DividendDiscountModel

Assumptions

Inputsneeded

Howthemodelworks

OptionsAvailable

1.Thefirmisexpectedtogrowatahighergrowthrateinthefirstperiod.
2.Thegrowthratewilldropattheendofthefirstperiodtothestablegrowthrate.
3.Thedividendpayoutratioisconsistentwiththeexpectedgrowthrate.
1.Lengthofhighgrowthperiod
2.Expectedgrowthrateinearningsduringthehighgrowthperiod.
3.Dividendpayoutratioduringthehighgrowthperiod.
4.Expectedgrowthrateinearningsduringthestablegrowthperiod.
5.Expectedpayoutratioduringthestablegrowthperiod.
6.CurrentEarningspershare
7.InputsfortheCostofEquity
Theexpecteddividendsareestimatedforthehighgrowthperiod,usingthepayout
ratioforthehighgrowthperiodandtheexpectedgrowthrateinearningspershare.
Theexpectedgrowthrateisestimatedeitherusingfundamentals:
Expectedgrowth=RetentionRatio*ReturnonEquity
Alternatively,youcaninputtheexpectedgrowthrate.
Attheendofthehighgrowthphase,theexpectedterminalpriceisestimatedusing
dividendspershareoneyearafterthehighgrowthperiod,usingthegrowthrate
instablegrowth,thepayoutratioinstablegrowthandthecostofequityinstable
growth.
Thedividendspershareandtheterminalpricearediscountedbacktothepresentat
thecostofequitychanges.
Ifyourcostofequityinstablegrowthisdifferentfromyourcostofequityinhigh
growth,thecostofequityinthesecondhalfofthestablegrowthperiodwillbe
adjustedgraduallyfromthehighgrowthcostofequitytoastablegrowthcostof
equity.
Youcanmakethismodelintoathreestagemodelbyansweringyestothequestion
ofwhetheryouwantmetoadjusttheinputsinthesecondhalfofthehighgrowth
period.Ifyoudo,Iwilladjustthegrowthrate,thepayoutratioandthecostof
equityfromhighgrowthlevelstostablegrowthlevelsgradually.
Youcanalsomakethisastablegrowthmodelbysettingthehigh
growthperiodtozero.

countModel

Inputsfromcurrentfinancials
NetIncome=
BookValueofEquity=
CurrentEarningspershare=
CurrentDividendspershare=
Doyouwanttonormalizethenetincome/earningspershare?
InputsforDiscountRate
Betaofthestock=
Riskfreerate=
RiskPremium=
InputsforHighGrowthPeriod
Lengthofhighgrowthperiod

$1,500.00
$6,237.00
$2.60
$1.10
Yes

0.95
2.00%
5.50%

InputsforStableGrowthPeriod
Entergrowthrateinstablegrowthperiod?

(inpercent)
(inpercent)

10

Doyouwanttocalculatethegrowthratefromfundamentals?
Yes
Ifno,entertheexpectedgrowthrateinearningsinhighgrowthperiod=
Ifyes,thefollowingwillbetheinputstothefundamentalgrowthformulation:
ROE=
32.90%
Retention=
57.69%
Doyouwanttochangeanyoftheseinputsforthehighgrowthperiod
Yes
Ifyes,specifythevaluesfortheseinputs(Pleaseenterallvariables)
ROE=
30.00%
Retention=
57.69%
Doyouwanttochangeanyoftheseinputsforthestablegrowthperi
No
Ifyes,specifythevaluesfortheseinputs
ROE=
25.00%
Doyouwantmetograduallyadjustyourinputsduringthesecondha

Lastyear
$6,155.00
(incurrency)
(incurrency)

(YesorNo)

(inpercent)
(inpercent)

(inpercent)
(inpercent)

(inpercent)

Yes

2.00%

(inpercent)

Stablepayoutratiofromfundamentalsis=
Doyouwanttochangethispayoutratio?
Ifyes,enterthestablepayoutratio=

93.33%
No

(inpercent)
(YesorNo)
(inpercent)

Willthebetatochangeinthestableperiod?
Ifyes,enterthebetaforstableperiod=
Entertheriskpremiumtouseinstableperiod=

