Example of Investment Analysis (School Project)

July 21, 2017 | Author: Eminem | Category: Dividend, Equity (Finance), Securities (Finance), Net Present Value, Investing
Share Embed Donate


Short Description

Example of Investment Analysis (School Project)...

Description

Æ  Æ   Æ      Æ     

x        

    x  

  

   

   p  p

 p p   c p

• •• 

  !   Æ     Æ !"  !# "Æ  $ Æ% !Æ  !# "Æ  &Æ Æ & "   "! Æ &  "  

'  ! $&Æ Æ ( !) *# Æ$ # !# !) !

"     +  p p+

 Æ   !#  Æ

  ! Æ  p  !  !

 " !

 !  !   )!  !

p, p, p, p, p, p-

# $ %&  & "  Æ !) .$ Æ   /  Æ! !#    & "

'( pp

x ! )    0    $ Æ     & $ !"Æ  # Æ$ !"Æ & !"Æ    & Æ Æ   ! $ Æ

*' p p       + +

 x #$))  !  Æ! Æ&!Æ!  ÆÆ"  #     )  & Æ! Æ! & " .Æ&/ &  !  ! Æ * ./ & Æ!Æ  !  !"Æ ./

*+ 1 1 + + + 1

$ !

" 

 $

"(

 c 

 $      x 

  !

  x !x    

 $  %#$



 ' 2    (  222   2 '   p 2  '  2 ' 2  '2      '   2 2  p, 

    2

'    2 '2 22  !     p--,   3             2 '  2 '  ! '2 ' (    2     4 5(  ' 2  (    ' 2   2           2  2     '    62 (   2 ' 2(  (   2!  ' 2 27/ 2   

 2 2

' 2    .2/  .7 '

' !  ' 2

' 2    

2    '  '      . /  ( 2    '     '     2  5(  22  ./  '' 8  '  2  . /    2 2   



 2 

'  ' 2 2

''( ( 9  2      2    

, ) -  %#$ (    

  p,  p-  '     2 2   ' !  ' 2 ' 2     3  p p  '62  ' 2   

 2   2 

 2 2 !2   22    '  

 2 '   '62   2    ( 2  222  (   2           '  ' 2     '      5 2 2   2 (         ' 

'   2  2 2 

    #9        ' 2 2    '' 2 '  ( 2( 2(   ' ''2    '    p  '    '22  (2 ( 2    '     '     2  5(  22  ./ 

 2 2  :    .:/ ''   ' 

2  . /   2   

''( ( 9  : 2        22

 2  5  2   2   ' 2 4      ,   c 

2   22  ./   (4  ( 2 . 4/      '  22  ;       '  4

' 22     

2( 22      4(     . 4/  62 '2      4   ' 2  '  4 ' 22      ''2   ( ' 2    2     2 '  462  2 2  2 r  $  ' 2 2  2     2  '22  ' 2      <  (   2 '      2 ( 2 2     2 2    4     222  2   2  2 !2  2 (   (    '  2( (    2  4(          2    24 2 !2  2  2      .

x  x       ( 2  (  (2  '22  22    2  (2

  2222 2   4 (  24 '   ' '   2 2  

         22'   2 2   (  (2 9    2 2 2    2 2     2    2 2   5 2   2       2     '  (2     (2  2 '  2  '22           2 2   2      '      '  22   2 '  (   2 2 (    (2 2  2    2 '  2 2  22      2 (  2            2    '   2 22        2  (2  2    2      '    2 2    2   ' 

c 



/x $        2

$    2

 (2 0   22 & ' 2      0      (     2  :      '2      ( ./   222 '   2 2 . /     (   2    '

      2  ' 2 2      '         2  22   '    2 ' 2  2 2 ±c  (2  0   22 "

    2  (    ' 2      ''2        4  2   ( '  2 '   2   (  2    

"

  "

   2(   '   2  2   2  2     2 9 2 '     !2   2    2  '5   2        ' 2  2 ' 2  (  2(       2   22    '   '     ±c & ' 2     ''2   '  '22  (  2 '   2    

2

'     20 ' ; 2 "

  "

