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8/10/2019 Fin202 - Class 8-Ankush Verma
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Start here Ratings sheet
Page 1
Output
Enter current long term government bond rate = 2.25%
Estimated Bond Rating = AA
Estimated Default Spread = 0.70%
Estimated Cost of Debt = 2.95% 2.35%
If you want to update the spreads listed below, please visit http://www.bondsonline.com
For large manufacturing firms
If interest coverage ratio is
> to Rating is Spread is
-100000 0.199999 D 12.00%
0.2 0.649999 C 10.50%
0.65 0.799999 CC 9.50%
0.8 1.249999 CCC 8.75%
1.25 1.499999 B- 7.25%
1.5 1.749999 B 6.50%
1.75 1.999999 B+ 5.50%
2 2.2499999 BB 4.00%
2.25 2.49999 BB+ 3.00%
2.5 2.999999 BBB 2.00%
3 4.249999 A- 1.30%
4.25 5.499999 A 1.00%
5.5 6.499999 A+ 0.85%
6.5 8.499999 AA 0.70%
8.50 100000 AAA 0.40%
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Cost Of Capital
Cost of Debt
rf 10year
spread
rating
rd 2.35%
Cost of E!ity
C"P# 0.5$% C"P# early &.31%
rf 0.2$%
beta 1.11$'((&'&'
r) 0.5(%
*"CC *d+Rd+,1-/*e+Re
d 0.'0%
e $$.20%
ta 35%
*"CC &.2(%
shares (&'.3(
Pri4e 550.00
#ar6et 7al!e of E!ity 3&380$'.00 *d+Rd+,1-/*e+Re
Other C!rrent 9iabilities (30
9D 283$0
)ar6et :al!e of interest bearing debt
;7
i
n
" < interest epense
otal #ar6et 7al!e of Debt
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Google'
1 2At Closing 2011 2012
EBIT 12,326 13,386
E!T"1#t$ 8,012 8,701
1851 2962
-3438 -3273
-3234 -2703
Free Cash Flow %&11 (&)*+
Discount Factor 1 0.9323 0.8692
,-"FCF$ 2&+./) .&.%/2%
tableg = 0 g = 2
!u" #$%F&F 1*&+*) 1*&+*)
T$ 89,909 126,585
)%&%%. *&1+0
Total Enter *2&121 10+&()
(ar)*t +au* 0 0
$au* o Eui 82,121 107,956
Net ,resent *2&121 10+()
,ls3D*/r*ciation
4ins3
4ins3&
Ter5inal-ales
#$%T$'
8/10/2019 Fin202 - Class 8-Ankush Verma
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at* 0/0+2)
rot 0.0600
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Exhibit TN1
atio Analysis and Forecast of Free Cash Flows
3 4 5201% 201. ,ro6ection 201(,ro6ection
14,496 16,091 17,861
9,422 10,459 11,609 %#:: ;+*r'
3939 4827 5358
-7358 %5,530' %6,138' %i
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.0(&%+ 0.04 0.05 0/0)
./08 ?DI$@0A 551,896 273,092
(/08 -542,505 ?DI$@0A 531,560
)/08 -263,574 -521,929 ?DI$@0A
+/08 -170,597 -253,473 -502,313
*/08 -124,108 -163,988 -243,845
/08 -96,215 -119,245 -157,68910/08 -77,619 -92,399 -114,611
8/10/2019 Fin202 - Class 8-Ankush Verma
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ssu"/tions
Ta< 0.35
2011 2012 201%
EBIT grot 9 8 11
D*/r*ciation 15 22 27
-28 -24 -51
& -26.2 -20.2 -25.8
-7,358,000 -3,273,000 -3,438,000
&ang*s In ccounts *c*i+a*s -1,307,000 -787,000
&ang*s In :iaiiti*s
&ang*s In In+*ntori*s -234,000
-3747 -2703
14,496,000 13,386,000 12,326,000
3,939,000 2,962,000 1,851,000
2,206,000 2,217,000
301,000
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0.07 0.08 0.09 1' at i anaCsis
165,437 133,867 106,088.07 2' Data Ta*s
232,362 173,841 129,204.72 3' igigt igs
405,515 253,791 167,732.46
1,910,616 493,639 244,787.94
-652,124 ?DI$@0A 475,954.38
-269,186 -465,753 ?DI$@0A-165,764 -225,905 %448,711.39'
8/10/2019 Fin202 - Class 8-Ankush Verma
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,ro6ection ,ro6ection
201. 201(
11 11
30 30
-34.4 -34.4
-24 -24
-1,156,000
-30,000
-3234
2,048,000
8/10/2019 Fin202 - Class 8-Ankush Verma
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8/10/2019 Fin202 - Class 8-Ankush Verma
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FINANCIAL ANALYSIS MODEL
ANALYST'S NAME Nick Serpico
NAME OF COMPANY Google
FIRST CALENDAR YEAR OF DATA 2011
NUMER OF YEARS OF DATA !
