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MBA Master of Business Administration International Finance & Financial Management ASSIGNMENT 2019 – 2020 The questions in this assignment require some quantitative work and some interpretation. When answering the discussion questions you should try to make full use of the relevant theoretical propositions and concepts. The assignment should be undertaken in groups of four or five. All members of the group should participate in the development of the answers to all the questions. If individuals are not able to work on a group basis they can submit their own assignment, answering three instead of the four questions, and the marks will be adjusted appropriately. Question 1: Clyach Plc: A Capital Expenditure Decision Clyach plc has grown rapidly in recent years, to a large extent by expanding its product range. It is now necessary to evaluate another new product investment. The latest of these products has just completed the final stages of its trials and a decision must now be taken whether or not to proceed to the manufacture of the product. The product’s development has already cost £400,000 and the manufacture of the product will require an outlay of £1,500,000 on production facilities. This expenditure will have to be depreciated for tax purposes on a straight line basis over a ten year period, but the anticipated commercial life of product, given the level of product innovation in the industry, is only five years. The residual (re-sale) value of the production line is expected to be £250,000. The production line would be located in one of the company’s existing factories with unused capacity. Based on the space occupied a cost of £40,000 will be allocated to be product by the company’s management accounting system. The product is expected to sell for £35.00 per unit and sales of 80,000 units are anticipated for the first year. For years two to five 90,000 units are expected to be sold. The estimated variable cost per unit is £27.00 per unit, made up of 50 per cent raw material costs and 50 per cent labour costs. The fixed costs of production directly related to the product are expected to £100,000 per annum. Each product is also allocated an overhead charge of 8 per cent of lower costs through the management accounting system to allow for the recovery of R&D expenditure and head office expenses. It will be necessary to hold the equivalent of 15 per cent of expected sales in stocks of the finished product. Promotion and marketing expenditure prior to the introduction of the product will cost £70,000 and a further expenditure of £20,000 per annum will be required for each of the next five years. The company requires an expected return of 14 per cent on investments and pays tax at 30 per cent. a) Determine the net present value of the investment. Set out your calculations clearly and specify the critical assumptions. (13 MARKS) b) Explain that is meant by sensitivity analysis, determine and discuss the sensitivity of the investment’s NPV to deviations in the expected price from the assumed value of £35 per unit. (5 MARKS) c) Explain the principles underlying the treatment of net working capital in investment appraisal and comment on the approach you adopted in the evaluation of Clyach’s proposed investment. (2 MARKS) (TOTAL 20 MARKS) Question 2: Valuation of a Company’s Shares Collect the price earnings ratios for three companies in the same country for the years 2009 to 2018. You can use the data set provided for the London Stock Exchange or pick your own companies. The data set has a sample of companies from the FTSE 100, and the P/E ratios are for the end of each year from 2009 to 2018. The data also gives the P/E ratios for the FTSE 100 index. Discuss the factors that might explain the differences in the price earnings ratios of the three companies you have chosen and the changes that have occurred in their price earnings ratios over the period. (Choose companies with a range of P/E ratios, to give you one with a relatively low value, one with a relatively high value, and another with a middling value. Although not necessary, firms from the same industry helps for comparison reasons) You should use the insights provided by valuation models on the determinants of the priceearnings ratios in your discussion, but you should also discuss the role of any other factors that might influence the reported values of price-earnings ratios of the companies you have chose (20 MARKS) Question 3: Portfolio Analysis The attached file gives monthly returns for securities drawn from the FT ALL Share Index for the period January 2009 and December 2018. a) Create four equally weighted portfolios of one, five, ten, and fifteen securities. Determine, using the appropriate Excel function (see fx)) the standard deviation and variances of the monthly returns for each of the companies included in the portfolios. (Use the 120 months of returns data in the calculations and use the Excel functions identified as Variance.P and Standard Deviation P.) Next determine the monthly returns on the four portfolios along with the standard deviation of these returns. The monthly portfolio returns are simply the average of the monthly returns for each security included in the portfolio. Compare the average value of the standard deviations of the returns on the securities included in each portfolio with the standard deviation of portfolio’s returns. Comment on the difference between the outcomes. Discuss the consequences of increasing the number of securities in the portfolios. Compare your results to those of the studies of naïve diversification. (8 MARKS) Determine the variance of each security and the co-variances for each pair of securities in the portfolio of five securities using the relevant Excel function. Employ this information to calculate the standard deviation of the portfolio returns using the equally weighted portfolio risk equation. Compare your results to those obtained for the portfolio in part i above. (4 MARKS) b) Determine the betas for BP, an oil and gas company, and Ferguson, a distributor of plumbing and heating products, by regressing the returns for each of the two companies on the returns for the FT ALL Share Index (the first column in the spreadsheet). i. Explain what the values of the betas (the slope coefficients in the regression) indicate and discuss the factors that might explain the differences in the values of the betas of the two companies. ii. Comment on the implications of the estimated value of beta for investors and the cost of capital for the two companies (Approximately 500 words) (8 MARKS) (TOTAL 20 MARKS) Question 4 For a company of your choice (but not any you have used in previous questions), undertake the following activities: a) Research your firm’s business model, particularly its sources of revenue and its profit margins. What sort of revenue growth do you think it will be able to maintain in the next ten years? Do you think it will be able to maintain its current profit margins? (15 MARKS) b) Perform a valuation of your firm based on your analysis in part a) using the following steps i) Formulate a realistic model of revenue growth over the next ten years, and constant thereafter. ii) Formulate a model for profit margins for the next ten years. You may assume that profit margin remains constant or you may choose to vary it over the first ten years. Assume a constant profit margin from year ten onwards. iii) Carry out a dividend discount model valuation based on i) and ii) as follows. You must use and justify an appropriate weighted average cost of capital for your firm. (15 MARKS) c) How does your valuation compare to the valuations based on the recent movements of your firm’s share price? What do the current share price movements tell you about the market’s estimations of your firm’s prospects? (10 MARKS) (TOTAL 40 MARKS) (TOTAL 100 MARKS) Name FTSE 100 ANGLO AMERICAN ANGLO AMERICAN ANGLO AMERICAN ASHTEAD GROUP Code P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 2009 17.78 27.11 1.47 18.2 0.81 2010 12.14 33.35 1.96 16.7 1.73 2011 10.06 23.79 3.14 7.7 2.26 2012 11.52 18.94 2.38 8 4.26 2013 13.79 13.2 1.11 11.8 7.6 2014 15.17 12.01 1.35 8.9 11.52 2015 17.19 2.99 0.97 3.1 11.19 2016 33.71 11.6 0.52 22.6 15.8 2017 22.49 15.49 1.34 11.6 19.92 2018 11.18 17.48 1.56 11.2 16.37 The P/E ratios are for the end of each year. The P/E ratio times the EPS generally provides a value close to the price that is provided. How,ever the price is only in some cases exactly equal to EPS times the P/E ratio. This may be due to the figures being rounded, but in some cases this is the result of the timing of the recording of the earnings and price figures The differences are relatively small and can be ignored. ASHTEAD GROUP ASHTEAD GROUP ASSOCIATED BRIT.FOODS ASSOCIATED BRIT.FOODS Earnings Per Share P/E Ratio Share Price Earnings Per Share 0.04 19.8 8.22 0.58 0.02 91 11.81 0.72 0.11 20.9 11.07 0.74 0.24 17.5 15.64 0.87 0.41 18.7 24.45 0.99 0.54 21.4 31.53 1.04 0.68 16.4 33.42 1.02 0.89 17.8 27.45 1.06 1.11 18 28.2 1.27 0.4 40.5 20.43 1.27 a value close to the price that is be due to the the earnings and price figures. ASSOCIATED BRIT.FOODS ASTRAZENECA ASTRAZENECA ASTRAZENECA AVEVA GROUP P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 14.2 29.1 