    Jc

2    242    2   ( (    2(  (  2 2 (9      2 2 0   

 ' 02   2  2

2 2   9  '5   2 2 c +

Jc

2 9   2 2(     (      2(  2 42 2     4 5( (  2 2 0   

 ' 02 

 2  2 2 2   9  '5   2 2 Jc

2   2 2     2   ( (    2(  (  2 2 (9      2 2 2 42 2     4 5( (  2 2 0   

 ' 02   2  2 2 2   9  '5

  2 2 Jc

"     2    2   ( (    2(  "   2 (      2 2 0   

 ' 02   2  2

2 2   9  '5   2 2

"

   Jc

2    242     2   ( (    (    '  5 ,  (  2 2 0  (9      2 2 0  

Jc

 ' 2   2  2 2 2   9  '5   2 2

2 $   242      (      (    '  5 ,  2 42 2     4 5( 0  

 ' 02 

 2  2 2 2   9  2 2 Jc

2  2' &   242     (  (    (    '  5 +  (  2 2  0  (9      2 2   5 p+  2 42 2     4 5( 0  

 ' 02 

 2  2 2 2   9  2 2 Jc

"     242    2   ( (    (    '  5 -  "  8  2 ( 0      2 2 0  

 ' 02   2  2 2 2   9  2 2

±c       0      (   2  (   ' 2       2 2 2 '2   2 '   2 ' 62 ' 2 4 ' 2    ( 2 (   (   ( -+< (  2 '    2   (    2  2 '       ( -+

c 1

 2  (        2   ' (  2 '2          ( ' 1+ !2    22  (  (  2    (    ' 2( ' 2 '    

±c    c

"     (2' (   '   2     2  2    2   (  

( -+ !2 

 2  2   '  (   '2 (  ' 2    < (  ;  22 '2< (    (  (         ' 2    2   22 2    2    2  '        2  2  2 ( 2      22     2   2          '  (   ' 2 $    22 '< $   2  2 (  '< $  (2' 22 '< $  +   '    ( '  $  ' 2    

±c      0  

2     

Æ!  2  ( ;         ''2 2  2 '   62 ( 2

   (    522

x  V 2  2 (2     22 62  '  9 2  2 2(    (    '2       2     '    ' 2 2  2    ' 2

c ,

ccc c c

c   c cc ccc



±c   '2    '   2     2    '    9 2 '  2   2  2  '  2       52(    4(2 ' 2    '2 Jc

•  "  #   $•#%  2  2 '  2   2   2 '  ( 1  2 2 '   2 25 .1/  2    2< '   2  2   (2 11+  2       ( 1+ 

Jc

x &  $x%  2     2 '  62  ' ( + 2  62   (     62  ' ( 1     2 '    '  ( 1 '           2    ( 2 2 2  ( 2        2 62 ' ! 2    ' 2    (   ' 2  2  2       '  ( '   

Jc

"    $"%  2    ( '   2    

Jc

   2  2     2 '2 '    2 2   2  2 ( '  2  2 '  ./  2

Jc

•  $• %  2  2   (  (   (    2  2 2  2       ( ,   2   2   

Jc

·    $·%  2 '5 '   '    .5 ' p 2/ '  2  '    ;   22 ' 2   '  ' 2     22   '  '   "

Æ   '2 Jc

"      "  $"xxx  " x/ 2    2  '    <  2 '2    2 '    2  (       '  (       .   62  ' ( ,   2 /

Jc

• ' $•'% 2  '    '  2 62        '    '  (   !   5  (       

 5    '       62 , 

Jc

·    $·% 2  '5 '       '    '  2  '  (  (      62 ( 1   2 

c -

Jc

 22 ./  2      + '  2 62      p     2 22    '2 ( 22 ' 1 ;  222  (  (     )       22  ( # 4 ;  ( !2   4

Jc

   x   $ x •  x()%  2    9   p '    22  .  2     / 2          '       + 2 '  2 62   

$    2  ' 2  2 ( 2  ' $    2  22  2 ' 2  2   2 '  2 2

2 ' 2  2  22  2

c      x $x%      '2  ( 2(      26 ' 2  2 2   2   2 ' ( 2     p  202 c    "   

   $"%      '2  ( 2(      26 ' 2  2 2   2   2 ' ( 2   +  p  202 c   x     2 (2  ( 2( '  ( 2 ( 2   (2    2 ''  

  x "  2 ''   2   2  ( 2(    2 2 '     2   c  ' 

$#  6c ¦ · *   2  

2  '   ;  " 2 2    

52   2 ' 2 '  2 ' (   p p-1  2 9 2      c 

 2     '   2      ' 3  # 4      !     2 

 2     2 2 '  '

6c     *     !  ' 4 '  . ' 4/ 2    

'  4      2 2 '   ' =2 ' 2    '  . ' /  2 22  3  p p    ! 2   #   ! 2     (  ! 2    (   '  2   4 2 2      4 '    p    62 '2 4  2 2   2  (  '  2 2 2   2  2(   (   =2  '    2    

  4 5 6c    '

! 