INCOME STATEMENT 2011 2012 201!
S"le# Re$e%&e ()*+( ()*+, ()-+0
Le##. Co#/ o Goo# Sol 1)+, 1)-21 1)!(*
Gro## Proi/# !)!*, !)!-- !)!!1 3IF4+5()F1!6F1()7 78
Le##. Oper"/i%g E9pe%#e#.
Selli%g:Ge%er"l:A;i% E9p 1)-1* 1)-(2 1),00
Re#e"rc< = De$elop;e%/ *1* ++- 1)00+
Le"#e E9pe%#e 2( 2!- 41!8
Depreci"/io% E9pe%#e !( !- (
To/"l Oper"/i%g E9pe%#e# 2)*, 2)+00 2),(1 3IF4+5()SUM4F1,.F2
Oper"/i%g Proi/# +00 -- *0 3IF4+5()F16F21)7 78
42,8 4()-(,8 4(!8
Ne/ Proi/# eore T"9e# +2, )21( -!! 3IF4+5()F226F2!)7 78
Le##. T"9e# 2(2 1)*(0 1!
Ne/ Proi/ A/er T"9e# +- !)2,! (+0 3IF4+5()F2(6F2)7 78
Le##. Pre> S/ock Di$#> 4(-!8 4-,18 4++-8
1)0(* !)*( 1)!-- IF4+5()F2-6F2,)7 78
ALANCE S?EET
C&rre%/ A##e/#.
C"#< 1)-2 2)--+ 2)0,+
M"rke/"@le Sec&ri/ie# (*! 1)1- 1)!!0Acco&%/# Recei$"@le 1)0(! 1)00 1)01,
Prep"i E9pe%#e#:O/ Fi%"%ci"l Le"#e#8 1)0!, 1)2! 2)!*0
To/"l Li"@ili/ie# 2)2( 2)(! !),!0 3IF4+5()F-BF,)7 78
Tre"#&r S/ock: O/
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RATIO ANALYSIS
C&rre%/ R"/io 2>+- (>!+ !>,
&ick R"/io 2>+- (>!+ !>,
I%$e%/or T&r%o$er
A$er"ge Collec/io% Perio ,->!- ,->+, ,*>!1
Fi9e A##e/ T&r%o$er 0>(( 0>(( 0>(0
To/"l A##e/ T&r%o$er 0>!( 0>2* 0>2+
De@/ R"/io ,>02 ,>!! 1(>22
De@/6/o6E&i/ +>2, +>-1 1+>!0
Ti;e# I%/ere#/ E"r%e EIT:i%/ere#/ e9pe%#e
Gro## Proi/ M"rgi% -+>1- -,>0 ,1>1,
Oper"/i%g Proi/ M"rgi% 1->0- 11>!- 12>-0
Ne/ Proi/ M"rgi% 21>0( ,*>11 2*>1+
Re/&r% o% To/"l A##e/# 4ROA8 ,>0* 2!>0- +>1!
Re/&r% o% E&i/ 4ROE8 +>!- 2,>11 10>(-
E"r%i%g# Per S Recei$> 4,8 !!
