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Company

First Calendar Year of Data

Goodyear
1980

Information Metric
Income Statement

1980

1981

1982

Sales
Cost of Goods Sold
Gross Profit

8,444
6,637
1,807

9,153
7,160
1,993

8,689
6,756
1,933

Operating Profit

1264
0
0
0
0
543

1295.4
0
0
0
0
698

1300.3
0
0
0
0
633

36

11

19

578

709

651

Earnings Before Taxes (EBT)

227
352

230
480

191
460

Income Before Extraordinary Items

145
207

236
244

213
248

Net Income

24
231

16
260

17
265

Preferred Dividends
Net Income available to Common Equityholders

231

260

265

1,582
1,144

1,514
1,204

1,270
1,312

68
62

72
67

83
85

Operating Expenses
S, G & A Expenses
R & D Expenses
Lease Expenses
Depreciation and Amortization
Other Operating Expenses

Non-Operating Items
Other Non-operating Income (Expense)
Interest Income
Earnings Before Interest and Taxes (EBIT)
Interest Expense

Income Taxes

Income from Extraordinary Items

Balance Sheet
Assets
Current Assets
Inventories
Accounts Receivable
Advance, Deposits, and Prepayments
Marketable Securities
Cash and Equivalents
Other Current Assets

Total Current Assets

2,856

2,857

2,750

2,278

2,264

2,230

2,278

2,264

2,230

0
0

0
0

0
0

Other Non-Current Assets

215
19
234

217
16
233

203
11
213

Total Assets

5,368

5,354

5,194

524
147
36
234
284

481
112
14
257
298

437
5

156
1,380

169
1,330

164
1,174

1,241

1,158

1,037

203
177
1,620

204
221
1,583

203
256
1,496

1,620

1,583

1,496

2,303

2,375

2,457

Fixed Assets (PPE)


Gross Fixed Assets
Accumulated Depreciation
Net Fixed Assets
Gross Intangible Assets
Accumulated Amortization
Net Intangible Assets
Preliminary Expenses
Investments
Others

Liabilities and Stockholders' Equity


Current Liabilities
Accounts Payable
Notes Payable
Short-term Loan
Accrued Expenses
Taxes Payable
Provision for Taxes
Proposed Dividend
Current Portion of Long-Term Loan
Other Current Liabilities
Total Current Liabilities
Long-Term Liabilities
Term Loan
Capital Leases
Deferred Taxes
Other Long-term Liabilities
Total Long-Term Liabilities
Preferred Stockholders' Equity
Preferred Stock and Others
Total Non-Current Liabilities
Commons Stockholders' Equity
Share Capital
Share Premium
Reserve and Surplus

257
312

Retained Earnings
Share Money Deposit
Directors' Loan
Others
Total Common Stockholders' Equity

66
2,369

66
2,441

66
2,523

Total Liabilities and Stockholders' Equity

5,369

5,354

5,193

Difference

-0.60

0.00

0.50

73

73

74

16.00

19.00

35.00

Market Value of Equity


Market Value of Debt
Market Value of Preferred Stock

1,160

1,378

2,583

Enterprise Value

4,092

4,219

5,170

Common Stockholders' Equity


Adjusted Common Stockholders' Equity

2,369
2,369

2,441
2,441

2,523
2,523

NWC
NWC
Adjusted NWC
Adjusted NWC

1,476

1,527
51
1,581
-11

1,576
49
1,498
-83

Long-Term Debt
Short-Term Interest Bearing Debt
Current Portion of Long-Term Debt
Total Debt/Borrowed Fund

1,620
183
0
1,803

1,583
126
0
1,709

1,496
5
0
1,501

249
22

303
23

302
22

7.38
4.19
12.67
49

7.60
4.73
14.89
48

6.62
5.32
15.46
55

Indicators and Adjustments


Number of Common Shares
MV/BV
Year-end Stock Price

Capital Expenditure
Average Daily Expenditure

1,591

Ratio Analysis
Activity Ratios
Receivables Turnover (Times)
Inventory Turnover (Times)
Accounts Payable Turnover (Times)
Days Sales Outstanding

Days of Inventory on Hand


Operating Cycle
Payment Deferral Period
Cash Conversion Cycle
Working Capital Turnover
Fixed Assets Turnover
Total Assets Turnover

87
136
29
108
5.72
3.71
1.57

77
125
25
101
6.09
4.03
1.71

69
124
24
100
5.60
3.87
1.65

Liquidity Ratios
Current Ratio
Quick Ratio
Cash Ratio
Defensive Interval Ratio (Days)