Yes
0.80
5.50%

(YesorNo)

(incurrency)
(incurrency)

Choosetheapproachtonormalizedearnings
Approach1:AverageNetIncomeoverlast5years
NetIncome
Approach2:Normalizedreturnonequity
NormalizedROE=

NormalizedEarningsCalculation

1
5
$1,662.00
22%

4
$2,533.00

3
$1,876.00

lizedEarningsCalculation
2
$1,933.00

Current
$2,122.00

Average
$2,025.20

Two-Stage Dividend Discount Model

Outputfromtheprogram
CostofEquity=

7.23%

NetIncome=

$2,025

EarningsperShare=

$3.51

GrowthrateinEPS=

17.31%

PayoutRatioforhighgrowthphase=

42.31%

Thedividendsforthehighgrowthphaseareshownbelow(upto10years)
1

ExpectedGrowthRate

17.31%

17.31%

17.31%

17.31%

Earningspershare

$4.12

$4.83

$5.67

$6.65

Payoutratio

42.31%

42.31%

42.31%

42.31%

Dividendspershare

$1.74

$2.04

$2.40

$2.81

CostofEquity

7.23%

7.23%

7.23%

7.23%

107.23%

114.97%

123.28%

132.19%

$1.62

$1.78

$1.94

$2.13

CumulativeCostofEquit
PresentValue

GrowthRateinStablePhase=

2.00%

Page

Two-Stage Dividend Discount Model

PayoutRatioinStablePhase=

93.33%

CostofEquityinStablePhase=

6.40%

Priceattheendofgrowthphase=

$248.32

PresentValueofdividendsinhighgrowthphase=

$31.75

PresentValueofTerminalPrice=

$126.51

Valueofthestock=

$158.26

Estimatingthevalueofgrowth
Valueofassetsinplace=

$54.85

Valueofstablegrowth=

$21.10

Valueofextraordinarygrowth=

$82.31

Valueofthestock=

$158.26

Page

Two-Stage Dividend Discount Model

rogram

10

17.31%

14.25%

11.18%

8.12%

5.06%

2.00%

$7.80

$8.91

$9.91

$10.71

$11.25

$11.48

42.31%

52.51%

62.72%

72.92%

83.13%

93.33%

$3.30

$4.68

$6.21

$7.81

$9.35

$10.71

7.23%

7.06%

6.90%

6.73%

6.57%

6.40%

141.74%

151.74%

162.21%

173.12%

184.49%

196.29%

$2.33

$3.08

$3.83

$4.51

$5.07

$5.46

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Two-Stage Dividend Discount Model

Page

Industry name

Number of Firms
Average
Unlevered
Beta Beta corrected
Market
for cash
D/E Ratio

Advertising
Aerospace/Defense
Air Transport
Apparel
Auto Parts
Automotive
Bank
Bank (Midwest)
Beverage
Biotechnology
Building Materials
Cable TV
Chemical (Basic)
Chemical (Diversified)
Chemical (Specialty)
Coal
Computer Software
Computers/Peripherals
Diversified Co.
Drug
E-Commerce
Educational Services
Electric Util. (Central)
Electric Utility (East)
Electric Utility (West)
Electrical Equipment
Electronics
Engineering & Const
Entertainment
Entertainment Tech
Environmental
Financial Svcs. (Div.)
Food Processing
Foreign Electronics
Funeral Services
Furn/Home Furnishings
Healthcare Information
Heavy Truck & Equip
Homebuilding
Hotel/Gaming
Household Products
Human Resources
Industrial Services
Information Services
Insurance (Life)
Insurance (Prop/Cas.)
Internet
Investment Companies
IT Services

32
66
36
54
54
12
416
68
35
214
43
20
18
33
70
20
191
81
113
223
64
33
20
17
15
64
123
30
76
42
84
256
119
10
6
32
20
23
22
57
27
25
136
28
32
62
194
31
63

