Attached.

COMPANY NAME
NAME
STUDENT ID
COURSE TITLE
DATE
SHEET_1
SHEET_2
SHEET_3
SHEET_4
SHEET_5
SHEET_6
SHEET_7
SHEET_8
SHEET_9

Financial Data Set and Financial Ratios
Multiples Based Valuation

YONEX
DATA ITEMS
DATA FROM BALANCE SHEET
CURRENT ASSETS
ACCOUNTS RECEIVABLE
INVENTORY
PPE (FIXED ASSETS)
TOTAL ASSETS
CURRENT LIABILITIES
ACCOUNTS PAYABLE
LONG TERM DEBT (INTEREST BEARING DEBT)
SHORT TERM PORTION LONG TERM DEBT
SHAREHOLDER EQUITY
DATA FROM INCOME STATEMENT (P/L)
SALES
COGS/SGA
SALES BY BUSINESS SEGMENT (IF AVAILABLE)
EBIT (OPERATING PROFIT/INCOME)
PROFIT BY SEGMENT (IF AVAILABLE)
DEPRECIATION
NET INCOME (EARNINGS)

YEAR
-4

-3

-2

33,959

33,022

34,939

20,313
54,272
8,132

21,860
54,105
7,145

20,131
55,071
8,536

3,065
668
38,623

2,499
651
39,915

1,659
840
40,664

61,097

61,967

51,554

2,482

2,421

1,032

1,733

1,650

1,102

0.0449
0.0319
4.1760
0.2883

0.0413
0.0305
4.6217
0.2623

0.0271
0.0200
4.0931
0.2616

STOCK PRICE (END FISCAL YR)
NUMBER OUTSTANDING SHARES (END YEAR)
ROE
ROA
CURRENT RATIO
DEBT RATIO

YEAR
-1 0 (TODAY)
44,841

53,465

21,457
66,299
13,649

25,955
79,421
17,342

1,421
535
45,086

2,372
705
51,305

74,485

107,019

6,738

10,063

5,780

7,370

0.1282
0.0872
3.2853
0.3200

0.1437
0.0928
3.0830
0.3540

NOTES (UNITS, SOURCE, PAGE NUMBER)
TODAY = 2023.03 (2019.03 ~ 2023.03) million yen

(=B22/B13)
(=B22/B8)
(=B4/B9)
(=(B8-B13)/B8 OR approx (B9+B11+B12))/B8 )

This sheet is a benchmark/guideline to
help you organize data for your TARGET
company. The red items are required.
Notes are important to keep track of units
such as thousands or millions and
currency units such as Yen and USD.
Notes should also provide information on
where you obtained the data. This sheet
does NOT connect/link to the other sheets
for calculations. It is for your records and

The required financial ratios can be calculated
from the collected data. You can then plot the
data using the graph functions in Excel. Note, if
you add lines for the extra data items, then you
need to revise the cell reference for the financial

1990
PURE PLAY COMPANY

AM HESS

STOCK PRICE
# OUTSTAND SHARES
SALES
SALES/SHARE
EARNINGS PER SHARE
PER
PRICE-SALES RATIO

46.375
123.625
26.125
26.25
46.375
81
158.9
258.7
234.5
80.8
7,081
19,896
13,975
11,808
5,679
87.4197531 125.210824 54.0201005 50.3539446 70.2846535
5.96
10.2
2.18
1.71
5.87
7.78104027 12.120098 11.983945 15.3508772 7.90034072
0.53048651 0.98733477 0.48361628 0.52130971 0.65981687

PER INDUSTRY MULTIPLE 1990
DATA ONLY

11.8089901

SCENARIO: AVG 1990 PER
NO CHANGE
POSITIVE (30%)
OPTIMISTIC (60%)

ATL RICH

PHILLIPS

1
UNOCAL

AM HESS

TOTAL
NUMBER
EST STOCK
% CHANGE EARNINGS
EQUITY
SHARES
PRICE
VALUE
OUTSTAND
0
306 3613.55097
255 14.1707881
0.3
397.8 4697.61627
255 18.4220246
0.6
489.6 5781.68156
255 22.673261

PER INDUSTRY MULTIPLE 198914.0375089
90 DATA
SCENARIO: AVG 1989-90 PER
NO CHANGE
POSITIVE
OPTIMISTIC

PRICE-SALE INDUSTRY
MULTIPLE 1990 DATA ONLY
SCENARIO: AVG 1990
PRICE/SALES
NO CHANGE
POSITIVE
OPTIMISTIC

TOTAL
NUMBER
EARNINGS
EQUITY
SHARES
% CHANGE
(million)
VALUE
OUTSTAND
(million)
(million)
0
306 4295.47773
255
0.3
397.8 5584.12105
255
0.6
489.6 6872.76437
255