Decre"#e i% I%$e%/orie# 4-(8 41+28
Decre"#e i% O/ 1+ 4(,8
I%cre"#e i% Accr&"l# 4--8 41*8
I%cre"#e i% T"9e# P""@le 0 0
I%cre"#e i% O/ Li"> 1!1 2*2
C"#< Flo ro; Oper> Ac/> !)!20 (2
I%cre"#e i% Gro## Fi9e A##e/# 4,1(8 41+,8
C"#< Flo ro; I%$e#/;e%/# 4,1(8 41+,8
I%cre"#e i% No/e# P""@le 0 0
I%cre"#e i% Lo%g6Ter; De@/ 21 1)1!,
C i% C"#< : M"rk> Sec&ri/ie# 2)1!- 2)2*(
CAS? FLOH FROM OPERATING
ACTIITIES
CAS? FLOH FROM INESTMENTACTIITIES
CAS? FLOH FROM FINANCINGACTIITIES
Co;;o% Di$ie%# P"i 468
A B C D E F G H
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
9293
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
121
122
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Date "d= Close >PR
'?1$?200@ 51.2@
$?1?200@ (@.'( 2&%
10?1?200@ $5.@2 @&%
11?1?200@ $1.0' -5%
12?1?200@ $(.@$ (%
1?3?2005 $&.$1 1%
2?1?2005 [email protected]$ -@%
3?1?2005 $0.35 -@%
@?1?2005 110.11 22%
5?2?2005 13'.&& 2(%
(?1?2005 1@&.22 (%
&?1?2005 1@@.02 -2%
'?1?2005 [email protected]@ -1%
$?1?2005 15'.3$ 11%
10?3?2005 1'(.2( 1'%
11?1?2005 202.(( $%
12?1?2005 20&.(@ 2%1?3?200( 21(.55 @%
2?1?200( 1'1.@$ -1(%
3?1?200( 1$5.2 '%
@?3?200( 20$.1' &%
5?1?200( 1'(.1 -11%
(?1?200( 20$.'& 13%
&?3?200( 1$3.@$ -'%
'?1?200( 1'$.@5 -2%
$?1?200( 201.15 (%
10?2?200( 23'.@3 1$%
11?1?200( 2@2.(5 2%
12?1?200( 230.@& -5%1?3?200& 251 $%
2?1?200& 22@.$5 -10%
3?1?200& 22$.31 2%
@?2?200& 235.$3 3%
5?1?200& 2@$.2 (%
(?1?200& 2(1.(1 5%
&?2?200& 255.2( -2%
'?1?200& 25&.'' 1%
$?@?200& 2'3.$2 10%
10?1?200& 353.'5 25%
11?1?200& 3@(.'5 -2%
12?3?200& 3@(.0$ 0%
1?2?200' 2'2.@3 -1'%
2?1?200' 235.'3 -1(%
3?3?200' 220.@( -&%
@?1?200' 2'&.@3 30%
5?1?200' 2$3.1$ 2%
(?2?200' 2(3.@& -10%
&?1?200' 23&.11 -10%
'?1?200' 231.'' -2%
$?2?200' 200.@( -1@%
10?1?200' 1&$.'( -10%
11?3?200' 1@(.(3 -1'%12?1?200' 153.$' 5%
8/10/2019 Fin202 - Class 8-Ankush Verma
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1?2?200$ 1($.@3 10%
2?2?200$ 1($.1( 0%
3?2?200$ 1&@.2 3%
@?1?200$ 1$'.1' 1@%
5?1?200$ 20'.'2 5%
(?1?200$ 211.01 1%
&?1?200$ 221.&5 5%
'?3?200$ 231.0& @%
$?1?200$ 2@'.1& &%
10?1?200$ 2('.33 '%
11?2?200$ 2$1.&$ $%
12?1?200$ 310.3 (%
1?@?2010 2(5.2@ -15%
2?1?2010 2(3.(( -1%
3?1?2010 2'3.'@ '%
@?1?2010 2(3.11 -&%
5?3?2010 [email protected]( -'%
(?1?2010 222.& -'%&?1?2010 2@2.(& $%
'?2?2010 225.2@ -&%
$?1?2010 2(3.1( 1&%
10?1?2010 30&.1( 1&%
11?1?2010 2&'.13 -$%
12?1?2010 2$&.2' &%
1?3?2011 300.@' 1%
2?1?2011 30&.01 2%
3?1?2011 2$3.(& -@%
@?1?2011 2&2.32 -&%
5?2?2011 2(@.&& -3%
(?1?2011 253.@@ -@%&?1?2011 302.15 1$%
'?1?2011 2&0.&5 -10%
$?1?2011 25&.&' -5%
10?3?2011 2$(.(2 15%
11?1?2011 2$$.$$ 1%
12?1?2011 323.2& '%
1?3?2012 2$0.35 -10%
