Professional Documents
Culture Documents
Mergent Online)
Report Date
Currency
Consolidated
Scale
Cash & cash equivalents
Accounts receivable
Other receivables
Allowance for doubtful accounts
Receivables
Inventories
Television costs
Deferred income taxes
Prepaid expenses
All other current assets
Other current assets
Total current assets
Film & television costs
Investments
Attractions, buildings & improvements
Leasehold improvements
Furniture, fixtures & equipment
Land improvements
Attractions, buildings & equipment, at cost
Less: accumulated depreciation
Parks, resorts & other property, at net
Projects in progress
Land
Parks, resorts & other property, net
Intangible assets, net
Goodwill
Receivables
Pension related assets
Prepaid expenses
Other non-current assets
Total other assets
Total assets
Accounts payable
Payroll & employee benefits
Other accounts payable & accrued liabilities
Accounts payable & other accrued liabilities
Current portion of borrowings
Unearned royalties & other advances
Total current liabilities
Commercial paper borrowings
U.S. medium-term notes
10/02/2010 10/03/2009
USD
USD
Yes
Yes
Thousands Thousands
09/27/2008
USD
Yes
Thousands
2,722,000
5,454,000
656,000
326,000
5,784,000
1,442,000
678,000
1,018,000
446,000
135,000
581,000
12,225,000
4,773,000
2,513,000
15,998,000
644,000
12,575,000
3,658,000
32,875,000
18,373,000
14,502,000
2,180,000
1,124,000
17,806,000
5,081,000
24,100,000
1,275,000
3,001,000
5,207,000
414,000
248,000
5,373,000
1,124,000
541,000
1,024,000
478,000
125,000
603,000
11,666,000
5,394,000
1,563,000
15,444,000
553,000
11,739,000
3,757,000
31,493,000
16,310,000
15,183,000
1,169,000
1,180,000
17,532,000
2,428,000
22,151,000
801,000
215,000
128,000
619,000
1,763,000
62,497,000
4,355,000
1,376,000
249,000
5,980,000
3,529,000
2,082,000
11,591,000
1,985,000
7,005,000
3,417,000
4,794,000
396,000
336,000
4,854,000
1,271,000
631,000
1,140,000
464,000
112,000
576,000
11,889,000
5,125,000
2,554,000
15,929,000
693,000
12,228,000
3,625,000
32,475,000
17,395,000
15,080,000
1,350,000
1,167,000
17,597,000
2,247,000
21,683,000
1,225,000
8,000
127,000
136,000
1,306,000
653,000
2,708,000
2,022,000
69,206,000 63,117,000
4,413,000
4,002,000
1,484,000
1,259,000
212,000
355,000
6,109,000
5,616,000
2,350,000
1,206,000
2,541,000
2,112,000
11,000,000
8,934,000
1,190,000
6,815,000
7,618,000
273,000
965,000
115,000
536,000
9,894,000
1,417,000
228,000
468,000
473,000
2,586,000
12,480,000
2,350,000
10,130,000
2,630,000
244,000
224,000
206,000
415,000
3,378,000
1,637,000
6,104,000
28,736,000
34,327,000
(95,000)
80,000
(1,866,000)
(1,881,000)
61,182,000
23,663,000
37,519,000
1,823,000
39,342,000
347,000
904,000
116,000
350,000
498,000
9,833,000
1,480,000
362,000
502,000
524,000
2,868,000
12,701,000
1,206,000
11,495,000
1,819,000
250,000
226,000
217,000
451,000
3,069,000
1,231,000
5,444,000
1,691,000
27,038,000
31,033,000
18,000
105,000
(1,767,000)
(1,644,000)
56,427,000
22,693,000
33,734,000
-
318,000
825,000
178,000
248,000
374,000
10,933,000
1,469,000
482,000
506,000
1,249,000
3,706,000
14,639,000
3,529,000
11,110,000
2,350,000
320,000
241,000
223,000
378,000
1,157,000
1,460,000
3,779,000
1,344,000
26,546,000
28,413,000
78,000
137,000
(296,000)
(81,000)
54,878,000
22,555,000
32,323,000
-
09/29/2007
USD
Yes
Thousands
09/30/2006
USD
Yes
Thousands
3,670,000
4,724,000
424,000
116,000
5,032,000
641,000
559,000
862,000
446,000
104,000
550,000
11,314,000
5,123,000
995,000
14,857,000
500,000
11,272,000
3,631,000
30,260,000
15,145,000
15,115,000
1,147,000
1,171,000
17,433,000
2,494,000
22,085,000
571,000
275,000
120,000
518,000
1,484,000
60,928,000
3,996,000
1,290,000
663,000
5,949,000
3,280,000
2,162,000
11,391,000
2,686,000
6,340,000
2,411,000
4,451,000
368,000
112,000
4,707,000
694,000
415,000
592,000
624,000
119,000
743,000
9,562,000
5,235,000
1,315,000
14,209,000
497,000
10,746,000
3,391,000
28,843,000
13,781,000
15,062,000
913,000
1,192,000
17,167,000
2,907,000
22,505,000
500,000
283,000
25,000
499,000
1,307,000
59,998,000
4,006,000
1,229,000
682,000
5,917,000
2,682,000
1,611,000
10,210,000
839,000
6,499,000
1,323,000
163,000
181,000
355,000
541,000
11,589,000
1,418,000
568,000
490,000
1,107,000
3,583,000
15,172,000
3,280,000
11,892,000
2,573,000
369,000
274,000
288,000
239,000
966,000
888,000
3,024,000
1,295,000
24,207,000
24,805,000
(42,000)
164,000
(279,000)
(157,000)
48,855,000
18,102,000
30,753,000
-
1,323,000
305,000
54,000
191,000
353,000
183,000
276,000
260,000
10,283,000
1,246,000
486,000
440,000
1,070,000
3,242,000
13,525,000
2,682,000
10,843,000
2,651,000
323,000
292,000
224,000
265,000
872,000
1,155,000
3,131,000
1,343,000
22,377,000
20,630,000
29,000
87,000
(124,000)
(8,000)
42,999,000
11,179,000
31,820,000
-
07/02/2011
3rd Quarter
USD
Yes
Thousands
3,519,000
6,212,000
1,542,000
693,000
1,051,000
626,000
13,643,000
4,312,000
2,505,000
35,222,000
19,591,000
15,631,000
2,440,000
1,136,000
19,207,000
5,094,000
24,136,000
2,208,000
71,105,000
5,602,000
4,062,000
3,102,000
12,766,000
9,176,000
2,905,000
5,336,000
30,159,000
37,288,000
(151,000)
109,000
(1,767,000)
(1,809,000)
65,638,000
26,692,000
38,946,000
1,976,000
40,922,000
04/02/2011
2nd Quarter
USD
Yes
Thousands
01/01/2011
1st Quarter
USD
Yes
Thousands
07/03/2010
04/03/2010
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
01/02/2010
1st Quarter
USD
Yes
Thousands
06/27/2009
03/28/2009
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
3,094,000
6,075,000
1,453,000
878,000
1,051,000
669,000
13,220,000
4,609,000
2,499,000
34,832,000
19,156,000
15,676,000
2,086,000
1,136,000
18,898,000
5,139,000
24,127,000
2,096,000
70,588,000
5,150,000
4,084,000
3,569,000
12,803,000
3,039,000
7,028,000
1,416,000
833,000
1,052,000
626,000
13,994,000
4,636,000
2,491,000
32,966,000
18,601,000
14,365,000
3,001,000
1,120,000
18,486,000
5,193,000
24,121,000
2,029,000
70,950,000
7,118,000
2,822,000
2,807,000
12,747,000
2,951,000
5,744,000
1,322,000
731,000
1,162,000
691,000
12,601,000
4,825,000
2,587,000
32,036,000
17,808,000
14,228,000
1,811,000
1,115,000
17,154,000
5,065,000
23,709,000
2,364,000
68,305,000
5,100,000
1,823,000
2,566,000
9,489,000
3,204,000
5,972,000
1,196,000
837,000
1,170,000
566,000
12,945,000
5,246,000
2,578,000
32,562,000
17,718,000
14,844,000
1,425,000
1,165,000
17,434,000
5,371,000
23,794,000
1,946,000
69,314,000
6,684,000
2,642,000
2,341,000
11,667,000
3,128,000
4,944,000
1,229,000
566,000
1,024,000
608,000
11,499,000
5,306,000
1,668,000
31,894,000
17,061,000
14,833,000
1,293,000
1,161,000
17,287,000
2,305,000
22,366,000
2,153,000
62,584,000
4,767,000
1,142,000
2,697,000
8,606,000
8,688,000
2,841,000
5,944,000
9,933,000
2,577,000
5,954,000
29,938,000
