Deere & Compan
(NYSE: DE)
Real Client Portfolio Management
April 19 2011
Antti Zhang
Jingfu (Kevin) Chen
Shih-Wei (David) Huang
Ying-Min (Ryan) Weng
& Company
E: DE)
olio Management
Financial Statement Model for Deere & Company
General assumptions
Company Name Deere & Company
Latest Fiscal year end (mm/dd/yy) 10/31/2010
Current share price $91.53
Current date 4/18/2011
Consensus EPS estimates
10/31/2011 $7.21
Expected EPS growth rate 16.1%
Circularity breaker
Circular reference breaker
Off=1, On=0 1
Income Statement
Actual Projected Annual Forecast
2006 2007 2008 2009 2010 2011 2012 2013 2014
10/31/2006 10/31/2007 10/31/2008 10/31/2009 10/31/2010 10/31/2011 10/31/2012 10/31/2013 10/31/2014
Total Revenues $22,147.8 $24,082.2 $28,437.6 $23,112.4 $26,004.6 $30,191.3 $34,418.1 $38,548.3 $42,248.9
Cost Of Goods Sold 15,318.0 16,252.8 19,525.8 15,863.4 17,356.6 20,151.0 22,972.2 25,728.8 28,198.8
Gross Profit 6,829.8 7,829.4 8,911.8 7,249.0 8,648.0 10,040.3 11,446.0 12,819.5 14,050.2
SG&A and other 3,524.5 4,002.7 4,601.1 4,349.2 4,666.2 5,417.5 6,175.9 6,917.0 7,581.0
Operating profit-EBIT 3,305.3 3,826.7 4,310.7 2,899.8 3,981.8 4,622.9 5,270.1 5,902.5 6,469.1
Interest expense 1,017.5 1,151.2 1,137.0 1,042.4 811.4 1,112.7 1,125.0 1,165.8 1,176.1
Currency Exchange Gains (Loss) 0 0 0 (90.0) (103.0) 0 0 0 0
Unusual Items (114.0) 0 (49.0) (428.2) (42.2) 0 0 0 0
Pretax income-EBT 2,173.8 2,675.5 3,124.7 1,339.2 3,025.2 3,510.2 4,145.1 4,736.7 5,293.0
Income Tax Expense 741.6 883.0 1,111.2 460.0 1,161.6 1231.6 1454.3 1661.9 1857.1
Income/(Loss) from Affiliates 21.0 29.2 40.2 (6.3) 10.7 12.4 14.2 15.9 17.4
Earnings of Discontinued Ops. 240.6 0 0 0 0 0 0 0 0
Minority Int. in Earnings 0 0 (0.9) 0.6 (9.3) (1.9) (2.3) (2.8) (3.1)
Net Income 1,693.8 1,821.7 2,052.8 873.5 1,865.0 2,289.1 2,702.6 3,087.9 3,450.2
Common dividends 348.4 386.7 448.1 473.4 483.5 593.5 700.7 800.5 894.5
Nonrecurring items
Pre-tax
Nonrecurring expenses/(income) in COGS
Nonrecurring expenses/(income) in SG&A and Other
Nonrecurring expense/(income) in nonoperating (income)/loss (114.0) 0 (49.0) (428.2) (42.2)
After-tax
Nonrecurring items in COGS
Nonrecurring items in SG&A
Nonrecurring items in nonoperating (income)/loss 240.6 0 0 0 0
Total nonrecurring charges per share
Pro Forma EBITDA Reconciliation
EBIT 3,305.3 3,826.7 4,310.7 2,899.8 3,981.8 4,622.9 5,270.1 5,902.5 6,469.1
Depreciation & amortization 691.4 744.4 831.0 873.3 914.8 696.8 794.4 889.7 975.1
EBITDA 3,996.7 4,571.1 5,141.7 3,773.1 4,896.6 5,319.7 6,064.5 6,792.2 7,444.2
Pro Forma Basic EPS Reconcilliation
Preferred dividends 0 0 0 0 0.7 0.7 0.7 0.7 0.7
Net income for basic EPS 1,693.8 1,821.7 2,052.8 873.5 1,864.3 2,288.4 2,701.9 3,087.2 3,449.5
Basic shares outstanding 466.8 449.3 431.1 422.8 424.0 426.0 428.0 428.0 428.0
Basic EPS $3.63 $4.05 $4.76 $2.07 $4.40 $5.37 $6.31 $7.21 $8.06
Pro Forma Diluted EPS Reconciliation
Adjustment to net income for diluted EPS calc. 0 0 0 0 0 0 0 0 0
Net income for diluted EPS 1,693.8 1,821.7 2,052.8 873.5 1,865.0 2,289.1 2,702.6 3,087.9 3,450.2
Stock options, restricted stock, and converts 4.8 5.7 5.2 1.6 4.6 4.6 4.6 4.6 4.6
Diluted shares outstanding 471.6 455.0 436.3 424.4 428.6 430.6 432.6 432.6 432.6
Diluted EPS $3.59 $4.00 $4.71 $2.06 $4.35 $5.32 $6.25 $7.14 $7.98
Income Statement assumptions
Revenue growth (%) 8.7% 18.1% (18.7%) 12.5% 16.1% 14.0% 12.0% 9.6%
Gross profit margin (%) 30.8% 32.5% 31.3% 31.4% 33.3% 33.3% 33.3% 33.3% 33.3%
SG&A and Other margin (%) 15.9% 16.6% 16.2% 18.8% 17.9% 17.9% 17.9% 17.9% 17.9%
EBIT margin (%) 14.9% 15.9% 15.2% 12.5% 15.3% 15.3% 15.3% 15.3% 15.3%
Effective tax rate (%) 34.1% 33.0% 35.6% 34.3% 38.4% 35.1% 35.1% 35.1% 35.1%
D&A (%) 7.7% 11.6% 5.1% 4.8% 16.1% 14.0% 12.0% 9.6%
Income in equity affiliates growth (%) 39.0% 37.7% (115.7%) (269.8%) 16.1% 14.0% 12.0% 9.6%
Minority interest growth (%) 0.0% 0.0% (166.7%) (1,650.0%) 16.1% 14.0% 12.0% 9.6%
Dividend payout ratio 20.6% 21.2% 21.8% 54.2% 25.9% 25.9% 25.9% 25.9% 25.9%
Cash balance (%) 14% 14% 6% 16% 13%
Ratio analysis
Capital Structure
Book value Debt ratio (debt to asset) 78% 81% 83% 88% 85% 80% 78% 75% 72%
Activity
ROA 4.97% 5.31% 2.19% 4.42% 5.09% 5.55% 5.87% 6.15%
ROE 24.9% 30.0% 15.4% 33.5% 29.2% 26.1% 24.7% 23.1%
Financial Risk Ratios
EBITDA / Total Interest 3.93 3.97 4.52 3.62 6.03 4.78 5.39 5.83 6.33
Interest Coverage (EBIT/Interest expense) 3.25 3.32 3.79 2.78 4.91 4.15 4.68 5.06 5.50
Internal Liquidity
Current Ratio (Curr. Assets / Curr. Liab.) 199% 178% 187% 232% 231% 249% 246% 244% 256%
Cash Ratio (Cash / Current Liab.) 13% 13% 7% 13% 10% 11% 11% 12% 12%
Dupont Analysis
