Walt Disney.xls

41
Copyright 1 Walt Disney Company's Slepping Beauty Bonds-Duration Analysis-courseware Harvard Business School Case 294-038 Courseware 9-208-725 This courseware was prepared by Professor Carliss Y. Baldwin solely for students as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright © 2008 President and Fellows of Harvard College. No part of this product may be reproduced, stored in a retrieval system, used in a spreadsheet or transmitted in any form or by any means— electronic, mechanical, photocopying, recording or otherwise—without the

description

Finance problem Walt Disney case study

Transcript of Walt Disney.xls

Page 1: Walt Disney.xls

Copyright

1

Walt Disney Company's Slepping Beauty Bonds-Duration Analysis-coursewareHarvard Business School Case 294-038Courseware 9-208-725

This courseware was prepared by Professor Carliss Y. Baldwin solely for students as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright © 2008 President and Fellows of Harvard College. No part of this product may be reproduced, stored in a retrieval system, used in a spreadsheet or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without the permission of Harvard Business School.

Page 2: Walt Disney.xls

document.xls

Page 2

Sleeping Beauty Basic Spreadsheet

Calendar Relative Cash Flow Present

Year Year per $100 Value

1993 0 75.50 1994 1 7.551995 2 7.551996 3 7.551997 4 7.551998 5 7.551999 6 7.552000 7 7.552001 8 7.552002 9 7.552003 10 7.552004 11 7.552005 12 7.552006 13 7.552007 14 7.552008 15 7.552009 16 7.552010 17 7.552011 18 7.552012 19 7.552013 20 7.552014 21 7.552015 22 7.552016 23 7.552017 24 7.552018 25 7.552019 26 7.552020 27 7.552021 28 7.552022 29 7.552023 30 7.55

Page 3: Walt Disney.xls

document.xls

Page 3

Sleeping Beauty Present Value as a Function of the Interest Rate

Calendar Relative Cash Flow Interest PresentYear Year per $100 Rates Values

1993 0 2% $339.20 1994 1 7.55 3% $243.78 1995 2 7.55 4% $186.99 1996 3 7.55 5% $150.61 1997 4 7.55 6% $125.76 1998 5 7.55 7% $107.85 1999 6 7.55 8% $94.38 2000 7 7.55 9% $83.89 2001 8 7.55 10% $75.50 2002 9 7.55 11% $68.64 2003 10 7.55 12% $62.92 2004 11 7.55 13% $58.08 2005 12 7.55 14% $53.93 2006 13 7.55 15% $50.33 2007 14 7.55 16% $47.19 2008 15 7.55 17% $44.41 2009 16 7.55 18% $41.94 2010 17 7.55 19% $39.74 2011 18 7.55 20% $37.75 2012 19 7.55 100% $7.55 2013 20 7.55 500% $1.51 2014 21 7.55 1000% $0.76 2015 22 7.552016 23 7.552017 24 7.552018 25 7.552019 26 7.552020 27 7.55

Page 4: Walt Disney.xls

document.xls

Page 4

Sleeping Beauty Present Value as a Function of the Interest Rate

Page 5: Walt Disney.xls

document.xls

Page 5

Sleeping Beauty Bonds of Different Maturity

Cash Flow per $100

Calendar Relative Sleeping Napping

Year Year Beauties Beauties

1993 0

1994 1 7.55 7.55

1995 2 7.55 7.55

1996 3 7.55 7.55

1997 4 7.55 7.55

1998 5 7.55 7.55

1999 6 7.55 7.55

2000 7 7.55 7.55

2001 8 7.55 7.55

2002 9 7.55 7.55

2003 10 7.55 107.55

2004 11 7.55

2005 12 7.55

2006 13 7.55

2007 14 7.55

2008 15 7.55

2009 16 7.55

2010 17 7.55

2011 18 7.55

2012 19 7.552013 20 7.552014 21 7.552015 22 7.552016 23 7.55

2017 24 7.552018 25 7.552019 26 7.552020 27 7.552021 28 7.552022 29 7.552023 30 7.552024 31 7.552025 32 7.55

Page 6: Walt Disney.xls

document.xls

Page 6

2026 33 7.552027 34 7.552028 35 7.552029 36 7.552030 37 7.552031 38 7.552032 39 7.55

