Optimal Capital Structure Techniques
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A SAMPLE TECHNIQUE FOR CALCULATING OPTIMAL CAPITAL STRUCTURE. ATTOCK PETROLEUM COMPANY LTD. Attock Petroleum Limited (APL) is an associate company of the Attock Oil Group of Companies, which is the only fully vertically integrated Group in the Oil & Gas sector of Pakistan involved in Exploration & Production, Refining & Marketing. APL's corporate head office is registered in Islamabad. Vision To become a world class, professionally managed, fully integrated, customer focused, Oil Marketing Company, offering value added quality and environment friendly products and services to its customers in Pakistan and beyond. Mission To continuously provide quality and environment friendly petroleum products and related services to industrial, commercial and retail consumers, and exceeding their expectations through reliability, economy and quality of products and services. We are committed to benefiting the community and ensuring the creation of a safe, responsible and innovative environment geared to client satisfaction, end user gratification, employees' motivation and shareholders’ value. Attock petroleum is currently operating at 0% debt and 100% equity. We will consider total assets as its total equity So Total Equity is 7082268000 We will now consider some debt levels for company, that if it uses some debt then what will be the optimal capital structure of company. We will take four levels of debt as in following table Debt level Total Debt Total Equity 0% --- 7082268000
description
Suggested optimal capital structure for Attock Petroleum Company Ltd on the basis of year 2009 stock prices.
Transcript of Optimal Capital Structure Techniques
A SAMPLE TECHNIQUE FOR CALCULATING OPTIMAL CAPITAL STRUCTURE.
ATTOCK PETROLEUM COMPANY LTD.Attock Petroleum Limited (APL) is an associate company of the Attock Oil Group of Companies, which is the only fully vertically integrated Group in the Oil & Gas sector of Pakistan involved in Exploration & Production, Refining & Marketing. APL's corporate head office is registered in Islamabad. Vision
To become a world class, professionally managed, fully integrated, customer focused, Oil Marketing
Company, offering value added quality and environment friendly products and services to its customers in
Pakistan and beyond.
Mission
To continuously provide quality and environment friendly petroleum products and related services to
industrial, commercial and retail consumers, and exceeding their expectations through reliability, economy
and quality of products and services. We are committed to benefiting the community and ensuring the
creation of a safe, responsible and innovative environment geared to client satisfaction, end user
gratification, employees' motivation and shareholders’ value.
Attock petroleum is currently operating at 0% debt and 100% equity. We will consider total assets as its total equity So Total Equity is 7082268000We will now consider some debt levels for company, that if it uses some debt then what will be the optimal capital structure of company. We will take four levels of debt as in following table
Debt level Total Debt Total Equity0% --- 708226800010% 708226800 637404120020% 1416453600 566581440030% 2124680400 495758760040% 2832907200 424936080050% 3541134000 354113400060% 4249360800 283290720070% 4957587600 2124680400
Calculation of Beta at different levels of Debts β =bu [1+ (1-T) D/E] (Beta calculations are attached from page 4 and onwards)
At 0% debt level beta is 0.9738216 so it will be our unlevered beta = 0.9738216
At 10% debt level β= 0.9738216[1+ (1-.28).1/.9] = 1.051727
At 20% debt level β= 0.9738216[1+ (1-.28).2/.8] = 1.149109
At 30% debt level β=.9738216[1+(1-.28).3/.7] =1.274315
At 40% debt level β= .9738216[1+(1-.28).4/.6]=1.441256
At 50% debt level β= 0.9738216[1+(1-.28).5/.5] = 1.674973
At 60% debt level β= .9738216[1+(1-.28).6/.4] = 2.025549
At 70% debt level β = 0.9738216[1+(1-.28).7/.3] = 2.6098
Cost of Equity Calculation at different debt levels Ks= Rf + (Rm-Rf)β
At 0% debt level =12.5% + (21%-12.5%) 0.97226 = 20.7642%
At 10% debt level =12.5% + (21%-12.5%) 1.051727 = 21.4397%
At 20% debt level =12.5% + (21%-12.5%) 1.149109 =22.2647%
At 30% debt level =12.5% + (21%-12.5%) 1.274315 =23.3317%
At 40% debt level =12.5% + (21%-12.5%) 1.441256 =24.7507%
At 50% debt level =12.5% + (21%-12.5%) 1.674973 =26.7373%
At 60% debt level =12.5% + (21%-12.5%) 2.025549 =29.7172%
At 70% debt level =12.5% + (21%-12.5%) 2.6098 =34.6833%