Equity multiplier (Assets / Equity) 5.0x 5.6x 7.0x 7.6x 5.7x 4.7x 4.2x 3.8x
Asset Turnover (Sales/ Assets) 0.7x 0.7x 0.6x 0.6x 0.7x 0.7x 0.7x 0.8x
Operating Profit Margin 15.9% 15.2% 12.5% 15.3% 15.3% 15.3% 15.3% 15.3%
Interest burden 70% 72% 46% 76% 76% 79% 80% 82%
Tax Retention Rate 68% 66% 65% 62% 65% 65% 65% 65%
ROE 24.9% 30.0% 15.4% 33.5% 29.2% 26.1% 24.7% 23.1%
al Forecast
2015 2016 2017
10/31/2015 10/31/2016 10/31/2017
$46,304.8 $50,750.1 $55,622.1
30,905.9 33,872.8 37,124.6
15,399.0 16,877.3 18,497.5
8,308.8 9,106.5 9,980.7
7,090.2 7,770.8 8,516.8
1,161.1 1,134.0 1,097.0
0 0 0
0 0 0
5,929.0 6,636.9 7,419.9
2080.2 2328.6 2603.3
19.1 20.9 22.9
0 0 0
(3.9) (2.8) (3.0)
3,864.0 4,326.4 4,836.5
1,001.7 1,121.6 1,253.9
7,090.2 7,770.8 8,516.8
1068.7 1171.3 1283.8
8,158.9 8,942.1 9,800.6
0.7 0.7 0.7
3,863.3 4,325.7 4,835.8
428.0 428.0 428.0
$9.03 $10.11 $11.30
0 0 0
3,864.0 4,326.4 4,836.5
4.6 4.6 4.6
432.6 432.6 432.6
$8.93 $10.00 $11.18
9.6% 9.6% 9.6%
33.3% 33.3% 33.3%
17.9% 17.9% 17.9%
15.3% 15.3% 15.3%
35.1% 35.1% 35.1%
9.6% 9.6% 9.6%
9.6% 9.6% 9.6%
9.6% 9.6% 9.6%
25.9% 25.9% 25.9%
69% 65% 62%
6.52% 6.92% 7.33%
21.9% 20.9% 20.1%
7.03 7.89 8.93
6.11 6.85 7.76
271% 292% 316%
12% 13% 13%
3.4x 3.0x 2.7x
0.8x 0.8x 0.8x
15.3% 15.3% 15.3%
84% 85% 87%
65% 65% 65%
21.9% 20.9% 20.1%
Financial Statement Model for Deere & Company
Balance Sheet
Actual Projected Annual Forecas
2006 2007 2008 2009 2010 2011 2012 2013 2014
10/31/2006 10/31/2007 10/31/2008 10/31/2009 10/31/2010 10/31/2011 10/31/2012 10/31/2013 10/31/2014
Cash and equivalents 3,185.7 3,487.8 1,833.7 3,689.8 3,348.3 3,924.9 4,474.4 5,011.3 5,492.4
Accounts receivable 3,383.1 3,691.9 3,954.6 3,525.2 4,438.0 5,017.9 5,551.7 6,063.1 6,456.8
Financing Receivables 16,369.5 17,909.2 17,651.4 18,357.7 19,911.1 22,355.0 24,548.9 26,597.4 28,084.6
Inventory 1,957.3 2,337.3 3,041.8 2,397.3 3,063.0 3,462.2 3,829.3 4,180.6 4,450.4
Other current asset 448.8 414.1 1,355.1 1,153.9 1,601.6 1,601.6 1,601.6 1,601.6 1,601.6
Total current assets 25,344.4 27,840.3 27,836.6 29,123.9 32,362.0 36,361.5 40,005.9 43,454.0 46,085.8
Net Property, Plant & Equipment 2,413.6 2,721.0 2,990.7 3,457.2 3,722.7 3,140.87 3,500.48 3,900.57 4,336.81
Long-term Investments 124.0 149.5 224.4 935.8 740.5 752.9 767.1 782.9 800.3
Goodwill 1,110.0 1,234.3 1,224.6 1,036.5 998.6 998.6 998.6 998.6 998.6
Other Intangibles 56.4 131.0 161.4 280.3 245.0 230.0 216.0 203.0 191.0
Deferred Tax Assets, LT 582.2 1,399.5 1,440.6 2,804.8 2,477.1 2,477.1 2,477.1 2,477.1 2,477.1
Other Long-Term Assets 3,233.8 2,573.4 2,075.7 685.8 712.7 712.7 712.7 712.7 712.7
Finance Div. Other LT Assets 1,856.0 2,526.7 2,780.6 2,808.3 2,008.2 2,008.2 2,008.2 2,008.2 2,008.2
Total Assets 34,720.4 38,575.7 38,734.6 41,132.6 43,266.8 46,681.9 50,686.1 54,537.1 57,610.6
LIABILITIES
Accounts Payable 1,308.0 5,632.2 6,393.6 5,217.4 6,337.7 7,252.1 8,124.3 8,988.8 9,703.4
Accrued Exp. 2,855.9 0 0 0 0 0 0 0 0
Total Short-term borrowings 8,114.2 9,963.4 8,511.5 6,846.9 7,494.5 4,344.4 6,022.3 6,674.5 6,902.2
Curr. Port. of LT Debt 7.0 6.0 9.0 434.0 126.0 2,903.8 2,012.8 2,072.8 1,309.8
Curr. Port. of Cap. Leases - - - - 16.0 16.0 16.0 16.0 16.0
Finance Div. Other Curr. Liab. 817.6 0 0 0 0 0 0 0 0
Other Current Liabilities (346.2) - - 32.0 58.0 58.0 58.0 58.0 58.0
Total current liabilities 12,756.5 15,601.6 14,914.1 12,530.3 14,032.2 14,574.2 16,233.3 17,810.1 17,989.4
Total Long-Term Borrowings 11,584.0 11,798.2 13,898.5 17,391.7 16,814.5 16,617.9 16,931.6 16,890.7 17,202.4
Capital Leases - - - - 20.0 20.0 20.0 20.0 20.0
Pension & Other Post-Retire. Benefits 2,792.8 3,700.2 3,048.3 6,165.5 5,748.9 5,748.9 5,748.9 5,748.9 5,748.9
Def. Tax Liability, Non-Curr. 64.9 183.4 171.8 167.3 144.3 153.0 180.7 206.4 230.7
Other Non-Current Liabilities 31.0 136.5 169.2 55.0 203.5 203.5 203.5 203.5 203.5
Total Liabilities 27,229.2 31,419.9 32,201.9 36,309.8 36,963.4 37,317.5 39,318.0 40,879.6 41,395.0
Common Stock and APIC 2,203.5 2,777.0 2,934.0 2,996.2 3,106.3 3,635.18 3,635.18 3,635.18 3,635.18
Retained Earnings 7,886.8 9,031.7 10,580.6 10,980.5 12,353.1 14,048.1 16,049.3 18,336.0 20,891.0
Treasury Stock (2,673.4) (4,015.4) (5,594.6) (5,564.7) (5,789.5) (4,954.21) (4,954.21) (4,954.21) (4,954.21)
Comprehensive Inc. and Other 74.3 (637.5) (1,387.3) (3,593.3) (3,379.6) (3,379.6) (3,379.6) (3,379.6) (3,379.6)
Minority Interest - - - 4.1 13.1 15.0 17.3 20.1 23.2
Total Equity 7,491.2 7,155.8 6,532.7 4,822.8 6,303.4 9,364.4 11,368.0 13,657.5 16,215.6
Total Liabilities And Equity 34,720.4 38,575.7 38,734.6 41,132.6 43,266.8 46,681.9 50,686.1 54,537.1 57,610.6
Balance Check - - - - - - - - -