EST STOCK
PRICE
16.8450107
21.8985139
26.9520171

0.63068682
% CHANGE
0
0.3
0.6

TOTAL
NUMBER
EQUITY
SHARES
VALUE
OUTSTAND
14,616 9218.1185
255
19000.8 11983.5541
255
23385.6 14748.9896
255

SALES
(million)

EST STOCK
PRICE
36.1494843
46.9943296
57.8391749

PRICE-SALE INDUSTRY
MULTIPLE 1989-90 DATA
SCENARIO: AVG 1989-90
PRICE/SALES
NO CHANGE
POSITIVE
OPTIMISTIC

0.68011217

% CHANGE
0
0.3
0.6

TOTAL
NUMBER
SALES
EQUITY
SHARES
(million)
VALUE
OUTSTAND
(million)
(million)
14,616 9940.51944
255
19000.8 12922.6753
255
23385.6 15904.8311
255

EST STOCK
PRICE
38.9824292
50.6771579
62.3718867

1989
ATL RICH

PHILLIPS

UNOCAL

NOTES

123.625
26.125
26.25 USD; USX CASE EX. 5
164.2
243.9
234 millions
16,815
12,492
11,353 millions USD
102.405603 51.2177122 48.517094
11.26
0.9
1.53 USD
10.9791297 29.0277778 17.1568627
1.20720934 0.51007745 0.54104642

CARL ICHAN ACTUAL
EST PRICE
PRICE (USX)

NOTES

39

units millions except price; USX EX. 6

35

Based on annual growth rate 1988~1990 & Market growth data.

CARL ICHAN ACTUAL
EST PRICE
PRICE (USX)

NOTES

39

units millions except price; USX EX. 6

35

Based on annual growth rate 1988~1990 & Market growth data.

CARL ICHAN ACTUAL
EST PRICE
PRICE (USX)

NOTES

39

units millions except price; USX EX. 6

35

CARL ICHAN ACTUAL
EST PRICE
PRICE (USX)

NOTES

39

units millions except price; USX EX. 6

35

This is the multiples valuation for the Energy (Oil) division. Data
is from the USX Case. Two different industry multiples
calculated : PER and Price-to-Sales (per share).
STEP ONE: All four pure play companies used to obtain the
industry multiple in this case.
STEP TWO: Data collected for each pure play company for both
1989 and 1990. For your research paper data for one year is
fine.
STEP THREE: Take the average across all four pure play
companies to obtain the industry multiple: B12, B19, B26, B33.
STEP FOUR: Industry multiple x Total Earnings (or Sales) to
obtain estimated total equity value: D14, D21, D28, D35.
Divide estimated total equity value by number shares
outstanding to get estimated stock price: F14, F21, F28,
F35.
First scenario (sensitivity) analysis involves using different
industry multiples (1990 data only and 1989 & 1990 data).
A second scenario (sensitivity) analysis based on your
"forecast" of future earnings. Use the historical data as a
starting point. The 30% and 60% increase used in this
calculation is arbitrary and used only for illustrative purposes.
You can undertake zero change, negative, and positive scenario
analysis as well.

MONTH

Giant GroupTWSE
1/4/2024
184
15,017.43
12/1/2023
189
15,141.20
11/1/2023
163
14,442.95
10/2/2023
179
12,802.31
9/1/2023
196
12,988.40
8/1/2023
235
13,474.89
7/3/2023
232
14,092.22
6/1/2023
207
14,203.10
5/1/2023
184
14,194.83
4/3/2023
176
13,230.20
3/1/2023
202
13,827.72
2/1/2023
207
13,453.19
1/4/2023
201
13,669.98
12/1/2022
232
12,103.17
11/1/2022
204
12,895.80
10/3/2022
202
10,449.06
9/1/2022
235
11,058.37
8/1/2022
246
13,242.73
7/1/2022
235
13,504.29
6/1/2022
256
13,252.99
5/1/2022
246
15,698.05
4/1/2022
253
15,173.52
3/1/2022
283
16,767.89
2/1/2022
314
17,185.59
1/4/2022
347
17,689.38
12/1/2021
304
17,915.75
11/1/2021
322
17,020.43
10/1/2021
315
16,674.50
9/1/2021
325
16,667.91
8/2/2021
319
17,468.32
7/1/2021
314
16,726.88
6/1/2021
328
17,216.19
5/6/2021
348
17,256.30
4/1/2021
341
17,481.34
3/1/2021
278
16,313.24
2/1/2021
270
16,496.28
1/1/2021
272
15,785.75
12/1/2020
280
14,783.19
11/2/2020
284
13,389.19
10/2/2020
270
12,197.22
9/1/2020
307
12,045.35
8/3/2020
307
11,801.23

