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equity asset valuation

Equity Asset Valuation 3rd Edition Jerald E Pinto, CFA Institute - Solutions

U nder Scenario 2, the intrinsic value per share of the equity of Amersheen is closest to:A. R13.29.B. R15.57.C. R16.31.Mangoba Nkomo, CFA, a senior equity analyst with Robertson-Butler Investments, South Africa, has been assigned a recent graduate, Manga Mahlangu, to assist in valuations. Mahlangu
Axis Manufacturing Company, Inc. (AXCI), a very small company in terms of market capitalization, has total assets of €2 million financed 50 percent with debt and 50 percent with equity capital. The cost of debt is 7 percent before taxes; this example assumes that interest is tax deductible, so
David Smith is evaluating the expected residual income as of the end of August 2013 of Silver Wheaton Corporation (NYSE: SLW). Established in 2004 in Vancouver, British Columbia, Silver Wheaton is the largest precious metal streaming company in the world. The company has a number of agreements
Joseph Yoh is curious about the market-perceived growth rate, given that he is comfortable with his other inputs. By using the current price per share of $34.68 for Canon, Yoh solves the following equation for g:He finds an implied growth rate of 4.84 percent. 0.11-0.095 $34.68 $26.24+- 0.095-g
Diana Rosato, CFA, is considering an investment in Taiwan Semiconductor Manufacturing Ltd., a manufacturer and marketer of integrated circuits. Listed on the Taiwan Stock Exchange(Code: 2330), the company’s stock is also traded on the New York Stock Exchange(NYSE: TSM). Rosato obtained the
Rosato’s supervisor questions her assumption that Taiwan Semiconductor will have no premium at the end of her forecast period. Rosato assesses the effect of a terminal value based on a perpetuity of Year 2032 residual income. She computes the following terminal value:The present value of this
Rosato extends her analysis to consider the possibility that ROE will slowly decay toward r in 2033 and beyond, rather than using a perpetuity of Year 2032 residual income.Rosato estimates a persistence parameter of 0.60. The present value of the terminal value is determined aswith T equal to 21
Assume the following data:• A company will earn $1.00 per share forever.• The company pays out all earnings as dividends.• Book value per share is $6.00.• The required rate of return on equity (or the percent cost of equity) is 10 percent.i. Calculate the value of this stock using the
Excerpts from two companies’ statements of changes in stockholders’ equity are shown in Exhibits 9 and 10. The first statement, prepared under IFRS as of 31 December 2012, is for Nokia Corporation (NYSE: NOK), a leading manufacturer of mobile phones headquartered in Finland and with operations
Exhibit 12 gives per-share forecasts for Mannistore, Inc., a hypothetical company operating a chain of retail stores. The company’s cost of capital is 10 percent.i. A ssuming the forecasted terminal price of Mannistore’s shares at the end of year 5 (time t = 5) is $68.40, estimate the value per
During the period 1960–2007, earnings of the S&P 500 Index companies have increased at an average rate of 8.18 percent per year, and the dividends paid have increased at an average rate of 5.9 percent per year. Assume that:• Dividends will continue to grow at the 1960–2007 rate.• The
What is the terminal value of the stock based on the first approach?A. C\($17.65\).B. C\($31.06\).C. C\($33.09\).Assorted Fund, a UK-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an independent
An asset is expected to generate cash flows of \($100\) in one year, \($150\) in two years, and \($200\) in three years. The value of this asset today, using a 10 percent discount rate, isThe value at t = 0 is \($365.14\). The same logic is used to value an asset at a future date.The value of the
As director of equity research at a brokerage, you have final responsibility in the choice of valuation models. An analyst covering consumeron-cyclicals has approached you about the use of a dividend discount model for valuing the equity of two companies: Coca-Cola Bottling Company Consolidated
Suppose that you expect Carrefour SA (NYSE Euronext Paris: CA) to pay a €0.58 dividend next year. You expect the price of CA stock to be €27.00 in one year. The required rate of return for CA stock is 9 percent. What is your estimate of the value of CA stock?Discounting the expected dividend of
For the next five years, the annual dividends of a stock are expected to be \($2.00\), \($2.10\), \($2.20\), \($3.50\), and \($3.75\). In addition, the stock price is expected to be \($40.00\) in five years. If the required return on equity is 10 percent, what is the value of this stock?The present
Joel Williams follows Sonoco Products Company (NYSE: SON), a manufacturer of paper and plastic packaging for both consumer and industrial use. SON appears to have a dividend policy of recognizing sustainable increases in the level of earnings with increases in dividends, keeping the dividend payout
As an analyst for a US domestic equity–income mutual fund, Roberta Kim is evaluating Middlesex Water Company (NASDAQ: MSEX), a publicly traded water utility, for possible inclusion in the approved list of investments. Kim is conducting the analysis in mid-2013.Not all countries have traded water
In Example 6, the Gordon growth model value for MSEX was estimated as \($21.88\) based on a current dividend of \($0.74\), an expected dividend growth rate of 3.5 percent, and a required return on equity of 7.00 percent. What if the estimates of r and g can each vary by 25 basis points? How
Kansas City Southern Preferred 4% (NYSE: KSU-P), issued 2 January 1963, has a par value of $25 per share. Thus, a share pays 0.04($25) = $1.00 in annual dividends. The required return on this security is estimated at 5.5 percent. Estimate the value of this issue.
