Finance project

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IS

Income Statement
All numbers in thousands
Revenue 1/31/15 1/30/16 1/28/17
Total Revenue 40,339,000 39,528,000 39,403,000
Cost of Revenue 31,292,000 30,337,000 29,963,000
Gross Profit 9,047,000 9,191,000 9,440,000
Operating Expenses
Research Development - - -
Selling General and Administrative 7,592,000 7,618,000 7,547,000
Non Recurring 5,000 198,000 39,000
Others - - -
Total Operating Expenses - - -
Operating Income or Loss 1,450,000 1,375,000 1,854,000
Income from Continuing Operations
Total Other Income/Expenses Net 27,000 15,000 34,000
Earnings Before Interest and Taxes 1,477,000 1,390,000 1,888,000
Interest Expense 90,000 80,000 72,000
Income Before Tax 1,387,000 1,310,000 1,816,000
Income Tax Expense 141,000 503,000 609,000
Minority Interest 5,000 - -
Net Income From Continuing Ops 1,246,000 807,000 1,207,000
Non-recurring Events
Discontinued Operations -11,000 90,000 21,000
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income
Net Income 1,233,000 897,000 1,228,000
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 1,233,000 897,000 1,228,000
Source:https://finance.yahoo.com/quote/BBY/financials?p=BBY

BS

Balance Sheet
All numbers in thousands
Period Ending 1/31/15 1/30/16 1/28/17
Current Assets
Cash And Cash Equivalents 2,432,000 1,976,000 2,240,000
Short Term Investments 1,456,000 1,305,000 1,681,000
Net Receivables 1,280,000 1,162,000 1,347,000
Inventory 5,174,000 5,051,000 4,864,000
Other Current Assets 1,130,000 392,000 384,000
Total Current Assets 11,472,000 9,886,000 10,516,000
Long Term Investments - - -
Property Plant and Equipment 2,462,000 2,377,000 2,293,000
Goodwill 425,000 425,000 425,000
Intangible Assets 57,000 - -
Accumulated Amortization - - -
Other Assets 829,000 831,000 622,000
Deferred Long Term Asset Charges - - -
Total Assets 15,245,000 13,519,000 13,856,000
Current Liabilities
Accounts Payable 6,414,000 5,764,000 6,233,000
Short/Current Long Term Debt 41,000 395,000 44,000
Other Current Liabilities 1,322,000 766,000 845,000
Total Current Liabilities 7,777,000 6,925,000 7,122,000
Long Term Debt 1,572,000 1,339,000 1,321,000
Other Liabilities 896,000 877,000 704,000
Deferred Long Term Liability Charges - - -
Minority Interest 5,000 - -
Negative Goodwill - - -
Total Liabilities 10,250,000 9,141,000 9,147,000
Stockholders' Equity
Misc. Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 35,000 32,000 31,000
Retained Earnings 4,141,000 4,130,000 4,399,000
Treasury Stock - - -
Capital Surplus 437,000 - -
Other Stockholder Equity 382,000 216,000 279,000
Total Stockholder Equity 4,995,000 4,378,000 4,709,000
Net Tangible Assets 4,513,000 3,953,000 4,284,000
Source:https://finance.yahoo.com/quote/BBY/financials?p=BBY

CF

Cash Flow
All numbers in thousands
Period Ending 1/31/15 1/30/16 1/28/17
Net Income 1,233,000 897,000 1,228,000
Operating Activities, Cash Flows Provided By or Used In
Depreciation 656,000 657,000 654,000
Adjustments To Net Income -180,000 293,000 317,000
Changes In Accounts Receivables -19,000 123,000 -185,000
Changes In Liabilities 355,000 -770,000 328,000
Changes In Inventories -141,000 86,000 193,000
Changes In Other Operating Activities 29,000 36,000 10,000
Total Cash Flow From Operating Activities 1,935,000 1,322,000 2,545,000
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures -561,000 -649,000 -582,000
Investments -1,224,000 146,000 -356,000
Other Cash flows from Investing Activities 73,000 84,000 51,000
Total Cash Flows From Investing Activities -1,712,000 -419,000 -887,000
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid -251,000 -499,000 -505,000
Sale Purchase of Stock 50,000 -1,008,000 -527,000
Net Borrowings -24,000 -28,000 -394,000
Other Cash Flows from Financing Activities 2,000 20,000 22,000
Total Cash Flows From Financing Activities -223,000 -1,515,000 -1,404,000
Effect Of Exchange Rate Changes -52,000 -38,000 10,000
Change In Cash and Cash Equivalents -52,000 -650,000 264,000
Source:https://finance.yahoo.com/quote/BBY/financials?p=BBY