2.07
0.88
0.05
56

2.15
0.96
0.05
55

2.34
1.19
0.07
63

Solvency (Debt) Ratios


Debt-to-assets Ratio
Debt-to-capital Ratio
Debt-to-equity Ratio
Financial Leverage

0.34
0.43
0.76
2.27

0.32
0.41
0.70
2.19

0.29
0.37
0.59
2.06

Solvency (Coverage) Ratios


Interest Coverage Ratio
Debt Service Coverage Ratio

2.55
2.55

3.09
3.09

3.42
3.42

21.4%
6.8%
6.8%
4.2%
2.7%

21.8%
7.7%
7.7%
5.2%
2.8%

22.2%
7.5%
7.5%
5.3%
3.0%

10.8%
4.3%
10.1%
#DIV/0!
9.7%
9.7%
#VALUE!

13.2%
4.9%
11.5%
#DIV/0!
10.8%
10.8%
17.0%

12.3%
5.0%
11.8%
#DIV/0!
10.7%
10.7%
15.9%

7.07
5.03
0.48
0.14
0.28
0.49

5.95
5.29
0.46
0.15
0.33
0.56

7.94
9.75
0.59
0.30
0.50
1.02

Profitability Ratios (Return on Sales)


Gross Profit Margin
EBITDA Margin
Operating Profit Margin
Pre-tax Margin
Net Profit Margin
Profitability Ratios (Return on Investments)
Operating ROA
ROA
ROFA
ROIntA
ROE
ROComE
ROIC
Multiples
EV/EBITDA
Price/Earnings
EV/Sales
Price/Sales
Price/EV
Price/BVPS
Widely Monitored Ratios

Current Ratio
Quick Ratio
Inventory Turnover
Average Collection Period
Fixed Asset Turnover
Total Asset Turnover
Debt Ratio
Debt-to-Equity
Times Interest Earned
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Total Assets (ROA)
Return on Equity (ROE)
EPS
P/E
EV/EBITDA

2.07
0.88
4.19
49
3.71
1.57
0.34
0.76
2.55
21.4%
6.8%
2.7%
4.3%
9.7%
3.18
5.03
7.07

2.15
0.96
4.73
48
4.03
1.71
0.32
0.70
3.09
21.8%
7.7%
2.8%
4.9%
10.8%
3.59
5.29
5.95

2.34
1.19
5.32
55
3.87
1.65
0.29
0.59
3.42
22.2%
7.5%
3.0%
5.0%
10.7%
3.59
9.75
7.94

Return on Equity (ROE)


Financial Leverage
Return on Assets (ROA)
Total Assets Turnover
Net Profit Margin
Tax Burden
Interest Burden
Operating Profit Margin
Effect of Non-operating Items
Effect of Operating Items
Gross Profit Margin

9.74%
2.27
4.3%
1.57
2.7%
0.66
0.61
0.06
1.07
0.30
0.21

10.65%
2.19
4.9%
1.71
2.8%
0.54
0.68
0.08
1.02
0.35
0.22

10.34%
2.06
5.0%
1.65
3.0%
0.58
0.71
0.07
1.03
0.33
0.22

Sensitivity to Profit Margin


Net Profit Margin
Total Assets Turnover
Return on Assets (ROA)
Financial Leverage
Return on Equity (ROE)
% Return on Equity (ROE)

2.7%
1.71
4.7%
2.19
10.2%

2.8%
1.71
4.9%
2.19
10.6%
4.1%

3.0%
1.71
5.2%
2.19
11.4%
7.2%

2.8%

2.8%

DuPont Sensitivity Analysis


ROE Decomposition (7-Factor)
Base Case

Mean
Dispersion
Sensitivity to Asset Turnover
Net Profit Margin

9.77%
9.11%

2.8%

Total Assets Turnover


Return on Assets (ROA)
Financial Leverage
Return on Equity (ROE)
% Return on Equity (ROE)

1.57
4.5%
2.19
9.8%
Mean
Dispersion

Sensitivity to Financial Leverage


Net Profit Margin
Total Assets Turnover
Return on Assets (ROA)
Financial Leverage
Return on Equity (ROE)
% Return on Equity (ROE)

Most Sensitive Factor of ROE

1.65
4.7%
2.19
10.3%
-3.5%

2.8%
1.71
4.9%
2.19
10.6%
-3.2%

2.8%
1.71
4.9%
2.06
10.0%
-6.2%

-1.20%
8.65%

2.8%
1.71
4.9%
2.27
11.0%
Mean
Dispersion

1.71
4.9%
2.19
10.6%
8.5%

-2.95%
3.19%
Net Profit Margin

Risk Analysis
Sales, Operating Profit and Earnings Volatility
Standard Deviation of Sales
Mean of Sales
Coefficient of Variation of Sales
Level of Sales Volatility
Standard Deviation of Operating Income
Mean of Operating Income
Coefficient of Variation of Operating Income
Level of Operating Income Volatility
Standard Deviation of Earnings
Mean of Earnings
Coefficient of Variation of Earnings
Level of Earnings Volatility
Leverage
% Sales
% EBIT
% Net Income
Degree of Operating Leverage (DOL)
Degree of Financial Leverage (DFL)
Degree of Total Leverage (DTL)