1.68
0.98
1.03
1.36
1.76
1.73
0.77
0.89
0.95
1.23
1.57
1.40
1.37
1.55
1.18
1.47
0.98
1.37
1.22
1.08
1.05
0.91
0.57
0.43
0.58
1.43
1.22
1.28
1.60
1.11
0.66
1.34
0.87
1.10
1.12
1.63
0.97
1.80
1.55
1.65
0.98
1.38
0.97
1.25
1.44
0.85
1.17
1.27
1.05

1.44
0.92
0.82
1.29
1.66
1.11
0.45
0.76
0.84
1.30
1.05
0.96
1.24
1.47
1.05
0.99
1.11
1.39
0.86
1.03
1.09
1.09
0.36
0.30
0.38
1.45
1.17
1.40
1.31
1.33
0.49
0.56
0.77
1.12
0.85
1.47
0.98
1.45
1.25
1.29
0.88
1.46
0.83
1.05
1.41
0.90
1.31
1.21
1.11

40.84%
26.64%
59.08%
13.77%
24.37%
103.42%
128.23%
49.85%
22.29%
15.92%
65.24%
66.11%
24.73%
16.69%
20.53%
68.38%
6.55%
9.70%
78.69%
14.79%
6.74%
24.73%
85.00%
67.90%
81.37%
12.28%
22.46%
13.23%
33.87%
11.54%
43.07%
204.42%
23.50%
45.71%
49.48%
22.06%
11.62%
47.30%
49.57%
44.75%
18.11%
10.80%
36.56%
28.46%
55.85%
21.48%
2.29%
7.55%
5.72%

Cost of Equity

11.51%
7.45%
7.73%
9.68%
11.94%
11.79%
6.24%
6.95%
7.26%
8.89%
10.87%
9.90%
9.73%
10.75%
8.59%
10.28%
7.42%
9.68%
8.82%
8.00%
7.86%
7.01%
5.08%
4.24%
5.14%
10.03%
8.81%
9.19%
11.05%
8.20%
5.62%
9.53%
6.83%
8.13%
8.26%
11.20%
7.36%
12.22%
10.73%
11.33%
7.42%
9.76%
7.38%
9.00%
10.11%
6.69%
8.56%
9.11%
7.83%

Machinery
Maritime
Med Supp Invasive
Med Supp Non-Invasive
Medical Services
Metal Fabricating
Metals & Mining (Div.)
Natural Gas (Div.)
Natural Gas Utility
Newspaper
Office Equip/Supplies
Oil/Gas Distribution
Oilfield Svcs/Equip.
Packaging & Container
Paper/Forest Products
Petroleum (Integrated)
Petroleum (Producing)
Pharmacy Services
Pipeline MLPs
Power
Precious Metals
Precision Instrument
Property Management
Public/Private Equity
Publishing
R.E.I.T.
Railroad
Recreation
Reinsurance
Restaurant
Retail (Hardlines)
Retail (Softlines)
Retail Automotive
Retail Building Supply
Retail Store
Retail/Wholesale Food
Securities Brokerage
Semiconductor
Semiconductor Equip
Shoe
Steel
Telecom. Equipment
Telecom. Services
Telecom. Utility
Thrift
Tobacco
Toiletries/Cosmetics
Trucking
Water Utility
Wireless Networking

94
51
87
143
118
25
77
31
27
14
22
12
81
27
32
26
176
18
53
101
83
82
31
12
29
127
12
51
11
65
79
42
19
10
38
30
27
142
10
17
33
105
76
23
170
11
14
34
11
58

1.26
1.51
0.87
1.07
0.84
1.63
1.62
1.28
0.46
1.86
1.43
1.02
1.66
1.20
1.37
1.17
1.45
1.17
0.74
1.35
1.03
1.27
1.30
2.02
1.17
1.43
1.32
1.45
0.82
1.16
1.79
1.43
1.39
1.11
1.29
0.68
1.07
1.49
1.79
1.26
1.65
1.07
1.15
0.92
0.68
0.86
1.17
1.09
0.49
1.35

1.18
0.60
0.82
1.10
0.66
1.56
1.54
1.01
0.32
1.50
1.05
0.72
1.45
0.88
1.07
1.10
1.21
1.07
0.52
0.58
1.00
1.21
0.73
1.94
0.96
1.12
1.15
1.18
0.91
1.08
1.65
1.51
1.10
1.04
1.14
0.58
0.66
1.60
2.01
1.37
1.27
1.37
1.00
0.53
0.78
0.79
1.09
0.87
0.33
1.17