35,814,000
10,804,000
3,246,000
5,165,000
29,271,000
34,873,000
3,075,000
5,478,000
1,225,000
951,000
1,162,000
596,000
12,487,000
5,190,000
2,607,000
32,396,000
17,884,000
14,512,000
1,664,000
1,158,000
17,334,000
5,091,000
23,691,000
2,360,000
68,760,000
4,879,000
2,241,000
2,932,000
10,052,000
11,000,000
3,085,000
5,654,000
-
28,542,000
33,493,000
11,189,000
2,958,000
5,542,000
28,100,000
32,173,000
27,571,000
31,225,000
3,369,000
4,939,000
1,233,000
743,000
1,024,000
669,000
11,977,000
5,631,000
1,564,000
31,403,000
16,608,000
1,479,500
1,260,000
1,155,000
17,210,000
2,284,000
22,368,000
1,998,000
63,032,000
5,213,000
2,187,000
2,786,000
10,186,000
-
12,552,000
2,636,000
3,392,000
1,102,000
26,840,000
30,137,000
12,541,000
2,360,000
3,646,000
1,027,000
26,693,000
29,191,000
(149,000)
100,000
(1,788,000)
(1,837,000)
63,915,000
25,265,000
38,650,000
1,662,000
40,312,000
(128,000)
71,000
(1,830,000)
(1,887,000)
62,257,000
24,460,000
37,797,000
1,942,000
39,739,000
16,000
37,000
(1,646,000)
(1,593,000)
60,442,000
22,483,000
37,959,000
1,642,000
39,601,000
38,000
80,000
(1,677,000)
(1,559,000)
58,714,000
21,234,000
37,480,000
1,489,000
38,969,000
34,000
109,000
(1,740,000)
(1,597,000)
57,199,000
21,019,000
36,180,000
1,778,000
37,958,000
104,000
87,000
(213,000)
(22,000)
56,955,000
22,659,000
34,296,000
-
214,000
38,000
(205,000)
47,000
55,931,000
22,659,000
33,272,000
-
12/27/2008
1st Quarter
USD
Yes
Thousands
06/28/2008
03/29/2008
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
12/29/2007
1st Quarter
USD
Yes
Thousands
06/30/2007
03/31/2007
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
12/30/2006
1st Quarter
USD
Yes
Thousands
3,795,000
6,106,000
1,174,000
708,000
1,024,000
665,000
13,472,000
5,582,000
1,674,000
31,407,000
16,434,000
14,973,000
1,167,000
1,165,000
17,305,000
2,404,000
22,392,000
2,072,000
64,901,000
6,638,000
3,771,000
2,195,000
12,604,000
2,589,000
5,669,000
992,000
508,000
862,000
623,000
11,243,000
5,183,000
1,418,000
31,702,000
16,321,000
15,381,000
980,000
1,189,000
17,550,000
2,474,000
22,121,000
1,593,000
61,582,000
5,246,000
2,050,000
2,743,000
10,039,000
3,414,000
6,994,000
731,000
689,000
862,000
578,000
13,268,000
4,942,000
1,030,000
30,649,000
15,541,000
15,108,000
1,076,000
1,172,000
17,356,000
2,480,000
22,070,000
1,626,000
62,772,000
7,084,000
2,945,000
2,354,000
12,383,000
3,464,000
5,139,000
608,000
512,000
588,000
507,000
10,818,000
4,967,000
934,000
29,703,000
14,721,000
14,982,000
929,000
1,154,000
17,065,000
2,438,000
22,015,000
1,430,000
59,667,000
5,137,000
1,947,000
2,461,000
9,545,000
2,437,000
6,313,000
670,000
515,000
592,000
588,000
11,115,000
5,136,000
876,000
29,263,000
14,161,000
15,102,000
855,000
1,187,000
17,144,000
2,900,000
22,545,000
1,277,000
60,993,000
6,916,000
1,759,000
1,912,000
10,587,000
666,000
5,940,000
1,323,000
182,000
299,000
54,000
351,000
224,000
2,276,000
1,073,000
12,388,000
1,759,000
10,629,000
2,596,000
3,315,000
1,358,000
22,943,000
21,694,000
12,232,000
2,380,000
3,770,000
1,260,000
26,662,000
28,575,000
3,860,000
5,595,000
841,000
646,000
862,000
592,000
12,396,000
4,878,000
1,154,000
31,248,000
16,035,000
15,213,000
1,159,000
1,185,000
17,557,000
2,473,000
22,094,000
1,739,000
62,291,000
5,399,000
2,861,000
2,996,000
11,256,000
-
11,522,000
2,258,000
3,748,000
1,236,000
26,274,000
27,660,000
12,929,000
2,321,000
3,851,000
1,146,000
24,602,000
26,381,000
12,785,000
2,225,000
3,672,000
1,327,000
24,419,000
25,248,000
11,728,000
2,451,000
3,184,000
1,202,000
23,990,000
23,926,000
2,182,000
4,949,000
622,000
625,000
592,000
544,000
9,514,000
5,183,000
903,000
29,326,000
14,489,000
14,837,000
1,004,000
1,193,000
17,034,000
2,916,000
22,701,000
1,354,000
59,605,000
5,396,000
2,399,000
2,482,000
10,277,000
973,000
5,940,000
1,323,000
182,000
328,000
348,000
222,000
2,306,000
1,067,000
12,689,000
2,399,000
10,290,000
2,646,000
3,521,000
1,128,000
23,537,000
22,625,000
169,000
105,000
(197,000)
77,000
55,314,000
22,659,000
32,655,000
-
(9,000)
211,000
(261,000)
(59,000)
53,875,000
21,096,000
32,779,000
-
(70,000)
215,000
(267,000)
(122,000)
50,861,000
20,073,000
30,788,000
-
(31,000)
166,000
(274,000)
(139,000)
49,528,000
19,148,000
30,380,000
-
11,000
13,000
-
131,000
(124,000)
18,000
47,934,000
16,377,000
31,557,000
-
127,000
(124,000)
16,000
46,178,000
14,435,000
31,743,000
-
17,000
114,000
(124,000)
7,000
44,644,000
12,136,000
32,508,000
-
Revenues
Costs & expenses
Gains on sale of equity investment & business
Restructuring & impairment (charges) & other credits, net
Restructuring & impairment charges
Gain on sales of investments in television services in Europe
Gain on sale of Power Rangers property
Gain related to the acquisition of The Disney Store Japan
Gain on Lifetime/AETN transaction
Gain on sale of investment in two pay television services in Latin America
Gain related to the acquisition of the Disney Stores North America
Gain on sale of movies.com
Bad debt charge for Lehman Brothers receivable
Other income (expense)
Net interest expense
Equity in the income (loss) of investees
Income (loss) from continuing operations before income taxes & minority interests-domestic
Income (loss) from continuing operations before income taxes & minority interests-foreign
Income (loss) from continuing operations before income taxes & minority interests
Current income tax (benefit) provision-federal
Current income tax (benefit) provision-state
Current income tax (benefit) provision-foreign
Total current income tax (benefit) provision
Deferred income tax (benefit) provision-federal
Deferred income tax (benefit) provision-state
Total deferred income tax (benefit) provision
Income taxes
Minority interests
Income (loss) from continuing operations
Discontinued operations, net
Income (loss) before accounting changes
Net income (loss)
Net income attributable to non-controlling interests
Net Income attributable to The Walt Disney Company
Weighted average common & common equivalent shares outstanding-Disney basic
Weighted average common & common equivalent shares outstanding-Disney diluted
Year end shares outstanding
Earnings (loss) per share from continuing operations-basic
Earnings (loss) per share-discontinued operations-basic
Net earnings (loss) per share-basic
10/02/2010
10/03/2009
09/27/2008
09/29/2007
09/30/2006
USD
USD
USD
USD
USD
Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified
Yes
Thousands
Yes
Thousands
Yes
Thousands
Yes
Thousands
Yes
Thousands
38,063,000
31,337,000
36,149,000
30,452,000
37,843,000
30,439,000
35,510,000
28,729,000
1,052,000
34,285,000
28,807,000
70,000
18,000
270,000
75,000
43,000
22,000
492,000
-
140,000
409,000
440,000