Page 7: Walt Disney.xls

document.xls

Page 7

Sleeping Beauty Bonds of Different Maturity

Present ValueInterest Sleeping Napping

Rates Beauties Beauties

2% $339.20 $149.85 7.02 3% $243.78 $138.81 6.53 4% $186.99 $128.79 6.07 5% $150.61 $119.69 5.64 6% $125.76 $111.41 5.25 7% $107.85 $103.86 4.88 7.55% $100.00 $100.00 4.54 8% $94.38 $96.98 4.22 9% $83.89 $90.69 3.92 10% $75.50 $84.95

51.94 11% $68.64 $79.68 12% $62.92 $74.86 13% $58.08 $70.43 14% $53.93 $66.36 15% $50.33 $62.61 16% $47.19 $59.16 17% $44.41 $55.98 18% $41.94 $53.04 19% $39.74 $50.32 20% $37.75 $47.80

Present Values for 10 Year

Bond

0% 5% 10% 15% 20% 25%$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00 Napping Beauties

Napping Beauties

Page 8: Walt Disney.xls

document.xls

Page 8

0% 5% 10% 15% 20% 25%$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00 Napping Beauties

Napping Beauties

Page 9: Walt Disney.xls

document.xls

Page 9

0% 5% 10% 15% 20% 25%$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00 Napping Beauties

Napping Beauties

Page 10: Walt Disney.xls

document.xls

Page 10

0% 5% 10% 15% 20% 25%$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00 Napping Beauties

Napping Beauties

Page 11: Walt Disney.xls

document.xls

Page 11

2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%$0.00

$50.00

$100.00

$150.00

$200.00

Present Value of a 100-year and a 10-year Bond as a Function of the Interest Rate

Interest Rate

Pre

se

nt

Va

lue

100-year bonds

10-year bonds

Page 12: Walt Disney.xls

document.xls

Page 12

Sleeping Beauty Calculation of Duration

Calendar Relative

Year Year Sleeping Beauties 10-Year Bond

Interest 7.55% 7.55%Rate

Duration

(in Years) 14.24 7.37

1993 01994 1 7.02 7.02 7.02 7.021995 2 6.53 13.05 6.53 13.051996 3 6.07 18.21 6.07 18.211997 4 5.64 22.57 5.64 22.571998 5 5.25 26.23 5.25 26.231999 6 4.88 29.27 4.88 29.272000 7 4.54 31.75 4.54 31.752001 8 4.22 33.74 4.22 33.742002 9 3.92 35.29 3.92 35.292003 10 3.65 36.46 51.94 519.412004 11 3.39 37.292005 12 3.15 37.832006 13 2.93 38.102007 14 2.73 38.152008 15 2.53 38.012009 16 2.36 37.702010 17 2.19 37.242011 18 2.04 36.662012 19 1.89 35.982013 20 1.76 35.222014 21 1.64 34.382015 22 1.52 33.492016 23 1.42 32.562017 24 1.32 31.592018 25 1.22 30.592019 26 1.14 29.582020 27 1.06 28.562021 28 0.98 27.542022 29 0.91 26.522023 30 0.85 25.512024 31 0.79 24.512025 32 0.74 23.532026 33 0.68 22.562027 34 0.64 21.612028 35 0.59 20.682029 36 0.55 19.78

Page 13: Walt Disney.xls

document.xls

Page 13

2030 37 0.51 18.902031 38 0.48 18.052032 39 0.44 17.232033 40 0.41 16.432034 41 0.38 15.662035 42 0.36 14.912036 43 0.33 14.202037 44 0.31 13.512038 45 0.29 12.842039 46 0.27 12.212040 47 0.25 11.602041 48 0.23 11.012042 49 0.21 10.452043 50 0.20 9.922044 51 0.18 9.412045 52 0.17 8.922046 53 0.16 8.452047 54 0.15 8.012048 55 0.14 7.582049 56 0.13 7.182050 57 0.12 6.792051 58 0.11 6.432052 59 0.10 6.082053 60 0.10 5.752054 61 0.09 5.432055 62 0.08 5.132056 63 0.08 4.852057 64 0.07 4.582058 65 0.07 4.332059 66 0.06 4.092060 67 0.06 3.862061 68 0.05 3.642062 69 0.05 3.432063 70 0.05 3.242064 71 0.04 3.052065 72 0.04 2.882066 73 0.04 2.712067 74 0.03 2.562068 75 0.03 2.412069 76 0.03 2.272070 77 0.03 2.142071 78 0.03 2.022072 79 0.02 1.902073 80 0.02 1.792074 81 0.02 1.682075 82 0.02 1.582076 83 0.02 1.492077 84 0.02 1.402078 85 0.02 1.322079 86 0.01 1.24