675.87
9307.88
7.3%
Very Low
92.97
622.52
14.9%
Low
77.20
312.65
24.7%
Moderate

8%
23%
13%
2.69
0.57
1.53

-5%
-8%
2%
1.62
-0.21
-0.34

Average DOL
Average DFL
Average DTL

2.70
-3.82
-10.31

Altman Z-Score Model


Company Type
Publicly Traded Manufacturer
Current Assets/Total Assets
Retained Earnings/Total Assets
EBIT/Total Assets
Market Value of Equity/Book Value of Debt
Sales/Total Assets
Z-Score
Zone

0.53
0.00
0.11
0.64
1.57
2.95
Grey

0.53
0.00
0.13
0.81
1.71
3.27
Safe

0.53
0.00
0.13
1.72
1.67
3.75
Safe

% Gap between Z-Score and Distress Zone


Probability of Default (5% P 90%)

63.1%
36.9%

80.6%
19.4%

107.4%
5.0%

DISTRESS ZONE Z<


GREY ZONE Z<

1.81
2.99

1.81
2.99

1.81
2.99

Strategic Indicators

16%
1983

1984

1985

1983

1984

9,736
7,684
2,052

10,241
8,099
2,142

9,585
7,635
1,950

100.0%
78.6%
21.4%

100.0%
78.2%
21.8%

100.0%
77.8%
22.2%

100.0%
78.9%
21.1%

100.0%
79.1%
20.9%

1333
0
0
0
0
719

1478.5
0
0
0
0
663

1469.6
0
0
0
0
480

15.0%
0.0%
0.0%
0.0%
0.0%
6.4%

14.2%
0.0%
0.0%
0.0%
0.0%
7.6%

15.0%
0.0%
0.0%
0.0%
0.0%
7.3%

13.7%
0.0%
0.0%
0.0%
0.0%
7.4%

14.4%
0.0%
0.0%
0.0%
0.0%
6.5%

-73

137

81
561

0.4%
0.0%
6.8%

0.1%
0.0%
7.7%

0.2%
0.0%
7.5%

-0.7%
0.0%
6.6%

1.3%
0.0%
7.8%

646

800

117
529

127
672

105
456

2.7%
4.2%

2.5%
5.2%

2.2%
5.3%

1.2%
5.4%

1.2%
6.6%

259
270

270
403

155
301

1.7%
2.4%

2.6%
2.7%

2.4%
2.8%

2.7%
2.8%

2.6%
3.9%

35
305

403

111
412

0.3%
2.7%

0.2%
2.8%

0.2%
3.0%

0.4%
3.1%

0.0%
3.9%

412

0.0%
2.7%

0.0%
2.8%

0.0%
3.0%

0.0%
3.1%

0.0%
3.9%

20.4%
25.5%
0.0%
0.0%
1.9%
1.1%

21.5%
22.1%
0.0%
0.0%
2.3%
0.9%

305

403

1980
1981
1982
Common-Size Income Statement

Common-Size Balance Sheet

1,219
1,527

1,333
1,370

1,379
957

111
63

143
54

139
83

29.5%
21.3%
0.0%
0.0%
1.3%
1.2%

28.3%
22.5%
0.0%
0.0%
1.3%
1.2%

24.5%
25.3%
0.0%
0.0%
1.6%
1.6%

2,920

2,901

2,558

53.2%

53.4%

53.0%

48.8%

46.8%

2,819

3,037

4,025

2,819

3,037

4,025

42.4%
0.0%
42.4%

42.3%
0.0%
42.3%

42.9%
0.0%
42.9%

47.1%
0.0%
47.1%

49.0%
0.0%
49.0%

0
0

0
0

0
0

0.0%
0.0%
0.0%

0.0%
0.0%
0.0%

0.0%
0.0%
0.0%

0.0%
0.0%
0.0%

0.0%
0.0%
0.0%

227
20
247

223
34
257

339
32
370

0.0%
4.0%
0.4%
4.4%

0.0%
4.0%
0.3%
4.3%

0.0%
3.9%
0.2%
4.1%

0.0%