3.04 9.6 6.55 16.4 29.22 3.5 8.4 10.5 15 29.75 4.6 6.5 9.31 18 29.09 3.08 9.5 14.2 24.8 35.74 2.31 15.5 14.03 30.3 45.55 0.51 89.9 8.52 32.9 46.16 0.9 51.1 10.49 25.9 44.38 1.41 31.5 12.18 22.2 51.21 2.14 24 17.93 16 58.73 1.64 35.7 24.2 AVEVA GROUP AVEVA GROUP BAE SYSTEMS BAE SYSTEMS BAE SYSTEMS Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio 0.4 16.2 3.59 0.39 9.3 0.36 29.3 3.3 0.43 7.6 0.38 24.4 2.85 0.4 7.1 0.44 32.2 3.37 0.46 7.4 0.51 27.4 4.35 0.38 11.4 0.48 17.7 4.72 0.42 11.3 0.41 25.6 5 0.37 13.4 0.4 30.7 5.91 0.4 14.6 0.45 39.9 5.73 0.43 13.4 0.72 33.8 4.59 0.42 11 BERKELEY GROUP HDG. BERKELEY GROUP HDG. BERKELEY GROUP HDG. BHP GROUP Share Price Earnings Per Share P/E Ratio Share Price 8.2 0.52 15.9 18.6 8.9 0.65 13.6 23.78 12.76 0.95 13.4 17.5 17.57 1.46 12 19.85 26.56 1.78 14.9 17.42 24.8 2.51 9.9 12.94 36.88 2.73 13.5 7.6 28.08 3.55 7.9 13.06 41.97 5.59 7.5 15.23 34.79 5.13 6.8 16.52 BHP GROUP BHP GROUP BRITISH AMERICAN TOBACCO BRITISH AMERICAN TOBACCO Earnings Per Share P/E Ratio Share Price Earnings Per Share 1.11 17.1 20.16 1.31 1.36 17.3 24.63 1.48 2.57 7.2 30.55 1.74 1.84 10.5 31.21 1.61 1.15 14.3 32.38 2.05 1.51 9.1 35 1.88 0.82 9.9 37.71 1.96 0.18 74.3 46.21 2.2 0.94 15.3 50.18 2.32 1.32 12.7 25 6.91 BRITISH AMERICAN TOBACCO BRITISH LAND BRITISH LAND BRITISH LAND BT GROUP P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 15.4 4.8 0.34 14.1 1.35 16.7 5.24 0.28 18.9 1.81 17.6 4.63 0.29 16 1.91 19.3 5.62 0.3 18.5 2.31 15.8 6.29 0.3 21.3 3.79 18.6 7.77 0.29 26.4 4.02 19.2 7.86 0.31 25.1 4.72 21 6.3 0.39 16.2 3.67 21.6 6.91 0.38 18.3 2.72 3.6 5.33 0.35 15.1 2.38 BT GROUP BT GROUP BUNZL BUNZL BUNZL BURBERRY GROUP Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 0.19 7.1 6.75 0.54 12.5 5.99 0.2 9.1 7.19 0.48 15.1 11.24 0.22 8.6 8.84 0.64 13.8 11.85 0.25 9.4 10.09 0.71 14.2 12.26 0.27 14.1 14.5 0.75 19.4 15.16 0.3 13.5 17.64 0.84 20.9 16.36 0.31 15 18.85 0.89 21.3 11.95 0.32 11.3 21.09 0.96 22 14.97 0.28 9.8 20.72 1.1 18.8 17.92 0.28 8.4 23.69 1.24 19.2 17.35 BURBERRY GROUP BURBERRY GROUP CARNIVAL CARNIVAL CARNIVAL COMPASS GROUP Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 0.28 21 21.35 1.41 15.1 4.49 0.43 26.1 29.82 1.56 19.1 5.85 0.56 21.3 21.26 1.58 13.6 6.16 0.53 23 23.58 0.93 25.4 7.3 0.71 21.4 25.01 0.84 29.4 9.75 0.74 22.2 29.19 0.88 33.3 11.03 0.79 15.2 38.66 1.05 37.5 11.77 0.69 21.8 41.25 2.32 17.8 15.04 0.86 20.9 48.92 1.99 24.6 16 0.83 21 37.63 3.29 11.4 16.5 COMPASS GROUP COMPASS GROUP CRODA INTERNATIONAL CRODA INTERNATIONAL Earnings Per Share P/E Ratio Share Price Earnings Per Share 0.3 14.8 8.49 0.47 0.36 16.3 17.15 0.72 0.39 15.7 19.14 1.17 0.43 17 25.21 1.35 0.48 20.3 26.07 1.35 0.52 21.3 28.24 1.36 0.57 20.6 32.27 1.4 0.65 23.1 32.74 1.45 0.72 22.1 45.32 1.74 0.78 21.2 47.99 1.66 CRODA INTERNATIONAL P/E Ratio 18 23.9 16.4 18.6 19.3 20.7 23 22.6 26 28.9 DCC DCC DCC DIAGEO DIAGEO Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 17.28 1.62 10.7 10.84 0.66 20.07 1.86 10.8 11.85 0.66 15.33 1.9 8.1 14.06 0.76 20.07 1.68 11.9 17.87 0.78 29.69 2.23 13.3 20 0.99 35.53 1.95 18.2 18.49 0.96 56.6 3 18.9 18.57 0.95 60.4 2.79 21.7 21.1 0.99 74.65 3.08 24.2 27.25 1.06 59.85 3.29 18.2 27.95 1.19 DIAGEO EXPERIAN EXPERIAN EXPERIAN FLUTTER ENTERTAINMENT P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 16.3 6.15 0.39 15.7 21.662 17.9 7.98 0.43 18.4 26.296 18.4 8.75 0.45 19.7 37.408 22.8 9.8 0.49 20.2 50.392 20.1 11.14 0.4 27.5 51.566 19.4 10.88 0.54 20.1 52.761 19.5 12.01 0.47 25.5 90.816 21.3 15.74 0.69 22.9 87.75 25.7 16.36 0.48 33.8 88.25 23.6 19.05 0.69 27.8 64 FLUTTER ENTERTAINMENT FLUTTER ENTERTAINMENT FRESNILLO FRESNILLO FRESNILLO Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio 1.08 19.8 7.92 0.09 92.2 1.03 25.8 16.68 0.35 48.2 1.67 21.4 15.27 0.67 24 1.96 26.1 18.47 0.61 29.4 2.22 23.3 7.45 0.45 15.5 1.77 29.8 7.66 0.13 64.6 2.47 36.7 7.08 0.03 251 3.09 28.5 12.21 0.05 241.2 3.65 24.4 14.29 0.52 27.1 3.95 16.2 8.6 0.37 24 GLAXOSMITHKLINE GLAXOSMITHKLINE GLAXOSMITHKLINE HALMA HALMA Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 13.19 1.13 11.7 2.43 0.15 12.4 0.97 12.8 3.59 0.19 14.71 0.78 18.8 3.3 0.22 13.35 1 13.3 4.59 0.25 16.11 1.16 13.9 6.03 0.27 13.76 0.86 15.9 6.88 0.3 13.73 0.94 14.7 8.65 0.32 15.62 0.85 18.4 8.98 0.36 13.23 1.09 12.2 12.6 0.4 14.91 1.13 13.2 13.64 0.5 HALMA ICTL.HTLS.GP. ICTL.HTLS.GP. ICTL.HTLS.GP. IMPERIAL BRANDS IMPERIAL BRANDS P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 16 9.08 0.6 15.2 19.6 1.62 18.6 12.65 0.69 18.3 19.68 1.79 14.7 11.77 0.76 15.4 24.35 1.88 18.3 17.35 0.89 19.6 23.73 2.01 22.6 20.45 1.04 19.7 23.38 2.11 23.3 26.23 1.52 17.2 28.36 2.03 26.8 26.87 1.13 23.8 35.87 2.12 24.7 36.64 1.34 27.3 35.43 2.5 31.3 47.3 1.75 27 31.66 2.67 27.5 42.46 2.12 20.1 23.77 2.72 IMPERIAL BRANDS INFORMA INFORMA INFORMA INTERTEK GROUP INTERTEK GROUP P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 12.1 2.95 0.31 9.4 12.55 0.81 11 3.75 0.32 11.9 17.75 0.83 13 3.33 0.33 10.1 20.35 0.89 11.8 4.13 0.35 11.7 30.99 1.22 11.1 5.28 0.37 14.3 31.48 1.37 13.9 4.33 0.38 11.3 23.34 1.39 16.9 5.64 0.39 14.6 27.77 1.39 14.2 6.8 0.4 16.9 34.81 1.52 11.9 7.22 0.42 17.1 51.9 2.89 8.7 6.3 0.38 16.4 48 1.95 INTERTEK GROUP JD SPORTS FASHION JD SPORTS FASHION JD SPORTS FASHION P/E Ratio Share Price Earnings Per Share P/E Ratio 15.4 0.25 0.04 6.7 21.3 0.44 0.05 8.6 22.9 0.31 0.05 5.8 25.4 0.34 0.04 7.6 23 0.73 0.05 14.3 16.7 1.01 0.07 14.7 20 2.08 0.09 23 22.9 3.18 0.03 105.2 18 3.36 0.21 15.9 24.6 3.49 0.25 13.9 JOHNSON MATTHEY JOHNSON MATTHEY JOHNSON MATTHEY KINGFISHER KINGFISHER Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 15.24 0.8 19.1 2.29 0.13 20.29 1.03 19.7 2.63 0.18 18.28 1.35 13.5 2.51 0.23 23.66 1.53 15.5 2.84 0.23 32.67 1.6 20.4 3.85 0.22 33.83 1.74 19.5 3.4 0.23 26.46 1.77 14.9 3.3 0.21 31.82 1.89 16.9 3.5 0.23 30.75 1.89 16.3 3.38 0.24 27.99 2.18 12.9 2.07 0.24 KINGFISHER LAND SECURITIES GROUP LAND SECURITIES GROUP LAND SECURITIES GROUP P/E Ratio Share Price Earnings Per Share P/E Ratio 17.2 6.85 0.5 13.7 14.3 6.74 0.36 18.9 10.9 6.36 0.39 16.2 12.3 8.14 0.36 22.3 17.4 9.64 0.39 25 14.9 11.58 0.42 27.4 15.5 11.78 0.44 27.1 15 10.67 0.47 22.7 14.2 10.08 0.5 20.3 8.7 8.04 0.53 15.1 MARKS & SPENCER GROUP MARKS & SPENCER GROUP MARKS & SPENCER GROUP Share Price Earnings Per Share P/E Ratio 3.84 0.27 14.4 3.53 0.34 10.3 2.97 0.32 9.2 3.66 0.33 11 4.14 0.3 13.8 4.58 0.31 14.9 4.33 0.32 13.4 3.35 0.31 10.8 3.01 0.28 10.6 2.36 0.26 8.9 MELROSE INDUSTRIES MELROSE INDUSTRIES MELROSE INDUSTRIES MICRO FOCUS INTL. Share Price Earnings Per Share P/E Ratio Share Price 0.19 0.02 12.5 4.69 0.33 0.02 15.2 4 0.37 0.03 11.8 3.97 0.43 0.03 13.2 5.89 0.59 0.03 18.6 7.74 0.52 0.04 13.9 10.74 0.55 0.69 0.8 15.86 1.98 0.25 8.1 21.67 2.12 0.09 22.6 25.09 1.64 0.11 15.4 13.76 MICRO FOCUS INTL. MICRO FOCUS INTL. MONDI MONDI MONDI Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio 0.29 16.4 3.35 0.15 22.7 0.26 15.6 5.13 0.26 20.1 0.41 9.7 4.55 0.56 7.7 0.51 11.5 6.69 0.49 13.9 0.57 13.7 10.46 0.47 21.4 0.69 15.5 10.5 0.76 13.6 0.96 16.4 13.34 0.91 15.4 1.32 16.4 16.66 1.2 13.9 1.32 19 19.31 1.19 15.9 1.23 11.2 16.34 1.5 11 MORRISON(WM)SPMKTS. MORRISON(WM)SPMKTS. MORRISON(WM)SPMKTS. NEXT Share Price Earnings Per Share P/E Ratio Share Price 2.77 0.19 15 20.83 2.68 0.22 12.3 19.75 3.26 0.24 13.5 27.37 2.63 0.27 9.8 37.09 2.61 0.27 9.7 54.5 1.84 0.17 10.9 68.2 1.48 0.09 16.6 72.9 2.31 0.09 25.4 49.83 2.2 0.12 18.9 45.25 2.13 0.12 17.5 39.91 NEXT NEXT PEARSON PEARSON PEARSON PERSIMMON Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 1.61 13 8.91 0.6 14.9 3.93 2.05 9.6 10.08 0.74 13.6 3.49 2.33 11.7 12.1 0.78 15.6 3.94 2.74 13.5 11.88 0.85 13.9 6.7 3.21 17 13.41 0.78 17.3 11.11 3.97 17.2 11.9 0.65 18.3 14.94 4.42 16.5 7.36 0.66 11.1 20.27 4.44 11.2 8.19 0.65 12.7 17.76 4.3 10.5 7.36 0.77 9.5 27.38 4.25 9.4 9.38 0.54 17.3 19.3 PERSIMMON PERSIMMON RECKITT BENCKISER GROUP RECKITT BENCKISER GROUP Earnings Per Share P/E Ratio Share Price Earnings Per Share 0.06 63.4 32.8 1.87 0.15 23.3 34.45 2.17 0.24 16.6 31.08 2.39 0.39 17 37.91 2.37 0.59 18.9 46.85 2.7 0.98 15.2 52.1 2.68 1.48 13.7 62.81 2.58 1.88 9.5 68.86 2.6 2.33 11.7 69.19 3.23 2.74 7.1 60.13 3.29 RECKITT BENCKISER GROUP RELX RELX RELX RENTOKIL INITIAL P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 17.5 5.11 0.49 10.5 1.16 15.9 5.41 0.43 12.6 0.97 13 5.19 0.45 11.7 0.63 16 6.42 0.49 13 0.96 17.4 8.99 0.52 17.1 1.16 19.4 11 0.55 19.9 1.21 24.4 11.97 0.59 20.4 1.59 26.5 14.49 0.64 22.5 2.22 21.4 17.39 0.79 22.1 3.18 18.3 16.16 0.82 19.8 3.37 RENTOKIL INITIAL Earnings Per Share 0 0.04 0.08 0.07 0.07 0.08 0.08 0.09 0.12 0.12 RENTOKIL INITIAL RIGHTMOVE RIGHTMOVE RIGHTMOVE RIO TINTO P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 296.4 0.5 0.03 19.9 33.9 27.1 0.78 0.03 25.6 44.86 8.2 1.24 0.04 31.3 31.25 12.8 1.44 0.06 24.8 35.11 17.3 2.74 0.07 41 34.09 16 2.25 0.09 24.9 30 19.2 4.12 0.11 36.9 19.79 24.4 3.9 0.13 29.4 31.59 26.7 4.5 0.15 29.5 39.42 27.9 4.32 0.01 295.1 37.3 RIO TINTO RIO TINTO ROLLS-ROYCE HOLDINGS ROLLS-ROYCE HOLDINGS Earnings Per Share P/E Ratio Share Price Earnings Per Share 2.83 12 3.99 0.32 3.07 14.6 5.27 0.32 4.99 6.3 6.47 0.38 4.39 8 7.74 0.45 4.39 7.8 11.5 0.59 3.57 8.4 8.04 0.55 2.44 8.1 5.46 0.54 2 15.8 6.45 0.56 3.15 12.5 8.29 0.36 5.17 7.2 8.24 0.83 ROLLS-ROYCE HOLDINGS ROYAL DUTCH SHELL A(LON) ROYAL DUTCH SHELL A(LON) P/E Ratio Share Price