Project 1

Financial ratios:
A. Profitability Ratios: 2014 2015 2016
1.      Return on Assets (net income/total assets) 8.09% 6.64% 8.86%
2.      Return on Sales, (aka profit margin percent) (net income/sales) 3.06% 2.27% 3.12%
3.      Assets-to-Equity (total assets/stockholder’s equity) 3.05 3.09 2.94
4.      Return on Equity (net income/stockholder’s equity) 24.68% 20.49% 26.08%
B. Efficiency Ratios:
1.      Asset Turnover (sales/total assets) 2.65 2.92 2.84
2.      A/R Turnover Rate (sales/accounts receivable) 31.51 34.02 29.25
3.      Inventory Turnover Rate (COGS/average inventory) 6.05 5.93 6.04
4.   Fixed Asset Turnover (sales/average fixed assets) 10.69 10.67 11.30
C. Leverage Ratios:
1.      Debt Ratio (total liabilities/total assets) 0.67 0.68 0.66
2.      Debt-to-Equity Ratio (total liabilities/stockholder’s equity) 2.05 2.09 1.94
3.      Times Interest Earned (earnings before interest and taxes/interest expense) 16.41 17.38 26.22
D. Liquidity Ratios:
1.      Current Ratio (current assets/current liabilities) 1.475 1.428 1.477
2.      Working Capital (current assets – current liabilities) in thousands $ 3,695,000 $ 2,961,000 $ 3,394,000
Du Pont ROE = NI/Equity = NI/Sales *Sales/Assets * Assets/Equity
Year ROE Operation Management Asset Management Leverage Management
NI/Equity NI/Sales Sales/Assets Assets/Equity
2014 24.68% 3.06% 2.6460 3.052
2015 20.49% 2.27% 2.9239 3.088
2016 26.08% 3.12% 2.8438 2.942