Page 14: Walt Disney.xls

document.xls

Page 14

2080 87 0.01 1.172081 88 0.01 1.102082 89 0.01 1.032083 90 0.01 0.972084 91 0.01 0.912085 92 0.01 0.862086 93 0.01 0.812087 94 0.01 0.762088 95 0.01 0.712089 96 0.01 0.672090 97 0.01 0.632091 98 0.01 0.592092 99 0.01 0.552093 100 0.07 7.42

Page 15: Walt Disney.xls

document.xls

Page 15

30-Year Bond 30-Year Zero

7.55% 7.55%

12.64 30.00

7.02 7.02 0 06.53 13.05 0 06.07 18.21 0 05.64 22.57 0 05.25 26.23 0 04.88 29.27 0 04.54 31.75 0 04.22 33.74 0 03.92 35.29 0 03.65 36.46 0 03.39 37.29 0 03.15 37.83 0 02.93 38.10 0 02.73 38.15 0 02.53 38.01 0 02.36 37.70 0 02.19 37.24 0 02.04 36.66 0 01.89 35.98 0 01.76 35.22 0 01.64 34.38 0 01.52 33.49 0 01.42 32.56 0 01.32 31.59 0 01.22 30.59 0 01.14 29.58 0 01.06 28.56 0 00.98 27.54 0 00.91 26.52 0 0

12.11 363.43 100 3000

Page 16: Walt Disney.xls

document.xls

Page 16

Page 17: Walt Disney.xls

document.xls

Page 17

Page 18: Walt Disney.xls

document.xls

Page 18

Sleeping Beauty Sensitivity Up

Calendar Relative Sleeping 10-Year 30-YearYear Year Beauty Bond Bond

Interest 7.55% 7.55% 7.55%Rate

Value 100.00 100.00 100.00% Ch. In Value 11.69% 6.55% 10.70%

1993 01994 1 7.02 7.02 7.021995 2 6.53 6.53 6.531996 3 6.07 6.07 6.071997 4 5.64 5.64 5.641998 5 5.25 5.25 5.251999 6 4.88 4.88 4.882000 7 4.54 4.54 4.542001 8 4.22 4.22 4.222002 9 3.92 3.92 3.922003 10 3.65 51.94 3.652004 11 3.39 3.392005 12 3.15 3.152006 13 2.93 2.932007 14 2.73 2.732008 15 2.53 2.532009 16 2.36 2.362010 17 2.19 2.192011 18 2.04 2.042012 19 1.89 1.892013 20 1.76 1.762014 21 1.64 1.642015 22 1.52 1.522016 23 1.42 1.422017 24 1.32 1.322018 25 1.22 1.222019 26 1.14 1.142020 27 1.06 1.062021 28 0.98 0.982022 29 0.91 0.912023 30 0.85 12.112024 31 0.792025 32 0.742026 33 0.682027 34 0.642028 35 0.592029 36 0.552030 37 0.51

Page 19: Walt Disney.xls

document.xls

Page 19

2031 38 0.482032 39 0.442033 40 0.412034 41 0.382035 42 0.362036 43 0.332037 44 0.312038 45 0.292039 46 0.272040 47 0.252041 48 0.232042 49 0.212043 50 0.202044 51 0.182045 52 0.172046 53 0.162047 54 0.152048 55 0.142049 56 0.132050 57 0.122051 58 0.112052 59 0.102053 60 0.102054 61 0.092055 62 0.082056 63 0.082057 64 0.072058 65 0.072059 66 0.062060 67 0.062061 68 0.052062 69 0.052063 70 0.052064 71 0.042065 72 0.042066 73 0.042067 74 0.032068 75 0.032069 76 0.032070 77 0.032071 78 0.032072 79 0.022073 80 0.022074 81 0.022075 82 0.022076 83 0.022077 84 0.022078 85 0.022079 86 0.012080 87 0.01

Page 20: Walt Disney.xls

document.xls

Page 20

2081 88 0.012082 89 0.012083 90 0.012084 91 0.012085 92 0.012086 93 0.012087 94 0.012088 95 0.012089 96 0.012090 97 0.012091 98 0.012092 99 0.012093 100 0.07

