 33.9 34.23 37.35 36.04 36.29 36.48 35.99 35.3 34.79 35.33 34.71 35.7 36.31 37.1 36.95 36.91 36.6 37.34 36.33 36.65 35.59 3.039073806 -2.373551851 -0.169252468 -1.03294249 -1.077050539 -2.293577982 -0.053937433 1.896125309 1.223922114 5.611045828 -1.36192408 2.494802495 1.814333233 1.535155051 2.068317142 -2.505346777 -0.998185118 2.702702703 -2.00913242 -0.665255519 0.547278808 -0.54429997 -2.448377581 -0.964066608 -8.353413655 3.634850166 -0.688895012 -0.520833333 1.361489303 1.954674221 1.465938488 -1.52844608 1.786228753 -2.773109244 -1.679977968 -2.129380054 0.405953992 0.108371715 0.846994536 -1.981788966 2.780071566 -0.873124147 2.978364709 1.685714286 7/1/2011 6/24/2011 6/17/2011 6/10/2011 6/3/2011 5/27/2011 5/20/2011 5/13/2011 5/6/2011 4/29/2011 4/22/2011 4/15/2011 4/8/2011 4/1/2011 3/25/2011 3/18/2011 3/11/2011 3/4/2011 2/25/2011 2/18/2011 2/11/2011 2/4/2011 1/28/2011 1/21/2011 1/14/2011 1/7/2011 12/31/2010 12/24/2010 12/17/2010 12/10/2010 12/3/2010 11/26/2010 11/19/2010 11/12/2010 11/5/2010 10/29/2010 10/22/2010 10/15/2010 10/8/2010 10/1/2010 9/24/2010 9/17/2010 9/10/2010 9/3/2010 133.92 126.81 127.05 127.6 130.42 133.51 133.61 134.04 134.2 136.43 133.78 132.04 132.86 133.15 131.3 127.76 130.84 132.47 132.33 134.53 133.11 131.15 127.72 128.37 129.3 127.14 125.75 125.6 124.3 124.48 122.89 118.8 120.29 120.198 122.725 118.49 118.347 117.7 116.5375 114.61 114.82 112.49 111.482 110.89 8/27/2010 8/20/2010 8/13/2010 8/6/2010 7/30/2010 7/23/2010 7/16/2010 7/9/2010 7/2/2010 6/25/2010 6/18/2010 6/11/2010 6/4/2010 5/28/2010 5/21/2010 5/14/2010 5/7/2010 4/30/2010 4/23/2010 4/16/2010 4/9/2010 4/2/2010 3/26/2010 3/19/2010 3/12/2010 3/5/2010 2/26/2010 2/19/2010 2/12/2010 2/5/2010 1/29/2010 1/22/2010 1/15/2010 1/8/2010 1/1/2010 12/25/2009 12/18/2009 12/11/2009 12/4/2009 11/27/2009 11/20/2009 11/13/2009 11/6/2009 10/30/2009 35 34.44 35 34.98 34.46 34.87 35.91 36.3 34.22 35.93 35.67 34.86 33.17 33.69 32.04 32.88 33.49 35.04 35.46 35.71 36.97 37.71 37.43 38.06 37.16 37.49 36.88 37.49 36.92 36.73 38.18 38.87 39.47 37.7 36.54 36.99 37.4 37.07 36.7 36.29 36.46 33.1 32.59 30.93 1.62601626 -1.6 0.057175529 1.508995937 -1.175795813 -2.896129212 -1.074380165 6.078316774 -4.759254105 0.728903841 2.323580034 5.09496533 -1.543484714 5.149812734 -2.554744526 -1.821439236 -4.423515982 -1.184433164 -0.70008401 -3.408168786 -1.962344206 0.748063051 -1.655281135 2.421959096 -0.880234729 1.654013015 -1.62710056 1.543878657 0.51728832 -3.797799895 -1.775147929 -1.52014188 4.694960212 3.174603175 -1.216545012 -1.096256684 0.890207715 1.008174387 1.12978782 -0.466264399 10.1510574 1.564897208 5.366957646 -4.625346901 8/27/2010 8/20/2010 8/13/2010 8/6/2010 7/30/2010 7/23/2010 7/16/2010 7/9/2010 7/2/2010 6/25/2010 6/18/2010 6/11/2010 6/4/2010 5/28/2010 5/21/2010 5/14/2010 5/7/2010 4/30/2010 4/23/2010 4/16/2010 4/9/2010 4/2/2010 3/26/2010 3/19/2010 3/12/2010 3/5/2010 2/26/2010 2/19/2010 2/12/2010 2/5/2010 1/29/2010 1/22/2010 1/15/2010 1/8/2010 1/1/2010 12/25/2009 12/18/2009 12/11/2009 12/4/2009 11/27/2009 11/20/2009 11/13/2009 11/6/2009 10/30/2009 106.86 107.53 108.31 112.392 110.27 110.41 106.66 107.96 102.2 107.8675 111.729 109.68 106.82 109.369 109.115 113.89 111.26 118.8125 121.8125 119.36 119.55 117.8 116.582 115.97 115.46 114.25 110.74 111.14 108.04 106.66 107.39 109.21 113.64 114.57 111.44 112.48 110.21 111.11 111.01 109.57 109.43 109.62 107.13 103.56 10/23/2009 10/16/2009 10/9/2009 10/2/2009 9/25/2009 9/18/2009 9/11/2009 9/4/2009 8/28/2009 8/21/2009 8/14/2009 8/7/2009 7/31/2009 7/24/2009 7/17/2009 7/10/2009 7/3/2009 6/26/2009 6/19/2009 6/12/2009 6/5/2009 5/29/2009 5/22/2009 5/15/2009 5/8/2009 5/1/2009 4/24/2009 4/17/2009 4/10/2009 4/3/2009 3/27/2009 3/20/2009 3/13/2009 3/6/2009 2/27/2009 2/20/2009 2/13/2009 2/6/2009 1/30/2009 1/23/2009 1/16/2009 1/9/2009 1/2/2009 12/26/2008 32.43 33.21 32.56 31.65 31.25 31.88 32.54 30.7 32.32 32.56 30.98 30.1 30.01 30.99 27.68 26.45 27.01 27 25.91 26.08 26.07 27.58 26.17 25.47 24.82 24.3 23.45 25.73 26.3 26.46 27.16 26.72 27.07 22.74 24.2 28.1 28.75 30.77 28.55 28.2 28.19 28.73 31 29 -2.348690154 1.996314496 2.875197472 1.28 -1.976160602 -2.028272895 5.993485342 -5.012376238 -0.737100737 5.100064558 2.92358804 0.299900033 -3.162310423 11.95809249 4.650283554 -2.073306183 0.037037037 4.206869934 -0.651840491 0.038358266 -5.474981871 5.387848682 2.74833137 2.618855761 2.139917695 3.624733475 -8.861251457 -2.16730038 -0.604686319 -2.577319588 1.646706587 -1.292944219 19.04133685 -6.033057851 -13.87900356 -2.260869565 -6.564835879 7.775831874 1.241134752 0.035473572 -1.879568395 -7.322580645 6.896551724 1.540616246 10/23/2009 10/16/2009 10/9/2009 10/2/2009 9/25/2009 9/18/2009 9/11/2009 9/4/2009 8/28/2009 8/21/2009 8/14/2009 8/7/2009 7/31/2009 7/24/2009 7/17/2009 7/10/2009 7/3/2009 6/26/2009 6/19/2009 6/12/2009 6/5/2009 5/29/2009 5/22/2009 5/15/2009 5/8/2009 5/1/2009 4/24/2009 4/17/2009 4/10/2009 4/3/2009 3/27/2009 3/20/2009 3/13/2009 3/6/2009 2/27/2009 2/20/2009 2/13/2009 2/6/2009 1/30/2009 1/23/2009 1/16/2009 1/9/2009 1/2/2009 12/26/2008 108.08 108.89 107.26 102.49 104.45 106.72 104.77 102.06 103.38 102.97 100.79 101.202 98.81 98.06 