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SUMMARY OUTPUT

Regression Statistics
Multiple R 0.18
R Square 0.03
Adjusted R Square 0.02
Standard Error 0.13
Observations 71

ANOVA
df SS MS F Significance F
Regression 1 0.04 0.04 2.4 0.13
Residual 69 1.16 0.02
Total 70 1.2

Coefficients Standard Error t Stat P-value Lower 95%


Alpha 0.02 0.02 0.99 0.32 -0.02
Beta 0.5 0.32 1.55 0.13 -0.14

RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 0 0.02
2 0.04 -0.03
3 0.02 0.07
4 0 -0.08
5 0.03 0.06
6 0.02 -0.03
7 0.04 -0.01
8 0.02 0.05
9 -0.02 -0.05
10 0.04 -0.09
11 0.02 -0.12
12 0.04 -0.02
13 0.01 -0.06
14 -0.03 -0.01
15 0.04 -0.01
16 0.04 0.04
17 0.03 0.05
18 0.05 -0.04
19 0.02 -0.08
20 0.03 0
21 0.02 0
22 0.07 -0.12
23 0 -0.02
24 -0.01 0.01
25 0.02 0.02
26 0.03 0.1
27 0 -0.01
28 0.01 -0.05
29 0.01 0.03
30 0.01 -0.04
31 -0.02 0
32 -0.01 -0.05
33 0.04 -0.03
34 0.03 0.11
35 0 -0.1
36 0.01 -0.05
37 -0.01 -0.01
38 0.01 0.06
39 0.04 0.01
40 0 0.06
41 0.01 0.09
42 0 0.03
43 0.07 0.12
44 0.02 -0.04
45 -0.01 0.12
46 0.12 -0.09
47 0.02 -0.01
48 0.03 0.05
49 0.02 0.14
50 0.03 -0.02
51 0.05 0.13
52 0.01 -0.04
53 0.03 -0.1
54 0 0.1
55 0.02 -0.2
56 0.02 0.01
57 0.01 -0.46
58 0.02 0.03
59 0.01 -0.04
60 0.01 0.81
61 0 -0.06
62 0.02 -0.01
63 0.02 -0.06
64 -0.01 -0.1
65 0.02 0.01
66 0.01 0.01
67 0.07 0.04
68 0.01 0.08
69 0.02 -0.04
70 0 0.01
71 0.03 -0.07
ificance F