Earnings Per Share 12.5 18.82 0.85 16.2 21.38 1.62 17 23.71 3.02 17.2 21.22 2.71 19.6 21.63 2.15 14.7 21.54 1.46 10 15.26 0.17 11.6 22.43 0.24 22.8 24.8 1.03 9.9 23.07 1.97 ROYAL DUTCH SHELL A(LON) P/E Ratio 22 13.3 7.8 7.8 10 14.6 89.2 95.3 24.2 11.6 ROYAL DUTCH SHELL B ROYAL DUTCH SHELL B ROYAL DUTCH SHELL B Share Price Earnings Per Share P/E Ratio 18.11 1.34 13.5 21.15 1.46 14.5 24.54 2.83 8.7 21.75 2.61 8.3 22.8 2.16 10.6 22.33 1.82 12.2 15.43 0.33 46.3 23.54 1.35 17.4 25.09 0.64 39.1 23.4 2.03 11.5 SAGE GROUP SAGE GROUP SAGE GROUP SAINSBURY J SAINSBURY J SAINSBURY J Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio 2.2 0.17 13.2 3.23 0.23 14 2.73 0.19 14.2 3.76 0.25 15.1 2.94 0.21 14.1 3.03 0.27 11.1 2.94 0.2 14.8 3.45 0.28 12.3 4.04 0.21 19 3.65 0.32 11.3 4.66 0.23 20.5 2.47 0.31 8 6.03 0.24 25.2 2.59 0.24 10.8 6.55 0.27 24.6 2.49 0.23 10.7 7.98 0.3 26.4 2.41 0.19 12.5 6.01 0.31 19.3 2.65 0.2 13 SMITH & NEPHEW SMITH & NEPHEW SMITH & NEPHEW SMITH SMITH SMITH Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio 6.39 0.35 18.5 0.81 0.08 10 6.76 0.44 15.2 1.3 0.1 12.6 6.25 0.46 13.5 1.27 0.11 11.1 6.79 0.47 14.4 1.9 0.13 14.6 8.61 0.47 18.3 3.09 0.16 19.1 11.88 0.35 34.1 3 0.21 13.9 12.08 0.4 30.3 3.69 0.23 15.8 12.21 0.64 19.2 3.8 0.28 13.5 12.88 0.68 19.1 4.82 0.31 15.4 14.64 0.82 17.8 2.99 0.32 9.4 SMITHS GROUP SMITHS GROUP SMITHS GROUP SPIRAX-SARCO ENGR. SPIRAX-SARCO ENGR. Share Price Earnings Per Share P/E Ratio Share Price Earnings Per Share 10.14 0.72 14 12.44 0.84 12.45 0.71 17.4 19.4 0.97 9.15 0.93 9.9 18.78 1.17 11.91 0.93 12.9 22.75 1.22 14.8 0.93 16 29.93 1.33 10.98 0.82 13.4 28.79 1.39 9.4 0.62 15.1 32.83 1.39 14.16 0.66 21.6 41.84 1.55 14.9 0.98 15.3 56.2 1.94 13.64 0.92 14.8 62.4 2.44 SPIRAX-SARCO ENGR. UNILEVER UNILEVER UNILEVER VODAFONE GROUP P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 14.9 19.94 1.18 16.9 1.47 19.9 19.63 1.28 15.3 1.7 16.1 21.63 1.38 15.7 1.83 18.6 23.66 1.17 20.2 1.58 22.6 24.82 1.31 18.9 2.43 20.8 26.28 1.26 20.8 2.23 23.6 29.26 1.2 24.5 2.21 27 32.93 1.45 22.8 2 29 41.26 1.62 25.5 2.35 25.6 41.09 1.94 21.1 1.53 VODAFONE GROUP VODAFONE GROUP WHITBREAD WHITBREAD WHITBREAD WPP Earnings Per Share P/E Ratio Share Price Earnings Per Share P/E Ratio Share Price 0.19 7.8 14.11 0.92 15.3 6.09 0.17 10.2 17.9 1.11 16.1 7.89 0.16 11.3 15.64 1.28 12.2 6.75 0.15 10.3 24.47 1.44 17 8.88 0.16 15.3 37.51 1.6 23.5 13.8 0.15 14.6 47.7 1.99 24 13.45 0.05 40.8 44.01 2.29 19.2 15.63 0.05 43.4 37.76 2.45 15.4 18.16 0.09 25.8 40 2.56 15.6 13.41 0.09 17.3 45.79 2.59 17.6 8.47 WPP WPP Earnings Per Share P/E Ratio 0.47 12.8 0.52 15.3 0.63 10.7 0.74 11.9 0.81 17.1 0.84 16 0.91 17.2 1.01 18 1.2 11.1 1.22 7 Monthly Return Data for a sample of companies drawn from the FTSE ALL SHARE that have trade 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Name 1/30/2009 2/27/2009 3/31/2009 4/30/2009 5/29/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 10/30/2009 11/30/2009 12/31/2009 1/29/2010 2/26/2010 3/31/2010 4/30/2010 5/31/2010 6/30/2010 7/30/2010 8/31/2010 9/30/2010 10/29/2010 11/30/2010 12/31/2010 1/31/2011 2/28/2011 3/31/2011 4/29/2011 5/31/2011 6/30/2011 7/29/2011 8/31/2011 9/30/2011 10/31/2011 11/30/2011 12/30/2011 1/31/2012 2/29/2012 3/30/2012 4/30/2012 5/31/2012 6/29/2012 7/31/2012 FTSE ALL SHARE 4IMPRINT GROUP 888 HOLDINGS AGGREKO -0.05901 -0.12667 -0.10579 -0.12282 -0.07175 -0.16031 0.20845 -0.08504 0.02820 0.03182 -0.04429 0.37456 0.09520 0.26872 -0.04390 0.17538 0.03662 0.01910 0.06122 0.01298 -0.03576 -0.24361 -0.00481 -0.11442 0.08351 -0.05405 -0.20531 0.05495 0.07104 -0.02381 0.03951 0.21389 0.04528 0.07317 0.07485 0.05724 -0.01905 0.34091 0.02938 0.08262 0.02470 -0.16949 0.10994 -0.03092 0.04243 0.02041 0.05714 0.26272 -0.03633 0.00800 -0.01532 -0.02742 0.02868 0.15873 -0.07411 0.07795 0.06336 0.07534 -0.01976 0.22257 -0.01610 0.41401 -0.21371 0.02684 -0.06642 -0.04955 -0.31731 0.03269 -0.04852 -0.04028 -0.33333 0.11946 0.06758 0.02469 0.36620 0.08268 -0.00686 0.01205 -0.23711 -0.07376 0.06336 0.01190 0.17568 0.10641 0.02391 0.20941 0.05172 0.00319 -0.02539 -0.03113 -0.07650 -0.06984 0.07032 0.08434 0.29586 0.01161 -0.00607 -0.04444 -0.14612 -0.03172 0.02047 0.00194 -0.10160 0.00836 -0.01251 -0.02321 0.02976 0.08916 0.02846 0.02970 -0.12139 0.13388 -0.01076 0.04423 -0.09211 0.04477 -0.00780 -0.01105 0.00000 0.03321 -0.02283 0.02421 0.02174 -0.00186 -0.07452 -0.16364 -0.13475 0.00311 -0.05218 -0.07609 0.03279 -0.15987 0.07779 0.20000 0.04762 0.05095 -0.00875 -0.10196 0.03030 0.10398 0.00777 0.01092 0.26471 0.06720 0.02625 0.12311 0.22093 0.03867 0.03785 -0.08462 0.07143 0.05633 -0.01351 0.24370 0.12889 0.01672 -0.00603 -0.07095 0.30315 0.00044 -0.07290 0.00000 -0.16616 -0.02354 0.04494 0.05273 -0.07971 -0.05733 0.01239 -0.07599 0.25591 -0.01448 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 8/31/2012 9/28/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013 2/28/2013 3/29/2013 4/30/2013 5/31/2013 6/28/2013 7/31/2013 8/30/2013 9/30/2013 10/31/2013 11/29/2013 12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014 5/30/2014 6/30/2014 7/31/2014 8/29/2014 9/30/2014 10/31/2014 11/28/2014 12/31/2014 1/30/2015 2/27/2015 3/31/2015 4/30/2015 5/29/2015 6/30/2015 7/31/2015 8/31/2015 9/30/2015 10/30/2015 11/30/2015 12/31/2015 1/29/2016 2/29/2016 3/31/2016 4/29/2016 5/31/2016 6/30/2016 0.01550 0.00882 0.00852 0.01352 0.00917 0.06270 0.01886 0.00933 0.00282 0.02467 -0.05300 0.06695 -0.02835 0.00980 0.04108 -0.01028 0.01724 -0.03134 0.04866 -0.03029 0.01807 0.00972 -0.01500 -0.00405 0.01504 -0.02902 -0.00862 0.02565 -0.01686 0.02521 0.03381 -0.02155 0.02633 0.00986 -0.05966 0.02302 -0.05972 -0.02875 0.04457 0.00216 -0.01371 -0.03146 0.00298 0.01475 0.00781 0.00236 0.02498 0.13458 0.07002 0.07507 -0.02329 0.04106 0.01972 0.01519 0.23810 0.10989 0.00000 0.00000 0.09109 -0.01996 0.01574 0.14403 -0.01355 0.07997 0.08227 -0.03386 -0.02003 -0.01533 0.00741 -0.04930 0.09907 0.05634 -0.01067 0.06098 0.05303 -0.02895 0.09441 0.05448 0.10872 0.06019 0.00092 -0.01921 0.14179 -0.10049 0.12625 0.04435 -0.02394 0.00475 -0.07087 -0.01864 0.08895 0.04441 0.03569 -0.04692 0.05956 0.08876 0.13859 0.06444 0.06951 -0.03983 0.33406 0.09984 0.01190 -0.08588 -0.05019 0.15786 -0.15916 0.15866 -0.04444 0.04965 0.03293 -0.17159 0.09307 -0.03521 -0.02721 -0.14325 -0.04857 -0.00837 0.07173 0.02362 -0.01538 0.05273 0.02783 0.01986 0.13805 -0.05443 0.05428 0.02652 -0.07295 0.11475 -0.04265 0.01536 -0.02269 -0.00155 0.13178 -0.04110 0.01429 0.19577 0.01767 0.07755 -0.12030 0.15573 -0.01991 -0.07047 0.03814 -0.22043 -0.08219 0.06199 0.05071 0.00000 0.00280 -0.08114 0.08404 -0.08596 -0.01413 0.00374 -0.00310 0.06479 -0.09538 0.00906 -0.03782 0.05063 0.05143 -0.01020 0.04242 -0.01047 -0.09048 -0.01680 0.00723 -0.01892 0.03324 0.09910 -0.10597 0.08120 -0.02604 -0.10510 -0.16609 -0.11083 -0.10872 -0.03733 0.09776 -0.09055 -0.06674 0.03693 0.21764 0.00929 0.03404 0.13701 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 7/29/2016 8/31/2016 9/30/2016 10/31/2016 11/30/2016 12/30/2016 1/31/2017 2/28/2017 3/31/2017 4/28/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/29/2017 10/31/2017 11/30/2017 12/29/2017 1/31/2018 2/28/2018 3/30/2018 4/30/2018 5/31/2018 6/29/2018 7/31/2018 8/31/2018 9/28/2018 10/31/2018 11/30/2018 12/31/2018 0.03936 0.01187 0.01573 0.00341 -0.02010 0.04897 -0.00386 0.02466 0.00925 -0.00689 0.03876 -0.02767 0.01100 0.00662 -0.00567 0.01674 -0.02036 0.04660 -0.01993 -0.03771 -0.02196 0.05996 0.02290 -0.00473 0.01215 -0.03460 0.00530 -0.05419 -0.02072 -0.03878 0.09615 0.12281 0.09500 -0.05879 0.00182 0.07446 -0.06028 -0.01079 0.08242 -0.00280 -0.03650 -0.01923 -0.05764 0.27049 -0.09132 0.05025 -0.05096 0.04110 0.05263 -0.05500 -0.16667 0.09206 0.01744 -0.01714 0.17442 0.06436 -0.07442 -0.09045 0.12707 -0.09559 0.10012 -0.03219 0.01606 -0.01806 -0.03793 0.03704 0.03687 0.03111 0.15086 0.04682 0.04025 -0.12210 0.00881 0.02136 -0.02357 -0.02375 0.03510 0.08555 0.00035 0.01348 -0.05532 0.01483 0.09423 -0.10013 -0.07567 -0.06501 -0.14464 -0.07025 -0.11333 0.06512 0.00626 -0.20762 -0.06428 -0.15941 0.01996 0.12294 0.09695 0.04667 -0.16176 0.00453 -0.02592 0.06478 -0.07822 0.06187 0.04218 -0.00213 -0.09338 -0.05945 0.00951 -0.07339 -0.01766 -0.00245 -0.04069 -0.03786 0.09941 0.12836 0.04007 -0.01582 -0.13117 -0.01770 ALL SHARE that have traded continuously from January 2009 to December 2018. ANGLO AMERICAN ANGLO-EASTERN PLTNS. ANTOFAGASTA APTITUDE SOFTWARE GROUP -0.18111 -0.09665 -0.01293 -0.04540 -0.20932 -0.01235 0.05298 0.00000 0.18482 0.16979 0.14076 0.09512 0.25126 0.24844 0.16947 0.20673 0.19744 0.05278 0.06610 -0.00918 -0.00760 -0.03117 -0.06598 0.26371 0.09441 -0.04895 0.28851 -0.02874 0.04715 0.02794 0.01255 0.12592 -0.01385 0.00858 -0.00913 -0.02628 0.11139 0.05674 0.01580 0.06749 0.17517 0.03356 0.16721 0.13289 0.04149 0.01039 0.10161 -0.01116 -0.14349 -0.01028 -0.11391 0.00564 0.02929 0.10390 0.00512 -0.02806 0.20251 0.11765 0.17714 -0.05774 -0.02383 0.15789 -0.03942 0.06127 -0.05151 -0.06091 -0.11311 -0.04619 -0.11669 0.01355 -0.11230 -0.00605 0.07403 0.04585 0.25620 0.06090 -0.07308 0.03927 0.04453 -0.02296 0.07927 0.02548 0.19767 0.25288 0.15146 0.02999 0.06958 0.02354 -0.03009 -0.05408 -0.00530 -0.00458 0.18259 0.27968 0.22586 -0.01381 -0.08185 -0.01856 -0.12779 0.21955 0.08849 -0.01120 0.00071 0.07662 -0.03795 -0.00850 -0.03269 -0.01066 -0.02697 0.10607 0.00441 