Balance Sheet
2006 2007 2008 2009 2010 2011 2012 2013 2014
Working Capital
1. Grow with revenues (default)
2. Override i: Days of revenues (Avg. collection period) 56.0 50.9 55.7 62.3 60.7 59.0 57.4 55.8
3. Overide ii: Absolute projection
Accounts receivable-equipment operation 3,383.1 3,691.9 3,954.6 3,525.2 4,438.0 5,017.9 5,551.7 6,063.1 6,456.8
1. Grow with revenues (default)
2. Override i: Days of revenues (Avg. collection period) 271.4 227.2 289.9 279.5 270.3 261.1 251.8 242.6
3. Overide ii: Absolute projection
Accounts receivable-financial services 16,369.5 17,909.2 17,651.4 18,357.7 19,911.1 22,355.0 24,548.9 26,597.4 28,084.6
1. Grow with COGS (default)
2. Override i: Inventory Days 52.5 57.0 55.2 64.4 62.7 61.0 59.3 57.6
3. Overide ii: Absolute projection
Inventories 1,957.3 2,337.3 3,041.8 2,397.3 3,063.0 3,462.2 3,829.3 4,180.6 4,450.4
1. Grow with COGS (default)
2. Override i. Payables Payment Period 126.49 119.84 120.05 133.28 131.36 129.44 127.52 125.60
3. Overide ii: Absolute projection
Accounts payable 1,308.0 5,632.2 6,393.6 5,217.4 6,337.7 7,252.1 8,124.3 8,988.8 9,703.4
1. Grow with SG&A (default)
2. Overide: Absolute projection
Accrued expenses 2,855.9 0 0 0 0 0 0 0 0
1. Straight-line (default)
2. Overide: Absolute projection
Other current liabilities (non-debt) (346.2) - - 32.0 58.0 58.0 58.0 58.0 58.0
Intangible assets
Purchase of intangible assets
Amortization (enter as -) (43.0) (45.0) (55.0) (72.0) (86.0) (15.0) (14.0) (13.0) (12.0)
Intangibles 56.4 131.0 161.4 280.3 245.0 230.0 216.0 203.0 191.0
PP&E
Capital expenditures 1,183.4 1,484.2 1,608.2 1,308.1 1,312.8 1,000.0 1,140.0 1,276.8 1,399.4
Recurring asset sales (enter as -) (310.9) (355.2) (465.7) (477.3) (621.9) (900.0)
Depreciation (enter as -) (691.4) (744.4) (831.0) (873.3) (914.8) (681.8) (780.4) (876.7) (963.1)
Net PP&E 2,413.6 2,721.0 2,990.7 3,457.2 3,722.7 3,140.87 3,500.48 3,900.57 4,336.81
Diluted Shares outstanding
Treasury share $ repurchases 835.3
Value of shares issued 528.9
Expected average share price $84.6 $98.3
Consensus EPS growth 16.1%
Shares repurchased 8.5
Shares issued 12.5
End of period basic shares outstanding 466.8 449.3 431.1 422.8 424.0 428.0 428.0 428.0 428.0
Weighted average basic shares outstanding 458.1 440.2 427.0 423.4 426.0 428.0 428.0 428.0
Investments in affiliates (Equity method)
Equity in income of affiliates 21.0 29.2 40.2 (6.3) 10.7 12.4 14.2 15.9 17.4
Dividends (enter as -)
Equity in affiliates (from balance sheet) 124.0 149.5 224.4 935.8 740.5 752.9 767.1 782.9 800.3
Minority interest (Consolidation method)
Minority interest expense 0.0 0.0 0.9 (0.6) 9.3 1.9 2.3 2.8 3.1
Dividends (enter as -)
Minority interest (from balance sheet) - - - 4.1 13.1 15.0 17.3 20.1 23.2
al Forecast
2015 2016 2017
10/31/2015 10/31/2016 10/31/2017
6,019.6 6,597.5 7,230.9
6,870.2 7,283.5 7,756.6
29,612.3 31,089.3 32,763.7
4,733.6 5,016.3 5,339.8
1,601.6 1,601.6 1,601.6
48,837.3 51,588.3 54,692.6
4,812.79 5,322.40 5,880.93
819.4 840.3 863.2
998.6 998.6 998.6
180.0 180.0 180.0
2,477.1 2,477.1 2,477.1
712.7 712.7 712.7
2,008.2 2,008.2 2,008.2
60,846.1 64,127.5 67,813.3
10,472.4 11,268.7 12,189.1
0 0 0
6,134.0 5,006.9 3,742.8
1,309.8 1,309.8 1,309.8
16.0 16.0 16.0
0 0 0
58.0 58.0 58.0
17,990.1 17,659.3 17,315.6
17,544.1 17,918.6 18,329.0
20.0 20.0 20.0
5,748.9 5,748.9 5,748.9
258.4 289.3 323.4
203.5 203.5 203.5
41,765.0 41,839.6 41,940.5
3,635.18 3,635.18 3,635.18
23,752.6 26,956.7 30,538.6
(4,954.21) (4,954.21) (4,954.21)
(3,379.6) (3,379.6) (3,379.6)
27.1 29.9 32.9
19,081.1 22,287.9 25,872.8
60,846.1 64,127.5 67,813.3
- - -
2015 2016 2017
54.2 52.5 50.9
6,870.2 7,283.5 7,756.6
233.4 224.2 215.0
29,612.3 31,089.3 32,763.7
55.9 54.2 52.5
4,733.6 5,016.3 5,339.8
123.68 121.76 119.84
10,472.4 11,268.7 12,189.1
0 0 0
58.0 58.0 58.0
(11.0)
180.0 180.0 180.0
1,533.7 1,680.9 1,842.3
(1,057.7) (1,171.3) (1,283.8)
4,812.79 5,322.40 5,880.93
428.0 428.0 428.0
428.0 428.0 428.0
19.1 20.9 22.9
819.4 840.3 863.2
3.9 2.8 3.0
27.1 29.9 32.9
Financial Statement Model for Deere & Company
Cash Flow Statement
Actual Projected Annual Forecas
2006 2007 2008 2009 2010 2011 2012 2013 2014
10/31/2006 10/31/2007 10/31/2008 10/31/2009 10/31/2010 10/31/2011 10/31/2012 10/31/2013 10/31/2014
Net Income 1,693.8 1,821.7 2,052.8 873.5 1,865.0 2,289.1 2,702.6 3,087.9 3,450.2
Depreciation & amortization 691.4 744.4 831.0 873.3 914.8 696.8 794.4 889.7 975.1
Changes in working Capital
Change in Acc. Receivable (703.9) 131.1 (428.4) 481.8 (1,100.6) (3,023.8) (2,727.8) (2,559.9) (1,880.9)
Change In Inventories (78.0) (357.2) (1,195.4) 452.5 (1,052.7) (399.2) (367.1) (351.3) (269.9)