17.39%
181.21%
16.48%
12.89%
50.23%
23.59%
15.42%
41.08%
66.15%
39.29%
72.14%
53.39%
27.72%
56.17%
43.01%
20.47%
28.12%
18.88%
44.37%
163.45%
13.65%
21.21%
112.58%
28.73%
36.14%
37.01%
23.46%
37.75%
18.90%
13.15%
26.01%
5.59%
44.33%
11.72%
25.58%
34.84%
264.59%
10.06%
16.98%
1.94%
56.21%
13.31%
31.82%
108.25%
19.50%
18.87%
20.63%
42.33%
73.18%
25.67%

9.07%
10.53%
6.78%
7.94%
6.62%
11.19%
11.14%
9.16%
4.40%
12.56%
10.03%
7.65%
11.39%
8.72%
9.73%
8.55%
10.18%
8.53%
6.05%
9.61%
7.75%
9.12%
9.30%
13.48%
8.56%
10.04%
9.40%
10.14%
6.49%
8.48%
12.14%
10.05%
9.82%
8.22%
9.26%
5.69%
7.95%
10.41%
12.16%
9.09%
11.32%
7.96%
8.43%
7.08%
5.68%
6.75%
8.52%
8.08%
4.61%
9.62%

Total Market

6177

1.17

0.96

42.92%

8.53%

Cost of Debt

D/(D+E)

Cost of Capital

ROC

ROE

4.76%
2.76%
3.26%
3.76%
3.26%
3.26%
3.26%
2.76%
2.76%
3.76%
3.76%
2.76%
2.76%
2.76%
3.26%
3.26%
3.76%
4.26%
3.26%
4.26%
4.26%
4.26%
2.26%
2.26%
2.26%
3.76%
3.76%
2.76%
3.76%
3.26%
3.76%
3.26%
3.26%
2.76%
2.76%
3.26%
2.76%
3.26%
3.76%
3.26%
3.26%
3.26%
3.26%
2.76%
2.76%
2.76%
4.76%
2.26%
3.26%

29.00%
21.03%
37.14%
12.11%
19.59%
50.84%
56.18%
33.27%
18.22%
13.73%
39.48%
39.80%
19.83%
14.30%
17.03%
40.61%
6.15%
8.84%
44.04%
12.89%
6.31%
19.83%
45.95%
40.44%
44.87%
10.94%
18.34%
11.68%
25.30%
10.35%
30.11%
67.15%
19.03%
31.37%
33.10%
18.07%
10.41%
32.11%
33.14%
30.91%
15.33%
9.75%
26.77%
22.15%
35.84%
17.68%
2.24%
7.02%
5.41%

9.33%
6.35%
5.81%
8.87%
10.12%
7.18%
4.27%
5.36%
6.34%
8.17%
7.92%
6.82%
8.22%
9.53%
7.59%
7.28%
7.16%
9.16%
6.13%
7.49%
7.61%
6.28%
3.47%
3.13%
3.55%
9.28%
7.81%
8.36%
9.09%
7.66%
4.97%
4.96%
6.02%
6.24%
6.17%
9.67%
6.82%
9.10%
8.33%
8.66%
6.66%
9.04%
6.10%
7.50%
7.27%
5.95%
8.47%
8.63%
7.55%

11.49%
19.40%
17.97%
13.86%
17.65%
5.77%
NA
NA
14.56%
14.57%
2.98%
10.52%
17.75%
18.12%
12.48%
10.10%
43.31%
34.66%
9.21%
16.94%
5.46%
42.33%
6.47%
6.69%
6.17%
15.98%
14.60%
13.16%
10.41%
19.51%
8.90%
7.33%
13.56%
5.44%
8.28%
14.06%
11.68%
15.21%
7.68%
10.21%
14.81%
12.19%
9.95%
12.71%
NA
NA
21.54%
5.87%
21.77%