0.00359 -0.02900 -0.01711 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0.03087 -0.09626 0.13373 -0.07098 0.00225 0.00673 -0.02004 -0.08864 0.04239 -0.00718 -0.04819 0.03165 -0.16196 ASHTEAD GROUP ASSOCIATED BRIT.FOODS -0.06433 -0.09178 -0.14375 -0.01810 0.15328 -0.01613 0.59494 0.12100 -0.17857 0.01811 0.09662 0.04309 0.09692 0.04393 0.30924 0.00565 0.05521 0.05809 -0.06570 -0.02302 -0.15495 -0.02659 0.19588 0.02048 0.05296 0.07421 -0.00760 0.07588 0.12493 0.03000 0.24673 0.02810 -0.11008 -0.04871 -0.15156 0.01829 0.07958 0.05387 -0.20670 0.03019 0.42820 -0.00851 0.14377 -0.00191 0.04137 0.01337 0.32086 0.11310 -0.03991 -0.10076 0.03253 -0.08992 0.15753 0.02638 0.01915 0.01512 -0.09594 0.06951 -0.07002 0.00557 -0.05647 -0.01108 -0.26559 0.00000 0.12903 0.03641 0.16617 -0.00360 0.18956 0.00271 0.22493 -0.00180 0.04071 0.04155 0.05017 0.03903 0.04615 0.01836 -0.03831 -0.00082 -0.07324 -0.02543 0.12853 0.07912 -0.02770 -0.02106 ASSURA ASTRAZENECA AVEVA GROUP AVON RUBBER -0.05338 -0.04845 0.05351 0.36842 -0.33972 -0.16024 -0.20318 0.01282 -0.10489 0.09273 0.17869 -0.12658 0.40435 -0.02693 0.00177 0.66667 0.06827 0.07757 0.30090 0.34783 -0.09231 0.03911 -0.02517 0.01935 -0.03878 0.04962 0.12770 -0.10127 -0.17091 0.01320 0.03527 0.14789 0.33333 -0.01268 0.09803 -0.03067 -0.09539 -0.02211 -0.03103 0.04430 0.03220 -0.00912 0.08989 0.15758 0.00788 0.07122 0.03814 0.04188 0.40646 0.00052 0.08441 0.00503 0.00000 -0.00979 -0.05677 -0.09000 0.01112 0.01925 0.15048 -0.07692 -0.05501 -0.01701 -0.02278 0.07738 -0.02329 0.00433 0.01295 0.22099 0.02980 0.09219 -0.03665 -0.08145 0.07524 0.02177 0.17699 0.10837 0.02691 -0.00309 0.07293 0.04444 -0.04193 0.00170 0.02523 0.40426 -0.03830 -0.03216 0.01845 -0.02121 0.10240 -0.04282 0.00671 0.21362 -0.05160 -0.02454 0.07600 0.02296 0.01088 0.03713 0.02354 0.08479 0.00257 -0.01138 -0.03511 0.06897 -0.05089 -0.04439 0.01318 0.05806 0.06222 0.04436 -0.00867 0.01220 -0.07455 0.06271 0.04122 0.28514 -0.00575 -0.02187 0.02760 -0.03594 -0.00579 -0.04344 -0.00466 -0.08671 0.00000 -0.01783 -0.07566 0.00799 -0.05796 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-0.01586 0.00709 -0.09824 0.01384 0.05985 -0.05185 0.12295 -0.00682 0.04310 0.03443 0.02634 -0.05753 -0.05745 0.08127 -0.01674 -0.08510 -0.03916 -0.07643 0.01562 0.00000 0.03501 0.01486 -0.01090 0.00724 0.02595 0.02530 -0.03508 0.05823 -0.02416 -0.02476 0.00000 0.04374 0.00000 0.07972 -0.02253 0.03943 0.04114 0.03952 0.02938 -0.01703 -0.01171 0.02938 0.06811 0.00337 0.06981 0.03514 -0.00970 0.06876 -0.02291 0.16882 -0.05617 -0.00425 -0.06403 -0.00456 -0.06434 0.11243 0.02733 -0.03107 0.01474 -0.01453 -0.08163 0.06100 0.06675 -0.00975 -0.02399 -0.01674 0.00630 -0.02623 0.03093 -0.01921 0.04932 -0.01883 0.10149 0.01303 0.01361 -0.08058 0.07063 -0.04708 0.01180 0.02908 0.06180 0.01736 0.07945 0.05844 -0.05081 0.20315 -0.08158 0.01331 0.00092 0.05121 -0.02748 0.02297 0.05205 -0.04697 0.04116 -0.05766 0.03513 -0.02810 -0.02758 -0.08085 0.07489 -0.04630 0.01493 -0.00741 0.08481 0.02532 -0.02794 -0.08479 -0.04979 0.00653 0.02546 0.10899 0.03752 0.06152 0.01169 0.02864 0.06595 -0.00963 0.06710 -0.01822 -0.01943 0.08918 -0.06782 0.06237 -0.03494 0.11983 -0.00462 -0.13650 -0.03091 -0.00647 0.00418 -0.03011 0.00669 0.06215 -0.08977 -0.01668 0.05089 -0.26923 -0.00195 -0.05924 -0.09066 -0.00076 0.21477 -0.07210 0.14257 0.15021 -0.07044 0.21958 -0.01815 -0.05958 0.00884 0.06768 -0.26220 -0.17738 0.14575 0.03279 0.02222 0.00248 0.04956 -0.02859 0.04878 0.02646 0.10625 0.04520 0.20270 -0.08989 -0.00247 0.03960 0.08690 -0.03176 0.01584 0.08241 0.13169 -0.00909 0.06651 0.00645 0.11966 -0.03740 -0.01903 0.01374 0.03349 -0.03549 0.05600 -0.05000 -0.01834 0.08855 0.07687 0.06029 0.03791 -0.04912 0.04503 -0.01901 0.07623 -0.03121 -0.00248 0.07453 0.05665 0.24289 -0.06250 -0.07042 -0.19242 -0.04941 0.05855 -0.07769 0.19272 -0.03955 0.12406 0.05769 0.00474 0.00551 0.22613 0.00830 0.01646 0.03113 -0.00181 -0.01331 -0.03985 0.01469 0.02517 0.02087 0.08178 0.07838 -0.02113 0.04897 0.05673 0.00428 -0.08231 0.04794 0.14658 -0.02488 0.02992 0.00897 0.03175 -0.20579 -0.09119 -0.06936 -0.01030 0.13006 -0.14502 -0.05308 0.03574 0.07647 -0.13078 0.09765 -0.00496 0.07828 0.06619 -0.02003 0.00954 0.12078 -0.03883 0.04353 -0.11525 -0.04342 -0.03085 -0.03732 -0.05321 0.08551 -0.01997 0.03321 -0.10336 -0.06762 0.00044 0.04192 0.01593 -0.15718 0.07483 -0.00597 -0.00326 0.00844 -0.02630 -0.00439 -0.08774 0.12495 -0.01099 0.05867 0.03673 0.00474 0.00472 0.01802 -0.03909 -0.03668 -0.01746 0.08122 -0.03599 -0.06169 0.02595 0.00506 -0.05034 0.01767 -0.01736 -0.03180 -0.01277 -0.03142 0.01908 -0.01124 0.13006 -0.02754 0.01935 -0.08313 -0.09558 0.06941 -0.05487 0.10730 0.05782 -0.05598 0.12863 -0.01891 -0.11022 -0.00613 0.09117 0.01554 -0.05068 0.07201 -0.04579 -0.02282 0.02524 0.04239 0.07113 -0.03897 0.11650 -0.01194 0.02899 0.00453 0.02120 -0.03989 0.11689 0.00739 0.04722 -0.07815 -0.07772 0.10725 0.01490 0.00315 0.01934 0.04461 -0.04958 0.00207 0.02268 -0.02822 0.26297 0.03614 0.04280 0.05093 0.07921 -0.03284 0.02138 0.12716 0.10214 0.13142 -0.02085 0.07985 0.01901 -0.09537 -0.02063 -0.05616 -0.00118 -0.02827 0.22424 -0.01782 0.05746 -0.00763 -0.01249 -0.05691 -0.00825 0.09100 0.04862 -0.07273 -0.01961 -0.06500 0.00267 0.04427 0.19816 0.03922 0.02953 -0.05976 0.07627 0.05906 0.04089 0.02143 0.01748 -0.05155 -0.06522 -0.06977 0.08750 -0.04215 BABCOCK INTERNATIONAL BAE SYSTEMS BALFOUR BEATTY BARR (AG) BARRATT DEVELOPMENTS 0.06694 0.06768 0.12830 -0.11968 -0.00719 -0.10228 -0.07644 -0.14401 0.10089 0.23041 -0.05448 -0.09960 0.03145 -0.00798 0.03799 0.01687 0.07100 0.02822 0.04419 0.57732 0.05840 -0.04606 0.00667 -0.03078 0.13224 0.04056 -0.00951 -0.08986 -0.01190 -0.06946 -0.02132 -0.09306 -0.01052 0.04419 0.34574 0.04727 0.01694 0.10125 0.02769 0.23832 0.15315 0.11851 -0.04365 0.21256 -0.00161 0.06683 -0.09937 -0.05253 0.02470 -0.16045 0.02639 0.04324 -0.03839 0.04576 -0.12509 -0.04258 0.09570 0.01174 0.02938 0.04907 -0.05787 -0.01808 0.03443 -0.11359 -0.03468 -0.06233 0.06034 0.03179 0.02587 -0.04929 0.14435 -0.00801 0.05908 0.17169 0.08963 -0.02905 -0.07245 -0.05168 -0.01941 0.00565 -0.01966 -0.06301 -0.08589 -0.00321 -0.13392 0.04098 -0.02851 -0.05527 0.13486 -0.12222 -0.07204 -0.00351 0.04095 0.12690 0.01530 -0.08754 -0.05666 -0.03774 0.04452 -0.00208 0.12760 0.16152 0.11598 -0.01366 0.02811 0.01755 0.00701 0.03439 -0.00164 -0.20911 -0.10258 -0.04178 -0.01048 -0.07108 -0.10307 0.09701 -0.00091 0.14280 -0.03958 0.26552 0.01051 0.03636 0.07223 0.06044 0.03948 -0.02774 -0.03830 0.04173 -0.10622 0.16549 0.10697 -0.01216 -0.01631 0.18841 0.02514 0.03139 0.00923 -0.04654 0.11788 0.01544 0.07650 0.00701 -0.01800 -0.01091 0.01431 0.03264 -0.03543 -0.04163 -0.03161 0.00705 -0.05266 -0.04553 -0.01588 -0.03264 -0.13748 -0.06820 -0.09441 -0.17754 -0.11225 -0.16497 0.04852 -0.02906 0.02363 0.05305 -0.04620 0.06905 0.03479 -0.01448 0.01594 0.13193 0.02838 -0.01048 -0.00318 -0.04793 0.11993 0.01518 0.04165 0.05456 0.05294 -0.06586 -0.00816 0.07962 0.03474 -0.01071 0.17546 0.03221 0.01592 0.01423 -0.00582 0.34799 0.05778 -0.04093 0.02735 -0.01006 -0.04212 0.04330 -0.01567 -0.08581 -0.01524 -0.05177 0.02287 -0.07588 0.03946 -0.08556 -0.10322 0.00411 0.05792 0.09842 0.12609 0.16013 0.00586 0.07034 -0.02718 0.07715 -0.04960 0.09145 -0.01068 0.05501 0.01893 -0.03112 0.07510 0.03372 0.01397 -0.01654 0.08411 -0.04913 0.06527 -0.03149 0.05097 0.06605 0.02745 0.03435 0.02583 0.05827 -0.08430 0.00535 0.01675 -0.04283 -0.05508 0.02095 -0.02587 0.00275 0.03836 -0.06948 -0.04915 0.00398 -0.02525 0.02489 0.11497 -0.04000 -0.08194 -0.02269 -0.05831 0.05644 0.11100 -0.05135 -0.09941 0.00000 0.03770 -0.00211 0.09446 -0.12777 0.03108 0.02072 -0.03968 0.04837 0.02933 0.00801 0.04564 0.11039 -0.04768 0.07883 -0.05455 0.16423 -0.02422 0.04436 0.00066 -0.06004 0.01778 -0.01356 -0.04241 0.00803 -0.03428 0.05775 0.02316 -0.01178 0.04044 0.05931 -0.02715 0.04883 -0.01891 0.07521 0.04828 -0.01598 -0.02961 0.01378 -0.12388 0.06427 -0.05831 -0.00995 -0.01653 0.17306 -0.03272 0.03283 -0.00581 -0.00780 -0.06228 0.01320 0.08354 -0.03277 0.08310 0.03787 -0.18052 0.05962 -0.03069 0.07576 -0.17730 -0.08049 0.07967 0.02274 0.03565 -0.00203 0.15381 0.00492 -0.06370 0.07252 0.01708 0.09219 -0.05993 -0.06442 -0.15769 -0.01101 0.01884 0.02144 -0.22387 -0.18505 0.19258 0.15657 0.04717 0.12973 -0.04266 0.01041 0.02597 -0.02812 -0.02563 0.15613 -0.07706 -0.00915 0.02970 0.05300 -0.07217 0.00279 0.01273 -0.06284 0.03856 -0.13236 -0.02140 0.06250 -0.00470 0.06742 0.04274 0.09731 -0.05612 0.06238 0.00550 0.01277 -0.09009 0.07129 -0.00185 -0.02315 -0.00758 0.05444 0.02536 0.07774 0.00984 -0.00974 0.01393 0.01051 0.01760 0.04245 -0.03167 -0.03894 -0.04295 0.03980 -0.03909 0.07034 0.07284 -0.10037 0.02379 -0.02083 0.00655 -0.08130 -0.00708 -0.06506 0.00953 -0.00850 0.01524 -0.01032 -0.01801 0.02317 0.05566 -0.03932 -0.09916 0.13464 0.13000 0.11858 0.02901 0.06407 0.04817 0.10340 0.14161 0.13535 0.02763 -0.03189 0.05297 -0.06902 0.01680 0.08587 -0.01761 0.06015 0.08481 0.16218 -0.06250 -0.10424 -0.03329 0.04619 -0.06556 0.05928 0.07083 0.05731 0.09909 0.02325 -0.02675 0.12456 0.02522 -0.01703 0.13956 0.03801 0.03336 0.00709 0.00782 -0.04965 -0.01878 0.04160 -0.04233 -0.01585 -0.05000 -0.04996 0.11174 -0.31520 0.07242 0.07835 -0.01052 -0.04444 -0.03438 -0.00209 -0.06296 0.06159 -0.06962 0.01927 0.03782 -0.05627 -0.04089 -0.03789 0.01846 -0.01873 -0.14163 0.01220 -0.02764 -0.04985 0.02608 0.10018 0.13210 -0.01825 -0.12619 -0.00168 0.01346 -0.15463 -0.07068 -0.13856 0.01908 0.00843 -0.02693 0.03531 0.10691 -0.01499 -0.01606 0.08247 0.01984 -0.02412 0.06140 -0.04808 -0.05051 0.00998 0.03951 -0.06017 -0.06992 0.03804 0.03665 -0.02458 0.00345 0.05091 0.04648 0.01157 0.00989 -0.07226 0.03927 -0.16513 -0.06561 -0.06534 0.03116 0.27334 -0.01027 -0.03006 -0.01218 0.00448 -0.03868 0.07002 -0.02603 0.08315 -0.03427 -0.03974 -0.02439 0.01856 0.00112 0.01783 -0.03358 0.12160 -0.04882 -0.06124 0.00905 0.09940 0.03875 -0.07166 0.03490 -0.01328 -0.05385 -0.04013 -0.04599 -0.00677 0.11524 -0.06019 0.01084 -0.08129 0.06514 -0.00100 0.00100 0.03785 0.11132 0.07254 0.06039 -0.06454 -0.02597 0.05083 -0.01983 0.01052 -0.01681 0.08550 -0.03676 0.02804 -0.00455 0.06088 -0.02439 0.01029 -0.01456 0.03693 0.02564 0.06111 0.04319 -0.01004 0.07918 0.12914 0.00061 -0.08214 0.03416 -0.01449 0.03309 0.07076 0.06843 0.06038 0.05695 -0.08000 0.09228 0.01462 -0.01601 0.06509 -0.07410 0.06848 -0.09622 -0.07895 -0.01596 0.05204 -0.02222 -0.05535 0.03609 0.01498 0.04613 -0.09347 -0.10078 0.00130 BATM ADVANCED COMMS. BBA AVIATION -0.21774 0.07230 -0.03093 -0.05401 0.12766 0.17868 0.26415 0.28472 -0.05970 0.14858 0.13492 -0.06359 0.00699 0.18632 0.23611 0.14166 0.04494 0.02525 0.15054 -0.02595 -0.06075 0.00589 0.02488 0.05739 0.06796 0.00665 -0.28636 0.01219 -0.06369 0.16516 0.10204 0.06826 -0.42593 -0.10044 -0.04301 -0.02032 0.16854 0.06930 -0.06731 -0.09596 -0.05155 0.06325 -0.04348 0.07002 -0.01136 -0.05650 0.05747 0.16509 0.03261 0.00631 0.07368 -0.00226 -0.17647 -0.08674 0.17857 0.06788 0.03030 0.00831 -0.10784 -0.00594 -0.07692 -0.02801 -0.04762 -0.20723 -0.08750 -0.00058 -0.02740 0.06274 -0.02085 -0.00903 -0.15880 0.00911 0.19699 0.04718 -0.02857 0.08584 0.05882 0.05730 -0.14611 -0.07712 -0.13012 -0.02130 0.09349 0.05538 -0.02531 -0.10193 BELLWAY BERKELEY GROUP HDG. BHP GROUP -0.04000 -0.09180 -0.08732 0.09722 0.09981 -0.06350 0.07199 0.02010 0.25226 0.05978 0.10417 0.02816 -0.10097 -0.09587 0.03652 -0.05577 -0.09306 -0.07589 0.20591 0.02736 0.14590 0.20204 0.14588 0.04159 -0.05999 -0.06392 0.04915 -0.11981 -0.03725 -0.03777 -0.01231 0.01876 0.13022 0.13296 -0.05639 0.07402 -0.09291 -0.02439 -0.06466 -0.10377 -0.07250 0.07556 0.15789 0.09704 0.12606 -0.02078 0.02334 -0.10376 -0.08156 -0.03842 -0.05554 -0.11119 -0.04682 -0.08286 -0.05849 0.06090 0.11229 -0.09750 0.01111 -0.06149 0.10134 0.00855 0.10565 -0.07292 0.01877 0.09309 -0.03745 -0.04040 0.03230 0.30350 0.10217 0.11641 -0.08582 -0.00618 -0.06703 0.09878 0.17015 0.02248 0.03418 0.00580 0.01089 0.01580 0.01825 0.02622 0.05092 0.06509 -0.04813 -0.03769 0.14083 0.02039 -0.07692 -0.04270 -0.07300 -0.08788 -0.04055 -0.07347 0.03322 0.00592 -0.17474 0.14148 0.05126 0.13205 0.02676 0.02158 -0.00940 -0.02263 -0.00156 -0.03669 0.03439 -0.00705 0.13076 0.10719 0.09550 -0.04027 0.00245 -0.04899 -0.06380 -0.03729 -0.02955 0.03513 -0.12063 -0.02576 -0.14181 0.20578 0.12901 0.06580 -0.03892 -0.02910 0.03488 0.00000 0.25474 -0.11186 0.11020 -0.04991 0.07463 0.01389 0.01370 0.01351 0.09333 -0.21951 -0.05500 -0.06614 0.11544 0.15873 0.01370 0.06757 -0.17722 -0.01538 0.07813 0.02899 0.00000 0.05634 -0.07307 -0.04315 -0.01503 -0.05372 0.01613 -0.00762 -0.05630 0.02576 -0.15730 0.00000 0.29412 -0.09091 0.10000 0.09091 0.11833 -0.04372 -0.04519 -0.03428 -0.08451 -0.03077 0.03175 0.00000 0.00000 -0.10769 0.03760 0.03896 0.02278 0.05839 0.04307 -0.00451 0.15001 0.00865 -0.02567 0.11758 -0.00105 0.07104 0.02632 -0.00939 0.10918 -0.03342 -0.01957 -0.03744 0.08975 -0.01338 -0.06570 0.01032 -0.01339 0.03202 0.01350 0.00558 0.08832 -0.02971 0.04894 -0.05695 0.02124 -0.02914 0.01989 -0.04514 -0.07964 -0.01589 -0.01854 -0.08134 -0.00449 -0.05611 0.05056 -0.13908 0.19103 0.03352 -0.00100 0.01199 0.08983 0.08287 0.05926 0.09832 -0.01335 0.03659 0.07350 0.04414 0.11907 0.03701 -0.05056 -0.00548 0.08661 -0.02826 -0.01939 0.14373 -0.04122 0.08877 -0.01019 0.07851 -0.00955 -0.13313 -0.04100 0.13478 -0.03512 0.05625 -0.01817 0.11615 0.07719 0.02919 -0.05931 0.09156 -0.00502 0.00555 0.17821 0.01065 0.01644 0.03235 -0.00121 0.04425 0.00770 0.08410 -0.02045 -0.07559 0.02142 -0.06710 0.11688 -0.30553 0.05556 -0.02632 0.08250 0.07884 0.07004 0.04155 0.04098 0.07139 0.02156 0.01535 0.00661 0.06007 -0.06197 -0.02218 0.12934 0.00641 0.12781 -0.02598 0.05953 -0.04414 -0.12443 -0.01700 0.07228 0.01365 -0.02162 -0.06172 0.01333 0.12588 -0.03389 -0.02298 0.08007 0.00841 -0.04547 0.22827 0.08145 0.00687 0.00089 -0.00949 -0.00659 -0.03225 0.14855 -0.04149 -0.08091 -0.00954 -0.06930 0.09349 -0.22962 -0.01766 0.04848 0.03143 -0.01183 0.08537 0.01292 -0.03153 -0.08330 -0.06475 0.06951 -0.12190 0.11713 -0.00054 -0.03088 0.06071 -0.03704 0.00538 -0.03932 0.07408 -0.04382 0.04067 -0.02658 0.01151 0.07383 -0.05988 -0.10092 -0.06093 -0.05805 -0.08471 0.03926 0.12023 -0.08846 0.05938 -0.05196 -0.09460 -0.05324 -0.04271 -0.11219 0.03532 -0.23412 -0.04630 -0.11000 0.07629 0.07527 0.19200 -0.11799 0.14557 0.13793 0.07576 -0.04225 -0.10294 0.00852 0.21131 -0.00698 0.06757 -0.11392 0.08571 -0.03263 0.02720 -0.03337 -0.01370 -0.02778 0.46457 0.03394 -0.02830 -0.00194 0.00000 0.07588 -0.00362 -0.00907 0.28388 0.04565 0.10368 -0.15946 0.14559 0.24647 -0.04428 0.07790 0.01261 0.03693 0.03481 0.01431 0.08006 -0.01341 0.09123 -0.00164 0.02233 0.03534 -0.04623 -0.02505 0.00701 -0.01127 0.06635 0.04714 0.04952 0.00601 -0.01990 -0.07077 -0.00187 0.03127 0.03517 0.02519 -0.11657 -0.02781 -0.20093 -0.01082 -0.08165 0.10432 0.11164 0.01674 -0.00127 0.03212 0.01392 0.00323 0.04911 0.03722 0.05290 -0.00703 0.05272 0.07227 0.00408 0.02935 0.10707 -0.05151 0.02917 -0.06792 -0.06173 -0.02150 0.08757 -0.00995 -0.08498 -0.02896 0.00034 0.03290 -0.04745 -0.11459 -0.01062 0.06342 -0.00410 -0.03443 -0.08566 0.05002 0.13363 -0.00285 0.05143 0.08933 0.01590 -0.00061 -0.00891 0.08336 0.07008 -0.00642 0.00646 0.02005 0.09984 -0.05504 -0.02824 -0.01687 0.07469 0.04273 -0.10857 -0.01374 -0.02411 0.00988 -0.04838 -0.07855 0.07843 0.00202 0.04785 0.17436 0.06194 0.06399 -0.00533 0.10027 -0.09739 -0.04894 -0.04781 -0.00170 0.00256 0.17177 0.07148 -0.10972 0.03652 -0.01284 0.13197 0.02726 -0.05102 -0.05431 0.10003 0.11982 -0.01330 0.02849 -0.06315 0.01667 -0.06510 -0.03891 0.09989 BIG YELLOW GROUP BLOOMSBURY PBL. 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0.00678 -0.00146 0.07222 0.06893 -0.04136 0.06870 -0.04132 -0.05179 0.00863 0.12259 0.07119 0.00347 -0.00865 -0.04535 0.07674 -0.03733 -0.08338 -0.04625 BRITISH AMERICAN TOBACCO BRITISH LAND 0.05556 -0.17876 -0.05421 0.01160 -0.10239 -0.04886 0.01612 0.19404 0.02990 -0.10041 -0.00889 -0.01419 0.11058 0.13874 0.00861 0.11494 0.04749 -0.02021 -0.01019 -0.00631 -0.04941 -0.05676 0.09177 0.07768 0.02678 -0.08729 0.07679 0.00434 0.01884 0.09341 -0.09575 -0.02640 -0.00560 -0.03886 0.04602 -0.03243 0.02691 0.06015 0.01003 -0.01169 0.07153 0.01884 0.00232 0.09570 -0.02080 -0.05594 0.05707 0.09044 -0.06434 -0.01144 0.06811 0.12536 0.01625 -0.05313 0.04357 0.08688 0.04251 -0.00500 0.00331 0.01925 0.03277 -0.03941 -0.02730 -0.07863 -0.00547 -0.11688 0.04984 0.07248 0.02810 -0.02977 0.03752 -0.06622 -0.04533 0.05643 0.08913 -0.03745 -0.00834 0.02041 0.00270 0.01980 -0.03181 -0.01308 0.05983 0.05694 0.04813 0.04701 BRITVIC BROWN GROUP BT GROUP BTG BUNZL -0.12961 -0.04182 -0.22411 0.06250 -0.03898 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0.02970 0.01183 -0.12792 -0.13495 0.02907 0.02448 0.01379 0.00091 0.51268 -0.00599 0.02737 -0.00296 -0.03308 -0.03553 -0.06321 0.02379 -0.00948 0.07946 0.02882 0.03793 0.00997 -0.05921 0.00000 0.00962 -0.01861 0.03441 -0.09808 -0.02033 -0.00579 -0.05097 0.07161 0.00764 0.08479 0.00218 -0.01307 0.05872 0.00626 -0.04227 0.04543 -0.01945 BURBERRY GROUP CAIRN ENERGY CAPITA CAPITAL & REGIONAL CARNIVAL CARR'S GROUP 0.14092 -0.09679 -0.05422 -0.36161 -0.15905 0.09581 0.01581 0.07746 -0.04870 -0.20000 0.12845 -0.03279 0.09630 0.10914 0.02183 -0.29195 0.10684 0.00000 0.44099 -0.01470 0.00885 1.02962 0.18297 -0.03955 -0.05788 0.16190 0.04456 0.06538 -0.14987 0.05294 0.10588 -0.05942 -0.00071 -0.11562 0.00816 -0.02235 0.08747 0.02304 -0.06578 0.04585 0.08525 0.00000 0.05109 0.04634 0.02098 1.38448 0.09060 0.01714 0.04137 0.11169 0.06016 -0.18012 0.12093 -0.02809 0.07051 -0.05204 0.05606 0.03030 -0.11023 0.04046 0.05751 0.16579 -0.06684 0.13971 0.07433 -0.02222 0.05088 0.07984 0.05477 -0.11613 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-0.13095 -0.24521 0.10030 0.00329 0.03120 0.04459 0.02744 0.02003 0.02739 0.03799 0.04069 0.04107 0.04280 0.02213 0.00787 0.04980 -0.11758 0.04596 -0.03931 0.02644 0.01594 -0.03441 -0.04563 0.03166 0.02370 -0.10130 0.01794 0.04655 0.02872 -0.10516 0.06803 -0.17351 0.01779 0.01399 -0.02069 -0.01408 0.07857 -0.01073 -0.05275 0.04594 -0.08446 0.04893 -0.02202 -0.00719 0.03442 0.03678 -0.02703 0.00000 -0.11111 0.00000 0.11719 -0.05594 -0.03704 0.06154 0.03261 0.03158 0.00680 -0.02027 0.05862 -0.02280 0.05167 -0.04437 CENTAMIN CHARLES TAYLOR CHEMRING GROUP CINEWORLD GROUP CLARKSON CLS HOLDINGS 0.00000 -0.10763 0.17950 0.06473 0.30435 0.04918 0.22024 -0.06856 -0.05001 0.05853 0.05556 -0.14156 0.20488 -0.09030 -0.13182 0.07244 0.02316 -0.14452 -0.11336 -0.10701 0.11176 0.12690 0.04938 0.27872 0.57534 0.07599 -0.04837 0.00355 0.13725 -0.00166 0.00870 0.01222 0.08123 0.00177 