94.13 87.96 89.81 91.84 92.04 95.08 94.55 92.53 89.02 88.71 92.98 87.89 86.66 87.08 85.81 84.26 81.61 76.71 76.09 68.92 73.93 77.42 82.76 86.98 82.83 83.11 85.06 89.09 92.96 87.16 12/19/2008 12/12/2008 12/5/2008 11/28/2008 11/21/2008 11/14/2008 11/7/2008 10/31/2008 10/24/2008 10/17/2008 10/10/2008 10/3/2008 9/26/2008 9/19/2008 9/12/2008 9/5/2008 8/29/2008 8/22/2008 8/15/2008 8/8/2008 8/1/2008 7/25/2008 7/18/2008 7/11/2008 7/4/2008 6/27/2008 6/20/2008 6/13/2008 6/6/2008 5/30/2008 5/23/2008 5/16/2008 5/9/2008 5/2/2008 4/25/2008 4/18/2008 4/11/2008 4/4/2008 3/28/2008 3/21/2008 3/14/2008 3/7/2008 2/29/2008 2/22/2008 28.56 27.04 26.49 26.72 24.4 27.33 28.92 30.95 27.35 28.5 26.23 31.78 32.12 31.84 33.82 34.3 35.67 35.27 36.16 35.95 33.26 32.68 37.68 36.75 38.45 36.98 35.13 35.53 37.49 38.96 38.74 40 38.99 39.37 40.72 39.76 41.14 40 44.51 43.36 40.97 41.75 44.3 46.07 5.621301775 2.076255191 -0.860778443 9.508196721 -10.72081961 -5.497925311 -6.558966074 13.16270567 -4.035087719 8.654212734 -17.46381372 -1.058530511 0.879396985 -5.85452395 -1.39941691 -3.840762546 1.134108307 -2.461283186 0.584144645 8.087793145 1.774785802 -13.26963907 2.530612245 -4.421326398 3.975121687 5.266154284 -1.125809175 -5.228060816 -3.773100616 0.567888487 -3.15 2.590407797 -0.96520193 -3.315324165 2.414486922 -3.354399611 2.85 -10.13255448 2.652214022 5.833536734 -1.868263473 -5.756207675 -3.841979596 -3.071744162 12/19/2008 12/12/2008 12/5/2008 11/28/2008 11/21/2008 11/14/2008 11/7/2008 10/31/2008 10/24/2008 10/17/2008 10/10/2008 10/3/2008 9/26/2008 9/19/2008 9/12/2008 9/5/2008 8/29/2008 8/22/2008 8/15/2008 8/8/2008 8/1/2008 7/25/2008 7/18/2008 7/11/2008 7/4/2008 6/27/2008 6/20/2008 6/13/2008 6/6/2008 5/30/2008 5/23/2008 5/16/2008 5/9/2008 5/2/2008 4/25/2008 4/18/2008 4/11/2008 4/4/2008 3/28/2008 3/21/2008 3/14/2008 3/7/2008 2/29/2008 2/22/2008 88.19 88.99 87.93 90.09 79.52 86.62 93.86 96.83 87.04 93.21 88.5 110.34 120.85 124.12 126.09 124.42 128.79 129.65 130.17 129.37 126.16 125.48 125.98 123.84 126.31 127.53 131.58 136.15 136.29 140.35 137.64 142.66 138.9 141.51 139.6 138.48 133.38 136.89 131.51 132.08 129.61 129.71 133.82 135.62 2/15/2008 2/8/2008 2/1/2008 1/25/2008 1/18/2008 1/11/2008 1/4/2008 12/28/2007 12/21/2007 12/14/2007 12/7/2007 11/30/2007 11/23/2007 11/16/2007 11/9/2007 11/2/2007 10/26/2007 10/19/2007 10/12/2007 10/5/2007 9/28/2007 9/21/2007 9/14/2007 9/7/2007 8/31/2007 8/24/2007 8/17/2007 8/10/2007 8/3/2007 7/27/2007 7/20/2007 7/13/2007 7/6/2007 6/29/2007 6/22/2007 6/15/2007 6/8/2007 6/1/2007 5/25/2007 5/18/2007 5/11/2007 5/4/2007 4/27/2007 4/20/2007 47.53 44.53 45.98 47.79 53.32 60.55 56.85 58.71 59.15 59.57 60.67 59.36 57.66 58.38 55.9 56.04 57.58 53.11 53.51 53.51 51.69 51.82 49.54 49.57 50.17 50.82 49.62 50.88 50.29 50.12 49.02 50.85 49.46 49.8 48.55 50.73 50.14 52.14 53.7 53.25 52 51.92 51.86 51.49 6.737031215 -3.15354502 -3.787403222 -10.37134284 -11.940545 6.508355321 -3.168114461 -0.743871513 -0.705052879 -1.813087193 2.206873315 2.948317725 -1.233299075 4.436493739 -0.249821556 -2.674539771 8.416494069 -0.747523827 0 3.52099052 -0.250868391 4.602341542 -0.060520476 -1.195933825 -1.279024006 2.418379686 -2.476415094 1.173195466 0.339185954 2.243982048 -3.598820059 2.810351799 -0.682730924 2.574665294 -4.297260004 1.176705225 -3.835826621 -2.905027933 0.845070423 2.403846154 0.154083205 0.115696105 0.718586133 2.54929297 2/15/2008 2/8/2008 2/1/2008 1/25/2008 1/18/2008 1/11/2008 1/4/2008 12/28/2007 12/21/2007 12/14/2007 12/7/2007 11/30/2007 11/23/2007 11/16/2007 11/9/2007 11/2/2007 10/26/2007 10/19/2007 10/12/2007 10/5/2007 9/28/2007 9/21/2007 9/14/2007 9/7/2007 8/31/2007 8/24/2007 8/17/2007 8/10/2007 8/3/2007 7/27/2007 7/20/2007 7/13/2007 7/6/2007 6/29/2007 6/22/2007 6/15/2007 6/8/2007 6/1/2007 5/25/2007 5/18/2007 5/11/2007 5/4/2007 4/27/2007 4/20/2007 135.14 133.07 139.58 133.04 132.06 140.15 141.31 147.3 148.13 147.17 150.91 148.66 144.13 145.79 145.14 151.2 153.62 149.67 156.33 155.85 152.58 151.97 148.9 146.07 147.59 148.33 144.71 144.71 143.8 145.11 153.5 154.85 152.98 150.43 150.55 153.07 151.04 154.08 151.69 152.62 150.86 150.92 149.53 148.62 4/13/2007 4/6/2007 3/30/2007 3/23/2007 3/16/2007 3/9/2007 3/2/2007 2/23/2007 2/16/2007 2/9/2007 2/2/2007 1/26/2007 1/19/2007 1/12/2007 1/5/2007 12/29/2006 12/22/2006 12/15/2006 12/8/2006 12/1/2006 11/24/2006 11/17/2006 11/10/2006 11/3/2006 10/27/2006 10/20/2006 10/13/2006 10/6/2006 9/29/2006 9/22/2006 9/15/2006 9/8/2006 9/1/2006 8/25/2006 8/18/2006 8/11/2006 8/4/2006 7/28/2006 7/21/2006 7/14/2006 7/7/2006 6/30/2006 6/23/2006 6/16/2006 50.21 45.54 44.17 44.45 43.09 44.61 44.19 42.94 44.28 43.82 44.73 45.99 45.6 44.79 44.3 43.6 42.83 44 43.93 45.06 44.18 45.06 43.12 45.1 46.09 45.64 43.2 41.86 41.9 42.04 41.1 41.06 40.96 40.44 39.52 40.6 41.35 41.12 37.36 36.15 36.97 36.43 34.94 34.41 10.25472112 3.101652705 -0.62992126 3.15618473 -3.407307779 0.950441276 2.911038659 -3.026196929 1.049748973 -2.034428795 -2.739726027 0.855263158 1.808439384 1.106094808 1.605504587 1.797805277 -2.659090909 0.159344412 -2.507767421 1.991851517 -1.95295162 4.499072356 -4.390243902 -2.14797136 0.985977213 5.648148148 3.201146679 -0.095465394 -0.333016175 2.287104623 0.097418412 0.244140625 1.285855589 2.327935223 -2.660098522 -1.813784764 0.559338521 10.06423983 3.347164592 -2.218014606 1.482294812 4.264453349 1.540249927 1.774622893 4/13/2007 4/6/2007 3/30/2007 3/23/2007 3/16/2007 3/9/2007 3/2/2007 2/23/2007 2/16/2007 2/9/2007 2/2/2007 1/26/2007 1/19/2007 1/12/2007 1/5/2007 12/29/2006 12/22/2006 12/15/2006 12/8/2006 12/1/2006 11/24/2006 11/17/2006 11/10/2006 11/3/2006 10/27/2006 10/20/2006 10/13/2006 10/6/2006 9/29/2006 9/22/2006 9/15/2006 9/8/2006 9/1/2006 8/25/2006 8/18/2006 8/11/2006 8/4/2006 7/28/2006 7/21/2006 7/14/2006 7/7/2006 6/30/2006 6/23/2006 6/16/2006 145.32 144.24 142 143.39 138.53 140.78 138.67 145.3 145.73 143.94 144.81 142.16 142.82 143.24 140.54 141.62 140.75 142.34 141.42 140.22 140.35 140.42 138.24 136.54 137.91 136.84 136.63 135.01 133.58 131.47 131.96 130.28 131.42 129.81 130.69 127.01 128.2 127.98 123.95 123.52 126.61 127.23 124.44 124.65 6/9/2006 6/2/2006 5/26/2006 5/19/2006 5/12/2006 5/5/2006 4/28/2006 4/21/2006 4/14/2006 4/7/2006 3/31/2006 3/24/2006 3/17/2006 3/10/2006 3/3/2006 2/24/2006 2/17/2006 2/10/2006 2/3/2006 1/27/2006 1/20/2006 1/13/2006 1/6/2006 12/30/2005 12/23/2005 12/16/2005 12/9/2005 12/2/2005 11/25/2005 11/18/2005 11/11/2005 11/4/2005 10/28/2005 10/21/2005 10/14/2005 10/7/2005 9/30/2005 9/23/2005 9/16/2005 9/9/2005 9/2/2005 8/26/2005 8/19/2005 8/12/2005 33.81 33.95 34.56 34.42 34.29 34.48 34.42 34.74 33.94 34.47 35.23 36.05 35.64 34.76 35.19 35.1 36.05 34.31 34.39 34.7 33.25 33.47 33.12 31.81 32.2 30.01 29.13 29.97 30.98 30.42 30.03 29.22 27.54 26.18 27.16 25.85 27.21 27.62 28.9 29.31 28.83 27.66 28.06 30.55 -0.412371134 -1.765046296 0.406740267 0.379119277 -0.551044084 0.174317257 -0.921128382 2.357100766 -1.5375689 -2.157252342 -2.274618585 1.150392817 2.53164557 -1.221938051 0.256410256 -2.635228849 5.071407753 -0.232625763 -0.893371758 4.360902256 -0.657305049 1.056763285 4.118201823 -1.211180124 7.297567478 3.020940611 -2.802802803 -3.26016785 1.840894149 1.298701299 2.772073922 6.100217865 5.194805195 -3.608247423 5.067698259 -4.99816244 -1.484431571 -4.429065744 -1.398839986 1.664932362 4.229934924 -1.42551675 -8.150572831 -0.358773646 6/9/2006 6/2/2006 5/26/2006 5/19/2006 5/12/2006 5/5/2006 4/28/2006 4/21/2006 4/14/2006 4/7/2006 3/31/2006 3/24/2006 3/17/2006 3/10/2006 3/3/2006 2/24/2006 2/17/2006 2/10/2006 2/3/2006 1/27/2006 1/20/2006 1/13/2006 1/6/2006 12/30/2005 12/23/2005 12/16/2005 12/9/2005 12/2/2005 11/25/2005 11/18/2005 11/11/2005 11/4/2005 10/28/2005 10/21/2005 10/14/2005 10/7/2005 9/30/2005 9/23/2005 9/16/2005 9/9/2005 9/2/2005 8/26/2005 8/19/2005 8/12/2005 125.35 129 128.38 127.1 129.24 132.52 131.47 131.15 128.71 129.54 129.83 130.21 130.62 128.59 128.76 129.41 128.81 126.64 126.27 128.54 125.97 128.68 128.44 124.51 126.76 126.36 126.33 126.85 127.13 125.13 123.76 122.11 119.8 118.13 118.67 119.61 123.04 121.44 123.5 124.6 122.27 120.76 122.47 123.06 8/5/2005 7/29/2005 7/22/2005 7/15/2005 7/8/2005 7/1/2005 6/24/2005 6/17/2005 6/10/2005 6/3/2005 5/27/2005 5/20/2005 5/13/2005 5/6/2005 4/29/2005 4/22/2005 4/15/2005 4/8/2005 4/1/2005 3/25/2005 3/18/2005 3/11/2005 3/4/2005 2/25/2005 2/18/2005 2/11/2005 2/4/2005 1/28/2005 1/21/2005 1/14/2005 1/7/2005 12/31/2004 12/24/2004 12/17/2004 12/10/2004 12/03/2004 11/26/2004 11/19/2004 11/12/2004 11/05/2004 10/29/2004 10/22/2004 10/15/2004 10/08/2004 30.66 31.06 31.14 31.91 31 31.06 30.55 32.22 31.39 32.09 32.45 32.62 33.46 34.16 33.9 34.2 34.8 33.33 32.31 31.87 32.04 32.16 31.68 31.9 32.61 29.21 28.35 28.02 30.36 30.87 31.13 32.14 32.3 31.59 28.74 28.68 27.7 27.12 26.45 26.21 31.31 30.56 30.5 30.34 -1.287830006 -0.256904303 -2.413036666 2.935483871 -0.193174501 1.669394435 -5.183116077 2.644154189 -2.181364911 -1.109399076 -0.521152667 -2.510460251 -2.049180328 0.766961652 -0.877192982 -1.724137931 4.410441044 3.156917363 1.380608723 -0.530586767 -0.373134328 1.515151515 -0.689655172 -2.177246243 11.63984937 3.0335097 1.177730193 -7.707509881 -1.652089407 -0.835207196 -3.142501556 -0.495356037 2.247546692 9.916492693 0.209205021 3.537906137 2.138643068 2.533081285 0.915681038 -16.28872565 2.454188482 0.196721311 0.527356625 -8.916241369 8/5/2005 7/29/2005 7/22/2005 7/15/2005 7/8/2005 7/1/2005 6/24/2005 6/17/2005 6/10/2005 6/3/2005 5/27/2005 5/20/2005 5/13/2005 5/6/2005 4/29/2005 4/22/2005 4/15/2005 4/8/2005 4/1/2005 3/25/2005 3/18/2005 3/11/2005 3/4/2005 2/25/2005 2/18/2005 2/11/2005 2/4/2005 1/28/2005 1/21/2005 1/14/2005 1/7/2005 12/31/2004 12/24/2004 12/17/2004 12/10/2004 12/3/2004 11/26/2004 11/19/2004 11/12/2004 11/5/2004 10/29/2004 10/22/2004 10/15/2004 10/8/2004 122.88 123.74 123.54 122.84 121.32 119.53 118.98 121.36 120.2 120.15 120.25 119.12 115.72 117.09 115.75 115.57 114.15 118 117.43 117.14 118.54 120.39 122.73 121.43 120.39 120.77 120.23 117.43 116.78 118.24 118.44 120.87 120.77 119.44 119.33 119.25 118.35 117.42 118.79 117.28 113.2 109.99 111.26 112.51 10/01/2004 09/24/2004 09/17/2004 09/10/2004 09/03/2004 08/27/2004 08/20/2004 08/13/2004 08/06/2004 07/30/2004 07/23/2004 07/16/2004 07/09/2004 07/02/2004 06/25/2004 06/18/2004 06/11/2004 06/04/2004 05/28/2004 