# goldman Dividend Discount Model

Document Sample

Dividend Discount Model
Assumptions       1. The firm is expected to grow at a higher growth rate in the first period.
2. The growth rate will drop at the end of the first period to the stable growth rate.
3. The dividend payout ratio is consistent with the expected growth rate.
Inputs needed     1. Length of high growth period
2. Expected growth rate in earnings during the high growth period.
3. Dividend payout ratio during the high growth period.
4. Expected growth rate in earnings during the stable growth period.
5. Expected payout ratio during the stable growth period.
6. Current Earnings per share
7. Inputs for the Cost of Equity
T
How the model works he expected dividends are estimated for the high growth period, using the payout
ratio for the high growth period and the expected growth rate in earnings per share.
The expected growth rate is estimated either using fundamentals:
Expected growth = Retention Ratio * Return on Equity
Alternatively, you can input the expected growth rate.
At the end of the high growth phase, the expected terminal price is estimated using
dividends per share one year after the high growth period, using the growth rate
in stable growth, the payout ratio in stable growth and the cost of equity in stable
growth.
The dividends per share and the terminal price are discounted back to the present at
the cost of equity changes.
If your cost of equity in stable growth is different from your cost of equity in high
growth, the cost of equity in the second half of the stable growth period will be
adjusted gradually from the high growth cost of equity to a stable growth cost of
equity.
Options Available You can make this model into a three stage model by answering yes to the question
of whether you want me to adjust the inputs in the second half of the high growth
period. If you do, I will adjust the growth rate, the payout ratio and the cost of
equity from high-growth levels to stable growth levels gradually.
You can also make this a stable growth model by setting the high
growth period to zero.
Model
Inputs from current financials
Net Income =                                                 \$4,972.32        Last year        (in currency)
Book Value of Equity =                                      \$29,000.00           \$26,888.00    (in currency)
Current Earnings per share =                                  \$11.03           (in currency)
Current Dividends per share =                                  \$1.00           (in currency)
Do you want to normalize the net income/earnings per share?      No

Inputs for Discount Rate
Beta of the stock =                                                 1.2
Riskfree rate=                                                    4.50%        (in percent)

Inputs for High Growth Period
Length of high growth period                                         5

Do you want to calculate the growth rate from fundamentals?           Yes       (Yes or No)
3%
If no, enter the expected growth rate in earnings in high growth period=
If yes, the following will be the inputs to the fundamental growth formulation:
ROE =                                                               18.49%      (in percent)
Retention =                                                         90.93%      (in percent)
Do you want to change any of these inputs for the high growth period? No
If yes, specify the values for these inputs (Please enter all variables)
ROE =                                                               15.00%      (in percent)
Retention =                                                         85.00%      (in percent)
Yes
Do you want to change any of these inputs for the stable growth period?
If yes, specify the values for these inputs
ROE =                                                               12.00%      (in percent)

No

Inputs for Stable Growth Period
Enter growth rate in stable growth period?                        4.00%        (in percent)

Stable payout ratio from fundamentals is =                       66.67%        (in percent)
Do you want to change this payout ratio?                           No          (Yes or No)
If yes, enter the stable payout ratio=                                         (in percent)

Will the beta to change in the stable period?                      Yes         (Yes or No)
If yes, enter the beta for stable period =                         1.00
Enter the risk premium to use in stable period =                  4.00%
Normalized Earnings Calculation
Choose the approach to normalized earnings             1
Approach 1: Average Net Income over last 5 years
-5            -4          -3          -2
Net Income                                         \$1,662.00     \$2,533.00   \$1,876.00   \$1,933.00

Approach 2: Normalized return on equity
Normalized ROE =                                           22%
ngs Calculation

Current     Average
\$2,122.00   \$2,025.20
Figure 5.1: Value and Expected Growth: Goldman Sachs