0.07069 0.01667 0.00862 -0.00135 -0.06589 -0.00529 0.02496 -0.00820 -0.02564 0.12771 0.03058 0.11279 0.13904 0.47438 0.12281 0.07985 0.16993 0.02375 0.18207 0.18834 0.27083 -0.01546 0.08226 -0.02475 -0.03734 -0.14151 0.09631 -0.06723 0.02344 -0.09354 -0.02424 0.00000 -0.08411 0.00960 0.08496 0.04895 -0.08075 0.09604 -0.12857 -0.04884 0.09875 0.04667 0.06351 -0.09565 0.08899 0.10641 0.02850 0.01283 0.00572 0.03038 0.16774 -0.01358 -0.00241 0.17751 0.09918 0.10824 -0.02762 0.07798 0.10209 0.05487 0.09195 -0.01748 0.14394 -0.06278 -0.13127 -0.07853 -0.06737 -0.09486 0.08874 0.00570 -0.06183 0.08785 0.00451 0.00000 -0.08759 -0.00680 -0.02891 0.00000 -0.04326 -0.02838 0.18667 -0.25112 -0.09904 -0.03154 0.09571 0.15730 -0.00562 0.10776 0.15527 0.05870 0.07610 0.01845 -0.02260 0.05751 -0.00266 0.09849 0.06076 0.01049 0.03699 -0.11918 -0.04436 -0.08074 -0.02441 -0.04717 -0.01672 -0.02060 0.01361 0.05859 0.08855 0.05842 -0.22676 -0.04050 0.15805 -0.03226 0.00796 -0.01777 -0.13123 0.00157 -0.02558 0.04053 -0.04386 0.16190 0.14515 -0.12500 0.05510 -0.05036 0.17431 0.09016 -0.04200 0.08565 -0.03110 0.05655 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0.07883 0.03045 0.01970 -0.01932 0.03152 0.12222 -0.04991 0.02448 -0.04604 -0.08308 -0.07595 0.00721 0.00931 -0.01702 0.09019 0.02184 0.03821 0.14161 -0.04372 0.04514 0.00109 -0.02458 0.06775 0.00787 -0.09417 0.02298 0.09770 0.00818 -0.05936 -0.00539 0.06616 0.01119 0.04376 0.05301 0.00255 0.02929 -0.09237 0.08178 -0.00210 0.02020 0.06931 0.05826 -0.09661 -0.00605 0.00568 0.01292 0.03587 0.02155 -0.08249 -0.04598 0.05723 -0.01831 0.05348 0.00197 0.01178 0.02213 -0.16407 -0.04543 0.03855 -0.05912 0.11788 0.06928 0.08476 -0.00188 0.02710 0.00366 0.03505 0.03175 -0.05915 0.10465 -0.04869 -0.06328 0.06977 -0.01035 0.06067 -0.06246 0.04207 0.02255 -0.00921 -0.05724 0.06769 -0.00958 0.00290 0.04436 0.05540 -0.09011 0.01923 -0.08255 0.06941 -0.00385 0.00386 0.00000 0.00481 0.01914 0.03474 -0.01361 0.02116 0.02162 0.02998 0.02397 -0.03679 -0.02778 0.07143 0.02500 -0.03089 -0.07550 0.04356 0.03478 -0.06555 -0.10342 -0.06219 0.07601 0.03753 0.01986 0.02921 -0.04527 0.00142 0.04311 0.05420 0.18252 0.05870 -0.00565 -0.04750 0.01897 -0.04947 0.00336 -0.03625 -0.00694 0.09033 -0.01871 -0.03595 0.04972 -0.00969 -0.00326 -0.04035 -0.00795 -0.02635 -0.01882 -0.09952 -0.01198 -0.14960 0.12171 0.02093 -0.02176 -0.09410 0.05760 0.04598 -0.01152 0.00648 0.09781 0.04807 0.10552 -0.05430 0.03495 0.03032 -0.01271 0.04336 0.04513 0.03666 -0.11957 0.04084 -0.06998 0.02461 0.15786 0.00059 -0.03021 -0.01344 0.04768 -0.14598 -0.01938 -0.07128 0.05355 0.11425 -0.00117 0.03201 0.00605 0.06391 -0.02120 -0.01805 0.03309 0.00320 -0.00958 -0.02077 -0.02816 0.02183 0.04494 -0.00106 -0.09457 0.03546 -0.01694 -0.08040 0.00291 0.07140 0.07129 -0.03255 -0.02318 -0.02296 -0.01606 -0.06489 -0.08599 -0.03540 0.05926 -0.00451 0.05257 0.00402 -0.06747 -0.02023 0.04756 0.04779 0.01596 0.05612 0.05287 -0.01968 -0.04736 0.03810 -0.01275 0.10308 0.02127 0.03534 0.01356 0.03077 -0.01168 -0.02342 0.04506 0.03003 0.07039 -0.00778 0.02000 -0.07343 0.01162 -0.03917 DAEJAN HOLDINGS -0.03554 -0.09811 -0.04137 0.11881 -0.06429 -0.01934 0.01972 0.32366 0.04806 -0.01687 -0.02537 0.09074 -0.06599 -0.06050 -0.05960 -0.00383 0.00982 -0.00634 -0.00979 0.08509 0.02970 -0.01692 -0.06534 0.10716 -0.00378 0.10057 -0.09138 0.02846 0.00590 0.01431 0.01121 -0.08441 -0.04766 0.13126 -0.04097 0.04915 0.01333 0.01743 0.05383 0.07396 -0.16523 -0.01221 0.12397 DCC DE LA RUE ORD DECHRA PHARMACEUTICALS DERWENT LONDON 0.02910 0.03422 0.15352 -0.17517 -0.06794 0.10352 -0.00060 -0.00251 0.10550 -0.05996 -0.01532 0.11484 0.16526 -0.00823 -0.03172 0.26090 0.05573 -0.14263 0.00805 0.00537 -0.03623 0.10224 0.03555 0.10913 0.03348 -0.08617 0.03020 0.03209 0.16524 0.04685 -0.01425 0.19171 0.06687 0.03041 -0.00211 0.06087 -0.00783 0.01893 0.07268 0.02049 0.03176 0.04044 -0.01743 0.02169 0.04943 0.03782 0.09092 0.03774 -0.01416 -0.01771 -0.02561 -0.00758 0.01560 -0.03606 -0.05090 -0.01145 -0.01006 -0.00962 -0.08792 0.05483 0.01992 -0.01349 0.10843 0.06003 -0.08312 -0.02516 -0.09456 -0.07735 -0.04969 0.06341 -0.07562 -0.06437 0.03540 -0.22586 0.07791 0.07280 0.04166 -0.04567 0.02047 0.05145 0.10828 -0.05643 0.10980 0.06667 -0.00849 -0.03407 0.12767 0.01064 -0.06865 -0.09404 -0.05093 -0.05789 0.19445 0.41782 -0.00597 0.09008 -0.06375 -0.18609 0.01999 0.00577 0.05313 0.07946 -0.00489 0.08153 0.00515 0.09653 -0.00493 -0.03239 0.01902 0.00380 -0.04950 0.09008 -0.08460 0.03722 0.02082 0.02233 -0.04229 -0.06995 0.00153 -0.00273 -0.07053 0.02093 -0.04228 -0.01643 0.01734 0.03331 -0.05051 -0.13864 -0.03370 0.03658 0.10084 -0.06917 0.08054 0.01017 -0.00256 0.17917 -0.12420 0.07519 0.06939 -0.05771 -0.00232 -0.01817 -0.00954 -0.02500 0.00124 0.05048 0.01350 0.07244 0.06130 0.01708 0.03612 0.01016 -0.03337 -0.05512 -0.10275 0.03254 -0.01632 0.08389 0.04115 -0.00172 -0.01960 0.02512 0.02925 0.00115 -0.02002 0.01400 0.02316 0.06250 0.06601 0.00690 0.00782 0.05181 0.00900 -0.03071 -0.01431 -0.01486 0.08070 -0.00325 0.12052 0.06105 0.07397 0.01276 -0.08060 0.09863 0.00000 -0.02369 0.05951 0.03713 0.04905 0.07467 0.03299 -0.02395 -0.04397 0.04535 -0.02599 0.00189 0.00671 0.01625 0.02357 0.07329 0.03638 -0.01440 0.09498 -0.01501 -0.08129 0.06083 0.02520 0.09661 -0.09274 0.08348 -0.00236 -0.03152 0.03173 -0.03312 -0.11909 0.07037 -0.02768 0.08185 -0.17023 0.03662 0.08731 0.00173 0.05358 0.06371 0.02035 0.12855 -0.01781 0.03744 0.06157 0.02800 0.03696 -0.03977 -0.01250 0.10764 0.03394 0.02592 -0.06871 0.14394 0.03067 -0.06963 0.15727 0.02080 -0.05498 0.05611 -0.04306 0.02104 0.01918 -0.00225 -0.00704 0.09694 0.03953 0.03381 0.25030 -0.03846 0.01200 -0.03972 0.02675 0.04330 0.14697 -0.05193 -0.04505 0.04348 0.09043 -0.01463 0.03795 0.04690 0.02253 -0.02969 0.04541 -0.09112 -0.05195 -0.01151 0.02772 0.05286 -0.04559 0.02523 0.01204 0.02276 0.00708 -0.00201 -0.13991 0.05676 -0.03544 -0.10333 0.04738 -0.00428 0.00614 0.04820 -0.05704 -0.09877 -0.02603 -0.32911 0.09539 0.02105 -0.02437 -0.00384 0.11668 -0.04145 -0.00991 -0.07461 0.03245 -0.03714 -0.03116 -0.01633 -0.03892 -0.03294 -0.01005 0.00395 -0.05449 0.06239 0.08389 0.15583 -0.08750 0.00510 0.18322 0.05923 -0.05429 0.03085 0.03159 0.12893 0.06995 -0.04203 -0.04735 0.00877 -0.01014 0.00000 0.05124 -0.03900 -0.01232 0.03081 -0.00142 0.00143 -0.04911 0.03293 0.00725 0.04101 -0.04077 0.04467 0.04552 0.00000 0.05013 0.05088 0.03407 0.07803 0.07989 0.01589 0.00587 -0.04470 0.00153 -0.03454 -0.01210 0.03248 0.01392 0.11190 -0.08692 0.14629 0.05420 -0.08292 0.06420 -0.00425 -0.01642 0.02034 0.05419 0.00145 0.01985 0.02469 0.02085 -0.02315 0.07296 0.03421 -0.03685 0.04826 -0.03940 0.02288 0.05699 -0.03235 0.02972 -0.00200 0.11285 -0.02201 0.00369 0.00625 -0.02119 -0.00112 0.04297 -0.02150 0.08788 0.02289 -0.00691 0.07853 0.02919 0.02209 0.00467 0.03517 -0.04465 0.06849 -0.00715 0.00831 0.06623 -0.02835 -0.02599 -0.11792 -0.06360 0.03924 0.04188 0.00244 -0.20626 0.11397 -0.04448 0.04097 -0.02415 0.08158 0.04915 0.02262 0.07267 -0.05228 0.05517 -0.00074 -0.08990 0.05587 -0.08742 -0.03193 0.07552 -0.05892 0.04031 -0.01896 -0.03866 0.04720 0.00167 -0.02667 0.00685 0.03741 -0.04590 0.00687 0.00171 -0.00170 -0.03925 0.02430 0.02743 0.01371 -0.05125 -0.08027 -0.01468 0.05877 0.07349 0.02331 0.01495 0.03436 -0.05220 -0.04649 0.05701 0.02839 -0.01449 0.00210 0.04333 -0.00804 -0.10398 -0.01130 0.06707 0.03071 -0.04435 0.02248 -0.01348 0.00144 -0.03589 -0.12063 0.01355 0.23288 -0.03889 -0.01734 -0.03613 0.00262 0.06957 -0.04146 0.01951 0.02496 0.10958 -0.00805 -0.01475 -0.00150 -0.06897 0.04428 0.07941 -0.09214 0.00944 -0.02572 -0.01600 -0.17236 0.04126 -0.01509 0.06513 -0.08993 -0.06621 0.02011 -0.00726 -0.02821 -0.09032 0.13481 -0.02256 0.07154 -0.03446 -0.05279 0.05573 0.08253 0.10577 0.03975 0.00956 0.15030 -0.12551 0.04412 0.07775 0.06639 0.00784 0.07296 -0.04986 0.14504 0.04917 0.04369 0.04338 0.01823 -0.00358 0.07333 0.04488 -0.30192 0.04959 -0.05512 -0.04167 0.08764 -0.03871 -0.04795 -0.06997 -0.00372 0.15021 -0.11003 0.14309 -0.00284 0.04694 -0.06046 -0.04049 0.07310 -0.02247 0.00359 -0.04223 0.03812 0.12239 -0.06158 -0.01811 0.07971 0.02837 -0.05674 0.03224 0.00547 -0.02594 -0.06082 0.02520 -0.02356 -0.00245 DEVRO 0.04403 0.17470 -0.10000 0.04843 0.08152 -0.08040 0.12568 0.18204 0.11704 -0.11581 0.02287 0.08130 0.04135 0.24188 -0.06395 0.06211 -0.01170 0.17160 0.06061 0.13619 0.04778 -0.10000 0.14667 -0.01938 -0.09051 0.14298 0.07414 0.01310 0.00175 -0.05860 -0.04187 -0.04872 -0.04431 0.04636 0.08333 -0.03265 0.03258 0.18069 -0.02736 0.00851 -0.00097 -0.01623 -0.03960 DIAGEO DIALIGHT -0.01769 -0.06623 -0.13242 0.06856 -0.03968 0.01327 0.03369 0.02183 0.03690 0.01709 0.03381 0.07143 0.07631 0.28627 0.01706 0.06707 0.00629 -0.07143 0.03750 0.19385 0.02912 0.05155 0.05756 0.07353 -0.02675 0.21005 0.00853 -0.06604 0.03947 -0.01414 0.00814 0.04508 -0.05381 0.12157 0.00474 0.04895 0.04434 0.16667 -0.04336 0.11714 0.03494 0.13171 0.05109 -0.03277 -0.00694 0.09813 0.03584 0.09362 0.01435 0.08852 0.00000 0.16175 -0.01414 0.14615 0.02785 0.04698 0.06240 -0.01923 -0.01623 -0.03725 -0.02200 0.13103 -0.00402 -0.12425 -0.00645 0.05552 0.04627 -0.02792 0.05663 -0.01804 0.03267 -0.04898 -0.00320 0.10157 0.07240 0.12987 -0.00067 0.05747 0.03228 0.12500 -0.00258 0.00773 0.06141 -0.00288 0.03959 -0.00865 DIGNITY DIPLOMA DISCOVERIE GROUP