wacc at summary

WACC AT&T Paper

By Pace Alford

04/01/2015

BUS5440 Financial Management-E1 Spring 2015 Course Instructor: Dr. Joan Wiggenhorn

1

Statement of Purpose

This paper is the summation of my efforts to understand AT&T corporate position

relative to the market, to examine how fiscal tools are utilized to gauge a company’s status, and

how other factors influence a firm’s functionality by using the WACC as well as exercising my

own managerial decision making processes. Additionally, this project will allow me to evaluate

what fiscal components comprises this corporation’s capital structure and to practice the proper

procedures used to examine such an infrastructure. To achieve this end I applied the provided

guidelines, mathematical tools and various templates, as well as other reference materials that

could be located to determine the required information to complete the project. I have formatted

this document to comply with the instructions provided that will use concise data and tables

needed to explain how the aspects of this project operate as well as my various rationales for

each section of the document explaining the covered content. However, it is worth noting that

there are several excel spreadsheets that also contain all this information in greater depth and an

appendix section that will provide additional detail on some aspects of the project. Although,

some of the information found in the appendix section is from the excel spreadsheets and that

information in its entirety will not be available in the physical printed version of this document

as the instructor has requested. The various excel spreadsheets will be turned into an electronic

drop box via Canvas so that portion of the project may be examined with all functionalities

present. It is my hope that the analysis I have performed in this paper will provide a unique view

on AT&T and that by using multiple qualified sources that a more holistic fiscal picture of the

firm will emerge.

2

Overview and Order of Paper by Response Sections

Calculations, Equations, and Summarization of Individual Project Components Section

Cost of Equity

Beta from Regression and Analytical Betas from websites

Beta used for CAPM and Why?

Capital Assets Pricing Model

Discounted Cash Flow (DGRM)

Own-Bond- Yield-plus-Judgment-Risk- Premium

Cost of Preferred Stock

Cost of Debt

Market Value of Debt

Market Value of Equity

Market Value of Preferred Stock

Value of Firm

Firm’s Tax Rate

Weight for Equity

Weight for Preferred Stock

Weight for Debt

WACC (Weighted Average Cost of Capital)

3

Relevant Assumptions, Estimations, and Explanations

This section is used to explain the thought processes behind the calculations, rationales, and

estimates that were used in the course of the WACC project on AT&T.

Appendix

This section holds various charts, tables, data, and other information needed to fully explain the

information in this document. It should be noted that a more complete and in depth versions of

this information is found in the excel spreadsheets turned in via Canvas.

References

This section shows the list of resources where information was drawn from to complete the

WACC project on AT&T.

4

Calculations, Equations, and Summarization of Individual Project

Components Section

5

Cost of Equity (Common Stock)

The cost of equity or the number of common stock shares that were outstanding not

issued for AT&T presently is 5,190,167,853 or 5.19 billion shares for ease of reading. This

figure was found in the corporation’s most recent 10-k filing with the Security and Exchange

Commission on 02/20/2015 as well as recorded on 02/13/2015. Such a sizeable number of shares

was also noted in AT&T’s 2014 Annual Report, Yahoo Finance, and Morningstar. For this

project the common stock price that was used in the calculations for evaluating AT&T was found

on 03/20/2015 and is $33.23. This value was found using Yahoo Finance, Morningstar, and was

triple checked on Wall Street Journal’s Market Center the financial website of this journalistic

entity. This information is valuable as it is key to determine the Market Value of Equity,

Weights, and other values that are needed to perform the WACC Equation. The information

concerning common stock is presented in the table below

Stock information contained in WACC

Spreadsheet

Stock Results

Common Outstanding Shares (02/13/2015) from 10-K

5190167853

Preferred Shares 0Common Price on (3/20/2015) WSJ & Yahoo Fin $33.23

Preferred Price 0

6

Beta from Regression and Analytical Betas from Yahoo Finance, Morningstar, Value line

In order to perform the necessary equations to evaluate and understand the position of

AT&T I needed to determine what Beta or Betas values should be utilized in the WACC project.

My first step in identifying such a particular Beta value was to review the work of reputable

analytical sources on the internet. Using Value line, Morningstar, and Yahoo Finance I found

that they had each calculated AT&T Beta at differing values which is represented in the table

below.

Morningstar AT&T Beta Value line AT&T Beta Yahoo AT&T Beta

0.30 0.80 0.33

The Beta’s in the above table seemed low and I was hesitant to rely totally on them to be

used calculate to values for CAPM as well as the other formulas that rely on Beta in one form or

another. Additionally, there was no readily available or expressly stated information from these

websites that explained in great detail how they calculate, factors used, or methodology

employed to create their recommended Beta value estimates. I felt that it was important to

examine all three of the Betas values that were estimated by these websites even though they

were dissimilar the comparison could provide insights for other parts of the WACC project. To

address this issue I went about gathering the necessary data on AT&T and planned on

conducting a series of regressions with market return data to review the validity of the website’s

7

provided Betas. The information needed to run said regressions was obtained through Yahoo

Finance and the needed segments as well as steps to run the regressions is as follows:

Determine what 1-5 year time frame from 03/24/ 2010-03/24/2015

S&P 500 corresponding closing prices to those dates

AT&T corresponding closing prices to those dates

Determine data date range for closing prices from daily, weekly, and monthly data sets

Calculate the market return via the equation (Closing Price A- Closing Price B)/ Closing

Price B for The S&P 500

Calculate AT&T return by via the equation (Closing Price A- Closing Price B)/ Closing

Price B

Then set the market return values as X and AT&T return values as Y

Run and interoperate results of the regressions to find Beta

Repeat process by varying time and date ranges

Run regressions again as needed to gain wider perspective

Through the above process I ran multiple sets of regressions by varying the necessary data

ranges to get a larger and more in depth view on the Beta values of AT&T relative to the

market as well as the estimates from the websites. The table below shows the Beta value

results of the regressions that I conducted involving the previously stated methods.

Date range 1 Year Beta

3/24/2014-

3/24/2015

2 Years Beta

03/24/2013-

03/24/2015

3 Years Beta

03/24/2012-

03/24/2015

4 Years Beta

03/24/2011-

03/24/2015

5 Years Beta

03/24/2010-

03/24/2015

8

Monthly 0.51 0.44 0.33 0.32 0.38

Weekly 0.68 0.64 0.67 0.64 0.61

Daily 0.55 0.64 0.66 0.61 0.61

Beta used for CAPM and Why?

After pouring through the Beta values generated from my regressions, the estimated

Beta’s from the websites, and summary statistical reports created by my regressions I had come

to a decision on which individual Beta or set of Beta values that should be averaged for use in

the CAPM equation. As is evidenced the earlier tables the Beta values associated with AT&T are

not very similar nor are they widely dissimilar, rather they demonstrate a degree of noisiness

relative to one another across the variables used; which, would make choosing a single value as

lone Beta for use in the calculation an ill-advised choice for CAPM equation. Value line,

Morningstar, and Yahoo Finance’s corresponding Beta values would also not be excellent

choices for sole use in the CAPM equation as they appear to be far too low in relation to the

other generated Betas, seemed unrealistically lower risk, and there is some ambiguity present in

what measurement criteria was used to form these values. Therefore, it would appear that the

best course of action to determine what Beta to be used in the equation would be to use the Beta

values that I generated and to average the as is required for CAPM. I have more faith in my

generated Beta values as I know what information was used, the date and time range, as well as

the other methodologies used to run the regression; which is dependent also on the formation of

returns. Through looking at the Beta values by year and date range, size of Beta relative to the

other values, and the level of statistical significance created from the regressions I was able to

identify which, Beta values should be used for the equation. I settled on using the 5 year (daily,

9

weekly, and monthly) Beta values as they had higher significance level as a collective than other

similar yearly groups as, represented comprehensively all the sets of data tested, and were similar

enough in value to be close to the Betas formed at each year as well date range. It should be

noted that I was concerned that mixing and matching time or date ranges would create odd

statistic values; which, could skew the results. I then averaged the year 5 level values to create a

Beta value for use in the CAPM formulae. For fairness sake I also averaged the Beta of the

estimates from the websites to see how they compare. These values are represented in the table

below.

Beta Average from

Monthly, Weekly, Daily

Range of 5 Year Values

03/24/2010-03/24/2015

Average of all Betas From

Morningstar, Value Line

Yahoo Finance,

Average of Betas From

Morningstar and Yahoo

Finance

0.38 0.30 0.30

0.61 0.80 0.33

0.61 0.33 Average = 0.32

Average =0.53 Average = 0.48

Subsequently the chosen Beta value for the CAPM calculation in the WACC project was the

averaged Beta = 0.53 that left only finding a few remaining variable to solve for this part of the

project.

10

Capital Assets Pricing Model

Now that the Beta value needed in the CAPM equation had been determine the next step

would be to find the Risk Free Rate (RRF or RF) and the Market Risk (RM) or the Risk

Premium of the Marker (RPM) that were the missing variables to solve this problem. The most

11

expedient and accurate way to locate the appropriate worth of Risk Free Rate for use in CAPM is

to utilize a reasonable length long term Treasury bond based on current data and that conforms to

the analytical best practice of using between 10 years- 30 years as a time frame for such bonds.

Additionally, following the information from the course text book, power points, and few

scholarly article sources I narrowed this time frame window to a T-Bond from 10-20 year range.

I then settled on using a 10 year bond as the value for RRF as it was closer to the timeframe of

the data reviewed, conformed to predominate industry evaluative methodologies for RRF, and

avoided violating the four major rules of CAPM by sticking with a 10 year T-Bond that has a

current value of 2.11 on 03/25/2015. The value of my T-Bond was found via Morningstar’s bond

yield chart for past and current bond yields for 10-30 year bonds. I wanted to make a concerted

effort to stay within the bounds of CAPM regulations and the other major equations that

determine RS good graces by ensuring that current information was used.

Following the locating of RRF I directed efforts to finding RPM or RM and had

determined that I could not find this value through historical averages as this would break a

cardinal CAPM rule of blending current information and was uncomfortable wholly relying on

forward estimation due to volatile nature of Telecom market. Due to these factors I then took the

reaming path left to me in order to discover RM or RPM and elected to heed the advice of

experts on this subject matter. By utilizing the proper search method of ascribing to the

suggestions of experts I found which was the most recent and empirically reliable RPM value of

3.73 for the CAPM equation, that was tied to a 10 year Treasury bond as well via the equity risk

premium of 2014; which, was the source that was suggested in the text for student to utilize for

such problems. This determination of the value of RPM was also given the green light through

scholarly articles, textbook, and chapter related PowerPoints that state roughly a 3-7% RPM is a

12

rational estimate value to use for this particular variable. As no equity risk premium value

presently exist for 2015 the one from 2014, power points, textbook, and scholarly informative

articles on RPM form a collective of surveys from experts. Since there is no other entity or group

of entities that can be readily identified whose wisdom would supersede this scholarly

association teachings I must assume that they are indeed authoritative and that it is correct to act

upon their sage advice. The components of CAPM, actual equation, and brief highlights of how

they were located are listed in the table below:

RRF RPM Beta Equation CAPM Result

2.11 3.73 0.53 CAPM= 2.11+

(3.73)*0.53

CAPM= 2.11+

(3.73)*0.53

=4.0869

10 year Treasury Survey of Average of Equation is The product of

13

bond, conforms

to best practices,

current bond

value on

03/25/2015

Experts, most

recent

information,

conforms with

present

estimations

group of overall

statically

significant betas,

represents total

data set tested,

similar enough

to other betas at

corresponding

date levels

RS= RRF+

(RPM)*B

the above

sections is this

result

Discounted Cash Flow/ DGRM

I was fortunate enough that the information require for the DCF models were relatively

easy to obtain for AT&T and that said data had a high degree of accuracy. Due to the ever

shifting nature of the Telecom Industry, high speed of technological development, and global

economic upheavals of recent years has reduced the useful of historical grow rates; despite,

14

maturity of the firm, their slight deceleration, as well as that the focus of this project on a 5 year

period. Furthermore, the retention growth model is not applicable as AT& T fails to meet the

four key criteria for this method to be useful. This position on the failings of this method is

reinforced when one considers the calculations for the retention growth model and how the

firm’s size forms the odd results show in the excel spreadsheets as well as in the appendix

section of this document. However, there is ample analytical information concerning expected

dividend value and expected growth rate as well as the values from the previous preceding

incarnations of these calculations. Additionally, we have a breakdown chart of the 5 year history

that for dividend amount, growth yield, and demonstrates the subtle shifts for each of these

values in various directions. This is not to say that AT&T has experienced true constant or non-

constant growth in these areas rather that they correspond to the requirements of the DCF

method as there is a twilight state of near consistency all things being equal. What such a spread

of values proves that there is a slowing or stagnation trend coming down the road; which, has

created an environment of with greater degree of homeostasis that would allow DCF model to be

effectively applied all things being equal. Further support for this theory comes from the fact

that they have massive amounts of shares outstanding, have not issued stocks in quite a while as

well as that amount has remained constant for some time, and inhibited as well similar

appearance of growth rate values.

Below is the table representing the application and breakdown of the components that comprises

the DCF for AT&T.

Expected

Dividend =

Current

Stock Price

g = Expected Equation is DCF Result

15

D0 = P0 Growth Rate

D0= 1.88 P0 = 33.23 g= 5.70% or

0.057

RS=D0(1+g)/P0+g RS= 1.88

(1+.057)/33.23+.057=

0.116800181

(1+.057)/33.23+.057= 11.68%

Own-Bond- Yield-plus-Judgment-Risk- Premium

After going through the process to find the results of the previously stated equations

CAPM and DFC/DGRM the method of determining the own-bond- yield-plus-judgment-risk-

premium was fairly straightforward. As this is a subjective system that uses a range between 3-

5% to interact with the AT&T’s cost of debt or RD that is being measured. The equation is not

16

overly complex either it is RS= RD+ risk judgment premium. Then it is simply a matter of

choosing which percentage would best fit as a risk judgment premium and deciding upon the

correct rationale that would help the premium fit in relation to previously formed problems. To

find what percentage level if risk judgment premium would be the most beneficial for AT&T to

use I compared all the probable values of each percentage incrementally, added this value to RD,

and then reviewed the results. RD for AT& T was established in the project through the

calculation of cost of debt while, constructing the spreadsheet containing AT&T’s bond data and

will be covered in greater detail in the cost of debt section as well as appendix section. The value

of RD is = 0.034994445 as a decimal and 3.50% as percentage. The value for risk judgment

premium that I chose to use as a calculation for the project was at the 4.10 level. This level’s

value was 7.599444515 as a decimal or 7.60%, was also a midpoint between the CAPM and

DCF values previously created. I believe this selection to be correct due to the subjectivity

inherent in this particular formula and that value used for the risk judgment premium is also a

midpoint value for the percentages of 3-5% is a routine practice in such calculations. Taking this

route helps to increase the likelihood of more accurate value. The tables below represent the

judgment risk premium equation RS= RD+ risk judgment premium in action from the range of

3%-5% that were calculated for the project as well as the average of RS; which shows how the

results of the risk judgment premium relative to its companion equations.

RS Average

CAPM Result

4.0869

JRP Result

17

7.599444515

DCF DGRM Result

11.68001806

RS Average Actual 7.8% (CAPM+JRP+ DCF DGRM)/3

7.788787524

Judgmental risk premium at 3.00% range RD RE at 3.00% range sum

3 3.499444515 6.499444515

3.01 3.499444515 6.509444515

3.02 3.499444515 6.519444515

3.03 3.499444515 6.529444515

3.04 3.499444515 6.539444515

3.05 3.499444515 6.549444515

3.06 3.499444515 6.559444515

3.07 3.499444515 6.569444515

3.08 3.499444515 6.579444515

3.09 3.499444515 6.589444515

3.1 3.499444515 6.599444515

3.11 3.499444515 6.609444515

3.12 3.499444515 6.619444515

3.13 3.499444515 6.629444515

3.14 3.499444515 6.639444515

3.15 3.499444515 6.649444515

3.16 3.499444515 6.659444515

3.17 3.499444515 6.669444515

3.18 3.499444515 6.679444515

3.19 3.499444515 6.689444515

18

3.2 3.499444515 6.699444515

3.21 3.499444515 6.709444515

3.22 3.499444515 6.719444515

3.23 3.499444515 6.729444515

3.24 3.499444515 6.739444515

3.25 3.499444515 6.749444515

3.26 3.499444515 6.759444515

3.27 3.499444515 6.769444515

3.28 3.499444515 6.779444515

3.29 3.499444515 6.789444515

3.3 3.499444515 6.799444515

3.31 3.499444515 6.809444515

3.32 3.499444515 6.819444515

3.33 3.499444515 6.829444515

3.34 3.499444515 6.839444515

3.35 3.499444515 6.849444515

3.36 3.499444515 6.859444515

3.37 3.499444515 6.869444515

3.38 3.499444515 6.879444515

3.39 3.499444515 6.889444515

3.4 3.499444515 6.899444515

3.41 3.499444515 6.909444515

3.42 3.499444515 6.919444515

3.43 3.499444515 6.929444515

3.44 3.499444515 6.939444515

3.45 3.499444515 6.949444515

3.46 3.499444515 6.959444515

3.47 3.499444515 6.969444515

3.48 3.499444515 6.979444515

3.49 3.499444515 6.989444515

3.5 3.499444515 6.999444515

3.51 3.499444515 7.009444515

3.52 3.499444515 7.019444515

3.53 3.499444515 7.029444515

3.54 3.499444515 7.039444515

3.55 3.499444515 7.049444515

3.56 3.499444515 7.059444515

3.57 3.499444515 7.069444515

3.58 3.499444515 7.079444515

3.59 3.499444515 7.089444515

3.6 3.499444515 7.099444515

3.61 3.499444515 7.109444515

3.62 3.499444515 7.119444515

19

3.63 3.499444515 7.129444515

3.64 3.499444515 7.139444515

3.65 3.499444515 7.149444515

3.66 3.499444515 7.159444515

3.67 3.499444515 7.169444515

3.68 3.499444515 7.179444515

3.69 3.499444515 7.189444515

3.7 3.499444515 7.199444515

3.71 3.499444515 7.209444515

3.72 3.499444515 7.219444515

3.73 3.499444515 7.229444515

3.74 3.499444515 7.239444515

3.75 3.499444515 7.249444515

3.76 3.499444515 7.259444515

3.77 3.499444515 7.269444515

3.78 3.499444515 7.279444515

3.79 3.499444515 7.289444515

3.8 3.499444515 7.299444515

3.81 3.499444515 7.309444515

3.82 3.499444515 7.319444515

3.83 3.499444515 7.329444515

3.84 3.499444515 7.339444515

3.85 3.499444515 7.349444515

3.86 3.499444515 7.359444515

3.87 3.499444515 7.369444515

3.88 3.499444515 7.379444515

3.89 3.499444515 7.389444515

3.9 3.499444515 7.399444515

3.91 3.499444515 7.409444515

3.92 3.499444515 7.4194445153.93 3.499444515 7.4294445153.94 3.499444515 7.439444515

3.95 3.499444515 7.449444515

3.96 3.499444515 7.459444515

3.97 3.499444515 7.4694445153.98 3.499444515 7.479444515

3.99 3.499444515 7.489444515


4 3.499444515 7.499444515

20

4.01 3.499444515 7.509444515

4.02 3.499444515 7.519444515

4.03 3.499444515 7.529444515

4.04 3.499444515 7.539444515

4.05 3.499444515 7.549444515

4.06 3.499444515 7.559444515

4.07 3.499444515 7.569444515

4.08 3.499444515 7.579444515

4.09 3.499444515 7.589444515

4.1 3.499444515 7.599444515

4.11 3.499444515 7.609444515

4.12 3.499444515 7.619444515

4.13 3.499444515 7.629444515

4.14 3.499444515 7.639444515

4.15 3.499444515 7.649444515

4.16 3.499444515 7.659444515

4.17 3.499444515 7.669444515

4.18 3.499444515 7.679444515

4.19 3.499444515 7.689444515

4.2 3.499444515 7.699444515

4.21 3.499444515 7.709444515

4.22 3.499444515 7.719444515

4.23 3.499444515 7.729444515

4.24 3.499444515 7.739444515

4.25 3.499444515 7.749444515

4.26 3.499444515 7.759444515

4.27 3.499444515 7.769444515

4.28 3.499444515 7.779444515

4.29 3.499444515 7.789444515

4.3 3.499444515 7.799444515

4.31 3.499444515 7.809444515

4.32 3.499444515 7.819444515

4.33 3.499444515 7.829444515

4.34 3.499444515 7.839444515

4.35 3.499444515 7.849444515

4.36 3.499444515 7.859444515

4.37 3.499444515 7.869444515

4.38 3.499444515 7.879444515

4.39 3.499444515 7.889444515

4.4 3.499444515 7.899444515

4.41 3.499444515 7.909444515

4.42 3.499444515 7.919444515

4.43 3.499444515 7.929444515

21

4.44 3.499444515 7.939444515

4.45 3.499444515 7.949444515

4.46 3.499444515 7.959444515

4.47 3.499444515 7.969444515

4.48 3.499444515 7.979444515

4.49 3.499444515 7.989444515

4.5 3.499444515 7.999444515

4.51 3.499444515 8.009444515

4.52 3.499444515 8.019444515

4.53 3.499444515 8.029444515

4.54 3.499444515 8.039444515

4.55 3.499444515 8.049444515

4.56 3.499444515 8.059444515

4.57 3.499444515 8.069444515

4.58 3.499444515 8.079444515

4.59 3.499444515 8.089444515

4.6 3.499444515 8.099444515

4.61 3.499444515 8.109444515

4.62 3.499444515 8.119444515

4.63 3.499444515 8.129444515

4.64 3.499444515 8.139444515

4.65 3.499444515 8.149444515

4.66 3.499444515 8.159444515

4.67 3.499444515 8.169444515

4.68 3.499444515 8.179444515

4.69 3.499444515 8.189444515

4.7 3.499444515 8.199444515

4.71 3.499444515 8.209444515

4.72 3.499444515 8.219444515

4.73 3.499444515 8.229444515

4.74 3.499444515 8.239444515

4.75 3.499444515 8.249444515

4.76 3.499444515 8.259444515

4.77 3.499444515 8.269444515

4.78 3.499444515 8.279444515

4.79 3.499444515 8.289444515

4.8 3.499444515 8.299444515

4.81 3.499444515 8.309444515

4.82 3.499444515 8.319444515

4.83 3.499444515 8.329444515

4.84 3.499444515 8.339444515

4.85 3.499444515 8.349444515

4.86 3.499444515 8.359444515

22

4.87 3.499444515 8.369444515

4.88 3.499444515 8.379444515

4.89 3.499444515 8.389444515

4.9 3.499444515 8.399444515

4.91 3.499444515 8.409444515

4.92 3.499444515 8.419444515

4.93 3.499444515 8.429444515

4.94 3.499444515 8.439444515

4.95 3.499444515 8.449444515

4.96 3.499444515 8.459444515

4.97 3.499444515 8.469444515

4.98 3.499444515 8.479444515

4.99 3.499444515 8.489444515


5 3.499445 8.499444515

5.01 3.499445 8.509444515

5.02 3.499445 8.519444515

5.03 3.499445 8.529444515

5.04 3.499445 8.539444515

5.05 3.499445 8.549444515

5.06 3.499445 8.559444515

5.07 3.499445 8.569444515

5.08 3.499445 8.579444515

5.09 3.499445 8.5894445155.1 3.499445 8.599444515

5.11 3.499445 8.6094445155.12 3.499445 8.6194445155.13 3.499445 8.6294445155.14 3.499445 8.6394445155.15 3.499445 8.6494445155.16 3.499445 8.6594445155.17 3.499445 8.6694445155.18 3.499445 8.6794445155.19 3.499445 8.6894445155.2 3.499445 8.699444515

5.21 3.499445 8.7094445155.22 3.499445 8.7194445155.23 3.499445 8.7294445155.24 3.499445 8.7394445155.25 3.499445 8.7494445155.26 3.499445 8.7594445155.27 3.499445 8.7694445155.28 3.499445 8.779444515

23

5.29 3.499445 8.7894445155.3 3.499445 8.799444515

5.31 3.499445 8.8094445155.32 3.499445 8.8194445155.33 3.499445 8.8294445155.34 3.499445 8.8394445155.35 3.499445 8.8494445155.36 3.499445 8.8594445155.37 3.499445 8.8694445155.38 3.499445 8.8794445155.39 3.499445 8.8894445155.4 3.499445 8.899444515

5.41 3.499445 8.9094445155.42 3.499445 8.9194445155.43 3.499445 8.9294445155.44 3.499445 8.9394445155.45 3.499445 8.9494445155.46 3.499445 8.9594445155.47 3.499445 8.9694445155.48 3.499445 8.9794445155.49 3.499445 8.9894445155.5 3.499445 8.999444515

5.51 3.499445 9.0094445155.52 3.499445 9.0194445155.53 3.499445 9.0294445155.54 3.499445 9.0394445155.55 3.499445 9.0494445155.56 3.499445 9.0594445155.57 3.499445 9.0694445155.58 3.499445 9.0794445155.59 3.499445 9.0894445155.6 3.499445 9.099444515

5.61 3.499445 9.1094445155.62 3.499445 9.1194445155.63 3.499445 9.1294445155.64 3.499445 9.1394445155.65 3.499445 9.1494445155.66 3.499445 9.1594445155.67 3.499445 9.1694445155.68 3.499445 9.1794445155.69 3.499445 9.1894445155.7 3.499445 9.199444515

5.71 3.499445 9.209444515

24

5.72 3.499445 9.2194445155.73 3.499445 9.2294445155.74 3.499445 9.2394445155.75 3.499445 9.2494445155.76 3.499445 9.2594445155.77 3.499445 9.2694445155.78 3.499445 9.2794445155.79 3.499445 9.2894445155.8 3.499445 9.299444515

5.81 3.499445 9.3094445155.82 3.499445 9.3194445155.83 3.499445 9.3294445155.84 3.499445 9.3394445155.85 3.499445 9.3494445155.86 3.499445 9.3594445155.87 3.499445 9.3694445155.88 3.499445 9.3794445155.89 3.499445 9.3894445155.9 3.499445 9.399444515

5.91 3.499445 9.4094445155.92 3.499445 9.4194445155.93 3.499445 9.4294445155.94 3.499445 9.4394445155.95 3.499445 9.4494445155.96 3.499445 9.4594445155.97 3.499445 9.4694445155.98 3.499445 9.4794445155.99 3.499445 9.489444515

25

Cost of Preferred Stock

AT&T does not have any preferred stock of any sort of format in their corporate holdings

or capital structure. Consequently, there is no preferred stock price as there is no preferred stock

to have a corresponding price. This of course greatly simplifies the areas of the WACC project

that require the calculation of preferred stock, as the value is 0 throughout. The lack of any sort

of value for preferred stock is obvious in the certain tables that are set up for to account for its

presence and will be shown where applicable. Below is a brief table showing the dearth of

preferred stock for AT&T and that its non-existence is still noted.

Stock information contained in WACC Stock Results

26

Spreadsheet


5190167853

Preferred Shares 0Common Price on (3/20/2015) WSJ & Yahoo

Fin$33.23

Preferred Price 0

Cost of Debt

The cost of debt or RD was found through a process of gathering the bond associated

with AT&T and the related data from Morningstar website. The particular information of names,

maturity dates, and prices are located in the spreadsheet as well as the appendix; which do not

have to be present to discuss RD. It is also worth noting that there are few bonds with floating

rates that contribute to the formation of RD; which, have had their missing values found in the

appropriate 10-Ks or other relevant fiscal documents and have been inserted into their proper

positions in the spreadsheet. To find RD the process began by creating a spreadsheet that would

allow for the calculations of the steps needed to compute the Market Value of Bonds, total and

weight the market value of the bonds ensuring a summation of 1.00, as well as then multiplying

the weighted values by the YTM; which, would have concluded summation of the weighted

YTM results that would revealed the weighted average RD or cost of debt of AT&T. RD for the

27

firm equals 3.50% and is represented as well as the results that are also created due to calculating

RD. Properly determining RD is vital as it is key in the calculation of WACC and evaluating

AT&T. Additionally, underneath that the summation of market values as well as weights table

there is a display of the factors needed to calculate RD that were mentioned in this response

section.