Cost of Debt at different debt levels (Based on Bond Rating Method)
At 0% debt level 0%
At 10% debt level 13.25%
At 20% debt level 13.25%
At 30% debt level 13.25%
At 40% debt level 13.5%
At 50% debt level 14%
At 60% debt level 17%
At 70% debt level 18%
Calculation of WACC at different levels of debts WACC=WdKd (1-T) +WsKs
At 0% debt level =0 %( 0%) (1-.28)+100 %( 20.7642%) = 20.7642%
At 10% debt level = (.1) %( 0.1325%) (1-.28)+90 %( 21.4397%) = 20.2497%
At 20% debt level = (.2) %( 0.1325%) (1-.28)+80 %( 22.2647%) = 19.7198%
At 30% debt level = (.3) %( 0.1325%) (1-.28)+70 %( 23.3317%) = 19.1900%
At 40% debt level = (.4) %( 0.135%) (1-.28)+60 %( 24.7507%) = 18.7400%
At 50% debt level = (.5) %( 0.14%) (1-.28)+50 %( 26.7373%) = 18.4086%
At 60% debt level = (.6) %( 0.17%) (1-.28)+40 %( 29.7172%) = 19.23%
At 70% debt level = (.7) %( 0.18%) (1-.28)+30 %( 34.6833%) = 19.47%
So we can sum up all calculations in a tabular form as follows
Debt Level Cost of Debt (Kd) Cost of Equity (Ks) Beta (β) WACC0% 0% 20.7642% 0.97226 20.7642%10% 13.25% 21.4397% 1.051727 20.2497%20% 13.25% 22.2647% 1.149109 19.7198%30% 13.25% 23.3317% 1.274315 19.1900%40% 13.5% 24.7507% 1.441256 18.7400%50% 14% 26.7373% 1.674973 18.4086%60% 17% 29.7172% 2.025549 19.23%70% 18% 34.6833% 2.609800 19.47%
Earnings per Share at different debt levels EPS = Net Income – Dividend/No of Common Shares Outstanding
At 0% debt level 53.51
At 10% debt level 54.44
At 20% debt level 55.45
At 30% debt level 56.55
At 40% debt level 57.64
At 50% debt level 58.65
At 60% debt level 57.91
At 70% debt level 58.07
Price Earning at different debt levels P/E=V/EPS (On current Structure)
At 0% debt level 5.94
At 10% debt level 5.84
At 20% debt level 5.73
At 30% debt level 5.62
At 40% debt level 5.52
At 50% debt level 5.42
At 60% debt level 5.49
At 70% debt level 5.48
Market Value per Share V=EPS x Price Earning
At 0% debt level 318
At 10% debt level 318.474
At 20% debt level 317.7285
At 30% debt level 317.811
At 40% debt level 317.1728
At 50% debt level 318.5238
At 60% debt level 318.5050
At 70% debt level 318.2236
Now we can see that at debt and equity level of 50-50 percent the WACC of company has minimized and the Stock price (Market value per share) is maximized. So it’s our suggested optimal capital structure. If company wants to use debt and then if it operates at 50% debt and 50% equity its WACC will be minimized and Stock price will be maximized.
I have calculated beta by two methods.
i) %age change in stock prices and then taking slopeii) SD, Variance and Co Variance Method
Calculations are attached…..
IT MUST BE NOTED THAT THIS IS THE CALCULATION ONLY ON THE BASIS OF 2009 YEAR DATA. I.E; FROM 1ST JAN 2009 TO 18TH DECEMBER 2009
CALCULATION OF BETA (%AGE CHANGE AND SLOPE METHOD)
Date
Close
KSE%age Change Date
Close
APL%age Change Beta
1/1/2009575
1 1/1/2009137.
140.97382
16
2/1/2009581
5 1.11% 2/1/2009143.
99 4.99%
5/1/2009591
7 1.75% 5/1/2009151.
18 4.99%
6/1/2009607
8 2.72% 6/1/2009158.
73 4.99%
9/1/2009614
3 1.07% 9/1/2009166.
66 5.00%12/1/200
9603
8 -1.71%12/1/200
9174.
99 5.00%13/01/20
09606
7 0.48%13/01/20
09183.
73 4.99%14/01/20
09605
1 -0.26%14/01/20
09192.
91 5.00%15/01/20
09578
0 -4.48%15/01/20
09183.
27 -5.00%16/01/20
09551
7 -4.55%16/01/20
09174.
46 -4.81%19/01/20
09528
2 -4.26%19/01/20
09168.
1 -3.65%20/01/20
09527
2 -0.19%20/01/20
09176.
82 5.19%21/01/20
09514
4 -2.43%21/01/20
09 179 1.23%22/01/20
09501
8 -2.45%22/01/20
09171.
25 -4.33%23/01/20
09493
0 -1.75%23/01/20
09167.
5 -2.19%26/01/20
09481
0 -2.43%26/01/20
09 167 -0.30%27/01/20
09497
4 3.41%27/01/20
09175.
39 5.02%28/01/20
09514
7 3.48%28/01/20
09180.
55 2.94%29/01/20
09518
0 0.64%29/01/20
09177.
1 -1.91%30/01/20
09536
7 3.61%30/01/20
09187.
28 5.75%
2/2/2009533
6 -0.58% 2/2/2009185.
5 -0.95%
3/2/2009537
9 0.81% 3/2/2009183.
55 -1.05%
4/2/2009552
1 2.64% 4/2/2009193.
97 5.68%
6/2/2009559
7 1.38% 6/2/2009196.
31 1.21%16/02/20
09576
4 2.98%16/02/20
09207.
96 5.93%17/02/20
09582
7 1.09%17/02/20
09213.
01 2.43%18/02/20
09587
6 0.84%18/02/20
09 208 -2.35%19/02/20
09603
0 2.62%19/02/20
09 214 2.88%20/02/20
09596
1 -1.14%20/02/20
09 219 2.34%23/02/20
09584
2 -2.00%23/02/20
09 228 4.11%24/02/20 587 0.55% 24/02/20 223 -2.19%
09 4 0925/02/20
09558
4 -4.94%25/02/20
09212.
95 -4.51%26/02/20
09566
4 1.43%26/02/20
09223.
59 5.00%27/02/20
09572
7 1.11%27/02/20
09234.
45 4.86%
3/3/2009560
6 -2.11% 3/3/2009246.
12 4.98%
4/3/2009581
5 3.73% 4/3/2009259.
75 5.54%
5/3/2009578
8 -0.46% 5/3/2009256.
95 -1.08%
6/3/2009574
8 -0.69% 6/3/2009250.
99 -2.32%
9/3/2009568
1 -1.17% 9/3/2009 247 -1.59%11/3/200
9556
9 -1.97%11/3/200
9235.