300

250

200
Value per share

Market price = \$128

150

Breakeven growth rate = 2.6%
100

50

0
2%           4%          6%         8%             10%           12%            14%   16%   18%   20%
Expected Annual Growth Rate - next 5 yars
Value per first 5
Expected Growth rate in share years
2%        124.37
4%        136.87
6%         150.3
8%         164.9
10%        180.55
12%        197.38
14%        215.45
16%        234.82
18%        255.57
20%        277.76
Two-Stage Dividend Discount Model

Output from the program
Cost of Equity =                           9.30%
Net Income =                              \$4,972
Earnings per Share =                      \$11.03
Growth rate in EPS =                      16.82%
Payout Ratio for high growth phase=        9.07%

The dividends for the high growth phase are shown below (upto 10 years)
1               2                3              4         5
Expected Growth Rate      16.82%          16.82%           16.82%         16.82%    16.82%
Earnings per share        \$12.88          \$15.05           \$17.58         \$20.54    \$23.99
Payout ratio              9.07%            9.07%           9.07%          9.07%     9.07%
Dividends per share       \$1.17            \$1.36           \$1.59          \$1.86     \$2.18
Cost of Equity            9.30%            9.30%           9.30%          9.30%     9.30%
Cumulative Cost of Equity109.30%          119.46%         130.58%         142.72%   155.99%
Present Value             \$1.07            \$1.14           \$1.22          \$1.30     \$1.39

Growth Rate in Stable Phase =              4.00%

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Two-Stage Dividend Discount Model

Payout Ratio in Stable Phase =             66.67%
Cost of Equity in Stable Phase =           8.50%
Price at the end of growth phase =        \$369.67

Present Value of dividends in high growth phase =        \$6.13
Present Value of Terminal Price =                       \$236.98
Value of the stock =                                    \$243.11

Estimating the value of growth
Value of assets in place =                 \$11.76
Value of stable growth =                   \$11.35
Value of extraordinary growth =           \$220.00
Value of the stock =                      \$243.11

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Two-Stage Dividend Discount Model

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Two-Stage Dividend Discount Model

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Two-Stage Dividend Discount Model