Market Value and

Weights

MV and W

Results

MV Bonds

Weighted Sum

Weighted YTM Sum

Weighted Average RD

MV Bonds 85956.84092 1 0.034994445

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

YTM YTM as a Market Weight Weight YTM

28

decimal Value $ (mill)

4.86 0.0486 3748.1787

0.043605357 0.00211922

4.73 0.0473 2858.1282

0.033250736 0.00157276

8 0.08 2750 0.0319928 0.0025594248.75 0.0875 2500 0.029084363 0.0025448821.93 0.0193 2747.5 0.031963715 0.00061690.01 0.0001 2787.75 0.032431974 3.2432E-061.84 0.0184 1978 0.023011548 0.0004234124.83 0.0483 1992 0.023174421 0.0011193254.86 0.0486 2204 0.025640775 0.0012461424.43 0.0443 1915.998 0.022290233 0.0009874574.22 0.0422 2140.434

40.024901269 0.001050834

3.05 0.0305 1844.45 0.021457862 0.0006544654.88 0.0488 2167.468

20.025215773 0.00123053

2.4 0.024 1794.6 0.020877919 0.000501071.16 0.0116 1785 0.020766235 0.0002408884.08 0.0408 2469.954

70.028734824 0.001172381

2.2 0.022 1609.6 0.018725677 0.0004119653.93 0.0393 1628.851

60.018949645 0.000744721

4.25 0.0425 1545.4 0.01797879 0.0007640992.6 0.026 1500 0.017450618 0.0004537163.15 0.0315 1563 0.018183544 0.0005727821.36 0.0136 1522.5 0.017712377 0.0002408883.29 0.0329 1432.5 0.01666534 0.000548290.74 0.0074 1510.5 0.017572772 0.0001300394.89 0.0489 1770.753

60.020600496 0.001007364

2.38 0.0238 1418.9252

0.016507414 0.000392876

6.72 0.0672 1402.1 0.016311674 0.0010961451.4 0.014 1390.883

20.016181181 0.000226537

2.95 0.0295 1355 0.015763725 0.000465030.9 0.009 1248.75 0.01452764 0.0001307490.82 0.0082 1280.805

50.014900565 0.000122185

4.9 0.049 1404.661 0.016341473 0.000800732

29

41.64 0.0164 1151.15 0.013392186 0.0002196323.5 0.035 1121.7 0.013049572 0.0004567352.65 0.0265 1121.7 0.013049572 0.0003458141.87 0.0187 1121.7 0.013049572 0.0002440272.2 0.022 1104.4 0.012848308 0.0002826630 0 1030 0.011982758 00.92 0.0092 1000 0.011633745 0.000107032.02 0.0202 1109 0.012901824 0.0002606173.49 0.0349 1031 0.011994391 0.0004186041.54 0.0154 1001 0.011645379 0.0001793394.214 0.04214 1000 0.011633745 0.0004902460.87 0.0087 1000 0.011633745 0.0001012145.14 0.0514 956.8704 0.011131987 0.0005721840.85 0.0085 921.7859 0.010723822 9.11525E-052.48 0.0248 857.7639 0.009979007 0.0002474793.98 0.0398 1144.963 0.013320208 0.0005301447.125 0.07125 750 0.008725309 0.0006216784.67 0.0467 697.1107 0.008110008 0.0003787373.37 0.0337 560.8 0.006524204 0.0002198664.2 0.042 499 0.005805239 0.000243824.48 0.0448 485.5 0.005648183 0.0002530390.87 0.0087 497.0109 0.005782098 5.03043E-058.625 0.08625 468.2 0.00544692 0.0004697974.92 0.0492 482.328 0.005611281 0.0002760753.9 0.039 398.8 0.004639538 0.0001809422.375 0.02375 406 0.004723301 0.0001121784.92 0.0492 393.2607 0.004575095 0.0002250958.125 0.08125 315.6 0.00367161 0.0002983182.36 0.0236 333.3 0.003877527 9.15096E-054.66 0.0466 304.2256 0.003539283 0.0001649310.71 0.0071 254.5 0.002960788 2.10216E-058.125 0.08125 181.5 0.002111525 0.0001715615.1 0.051 213.3936 0.002482567 0.0001266110.91 0.0091 180.5062 0.002099963 1.91097E-058.35 0.0835 138.3 0.001608947 0.0001343474.72 0.0472 162.5056 0.001890549 8.92339E-055.03 0.0503 140.125 0.001630179 8.1998E-055 0.05 79.1276 0.00092055 4.60275E-052.44 0.0244 33.048 0.000384472 9.38112E-060.01 0.0001 15 0.000174506 1.74506E-084.94 0.0494 13.1892 0.00015344 7.57993E-060 0 7.203 8.37979E-05 0

30

5.09 0.0509 2.512 2.9224E-05 1.4875E-063.55 0.0355 1.122 1.30531E-05 4.63384E-072.5 0.025 1.122 1.30531E-05 3.26327E-074.3 0.043 1 1.16337E-05 5.00251E-075.35 0.0535 0.262 3.04804E-06 1.6307E-075.35 0.0535 0.262 3.04804E-06 1.6307E-076.95 0.0695 0.125 1.45422E-06 1.01068E-077.95 0.0795 0.1 1.16337E-06 9.24883E-085 0.05 0.03592 4.17884E-07 2.08942E-084.35 0.0435 0.04 4.6535E-07 2.02427E-08

Market Value of Debt

As stated in the last section the market value of debt for AT&T is nearly found during the

course of finding the cost of debt for the firm. Additionally, the market value of debt is displayed

in the table above this portion of the paper. Although, the market value of debt is present in the

table above it is not truly complete until the Market Value of Leases as well as any other relevant

applicable current long-term bonds are located from fiscal documents and added to the Market

Value of Bonds. It is worth noting that this does not include debts of an operational nature. This

is not to say that there are no other long term debts that are a part of AT&T’s holdings. In the

case of AT&T there is only one value in the firm’s Annual Report that fits the criteria of a

Market Value Lease and it is a capitalized debt lease stated at 430; which then allows

MVB+MVL to equal = MVD. The results that lead to the creation of MVD are presented in the

table below and a summary of the other interrelated market value calculations.

31

Market Value and Weights MVB+MVL= MVD

MV Bonds 85956.84092

MV Leases 430

MVD 86386.84092

Market Value and

Weights

MV and W

Results

MV Bonds

Weighted Sum

Weighted YTM Sum

Weighted Average RD

MV Bonds 85956.84092 1 0.034994445

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

32

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

Market Value of Equity

The Market Value of Equity is shown in the earlier tables presented above this section

that is determined by multiplying the values of common stock outstanding of 5.19 billion shares

with the related common price of stock $33.23 found on Yahoo Finance then divided by

1,000,000. Using these steps the Market Value of Equity equation for AT&T equals

172469.2778. This value is needed to determine the Market Value of the Firm, Weight of Equity,

as well as contributes to the formation of WACC equation and enables managers to calculate this

value. Market Value of Equity and its place in the equations of the project are displayed in the

table below as well as the information from the common stock segment that is used in the

calculation.

33

Market Value and

Weights

MV and W

Results

MV Bonds

Weighted Sum

Weighted YTM Sum

Weighted Average RD

MV Bonds 85956.84092 1 0.034994445

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

34


Spreadsheet

Stock Results


5190167853


Preferred Price 0

Market Value of Preferred Stock

AT&T has no preferred stock as a part of their capital structures as this was mentioned in

the earlier sections of the paper concerning preferred stock. Due to the lack of preferred stock

factors AT&T also has no Market Value of Preferred Stock. However, rather than simply enter a

0 value in to the MVPF portion of the spreadsheet I conducted the Market Value of Preferred

Stock equation per the example in the provided weighted average spreadsheet for student use

during the course of this WACC project. Mirroring the Market Value of Equity equation I

multiplied the 0 value for preferred shares with the 0 value of preferred prices then divided that

result by 1,000,000. This equation of course resulted in a 0 value for MVPF as was the expected

outcome. This is apparent lack of preferred stock is demonstrated in the stock information table

and the market values as well as weights table presented below.

35


Spreadsheet

Stock Results


5190167853


Preferred Price 0

Market Value and

Weights

MV and W

Results

MV Bonds

Weighted Sum

Weighted YTM Sum

Weighted Average RD

MV Bonds 85956.84092 1 0.034994445

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

36

WD 0.33372532

WPF 0

Value of Firm

In the WACC project the value of AT&T as a firm is represent by MVF or the Market

Value of the Firm. Obviously, this is a key aspect of the marker value process as it this is formed

due to the relationship between Market Value of Debt added to Market Value of Equity; which,

also gives the total value of the firm. MVF helps to identify and explain the status of debt as well

as equity in AT&T. This value is also need to determine the weights of both debt WD and equity

WS as well as being key in the WACC calculation at the conclusion of the project. The tables

below show the calculation of MVF and its position in the relation to the other market value

equations and weighted values.

37

Market Value and

Weights

MVD+MVE=MVF

MVD 86386.84092

MVE 172469.2778

MVF 258856.1187

Market Value and

Weights

MV and W

Results

MV Bonds

Weighted Sum

Weighted YTM Sum

Weighted Average RD

MV Bonds 85956.84092 1 0.034994445

MV Leases 430

MVD 86386.84092

MVE 172469.2778

38

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

Firm’s Tax Rate

Fortunately, AT&T’s tax rate did not require a great deal of effort to determine the value

to be used in the appropriate areas of the project or need to use time consuming accounting

mathematics. The tax rate was found on Morningstar with an added breakdown of the tax rate for

several years. Additionally, the tax rate was located in the 2014 Annual Report for AT&T, most

recent 10-K, and other fiscal analysis documents from the firm. Having the correct tax rate is

vital for the project as this value is a component used in the calculation of WACC in the capacity

of the variable (1-TRC). The tax rate used for the project to perform equations is 34.56%. The

table below shows the most recent tax rate for AT&T as well as past tax rates over an extended

period.

39

Tax Rate %

2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

16.3 32.4 34.35 35.35 32.4 NA 37.7 27.78 33.21 34.56 34.56

40

Weight for Equity

The Weighted Value of Equity is determined by taking the Market Value of Equity and

dividing it by the Market Value of the Firm; which, is key to understand AT&T’s capital

structure. This result displays the amount of or to what level the firm is financed by equity as a

percentage out of 100%. Additionally, this figure is a needed value to calculate the WACC for

the project. For AT&T based on the information gathered and calculated the Weight for Equity

or WS is 0.66627468 or 67%; which, is the preferred result as firms should be less dependent on

or comprised of debt as well as equal 1.00 when added to Weight for Debt that is measured at

0.33372532 or 33%. The tables below show the inputs needed to create Weight for Equity, its

relation to other values in the project, and that it sums with WD to equal 1.00.

41

Market Value and Weights MVE/MVF=WS

MVE 172469.2778

MVF 258856.1187

WS 0.66627468

Market Value and Weights MV and W Results

MV Bonds 85956.84092

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

42

WPF 0

WS and WD Weighted Sum

0.66627468

0.33372532

Total = 1

Weight for Preferred Stock

As stated earlier in this document AT&T does not have any preferred stocks as aspects of

their corporate capital structure. Therefore, there are no values available for any preferred stock

equations that are normally a part of the WACC project; which, consequently means that I have

not included them in any meaningful way. However, I have still performed the calculation in the

spreadsheet to show where Weight for Preferred Stock would go did it exist in a meaningful

manner. WPF is found by dividing Market Value of Preferred Stock over the Market Value of

the Firm. The tables below show the calculation to get WPF, the preferred stock information, and

where WPF is in relation to the other market values or weighted values.

43

Market Value and Weights MVPF/MVF= WPF

MVPF 0

MVF 258856.1187

WPF 0


Spreadsheet

Stock Results


5190167853


Preferred Price 0

44


MV Bonds 85956.84092

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

45

Weight for Debt

The Weight for Debt is determined by dividing the Market Value of Debt over the

Market Value of the Firm; which is of course vital to understanding the AT&T’s capital

structure. This new weighted figure shows the level of debt that is used to finance AT&T equity

as a percentage out of 100%. Also the Weight for Debt is a key portion of the inputs that are

needed to calculate the value of WACC for the project. For AT&T based on the information

gathered and calculated the Weight for Debt is 0.33372532 or 33%; which, is a beneficial result

for AT&T as a high percentage here compared to Weight for Equity would demonstrate that the

firm has a more risky position and would imply that the company is leveraged excessively. The

validity of the findings concerning the Weight of Debt for AT&T is backed up when its value is

added to the Weight for Equity or WS at is 0.66627468 or 67% and equals 1.00 or 100%. Below

are tables showing the calculations that create the value of Weight of Debt, its place relative to

the other market values and weights, as well as that WS+WD = 1.00.

46

WS and WD Weighted Sum

0.66627468

47

Market Value and Weights MVD /MVF =WD

MVD 86386.84092

MVF 258856.1187

WD 0.33372532


MV Bonds 85956.84092

MV Leases 430

MVD 86386.84092

MVE 172469.2778

MVPF 0

MVF 258856.1187

WS 0.66627468

WD 0.33372532

WPF 0

0.33372532

Total = 1

WACC

The WACC calculation is the culmination of all the data and formulas used during the

course of this project concerning AT&T. This equation is comprise of two main sections cost

components of AT&T, the weight values that were create from the data of the firm, as well as the

corporate tax rate (TCR). The cost components that were used are RS (cost of equity) and RD

(cost of debt). The weight variables that were used in the WACC equation are WS (weight of

equity) and WD (weight of debt). Normally, the WACC equation has cost components that are

RP (cost of preferred stock) and weight variables WPF (weight of preferred stock); although,

AT&T has no preferred stock so this variable has not been included in the calculation. The

dearth of preferred stock data has been stated repeatedly throughout this paper in various

sections. Therefore, the equation that was used in this project to find WACC is set up as follows

[(WD* (1-TCR)*RD)+(WS*RS)] and with the values entered in are [ (33%)*(1-

34.56%)*(3.50%)+(67%*7.8%)]=5.94%. By solving for the value of WACC it is now apparent

what the cost the firm would incur new amount of added capital to a certain degree, the

knowledge of the composition of capital components and weights, as well as the fact that the

values we have formulated are from market values only. Below is a table showing the

calculations that lead up to conducting WACC and the WACC equation as well as the answer to

this equation.

48

WACC Setup

Input Data ( Millions Expect Per Share Data)

Tax rate 34.56%

Debt (D) $

86,386,840.92

Number of common shares outstanding (N)(02/13/2015) 5,190,167,853

Stock price per share ( P) (3/20/2015) $

33.23

Capital Structure ( Millions Expect Per Share Data)

Market value of equity ( S= P*N) $

172,469,277.76

Total value ( V= D+S) $

258,856,118.68

Percent financed with debt (WD= D/V) 33%

Percent financed with equity ( WS = S/V) 67%

Cost of Capital

Cost of debt 3.50%

Beta 0.53

Risk-Free Rate (RRF) 2.11

Market risk Premium 3.73%

Cost of Equity from CAPM (RS= RRF+ (RPM)*Beta) 4.0869%

49

Cost of Equity from Dividend Growth Model (DCF)

Future dividend growth rate 5.70%

2015 Next Expected Dividend Price $ $

1.88

Share Price (3/20/2015) $

33.23

Cost of Equity from Dividend Growth Model 11.68%

Cost of Own-Bond-Yield-Plus-Judgmental-Risk-Premium Method

Cost of debt 3.50%

Risk Markup 4.10%

Cost of Equity From Own-Bond-Yield-Plus-Judgmental-Risk-

Premium Method

7.60%

Average RS 7.8%

WACC = [ (WD* (1-TCR)*RD)+(WS*RS)] 5.954%

50

51

WACC = [ (WD* (1-TCR)*RD)+(WS*RS)]

[ (33%)*(1-34.56%)*(3.50%)

+(67%*7.8%)]=5.94%

Relevant Assumptions, Estimations, and Explanations Section

52

Corporate Positioning Assumptions and Explanations

Through researching the Annual Report 2014,2010-2014 Managerial decision analysis,

and all the other materials that were germane to the WACC project it is apparent that AT&T

while, very profitable is showing the initial signs of slowing down in market returns as well as

performance. While, this effect is limited to slowly inhibiting growth it diminishes the more

rapid success of the last few years that AT&T has enjoyed. AT&T has had consistent reductions

over the last six in operating income, various revenue streams including aging out of older

services like landlines, increases in several expenses, and far greater competition from rivals on

many product or service offering levels. This is not to say that AT&T is on death’s door step,

rather, this means that the larger more mature firm could be starting to become worn down and

could be in serious trouble if this trend continues or exponentially increases in severity. The firm

has lost market share in certain segments over time and are still suffering lasting effects from the

economic recession. AT&T is now having to confront more regulatory interference on several

fronts from local, state, and federal government; which, is compound further with the issue of net

neutrality. There are a myriad of possible risk factors, areas of concern, and present dangerous

for AT&T to confront; however, after completing this project I do not believe that this

corporation’s head is on the chopping block. I am of the opinion that the results in this project,

coupled with the data gathered, and the market analysis contained within the AT&T financial

documents indicate that this company is doing well all things being equal; although, they must

address possible issues, take appropriate corrective actions, and work to actively pursue

innovation to achieve sustainable competitive advantages in such a fast paced industry.

53

Beta Assumptions, Estimations, and Explanations

As stated earlier in the project the three Betas that were provided by Yahoo, Value line,

and Morningstar were discounted as they appeared to be too low or relatively risk free to be

trusted to function solely or averaged as the Betas for the project. Additionally, these websites

did not give any information explain how they created their Beta results or what standards they

used. I resolved that the only way to find more trustworthy Beta values was to conduct multiple

regressions ranging from 1 to 5 years, having date ranges from daily, and weekly, as well as

monthly. To achieve this I gathered the needed stock data on AT&T and S&P 500 for the

appropriate ranges, performed market return calculations, and used the results to run several

regressions. The rationale behind this course of action was to gain a more holistic view of all the

values that would produce Beta, to see what patterns would emerge for Betas that would relate to

values provided by the websites, and to see what grouping would have a collectively higher level

of statistical significance relative to the other regression results. After examining the regression

results, comparing Beta values, and attempting to discern any emerging patterns I settled on

using all the Beta values from the year 5 category. The Betas from the year 5 monthly, weekly,

and daily value met all the criteria I had chosen they also contained as well as represented all the

data that was tested in the other regressions. I purposely avoided mixing results as I felt that

using betas from different ranges would skew results. I then averaged the Betas from the year 5

category and used them in CAPM as well as all other applicable areas. The tables below serve to

illustrate the values discussed in the above narrative and demonstrate the thought processes that

led to this conclusion.

54

Morningstar AT&T Beta Value line AT&T Beta Yahoo AT&T Beta

0.30 0.80 0.33

Date range 1 Year Beta

3/24/2014-

3/24/2015

2 Years Beta

03/24/2013-

03/24/2015

3 Years Beta

03/24/2012-

03/24/2015

4 Years Beta

03/24/2011-

03/24/2015

5 Years Beta

03/24/2010-

03/24/2015

Monthly 0.51 0.44 0.33 0.32 0.38

Weekly 0.68 0.64 0.67 0.64 0.61

Daily 0.55 0.64 0.66 0.61 0.61

Beta Average from

Monthly, Weekly, Daily

Range of 5 Year Values

03/24/2010-03/24/2015

Average of all Betas From

Morningstar, Value Line

Yahoo Finance,

Average of Betas From

Morningstar and Yahoo

Finance

0.38 0.30 0.30

0.61 0.80 0.33

0.61 0.33 Average = 0.32

Average =0.53 Average = 0.48

55

RRF- RPM Assumptions, Estimations, and Explanations

Now that I had determined which values would be used for this project as Beta I had to

settle on what RRF and RPM would be in order to calculate CAPM. In order to get a value for

RRF I consulted the course textbook, gathered scholarly articles, and course PowerPoints to

ascertain where to start on this search. I made sure that I would use as current as possible market

data throughout the process find both RRF and RPM. In the course of my investigation I found

that a consistent, suggested, and widely applied practice was to use a 10 year Treasury bond

yield as the value for RRF; which, was a tactic that my source validated. Feeling secure that my

path was a correct one I used Morningstar to find the current value of 10 year Treasury bond

yield at 2.11% to be the value of RRF for this project. I then shifted efforts towards locating an

appropriate value to serve a RM or RPM. I again reviewed the course textbook, gathered

scholarly articles, and course PowerPoints to ascertain on where to start on this search for RPM.

Due to the nature of the AT&T’s industry and a concerted effort to avoid intermingling of

current data I did not employ historical averages to find RPM. Additionally, I did not trust or feel

totally comfortable with relying on forward looking returns to obtain this value; which, left me

the option of utilizing a survey of experts to discover RPM. Through using the survey of experts

I was able to find the most recent current market risk premium 3.73, it conformed to estimated

standards used for RPM, as well as compared my determination based on other scholarly works.

I believe that my values were obtained in the proper way, decisions where based upon reliable

sources, and when used in the CAPM equation no dubious results appeared. The table below

serves to illustrate the values and thought processes described in the above narrative.

RRF RPM Beta Equation CAPM Result

56

2.11 3.73 0.53 CAPM= 2.11+

(3.73)*0.53

CAPM= 2.11+

(3.73)*0.53

=4.0869

10 year Treasury

bond, conform

to best practices,

current bond

value on

03/25/2015

Survey of

Experts, most

recent

information,

conforms with

present

estimations

Average of

group of overall

statically

significant betas,

represents total

data set tested,

similar enough

to other betas at

corresponding

date levels

Equation is

RS= RRF+

(RPM)*B

The product of

the above

sections is this

result

DCF/DGRM Assumptions, Estimations, and Explanations

57

When it came time to find the dividend growth rate information for AT&T and perform

the needed equations I was relatively lucky as I did not have perform an exhaustive search to

find the information. I was unable to use historical growth rates to solve the equation as AT&T

does not fit the necessary requirements to use such a method and using historical values in

conjunction with current data could be problematic. Although, I attempted to use the retention

growth model and payout ratio as well as conducted the equations for this system. AT&T again

did not met any standards to for the retention growth model this was evident in the result of

equations as they were highly unusual; which, left me with the avenue of using the DCF method

through using the expected current dividend and growth rate values. I was able to obtain the

necessary components were available on Yahoo Finance, were further verified on Morningstar as

well as showing 5 year breakdown of these values as relatively consistent all things being equal,

and these sites also possessed the analytical expertise to calculate these values without raising an

concern on the accuracy of the information; which, could be partnered with the other parts of the

equation that I already had discovered. DCF methodology could be applied as the growth rates

for AT&T are neither constant nor non-constant, are an indication of inhibited growth, and

shows an elevated level of homeostasis all things being equal. Feeling secure that this was right

plan of action I input the gathered values in to the equation and received a reasonable result. The

tables below illustrate the above narrative and the values used to find to DCF/DGRM result.

58

Expected

Dividend =

D0

Current

Stock Price

= P0

g = Expected

Growth Rate

Equation is DCF Result

D0= 1.88 P0 = 33.23 g= 5.70% or

0.057

RS=D0(1+g)/P0+g RS= 1.88

(1+.057)/33.23+.057=

0.116800181

(1+.057)/33.23+.057= 11.68%


Spreadsheet

Stock Results


5190167853


Preferred Price 0

59

Own-Bond- Yield-plus-Judgment-Risk- Premium Assumptions, Estimations, and

Explanations

After correctly calculating the cost of debt RD in the spreadsheet and feeling secure that the

information as well as processes used to find RD where sound I began to setup for the Own-

Bond- Yield-plus-Judgment-Risk- Premium equation. Per the example that is provided in the

course text book I setup the subjective industry standard range of 3%-5% in the spreadsheet at

incremental levels, then added the RD for each of these levels, and reviewed the results

generated from each incremental calculation in comparison with the CAPM as well as DCF/

DGRM values. By comparing the results of the other major project central equations I settled on

using the Judgment-Risk- Premium value created at 4.10% and resulting sum that was created;

which was a midpoint in between CAPM and DCF/DRGM values. Additionally, when I

averaged these three equations results to determine RS and came up with a reasonable in

appearance. The tables below function to illustrate the values and various thought processes used

in the above narrative.

60

RS Average

CAPM Result

4.0869

JRP Result

7.599444515

DCF DGRM Result

11.68001806

RS Average Actual 7.8% (CAPM+JRP+ DCF DGRM)/3

7.788787524

Judgmental risk premium at 3.00% range RD RE at 3.00%

61

range sum3 3.499444515 6.499444515

3.01 3.499444515 6.509444515

3.02 3.499444515 6.519444515

3.03 3.499444515 6.529444515

3.04 3.499444515 6.539444515

3.05 3.499444515 6.549444515

3.06 3.499444515 6.559444515

3.07 3.499444515 6.569444515

3.08 3.499444515 6.579444515

3.09 3.499444515 6.589444515

3.1 3.499444515 6.599444515

3.11 3.499444515 6.609444515

3.12 3.499444515 6.619444515

3.13 3.499444515 6.629444515

3.14 3.499444515 6.639444515

3.15 3.499444515 6.649444515

3.16 3.499444515 6.659444515

3.17 3.499444515 6.669444515

3.18 3.499444515 6.679444515

3.19 3.499444515 6.689444515

3.2 3.499444515 6.699444515

3.21 3.499444515 6.709444515

3.22 3.499444515 6.719444515

3.23 3.499444515 6.729444515

3.24 3.499444515 6.739444515

3.25 3.499444515 6.749444515

3.26 3.499444515 6.759444515

3.27 3.499444515 6.769444515

3.28 3.499444515 6.779444515

3.29 3.499444515 6.789444515

3.3 3.499444515 6.799444515

3.31 3.499444515 6.809444515

3.32 3.499444515 6.819444515

3.33 3.499444515 6.829444515

3.34 3.499444515 6.839444515

3.35 3.499444515 6.849444515

3.36 3.499444515 6.859444515

3.37 3.499444515 6.869444515

3.38 3.499444515 6.879444515

3.39 3.499444515 6.889444515

3.4 3.499444515 6.899444515

3.41 3.499444515 6.909444515

62

3.42 3.499444515 6.919444515

3.43 3.499444515 6.929444515

3.44 3.499444515 6.939444515

3.45 3.499444515 6.949444515

3.46 3.499444515 6.959444515

3.47 3.499444515 6.969444515

3.48 3.499444515 6.979444515

3.49 3.499444515 6.989444515

3.5 3.499444515 6.999444515

3.51 3.499444515 7.009444515

3.52 3.499444515 7.019444515

3.53 3.499444515 7.029444515

3.54 3.499444515 7.039444515

3.55 3.499444515 7.049444515

3.56 3.499444515 7.059444515

3.57 3.499444515 7.069444515

3.58 3.499444515 7.079444515

3.59 3.499444515 7.089444515

3.6 3.499444515 7.099444515

3.61 3.499444515 7.109444515

3.62 3.499444515 7.119444515

3.63 3.499444515 7.129444515

3.64 3.499444515 7.139444515

3.65 3.499444515 7.149444515

3.66 3.499444515 7.159444515

3.67 3.499444515 7.169444515

3.68 3.499444515 7.179444515

3.69 3.499444515 7.189444515

3.7 3.499444515 7.199444515

3.71 3.499444515 7.209444515

3.72 3.499444515 7.219444515

3.73 3.499444515 7.229444515

3.74 3.499444515 7.239444515

3.75 3.499444515 7.249444515

3.76 3.499444515 7.259444515

3.77 3.499444515 7.269444515

3.78 3.499444515 7.279444515

3.79 3.499444515 7.289444515

3.8 3.499444515 7.299444515

3.81 3.499444515 7.309444515

3.82 3.499444515 7.319444515

3.83 3.499444515 7.329444515

3.84 3.499444515 7.339444515

63

3.85 3.499444515 7.349444515

3.86 3.499444515 7.359444515

3.87 3.499444515 7.369444515

3.88 3.499444515 7.379444515

3.89 3.499444515 7.389444515

3.9 3.499444515 7.399444515

3.91 3.499444515 7.409444515

3.92 3.499444515 7.4194445153.93 3.499444515 7.4294445153.94 3.499444515 7.439444515