3.8%
0.3%
4.1%

0.0%
3.6%
0.5%
4.2%

5,986

6,194

6,954

100.0%

100.0%

100.0%

100.0%

100.0%

593
155
42
281
257

583
157
39
298
289

657
116
35
347
232

204
1,532

192
1,558

219
1,607

9.8%
2.7%
0.7%
4.4%
5.3%
0.0%
0.0%
0.0%
2.9%
25.7%

9.0%
2.1%
0.3%
4.8%
5.6%
0.0%
0.0%
0.0%
3.1%
24.8%

8.4%
0.1%
0.0%
4.9%
6.0%
0.0%
0.0%
0.0%
3.2%
22.6%

9.9%
2.6%
0.7%
4.7%
4.3%
0.0%
0.0%
0.0%
3.4%
25.6%

9.4%
2.5%
0.6%
4.8%
4.7%
0.0%
0.0%
0.0%
3.1%
25.2%

0.0%
23.1%
0.0%
3.8%
3.3%
30.2%

0.0%
21.6%
0.0%
3.8%
4.1%
29.6%

0.0%
20.0%
0.0%
3.9%
4.9%
28.8%

0.0%
11.1%
0.0%
6.9%
5.0%
23.0%

0.0%
10.6%
0.0%
7.2%
4.7%
22.6%

0.0%

0.0%

0.0%

0.0%

0.0%

665

657

998

414
297
1,376

449
294
1,400

475
302
1,775

1,376

1,400

1,775

30.2%

29.6%

28.8%

23.0%

22.6%

3,016

3,171

3,507

42.9%
0.0%
0.0%

44.4%
0.0%
0.0%

47.3%
0.0%
0.0%

50.4%
0.0%
0.0%

51.2%
0.0%
0.0%

62
3,078

65
3,236

64
3,571

0.0%
0.0%
0.0%
1.2%
44.1%

5,986

6,194

6,953

100.0%

0.30

0.10

0.30

100

106

107

30.38

26.00

31.25

3,034

2,761

3,356

5,831

5,576

6,599

3,078
3,078

3,236
3,236

3,571
3,571

1,388
-188
1,473
-24

1,342
-46
1,395
-79

951
-391
963
-432

1,376
196
0
1,572

1,400
196
0
1,596

1,775
152
0
1,926

500
25

629
26

1,668
25

6.37
6.30
12.95
57

7.47
6.07
13.90
49

10.01
5.54
11.61
36

0.0%
0.0%
0.0%
1.2%
45.6%

0.0%
0.0%
0.0%
1.3%
48.6%

0.0%
0.0%
0.0%
1.0%
51.4%

0.0%
0.0%
0.0%
1.0%
52.2%

100.0%

100.0%

100.0%

100.0%

58
115
28
87
6.57
3.86
1.74

60
109
26
83
7.50
3.50
1.68

66
102
31
71
8.36
2.71
1.46

1.91
1.07
0.07
66

1.86
0.97
0.09
58

1.59
0.68
0.09
44

0.26
0.34
0.51
1.94

0.26
0.33
0.49
1.91

0.28
0.35
0.54
1.95

5.51
5.51

6.28
6.28

5.34
5.34

21.1%
6.6%
6.6%
5.4%
3.1%

20.9%
7.8%
7.8%
6.6%
3.9%

20.3%
5.9%
5.9%
4.8%
4.3%

11.6%
5.5%
12.1%
#DIV/0!
10.9%
10.9%
14.9%

13.1%
6.6%
13.8%
#DIV/0!
12.8%
12.8%
16.9%

8.5%
6.3%
11.7%
#DIV/0!
12.1%
12.1%
10.9%

9.02
9.94
0.60
0.31
0.52
0.99

6.97
6.86
0.54
0.27
0.50
0.85

11.76
8.15
0.69
0.35
0.51
0.94

1.91
1.07
6.30
57
3.86
1.74
0.26
0.51
5.51
21.1%
6.6%
3.1%
5.5%
10.9%
3.06
9.94
9.02

1.86
0.97
6.07
49
3.50
1.68
0.26
0.49
6.28
20.9%
7.8%
3.9%
6.6%
12.8%
3.79
6.86
6.97

1.59
0.68
5.54
36
2.71
1.46
0.28
0.54
5.34
20.3%
5.9%
4.3%
6.3%
12.1%
3.84
8.15
11.76