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Industry                               L                          Market D/E
Number of firms evered Beta Unlevered Beta            Market Debt/Capital ROE
Advertising                   34            1.19         1.06        25.35%          20.23%            7.63%
Aerospace/Defense             72            0.79         0.62        42.59%          29.87%           12.23%
Air Transport                 43            1.32         1.05        50.37%          33.50%           -6.66%
Apparel                       59            0.88         0.84        14.85%          12.93%           15.86%
Auto & Truck                  21            0.99         0.49       162.16%          61.86%           13.60%
Auto Parts                    62            0.90         0.69        46.22%          31.61%           13.60%
Bank                         504            0.62         0.47        69.15%          40.88%           12.67%
Bank (Canadian)                7            0.83         0.78        15.24%          13.23%           11.83%
Bank (Foreign)                 4            1.18         0.72       128.95%          56.32%           16.11%
Bank (Midwest)                43            0.73         0.60        57.29%          36.42%           16.71%
Beverage (Alcoholic)          24            0.57         0.51        20.51%          17.02%           30.26%
Beverage (Soft Drink)         17            0.59         0.55        13.42%          11.83%           26.95%
Biotechnology                 84            1.20         1.26         3.92%           3.77%            0.49%
Building Materials            48            0.80         0.71        43.53%          30.33%           -2.07%
Cable TV                      24            1.71         1.09        69.22%          40.90%           -5.49%
Canadian Energy               10            0.66         0.56        28.39%          22.11%           13.86%
Cement & Aggregates           14            0.78         0.67        25.35%          20.22%            9.79%
Chemical (Basic)              16            0.88         0.74        30.97%          23.65%           10.52%
Chemical (Diversified)        33            0.83         0.73        23.19%          18.82%           15.28%
Chemical (Specialty)          95            0.80         0.65        34.57%          25.69%           12.21%
Coal                           8            0.95         0.73        33.60%          25.15%            4.96%
Computer Software/Svcs       387            1.77         1.97         3.03%           2.94%           13.71%
Computers/Peripherals        148            1.83         1.88         9.46%           8.64%           11.01%
Diversified Co.              102            0.78         0.64        44.55%          30.82%           12.27%
Drug                         276            1.15         1.17         6.69%           6.27%           21.27%
E-Commerce                    41            2.89         3.77         6.07%           5.72%          -37.14%
Educational Services          34            1.03         1.09         2.17%           2.12%            8.77%
Electric Util. (Central)      27            0.80         0.43       123.05%          55.17%            9.52%
Electric Utility (East)       29            0.73         0.44        94.48%          48.58%           12.16%
Electric Utility (West)       15            0.79         0.45       122.79%          55.11%            4.04%
Electrical Equipment          86            1.34         1.29         6.50%           6.10%           18.69%
Electronics                  181            1.41         1.40        18.70%          15.76%           -5.62%
Entertainment                 84            1.18         1.05        23.99%          19.35%            0.99%
Entertainment Tech            32            1.82         1.96         8.60%           7.92%            2.21%
Environmental                 77            0.75         0.52        59.91%          37.46%           13.44%
Financial Svcs. (Div.)       231            0.90         0.51       112.97%          53.04%           15.10%
Food Processing              104            0.64         0.53        33.29%          24.97%           19.87%
Food Wholesalers              22            0.67         0.59        25.09%          20.06%           17.51%
Foreign Electronics           13            1.16         1.18        33.24%          24.95%            2.98%