Afton Mines is a profitable company that is expected to pay a $4.25 dividend next year. Because it is depleting its mining properties, the best estimate is that dividends will decline forever at a rate of 4 percent. The required rate of return on Afton stock is 9 percent. What is the value of Afton
Harry Trice wants to use the Gordon growth model to find a justified P/E for the French company Carrefour SA (NYSE Euronext: CA), a global food retailer specializing in hypermarkets and supermarkets. Trice has assembled the following information:• Current stock price = €23.84.• Trailing
Carl Zeiss Meditec AG (Deutsche Börse XETRA: AFX), 65 percent owned by the Carl Zeiss Group, provides screening, diagnostic, and therapeutic systems for the treatment of ophthalmologic (vision) problems. Reviewing the issue as of mid-August 2013, when it is trading for €23.37, Hans Mattern, a
Assume that a company is currently paying no dividend and will not pay one for several years. If the company begins paying a dividend of $1.00 five years from now, and the dividend is expected to grow at 5 percent thereafter, this future dividend stream can be discounted back to find the value of
Françoise Delacour, a portfolio manager of a US-based diversified global equity portfolio, is researching the valuation of Vinci SA (NYSE Euronext: DG). Vinci is the world’s largest construction company, operating chiefly in France (approximately two-thirds of revenue) and the rest of Europe
An analyst expects JNJ’s (Johnson & Johnson) dividend of \($2.40\) for 2012 to grow by 7.5 percent for six years and then grow by 6 percent into perpetuity. A recent price for JNJ as of late-August 2013 is \($86.97\). What is the IRR on an investment in JNJ’s stock?In performing trial and
Suppose that a company’s ROE is 25 percent and its retention rate is 60 percent. According to the expression for the sustainable growth rate, the dividends should grow at g = b × ROE = 0.60 × 25 percent = 15 percent.To demonstrate the working of the expression, suppose that, in the year just
Baggai Enterprises has an ROA of 10 percent, retains 30 percent of earnings, and has an equity multiplier of 1.25. Mondale Enterprises also has an ROA of 10 percent, but it retains two-thirds of earnings and has an equity multiplier of 2.00.i. What are the sustainable dividend growth rates for (A)
International Business Machines (NYSE: IBM), which currently pays a dividend of \($3.40\) per share, has been the subject of two other examples in this reading. In one example, an analyst estimated IBM’s mature phase growth rate at 6.75 percent, based on its mature phase ROE exactly equaling its
An analyst is preparing a forecast of dividends for Hoshino Distributors for the next five years. He uses a spreadsheet model with the following assumptions:• Sales are $100 million in Year 1.They grow by 20 percent in Year 2, 15 percent in Year 3, and 10 percent in Years 4 and 5.• Operating
Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of:A. auditing.B. financial reporting.C. financial statement analysis.
Equity equals:A. Assets – Liabilities.B. Liabilities – Assets.C. Assets + Liabilities.