89 -4.50%12/3/200
9570
7 2.48%12/3/200
9 247 4.71%13/03/20
09575
0 0.75%13/03/20
09244.
99 -0.81%16/03/20
09606
3 5.44%16/03/20
09254.
84 4.02%17/03/20
09613
8 1.24%17/03/20
09267.
58 5.00%18/03/20
09626
6 2.09%18/03/20
09 270 0.90%20/03/20
09634
0 1.18%20/03/20
09 270 0.00%24/03/20
09661
7 4.37%24/03/20
09278.
42 3.12%25/03/20
09667
4 0.86%25/03/20
09 290 4.16%27/03/20
09682
6 2.28%27/03/20
09293.
5 1.21%30/03/20
09701
5 2.77%30/03/20
09 288 -1.87%31/03/20
09686
0 -2.21%31/03/20
09 275 -4.51%
1/4/2009694
8 1.28% 1/4/2009 270 -1.82%
2/4/2009719
1 3.50% 2/4/2009272.
01 0.74%
3/4/2009743
2 3.35% 3/4/2009279.
58 2.78%
6/4/2009751
8 1.16% 6/4/2009 281 0.51%
7/4/2009763
5 1.56% 7/4/2009284.
15 1.12%
8/4/2009734
0 -3.86% 8/4/2009271.
18 -4.56%
9/4/2009729
5 -0.61% 9/4/2009267.
5 -1.36%10/4/200
9762
0 4.46%10/4/200
9282.
05 5.44%13/04/20
09787
2 3.31%13/04/20
09296.
15 5.00%
14/04/2009
7832 -0.51%
14/04/2009
310.9 4.98%
15/04/2009
7807 -0.32%
15/04/2009 320 2.93%
16/04/2009
7670 -1.75%
16/04/2009 310 -3.13%
17/04/2009
7794 1.62%
17/04/2009 323 4.19%
20/04/2009
7902 1.39%
20/04/2009
326.8 1.18%
21/04/2009
7834 -0.86%
21/04/2009
320.01 -2.08%
22/04/2009
7574 -3.32%
22/04/2009
304.42 -4.87%
23/04/2009
7347 -3.00%
23/04/2009 294 -3.42%
24/04/2009
7619 3.70%
24/04/2009 306 4.08%
27/04/2009
7344 -3.61%
27/04/2009
290.75 -4.98%
28/04/2009
7404 0.82%
28/04/2009 286 -1.63%
29/04/2009
7271 -1.80%
29/04/2009
293.94 2.78%
30/04/2009
7196 -1.03%
30/04/2009
292.1 -0.63%
4/5/2009706
1 -1.88% 4/5/2009290.
1 -0.68%
5/5/2009708
1 0.28% 5/5/2009 289 -0.38%
6/5/2009720
6 1.77% 6/5/2009288.
25 -0.26%
7/5/2009712
5 -1.12% 7/5/2009 293 1.65%
8/5/2009712
9 0.06% 8/5/2009288.
5 -1.54%11/5/200
9712
2 -0.10%11/5/200
9 288 -0.17%12/5/200
9729
7 2.46%12/5/200
9302.
82 5.15%13/05/20
09724
2 -0.75%13/05/20
09305.
1 0.75%14/05/20
09714
2 -1.38%14/05/20
09300.
25 -1.59%15/05/20
09717
7 0.49%15/05/20
09 293 -2.41%18/05/20
09717
2 -0.07%18/05/20
09 291 -0.68%19/05/20
09706
7 -1.46%19/05/20
09293.
25 0.77%21/05/20
09696
9 -1.39%21/05/20
09292.
9 -0.12%22/05/20
09714
6 2.54%22/05/20
09306.
45 4.63%25/05/20
09716
4 0.25%25/05/20
09314.
95 2.77%27/05/20
09720
4 0.56%27/05/20
09 310 -1.57%28/05/20 729 1.29% 28/05/20 315 1.61%
09 7 0929/05/20
09727
6 -0.29%29/05/20
09 312 -0.95%
1/6/2009719
8 -1.07% 1/6/2009305.
5 -2.08%
2/6/2009712
5 -1.01% 2/6/2009 304 -0.49%
3/6/2009700
0 -1.75% 3/6/2009 303 -0.33%
4/6/2009686
5 -1.93% 4/6/2009302.
5 -0.17%
5/6/2009690
9 0.64% 5/6/2009311.
02 2.82%
9/6/2009708
2 2.50% 9/6/2009 314 0.96%10/6/200
9704
3 -0.55%10/6/200
9309.
8 -1.34%11/6/200
9709
1 0.68%11/6/200
9312.
25 0.79%12/6/200
9706
8 -0.32%12/6/200
9 316 1.20%15/06/20
09694
0 -1.81%15/06/20
09 309 -2.22%16/06/20
09687
2 -0.98%16/06/20
09 308 -0.32%17/06/20
09707
5 2.95%17/06/20
09 315 2.27%18/06/20
09702
6 -0.69%18/06/20
09311.
99 -0.96%19/06/20
09703
9 0.19%19/06/20
09316.
5 1.45%22/06/20
09705
7 0.26%22/06/20
09318.
1 0.51%23/06/20
09701
5 -0.60%23/06/20
09317.
01 -0.34%24/06/20
09702
9 0.20%24/06/20
09 313 -1.26%25/06/20
09712
6 1.38%25/06/20
09314.
01 0.32%26/06/20
09716
1 0.49%26/06/20
09318.
5 1.43%29/06/20
09720
6 0.63%29/06/20
09317.