Project 2

Date BBY S&P500 SUMMARY OUTPUT
Adj Close M. Return % Adj Close M. Return %
1/1/12 19.86105 1312.410034 Regression Statistics
2/1/12 20.483006 3.13% 1365.680054 4.06% Multiple R 0.3856062987
3/1/12 19.637148 -4.13% 1408.469971 3.13% R Square 0.1486922176
4/1/12 18.302023 -6.80% 1397.910034 -0.75% Adjusted R Square 0.1337569933
5/1/12 15.638481 -14.55% 1310.329956 -6.27% Standard Error 0.1133415552
6/1/12 17.509747 11.97% 1362.160034 3.96% Observations 59
7/1/12 15.235924 -12.99% 1379.319946 1.26%
8/1/12 14.941144 -1.93% 1406.579956 1.98% ANOVA
9/1/12 14.486343 -3.04% 1440.670044 2.42% df SS MS F Significance F
10/1/12 12.930824 -10.74% 1412.160034 -1.98% Regression 1 0.12790 0.12790 9.95581 0.00256
11/1/12 11.145505 -13.81% 1416.180054 0.28% Residual 57 0.73224 0.01285
12/1/12 10.074313 -9.61% 1426.189941 0.71% Total 58 0.86013
1/1/13 14.016268 39.13% 1498.109985 5.04%
2/1/13 14.145567 0.92% 1514.680054 1.11% Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
3/1/13 19.093496 34.98% 1569.189941 3.60% Intercept 0.00496 0.01550 0.32005 0.75010 -0.02608 0.03601 -0.02608 0.03601
4/1/13 22.577049 18.24% 1597.569946 1.81% X Variable 1 1.57603 0.49949 3.15528 0.00256 0.57582 2.57623 0.57582 2.57623
5/1/13 23.932188 6.00% 1630.73999 2.08%
6/1/13 23.741083 -0.80% 1606.280029 -1.50% Beta 1.57603
7/1/13 26.300169 10.78% 1685.72998 4.95%
8/1/13 31.465807 19.64% 1632.969971 -3.13%
9/1/13 32.776882 4.17% 1681.550049 2.97%
10/1/13 37.579758 14.65% 1756.540039 4.46%
11/1/13 35.604183 -5.26% 1805.810059 2.80%
12/1/13 35.0159 -1.65% 1848.359985 2.36%
1/1/14 20.753675 -40.73% 1782.589966 -3.56%
2/1/14 23.477924 13.13% 1859.449951 4.31%
3/1/14 23.283962 -0.83% 1872.339966 0.69%
4/1/14 23.011185 -1.17% 1883.949951 0.62%
5/1/14 24.54644 6.67% 1923.569946 2.10%
6/1/14 27.51935 12.11% 1960.22998 1.91%
7/1/14 26.539169 -3.56% 1930.670044 -1.51%
8/1/14 28.46734 7.27% 2003.369995 3.77%
9/1/14 29.984884 5.33% 1972.290039 -1.55%
10/1/14 30.657087 2.24% 2018.050049 2.32%
11/1/14 35.389458 15.44% 2067.560059 2.45%
12/1/14 35.003323 -1.09% 2058.899902 -0.42%
1/1/15 31.773949 -9.23% 1994.98999 -3.10%
2/1/15 34.391682 8.24% 2104.5 5.49%
3/1/15 34.111866 -0.81% 2067.889893 -1.74%
4/1/15 31.843933 -6.65% 2085.51001 0.85%
5/1/15 31.889879 0.14% 2107.389893 1.05%
6/1/15 29.969135 -6.02% 2063.110107 -2.10%
7/1/15 29.875443 -0.31% 2103.840088 1.97%
8/1/15 33.99268 13.78% 1972.180054 -6.26%
9/1/15 34.344265 1.03% 1920.030029 -2.64%
10/1/15 32.611534 -5.05% 2079.360107 8.30%
11/1/15 29.585913 -9.28% 2080.409912 0.05%
12/1/15 28.347736 -4.19% 2043.939941 -1.75%
1/1/16 26.196648 -7.59% 1940.23999 -5.07%
2/1/16 30.379854 15.97% 1932.22998 -0.41%
3/1/16 30.426754 0.15% 2059.73999 6.60%
4/1/16 30.760401 1.10% 2065.300049 0.27%
5/1/16 30.846693 0.28% 2096.949951 1.53%
6/1/16 29.341278 -4.88% 2098.860107 0.09%
7/1/16 32.520386 10.83% 2173.600098 3.56%
8/1/16 37.243591 14.52% 2170.949951 -0.12%
9/1/16 36.953228 -0.78% 2168.27002 -0.12%
10/1/16 37.939919 2.67% 2126.149902 -1.94%
11/1/16 44.560631 17.45% 2198.810059 3.42%
12/1/16 41.606174 -6.63% 2238.830078 1.82%