Foreign Telecom.              19            1.58         1.41        31.88%          24.17%           -7.09%
Furn/Home Furnishings         36            0.76         0.72        15.14%          13.15%           11.39%
Grocery                       25            0.72         0.48        82.02%          45.06%           12.63%
Healthcare Information        35            1.00         1.05        13.24%          11.69%            1.28%
Home Appliance                15            0.87         0.77        32.95%          24.78%           25.34%
Homebuilding                  44            0.80         0.62        51.79%          34.12%           18.83%
Hotel/Gaming                  80            0.84         0.56        65.99%          39.75%            7.99%
Household Products            32            0.76         0.72        13.16%          11.63%           37.41%
Human Resources               27            0.98         0.99        11.13%          10.02%            4.61%
Industrial Services          190            0.79         0.71        26.83%          21.16%            9.51%
Information Services          29            1.04         0.98        11.70%          10.48%           13.99%
Insurance (Life)              45            0.88         0.91        15.65%          13.53%            9.18%
Insurance (Prop/Cas.)       69   0.81   0.84     7.36%    6.85%     8.27%
Internet                   289   2.72   3.10     4.15%    3.99%   -19.18%
Investment Co.              22   0.66   0.46    56.03%   35.91%     7.74%
Investment Co.(Foreign)     17   1.05   1.05     3.18%    3.08%     2.67%
Machinery                  138   0.79   0.62    43.83%   30.47%     7.59%
Manuf. Housing/RV           18   0.93   0.85    21.81%   17.90%    -3.20%
Maritime                    23   0.80   0.55   101.31%   50.33%     3.49%
Medical Services           197   0.82   0.80    22.33%   18.26%    12.26%
Medical Supplies           236   0.84   0.82     6.98%    6.52%    21.64%
Metal Fabricating           37   0.76   0.73    15.35%   13.30%     8.55%
Metals & Mining (Div.)      54   0.98   0.83    25.22%   20.14%     6.38%
Natural Gas (Distrib.)      31   0.65   0.40    88.04%   46.82%    12.10%
Natural Gas (Div.)          39   0.85   0.52    88.88%   47.06%     1.22%
Newspaper                   20   0.85   0.79    17.24%   14.70%    10.24%
Office Equip/Supplies       31   0.90   0.74    41.90%   29.53%    19.52%
Oilfield Svcs/Equip.        88   0.90   0.83    16.35%   14.05%    11.02%
Packaging & Container       34   0.83   0.58    75.23%   42.93%     4.18%
Paper/Forest Products       40   0.84   0.62    71.86%   41.81%     4.86%
Petroleum (Integrated)      34   0.82   0.74    18.32%   15.48%    11.57%
Petroleum (Producing)      128   0.73   0.60    29.03%   22.50%    12.63%
Pharmacy Services           15   0.89   0.86     8.97%    8.23%    13.44%
Power                       19   1.45   0.54   207.95%   67.53%     5.98%
Precious Metals             48   0.41   0.39     9.18%    8.41%     4.93%
Precision Instrument       102   1.33   1.37    10.10%    9.18%     1.07%
Publishing                  40   0.90   0.78    24.28%   19.53%     9.65%
R.E.I.T.                   144   0.64   0.57    17.51%   14.90%    10.22%
Railroad                    16   0.83   0.59    61.36%   38.03%     9.92%
Recreation                  73   0.87   1.41    21.13%   17.45%    12.72%
Restaurant                  85   0.74   0.66    20.31%   16.88%    16.34%
Retail (Special Lines)     196   0.94   0.93    14.46%   12.63%    12.23%
Retail Building Supply       8   1.01   1.01     4.57%    4.37%    17.89%
Retail Store                43   0.91   0.80    23.84%   19.25%    16.02%
Securities Brokerage        27   1.31   0.81   171.94%   63.23%    12.10%
Semiconductor              113   2.59   2.72     6.08%    5.73%     2.89%
Semiconductor Equip         15   2.50   2.67     7.98%    7.39%    -2.77%
Shoe                        24   0.82   0.85     6.68%    6.26%    15.95%
Steel (General)             27   0.80   0.63    41.50%   29.33%    11.43%
Steel (Integrated)          14   0.84   0.63    62.24%   38.36%     7.12%
Telecom. Equipment         124   1.87   2.01     3.89%    3.75%    -6.76%
Telecom. Services          137   1.35   0.96    55.11%   35.53%    10.70%
Textile                     18   0.73   0.52    86.19%   46.29%    -1.59%
Thrift                     242   0.57   0.57    23.85%   19.25%    14.96%