Novo Nordisk is a Denmark-based biopharmaceutical company with a focus on diabetes drugs. The company provides detailed disclosure of revenue along geographic, business segment, and product lines. All figures are in millions of euros (€).In its 2011 annual report, Novo Nordisk provided the
Use the data in Example 1 on Novo Nordisk to answer the following questions:i. Xiaoping Wu is an equity analyst covering European pharmaceutical companies for his clients in China. Wu projects that global nominal GDP will grow 5% annually over the long run, based on 2% real growth and 3% inflation.
Walgreens and Rite Aid are two of the largest retail drugstore chains in the United States. For both companies, around two-thirds of their sales are from prescription pharmaceuticals, with the remaining third coming from front-of-store categories, such as beauty products, over-the-counter drugs,
As shown in Exhibit 5, L’Oréal reported an operating margin of 16% in 2011, which makes it the most profitable company among beauty companies. However, the average operating margin of 18% for home and personal goods companies operating in mass markets is even greater than that of L’Oréal.
The consumer goods company Unilever reported an overall operating margin of 14.9%in 2011. As shown in Exhibit 7, the operating margin is higher in the slower growing Western European and Americas regions than in the faster growing Asia, Africa, and Central and Eastern Europe region.i. Determine the
Dutch grocer Ahold has a debt structure with a relatively high amount of cash on its balance sheet.i. Calculate the interest expense on the average gross debt and interest rate on the average cash position.ii. Calculate the interest rate on the average net debt, assuming the other financial income
ABC, a hypothetical company, operates in Countries A and B. The tax rate in Country A is 40%, and the tax rate in Country B is 10%. In the first year, the company generates an equal amount of profit before tax in each country.i. What will happen to the effective tax rate for the next three years if
i. Management at a restaurant chain intends to maintain a 40% debt-to-capital ratio.Management has a track record of meeting its capital structure targets. The restaurant chain is solidly profitable, but earnings are expected to decline 2% annually over the next five years because of increasing
Carlsberg is the smallest of the global brewers, but it is the dominant beer company in Russia. In 2011, Carlsberg’s subsidiary Baltika was the market leader in Russia with a 37% market share, followed by AB InBev with 16%, Heineken with 12%, Efes with 11%, and SAB Miller with 7%. The Russian
Global supermarket chain Carrefour is likely to be confronted with 5% inflation in its cost of goods sold (with stable volume). Four analysts have their own expectations about how the company will react. Exhibit 26 shows Carrefour’s 2011 results, and Exhibit 27 shows the four analysts’
Two consumer staple companies—Swiss chocolate specialist Lindt and global food producer Nestlé—have costs that are constantly affected by inflation and deflation.Exhibit 29 presents a common size analysis.i. A ssume inflation of 10% for all costs (except depreciation) and that the companies
The worldwide tablet market experienced a major technological development with the introduction of the Apple iPad in April 2010, which has important implications for the personal computer (PC) industry. A tablet can be thought of as a portable personal computer with a touchscreen interface instead
Answer the following questions using Exhibits 31 through 35 on Microsoft:i. Estimate post-cannibalization global PC shipments in FY2012 assuming a cannibalization factor for consumers of 40% and 15% for non-consumers.ii. Using the results derived in Question 1, estimate the post-cannibalization
Long-term historical average valuation multiples are frequently used in equity analysis as a reference point or as justification of a target multiple at which the shares are expected to trade in the future. Such widespread use is predicated on a belief in mean reversion, the idea that over time the
i. A ir France-KLM operates in the highly cyclical airline industry. Operating margins for the last nine years are shown in the following table.On the basis of only the information in the table, which of the following operating margins would most likely be appropriate to use in a perpetuity
Based on Exhibit 2, the forward-looking estimate for the US equity risk premium is closest to:A. 2.2%.B. 5.8%.C. 8.2%.Judy Chen is the primary portfolio manager of the global equities portfolio at Horizon Asset Management. Lars Johansson, a recently hired equity analyst, has been assigned to Chen
Based on Exhibit 3, and assuming interest on debt is tax-deductible, the weighted average cost of capital (WACC) for Bezak, Inc. is closest to:A. 10.87%.B. 11.36%.C. 13.61%.Judy Chen is the primary portfolio manager of the global equities portfolio at Horizon Asset Management. Lars Johansson, a
The estimate of beta for Twin Industries is closest to:A. 0.44.B. 0.85.C. 0.89.Judy Chen is the primary portfolio manager of the global equities portfolio at Horizon Asset Management. Lars Johansson, a recently hired equity analyst, has been assigned to Chen to assist her with the portfolio.Chen
A potential weakness of Johansson’s approach to estimating the required return on equity for Twin Industries is that the return estimate:A. does not include a size premium.B. may overstate potential returns over the long term.C. does not consider systematic risk arising from the economics of the