DIXONS CARPHONE 0.02084 -0.08000 -0.04259 0.13093 0.01224 -0.04348 0.00000 0.04686 -0.13387 -0.15909 0.05565 0.18110 -0.01862 0.18919 0.22621 0.19346 0.08159 0.23182 -0.03425 0.11685 0.05615 -0.01845 -0.06225 -0.05538 0.01495 0.02632 0.08059 0.13614 -0.01064 0.14286 -0.02196 0.02165 -0.03805 0.10897 0.04035 0.04254 0.00343 -0.04624 0.06891 -0.03707 -0.01199 0.04091 0.14925 0.03630 0.05290 0.02911 -0.04557 -0.01564 0.03131 0.00990 0.01103 0.01854 0.07748 -0.00840 0.09085 -0.03087 -0.08376 0.12147 0.06338 0.28052 0.03155 0.12091 0.14414 0.21160 -0.01805 0.00674 -0.04380 -0.01945 0.03674 0.01786 -0.11748 -0.00265 0.08321 0.13925 0.28241 0.21693 0.00852 -0.00289 0.03295 -0.05430 -0.02821 0.09846 -0.05638 0.25399 -0.04308 -0.08875 0.19477 0.11639 -0.01751 0.08004 0.05438 0.25948 0.11628 -0.00893 0.13401 0.03061 -0.09723 0.04144 0.06364 0.01960 0.05616 -0.04931 0.12221 0.00995 0.01384 0.16470 0.04192 -0.10566 0.10130 0.15000 -0.00877 0.09272 -0.01501 -0.01019 -0.07374 -0.01885 0.04636 0.03089 0.03023 0.08392 0.01265 -0.02996 -0.06605 -0.02424 -0.04812 -0.13246 -0.20566 -0.13991 0.11622 0.00949 -0.10417 -0.04224 -0.03942 0.00940 0.11167 0.03231 0.03613 0.03540 -0.20920 -0.05695 -0.02955 0.01890 -0.08466 -0.06644 -0.04994 0.15985 0.02306 0.12200 0.06217 0.00761 0.04524 0.02711 -0.01991 0.13350 0.16213 -0.12023 0.03449 0.01911 -0.04653 -0.12667 0.01190 -0.03293 -0.05363 -0.00573 -0.05059 0.00451 -0.06830 0.10557 0.10534 -0.06375 0.03456 -0.11979 0.07457 0.04893 -0.00061 -0.06498 0.00783 0.10392 0.03519 -0.00567 -0.06011 -0.01485 -0.10400 0.07315 0.02752 0.01059 -0.02527 -0.06797 -0.02307 0.07500 0.00226 -0.23945 -0.10381 0.21513 -0.03210 0.02513 -0.04314 -0.02561 0.14826 0.01923 0.09614 -0.07705 0.04085 -0.02474 0.02362 0.11880 -0.07487 0.00165 -0.04699 0.02076 -0.03729 0.02465 -0.00344 0.03103 0.03679 -0.05081 -0.05098 -0.10206 0.03390 0.01054 0.00841 0.01811 0.04856 -0.03770 0.05036 0.05487 0.04798 -0.05349 -0.00662 -0.03639 0.09255 -0.03895 -0.00456 0.01120 -0.02063 0.02775 -0.09975 0.04332 -0.00932 -0.02337 0.05585 -0.02762 -0.04287 -0.00588 0.00535 0.02969 0.07780 -0.06689 0.06573 -0.01751 -0.03927 -0.02581 0.00221 0.01405 -0.02797 -0.03325 0.02341 0.06100 0.01677 -0.02801 0.01508 -0.01353 0.01210 -0.01887 0.01327 0.11548 0.12415 0.03710 -0.07404 -0.02695 -0.01847 0.04704 0.10692 0.05114 0.00077 -0.00154 -0.13215 -0.01959 0.22616 -0.15926 -0.04053 -0.13958 -0.08645 -0.10572 0.11822 0.06016 0.05455 -0.05852 -0.01165 0.03762 -0.01028 -0.01476 -0.04550 -0.09244 0.03780 -0.13580 -0.05571 0.14372 -0.07606 0.06442 -0.31271 0.06654 0.15872 0.00633 -0.13769 -0.06934 -0.11765 0.00444 -0.02655 0.29545 -0.00614 -0.11297 0.00796 0.01457 0.00829 0.02465 0.05135 0.10884 0.07157 0.08647 0.11899 -0.03028 -0.01743 0.00813 0.08138 -0.01675 0.00000 -0.03931 -0.03805 0.07463 0.03819 0.00402 -0.02265 -0.02454 -0.01468 -0.02766 0.00729 0.03693 0.02305 0.07167 0.06837 0.12959 -0.02567 0.04032 -0.05736 0.11294 0.04532 0.00990 0.14186 -0.01022 -0.01817 0.02229 0.02098 0.02941 -0.08297 0.07256 -0.01353 -0.01573 0.04139 0.01141 0.02421 0.11259 -0.05828 0.07596 0.15137 0.00451 0.09964 -0.08490 0.01784 -0.06748 0.05357 0.02587 0.04348 0.08833 0.06126 0.01010 -0.03571 0.02963 0.11367 -0.07300 -0.08223 -0.00683 -0.01988 -0.00156 0.07344 0.00364 0.00870 0.02732 -0.00770 0.06700 0.05486 0.00439 -0.00811 0.01698 -0.00062 -0.07983 -0.02354 -0.08402 -0.03534 0.10678 0.07183 -0.12418 0.07277 0.03916 -0.01548 0.01982 0.11729 -0.05614 -0.04888 0.03647 -0.09339 0.22983 0.05667 0.06101 0.08274 -0.10400 0.04975 0.03609 0.11109 0.04905 0.02803 0.21819 0.06567 -0.07774 0.00836 -0.01318 -0.03549 0.13293 -0.02517 -0.04593 -0.10744 0.08046 0.05622 -0.14755 -0.02441 0.17073 0.07292 0.00194 0.00775 0.13462 0.01017 0.04279 -0.04425 -0.00673 -0.15593 0.00803 0.10259 0.00499 -0.06519 -0.04135 -0.02407 0.08016 0.00856 -0.14528 0.14398 0.12759 0.03823 0.16937 0.04030 0.06659 -0.04654 -0.04048 0.16625 0.05532 0.00403 -0.02410 -0.02778 0.00000 0.10370 0.08150 -0.03901 0.10258 0.17637 -0.07568 -0.05263 0.03964 0.00813 0.03751 0.02958 0.06297 0.07890 0.07110 0.09237 -0.05926 0.01287 -0.06332 0.02811 0.12043 -0.04607 0.00507 -0.05353 -0.01623 0.08695 0.05073 0.03157 -0.05260 -0.08022 -0.02157 -0.00258 0.03481 -0.27273 0.09354 -0.16049 -0.00105 -0.04522 -0.38326 0.35536 -0.13043 0.09091 0.00972 0.09354 0.06667 -0.02594 0.04600 0.06713 0.03362 0.02204 -0.06571 0.00659 -0.01528 -0.12727 -0.00407 0.08418 -0.03059 -0.03495 -0.01006 -0.01931 0.06736 -0.20388 0.09756 -0.11000 0.03571 -0.02429 0.04838 -0.01402 -0.08006 0.05237 0.04431 0.02927 0.00683 -0.01620 0.03583 -0.02514 0.07935 0.05861 -0.05363 0.04851 -0.00136 0.06093 -0.07064 -0.02863 -0.01951 0.07338 0.06701 -0.01466 0.02939 -0.03837 0.00909 -0.00386 0.04246 -0.01009 0.13129 0.10122 0.10777 0.00429 -0.03134 0.16176 0.11709 0.08952 0.04004 -0.00750 0.04282 0.06087 -0.17577 -0.11436 -0.01435 -0.18734 -0.00857 -0.13590 0.17818 -0.10802 -0.13149 0.02390 0.00778 -0.03089 0.05578 -0.02264 -0.08108 -0.18067 -0.10256 0.14286 0.05019 -0.00371 0.04239 -0.05351 -0.07991 0.01229 -0.01052 0.06135 -0.08324 0.04792 0.01484 -0.01739 0.02454 -0.11347 0.02126 0.05074 -0.28518 0.05081 -0.55000 -0.00122 0.06907 0.24757 0.11366 -0.17202 0.00596 0.00593 0.00098 -0.02012 -0.20130 -0.12665 0.02400 -0.02636 0.05776 0.06655 0.00213 0.10591 -0.02310 0.05517 -0.01120 0.04721 0.00902 -0.01251 -0.02262 0.00278 -0.01754 0.01410 0.05931 0.09099 -0.06335 -0.06164 0.04106 0.05697 0.04146 0.04379 0.00381 0.10638 -0.02747 -0.07133 -0.03574 -0.04574 0.04636 0.09705 0.05531 -0.15810 -0.07792 0.06103 0.03540 -0.07692 0.04051 0.14296 0.08027 0.09099 0.03799 -0.04853 0.03595 0.02341 0.04416 0.11858 0.02633 0.01316 0.07792 0.01928 0.03310 0.00000 -0.05950 0.00243 -0.07888 -0.06456 -0.04225 0.06765 0.09219 0.06066 -0.00593 -0.14600 0.05434 0.06872 -0.10914 -0.04084 0.04818 0.05636 -0.02057 -0.13694 -0.05148 -0.35539 0.11534 -0.10341 -0.08362 0.25236 -0.01658 0.00460 -0.05112 0.08818 -0.08867 0.00865 -0.05198 -0.06557 0.02632 -0.00118 -0.04574 -0.25727 DOMINO'S PIZZA GROUP DUNELM GROUP EASYJET EI GROUP ELECTROCOMP. ELEMENTIS 0.28973 0.21602 0.06692 -0.13063 -0.06726 0.24171 -0.01858 0.21712 0.03261 0.02073 -0.07021 -0.24333 0.06633 0.17702 -0.09474 0.37563 0.02245 -0.21417 -0.09011 0.19400 0.13505 1.42435 0.26747 -0.05483 0.00499 -0.11920 -0.01339 -0.09893 -0.08346 0.00000 0.00277 -0.03715 -0.13659 -0.15709 -0.03265 0.05801 0.16218 0.26760 0.11840 0.14228 0.05506 0.14541 0.00000 0.04186 0.05807 0.16561 0.12795 0.65869 0.21922 0.06831 0.18576 -0.25045 -0.08299 0.07654 0.04623 0.04566 -0.05038 -0.04980 -0.04557 0.12879 -0.04458 0.21428 0.01915 -0.16568 0.12688 -0.26777 0.02097 -0.03798 -0.03814 -0.05370 -0.02119 0.13984 0.06977 -0.05501 0.10879 0.27302 0.09895 -0.03773 0.05392 0.07073 0.05798 -0.14634 0.04333 0.13735 0.00509 0.01908 0.10819 0.18227 0.18662 -0.01733 0.03047 0.05304 0.02942 0.06417 0.02227 0.13171 0.01612 -0.04319 -0.15113 -0.10807 -0.04980 0.03490 0.07466 -0.11042 -0.00799 -0.23222 0.01497 -0.05991 0.07682 0.20478 0.00503 0.17324 0.03734 0.23489 0.05132 -0.00626 -0.12806 -0.14230 -0.06222 0.17428 0.09157 -0.01186 0.06111 0.21818 0.15071 0.10543 0.03859 0.22977 0.23277 0.06437 0.00453 0.13817 0.07849 0.04422 -0.06164 -0.04996 0.07421 -0.01565 0.04848 0.01490 0.02830 0.08948 0.01450 0.26886 -0.02084 -0.08442 -0.13865 -0.09145 -0.01731 -0.09162 -0.14001 -0.14847 -0.05673 -0.11277 0.05819 -0.03390 -0.07862 -0.03545 -0.04642 -0.07038 -0.03292 0.21193 0.08162 0.18887 0.02084 0.07684 0.04078 0.09146 -0.13963 -0.01404 0.04308 -0.17524 0.05607 -0.04700 0.01386 -0.13555 -0.01074 -0.18511 -0.07216 0.09034 0.24346 0.20823 0.02200 -0.13427 -0.14747 -0.05619 0.00400 -0.08935 -0.06430 -0.25789 -0.08046 -0.05349 -0.11608 0.10512 0.00145 -0.19198 -0.11044 -0.19855 0.02694 0.05286 0.03521 -0.16541 0.15466 0.16758 -0.01987 -0.07249 0.06459 0.29730 -0.02779 0.05623 -0.10237 -0.06084 0.03641 -0.22222 -0.11809 -0.09915 0.13685 0.05811 0.13647 0.33036 0.14559 0.11731 -0.02990 0.12963 -0.01547 0.42953 0.12013 0.08290 -0.02771 0.00096 0.09974 0.10798 0.02609 0.11203 0.01828 -0.01445 0.02079 0.04237 -0.08111 0.12726 0.09441 -0.04204 0.00928 0.06098 -0.11067 -0.03219 0.06967 0.06020 0.06194 0.00383 0.01235 -0.01438 -0.00484 0.07506 0.05550 -0.12214 0.04927 0.05791 0.05074 -0.01299 -0.04803 0.00196 -0.01795 0.03438 0.04373 0.12196 0.08052 0.08678 -0.05229 -0.14842 -0.00877 0.03180 0.00344 -0.06231 -0.06639 0.03024 0.05767 -0.01342 -0.06800 0.09438 -0.06843 0.04386 0.08227 -0.04054 0.11885 0.09362 0.01079 -0.04057 0.07198 0.07333 0.01807 0.00760 -0.02327 0.15511 -0.03567 0.02600 0.22860 -0.03666 0.00094 -0.06414 0.06348 -0.03725 -0.08879 0.14859 -0.05500 0.05640 0.08814 0.04361 -0.03452 0.13323 0.08961 -0.01315 0.11399 0.01137 0.06095 0.05634 0.04012 -0.04162 -0.02118 -0.04221 0.01695 0.00000 0.02500 0.07750 -0.04879 -0.00952 -0.02296 -0.08743 -0.00419 0.05834 -0.06250 0.02243 0.00237 0.10230 -0.05634 0.04377 -0.01101 0.07262 0.04661 -0.03977 -0.01160 0.04078 -0.03382 0.05222 0.03432 -0.03726 -0.07105 0.13584 -0.08191 -0.03284 0.08036 -0.17391 -0.05348 0.09322 0.07666 0.14480 0.06988 0.21620 0.07089 0.08325 0.03426 0.13339 0.02370 0.08951 -0.12677 0.03650 0.02426 0.08785 0.07865 0.07031 0.04684 -0.00349 -0.04548 -0.06536 -0.10784 -0.05128 0.03089 0.06592 0.05411 0.10200 0.01089 0.11430 -0.06982 0.08661 -0.0...
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Attached.