3.95 3.499444515 7.449444515

3.96 3.499444515 7.459444515

3.97 3.499444515 7.4694445153.98 3.499444515 7.479444515

3.99 3.499444515 7.489444515


4 3.499444515 7.499444515

4.01 3.499444515 7.509444515

4.02 3.499444515 7.519444515

4.03 3.499444515 7.529444515

4.04 3.499444515 7.539444515

4.05 3.499444515 7.549444515

4.06 3.499444515 7.559444515

4.07 3.499444515 7.569444515

4.08 3.499444515 7.579444515

4.09 3.499444515 7.589444515

4.1 3.499444515 7.599444515

4.11 3.499444515 7.609444515

4.12 3.499444515 7.619444515

4.13 3.499444515 7.629444515

4.14 3.499444515 7.639444515

4.15 3.499444515 7.649444515

4.16 3.499444515 7.659444515

4.17 3.499444515 7.669444515

4.18 3.499444515 7.679444515

4.19 3.499444515 7.689444515

4.2 3.499444515 7.699444515

4.21 3.499444515 7.709444515

4.22 3.499444515 7.719444515

64

4.23 3.499444515 7.729444515

4.24 3.499444515 7.739444515

4.25 3.499444515 7.749444515

4.26 3.499444515 7.759444515

4.27 3.499444515 7.769444515

4.28 3.499444515 7.779444515

4.29 3.499444515 7.789444515

4.3 3.499444515 7.799444515

4.31 3.499444515 7.809444515

4.32 3.499444515 7.819444515

4.33 3.499444515 7.829444515

4.34 3.499444515 7.839444515

4.35 3.499444515 7.849444515

4.36 3.499444515 7.859444515

4.37 3.499444515 7.869444515

4.38 3.499444515 7.879444515

4.39 3.499444515 7.889444515

4.4 3.499444515 7.899444515

4.41 3.499444515 7.909444515

4.42 3.499444515 7.919444515

4.43 3.499444515 7.929444515

4.44 3.499444515 7.939444515

4.45 3.499444515 7.949444515

4.46 3.499444515 7.959444515

4.47 3.499444515 7.969444515

4.48 3.499444515 7.979444515

4.49 3.499444515 7.989444515

4.5 3.499444515 7.999444515

4.51 3.499444515 8.009444515

4.52 3.499444515 8.019444515

4.53 3.499444515 8.029444515

4.54 3.499444515 8.039444515

4.55 3.499444515 8.049444515

4.56 3.499444515 8.059444515

4.57 3.499444515 8.069444515

4.58 3.499444515 8.079444515

4.59 3.499444515 8.089444515

4.6 3.499444515 8.099444515

4.61 3.499444515 8.109444515

4.62 3.499444515 8.119444515

4.63 3.499444515 8.129444515

4.64 3.499444515 8.139444515

4.65 3.499444515 8.149444515

65

4.66 3.499444515 8.159444515

4.67 3.499444515 8.169444515

4.68 3.499444515 8.179444515

4.69 3.499444515 8.189444515

4.7 3.499444515 8.199444515

4.71 3.499444515 8.209444515

4.72 3.499444515 8.219444515

4.73 3.499444515 8.229444515

4.74 3.499444515 8.239444515

4.75 3.499444515 8.249444515

4.76 3.499444515 8.259444515

4.77 3.499444515 8.269444515

4.78 3.499444515 8.279444515

4.79 3.499444515 8.289444515

4.8 3.499444515 8.299444515

4.81 3.499444515 8.309444515

4.82 3.499444515 8.319444515

4.83 3.499444515 8.329444515

4.84 3.499444515 8.339444515

4.85 3.499444515 8.349444515

4.86 3.499444515 8.359444515

4.87 3.499444515 8.369444515

4.88 3.499444515 8.379444515

4.89 3.499444515 8.389444515

4.9 3.499444515 8.399444515

4.91 3.499444515 8.409444515

4.92 3.499444515 8.419444515

4.93 3.499444515 8.429444515

4.94 3.499444515 8.439444515

4.95 3.499444515 8.449444515

4.96 3.499444515 8.459444515

4.97 3.499444515 8.469444515

4.98 3.499444515 8.479444515

4.99 3.499444515 8.489444515


5 3.499445 8.499444515

5.01 3.499445 8.509444515

5.02 3.499445 8.519444515

5.03 3.499445 8.529444515

5.04 3.499445 8.539444515

5.05 3.499445 8.549444515

5.06 3.499445 8.559444515

5.07 3.499445 8.569444515

66

5.08 3.499445 8.579444515

5.09 3.499445 8.5894445155.1 3.499445 8.599444515

5.11 3.499445 8.6094445155.12 3.499445 8.6194445155.13 3.499445 8.6294445155.14 3.499445 8.6394445155.15 3.499445 8.6494445155.16 3.499445 8.6594445155.17 3.499445 8.6694445155.18 3.499445 8.6794445155.19 3.499445 8.6894445155.2 3.499445 8.699444515

5.21 3.499445 8.7094445155.22 3.499445 8.7194445155.23 3.499445 8.7294445155.24 3.499445 8.7394445155.25 3.499445 8.7494445155.26 3.499445 8.7594445155.27 3.499445 8.7694445155.28 3.499445 8.7794445155.29 3.499445 8.7894445155.3 3.499445 8.799444515

5.31 3.499445 8.8094445155.32 3.499445 8.8194445155.33 3.499445 8.8294445155.34 3.499445 8.8394445155.35 3.499445 8.8494445155.36 3.499445 8.8594445155.37 3.499445 8.8694445155.38 3.499445 8.8794445155.39 3.499445 8.8894445155.4 3.499445 8.899444515

5.41 3.499445 8.9094445155.42 3.499445 8.9194445155.43 3.499445 8.9294445155.44 3.499445 8.9394445155.45 3.499445 8.9494445155.46 3.499445 8.9594445155.47 3.499445 8.9694445155.48 3.499445 8.9794445155.49 3.499445 8.9894445155.5 3.499445 8.999444515

67

5.51 3.499445 9.0094445155.52 3.499445 9.0194445155.53 3.499445 9.0294445155.54 3.499445 9.0394445155.55 3.499445 9.0494445155.56 3.499445 9.0594445155.57 3.499445 9.0694445155.58 3.499445 9.0794445155.59 3.499445 9.0894445155.6 3.499445 9.099444515

5.61 3.499445 9.1094445155.62 3.499445 9.1194445155.63 3.499445 9.1294445155.64 3.499445 9.1394445155.65 3.499445 9.1494445155.66 3.499445 9.1594445155.67 3.499445 9.1694445155.68 3.499445 9.1794445155.69 3.499445 9.1894445155.7 3.499445 9.199444515

5.71 3.499445 9.2094445155.72 3.499445 9.2194445155.73 3.499445 9.2294445155.74 3.499445 9.2394445155.75 3.499445 9.2494445155.76 3.499445 9.2594445155.77 3.499445 9.2694445155.78 3.499445 9.2794445155.79 3.499445 9.2894445155.8 3.499445 9.299444515

5.81 3.499445 9.3094445155.82 3.499445 9.3194445155.83 3.499445 9.3294445155.84 3.499445 9.3394445155.85 3.499445 9.3494445155.86 3.499445 9.3594445155.87 3.499445 9.3694445155.88 3.499445 9.3794445155.89 3.499445 9.3894445155.9 3.499445 9.399444515

5.91 3.499445 9.4094445155.92 3.499445 9.4194445155.93 3.499445 9.429444515

68

5.94 3.499445 9.4394445155.95 3.499445 9.4494445155.96 3.499445 9.4594445155.97 3.499445 9.4694445155.98 3.499445 9.4794445155.99 3.499445 9.489444515

69

Appendix Section

70

Original unaltered bond data from Morningstar for AT&T:

Below is the unaltered bond information for AT&T that was obtained via Morningstar it has

been inserted as a picture to this document. A full version is also available in the WACC

spreadsheet that was turned in for the project.

71

Nam

e

Matu

rity Date

Am

oun

t $ (M

il)

Cred

it Qu

ality

Price

Cou

pon

(%)

Cou

pon

Typ

e ( F

ixed or

Floatin

g)

Callab

le

YT

M

At&T 5.35% 9/1/2040 3499.7 --- 107.1

5.35 Fixed No 4.86

At&T 4.35% 6/15/2045 3043.8 --- 93.9 4.35 Fixed No 4.73

At&T 144A 8% 11/15/2031 2750 High --- 8 Fixed No ---

At&T Wireless Svcs 8.75% 3/1/2031 2500 --- --- 8.75 Fixed No ---

At&T 5.5% 2/1/2018 2500 --- 109.9

5.5 Fixed No 1.93

At&T 5.8% 2/15/2019 2250 --- 123.9

5.8 Fixed No 0.01

At&T 1.4% 12/1/2017 2000 --- 98.9 1.4 Fixed No 1.84

At&T 4.8% 6/15/2044 2000 --- 99.6 4.8 Fixed No 4.83

At&T 5.55% 8/15/2041 2000 --- 110.2

5.55 Fixed No 4.86

At&T 4.3% 12/15/2042 1955.1 --- 98 4.3 Fixed No 4.43

At&T 4.875% 6/1/2044 1931.8 --- 110.8

4.875 Fixed No 4.22

At&T 3% 2/15/2022 1850 --- 99.7 3 Fixed No 3.05

At&T 6.3% 1/15/2038 1815.3 --- 119.4

6.3 Fixed No 4.88

At&T 2.4% 3/15/2024 1794.6 --- 100 2.4 Fixed No 2.4

At&T 2.95% 5/15/2016 1750 --- 102 2.95 Fixed No 1.16

At&T 7% 4/30/2040 1699.9 --- 145.3

7 Fixed No 4.08

At&T 2.375% 11/27/2018 1600 --- 100.6

2.375 Fixed No 2.2

At&T 4.25% 6/1/2043 1545.4 --- 105.4

4.25 Fixed No 3.93

At&T 4.25% 6/1/2043 1545.4 --- --- 4.25 Fixed No ---

At&T 6/4/2019 1500 --- --- 0 FRN No ---

At&T 3.875% 8/15/2021 1500 --- 104.2

3.875 Fixed No 3.15

At&T 2.4% 8/15/2016 1500 --- 101.5

2.4 Fixed No 1.36

At&T 2.625% 12/1/2022 1500 --- 95.5 2.625 Fixed No 3.29

At&T 2.5% 8/15/2015 1500 --- 100.7

2.5 Fixed No 0.74

At&T 6.55% 2/15/2039 1437.3 --- 123.2

6.55 Fixed No 4.89

At&T 2.45% 3/15/2035 1402.1 --- 101.2

2.45 Fixed No 2.38

At&T 6.125% 4/2/2015 1402.1 --- 100 6.125 Fixed No 6.72

At&T 1.3% 9/5/2023 1402.1 --- 99.2 1.3 Fixed No 1.4

At&T 4.45% 5/15/2021 1250 --- 108.4

4.45 Fixed No 2.95

At&T 2/12/2016 1250 --- 99.9 0.643 FRN No ---

At&T 5.875% 4/28/2017 1159.1 --- 110.5

5.875 Fixed Yes 0.82

At&T 6.5% 9/1/2037 1154.2 --- 121.7

6.5 Fixed No 4.9

At&T 1.7% 6/1/2017 1150 --- 100.1

1.7 Fixed No 1.64

At&T 3.5% 12/17/2025 1121.7 --- 100 3.5 Fixed No 3.5

72

At&T 2.65% 12/17/2021 1121.7 --- 100 2.65 Fixed No 2.65

At&T 1.875% 12/4/2020 1121.7 --- 100 1.875 Fixed No 1.87

At&T 2.3% 3/11/2019 1100 --- 100.4

2.3 Fixed No 2.2

At&T 11/27/2022 1030 --- --- 0 Zero No ---

At&T 0.9% 2/12/2016 1000 --- 100 0.9 Fixed No 0.92

At&T 5.6% 5/15/2018 1000 --- 110.9

5.6 Fixed No 2.02

At&T 3.9% 3/11/2024 1000 --- 103.1

3.9 Fixed No 3.49

At&T 1.6% 2/15/2017 1000 --- 100.1

1.6 Fixed No 1.54

Sbc Comms 144A 4.214% 6/5/2021 1000 --- --- 4.214 Var/Adj Yes ---

At&T 0.8% 12/1/2015 1000 --- 100 0.8 Fixed No 0.87

At&T 5.5% 3/15/2027 927.2 --- 103.2

5.5 Fixed Yes 5.14

Sbc Comms 5.625% 6/15/2016 844.9 --- 109.1

5.625 Fixed No 0.85

At&T 3.825% 11/25/2020 800.9 --- 107.1

3.825 Fixed No 2.48

At&T 8% 11/15/2031 770.5 --- 148.6

8 Fixed No 3.98

Cingular Wireless 7.125% 12/15/2031 750 --- --- 7.125 Fixed No ---

Sbc Comms 6.15% 9/15/2034 586.3 --- 118.9

6.15 Fixed No 4.67

At&T 3.375% 3/15/2034 560.8 --- 100 3.375 Fixed No 3.37

At&T 3/30/2017 500 --- 99.8 0.675 FRN No ---

At&T 4.3% 12/15/2042 500 --- 97.1 4.3 Fixed No 4.48

At&T 1.375% 12/4/2024 474.7 --- 104.7

1.375 Fixed No 0.87

At&T Corp /At&T Broadband 8.625%

12/1/2031 468.2 --- --- 8.625 Fixed No ---

Sbc Comms 6.45% 6/15/2034 406 --- 118.8

6.45 Fixed No 4.92

At&T 3/11/2019 400 --- 99.7 0.937 FRN No ---

At&T 11/27/2018 400 --- 101.5

1.171 FRN No ---

At&T 6.4% 5/15/2038 326.9 --- 120.3

6.4 Fixed No 4.92


7/15/2024 315.6 --- --- 8.125 Fixed No ---

Ameritech Cap Fdg 6.45% 1/15/2018 300 --- 111.1

6.45 Fixed No 2.36

Ameritech Cap Fdg 6.55% 1/15/2028 257.6 --- 118.1

6.55 Fixed No 4.66

Southwestern Bell Tel 7% 7/1/2015 250 --- 101.8

7 Fixed No 0.71


1/15/2022 181.5 --- --- 8.125 Fixed No ---

At&T 6.8% 5/15/2036 175.2 --- 121.8

6.8 Fixed No 5.1

At&T 1.875% 12/4/2030 158.2 --- 114.1

1.875 Fixed No 0.91


7/15/2025 138.3 --- --- 8.35 Fixed No ---

At&T 6.5% 3/15/2029 137.6 --- 118.1

6.5 Fixed No 4.72

Wisconsin Bell 6.35% 12/1/2026 125 --- 112.1

6.35 Fixed No 5.03


6.875 Fixed No 5

73

Ameritech Cap Fdg 9.1% 6/1/2016 30.6 --- 108 9.1 Fixed No 2.44

At&T Corp Mtn Be 8/3/2054 15 --- --- 0.01 Var/Adj No ---


5.95 Fixed No 4.94

At&T Corp Mtn Be 12/28/2054 7.203 --- --- 0 Var/Adj No ---

Mediaone Grp 7.9% 2/1/2027 2 --- 125.6

7.9 Fixed No 5.09

At&T 3.55% 12/17/2032 1.122 --- --- 3.55 Fixed No ---

At&T 2.5% 3/15/2023 1.122 --- --- 2.5 Fixed No ---

At&T 144A 4.3% 12/15/2042 1 --- --- 4.3 Fixed No ---

At&T 144A 5.35% 9/1/2040 0.262 --- --- 5.35 Fixed No ---

At&T 5.35% 9/1/2040 0.262 --- --- 5.35 Fixed Yes ---

Mediaone Grp 6.95% 1/15/2037 0.125 --- --- 6.95 Fixed No ---

Mediaone Grp 7.95% 2/1/2097 0.1 --- --- 7.95 Fixed No ---

At&T 4.35% 6/15/2045 0.04 --- 89.8 4.35 Fixed No 5

At&T 144A 4.35% 6/15/2045 0.04 --- --- 4.35 Fixed No ---

At&T Corp Lease-Collateralized Mtg Pass-

5/15/2016 --- --- --- --- Fixed --- ---

At&T Corp Lease-Collateralized Mtg 7.45%

5/15/2016 --- --- --- 7.45 Fixed --- ---

Bellsouth Non-Qualified Deferred Compens

1/1/2016 --- --- --- --- Fixed --- ---

Southwestern Bell Tel 8.625% 9/1/2026 0 --- --- 8.625 --- --- ---

Wisconsin Bell 11.375% 6/1/2017 0 --- --- 11.375 --- --- ---

At&T Corp Lease-Collateralized Mtg 7.45%

5/15/2016 --- --- --- 7.45 Fixed --- ---

At&T 12/19/2022 --- --- --- 0 Zero --- ---

At&T 2.6% 12/17/2029 --- --- --- 2.6 Fixed Yes ---

At&T 3.55% 12/17/2032 0 --- 100 3.55 Fixed No 3.55

At&T 1.45% 6/1/2022 --- --- --- 1.45 Fixed Yes ---

Southwestern Bell Cap Corp Medium Ter 7%

12/28/2020 --- --- --- 7 Fixed No ---

Betas from the Analytical Websites and The Averages

These are the Beta values that were there generated for AT&T and the averages. There are also

the averages that I conducted myself that on this data to see how these estimates would stand up

74

to the Betas that were made from my regressions. There was no calculation on my part as these

Betas were freely given by each website.

Beta's From Fiscal Websites

Morningstar Beta is 0.30

Value line Beta is 0.8

Yahoo Beta is 0.33

Average of all Beta From Websites

0.3

0.8

0.33

0.476666667

Average of M&Y Beta From Websites

0.3

0.33

0.315

Betas Created From All Regressions, Set Used In Calculations, and Average

Below are all the Betas that I created from my regressions based on the market returns from S&P

500 and stock returns from AT&T. The method of creating the value for the returns for both S&P

and AT&T is to take (Closing Price A- Closing Price B)/ Closing Price B = return price. Then

75

take those values and set market returns as X and AT&T returns as Y through the regression;

which, will generate results allowing you form Beta, review the results, and act accordingly all

things being equal.

76

ALL Betas From AT&T Regressions

Monthly data 5 years 03/24/2010-03/24/2015 Beta is 0.38

Weekly data 5 years 03/24/2010-03/24/2015 Beta is 0.61

Daily data 5 years 03/24/2010-03/24/2015 beta is 0.61

Monthly data 4 years 03/24/2011-03/24/2015 beta is 0.32

Weekly data 4 years 03/24/2011-03/24/2015 beta is 0.64

Daily data 4 years 03/24/2011-03/24/2015 beta is 0.61



Daily 3 years 03/24/2012-03/24/2015 beta is 0.66



Daily data 2 years 03/24/2013-03/24/2015 Beta 0.64

Monthly data 1 year 03/24/2014-03/24/2015 beta is 0.51

Weekly data 1 year 03/24/2014-03/24/2015 beta is 0.68

Daily data 1 year 3/24/2014-3/24/2015 Beta is 0.55Beta average used in project from monthly, weekly, daily range of 5 year values

0.38

0.61

0.61

0.533333333

Altered Bond Data Used To Calculate Weight Average Cost of Debt, Other Weights, and

Market Values

The data below represents the altered bond information of AT&T that was obtained from

Morningstar. Then this bond information was then used to calculate the weighted average cost of

debt RD, other weighted values and market values.

Name Maturity Date

Amount $ (Mil)

Par Value

Number Bonds

Price

Coupon (%)

Coupon Type ( Fixed or Floating)

YTM YTM as a decimal

Market Value $ (mill)

Weight Weight YTM

At&T 5.35%

9/1/2040 3,499.70

1000

3499700

1071

5.35 Fixed 4.86 0.0486

3748.1787

0.043605357

0.00211922

At&T 4.35%

6/15/2045 3,043.80

1000

3043800

939 4.35 Fixed 4.73 0.0473

2858.1282

0.033250736

0.00157276

At&T 144A 8%

11/15/2031 2,750.00

1000

2750000

1000

8 Fixed 8 0.08 2750 0.0319928

0.002559424

At&T Wireless Svcs 8.75%

3/1/2031 2,500.00

1000

2500000

1000

8.75 Fixed 8.75 0.0875

2500 0.029084363

0.002544882

At&T 5.5%

2/1/2018 2,500.00

1000

2500000

1099

5.5 Fixed 1.93 0.0193

2747.5 0.031963715

0.0006169

At&T 5.8%

2/15/2019 2,250.00

1000

2250000

1239

5.8 Fixed 0.01 0.0001

2787.75

0.032431974

3.2432E-06

At&T 1.4%

12/1/2017 2,000.00

1000

2000000

989 1.4 Fixed 1.84 0.0184

1978 0.023011548

0.000423412

At&T 4.8%

6/15/2044 2,000.00

1000

2000000

996 4.8 Fixed 4.83 0.0483

1992 0.023174421

0.001119325

At&T 5.55%

8/15/2041 2,000.00

1000

2000000

1102

5.55 Fixed 4.86 0.0486

2204 0.025640775

0.001246142

At&T 4.3%

12/15/2042 1,955.10

1000

1955100

980 4.3 Fixed 4.43 0.0443

1915.998

0.022290233

0.000987457

At&T 4.875%

6/1/2044 1,931.80

1000

1931800

1108

4.875 Fixed 4.22 0.0422

2140.4344

0.024901269

0.001050834

At&T 3% 2/15/2022 1,850.00

1000

1850000

997 3 Fixed 3.05 0.0305

1844.45

0.021457862

0.000654465

At&T 6.3%

1/15/2038 1,815.30

1000

1815300

1194

6.3 Fixed 4.88 0.0488

2167.4682

0.025215773

0.00123053

At&T 2.4%

3/15/2024 1,794.60

1000

1794600

1000

2.4 Fixed 2.4 0.024 1794.6 0.020877919

0.00050107

At&T 2.95%

5/15/2016 1,750.00

1000

1750000

1020

2.95 Fixed 1.16 0.0116

1785 0.020766235

0.000240888

At&T 7% 4/30/2040 1,699.90

1000

1699900

1453

7 Fixed 4.08 0.0408

2469.9547

0.028734824

0.001172381

At&T 2.375%

11/27/2018 1,600.00

1000

1600000

1006

2.375 Fixed 2.2 0.022 1609.6 0.018725677

0.000411965

At&T 4.25%

6/1/2043 1,545.40

1000

1545400

1054

4.25 Fixed 3.93 0.0393

1628.8516

0.018949645

0.000744721

At&T 4.25%

6/1/2043 1,545.40

1000

1545400

1000

4.25 Fixed 4.25 0.0425

1545.4 0.01797879

0.000764099

At&T 6/4/2019 1,500.00

1000

1500000

1000

0 FRN 2.6 0.026 1500 0.017450618

0.000453716

At&T 3.875%

8/15/2021 1,500.00

1000

1500000

1042

3.875 Fixed 3.15 0.0315

1563 0.018183544

0.000572782

At&T 8/15/2016 1,500.0 100 1500 101 2.4 Fixed 1.36 0.013 1522.5 0.01771 0.00024

77

2.4% 0 0 000 5 6 2377 0888At&T 2.625%

12/1/2022 1,500.00

1000

1500000

955 2.625 Fixed 3.29 0.0329

1432.5 0.01666534

0.00054829

At&T 2.5%

8/15/2015 1,500.00

1000

1500000

1007

2.5 Fixed 0.74 0.0074

1510.5 0.017572772

0.000130039

At&T 6.55%

2/15/2039 1,437.30

1000

1437300

1232

6.55 Fixed 4.89 0.0489

1770.7536

0.020600496

0.001007364

At&T 2.45%

3/15/2035 1,402.10

1000

1402100

1012

2.45 Fixed 2.38 0.0238

1418.9252

0.016507414

0.000392876

At&T 6.125%

4/2/2015 1,402.10

1000

1402100

1000

6.125 Fixed 6.72 0.0672

1402.1 0.016311674

0.001096145

At&T 1.3%

9/5/2023 1,402.10

1000

1402100

992 1.3 Fixed 1.4 0.014 1390.8832

0.016181181

0.000226537

At&T 4.45%

5/15/2021 1,250.00

1000

1250000

1084

4.45 Fixed 2.95 0.0295

1355 0.015763725

0.00046503

At&T 2/12/2016 1,250.00

1000

1250000

999 0.643 FRN 0.9 0.009 1248.75

0.01452764

0.000130749

At&T 5.875%

4/28/2017 1,159.10

1000

1159100

1105

5.875 Fixed 0.82 0.0082

1280.8055

0.014900565

0.000122185

At&T 6.5%

9/1/2037 1,154.20

1000

1154200

1217

6.5 Fixed 4.9 0.049 1404.6614

0.016341473

0.000800732

At&T 1.7%

6/1/2017 1,150.00

1000

1150000

1001

1.7 Fixed 1.64 0.0164

1151.15

0.013392186

0.000219632

At&T 3.5%

12/17/2025 1,121.70

1000

1121700

1000

3.5 Fixed 3.5 0.035 1121.7 0.013049572

0.000456735

At&T 2.65%

12/17/2021 1,121.70

1000

1121700

1000

2.65 Fixed 2.65 0.0265

1121.7 0.013049572

0.000345814

At&T 1.875%

12/4/2020 1,121.70

1000

1121700

1000

1.875 Fixed 1.87 0.0187

1121.7 0.013049572

0.000244027

At&T 2.3%

3/11/2019 1,100.00

1000

1100000

1004

2.3 Fixed 2.2 0.022 1104.4 0.012848308

0.000282663

At&T 11/27/2022 1,030.00

1000

1030000

1000

0 Zero 0 0 1030 0.011982758

0

At&T 0.9%

2/12/2016 1,000.00

1000

1000000

1000

0.9 Fixed 0.92 0.0092

1000 0.011633745

0.00010703

At&T 5.6%

5/15/2018 1,000.00

1000

1000000

1109

5.6 Fixed 2.02 0.0202

1109 0.012901824

0.000260617

At&T 3.9%

3/11/2024 1,000.00

1000

1000000

1031

3.9 Fixed 3.49 0.0349

1031 0.011994391

0.000418604

At&T 1.6%

2/15/2017 1,000.00

1000

1000000

1001

1.6 Fixed 1.54 0.0154

1001 0.011645379

0.000179339

Sbc Comms 144A 4.214%

6/5/2021 1,000.00

1000

1000000

1000

4.214 Var/Adj

4.214 0.04214

1000 0.011633745

0.000490246

At&T 0.8%

12/1/2015 1,000.00

1000

1000000

1000

0.8 Fixed 0.87 0.0087

1000 0.011633745

0.000101214

At&T 5.5%

3/15/2027 927.2 1000

927200

1032

5.5 Fixed 5.14 0.0514

956.8704

0.011131987

0.000572184

Sbc Comms 5.625%

6/15/2016 844.9 1000

844900

1091

5.625 Fixed 0.85 0.0085

921.7859

0.010723822

9.11525E-05

At&T 3.825%

11/25/2020 800.9 1000

800900

1071

3.825 Fixed 2.48 0.0248

857.7639

0.009979007

0.000247479

At&T 8% 11/15/2031 770.5 1000

770500

1486

8 Fixed 3.98 0.0398

1144.963

0.013320208

0.000530144

Cingular Wireless 7.125%

12/15/2031 750 1000

750000

1000

7.125 Fixed 7.125 0.07125

750 0.008725309

0.000621678

Sbc Comms 6.15%

9/15/2034 586.3 1000

586300

1189

6.15 Fixed 4.67 0.0467

697.1107

0.008110008

0.000378737

At&T 3.375%

3/15/2034 560.8 1000

560800

1000

3.375 Fixed 3.37 0.0337

560.8 0.006524204

0.000219866

At&T 3/30/2017 500 1000

500000

998 0.675 FRN 4.2 0.042 499 0.005805239

0.00024382

At&T 4.3%

12/15/2042 500 1000

500000

971 4.3 Fixed 4.48 0.0448

485.5 0.005648183

0.000253039

78

At&T 1.375%

12/4/2024 474.7 1000

474700

1047

1.375 Fixed 0.87 0.0087

497.0109

0.005782098

5.03043E-05


12/1/2031 468.2 1000

468200

1000

8.625 Fixed 8.625 0.08625

468.2 0.00544692

0.000469797

Sbc Comms 6.45%

6/15/2034 406 1000

406000

1188

6.45 Fixed 4.92 0.0492

482.328

0.005611281

0.000276075

At&T 3/11/2019 400 1000

400000

997 0.937 FRN 3.9 0.039 398.8 0.004639538

0.000180942

At&T 11/27/2018 400 1000

400000

1015

1.171 FRN 2.375 0.02375

406 0.004723301

0.000112178

At&T 6.4%

5/15/2038 326.9 1000

326900

1203

6.4 Fixed 4.92 0.0492

393.2607

0.004575095

0.000225095


7/15/2024 315.6 1000

315600

1000

8.125 Fixed 8.125 0.08125

315.6 0.00367161

0.000298318

Ameritech Cap Fdg 6.45%

1/15/2018 300 1000

300000

1111

6.45 Fixed 2.36 0.0236

333.3 0.003877527

9.15096E-05


1/15/2028 257.6 1000

257600

1181

6.55 Fixed 4.66 0.0466

304.2256

0.003539283

0.000164931

Southwestern Bell Tel 7%

7/1/2015 250 1000

250000

1018

7 Fixed 0.71 0.0071

254.5 0.002960788

2.10216E-05


1/15/2022 181.5 1000

181500

1000

8.125 Fixed 8.125 0.08125

181.5 0.002111525

0.000171561

At&T 6.8%

5/15/2036 175.2 1000

175200

1218

6.8 Fixed 5.1 0.051 213.3936

0.002482567

0.000126611

At&T 1.875%

12/4/2030 158.2 1000

158200

1141

1.875 Fixed 0.91 0.0091

180.5062

0.002099963

1.91097E-05


7/15/2025 138.3 1000

138300

1000

8.35 Fixed 8.35 0.0835

138.3 0.001608947

0.000134347

At&T 6.5%

3/15/2029 137.6 1000

137600

1181

6.5 Fixed 4.72 0.0472

162.5056

0.001890549

8.92339E-05

Wisconsin Bell 6.35%

12/1/2026 125 1000

125000

1121

6.35 Fixed 5.03 0.0503

140.125

0.001630179

8.1998E-05


10/15/2027 67.4 1000

67400

1174

6.875 Fixed 5 0.05 79.1276

0.00092055

4.60275E-05


6/1/2016 30.6 1000

30600

1080

9.1 Fixed 2.44 0.0244

33.048 0.000384472

9.38112E-06

At&T Corp Mtn Be

8/3/2054 15 1000

15000

1000

0.01 Var/Adj

0.01 0.0001

15 0.000174506

1.74506E-08


1/15/2038 11.6 1000

11600

1137

5.95 Fixed 4.94 0.0494

13.1892

0.00015344

7.57993E-06

At&T Corp Mtn Be

12/28/2054 7.203 1000

7203 1000

0 Var/Adj

0 0 7.203 8.37979E-05

0

Mediaone Grp 7.9%

2/1/2027 2 1000

2000 1256

7.9 Fixed 5.09 0.0509

2.512 2.9224E-05

1.4875E-06

At&T 3.55%

12/17/2032 1.122 1000

1122 1000

3.55 Fixed 3.55 0.0355

1.122 1.30531E-05

4.63384E-07

At&T 3/15/2023 1.122 100 1122 100 2.5 Fixed 2.5 0.025 1.122 1.30531 3.26327

79

2.5% 0 0 E-05 E-07At&T 144A 4.3%

12/15/2042 1 1000

1000 1000

4.3 Fixed 4.3 0.043 1 1.16337E-05

5.00251E-07

At&T 144A 5.35%

9/1/2040 0.262 1000

262 1000

5.35 Fixed 5.35 0.0535

0.262 3.04804E-06

1.6307E-07

At&T 5.35%

9/1/2040 0.262 1000

262 1000

5.35 Fixed 5.35 0.0535

0.262 3.04804E-06

1.6307E-07

Mediaone Grp 6.95%

1/15/2037 0.125 1000

125 1000

6.95 Fixed 6.95 0.0695

0.125 1.45422E-06

1.01068E-07

Mediaone Grp 7.95%

2/1/2097 0.1 1000

100 1000

7.95 Fixed 7.95 0.0795

0.1 1.16337E-06

9.24883E-08

At&T 4.35%

6/15/2045 0.04 1000

40 898 4.35 Fixed 5 0.05 0.03592

4.17884E-07

2.08942E-08

At&T 144A 4.35%

6/15/2045 0.04 1000

40 1000

4.35 Fixed 4.35 0.0435

0.04 4.6535E-07

2.02427E-08

The Market Value, Weights Results, and Common Stock Information

80

This information is connected to the above data on bonds, cost of debt, and weighted values.

