Excel File Edit View Insert Format Tools Data Window Help Q 8 Sun May 1 7:18 PM AutoSave OFF n A E ? . C ... Appendix A- Data Distribution Analysis - Revised 2 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) v 11 AA 15 v General Insert v EV AS Shot Paste BIUV DVAv E Ex Delete v $ ~ % " Conditional Format Cell Sort & Find & .09 PM Analyze Formatting as Table Styles Format v v Sensitivity Filter Select Data H3 X V fx 1 Firm ID Permanent Earnings Transitory Earnings per AD number Stock price this year Total Earnings per Permanent Eamings Projected Total Earnings per share this year share Higher than share this year Projected Stock 9.99293666 1.858203694 0.461789726 2.31999342 er share next year Median = 1 Price next year Projected Retum Projected ROI 0.80095214 2.50581379 18.9307161 1.479520196 0.324834428 24.05162542 1.804354623 4.058688767 0.203006133 16.99249236 1.401072386 0.819971959 0.363023304 1.952306643 1.76409569 19.59356816 0.794215639 1.904202928 0.662852061 0.035014632 Shot 35.73701046 3.550036753 0.633571354 19.20613123 15.94449982 4.183608107 2.213638863 0.848558628 0.130271582 1.311074053 4.538611782 .27 PM 0.190859435 40.42418701 4.687176551 1.501933488 0.872924176 0.131157489 21.51803435 1.903441575 0.443182243 1.633040893 17.02213796 2.346623818 1.077638145 17.18217284 1.477579569 0.811140482 0.269126498 2.536967976 0.067586827 1.746706067 24.30254747 0.84592342 1.894464024 .784513123 0.129403694 19.47583038 1.75395799 0.354390581 19.12769214 1.945519301 2.108348571 38.30865996 0.831910821 0.113228945 2.28374437 3.631041131 22.2630339 0.486246787 4.117287918 0.143110895 0.881901194 2.787203520 45.18783175 4.113573701 0.298462354 4.480392031 4.412036055 39.95527349 1.646613536 18.97330468 0.932352694 4.823393425 0.042982802 1.694845223 0.338522357 42.71787533 2.033367579 0.833516399 2.202852102 (2.469956425) (0.054659769) 32.13274782 28.59575504 3.24790425 0.767650337 4.015554586 0.808830805 4.340345011 21.6115114 2.638206721 0.139048351 .466462161 0.335789507 2.802251668 0.880171538 3.048 8978 38.82730679 6.694558975 0.208340694 14.42813907 1.056274911 0.191468275 1.247743186 28.42573334 (0.170021704) (0.005945697) 27.81526917 0.84654833 2.364398945 0.293696717 1.353370678 2.658095662 0.889508598 2.894535557 14.769619 0.341479042 0.023667573 Shot 16.90312054 1.198007148 0.176519008 27.18246828 1.374526156 0.871578284 (0.632800893) (0.022750127) 23.84335259 2.011829674 1.494326871 (0.998213060) (0.059054957) .07 PM 0.200265288 15.90490748 2.212094962 27.34261463 2.472525694 2 86724124 0.909468042 0.394715546 2.41327793 0.862336123 23.3063231 (0.537029487) (0. 02 2523237 ) 24.34952211 2.315073154 0.483800234 3.114493809 28.95405604 1.611441412 2.798873389 0.058935162 0.827144652 3.030380704 19.04086768 1.484584694 28.27659227 0.312054165 1.796638859 0.826312248 3.927070159 0.161279147 16.78565039 1.445611573 1.945097328 0.285820418 1.731431991 19.5355029 0.494635214 0.025977556 45.09070592 0.834922527 1.875993149 4.322103837 0.498799039 18.97892402 2.193273626 4.820902876 0.896534103 0.130663607 15.66434483 5.25311326 1.360969508 0.349216464 46.17892482 1.088218894 $2.17141892 .710185972 0.795802053 0.024133995 3.053242882 1.846282923 0.569739953 18.73963192 3.075287087 13.42941722 3.622982835 0.842742851 0.196324016 0.950849743 0.183981966 3.928307123 1.229916683 35.50867123 3.337252313 0.103733451 20.60858702 1.712304315 1.134831709 0.837877313 0.454567383 2.166871698 0.790219521 13.77529495 2.33810213 0.345877734 0.025755230 12.39707549 0.863885455 22.70084217 2.092255159 26.2446137 0.223238566 1.087124021 0.794652163 1.173512567 0.101523465 0.505731285 13.32100492 0.923929430 0.074528015 25.36507822 2.24198791 2.82073347 0.820709298 3.052233689 0.541875513 2.783863422 28.45260057 14.62832671 0.805351258 3.008062213 2.207987299 0.084131066 1.168837947 0.173976755 1.342814702 0.870438747 28.09683468 2.731756462 0.107697537 16.77359755 1.379684611 0.365633496 1.745318108 1.459698496 15.62600363 0.997676922 0.068201712 30.10932562 0.7905061 1.883286569 2.791142974 0.67439539 3.465538364 19.03766668 0.805399531 3.744652661 2.264069137 0.134978148 32.77628261 3.063447527 0.471104675 3.534552202 34.02948146 3.920155843 0.130197398 3.840896954 21.97491009 0.866714467 34.80465225 1.734359926 0.220371058 1.954730983 2.028369641 0.887262718 0.0618 85287 35.51595291 3.521216581 0.828795683 2.128166976 21.00998246 4.350012264 0.809472794 (0.964927636) 4.702133922 (0.043910425) 17.82643629 1.431663189 0.250069918 41.74122703 6.225274127 0.175281067 29.48524693 1.681733107 2.912892342 0.851302257 0.633779777 1.824899426 .546672119 18.56740495 0.740968665 2.97249948 0.384487419 0.821302969 0.041565720 33.34183966 3.837961354 26.50284299 3.3569869 34.78100833 0.885466512 5.295761401 0.179607158 3.654236848 2.399091749 0.628925493 21.56109414 3.028017241 0.1244047 0.792297916 33.30125442 (0.040585245) 3.267926416 (0.001217247) 1.63704203 1.761446247 30.18983294 3.686989952 0.139116771 Shot 33.76174942 3.149658128 0.929373821 1.92515045 0.446014899 19.37484676 3.595673028 (2.186247381) (0.101397794) 0.875957882 3.910638841 35.36636735 1.604617932 0.047527689 .02 PM 19.76358958 1.79693608 0.382118331 2.179054411 33.27318667 3.083121356 0.824640299 2.358748019 0.239893555 22.86712829 3.32301491 0.927808463 3.631327046 3.103538712 0.157033149 28.20470289 2.521886519 33.11673429 0.519253555 3.041140074 0.829256942 3 293328726 6452374) (0.004702056 19.16062119 1.462153475 30.39442822 2.189725335 0.077636887 21.15615162 0.243451185 1.705604661 0.857264001 1.860400551 1.851820008 0.430639267 18.78422871 2.291039818 (0.376392485) 0.812033268 2.477079873 019644065) 31.38511203 2.952089864 18.32556631 0.340282132 3.292371996 3.82019671 2.664045087 0.896645296 0.125922953 1.660436767 3.587580982 0.404933849 18.96588627 2.065370616 0.803941314 32.76439475 1.379282715 1.555524913 2.231414293 0.043947038 0.265857694 1.821382607 21.841557 0.854035229 3.515990686 1.976935098 0.191862594 20.90329905 1.697032875 0.167476037 1.864508912 0.910176864 9.79193067 0.826044402 0.043554221 2.034212199 20.25325189 (0.650047157) (0.031097826) Shot .19 PM Original Data Regression Line Lower Earning Ratio Higher Earning Ratio Regression Line Comparison + Shot Ready .57 PM - + 60% MAY 1 12 WExcel File