' 22    2   2   

2  #'5 Æ     2 '   p      '  (

  '     '  (       ,  2 ! 

' 9 2      Æ    .

'

#'5/    '  Æ  2  '  (   '   2(( '   (2 2 (   '   '62  #'5 '' 



 x )   ( ! .2/

 Æ

2 : 

 Æ 2  2  ' 5   '' '  ' 2 # ;          ; (  '  2 4   2 '   - 2 2 '  '' '   ;     ' 2   2 #2 2 22  2       '  222 2(    2(  (      2   ' 22 '  2  ( ( 22     2    2    2  Æ 4  2   2  2   2   Æ 2 2  pp 2 5 2     4  Æ% 4( $   2  Æ  2    '  222 .  (/ :    $       ( '   2

  Æ 42 & : '  ''   42 2    & 2  '  '' '  ' 2 # ;      3      ; (  '  2  '  ''  '   '  (    ' 2      2 42 2 - 2 ' 5   ' 2   2         22  42  2    '  (  2 '    " 2  Æ % # 2   '  2  '  2 '   .  /

c p

3    2 & : ' ( '' 3    2 2    & 2  ' ( '' '  ' 2 # ;   '    1  2  2   2 + 2 ' 5   ' 22   2   ")   2 # 2     '    2  (  4  22  42 # 4 2   '   2 22'  ( 2    2   2  2 2   222      4(   ( # 2  '  9 '      '   2  2   ! 2     

Æ   2 ) 01#     p,)01#  2  '     22     2     - '  ( 2   2 2  '   2    2   ./   4  2   .#  2/ '    " 2    .  2/ '   " 2 ' (  2   '   '   2    '  2 ( .  2  2/ '    " 2  2   '  2  '     2   $        /)2 2 2  ' 5   '' '  '      # 2 2   '     '   =2 5     -     $   2  2  2     '=2 2    2  2  (2 2(' 5 ( (  :   222      '  4(  2      2  2   5   & 2  '  2 ''   2  ( 2  ( (   2 5    /##       /# 2 5   & 2   ' 24 '' '  3 ( 2 :      (  +  2  2   2 2  4       ( 5   & 2  ' 24 ( '' '  p  2 9 2   3 (        2  2  ((    "  ( '  p     2   '  '  " 2    '  " 2 ' ( 2    2 2 2    '   #    ((      2     '  24 ( 22    2  '    2  !( 22   3   22    p  / 2 2  ' 5   '' '   2     2   2  2 p   2 2     2  2     2  (         ' =2    22 2 2  5   & 2 '     2 2  ' 5   '' '         2  ' !& ! 2  Æ 4  22 2   . =2 2/ '       ' (   " 2 ' !     22 2 2       ''2 

  =2 # 2  3 2    p   2 2  '    (   2    2    22 (  2  2 2 2  ' 5   '' ' Æ  2 4 !      2  2  ( . ((/ '   " 2 ' Æ  2 4 # 2 2  2    ' Æ  2 4     22   2  '  $  3         ( 

c pp

! 2  = 9     + /3 42  2 ' 5    2 '     ' ' 5  2 .>?/  2    (    2 ' p+ ' 5  2 ' =2 ( 22  = 9   2   '   " 2 ' 2      '   =2 " 2   " 2 ' 2      '   " 2 '      '  2    ( '   =2 " 2  '   " 2  = 9  2 2  2  222    2 '     '22  ;     '    222 2 2 2  2   2  =2 '   ''  2(2 2 2 '  '2 5    22        22 2 # 2    '   Æ   '     (        '  222   2 2 ! Æ  $ '   

   '     r/5 2 ((  '  ' :      2 (   2  2 ( '   '  2    4(   '   2  " 2 # 2 2    ' !  2   < ! 2 '  2  " 2< ! 2 '  p,p1    (   <        ' !  2   '      3 2 # 2 '     ' !  '  2   (2   2 (   Æ (  2   2 2     4 5(  9              3    p ,  2 '  2   : (   (    ' 9   Æ 4   2   '  p,  2    +    2   '    " 2    '   2 " 2    2  '  '=2    ( 2  ( ( 2     2  2  ; ' 4