Page 21: Walt Disney.xls

document.xls

Page 21

30-Year Sleeping 10-Year 30-Year 30-YearZero Beauty Bond Bond Zero

7.55% 8.55% 8.55% 8.55% 8.55%

100.00 88.31 93.45 89.30 75.7624.24%

0 6.96 6.96 6.96 00 6.41 6.41 6.41 00 5.90 5.90 5.90 00 5.44 5.44 5.44 00 5.01 5.01 5.01 00 4.61 4.61 4.61 00 4.25 4.25 4.25 00 3.92 3.92 3.92 00 3.61 3.61 3.61 00 3.32 47.35 3.32 00 3.06 3.06 00 2.82 2.82 00 2.60 2.60 00 2.39 2.39 00 2.21 2.21 00 2.03 2.03 00 1.87 1.87 00 1.72 1.72 00 1.59 1.59 00 1.46 1.46 00 1.35 1.35 00 1.24 1.24 00 1.14 1.14 00 1.05 1.05 00 0.97 0.97 00 0.89 0.89 00 0.82 0.82 00 0.76 0.76 00 0.70 0.70 0

100 0.64 9.18 75.7560998841810.590.550.500.460.430.390.36

Page 22: Walt Disney.xls

document.xls

Page 22

0.330.310.280.260.240.220.200.190.170.160.150.140.120.120.110.100.090.080.080.070.060.060.050.050.050.040.040.040.030.030.030.030.020.020.020.020.020.020.010.010.010.010.010.010.010.010.010.010.010.01

Page 23: Walt Disney.xls

document.xls

Page 23

0.010.010.000.000.000.000.000.000.000.000.000.000.03

Page 24: Walt Disney.xls

document.xls

Page 24

Sleeping Beauty Sensitivity Down

Calendar Relativeleeping10-Year30-Year30-Year Sleeping 10-YearYear YearBeauty Bond Bond Zero Beauty Bond

Interest 7.55% 7.55% 7.55% 7.55% 0.07 0.07Rate

Value 100.00 100.00 100.00 100.00 115.24 107.17% Ch. In Value 15.24% 7.17% 12.99% 32.35%

1993 01994 1 7.02 7.02 7.02 0 7.09 7.091995 2 6.53 6.53 6.53 0 6.65 6.651996 3 6.07 6.07 6.07 0 6.24 6.241997 4 5.64 5.64 5.64 0 5.86 5.861998 5 5.25 5.25 5.25 0 5.50 5.501999 6 4.88 4.88 4.88 0 5.16 5.162000 7 4.54 4.54 4.54 0 4.84 4.842001 8 4.22 4.22 4.22 0 4.54 4.542002 9 3.92 3.92 3.92 0 4.27 4.272003 10 3.65 51.94 3.65 0 4.00 57.032004 11 3.39 3.39 0 3.762005 12 3.15 3.15 0 3.532006 13 2.93 2.93 0 3.312007 14 2.73 2.73 0 3.112008 15 2.53 2.53 0 2.922009 16 2.36 2.36 0 2.742010 17 2.19 2.19 0 2.572011 18 2.04 2.04 0 2.412012 19 1.89 1.89 0 2.262013 20 1.76 1.76 0 2.122014 21 1.64 1.64 0 1.992015 22 1.52 1.52 0 1.872016 23 1.42 1.42 0 1.752017 24 1.32 1.32 0 1.652018 25 1.22 1.22 0 1.552019 26 1.14 1.14 0 1.452020 27 1.06 1.06 0 1.362021 28 0.98 0.98 0 1.282022 29 0.91 0.91 0 1.202023 30 0.85 12.11 100 1.132024 31 0.79 1.062025 32 0.74 0.992026 33 0.68 0.932027 34 0.64 0.872028 35 0.59 0.822029 36 0.55 0.77