14 -0.43%30/06/20
09716
9 -0.51%30/06/20
09317.
9 0.24%
1/7/2009727
0 1.41% 1/7/2009332.
99 4.75%
2/7/2009749
5 3.09% 2/7/2009348.
33 4.61%
3/7/2009746
5 -0.40% 3/7/2009 335 -3.83%
6/7/2009755
7 1.23% 6/7/2009 333 -0.60%
7/7/2009754
0 -0.22% 7/7/2009337.
5 1.35%
8/7/2009746
6 -0.98% 8/7/2009 332 -1.63%
9/7/2009743
9 -0.36% 9/7/2009332.
25 0.08%
13/07/2009
7684 3.29%
13/07/2009 347 4.44%
14/07/2009
7631 -0.69%
14/07/2009
344.99 -0.58%
15/07/2009
7686 0.72%
15/07/2009 346 0.29%
16/07/2009
7715 0.38%
16/07/2009
345.25 -0.22%
17/07/2009
7764 0.64%
17/07/2009
357.5 3.55%
20/07/2009
7703 -0.79%
20/07/2009 357 -0.14%
21/07/2009
7789 1.12%
21/07/2009 360 0.84%
22/07/2009
7816 0.35%
22/07/2009 355 -1.39%
23/07/2009
7863 0.60%
23/07/2009 355 0.00%
24/07/2009
7778 -1.08%
24/07/2009
351.99 -0.85%
27/07/2009
7698 -1.03%
27/07/2009 348 -1.13%
28/07/2009
7661 -0.48%
28/07/2009
357.99 2.87%
29/07/2009
7505 -2.04%
29/07/2009
363.7 1.60%
30/07/2009
7505 0.00%
30/07/2009
356.8 -1.90%
31/07/2009
7726 2.94%
31/07/2009
368.1 3.17%
3/8/2009771
6 -0.13% 3/8/2009 362 -1.66%
4/8/2009779
6 1.04% 4/8/2009364.
93 0.81%
5/8/2009783
1 0.45% 5/8/2009381.
73 4.60%10/8/200
9808
6 3.26%10/8/200
9378.
99 -0.72%11/8/200
9805
6 -0.37%11/8/200
9374.
2 -1.26%12/8/200
9805
7 0.01%12/8/200
9371.
99 -0.59%17/08/20
09793
1 -1.56%17/08/20
09 368 -1.07%18/08/20
09799
5 0.81%18/08/20
09373.
01 1.36%19/08/20
09795
1 -0.55%19/08/20
09 375 0.53%20/08/20
09798
1 0.38%20/08/20
09 375 0.00%21/08/20
09811
6 1.69%21/08/20
09380.
4 1.44%24/08/20
09829
5 2.21%24/08/20
09388.
25 2.06%25/08/20
09824
6 -0.59%25/08/20
09385.
8 -0.63%26/08/20
09832
0 0.90%26/08/20
09385.
89 0.02%27/08/20 831 -0.06% 27/08/20 401. 4.07%
09 5 09 628/08/20
09854
1 2.72%28/08/20
09 386 -3.88%31/08/20
09867
5 1.57%31/08/20
09 386 0.00%
1/9/2009876
9 1.08% 1/9/2009384.
02 -0.51%
2/9/2009885
6 0.99% 2/9/2009384.
5 0.12%
3/9/2009880
6 -0.56% 3/9/2009 375 -2.47%
4/9/2009900
2 2.23% 4/9/2009 381 1.60%
7/9/2009888
8 -1.27% 7/9/2009 370 -2.89%
8/9/2009882
7 -0.69% 8/9/2009 367 -0.81%
9/9/2009907
3 2.79% 9/9/2009382.
02 4.09%11/9/200
9905
3 -0.22%11/9/200
9 377 -1.31%14/09/20
09907
5 0.24%14/09/20
09 375 -0.53%15/09/20
09903
1 -0.48%15/09/20
09357.
35 -4.71%16/09/20
09914
2 1.23%16/09/20
09363.
8 1.80%17/09/20
09921
6 0.81%17/09/20
09344.
92 -5.19%18/09/20
09943
6 2.39%18/09/20
09365.
7 6.02%24/09/20
09973
2 3.14%24/09/20
09381.
55 4.33%25/09/20
09966
2 -0.72%25/09/20
09377.
9 -0.96%30/09/20
09934
9 -3.24%30/09/20
09360.
99 -4.47%1/10/200
9930
1 -0.51%1/10/200
9 356 -1.38%2/10/200
9947
2 1.84%2/10/200
9368.
2 3.43%5/10/200
9949
7 0.26%5/10/200
9368.
11 -0.02%6/10/200
9967
2 1.84%6/10/200
9370.
49 0.65%7/10/200
9983
6 1.70%7/10/200
9379.
5 2.43%8/10/200
9974
0 -0.98%8/10/200
9 382 0.66%9/10/200
9978
9 0.50%9/10/200
9 384 0.52%12/10/20
09964
2 -1.50%12/10/20
09362.
13 -5.70%13/10/20
09968
6 0.46%13/10/20
09 363 0.24%14/10/20
09980
4 1.22%14/10/20
09368.