6,074,000
553,000
6,627,000
1,530,000
236,000
432,000
2,198,000
307,000
(191,000)
116,000
2,314,000
4,313,000
(350,000)
3,963,000
1,915,000
1,948,000
1,896,900
2.07
228,000
114,000
342,000
466,000
577,000
5,472,000
186,000
5,658,000
1,278,000
195,000
312,000
1,785,000
296,000
(32,000)
264,000
2,049,000
302,000
3,307,000
3,307,000
1,856,000
1,875,000
1,818,300
1.78
1.78
18,000
14,000
91,000
(59,000)
524,000
581,000
6,692,000
710,000
7,402,000
2,072,000
366,000
362,000
2,800,000
(95,000)
(32,000)
(127,000)
2,673,000
302,000
4,427,000
4,427,000
1,890,000
1,948,000
1,822,900
2.34
2.34
593,000
485,000
7,344,000
381,000
7,725,000
2,368,000
303,000
330,000
3,001,000
(118,000)
(9,000)
(127,000)
2,874,000
177,000
4,674,000
13,000
4,687,000
2,004,000
2,092,000
1,962,200
2.33
0.01
2.34
592,000
473,000
5,106,000
341,000
5,447,000
1,660,000
127,000
243,000
2,030,000
(179,000)
39,000
(140,000)
1,890,000
183,000
3,374,000
3,374,000
2,005,000
2,076,000
2,064,000
1.68
1.68
2.03
0.35
149,000
998,373
1.76
2.28
-
1.76
0.35
144,000
1,009,288
2.28
0.35
150,000
1,003,443
2.24
0.01
2.25
0.31
137,000
990,671
1.64
1.64
0.27
133,000
991,771
Revenues
Costs & expenses
Restructuring & impairment charges
Gains (losses) on sale of equity investment & business
Restructuring & impairment charges
Other income
Interest expense
Interest & investment income
Net interest expense
Equity in the income of investees
Income (loss) before income taxes
Income taxes
Minority interests
Income from continuing operations
Income (loss) from discontinued operations, net of tax
Net income (loss)
Less: net income attributable to noncontrolling interests
Net income attributable to The Walt Disney Company
Weighted average shares outstanding - basic
Weighted average shares outstanding - diluted
Year end shares outstanding
Earnings (loss) per share - continuing operations - basic
Earnings (loss) per share - discontinued operations - basic
Net earnings (loss) per share - basic
Earnings (loss) per share - continuing operations - diluted
Earnings (loss) per share - discontinued operations - diluted
Net earnings (loss) per share - diluted
07/02/2011
04/02/2011
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
10,675,000
8,229,000
34,000
9,077,000
7,549,000
-
113,000
25,000
88,000
184,000
2,508,000
845,000
111,000
28,000
83,000
123,000
1,568,000
558,000
-
1,663,000
(187,000)
1,476,000
1,883,000
1,912,000
1,820,200
0.78
0.77
1,010,000
(68,000)
942,000
1,899,000
1,934,000
1,855,200
0.50
0.49
01/01/2011
1st Quarter
USD
Yes
Thousands
07/03/2010
04/03/2010
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
10,716,000
8,776,000
12,000
10,002,000
7,723,000
36,000
-
75,000
100,000
5,000
95,000
156,000
2,064,000
730,000
8,580,000
7,068,000
71,000
-
43,000
103,000
14,000
89,000
139,000
2,336,000
831,000
01/02/2010
1st Quarter
USD
Yes
Thousands
9,739,000
8,325,000
105,000
-
70,000
147,000
17,000
130,000
154,000
1,535,000
537,000
8,596,000
6,998,000
21,000
-
27,000
118,000
15,000
103,000
89,000
1,322,000
478,000
1,334,000
(32,000)
1,302,000
1,891,000
1,927,000
1,874,700
0.69
0.68
1,505,000
(174,000)
1,331,000
1,945,000
1,978,000
1,932,300
0.68
0.67
998,000
(45,000)
953,000
1,940,000
1,973,000
1,969,200
0.49
0.48
06/27/2009
03/28/2009
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
844,000
134,000
59,000
75,000
155,000
1,657,000
626,000
77,000
0.45
613,000
0.33
0.51
845,000
1,855,000
1,868,000
1,819,700
0.51
114,000
168,000
29,000
139,000
147,000
1,339,000
488,000
6,000
1,857,000
1,874,000
1,819,700
305,000
150,000
22,000
128,000
147,000
1,001,000
348,000
40,000
954,000
844,000
1,867,000
1,903,000
1,875,900
9,599,000
8,382,000
-
0.44
8,087,000
6,800,000
12/27/2008
1st Quarter
USD
Yes
Thousands
0.33
1,852,000
1,872,000
1,819,700
0.46
0.46
0.45
0.45
06/28/2008
03/29/2008
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
9,236,000
7,215,000
8,710,000
6,812,000
-
32,000
161,000
20,000
141,000
175,000
2,087,000
712,000
91,000
1,284,000
216,000
93,000
123,000
123,000
2,033,000
759,000
24,000
1,133,000
1,900,000
1,940,000
1,869,700
0.68
1,250,000
1,883,000
1,960,000
1,901,200
0.60
-
0.68
0.66
1,904,000
1,989,000
1,931,000
0.66
0.60
0.58
0.66
0.63
0.58
0.63
06/30/2007
03/31/2007
3rd Quarter 2nd Quarter
USD
USD
Yes
Yes
Thousands Thousands
9,045,000
7,022,000
-
0.66
10,452,000
8,419,000
186,000
39,000
147,000
144,000
1,895,000
712,000
50,000
1,133,000
1,284,000
12/29/2007
1st Quarter
USD
Yes
Thousands
8,073,000
6,540,000
-
183,000
40,000
143,000
147,000
2,027,000
762,000
69,000
1,196,000
(18,000)
1,178,000
1,982,000
2,070,000
2,013,100
0.60
(0.01)
0.59
0.58
(0.01)
0.57
12/30/2006
1st Quarter
USD
Yes
Thousands
9,725,000
8,009,000
-
167,000
37,000
130,000
121,000
1,524,000
590,000
3,000
1,052,000
188,000
31,000
157,000
121,000
2,732,000
1,026,000
5,000
931,000
1,701,000
2,039,000
2,129,000
1,968,600
2,059,000
2,148,000
2,035,200
0.46
0.83
0.44
0.79
Ratings
Fitch
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
Last Sale
Amount
Price
Yield (in %) Outstanding (000s)
102.90
0.566
$1,250,000.00
104.54
1.036
$750,000.00
100.64
4.554
$750,000.00
108.29
0.836
$1,000,000.00
112.35
1.670
$450,000.00
99.11
1.537
$750,000.00
118.26
1.816
$750,000.00
118.62
2.566
$350,000.00
117.88
2.757
$300,000.00
122.70
2.214
$500,000.00
106.63
2.961
$500,000.00
142.90
3.650
$250,000.00
99.90
2.761
$750,000.00
133.90
4.459
$500,000.00
98.63 $25,000.00
98.25
4.482
$350,000.00
96.40 $25,000.00
127.76
4.676
$300,000.00
Offer
Date
2/21/2002
11/29/2007
11/29/2007
12/17/2008
6/19/2002
8/17/2011
9/6/2006
7/12/2007
12/16/2002
3/11/2009
5/18/2011
8/15/1991
8/17/2011
2/21/2002
3/29/1999
8/17/2011
7/28/1997
7/21/1993
Pay
Frequency
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Semi-annual
Quarterly
Semi-annual
Quarterly
Semi-annual
200710
200709
200708
200707
200706
200705
200704
200703
200702
200701
200612
200611
200610
200609
200608
200607
200606
200605
200604
200603
200602
200601
200512
200511
200510
200509
200508
200507
200506
200505
200504
200503
200502
200501
200412
200411
200410
200409
200408
200407
200406
200405
200404
200403
200402
200401
200312
0.32
0.32
0.42
0.4
0.4
0.41
0.44
0.43
0.38
0.44
0.4
0.42
0.41
0.41
0.42
0.4
0.4
0.43
0.36
0.37
0.34
0.35
0.32
0.31
0.27
0.29
0.3
0.24
0.23
0.24
0.21
0.21
0.16
0.16
0.16
0.15
0.11
0.11
0.11
0.1
0.08
0.06
0.08
0.09
0.06
0.07
0.08
200311
200310
200309
200308
200307
200306
200305
200304
200303
200302
200301
200212
200211
200210
200209
200208
200207
200206
200205
200204
200203
200202
200201
200112
200111
200110
200109
200108
200107
200106
200105
200104
200103
200102
200101
200012
200011
200010
200009
200008
200007
200006
200005
200004
200003
200002
200001
0.07
0.07
0.08
0.07