2?1?2012 30$.@3 &%
3?1?2012 320.$@ @%
@?2?2012 302.&3 -(%
5?1?2012 2$0.&2 -@%
(?1?2012 2$0.33 0%
&?2?2012 31(.' $%
'?1?2012 3@2.'$ '%
$?@?2012 3&&.(3 10%
10?1?2012 3@0.@$ -10%
11?1?2012 3@$.53 3%
12?3?2012 [email protected]@ 1%
1?2?2013 3&'.22 &%
2?1?2013 @01 (%
3?1?2013 3$&.@$ -1%
@?1?2013 @12.& @%
5?1?2013 @3(.05 (%(?3?2013 @@0.(3 1%
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&?1?2013 @@@.32 1%
'?1?2013 @23.'& -5%
$?3?2013 @3'.3$ 3%
10?1?2013 515.'1 1'%
11?1?2013 530.33 3%
12?2?2013 5(0.$2 (%
)ean 3%
sd 11%
Co!nt 112
Standard Error 1.00%
R; 0.2$%
Proability of losing )oney #"CROA
8/10/2019 Fin202 - Class 8-Ankush Verma
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R;
Date "d= Close % 12
'?2?200@ @.13 @.13% 0.3@%
$?1?200@ @.12 @.12% 0.3@%
10?1?200@ @.03 @.03% 0.3@%
11?1?200@ @.3( @.3(% 0.3(%
12?1?200@ @.22 @.22% 0.35%
1?3?2005 @.13 @.13% 0.3@%
2?1?2005 @.3( @.3(% 0.3(%
3?1?2005 @.5 @.5% 0.3'%
@?1?2005 @.2 @.2% 0.35%
5?2?2005 @.01 @.01% 0.33%
(?1?2005 3.$@ 3.$@% 0.33%
&?1?2005 @.2$ @.2$% 0.3(%
'?1?2005 @.02 @.02% 0.3@%
$?1?2005 @.33 @.33% 0.3(%
10?3?2005 @.5( @.5(% 0.3'%
11?1?2005 @.5 @.5% 0.3'%
12?1?2005 @.3$ @.3$% 0.3&%1?3?200( @.53 @.53% 0.3'%
2?1?200( @.55 @.55% 0.3'%
3?1?200( @.'5 @.'5% 0.@0%
@?3?200( 5.0& 5.0&% 0.@2%
5?1?200( 5.11 5.11% 0.@3%
(?1?200( 5.1@ 5.1@% 0.@3%
&?3?200( @.$$ @.$$% 0.@2%
'?1?200( @.&3 @.&3% 0.3$%
$?1?200( @.(3 @.(3% 0.3$%
10?2?200( @.(1 @.(1% 0.3'%
11?1?200( @.@( @.@(% 0.3&%
12?1?200( @.&1 @.&1% 0.3$%1?3?200& @.'3 @.'3% 0.@0%
2?1?200& @.55 @.55% 0.3'%
3?1?200& @.(5 @.(5% 0.3$%
@?2?200& @.(3 @.(3% 0.3$%
5?1?200& @.'$ @.'$% 0.@1%
(?1?200& 5.03 5.03% 0.@2%
&?2?200& @.&& @.&&% 0.@0%
'?1?200& @.5@ @.5@% 0.3'%
$?@?200& @.5' @.5'% 0.3'%
10?1?200& @.@& @.@&% 0.3&%
11?1?200& 3.$& 3.$&% 0.33%
12?3?200& @.03 @.03% 0.3@%
1?2?200' 3.(@ 3.(@% 0.30%
2?1?200' 3.53 3.53% 0.2$%
3?3?200' 3.@3 3.@3% 0.2$%
@?1?200' 3.&( 3.&(% 0.31%
5?1?200' @.05 @.05% 0.3@%
(?2?200' 3.$' 3.$'% 0.33%
&?1?200' 3.$' 3.$'% 0.33%
'?1?200' 3.'1 3.'1% 0.32%
$?2?200' 3.'3 3.'3% 0.32%
10?1?200' 3.$& 3.$&% 0.33%
11?3?200' 2.$( 2.$(% 0.25%12?1?200' 2.2@ 2.2@% 0.1$%
8/10/2019 Fin202 - Class 8-Ankush Verma
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R;
1?2?200$ 2.'@ 2.'@% 0.2@%
2?2?200$ 3.0@ 3.0@% 0.25%
3?2?200$ 2.(' 2.('% 0.22%
@?1?200$ 3.12 3.12% 0.2(%
5?1?200$ 3.@( 3.@(% 0.2$%
(?1?200$ 3.52 3.52% 0.2$%
&?1?200$ 3.5 3.5% 0.2$%
'?3?200$ 3.@ 3.@% 0.2'%
$?1?200$ 3.31 3.31% 0.2'%
10?1?200$ 3.3$ 3.3$% 0.2'%
11?2?200$ 3.2 3.2% 0.2&%
12?1?200$ 3.'@ 3.'@% 0.32%
1?@?2010 3.(1 3.(1% 0.30%
2?1?2010 3.( 3.(% 0.30%
3?1?2010 3.'3 3.'3% 0.32%