They are the end products of that data and are key in the construction of the WACC equation.

MV Bonds Weighted Sum Weighted YTM Sum Weighted Average RDMV Bonds 85956.84092 1 0.034994445MV Leases 430MVD 86386.84092 WS and WD Weighted SumMVE 172469.2778 0.66627468MVPF 0 0.33372532MVF 258856.1187 1WS 0.66627468WD 0.33372532WPF 0

Common Outstanding Shares (02/13/2015) from 10-K 5190167853Preferred Shares 0Common Price on (3/20/2015) WSJ & Yahoo Fin $33.23Preferred Price 0

Stock Return Information for S&P 500 and AT&T

The following tables represent the stock return information that was gathered through Yahoo

Finance on S& P 500 to be used as a variable later in the process to run a regression with stock

return data from AT&T. The information that was used in the regression that generated the betas

81

used in the WACC calculations will be placed in this document as pictures as they are too large

in some cases to fit as a table (from 5 year monthly, weekly, and daily ranges). If data in the

pictures is unclear refer to the turned in spreadsheet file of regression for greater clarity. The

other stock return information that was used to run regressions that formed betas that ultimately

were not used in the calculations that lead to the creation of WACC will remain in the their

spreadsheet (years 1-4 daily, weekly, and monthly data); although it was used to create betas for

comparison and whose results are included in WACC spreadsheets. The S&P 500 only stock

returns spreadsheet, AT&T spreadsheets stock returns exists, and the spreadsheets that contain

all the regressions will be turned in too with all stock return data in their entirety that will be

handed in at the conclusion of the project. The information that was gathered from these sites.

Below is the 5 year 03/24/2010-03/24/2015 monthly data used in the Regression

5 year monthly 03/24/2010-03/24/2015 X Y

Date S&P 500 Close

Market Return AT&T Close AT&T Return

3/2/2015 2104.42

-3.80138E-05 33.28 -0.037037037

2/2/2015 2104.5

0.054892506 34.56 0.04981774

1/2/2015 1994.99

-0.031040847 32.92 -0.019946413

12/1/2014 2058.9

-0.004188512 33.59 -0.050593556

11/3/2014 2067.56

0.024533584 35.38 0.015499426

10/1/2014 2018.05

0.023201456 34.84 -0.011350738

9/2/2014 197 -0.015513859 35.24 0.008009153

82

2.298/1/2014 200

3.370.037655322 34.96 -0.017701602

7/1/2014 1930.67

-0.015079863 35.59 0.006504525

6/2/2014 1960.23

0.019058313 35.36 -0.003101212

5/1/2014 1923.57

0.021030282 35.47 -0.006442577

4/1/2014 1883.95

0.006200797 35.7 0.017964072

3/3/2014 1872.34

0.006932157 35.07 0.098340119

2/3/2014 1859.45

0.043117038 31.93 -0.041716687

1/2/2014 1782.59

-0.035582895 33.32 -0.052332196

12/2/2013 1848.36

0.023562833 35.16 -0.001420051

11/1/2013 1805.81

0.028049461 35.21 -0.027348066

10/1/2013 1756.54

0.04459576 36.2 0.070372561

9/3/2013 1681.55

0.029749475 33.82 -0.000295596

8/1/2013 1632.97

-0.031298013 33.83 -0.040827899

7/1/2013 1685.73

0.049462111 35.27 -0.003672316

6/3/2013 1606.28

-0.014999325 35.4 0.011717634

5/1/2013 1630.74

0.020762783 34.99 -0.065936999

4/1/2013 1597.57

0.018085764 37.46 0.020986645

3/1/2013 1569.19

0.035987799 36.69 0.021720969

2/1/2013 1514.68

0.011060603 35.91 0.032193159

1/2/2013 1498.11

0.050428064 34.79 0.032037971

12/3/2012 1426.19

0.007068311 33.71 -0.012305889

11/1/2012 1416.18

0.002846703 34.13 -0.013298641

10/1/2012 1412.16

-0.019789404 34.59 -0.082493369

9/4/2012 1440.67

0.02423609 37.7 0.028930131

8/1/2012 1406.58

0.019763362 36.64 -0.033755274

7/2/2012 1379.32

0.012597639 37.92 0.063376332

6/1/2012 1362.16

0.039554921 35.66 0.043605502

5/1/2012 1310.33

-0.062650671 34.17 0.038286235

4/2/2012 1397.91

-0.007497497 32.91 0.053794428

3/1/2012 1408.47

0.031332377 31.23 0.02092187

2/1/2012 1365.68

0.04058945 30.59 0.040122407

1/3/2012 1312.41

0.043583015 29.41 -0.02744709

12/1/2011 1257.6

0.008532752 30.24 0.043478261

11/1/2011 124 -0.005058645 28.98 -0.011258956

83

6.9610/3/2011 125

3.30.107723038 29.31 0.02769986

9/1/2011 1131.42

-0.071762013 28.52 0.001404494

8/1/2011 1218.89

-0.056791098 28.48 -0.026657553

7/1/2011 1292.28

-0.021474437 29.26 -0.068449538

6/1/2011 1320.64

-0.018257508 31.41 -0.004752852

5/2/2011 1345.2

-0.013500928 31.56 0.014138817

4/1/2011 1363.61

0.028495358 31.12 0.016661222

3/1/2011 1325.83

-0.001047302 30.61 0.078576462

2/1/2011 1327.22

0.031956583 28.38 0.03125

1/3/2011 1286.12

0.02264559 27.52 -0.063308373

12/1/2010 1257.64

0.065300072 29.38 0.057214825

11/1/2010 1180.55

-0.002290283 27.79 -0.025596073

10/1/2010 1183.26

0.036855941 28.52 -0.002797203

9/1/2010 1141.2

0.087551104 28.6 0.058083611

8/2/2010 1049.33

-0.047449165 27.03 0.042020046

7/1/2010 1101.6

0.068777833 25.94 0.072343944

6/1/2010 1030.71

-0.053882377 24.19 -0.004526749

5/3/2010 1089.41

-0.081975916 24.3 -0.067536454

4/1/2010 1186.69

0.014759327 26.06 0.008513932

3/24/2010 1169.43

#DIV/0! 25.84 #DIV/0!

84

Below is the 5 year 03/24/2010-03/24/2015 weekly data used in the Regression

Weekly data 5 years 03/24/2010- X Y

85

03/24/2015

Date S&P 500 Close Market Return AT&T Close AT&T Return

3/23/2015 2104.42 -0.001726706 33.28 0.001504664

3/16/2015 2108.06 0.026619266 33.23 0.014346764

3/9/2015 2053.4 -0.008622771 32.76 -0.021505376

3/2/2015 2071.26 -0.015794726 33.48 -0.03125

2/23/2015 2104.5 -0.002748424 34.56 0.014084507

2/17/2015 2110.3 0.006347193 34.08 -0.016733987

2/9/2015 2096.99 0.02019976 34.66 -0.006022369

2/2/2015 2055.47 0.030315941 34.87 0.059234508

1/26/2015 1994.99 -0.027697361 32.92 -0.013485166

1/20/2015 2051.82 0.016044211 33.37 -0.012721893

1/12/2015 2019.42 -0.012416802 33.8 0.011976048

1/5/2015 2044.81 -0.006505685 33.4 -0.013876587

12/29/2014 2058.2 -0.014635407 33.87 -0.008779631

12/22/2014 2088.77 0.008750875 34.17 0.018783542

12/15/2014 2070.65 0.03412025 33.54 0.042910448

12/8/2014 2002.33 -0.035193724 32.16 -0.052445492

12/1/2014 2075.37 0.003777399 33.94 -0.040700961

11/24/2014 2067.56 0.001967531 35.38 0.002834467

11/17/2014 2063.5 0.011608867 35.28 -0.017270195

11/10/2014 2039.82 0.003887948 35.9 0.028358636

11/3/2014 2031.92 0.006872971 34.91 0.002009185

10/27/2014 2018.05 0.027217013 34.84 0.028638913

10/20/2014 1964.58 0.041245309 33.87 -0.006161972

10/13/2014 1886.76 -0.010161951 34.08 -0.004963504

10/6/2014 1906.13 -0.03138879 34.25 -0.031391403

9/29/2014 1967.9 -0.007539653 35.36 0.002267574

9/22/2014 1982.85 -0.013703741 35.28 -0.005356639

86

9/15/2014 2010.4 0.012520523 35.47 0.028115942

9/8/2014 1985.54 -0.011042431 34.5 -0.018492176

9/2/2014 2007.71 0.00216635 35.15 0.005434783

8/25/2014 2003.37 0.007528666 34.96 0.013333333

8/18/2014 1988.4 0.017053185 34.5 -0.006908463

8/11/2014 1955.06 0.012150612 34.74 0.007832898

8/4/2014 1931.59 0.003345194 34.47 -0.024341919

7/28/2014 1925.15 -0.026886177 35.33 -0.005908835

7/21/2014 1978.34 6.06606E-05 35.54 -0.01741775

7/14/2014 1978.22 0.005412768 36.17 0.011465324

7/7/2014 1967.57 -0.009000524 35.76 -0.002232143

6/30/2014 1985.44 0.012483681 35.84 0.012143462

6/23/2014 1960.96 -0.000973065 35.41 0.000565131

6/16/2014 1962.87 0.013795347 35.39 0.010276906

6/9/2014 1936.16 -0.006812213 35.03 0.000285551

6/2/2014 1949.44 0.013448952 35.02 -0.012686778

5/27/2014 1923.57 0.012122934 35.47 0.004246886

5/19/2014 1900.53 0.012072252 35.32 -0.038649973

5/12/2014 1877.86 -0.000330054 36.74 0.008232711

5/5/2014 1878.48 -0.001414036 36.44 0.022733651

4/28/2014 1881.14 0.009520232 35.63 0.033053059

4/21/2014 1863.4 -0.000777542 34.49 -0.043007769

4/14/2014 1864.85 0.027075106 36.04 0.023863636

4/7/2014 1815.69 -0.026486657 35.2 -0.009845288

3/31/2014 1865.09 0.004021275 35.55 0.013686912

3/24/2014 1857.62 -0.004768232 35.07 0.02244898

3/17/2014 1866.52 0.013790444 34.3 0.055709449

3/10/2014 1841.13 -0.019653469 32.49 -0.00153657

3/3/2014 1878.04 0.00999758 32.54 0.019104291

87

2/24/2014 1859.45 0.012634445 31.93 -0.02652439

2/18/2014 1836.25 -0.001294442 32.8 -0.010558069

2/10/2014 1838.63 0.023155001 33.15 0.026315789

2/3/2014 1797.02 0.008094963 32.3 -0.030612245

1/27/2014 1782.59 -0.004300979 33.32 -0.00299222

1/21/2014 1790.29 -0.026328384 33.42 -0.008308605

1/13/2014 1838.7 -0.001991999 33.7 0.002379536

1/6/2014 1842.37 0.006006432 33.62 -0.033908046

12/30/2013 1831.37 -0.005446943 34.8 -0.010801592

12/23/2013 1841.4 0.012693035 35.18 0.025655977

12/16/2013 1818.32 0.024220986 34.3 0.013293944

12/9/2013 1775.32 -0.016492252 33.85 -0.019693021

12/2/2013 1805.09 -0.000398713 34.53 -0.019312695

11/25/2013 1805.81 0.000581795 35.21 -0.005928854

11/18/2013 1804.76 0.003659255 35.42 -0.000282247

11/11/2013 1798.18 0.015570905 35.43 0.007392664

11/4/2013 1770.61 0.005091846 35.17 -0.029525386

10/28/2013 1761.64 0.001062639 36.24 0.029838022

10/21/2013 1759.77 0.008753224 35.19 0.016758162

10/14/2013 1744.5 0.024248473 34.61 0.011988304

10/7/2013 1703.2 0.00751257 34.2 0.013333333

9/30/2013 1690.5 -0.00073888 33.75 -0.006768687

9/23/2013 1691.75 -0.010620442 33.98 -0.009618187

9/16/2013 1709.91 0.012985859 34.31 -0.000291375

9/9/2013 1687.99 0.019828779 34.32 0.027237354

9/3/2013 1655.17 0.013594861 33.41 -0.012415016

8/26/2013 1632.97 -0.01835287 33.83 -0.01341499

8/19/2013 1663.5 0.004632118 34.29 0.003218256

8/12/2013 1655.83 -0.021041492 34.18 -0.017816092

88

8/5/2013 1691.42 -0.010674575 34.8 -0.027117696

7/29/2013 1709.67 0.010652322 35.77 0.004775281

7/22/2013 1691.65 -0.000260033 35.6 -0.005864284

7/15/2013 1692.09 0.007082532 35.81 0

7/8/2013 1680.19 0.029597583 35.81 -0.000558191

7/1/2013 1631.89 0.015943671 35.83 0.012146893

6/24/2013 1606.28 0.0086974 35.4 0.026979983

6/17/2013 1592.43 -0.021085245 34.47 -0.040100251

6/10/2013 1626.73 -0.010131558 35.91 0.012976023

6/3/2013 1643.38 0.007751082 35.45 0.013146613

5/28/2013 1630.74 -0.011433075 34.99 -0.047891156

5/20/2013 1649.6 -0.010716834 36.75 -0.018429487

5/13/2013 1667.47 0.02067087 37.44 0.002141328

5/6/2013 1633.7 0.011942369 37.36 0.000535619

4/29/2013 1614.42 0.020338255 37.34 0.008099352

4/22/2013 1582.24 0.017354123 37.04 -0.032392894

4/15/2013 1555.25 -0.021147371 38.28 -0.008033169

4/8/2013 1588.85 0.022899928 38.59 0.014992109

4/1/2013 1553.28 -0.010138989 38.02 0.036249659

3/25/2013 1569.19 0.007900365 36.69 0.007136975

3/18/2013 1556.89 -0.002441212 36.43 0

3/11/2013 1560.7 0.006137263 36.43 -0.006815703

3/4/2013 1551.18 0.021723093 36.68 0.018605943

2/25/2013 1518.2 0.001715492 36.01 0.009248879

2/19/2013 1515.6 -0.00275696 35.68 0.009049774

2/11/2013 1519.79 0.001225353 35.36 0.002551744

2/4/2013 1517.93 0.003145714 35.27 -0.00675866

1/28/2013 1513.17 0.006793261 35.51 0.043797766

1/22/2013 1502.96 0.011426803 34.02 0.017344498

89

1/14/2013 1485.98 0.009462994 33.44 -0.024219434

1/7/2013 1472.05 0.003805056 34.27 -0.027249503

12/31/2012 1466.47 0.045663598 35.23 0.057322929

12/24/2012 1402.43 -0.019382582 33.32 -0.01039501

12/17/2012 1430.15 0.011722011 33.67 -0.00999706

12/10/2012 1413.58 -0.003166275 34.01 0.008002371

12/3/2012 1418.07 0.001334576 33.74 -0.011426897

11/26/2012 1416.18 0.004988823 34.13 -0.00669383

11/19/2012 1409.15 0.036231138 34.36 0.036813518

11/12/2012 1359.88 -0.014472588 33.14 -0.011926058

11/5/2012 1379.85 -0.024289351 33.54 -0.039793873

10/31/2012 1414.2 0.001600635 34.93 0.008663009

10/22/2012 1411.94 -0.014827064 34.63 -0.019535674

10/15/2012 1433.19 0.003219958 35.32 -0.008700533

10/8/2012 1428.59 -0.022136584 35.63 -0.058901215

10/1/2012 1460.93 0.014062901 37.86 0.004244032

9/24/2012 1440.67 -0.013341095 37.7 -0.009978992

9/17/2012 1460.15 -0.003834162 38.08 0.022007515

9/10/2012 1465.77 0.019368254 37.26 -0.001072386

9/4/2012 1437.92 0.022280994 37.3 0.0180131

8/27/2012 1406.58 -0.003224366 36.64 -0.008389716

8/20/2012 1411.13 -0.004957128 36.95 -0.005918752

8/13/2012 1418.16 0.008741918 37.17 -0.008535609

8/6/2012 1405.87 0.010697417 37.49 -0.002394891

7/30/2012 1390.99 0.003622012 37.58 0.011847065

7/23/2012 1385.97 0.017106248 37.14 0.052422783

7/16/2012 1362.66 0.00433379 35.29 -0.001697313

7/9/2012 1356.78 0.001550182 35.35 -0.002539503

7/2/2012 1354.68 -0.005491279 35.44 -0.006169377

90

6/25/2012 1362.16 0.020329283 35.66 0.013932329

6/18/2012 1335.02 -0.005823479 35.17 -0.015121815

6/11/2012 1342.84 0.012959582 35.71 0.03357453

6/4/2012 1325.66 0.03726018 34.55 0.019174041

5/29/2012 1278.04 -0.030186217 33.9 0.006233304

5/21/2012 1317.82 0.017448773 33.69 0.000891266

5/14/2012 1295.22 -0.042980959 33.66 0.002083954

5/7/2012 1353.39 -0.011474691 33.59 0.02221546

4/30/2012 1369.1 -0.024412838 32.86 0.005815733

4/23/2012 1403.36 0.01801194 32.67 0.058651977

4/16/2012 1378.53 0.006035351 30.86 0.010478062

4/9/2012 1370.26 -0.019898718 30.54 -0.012928248

4/2/2012 1398.08 -0.007376799 30.94 -0.009285943

3/26/2012 1408.47 0.008131071 31.23 -0.009200508

3/19/2012 1397.11 -0.005027881 31.52 -0.002215891

3/12/2012 1404.17 0.024291144 31.59 0.013149455

3/5/2012 1370.87 0.000905354 31.18 0.010042112

2/27/2012 1369.63 0.002848273 30.87 0.017468688

2/21/2012 1365.74 0.00331318 30.34 0.010996335

2/13/2012 1361.23 0.013845856 30.01 0.005697051

2/6/2012 1342.64 -0.001680422 29.84 -0.003672788

1/30/2012 1344.9 0.021704284 29.95 0.027091907

1/23/2012 1316.33 0.000722225 29.16 -0.044247788

1/17/2012 1315.38 0.020394232 30.51 0.014632524

1/9/2012 1289.09 0.008827603 30.07 0.013140162

1/3/2012 1277.81 0.016070293 29.68 -0.018518519

12/27/2011 1257.6 -0.006109078 30.24 0.01238701

12/19/2011 1265.33 0.037444862 29.87 0.035355286

12/12/2011 1219.66 -0.028306472 28.85 -0.006200482

91

12/5/2011 1255.19 0.008768123 29.03 0.002417127

11/28/2011 1244.28 0.073886439 28.96 0.056548705

11/21/2011 1158.67 -0.046872044 27.41 -0.042946927

11/14/2011 1215.65 -0.038137437 28.64 -0.026512576

11/7/2011 1263.85 0.008474103 29.42 0.008916324

10/31/2011 1253.23 -0.024792038 29.16 -0.019502354

10/24/2011 1285.09 0.037827579 29.74 0.020940611

10/17/2011 1238.25 0.011163011 29.13 -0.001371272

10/10/2011 1224.58 0.059820331 29.17 0.025668073

10/3/2011 1155.46 0.021247636 28.44 -0.002805049

9/26/2011 1131.42 -0.004408543 28.52 0.024057451

9/19/2011 1136.43 -0.065443541 27.85 -0.037664133

9/12/2011 1216.01 0.053524861 28.94 0.050835149

9/6/2011 1154.23 -0.01681474 27.54 -0.018181818

8/29/2011 1173.97 -0.002404827 28.05 -0.034090909

8/22/2011 1176.8 0.047413064 29.04 0.037513398

8/15/2011 1123.53 -0.04689475 27.99 -0.008150248

8/8/2011 1178.81 -0.017150528 28.22 -0.024541998

8/1/2011 1199.38 -0.071888445 28.93 -0.011278195

7/25/2011 1292.28 -0.039211313 29.26 -0.034960422

7/18/2011 1345.02 0.021942954 30.32 0.000329924

7/11/2011 1316.14 -0.02058342 30.31 -0.026653821

7/5/2011 1343.8 0.003082849 31.14 -0.017045455

6/27/2011 1339.67 0.056147266 31.68 0.040735874

6/20/2011 1268.45 -0.002398742 30.44 -0.010724732

6/13/2011 1271.5 0.000409133 30.77 0.014172709

6/6/2011 1270.98 -0.022443392 30.34 -0.010114192

5/31/2011 1300.16 -0.023243934 30.65 -0.020453819

5/23/2011 1331.1 -0.001627577 31.29 -0.000957854

92

5/16/2011 1333.27 -0.003363807 31.32 -0.00286533

5/9/2011 1337.77 -0.001813162 31.41 0.004798464

5/2/2011 1340.2 -0.017167665 31.26 0.004498715

4/25/2011 1363.61 0.019612975 31.12 0.014341591

4/18/2011 1337.38 0.013412342 30.68 0.000978793

4/11/2011 1319.68 -0.006392254 30.65 -0.001953761

4/4/2011 1328.17 -0.003182204 30.71 0.002939255

3/28/2011 1332.41 0.014165018 30.62 0.06135182

3/21/2011 1313.8 0.027040126 28.85 0.032569792

3/14/2011 1279.21 -0.019221333 27.94 -0.018271258

3/7/2011 1304.28 -0.012769178 28.46 0.019340974

2/28/2011 1321.15 0.000962209 27.92 -0.007465339

2/22/2011 1319.88 -0.017222508 28.13 -0.01540077

2/14/2011 1343.01 0.010427717 28.57 0.003512469

2/7/2011 1329.15 0.013944937 28.47 0.017876296

1/31/2011 1310.87 0.02705392 27.97 0.017460895

1/24/2011 1276.34 -0.005462267 27.49 -0.029650547

1/18/2011 1283.35 -0.007647459 28.33 -0.003517411

1/10/2011 1293.24 0.017097916 28.43 -0.014558059

1/3/2011 1271.5 0.011020642 28.85 -0.018039483

12/27/2010 1257.64 0.000692251 29.38 0.006164384

12/20/2010 1256.77 0.010338369 29.2 -0.000342349

12/13/2010 1243.91 0.002829732 29.21 0.011076497

12/6/2010 1240.4 0.012811196 28.89 0.014040014

11/29/2010 1224.71 0.029687237 28.49 0.020050125

11/22/2010 1189.4 -0.008610271 27.93 -0.013771186

11/15/2010 1199.73 0.000433619 28.32 -0.004919185

11/8/2010 1199.21 -0.02173186 28.46 -0.027673386

11/1/2010 1225.85 0.03599378 29.27 0.026297335

93

10/25/2010 1183.26 0.000152145 28.52 0.008130081

10/18/2010 1183.08 0.005857897 28.29 -0.001411931

10/11/2010 1176.19 0.009475175 28.33 0.003897945

10/4/2010 1165.15 0.016497418 28.22 -0.020479

9/27/2010 1146.24 -0.00211549 28.81 0.008047586

9/20/2010 1148.67 0.020504802 28.58 0.014554491

9/13/2010 1125.59 0.014456311 28.17 0.012217032

9/7/2010 1109.55 0.004563109 27.83 0.014212828

8/30/2010 1104.51 0.037498004 27.44 0.018559762

8/23/2010 1064.59 -0.00662505 26.94 0.01852552

8/16/2010 1071.69 -0.007004864 26.45 -0.01010479

8/9/2010 1079.25 -0.037792875 26.72 0.006782216

8/2/2010 1121.64 0.018191721 26.54 0.023130301

7/26/2010 1101.6 -0.000961312 25.94 0.015661707

7/19/2010 1102.66 0.035478176 25.54 0.034426893

7/12/2010 1064.88 -0.012134031 24.69 -0.005638341

7/6/2010 1077.96 0.054157132 24.83 0.022231371

6/28/2010 1022.58 -0.05031762 24.29 -0.020169423

6/21/2010 1076.76 -0.036464998 24.79 -0.025167125

6/14/2010 1117.51 0.023735801 25.43 0.005535785

6/7/2010 1091.6 0.025092029 25.29 0.046338436

6/1/2010 1064.88 -0.022516775 24.17 -0.005349794

5/24/2010 1089.41 0.001581333 24.3 -0.022132797

5/17/2010 1087.69 -0.042256622 24.85 -0.021653543

5/10/2010 1135.68 0.022324644 25.4 0.011952191

5/3/2010 1110.88 -0.063883575 25.1 -0.036838066

4/26/2010 1186.69 -0.025129798 26.06 -0.007238095

4/19/2010 1217.28 0.021096692 26.25 0.012340918

4/12/2010 1192.13 -0.001875466 25.93 -0.019288956

94

4/5/2010 1194.37 0.013810373 26.44 0.012638836

3/29/2010 1178.1 0.009866363 26.11 -0.004954268

3/24/2010 1166.59 #DIV/0! 26.24 #DIV/0!