0.07
0.1
0.09
0.1
0.1
0.09
0.1
0.11
0.12
0.14
0.14
0.14
0.15
0.13
0.14
0.15
0.13
0.13
0.14
0.15
0.17
0.22
0.28
0.31
0.3
0.28
0.32
0.39
0.44
0.39
0.54
0.5
0.51
0.56
0.51
0.5
0.48
0.4
0.5
0.46
0.47
0.43
0.41
199912
199911
199910
199909
199908
199907
199906
199905
199904
199903
199902
199901
199812
199811
199810
199809
199808
199807
199806
199805
199804
199803
199802
199801
199712
199711
199710
199709
199708
199707
199706
199705
199704
199703
199702
199701
199612
199611
199610
199609
199608
199607
199606
199605
199604
199603
199602
0.44
0.36
0.39
0.39
0.39
0.38
0.4
0.34
0.37
0.43
0.35
0.35
0.38
0.31
0.32
0.46
0.43
0.4
0.41
0.4
0.43
0.39
0.39
0.43
0.48
0.39
0.42
0.44
0.41
0.43
0.37
0.49
0.43
0.43
0.39
0.45
0.46
0.41
0.42
0.44
0.41
0.45
0.4
0.42
0.46
0.39
0.39
199601
199512
199511
199510
199509
199508
199507
199506
199505
199504
199503
199502
199501
199412
199411
199410
199409
199408
199407
199406
199405
199404
199403
199402
199401
199312
199311
199310
199309
199308
199307
199306
199305
199304
199303
199302
199301
199212
199211
199210
199209
199208
199207
199206
199205
199204
199203
0.43
0.49
0.42
0.47
0.43
0.47
0.45
0.47
0.54
0.44
0.46
0.4
0.42
0.44
0.37
0.38
0.37
0.37
0.28
0.31
0.32
0.27
0.27
0.21
0.25
0.23
0.25
0.22
0.26
0.25
0.24
0.25
0.22
0.24
0.25
0.22
0.23
0.28
0.23
0.23
0.26
0.26
0.31
0.32
0.28
0.32
0.34
199202
199201
199112
199111
199110
199109
199108
199107
199106
199105
199104
199103
199102
199101
199012
199011
199010
199009
199008
199007
199006
199005
199004
199003
199002
199001
198912
198911
198910
198909
198908
198907
198906
198905
198904
198903
198902
198901
198812
198811
198810
198809
198808
198807
198806
198805
198804
0.28
0.34
0.38
0.39
0.42
0.46
0.46
0.49
0.42
0.47
0.53
0.44
0.48
0.52
0.6
0.57
0.68
0.6
0.66
0.68
0.63
0.68
0.69
0.64
0.57
0.57
0.61
0.69
0.68
0.65
0.74
0.7
0.71
0.79
0.67
0.67
0.61
0.55
0.63
0.57
0.61
0.62
0.59
0.51
0.49
0.51
0.46
198803
198802
198801
198712
198711
198710
198709
198708
198707
198706
198705
198704
198703
198702
198701
198612
198611
198610
198609
198608
198607
198606
198605
198604
198603
198602
198601
198512
198511
198510
198509
198508
198507
198506
198505
198504
198503
198502
198501
198412
198411
198410
198409
198408
198407
198406
198405
0.44
0.46
0.29
0.39
0.35
0.6
0.45
0.47
0.46
0.48
0.38
0.44
0.47
0.43
0.42
0.49
0.39
0.46
0.45
0.46
0.52
0.52
0.49
0.52
0.6
0.53
0.56
0.65
0.61
0.65
0.6
0.55
0.62
0.55
0.66
0.72
0.62
0.58
0.65
0.64
0.73
1
0.86
0.83
0.82
0.75
0.78
198404
198403
198402
198401
198312
198311
198310
198309
198308
198307
198306
198305
198304
198303
198302
198301
198212
198211
198210
198209
198208
198207
198206
198205
198204
198203
198202
198201
198112
198111
198110
198109
198108
198107
198106
198105
198104
198103
198102
198101
198012
198011
198010
198009
198008
198007
198006
0.81
0.73
0.71
0.76
0.73
0.7
0.76
0.76
0.76
0.74
0.67
0.69
0.71
0.63
0.62
0.69
0.67
0.63
0.59
0.51
0.76
1.05
0.96
1.06
1.13
0.98
0.92
0.8
0.87
1.07
1.21
1.24
1.28
1.24
1.35
1.15
1.08
1.21
1.07
1.04
1.31
0.96
0.95
0.75
0.64
0.53
0.61
198005
198004
198003
198002
198001
197912
197911
197910
197909
197908
197907
197906
197905
197904
197903
197902
197901
197812
197811
197810
197809
197808
197807
197806
197805
197804
197803
197802
197801
197712
197711
197710
197709
197708
197707
197706
197705
197704
197703
197702
197701
197612
197611
197610
197609
197608
197607
0.81
1.26
1.21
0.89
0.8
0.95
0.99
0.87
0.83
0.77
0.77
0.81
0.82
0.8
0.81
0.73
0.77
0.78
0.7
0.68
0.62
0.55
0.56
0.54
0.51
0.54
0.53
0.46
0.49
0.49
0.5
0.49
0.43
0.44
0.42
0.4
0.37
0.38
0.38
0.35
0.36
0.4
0.4
0.41
0.44
0.42
0.47
197606
197605
197604
197603
197602
197601
197512
197511
197510
197509
197508
197507
197506
197505
197504
197503
197502
197501
197412
197411
197410
197409
197408
197407
197406
197405
197404
197403
197402
197401
197312
197311
197310
197309
197308
197307
197306
197305
197304
197303
197302
197301
197212
197211
197210
197209
197208
0.43
0.37
0.42
0.4
0.34
0.47
0.48
0.41
0.56
0.53
0.48
0.48
0.41
0.44
0.44
0.41
0.43
0.58
0.7
0.54
0.51
0.81
0.6
0.7
0.6
0.75
0.75
0.56
0.58
0.63
0.64
0.56
0.65
0.68
0.7
0.64
0.51
0.51
0.52
0.46
0.41
0.44
0.37
0.37
0.4
0.34
0.29
197207
197206
197205
197204
197203
197202
197201
197112
197111
197110
197109
197108
197107
197106
197105
197104
197103
197102
197101
197012
197011
197010
197009
197008
197007
197006
197005
197004
197003
197002
197001
196912
196911
196910
196909
196908
196907
196906
196905
196904
196903
196902
196901
196812
196811
196810
196809
0.31
0.29
0.3
0.29
0.27
0.25
0.29
0.37
0.37
0.37
0.37
0.47
0.4
0.37
0.29
0.28
0.3
0.33
0.38
0.42
0.46
0.46
0.54
0.53
0.52
0.58
0.53
0.5
0.57
0.62
0.6
0.64
0.52
0.6
0.62
0.5
0.53
0.51
0.48
0.53
0.46
0.46
0.53
0.43
0.42
0.44
0.43
196808
196807
196806
196805
196804
196803
196802
196801
196712
196711
196710
196709
196708
196707
196706
196705
196704
196703
196702
196701
196612
196611
196610
196609
196608
196607
196606
196605
196604
196603
196602
196601
196512
196511
196510
196509
196508
196507
196506
196505
196504
196503
196502
196501
196412
196411
196410
0.42
0.48
0.43
0.45
0.43
0.38
0.39
0.4
0.33
0.36
0.39
0.32
0.31
0.32
0.27
0.33
0.32
0.39
0.36
0.43
0.4
0.4
0.45
0.4
0.41
0.35
0.38
0.41
0.34
0.38
0.35
0.38
0.33
0.35
0.31
0.31
0.33
0.31
0.35
0.31
0.31
0.36
0.3
0.28
0.31
0.29
0.29
196409
196408
196407
196406
196405
196404
196403
196402
196401
196312
196311
196310
196309
196308
196307
196306
196305
196304
196303
196302
196301
196212
196211
196210
196209
196208
196207
196206
196205
196204
196203
196202
196201
196112
196111
196110
196109
196108
196107
196106
196105
196104
196103
196102
196101
196012
196011
0.28
0.28
0.3
0.3
0.26
0.29
0.31
0.26
0.3
0.29
0.27
0.29
0.27
0.25
0.27
0.23
0.24
0.25
0.23
0.23
0.25
0.23
0.2
0.26
0.21
0.23
0.27
0.2
0.24
0.22
0.2
0.2
0.24
0.19
0.15
0.19
0.17
0.14
0.18
0.2
0.18
0.17
0.2
0.14
0.19
0.16
0.13
196010
196009
196008
196007
196006
196005
196004
196003
196002
196001
195912
195911
195910
195909
195908
195907
195906
195905
195904
195903
195902
195901
195812
195811
195810
195809
195808
195807
195806
195805
195804
195803
195802
195801
195712
195711
195710
195709
195708
195707
195706
195705
195704
195703
195702
195701
195612
0.22
0.16
0.17
0.13
0.24
0.27
0.19
0.35
0.29
0.33
0.34
0.26
0.3
0.31
0.19
0.25
0.25
0.22
0.2
0.22
0.19
0.21
0.22
0.11
0.18
0.19
0.04
0.07
0.03
0.11
0.08
0.09
0.12
0.28
0.24
0.28
0.29
0.26
0.25
0.3
0.24
0.26
0.25
0.23
0.24
0.27
0.24
195611
195610
195609
195608
195607
195606
195605
195604
195603
195602
195601
195512
195511
195510
195509
195508
195507
195506
195505
195504
195503
195502
195501
195412
195411
195410
195409
195408
195407
195406
195405
195404
195403
195402
195401
195312
195311
195310
195309
195308
195307
195306