05/21/2004 05/14/2004 05/07/2004 04/30/2004 04/23/2004 04/16/2004 04/09/2004 04/02/2004 03/26/2004 03/19/2004 03/12/2004 03/05/2004 02/27/2004 02/20/2004 02/13/2004 02/06/2004 01/30/2004 01/23/2004 01/16/2004 01/09/2004 01/02/2004 12/26/2003 12/19/2003 12/12/2003 12/05/2003 33.31 44.1 44.97 45.77 45.48 45.15 46.08 44.59 43.6 45.35 45.16 44.8 45.86 46.86 47 48.36 47.78 48.2 47.3 46.59 46.45 47.71 47 46.76 47.08 44.63 45.06 44 43.77 45.15 48.1 48.08 48.31 48.88 48.76 47.6 45.78 46.19 47.13 47.05 45.1 44.36 43.65 43.07 -24.46712018 -1.934623082 -1.747869784 0.63764292 0.73089701 -2.018229167 3.341556403 2.270642202 -3.858875413 0.420726306 0.803571429 -2.311382468 -2.134016219 -0.29787234 -2.812241522 1.213897028 -0.871369295 1.902748414 1.523932174 0.301399354 -2.640955774 1.510638298 0.513259196 -0.679694138 5.489580999 -0.954283178 2.409090909 0.525474069 -3.056478405 -6.133056133 0.041597338 -0.476091906 -1.166121113 0.246103363 2.43697479 3.975535168 -0.887638017 -1.994483344 0.170031881 4.323725055 1.668169522 1.626575029 1.346644997 6.083743842 10/1/2004 9/24/2004 9/17/2004 9/10/2004 9/3/2004 8/27/2004 8/20/2004 8/13/2004 8/6/2004 7/30/2004 7/23/2004 7/16/2004 7/9/2004 7/2/2004 6/25/2004 6/18/2004 6/11/2004 6/4/2004 5/28/2004 5/21/2004 5/14/2004 5/7/2004 4/30/2004 4/23/2004 4/16/2004 4/9/2004 4/2/2004 3/26/2004 3/19/2004 3/12/2004 3/5/2004 2/27/2004 2/20/2004 2/13/2004 2/6/2004 1/30/2004 1/23/2004 1/16/2004 1/9/2004 1/2/2004 12/26/2003 12/19/2003 12/12/2003 12/5/2003 113.65 111.46 113.15 113.06 112.12 111.45 110.48 107.19 106.85 110.84 108.96 110.71 111.73 112.88 113.84 113.63 114.35 112.98 112.86 109.81 110.04 109.96 110.96 114.36 113.83 114.37 114.64 111.03 111.06 112.58 116.38 115.02 114.88 115.13 114.45 113.48 114.43 114.23 112.39 111.23 109.7 108.9 108.14 106.85 11/28/2003 11/21/2003 11/14/2003 11/07/2003 10/31/2003 10/24/2003 10/17/2003 10/10/2003 10/03/2003 09/26/2003 09/19/2003 09/12/2003 09/05/2003 08/29/2003 08/22/2003 08/15/2003 08/08/2003 08/01/2003 07/25/2003 07/18/2003 07/11/2003 07/04/2003 06/27/2003 06/20/2003 06/13/2003 06/06/2003 05/30/2003 05/23/2003 05/16/2003 05/09/2003 05/02/2003 04/25/2003 04/18/2003 04/11/2003 04/04/2003 03/28/2003 03/21/2003 03/14/2003 03/07/2003 02/28/2003 02/21/2003 02/14/2003 02/07/2003 01/31/2003 40.6 42.21 46.58 43.93 44.25 44.79 48.63 49.48 50.11 50.83 52.29 53.5 51 50.32 50.27 50.6165 52.6136 51.3169 54.4402 58.4627 58.1503 57.8664 57.7528 59.5227 56.0587 55.8978 52.6041 52.4811 56.2669 55.1122 56.1155 53.7115 52.8975 52.4527 54.1374 52.3864 53.4748 48.08 49.5565 49.9256 50.9289 51.0235 50.6923 52.4243 -3.814262023 -9.381708888 6.032324152 -0.723163842 -1.205626256 -7.896360271 -1.717865804 -1.257234085 -1.416486327 -2.792120864 -2.261682243 4.901960784 1.351351351 0.0994629 -0.684559383 -3.795786641 2.526847881 -5.737120731 -6.880455401 0.537228527 0.49061286 0.19670042 -2.973487426 6.179237121 0.287846749 6.261299024 0.234370088 -6.728289634 2.095180377 -1.787919559 4.475764036 1.538825086 0.848002105 -3.111896766 3.342470565 -2.035351231 11.22046589 -2.979427522 -0.739300079 -1.970001316 -0.185404764 0.653353665 -3.3038114 3.436076933 11/28/2003 11/21/2003 11/14/2003 11/7/2003 10/31/2003 10/24/2003 10/17/2003 10/10/2003 10/3/2003 9/26/2003 9/19/2003 9/12/2003 9/5/2003 8/29/2003 8/22/2003 8/15/2003 8/8/2003 8/1/2003 7/25/2003 7/18/2003 7/11/2003 7/4/2003 6/27/2003 6/20/2003 6/13/2003 6/6/2003 5/30/2003 5/23/2003 5/16/2003 5/9/2003 5/2/2003 4/25/2003 4/18/2003 4/11/2003 4/4/2003 3/28/2003 3/21/2003 3/14/2003 3/7/2003 2/28/2003 2/21/2003 2/14/2003 2/7/2003 1/31/2003 106.45 104.21 105.46 105.61 105.3 103.58 104.26 104.57 103.39 99.95 103.67 102.45 102.83 101.44 99.77 99.62 98.28 98.51 100.23 99.51 100.24 98.74 97.66 99.44 99.56 99.26 96.95 93.76 94.87 93.73 93.21 90.23 89.56 87.15 88.22 86.71 89.67 84.13 83.32 84.9 85.18 84.15 83.42 86.06 01/24/2003 01/17/2003 01/10/2003 01/03/2003 12/27/2002 12/20/2002 12/13/2002 12/06/2002 11/29/2002 11/22/2002 11/15/2002 11/08/2002 11/01/2002 10/25/2002 10/18/2002 10/11/2002 10/04/2002 09/27/2002 09/20/2002 09/13/2002 09/06/2002 08/30/2002 08/23/2002 08/16/2002 08/09/2002 08/02/2002 07/26/2002 07/19/2002 07/12/2002 07/05/2002 06/28/2002 06/21/2002 06/14/2002 06/07/2002 05/31/2002 05/24/2002 05/17/2002 05/10/2002 05/03/2002 04/26/2002 04/19/2002 04/12/2002 04/05/2002 03/29/2002 50.6828 55.2163 56.6076 55.8315 53.0016 53.3423 54.2699 55.434 56.229 55.8694 52.4053 52.9259 51.1655 50.0771 48.2977 44.7674 41.8902 43.7831 43.291 46.632 45.9978 47.815 49.7458 47.3229 48.2883 45.2975 43.537 39.278 43.1111 46.2439 47.9286 47.3039 49.6985 49.8594 54.0427 53.4654 55.0176 52.6325 52.5284 51.5535 53.8913 51.1087 52.2918 54.497 -8.21043786 -2.457797186 1.390075495 5.339272777 -0.638705118 -1.709234769 -2.099974745 -1.413861175 0.643643927 6.610209273 -0.98363939 3.440599623 2.173448542 3.684233411 7.885872309 6.868432235 -4.323357643 1.136725878 -7.164607995 1.378761593 -3.800481021 -3.881332695 5.119931365 -1.999242052 6.602571886 4.043686979 10.84322012 -8.891213632 -6.774515125 -3.515020259 1.320609929 -4.818254072 -0.322707453 -7.740730941 1.079763735 -2.821279009 