Upper 95% Lower 95.0%Upper 95.0%


0.05 -0.02 0.05
1.13 -0.14 1.13
Year Month S&P 500 Pricereturns Star Price
1979 1 99.93 26.94
2 96.28 -0.037 0.963 27.31
3 101.59 0.055 1.055 27.61
4 101.76 0.002 1.002 29.93
5 99.08 -0.026 0.974 27.48
6 102.91 0.039 1.039 30.01
7 103.81 0.009 1.009 29.71
8 109.32 0.053 1.053 30.54
9 109.32 0.000 1.000 32.52
10 101.82 -0.069 0.931 30.15
11 106.16 0.043 1.043 28.64
12 107.94 0.017 1.017 26.01
1980 1 114.16 0.058 1.058 26.76
2 113.66 -0.004 0.996 25.53
3 102.09 -0.102 0.898 24.30
4 106.29 0.041 1.041 24.94
5 111.24 0.047 1.047 26.88
6 114.24 0.027 1.027 29.11
7 121.67 0.065 1.065 29.29
8 122.38 0.006 1.006 27.62
9 125.46 0.025 1.025 28.25
10 127.47 0.016 1.016 28.90
11 140.52 0.102 1.102 27.23
12 135.76 -0.034 0.966 26.76
1981 1 129.55 -0.046 0.954 26.71
2 131.27 0.013 1.013 27.91
3 136 0.036 1.036 31.68
4 132.81 -0.023 0.977 31.33
5 132.59 -0.002 0.998 30.30
6 131.21 -0.010 0.990 31.51
7 130.92 -0.002 0.998 30.60
8 122.79 -0.062 0.938 30.02
9 116.18 -0.054 0.946 28.12
10 121.89 0.049 1.049 28.52
11 126.35 0.037 1.037 32.62
12 122.55 -0.030 0.970 29.30
1982 1 120.4 -0.018 0.982 27.92
2 113.11 -0.061 0.939 27.31
3 111.96 -0.010 0.990 29.30
4 116.44 0.040 1.040 30.56
5 111.88 -0.039 0.961 32.21
6 109.61 -0.020 0.980 35.33
7 107.09 -0.023 0.977 36.61
8 119.51 0.116 1.116 43.60
9 120.42 0.008 1.008 42.73
10 113.71 -0.056 0.944 47.13
11 138.54 0.218 1.218 48.87
12 140.64 0.015 1.015 49.65
1983 1 145.3 0.033 1.033 53.77
2 148.06 0.019 1.019 62.38
3 152.96 0.033 1.033 63.19
4 164.42 0.075 1.075 74.62
5 162.39 -0.012 0.988 72.31
6 168.11 0.035 1.035 67.25
7 162.56 -0.033 0.967 73.77
8 164.4 0.011 1.011 60.86
9 166.07 0.010 1.010 62.69
10 163.55 -0.015 0.985 34.60
11 166.4 0.017 1.017 36.61
12 164.93 -0.009 0.991 35.40
1984 1 163.41 -0.009 0.991 64.29
2 157.06 -0.039 0.961 59.98
3 159.18 0.013 1.013 60.82
4 160.05 0.005 1.005 58.21
5 150.55 -0.059 0.941 51.46
6 153.18 0.017 1.017 53.00
7 150.66 -0.016 0.984 54.06
8 166.68 0.106 1.106 60.17
9 166.1 -0.003 0.997 65.94
10 167.42 0.008 1.008 64.89
11 163.58 -0.023 0.977 65.93
12 167.24 0.022 1.022 63.29
1.007 9.1%
returns
0.021 1.021
0.014 1.014
0.011 1.011
0.084 1.084
-0.082 0.918
0.092 1.092
-0.010 0.990
0.028 1.028
0.065 1.065
-0.073 0.927
-0.050 0.950
-0.092 0.908
0.029 1.029
-0.046 0.954
-0.048 0.952
0.026 1.026
0.078 1.078
0.083 1.083
0.006 1.006
-0.057 0.943
0.023 1.023
0.023 1.023
-0.058 0.942
-0.017 0.983
-0.002 0.998
0.045 1.045
0.135 1.135
-0.011 0.989
-0.033 0.967
0.040 1.040
-0.029 0.971
-0.019 0.981
-0.063 0.937
0.014 1.014
0.144 1.144
-0.102 0.898
-0.047 0.953
-0.022 0.978
0.073 1.073
0.043 1.043
0.054 1.054
0.097 1.097
0.036 1.036
0.191 1.191
-0.020 0.980
0.103 1.103
0.037 1.037
0.016 1.016
0.083 1.083
0.160 1.160
0.013 1.013
0.181 1.181
-0.031 0.969
-0.070 0.930
0.097 1.097
-0.175 0.825
0.030 1.030
-0.448 0.552
0.058 1.058
-0.033 0.967
0.816 1.816
-0.067 0.933
0.014 1.014
-0.043 0.957
-0.116 0.884
0.030 1.030
0.020 1.020
0.113 1.113
0.096 1.096
-0.016 0.984
0.016 1.016
-0.040 0.960
return on market 1.012 ### return on equity Star
HOME APPLIANCES
Beta ROE Payout PBR g r
magic chef 1.35 22.2 0.1600 0.8400 0.1865 0.2125
maytag 0.9 27.6 0.6000 0.4000 0.1104 0.1714
national presto 0.9 10.1 0.4500 0.5500 0.0556 0.0936
ranco 0.8 14.6 0.4400 0.5600 0.0818 0.1288
robertshaw 0.95 17.5 0.2600 0.7400 0.1295 0.1635
toro 0.65 11.1 0.1800 0.8200 0.0910 0.1130
whirlpool 1 17.2 0.4200 0.5800 0.0998 0.1428
white consolidated 1.05 9.5 0.6800 0.3200 0.0304 0.0804