195305
195304
195303
195302
195301
0.2
0.25
0.18
0.17
0.22
0.2
0.23
0.19
0.15
0.19
0.22
0.18
0.17
0.18
0.16
0.16
0.1
0.1
0.14
0.1
0.1
0.09
0.08
0.08
0.06
0.07
0.09
0.05
0.05
0.06
0.05
0.09
0.08
0.07
0.11
0.13
0.08
0.13
0.16
0.17
0.15
0.18
0.17
0.16
0.18
0.14
0.16
195212
195211
195210
195209
195208
195207
195206
195205
195204
195203
195202
195201
195112
195111
195110
195109
195108
195107
195106
195105
195104
195103
195102
195101
195012
195011
195010
195009
195008
195007
195006
195005
195004
195003
195002
Average Monthly Returns =
Average Yearly Returns =
0.16
0.1
0.14
0.16
0.15
0.15
0.15
0.13
0.12
0.11
0.12
0.15
0.12
0.11
0.16
0.12
0.13
0.13
0.12
0.12
0.13
0.11
0.1
0.13
0.11
0.11
0.12
0.1
0.1
0.1
0.1
0.1
0.09
0.1
0.09
0.377995
4.535935
ulty/ken.french/data_library.html)
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
33.01
32.78
32.03
31.45
32.54
33.78
33.34
32.82
32.65
33.52
32.66
31.22
29.72
29.2
28.01
28.05
0.7016
2.3416
1.8442
-3.3497
-3.6708
1.3197
1.5844
0.5207
-2.5955
2.6332
4.6124
5.0471
1.7808
4.2485
-0.1426
0.780210507
9.362526083
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
Dec-05
Nov-05
Oct-05
Sep-05
Aug-05
Jul-05
Jun-05
May-05
Apr-05
Mar-05
Feb-05
Jan-05
Dec-04
Nov-04
Oct-04
Sep-04
Aug-04
Jul-04
Jun-04
May-04
Apr-04
Mar-04
Feb-04
Jan-04
Dec-03
1549.38
1526.75
1473.99
1455.27
1503.35
1530.62
1482.37
1420.86
1406.82
1438.24
1418.3
1400.63
1377.94
1335.85
1303.82
1276.66
1270.2
1270.09
1310.61
1294.87
1280.66
1280.08
1248.29
1249.48
1207.01
1228.81
1220.33
1234.18
1191.33
1191.5
1156.85
1180.59
1203.6
1181.27
1211.92
1173.82
1130.2
1114.58
1104.24
1101.72
1140.84
1120.68
1107.3
1126.21
1144.94
1131.13
1111.92
1.4822
3.5794
1.2864
-3.1982
-1.7816
3.2549
4.3291
0.9980
-2.1846
1.4059
1.2616
1.6467
3.1508
2.4566
2.1274
0.5086
0.0087
-3.0917
1.2156
1.1096
0.0453
2.5467
-0.0952
3.5186
-1.7741
0.6949
-1.1222
3.5968
-0.0143
2.9952
-2.0109
-1.9118
1.8903
-2.5290
3.2458
3.8595
1.4014
0.9364
0.2287
-3.4291
1.7989
1.2083
-1.6791
-1.6359
1.2209
1.7276
5.0765
Nov-03
Oct-03
Sep-03
Aug-03
Jul-03
Jun-03
May-03
Apr-03
Mar-03
Feb-03
Jan-03
Dec-02
Nov-02
Oct-02
Sep-02
Aug-02
Jul-02
Jun-02
May-02
Apr-02
Mar-02
Feb-02
Jan-02
Dec-01
Nov-01
Oct-01
Sep-01
Aug-01
Jul-01
Jun-01
May-01
Apr-01
Mar-01
Feb-01
Jan-01
Dec-00
Nov-00
Oct-00
Sep-00
Aug-00
Jul-00
Jun-00
May-00
Apr-00
Mar-00
Feb-00
Jan-00
1058.2
1050.71
995.97
1008.01
990.31
974.5
963.59
916.92
848.18
841.15
855.7
879.82
936.31
885.76
815.28
916.07
911.62
989.82
1067.14
1076.92
1147.39
1106.73
1130.2
1148.08
1139.45
1059.78
1040.94
1133.58
1211.23
1224.38
1255.82
1249.46
1160.33
1239.94
1366.01
1320.28
1314.95
1429.4
1436.51
1517.68
1430.83
1454.6
1420.6
1452.43
1498.58
1366.42
1394.46
0.7129
5.4961
-1.1944
1.7873
1.6224
1.1322
5.0899
8.1044
0.8358
-1.7004
-2.7415
-6.0333
5.7070
8.6449
-11.0024
0.4881
-7.9004
-7.2455
-0.9081
-6.1418
3.6739
-2.0766
-1.5574
0.7574
7.5176
1.8099
-8.1723
-6.4108
-1.0740
-2.5035
0.5090
7.6814
-6.4205
-9.2291
3.4637
0.4053
-8.0069
-0.4949
-5.3483
6.0699
-1.6341
2.3934
-2.1915
-3.0796
9.6720
-2.0108
-5.0904
Dec-99
Nov-99
Oct-99
Sep-99
Aug-99
Jul-99
Jun-99
May-99
Apr-99
Mar-99
Feb-99
Jan-99
Dec-98
Nov-98
Oct-98
Sep-98
Aug-98
Jul-98
Jun-98
May-98
Apr-98
Mar-98
Feb-98
Jan-98
Dec-97
Nov-97
Oct-97
Sep-97
Aug-97
Jul-97
Jun-97
May-97
Apr-97
Mar-97
Feb-97
Jan-97
Dec-96
Nov-96
Oct-96
Sep-96
Aug-96
Jul-96
Jun-96
May-96
Apr-96
Mar-96
Feb-96
1469.25
1388.91
1362.93
1282.71
1320.41
1328.72
1372.71
1301.84
1335.18
1286.37
1238.33
1279.64
1229.23
1163.63
1098.67
1017.01
957.28
1120.67
1133.84
1090.82
1111.75
1101.75
1049.34
980.28
970.43
955.4
914.62
947.28
899.47
954.31
885.14
848.28
801.34
757.12
790.82
786.16
740.74
757.02
705.27
687.33
651.99
639.95
670.63
669.12
654.17
645.5
640.43
5.7844
1.9062
6.2539
-2.8552
-0.6254
-3.2046
5.4438
-2.4970
3.7944
3.8794
-3.2283
4.1009
5.6375
5.9126
8.0294
6.2396
-14.5797
-1.1615
3.9438
-1.8826
0.9076
4.9946
7.0449
1.0150
1.5732
4.4587
-3.4478
5.3154
-5.7466
7.8146
4.3453
5.8577
5.8406
-4.2614
0.5928
6.1317
-2.1505
7.3376
2.6101
5.4203
1.8814
-4.5748
0.2257
2.2853
1.3431
0.7917
0.6934
Jan-96
Dec-95
Nov-95
Oct-95
Sep-95
Aug-95
Jul-95
Jun-95
May-95
Apr-95
Mar-95
Feb-95
Jan-95
Dec-94
Nov-94
Oct-94
Sep-94
Aug-94
Jul-94
Jun-94
May-94
Apr-94
Mar-94
Feb-94
Jan-94
Dec-93
Nov-93
Oct-93
Sep-93
Aug-93
Jul-93
Jun-93
May-93
Apr-93
Mar-93
Feb-93
Jan-93
Dec-92
Nov-92
Oct-92
Sep-92
Aug-92
Jul-92
Jun-92
May-92
Apr-92
Mar-92
636.02
615.93
605.37
581.5
584.41
561.88
562.06
544.75
533.4
514.71
500.71
487.39
470.42
459.27
453.69
472.35
462.71
475.49
458.26
444.27
456.5
450.91
445.77
467.14
481.61
466.45
461.79
467.83
458.93
463.56
448.13
450.53
450.19
440.19
451.67
443.38
438.78
435.71
431.35
418.68
417.8
414.03
424.21
408.14
415.35
414.95
403.69
3.2617
1.7444
4.1049
-0.4979
4.0098
-0.0320
3.1776
2.1279
3.6312
2.7960
2.7329
3.6074
2.4278
1.2299
-3.9505
2.0834
-2.6878
3.7599
3.1490
-2.6791
1.2397
1.1531
-4.5746
-3.0045
3.2501
1.0091
-1.2911
1.9393
-0.9988
3.4432
-0.5327
0.0755
2.2717
-2.5417
1.8697
1.0484
0.7046
1.0108
3.0262
0.2106
0.9106
-2.3998
3.9374
-1.7359
0.0964
2.7893
-2.1832
Feb-92
Jan-92
Dec-91
Nov-91
Oct-91
Sep-91
Aug-91
Jul-91
Jun-91
May-91
Apr-91
Mar-91
Feb-91
Jan-91
Dec-90
Nov-90
Oct-90
Sep-90
Aug-90
Jul-90
Jun-90
May-90
Apr-90
Mar-90
Feb-90
Jan-90
Dec-89
Nov-89
Oct-89
Sep-89
Aug-89
Jul-89
Jun-89
May-89
Apr-89
Mar-89
Feb-89
Jan-89
Dec-88
Nov-88
Oct-88
Sep-88
Aug-88
Jul-88
Jun-88
May-88
Apr-88
412.7
408.78
417.09
375.22
392.45
387.86
395.43
387.81
371.16
389.83
375.34
375.22
367.07
343.93
330.22
322.22
304
306.05
322.56
356.15
358.02
361.23
330.8
339.94
331.89
329.08
353.4
345.99
340.36
349.15
351.45
346.08
317.98
320.52
309.64
294.87
288.86
297.47
277.72
273.7
278.97
271.91
261.52
272.02
273.5
262.16
261.33
0.9590
-1.9924
11.1588
-4.3904
1.1834
-1.9144
1.9649
4.4859
-4.7893
3.8605
0.0320
2.2203
6.7281
4.1518
2.4828
5.9934
-0.6698
-5.1184
-9.4314
-0.5223
-0.8886
9.1989
-2.6887
2.4255
0.8539
-6.8817
2.1417
1.6541
-2.5175
-0.6544
1.5517
8.8370
-0.7925
3.5138
5.0090
2.0806
-2.8944
7.1115
1.4688
-1.8891
2.5964
3.9729
-3.8600
-0.5411
4.3256
0.3176
0.9425
Mar-88
Feb-88
Jan-88
Dec-87
Nov-87
Oct-87
Sep-87
Aug-87
Jul-87
Jun-87
May-87
Apr-87
Mar-87
Feb-87
Jan-87
Dec-86
Nov-86
Oct-86
Sep-86
Aug-86
Jul-86
Jun-86
May-86
Apr-86
Mar-86
Feb-86
Jan-86
Dec-85
Nov-85
Oct-85
Sep-85
Aug-85
Jul-85
Jun-85
May-85
Apr-85
Mar-85
Feb-85
Jan-85
Dec-84
Nov-84
Oct-84
Sep-84
Aug-84
Jul-84
Jun-84
May-84
258.89
267.82
257.07
247.08
230.3
251.79
321.83
329.8
318.66
304
290.1
288.36
291.7
284.2
274.08
242.17
249.22
243.98
231.32
252.93
236.12
250.84
247.35
235.52
238.9
226.92
211.78
211.28
202.17
189.82
182.08
188.63
190.92
191.85
189.55
179.83
180.66
181.18