Tire & Rubber               12   0.95   0.66    74.03%   42.54%     8.14%
Tobacco                     11   0.67   0.59    24.34%   19.58%    39.44%
Toiletries/Cosmetics        21   0.74   0.69    13.61%   11.98%    50.07%
Trucking                    39   0.83   0.63    53.18%   34.72%     9.00%
Utility (Foreign)            6   0.83   0.54    83.78%   45.59%    14.44%
Water Utility               16   0.57   0.39    66.22%   39.84%     8.34%
Wireless Networking         63   2.21   1.68    48.51%   32.66%   -52.67%
Market                    6958   0.91   0.78    37.51%   27.28%    10.12%
ROC                        Pre-tax Operating MarginOperating Margin
Effective Tax Rate            After-tax      Net                        Non-cash WC/ Revenues
Cap Ex/ Depreciation
8.47%       14.86%          15.20%          9.35%         2.40%      76.05%         -10.66%
11.78%       18.31%          10.70%          7.71%         3.18%      92.77%           2.45%
10.55%       22.58%           9.47%          6.42%        -1.34%     112.47%         -10.15%
14.32%       23.13%          12.59%          8.32%         3.51%     104.18%          18.06%
10.69%       22.51%          13.76%          9.55%         1.25%      76.12%          41.92%
27.55%       15.00%           8.55%         10.14%         2.08%     111.60%           5.66%
NA        28.30%             NA             NA            NA         NA               NA
NA        20.84%             NA             NA            NA         NA               NA
NA        17.51%             NA             NA            NA         NA               NA
NA        31.88%             NA             NA            NA         NA               NA
18.29%       39.63%          22.86%         14.57%         2.60%     103.29%           5.52%
19.33%       22.19%          21.77%         15.15%         5.18%     117.70%          -0.15%
4.47%        5.27%          20.81%         12.46%         8.34%     146.56%           5.23%
4.88%       41.23%           9.90%          2.07%        -1.13%     101.42%           8.60%
6.47%       10.07%          26.69%         19.22%        -2.04%     124.63%         -17.25%
15.55%       36.97%          31.61%         19.90%        10.48%     206.17%           0.19%
13.54%       22.20%          18.24%         13.04%         5.72%     102.21%          13.51%
14.26%       16.76%          13.19%         10.83%         0.64%      81.17%          11.97%
17.10%       28.75%          19.00%         12.23%         5.66%     102.30%          17.21%
13.40%       22.28%          13.64%          8.91%         3.37%      90.27%          11.90%
17.69%        2.95%          13.27%         12.80%        -0.18%      83.42%           5.24%
16.39%       14.83%          23.31%         15.71%        11.21%      66.43%          -3.92%
13.76%       17.32%           9.38%          6.76%         3.81%      84.53%           1.89%
11.09%       21.10%           9.46%          7.40%         1.75%     105.66%           4.07%
19.40%       11.24%          26.26%         18.71%        10.10%     151.85%           7.78%
-93.80%       84.48%           2.10%       -106.93%       -13.22%      59.30%         -18.77%
16.23%       16.44%          17.84%         11.08%         6.28%     112.49%         -10.26%
10.05%       24.61%          21.12%         15.23%         3.08%     146.82%           4.35%
10.39%       26.11%          27.70%         19.58%         5.58%     171.33%           4.30%
8.57%       27.10%          19.20%         13.23%         0.18%     193.37%          -6.21%
17.11%       13.98%          20.39%         15.76%        12.38%      47.09%          -3.69%
3.43%       16.27%           3.50%          1.99%        -2.43%      64.62%          14.37%
7.30%       33.67%          22.63%         16.08%         0.47%      56.54%          -0.86%
13.35%       26.73%          13.76%         10.15%         0.42%      36.78%          -2.84%
11.90%       18.80%          24.39%         15.12%         2.79%     108.95%          -0.77%
10.54%       23.33%         181.19%        119.06%        35.91%     117.74%          40.92%
14.72%       28.97%          15.04%          9.84%         4.22%      87.97%           5.59%
14.64%       22.38%           5.80%          3.74%         2.15%     265.95%           0.34%
6.36%       46.73%           8.69%          3.74%         0.46%      81.75%          10.33%