95

Below is the 5 year 03/24/2010-03/24/2015 daily data used in the Regression

5 year Daily 03/24/2010-03/24/2015 X Y

Date S&P 500 Close Market Return AT&T Close AT&T Return

3/23/2015 2104.42 -0.001726706 33.28 0.001504664

3/20/2015 2108.06 0.008993572 33.23 0.000903614

3/19/2015 2089.27 -0.004872589 33.2 -0.011610598

3/18/2015 2099.5 0.012158436 33.59 0.020972644

3/17/2015 2074.28 -0.003320216 32.9 -0.004839685

3/16/2015 2081.19 0.013533652 33.06 0.009157509

3/13/2015 2053.4 -0.006074687 32.76 -0.011168126

3/12/2015 2065.95 0.012601459 33.13 0.01563458

3/11/2015 2040.24 -0.001917658 32.62 -0.004881025

3/10/2015 2044.16 -0.016961379 32.78 -0.017091454

3/9/2015 2079.43 0.003944459 33.35 -0.003882915

3/6/2015 2071.26 -0.014173933 33.48 -0.015294118

3/5/2015 2101.04 0.001196075 34 0

3/4/2015 2098.53 -0.004388504 34 -0.011915141

3/3/2015 2107.78 -0.004538606 34.41 -0.006639723

3/2/2015 2117.39 0.00612497 34.64 0.002314815

2/27/2015 2104.5 -0.002956309 34.56 0.00173913

2/26/2015 2110.74 -0.001475973 34.5 0.008477053

2/25/2015 2113.86 -0.000765784 34.21 0.004698972

2/24/2015 2115.48 0.002758738 34.05 0.005908419

2/23/2015 2109.66 -0.000303274 33.85 -0.006748826

2/20/2015 2110.3 0.006126487 34.08 -0.000293341

2/19/2015 2097.45 -0.001062067 34.09 -0.011597565

2/18/2015 2099.68 -0.000314235 34.49 -0.006338231

96

2/17/2015 2100.34 0.001597528 34.71 0.001442585

2/13/2015 2096.99 0.004074734 34.66 0.001444669

2/12/2015 2088.48 0.00964453 34.61 0.006397208

2/11/2015 2068.53 -2.90053E-05 34.39 -0.013199426

2/10/2015 2068.59 0.010675513 34.85 0.006062356

2/9/2015 2046.74 -0.004247204 34.64 -0.006595928

2/6/2015 2055.47 -0.003418149 34.87 0.00955414

2/5/2015 2062.52 0.010291402 34.54 0.003777972

2/4/2015 2041.51 -0.004156037 34.41 0.002038439

2/3/2015 2050.03 0.014439469 34.34 0.023241955

2/2/2015 2020.85 0.012962471 33.56 0.019441069

1/30/2015 1994.99 -0.01299196 32.92 -0.001213592

1/29/2015 2021.25 0.009534703 32.96 0.008567931

1/28/2015 2002.16 -0.013495602 32.68 -0.003962207

1/27/2015 2029.55 -0.013387844 32.81 -0.011151296

1/26/2015 2057.09 0.002568451 33.18 -0.005693737

1/23/2015 2051.82 -0.005491603 33.37 -0.012429713

1/22/2015 2063.15 0.015269768 33.79 -0.006176471

1/21/2015 2032.12 0.004731651 34 0.001472754

1/20/2015 2022.55 0.00154995 33.95 0.00443787

1/16/2015 2019.42 0.0134242 33.8 0.016235719

1/15/2015 1992.67 -0.009247888 33.26 -0.00210021

1/14/2015 2011.27 -0.005813063 33.33 -0.004777546

1/13/2015 2023.03 -0.002578565 33.49 0

1/12/2015 2028.26 -0.008093662 33.49 0.002694611

1/9/2015 2044.81 -0.008403891 33.4 -0.002985075

1/8/2015 2062.14 0.017888346 33.5 0.009948749

1/7/2015 2025.9 0.011629823 33.17 -0.012797619

1/6/2015 2002.61 -0.008893486 33.6 0.001490313

97

1/5/2015 2020.58 -0.018278107 33.55 -0.009447889

1/2/2015 2058.2 -0.000339987 33.87 0.008335814

12/31/2014 2058.9 -0.010310765 33.59 -0.014377934

12/30/2014 2080.35 -0.004888619 34.08 -0.000879507

12/29/2014 2090.57 0.000861751 34.11 -0.001755926

12/26/2014 2088.77 0.003309509 34.17 0.006183746

12/24/2014 2081.88 -0.000139278 33.96 -0.002057009

12/23/2014 2082.17 0.001746418 34.03 0.005317578

12/22/2014 2078.54 0.003810398 33.85 0.009242695

12/19/2014 2070.65 0.004570087 33.54 0.000895255

12/18/2014 2061.23 0.024015222 33.51 0.025711662

12/17/2014 2012.89 0.020352403 32.67 0.016490355

12/16/2014 1972.74 -0.008489016 32.14 -0.003410853

12/15/2014 1989.63 -0.006342611 32.25 0.002798507

12/12/2014 2002.33 -0.016213587 32.16 -0.01681443

12/11/2014 2035.33 0.004535718 32.71 0.006771314

12/10/2014 2026.14 -0.016350943 32.49 -0.012161751

12/9/2014 2059.82 -0.000237828 32.89 -0.029220779

12/8/2014 2060.31 -0.007256537 33.88 -0.001767826

12/5/2014 2075.37 0.001665122 33.94 0.000884695

12/4/2014 2071.92 -0.001161821 33.91 -0.002647059

12/3/2014 2074.33 0.003764729 34 -0.008457276

12/2/2014 2066.55 0.006384409 34.29 -0.02196235

12/1/2014 2053.44 -0.006829306 35.06 -0.009044658

11/28/2014 2067.56 -0.002542418 35.38 0.007116425

11/26/2014 2072.83 0.002805958 35.13 0.008902929

11/25/2014 2067.03 -0.001150086 34.82 0.003458213

11/24/2014 2069.41 0.002864066 34.7 -0.016439909

11/21/2014 2063.5 0.005236877 35.28 0

98

11/20/2014 2052.75 0.001967082 35.28 -0.002544529

11/19/2014 2048.72 -0.001501121 35.37 -0.009798432

11/18/2014 2051.8 0.005133933 35.72 -0.00362622

11/17/2014 2041.32 0.000735359 35.85 -0.001392758

11/14/2014 2039.82 0.000240275 35.9 0.00814378

11/13/2014 2039.33 0.000529866 35.61 0.005932203

11/12/2014 2038.25 -0.00070109 35.4 0.008547009

11/11/2014 2039.68 0.000696673 35.1 -0.000569476

11/10/2014 2038.26 0.003120202 35.12 0.006015468

11/7/2014 2031.92 0.000349545 34.91 0.00547235

11/6/2014 2031.21 0.003775506 34.72 -0.005727377

11/5/2014 2023.57 0.005700512 34.92 0.003736706

11/4/2014 2012.1 -0.002829801 34.79 -0.001435132

11/3/2014 2017.81 -0.000118927 34.84 0

10/31/2014 2018.05 0.011731381 34.84 0.009562446

10/30/2014 1994.65 0.006230137 34.51 0.003197674

10/29/2014 1982.3 -0.001385356 34.4 0.002039033

10/28/2014 1985.05 0.011939051 34.33 0.006449721

10/27/2014 1961.63 -0.001501593 34.11 0.007085917

10/24/2014 1964.58 0.007053444 33.87 0.006238859

10/23/2014 1950.82 0.012303397 33.66 -0.024347826

10/22/2014 1927.11 -0.007299308 34.5 -0.003466205

10/21/2014 1941.28 0.019574477 34.62 0.00991832

10/20/2014 1904.01 0.009142657 34.28 0.005868545

10/17/2014 1886.76 0.012884107 34.08 0.013079667

10/16/2014 1862.76 0.000144967 33.64 -0.00679067

10/15/2014 1862.49 -0.008100336 33.87 0.000886525

10/14/2014 1877.7 0.001578886 33.84 0.000591366

10/13/2014 1874.74 -0.016467922 33.82 -0.012554745

99

10/10/2014 1906.13 -0.011451035 34.25 -0.011829198

10/9/2014 1928.21 -0.020661388 34.66 -0.013940256

10/8/2014 1968.89 0.01746163 35.15 -0.00509482

10/7/2014 1935.1 -0.015126068 35.33 -0.004508312

10/6/2014 1964.82 -0.00156512 35.49 0.003676471

10/3/2014 1967.9 0.01116552 35.36 0.011152416

10/2/2014 1946.17 5.13832E-06 34.97 0.000286041

10/1/2014 1946.16 -0.013248559 34.96 -0.007945516

9/30/2014 1972.29 -0.002785924 35.24 0.000283849

9/29/2014 1977.8 -0.002546839 35.23 -0.001417234

9/26/2014 1982.85 0.008575832 35.28 0.005701254

9/25/2014 1965.99 -0.016168743 35.08 -0.009039548

9/24/2014 1998.3 0.007832477 35.4 0.003970505

9/23/2014 1982.77 -0.005776492 35.26 -0.006760563

9/22/2014 1994.29 -0.008013331 35.5 0.000845785

9/19/2014 2010.4 -0.000477289 35.47 0.008816837

9/18/2014 2011.36 0.00489116 35.16 0.003997716

9/17/2014 2001.57 0.001295661 35.02 0.002002861

9/16/2014 1998.98 0.007484389 34.95 0.007494955

9/15/2014 1984.13 -0.000710134 34.69 0.005507246

9/12/2014 1985.54 -0.005962602 34.5 -0.010043042

9/11/2014 1997.45 0.0008819 34.85 0.004322767

9/10/2014 1995.69 0.003646074 34.7 0.001154068

9/9/2014 1988.44 -0.00654496 34.66 -0.009997144

9/8/2014 2001.54 -0.003073153 35.01 -0.00398293

9/5/2014 2007.71 0.005035917 35.15 0.006010303

9/4/2014 1997.65 -0.001534448 34.94 -0.000857878

9/3/2014 2000.72 -0.000779112 34.97 0.003731343

9/2/2014 2002.28 -0.000544083 34.84 -0.003432494

100

8/29/2014 2003.37 0.003320412 34.96 0.006332758

8/28/2014 1996.74 -0.001689899 34.74 -0.00028777

8/27/2014 2000.12 4.99995E-05 34.75 0.007246377

8/26/2014 2000.02 0.001051093 34.5 -0.000289771

8/25/2014 1997.92 0.004787769 34.51 0.000289855

8/22/2014 1988.4 -0.001992602 34.5 -0.00404157

8/21/2014 1992.37 0.002949897 34.64 0.003185636

8/20/2014 1986.51 0.002477796 34.53 0.001450116

8/19/2014 1981.6 0.005000659 34.48 -0.004906205

8/18/2014 1971.74 0.008531707 34.65 -0.002590674

8/15/2014 1955.06 -6.13754E-05 34.74 -0.004869665

8/14/2014 1955.18 0.004345771 34.91 0.006341885

8/13/2014 1946.72 0.006707175 34.69 0.001443418

8/12/2014 1933.75 -0.001636619 34.64 0.004931825

8/11/2014 1936.92 0.002759385 34.47 0

8/8/2014 1931.59 0.011531392 34.47 0.007600117

8/7/2014 1909.57 -0.005556597 34.21 -0.011842865

8/6/2014 1920.24 1.56233E-05 34.62 -0.013956138

8/5/2014 1920.21 -0.009685455 35.11 -0.009870276

8/4/2014 1938.99 0.00718905 35.46 0.003679592

8/1/2014 1925.15 -0.002859111 35.33 -0.007305423

7/31/2014 1930.67 -0.019999289 35.59 -0.021177118

7/30/2014 1970.07 6.09153E-05 36.36 -0.00628587

7/29/2014 1969.95 -0.004527745 36.59 0.026367461

7/28/2014 1978.91 0.00028812 35.65 0.003095104

7/25/2014 1978.34 -0.004849143 35.54 0.001126761

7/24/2014 1987.98 0.000488171 35.5 -0.010590858

7/23/2014 1987.01 0.001754448 35.88 -0.001669449

7/22/2014 1983.53 0.005016138 35.94 -0.000556174

101

7/21/2014 1973.63 -0.002320268 35.96 -0.005805917

7/18/2014 1978.22 0.010264948 36.17 0.003885651

7/17/2014 1958.12 -0.011834051 36.03 -0.011522634

7/16/2014 1981.57 0.004201127 36.45 0.005794702

7/15/2014 1973.28 -0.001932123 36.24 0.010596765

7/14/2014 1977.1 0.004843538 35.86 0.002796421

7/11/2014 1967.57 0.001470977 35.76 0.001680672

7/10/2014 1964.68 -0.004131121 35.7 0.001402525

7/9/2014 1972.83 0.00464427 35.65 0.002530934

7/8/2014 1963.71 -0.00704877 35.56 -0.012770683

7/7/2014 1977.65 -0.003923564 36.02 0.005022321

7/3/2014 1985.44 0.005479535 35.84 0.00476591

7/2/2014 1974.62 0.000658788 35.67 0.00535513

7/1/2014 1973.32 0.006677788 35.48 0.003393665

6/30/2014 1960.23 -0.000372267 35.36 -0.00141203

6/27/2014 1960.96 0.001910874 35.41 0.004254112

6/26/2014 1957.22 -0.001178854 35.26 0

6/25/2014 1959.53 0.004897486 35.26 -0.000850099

6/24/2014 1949.98 -0.006435308 35.29 -0.002825657

6/23/2014 1962.61 -0.000132459 35.39 0

6/20/2014 1962.87 0.001730051 35.39 0.000848416

6/19/2014 1959.48 0.001277479 35.36 0.004545455

6/18/2014 1956.98 0.007718886 35.2 0.00513992

6/17/2014 1941.99 0.002172589 35.02 0.001143511

6/16/2014 1937.78 0.000836708 34.98 -0.001427348

6/13/2014 1936.16 0.003134536 35.03 0.005742176

6/12/2014 1930.11 -0.007088878 34.83 0.000574548

6/11/2014 1943.89 -0.003537029 34.81 -0.003720664

6/10/2014 1950.79 -0.000245994 34.94 -0.001999429

102

6/9/2014 1951.27 0.000938731 35.01 -0.000285551

6/6/2014 1949.44 0.004627769 35.02 -0.002279202

6/5/2014 1940.46 0.006525302 35.1 0.001426534

6/4/2014 1927.88 0.001891656 35.05 -0.004261364

6/3/2014 1924.24 -0.000379227 35.2 -0.006772009

6/2/2014 1924.97 0.000727813 35.44 -0.000845785

5/30/2014 1923.57 0.001843721 35.47 0.002260526

5/29/2014 1920.03 0.00536711 35.39 0.001414827

5/28/2014 1909.78 -0.001114069 35.34 0.003692133

5/27/2014 1911.91 0.005987803 35.21 -0.003114383

5/23/2014 1900.53 0.004248371 35.32 -0.001695873

5/22/2014 1892.49 0.002362251 35.38 0.003118798

5/21/2014 1888.03 0.00811606 35.27 -0.006478873

5/20/2014 1872.83 -0.006498398 35.5 -0.024189115

5/19/2014 1885.08 0.003844802 36.38 -0.009798585

5/16/2014 1877.86 0.00374696 36.74 0.006024096

5/15/2014 1870.85 -0.009361779 36.52 0.00357241

5/14/2014 1888.53 -0.004701046 36.39 0.005248619

5/13/2014 1897.45 0.000421796 36.2 -0.010117583

5/12/2014 1896.65 0.009672714 36.57 0.003567508

5/9/2014 1878.48 0.001519489 36.44 0.001098901

5/8/2014 1875.63 -0.001373648 36.4 0.017897092

5/7/2014 1878.21 0.005616474 35.76 0.007607777

5/6/2014 1867.72 -0.008988359 35.49 -0.007550336

5/5/2014 1884.66 0.001871206 35.76 0.003648611

5/2/2014 1881.14 -0.001348424 35.63 0.001405284

5/1/2014 1883.68 -0.000143316 35.58 -0.003361345

4/30/2014 1883.95 0.00299202 35.7 0.007905138

4/29/2014 1878.33 0.004760809 35.42 0.009692132

103

4/28/2014 1869.43 0.00323602 35.08 0.017106408

4/25/2014 1863.4 -0.008096412 34.49 -0.000289855

4/24/2014 1878.61 0.001716976 34.5 -0.012027491

4/23/2014 1875.39 -0.002213296 34.92 -0.037751447

4/22/2014 1879.55 0.004092121 36.29 0.006378258

4/21/2014 1871.89 0.003775103 36.06 0.000554939

4/17/2014 1864.85 0.001363898 36.04 -0.00166205

4/16/2014 1862.31 0.010488448 36.1 0.0117713

4/15/2014 1842.98 0.00675731 35.68 0.009049774

4/14/2014 1830.61 0.008217262 35.36 0.004545455

4/11/2014 1815.69 -0.009486765 35.2 0.002277904

4/10/2014 1833.08 -0.020884744 35.12 0.005727377

4/9/2014 1872.18 0.010918162 34.92 -0.009923448

4/8/2014 1851.96 0.003750596 35.27 -0.006198929

4/7/2014 1845.04 -0.010750151 35.49 -0.001687764

4/4/2014 1865.09 -0.01253726 35.55 -0.002245299

4/3/2014 1888.77 -0.001126448 35.63 0.007350862

4/2/2014 1890.9 0.002853324 35.37 0.007979481

4/1/2014 1885.52 0.00703932 35.09 0.000570288

3/31/2014 1872.34 0.007924118 35.07 0

3/28/2014 1857.62 0.004640246 35.07 0.003146453

3/27/2014 1849.04 -0.001900073 34.96 0.010112684

3/26/2014 1852.56 -0.007000354 34.61 -0.003168203

3/25/2014 1865.62 0.004403911 34.72 0.00754498

3/24/2014 1857.44 -0.004864668 34.46 0.004664723

3/21/2014 1866.52 -0.002932677 34.3 0.006160164

3/20/2014 1872.01 0.00604051 34.09 0.034283981

3/19/2014 1860.77 -0.00613166 32.96 -0.000606428

3/18/2014 1872.25 0.007219595 32.98 0.002736394

104

3/17/2014 1858.83 0.009613661 32.89 0.01231148

3/14/2014 1841.13 -0.002821799 32.49 0.004327666

3/13/2014 1846.34 -0.011701103 32.35 -0.000926498

3/12/2014 1868.2 0.0003052 32.38 0.004654049

3/11/2014 1867.63 -0.005082118 32.23 -0.008612735

3/10/2014 1877.17 -0.000463249 32.51 -0.000921942

3/7/2014 1878.04 0.000538084 32.54 0.006184292

3/6/2014 1877.03 0.001718424 32.34 0.006535948

3/5/2014 1873.81 -5.33644E-05 32.13 -0.000622084

3/4/2014 1873.91 0.015267672 32.15 0.009102323

3/3/2014 1845.73 -0.007378526 31.86 -0.002192296

2/28/2014 1859.45 0.002782736 31.93 -0.009308098

2/27/2014 1854.29 0.00494808 32.23 0.0071875

2/26/2014 1845.16 2.16788E-05 32 -0.005284426

2/25/2014 1845.12 -0.001347687 32.17 -0.009239298

2/24/2014 1847.61 0.006186521 32.47 -0.010060976

2/21/2014 1836.25 -0.001918708 32.8 -0.011452682

2/20/2014 1839.78 0.006031442 33.18 0.010045662

2/19/2014 1828.75 -0.006524479 32.85 0.000914077

2/18/2014 1840.76 0.001158471 32.82 -0.009954751

2/14/2014 1838.63 0.00480919 33.15 -0.010152284

2/13/2014 1829.83 0.005810055 33.49 0.016697025

2/12/2014 1819.26 -0.000269268 32.94 -0.00030349

2/11/2014 1819.75 0.011062094 32.95 0.015721332

2/10/2014 1799.84 0.001569265 32.44 0.004334365

2/7/2014 1797.02 0.013301906 32.3 0.009375

2/6/2014 1773.43 0.012439771 32 -0.002493766

2/5/2014 1751.64 -0.002028259 32.08 -0.011402157

2/4/2014 1755.2 0.007641125 32.45 0.015649452

105

2/3/2014 1741.89 -0.022831947 31.95 -0.041116447

1/31/2014 1782.59 -0.006465313 33.32 -0.00089955

1/30/2014 1794.19 0.01126705 33.35 0.001200841

1/29/2014 1774.2 -0.010209205 33.31 -0.0115727

1/28/2014 1792.5 0.006140686 33.7 0.005669949

1/27/2014 1781.56 -0.004876305 33.51 0.002692998

1/24/2014 1790.29 -0.020875491 33.42 -0.011242604

1/23/2014 1828.46 -0.008889563 33.8 0.013797241

1/22/2014 1844.86 0.0005749 33.34 -0.006851355

1/21/2014 1843.8 0.002773699 33.57 -0.003857567

1/17/2014 1838.7 -0.00389514 33.7 -0.007656066

1/16/2014 1845.89 -0.001347126 33.96 0.005031074

1/15/2014 1848.38 0.005166188 33.79 0.009259259

1/14/2014 1838.88 0.010817942 33.48 0.005405405

1/13/2014 1819.2 -0.012576193 33.3 -0.009518144

1/10/2014 1842.37 0.002306692 33.62 0.002385212

1/9/2014 1838.13 0.000348301 33.54 -0.020443925

1/8/2014 1837.49 -0.000212201 34.24 -0.020314735

1/7/2014 1837.88 0.006081773 34.95 -0.000286041

1/6/2014 1826.77 -0.002511781 34.96 0.004597701

1/3/2014 1831.37 -0.000332973 34.8 -0.004291845

1/2/2014 1831.98 -0.00886191 34.95 -0.005972696

12/31/2013 1848.36 0.003959654 35.16 -0.001136364

12/30/2013 1841.07 -0.000179211 35.2 0.000568505

12/27/2013 1841.4 -0.000336587 35.18 0.000568828

12/26/2013 1842.02 0.004745489 35.16 0.006008584

12/24/2013 1833.32 0.002915771 34.95 0.007494955

12/23/2013 1827.99 0.005318096 34.69 0.011370262

12/20/2013 1818.32 0.004818744 34.3 -0.004354136

106

12/19/2013 1809.6 -0.000579902 34.45 0.002036067

12/18/2013 1810.65 0.016647951 34.38 0.015657312

12/17/2013 1781 -0.003100966 33.85 -0.008784773

12/16/2013 1786.54 0.006319987 34.15 0.008862629

12/13/2013 1775.32 -0.00010138 33.85 -0.001180289

12/12/2013 1775.5 -0.003770578 33.89 -0.001767305

12/11/2013 1782.22 -0.011316861 33.95 -0.013081395

12/10/2013 1802.62 -0.003179659 34.4 -0.008359758

12/9/2013 1808.37 0.001817084 34.69 0.004633652

12/6/2013 1805.09 0.011237906 34.53 0.008175182

12/5/2013 1785.03 -0.004339556 34.25 -0.010115607

12/4/2013 1792.81 -0.001303512 34.6 -0.004029937

12/3/2013 1795.15 -0.003192848 34.74 -0.001724138

12/2/2013 1800.9 -0.002719001 34.8 -0.011644419

11/29/2013 1805.81 -0.000785733 35.21 -0.005648122

11/27/2013 1807.23 0.002485092 35.41 0.003684807

11/26/2013 1802.75 0.000149794 35.28 -0.002544529

11/25/2013 1802.48 -0.001263326 35.37 -0.001411632

11/22/2013 1804.76 0.004961439 35.42 0.003399433

11/21/2013 1795.85 0.008128575 35.3 -0.002824859

11/20/2013 1781.37 -0.003635611 35.4 -0.008958567

11/19/2013 1787.87 -0.002042947 35.72 0.003370787

11/18/2013 1791.53 -0.003698184 35.6 0.004798194

11/15/2013 1798.18 0.004222001 35.43 0.007679181

11/14/2013 1790.62 0.004837262 35.16 0.002566296

11/13/2013 1782 0.008095311 35.07 -0.002843332

11/12/2013 1767.69 -0.00237035 35.17 0.003996574

11/11/2013 1771.89 0.000722915 35.03 -0.003980665

11/8/2013 1770.61 0.013427582 35.17 0.001708915

107

11/7/2013 1747.15 -0.013182791 35.11 -0.019821329

11/6/2013 1770.49 0.004265529 35.82 0.008162117

11/5/2013 1762.97 -0.002805541 35.53 -0.025240055

11/4/2013 1767.93 0.003570537 36.45 0.005794702

11/1/2013 1761.64 0.002903435 36.24 0.001104972

10/31/2013 1756.54 -0.00383937 36.2 -0.001654716

10/30/2013 1763.31 -0.004875984 36.26 -0.00027571

10/29/2013 1771.95 0.005584214 36.27 0.019679505

10/28/2013 1762.11 0.001329719 35.57 0.010798522

10/25/2013 1759.77 0.004394802 35.19 0.01617095

10/24/2013 1752.07 0.003258168 34.63 -0.018424036

10/23/2013 1746.38 -0.004724535 35.28 0.001419245

10/22/2013 1754.67 0.005737508 35.23 0.00028393

10/21/2013 1744.66 9.17168E-05 35.22 0.017624964

10/18/2013 1744.5 0.00654877 34.61 0.004936121

10/17/2013 1733.15 0.006743962 34.44 0.007017544

10/16/2013 1721.54 0.013827544 34.2 0.014535746

10/15/2013 1698.06 -0.007063749 33.71 -0.006191038

10/14/2013 1710.14 0.004074683 33.92 -0.008187135

10/11/2013 1703.2 0.006286335 34.2 0.001464129

10/10/2013 1692.56 0.021830476 34.15 0.011851852

10/9/2013 1656.4 0.000573862 33.75 0.019329508

10/8/2013 1655.45 -0.012332053 33.11 -0.026176471

10/7/2013 1676.12 -0.008506359 34 0.007407407

10/4/2013 1690.5 0.007053245 33.75 0.003269917

10/3/2013 1678.66 -0.008979438 33.64 -0.008839128

10/2/2013 1693.87 -0.000666667 33.94 -0.003523194

10/1/2013 1695 0.007998573 34.06 0.007096393

9/30/2013 1681.55 -0.00602926 33.82 -0.004708652

108

9/27/2013 1691.75 -0.004073775 33.98 -0.007303535

9/26/2013 1698.67 0.003485411 34.23 0.005286344

9/25/2013 1692.77 -0.002739452 34.05 -0.001173365

9/24/2013 1697.42 -0.002597189 34.09 -0.003798948

9/23/2013 1701.84 -0.004719547 34.22 -0.002623142

9/20/2013 1709.91 -0.007216926 34.31 -0.014363689

9/19/2013 1722.34 -0.001842923 34.81 -0.004005722

9/18/2013 1725.52 0.012177667 34.95 0.005755396

9/17/2013 1704.76 0.004217719 34.75 0.005206827

9/16/2013 1697.6 0.005693162 34.57 0.007284382

9/13/2013 1687.99 0.002714712 34.32 -0.001745201

9/12/2013 1683.42 -0.003380438 34.38 0.012069473

9/11/2013 1689.13 0.003052275 33.97 0

9/10/2013 1683.99 0.007345772 33.97 0.010110021

9/9/2013 1671.71 0.009992931 33.63 0.006584855

9/6/2013 1655.17 5.4378E-05 33.41 0.00209958

9/5/2013 1655.08 0.001209863 33.34 -0.011855365

9/4/2013 1653.08 0.008116992 33.74 0.012605042

9/3/2013 1639.77 0.004164192 33.32 -0.015075377

8/30/2013 1632.97 -0.003174274 33.83 0.005349183

8/29/2013 1638.17 0.001963351 33.65 0.002084574

8/28/2013 1634.96 0.002747657 33.58 -0.003265064

8/27/2013 1630.48 -0.015874166 33.69 -0.003843879

8/26/2013 1656.78 -0.004039675 33.82 -0.01370662

8/23/2013 1663.5 0.003946987 34.29 0.013897102

8/22/2013 1656.96 0.00861943 33.82 0.010155317

8/21/2013 1642.8 -0.005779647 33.48 -0.011514615

8/20/2013 1652.35 0.003821246 33.87 0.002367564

8/19/2013 1646.06 -0.005900364 33.79 -0.011410181

109

8/16/2013 1655.83 -0.003304601 34.18 -0.004949054

8/15/2013 1661.32 -0.014281561 34.35 -0.012079379

8/14/2013 1685.39 -0.005176607 34.77 0.001440092

8/13/2013 1694.16 0.002776019 34.72 -0.005727377

8/12/2013 1689.47 -0.001152877 34.92 0.003448276

8/9/2013 1691.42 -0.003569998 34.8 -0.013884953

8/8/2013 1697.48 0.003885482 35.29 -0.008429334

8/7/2013 1690.91 -0.003805888 35.59 0.003100338

8/6/2013 1697.37 -0.005723022 35.48 -0.005326605

8/5/2013 1707.14 -0.001479818 35.67 -0.002795639

8/2/2013 1709.67 0.00164043 35.77 0.001399776

8/1/2013 1706.87 0.012540561 35.72 0.012758718

7/31/2013 1685.73 -0.000136421 35.27 -0.004234896

7/30/2013 1685.96 0.000373814 35.42 -0.012820513

7/29/2013 1685.33 -0.003735997 35.88 0.007865169

7/26/2013 1691.65 0.00082828 35.6 0.003948111