10.62%
1.94
5.5%
1.74
3.1%
0.58
0.82
0.07
0.90
0.35
0.21

12.66%
1.91
6.6%
1.68
3.9%
0.60
0.84
0.06
1.21
0.31
0.21

12.20%
1.95
6.3%
1.46
4.3%
0.90
0.81
0.05
1.17
0.25
0.20

3.1%
1.71
5.4%
2.19
11.7%
2.9%

3.9%
1.71
6.7%
2.19
14.7%
25.4%

4.3%
1.71
7.3%
2.19
16.1%
9.3%

2.8%

2.8%

2.8%

1.74
5.0%
2.19
10.9%
5.7%

1.68
4.8%
2.19
10.5%
-3.5%

1.46
4.1%
2.19
9.1%
-13.3%

2.8%
1.71
4.9%
1.94
9.4%
-5.5%

2.8%
1.71
4.9%
1.91
9.3%
-1.6%

2.8%
1.71
4.9%
1.95
9.5%
1.7%

12%
-1%
15%
-0.06
-20.74
1.27

5%
24%
32%
4.58
1.34
6.16

-6%
-30%
2%
4.66
-0.08
-0.36

0.49
0.00
0.11
1.93
1.63
3.72
Safe

0.47
0.00
0.13
1.73
1.65
3.68
Safe

0.37
0.00
0.08
1.74
1.38
3.13
Safe

105.8%
5.0%

103.2%
5.0%

73.0%
27.0%

1.81
2.99

1.81
2.99

1.81
2.99

1981
1982
Growth Rate

1983

1984

8.4%
7.9%
10.3%

-5.1%
-5.6%
-3.0%

12.1%
13.7%
6.2%

5.2%
5.4%
4.4%

2.5%
0.0%
0.0%
0.0%
0.0%
28.6%

0.4%
0.0%
0.0%
0.0%
0.0%
-9.3%

2.5%
0.0%
0.0%
0.0%
0.0%
13.6%

10.9%
0.0%
0.0%
0.0%
0.0%
-7.7%

-68.1%

62.3%

-491.9%

-288.4%

22.6%

-8.2%

-0.7%

23.8%

1.1%
36.4%

-16.9%
-4.0%

-38.5%
14.9%

8.5%
27.1%

62.8%
18.0%

-9.7%
1.5%

21.6%
9.1%

4.2%
49.1%

-31.7%
12.8%

4.9%
1.7%

104.1%
15.3%

-100.0%
31.9%

12.8%

1.7%

15.3%

31.9%

-4.3%
5.3%

-16.1%
8.9%

-4.1%
16.4%

9.4%
-10.3%

6.0%
7.4%

15.9%
27.0%

33.4%
-25.6%

29.1%
-14.9%

0.0%

-3.7%

6.2%

-0.7%

-0.6%

-1.5%

26.4%

7.7%

-0.6%

-1.5%

26.4%

7.7%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

0.8%
-16.6%
-0.6%

-6.6%
-34.2%
-8.5%

12.1%
84.0%
15.7%

-1.7%
73.3%
4.3%

-0.3%

-3.0%

15.3%

3.5%

-9.1%
35.8%
-95.7% 3120.8%
-100.0%
0.0%
9.4%
4.6%
-17.4%

-1.8%
1.8%
-7.0%
6.2%
12.2%

-8.2%
-24.1%
-61.2%
9.9%
5.1%

8.4%
-3.6%

-2.9%
-11.7%

24.7%
30.5%

-5.7%
1.7%

-6.7%

-10.4%

-35.9%

-1.3%

0.5%
25.4%
-2.3%

-0.5%
15.5%
-5.5%

103.9%
15.9%
-8.0%

8.5%
-0.8%
1.8%

0.0%

0.0%

0.0%

-2.3%

-5.5%

-8.0%

1.8%

3.1%

3.5%

22.8%

5.1%

0.0%
3.0%

0.0%
3.4%

-6.1%
22.0%

4.8%
5.1%

-0.3%

-3.0%

15.3%

3.5%

Company
Goodyear
Sales Growth (Tire)
5
Sales Growth (Rubber)
6
Sales Growth (Oil & Gas)
15
Sales Growth (Other Products)
7
EBIT % of Sales (Tire)
14
EBIT % of Sales (Rubber)
15
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
5
Depreciation % of Sales (Rubber)
3
Depreciation % of Sales (Oil & Gas)
5
Depreciation % of Sales (Other Products)
5
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return
15.70
Risk Premium
0.8
Required Rate of Return
16.5
Terminal Growth Rate
4
Shares Outstanding
107

Information Metric
Income Statement

42.20

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,085
1,219
460
75
9,839

8,489
1,292
529
80
10,391

8,914
1,370
608
86
10,977

9,359
1,452
700
92
11,603

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,078
173
72

1,132
183
83

1,188
194
95

1,248
205
110

1,310
218
126

Others
Total EBIT

18
1,340

19
1,416

20
1,498

21
1,584

23
1,677

EBIT (1 - Tax Rate)