9.04%       32.65%          22.93%         19.01%         1.00%      37.67%          -2.75%
14.56%       28.85%          11.27%          7.48%         2.97%      75.04%          13.67%
12.55%       32.12%           6.77%          3.87%         1.34%     158.80%           0.95%
8.79%       13.36%          14.79%          9.67%        -0.76%      69.15%          -0.12%
21.54%       27.99%          11.07%          7.66%         2.22%     105.54%           9.47%
10.73%       25.13%          13.92%          9.51%         6.74%     158.29%          44.17%
10.32%       15.11%          23.18%         16.89%         1.88%      96.85%          -4.33%
23.97%       28.70%          20.83%         14.42%         9.85%      89.10%           0.91%
9.90%       25.12%           3.96%          2.42%         0.06%      69.33%           5.95%
13.51%       25.61%          10.54%          6.79%         1.88%      99.93%           7.58%
16.63%       22.85%          28.30%         19.55%         6.80%      53.46%          -3.81%
NA        21.25%             NA             NA            NA         NA               NA
NA     16.40%      NA       NA        NA    61000.00%       NA
0.21%     3.58%    3.15%    0.24%    -8.66%     44.87%    -48.77%
NA      1.93%      NA       NA        NA      23.53%        NA
NA      2.53%      NA       NA        NA     131.25%        NA
9.93%    21.00%   10.76%    7.47%     2.00%     93.99%     21.06%
3.62%    18.21%    2.62%    1.02%     0.32%     88.96%      8.53%
-1.48%    47.84%   17.53%   -2.40%     3.46%    193.84%      3.66%
15.66%    20.10%   11.89%    7.70%     2.30%    123.41%     -0.63%
19.84%    14.93%   14.27%   10.01%     6.61%    112.96%     10.22%
10.94%    46.94%   12.22%    7.56%     3.91%     89.65%     14.08%
10.44%     9.98%   17.46%   11.88%     1.81%    115.59%     11.39%
10.70%    27.73%   20.59%   13.99%     3.41%    186.38%      4.46%
10.32%    22.46%   27.33%   21.06%     4.80%    194.80%      9.21%
10.48%    29.49%   22.47%   13.98%     8.32%     65.69%     -1.42%
13.55%    25.74%   11.95%    7.79%     3.84%     58.46%     13.28%
13.41%    20.61%   18.67%   12.51%     1.39%    122.64%      9.52%
12.54%    37.35%   14.20%    9.86%     0.57%     75.67%      7.78%
9.62%    47.14%   12.85%    9.08%     0.70%     73.38%      9.05%
13.71%    24.07%   12.88%    7.46%     3.88%    132.46%      0.89%
17.10%    18.00%   49.23%   34.20%    12.61%    181.75%     -0.83%
14.99%    31.65%    4.99%    3.31%     1.93%    174.13%      5.37%
5.12%    12.40%   16.22%   10.50%     1.04%    368.42%      4.60%
11.94%     7.55%   28.85%   25.50%     2.01%     74.25%      5.35%
7.90%    14.29%    9.18%    6.84%    -0.49%     67.81%     12.02%
18.67%    20.91%   14.05%    9.56%     1.70%     51.29%     -1.11%
4.54%     1.73%   43.72%   35.71%    80.03%    303.36%     52.53%
9.84%    31.06%   28.20%   18.39%     3.56%    147.93%     -4.60%
-0.65%   262.39%   18.62%   -0.72%     5.09%    194.72%      1.04%
16.74%    26.91%   18.50%   11.96%     5.07%    197.52%     -5.98%
14.49%    25.77%    9.13%    5.74%     2.14%    106.48%      7.31%
18.11%    37.30%   11.33%    7.06%     6.49%    325.74%      4.20%
13.29%    28.78%    7.70%    4.94%     1.03%    199.13%     10.08%
9.49%    18.43%   53.99%   36.70%     3.01%    130.47%    169.16%
10.98%    19.32%   21.09%   14.70%     3.59%     73.96%      7.99%
4.27%     3.24%    8.29%    7.03%    -4.74%     71.03%     24.08%
17.54%    27.03%   11.27%    7.43%     5.45%     84.76%     19.07%
12.94%    20.58%   11.13%    8.61%     0.36%    121.85%     18.58%
12.12%    27.09%   13.67%    8.96%     0.18%     84.96%     14.60%
2.72%     8.68%    7.41%    2.92%     1.07%     49.39%     -3.34%
17.85%    12.04%   36.55%   24.82%     5.14%     93.45%     -1.69%
5.77%    41.73%    9.15%    3.87%    -0.49%     51.97%     20.21%
NA     30.01%      NA       NA        NA        NA          NA
17.90%    18.12%    8.23%    6.82%     0.87%     72.99%      8.89%
30.00%    30.88%   22.31%   14.64%     7.69%    145.30%      0.62%
24.44%    25.07%   17.73%   11.93%     7.61%     86.23%      7.37%
15.90%    27.30%   13.02%    8.81%     1.33%    253.30%      4.99%
16.93%    16.74%   27.40%   19.88%     1.26%    133.10%     22.85%
12.03%    30.97%   42.99%   32.18%     7.54%    186.91%      4.94%
4.31%     5.11%    6.20%    5.68%   -11.38%    116.86%      1.44%
10.24%    32.51%   22.09%   11.96%     4.35%    103.31%      9.65%