Page 25: Walt Disney.xls

document.xls

Page 25

2030 37 0.51 0.722031 38 0.48 0.682032 39 0.44 0.642033 40 0.41 0.602034 41 0.38 0.562035 42 0.36 0.532036 43 0.33 0.492037 44 0.31 0.462038 45 0.29 0.432039 46 0.27 0.412040 47 0.25 0.382041 48 0.23 0.362042 49 0.21 0.342043 50 0.20 0.322044 51 0.18 0.302045 52 0.17 0.282046 53 0.16 0.262047 54 0.15 0.252048 55 0.14 0.232049 56 0.13 0.222050 57 0.12 0.202051 58 0.11 0.192052 59 0.10 0.182053 60 0.10 0.172054 61 0.09 0.162055 62 0.08 0.152056 63 0.08 0.142057 64 0.07 0.132058 65 0.07 0.122059 66 0.06 0.112060 67 0.06 0.112061 68 0.05 0.102062 69 0.05 0.092063 70 0.05 0.092064 71 0.04 0.082065 72 0.04 0.082066 73 0.04 0.072067 74 0.03 0.072068 75 0.03 0.062069 76 0.03 0.062070 77 0.03 0.062071 78 0.03 0.052072 79 0.02 0.052073 80 0.02 0.052074 81 0.02 0.042075 82 0.02 0.042076 83 0.02 0.042077 84 0.02 0.042078 85 0.02 0.032079 86 0.01 0.03

Page 26: Walt Disney.xls

document.xls

Page 26

2080 87 0.01 0.032081 88 0.01 0.032082 89 0.01 0.032083 90 0.01 0.032084 91 0.01 0.022085 92 0.01 0.022086 93 0.01 0.022087 94 0.01 0.022088 95 0.01 0.022089 96 0.01 0.022090 97 0.01 0.022091 98 0.01 0.022092 99 0.01 0.012093 100 0.07 0.19

Page 27: Walt Disney.xls

document.xls

Page 27

30-Year 30-YearBond Zero

0.07 0.07

112.99 132.35

7.09 0.006.65 0.006.24 0.005.86 0.005.50 0.005.16 0.004.84 0.004.54 0.004.27 0.004.00 0.003.76 0.003.53 0.003.31 0.003.11 0.002.92 0.002.74 0.002.57 0.002.41 0.002.26 0.002.12 0.001.99 0.001.87 0.001.75 0.001.65 0.001.55 0.001.45 0.001.36 0.001.28 0.001.20 0.00

16.03 132.35

Page 28: Walt Disney.xls

document.xls

Page 28

Sleeping Beauty The Relation between Duration and Interest Rate Sensitivity

Sleeping 10-Year 30-Year 30-YearBeauty Bond Bond Zero

% Ch if Rate Down 1% 15.2% 7.2% 13.0% 32.4%

Duration 14.24 7.37 12.64 30.00

% Ch. If Rate Up 1% 11.7% 6.6% 10.7% 24.2%

Page 29: Walt Disney.xls

document.xls

Page 29

Sleeping Beauty The Relation between Duration and Interest Rate Sensitivity

Page 30: Walt Disney.xls

Year1994 7.55 6.86361995 7.55 6.23971996 7.55 5.67241997 7.55 5.15681998 7.55 4.68801999 7.55 4.26182000 7.55 3.87432001 7.55 3.52212002 7.55 3.20192003 7.55 2.91092004 7.55 2.64622005 7.55 2.40572006 7.55 2.18702007 7.55 1.98822008 7.55 1.80742009 7.55 1.64312010 7.55 1.49372011 7.55 1.35792012 7.55 1.23452013 7.55 1.12232014 7.55 1.02022015 7.55 0.92752016 7.55 0.84322017 7.55 0.76652018 7.55 0.69682019 7.55 0.63352020 7.55 0.57592021 7.55 0.52352022 7.55 0.47592023 7.55 0.43272024 7.55 0.39332025 7.55 0.35762026 7.55 0.32512027 7.55 0.29552028 7.55 0.26872029 7.55 0.24422030 7.55 0.22202031 7.55 0.20182032 7.55 0.18352033 7.55 0.16682034 7.55 0.15172035 7.55 0.13792036 7.55 0.12532037 7.55 0.11392038 7.55 0.10362039 7.55 0.09422040 7.55 0.08562041 7.55 0.07782042 7.55 0.07072043 7.55 0.06432044 7.55 0.05852045 7.55 0.05322046 7.55 0.04832047 7.55 0.0439