804

850

899

951

1,006

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

385
35
20
4
443

404
37
23
4
468

424
39
26
4
494

446
41
30
4
521

468
44
35
5
551

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

323
30
37
2
393

340
32
42
2
417

357
34
49
3
442

374
36
56
3
469

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

162
18
46
2
228

170
19
53
2
244

178
21
61
3
262

187
22
70
3
282
806
6,708
3,501

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Cost
Add: Sale of Aerospace
Intrinsic Value

663

696

731

768

569
5,462
998
109
177
4,533

513

462

417

Intrinsic Value Per Share (FCFF)

42.20

Book Value Beginning


ROE
Net Income
Dividends
Book Value Ending

1626
20
325
65
1886

1886
19
358
72
2173

2173
18
391
78
2485

2485
17
423
85
2823

358
282
76

391
323
68

423
367
55

Net Income
Equity Charge 13%
Economic Income

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
107

Information Metric
Income Statement

57.80

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Cost
Add: Sale of Aerospace
Intrinsic Value

809

858

911

966

698
7,171
998
143
177
6,207

638

584

534

Intrinsic Value Per Share (FCFF)

57.80

Book Value Beginning


ROE
Net Income
Dividends
Book Value Ending

1626
20
325
65
1886

1886
19
358
72
2173

2173
18
391
78
2485

2485
17
423
85
2823

358
282
76

391
323
68

423
367
55

Net Income
Equity Charge 13%
Economic Income

Company
Sales Growth
EBIT % of Sales
Depreciation % of Sales (Tire)
FCInv % of Sales (Tire)
WCInv % of Sales (Tire)
Tax Rate
Market Return
Risk Free Return
Beta
Required Return
Risk Premium
Required Rate of Return
Terminal Growth Rate
Shares Outstanding

Information Metric
Income Statement
Sales
EBIT
EBIT (1 - Tax Rate)
Depreciation
FCInv
WCInv
FCFF
Terminal Value
PV FCFF
Fundamental Value of Segment

Book Value Beginning


ROE
Net Income
Dividends
Book Value Ending
Net Income
Equity Charge 13%
Economic Income

Goodyear
7
12
2
3.5
3
40
15
8.04
1.1
15.70
0.3
16
3
107

#REF!

1986

1987

1988

1989

1990

760
91
55
15
27
23
21

813
98
59
16
28
24
22

870
104
63
17
30
26
23

931
112
67
19
33
28
25

18
177

16

15

14

996
120
72
20
35
30
27
213
114

1626
20
325
65
1886

1886
19
358
72
2173

2173
18
391
78
2485

2485
17
423
85
2823

358
282
76

391
323
68

423
367
55

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return (CAPM)
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
107

Information Metric
Income Statement

47.78

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Test
Add: Sale of Aerospace
Less: Cash Bonus
Intrinsic Value

809

858

911

966

698
7,171
998
143
177
1,076
5,132

638

584

534

Intrinsic Value Per Share (FCFF)

47.78

Goldsmith's Perspective
Cash Outflow from Acquisition
Resell Value of Stock
Acquisition Cost
Gain (Loss)

4823
4609
145
-359

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return (CAPM)
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
147

Information Metric
Income Statement

47.00

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Cost
Add: Sale of Aerospace
Add: Cash from New Stocks Issuance
Intrinsic Value

809

858

911

966

698
7,171
998
143
177
720
6,927

638

584

534

Intrinsic Value Per Share (FCFF)

47.00

Goldsmith's Perspective
Cash Outflow from Acquisition
Resell Value of Stock
Acquisition Cost
Gain (Loss)

4823
4533
145
-434

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return (CAPM)
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
107

Information Metric
Income Statement

57.80

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Test
Add: Sale of Aerospace
Intrinsic Value

809

858

911

966

698
7,171
998
143
177
6,207

638

584

534

Intrinsic Value Per Share (FCFF)

57.80

Goldsmith's Perspective
Cash Outflow from Acquisition
Resell Value of Stock
Redemption of Bonds
Acquisition Cost
Gain (Loss)

4752
5493
816
143
-218

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return (CAPM)
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
87

Information Metric
Income Statement

56.66

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Less: Bankruptcy Cost
Less: Repurchase Cost
Add: Sale of Aerospace
Intrinsic Value

809

858

911

966

698
7,171
1,538
359
500
177
4,952

638

584

534

Intrinsic Value Per Share (FCFF)

56.66

Goldsmith's Perspective
Cash Outflow from Acquisition
Resell Value of Stock
Acquisition Cost
Gain (Loss)