Payout Ratio                 Sales/Capital
Reinvestment Rate             EV/Sales
19.22%         -21.12%         0.91            2.13
30.42%          -0.70%         1.53            1.10
NA            1.07%         1.64            1.15
45.78%           5.40%         1.72            1.47
26.18%           7.61%         1.12            1.00
29.52%           5.88%         2.72            0.56
55.57%           0.00%          NA              NA
0.08%           0.00%          NA              NA
64.22%           0.00%          NA              NA
42.22%           0.00%          NA              NA
31.19%           2.43%         1.26            2.67
38.53%           5.44%         1.28            3.08
0.00%          32.29%         0.36           10.79
NA           35.06%         2.35            0.73
NA            9.82%         0.34            4.44
20.25%          72.35%         0.78            2.45
31.76%          10.54%         1.04            1.53
128.03%         -11.42%         1.32            1.72
42.87%           4.58%         1.40            1.70
45.97%           0.89%         1.50            1.28
87.28%          -8.92%         1.38            1.40
14.38%         -12.13%         1.04            3.73
18.92%          -8.85%         2.04            1.46
24.60%           2.32%         1.50            1.08
52.57%          15.66%         1.04            4.53
NA              NA          0.88            2.60
0.70%          -6.71%         1.46            3.94
68.73%          29.04%         0.66            1.79
61.62%          38.50%         0.53            2.41
98.64%          63.74%         0.65            1.76
53.33%         -23.41%         1.09            3.35
NA          -32.37%         1.72            1.02
56.76%         -23.67%         0.45            3.21
1.03%         -51.07%         1.32            2.29
4.51%           4.94%         0.79            2.15
30.54%           5.25%         0.09           15.24
43.74%          -2.11%         1.50            1.42
13.76%          55.21%         3.91            0.60
48.73%         -17.96%         1.70            0.74
NA         -101.36%         0.48            2.74
24.01%           9.03%         1.95            0.99
15.58%          37.15%         3.24            0.37
46.38%         -26.80%         0.91            2.50
24.57%           8.52%         2.81            0.71
10.01%          57.76%         1.13            1.40
27.94%          -4.20%         0.61            2.49
38.73%          -2.57%         1.66            2.50
17.23%          13.15%         4.10            0.55
23.67%           9.65%         1.99            0.97
21.64%         -22.29%         0.85            4.14
19.60%           0.43%          NA              NA
31.39%     328.60%    NA      NA
NA    -6559.63%   0.90    5.29
188.13%     -34.33%    NA      NA
0.00%       2.74%    NA      NA
52.73%       6.07%   1.33    1.30
NA       28.02%   3.53    0.68
78.01%         NA    0.62    1.74
5.59%       6.58%   2.03    0.91
28.61%      13.65%   1.98    2.18
37.10%       4.18%   1.45    1.50
77.67%       7.79%   0.88    2.36
70.99%      42.60%   0.77    1.82
394.65%      59.84%   0.49    2.74
27.33%     -12.21%   0.75    3.23
15.76%     -10.71%   1.74    1.17
21.89%      15.89%   1.07    2.37
55.18%      -8.60%   1.27    1.20
109.42%     -17.97%   1.06    1.27
56.90%      24.13%   1.84    0.98
18.97%      46.58%   0.50    4.01
9.21%      49.12%   4.53    0.64
19.04%     153.08%   0.49    2.05
66.78%     -16.95%   0.47    6.11
118.74%     -28.30%   1.16    2.00
81.51%     -33.55%   1.95    1.29
165.10%      49.82%   0.13   19.67
24.01%      23.17%   0.53    2.40
26.34%         NA    0.90    2.36
15.60%      37.61%   1.40    1.75
16.31%      15.69%   2.52    0.89
14.46%      64.36%   2.56    1.42
17.21%      60.93%   2.69    0.89
23.57%      48.07%   0.26    3.34
45.28%     -25.71%   0.75    4.37
NA      -22.28%   0.61    4.88
20.94%      16.71%   2.36    1.18
42.23%      18.99%   1.50    1.01
9.35%      -1.95%   1.35    0.75
NA     -142.06%   0.93    4.50
74.69%      -5.36%   0.72    2.22
NA      -77.39%   1.49    0.64
36.70%       0.00%    NA      NA
41.73%      -5.28%   2.63    0.49
56.37%       4.89%   2.05    1.32
43.67%      -0.74%   2.05    2.68
11.99%     123.87%   1.81    0.86
42.75%      27.19%   0.85    1.43
50.77%      29.95%   0.37    3.93
NA       39.76%   0.76    2.55
44.79%       6.90%   0.86    2.10

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