1999 2000 2001

EPS 0.88 0.9

DPS 0.11 0.24
BPS 3.58 4.35 5.01
ROCE 24.6% 20.7%
RE (9% Charge) 0.558 0.509
Discount Rate (1,09t) 1.09 1.188
Present value of RE 0.512 0.428
Total present value of RE to 2003 1.22
Value per share 4.80
2002 2003
0.77 0.55
0.25 0.27
5.53 5.81 RE Charge
15.4% 9.9% 9%
0.319 0.052
1.295 1.412
0.246 0.037
 1999 2000 2001 2002
EPS 0.88 0.9 0.77
DPS 0.57 0.66 0.73
BPS 4.32 4.63 4.87 4.91
ROCE 20.4% 19.4% 15.8%
RE (10% Charge) 0.448 0.437 0.283
Discount Rate (1,10t) 1.100 1.210 1.331
Present value of RE 0.407 0.361 0.213
Total present value of RE to 2004 1.10
Continuing value (CV)
Present value of CV 0.81
Value per share 6.24
2003 2004
0.55 0.6
0.77 0.82
4.69 4.47
11.2% 12.8% RE Charge
0.059 0.131 10% 13.07
1.464 1.6105
0.040 0.081

1.31 CV = Residual earning = 1.31

Required rate of return