Change in Acc. Payable 155.3 418.6 702.1 (1,168.3) 1,057.7 914.4 872.2 864.5 714.6
Change in Inc. Taxes 29.7 10.5 92.8 (234.2) 22.1 8.7 27.7 25.8 24.2
Change in Other Net Operating Assets (400.0) (163.2) (133.2) (27.9) (154.1) 0 0 0 0
(Gain) Loss From Sale Of Assets (356.0) - - - - - - - -
Asset Writedown & Restructuring Costs - - - 289.2 27.2 0 0 0 0
(Income) Loss on Equity Invest. (18.5) (17.1) (18.7) 7.0 (2.2) (12.4) (14.2) (15.9) (17.4)
Dividends received from affiliates 0 0 0 0
Minority interest expense 1.9 2.3 2.8 3.1
Stock-Based Compensation 90.7 82.0 70.6 70.5 71.2 0 0 0 0
Provision & Write-off of Bad debts 65.9 71.0 95.4 231.8 106.4
Other Operating Activities (197.2) 17.6 (120.0) 135.6 527.4 0 0 0 0
Cash from Operations 973.2 2,759.4 1,949.0 1,984.8 2,282.2 475.6 1,290.2 1,943.7 2,999.1
Capital Expenditure (1,183.4) (1,484.2) (1,608.2) (1,308.1) (1,312.8) (1,000.0) (1,140.0) (1,276.8) (1,399.4)
Sale of Property, Plant, and Equipment 310.9 355.2 465.7 477.3 621.9 900.0 0 0 0
Purchase of intangible assets 0 0 0 0
Cash Acquisitions (55.7) (189.3) (252.3) (49.8) (45.5)
Divestitures 440.1 77.2 42.0 - 34.9
Invest. in Marketable & Equity Securt. 440.4 206.9 597.1 795.6 (25.0)
Net (Inc.) Dec. in Loans Originated/Sold 108.0 141.4 45.2 12.2 6.3
Other Investing Activities (1,209.2) (1,040.5) (715.5) 15.8 (1,388.9) 0 0 0 0
Cash from Investing (1,148.9) (1,933.3) (1,426.0) (57.0) (2,109.1) (100.0) (1,140.0) (1,276.8) (1,399.4)
Increases / (decreases) in debt 828.3 1,246.8 1,321.8 1,067.7 (298.6) (569.0) 1,100.7 671.3 (223.5)
Common stock and APIC (971.7) (1,232.1) (1,568.7) 13.3 (229.7) 528.9 0 0 0
Treasury stock repurchases 835.3 0 0 0
Common Dividends Paid (348.4) (386.7) (448.1) (473.4) (483.5) (593.5) (700.7) (800.5) (894.5)
Preferred dividends - - - - - (0.7) (0.7) (0.7) (0.7)
Comprehensive (accumulated) loss 0 0 0 0
Dividends to minority interests 0 0 0 0
Other Financing Activities 75.0 91.0 46.5 (137.3) 2.1
Cash from Financing (416.8) (281.0) (648.5) 470.3 (1,009.7) 201.0 399.3 (129.9) (1,118.7)
Foreign Exchange Rate Adj. 21.8 46.0 58.3 42.2 (24.5)
Net Change in Cash (570.7) 591.1 (67.2) 2,440.3 (861.1) 576.6 549.5 536.9 481.1
Debt
Current portion of LTD 7 6 9 434 126 2,903.8 2,012.8 2,072.8 1,309.8
Reclassification of LTD to CP of LTD (2,903.8) (2,012.8) (2,072.8) (1,309.8)
Discretionary (paydown)/borrowing of long term debt 2,707.1 2,326.5 2,031.8 1,621.5
Long term debt 11,584.0 11,798.2 13,898.5 17,391.7 16,814.5 16,617.9 16,931.6 16,890.7 17,202.4
Discretionary (paydown)/borrowing of convertible debt
Convertible debt 0 0 0 0 0 0 0 0 0
Calculation of short term debt
Cash @ beginning of the year (end of last year) 3,348.3 3,924.9 4,474.4 5,011.3
Plus: Cash flows prior to debt during year % of sales 1,145.6 (551.2) (134.4) 704.6
Less: Minimum cash balance 13% 3,924.9 4,474.4 5,011.3 5,492.4
Total cash available / (debt required) for short term debt paydown 3,150.1 (1,677.9) (652.2) (227.7)
Short term debt 8114.2 9,963.4 8,511.5 6,846.9 7,494.5 4,344.4 6,022.3 6,674.5 6,902.2
Interest expense
Current portion of long-term debt 7.0 6.0 9.0 434.0 126.0 2,903.8 2,012.8 2,072.8 1,309.8
Short term debt 8,114.2 9,963.4 8,511.5 6,846.9 7,494.5 4,344.4 6,022.3 6,674.5 6,902.2
Long term debt 11,584.0 11,798.2 13,898.5 17,391.7 16,814.5 16,617.9 16,931.6 16,890.7 17,202.4
Convertible debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total debt 19,705.2 21,767.6 22,419.0 24,672.6 24,435.0 23,866.0 24,966.7 25,638.0 25,414.4
Interest expense 1,017.5 1,151.2 1,137.0 1,042.4 811.4 1,112.7 1,125.0 1,165.8 1,176.1
Average interest rate 5.6% 5.1% 4.4% 3.3% 4.6% 4.6% 4.6% 4.6%
al Forecast
2015 2016 2017
10/31/2015 10/31/2016 10/31/2017
3,864.0 4,326.4 4,836.5
1,068.7 1,171.3 1,283.8
(1,941.1) (1,890.3) (2,147.5)
(283.1) (282.7) (323.5)
769.0 796.3 920.4
27.7 30.9 34.1
0 0 0
- - -
0 0 0
(19.1) (20.9) (22.9)
0 0 0
3.9 2.8 3.0
0 0 0
0 0 0
3,490.0 4,133.7 4,583.9
(1,533.7) (1,680.9) (1,842.3)
0 0 0
0 0 0
0 0 0
(1,533.7) (1,680.9) (1,842.3)
(426.6) (752.6) (853.6)
0 0 0
0 0 0
(1,001.7) (1,121.6) (1,253.9)
(0.7) (0.7) (0.7)
0 0 0
0 0 0
(1,429.0) (1,874.9) (2,108.2)
527.3 577.9 633.4
1,309.8 1,309.8 1,309.8
(1,309.8) (1,309.8) (1,309.8)
1,651.4 1,684.2 1,720.2
17,544.1 17,918.6 18,329.0
0 0 0
5,492.4 6,019.6 6,597.5
953.9 1,330.5 1,487.0
6,019.6 6,597.5 7,230.9
768.3 1,127.1 1,264.1
6,134.0 5,006.9 3,742.8
1,309.8 1,309.8 1,309.8
6,134.0 5,006.9 3,742.8
17,544.1 17,918.6 18,329.0
0.0 0.0 0.0
24,987.8 24,235.2 23,381.6
1,161.1 1,134.0 1,097.0
4.6% 4.6% 4.6%
Discounted Cash Flow Model for Deere & Company
General assumptions
Company Name Deere & Company