98 1.65%15/10/20
09983
9 0.36%15/10/20
09 366 -0.81%
16/10/2009
9838 -0.01%
16/10/2009
366.5 0.14%
19/10/2009
9455 -3.89%
19/10/2009
355.01 -3.14%
20/10/2009
9573 1.25%
20/10/2009
368.99 3.94%
21/10/2009
9247 -3.41%
21/10/2009
354.99 -3.79%
22/10/2009
9144 -1.11%
22/10/2009 350 -1.41%
23/10/2009
9161 0.19%
23/10/2009
347.5 -0.71%
26/10/2009
9415 2.77%
26/10/2009 354 1.87%
27/10/2009
9330 -0.90%
27/10/2009 353 -0.28%
28/10/2009
9262 -0.73%
28/10/2009
344.55 -2.39%
29/10/2009
9178 -0.91%
29/10/2009
334.12 -3.03%
30/10/2009
9151 -0.29%
30/10/2009 333 -0.34%
2/11/2009
8848 -3.31%
2/11/2009
317.47 -4.66%
3/11/2009
8974 1.42%
3/11/2009 332 4.58%
4/11/2009
9154 2.01%
4/11/2009 330 -0.60%
5/11/2009
9112 -0.46%
5/11/2009 331 0.30%
6/11/2009
8942 -1.87%
6/11/2009 327 -1.21%
11/11/2009
8928 -0.16%
11/11/2009 322 -1.53%
12/11/2009
8913 -0.17%
12/11/2009
317.55 -1.38%
13/11/2009
9056 1.60%
13/11/2009
322.55 1.57%
16/11/2009
9310 2.80%
16/11/2009 331 2.62%
17/11/2009
9204 -1.14%
17/11/2009
326.01 -1.51%
18/11/2009
9162 -0.46%
18/11/2009
323.01 -0.92%
19/11/2009
9251 0.97%
19/11/2009
338.15 4.69%
20/11/2009
9306 0.59%
20/11/2009
341.45 0.98%
23/11/2009
9204 -1.10%
23/11/2009
333.75 -2.26%
25/11/2009
9204 0.00%
25/11/2009 335 0.37%
26/11/2009
9206 0.02%
26/11/2009
334.7 -0.09%
1/12/2009
9019 -2.03%
1/12/2009
331.5 -0.96%
2/12/2009
9087 0.75%
2/12/2009 331 -0.15%
3/12/200 909 0.10% 3/12/200 333. 0.76%
9 6 9 54/12/200
9900
9 -0.96%4/12/200
9 328 -1.65%8/12/200
9884
3 -1.84%8/12/200
9 321 -2.13%9/12/200
9890
5 0.70%9/12/200
9324.
5 1.09%11/12/20
09903
7 1.48%11/12/20
09335.
01 3.24%14/12/20
09928
0 2.69%14/12/20
09 349 4.18%15/12/20
09926
6 -0.15%15/12/20
09342.
71 -1.80%16/12/20
09925
3 -0.14%16/12/20
09 344 0.38%17/12/20
09922
7 -0.28%17/12/20
09 341 -0.87%18/12/20
09918
3 -0.48%18/12/20
09 341 0.00%
Method 2 for calculation of Beta
DateClose APL
Returns(X) X-XBAR
X-XBAR^2 Date
Close KSE
Returns(Y) Y-YBAR
Y-YBAR^2
(X-XBAR)(Y-YBAR)
1/1/2009 137.14 0
-0.00419
76041.76199
E-051/1/20
09 5751 0
-0.00215
65914.65088
E-069.05252E-
06
2/1/2009 143.990.04874
15510.04454
39460.00198
41632/1/20
09 58150.01106
70330.00891
04427.9396E
-050.0003969
06
5/1/2009 151.180.04872
73270.04452
97230.00198
28965/1/20
09 59170.01738
87780.01523
21870.00023
2020.0006782
85
6/1/2009 158.730.04873
34660.04453
58610.00198
34436/1/20
09 60780.02684
61310.02468
9540.00060
95730.0010995
7
9/1/2009 166.660.04875
11630.04455
35590.00198
5029/1/20
09 61430.01063
75280.00848
09377.19263
E-050.0003778
56
12/1/2009 174.99
0.04877302
0.044575416
0.001986968
12/1/2009 6038
-0.01724
0391
-0.01939
69820.00037
6243
-0.0008646
2913/01/20
09 183.730.04873
84590.04454
08550.00198
388813/01/2009 6067
0.004791418
0.002634827
6.94231E-06
0.000117357
14/01/2009 192.91
0.04875647
0.044558866
0.001985493
14/01/2009 6051
-0.00264
0701
-0.00479
72922.3014E
-05
-0.0002137
62
15/01/2009 183.27
-0.05126
3284
-0.05546
08880.00307
59115/01/2009 5780
-0.04581
9865
-0.04797
64560.00230
1740.0026608
17
16/01/2009 174.46
-0.04926
4986
-0.05346
25910.00285
824916/01/2009 5517
-0.04656
9448
-0.04872
60390.00237
42270.0026050
2
19/01/2009 168.1
-0.03713
6449
-0.04133
40530.00170
850419/01/2009 5282
-0.04352
942
-0.04568
60110.00208
72120.0018883
88
20/01/2009 176.82
0.050573226
0.046375621
0.002150698
20/01/2009 5272
-0.00189
5017
-0.00405
16071.64155
E-05
-0.0001878
96
21/01/2009 179
0.01225354
0.008055935
6.48981E-05
21/01/2009 5144
-0.02457
881
-0.02673
54010.00071
4782
-0.0002153
79
22/01/2009 171.25
-0.04426
1329
-0.04845
89330.00234
826822/01/2009 5018
-0.02479
9539
-0.02695
6130.00072
66330.0013062
65
23/01/2009 167.5
-0.02214
1126
-0.02633
8730.00069
372923/01/2009 4930
-0.01769
246
-0.01984
90510.00039
39850.0005227
9926/01/20 167 - - 5.1655E 26/01/ 4810 - - 0.00071 0.0001926
090.00298
95390.00718
7143 -05 20090.02464
19040.02679
8495 8159 0527/01/20