12.66%
24.03%
23.17%
15.99%
18.07%
10.02%
7.46%
9.46%
22.69%
2.95%
-4.61%
19.18%
23.62%
18.21%
17.51%
10.98%
25.05%
32.35%
16.24%
19.72%
7.67%
6.71%
10.45%
11.29%
9.37%
16.74%
14.24%
11.29%
12.11%
6.98%
9.71%
9.92%
15.90%
-4.21%
11.27%
7.93%
9.28%
27.32%
-5.32%
11.23%
21.33%
9.68%
10.88%
15.79%
7.07%
5.46%
13.34%
5.48%
22.68%

Net Margin
After-tax Operating Margin

3.52%
6.66%
4.27%
6.59%
4.56%
3.45%
NA
NA
12.71%
4.73%
0.82%
7.34%
9.49%
7.63%
7.95%
4.20%
23.59%
9.34%
8.71%
18.40%
6.31%
2.67%
8.45%
10.87%
8.04%
9.98%
4.01%
3.39%
9.85%
5.95%
4.71%
16.29%
3.02%
-1.75%
7.45%
3.27%
8.73%
7.59%
-0.76%
6.93%
11.39%
1.67%
3.90%
13.42%
NA
NA
13.71%
18.53%
10.22%

8.20%
7.15%
6.56%
7.33%
5.19%
4.10%
NA
NA
15.68%
14.75%
3.41%
13.17%
11.39%
11.15%
7.90%
11.22%
23.16%
13.01%
10.99%
18.76%
4.66%
12.38%
12.07%
13.62%
11.52%
10.14%
4.82%
3.32%
13.14%
14.61%
9.93%
48.64%
7.38%
2.37%
9.75%
7.05%
10.92%
8.23%
8.77%
12.47%
12.02%
1.79%
5.37%
16.10%
NA
NA
8.98%
22.22%
7.30%

2.76%
3.26%
3.26%
3.76%
3.76%
3.26%
4.76%
2.76%
2.76%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
3.76%
2.76%
2.26%
4.26%
3.76%
3.26%
3.26%
2.76%
3.76%
2.76%
2.76%
3.26%
2.26%
3.26%
3.26%
2.76%
3.26%
2.76%
3.26%
2.76%
2.76%
3.26%
2.76%
2.76%
2.76%
3.26%
3.26%
2.76%
2.76%
2.76%
2.76%
2.76%
2.76%
3.26%

14.81%
64.44%
14.15%
11.42%
33.44%
19.09%
13.36%
29.12%
39.82%
28.21%
41.91%
34.81%
21.70%
35.97%
30.07%
16.99%
21.95%
15.88%
30.73%
62.04%
12.01%
17.50%
52.96%
22.32%
26.55%
27.01%
19.00%
27.41%
15.90%
11.62%
20.64%
5.29%
30.71%
10.49%
20.37%
25.84%
72.57%
9.14%
14.52%
1.90%
35.98%
11.75%
24.14%
51.98%
16.32%
15.87%
17.10%
29.74%
42.26%
20.43%

8.05%
5.68%
6.23%
7.42%
5.44%
9.53%
10.22%
7.12%
3.43%
9.77%
6.88%
5.77%
9.50%
6.35%
7.67%
7.42%
8.68%
7.51%
4.86%
6.13%
7.22%
8.01%
5.82%
10.97%
7.06%
8.07%
7.99%
8.08%
5.80%
7.80%
10.15%
9.63%
7.48%
7.57%
7.87%
4.71%
3.57%
9.72%
10.73%
8.96%
8.00%
7.35%
7.05%
4.45%
5.13%
5.97%
7.41%
6.28%
3.46%
8.25%

13.43%
3.54%
14.91%
19.94%
14.44%
14.39%
25.19%
7.36%
7.04%
10.99%
10.89%
7.62%
9.50%
11.11%
11.16%
14.65%
14.99%
11.53%
9.50%
2.62%
11.91%
5.78%
4.72%
8.83%
11.20%
14.58%
12.37%
9.09%
NA
21.41%
14.89%
30.03%
9.57%
13.54%
12.85%
11.26%
7.09%
22.88%
11.35%
17.66%
7.59%
26.25%
13.66%
7.49%
NA
31.97%
21.44%
11.97%
5.89%
12.27%