179.63
167.24
163.58
166.09
166.1
166.68
150.66
153.18
150.55
-3.3343
4.1817
4.0432
7.2861
-8.5349
-21.7630
-2.4166
3.4959
4.8224
4.7915
0.6034
-1.1450
2.6390
3.6924
13.1767
-2.8288
2.1477
5.4729
-8.5439
7.1193
-5.8683
1.4110
5.0229
-1.4148
5.2794
7.1489
0.2367
4.5061
6.5062
4.2509
-3.4724
-1.1995
-0.4848
1.2134
5.4051
-0.4594
-0.2870
0.8629
7.4085
2.2374
-1.5112
-0.0060
-0.3480
10.6332
-1.6451
1.7469
-5.9356
Apr-84
Mar-84
Feb-84
Jan-84
Dec-83
Nov-83
Oct-83
Sep-83
Aug-83
Jul-83
Jun-83
May-83
Apr-83
Mar-83
Feb-83
Jan-83
Dec-82
Nov-82
Oct-82
Sep-82
Aug-82
Jul-82
Jun-82
May-82
Apr-82
Mar-82
Feb-82
Jan-82
Dec-81
Nov-81
Oct-81
Sep-81
Aug-81
Jul-81
Jun-81
May-81
Apr-81
Mar-81
Feb-81
Jan-81
Dec-80
Nov-80
Oct-80
Sep-80
Aug-80
Jul-80
Jun-80
160.05
159.18
157.06
163.41
164.93
166.4
163.55
166.07
164.4
162.56
167.64
162.39
164.43
152.96
148.06
145.3
140.64
138.53
133.72
120.42
119.51
107.09
109.61
111.88
116.44
111.96
113.11
120.4
122.55
126.35
121.89
116.18
122.79
130.92
131.21
132.59
132.81
136
131.27
129.55
135.76
140.52
127.47
125.46
122.38
121.67
114.24
0.5466
1.3498
-3.8859
-0.9216
-0.8834
1.7426
-1.5174
1.0158
1.1319
-3.0303
3.2330
-1.2406
7.4987
3.3095
1.8995
3.3134
1.5231
3.5971
11.0447
0.7614
11.5977
-2.2991
-2.0290
-3.9162
4.0014
-1.0167
-6.0548
-1.7544
-3.0075
3.6590
4.9148
-5.3832
-6.2099
-0.2210
-1.0408
-0.1657
-2.3456
3.6033
1.3277
-4.5742
-3.3874
10.2377
1.6021
2.5168
0.5835
6.5039
2.6969
May-80
Apr-80
Mar-80
Feb-80
Jan-80
Dec-79
Nov-79
Oct-79
Sep-79
Aug-79
Jul-79
Jun-79
May-79
Apr-79
Mar-79
Feb-79
Jan-79
Dec-78
Nov-78
Oct-78
Sep-78
Aug-78
Jul-78
Jun-78
May-78
Apr-78
Mar-78
Feb-78
Jan-78
Dec-77
Nov-77
Oct-77
Sep-77
Aug-77
Jul-77
Jun-77
May-77
Apr-77
Mar-77
Feb-77
Jan-77
Dec-76
Nov-76
Oct-76
Sep-76
Aug-76
Jul-76
111.24
106.29
102.09
113.66
114.16
107.94
106.16
101.82
109.32
109.32
103.81
102.91
99.08
101.76
101.59
96.28
99.93
96.11
94.7
93.15
102.54
103.29
100.68
95.53
97.24
96.83
89.21
87.04
89.25
95.1
94.83
92.34
96.53
96.77
98.85
100.48
96.12
98.44
98.42
99.82
102.03
107.46
102.1
102.9
105.24
102.91
103.44
4.6571
4.1140
-10.1795
-0.4380
5.7625
1.6767
4.2624
-6.8606
0.0000
5.3078
0.8746
3.8656
-2.6336
0.1673
5.5152
-3.6526
3.9746
1.4889
1.6640
-9.1574
-0.7261
2.5924
5.3910
-1.7585
0.4234
8.5416
2.4931
-2.4762
-6.1514
0.2847
2.6966
-4.3406
-0.2480
-2.1042
-1.6222
4.5360
-2.3568
0.0203
-1.4025
-2.1660
-5.0530
5.2498
-0.7775
-2.2235
2.2641
-0.5124
-0.8055
Jun-76
May-76
Apr-76
Mar-76
Feb-76
Jan-76
Dec-75
Nov-75
Oct-75
Sep-75
Aug-75
Jul-75
Jun-75
May-75
Apr-75
Mar-75
Feb-75
Jan-75
Dec-74
Nov-74
Oct-74
Sep-74
Aug-74
Jul-74
Jun-74
May-74
Apr-74
Mar-74
Feb-74
Jan-74
Dec-73
Nov-73
Oct-73
Sep-73
Aug-73
Jul-73
Jun-73
May-73
Apr-73
Mar-73
Feb-73
Jan-73
Dec-72
Nov-72
Oct-72
Sep-72
Aug-72
104.28
100.18
101.64
102.77
99.71
100.86
90.19
91.24
89.04
83.87
86.88
88.75
95.19
91.15
87.3
83.36
81.59
76.98
68.56
69.97
73.9
63.54
72.15
79.31
86
87.28
90.31
93.98
96.22
96.57
97.55
95.96
108.29
108.43
104.25
108.22
104.26
104.95
106.97
111.52
111.68
116.03
118.05
116.67
111.58
110.55
111.09
4.0926
-1.4364
-1.0995
3.0689
-1.1402
11.8306
-1.1508
2.4708
6.1643
-3.4645
-2.1070
-6.7654
4.4323
4.4101
4.7265
2.1694
5.9886
12.2812
-2.0151
-5.3180
16.3047
-11.9335
-9.0279
-7.7791
-1.4665
-3.3551
-3.9051
-2.3280
-0.3624
-1.0046
1.6569
-11.3861
-0.1291
4.0096
-3.6685
3.7982
-0.6575
-1.8884
-4.0800
-0.1433
-3.7490
-1.7111
1.1828
4.5617
0.9317
-0.4861
3.4454
Jul-72
Jun-72
May-72
Apr-72
Mar-72
Feb-72
Jan-72
Dec-71
Nov-71
Oct-71
Sep-71
Aug-71
Jul-71
Jun-71
May-71
Apr-71
Mar-71
Feb-71
Jan-71
Dec-70
Nov-70
Oct-70
Sep-70
Aug-70
Jul-70
Jun-70
May-70
Apr-70
Mar-70
Feb-70
Jan-70
Dec-69
Nov-69
Oct-69
Sep-69
Aug-69
Jul-69
Jun-69
May-69
Apr-69
Mar-69
Feb-69
Jan-69
Dec-68
Nov-68
Oct-68
Sep-68
107.39
107.14
109.53
107.67
107.2
106.57
103.94
102.09
93.99
94.23
98.34
99.03
95.58
98.7
99.63
103.95
100.31
96.75
95.88
92.15
87.2
83.25
84.3
81.52
78.05
72.72
76.55
81.52
89.63
89.5
85.02
92.06
93.81
97.12
93.12
95.51
91.83
97.71
103.46
103.69
101.51
98.13
103.01
103.86
108.37
103.41
102.67
0.2333
-2.1821
1.7275
0.4384
0.5912
2.5303
1.8121
8.6179
-0.2547
-4.1794
-0.6968
3.6095
-3.1611
-0.9335
-4.1558
3.6288
3.6796
0.9074
4.0477
5.6766
4.7447
-1.2456
3.4102
4.4459
7.3295
-5.0033
-6.0967
-9.0483
0.1453
5.2693
-7.6472
-1.8655
-3.4082
4.2955
-2.5024
4.0074
-6.0178
-5.5577
-0.2218
2.1476
3.4444
-4.7374
-0.8184
-4.1617
4.7964
0.7208
3.8539
Aug-68
Jul-68
Jun-68
May-68
Apr-68
Mar-68
Feb-68
Jan-68
Dec-67
Nov-67
Oct-67
Sep-67
Aug-67
Jul-67
Jun-67
May-67
Apr-67
Mar-67
Feb-67
Jan-67
Dec-66
Nov-66
Oct-66
Sep-66
Aug-66
Jul-66
Jun-66
May-66
Apr-66
Mar-66
Feb-66
Jan-66
Dec-65
Nov-65
Oct-65
Sep-65
Aug-65
Jul-65
Jun-65
May-65
Apr-65
Mar-65
Feb-65
Jan-65
Dec-64
Nov-64
Oct-64
98.86
97.74
99.58
98.68
97.46
90.2
89.36
92.24
96.47
94
93.3
96.71
93.64
94.75
90.64
89.08
94.01
90.2
86.78
86.61
80.33
80.45
80.2
76.56
77.1
83.6
84.74
86.13
91.06
89.23
91.22
92.88
92.43
91.61
92.42
89.96
87.17
85.25
84.12
88.42
89.11
86.16
87.43
87.56
84.75
84.42
84.86
1.1459
-1.8478
0.9120
1.2518
8.0488
0.9400
-3.1223
-4.3848
2.6277
0.7503
-3.5260
3.2785
-1.1715
4.5344
1.7512
-5.2441
4.2239
3.9410
0.1963
7.8178
-0.1492
0.3117
4.7544
-0.7004
-7.7751
-1.3453
-1.6138
-5.4140
2.0509
-2.1815
-1.7873
0.4869
0.8951
-0.8764
2.7345
3.2006
2.2522
1.3433
-4.8632
-0.7743
3.4239
-1.4526
-0.1485
3.3156
0.3909
-0.5185
0.8078
Sep-64
Aug-64
Jul-64
Jun-64
May-64
Apr-64
Mar-64
Feb-64
Jan-64
Dec-63
Nov-63
Oct-63
Sep-63
Aug-63
Jul-63
Jun-63
May-63
Apr-63
Mar-63
Feb-63
Jan-63
Dec-62
Nov-62
Oct-62
Sep-62
Aug-62
Jul-62
Jun-62
May-62
Apr-62
Mar-62
Feb-62
Jan-62
Dec-61
Nov-61
Oct-61
Sep-61
Aug-61
Jul-61
Jun-61
May-61
Apr-61
Mar-61
Feb-61
Jan-61
Dec-60
Nov-60
84.18
81.83
83.18
81.69
80.37
79.46
78.98
77.8
77.04
75.02
73.23
74.01
71.7
72.5
69.13
69.37
70.8
69.8
66.57
64.29
66.2
63.1
62.26
56.52
56.27
59.12
58.23
54.75
59.63
65.24
69.55
69.96
68.84
71.55
71.32
68.62
66.73
68.07
66.76
64.64
66.56
65.31
65.06
63.44
61.78
58.11
55.54
2.8718
-1.6230
1.8240
1.6424
1.1452
0.6077
1.5167
0.9865
2.6926
2.4444
-1.0539
3.2218
-1.1034
4.8749
-0.3460
-2.0198
1.4327
4.8520
3.5464
-2.8852
4.9128
1.3492
10.1557
0.4443
-4.8207
1.5284
6.3562
-8.1838
-8.5990
-6.1970
-0.5860
1.6270
-3.7876
0.3225
3.9347
2.8323
-1.9686
1.9623
3.2797
-2.8846
1.9139
0.3843
2.5536
2.6870
6.3156
4.6273
4.0270
Oct-60
Sep-60
Aug-60
Jul-60
Jun-60
May-60
Apr-60
Mar-60
Feb-60
Jan-60
Dec-59
Nov-59
Oct-59
Sep-59
Aug-59
Jul-59
Jun-59
May-59
Apr-59
Mar-59
Feb-59
Jan-59
Dec-58
Nov-58
Oct-58
Sep-58
Aug-58
Jul-58
Jun-58
May-58
Apr-58
Mar-58
Feb-58
Jan-58
Dec-57
Nov-57
Oct-57
Sep-57
Aug-57
Jul-57
Jun-57
May-57
Apr-57
Mar-57
Feb-57
Jan-57
Dec-56
53.39
53.52
56.96
55.51
56.92
55.83
54.37
55.34
56.12
55.61