4.531610697 0.198178509 1.891045225 -4.337991475 5.444474228 -2.262496223 -4.046461273 -1.065285982 1/24/2003 1/17/2003 1/10/2003 1/3/2003 12/27/2002 12/20/2002 12/13/2002 12/6/2002 11/29/2002 11/22/2002 11/15/2002 11/8/2002 11/1/2002 10/25/2002 10/18/2002 10/11/2002 10/4/2002 9/27/2002 9/20/2002 9/13/2002 9/6/2002 8/30/2002 8/23/2002 8/16/2002 8/9/2002 8/2/2002 7/26/2002 7/19/2002 7/12/2002 7/5/2002 6/28/2002 6/21/2002 6/14/2002 6/7/2002 5/31/2002 5/24/2002 5/17/2002 5/10/2002 5/3/2002 4/26/2002 4/19/2002 4/12/2002 4/5/2002 3/29/2002 86.38 90.66 93.06 91.35 87.38 89.99 89.34 92.03 93.98 93.42 91.4 89.65 90.27 90.2 88.64 84.16 80.8 82.75 84.35 89.67 90 91.78 94.6 93.22 91.29 86.79 85.6 84.71 91.85 99.31 98.96 99.28 101.4 103.34 107.22 108.69 110.9 105.72 107.58 107.39 112.88 111.42 112.69 114.52 03/22/2002 03/15/2002 03/08/2002 03/01/2002 02/22/2002 02/15/2002 02/08/2002 02/01/2002 01/25/2002 01/18/2002 01/11/2002 01/04/2002 12/28/2001 12/21/2001 12/14/2001 12/07/2001 11/30/2001 11/23/2001 11/16/2001 11/09/2001 11/02/2001 10/26/2001 10/19/2001 10/12/2001 10/05/2001 09/28/2001 09/21/2001 09/14/2001 09/07/2001 08/31/2001 08/24/2001 08/17/2001 08/10/2001 08/03/2001 07/27/2001 07/20/2001 07/13/2001 07/06/2001 06/29/2001 06/22/2001 06/15/2001 06/08/2001 06/01/2001 05/25/2001 55.0838 56.5508 59.1536 59.6079 58.2071 56.6076 55.983 56.248 53.9102 54.8945 55.8221 55.7369 56.3331 56.4373 54.9797 63.4126 64.1225 62.3999 61.4251 61.1506 61.5481 62.2769 61.8794 65.457 64.6052 63.0341 62.1823 62.5608 60.8572 61.6144 65.3245 65.4475 65.334 64.4632 61.6522 62.8732 58.2071 60.0433 60.4881 64.1698 69.8012 70.2461 70.2271 68.7128 -2.594127758 -4.400070325 -0.762147299 2.406579266 2.825592323 1.115695836 -0.471127862 4.336470649 -1.793075809 -1.66170746 0.152861031 -1.058347579 -0.184629669 2.651160337 -13.29846119 -1.107099692 2.760581347 1.586973403 0.448891752 -0.645836346 -1.170257351 0.642378562 -5.465572819 1.318469721 2.49246043 1.369843187 -0.605011445 2.799340095 -1.228933496 -5.67949238 -0.187936896 0.173722717 1.350848236 4.559448 -1.942003906 8.016376009 -3.058126385 -0.735351251 -5.73743412 -8.067769609 -0.633344769 0.027055083 2.203810644 -6.201556737 3/22/2002 3/15/2002 3/8/2002 3/1/2002 2/22/2002 2/15/2002 2/8/2002 2/1/2002 1/25/2002 1/18/2002 1/11/2002 1/4/2002 12/28/2001 12/21/2001 12/14/2001 12/7/2001 11/30/2001 11/23/2001 11/16/2001 11/9/2001 11/2/2001 10/26/2001 10/19/2001 10/12/2001 10/5/2001 9/28/2001 9/21/2001 9/14/2001 9/7/2001 8/31/2001 8/24/2001 8/17/2001 8/10/2001 8/3/2001 7/27/2001 7/20/2001 7/13/2001 7/6/2001 6/29/2001 6/22/2001 6/15/2001 6/8/2001 6/1/2001 5/25/2001 115.04 116.65 116.99 113.74 109.64 110.89 110.09 112.65 113.55 113.15 114.94 117.62 116 114.95 113.13 116.56 114.05 115.68 114.36 112.72 109.25 110.32 107.35 109.5 107.23 104.44 97.28 110.05 108.72 114.15 119.02 116.75 119.29 121.94 120.81 121.34 122.24 119.05 122.6 122.85 121.85 127 126.73 128.1 05/18/2001 05/11/2001 05/04/2001 04/27/2001 04/20/2001 04/13/2001 04/06/2001 03/30/2001 03/23/2001 03/16/2001 03/09/2001 03/02/2001 02/23/2001 02/16/2001 02/09/2001 02/02/2001 01/26/2001 01/19/2001 01/12/2001 01/05/2001 12/29/2000 12/22/2000 12/15/2000 12/08/2000 12/01/2000 11/24/2000 11/17/2000 11/10/2000 11/03/2000 10/27/2000 10/20/2000 10/13/2000 10/06/2000 09/29/2000 09/22/2000 09/15/2000 09/08/2000 09/01/2000 08/25/2000 08/18/2000 08/11/2000 08/04/2000 07/28/2000 07/21/2000 73.2558 71.874 72.281 71.5995 69.6687 75.2434 72.3283 71.8361 65.2866 67.6244 71.6374 75.8586 72.9529 73.1517 78.291 79.474 77.8461 78.0236 77.0771 78.8517 88.6121 85.6544 85.5361 84.7671 85.7727 84.6488 83.7615 86.6009 83.1699 83.2883 77.4912 72.1082 71.9899 70.4519 69.2689 63.5901 63.9081 65.483 69.0322 68.1449 68.5294 69.8604 68.8844 60.3367 1.922531096 -0.563080201 0.951822289 2.771402366 -7.408889019 4.03037262 0.685170826 10.03192079 -3.457036218 -5.601822512 -5.564563543 3.9829808 -0.271764019 -6.564356056 -1.488537132 2.091177336 -0.227495271 1.227991193 -2.250553888 -11.01474855 3.45306254 0.138304178 0.907191587 -1.172401009 1.327721125 1.059317228 -3.278718812 4.12529052 -0.142156822 7.480978485 7.465170397 0.164328607 2.183049712 1.707837139 8.930320915 -0.497589507 -2.405051693 -5.14136881 1.302078365 -0.561073058 -1.905228141 1.416866518 14.16666805 -5.204456294 5/18/2001 5/11/2001 5/4/2001 4/27/2001 4/20/2001 4/13/2001 4/6/2001 3/30/2001 3/23/2001 3/16/2001 3/9/2001 3/2/2001 2/23/2001 2/16/2001 2/9/2001 2/2/2001 1/26/2001 1/19/2001 1/12/2001 1/5/2001 12/29/2000 12/22/2000 12/15/2000 12/8/2000 12/1/2000 11/24/2000 11/17/2000 11/10/2000 11/3/2000 10/27/2000 10/20/2000 10/13/2000 10/6/2000 9/29/2000 9/22/2000 9/15/2000 9/8/2000 9/1/2000 8/25/2000 8/18/2000 8/11/2000 8/4/2000 7/28/2000 7/21/2000 129.74 125.15 127.34 125.78 124.5 118.85 113.3 116.69 114.48 115.01 123.36 123.61 124.96 130.4 131.84 134.8 135.875 134.0156 132 129.1875 131.1875 130.9375 130.9688 133.9688 132.2188 134.8438 136.6406 136.625 142.7813 139.2813 139.9063 137.5625 141.0625 143.625 145.2813 146 149.8125 152.5 151.25 149.6875 147.4063 146.375 142.0938 147.6875 07/14/2000 07/07/2000 06/30/2000 06/23/2000 06/16/2000 06/09/2000 