14.17%
0.61%
17.15%
18.81%
16.74%
14.06%
26.70%
8.81%
8.12%
16.40%
14.20%
13.31%
11.36%
17.18%
8.09%
18.18%
11.28%
13.25%
15.07%
-2.51%
11.26%
12.13%
8.62%
16.46%
12.56%
13.27%
17.91%
10.92%
-1.07%
31.69%
18.37%
24.03%
21.13%
18.11%
18.07%
16.33%
7.22%
17.58%
8.75%
18.02%
8.11%
15.68%
13.81%
16.22%
0.66%
65.87%
32.00%
11.17%
9.58%
10.28%

7.68%
1.09%
15.36%
4.94%
4.66%
7.51%
3.32%
9.70%
2.07%
4.12%
3.67%
7.94%
11.41%
4.69%
2.58%
7.31%
5.16%
3.60%
5.44%
-2.28%
20.69%
9.17%
8.93%
84.30%
3.85%
365.00%
18.08%
7.05%
NA
11.04%
4.30%
6.24%
4.24%
5.50%
3.33%
1.81%
8.05%
12.20%
7.41%
7.69%
1.58%
11.53%
5.17%
8.03%
NA
8.28%
5.64%
2.79%
13.22%
1.06%

8.76%
9.96%
16.27%
4.74%
6.60%
10.43%
25.44%
17.13%
5.03%
8.98%
4.66%
13.69%
11.97%
7.14%
8.43%
7.21%
13.95%
3.46%
8.67%
4.31%
27.63%
4.70%
11.72%
31.73%
6.76%
157.39%
18.51%
9.44%
NA
11.71%
5.70%
5.80%
4.41%
5.30%
3.56%
2.26%
23.74%
16.17%
9.40%
5.45%
6.03%
11.44%
15.10%
10.40%
NA
15.20%
7.58%
4.91%
18.22%
12.99%

3.26%

30.03%

6.80%

12.88%

12.89%

7.84%

12.43%

Pre-tax Operating Margin

Sales/CapitalReinvestment Rate
Dividend PayouCash/ Firm Value

15.74%
12.66%
13.02%
13.36%
9.36%
10.85%
NA
NA
25.36%
33.01%
10.89%
33.44%
19.32%
19.57%
15.78%
22.11%
35.60%
20.05%
19.01%
35.36%
20.37%
22.82%
28.45%
31.00%
28.70%
17.55%
8.98%
6.31%
24.54%
20.27%
22.17%
64.84%
11.65%
8.86%
18.90%
8.98%
24.97%
14.04%
3.79%
22.80%
20.10%
3.89%
11.83%
29.06%
NA
NA
20.73%
31.24%
17.00%

1.40
2.71
2.74
1.89
3.40
1.41
NA
NA
0.93
0.99
0.88
0.80
1.56
1.63
1.58
0.90
1.87
2.66
0.84
0.90
1.17
3.42
0.54
0.49
0.54
1.58
3.03
3.96
0.79
1.34
0.90
0.15
1.84
2.30
0.85
2.00
1.07
1.85
0.88
0.82
1.23
6.81
1.85
0.79
NA
NA
2.40
0.26
2.98

-20.51%
24.62%
37.92%
15.98%
21.02%
32.18%
0.00%
0.00%
-1.10%
-42.21%
-82.84%
-16.75%
17.46%
11.16%
24.27%
48.75%
-7.23%
3.10%
7.76%
-28.04%
-10.88%
11.39%
60.46%
93.80%
121.81%
15.56%
-16.03%
8.45%
2.63%
-11.14%
3.39%
22.28%
16.64%
-21.42%
-3.45%
-3.08%
-34.01%
36.51%
163.60%
-4.11%
4.32%
-11.80%
21.23%
-19.87%
0.20%
213.56%
6.78%
-16.47%
-9.19%