59.89
58.28
57.52
56.88
59.6
60.51
58.47
58.68
57.59
55.44
55.41
55.45
55.21
52.48
51.33
50.06
47.75
47.19
45.24
44.09
43.44
42.1
40.84
41.7
39.99
41.72
41.06
42.42
45.22
47.91
47.37
47.43
45.74
44.11
43.26
44.72
46.67
-0.2429
-6.0393
2.6121
-2.4772
1.9524
2.6853
-1.7528
-1.3899
0.9171
-7.1464
2.7625
1.3213
1.1252
-4.5638
-1.5039
3.4890
-0.3579
1.8927
3.8781
0.0541
-0.0721
0.4347
5.2020
2.2404
2.5370
4.8377
1.1867
4.3103
2.6083
1.4963
3.1829
3.0852
-2.0624
4.2761
-4.1467
1.6074
-3.2060
-6.1920
-5.6147
1.1400
-0.1265
3.6948
3.6953
1.9649
-3.2648
-4.1783
3.5271
Nov-56
Oct-56
Sep-56
Aug-56
Jul-56
Jun-56
May-56
Apr-56
Mar-56
Feb-56
Jan-56
Dec-55
Nov-55
Oct-55
Sep-55
Aug-55
Jul-55
Jun-55
May-55
Apr-55
Mar-55
Feb-55
Jan-55
Dec-54
Nov-54
Oct-54
Sep-54
Aug-54
Jul-54
Jun-54
May-54
Apr-54
Mar-54
Feb-54
Jan-54
Dec-53
Nov-53
Oct-53
Sep-53
Aug-53
Jul-53
Jun-53
May-53
Apr-53
Mar-53
Feb-53
Jan-53
45.08
45.58
45.35
47.51
49.39
46.97
45.2
48.38
48.48
45.34
43.82
45.48
45.51
42.34
43.67
43.18
43.52
41.03
37.91
37.96
36.58
36.76
36.63
35.98
34.24
31.68
32.31
29.83
30.88
29.21
29.19
28.26
26.94
26.15
26.08
24.81
24.76
24.54
23.35
23.32
24.75
24.14
24.54
24.62
25.29
25.9
26.38
-1.0970
0.5072
-4.5464
-3.8064
5.1522
3.9159
-6.5730
-0.2063
6.9255
3.4687
-3.6500
-0.0659
7.4870
-3.0456
1.1348
-0.7813
6.0687
8.2300
-0.1317
3.7726
-0.4897
0.3549
1.8066
5.0818
8.0808
-1.9499
8.3138
-3.4003
5.7172
0.0685
3.2909
4.8998
3.0210
0.2684
5.1189
0.2019
0.8965
5.0964
0.1286
-5.7778
2.5269
-1.6300
-0.3249
-2.6493
-2.3552
-1.8196
-0.7151
Dec-52
Nov-52
Oct-52
Sep-52
Aug-52
Jul-52
Jun-52
May-52
Apr-52
Mar-52
Feb-52
Jan-52
Dec-51
Nov-51
Oct-51
Sep-51
Aug-51
Jul-51
Jun-51
May-51
Apr-51
Mar-51
Feb-51
Jan-51
Dec-50
Nov-50
Oct-50
Sep-50
Aug-50
Jul-50
Jun-50
May-50
Apr-50
Mar-50
Feb-50
Jan-50
Average Monthly Returns =
Average Yearly Returns =
26.57
25.66
24.52
24.54
25.03
25.4
24.96
23.86
23.32
24.37
23.26
24.14
23.77
22.88
22.94
23.26
23.28
22.4
20.96
21.52
22.43
21.48
21.8
21.66
20.43
19.51
19.53
19.45
18.42
17.84
17.69
18.78
17.96
17.29
17.22
17.05
3.5464
4.6493
-0.0815
-1.9577
-1.4567
1.7628
4.6102
2.3156
-4.3086
4.7721
-3.6454
1.5566
3.8899
-0.2616
-1.3758
-0.0859
3.9286
6.8702
-2.6022
-4.0571
4.4227
-1.4679
0.6464
6.0206
4.7155
-0.1024
0.4113
5.5917
3.2511
0.8479
-5.8040
4.5657
3.8751
0.4065
0.9971
0.676805096
8.121661151
Value
Dividend data
Year
Yahoo Finance
Dividends per Share
0.60
0.40
0.35
0.35
0.35
0.31
0.27
0.24
0.21
0.21
0.21
14-Dec-11
9-Dec-10
10-Dec-09
11-Dec-08
5-Dec-07
13-Dec-06
8-Dec-05
8-Dec-04
10-Dec-03
11-Dec-02
5-Dec-01
4.07
1,860,000.00
$
38.44
0.35
Source
US Department of Treasury (US Treasury Resou
Yahoo Finance Key Statistics of Walt Disney
Yahoo Finance Historical Prices of Walt Disney
From Annual Statement
erest-rates/Pages/TextView.aspx?data=yield)
Data used for Analysis come from the Worksheet "Public Bond Data" and 2010 Annual Report
Public Data for US medium-term notes
Bond Symbol
Maturity
Price
Yield (in %)
DIS.HM
3/1/2012
102.90
0.566
DIS.IE
12/1/2012
104.54
1.036
DIS.IF
12/1/2012
100.64
4.554
DIS.IG
12/15/2013
108.29
0.836
DIS.IA
6/20/2014
112.35
1.670
DIS.IK
8/16/2016
99.11
1.537
DIS.HY
9/15/2016
118.26
1.816
DIS.IB
7/17/2017
118.62
2.566
DIS.HV
12/15/2017
117.88
2.757
DIS.II
3/15/2019
122.70
2.214
DIS.IJ
6/1/2021
106.63
2.961
DIS.GB
8/15/2021
142.90
3.650
DIS.IL
8/16/2021
99.90
2.761
DIS.HL
3/1/2032
133.90
4.459
DIS.GV
4/1/2039
98.63
4.471
DIS.IM
8/16/2041
98.25
4.482
DIS.GP
8/15/2057
96.40
4.579
DIS.GC
7/15/2093
127.76
4.676
Public Debt for which I could not find data (does not mean you cannot find the data and of course the manager of a compa
Commercial paper borrowings
0.23
European medium-term notes
2.15
Other foreign currency denominated debt
0.91
Bank/Private Debt and Other Debt
EDCDC loans
EDCredit facilities & other
EDOther advances
HKDLBorrowings
Other Debt
5.04
3.89
3.02
3.34
3.8225
MV (000s)
$1,286,200.00
$784,027.50
$754,822.50
$1,082,880.00
$505,575.00
$743,325.00
$886,920.00
$415,173.50
$353,640.00
$613,485.00
$533,135.00
$357,245.00
$749,272.50
$669,485.00
$24,656.25
$343,857.50
$24,100.00
$383,265.00
d the data and of course the manager of a company will have the data)
$ 1,190,000.00
$
273,000.00
$
965,000.00
$ 1,417,000.00
$
228,000.00
$
468,000.00
$
473,000.00
$
536,000.00
Total Debt $ 16,061,064.75
Weighted Average Cost of Debt
2.439370223
0.07409
0.01700
0.06008
0.08823
0.01420
0.02914
0.02945
0.03337
Data used for Analysis come from the Worksheet "Preferred Stock"
MV of Preferred Stock =
0
Cost of Preferred Stock =
0
Estimating growth rates for a large range of variables is essential for constructing pro forma financial statements.
Whether one requires the growth rate of dividends, earnings, sales or inventory, growth rates are essential elements in
valuation process, as highlighted by Gordons growth model. To illustrate the different methods for calculating grow
consider the following data:
Year
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
Ln(DPS)
-0.510825624
-0.916290732
-1.049822124
-1.049822124
-1.049822124
-1.171182982
-1.30933332
-1.427116356
-1.560647748
-1.560647748
-1.560647748
Growth in
DPS
0.5
0.142857143
0
0
0.129032258
0.148148148
0.125
0.142857143
0
0
In corporate finance, we need to know the future growth rate, but we have at most information about the past. As a
argue that historical growth rates offer us the best estimate of future growth. However, should we notice that the pat
growth provide more information than at first glance, then we may adjust our estimates (for example, if the past four
growth have been much slower than the average growth over the past 10 years). Expectations of future events may a
estimates of the growth rates under consideration (for example, if we believe that the industry is saturated, then our c
growth growth may increase in the future, despite historically low dividends).
Here we consider here only the growth rate in Dividends There are at least four general methods that can be used to c
growth rate, keeping in mind that for each method the answer can varey by the time period chosen. Consider each m
least squares (log-linear) regression typically being the most reliable.
1. Average Growth rate
Calculate the growth annually, then average that growth over the chosen time period. For example, the growth in DPS
(0.60-0.40)/0.40 = 0.5 or 50%. The average growth rate from 2002-2011 is simply the average of growth rates of each
this period. This works out to be 11.88%. On the other hand, the growth rate from 2006-2011 is 15.44%. These two d
estimates, as based upon different periods of growth, illustrate the importance of exploring how growth rates vary wi
period.