7/25/2013 1690.25 0.002556437 35.46 0.001694915

7/24/2013 1685.94 -0.003811178 35.4 -0.011449316

7/23/2013 1692.39 -0.001851928 35.81 0.006464306

7/22/2013 1695.53 0.002032989 35.58 -0.006422787

7/19/2013 1692.09 0.001610068 35.81 0.00195859

7/18/2013 1689.37 0.005032988 35.74 -0.006117909

7/17/2013 1680.91 0.002774033 35.96 0.002229654

7/16/2013 1676.26 -0.003708767 35.88 0.0092827

7/15/2013 1682.5 0.001374845 35.55 -0.007260542

7/12/2013 1680.19 0.00308653 35.81 -0.001672707

7/11/2013 1675.02 0.013554235 35.87 0.013563153

7/10/2013 1652.62 0.000181563 35.39 -0.005898876

7/9/2013 1652.32 0.007229679 35.6 0.000562114

110

7/8/2013 1640.46 0.005251579 35.58 -0.006977393

7/5/2013 1631.89 0.010201744 35.83 0.005895564

7/3/2013 1615.41 0.000823999 35.62 0.002533071

7/2/2013 1614.08 -0.000544905 35.53 0.006515581

7/1/2013 1614.96 0.00540379 35.3 -0.002824859

6/28/2013 1606.28 -0.004289611 35.4 -0.006455234

6/27/2013 1613.2 0.006199868 35.63 0.008491367

6/26/2013 1603.26 0.009590499 35.33 0.008564088

6/25/2013 1588.03 0.009497232 35.03 0.016540917

6/24/2013 1573.09 -0.012144961 34.46 -0.000290107

6/21/2013 1592.43 0.002669706 34.47 0.00349345

6/20/2013 1588.19 -0.025010283 34.35 -0.025531915

6/19/2013 1628.93 -0.013851472 35.25 -0.025435444

6/18/2013 1651.81 0.007791146 36.17 0.011465324

6/17/2013 1639.04 0.007567328 35.76 -0.004177109

6/14/2013 1626.73 -0.005885013 35.91 -0.010743802

6/13/2013 1636.36 0.014784313 36.3 0.019090399

6/12/2013 1612.52 -0.008369565 35.62 -0.003914989

6/11/2013 1626.13 -0.010153335 35.76 -0.006390664

6/10/2013 1642.81 -0.000346846 35.99 0.015232722

6/7/2013 1643.38 0.012831575 35.45 -0.010053058

6/6/2013 1622.56 0.008490273 35.81 0.015598412

6/5/2013 1608.9 -0.013779745 35.26 -0.011494253

6/4/2013 1631.38 -0.005510784 35.67 0.01710864

6/3/2013 1640.42 0.005935955 35.07 0.002286368

5/31/2013 1630.74 -0.014307215 34.99 -0.014366197

5/30/2013 1654.41 0.003670315 35.5 -0.011417432

5/29/2013 1648.36 -0.007047938 35.91 -0.007462687

5/28/2013 1660.06 0.006340931 36.18 -0.015510204

111

5/24/2013 1649.6 -0.000551345 36.75 0.000272183

5/23/2013 1650.51 -0.002923853 36.74 0.003276898

5/22/2013 1655.35 -0.008273623 36.62 -0.008662696

5/21/2013 1669.16 0.001722389 36.94 -0.007522837

5/20/2013 1666.29 -0.000707659 37.22 -0.005876068

5/17/2013 1667.47 0.010300096 37.44 0.001605136

5/16/2013 1650.47 -0.005009706 37.38 -0.003996803

5/15/2013 1658.78 0.005114098 37.53 0.008058018

5/14/2013 1650.34 0.010142186 37.23 0.006216216

5/13/2013 1633.77 4.28475E-05 37 -0.009635974

5/10/2013 1633.7 0.004321712 37.36 0.000803643

5/9/2013 1626.67 -0.003687167 37.33 -0.013217024

5/8/2013 1632.69 0.004139093 37.83 0.00826226

5/7/2013 1625.96 0.005230294 37.52 0.011593421

5/6/2013 1617.5 0.001907806 37.09 -0.006695233

5/3/2013 1614.42 0.010534618 37.34 -0.005857295

5/2/2013 1597.59 0.009407974 37.56 0

5/1/2013 1582.7 -0.009307886 37.56 0.002669514

4/30/2013 1597.57 0.002484924 37.46 0.004289544

4/29/2013 1593.61 0.007186015 37.3 0.007019438

4/26/2013 1582.24 -0.001842085 37.04 -0.006437768

4/25/2013 1585.16 0.004034735 37.28 0.006479482

4/24/2013 1578.79 6.334E-06 37.04 -0.05025641

4/23/2013 1578.78 0.0104192 39 0.00697134

4/22/2013 1562.5 0.00466163 38.73 0.011755486

4/19/2013 1555.25 0.008847893 38.28 0.014308426

4/18/2013 1541.61 -0.006700988 37.74 -0.001058761

4/17/2013 1552.01 -0.014327721 37.78 -0.004217185

4/16/2013 1574.57 0.014307248 37.94 -0.000263505

112

4/15/2013 1552.36 -0.022966296 37.95 -0.016584607

4/12/2013 1588.85 -0.002836755 38.59 0.001297353

4/11/2013 1593.37 0.003552241 38.54 0.00942902

4/10/2013 1587.73 0.012189136 38.18 0.011122881

4/9/2013 1568.61 0.003544307 37.76 0.003721425

4/8/2013 1563.07 0.006302792 37.62 -0.010520779

4/5/2013 1553.28 -0.004294927 38.02 0.002901609

4/4/2013 1559.98 0.004048427 37.91 0.016899142

4/3/2013 1553.69 -0.010546091 37.28 -0.007718925

4/2/2013 1570.25 0.005172292 37.57 0.008590604

4/1/2013 1562.17 -0.004473646 37.25 0.015263014

3/28/2013 1569.19 0.004056691 36.69 0.001911524

3/27/2013 1562.85 -0.000588322 36.62 -0.003266195

3/26/2013 1563.77 0.00778506 36.74 0.009618027

3/25/2013 1551.69 -0.003339992 36.39 -0.001097996

3/22/2013 1556.89 0.007174279 36.43 0.007745505

3/21/2013 1545.8 -0.00828249 36.15 -0.001105278

3/20/2013 1558.71 0.006697495 36.19 0.001383509

3/19/2013 1548.34 -0.002422524 36.14 -0.000276625

3/18/2013 1552.1 -0.005510348 36.15 -0.007685973

3/15/2013 1560.7 -0.001618444 36.43 -0.011665762

3/14/2013 1563.23 0.005603016 36.86 0.007103825

3/13/2013 1554.52 0.001314027 36.6 -0.003267974

3/12/2013 1552.48 -0.002403259 36.72 0.003278689

3/11/2013 1556.22 0.003249139 36.6 -0.002181025

3/8/2013 1551.18 0.004481111 36.68 0.007969222

3/7/2013 1544.26 0.00181646 36.39 0.00275558

3/6/2013 1541.46 0.001084563 36.29 -0.008469945

3/5/2013 1539.79 0.009565959 36.6 0.010212531

113

3/4/2013 1525.2 0.004610723 36.23 0.006109414

3/1/2013 1518.2 0.002323923 36.01 0.00278474

2/28/2013 1514.68 -0.000864122 35.91 0.00167364

2/27/2013 1515.99 0.012725961 35.85 0.010143702

2/26/2013 1496.94 0.006109487 35.49 0.008525149

2/25/2013 1487.85 -0.01830958 35.19 -0.013733184

2/22/2013 1515.6 0.008772514 35.68 0.007056167

2/21/2013 1502.42 -0.006303118 35.43 -0.001127714

2/20/2013 1511.95 -0.012404144 35.47 -0.005606953

2/19/2013 1530.94 0.00733654 35.67 0.008766968

2/15/2013 1519.79 -0.001045104 35.36 0.001983565

2/14/2013 1521.38 0.00069064 35.29 -0.003670243

2/13/2013 1520.33 0.000592327 35.42 -0.00505618

2/12/2013 1519.43 0.001595243 35.6 0.010502413

2/11/2013 1517.01 -0.000606089 35.23 -0.001134108

2/8/2013 1517.93 0.005657915 35.27 0

2/7/2013 1509.39 -0.001805412 35.27 -0.004515947

2/6/2013 1512.12 0.0005492 35.43 0.002263083

2/5/2013 1511.29 0.010416458 35.35 0.003406188

2/4/2013 1495.71 -0.01153869 35.23 -0.007885103

2/1/2013 1513.17 0.010052666 35.51 0.020695602

1/31/2013 1498.11 -0.002563317 34.79 0.008990719

1/30/2013 1501.96 -0.003899618 34.48 -0.005767013

1/29/2013 1507.84 0.005106054 34.68 0.016114855

1/28/2013 1500.18 -0.001849683 34.13 0.003233392

1/25/2013 1502.96 0.005445472 34.02 0.008

1/24/2013 1494.82 6.68981E-06 33.75 -0.000888099

1/23/2013 1494.81 0.001507477 33.78 0.005058018

1/22/2013 1492.56 0.004428054 33.61 0.005083732

114

1/18/2013 1485.98 0.003403244 33.44 0.007228916

1/17/2013 1480.94 0.005642965 33.2 -0.001803969

1/16/2013 1472.63 0.000196965 33.26 -0.014810427

1/15/2013 1472.34 0.00112873 33.76 -0.007642563

1/14/2013 1470.68 -0.000930675 34.02 -0.00729501

1/11/2013 1472.05 -4.75505E-05 34.27 -0.002909514

1/10/2013 1472.12 0.007597432 34.37 0.003796729

1/9/2013 1461.02 0.002655869 34.24 -0.003202329

1/8/2013 1457.15 -0.003242378 34.35 -0.029386832

1/7/2013 1461.89 -0.003123146 35.39 0.004541584

1/4/2013 1466.47 0.004865113 35.23 0.005996573

1/3/2013 1459.37 -0.002085584 35.02 0.000571429

1/2/2013 1462.42 0.025403347 35 0.038267576

12/31/2012 1426.19 0.016942022 33.71 0.011704682

12/28/2012 1402.43 -0.011049996 33.32 -0.01010101

12/27/2012 1418.1 -0.001218456 33.66 -0.003552398

12/26/2012 1419.83 -0.004787406 33.78 0.001185536

12/24/2012 1426.66 -0.002440303 33.74 0.002079002

12/21/2012 1430.15 -0.009378745 33.67 -0.014632719

12/20/2012 1443.69 0.005488191 34.17 0.007667355

12/19/2012 1435.81 -0.007589215 33.91 -0.01252184

12/18/2012 1446.79 0.011486619 34.34 0.003213555

12/17/2012 1430.36 0.01187057 34.23 0.006468686

12/14/2012 1413.58 -0.004135405 34.01 -0.009032634

12/13/2012 1419.45 -0.006321405 34.32 -0.004928965

12/12/2012 1428.48 0.000448229 34.49 0.009956076

12/11/2012 1427.84 0.006548941 34.15 0.012451823

12/10/2012 1418.55 0.000338488 33.73 -0.000296384

12/7/2012 1418.07 0.002920916 33.74 0.002674591

115

12/6/2012 1413.94 0.003306653 33.65 -0.007667355

12/5/2012 1409.28 0.001584876 33.91 -0.000294811

12/4/2012 1407.05 -0.001709875 33.92 -0.006444054

12/3/2012 1409.46 -0.00474516 34.14 0.000292997

11/30/2012 1416.18 0.000162435 34.13 0.005894489

11/29/2012 1415.95 0.004269716 33.93 0.009220702

11/28/2012 1409.93 0.007855948 33.62 0

11/27/2012 1398.94 -0.005226518 33.62 -0.010303209

11/26/2012 1406.29 -0.002029592 33.97 -0.011350407

11/23/2012 1409.15 0.013026319 34.36 0.01506647

11/21/2012 1391.03 0.002320202 33.85 0.005047506

11/20/2012 1387.81 0.000663355 33.68 -0.004139562

11/19/2012 1386.89 0.019862047 33.82 0.02051901

11/16/2012 1359.88 0.004839913 33.14 -0.008378217

11/15/2012 1353.33 -0.00159352 33.42 -0.010657194

11/14/2012 1355.49 -0.013852008 33.78 -0.005007364

11/13/2012 1374.53 -0.003985421 33.95 0.002361972

11/12/2012 1380.03 0.000130449 33.87 0.009838998

11/9/2012 1379.85 0.001698717 33.54 0.010240964

11/8/2012 1377.51 -0.012204829 33.2 -0.013079667

11/7/2012 1394.53 -0.023705011 33.64 -0.033333333

11/6/2012 1428.39 0.007853181 34.8 -0.000861326

11/5/2012 1417.26 0.002163768 34.83 -0.002862869

11/2/2012 1414.2 -0.009379444 34.93 -0.004559704

11/1/2012 1427.59 0.010926524 35.09 0.014455045

10/31/2012 1412.16 0.000155814 34.59 -0.001155068

10/26/2012 1411.94 -0.000728961 34.63 0.003768116

10/25/2012 1412.97 0.002995563 34.5 -0.00605013

10/24/2012 1408.75 -0.003085393 34.71 -0.008285714

116

10/23/2012 1413.11 -0.014443933 35 -0.007373795

10/22/2012 1433.82 0.000439579 35.26 -0.001698754

10/19/2012 1433.19 -0.016571287 35.32 -0.019433648

10/18/2012 1457.34 -0.002443682 36.02 0.008398656

10/17/2012 1460.91 0.004117065 35.72 0.009039548

10/16/2012 1454.92 0.010269906 35.4 0.005396194

10/15/2012 1440.13 0.008077895 35.21 -0.011787819

10/12/2012 1428.59 -0.002966137 35.63 -0.017374517

10/11/2012 1432.84 0.000195454 36.26 -0.01787649

10/10/2012 1432.56 -0.006188084 36.92 -0.005923533

10/9/2012 1441.48 -0.009890925 37.14 -0.013807754

10/8/2012 1455.88 -0.003456702 37.66 -0.00528262

10/5/2012 1460.93 -0.000321609 37.86 -0.012519562

10/4/2012 1461.4 0.007174412 38.34 0.004453759

10/3/2012 1450.99 0.003624416 38.17 0.009521291

10/2/2012 1445.75 0.00087228 37.81 0.001589404

10/1/2012 1444.49 0.002651544 37.75 0.00132626

9/28/2012 1440.67 -0.004477767 37.7 -0.007633588

9/27/2012 1447.15 0.009648927 37.99 -0.002363445

9/26/2012 1433.32 -0.005736721 38.08 0.000525486

9/25/2012 1441.59 -0.010501822 38.06 -0.00496732

9/24/2012 1456.89 -0.002232647 38.25 0.004464286

9/21/2012 1460.15 -7.53291E-05 38.08 0.003690037

9/20/2012 1460.26 -0.000540707 37.94 0.004766949

9/19/2012 1461.05 0.001185484 37.76 0.002655337

9/18/2012 1459.32 -0.001279779 37.66 0.001595745

9/17/2012 1461.19 -0.003124638 37.6 0.009125067

9/14/2012 1465.77 0.003958931 37.26 -0.023328965

9/13/2012 1459.99 0.016309796 38.15 0.011399788

117

9/12/2012 1436.56 0.002092692 37.72 0.002658161

9/11/2012 1433.56 0.003134884 37.62 0.005344735

9/10/2012 1429.08 -0.006147769 37.42 0.003217158

9/7/2012 1437.92 0.00404994 37.3 -0.003739316

9/6/2012 1432.12 0.020435501 37.44 0.013809911

9/5/2012 1403.44 -0.001067661 36.93 0.003259984

9/4/2012 1404.94 -0.001165949 36.81 0.004639738

8/31/2012 1406.58 0.005073313 36.64 -0.001362769

8/30/2012 1399.48 -0.007805798 36.69 -0.00353069

8/29/2012 1410.49 0.000844391 36.82 0.004912664

8/28/2012 1409.3 -0.000808258 36.64 -0.006238134

8/27/2012 1410.44 -0.00048897 36.87 -0.002165088

8/24/2012 1411.13 0.006454696 36.95 0.010667396

8/23/2012 1402.08 -0.008072218 36.56 0

8/22/2012 1413.49 0.000226441 36.56 -0.000819896

8/21/2012 1413.17 -0.003497564 36.59 -0.008132285

8/20/2012 1418.13 -2.11542E-05 36.89 -0.007532957

8/17/2012 1418.16 0.001872117 37.17 -0.001879699

8/16/2012 1415.51 0.007100524 37.24 0.003773585

8/15/2012 1405.53 0.001139658 37.1 -0.004026846

8/14/2012 1403.93 -0.000128195 37.25 -0.003744317

8/13/2012 1404.11 -0.001251894 37.39 -0.002667378

8/10/2012 1405.87 0.00218848 37.49 0.006983615

8/9/2012 1402.8 0.00041363 37.23 -0.005343308

8/8/2012 1402.22 0.00062083 37.43 -0.000267094

8/7/2012 1401.35 0.005106761 37.44 -0.004520074

8/6/2012 1394.23 0.002329276 37.61 0.000798297

8/3/2012 1390.99 0.019040293 37.58 0.00106553

8/2/2012 1365 -0.007503708 37.54 -0.002656748

118

8/1/2012 1375.32 -0.00289998 37.64 -0.007383966

7/31/2012 1379.32 -0.004316754 37.92 0.013091103

7/30/2012 1385.3 -0.000483416 37.43 0.007808293

7/27/2012 1385.97 0.019080602 37.14 0.023140496

7/26/2012 1360.02 0.016540971 36.3 0.02745542

7/25/2012 1337.89 -0.000313829 35.33 0.020213688

7/24/2012 1338.31 -0.009040962 34.63 -0.021198417

7/23/2012 1350.52 -0.008909046 35.38 0.002550298

7/20/2012 1362.66 -0.010061678 35.29 -0.00535513

7/19/2012 1376.51 0.002717114 35.48 -0.019618679

7/18/2012 1372.78 0.006680502 36.19 0.010329425

7/17/2012 1363.67 0.007409651 35.82 0.011293055

7/16/2012 1353.64 -0.002314303 35.42 0.001980198

7/13/2012 1356.78 0.016497348 35.35 0.013765414

7/12/2012 1334.76 -0.004987141 34.87 -0.011060692

7/11/2012 1341.45 -1.4909E-05 35.26 -0.005079007

7/10/2012 1341.47 -0.008125933 35.44 -0.002813731

7/9/2012 1352.46 -0.001638763 35.54 0.00282167

7/6/2012 1354.68 -0.009432721 35.44 -0.009225608

7/5/2012 1367.58 -0.004686977 35.77 -0.006388889

7/3/2012 1374.02 0.006232104 36 -0.005524862

7/2/2012 1365.51 0.002459329 36.2 0.015143017

6/29/2012 1362.16 0.024920243 35.66 0.007629274

6/28/2012 1329.04 -0.002109847 35.39 0.005683433

6/27/2012 1331.85 0.008984917 35.19 0.006003431

6/26/2012 1319.99 0.004772707 34.98 0.000858369

6/25/2012 1313.72 -0.015954817 34.95 -0.006255331

6/22/2012 1335.02 0.007174597 35.17 0.003996574

6/21/2012 1325.51 -0.022261727 35.03 -0.010731432

119

6/20/2012 1355.69 -0.001686328 35.41 -0.00169157

6/19/2012 1357.98 0.009815732 35.47 -0.004490598

6/18/2012 1344.78 0.001444699 35.63 -0.002240269

6/15/2012 1342.84 0.010337823 35.71 0.000560381

6/14/2012 1329.1 0.010814675 35.69 0.020297313

6/13/2012 1314.88 -0.007023214 34.98 0

6/12/2012 1324.18 0.011650738 34.98 0.011274935

6/11/2012 1308.93 -0.012620129 34.59 0.001157742

6/8/2012 1325.66 0.00811413 34.55 0.011416862

6/7/2012 1314.99 -0.000106453 34.16 -0.011574074

6/6/2012 1315.13 0.023049397 34.56 0.014679977

6/5/2012 1285.5 0.005726893 34.06 -0.002635432

6/4/2012 1278.18 0.000109543 34.15 0.007374631

6/1/2012 1278.04 -0.024642647 33.9 -0.007901668

5/31/2012 1310.33 -0.002276673 34.17 0.009751773

5/30/2012 1313.32 -0.014334819 33.84 -0.002946376

5/29/2012 1332.42 0.011078903 33.94 0.0074206

5/25/2012 1317.82 -0.002165551 33.69 0.001486326

5/24/2012 1320.68 0.00137998 33.64 0.008393285

5/23/2012 1318.86 0.001693718 33.36 -0.005366726

5/22/2012 1316.63 0.000486326 33.54 -0.002676182

5/21/2012 1315.99 0.016035886 33.63 -0.000891266

5/18/2012 1295.22 -0.007387766 33.66 0.011114449

5/17/2012 1304.86 -0.015051329 33.29 0.003012956

5/16/2012 1324.8 -0.00440383 33.19 -0.004797601

5/15/2012 1330.66 -0.005745881 33.35 -0.005368327

5/14/2012 1338.35 -0.011112835 33.53 -0.001786246

5/11/2012 1353.39 -0.003387359 33.59 0.013884697

5/10/2012 1357.99 0.002517385 33.13 0.009753124

120

5/9/2012 1354.58 -0.006702256 32.81 -0.006961259

5/8/2012 1363.72 -0.004278684 33.04 0.001212121

5/7/2012 1369.58 0.000350595 33 0.004260499

5/4/2012 1369.1 -0.016147229 32.86 -0.007550589

5/3/2012 1391.57 -0.007658792 33.11 0.002118644

5/2/2012 1402.31 -0.002496763 33.04 -0.000604961

5/1/2012 1405.82 0.005658447 33.06 0.004557885

4/30/2012 1397.91 -0.003883537 32.91 0.007346189

4/27/2012 1403.36 0.00241432 32.67 0.007090012

4/26/2012 1399.98 0.006680137 32.44 0.02205419

4/25/2012 1390.69 0.013644613 31.74 0.000630517

4/24/2012 1371.97 0.003679752 31.72 0.036262659

4/23/2012 1366.94 -0.008407507 30.61 -0.008101102

4/20/2012 1378.53 0.001169276 30.86 0.003903709

4/19/2012 1376.92 -0.005934418 30.74 -0.000325203

4/18/2012 1385.14 -0.004055278 30.75 -0.004532211

4/17/2012 1390.78 0.015486613 30.89 0.009147337

4/16/2012 1369.57 -0.000503554 30.61 0.002292076

4/13/2012 1370.26 -0.012475046 30.54 -0.009727626

4/12/2012 1387.57 0.013779398 30.84 0.012807882

4/11/2012 1368.71 0.007448899 30.45 0.010620644

4/10/2012 1358.59 -0.017081464 30.13 -0.016644909

4/9/2012 1382.2 -0.011358434 30.64 -0.009696186

4/5/2012 1398.08 -0.000629039 30.94 -0.019955654

4/4/2012 1398.96 -0.010202493 31.57 0.004454343

4/3/2012 1413.38 -0.003988612 31.43 -0.00063593

4/2/2012 1419.04 0.007504597 31.45 0.007044508

3/30/2012 1408.47 0.003698478 31.23 0.00064082

3/29/2012 1403.28 -0.001607923 31.21 -0.004783163

121

3/28/2012 1405.54 -0.004941523 31.36 -0.008849558

3/27/2012 1412.52 -0.002816782 31.64 -0.004718465

3/26/2012 1416.51 0.013885807 31.79 0.00856599

3/23/2012 1397.11 0.00310889 31.52 -0.005991801

3/22/2012 1392.78 -0.007206552 31.71 -0.004082915

3/21/2012 1402.89 -0.001871194 31.84 0.001572822

3/20/2012 1405.52 -0.003000532 31.79 0.004423381

3/19/2012 1409.75 0.003973878 31.65 0.001899335

3/16/2012 1404.17 0.00111935 31.59 -0.001580278

3/15/2012 1402.6 0.005967238 31.64 0.006041335

3/14/2012 1394.28 -0.001196318 31.45 -0.0056908

3/13/2012 1395.95 0.01813156 31.63 0.006043257

3/12/2012 1371.09 0.000160482 31.44 0.008338679

3/9/2012 1370.87 0.003631279 31.18 0.005806452

3/8/2012 1365.91 0.00981791 31 0.00388601

3/7/2012 1352.63 0.006900607 30.88 0.004881224

3/6/2012 1343.36 -0.015370182 30.73 -0.008389803

3/5/2012 1364.33 -0.003869658 30.99 0.003887269

3/2/2012 1369.63 -0.003245784 30.87 0.007835455

3/1/2012 1374.09 0.006158104 30.63 0.001307617

2/29/2012 1365.68 -0.004736988 30.59 0.00196528

2/28/2012 1372.18 0.003356269 30.53 0.005599473

2/27/2012 1367.59 0.001354577 30.36 0.000659196

2/24/2012 1365.74 0.001672216 30.34 -0.003939593

2/23/2012 1363.46 0.004272056 30.46 0.005944518

2/22/2012 1357.66 -0.00334016 30.28 -0.001977587

2/21/2012 1362.21 0.000719937 30.34 0.010996335

122

2/17/2012 1361.23 0.002348974 30.01 -0.000333111

2/16/2012 1358.04 0.011025662 30.02 0.005021761

2/15/2012 1343.23 -0.005383191 29.87 -0.006651147

2/14/2012 1350.5 -0.000939509 30.07 0.000998668

2/13/2012 1351.77 0.006800036 30.04 0.006702413

2/10/2012 1342.64 -0.006886349 29.84 -0.005001667

2/9/2012 1351.95 0.001474118 29.99 -0.000999334

2/8/2012 1349.96 0.002160276 30.02 -0.000665779

2/7/2012 1347.05 0.002023313 30.04 0.002335669

2/6/2012 1344.33 -0.000423823 29.97 0.00066778

2/3/2012 1344.9 0.014605368 29.95 0.00537093

2/2/2012 1325.54 0.001095092 29.79 0.006418919

2/1/2012 1324.09 0.008899658 29.6 0.006460388

1/31/2012 1312.41 -0.000456965 29.41 0.002385821

1/30/2012 1313.01 -0.002522164 29.34 0.00617284

1/27/2012 1316.33 -0.001592804 29.16 -0.009847199

1/26/2012 1318.43 -0.005753887 29.45 -0.025157233

1/25/2012 1326.06 0.008679116 30.21 0.003988036

1/24/2012 1314.65 -0.001025836 30.09 -0.010197368

1/23/2012 1316 0.000471347 30.4 -0.003605375

1/20/2012 1315.38 0.000669456 30.51 0.00295858

1/19/2012 1314.5 0.004938687 30.42 0.002967359

1/18/2012 1308.04 0.011107933 30.33 0.002644628

1/17/2012 1293.67 0.003552894 30.25 0.005986033

1/13/2012 1289.09 -0.004947897 30.07 -0.001660027

1/12/2012 1295.5 0.002336593 30.12 0.004334778

1/11/2012 1292.48 0.000309578 29.99 0.007728495

123

1/10/2012 1292.08 0.008885766 29.76 0.003371544

1/9/2012 1280.7 0.002261682 29.66 -0.000673854

1/6/2012 1277.81 -0.002536962 29.68 -0.023684211

1/5/2012 1281.06 0.002943709 30.4 -0.000985869

1/4/2012 1277.3 0.000187932 30.43 0.00164582

1/3/2012 1277.06 0.015473919 30.38 0.00462963

12/30/2011 1257.6 -0.004291302 30.24 0.002320186

12/29/2011 1263.02 0.010707084 30.17 0.007345576

12/28/2011 1249.64 -0.012477972 29.95 -0.002996005

12/27/2011 1265.43 7.90308E-05 30.04 0.005691329

12/23/2011 1265.33 0.009035088 29.87 0.007080243

12/22/2011 1254 0.008265526 29.66 0.012286689

12/21/2011 1243.72 0.001949569 29.3 0.006181319

12/20/2011 1241.3 0.029825362 29.12 0.01322199

12/19/2011 1205.35 -0.011732778 28.74 -0.003812825

12/16/2011 1219.66 0.003216122 28.85 0.002084057

12/15/2011 1215.75 0.003243056 28.79 -0.000694203

12/14/2011 1211.82 -0.011348339 28.81 -0.00792011

12/13/2011 1225.73 -0.008686017 29.04 0.001034126

12/12/2011 1236.47 -0.014914077 29.01 -0.000688942

12/9/2011 1255.19 0.01688338 29.03 0.005890506

12/8/2011 1234.35 -0.021141783 28.86 -0.018367347

12/7/2011 1261.01 0.002018324 29.4 0.007884813

12/6/2011 1258.47 0.001105737 29.17 0.000686106

12/5/2011 1257.08 0.010287074 29.15 0.006560773

12/2/2011 1244.28 -0.000241045 28.96 0.004160888

12/1/2011 1244.58 -0.001908642 28.84 -0.004830918

124

11/30/2011 1246.96 0.043315289 28.98 0.032786885

11/29/2011 1195.19 0.002213744 28.06 0.003935599

11/28/2011 1192.55 0.029240422 27.95 0.019700839

11/25/2011 1158.67 -0.002685511 27.41 -0.00508167

11/23/2011 1161.79 -0.022095216 27.55 -0.018874644

11/22/2011 1188.04 -0.004140891 28.08 -0.009873061

11/21/2011 1192.98 -0.01864846 28.36 -0.009776536