Analysts commonly encounter a number of labels related to the cyclical/non-cyclical distinction. For example, non-cyclical industries have sometimes been sorted into defensive(or stable) versus growth. Defensive industries and companies are those whose revenues and profits are least affected by
Suppose that an analyst needs to identify the peer group of companies for Brink’s Home Security for use in the valuation section of a company report. Brink’s is a provider of electronic security and alarm monitoring services primarily to residential customers in North America. The analyst
In the United States, Canada, and Australia, the end of World War II marked the beginning of a sustained period of elevated birth rates per thousand in the population. This rise reflected the relief from the hardships of the Great Depression of the 1930s and WWII, increased levels of immigration
On 31 October 2006, in an effort to halt the rapid growth of income trust structures in the Canadian stock market, Canada’s Minister of Finance James Flaherty announced that these tax-exempt flow-through entities would in the future be taxable on the income, with exemptions only for passive
The aerospace, construction, and firearms industries are prime examples of industriesfor which governments are major customers and whose revenues and profits aresignificantly—in some cases, predominantly—affected by their sales to governments.An example is the European Aeronautic Defence and
The global airline industry exemplifies many of the concepts and influences we havediscussed.Life-Cycle StageThe industry can be described as having some mature characteristics because averageannual growth in global passenger traffic has remained relatively stable at 4.5 percent inthe 2000s
Based on Exhibit 1, which of the following provides the strongest evidence that Chrome displays economies of scale?A. Increasing net sales B. Profit margins that are increasing with net sales C. Gross profit margins that are increasing with net sales Angela Green, an investment manager at Horizon
Based on Exhibit 2, the job candidate most likely to be using a bottom-up approach to model net sales is:A. Candidate A.B. Candidate B.C. Candidate C.Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After conducting initial interviews, Green has
Based on Exhibit 2, the modeling approach used by Candidate B to project future net sales is most accurately classified as a:A. hybrid approach.B. top-down approach.C. bottom-up approach.Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After
Based on Exhibits 1 and 2, Candidate C’s forecast for cost of sales in 2013 is closest to:A. $18.3 million.B. $18.9 million.C. $19.3 million.Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After conducting initial interviews, Green has
Based on Exhibits 1 and 2, Candidate A’s forecast for selling, general, and administrative expenses in 2013 is closest to:A. $23.8 million.B. $25.5 million.C. $27.4 million.Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After conducting
Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:A. Candidate A.B. Candidate B.C. Candidate C.Angela Green, an investment manager at Horizon Investments, intends to hire a new investment analyst. After conducting
Which return metric should French use to assess Archway’s five-year historic performance relative to its competitors?A. Return on equity B. Return on invested capital C. Return on capital employed Nigel French, an analyst at Taurus Investment Management, is analyzing Archway Technologies, a
Based on the current competitive landscape presented in Exhibit 3, French should conclude that Archway’s ability to:A. pass along price increases is high.B. demand lower input prices from suppliers is low.C. generate above-average returns on invested capital is low.Nigel French, an analyst at
Based on the current competitive landscape presented in Exhibit 3, Archway’s operating profit margins over the forecast horizon are least likely to:A. decrease.B. remain constant.C. increase.Nigel French, an analyst at Taurus Investment Management, is analyzing Archway Technologies, a
Based on Exhibit 4, Archway’s forecasted gross profit margin for 2015 is closest to:A. 62.7%.B. 67.0%.C. 69.1%.Nigel French, an analyst at Taurus Investment Management, is analyzing Archway Technologies, a manufacturer of luxury electronic auto equipment, at the request of his supervisor, Lukas
French’s approach to forecasting Archway’s working capital accounts would be most likely classified as a:A. hybrid approach.B. top-down approach.C. bottom-up approach.Nigel French, an analyst at Taurus Investment Management, is analyzing Archway Technologies, a manufacturer of luxury electronic
The most appropriate response to Wright’s question about the technological development is to:A. increase the required return.B. decrease the price-to-earnings multiple.C. decrease the perpetual growth rate.Nigel French, an analyst at Taurus Investment Management, is analyzing Archway
Using Porter’s five forces analysis, which of the following competitive factors is likely tohave the greatest impact on Omikroon’s petrol scooter pricing power?A. RivalryB. Threat of substitutesC. Threat of new entrantsThreat of new entrants Gertrude Fromm is a transportation sector analyst at
The metric used by Fromm to assess Omikroon’s performance takes into account:A. degree of financial leverage.B. operating liabilities relative to operating assets.C. competitiveness relative to companies in other tax regimes.Gertrude Fromm is a transportation sector analyst at Tucana Investments.