2. Point-to-point
The point-to-point estimate is identical to calculating the interest (discount) rate on a sum of money that has grown fr
to $145 in four years. On calculators and on Excel, these are easy to calculate [for this example, with PV = -100, n =
145; i = 9.73%]. For growth rates of dividends we calculate the i, but in this case it is the growth rate of dividends,
point growth rate for the whole period from 2001-11 is 11.07% [with PV = -0.21, FV = 0.6 and n = 10]. From 2006
contrast, the growth rate in dividends is a much higher at 14.12%. These two different estimates, as based upon diffe
growth, again illustrate the importance of exploring how growth rates vary with the time period.
3. Average-to average
If the beginning or ending value of a point-to-point estimate varies dramatically from an earlier or later year, the poin
estimate may yield unreliable growth rates. In order to correct for this problem, an average of several years may be u
the initial or terminal years (or both, as we do next). For the 2001-11 period, one would average the dividends over 2
which equals 0.21 (an approximation of 2002 DPS) and then average the 2009-11 DPS which equals 0.45 (an approx
2010 DPS). This method yields a 10% growth rate [PV = -0.21, FV = 0.45, n = 8; where the historical period is 2002
the average-to-average for a different period, 2006-10, yields a higher growth rate of 9.77%. (PV = -0.31; FV = 0.45,
4. Least Squares Log-linear Regression
The first two methods do not use all of the information provided by each of the annual dividends. The real advanta
regression method is that each years DPS has an impact on the growth rate. Log-linear regression is a standard time
regression in which the data for the dependent (Y) variable are plotted as natural logarithms. In a standard time-serie
DPS the slope of the regression line is the average annual dollar change. In the log-linear regression, the slope of the
line is used to calculate the average annual growth rate . To find the DPS growth rate run the regression entering ye
variable and the DPS as the Y variable. Take the slope coefficient of the regression output, b (beta) and calculate eb,
produces 1+g, where g is the effective annual growth rate. The disadvantages of the least Squares Method is that it is
"outliers", i.e., a single observation that has extreme values can dominate the estimate.
For the data above, run a regression in Excel of the last column DPS - Y or the dependent variable] on the first colum
independent variable) to obtain the following output:
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adj. R Square
Standard Error
0.535335445
0.286584039
0.197407044
0.134854693
Observations
10
ANOVA
df
Regression
Residual
Total
Intercept
Year
1
8
9
SS
0.058442838
0.145486306
0.203929144
Coefficients
Standard Error
-53.2857086
29.79056227
0.026615748
0.014847013
MS
F
Significance F
0.058442838 3.213654 0.110787
0.018185788
t Stat
P-value Lower 95%
-1.788677505 0.111464 -121.983
1.792666829 0.110787 -0.00762
The coefficient estimate for beta = 0.0266= b (highlighted in bold and blue). Raise e to the power of b , EXP(0.026
+ g. Hence, g = 2.7 for the 2001-11 period. For the 2006-11 period, g = 9.25. Note that simple regressions can be ru
financial calculators, and that these procedures can be used to find the growth rate of any variable that changes over t
Summary of Dividend Growth Rates
Dividend Growth Rate Estimate
Method
11.88%
Average Growth (2001-11)
15.44%
Average Growth (2006-11)
11.07%
Point-to-point (2001-11)
14.12%
Point-to-point (2006-11)
10.00%
Average-to-average (2002-10)
9.77%
Average-to-average (2006-10)
2.70%
Log-linear Least Squares Regression (2001-11)
9.25%
Log-linear Least Squares Regression (2006-11)
The four methods here do not give similar answers because the data is not "well behaved", that is, it is subject to pro
might yield inaccurate estimates. You need to see which method is best given your data and determine the past growt
accordingly. Finally, note how important the time period is! It is obvious that one can take a given set of historical da
depending upon the years and the calculation method used, obtain a large number of quite different estimates of grow
Therefore, the use of historical growth rates in a Constant Dividend growth Model must be applied with good judgm
business sense .
Here I will take the average of the three methods (except Average Growth Method since I believe it is biased due to e
volatility in annual growth rates). The average of the four methods for the 2001-11 period is 7.92% and for 2006-11 p
11.05%. Thus, based on 2001-11 period, the CDGM approach gives an estimate for Equity RRR = [0.6*(1.0792)/38
9.60%. Based on the 2006-11 time period, it is 12.78%.
ma financial statements.
ates are essential elements in the
methods for calculating growth,
ignificance F
Data used for Analysis come from three Worksheets - "Stock Price Data", "Market Data", and "RF Data"
Date
Returns - Disney Returns - S&P 500 Returns - RF Disney Risk Premium
Jul-11
-1.0758
-2.1474
0
-1.0758
Jun-11
-6.2215
-1.8258
0
-6.2215
May-11
-3.4107
-1.3501
0
-3.4107
Apr-11
0.0232
2.8495
0
0.0232
Mar-11
-1.4861
-0.1047
0
-1.4861
Feb-11
12.5289
3.1957
0.01
12.5189
Jan-11
3.6257
2.2646
0
3.6257
Dec-10
3.8770
6.5300
0.01
3.8670
Nov-10
1.0353
-0.2290
0.01
1.0253
Oct-10
9.1631
3.6856
0.01
9.1531
Sep-10
1.7086
8.7551
0.01
1.6986
Aug-10
-3.4203
-4.7449
0.01
-3.4303
Jul-10
6.9641
6.8778
0.01
6.9541
Jun-10
-5.7471
-5.3882
0.01
-5.7571
May-10
-9.2755
-8.1976
0.01
-9.2855
Apr-10
5.5314
1.4759
0
5.5314
Mar-10
11.7476
5.8796
0
11.7476
Feb-10
5.7133
2.8514
0
5.7133
Jan-10
-8.3699
-3.6974
0
-8.3699
Dec-09
7.9526
1.7771
0
7.9526
Nov-09
10.3848
5.7364
0
10.3848
Oct-09
-0.2980
-1.9762
0
-0.2980
Sep-09
5.4595
3.5723
0
5.4595
Aug-09
3.6645
3.3560
0.01
3.6545
Jul-09
7.6721
7.4142
0.01
7.6621
Jun-09
-3.6740
0.0196
0
-3.6740
May-09
10.5509
5.3081
0
10.5509
Apr-09
20.6081
9.3925
0.01
20.5981
Mar-09
8.2927
8.5405
0.01
8.2827
Feb-09
-18.8922
-10.9931
0.01
-18.9022
Jan-09
-8.8779
-8.5657
0
-8.8779
Dec-08
2.2581
0.7822
0.09
2.1681
Nov-08
-13.0609
-7.4849
0.02
-13.0809
Oct-08
-15.5901
-16.9425
0.08
-15.6701
Sep-08
-5.1331
-9.0791
0.15
-5.2831
Aug-08
6.6005
1.2191
0.12
6.4805
Jul-08
-2.7279
-0.9859
0.15
-2.8779
Jun-08
-7.1362
-8.5962
0.17
-7.3062
May-08
3.5840
1.0674
0.17
3.4140
Apr-08
3.3741
4.7547
0.17
3.2041
Mar-08
-3.2020
-0.5960
0.17
-3.3720
Feb-08
8.6261
-3.4761
0.13
8.4961
Jan-08
-7.5563
-6.1163
0.21
-7.7663
Dec-07
-1.5823
-0.8628
0.27
-1.8523
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
-4.2714
0.7016
2.3416
1.8442
-3.3497
-3.6708
1.3197
1.5844
0.5207
-2.5955
2.6332
4.6124
5.0471
1.7808
4.2485
-0.1426
-4.4043
1.4822
3.5794
1.2864
-3.1982
-1.7816
3.2549
4.3291
0.9980
-2.1846
1.4059
1.2616
1.6467
3.1508
2.4566
2.1274
0.34
0.32
0.32
0.42
0.4
0.4
0.41
0.44
0.43
0.38
0.44
0.4
0.42
0.41
0.41
0.42
-4.6114
0.3816
2.0216
1.4242
-3.7497
-4.0708
0.9097
1.1444
0.0907
-2.9755
2.1932
4.2124
4.6271
1.3708
3.8385
-0.5626
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.846115187
R Square
0.715910909
Adjusted R Square
0.711012821
Standard Error
3.789300835
Observations
60
ANOVA
df
Regression
Residual
Total
1
58
59
SS
MS
2098.70109 2098.701
832.8104473 14.3588
2931.511538
Intercept
Market Risk Premium
Beta =
1.152013749
-4.7443
1.1622
3.2594
0.8664
-3.5982
-2.1816
2.8449
3.8891
0.5680
-2.5646
0.9659
0.8616
1.2267
2.7408
2.0466
1.7074
F
Significance F
146.1613 1.73E-17
Data used for Analysis come from four worksheets - "CAPM Beta", "Market Data", "RF Data", and "Misc. Data"
Data Item
Value
CAPM Beta =
1.152014
Market Risk Premium (Annual)=
3.585726
Risk-Free Rate =
4.07
RRR using CAPM
8.200806
ur worksheets - "CAPM Beta", "Market Data", "RF Data", and "Misc. Data"
Data used for Analysis come from four worksheets - "Debt", "Preferred Stock", "CDGM Approach", "CAPM Equity", and "M
Calculating WACC
Method for Cost of Equity
CAPM
Constant Dividned Growth Model
MV of Debt (in 000s)=
$ 16,061,064.75
MV of Preferred Stock (in 000s)= $
MV of Common Equity (in 000s)= $ 71,498,400.00
Total MV (in 000s) =
$ 87,559,464.75
Weight of Debt =
Pre-tax cost of Debt (in %) =
Marginal Tax Rate =
Weight of Preferred Stock =
Cost of Preferred Stock (in %) =
Weight of Common Equity =
Cost of Common Equity (in %) =
WACC=
0.183430367
2.439370223
0.35
0
0
0.816569633
8.200805873
6.987374516
9.6
8.129913951