0.2500
Expected Return

0.2000

0.1500

0.1000

0.0500

0.0000
1 1 1 1 1 1 1 1 1
Beta
Price Div Yield Div
34 0.026 0.88
43 0.061 2.62
28 0.038 1.06
19 0.047 0.89
30 0.034 1.02
16 0.022 0.35
46 0.043 1.98
30 0.050 1.50

Market's expected return, according to pg 254 "Beta Service", is the va


beta is equal to 1.0.
Which is 14.4% in this case.

1 1
254 "Beta Service", is the value where
5-year note rf beta rm r (using CAPM)
0.12 1.1180 0.12 0.4958 (Sean) 0.14 ###
0.14 1.1365 0.73 (Nicky)
0.13 1.1274
0.11 1.1125
Mean 0.1236

PVGO = P - EPS/r r = EPS / (P - PVGO)

1984 1985
P ### ###
EPS $3.51 $3.46
r ### 0.1386
PVGO ### ###
PVGO, % ### ###
ing CAPM)
1979 1980 1981 1982 1983 1984 1985
Shares 14382.52 14382.52 14382.52 14382.52 14382.52 14382.52 14382.52
Dividends $23,002 $22,926 $25,110 $23,802 $29,991 $32,697 $33,424
Dividend per share $1.60 $1.59 $1.75 $1.65 $2.09 $2.27 $2.32
NI $37,125 $29,125 $31,341 $29,682 $48,552 $50,175 $49,488
EPS $2.58 $2.02 $2.18 $2.06 $3.38 $3.51 $3.46
Dividend Yield, % 6.7 7.1 7.1 5.4 4.4 4.6 4.0
P/E Ratio 9.2 11 11.2 14.9 14.1 14 16.7
Price $23.74 $22.22 $24.42 $30.69 $47.66 $49.14 $57.78
*using annual compounding
g= 7.4%

g= 8.9%
g= 9.0% $3.44
g= -9.7% 3.7
g= 9.4%
g= 19.2% $57.78
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.89
R Square 0.8
Adjusted R Square 0.75
Standard Error 0.03
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.02 0.02 15.86 0.02
Residual 4 0 0
Total 5 0.02

Coefficients Standard Error t Stat P-value Lower 95%


log S0 4.31 0.03 141.35 0 4.22
log 1+g 0.03 0.01 3.98 0.02 0.01
SO 20228.43
1+g 1.07
g 0.07
RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 4.34 0.02
2 4.37 -0.01
3 4.4 0
4 4.43 -0.05
5 4.46 0.02
6 4.49 0.02
ificance F

Upper 95% Lower 95.0%Upper 95.0%


4.39 4.22 4.39
0.05 0.01 0.05
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.65
R Square 0.42
Adjusted R Square 0.28
Standard Error 0.09
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.02 0.02 2.95 0.16
Residual 4 0.03 0.01
Total 5 0.06

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 4.44 0.08 52.84 0 4.2
X Variable 1 0.04 0.02 1.72 0.16 -0.02
So 27242.15
1+g 1.09
g 0.09
RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 4.47 0.1
2 4.51 -0.05
3 4.55 -0.05
4 4.58 -0.11
5 4.62 0.07
6 4.66 0.04
ificance F

Upper 95% Lower 95.0%Upper 95.0%


4.67 4.2 4.67
0.1 -0.02 0.1
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.65
R Square 0.43
Adjusted R Square 0.28
Standard Error 0.09
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.02 0.02 2.99 0.16
Residual 4 0.03 0.01
Total 5 0.06