06/02/2000 05/26/2000 05/19/2000 05/12/2000 05/05/2000 04/28/2000 04/21/2000 04/14/2000 04/07/2000 03/31/2000 03/24/2000 03/17/2000 03/10/2000 03/03/2000 02/25/2000 02/18/2000 02/11/2000 02/04/2000 01/28/2000 01/21/2000 01/14/2000 01/07/2000 12/31/1999 63.6493 70.3928 72.5223 68.7365 67.1985 66.1337 65.2464 70.5702 68.559 64.4774 65.5422 65.7788 66.0154 60.1592 61.993 58.7987 58.4437 59.3902 56.3734 54.4213 56.9649 58.6804 61.7563 71.0435 72.2857 68.559 70.1562 70.9251 63.5901 -9.579814981 -2.936338202 5.507699694 2.288741564 1.610071718 1.359921773 -7.543977486 2.933531703 6.330280067 -1.624602165 -0.359690356 -0.358401222 9.734504448 -2.958075912 5.432603102 0.607422186 -1.593697277 5.351460086 3.587014643 -4.465205767 -2.923463371 -4.980706422 -13.07255414 -1.718458838 5.435756064 -2.276634139 -1.084101397 11.53481438 #DIV/0! 7/14/2000 7/7/2000 6/30/2000 6/23/2000 6/16/2000 6/9/2000 6/2/2000 5/26/2000 5/19/2000 5/12/2000 5/5/2000 4/28/2000 4/21/2000 4/14/2000 4/7/2000 3/31/2000 3/24/2000 3/17/2000 3/10/2000 3/3/2000 2/25/2000 2/18/2000 2/11/2000 2/4/2000 1/28/2000 1/21/2000 1/14/2000 1/7/2000 12/31/1999 151.25 148.0938 145.2813 144.375 146.5938 146.5938 147.8438 138 141.125 142.8125 143.5313 145.0938 143.8125 136 151.4375 150.375 153.5625 146.9375 140.125 141.125 133.3281 135.3125 138.6875 142.5938 135.875 144.4375 146.9688 145.75 146.875 3. Correlation Coefficient % Ret SPY -1.450892857 2.158961345 2.472392869 -3.952941176 0.108715347 -4.124105344 -0.99752339 -0.434946402 0.38160066 1.140472879 -0.933484895 0.973879169 0.859468182 0.670998729 -0.155148096 0.774642883 0.622139588 0.032189992 1.514051267 1.526098496 -1.259372498 -0.862411143 -0.381034545 1.677631579 0.532794415 0.302215015 -0.557082646 2.56747613 -0.202581032 -0.018753985 0.550631718 2.090713076 -1.303439103 4. Regression: Get Beta INSERT REGRESSION OUTPUT STARTING HERE SUMMARY OUTPUT Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Regression Residual Total Intercept X Variable 1 5. Estimate required return Risk-Free Rate= MRP= CAPM: Required Return 6. Estimate growth rate Dividend Payout Ratio= 1.97636117 -5.889861415 -1.674615412 3.638323175 -2.049433949 0.585844532 4.439770554 -5.064440007 -3.883732291 2.200349488 0.895941278 1.645819618 2.458217792 -0.242981571 0.375220442 0.376633648 0.397035469 1.574742664 0.969518343 -0.0891162 -0.139291933 0.287144465 0.233363152 0.847224946 0.22801431 1.249850734 0.717607441 0.100325053 1.058480006 -0.508392511 1.341184167 0.762226525 -0.577584794 -1.329776484 0.202502936 0.012151653 0.537546832 1.42497212 0.128205128 -0.547032452 0.201945269 -0.316338688 -0.311258549 1.017748542 Retention Ratio= 1- Payout Ratio= ROE = g = ROE * Retention Ratio = Expected dividend = 7. Price using dividend-growth model = Decision: If you already hold MRK in your portfolio, keep holding it? Why? Ans because it will sell for a value that is more t 1.426713105 -0.280358189 -0.300375469 0.680443548 1.487701948 0.894585179 -1.143707483 -0.22906592 0.803899769 -1.337383454 -0.277672599 -0.306182367 0.709639267 0.701858863 1.546369487 0.946193425 0.161593222 0.983505337 -0.136533803 -0.070419436 1.646311457 -0.965841124 0.297724849 -0.64897797 3.109067735 -0.830624774 1.38215103 0.961094169 3.773675378 -1.877293686 -0.67296009 0.403528529 -0.892857143 -0.582524272 0.143525163 1.227913952 0.04219805 -2.33090626 0.497031617 -0.57197767 0.036619976 0.128334403 0.488209285 -0.055238446 0.653291943 1.495415001 1.300109375 3.343080786 -1.641487507 -1.689912886 -0.099866844 0.019025875 2.311548007 0.356514944 -0.466653704 -0.296029483 -1.262956405 0.572721147 1.604309455 -1.169920742 1.870815282 -0.616498679 0.798974157 1.162500624 2.737619509 1.608958333 2.877350908 -0.702314445 -2.978926372 1.680033592 1.44294766 -2.143046951 -5.860106931 -0.880007779 2.829305752 -0.920943135 -3.692395764 0.028631418 0.119057402 3.342944604 -3.570748429 1.014764584 0.202399884 2.085895607 0.963592112 3.246153846 1.114856106 -1.330263494 -0.65568771 2.1548367 -3.357085508 0.732952535 -5.534332919 0.706900697 -1.211401425 1.201923077 -2.108433735 2.409870831 0.082002798 -1.196263464 -0.469617191 0.380934241 0.114411022 -0.648858577 -0.86858538 0.25889663 0.387487005 0.427107062 -0.439357637 1.779225775 -0.995048562 1.746312399 0.337804997 -2.219476261 2.226527884 -0.806168675 -1.50004747 -0.274097113 0.695490514 2.057893457 3.058410629 -2.693077036 1.656499529 -1.282741738 -0.574404907 -1.444060641 0.92969204 2.802528747 -3.418269231 0.386100386 0.251596671 1.194672934 0.442608439 0.833085391 2.662526091 4.223483844 -1.086386061 -3.042947283 -0.69732188 -1.39511709 0.788429669 -0.984535826 0.199292512 0.763090517 1.772940936 1.283378183 0.384415584 -2.640097107 0.005108495 0.559432379 -0.80221998 1.2154019 -0.061243238 0.93236491 -0.637236084 1.398692132 1.22406094 1.223078968 0.047882528 -0.053174519 0.950131515 -0.053650947 2.688557104 -2.623390558 0.490592485 -0.381310419 0.833965125 -1.912249017 1.057491009 1.305128066 -0.070644495 2.415405165 0.841845325 -0.396891945 -2.583930079 -0.274247855 0.686223583 -0.522179009 1.258537123 1.937005221 -1.564054383 -0.033149171 