@?1?2010 3.(( 3.((% 0.31%
5?3?2010 3.3 3.3% 0.2'%
(?1?2010 2.$5 2.$5% 0.25%&?1?2010 2.$1 2.$1% 0.2@%
'?2?2010 2.@' 2.@'% 0.21%
$?1?2010 2.52 2.52% 0.21%
10?1?2010 2.(1 2.(1% 0.22%
11?1?2010 2.' 2.'% 0.23%
12?1?2010 3.31 3.31% 0.2'%
1?3?2011 3.3' 3.3'% 0.2'%
2?1?2011 3.@1 3.@1% 0.2'%
3?1?2011 3.@5 3.@5% 0.2$%
@?1?2011 3.3 3.3% 0.2'%
5?2?2011 3.05 3.05% 0.25%
(?1?2011 3.1( 3.1(% 0.2(%&?1?2011 2.'1 2.'1% 0.23%
'?1?2011 2.22 2.22% 0.1$%
$?1?2011 1.$2 1.$2% 0.1(%
10?3?2011 2.1& 2.1&% 0.1'%
11?1?2011 2.0& 2.0&% 0.1&%
12?1?2011 1.'& 1.'&% 0.1(%
1?3?2012 1.' 1.'% 0.15%
2?1?2012 1.$' 1.$'% 0.1&%
3?1?2012 2.22 2.22% 0.1$%
@?2?2012 1.$1 1.$1% 0.1(%
5?1?2012 1.5' 1.5'% 0.13%
(?1?2012 1.(( 1.((% 0.1@%
&?2?2012 1.@$ 1.@$% 0.12%
'?1?2012 1.5( 1.5(% 0.13%
$?@?2012 1.(@ 1.(@% 0.1@%
10?1?2012 1.($ 1.($% 0.1@%
11?1?2012 1.(1 1.(1% 0.13%
12?3?2012 1.&( 1.&(% 0.15%
1?2?2013 1.$$ 1.$$% 0.1&%
2?1?2013 1.'$ 1.'$% 0.1(%
3?1?2013 1.'5 1.'5% 0.15%
@?1?2013 1.(& 1.(&% 0.1@%
5?1?2013 2.1( 2.1(% 0.1'%(?3?2013 2.@' 2.@'% 0.21%
8/10/2019 Fin202 - Class 8-Ankush Verma
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R;
&?1?2013 2.5$ 2.5$% 0.22%
'?1?2013 2.&5 2.&5% 0.23%
$?3?2013 2.(2 2.(2% 0.22%
10?1?2013 2.5@ 2.5@% 0.21%
11?1?2013 2.&@ 2.&@% 0.23%
12?2?2013 3.03 3.03% 0.25%
":erage 0.2$%
8/10/2019 Fin202 - Class 8-Ankush Verma
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SBP
Date "d= Close >PR
'?2?200@ [email protected]@
$?1?200@ [email protected]' 0.$@%
10?1?200@ 1130.2 1.@0%
11?1?200@ 11&3.'2 3.'(%
12?1?200@ 1211.$2 3.25%
1?3?2005 11'1.2& -2.53%
2?1?2005 1203.( 1.'$%
3?1?2005 11'0.5$ -1.$1%
@?1?2005 115(.'5 -2.01%
5?2?2005 11$1.5 3.00%
(?1?2005 11$1.33 -0.01%
&?1?2005 [email protected]' 3.(0%
'?1?2005 1220.33 -1.12%
$?1?2005 122'.'1 0.($%
10?3?2005 120&.01 -1.&&%
11?1?2005 12@$.@' 3.52%
12?1?2005 12@'.2$ -0.10%1?3?200( 12'0.0' 2.55%
2?1?200( 12'0.(( 0.05%
3?1?200( 12$@.'& 1.11%
@?3?200( 1310.(1 1.22%
5?1?200( 12&0.0$ -3.0$%
(?1?200( 12&0.2 0.01%
&?3?200( 12&(.(( 0.51%
'?1?200( 1303.'2 2.13%
$?1?200( 1335.'5 2.@(%
10?2?200( 13&&.$@ 3.15%
11?1?200( 1@00.(3 1.(5%
12?1?200( 1@1'.3 1.2(%1?3?200& 1@3'.2@ 1.@1%
2?1?200& 1@0(.'2 -2.1'%
3?1?200& 1@20.'( 1.00%
@?2?200& 1@'2.3& @.33%
5?1?200& 1530.(2 3.25%
(?1?200& 1503.35 -1.&'%
&?2?200& [email protected]& -3.20%
'?1?200& 1@&3.$$ 1.2$%
$?@?200& 152(.&5 3.5'%
10?1?200& 15@$.3' 1.@'%
11?1?200& 1@'1.1@ -@.@0%
12?3?200& 1@('.3( -0.'(%
1?2?200' 13&'.55 -(.12%
2?1?200' 1330.(3 -3.@'%
3?3?200' 1322.& -0.(0%
@?1?200' 13'5.5$ @.&5%
5?1?200' [email protected]' 1.0&%
(?2?200' 12'0 -'.(0%
&?1?200' 12(&.3' -0.$$%
'?1?200' 12'2.'3 1.22%