Latest Fiscal year end (mm/dd/yy) 10/31/2010
Valuation / deal date: 4/19/2011
Current share price $91.53
Stub year fraction: 53%
Analysis of dicount rate
Cost of debt Capital structure
Cost of debt 4.6% Current capital structure
Tax rate 38.4% Market value % Weight
Cost of debt after tax shield 2.8% Net debt 20,359.3 34.4%
Equity 38,753.8 65.6%
Cost of equity Total 59,113.1
Risk-Free Rate (rf) 3.4%
Market Risk Premium (rm-rf) 6.5% Weighted average cost of capital
Raw beta 1.34 Weighted average cost of capital:
Cost of equity 12.1%
Discount rate
% Weight
WACC 0.60
LT ROE 0.20
HPR 0.20
Discount rate
Free cash flow buildup
Actual Projected Annual Forecast
2010 2011 2012 2013 2014
10/31/2010 10/31/2011 10/31/2012 10/31/2013 10/31/2014
Total Revenues 26,004.6 30,191.3 34,418.1 38,548.3 42,248.9
EBITDA 4,896.6 5,319.7 6,064.5 6,792.2 7,444.2
EBIT 3,981.8 4,622.9 5,270.1 5,902.5 6,469.1
Tax rate 38% 35% 35% 35% 35%
NOPAT 2,452.9 3,000.9 3,421.0 3,831.6 4,199.4
Depreciation & Amortization 914.8 696.8 794.4 889.7 975.1
Cash from working capital (1,227.6) (2,499.9) (2,195.0) (2,020.9) (1,411.9)
Capital expenditures (1,312.8) (1,000.0) (1,140.0) (1,276.8) (1,399.4)
Unlevered free cash flows 105.7 880.4 1,423.6 2,363.2
Discount factor 0.946 0.852 0.767 0.691
Midyear adjustment factor 1.028 1.054 1.054 1.054
Present value of free cash flows 102.8 790.0 1,150.4 1,719.7
Sum of present values of FCFs 9,256.3
Terminal value
Growh in perpetuity method
Long term growth rate 7%
Free cash flow (t+1) 3,695.4
Terminal value 91,372.9
Present value of terminal value 48,560.4
Enterprise value 57,816.7
Equity value calculations
Enterprise value 57,816.7
Calculation of net debt:
Current portion of long-term debt 126.0
Short term debt 7,494.5
Long term debt 16,814.5
Minority interest 13.1
Less: Excess cash (3,348.3)
Less: Equity investments (740.5)
Net debt 20,359.3
Equity value 37,457.4
Shares outstanding 423.4
Equity value / share $88.5
Equity value calculations
Equity share price at long term growth rate sensitivities
Long term growth rate
$88.5 6.25% 6.50% 6.75% 7.00%
9.5% $126.7 $139.6 $154.7 $172.9
Discount rate 10.0% 102.8 112.1 122.9 135.5
10.5% 84.4 91.5 99.5 108.6
11.0% 69.8 75.4 81.5 88.5
11.5% 58.1 62.5 67.3 72.7
12.0% 48.3 51.9 55.8 60.1
12.5% 40.2 43.1 46.3 49.8
8.89%
rate Weighted rate
8.89% 5.34%
18.20% 3.64%
10.34% 2.07%
11.04%
Projected Annual Forecast
2015 2016 2017
10/31/2015 10/31/2016 10/31/2017
46,304.8 50,750.1 55,622.1
8,158.9 8,942.1 9,800.6
7,090.2 7,770.8 8,516.8
35% 35% 35%
4,602.5 5,044.4 5,528.7
1,068.7 1,171.3 1,283.8
(1,427.5) (1,345.9) (1,516.5)
(1,533.7) (1,680.9) (1,842.3)
2,710.0 3,188.9 3,453.6
0.622 0.560 0.504
1.054 1.054 1.054
1,776.0 1,881.9 1,835.4
price at long term growth rate sensitivities
Long term growth rate
7.25% 7.50% 7.75%
$195.0 $222.4 $257.6
150.3 168.0 189.6
119.2 131.5 145.9
96.3 105.3 115.6
78.8 85.5 93.2
64.9 70.2 76.1
53.7 57.9 62.5
Company Name Ticker P/S P/B P/E EV/EBITDA
Deere & Company DE 1.44 5.99 18.93 14.49
Caterpillar Inc. CAT 1.61 6.35 25.92 15.05
CNH Global N.V. CNH 0.69 1.48 23.8 11.34
Kubota Corporation KUB 1.05 1.54 17.89 10.83
Deere & Company Ratios 4/4/2011
EPS 4.98
Revenue 24,849.70
Book Value per Share 15.73
Shares Outstanding 421
Revenue per Share 59.03
Multiples Minimum Average Maximum Median
P/S 0.69 1.20 1.61 1.25
P/B 1.48 3.84 6.35 3.77
P/E 17.89 21.64 25.92 21.37
EV/EBITDA 10.83 12.93 15.05 12.92
Price Evaluation Minimum Average Maximum Median
P/S 40.73 70.69 95.04 73.49
P/B 23.28 60.40 99.89 59.22
P/E 89.09 107.74 129.08 106.40
EV/EBITDA 99.64 120.50 141.62 120.38
Triangulation Price Weight Weighted Price
P/S 70.69 0.25 17.67
P/B 60.40 0.25 15.10
P/E 107.74 0.25 26.94
EV/EBITDA 120.50 0.25 30.13
Total Average Price 89.83
DuPont Analysis
Tax Burdan Interest Burden Operating Profit Margin Asset Turnover
2008 0.64 1.01 0.12 0.67
2009 0.50 0.95 0.09 0.52
2010 0.61 0.97 0.13 0.56
2011 0.65 0.76 0.15 0.67
2012 0.65 0.79 0.15 0.71
2013 0.65 0.80 0.15 0.73
8.00
7.00
6.00
5.00
Tax Burdan
4.00 Interest Burden
Operating Profit Margin
3.00 Asset Turnover
Leverage
2.00
ROE
1.00
0.00
2008 2009 2010 2011 2012 2013
Leverage ROE
5.65 29.99%
7.04 15.38%
7.59 33.51%
5.74 29.22%
4.70 26.07%
4.20 24.68%
Tax Burdan
Interest Burden
Operating Profit Margin
Asset Turnover
Leverage
ROE
Date Open High Low Close Volume Adj Close
4/1/2011 97.6 99.8 92.61 93.76 4016000 93.76 -0.032 0.968
3/1/2011 90.75 96.98 84.27 96.89 4810500 96.89 0.079 1.079
2/1/2011 91.83 97.36 86.23 90.15 5269800 89.81 -0.008 0.992
1/3/2011 83.93 91.89 81.8 90.9 3895500 90.56 0.095 1.095
12/1/2010 75.89 84.85 75.23 83.05 3321200 82.74 0.116 1.116