09 175.390.04901
82530.04482
06490.00200
889127/01/2009 4974
0.033527261
0.03137067
0.000984119
0.001406054
28/01/2009 180.55
0.028995682
0.024798077
0.000614945
28/01/2009 5147
0.034189675
0.032033085
0.001026119
0.000794359
29/01/2009 177.1
-0.01929
3203
-0.02349
08070.00055
181829/01/2009 5180
0.006391036
0.004234445
1.79305E-05
-9.94705E-05
30/01/2009 187.28
0.055890278
0.051692674
0.002672133
30/01/2009 5367
0.035464037
0.033307446
0.001109386
0.001721751
2/2/2009 185.5
-0.00954
9941
-0.01374
75460.00018
89952/2/20
09 5336
-0.00579
2785
-0.00794
93756.31926
E-050.0001092
84
3/2/2009 183.55
-0.01056
7772
-0.01476
53770.00021
80163/2/20
09 53790.00802
61750.00586
95843.4452E
-05-8.66666E-
05
4/2/2009 193.970.05521
63980.05101
87930.00260
29174/2/20
09 55210.02605
6520.02389
99290.00057
12070.0012193
46
6/2/2009 196.310.01199
15340.00779
3936.07453
E-056/2/20
09 55970.01367
17370.01151
51460.00013
25998.97482E-
0516/02/20
09 207.960.05765
07110.05345
31070.00285
723516/02/2009 5764
0.029400938
0.027244347
0.000742254
0.001456295
17/02/2009 213.01
0.023993359
0.019795755
0.000391872
17/02/2009 5827
0.01087061
0.008714019
7.59341E-05
0.000172501
18/02/2009 208
-0.02380
1033
-0.02799
86380.00078
392418/02/2009 5876
0.00837397
0.006217379
3.86558E-05
-0.0001740
7819/02/20
09 2140.02843
79350.02424
03310.00058
759419/02/2009 6030
0.025870752
0.023714162
0.000562361
0.000574839
20/02/2009 219
0.023095715
0.01889811
0.000357139
20/02/2009 5961
-0.01150
8759
-0.01366
53490.00018
6742
-0.0002582
49
23/02/2009 228
0.040273899
0.036076295
0.001301499
23/02/2009 5842
-0.02016
5048
-0.02232
16390.00049
8256
-0.0008052
82
24/02/2009 223
-0.02217
3857
-0.02637
14620.00069
545424/02/2009 5874
0.005462629
0.003306038
1.09299E-05
-8.71851E-05
25/02/2009 212.95
-0.04611
4375
-0.05031
1980.00253
129525/02/2009 5584
-0.05063
0467
-0.05278
70580.00278
64740.0026558
2126/02/20
09 223.590.04875
66210.04455
90170.00198
550626/02/2009 5664
0.014224991
0.0120684
0.000145646
0.000537756
27/02/2009 234.45
0.047428328
0.043230723
0.001868895
27/02/2009 5727
0.011061477
0.008904886
7.9297E-05
0.000384965
3/3/2009 246.120.04857
68760.04437
92720.00196
9523/3/20
09 5606
-0.02135
4381
-0.02351
09710.00055
2766-
0.0010434
4/3/2009 259.750.05390
04080.04970
28040.00247
03694/3/20
09 58150.03660
33330.03444
67420.00118
6578 0.0017121
5/3/2009 256.95
-0.01083
8117
-0.01503
57210.00022
60735/3/20
09 5788
-0.00465
3977
-0.00681
05684.63838
E-050.0001024
02
6/3/2009 250.99
-0.02346
8416
-0.02766
6020.00076
54096/3/20
09 5748
-0.00693
4841
-0.00909
14318.26541
E-050.0002515
24
9/3/2009 247
-0.01602
4761
-0.02022
23660.00040
89449/3/20
09 5681
-0.01172
4695
-0.01388
12850.00019
2690.0002807
12
11/3/2009 235.89
-0.04602
2742
-0.05022
03460.00252
208311/3/2
009 5569
-0.01991
1769
-0.02206
8360.00048
70130.0011082
8112/3/200
9 2470.04602
27420.04182
51370.00174
934212/3/2
009 57070.02447
79870.02232
13960.00049
82450.0009335
95
13/03/2009 244.99
-0.00817
0943
-0.01236
85480.00015
298113/03/2009 5750
0.007506363
0.005349772
2.86201E-05
-6.61689E-05
16/03/2009 254.84
0.039418504
0.035220899
0.001240512
16/03/2009 6063
0.053004872
0.050848282
0.002585548
0.001790922
17/03/2009 267.58
0.04878269
0.044585085
0.00198783
17/03/2009 6138
0.012294229
0.010137638
0.000102772
0.000451987
18/03/2009 270
0.009003372
0.004805767
2.30954E-05
18/03/2009 6266
0.020639236
0.018482646
0.000341608
8.88233E-05
20/03/2009 270 0
-0.00419
76041.76199
E-0520/03/2009 6340
0.011740576
0.009583985
9.18528E-05
-4.02298E-05
24/03/2009 278.42
0.030708806
0.026511201
0.000702844
24/03/2009 6617
0.042763327
0.040606736
0.001648907
0.001076533
25/03/2009 290
0.040750158
0.036552554
0.001336089
25/03/2009 6674
0.008577285
0.006420695
4.12253E-05
0.000234693
27/03/2009 293.5
0.011996716
0.007799112
6.08261E-05
27/03/2009 6826
0.02251947
0.020362879