Edit View Insert Format Tools Data Window Help Q 8 Sun May 1 7:18 PM AutoSave OFF n A E ? . C ... Appendix A- Data Distribution Analysis - Revised 2 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments Calibri (Body) v 11 AA 15 v General Insert v 2 AS Shot Paste BIUV DVAv E Ex Delete v E $ ~ % " Conditional Format Cell Sort & .09 PM Format v Find & Analyze Sensitivity Formatting as Table Styles Filter Select Data H3 X Vfx o Firm ID Stock price this year Permanent Earnings Transitory Earnings per Total Earnings per share Permanent Eamings Projected Total Earnings Projected Stock AB AC AD AE number Lower than per share this year Ratio per share next year Median = 0 par Projected Retum e next year Projected ROI 32.04286698 3.196531792 .901537047 3.30015217 0.6070082 4:098068839 0.780009297 2.058145612 4.257895428 2.665153891 31.89591105 (0.146955929) (0.004586229 ) 1.790338164 2.541665154 Shot 20.10455204 0.772242691 0.778743961 2.569082126 20.54515874 (2.754993424) 0.696878526 0.118239289) 15.76563778 1.218859456 2.497468599 0.483420374 1.70227983 20.2528529 0.148300860 0.007376482 .27 PM 16.22481988 0.716015919 1.690091235 1.396175227 0.543075245 1.939250472 14.91304471 (0.852593070) 18.29518047 1.690487885 0.742018664 0.71995611 1.799632949 2.432506549 15.63752841 0.036197102) 0.694957177 2.314172397 (0.587291467) 2.45552618 1.974841609 0.617504052 19.04057397 2.592345661 0.745393499 0.040742615 32.88389793 3.313537549 0.761797178 2.572597245 1.222579051 4.536116601 4.204762846 20.74973648 (1.705789701) 0.075963025) 25.49239334 0.730478919 2.564011226 0.770617444 31.54450437 (1.339393563) 3.33462867 (0.040730985) 0.768904571 3.462829231 26.48141625 2.591121286 0.837328306 3.428449592 26.63752609 1.145132748 0.044920566 1.808340354 0.755770565 3.428449592 21.31214098 0.506860031 2.315200385 1.281706756 0.781072932 26.41014705 (0.071269191) (0.002691291) 2.206699964 0.514587409 18.32977602 (2.982364962) 1.796294165 (0.139937370) 38.00232827 3.876876877 1.046046046 0.713528319 4.922922923 1.8219283 15.78498473 0.538126001 38.13800852 0.78751525 4.961691692 0.035294221 4.098213319 .284082296 36.55065766 1.451670614) 5.382295615 0.761424792 (0.038199518) 39.51864076 4.104760716 1.20696325 5.218367082 38.24824965 5.311723966 0.110241130 0.002890584 Shot 17.08724146 1.566189792 0.772773725 5.024390716 0.480695946 36.96533458 2.046885737 (2.553306174 ) 17.57541115 0.765157411 0.064610172) 1.905928656 1.57753794 0.643656991 16.34054377 (0.746697694) 2.221194931 (0.043699136) .07 PM 28.40308234 0.710220394 2.638951696 0.726207605 3.365159301 2.189644173 0.784198149 18.21697294 0.641561794 0.036503373 22.70378226 1.966478814 0.538927155 2.50540597 3.417938335 0.78489428 2.407082029 26.34062802 (2.062454315) (0.072613750) 13.52171254 1.202966941 19.65505691 (3.048725345) 0.510246115 (0.134282707 ) 1.713213057 0.702170075 1.61697570 14.54147801 1.048177996 0.376839523 1.425017519 14.42947538 0.907762845 0.735554463 1.34116328 0.067133719 15.48471387 1.442278861 0.592008344 12.60531546 2.034287204 (1.936162542) (0.133147576) 20.90952645 0.708984876 2.048709993 2.044207976 0.670069499 17.28486669 