$?2?200' 11((.3( -$.0'%
10?1?200' $('.&5 -1(.$@%
11?3?200' '$(.2@ -&.@'%12?1?200' $03.25 0.&'%
8/10/2019 Fin202 - Class 8-Ankush Verma
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SBP
1?2?200$ '25.'' -'.5&%
2?2?200$ &35.0$ -10.$$%
3?2?200$ &$&.'& '.5@%
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$?1?200$ 105&.0' 3.5&%
10?1?200$ 103(.1$ -1.$'%
11?2?200$ 10$5.(3 5.&@%
12?1?200$ 1115.1 1.&'%
1?@?2010 10&3.'& -3.&0%
2?1?2010 110@.@$ 2.'5%
3?1?2010 11($.@3 5.''%
@?1?2010 11'(.($ 1.@'%
5?3?2010 10'$.@1 -'.20%
(?1?2010 1030.&1 -5.3$%&?1?2010 1101.( (.''%
'?2?2010 10@$.33 -@.&@%
$?1?2010 [email protected] '.&(%
10?1?2010 11'3.2( 3.($%
11?1?2010 11'0.55 -0.23%
12?1?2010 125&.(@ (.53%
1?3?2011 12'(.12 2.2(%
2?1?2011 132&.22 3.20%
3?1?2011 1325.'3 -0.10%
@?1?2011 13(3.(1 2.'5%
5?2?2011 [email protected] -1.35%
(?1?2011 1320.(@ -1.'3%&?1?2011 12$2.2' -2.15%
'?1?2011 121'.'$ -5.('%
$?1?2011 1131.@2 -&.1'%
10?3?2011 1253.3 10.&&%
11?1?2011 12@(.$( -0.51%
12?1?2011 125&.( 0.'5%
1?3?2012 1312.@1 @.3(%
2?1?2012 13(5.(' @.0(%
3?1?2012 1@0'.@& 3.13%
@?2?2012 13$&.$1 -0.&5%
5?1?2012 1310.33 -(.2&%
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11?1?2012 1@1(.1' 0.2'%
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1?2?2013 1@$'.11 5.0@%
2?1?2013 151@.(' 1.11%
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@?1?2013 15$&.5& 1.'1%
5?1?2013 1(30.&@ 2.0'%(?3?2013 1(0(.2' -1.50%
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SBP
&?1?2013 1('5.&3 @.$5%
'?1?2013 1(32.$& -3.13%
$?3?2013 1('1.55 2.$&%
10?1?2013 1&5(.5@ @.@(%
11?1?2013 1'05.'1 2.'0%
12?2?2013 1'@'.3( 2.3(%
":erage 0.5(%
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regression
Page 22
Date SBP oogle R; SBP-rf oogle-rf
'?2?200@
$?1?200@ 0.5$% 2(.2@%
10?1?200@ 1.0&% @(.&'%
11?1?200@ 3.50% -@.$1%
12?1?200@ 2.'$% 5.5$%
1?3?2005 -2.'&% 1.13%2?1?2005 1.53% [email protected](%
3?1?2005 -2.2$% [email protected]%
@?1?2005 -2.3(% 21.52%
5?2?2005 2.((% 25.($%
(?1?2005 -0.3@% 5.&(%
&?1?2005 3.2@% -2.53%
'?1?2005 -1.@(% -0.$5%
$?1?2005 0.33% 10.2$%
10?3?2005 -2.15% 1&.22%
11?1?2005 3.1@% '.@3%
12?1?2005 -0.@(% 2.0$%
1?3?200( 2.1&% 3.$1%2?1?200( -0.33% -1(.5&%
3?1?200( 0.&1% &.15%
@?3?200( 0.&$% (.&@%
5?1?200( -3.52% -11.@(%
(?1?200( -0.@2% 12.3@%
&?3?200( 0.0$% -'.22%
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$?1?200( 2.0&% 5.&$%
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3?1?200& 0.(1% 1.55%
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&?1?200' -1.32% -10.3@%
'?1?200' 0.$0% -2.52%
-20.00
Residuals
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regression