Running Head: FINANCE QUESTIONS

1

Finance Questions
Name of Student
Name of Instructor
Name of Course
Name of Institution
Date

FINANCE QUESTIONS

2

Question 1
a. Net present value determination
J=E

K=I+J

Add back
depreciati
on
Cash flow
after tax

L

14%
discount
factor

M=K×
L

Discounte
d cash
flows

No cash
flow
found

1/(1+Rat
e)×
number
of years

150000

150000

150000

150000

150000

150000

150000

150000

150000

150000

-1570000

739750

465000

465000

465000

134250

45000

45000

45000

45000

45000

Initial cash
outflow
1.0000

0.8772

0.7695

0.6750

0.5921

0.5194

0.4556

0.3996

0.3506

0.3075

0.2697

-1570000

648904

357802

313862

275317

69725

20501

17984

15775

13838

12138

NPV= sum of discounted cash flows i.e. £175847
The NPV is positive thus advised to move forward with the project.
b. Analysis of a Sensitivity
Some of the assumptions used in capital budgeting parameters include a fixed variable, a fixed
sales price, and life of the project.
However, analysis of the sensitivity is done because it is not practical when estimating them with
reasonable certainty.
Using sensitivity analysis is useful when determining how NPV can be affected by different
parameters.
Achieving the change comes when all other factors are continuous while one of them is changing.
For instance, the effect of change in a selling price of 35 per unit can be used to show how the
change can occur in the assumption of a 10% selling price increment.
Therefore, after the increase, the selling price changes to be 35×110% which gives 38.50 per
unit.

FINANCE QUESTIONS

3

c. Approach
S.
No
A
B

C

D
E

F
G
H

I=
B+
CDE+
FG+
H

Items

Calculation

0

Initial capital
Sales

Given
80000×38.5 for
the 1st year
90000×38.5 for
the following
years
80000×27 for
the 1st year
90000×27 for
the next four
years
Given
1500000/10

-1500000

Given

-70000

Variable cost

Fixed cost
Depreciation
(only on
production
facility)
Marketing and
promotion
Opening
inventory
Closing
inventory

1

2

3

4

5

3465000

3465000

3465000

3465000

2430000

2430000

2430000

2430000

100000
150000

100000
150000

100000
150000

100000
150000

100000
150000

20000

20000

20000

20000

20000

472500

472500

472500

472500

472500

472500

472500

472500

1122500

765000

765000

765000

6

7

8

9

10

150000

150000

150000

150000

150000

-150000

-150000

-150000

-150000

-150000

3080000

2160000

Last period
closing stock
The following
year sales of
15%

Revenue
before tax

292500

Question 2
Earnings multiple is a terminology used by analysis and business investors. The tool applies
when valuing companies in different businesses. Moreover, it measures how an inventory is
either expensive or cheap.
The jargon has the capability of expounding on how an inventory can make returns in the longterm. Determination of earnings multiple comes when a portion of the market price divided by the
fraction of the incomes price.
P/E is the total cost the firm is willing to make on a unit cost of the earnings of the company.
However, the terminology can be explained as the full times the company's shares are valued in
the market compared with the gains which the company has in its business.

FINANCE QUESTIONS

4

Earnings Yield is the opposite of earnings multiple.
When calculating the earnings multiple in a firm, the best time-frame used is the irregular twelvemonth period.
Determinants of the earnings multiple
Different factors determine earnings multiple in a business. However, some of the main factors
used in the determination include
(a) Probable Growth Rate
(b) Existing and Upcoming Risk
(c) Current and Upcoming investment requirements.
(a) Probable Growth Rate: Firms with a high likely growth rate usually have higher earnings
multiple because they expect to have future earnings that are attractive. When the projected share
price is high, the advancing earning multiple is lesser matched with the current earnings multiple.
Amount per share in the market goes up when the information is delivered to the market because
investors will be eager to buy the shares at higher prices. Hence, firms that trade at high earnings
multiple are the ones with the high rates of growth.
(b) Existing and Upcoming Risk: firms alleged as hazardous usually trade at lesser multiples, as
the market anticipates variations in their functioning outcomes.
Firms with a high financial weight and a higher operational weight are predicted to be the risk ones
in the market.
(c) Existing and Upcoming investment requirements: firm’s reinvestment requirements affects
its earnings multiple. For instance, a company that has a high reinvestment need is likely to borrow
more funds. Hence, this can result in advanced financial weight that, in turn, leads to earnings
weakening on shareholders depending on the strategy used in the raising of the funds.
Categories of earnings multiple
Trailing earnings multiple – Existing price in the market divided by its previous year share of each
earnings.
Forward earnings multiple- existing price in the market divided by its predicted next year share of
each earnings
Even though both the two types of earnings multiples being critical in determining the ratios
because of their accuracy, forward earnings multiple is mostly relevant to investors.
Important points to be kept in mind while applying earnings multiple
1. The earnings multiple values decreases as a result of an increase in the estimated share of each
earning. Besides, it is also true that a decrease in the percentage of each earning values causes an
increase in the earnings multiple. The estimated costs of the earnings multiple depend on the same

FINANCE QUESTIONS

5

portion of each earning in the market. However, the devisers differ for each value. Earnings
multiple can be computed by taking six to twelve months of median market value.
2. Most investors prefer to use a low earnings multiple as the initial value of investment. Moreover,
a value investor should choose a low earnings multiple, but it might not be the best choice to apply
in across sectors. Stocks related to technology usually sell at a trailing twelve months, which range
from 30 to 40 when compared to the regular businesses that have stocks trading at a single-digit
share of each earning. Therefore, investors would be comfortable when using these comparisons
in the same market.
3. The earnings multiple is a crucial stock-picking tool that must be considered when analyzing
companies that incur loses.
4. Firms with substantial growth may not require one to use moderate earnings multiples in their
analysis.
5. Firms which are not clear will not be in the right line because they tend to control a high earnings
multiple. For example, there was an investor who had adopted a particular tool in 2003. SAIL that
was trading at Rs 40 was not on the traders mind when sellers quoted for 60 times its trailing
twelve-month earnings. However, the stock doubled within the first three and a quarter years to
around Rs 80.
6. The use of a low earnings multiple can result in more shares in technology, retail and media
being realized and leaving the ones in essential sectors. Many stocks with low earnings multiple
are the ones the highly volatile ones.
Earnings multiple is applicable in the valuation of a business, but it cannot apply in the decision
making of an investment alone.

Question 3
Find Question 3 in the Excel sheet.

FINANCE QUESTIONS

6

Question 4
a. Business model
Key partners

Key activities

Manufacturers

Product
development

Value
proposition
Improved
product
performance

Distributors
Assembling

Part suppliers

End user
acceptance

Customer
relationship
Retailers end
users

Customer
segments
Individual
customers

Distributors

Business
customers

Operational
End value to
customers

Key resources
ISO certified
Product
development
Team
financing

Channels
Distributors

Cost structure
Assembling cost
Distribution cost
Inventory cost
Marketing cost

Revenue streams
Motor vehicle sales
Equity
Debt capital
Preferences share

Company capital structure
Equity shares 5 per value 1000, Market price of debentures 40
10% preference share capital 10 per value 5000
12% debentures 50 per value 4000
Current MPS =20, DPS=1,
b.
Years

i)

Revenue Growth Model
Revenues in $

FINANCE QUESTIONS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

7
8000
9500
10500
12000
13500
15000
16500
17500
20000
21500

ii)
Year

Sales

COGS

Expenses

Totals

1
2
3
4
5
6
7
8
9
10

8000
9500
10500
12000
13500
15000
16500
17500
20000
21500

7000
8000
9000
10000
11000
12000
13000
13500
15000
16000

500
700
500
500
500
450
475
600
1000
500

7500
8700
9500
10500
11500
12450
13475
14600
16000
16500

Profit margin
%
6.25
8.4
9.5
12.5
14.8
17.0
18.3
19.4
20.0
23.2

iii)
Assumption: company paid a dividend of $ 1.6 per share and a dividend growth rate of 5% per
annum
Cost of capital is 10%
Corporate tax is 30%

Year
1
2
3
4
5
6
7
8

Dividend growth
1.60
1.65
1.70
1.75
1.80
1.85
1.90
1.95

FINANCE QUESTIONS
9
10
11

8
2.0
2.05
2.10

DDM Formula
Value of stock =

𝐸𝐷𝑃𝑆
𝐶𝐶𝐸−𝐷𝐺𝑅

Where EDPS-Expected dividend per share
CCE- cost of capital equity
DGR-dividend growth rate

Value of stock =

2.1/0.1-0.05

=42

𝐸

𝑃

WACC = 𝐾𝑒 (𝑉) + 𝐾𝑝 (𝑉) + 𝐾𝑑(1 − 𝑇)𝐷/𝑉

V= E+D+P
Ke =

𝑑𝑜(1+𝑔)
𝑝𝑜

+𝑔

𝑑𝑝𝑠

Kp=𝑚𝑝𝑠
Kd=𝐼𝑛𝑡(1 − 𝑇) +

(𝑀−𝑉𝑑)1
𝑛
(𝑀+𝑉𝑑)1 /2

Ke=1.6(1=0.05)/20 +0.05 =21.8%
Kd...


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