BBY and S&P500

BBY

y = 1.576x + 0.005

4.0589464130841746E-2 3.1332314530530647E-2 -7.4974527092703802E-3 -6.265072563317764E-2 3.9554982134591521E-2 1.2597574126154365E-2 1.9763369680148246E-2 2.4236153696477025E-2 -1.9789409878227415E-2 2.8467170173434031E-3 7.068230463864511E-3 5.0428096519578469E-2 1.1060649195259176E-2 3.5987723516956116E-2 1.8085767859252311E-2 2.0762811721046104E-2 -1.4999301636062778E-2 4.9462079815224991E-2 -3.1298019033866864E-2 2.9749523177239112E-2 4.4595752618006079E-2 2.8049471635186451E-2 2.356279155049279E-2 -3.5582905675162646E-2 4.3117029976595278E-2 6.9321656079357474E-3 6.2007889650528281E-3 2.1030280012996005E-2 1.9058331658920569E-2 -1.5079830581919862E-2 3.7655295489735119E-2 -1.5513837223063764E-2 2.3201460786772321E-2 2.4533588760364822E-2 -4.1885878779204244E-3 -3.1040805790470194E-2 5.4892511014553946E-2 -1.739610691375626E-2 8.5208197301247512E-3 1.0491382393316817E-2 -2.1011672375900514E-2 1.9742029696721453E-2 -6.2580818167202845E-2 -2.6442831573227132E-2 8.2983117760394132E-2 5.0486926072412786E-4 -1.7530185176314439E-2 -5.073532197294639E-2 -4.1283604302990717E-3 6.5991114577365062E-2 2.6993984808731941E-3 1.5324602357572603E-2 9.1092112097812539E-4 3.5609801125254359E-2 -1.2192431360480427E-3 -1.2344508443253854E-3 -1.9425679279557517E-2 3.4174522187570444E-2 1.8200762196895148E-2 3.1315363487831815E-2 -4.1295598897935215E-2 -6.7989761038619312E-2 -0.1455326550513022 0.11965778517747339 -0.12986041431666606 -1.9347694304592267E-2 -3.04395031598651E-2 -0.10737830796909897 -0.13806691669455862 -9.61097769908138E-2 0.3912877235400567 9.2249234960404269E-3 0.34978654443473345 0.18244710135849407 6.0022857726003132E-2 -7.9852707157406222E-3 0.10779146006102591 0.19641082914714358 4.1666657397345652E-2 0.14653242489630336 -5.2570189515323662E-2 -1.6522861934509137E-2 -0.40730710905617162 0.13126586014284225 -8.2614629811392781E-3 -1.1715231282373617E-2 6.6717772248582552E-2 0.12111369306506359 -3.5617883416577678E-2 7.2653782038164083E-2 5.3308247275649867E-2 2.2418062381031723E-2 0.15436466615370192 -1.091101762564417E-2 -9.2259069231798385E-2 8.2386139664289093E-2 -8.1361533873220981E-3 -6.6485163842986417E-2 1.4428494118488011E-3 -6.0230520159703316E-2 -3.1262830909201123E-3 0.13781342087546622 1.0342962073011108E-2 -5.0451829439354778E-2 -9.2777635053904461E-2 -4.1850221083256756E-2 -7.5882179797356675E-2 0.15968478104526973 1.5437862209606301E-3 1.0965579831486494E-2 2.8052950285009093E-3 -4.8803124535910514E-2 0.108349336385416 0.14523828222703128 -7.7963212516215519E-3 2.6701077372726312E-2 0.17450516960776841 -6.6301956092138736E-2

Project 3

US Treasury Bonds Rates
Maturity Yield Yesterday Last Week Last Month
3 Month 1.22 1.21 0.97 1.01
6 Month 1.36 1.36 N/A 1.18
2 Year 1.69 1.69 1.61 1.55
3 Year 1.81 1.81 1.74 1.68
5 Year 2.04 2.05 2.02 1.98
10 Year 2.32 2.36 2.38 2.32
30 Year 2.76 2.81 2.8 2.83
Source: https://finance.yahoo.com/bonds
Credit rating BBB- Cost of Debt 7.75%
Source: https://www.streetinsider.com/Credit+Ratings/S%26P+Upgraded+Best+Buy+%28BBY%29+To+BBB-+From+BB%2B%3B+Outlook+Stable/11864044.html
http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=bby
Cost of Equity CAPM:
Beta 1.5760254323
Risk free 2.32%
Market return Km 11.43%
Cost of equity Ke 16.68%
Capital structure
outstanding shares as of 12/31/2016 311,110,000 source : https://ycharts.com/companies/BBY/shares_outstanding
Stock price as of 12/31/2016 41.86
market value of common stock 13,023,064,600
value of debt 1,365,000,000
total capital 14,388,064,600
WACC:
We 90.51%
Wd 9.49%
Cost of equity Ke 16.68%
Cost of Debt 7.75%
tax rate 38.40%
WACC 15.14%
calculating tax rates
year 2014 2015 2016
Income Before Tax 1387000 1310000 1816000
Income Tax Expense 141000 503000 609000
tax rate 10.17% 38.40% 33.54%