Page 25
S##"R OP
Regression Statistics
#!ltiple R 0.@(1&2105@$
R S!are 0.2131'(3325
"d=!sted R S!are 0.20(0$&$211
Standard Error 0.0$35&&'$'$Obser:ations 113
"O7"
df
Regression 1
Resid!al 111
otal 112
Coecients
Fnter4ept 0.020($15&5&
G 7ariable 1 1.11$'((&'&'
RESFD"9 OP
Observation Predicted Y
1 0.02&33302&5
2 0.032(2@&'01
3 0.05$'@3$1(&
@ 0.05310215&2
5 -0.011@'@5(5
( 0.03&&$1$$&$& -0.00@$1&1@3
' -0.005&@($
$ 0.050@$1(321
10 0.01('5@$002
11 0.05($(&(@'(
12 0.00@3&2'@&'
13 0.02@@32(102
1@ -0.003@311'5
-15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00%
-0.5
0
0.5
X Variable 1 Residual Plot
X Variable 1 -20.
Y
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regression
Page 2(
15 0.055'$5'@3(
1( 0.01552'1&2'
1& 0.0@@$'35@5@
1' 0.01($52'221
1$ 0.02'5$13115
20 0.02$5&2'5'$
21 -0.01'&0000122 0.015$$1'02@
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2@ 0.0@0101&&@2
25 0.0@3''1&113
2( 0.051(&@215(
2& 0.03@$($'133
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2$ 0.031$2'@1@
30 -0.00'01$35'
31 0.02&52'311'
32 0.0(@'5055@(
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35 -0.01$5&53&
3( 0.030'(025(2
3& 0.05(501$30&
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regression
Page 2&
(5 -0.02@0'3(05
(( 0.0@$2(3513&
(& 0.0'2$(1@335
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112 0.0@@2511@(5
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regression
Page 2'
SS MS F Signicance F
0.2(33(@3&1 0.2(33(@3&1 30.0&5332'0$ 0.0000002(@
0.$&200&3& 0.00'&5('23
1.2353&1&@1
Standard Error t Stat P-value Lower !" #$$er !" Lower !%&"
0.00''202$3 2.3@5$05&3 0.020&5(102& 0.0032135&(5 0.03'1($5&5 0.0032135&(
0.20@2025@2 5.@'@0$'1&( 0.0000002(@ 0.&15225'1$ 1.52@50&&5& 0.&15225'1$
Residuals
0.2350@1(02
0.@351'555'
-0.10'$(03'
0.002&&$50&
0.022&5$@5
-0.0'0@@0&5-0.03'5'203
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0% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% 15.00%-0.5
0
0.5
1
X Variable 1 Line Fit Plot
X Variable 1
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regression
Page 2$
0.02'@0312
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regression
Page 30
-0.12@13$0@
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regression
Page 31
#$$er !%&"
0.03'1($5&5
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regression
Page 32
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regression
Page 33
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Sheet13
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Sheet13
1,000 33% 1.25% 0.@12500%
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