Raw Value Of Cash Flows

Present Value of Cash Flows

Page 31: Walt Disney.xls

2048 7.55 0.03992049 7.55 0.03632050 7.55 0.03302051 7.55 0.03002052 7.55 0.02732053 7.55 0.02482054 7.55 0.02252055 7.55 0.02052056 7.55 0.01862057 7.55 0.01692058 7.55 0.01542059 7.55 0.01402060 7.55 0.01272061 7.55 0.01162062 7.55 0.01052063 7.55 0.00962064 7.55 0.00872065 7.55 0.00792066 7.55 0.00722067 7.55 0.00652068 7.55 0.00592069 7.55 0.00542070 7.55 0.00492071 7.55 0.00452072 7.55 0.00412073 7.55 0.00372074 7.55 0.00342075 7.55 0.00302076 7.55 0.00282077 7.55 0.00252078 7.55 0.00232079 7.55 0.00212080 7.55 0.00192081 7.55 0.00172082 7.55 0.00162083 7.55 0.00142084 7.55 0.00132085 7.55 0.00122086 7.55 0.00112087 7.55 0.00102088 7.55 0.00092089 7.55 0.00082090 7.55 0.00072091 7.55 0.00072092 7.55 0.00062093 107.55 0.0078

1980 2000 2020 2040 2060 2080 21000

20

40

60

80

100

120

Raw Value Of Cash FlowsPresent Value of Cash Flows

Page 32: Walt Disney.xls

1980 2000 2020 2040 2060 2080 21000

20

40

60

80

100

120

Raw Value Of Cash FlowsPresent Value of Cash Flows

Page 33: Walt Disney.xls

1980 2000 2020 2040 2060 2080 21000

20

40

60

80

100

120

Raw Value Of Cash FlowsPresent Value of Cash Flows

Page 34: Walt Disney.xls

Year PV for 30 Year Sleeping Beauty Bond

1993

1994 $7.021995 $6.531996 $6.071997 $5.641998 $5.251999 $4.882000 $4.542001 $4.222002 $3.922003 $3.652004 $3.392005 $3.152006 $2.932007 $2.732008 $2.532009 $2.362010 $2.192011 $2.042012 $1.892013 $1.762014 $1.642015 $1.522016 $1.422017 $1.322018 $1.222019 $1.142020 $1.062021 $0.982022 $0.912023 $12.1120242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

Page 35: Walt Disney.xls

20472048204920502051205220532054205520562057205820592060206120622063206420652066206720682069207020712072207320742075207620772078207920802081208220832084208520862087208820892090209120922093

Page 36: Walt Disney.xls

PV for a Zero-Coupon 30 Year Bond

$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00

$100.00

Page 37: Walt Disney.xls

PV for a 10 Year Bond PV for a 100 Year Bond

7.02 7.026.53 6.536.07 6.075.64 5.645.25 5.254.88 4.884.54 4.544.22 4.223.92 3.92

51.94 3.653.393.152.932.732.532.362.192.041.891.761.641.521.421.321.221.141.060.980.910.850.790.740.680.640.590.550.510.480.440.410.380.360.330.310.290.270.250.230.210.200.180.170.16

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

Page 38: Walt Disney.xls

0.150.140.130.120.110.100.100.090.080.080.070.070.060.060.050.050.050.040.040.040.030.030.030.030.030.020.020.020.020.020.020.020.010.010.010.010.010.010.010.010.010.010.010.010.010.010.07

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

1980 2000 2020 2040 2060 2080 21000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

PV for a 100 Year Bond

PV for a 100 Year Bond

Page 39: Walt Disney.xls

Mid Points Year

2002-03

2023PV for a 10 Year Bond 2002-03PV for a 100 Year Bond 2002-03

PV for 30 Year Sleeping Beauty BondPV for a Zero-Coupon 30 Year Bond

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

1992 1994 1996 1998 2000 2002 20040.00

10.00

20.00

30.00

40.00

50.00

60.00

PV for a 10 Year Bond

PV for a 10 Year Bond

Page 40: Walt Disney.xls

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

PV for a Zero-Coupon 30 Year Bond

PV for a Zero-Coupon 30 Year Bond

1980 2000 2020 2040 2060 2080 21000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

PV for a 100 Year Bond

PV for a 100 Year Bond

Page 41: Walt Disney.xls

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

1992 1994 1996 1998 2000 2002 20040.00

10.00

20.00

30.00

40.00

50.00

60.00

PV for a 10 Year Bond

PV for a 10 Year Bond

Page 42: Walt Disney.xls

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

PV for 30 Year Sleeping Beauty Bond

PV for 30 Year Sleeping Beauty Bond

1990 1995 2000 2005 2010 2015 2020 2025$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

PV for a Zero-Coupon 30 Year Bond

PV for a Zero-Coupon 30 Year Bond

1980 2000 2020 2040 2060 2080 21000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

PV for a 100 Year Bond

PV for a 100 Year Bond