5069
4952
152
-269

0
0

0
0

0
0

Net Income
Equity Charge 13%

Economic Income

1040
540

Golden Parachute
Poison Pill
Poison Put
Share Repurchase

Offer for the Current Holding


Worth of Current Holding
Gain

Outflow Inflow
Gain (Loss)
4968
4609
-359
4968
4533
-434
5711
5493
-218
5221
4952
-269

814.78
601.68
213.10

Market share of Goodyear


Market share of Michelin
sales growth
tax rate
depreciation (% of sales)
FC Inv
WC Inv
Market Return
Risk Free Return
Beta
Required Return (CAPM)
Risk Premium
Required Rate of Return
terminal Growth rate

32%
0.11
0.06
0.4
0.05
0.03
0.02
0.15
0.0804
1.1
0.15696
0.004
0.16096
0.04

0.1004

1986

1987

1988

1989

1990

Total Sales of Goodyear

7700

8162

8652

9171

9721

Michelin sales
EBIT
EBIT (1-tax)
depreciation
FC inv
WC inv
FCFF
Terminal Value
PV FCFF
PV FCFF
less mkt value of debt
intrinsic value

2647
397
238
385
79
53
491

2806
421
253
408
84
56
520

2974
446
268
433
89
59
552

3152
473
284
459
95
63
585

423
8027
100
7927

520

552

585

3342
501
301
486
100
67
620
5328
5948

385
73
10
26
332
75
23

408
77
10
28
408
87
21

433
80
10
30
433
90
20

459
85
10
32
459
95
18

486
89
10
34
486
99
17

SYNERGY Calculation
Revenue enhancement
savings in selling and admin
savings in R&D
Cap ex savings
pv of RE
pv of S&A savings+R&D
Cap ex savings

2117
446
98

PV of synergy

2661

Company
Goodyear
Sales Growth (Tire)
6
Sales Growth (Rubber)
7
Sales Growth (Oil & Gas)
16
Sales Growth (Other Products)
8
EBIT % of Sales (Tire)
15
EBIT % of Sales (Rubber)
16
EBIT % of Sales (Oil & Gas)
18
EBIT % of Sales (Others Products)
25
Depreciation % of Sales (Tire)
6
Depreciation % of Sales (Rubber)
4
Depreciation % of Sales (Oil & Gas)
6
Depreciation % of Sales (Other Products)
6
FCInv % of Sales (Tire)
4
FCInv % of Sales (Rubber)
2.5
FCInv % of Sales (Oil & Gas)
8
FCInv % of Sales (Other Products)
3
WCInv % of Sales (Tire)
2
WCInv % of Sales (Rubber)
1.5
WCInv % of Sales (Oil & Gas)
10
WCInv % of Sales (Other Products)
3
Tax Rate
40
Market Return
15
Risk Free Return
8.04
Beta
1.1
Required Return (CAPM)
15.70
Risk Premium
0.3
Required Rate of Return
16
Terminal Growth Rate
4
Shares Outstanding
107

Information Metric
Income Statement

82.86

1986

1987

1988

1989

1990

Sales
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Sales

7,700
1,150
400
70
9,320

8,162
1,231
464
76
9,932

8,652
1,317
538
82
10,588

9,171
1,409
624
88
11,292

9,721
1,507
724
95
12,048

EBIT
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas

1,155
184
72

1,224
197
84

1,298
211
97

1,376
225
112

1,458
241
130

Others
Total EBIT

18
1,429

19
1,524

20
1,626

22
1,735

24
1,854

EBIT (1 - Tax Rate)

857

914

975

1,041

1,112

Depreciation
Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total Depreciation

462
46
24
4
536

490
49
28
5
571

519
53
32
5
609

550
56
37
5
649

583
60
43
6
693

Fixed Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total FCInv

308
29
32
2
371

326
31
37
2
397

346
33
43
2
424

367
35
50
3
455

389
38
58
3
487

Working Capital Investment


Tires & Related
Rubber, Chemical and Plastic
Oil & Gas
Others
Total WCInv

154
17
40
2
213

163
18
46
2
230

173
20
54
2
249

183
21
62
3
270

194
23
72
3
292
1,025
8,885
4,718

FCFF
Terminal Value
PV FCFF
PV FCFF
Less: Market Value of Debt
Add: Sale of Aerospace
Value of Goodyear
Add: Value of Michelin
Add: Synergy
Add: Real Option
Less: Acquisition Cost
Intrinsic Value
Intrinsic Value Per Share (FCFF)