11/1/2010 77.46 79.66 74.06 74.7 4065900 74.11 -0.027 0.973
10/1/2010 69.15 78.89 67.67 76.8 4461100 76.19 0.101 1.101
9/1/2010 64.69 73.7 64.47 69.78 4533000 69.23 0.108 1.108
8/2/2010 67.88 69.47 60.45 63.27 4866500 62.51 -0.051 0.949
7/1/2010 55.98 67.09 53.69 66.68 4610800 65.88 0.198 1.198
6/1/2010 57.22 61.43 53.95 55.68 5406100 55.01 -0.030 0.970
5/3/2010 60.41 61.6 52.73 57.68 6210100 56.7 -0.036 0.964
4/1/2010 59.99 63.68 59.01 59.82 3649500 58.8 0.006 1.006
3/1/2010 57.45 62.08 56.71 59.46 4705900 58.45 0.043 1.043
2/1/2010 50.37 58.05 48.33 57.3 5519000 56.06 0.147 1.147
1/4/2010 54.74 60.16 49.69 49.95 5236600 48.87 -0.077 0.923
12/1/2009 54.25 56.87 51.61 54.09 4269900 52.92 0.016 1.016
11/2/2009 45.8 54.15 45.19 53.51 6368500 52.09 0.175 1.175
10/1/2009 42.64 49.88 40.28 45.55 6500700 44.34 0.061 1.061
9/1/2009 43.37 47.04 40.36 42.92 5834700 41.78 -0.009 0.991
8/3/2009 44.44 47 42.19 43.6 5097300 42.18 -0.003 0.997
7/1/2009 40.31 44.27 34.9 43.74 4849600 42.31 0.095 1.095
6/1/2009 44.74 47.66 38.47 39.95 5710500 38.65 -0.075 0.925
5/1/2009 41.27 47.98 40.5 43.47 6273000 41.77 0.053 1.053
4/1/2009 32.1 42.98 31.88 41.26 6175800 39.65 0.256 1.256
3/2/2009 26.75 36.16 24.51 32.87 7242300 31.58 0.205 1.205
2/2/2009 33.86 42.36 26.4 27.49 7884700 26.21 -0.209 0.791
1/2/2009 38.74 46.76 33.85 34.74 6342900 33.12 -0.093 0.907
12/1/2008 33.8 41.53 29.1 38.32 5330400 36.53 0.109 1.109
11/3/2008 38.5 42.8 28.57 34.81 6506000 32.95 -0.097 0.903
10/1/2008 49.49 49.49 28.5 38.56 10494700 36.5 -0.221 0.779
9/2/2008 70.68 71.44 46.18 49.5 6016700 46.85 -0.295 0.705
8/1/2008 70.71 71.37 60.99 70.57 5548000 66.47 0.006 1.006
7/1/2008 70.93 74.18 63.51 70.16 6573800 66.08 -0.027 0.973
6/2/2008 81.33 83.65 70.16 72.13 5777000 67.94 -0.110 0.890
5/1/2008 84.11 90.73 78.63 81.34 6903100 76.32 -0.032 0.968
4/1/2008 81.59 94.89 79.3 84.07 5312200 78.88 0.045 1.045
3/3/2008 85 89.75 76.55 80.44 5486400 75.48 -0.053 0.947
2/1/2008 87.75 90.49 80.15 85.21 5294400 79.71 -0.027 0.973
1/2/2008 94.01 94.77 71.2 87.56 7101800 81.9 -0.060 0.940
12/3/2007 171.84 179.9 82.03 93.12 4453000 87.1 0.087 1.087
11/1/2007 152.5 174.75 140.35 171.8 6548700 80.13 0.109 1.109
10/1/2007 148.61 157.3 141 154.9 4723500 72.25 0.044 1.044
9/4/2007 136.72 149.9 132.55 148.42 5410000 69.23 0.095 1.095
8/1/2007 120.02 137.1 113.91 136.06 6594300 63.24 0.130 1.130
7/2/2007 121.65 133.96 118.67 120.42 4980000 55.97 -0.003 0.997
6/1/2007 120.62 125.64 113.6 120.74 5144100 56.12 0.006 1.006
5/1/2007 109.74 123.4 107.51 120.47 6890500 55.79 0.101 1.101
4/2/2007 108.25 115.8 103.17 109.4 4762100 50.66 0.007 1.007
3/1/2007 106.5 115.58 103.54 108.64 5938200 50.31 0.007 1.007
2/1/2007 100.44 116.5 100.44 108.29 5480400 49.95 0.080 1.080
1/3/2007 95.69 100.95 90.23 100.28 4488800 46.25 0.055 1.055
12/1/2006 95.99 98.51 93.55 95.07 3626300 43.85 -0.005 0.995
11/1/2006 85.17 101.4 83.26 96 6696700 44.07 0.128 1.128
10/2/2006 83.7 90.47 83.01 85.13 5285600 39.08 0.015 1.015
9/1/2006 79.83 84.97 76.86 83.91 5847000 38.52 0.079 1.079
8/1/2006 72.57 78.5 66.9 78.1 6081300 35.69 0.076 1.076
7/3/2006 84.3 84.46 69.79 72.57 5512400 33.16 -0.131 0.869
6/1/2006 86.05 88 76.39 83.49 4955200 38.15 -0.020 0.980
5/1/2006 88.78 91.98 81.51 85.6 5255600 38.92 -0.025 0.975
4/3/2006 79.5 89 79.15 87.78 4544200 39.91 0.110 1.110
3/1/2006 77.06 80 73.68 79.05 3913400 35.95 0.042 1.042
2/1/2006 69.81 79 69.81 76.27 4381700 34.51 0.063 1.063
1/3/2006 68.01 72.6 67.61 71.76 2908500 32.47 0.054 1.054
12/1/2005 69.91 71 67.68 68.11 2830700 30.82 -0.012 0.988
11/1/2005 60.68 70.1 60.4 69.35 4200000 31.2 0.143 1.143
10/3/2005 61.2 63.25 56.99 60.68 3822500 27.3 -0.008 0.992
9/1/2005 65.46 66.24 59.81 61.2 4301000 27.53 -0.059 0.941
8/1/2005 73.54 73.85 63.14 65.38 5230700 29.27 -0.111 0.889
7/1/2005 65.56 73.98 65.4 73.53 3733500 32.92 0.123 1.123
6/1/2005 65.7 69.4 64.18 65.49 3207100 29.32 -0.005 0.995
5/2/2005 62.54 66.59 58.7 66.15 4215600 29.47 0.058 1.058
4/1/2005 67.61 67.76 61.01 62.54 3985700 27.86 -0.069 0.931
3/1/2005 70.98 72.49 65.21 67.13 4109800 29.91 -0.052 0.948
2/1/2005 69.52 71.68 65.39 71.11 5002900 31.54 0.024 1.024
1/3/2005 74.41 74.41 65.2 69.43 3693800 30.79 -0.067 0.933
12/1/2004 71.77 74.73 68.25 74.4 3320000 33 0.041 1.041
11/1/2004 61.55 73.45 61.47 71.73 5447700 31.69 0.200 1.200
10/1/2004 64.55 65.95 56.72 59.78 4752000 26.41 -0.074 0.926
9/1/2004 63.27 65.65 61.29 64.55 3044800 28.52 0.025 1.025
8/2/2004 62.56 63.66 57.22 63.27 3811800 27.83 0.007 1.007
7/1/2004 69.99 69.99 60.6 62.81 3885000 27.63 -0.104 0.896
6/1/2004 65.6 70.49 65.45 70.14 2988200 30.85 0.072 1.072