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 0.28 0.08 3.26 0.03 0.04
X Variable 1 0.04 0.02 1.73 0.16 -0.02
SO 1.89
1+g 1.09
g 0.09
RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 0.31 0.1
2 0.35 -0.05
3 0.39 -0.05
4 0.43 -0.11
5 0.46 0.07
6 0.5 0.04
ificance F

Upper 95% Lower 95.0%Upper 95.0%


0.51 0.04 0.51
0.1 -0.02 0.1
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.88
R Square 0.77
Adjusted R Square 0.72
Standard Error 0.05
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.03 0.03 13.75 0.02
Residual 4 0.01 0
Total 5 0.04

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 0.92 0.05 19.6 0 0.79
X Variable 1 -0.04 0.01 -3.71 0.02 -0.08
SO 8.26
1+g 0.9
g -0.1
RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 0.87 -0.05
2 0.83 0.02
3 0.78 0.07
4 0.74 -0.01
5 0.69 -0.05
6 0.65 0.01
ificance F

Upper 95% Lower 95.0%Upper 95.0%


1.05 0.79 1.05
-0.01 -0.08 -0.01
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.89
R Square 0.79
Adjusted R Square 0.74
Standard Error 0.04
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.03 0.03 14.88 0.02
Residual 4 0.01 0
Total 5 0.03

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 0.95 0.04 24.26 0 0.84
X Variable 1 0.04 0.01 3.86 0.02 0.01
SO 8.94
1+g 1.09
g 0.09
RESIDUAL OUTPUT

Observation Predicted Y Residuals


1 0.99 -0.03
2 1.03 0.01
3 1.07 -0.02
4 1.11 0.07
5 1.15 0
6 1.18 -0.04
ificance F

Upper 95% Lower 95.0%Upper 95.0%


1.06 0.84 1.06
0.07 0.01 0.07
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.92
R Square 0.85
Adjusted R Square 0.81
Standard Error 0.07
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.1 0.1 22.87 0.01
Residual 4 0.02 0
Total 5 0.12

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 1.23 0.06 19.72 0 1.05
X Variable 1 0.08 0.02 4.78 0.01 0.03
SO 16.87
1+g 1.19
g 0.19
ificance F

Upper 95% Lower 95.0%Upper 95.0%


1.4 1.05 1.4
0.12 0.03 0.12
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.89
R Square 0.79
Adjusted R Square 0.74
Standard Error 0.03
Observations 6

ANOVA
df SS MS F Significance F
Regression 1 0.02 0.02 15.2 0.02
Residual 4 0 0
Total 5 0.02

Coefficients Standard Error t Stat P-value Lower 95%


Intercept 0.15 0.03 4.64 0.01 0.06
X Variable 1 0.03 0.01 3.9 0.02 0.01
SO 1.4
1+g 1.08
g 0.08
ificance F

Upper 95% Lower 95.0%Upper 95.0%


0.23 0.06 0.23
0.05 0.01 0.05
Year t DividendsLog DividendsNI Log NI EPS
1979 1 23002 4.36 37125 4.57 2.58
1980 2 22926 4.36 29125 4.46 2.02
1981 3 25110 4.4 31341 4.5 2.18
1982 4 23802 4.38 29682 4.47 2.06
1983 5 29991 4.48 48552 4.69 3.38
1984 6 32697 4.51 50175 4.7 3.51
Log EPS Dividend YieldLog Div Yield P/E RatioLog PE ratioPrice Log Price
0.41 6.7 0.83 9.2 0.96 23.74 1.38
0.31 7.1 0.85 11 1.04 22.22 1.35
0.34 7.1 0.85 11.2 1.05 24.42 1.39
0.31 5.4 0.73 14.9 1.17 30.69 1.49
0.53 4.4 0.64 14.1 1.15 47.66 1.68
0.55 4.6 0.66 14 1.15 49.14 1.69
DIV/ShareLog DIV/Share
1.6 0.2
1.59 0.2
1.75 0.24
1.65 0.22
2.09 0.32
2.29 0.36