Project 4

Corporate Valuation and Financial Planning
Financial Planning at BestBuy, Inc.
We begin with Ecolab's most recent financial statements and selected additional data.
Figure 12-1
BestBuy’s Most Recent Financial Statements (Millions, Except for Per Share Data)
INCOME STATEMENTS BALANCE SHEETS
2015 2016 Assets 2015 2016
Net sales $ 39,528 $ 39,403 Cash $ 1,976 $ 2,240
COGS (excl. depr.) 30,337 29,963 ST Investments 1,305 1,681
Depreciation 657 654 Accounts receivable 1,162 1,347
Other operating expenses 7,159 6,932 Inventories 5,051 4,864
EBIT $ 1,375 $ 1,854 Other Current assets 392 384
other Income/Expense 15 34 Total CA $ 9,886 $ 10,516
Interest expense 80 72 Long term investments - -
Pre-tax earnings $ 1,310 $ 1,816 Net fixed Assets 3,633 3,340
Taxes () 503 609 Total assets $ 13,519 $ 13,856
NI before pref. div. & dis. Oper $ 807 $ 1,207
Discontinued operation 90.00 21.00 Liabilities and equity
Preferred div. - - Accounts payable $ 5,764 $ 6,233
Net income $ 897 $ 1,228 Accruals 766 845
Notes payable 395 44
Other Data Total CL $ 6,925 $ 7,122
Common dividends $499 $505 Long-term bonds 2,216 2,025
Addition to RE $398 $723 Total liabilities $ 9,141 $ 9,147
Tax rate 38% 34% Preferred stock - -
Shares of common stock 343 311 Common stock 32 31
Earnings per share $2.62 $3.95 Other Equity 216 279
Dividends per share $1.46 $1.62 Retained earnings 4,130 4,399
Price per share $26.20 $41.86 Total common equity $ 4,378 $ 4,709
Total liabs. & equity $ 13,519 $ 13,856
BestBuy's Forecast: Inputs for the Selected Scenario
Status Quo Industry Ecolab Ecolab
Inputs Actual Actual Forecast
1. Operating Ratios 2016 2015 2016 2017 2018 2019 2020 2021
Sales growth rate 10% 15% -0% -0.32% 3% 6.68% 10% 10%
COGS (excl. depr.) / Sales 59% 77% 76% 76.40% 76% 76% 76% 76%
Depreciation / Net PP&E 7% 18% 20% 18.83% 19% 19% 19% 19%
Other op. exp. / Sales 25% 18% 18% 17.85% 18% 18% 18% 18%
Other income/ Expenses 0.04% 0.09% 0.06% 0.06% 0.06% 0.06% 0.06%
Cash / Sales 8% 5% 6% 5.34% 5% 5% 5% 5%
Acc. rec. / Sales 9% 3% 3% 3.18% 3% 3% 3% 3%
Inventory / Sales 8% 13% 12% 12.56% 13% 13% 13% 13%
Other current assets 3% 1% 1% 0.98% 1% 1% 1% 1%
Net PP&E / Sales 65% 9% 8% 8.83% 9% 9% 9% 9%
Acc. pay. / Sales 17% 15% 16% 15.20% 15% 15% 15% 15%
Accruals / Sales 2% 2% 2% 2.04% 2% 2% 2% 2%
Tax rate 35% 38% 34% 35.97% 36% 36% 36% 36%
2. Capital Structure Actual Market Weights Target Market Weights
% Long-term debt 15% 19% 13% 16% 16% 16% 16% 16%
% Short-term debt 8% 3% 0% 2% 2% 2% 2% 2%
% Preferred stock 0% 0% 0% 0% 0% 0% 0% 0%
% Common stock 77% 77% 86% 82% 82% 82% 82% 82%
3. Costs of Capital Forecast
Rate on LT debt 7.8% 8% 8% 8% 8%
Rate on ST debt 9.2500% 9% 9% 9% 9%
Rate on preferred stock (ignoring flotation costs) 0.0% 0% 0% 0% 0%
Cost of equity 16.68% 17% 17% 17% 17%
4. Target Dividend Policy Actual
Growth rate of dividends 4% 11.5% 8% 8% 8% 8% 8%
Actual Historical Financing
2015 2016
Long-term debt $2,216 $2,025
Short-term debt $395 $44
Preferred stock $0 $0
Market value of equity = (Price x # shares) $8,978 $13,023
Total $11,589 $15,092
See the box to the right for calculations of the actual capital structures, based on market values, for the past two years. Percent long-term debt 19% 13%