5/3/2004 68.5 69.64 62 65.7 4284800 28.78 -0.035 0.965
4/1/2004 69.4 74.93 67.14 68.04 3981300 29.81 -0.018 0.982
3/1/2004 65.05 71.05 61.81 69.31 3642600 30.36 0.084 1.084
2/2/2004 62.6 67.8 60 64.23 4365800 28.02 0.026 1.026
1/2/2004 64.95 67.19 61.48 62.6 3813200 27.31 -0.038 0.962
12/1/2003 61.48 67.41 60.33 65.05 2996900 28.38 0.066 1.066
11/3/2003 60.53 63.79 59.2 61.23 2939300 26.62 0.010 1.010
10/1/2003 53.31 60.75 53.31 60.62 3313300 26.36 0.137 1.137
9/2/2003 56.58 56.9 51.84 53.31 2965500 23.18 -0.053 0.947
8/1/2003 50.7 58.55 48.25 56.51 4835400 24.47 0.113 1.113
7/1/2003 45.64 51 44.23 50.78 3667300 21.99 0.111 1.111
6/2/2003 44 48.7 44 45.7 2706500 19.79 0.052 1.052
5/1/2003 44.03 45.5 42.61 43.67 3404100 18.82 -0.008 0.992
4/1/2003 39.26 44.44 38.82 44.03 2827800 18.97 0.121 1.121
3/3/2003 41.5 43.8 37.56 39.26 3462300 16.92 -0.046 0.954
2/3/2003 42.2 43.72 40.01 41.38 2716900 17.73 -0.019 0.981
1/2/2003 46 47.6 40.6 42.2 3132600 18.08 -0.080 0.920
12/2/2002 51.6 51.6 45.04 45.85 2967400 19.65 -0.099 0.901
11/1/2002 46.32 51.58 45.98 51.15 3507600 21.82 0.103 1.103
10/1/2002 45.85 49.25 41.7 46.39 3490900 19.79 0.021 1.021
9/3/2002 45.9 48.5 43.52 45.45 3496800 19.39 -0.005 0.995
8/1/2002 42.06 47.99 39.5 45.92 3957900 19.49 0.092 1.092
7/1/2002 47.89 49.18 37.5 42.02 4111600 17.84 -0.122 0.878
6/3/2002 46.9 47.94 42.29 47.9 3064300 20.33 0.024 1.024
5/1/2002 44.4 48.4 42.09 47 2789900 19.85 0.050 1.050
4/1/2002 45.56 47.2 41.63 44.76 2282700 18.91 -0.017 0.983
3/1/2002 48.1 49.98 43.8 45.55 2745200 19.24 -0.045 0.955
2/4/2002 43.61 49.14 41.1 47.93 3770500 20.15 0.090 1.090
1/2/2002 44.35 45.15 41.24 43.97 2467400 18.48 0.007 1.007
12/3/2001 39.99 44.3 39.95 43.66 2353600 18.35 0.097 1.097
11/1/2001 37 42.25 36.6 39.99 2227000 16.72 0.081 1.081
10/1/2001 37.4 42.1 36.7 36.99 2091900 15.47 -0.017 0.983
9/4/2001 43.2 44.13 33.5 37.61 3581100 15.73 -0.124 0.876
8/1/2001 42.05 45 40.12 43.17 2275500 17.95 0.029 1.029
7/2/2001 37.5 42.8 36.04 41.95 2806600 17.44 0.108 1.108
6/1/2001 37.15 39.95 36.41 37.85 1957300 15.74 0.019 1.019
5/1/2001 41 41.75 36.11 37.36 1967800 15.44 -0.085 0.915
4/2/2001 36.4 41.51 34.45 40.83 2145400 16.88 0.124 1.124
3/1/2001 40 45.96 35.85 36.34 3273300 15.02 -0.102 0.898
2/1/2001 42.91 43.4 38.7 40.7 2028600 16.73 -0.052 0.948
1/2/2001 45.5 46.12 38.38 42.92 2174000 17.64 -0.063 0.937
12/1/2000 40.56 47.12 39.5 45.81 2047400 18.83 0.132 1.132
11/1/2000 36.88 41.12 35.31 40.69 1928000 16.64 0.105 1.105
10/2/2000 32.44 37.19 31.62 36.81 1793200 15.06 0.107 1.107
9/1/2000 33.12 34.81 30.69 33.25 1977400 13.6 0.016 1.016
8/1/2000 38.69 38.94 32.12 32.94 3141800 13.38 -0.146 0.854
7/3/2000 37.06 41.38 36.81 38.56 1588200 15.66 0.042 1.042
6/1/2000 42.38 43.94 36.31 37 2687900 15.03 -0.105 0.895
5/1/2000 39.5 49.63 38.87 41.56 3549800 16.79 0.029 1.029
4/3/2000 38 44.62 36.69 40.37 2137300 16.31 0.063 1.063
3/1/2000 35.87 41.5 30.31 38 2849500 15.35 0.070 1.070
2/1/2000 43.63 44.5 35.56 35.75 3286800 14.35 -0.182 0.818
1/3/2000 43.63 48.31 42.44 43.69 3080100 17.54 0.007 1.007
12/1/1999 41.78 43.64 39.48 43.37 1909300 17.41 0.021 1.021
11/1/1999 35.81 44.27 35.19 42.71 1990600 17.06 0.185 1.185
10/1/1999 37.8 40.23 34.94 36.06 1590400 14.4 -0.063 0.937
9/1/1999 38.58 41.48 37.86 38.48 1442700 15.37 0.007 1.007
8/2/1999 37.9 42.97 37.77 38.45 2042500 15.27 0.020 1.020
7/1/1999 39.19 39.38 34.74 37.71 1921800 14.97 -0.027 0.973
6/1/1999 37.32 41.68 36.33 38.76 1743100 15.39 0.038 1.038
5/3/1999 41.81 44.51 36.95 37.56 2435300 14.83 -0.107 0.893
4/1/1999 37.87 45.19 37.13 42.05 4214600 16.6 0.107 1.107
3/1/1999 31.84 39.16 31.66 37.99 2352600 15 0.195 1.195
2/1/1999 32.27 34.9 30.87 31.97 2276900 12.55 0.004 1.004
1/4/1999 33.74 36.37 31.05 31.84 2250100 12.5 -0.010 0.990
12/1/1998 33.14 33.62 28.59 32.15 2489800 12.62 -0.045 0.955
11/2/1998 35.45 39.03 33.14 33.93 2763300 13.22 -0.019 0.981
10/1/1998 29.38 35.87 27.56 34.6 2490800 13.48 0.177 1.177
9/1/1998 32.73 35.14 27.61 29.38 3068200 11.45 -0.070 0.930
8/3/1998 38.76 42.01 31.28 31.82 3203000 12.31 -0.179 0.821
7/1/1998 50.99 51.23 38.27 38.76 3026900 14.99 -0.239 0.761
6/1/1998 49.93 51.35 45.19 50.96 2300800 19.71 0.028 1.028
5/1/1998 55.69 57.13 49.09 49.81 2032900 19.18 -0.112 0.888
4/1/1998 57.85 60.26 54.19 56.11 1826100 21.61 -0.057 0.943
3/2/1998 53.83 61.58 53.47 59.47 1836900 22.91 0.112 1.112
2/2/1998 51.43 55.14 51.07 53.71 1450600 20.61 0.064 1.064
1/2/1998 55.62 55.62 47.25 50.48 1935700 19.37 -0.094 0.906
12/1/1997 52.42 57.07 52 55.74 1703100 21.39 0.072 1.072
11/3/1997 50.57 53.73 47.53 52.24 1933700 19.96 0.038 1.038
