SUMMARY OUTPUT

Regression Statistics
Multiple R
0.42141851
R Square
0.17759356
Adjusted R Square
0.14183676
Standard Error 12.950861
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
23
24

SS
833.039971
3857.67043
4690.7104

MS
833.039971
167.724801

Coefficients Standard Error

t Stat
18.7209186
4.2137296 4.44283814
41.9427034 18.8201093 2.22861104

F
Significance F
4.96670715 0.03589917

P-value
Lower 95% Upper 95% Lower 95.0%
0.00018668 10.0041666 27.4376705 10.0041666
0.03589917 3.01039398 80.8750128 3.01039398

Upper 95.0%
27.4376705
80.8750128

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.46569716
R Square
0.21687384
Adjusted R Square
0.18282488
Standard Error 12.6377936
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

1
23
24

SS
1017.2924
3673.418
4690.7104

MS
1017.2924
159.713826

Coefficients Standard Error

t Stat
17.6881749 4.19185985 4.21964846
46.7321432 18.5167199 2.52378086

F
Significance F
6.36946983 0.01897059

P-value
Lower 95% Upper 95% Lower 95.0%
0.00032569 9.01666397 26.3596859 9.01666397
0.01897059 8.42744185 85.0368445 8.42744185

Upper 95.0%
26.3596859
85.0368445

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.65058902
R Square
0.42326607
Adjusted R Square
0.37083571
Standard Error 11.0890852
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

2
22
24

SS
1985.41855
2705.29185
4690.7104

MS
992.709277
122.967811

Coefficients Standard Error

t Stat
27.9662559 6.46433531 4.32623843
86.2695892 21.4849263 4.01535422
-24.5689377 10.6089253 -2.31587431

F
Significance F
8.07291979 0.00234818

P-value
Lower 95% Upper 95% Lower 95.0%
0.00027194 14.5600306 41.3724812 14.5600306
0.00058099 41.7125315 130.826647 41.7125315
0.03027391 -46.5705258 -2.56734953 -46.5705258

Upper 95.0%
41.3724812
130.826647
-2.56734953

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.7203298
R Square
0.51887503
Adjusted R Square
0.47513639
Standard Error 10.1283085
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

2
22
24

SS
2433.89248
2256.81792
4690.7104

MS
1216.94624
102.582633

Coefficients Standard Error

t Stat
19.4197304
6.1048136 3.18105215
113.627398 23.3409883 4.86814853
-17.180768 8.75003058 -1.96350948

F
Significance F
11.8630826 0.00031977

P-value
Lower 95% Upper 95% Lower 95.0%
0.00432058 6.75910835 32.0803525 6.75910835
7.2536E-05
65.221099 162.033697
65.221099
0.0623497 -35.3272403
0.9657042 -35.3272403

Upper 95.0%
32.0803525
162.033697
0.9657042

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.81337541
R Square
0.66157955
Adjusted R Square
0.63081406
Standard Error 8.49446961
Observations
25
ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1
X Variable 2

2
22
24

SS
3103.27809
1587.43231
4690.7104

MS
1551.63905
72.156014

Coefficients Standard Error

t Stat
13.1150707 3.47148181 3.77794595
121.223303 19.2706227 6.29057531
-13.8531051 3.60606166 -3.84161625

F
Significance F
21.5039463 6.6684E-06

P-value
Lower 95% Upper 95% Lower 95.0%
0.00103501
5.9156503
20.314491
5.9156503
2.4872E-06 81.2584349 161.188171 81.2584349
0.0008868 -21.3316272 -6.37458288 -21.3316272

Upper 95.0%
20.314491
161.188171
-6.37458288

Company Name
ROE % Year 1Ticker
PT Indosat ADR
23.9 IIT
Telebras ADR
10.6 TBH
Telecom Corporation of New Zealand ADR
40.4 NZT
Telecom Argentina Stet - France Telecom SA ADR B
13.9 TEO
Hellenic Telecommunication Organization SA ADR
18.9 OTE
Telecomunicaciones de Chile ADR
10.3 CTC
Swisscom AG ADR
27.5 SCM
Asia Satellite Telecom Holdings ADR
29.8 SAT
Portugal Telecom SA ADR
19.3 PT
Telefonos de Mexico ADR L
15.5 TMX
Matav RT ADR
22.9 MTA
Telstra ADR
32 TLS
Gilat Communications
16.6 GICOF
Deutsche Telekom AG ADR
3.9 DT
British Telecommunications PLC ADR
13.2 BTY
Tele Danmark AS ADR
17.5 TLD
Telekomunikasi Indonesia ADR
9.6 TLK
Cable & Wireless PLC ADR
20.3 CWP
APT Satellite Holdings ADR
2.8 ATS
Telefonica SA ADR
13.3 TEF
Royal KPN NV ADR
11 KPN
Telecom Italia SPA ADR
11.5 TI
Nippon Telegraph & Telephone ADR
8.7 NTT
France Telecom SA ADR
12.9 FTE
Korea Telecom ADR
2.7 KTC