809

858

911

966

698
7,171
998
177
6,351
7,927
2,661
680
8,720
8,899
82.86

638

584

534

Book Value Beginning


ROE
Net Income
Dividends
Book Value Ending

1626
20
325
65
1886

1886
19
358
72
2173

2173
18
391
78
2485

2485
17
423
85
2823

358

391

423

Net Income

Equity Charge 13%


Economic Income

282
76

323
68

367
55

15%

0.05753

0.1534

1987

1988

1989

1987
914
571
1485
446
384

1988
975
609
1584
396
341

1989
1041
649
1691
104
77
245.1035
182.1519

Total Revenues
Cost of Goods Sold

Information Metric
Operating Profit After Tax
Addback: Depreciation
After-tax Operating Cash Flow
Outflow
P.V of Outflow
Inflow
P.V of Inflow

Option Valuation
PV OCF (S)
Initial Outlay (X)
Time before option expires, t
Risk free rate of return, r
Standard deviation,
d1
d2
N(d1)
N(d2)
Value of Option

947
874
13
8.04
30%
1.58
0.50
0.94
0.69
680

1990

1991

1990
1991
1112
1188
693
739
1805
1928
22
24
14
13
260
266
166.571 146.9094

1992
1993
1994
1995
1996
1997
1270.629 1359.382 1455.287 1559.052 1671.474 1793.445
789.5278 843.5705 901.8502 964.7753 1032.803 1106.444
2060
2203
2357
2524
2704
2900
25.41258
23
21
19
18
18
12
9
7
6
5
4
268
212
209
207
203
203
127.5983 87.01376 73.95037 63.14027 53.37945 46.01677

S&P
Firestone
Goodrich
Goodyear

102.09
6.625
18.25
11.75

Market Return
Stock Return - Firestone
Stock Return - Goodrich
Stock Return - Goodyear
Stock Return - Average
116.18

114.24
6.875
19.25
13

125.46
8.5
22.75
15.875

135.76
10.5
24.875
16

136
12.5
27.25
19.875

131.21
12.875
25.875
19.125

11.9%
3.8%
5.5%
10.6%
6.6%

9.8%
23.6%
18.2%
22.1%
21.3%

8.2%
23.5%
9.3%
0.8%
11.2%

0.2%
19.0%
9.5%
24.2%
17.6%

-3.5%
3.0%
-5.0%
-3.8%
-1.9%

120.42
0.0365

166.07
0.3791

166.1
0.0002

182.05
0.0960

231.22
0.2701

116.18
10.375
21.75
17.375

122.55
12.625
22.25
19

111.96
10.625
20
21.25

109.61
12
19
24.5

120.42
11.875
22
24.25

140.64
18.5
32.125
35

152.96
19
37.5
28

168.11
20
41
32.25

166.07
20.625
35.5
30.375

-11.5%
-19.4%
-15.9%
-9.2%
-14.8%

5.5%
21.7%
2.3%
9.4%
11.1%

-8.6%
-15.8%
-10.1%
11.8%
-4.7%

-2.1%
12.9%
-5.0%
15.3%
7.7%

9.9%
-1.0%
15.8%
-1.0%
4.6%

16.8%
55.8%
46.0%
44.3%
48.7%

8.8%
2.7%
16.7%
-20.0%
-0.2%

9.9%
5.3%
9.3%
15.2%
9.9%

-1.2%
3.1%
-13.4%
-5.8%
-5.4%

0.1564

164.93
22.25
30.375
30.375

159.18
17.5
33
26.375

153.18
17.125
27
25.75

166.1
19.5
28.375
26.75

167.24
17
27
26

180.6
18.375
29.5
26.875

191.85
21.5
31.875
29.5

182.08
18.375
31.5
27.375

211.28
23.875
32.875
31.25

-0.7%
7.9%
-14.4%
0.0%
-2.2%

-3.5%
-21.3%
8.6%
-13.2%
-8.6%

-3.8%
-2.1%
-18.2%
-2.4%
-7.6%

8.4%
13.9%
5.1%
3.9%
7.6%

0.7%
-12.8%
-4.8%
-2.8%
-6.8%

8.0%
8.1%
9.3%
3.4%
6.9%

6.2%
17.0%
8.1%
9.8%
11.6%

-5.1%
-14.5%
-1.2%
-7.2%
-7.6%

16.0%
29.9%
4.4%
14.2%
16.2%

238.9
25.625
47
36.5

250.84
25.375
43.5
33

231.22
24.625
38.125
34.875

13.1%
7.3%
43.0%
16.8%
22.4%

5.0%
-1.0%
-7.4%
-9.6%
-6.0%

-7.8%
-3.0%
-12.4%
5.7%
-3.2%

3.48%
6.44%
3.97%
5.10%
5.17%