10/1/1997 51.7 56.23 46.46 50.33 1675700 19.23 -0.017 0.983
9/2/1997 53.35 55.31 49.56 51.23 1527100 19.57 -0.033 0.967
8/1/1997 53.95 55.73 51.16 53.18 1656300 20.24 -0.016 0.984
7/1/1997 52.05 57.45 51.16 54.01 1504700 20.56 0.037 1.037
6/2/1997 48.6 54.99 47.78 52.11 1763700 19.83 0.081 1.081
5/1/1997 43.16 51.56 43.05 48.37 2273700 18.34 0.112 1.112
4/1/1997 41.04 44.23 39.74 43.52 1624700 16.5 0.058 1.058
3/3/1997 39.79 42.97 39.32 41.15 1676100 15.6 0.030 1.030
2/3/1997 40.26 41.08 38.49 40.14 1744500 15.15 -0.003 0.997
1/2/1997 38.61 41.67 37.55 40.26 2188200 15.19 0.056 1.056
12/2/1996 41.82 41.94 37.61 38.14 1555000 14.39 -0.083 0.917
11/1/1996 39.13 44.17 36.67 41.82 2570800 15.7 0.066 1.066
10/1/1996 39.6 42.06 38.31 39.25 1530200 14.73 -0.003 0.997
9/3/1996 36.38 41.74 36.03 39.36 1646300 14.78 0.067 1.067
8/1/1996 33.23 38.24 33.23 37.08 1411600 13.85 0.112 1.112
7/1/1996 37.08 37.78 32.18 33.35 1705200 12.45 -0.106 0.894
6/3/1996 38.63 40.26 35.38 37.31 1479900 13.93 -0.029 0.971
5/1/1996 35.5 39.79 34.46 38.63 1791800 14.35 0.071 1.071
4/1/1996 38.86 41.76 35.27 36.08 2087300 13.4 -0.066 0.934
3/1/1996 36.84 40.76 35.57 38.63 2073700 14.35 0.074 1.074
2/1/1996 34.64 37.76 33.14 36.14 2971000 13.36 0.044 1.044
1/2/1996 32.22 35.22 30.48 34.64 2255000 12.8 0.064 1.064
12/1/1995 30.31 33.07 29.39 32.56 1823900 12.03 0.081 1.081
11/1/1995 82.21 85.54 27.9 30.31 2632500 11.13 0.107 1.107
10/2/1995 74.74 84.04 74.4 82.09 2179600 10.05 0.098 1.098
9/1/1995 78.06 80.34 73.6 74.74 2377500 9.15 -0.035 0.965
8/1/1995 81.94 83.65 74.08 78.06 3309800 9.48 -0.047 0.953
7/3/1995 78.29 86.84 77.95 81.94 2584500 9.95 0.050 1.050
6/1/1995 78.13 79.72 75.76 78.06 1867800 9.48 0.003 1.003
5/1/1995 74.74 81.98 73.26 78.36 2807400 9.45 0.055 1.055
4/3/1995 73.6 77.45 72.58 74.28 1456600 8.96 0.009 1.009
3/1/1995 67.47 74.06 65.34 73.6 2544400 8.88 0.078 1.078
2/1/1995 64.1 70.62 64.1 68.82 2360600 8.24 0.074 1.074
1/3/1995 59.38 67.59 58.48 64.1 2849800 7.67 0.076 1.076
12/1/1994 57.32 59.83 54.64 59.6 2530600 7.13 0.050 1.050
11/1/1994 63.56 63.68 55.53 57.32 2884500 6.79 -0.103 0.897
10/3/1994 61.11 66.35 58.32 63.9 2662700 7.57 0.043 1.043
9/1/1994 65.38 65.6 60.07 61.22 2271900 7.26 -0.060 0.940
8/1/1994 62.06 66.6 57.08 65.71 4832900 7.72 0.059 1.059
7/1/1994 60.29 64.61 59.74 62.06 2227600 7.29 0.037 1.037
6/1/1994 61.29 66.45 59.74 59.85 4388800 7.03 -0.015 0.985
5/2/1994 67.33 68.87 59.31 61.29 4242200 7.14 -0.089 0.911
4/4/1994 72.16 77.65 65.57 67.33 3116800 7.84 -0.093 0.907
3/1/1994 73.71 79.39 70.29 74.14 3969100 8.64 0.013 1.013
2/1/1994 70.11 74.26 67.38 73.71 3423800 8.53 0.048 1.048
1/3/1994 64.98 71.2 62.03 70.33 2522800 8.14 0.088 1.088
12/1/1993 62.03 65.94 58.34 64.65 2735900 7.48 0.059 1.059
11/1/1993 66.69 67.67 58.34 61.49 2390700 7.06 -0.083 0.917
10/1/1993 62.79 68 62.25 67.02 2068200 7.7 0.068 1.068
9/1/1993 61.79 64.42 57.27 62.79 5282500 7.21 0.010 1.010
8/2/1993 54.79 64.81 54.04 62.76 2034400 7.14 0.144 1.144
7/1/1993 56.84 58.13 54.69 54.79 2080600 6.24 -0.041 0.959
6/1/1993 54.06 57.16 53.84 57.16 2355600 6.51 0.069 1.069
5/3/1993 51.28 55.02 47.33 53.95 2893100 6.09 0.048 1.048
4/1/1993 45.51 52.03 45.08 51.49 2415800 5.81 0.135 1.135
3/1/1993 44.02 47.94 43.71 45.4 2307200 5.12 0.043 1.043
2/1/1993 39.26 44.24 38.1 44.02 2517200 4.91 0.121 1.121
1/4/1993 37.04 40.64 35.88 39.26 1721400 4.38 0.061 1.061
12/1/1992 32.63 37.25 31.48 37.04 1982700 4.13 0.147 1.147
11/2/1992 32.84 35.77 30.75 32.73 2104600 3.6 -0.011 0.989
10/1/1992 36.5 36.5 32.21 33.05 1325100 3.64 -0.092 0.908
9/1/1992 32.44 36.81 32.02 36.5 2439800 4.01 0.152 1.152
8/3/1992 34.91 35.22 30.47 32.13 1826500 3.48 -0.074 0.926
7/1/1992 35.22 35.64 32.85 34.71 1717800 3.76 -0.016 0.984
6/1/1992 37.46 38.37 32.66 35.22 1672100 3.82 -0.045 0.955
5/1/1992 40.52 42.05 35.72 37.46 2009800 4 -0.076 0.924
4/1/1992 41.64 43.07 38.88 40.52 1541000 4.33 -0.029 0.971
3/2/1992 41.34 43.67 41.03 41.74 1319000 4.46 0.025 1.025
2/3/1992 40.54 43.06 39.63 41.24 1323600 4.35 0.016 1.016
1/2/1992 38.61 43.06 37 40.54 1852300 4.28 0.044 1.044
12/2/1991 38.48 39.58 31.88 38.82 3004600 4.1 0.020 1.020
11/1/1991 45.18 45.48 38.18 38.68 1553600 4.02 -0.146 0.854
10/1/1991 42.88 45.88 40.18 45.28 1607500 4.71 0.061 1.061
9/3/1991 41.2 44.38 39.91 42.68 1688100 4.44 0.050 1.050
8/1/1991 40.4 42.29 37.14 41.1 2329200 4.23 0.005 1.005
7/1/1991 41.99 43.08 40.11 40.9 1192800 4.21 -0.007 0.993
6/3/1991 43.47 44.74 40.6 41.2 1681800 4.24 -0.049 0.951
5/1/1991 38.86 43.96 38.56 43.86 1757100 4.46 0.135 1.135
4/15/1991 38.27 39.93 37.09 38.66 1558400 3.93
7.842 1.009 10.34%