Based on Omikroon’s expectations, the gross profit margin of Omikroon’s electric scooter division in 2016 is most likely to be affected by:A. competition.B. research costs.C. cannibalization by petrol scooters.Gertrude Fromm is a transportation sector analyst at Tucana Investments. She is
Which factor best justifies the five-year forecast horizon for Omikroon selected by Fromm?A. Factor 1 B. Factor 2 C. Factor 3 Gertrude Fromm is a transportation sector analyst at Tucana Investments. She is conducting an analysis of Omikroon, N.V., a publicly traded European transportation company
Fromm’s sensitivity analysis will result in a decrease in the 2015 base case gross profit margin closest to:A. 0.55 percentage points.B. 0.80 percentage points.C. 3.32 percentage points.Gertrude Fromm is a transportation sector analyst at Tucana Investments. She is conducting an analysis of
Fromm’s estimate of growth capital expenditure included in Omikroon’s property, plant, and equipment under Scenario 2 should be:A. lower than under Scenario 1.B. the same as under Scenario 1.C. higher than under Scenario 1.Gertrude Fromm is a transportation sector analyst at Tucana Investments.
In the section of his 2007 letter to the shareholders of Berkshire Hathaway titled “Fanciful Figures—How Public Companies Juice Earnings,” Warren Buffett referred to the investment return assumption (the anticipated return on a defined-benefit pension plan’s current and future
Based on 2012 revenues, the six largest providers of oilfield services are:1. Schlumberger Ltd. (NYSE: SLB)• Revenues: $42.1 billion• Net income: $5.5 billion 2. Halliburton (NYSE: HAL)• Revenues: $28.5 billion• Net income: $2.6 billion 3. Baker Hughes Inc. (NYSE: BHI)• Revenue: $21.4
On 21 September 2000, Intel Corporation (NASDAQ -GS: INTC)3 issued a press release containing information about its expected revenue growth for the third quarter of 2000. The announced growth fell short of the company’s own prior prediction by 2 to 4 percentage points and short of analysts’
Based on the historical record of surprises in inflation and productivity, the historical equity risk premium for the US equity market, if it is used as an estimate of the forward-looking equity risk premium, should most likely be:A. left unchanged.B. adjusted upward.C. adjusted downward.Judy Chen
Based upon Exhibit 1, the realized three-year holding period return for Novo-Gemini Inc.was closest to:A. 39.76%.B. 42.76%.C. 44.82%.Judy Chen is the primary portfolio manager of the global equities portfolio at Horizon Asset Management. Lars Johansson, a recently hired equity analyst, has been
Based upon Exhibit 1, the expected three-year holding period return for Novo-Gemini Inc. at the time of purchase was closest to:A. 39.76%.B. 42.76%.C. 44.82%.Judy Chen is the primary portfolio manager of the global equities portfolio at Horizon Asset Management. Lars Johansson, a recently hired
Taking an indirect, total firm value approach to valuing equity, suppose you have the inputs for estimating the cost of capital shown in Exhibit 10. Based only on the information given, estimate IBM’s WACC. EXHIBIT 10 Cost of Capital Data: IBM Panel A: Capital Structure Long-term debt as a
You are valuing the stock of International Business Machines Corporation (NYSE:IBM) as of early August 2013, and you have gathered the following information:The IBM bonds, you note, are investment grade (rated AA– by Standard & Poor’s, Aa3 by Moody’s Investors Service, and A+ by Fitch).