    2 52  5    ' 2 2     (2   222  2  22  "      4(  ' 2 2    2    p x2r 2 2 '   2 : 22 2    @   2  2  2  ' 5   '' '  $      '   p,  &  '  !24   !   ' !    2   .) !24 /   2  2   '   " 2@  2   A( 22   @   ( .   2/ '  $ " 2    #    , r% / 2    ' 5   '' '   .> ?/ '        3  ,      # 2  2 '     2 2  ( (  222        2   ;  (  2 2 2 2   (     4 ' 4   2  # 2 2    2 ' 3     2     .( 2   2/    !  (2  .  

 2/ # 2 2   '    '  2 '    '    #     '  #   (   3 '    " 2   3 #(    ,%/  2  '  4' 22 (    2   2  2 p, # 2   2 5    2 2   4' . 2 22   2/ 2 p-  ( '  ''  2  ' 5   ''  2   2   #( 22  4'=2 22    2 ' 2  2 ''2 2      ' Æ     2    ' 2 2   2 2   2   4' 22 ( 2  22 22 (   '  2        '2   222  #(  2   2     '  2    ( '   " 2 '   2   '  2  '   2

c p

  #2    , 2% 2   ((   '    $  .> ?/ 2    2     (2  2  2  '  #2 2 52  4(  ' 2 2 5  (  2  2 2  4 '       ( &  '  pp-  2  &  ' )4 '  p-  #2 2    ' ' 4   '       #2 2   '   " 2 '       #2     2 '   " 2 '   ! 2  )2    p &  2  '    & 2 '    2  # 2 2    )2  2   .#  2/ '  $ " 2    . / =2 #  2 2 '   " 2 ' (   )2 2 2   ' !  3 2    ' $       '   2  '    2  '    '  !     2  '       2 2  '         '   2  ' 5   '' '    #  2   2 '    (   .     /   2    p+  / 2 2    '22  ' 4 " 2        , 2 2 2  &     '    ' $  2 ' 4 " 2  2 2 2  &  ' '   " 2  2  2   '   '   2  2   '   " 2 ' !      '    " 2  2   '      '  2 (2 '   " 2 ' Æ  2 4  " 2 ' (  =2 " 2   " 2 ' !     2 2 2 2    ' 2       ' ( 2  2 2      '       x       x 2    ' (  '  !     (  '  2  2  ' 2  2    2    '  2  2  '  p  p '  (   2 2   )$  ./   2 ((      # 2 2    ((   '      ' (   2  2  (  2  (  2   (     # 2       2    ' 2 '   " 2 ' 2   

# (    3    p-+ %2 2     '  (        '  '     2     2 (  2 2 '      2     2   .#  2/ '    " 2    2 2 2    '    '            ( 2 # 2  '  '' 222  2  Æ5    '  ! 2 '   " 2 $   $ !22     )/  ;     '  (  2( 2    4 '   (  p1      2   2  4=2 $   # 2  '          2(   '    (  '22    '    -  !22  2   .#  2/    '   " 2 ' 24     '       '   2  !22 2 2 2 2    '  2  '  2

  

c p

 $      x 

#    

 ,678*669   #2 3   22  3 2 $    4

! 2  )2   2

 22

# (    3

! 2   9 

$   $ !22

   '

   #

    3

  3 #(

   2

  3   &  

  

2 **8*669 2 : ' 5   ''

   $  

  5   & 2  222  6 : $

3  .3/ 2

 2   5   & 2 : $ ( 2 :     4 3  2  ' ( ''

3   2 

  5   & 2 : $ (       



  5   & 2  '  ''

  

5   & 2 : '  

    2

& 2 :    

( ''



        c p

&:% )5% %&  Æ cÆc c c c

c

 cc    c ccc

  c

    c

c c !c!   c c c c

c

 cc    c ccc

  c

    c

c c c c p+

 c c c c c cc

c

 cc    c ccc"#$c

  c

      c

c c c c c ccc

c

 cc    c ccccc

  c

    c

c

  c p1

  ! %x ! 

   !





'x   # !