38.30%
29.59%
24.53%
20.00%
18.35%
26.07%
31.35%
34.43%
49.30%
0.16%
NA
26.26%
32.85%
24.44%
31.34%
36.06%
23.05%
20.96%
35.62%
48.28%
3.18%
9.37%
60.93%
66.01%
59.16%
30.39%
14.75%
10.68%
24.31%
14.10%
45.77%
25.33%
49.55%
NA
49.83%
32.92%
11.80%
20.88%
NA
43.30%
53.76%
29.41%
31.12%
39.37%
24.23%
45.77%
1.36%
0.00%
30.62%

13.12%
11.74%
14.13%
5.13%
11.65%
16.84%
16.43%
15.03%
4.33%
18.10%
6.18%
3.61%
7.52%
6.96%
4.58%
7.67%
16.59%
9.78%
14.07%
8.25%
9.21%
30.24%
1.03%
1.81%
1.88%
10.95%
13.01%
16.52%
5.81%
24.21%
2.45%
12.46%
3.74%
27.40%
2.94%
6.52%
10.06%
9.15%
15.14%
6.43%
2.52%
12.49%
9.21%
3.48%
28.90%
20.86%
12.04%
2.64%
10.31%

15.38%
25.46%
27.99%
8.43%
12.24%
18.62%
41.51%
53.33%
10.43%
18.02%
9.69%
28.43%
25.40%
14.24%
16.41%
15.85%
30.94%
6.86%
12.63%
20.01%
50.68%
18.04%
19.59%
32.18%
15.35%
180.72%
36.33%
17.16%
NA
21.37%
10.96%
12.79%
8.45%
10.75%
7.62%
5.24%
36.70%
30.80%
17.90%
12.58%
12.92%
18.72%
35.72%
34.98%
NA
24.27%
13.59%
13.22%
38.89%
24.06%

1.53
0.36
0.92
4.21
2.19
1.38
0.99
0.43
1.40
1.22
2.34
0.56
0.79
1.56
1.32
2.03
1.07
3.34
1.10
0.61
0.43
1.23
0.40
0.28
1.66
0.09
0.67
0.96
NA
1.83
2.61
5.17
2.17
2.55
3.61
4.99
0.30
1.41
1.21
3.24
1.26
2.29
0.90
0.72
NA
2.10
2.83
2.44
0.32
0.94

11.86%
217.66%
-3.38%
-2.72%
-5.89%
-18.74%
32.24%
271.70%
74.24%
-33.91%
-27.77%
78.23%
83.10%
6.78%
-14.85%
64.68%
74.94%
-7.23%
59.17%
188.69%
83.86%
-50.56%
109.60%
-75.55%
-15.77%
-1.45%
52.12%
22.50%
11.57%
19.66%
79.42%
19.50%
40.08%
6.78%
27.54%
13.67%
42.96%
22.02%
-8.67%
24.82%
23.53%
-8.87%
0.52%
-65.99%
0.00%
-3.21%
6.39%
93.44%
99.29%
-35.51%

23.09%
16.76%
26.63%
38.24%
10.18%
25.25%
24.78%
26.42%
76.95%
22.41%
29.35%
95.57%
23.26%
24.43%
49.04%
27.05%
14.47%
26.55%
69.72%
NA
20.04%
18.90%
23.88%
21.00%
30.35%
76.79%
35.08%
44.80%
NA
48.38%
16.85%
24.70%
2.58%
44.08%
31.55%
25.11%
21.76%
40.06%
29.61%
29.01%
20.11%
26.69%
41.17%
41.15%
20.45%
72.59%
22.15%
27.28%
44.67%
19.19%

6.04%
6.05%
7.36%
13.33%
10.82%
11.91%
7.45%
4.36%
2.41%
5.91%
13.12%
1.26%
6.40%
5.10%
7.35%
7.03%
3.81%
5.11%
0.74%
7.85%
7.93%
11.37%
8.37%
15.39%
4.97%
6.78%
1.69%
5.79%
24.61%
3.42%
9.96%
8.96%
2.50%
1.97%
4.67%
5.46%
43.53%
14.48%
21.91%
8.93%
8.82%
30.13%
8.92%
3.31%
25.18%
3.21%
6.80%
5.15%
0.54%
6.00%

22.74%

1.04

18.77%

36.10%

10.66%