0.105082683 0.422104971 1.556771392 0.612905056 0.147769253 0.895703833 2.424527194 0.811178874 -0.011248661 -1.060801312 0.820882301 1.981450253 1.460433853 -1.7824991 0.476391485 -2.055401335 -0.959344838 1.088049199 -0.035467281 0.990985613 2.754263281 1.620745543 0.84868297 -2.515703999 -0.986043689 0.829025054 -1.1269872 -0.977596741 2.160210513 1.265430569 1.976744186 1.775147929 -2.090680101 2.347284703 -0.965085849 0.687660668 -0.14759674 0.250900669 2.18920518 0.144841662 -0.144632174 0.204216074 0.370272415 0.65890183 1.29441111 0.856734888 0.478240077 4.527601228 -1.932908467 0.48196722 -0.217603483 0.182898948 0.569508313 3.651829581 -1.295599305 -2.40180842 0.148567386 -1.422418362 0.349639583 -2.223894895 1.507258457 -1.30252965 -0.930453681 2.016212846 2.245678663 -0.247332344 -0.471233647 0.951434252 1.069975386 0.486028484 1.615739723 0.53038674 0.191896081 -0.451857022 1.981867226 -0.506933055 0.781367393 3.854556804 -2.982588948 1.819022661 -4.328589337 -1.01459854 -2.414701902 1.768756796 0.590637305 -1.895700694 -0.724380371 0.830648049 -0.463292944 1.984444283 0.187893265 0.278974659 0.381203724 1.524996093 -0.133045934 2.063419815 0.212863007 2.095622477 0.884817164 1.760956175 -0.704169634 3.947693067 -3.538278461 0.953067436 7.323362558 -4.622926897 -3.695720827 0.939584479 -2.425349922 3.734774542 1.142204455 5.92861464 2.262483429 -0.343491281 -6.567589141 4.831780538 -1.637675011 -0.101720776 4.731889205 -4.639349814 -1.63224517 -7.152246192 -3.901025412 2.194547802 -2.016369048 0.358422939 5.606813343 -0.188902007 -0.431034483 -2.162245054 -2.314433376 -0.074844697 -0.320799761 -0.119225037 -1.634537858 1.980864105 1.31778249 -0.617191028 -0.217799474 1.408987053 2.770820288 -2.354020177 -1.230467276 0.105796116 -1.635322976 1.066786868 1.494471979 2.685562167 -0.506348835 -0.719257541 1.698914582 1.105367793 0.119426752 1.045856798 -0.144601542 1.29384002 3.442760943 -1.238673206 0.076540375 -2.059075168 3.574141278 0.120831115 0.549702634 0.997532983 1.68179042 -0.182894966 2.071295226 0.904181841 0.533862386 3.771289538 -0.623081931 -0.72015511 -3.631931098 1.924367462 -0.126800109 3.51584474 -1.204149685 5.636007828 -5.254131226 -3.456130459 1.868161926 2.677401236 -2.330642138 0.232781927 -4.192642023 2.363832464 -6.356654392 -2.462801437 2.054708445 -0.158929318 1.485568761 1.044758196 0.527722687 0.441711415 1.059080963 3.169586419 -0.359906424 2.869307664 1.293830864 -0.679765341 -1.666514055 -3.898275255 -0.81173082 2.808686289 -0.924608819 2.059704201 -0.8100081 0.090081975 1.314228347 0.127935667 -0.173326035 2.324278913 3.447276941 -4.182087343 -0.743869961 1.519671825 4.654112596 -1.876495931 -2.127061469 1.861219815 2.655300803 -1.276842716 0.398174226 2.162912987 -0.407106579 2.420807611 0.764837854 4.175077021 7.014552069 -2.059904242 -2.210365854 -0.217296827 -3.197307531 0.560549974 2.183075759 3.942934172 0.349453275 -4.592385459 5.791330072 1.419339949 -0.482315113 1.480013984 1.839544268 3.247151084 6.387693912 0.81482455 10.40336622 -6.776680644 -4.507879101 -6.45239246 -4.851690044 5.010261982 -0.3369029 -2.292499412 -4.523515546 -4.163080895 6.654428637 -1.167932872 -0.898977413 1.205504378 -2.397602398 13.29225352 -8.196721311 -7.713616024 -3.06723123 11.24770221 -6.619461431 5.322033898 -19.79336596 -8.696731485 -2.634547212 -1.562376081 1.342227938 -3.393120584 -0.663324335 -0.399477606 0.618381387 2.544388079 0.541919031 -0.396888395 1.728036176 -1.955506294 -0.956637654 -3.077975376 -3.356591994 -0.102722137 -2.89276808 1.968904388 -3.518856021 2.706983441 -1.844392622 1.368194842 0.808781051 3.823661718 -2.564102564 4.090943654 -0.431556632 1.905717151 -0.077095058 -3.071289792 -1.327237871 0.355187213 1.555572255 -4.663991976 4.915814793 0.74208693 -5.772386729 -0.820890241 -4.066530889 -0.560318639 0.652306856 -2.478298324 1.513520786 3.142995906 -1.138624048 0.447843461 -4.007936508 -1.575315714 2.63913944 -4.260218768 0.30798845 2.143138026 0.401395012 2.061786434 1.937427261 -1.029880073 -0.498887615 2.501554834 0 0.632823366 -0.902763421 -5.465798046 -0.87181143 1.222382011 1.695140597 -0.079707738 -1.646305612 1.344014831 -1.973001038 1.575581779 -0.609356572 1.166644571 -0.039756162 0.929579349 0.612299825 2.270850537 0.74875208 1.577464789 -0.969384197 3.508265358 -1.598238386 1.521598039 -4.562973159 -0.295066218 1.243573711 -0.600787238 1.864096792 -0.462120151 -0.293214186 1.921161235 -0.762604152 0.618117229 -1.117043698 0.650544477 0.855798032 -0.092625579 -0.049850449 1.576967593 1.245056394 -0.993401494 0.781935107 0.153699773 1.199911118 1.070519539 1.604928881 -0.371324644 1.289530243 -0.867447877 1.240274247 -0.673349147 2.897409653 -0.928237129 0.17190186 3.251311013 0.348121762 -2.440565516 -0.487306453 2.242044359 -0.168471721 -0.558436378 -2.829457364 0.482941268 1.007081039 -1.655834107 -2.475098098 0.798661292 0.243995425 1.895734597 -0.640728732 -0.223369021 -0.291836264 -0.313887613 1.57866086 -0.13202858 -0.502279577 0.465802345 1.713518636 0.293022887 -1.765987241 2.040168294 -2.105999378 0.186857677 3.156372982 -1.775007889 0.316555872 0.023747328 -0.409932992 -0.220246991 1.598337729 1.106981254 1.351240685 1.928213689 1.413696775 -0.455043398 -0.785887468 -2.787711313 1.317523057 -1.668016194 -0.88282504 1.905618713 1.250414044 -1.396260309 -0.479440923 0.146484375 -0.695005657 0.161890886 0.569846955 1.252884932 1.497532 0.462262565 -1.961107449 0.965058236 0.041614648 -0.083160083 0.948623237 2.938126512 -1.17004014 1.157667387 0.155749762 1.243977223 -3.262711864 0.485395555 0.247567014 -1.181035937 -1.536672481 -1.906624297 1.07057564 0.863859125 -0.314647677 0.44913915 2.384399217 0.556602158 -1.234776725 -0.168861871 -2.010424423 0.08280202 1.113529806 0.092181346 0.067085954 0.760456274 0.792028615 -1.153295732 1.287517053 3.604240283 2.918447132 -1.14147043 -1.111012354 -1.00307963 1.964830432 -1.493592576 0.07960375 0.838387442 0.601166442 0.877986966 3.069316168 0.318203088 -3.599783472 1.725403818 -1.58070635 -0.912915063 -1.018781006 -0.843288826 0.184810349 -0.629645824 1.212604001 0.106326422 2.777524816 -0.209014904 0.072753729 -0.901225667 -2.973067506 0.465606606 -0.472151788 -0.235519888 3.251373503 -0.027012426 -1.350151004 -3.265165836 1.18240306 0.121866295 -0.217145835 0.594145915 0.854776172 -0.83020187 0.175085354 1.637156331 1.042884114 1.394712853 0.734618916 0.702792676 1.207299953 0.375763269 2.149505806 -1.18528352 -0.142032005 0.294396961 1.66055223 -0.652215615 -0.296452137 1.141309604 3.44172086 -3.588309058 1.190824793 -0.369541962 1.370268139 1.673849855 0.150572174 1.363451363 -0.233478835 -1.716053078 0.723545372 -0.728252195 1.519141179 1.105877534 -1.790024135 -0.120530333 0.30223655 2.38267148 3.402303754 -1.170022136 1.216259469 0.557880056 3.302670952 0.748101831 2.765347103 -1.212876899 1.741436974 -3.300992528 6.585046951 0.972155545 -1.861012956 -0.328715661 1.224004753 0.875089906 -3.067627237 -0.370456124 -4.720935363 -2.578981302 1.871921182 4.54337377 -2.900322258 0.727557645 -2.922959904 -2.074909555 0.599443374 2.210065646 1.952035694 -0.686828404 0.077605322 1.759927798 5.323193916 4.158415842 -2.356495468 -1.896858328 -5.932864949 -0.366666667 -1.939420353 -2.980972516 1.48036902 2.114141746 5.184929139 1.390186916 1.050643372 -7.773543821 -7.511831638 0.353678254 -0.322320709 -2.090729783 -1.877298239 -3.618727849 -1.352470328 -1.992786294 4.899735149 -1.728945901 0.176925226 -4.863571935 1.310357207 -1.126985536 -1.597974153 -0.45201669 -1.380197171 -0.29062313 2.857394057 3.739511127 -1.127243214 0.726678172 -2.272525522 -0.792602378 0.353513036 -1.557334261 -2.278524061 1.396551724 0.913440626 1.608768673 -2.94269046 2.200789128 -1.409059474 1.154249738 1.454932576 3.176201373 -0.969905729 2.766651141 -1.96347032 2.116944885 2.671390272 7.360197368 -11.60381645 1.223325975 -4.756898817 -4.091749286 1.944325482 -2.129264817 -2.173199934 0.935353034 -0.436789187 -0.736256545 2.679546409 -2.895595432 -0.203500204 0.820681165 -4.05511811 0.213051369 -1.069476971 -1.264066595 3.667598881 -1.719805246 1.240260773 1.02811245 4.75389146 4.898499559 -2.905133259 1.930468204 -0.460829493 -6.768806744 -0.202249009 -1.080345711 -4.171779141 -1.09223301 -2.195845697 -0.791168353 1.387450416 1.526969697 2.177068215 -1.524535493 0.190930788 -0.023898822 -2.239327366 1.323563669 -1.946696845 -1.314982516 0.011418115 -4.311699081 2.512900152 -0.44672756 1.70380736 -2.481169694 -1.784160139 -1.140064138 -0.492260274 -2.544847726 -1.762295082 0.826446281 1.043841336 1.547559365 0.704560205 3.01293934 -3.787524333 -2.355371901 2.131216837 1.935899527 0.62774026 -1.513570151 0 -0.845486926 7.133188406 -2.214348981 -1.181619256 -0.50079669 -1.076889571 0.89095176 5.744485294 -10.19397441 0.706566916 -2.075702076 4.508719694 4.861730598 -0.708591674 5.84790453 -1.466531178 -2.433528616 -2.73945992 4.944839006 -5.928169624 -1.722338347 0.836226415 -0.765957447 #DIV/0! 0.444471043 0.674346245 RTING HERE Regression Statistics 0.444471043 0.197554508 0.196738185 3.276241742 985 df 1 983 984 SS MS 2597.627051 2597.627051 10551.28603 10.73375995 13148.91308 F 242.0053237 0.023382249 0.674346245 Standard Error t Stat 0.104466871 0.22382454 0.043348142 15.55652029 P-value 0.822940342 5.97276E-49 Coefficients 0.04 0.084 1.53 4% 8.40% 0.096645085 9.66% -0.53 0.0949 -0.050297 2.2 $ 14.97 Is MRK’s current stock price overvalued or undervalued? Why? Ans. MRK's current stock price is overvalued because the intrinsic stock price according to Gordon Constant-Dividend-Growth Model is lower than current stock price. ( $14.97 is less than 76.06 . If you already hold MRK in your portfolio, should you sell it or keep holding it? Why? Ans. If we already hold MRK in our portfolio then we should sell because it will sell for a value that is more than what it's worth (sell If you do not already hold MRK, should you buy it or not? Why? Ans. If we do not hold MRK's Stock then we should not buy it because we will buy stock for higher price than it's actually worth. Significance F 5.97276E-49 Lower 95% -0.18162147 0.58928071 Upper 95% Lower 95.0% Upper 95.0% 0.228385969 -0.18162147 0.228385969 0.75941178 0.58928071 0.75941178 0.0949 -0.53 -0.050297
Purchase answer to see full attachment