11/18/2011 1215.65 -0.000394695 28.64 0.001048584

11/17/2011 1216.13 -0.016799929 28.61 -0.00590688

11/16/2011 1236.91 -0.016616182 28.78 -0.016068376

11/15/2011 1257.81 0.00481714 29.25 0.002055498

11/14/2011 1251.78 -0.009550184 29.19 -0.007817811

11/11/2011 1263.85 0.019480519 29.42 0.008916324

11/10/2011 1239.7 0.008624197 29.16 0.008647527

11/9/2011 1229.1 -0.036695091 28.91 -0.018669382

11/8/2011 1275.92 0.0117356 29.46 0.000679348

11/7/2011 1261.12 0.006295732 29.44 0.009602195

11/4/2011 1253.23 -0.006279983 29.16 -0.00951087

11/3/2011 1261.15 0.018781808 29.44 0.012379642

11/2/2011 1237.9 0.016104672 29.08 0.013240418

11/1/2011 1218.28 -0.027942233 28.7 -0.02081201

10/31/2011 1253.3 -0.024737567 29.31 -0.014458642

10/28/2011 1285.09 0.000389229 29.74 0.00916186

10/27/2011 1284.59 0.034291465 29.47 0.025043478

10/26/2011 1242 0.010536593 28.75 0.011967617

10/25/2011 1229.05 -0.02004481 28.41 -0.016274238

10/24/2011 1254.19 0.012873006 28.88 -0.008582218

10/21/2011 1238.25 0.018808777 29.13 0.004829251

125

10/20/2011 1215.39 0.004554171 28.99 -0.003437607

10/19/2011 1209.88 -0.012649137 29.09 -0.004108182

10/18/2011 1225.38 0.0204187 29.21 0.006547209

10/17/2011 1200.86 -0.019369906 29.02 -0.005142269

10/14/2011 1224.58 0.017380323 29.17 0.002405498

10/13/2011 1203.66 -0.002973701 29.1 0.003794412

10/12/2011 1207.25 0.009794737 28.99 0.007646854

10/11/2011 1195.54 0.000543983 28.77 -0.013712719

10/10/2011 1194.89 0.034124937 29.17 0.025668073

10/7/2011 1155.46 -0.0081633 28.44 0.001055966

10/6/2011 1164.97 0.018303716 28.41 0.003532321

10/5/2011 1144.03 0.017865563 28.31 0

10/4/2011 1123.95 0.022488469 28.31 0.005326705

10/3/2011 1099.23 -0.028450973 28.16 -0.012622721

9/30/2011 1131.42 -0.024974147 28.52 -0.0110957

9/29/2011 1160.4 0.00811426 28.84 0.010157618

9/28/2011 1151.06 -0.020691181 28.55 -0.00418556

9/27/2011 1175.38 0.010688336 28.67 0.011644319

9/26/2011 1162.95 0.023336237 28.34 0.017594255

9/23/2011 1136.43 0.006082014 27.85 0.003603604

9/22/2011 1129.56 -0.031883164 27.75 -0.019434629

9/21/2011 1166.76 -0.029390478 28.3 -0.019064125

9/20/2011 1202.09 -0.001661005 28.85 0.009447166

9/19/2011 1204.09 -0.009802551 28.58 -0.01243953

9/16/2011 1216.01 0.005706677 28.94 0.014015417

9/15/2011 1209.11 0.017187132 28.54 0.009907997

9/14/2011 1188.68 0.013479755 28.26 0.004978663

9/13/2011 1172.87 0.009120084 28.12 0.008608321

126

9/12/2011 1162.27 0.006965683 27.88 0.012345679

9/9/2011 1154.23 -0.026705456 27.54 -0.015021459

9/8/2011 1185.9 -0.010612204 27.96 -0.00604337

9/7/2011 1198.62 0.028646459 28.13 0.010779734

9/6/2011 1165.24 -0.007436306 27.83 -0.007843137

9/2/2011 1173.97 -0.025281878 28.05 -0.007782101

9/1/2011 1204.42 -0.011871457 28.27 -0.007373596

8/31/2011 1218.89 0.004922006 28.48 -0.038487508

8/30/2011 1212.92 0.002346952 29.62 0.012303486

8/29/2011 1210.08 0.028280082 29.26 0.007575758

8/26/2011 1176.8 0.015121585 29.04 -0.000688231

8/25/2011 1159.27 -0.015565557 29.06 -0.012572205

8/24/2011 1177.6 0.013119972 29.43 0.01552795

8/23/2011 1162.35 0.03428485 28.98 0.018629174

8/22/2011 1123.82 0.000258115 28.45 0.016434441

8/19/2011 1123.53 -0.015008986 27.99 -0.016514406

8/18/2011 1140.65 -0.044593723 28.46 -0.024340075

8/17/2011 1193.89 0.000947383 29.17 0.013199027

8/16/2011 1192.76 -0.009738562 28.79 -0.000694203

8/15/2011 1204.49 0.021784681 28.81 0.020907158

8/12/2011 1178.81 0.005261632 28.22 -0.007735584

8/11/2011 1172.64 0.046290017 28.44 0.020086083

8/10/2011 1120.76 -0.044152388 27.88 -0.033622184

8/9/2011 1172.53 0.047406785 28.85 0.041516245

8/8/2011 1119.46 -0.066634428 27.7 -0.042516419

8/5/2011 1199.38 -0.000574966 28.93 0.005211953

8/4/2011 1200.07 -0.047820429 28.78 -0.02440678

8/3/2011 1260.34 0.005015749 29.5 0.010966415

127

8/2/2011 1254.05 -0.025556747 29.18 -0.011517615

8/1/2011 1286.94 -0.004132231 29.52 0.008885851

7/29/2011 1292.28 -0.006450522 29.26 0

7/28/2011 1300.67 -0.003233989 29.26 -0.023364486

7/27/2011 1304.89 -0.020308723 29.96 0.000668003

7/26/2011 1331.94 -0.004104888 29.94 0.001003009

7/25/2011 1337.43 -0.005643039 29.91 -0.013522427

7/22/2011 1345.02 0.000907873 30.32 0.001321004

7/21/2011 1343.8 0.013546129 30.28 0.001653986

7/20/2011 1325.84 -0.000670822 30.23 -0.003297066

7/19/2011 1326.73 0.016308678 30.33 0.006972112

7/18/2011 1305.44 -0.008129834 30.12 -0.006268558

7/15/2011 1316.14 0.00555441 30.31 -0.0088293

7/14/2011 1308.87 -0.006716146 30.58 -0.007787151

7/13/2011 1317.72 0.003105874 30.82 0.001624959

7/12/2011 1313.64 -0.004433531 30.77 -0.000974026

7/11/2011 1319.49 -0.01809049 30.8 -0.010918433

7/8/2011 1343.8 -0.006961174 31.14 -0.002881844

7/7/2011 1353.22 0.010453846 31.23 0

7/6/2011 1339.22 0.001001585 31.23 -0.012646222

7/5/2011 1337.88 -0.00133615 31.63 -0.001578283

7/1/2011 1339.67 0.01440968 31.68 0.008595989

6/30/2011 1320.64 0.010119243 31.41 0.004798464

6/29/2011 1307.41 0.008282755 31.26 0.007736944

6/28/2011 1296.67 0.012944301 31.02 0.008452536

6/27/2011 1280.1 0.009184438 30.76 0.010512484

6/24/2011 1268.45 -0.01172575 30.44 -0.009114583

6/23/2011 1283.5 -0.002827975 30.72 -0.005181347

128

6/22/2011 1287.14 -0.006468445 30.88 -0.007393121

6/21/2011 1295.52 0.013423449 31.11 0.004844961

6/20/2011 1278.36 0.005395203 30.96 0.006174846

6/17/2011 1271.5 0.003045029 30.77 0.011173184

6/16/2011 1267.64 0.001754358 30.43 0.002635914

6/15/2011 1265.42 -0.017431884 30.35 -0.014290354

6/14/2011 1287.87 0.012611748 30.79 0.007855974

6/13/2011 1271.83 0.000668775 30.55 0.006921556

6/10/2011 1270.98 -0.013979829 30.34 0.000329707

6/9/2011 1289 0.007377536 30.33 -0.000329598

6/8/2011 1279.56 -0.004186966 30.34 0.000989772

6/7/2011 1284.94 -0.000956328 30.31 -0.001646904

6/6/2011 1286.17 -0.010760214 30.36 -0.009461664

6/3/2011 1300.16 -0.00973388 30.65 -0.01033258

6/2/2011 1312.94 -0.001224754 30.97 -0.006416426

6/1/2011 1314.55 -0.022784716 31.17 -0.012357414

5/31/2011 1345.2 0.010592743 31.56 0.008628955

5/27/2011 1331.1 0.004080894 31.29 0.005785921

5/26/2011 1325.69 0.003953138 31.11 0.003548387

5/25/2011 1320.47 0.003183213 31 -0.005134788

5/24/2011 1316.28 -0.000827406 31.16 0.002574003

5/23/2011 1317.37 -0.011925566 31.08 -0.007662835

5/20/2011 1333.27 -0.0076883 31.32 -0.002547771

5/19/2011 1343.6 0.002177999 31.4 0.006410256

5/18/2011 1340.68 0.008803744 31.2 0.002570694

5/17/2011 1328.98 -0.000368568 31.12 0.001931745

5/16/2011 1329.47 -0.006204355 31.06 -0.011142948

5/13/2011 1337.77 -0.008067327 31.41 -0.007269279

129

5/12/2011 1348.65 0.004895386 31.64 0.008285532

5/11/2011 1342.08 -0.011111439 31.38 -0.009782266

5/10/2011 1357.16 0.008074041 31.69 0.010845295

5/9/2011 1346.29 0.004544098 31.35 0.002879079

5/6/2011 1340.2 0.003819939 31.26 0.00128123

5/5/2011 1335.1 -0.009069857 31.22 -0.017930167

5/4/2011 1347.32 -0.006855273 31.79 -0.002197112

5/3/2011 1356.62 -0.003379321 31.86 0.020826658

5/2/2011 1361.22 -0.001752701 31.21 0.002892031

4/29/2011 1363.61 0.002300659 31.12 -0.007969398

4/28/2011 1360.48 0.003555464 31.37 -0.001591343

4/27/2011 1355.66 0.006249814 31.42 0.015513898

4/26/2011 1347.24 0.008979592 30.94 0.012765957

4/25/2011 1335.25 -0.001592666 30.55 -0.004237288

4/21/2011 1337.38 0.005276767 30.68 0.018254232

4/20/2011 1330.36 0.013514955 30.13 -0.005938634

4/19/2011 1312.62 0.005731186 30.31 0

4/18/2011 1305.14 -0.011017823 30.31 -0.011092985

4/15/2011 1319.68 0.003925387 30.65 0.011885111

4/14/2011 1314.52 8.36877E-05 30.29 0.003644798

4/13/2011 1314.41 0.000190236 30.18 -0.009517558

4/12/2011 1314.16 -0.007776754 30.47 -0.006196999

4/11/2011 1324.46 -0.002793317 30.66 -0.001628134

4/8/2011 1328.17 -0.004004469 30.71 0.00556647

4/7/2011 1333.51 -0.001519984 30.54 0.002297342

4/6/2011 1335.54 0.002183652 30.47 -0.007491857

4/5/2011 1332.63 -0.000180063 30.7 -0.002274943

4/4/2011 1332.87 0.000345239 30.77 0.004898759

130

4/1/2011 1332.41 0.004962929 30.62 0.000326691

3/31/2011 1325.83 -0.001829461 30.61 -0.003256268

3/30/2011 1328.26 0.006684654 30.71 0.021963394

3/29/2011 1319.44 0.007060045 30.05 0.023501362

3/28/2011 1310.19 -0.002747755 29.36 0.017677643

3/25/2011 1313.8 0.003161126 28.85 0.010861948

3/24/2011 1309.66 0.009340753 28.54 0.014214641

3/23/2011 1297.54 0.002913965 28.14 0.001423488

3/22/2011 1293.77 -0.003550578 28.1 -0.005661713

3/21/2011 1298.38 0.014985812 28.26 0.011453114

3/18/2011 1279.21 0.004310209 27.94 0.007209805

3/17/2011 1273.72 0.013398256 27.74 0.015001829

3/16/2011 1256.88 -0.019494957 27.33 -0.017259978

3/15/2011 1281.87 -0.011200333 27.81 -0.013479957

3/14/2011 1296.39 -0.006049315 28.19 -0.009486999

3/11/2011 1304.28 0.00708048 28.46 -0.005242922

3/10/2011 1295.11 -0.018870926 28.61 -0.006252171

3/9/2011 1320.02 -0.001361759 28.79 0.011950791

3/8/2011 1321.82 0.008922779 28.45 0.019713262

3/7/2011 1310.13 -0.008341218 27.9 -0.000716332

3/4/2011 1321.15 -0.007378078 27.92 -0.007465339

3/3/2011 1330.97 0.017218978 28.13 -0.00141995

3/2/2011 1308.44 0.001615212 28.17 0.003205128

3/1/2011 1306.33 -0.015739666 28.08 -0.010570825

2/28/2011 1327.22 0.005561112 28.38 0.008887309

2/25/2011 1319.88 0.010550494 28.13 0.00752149

2/24/2011 1306.1 -0.00099434 27.92 -0.003924367

2/23/2011 1307.4 -0.006112023 28.03 -0.006028369

131

2/22/2011 1315.44 -0.020528514 28.2 -0.012950648

2/18/2011 1343.01 0.001924755 28.57 0.00245614

2/17/2011 1340.43 0.003075611 28.5 0.007067138

2/16/2011 1336.32 0.006257483 28.3 0.002124646

2/15/2011 1328.01 -0.003234959 28.24 -0.007730148

2/14/2011 1332.32 0.002384983 28.46 -0.000351247

2/11/2011 1329.15 0.005507349 28.47 0.008144476

2/10/2011 1321.87 0.0007495 28.24 0.0096532

2/9/2011 1320.88 -0.00278581 27.97 0.002149767

2/8/2011 1324.57 0.00418483 27.91 -0.001788269

2/7/2011 1319.05 0.006240131 27.96 -0.000357526

2/4/2011 1310.87 0.002884248 27.97 -0.000714541

2/3/2011 1307.1 0.00235424 27.99 0.011564872

2/2/2011 1304.03 -0.002722566 27.67 -0.007176175

2/1/2011 1307.59 0.016693621 27.87 0.012718023

1/31/2011 1286.12 0.007662535 27.52 0.001091306

1/28/2011 1276.34 -0.017852471 27.49 -0.022751511

1/27/2011 1299.54 0.002244279 28.13 -0.020884093

1/26/2011 1296.63 0.004220945 28.73 -0.001043115

1/25/2011 1291.18 0.000263394 28.76 0.009831461

1/24/2011 1290.84 0.005836288 28.48 0.005294741

1/21/2011 1283.35 0.002413572 28.33 0.003542331

1/20/2011 1280.26 -0.001294933 28.23 -0.003529827

1/19/2011 1281.92 -0.010115674 28.33 0

1/18/2011 1295.02 0.001376388 28.33 -0.003517411

1/14/2011 1293.24 0.007384558 28.43 0.012464387

1/13/2011 1283.76 -0.001710784 28.08 0.001426534

1/12/2011 1285.96 0.009007595 28.04 0.004657829

132

1/11/2011 1274.48 0.003725143 27.91 -0.0151729

1/10/2011 1269.75 -0.001376327 28.34 -0.017677643

1/7/2011 1271.5 -0.001844801 28.85 -0.010291595

1/6/2011 1273.85 -0.002122893 29.15 -0.027685123

1/5/2011 1276.56 0.005007085 29.98 0.00334672

1/4/2011 1270.2 -0.001313027 29.88 0.007077856

1/3/2011 1271.87 0.011314844 29.67 0.00987066

12/31/2010 1257.64 -0.000190797 29.38 0.001704739

12/30/2010 1257.88 -0.0015082 29.33 0.000682361

12/29/2010 1259.78 0.00100913 29.31 0.002736914

12/28/2010 1258.51 0.000771347 29.23 -0.000683761

12/27/2010 1257.54 0.000612682 29.25 0.001712329

12/23/2010 1256.77 -0.001644371 29.2 0.002403021

12/22/2010 1258.84 0.003379563 29.13 0.002063983

12/21/2010 1254.6 0.006030086 29.07 -0.002059732

12/20/2010 1247.08 0.002548416 29.13 -0.002738788

12/17/2010 1243.91 0.000836773 29.21 -0.000684229

12/16/2010 1242.87 0.006185083 29.23 0.003432887

12/15/2010 1235.23 -0.005122464 29.13 -0.007157464

12/14/2010 1241.59 0.000910952 29.34 0.019457957

12/13/2010 1240.46 4.83715E-05 28.78 -0.003807546

12/10/2010 1240.4 0.006001622 28.89 0.002428869

12/9/2010 1233 0.003842772 28.82 0.006636395

12/8/2010 1228.28 0.003701736 28.63 0.003153469

12/7/2010 1223.75 0.000515076 28.54 0.008480565

12/6/2010 1223.12 -0.001298267 28.3 -0.006669007

12/3/2010 1224.71 0.002603293 28.49 -0.002101576

12/2/2010 1221.53 0.012818493 28.55 0.009547383

133

12/1/2010 1206.07 0.021617043 28.28 0.017632242

11/30/2010 1180.55 -0.00607025 27.79 0.003249097

11/29/2010 1187.76 -0.001378846 27.7 -0.008234873

11/26/2010 1189.4 -0.007468603 27.93 -0.007462687

11/24/2010 1198.35 0.014922971 28.14 0.003924367

11/23/2010 1180.73 -0.014284045 28.03 -0.009190527

11/22/2010 1197.84 -0.001575354 28.29 -0.001059322

11/19/2010 1199.73 0.00254034 28.32 -0.004219409

11/18/2010 1196.69 0.015357334 28.44 0.017167382

11/17/2010 1178.59 0.000212163 27.96 -0.009915014

11/16/2010 1178.34 -0.016205385 28.24 -0.013622075

11/15/2010 1197.75 -0.001217468 28.63 0.005973296

11/12/2010 1199.21 -0.011808428 28.46 -0.012833854

11/11/2010 1213.54 -0.004242191 28.83 -0.00757315

11/10/2010 1218.71 0.004376133 29.05 -0.004455106

11/9/2010 1213.4 -0.00805232 29.18 0

11/8/2010 1223.25 -0.002120977 29.18 -0.003074821

11/5/2010 1225.85 0.003922821 29.27 -0.005774457

11/4/2010 1221.06 0.019282781 29.44 0.013076394

11/3/2010 1197.96 0.003678042 29.06 0.00414651

11/2/2010 1193.57 0.007759334 28.94 0.007660167

11/1/2010 1184.38 0.000946538 28.72 0.007012623

10/29/2010 1183.26 -0.000439271 28.52 0.000701754

10/28/2010 1183.78 0.001124783 28.5 0.005291005

10/27/2010 1182.45 -0.00269053 28.35 0.001412928

10/26/2010 1185.64 1.68688E-05 28.31 -0.001763047

10/25/2010 1185.62 0.002146938 28.36 0.002474373

10/22/2010 1183.08 0.002389304 28.29 -0.001764291

134

10/21/2010 1180.26 0.001773938 28.34 -0.00943726

10/20/2010 1178.17 0.010524059 28.61 0.014179369

10/19/2010 1165.9 -0.015877303 28.21 -0.014325646

10/18/2010 1184.71 0.007243728 28.62 0.010236498

10/15/2010 1176.19 0.002027585 28.33 -0.005964912

10/14/2010 1173.81 -0.003641457 28.5 0.001053741

10/13/2010 1178.1 0.007121058 28.47 0.002817894

10/12/2010 1169.77 0.003818694 28.39 0.002471751

10/11/2010 1165.32 0.000145904 28.32 0.003543586

10/8/2010 1165.15 0.006122308 28.22 -0.001061947

10/7/2010 1158.06 -0.001646594 28.25 -0.012928022

10/6/2010 1159.97 -0.000671979 28.62 -0.02520436

10/5/2010 1160.75 0.020861367 29.36 0.017325017

10/4/2010 1137.03 -0.008034966 28.86 0.001735509

10/1/2010 1146.24 0.004416404 28.81 0.007342657

9/30/2010 1141.2 -0.003083697 28.6 -0.003831418

9/29/2010 1144.73 -0.002587784 28.71 -0.007261411

9/28/2010 1147.7 0.004850459 28.92 0.001731902

9/27/2010 1142.16 -0.005667424 28.87 0.010146956

9/24/2010 1148.67 0.021194314 28.58 0.002455279

9/23/2010 1124.83 -0.008331276 28.51 -0.002798181

9/22/2010 1134.28 -0.004825493 28.59 -0.000699056

9/21/2010 1139.78 -0.00256408 28.61 0.002452698

9/20/2010 1142.71 0.015209801 28.54 0.01313454

9/17/2010 1125.59 0.000826917 28.17 0.002134472

9/16/2010 1124.66 -0.000364422 28.11 0.003570154

9/15/2010 1125.07 0.003541165 28.01 0.002864304

9/14/2010 1121.1 -0.000713076 27.93 0

135

9/13/2010 1121.9 0.011130639 27.93 0.003593245

9/10/2010 1109.55 0.004863337 27.83 0.000719166

9/9/2010 1104.18 0.004832237 27.81 0.015334064

9/8/2010 1098.87 0.006438672 27.39 0.00440044

9/7/2010 1091.84 -0.01147115 27.27 -0.006195335

9/3/2010 1104.51 0.013218971 27.44 0.001459854

9/2/2010 1090.1 0.009080895 27.4 0.001828154

9/1/2010 1080.29 0.029504541 27.35 0.011838698

8/31/2010 1049.33 0.000390878 27.03 0.015020653

8/30/2010 1048.92 -0.014719282 26.63 -0.011507053

8/27/2010 1064.59 0.016586773 26.94 0.008988764

8/26/2010 1047.22 -0.0076848 26.7 -0.007065824

8/25/2010 1055.33 0.00328938 26.89 0.006362275

8/24/2010 1051.87 -0.014512442 26.72 0.008682522

8/23/2010 1067.36 -0.004040347 26.49 0.001512287

8/20/2010 1071.69 -0.00366297 26.45 -0.019280682

8/19/2010 1075.63 -0.016935366 26.97 -0.011363636

8/18/2010 1094.16 0.001482783 27.28 0.011494253

8/17/2010 1092.54 0.012192184 26.97 0.012007505

8/16/2010 1079.38 0.000120454 26.65 -0.00261976

8/13/2010 1079.25 -0.004023588 26.72 0.002250563

8/12/2010 1083.61 -0.005378762 26.66 0.004143126

8/11/2010 1089.47 -0.028178688 26.55 -0.017030729

8/10/2010 1121.06 -0.005967423 27.01 0.005584512

8/9/2010 1127.79 0.005483043 26.86 0.012057272

8/6/2010 1121.64 -0.003704 26.54 -0.007479432

8/5/2010 1125.81 -0.001268585 26.74 0.003753754

8/4/2010 1127.24 0.006051086 26.64 -0.001873361

136

8/3/2010 1120.46 -0.004796333 26.69 0.003760812

8/2/2010 1125.86 0.022022513 26.59 0.025057826

7/30/2010 1101.6 6.3548E-05 25.94 -0.003074558

7/29/2010 1101.53 -0.004158643 26.02 -0.006870229

7/28/2010 1106.13 -0.006922 26.2 0.001912046

7/27/2010 1113.84 -0.001049318 26.15 0.007318952

7/26/2010 1115.01 0.011200189 25.96 0.016444792

7/23/2010 1102.66 0.00822003 25.54 0.001176009

7/22/2010 1093.67 0.022513299 25.51 0.023675762

7/21/2010 1069.59 -0.012819803 24.92 0.00524405

7/20/2010 1083.48 0.011416569 24.79 -0.003617363

7/19/2010 1071.25 0.005981895 24.88 0.007695423

7/16/2010 1064.88 -0.028819495 24.69 -0.0124

7/15/2010 1096.48 0.001196161 25 0.001602564

7/14/2010 1095.17 -0.000155203 24.96 0.000400802

7/13/2010 1095.34 0.015378911 24.95 0.004428341

7/12/2010 1078.75 0.000732866 24.84 0.000402739

7/9/2010 1077.96 0.007203924 24.83 0.010582011

7/8/2010 1070.25 0.009412697 24.57 0.009864365

7/7/2010 1060.27 0.031330856 24.33 -0.003277345

7/6/2010 1028.06 0.005358994 24.41 0.004940305

7/2/2010 1022.58 -0.00466239 24.29 -0.002054232

7/1/2010 1027.37 -0.003240485 24.34 0.006200909

6/30/2010 1030.71 -0.010112942 24.19 -0.01103843

6/29/2010 1041.24 -0.031017058 24.46 -0.019639279

6/28/2010 1074.57 -0.002033879 24.95 0.006454215

6/25/2010 1076.76 0.002859298 24.79 -0.010379242

6/24/2010 1073.69 -0.016803414 25.05 -0.015330189

137

6/23/2010 1092.04 -0.002985456 25.44 0.003154574

6/22/2010 1095.31 -0.016070787 25.36 -0.003144654

6/21/2010 1113.2 -0.003856789 25.44 0.000393236

6/18/2010 1117.51 0.001317157 25.43 -0.005475166

6/17/2010 1116.04 0.00128296 25.57 0.001959248

6/16/2010 1114.61 -0.000555939 25.52 -0.000783085

6/15/2010 1115.23 0.023494214 25.54 0.01470004

6/14/2010 1089.63 -0.00180469 25.17 -0.004744958

6/11/2010 1091.6 0.00437967 25.29 -0.005896226

6/10/2010 1086.84 0.029506768 25.44 0.021686747

6/9/2010 1055.69 -0.00594162 24.9 -0.002803364

6/8/2010 1062 0.010976039 24.97 0.026726974

6/7/2010 1050.47 -0.013532041 24.32 0.006206041

6/4/2010 1064.88 -0.034411469 24.17 -0.025403226

6/3/2010 1102.83 0.004051421 24.8 0.000807103

6/2/2010 1098.38 0.025842665 24.78 0.018495684

6/1/2010 1070.71 -0.017165255 24.33 0.001234568

5/28/2010 1089.41 -0.012374667 24.3 -0.013398295

5/27/2010 1103.06 0.032876071 24.63 0.020721094

5/26/2010 1067.95 -0.005660922 24.13 -0.0078125

5/25/2010 1074.03 0.000353933 24.32 -0.004502661

5/24/2010 1073.65 -0.01290809 24.43 -0.016901408

5/21/2010 1087.69 0.015024403 24.85 -0.004407051

5/20/2010 1071.59 -0.038975831 24.96 -0.023856081

5/19/2010 1115.05 -0.005130264 25.57 -0.000781555

5/18/2010 1120.8 -0.014196 25.59 -0.006984866

5/17/2010 1136.94 0.001109467 25.77 0.014566929

5/14/2010 1135.68 -0.018800111 25.4 -0.013209013

138

5/13/2010 1157.44 -0.012145058 25.74 -0.003098373

5/12/2010 1171.67 0.01373952 25.82 0.007020281

5/11/2010 1155.79 -0.003397342 25.64 -0.001168679

5/10/2010 1159.73 0.043974147 25.67 0.022709163

5/7/2010 1110.88 -0.015308248 25.1 -0.00159109

5/6/2010 1128.15 -0.032353521 25.14 -0.024447031

5/5/2010 1165.87 -0.006586571 25.77 -0.005019305

5/4/2010 1173.6 -0.023838438 25.9 -0.014459665

5/3/2010 1202.26 0.013120529 26.28 0.008442057

4/30/2010 1186.69 -0.016647608 26.06 -0.003060444

4/29/2010 1206.78 0.012943191 26.14 0.008876882

4/28/2010 1191.36 0.006462732 25.91 -0.001541426

4/27/2010 1183.71 -0.023381874 25.95 -0.012181195

4/26/2010 1212.05 -0.004296464 26.27 0.000761905

4/23/2010 1217.28 0.007123532 26.25 -0.000761325

4/22/2010 1208.67 0.002263794 26.27 -0.002657555

4/21/2010 1205.94 -0.001018912 26.34 -0.012003001

4/20/2010 1207.17 0.008058321 26.66 0.010614102

4/19/2010 1197.52 0.004521319 26.38 0.017354416

4/16/2010 1192.13 -0.016126503 25.93 -0.011814024

4/15/2010 1211.67 0.000842523 26.24 0

4/14/2010 1210.65 0.011150088 26.24 0.001526718

4/13/2010 1197.3 0.000685344 26.2 -0.006823351

4/12/2010 1196.48 0.001766622 26.38 -0.002269289

4/9/2010 1194.37 0.006683861 26.44 0.01614143

4/8/2010 1186.44 0.00337435 26.02 0.014424951

4/7/2010 1182.45 -0.005876715 25.65 -0.025085519

4/6/2010 1189.44 0.001684296 26.31 0

139

4/5/2010 1187.44 0.00792802 26.31 0.0076599

4/1/2010 1178.1 0.007413868 26.11 0.010448916

3/31/2010 1169.43 -0.003272904 25.84 -0.004238921

3/30/2010 1173.27 4.26178E-05 25.95 -0.021124104

3/29/2010 1173.22 0.005683231 26.51 0.010289634

3/26/2010 1166.59 0.000737735 26.24 0.003441683

3/25/2010 1165.73 -0.001704176 26.15 -0.00418888

3/24/2010 1167.72 #DIV/0! 26.26 #DIV/0!