Giant Ret TWSE RET
-0.026455 -0.008174
0.1630769 0.0483454
-0.092179 0.1281519
-0.084399 -0.014327
-0.166311 -0.036103
0.012959 -0.043806
0.1183575 -0.007807
0.1280654 0.0005826
0.0426136 0.0729112
-0.128713 -0.043212
-0.021792 0.0278395
0.0299252 -0.015859
-0.135776 0.1294545
0.1377569 -0.061464
0.0073609 0.2341589
-0.139261 -0.055099
-0.043247 -0.164948
0.0459574 -0.019369
-0.082031 0.0189618
0.0406504 -0.155756
-0.027668 0.0345688
-0.106007 -0.095085
-0.098726 -0.024305
-0.095101
-0.02848
0.1414474 -0.012635
-0.055901 0.0526027
0.0222222 0.020746
-0.030769 0.0003954
0.0188088 -0.045821
0.0159236 0.0443263
-0.042683 -0.028422
-0.057471 -0.002324
0.0205279 -0.012873
0.2266187 0.0716044
0.0296296 -0.011096
-0.007353 0.0450108
-0.028571 0.0678176
-0.014085 0.1041138
0.0518519 0.0977247
-0.120521 0.0126082
0 0.020686
0.1717557 -0.022951

7/1/2020
6/1/2020
5/1/2020
4/1/2020
3/1/2020
2/3/2020
1/6/2020
12/2/2019
11/1/2019
10/1/2019
9/2/2019
8/1/2019
7/1/2019
6/3/2019
5/7/2019
4/1/2019
3/1/2019
2/1/2019
1/4/2019

262
235
176
133
153
175
211
219
226
211
215
233
243
222
233
218
168
150
143

12,078.44
10,490.83
9,661.23
9,921.23
8,725.63
10,103.94
10,301.34
10,828.80
10,103.66
9,963.60
9,177.59
8,851.97
9,083.02
8,977.92
8,608.25
9,300.80
8,951.00
8,780.97
8,371.40

0.1148936
0.3352273
0.3233083
-0.130719
-0.125714
-0.170616
-0.03653
-0.030973
0.07109
-0.018605
-0.077253
-0.041152
0.0945946
-0.04721
0.0688073
0.297619
0.12
0.048951

0.1513331
0.085869
-0.026206
0.1370216
-0.136413
-0.019163
-0.048709
0.07177
0.0140572
0.0856445
0.036785
-0.025438
0.0117065
0.0429437
-0.074461
0.0390794
0.0193635
0.0489249

YONEX RET=(B2-B3)/B3
TOPIX RET= (C2-C3)/C3
Return is P(t)-P(t-1)/P(t-1)
REGRESSION
Y AXIS IS YONEX RET
X AXIS IS TOPIX RET
Slope coefficient is Beta Estimate
MEAN RET MONTHLY
STD DEV MONTHLY
MEAN RET ANNUAL
STD DEV ANNUAL
RISKFREE
SHARPE RATIO

241 AVERAGE(B2:B61)
54.59388591 STDEV.P(B2:B61)
2894.36 12*AVERAGE(B2:B61)
189.1187684 SQRT(12)*STDEV.P(B2:B61)
0.0154 Bloomberg
0.288593704 I12-I14)/I13

GIANT GROUP
COMPONENTS
RISKFREE RATE
MARKET RISK PREMIUM
BETA
COST OF EQUITY
RISFREE RATE
CREDIT RISK PREMIUM
COST OF DEBT
STOCK PRICE
OUTSTANDING SHARES
LONG-TERM DEBT
Short term portion Long-term Debt
TOTAL VALUE
EQUITY WEIGHT
DEBT WEIGHT
TAX RATE
WACC

DATA
0.0154
0.0548
0.75
0.04495
0.0154
0.0131
0.0285
200
182.1
8,408
1,010
45838
0.794537283
0.21
0.25
0.040106216

GIANT GROUP
NOTE
10 YR GOVT BOND YIELD
Taiwan
ESTIMATED FROM REGRESSION (YAHOO USA 0.34)
CAPM (B3+B4*B5)

RISKFREE RATE + CREDIT RISK PREMIUM (B8 + B9)
STOCK PRICE END 2023
Outstanding Shares March 2023 milllion
Long term loans, million dollars
million dollars
million dollars
MKT VALUE (MARKET CAP) B12*B13
BOOK VALUE B14 OR B14 + B15
Taiwan
(B6*B17) + ((B10*B18)*(1-B20))

SOURCE
https://tradingeconomics.com/taiwan/government-bond-yield
Cost Capital Data Sheet
Cost Capital Data Sheet

Cost Capital Data Sheet

https://finance.yahoo.com/
Giant Group Reports
Giant Group Repor...