 2

-

,

1

+



Æ  ' (

p+,

p

pp1

p

+

   9 



p-

p1-

pp

p,

   222



,

p+

p-

p-p

22    ' ( '   2   2 '    ,  22 ! (        -   !     2 '' '    - (2  -  (     B,   '  2      2    9  42    2 B+     2 2  2  22 '   ' 2 '   (2   2 ' 5 2 2   ' 2   22           9      222 2  2         









* ;$!

 2

-

,

1

+



  

pp+

pp1

pp1

pp+

pp+

22 !     (   22 '  '' '   62 (   2     2     2 ! (            2 ' ( 2 ( 2  2 2    2 (    2     2   4   2 2  '     5 p  2 









"# 

 2

-

,

1

+



 

-,

-1

-1

-,

-,

! 9  

p,-

pp

p1

p+p

p1

22      2 2    62   ' 24       2     222<     

' (  p 2

' 22  p ; 2 4  2

  2     2   222   ! 2   '( 2   ( 2      ( '     (     242    '2  2 ' 2    c p,





7 & 

 2

-

,

1

+



  (2 



,-

+p



p-p

  

,

p



-

,

  



p

p

p

p-



 22 ! (  2 ' 4  2   2  2    2   (   (2        2    2      2 2    2    (   '  2    2 '       

 2 - 2 

(2     ( ' , (  2    2     2       2     2  '  2  ( 2 (2   (   2 .    ,/ !    2 2   (2 2      2         2      2 2  2  2     (  2  2 '     2 2  2     2 '   (( '      2   9   2  - 2  (

   ( '

 ! (    



# $ %&

 

 $ &*6?8'768666666661 p,1   

Æ   ./

D - ,  

c p-

 //# r . B   2  / 2   p p

p *669

-

 / 2  2  2 2>'(8 (6

B p, 1

 2  2(?8'6

- p-

 4298+((

- 

2  ((2"68+99

 1

  2**89'*

+ ,+

   2+8+69

, +

4  2*87?

 -

 2?8(9

1 +

  22?8"*'

+ p

 />'( 87 6 B p-, +p     2  >'8?76

B p ,1

 2(  2('*

,

$    8'**

, 

( 222*866?

 pp+

  2*8+(6

, --

2 2"8?''

 -

>' 8+ 6 B  + >*6?8'76 B pp + /2 /3 >'9'8 7'B p1+ -

, /42   2 >'7'8+( 

B p1 

'   (2'6(

p,

4  22'78 "?

p p

 2   2'8*9'

p -,1

( "8"6(

 1-

    5 '8' (

p ,

  2*8+?+

1 -

 2+87(

, +-

>' '87?6

B p, ,



c p

,@/ /r@  2 78?('  1,  1r    2,/*6*p, 42 (   26 9 (6

1

 26 9  ' 22'87**

1-

   22'(89"

p1 p+,

   2  2'(*

p1

 (2'*8( 6

p ,1

     2   22*(896  B , p, , /42>*6?8'76B pp + /2 / ,>'9'8 7' B p1+ -

 x  $ 2 '   p p ppp  Æ 2(   2 2    2  2 .p- p/

 +1+pp1 ,p

 

,,

p

x2

 



666

2 2  2( 2



4  

(



(  ./





  . p -/

#(





&  2  &  

  2  

p ,+, ,p p

    

(

&  

p -, ,, -

  .   2  /   0  + 4 #( + 4

2 '' &  

p p + 1 +,, , Æ



p,+,p pp-p1  p p  2 '' 

















    c 







x ! )

  )x %  Æ Æ #$# $#! .  /

  2 2 



 

-



-

Æ   .

22/     2 . 2/

-1-

.p,/

.p -,/

p 

+p,

Æ   .

22/       2

--

.p/

.p -,-/

p -

-,

.B  2/ 2/  < =@ 6?' ?/

   '  p p  2 2 '      2 '  222     p!   2   2   '  (      ' 22    '  p p  2 2 '      2 '  222     p

H 22 2 2 p  B+1+  2 H 22 2 2   B1  2 H 22 2 2   B-p+  2 H 22 2 2   Bp+  2 H 22 p 2 2 p  B+  2

 2 '   =2  p p    2        2       22     22        2 '  2    2  22  2     =2     2    2   2 "    2    2  !  '    22  2   2  2        ./   2  '   4  2   2        x ) 
View more...

Comments

Copyright ©2017 KUPDF Inc.
SUPPORT KUPDF