2.714277475 1.800152817 0.116253541 19.53388767 0.753131541 2.571182917 1.851244946 0.820174505 20.74038244( 2.671419451 (0.169144010) (0.008089328) 12.86494389 0.692981757 2.597369653 0.633599372 1.698129007 20.91357549 1.064529635 1.379687823 0.070630478 19.42346744 1.73609731 0.626883841 0.832105534 2.568202844 1.623611932 14.47336589 1.608421998 0.675996958 2.60292479 0.125023631 18.90832905 1.543829296 0.47189892 20.95031589 1.526848454 2.015728216 0.078608439 30.26152608 0.765891594 1.87678358 3.128870851 0.932117641 4.060988492 16.14778494 (2.7605441 17.5471501 0.770470258 0.145996196) 4.154854617 1.521911076 0.509494315 2.031405391 31.21442282 0.749191216 1.940090727 0.952896743 0.031488721 14.12677599 1.239471444 16.56648385 45.52014125 1.678124113 0.980666257 ) (0.055887495) 4 648668685 0.438652669 1.266324829 0.738605348 1.616150541 14.42401796 0.297241973 0.021041034 22.1462932 5.914993513 2.066829518 0.785912727 0.66503815 5.729046766 2.731867668 .756562824 41.62576763 0.085552758 ) 25.49540403 2.438362954 2.793872553 0.71932309 3.157686044 22.21320048 0.066907279 0.003021150 22.55082249 0.7721993 3.255220562 2.201126661 0.637531907 2.838658569 25.2644501 (0.230953935) 16.12465267 1.319777732 0.775410853 2.618545903 (0.009058650) 0.381848117 21.05363033 (1.497192160) 1.701625849 0.775598075 18.06595096 1.754416958 (0.066391909) 1.69572036 0.546037499 2.516422657 2.241757859 15.33848025 (0.786172425) 1.141086802 2.309586673 (0.048755929) 24.66862991 0.756424407 3.657509459 0.688015352 3.43103142 19.01024505 0.944294096 0.052269272 13.70366938 1.139806089 0.30732027 6.42722267 18.88313216 1.447126359 1.758592761 0.071288627 1.784519189 0.787634115 1.469922481 39.09444084 0.554678741 13.4568992 (0.246770178) 0.018007599) 2.33919793 0.762876525 4.065207358 1.470099558 19.56015908 5.535306916 0.734414084 2.392753506 5.657263137 0.677026920 0.035853529 Shot 20.05358908 1.807133635 0.566171724 41.15100722 0.052605085 23.16896745 2.373305358 0.761441687 2.056566380 2.296662103 2.427519367 0.71031358 2 915109199 19.79022477 .02 PM 3.006975683 18.70066562 0.557094245 0.763778076 23.01503177 (0.15393568 0 006 644046) 24.1934833 1.66213937 2.219233614 2.287439708 0.944943336 0.748969986 2.185990827 18.19281055 (0.507855063) 12.84884853 3.232383044 (0.027157058) 0.707663565 3.255257441 0.931572226 0.270372611 25.264694 1.071210709 17.44887168 1.201944837 0.77505406 0.044276828 1.239207726 1.645218087 0.876630657 11.93100488 (0.917843648) 2.521848739 (0.071433922) 1.91694833 0.652385713 2.456040016 2.046891261 19.97885378 2.529982094 0.674675151 2.721566412 43.51174386 4.753032717 0.752100427 .144994023 2.59875293 1.509251317 6.262284034 20.92272421 (0.994224119) (0.045363255) $2.20482968 3.337340186 0.758993474 6.404875015 0.948137451 4.285477637 46.09554023 2.583796371 0.059381586 30.73347872 0.778755711 4.418971244 3.031155187 0.833944663 3.865099851 32.96122945 0.756399769 0.784237227 3.622607436 0.023487153 27.69426238 (3.039216344) (0.098889435) Shot .19 PM Original Data Regression Line Lower Earning Ratio Higher Earning Ratio Regression Line Comparison + Shot Ready .57 PM - + 60% MAY 1 12