A common stock has the following characteristics:Based only on the information given, infer the style characteristics of the above common stock issue. Market beta 1.50 Size beta 0.15 Value beta -0.52 Liquidity beta 0.20
Weeramantry’s next task in researching Microsoft shares is to estimate a required return on equity (which is also a required return on total capital because Microsoft has no long-term debt). Weeramantry uses an equally weighted average of the CAPM and FFM estimates unless one method appears to be
Jill Adams is an analyst at a hedge fund that has been offered an equity stake in a privately held US property and liability insurer. Adams identifies Alleghany Corporation(NYSE: Y) as a publicly traded comparable company, and intends to use information about Alleghany in evaluating the offer. One
Adams turns to determining a beta for use in evaluating the offer of an equity stake in a private insurer and rounds her beta estimate of Alleghany, the public comparable, to 0.70. As of the valuation date, Alleghany Corporation has no debt in its capital structure.The private insurer is 20 percent
Exxon Mobil Corporation, BP p.l.c., and Total S.A. are three “super major” integrated oil and gas companies headquartered, respectively, in the United States, the United Kingdom, and France. An analyst estimates that the equity risk premium in the United States, the United Kingdom, and the
While Weeramantry has been researching Microsoft, his colleague Delacour has been investigating the required return on Larsen & Toubro Ltd. shares (BSE: 500510, NSE:LT).36 Larsen & Toubro Ltd. is the largest India-based engineering and construction company. Calling up the beta function for
Historical estimates of the equity risk premium in developing markets are often attended by a range of concerns. The case of India can serve as an example. A number of equity indexes are available and each has possible limitations. Although not as broad-based as the alternatives, the S&P BSE Sensex
Thomas Weeramantry and Françoise Delacour are co-managers of a US-based diversified global equity portfolio. They are researching Microsoft Corporation (NASDAQ-GS:MSFT),5 the largest US-headquartered technology sector company. Weeramantry gathered a number of research reports on MSFT and began his
Which valuation model would the director of research most likely recommend Lee use to estimate the value of VEGA?A. Free cash flow B. Dividend discount C. P/E relative valuationGuardian Capital is a rapidly growing US investment firm. The Guardian Capital research team is responsible for
Which valuation model is Richardson applying in his analysis of the retailers?A. Relative value B. Absolute value C. Sum-of-the-parts Guardian Capital is a rapidly growing US investment firm. The Guardian Capital research team is responsible for identifying undervalued and overvalued publicly
Which of the following statements about the reported earnings of Renaissance Clothing is most accurate? Relative to sustainable earnings, reported earnings are likely:A. unbiased.B. upward biased.C. downward biased.Guardian Capital is a rapidly growing US investment firm. The Guardian Capital
Based on Richardson’s industry analysis, which of the following characteristics of men’s retail clothing retailing would positively affect its profitability? That industry’s:A. entry costs.B. substitution costs.C. number of suppliers.Guardian Capital is a rapidly growing US investment firm.
According to Statement 5, analysts are expected to use valuation concepts and models to:A. value private businesses.B. render fairness opinions.C. extract market expectations.Guardian Capital is a rapidly growing US investment firm. The Guardian Capital research team is responsible for identifying
With respect to Statement 4, which measure of value is most relevant for the analyst of the fund described?A. Liquidation value B. Investment value C. Going-concern value Guardian Capital is a rapidly growing US investment firm. The Guardian Capital research team is responsible for identifying
With respect to Statements 3 and 4, which of the following measures of value would the distressed securities fund’s analyst consider that a core equity fund analyst might ignore?A. Fair value B. Liquidation value C. Fair market value Guardian Capital is a rapidly growing US investment firm.
Based on Statement 2, which of the following sources of perceived mispricing do active investment managers attempt to identify? The difference between:A. intrinsic value and market price.B. estimated intrinsic value and market price.C. intrinsic value and estimated intrinsic value.Guardian Capital
The following two passages are closely based on the valuation discussions of actual companies in two actual short research notes. The dates and company names used in the passages, however, are fictional.A. A t a recent multiple of 6.5, our earnings per share multiple for 2012, the shares were at a

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