140

Regression Output Summaries

141

5 Year Monthly data 03/24/2010-03/24/2015

142

SUMMARY OUTPUT 5 years Monthly 03/24/2010-03/24/2015 Beta is 0.38

Regression StatisticsMultiple R 0.353421749R Square 0.124906933Adjusted R Square 0.109819121 Standard Error 0.038145907Observations 60

ANOVAdf SS MS F Significance F

Regression 1 0.01204637 0.01204637 8.278664731 0.005605409Residual 58 0.084396395 0.00145511Total 59 0.096442765

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%Intercept 0.000998648 0.005119861 0.195053737 0.846032557 -0.009249867 0.011247163 -0.009249867 0.011247163X Variable 1 0.382915982 0.133083234 2.877266886 0.005605409 0.116520946 0.649311019 0.116520946 0.649311019

RESIDUAL OUTPUT PROBABILITY OUTPUT

Observation Predicted Y Residuals Standard Residuals Percentile Y1 0.000984092 -0.038021129 -1.005284685 0.833333333 -0.0824933692 0.022017866 0.027799874 0.735033088 2.5 -0.0684495383 -0.010887388 -0.009059024 -0.239522037 4.166666667 -0.0675364544 -0.0006052 -0.049988355 -1.321700054 5.833333333 -0.0659369995 0.01039295 0.005106476 0.135016046 7.5 -0.0633083736 0.009882856 -0.021233594 -0.5614196 9.166666667 -0.0523321967 -0.004941857 0.01295101 0.342426759 10.83333333 -0.0505935568 0.015417472 -0.033119074 -0.875673576 12.5 -0.0417166879 -0.004775673 0.011280197 0.298250212 14.16666667 -0.040827899

10 0.008296381 -0.011397593 -0.301354171 15.83333333 -0.03703703711 0.009051479 -0.015494056 -0.409665304 17.5 -0.03375527412 0.003373032 0.01459104 0.385789405 19.16666667 -0.0274470913 0.003653082 0.094687037 2.503540294 20.83333333 -0.02734806614 0.017508851 -0.059225537 -1.565932612 22.5 -0.02665755315 -0.012626611 -0.039705584 -1.049821955 24.16666667 -0.02559607316 0.010021233 -0.011441285 -0.30250938 25.83333333 -0.01994641317 0.011739235 -0.039087301 -1.033474447 27.5 -0.01770160218 0.018075077 0.052297483 1.382753764 29.16666667 -0.01329864119 0.012390197 -0.012685793 -0.335414381 30.83333333 -0.01230588920 -0.010985862 -0.029842038 -0.78902821 32.5 -0.01135073821 0.019938481 -0.023610797 -0.624273228 34.16666667 -0.01125895622 -0.004744833 0.016462467 0.435270243 35.83333333 -0.00644257723 0.00894905 -0.074886049 -1.979999026 37.5 -0.00475285224 0.007923976 0.013062669 0.345379036 39.16666667 -0.00452674925 0.014778952 0.006942018 0.183548046 40.83333333 -0.00367231626 0.00523393 0.026959229 0.712806302 42.5 -0.00310121227 0.020308359 0.011729611 0.310132788 44.16666667 -0.00279720328 0.003705217 -0.016011106 -0.423336192 45.83333333 -0.00142005129 0.002088696 -0.015387337 -0.40684364 47.5 -0.00029559630 -0.006579031 -0.075914338 -2.007187142 49.16666667 0.00140449431 0.010279034 0.018651097 0.493137957 50.83333333 0.00650452532 0.008566355 -0.042321629 -1.118990597 52.5 0.00800915333 0.005822485 0.057553847 1.521732843 54.16666667 0.00851393234 0.01614486 0.027460642 0.726063744 55.83333333 0.01171763435 -0.022991295 0.061277531 1.620187636 57.5 0.01413881736 -0.001872264 0.055666692 1.471836173 59.16666667 0.01549942637 0.012996316 0.007925554 0.20955291 60.83333333 0.01666122238 0.016540997 0.02358141 0.623496231 62.5 0.01796407239 0.017687281 -0.045134371 -1.193359935 64.16666667 0.0209218740 0.004265975 0.039212286 1.036779064 65.83333333 0.02098664541 -0.000938388 -0.010320568 -0.272877453 67.5 0.02172096942 0.042247521 -0.014547661 -0.384642473 69.16666667 0.0276998643 -0.026480174 0.027884668 0.737275051 70.83333333 0.02893013144 -0.020747571 -0.005909982 -0.15626086 72.5 0.0312545 -0.007224257 -0.061225281 -1.618806158 74.16666667 0.03203797146 -0.005992444 0.001239592 0.032775009 75.83333333 0.03219315947 -0.004171073 0.01830989 0.484116411 77.5 0.03828623548 0.011909976 0.004751246 0.125623698 79.16666667 0.04012240749 0.000597619 0.077978843 2.061772986 80.83333333 0.04202004650 0.013235334 0.018014666 0.476310624 82.5 0.04347826151 0.009670006 -0.072978379 -1.929559937 84.16666667 0.04360550252 0.026003089 0.031211736 0.825243262 85.83333333 0.0498177453 0.000121662 -0.025717735 -0.679980997 87.5 0.05379442854 0.015111377 -0.01790858 -0.47350569 89.16666667 0.05721482555 0.034523365 0.023560246 0.622936639 90.83333333 0.05808361156 -0.017170396 0.059190442 1.565004679 92.5 0.06337633257 0.027334779 0.045009164 1.190049452 94.16666667 0.07037256158 -0.019633775 0.015107026 0.399432172 95.83333333 0.07234394459 -0.03039124 -0.037145214 -0.982125351 97.5 0.07857646260 0.00665023 0.001863702 0.049276567 99.16666667 0.098340119

143

5 Year Weekly data 03/24/2010-03/24/2015

SUMMARY OUTPUT Weekly data 5 years 03/24/2010-03/24/2015 Beta is 0.61

Regression StatisticsMultiple R 0.589377296R Square 0.347365598Adjusted R Square 0.344845774Standard Error 0.017371894Observations 261


Regression 1 0.041601686 0.041601686 137.8531218 8.33999E-26Residual 259 0.078161716 0.000301783Total 260 0.119763402

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%Intercept -0.000374974 0.001083005 -0.34623515 0.7294471 -0.00250759 0.001757641 -0.00250759 0.001757641X Variable 1 0.61167934 0.052097335 11.74108691 8.33999E-26 0.509091062 0.714267618 0.509091062 0.714267618

144

5 Year Weekly data 03/24/2010-03/24/2015

SUMMARY OUTPUT 5 year Daily 03/24/2010-03/24/2015 beta is 0.61

Regression StatisticsMultiple R 0.622020977R Square 0.386910096Adjusted R Square 0.386421578Standard Error 0.007736051Observations 1257


Regression 1 0.047398902 0.047398902 792.0081014 1.6967E-135Residual 1255 0.07510734 5.98465E-05Total 1256 0.122506242

Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%Intercept -7.98752E-05 0.000218489 -0.36557931 0.714740622 -0.00050852 0.000348769 -0.00050852 0.000348769X Variable 1 0.610779158 0.021702981 28.14263849 1.6967E-135 0.568201033 0.653357283 0.568201033 0.653357283

145

Dividend Information Obtained via Yahoo and Morningstar

The locations where said information was found is included as well in the reference section.

Additionally, in that section shows the information that was used to breakdown the terminology

used by these sites and apply them to addressing the needed areas of the project.

AT&T Dividend Data

Forward Annual dividend rate 1.88

Forward Annual dividend yield 5.70%

Trailing Annual dividend yield 5.60%

5 Year Average dividend 5.40%

Payout ratio 155.00%

Dividend date 2/2/2015

Ex-dividend date 1/7/2015

AT&T 5 Year

Dividend Data

2010 2011 2012 2013 2014

146

Dividend Amount 1.68 1.72 1.76 1.8 1.84

Year-end Yield 5.72 5.69 5.22 5.12 5.48

Dividend Growth Rate Model ( DCF)

The dividend growth model (DCF) calculation that I used in this project is displayed in the table

below with the components, equation, and results shown.

Payout Ratio Equations

147

Dividend Growth Rate Model ( DCF)

Formula= D0(1+g)/P0+g

D0= $1.88

g= 5.70% or 0.057

P0= $33.23

RS= 1.88 (1+.057)/33.23+.057=

RS= is below

11.68%

The payout ratio equations that were disregarded for dividend calculation for obvious reasons the

information was found using the Morningstar chart and Yahoo Finance chart that was included in

the reference list. These equations are in the WACC spreadsheet and it is clear why they were

ignored as they created unusual odd negative values as well as the fact that A&T did not meet

four rules to use this method of dividend growth calculation.

Payout Ratio

%

2005-12 2006-12 2007-12 2008-12

2009-12 2010-12 2011-12 2012-12

2013-12

2014-12

TTM

91.6 71.6 75.6 74.6 78 52.5 262.1 141.6 53.4

155.2

155.2

0.916 0.716 0.756 0.746 0.78 0.525 2.621 1.416 0.534

1.552

1.552

2005-2014

averages of

Payout Ratio

2006-2014

average of

Payout Ratio

2007-2014

average of

payout

2008-2014

average of

payout ratio

2009-2014

average of

payout

2010-2014

average of

payout

2011-2014

average of

payout

2012-2014

average of

payout ratio

2013-2014

average of

payout ratio

2005-2014 averages of Payout Ratio

1.3296 1.071777778

1.11625 1.167714286

1.24 1.3296 1.53075 1.167333333

1.043

Retention ratio (1.00-Payout Ratio)

-0.3296 -0.071777

778

-0.11625 -0.167714

286

-0.238 -0.3296 -0.53075 -0.167333

333

-0.043

G= ROE (1.00-Payout Ratio) Yahoo

-0.02409

376

-0.005246

956

-0.008497

875

-0.012259

914

-0.0173

978

-0.02409

376

-0.038797

825

-0.012232

067

-0.0031

433

G= ROE (1.00-Payout Ratio) Morningstar

-0.02313

792

-0.005038

8

-0.008160

75

-0.011773

543

-0.0167

076

-0.02313

792

-0.037258

65

-0.011746

8

-0.0030

186

ROE TTM yahoo

7.31% 7.31% 7.31% 7.31% 7.31% 7.31% 7.31% 7.31% 7.31%

ROE TTM Morningstar

7.02% 7.02% 7.02% 7.02% 7.02% 7.02% 7.02% 7.02% 7.02%

148

The Yahoo Finance chart of key statisticians is included in the reference sheet but the

information was used for calculations for dividends portions of the project; which is specifically

represented in the tables above. However, all the information that is contained in that table below

is the other related information from that page that have helped to shape my opinion on the firm.

AT&T Key Statistics from Yahoo Finance

Fiscal Year Fiscal Year Ends: Dec 31 Most Recent Quarter (mrq): Dec 31, 2014

Profitability Profit Margin (ttm): 4.70% Operating Margin (ttm): 10.47% Management Effectiveness Return on Assets (ttm): 3.04% Return on Equity (ttm): 7.31% Income Statement Revenue (ttm): 132.45B Revenue Per Share (ttm): 25.45 Qtrly Revenue Growth (yoy): 3.80% Gross Profit (ttm): 71.84B EBITDA (ttm)6: 30.64B Net Income Avl to Common (ttm): 6.22B Diluted EPS (ttm): 1.20 Qtrly Earnings Growth (yoy): N/A Balance Sheet Total Cash (mrq): 10.60B Total Cash Per Share (mrq): 2.04 Total Debt (mrq): 83.71B Total Debt/Equity (mrq): 96.30 Current Ratio (mrq): 0.86 Book Value Per Share (mrq): 16.65 Cash Flow Statement Operating Cash Flow (ttm): 31.34B Levered Free Cash Flow (ttm): 3.72B Trading Information

Stock Price History Beta: 0.33 52-Week Change3: -6.62%

149

S&P500 52-Week Change3: 10.08% 52-Week High (Jul 29, 2014)3: 37.48 52-Week Low (Dec 15, 2014)3: 32.07 50-Day Moving Average3: 33.78 200-Day Moving Average3: 34.15 Share Statistics Avg Vol (3 month)3: 26,077,000 Avg Vol (10 day)3: 28,889,900 Shares Outstanding5: 5.19B Float: 5.18B % Held by Insiders1: 0.05% % Held by Institutions1: 62.70% Shares Short (as of Mar 13, 2015)3: 317.99M Short Ratio (as of Mar 13, 2015)3: 14.10 Short % of Float (as of Mar 13, 2015)3: 6.10% Shares Short (prior month)3: 316.56M

Dividends & Splits Forward Annual Dividend Rate4: 1.88 Forward Annual Dividend Yield4: 5.70% Trailing Annual Dividend Yield3: 1.85 Trailing Annual Dividend Yield3: 5.60% 5 Year Average Dividend Yield4: 5.40% Payout Ratio4: 155.00% Dividend Date3: Feb 2, 2015 Ex-Dividend Date4: Jan 7, 2015 Last Split Factor (new per old)2: 2:1 Last Split Date3: Mar 20, 1998

Tax Rate Information

150

Found on Morningstar confirmed through variety of other sources that are listed in the reference

list. This information was also confirmed in AT&T’s Annual Report 2014, 10-K, and other

financial documents. There was no need to calculate the values as they come from a reliable

sources. The tax rate that was used in the project was the 2014 value of 34.56%; which was used

in the WACC equation in the TCR or corporate tax rate (1-TRC).

Tax Rate %

2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

16.3 32.4 34.35 35.35 32.4 NA 37.7 27.78 33.21 34.56 34.56

This was drawn from Morningstar’s financial analysis of AT&T shown below, was used in

Payout Ratio, and Other opinions

151

Growth Profitability and Financial Ratios for AT&T Inc From Morningstar Financials

2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

Revenue USD Mil 43,862 63,055

118,928

124,028

123,018

124,280

126,723

127,434

128,752

132,447

132,447

Gross Margin % 56.2 56.6

61.3

59.8

59 57.9

54.7

56.7

60 54.2

54.2

Operating Income USD Mil 6,168 10,288

20,404

23,063

21,492

19,573

9,218

12,997

30,479

11,746

11,746

Operating Margin % 14.1 16.3

17.2

18.6

17.5

15.7

7.3 10.2

23.7

8.9 8.9

Net Income USD Mil 4,786 7,356

11,951

12,867

12,535

19,864

3,944

7,264

18,249

6,224

6,224

Earnings Per Share USD 1.42 1.89

1.94

2.16

2.12

3.35

0.66

1.25

3.39

1.19

1.19

Dividends USD 1.3 1.35

1.47

1.61

1.65

1.69

1.73

1.77

1.81

1.85

1.85

Payout Ratio % 91.6 71.6

75.6

74.6

78 52.5

262.1

141.6

53.4

155.2

155.2

Shares Mil 3,370 3,892

6,170

5,958

5,924

5,938

5,950

5,821

5,385

5,221

5,221

Book Value Per Share USD 14.11 18.52

19.09

16.35

17.21

18.89

17.81

16.55

17.41

16.65

16.64

Operating Cash Flow USD Mil 12,664 15,615

34,072

33,656

34,445

34,993

34,648

39,176

34,796

31,338

31,338

Cap Spending USD Mil -5,576 -8,320

-17,717

-20,335

-17,335

-20,302

-20,110

-19,465

-20,944

-21,433

-21,433

Free Cash Flow USD Mil 7,088 7,295

16,355

13,321

17,110

14,691

14,538

19,711

13,852

9,905

9,905

Free Cash Flow Per Share USD 2.1 1.87

2.65

2.24

2.89

2.47

2.44

3.39

2.57

1.9

Working Capital USD Mil -10,764

-14,929

-14,588

-19,734

-12,371

-14,000

-7,767

-9,081

-11,799

-5,254

Key Ratios -> Profitability

Margins % of Sales 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

Revenue 100 100

100

100

100

100

100

100

100

100

100

COGS 43.75 43.37

38.73

40.23

40.97

42.05

45.28

43.33

39.97

45.76

45.76

Gross Margin 56.25 56.63

61.27

59.77

59.03

57.95

54.72

56.67

60.03

54.24

54.24

SG&A 24.76 24.6

25.98

25.15

25.53

26.61

30.65

32.24

22.07

31.57

31.57

R&D

Other 17.43 15.71

18.14

16.03

16.03

15.59

16.8

14.24

14.29

13.8

13.8

Operating Margin 14.06 16.32

17.16

18.59

17.47

15.75

7.27

10.2

23.67

8.87

8.87

Net Int Inc & Other -1.03 0.9 - - - - - - - - -

152

4 1.85

2.55

2.03

1.07

1.97

2.01

2.1 1.35

1.35

EBT Margin 13.04 17.26

15.31

16.05

15.44

14.67

5.3 8.19

21.57

7.52

7.52

Profitability 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

Tax Rate % 16.3 32.4

34.35

35.35

32.4

NA

37.7

27.78

33.21

34.56

34.56

Net Margin % 10.91 11.67

10.05

10.37

10.19

15.98

3.11

5.7 14.17

4.7 4.7

Asset Turnover (Average) 0.34 0.3 0.44

0.46

0.46

0.46

0.47

0.47

0.47

0.46

0.46

Return on Assets % 3.76 3.53

4.38

4.76

4.69

7.39

1.46

2.68

6.63

2.18

2.18

Financial Leverage (Average) 2.66 2.34

2.39

2.75

2.64

2.4 2.56

2.95

3.05

3.39

3.39

Return on Equity % 10.06 8.64

10.35

12.16

12.65

18.6

3.63

7.34

19.91

7.02

7.02

Return on Invested Capital % 7.86 6.6 8.03

8.49

8.39

12.59

3.49

5.87

12.73

5.14

5.14

Interest Coverage 6.87

6.62

7.09

2.9 4.03

8.05

3.76

3.76

Key Ratios -> Growth

2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

Latest Qtr

Revenue %

Year over Year 7.54 43.76

88.61

4.29

-0.81

1.03

1.97

0.56

1.03

2.87

3.85

3-Year Average 0.56 15.58

42.86

41.41

24.95

1.48

0.72

1.18

1.19

1.48

5-Year Average -3.15 6.55

22.49

24.88

24.71

23.16

14.98

1.39

0.75

1.49


16.95

15.73

9.53

9.21

10.69

11.44

12.17

12.5

Operating Income %

Year over Year 4.52 66.8

98.33

13.03

-6.81

-8.93

-52.9

41 134.51

-61.46

-145.35


51.22

55.21

27.83

-1.38

-26.34

-15.44

15.91

8.41

5-Year Average -10.5 -1.13

18.8

28.95

29.5

25.98

-2.17

-8.63

5.73

-11.38


20.47

12.85

6.36

6.18

-1.65

4.19

16.77

7.13

Net Income %

Year over Year -18.7 53.7

62.47

7.66

-2.58

58.47

-80.15

84.18

151.23

-65.89


26.62

39.05

19.44

18.46

-32.58

-16.63

-2.79

16.42


16.15

8.63

16.32

32.93

-11.

-9.4

7.24

-13.

153

72 8 0710-Year Average 13.

3523.28

12.33

4.39

9.57

-5.9

2.54

7.93

0.56

EPS %

Year over Year -19.77 33.1

2.65

11.34

-1.85

58.02

-80.3

89.39

171.2

-64.9

-158.49


3.1 15.01

3.9 19.97

-32.65

-16.15

0.4 21.71


2.8 -3.34

3.67

18.73

-18.98

-8.42

9.43

-10.91

10-Year Average 0.89

9.26

0.62

-1.07

3.74

-11.06

-2.97

2.85

-3.89

Key Ratios -> Cash Flow

Cash Flow Ratios 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

Operating Cash Flow Growth % YOY 4.7 23.3

118.2

-1.22

2.34

1.59

-0.99

13.07

-11.18

-9.94

Free Cash Flow Growth % YOY 1.3 2.92

124.19

-18.55

28.44

-14.14

-1.04

35.58

-29.72

-28.49

Cap Ex as a % of Sales 12.71 13.19

14.9

16.4

14.09

16.34

15.87

15.27

16.27

16.18

16.18

Free Cash Flow/Sales % 16.16 11.57

13.75

10.74

13.91

11.82

11.47

15.47

10.76

7.48

7.48

Free Cash Flow/Net Income 1.48 0.99

1.37

1.04

1.36

0.74

3.69

2.71

0.76

1.59

1.59

Key Ratios -> Financial Health

Balance Sheet Items (in %) 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

Latest Qtr

Cash & Short-Term Investments 0.84 0.89

0.71

0.68

1.41

0.54

1.18

1.79

1.2 2.94

2.94

Accounts Receivable 6.42 5.98

5.87

6.05

5.57

5.07

5.03

4.65

4.65

4.96

4.96

Inventory

Other Current Assets 2.8 2.56

2.37

1.78

2.07

1.83

2.31

1.9 2.5 3.04

3.04

Total Current Assets 10.06 9.44

8.96

8.5 9.05

7.43

8.52

8.34

8.35

10.94

10.94

Net PP&E 40.33 34.95

34.79

37.36

37.24

38.44

39.61

40.31

39.95

38.55

38.55

Intangibles 15.49 47.07

46.84

51.1

50.26

49.95

48.16

47.21

47.33

46.67

46.67

Other Long-Term Assets 34.12 8.53

9.42

3.04

3.44

4.18

3.72

4.15

4.37

3.84

3.84

Total Assets 100 100

100

100

100

100

100

100

100

100

100

Accounts Payable 11.73 2.56

2.56

2.61

2.8 3.18

4.16

5.12

5.12

Short-Term Debt 3.06 3.6 2.49

6.77

4.29

4.2 1.28

1.28

1.98

2.07

2.07

Taxes Payable 0.71

0.63

0.03

0.37

0.38

0.64

0.37

0.37

154

Accrued Liabilities 1.78 4.39

6.17

4.94

5.02

3.83

3.44

2.94

2.94

Other Short-Term Liabilities 0.89 4.42

3.02

0.91

0.92

8.42

2.73

10.02

2.38

2.23

2.23

Total Current Liabilities 17.45 14.96

14.25

15.94

13.66

12.65

11.39

11.67

12.6

12.73

12.73

Long-Term Debt 17.93 18.5

20.77

22.95

24.08

21.96

22.67

24.37

24.94

25.96

25.96

Other Long-Term Liabilities 27.06 23.85

23.13

24.78

24.34

23.81

26.9

30.04

29.7

31.82

31.82

Total Liabilities 62.45 57.31

58.15

63.68

62.08

58.42

60.96

66.08

67.25

70.5

70.5

Total Stockholders' Equity 37.55 42.69

41.85

36.32

37.92

41.58

39.04

33.92

32.75

29.5

29.5

Total Liabilities & Equity 100 100

100

100

100

100

100

100

100

100

100

Liquidity/Financial Health 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

Latest Qtr

Current Ratio 0.58 0.63

0.63

0.53

0.66

0.59

0.75

0.71

0.66

0.86

0.86

Quick Ratio 0.42 0.46

0.46

0.42

0.51

0.44

0.55

0.55

0.46

0.62

0.62

Financial Leverage 2.66 2.34

2.39

2.75

2.64

2.4 2.56

2.95

3.05

3.39

3.39

Debt/Equity 0.48 0.43

0.5 0.63

0.64

0.53

0.58

0.72

0.76

0.88

0.88

Key Ratios -> Efficiency Ratios

Efficiency 2005-12

2006-12

2007-12

2008-12

2009-12

2010-12

2011-12

2012-12

2013-12

2014-12

TTM

Days Sales Outstanding 61.71 73.93

49.69

47.43

46.03

41.98

39.2

37.61

36.25

37.82

37.82

Days Inventory

Payables Period 257.97 160.2

55.39

51.13

52.26

26.24

27.33

28.4

41 79.93

79.93

Cash Conversion Cycle

Receivables Turnover 5.91 4.94

7.35

7.7 7.93

8.69

9.31

9.7 10.07

9.65

9.65

Inventory Turnover

Fixed Assets Turnover 0.81 0.82

1.25

1.27

1.24

1.22

1.21

1.18

1.17

1.18

1.18

Asset Turnover 0.34 0.3 0.44

0.46

0.46

0.46

0.47

0.47

0.47

0.46

0.46

RRF& RPM

155

As is the practice to use treasury bonds to as the proxy for RRF most often those with 10-

30 year bond yields. The ten yield current bond yield of 2.11 was chosen for several factors as it

was an operational rule of thumb, conformed to the RPM that was selected from the most current

data available, and it fit the limited time frame of this project. Additionally, the course textbook

and power points supported this course of action for choosing RRF. This data was found via

Morningstar and is included in the reference list for this paper. The method to find RPM was to

use the survey of expert’s methodology that was highlighted in the textbook. Using these sources

it was determined that the current RPM was 3.73 and that this was related to a 10 year treasury

bond. Below is the table showing the RRF and RPM in action in the CAPM equation and the

other related formulas that are connected to these value to form RS.

10 year Treasury Bond used for RRF RPM used Beta CAPM

2.11 3.73 0.53 CAPM= 2.11+ (3.73)*0.53 =4.0869

4.0869

156

RS Average

CAPM Result

4.0869

JRP Result

7.599444515

DCF DGRM Result

11.68001806

RS Average Actual 7.8%

7.788787524

157

Reference Section

158

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wacc at summary

Documents

wacc project

appendix section

required information

debt wacc

wacc att paper

equity weight

preferred stock weight

various rationales