0.000414647
0.000158812
30/03/2009 288
-0.01891
7159
-0.02311
47640.00053
429230/03/2009 7015
0.027311863
0.025155272
0.000632788
-0.0005814
58
31/03/2009 275
-0.04618
9382
-0.05038
69870.00253
884831/03/2009 6860
-0.02234
3272
-0.02449
98630.00060
02430.0012344
74
1/4/2009 270
-0.01834
9139
-0.02254
67430.00050
83561/4/20
09 69480.01274
64070.01058
98160.00011
2144
-0.0002387
66
2/4/2009 272.010.00741
68710.00321
92671.03637
E-052/4/20
09 71910.03437
63960.03221
98050.00103
81160.0001037
24
3/4/2009 279.580.02744
96470.02325
20420.00054
06573/4/20
09 74320.03296
47570.03080
81670.00094
91430.0007163
53
6/4/2009 2810.00506
61920.00086
85887.54445
E-076/4/20
09 75180.01150
51440.00934
85538.73954
E-058.12004E-
06
7/4/2009 284.150.01114
75980.00694
99944.83024
E-057/4/20
09 76350.01544
27940.01328
62030.00017
65239.2339E-
05
8/4/2009 271.18
-0.04671
9461
-0.05091
70650.00259
25488/4/20
09 7340
-0.03940
4096
-0.04156
06870.00172
72910.0021161
48
9/4/2009 267.5
-0.01366
3241
-0.01786
08450.00031
9019/4/20
09 7295
-0.00614
9661
-0.00830
62516.89938
E-050.0001483
5710/4/200
9 282.050.05296
47940.04876
71890.00237
823910/4/2
009 76200.04358
71880.04143
05970.00171
64940.0020204
5413/04/20
09 296.150.04878
17230.04458
41180.00198
774413/04/2009 7872
0.03253579
0.030379199
0.000922896
0.00135443
14/04/2009 310.9
0.048605234
0.04440763
0.001972038
14/04/2009 7832
-0.00509
4255
-0.00725
08455.25748
E-05
-0.0003219
93
15/04/2009 320
0.028849679
0.024652074
0.000607725
15/04/2009 7807
-0.00319
7138
-0.00535
37292.86624
E-05
-0.0001319
81
16/04/2009 310
-0.03174
8698
-0.03594
63030.00129
213716/04/2009 7670
-0.01770
4152
-0.01986
07430.00039
44490.0007139
217/04/20
09 3230.04108
00260.03688
24210.00136
031317/04/2009 7794
0.016037592
0.013881001
0.000192682
0.000511965
20/04/2009 326.8
0.01169604
0.007498435
5.62265E-05
20/04/2009 7902
0.013761685
0.011605094
0.000134678 8.702E-05
21/04/2009 320.01
-0.02099
6118
-0.02519
37220.00063
472421/04/2009 7834
-0.00864
2657
-0.01079
92480.00011
66240.0002720
73
22/04/2009 304.42
-0.04994
3918
-0.05414
15230.00293
130522/04/2009 7574
-0.03375
1906
-0.03590
84970.00128
9420.0019441
41
23/04/2009 294
-0.03482
856
-0.03902
61640.00152
304123/04/2009 7347
-0.03042
9263
-0.03258
58540.00106
18380.0012717
0124/04/20
09 3060.04000
53350.03580
7730.00128
219424/04/2009 7619
0.036353061
0.03419647
0.001169399
0.001224498
27/04/2009 290.75
-0.05112
1311
-0.05531
89150.00306
018227/04/2009 7344
-0.03676
1474
-0.03891
80650.00151
46160.0021529
05
28/04/2009 286
-0.01647
1981
-0.02066
95850.00042
723228/04/2009 7404
0.008136741
0.005980151
3.57622E-05
-0.0001236
07
29/04/2009 293.94
0.027383854
0.02318625
0.000537602
29/04/2009 7271
-0.01812
6561
-0.02028
31520.00041
1406
-0.0004702
9
30/04/2009 292.1
-0.00627
9455
-0.01047
7060.00010
976930/04/2009 7196
-0.01036
8518
-0.01252
51080.00015
68780.0001312
264/5/2009 290.1 -
0.00687-
0.011060.00012
25034/5/20
097061 -
0.01893-
0.021090.00044
50080.0002334
85
0518 8123 8632 5222
5/5/2009 289
-0.00379
9003
-0.00799
66086.39457
E-055/5/20
09 70810.00282
84560.00067
18654.51403
E-07-5.37264E-
06
6/5/2009 288.25
-0.00259
8529
-0.00679
61334.61874
E-056/5/20
09 72060.01749
88720.01534
22810.00023
5386
-0.0001042
68
7/5/2009 2930.01634
4450.01214
68450.00014
75467/5/20
09 7125
-0.01130
4286
-0.01346
08770.00018
1195
-0.0001635
07
8/5/2009 288.5
-0.01547
7523
-0.01967
51280.00038
71118/5/20
09 71290.00056
1246
-0.00159
53452.54512
E-063.13886E-
05
11/5/2009 288
-0.00173
4606
-0.00593
2213.51911
E-0511/5/2
009 7122
-0.00098
2387
-0.00313
89789.85318
E-061.86211E-
0512/5/200
9 302.820.05017
80890.04598
04850.00211
420512/5/2
009 72970.02427
4720.02211
81290.00048
92120.0010170
02
13/05/2009 305.1
0.007501022
0.003303418
1.09126E-05
13/05/2009 7242
-0.00756
5893
-0.00972
24849.45267
E-05-3.21174E-
05
14/05/2009 300.25
-0.01602
4131