Company Name
PT Indosat ADR
Telebras ADR
Telecom Corporation of New Zealand ADR
Telecom Argentina Stet - France Telecom SA ADR B
Hellenic Telecommunication Organization SA ADR
Telecomunicaciones de Chile ADR
Swisscom AG ADR
Asia Satellite Telecom Holdings ADR
Portugal Telecom SA ADR
Telefonos de Mexico ADR L
Matav RT ADR
Telstra ADR
Gilat Communications
Deutsche Telekom AG ADR
British Telecommunications PLC ADR
Tele Danmark AS ADR
Telekomunikasi Indonesia ADR
Cable & Wireless PLC ADR
APT Satellite Holdings ADR
Telefonica SA ADR
Royal KPN NV ADR
Telecom Italia SPA ADR
Nippon Telegraph & Telephone ADR
France Telecom SA ADR
Korea Telecom ADR

PE
7.8
8.9
11.2
12.5
12.8
16.6
18.3
19.6
20.8
21.1
21.5
21.7
22.7
24.6
25.7
27
28.4
29.8
31
32.5
35.7
42.2
44.3
45.2
71.3

PE
7.8
8.9
11.2
12.5
12.8
16.6
18.3
19.6
20.8
21.1
21.5
21.7
22.7
24.6
25.7
27
28.4
29.8
31
32.5
35.7
42.2
44.3
45.2
71.3

Growth
Predicted PE
0.06
9.37
0.075
13.18
0.11
27.57
0.08
17.94
0.12
20.51
0.08
20.98
0.11
22.98
0.16
26.86
0.13
26.53
0.14
23.85
0.22
30.50
0.12
18.45
0.31
39.18
0.11
20.85
0.07
19.30
0.09
20.44
0.32
40.47
0.14
25.79
0.33
32.35
0.18
29.75
0.13
15.02
0.14
26.93
0.2
34.57
0.19
32.07
0.44
57.73

Growth
Emerging
6.00%
1.00
7.50%
1.00
11.00%
8.00%
1.00
12.00%
1.00
8.00%
1.00
11.00%
16.00%
1.00
13.00%
14.00%
1.00
22.00%
1.00
12.00%
31.00%
1.00
11.00%
7.00%
9.00%
32.00%
1.00
14.00%
33.00%
1.00
18.00%
13.00%
14.00%
20.00%
19.00%
44.00%
1.00

Std Deviation ROE

ROE % Year 2ROE % Year 3ROE % Year 4ROE % Year 5Ticker
98.20%
23.90%
40.3
20.7
26.3
19.6 IIT
85.90%
9.50%
9.5
3.4 NMF
NMF
TBH
25.30%
40.40%
47
35.2
32.4
27.6 NZT
61.50%
13.90%
11.9
10.5
13.1
15.3 TEO
73.00%
18.90%
21.6
24.1
32.3
31.3 OTE
43.80%
10.30%
15.5
15.9
16.5
14.5 CTC
52.00%
27.50%
-34.4 NMF
NMF
NMF
SCM
62.50%
29.80%
49.5
60.5
56.8
89.4 SAT
44.60%
19.30%
18.6
13.6
9.7
6.9 PT
66.80%
15.50%
11.9
10.3
9.2
7.1 TMX
81.00%
22.90%
18.7
9
3.1
-1.6 MTA
85.00%
32.00%
30.2
17 NMF
NMF
TLS
90.00%
16.60%
7.3
7
20.1
6.6 GICOF
64.40%
3.90%
9.2
6.9
3.8
21.3 DT
47.00%
13.20%
20.4
15.6
18.1
16.2 BTY
53.60%
17.50%
18.9
5.7
11
12.8 TLD
89.10%
9.60%
22.6
17.2
12.5
17.7 TLK
55.50%
20.30%
42.8
17.5
19.3
7.2 CWP
143.00%
2.80%
6.3
3.9
2.5
0.2 ATS
58.90%
13.30%
9.7
9.5
8.6
8.6 TEF
111.60%
11.00%
16.7
16.2
16
14.7 KPN
48.90%
11.50%
9.2
9.7
8.3
7 TI
44.10%
8.70%
4.2
5.2
5.8
1.5 NTT
52.00%
12.90%
16.6
2.7
6.6
7.2 FTE
68.00%
2.70%
3
0.3
3.8
8.1 KTC

EPS Est Growth % Mean 5 Yr

9
NA
11
8
12
5
11
16
13
14
22
12
50
11
7
9
32
14
60
18
13
14
20
9
44

Standard Deviation
PE Ratio
3 Year
Current
98.2
7.8
65.9
8.9
25.3
11.2
61.5
12.5
NA
12.8
43.8
16.6
NA
18.3
62.5
19.6
44.6
20.8
66.8
21.1
NA
21.5
NA
21.7
NA
22.7
64.4
84.6
47
25.7
53.6
27
89.1
28.4
55.5
29.8
143
31
58.9
32.5
111.6
35.7
48.9
42.2
44.1
44.3
NA
45.2
NA
71.3