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
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#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