-0.02022
17350.00040
891914/05/2009 7142
-0.01390
4562
-0.01606
11530.00025
79610.0003247
84
15/05/2009 293
-0.02444
2852
-0.02864
04560.00082
027615/05/2009 7177
0.004888619
0.002732029
7.46398E-06
-7.82465E-05
18/05/2009 291
-0.00684
9342
-0.01104
69460.00012
203518/05/2009 7172
-0.00069
6913
-0.00285
35038.14248
E-063.15225E-
05
19/05/2009 293.25
0.00770222
0.003504616
1.22823E-05
19/05/2009 7067
-0.01474
8494
-0.01690
50850.00028
5782-5.92458E-
05
21/05/2009 292.9
-0.00119
4234
-0.00539
18382.90719
E-0521/05/2009 6969
-0.01396
4319
-0.01612
0910.00025
98848.69213E-
0522/05/20
09 306.450.04522
33560.04102
57520.00168
311222/05/2009 7146
0.025081017
0.022924426
0.000525529
0.000940492
25/05/2009 314.95
0.027359286
0.023161682
0.000536463
25/05/2009 7164
0.002515725
0.000359134
1.28977E-07
8.31814E-06
27/05/2009 310
-0.01584
1599
-0.02003
92030.00040
15727/05/2009 7204
0.005567943
0.003411352
1.16373E-05
-6.83608E-05
28/05/2009 315
0.016000341
0.011802737
0.000139305
28/05/2009 7297
0.012826877
0.010670287
0.000113855
0.000125939
29/05/2009 312
-0.00956
9451
-0.01376
70560.00018
953229/05/2009 7276
-0.00288
2044
-0.00503
86352.53878
E-056.93672E-
05
1/6/2009 305.5
-0.02105
3409
-0.02525
10140.00063
76141/6/20
09 7198
-0.01077
8051
-0.01293
46420.00016
73050.0003266
13
2/6/2009 304
-0.00492
2077
-0.00911
96828.31686
E-052/6/20
09 7125
-0.01019
3484
-0.01235
00740.00015
25240.0001126
29
3/6/2009 303
-0.00329
4896
-0.00749
255.61376
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7510.00018
51640.0002638
21
18/11/2009 323.01
-0.00924
4773
-0.01344
23780.00018
069818/11/2009 9162
-0.00457
3677
-0.00673
02674.52965
E-059.04708E-
0519/11/20
09 338.150.04580
63020.04160
86970.00173
128419/11/2009 9251
0.009667158
0.007510568
5.64086E-05
0.000312505
20/11/2009 341.45
0.009711671
0.005514067
3.04049E-05
20/11/2009 9306
0.0059277
0.003771109
1.42213E-05
2.07941E-05
23/11/2009 333.75
-0.02280
9046
-0.02700
6650.00072
935923/11/2009 9204
-0.01102
1181
-0.01317
77720.00017
36540.0003558
87
25/11/2009 335
0.003738322
-0.00045
92822.1094E
-0725/11/2009 9204 0
-0.00215
65914.65088
E-069.90484E-
07
26/11/2009 334.7
-0.00089
5924
-0.00509
35282.5944E
-0526/11/2009 9206
0.000217273
-0.00193
93183.76095
E-069.87797E-
06
1/12/2009 331.5
-0.00960
6799
-0.01380
44030.00019
05621/12/2
009 9019
-0.02052
1982
-0.02267
85730.00051
43180.0003130
64
2/12/2009 331
-0.00150
9434
-0.00570
70393.25703
E-052/12/2
009 90870.00751
13580.00535
47672.86735
E-05-3.05599E-
05
3/12/2009 333.5
0.00752449
0.003326885
1.10682E-05
3/12/2009 9096
0.000989936
-0.00116
66551.36108
E-06-3.88133E-
06
4/12/2009 328
-0.01662
9257
-0.02082
68610.00043
37584/12/2
009 9009
-0.00961
0679
-0.01176
7270.00013
84690.0002450
758/12/200
9321 -
0.02157-
0.025770.00066
40988/12/2
0098843 -
0.01859-
0.020750.00043
07490.0005348
45
2485 009 7892 44839/12/200
9 324.50.01084
44130.00664
68094.41801
E-059/12/2
009 89050.00698
67310.00483
0142.33303
E-053.2105E-
0511/12/20
09 335.010.03187
48460.02767
72410.00076
60311/12/2009 9037
0.014714344
0.012557753
0.000157697
0.000347564
14/12/2009 349
0.04091154
0.036713936
0.001347913
14/12/2009 9280
0.026534286
0.024377695
0.000594272
0.000895001
15/12/2009 342.71
-0.01818
7314
-0.02238
49180.00050
108515/12/2009 9266
-0.00150
976
-0.00366
63511.34421
E-058.2071E-
05
16/12/2009 344
0.003757049
-0.00044
05561.94089
E-0716/12/2009 9253
-0.00140
3964
-0.00356
05541.26775
E-051.56862E-
06
17/12/2009 341
-0.00875
918
-0.01295
67850.00016
787817/12/2009 9227
-0.00281
3855
-0.00497
04452.47053
E-056.4401E-
05
18/12/2009 341 0
-0.00419
76041.76199
E-0518/12/2009 9183
-0.00478
002
-0.00693
66114.81166
E-052.91171E-
05
XBAR0.004197604 YBAR
0.002156591
VARIANCE (X)
0.000758943
VARIANCE(Y)
0.000331081
SD(X)0.027548917 SD(Y)
0.01819564
CO VARIANCE
0.000322043
BETA0.9727
0179
MARKET Return 21%
Risk Free 12.50%