Percent short-term debt 3% 0%
Percent preferred stock 0% 0%
Percent market value of equity 77% 86%
Total 100% 100%
BestBuy's Forecast of Operations for the Selected Scenario (Millions of Dollars, Except for Per Share Data)
Status Quo Industry Ecolab Ecolab
Panel A: Inputs Actual Actual Forecast
A1. Operating Ratios 2016 2015 2016 2017 2018 2019 2020 2021
Sales growth rate 10% 15% -0% -0% 3% 7% 10% 10%
COGS (excl. depr.) / Sales 59% 77% 76% 76% 76% 76% 76% 76%
Depreciation / Net PP&E 7% 18% 20% 19% 19% 19% 19% 19%
Other op. exp. / Sales 25% 18% 18% 18% 18% 18% 18% 18%
Cash / Sales 8% 5% 6% 5% 5% 5% 5% 5%
Acc. rec. / Sales 9% 3% 3% 3% 3% 3% 3% 3%
Inventory / Sales 8% 13% 12% 13% 13% 13% 13% 13%
Other current assets 1% 1% 0.98% 1% 1% 1% 1%
Net PP&E / Sales 65% 9% 8% 9% 9% 9% 9% 9%
Acc. pay. / Sales 17% 15% 16% 15% 15% 15% 15% 15%
Accruals / Sales 2% 2% 2% 2% 2% 2% 2% 2%
Tax rate 35% 38% 34% 36% 36% 36% 36% 36%
Panel B: Results Actual Forecast
B1. Sales Revenues 2016 2017 2018 2019 2020 2021
Net sales $39,403 $39,278 $40,529 $43,238 $47,641 $52,493
B2. Operating Assets and Operating Liabilities
Cash $2,240 $2,098 $2,165 $2,310 $2,545 $2,804
Accounts receivable $1,347 $1,249 $1,288 $1,375 $1,515 $1,669
Inventories $4,864 $4,934 $5,091 $5,431 $5,984 $6,594
Other current assets $384 $386 $398 $425 $468 $516
Net PP&E $3,340 $3,470 $3,580 $3,820 $4,208 $4,637
Accounts payable $6,233 $5,970 $6,161 $6,572 $7,242 $7,979
Accruals $845 $802 $827 $883 $972 $1,071
B3. Operating Income
COGS (excl. depr.) $29,963 $30,006.84 $30,962 $33,032 $36,395 $40,102
Depreciation $654 $653 $674 $719 $793 $873
Other operating expenses $6,932 $7,011.94 $7,235 $7,719 $8,505 $9,371
EBIT $1,854 $1,606 $1,657 $1,768 $1,948 $2,147
Net operating profit after taxes $1,232 $1,028 $1,061 $1,132 $1,247 $1,375
B4. Free Cash Flows
Net operating working capital $1,373 $1,895 $1,955 $2,086 $2,298 $2,532
Total operating capital $4,713 $5,364 $5,535 $5,905 $6,507 $7,169
FCF = NOPAT – Δ op capital $1,811 $377 $890 $762 $646 $712
B5. Estimated Intrinsic Value
Target WACC 14.6% 14.6% 14.6% 14.6% 14.6%
Return on invested capital 26.1% 19.2% 19.2% 19.2% 19.2% 19.2%
Growth in FCF 136% -14.4% -15.2% 10.2%
Horizon Value: Value of operations $11,290
+ ST &long investments $1,681
= $17,852 Estimated total intrinsic value $12,971
− All debt $2,069
Value of Operations: − Preferred stock $0
Present value of HV $9,040 Estimated intrinsic value of equity $10,902
+ Present value of FCF $2,249 ÷ Number of shares $311
Value of operations = $11,290 Estimated intrinsic stock price = $35.04

Sales growth

Year 2010 2011 2012 2013 2014 2015 2016
Sales in thousands 50,705,000 49,747,000 45,090,000 42,410,000 40,339,000 39,528,000 39,403,000
Growth -1.89% -9.36% -5.94% -4.88% -2.01% -0.32%
Average growth= -4.07%
Date Dividends Year Annual Div growth
4/17/12 0.16 2012 0.66
6/8/12 0.16 2013 0.68 0.0303030303
9/7/12 0.17 2014 0.72 0.0588235294
12/7/12 0.17 2015 1.43 0.9861111111
3/19/13 0.17 2016 1.57 0.0979020979
6/7/13 0.17
9/6/13 0.17
12/6/13 0.17
3/18/14 0.17 Dividend growth model
6/10/14 0.17 D0 1.57
9/9/14 0.19 g 9.79%
12/9/14 0.19 r 16.68%
3/20/15 0.74 p0 25.005171389
6/9/15 0.23
9/11/15 0.23
12/8/15 0.23
3/15/16 0.73
6/10/16 0.28
9/9/16 0.28
12/6/16 0.28