ࡱ> V|M hbjbj== 'WWgN |VlF^4N N N $r PVLr AR@(h("S#D#$???????$B D?N #!"##?k$+}@Zk$k$k$#":N ?k$#?k$& k$-> 6N >?F 0F2r #?>?\@HA*?Ek$E>?k$r r   University of Washington Business School  Using a Valuation Model to Estimate a Firms Stock Price* In the ongoing search for bargains in the stock market, analysts and investors rely on models to estimate the intrinsic value of a firms equity. By comparing the valuation suggested by their model to the actual value in the marketplace, they form opinions as to whether a given stock is under or over valued. Valuation models are also used by investment bankers as an aid to pricing initial public offerings, and to inform parties involved in assorted private transactions such as selling a business or division, dividing property among owners, and settling estates. In this note, we introduce a relatively simple but powerful model of equity (stock) valuation. 1. The basic idea behind valuation As you will see in future courses (and in our valuation of debt in this course), valuation models in finance are typically based on discounted future cash flows or discounted future dividends. Keep in mind that, holding underlying assumptions constant, all valuation models should yield the same result. We prefer a model based on accounting data for valuing equity for the following reasons: Benchmarks for performance are almost always given in earnings per share (EPS) not cash flows or dividends. Since real world dividend payout policies tend to be stable for long periods, valuation models based on dividends are less useful for modeling changes in value. Earnings generally receive far more attention from the business press, investors and analysts. In fact, analysts typically forecast earnings (rather than cash flows or dividends). Evidence from academic research suggests that earnings performance is generally more important to investors than cash flows or dividends. Thus, in the absence of a clearly superior approach, we emphasize a valuation model based on discounted future accounting earnings. 1.1 A simple perpetuity valuation model We start with a highly simplified model that assumes earnings, cash flows and dividends are equivalent and that earnings continue at the same amount each period in perpetuity. Using this perpetuity model, the present value (PV) of a stream of future earnings is: EMBED Equation.3 where: NI = earnings assumed to continue in perpetuity r = discount rate Below we consider three simple applications of this so-called perpetuity valuation model. Example 1: A savings account. Assume we put $100 into a savings account that has an expected annual return of 5%. What is expected earnings for next year? The answer is $5 (= 0.05 * $100). Now lets use our perpetuity valuation model to arrive at the present value of our savings account assuming it would continue to pay 5% interest each period and the earnings are always paid out in cash. (Note that we are using market value and present value as synonyms.) If our model works, we know the answer should be $100 since this is the initial amount we invested in the savings account. Applying our perpetuity valuation model above, the present (or market) value should be our annual earnings divided by the discount rate, our expected annual interest rate: EMBED Equation.3 Our model worked in that it yielded the known present value of our investment, $100. Example 2: Claudes Coffeehouse. Assume that Claudes Coffeehouse expects to earn $120,000 next year and on into perpetuity. Assume a discount rate or cost of capital of 10%, we can again use our perpetuity valuation model to estimate the current market value of the companys stock. EMBED Equation.3 Our model suggests that Claudes Coffeehouse is worth $1.2 million. Example 3: Robert Mondavi. According to the consensus analyst estimate provided by Yahoo.com in late October 2002, Mondavi is expected to earn $2.58 per share in fiscal 2003. (We discuss where these numbers come from later.) Assuming a discount rate or cost of equity capital of 8.38%, we again apply our perpetuity valuation model to estimate the current market price of Mondavis common stock. (Here, we express the present market value as the price per share, P. ) P = $2.58/.0838 P = $30.79 Our model suggests that Robert Mondavi shares are each worth $30.79. Mondavis stock price in late October 2002 was approximately $33, so our model was close. 1.2 Our more general model for equity valuation Next, we introduce our general model for a firms market value of equity (a.k.a. market cap). This model allows for growth in earnings and introduces the concept of normal versus  abnormal earnings. The market value of a firm s equity at time t (MVEt) is: EMBED Equation.3 (1) where: BVEt = the book value of equity at time t NIt+t = forecasted earning for time t+1 and beyond re = the cost of equity capital assumed constant over time While this model may look daunting, it is actually quite intuitive. (Really, it is.) Below we discuss how the model is built, the inputs needed to make it work and where you can find the data on the Internet to build your own model. 2. Building the model the theory At the most simple level, when a firm earns a normal economic return on the shareholders investment (re), the firms total market capitalization (MVEt) should be approximately equal to its accounting book value of equity (BVEt), i.e., MVEt = BVEt. Book value of equity is the amount contributed by the owners over time, plus the cumulative amount earned by the company, less any dividend payouts to the owners. However, professional managers are hired to do better than earn normal returns their goal is to build (some would say maximize) shareholder value. If they are successful, the company earns more on shareholders capital than the capital costs, i.e., the company beats the benchmark return (re). The stock market is forward looking and when success is expected, MVEt exceeds BVEt. To model the size of this market-to-book premium, we evaluate each future period and compare the expected earnings (NIt+1) to the minimum earnings required by investors to meet the cost of equity capital target (re * BVEt). This period-by-period difference (NIt+1 - re * BVEt) is often called  abnormal earnings. If a company s prospects are poor, forecasts of future earnings may be less than the required cost of equity capital. In this case, shareholder value is being destroyed and abnormal earnings are negative. Either way, the value of owners equity is a function of the magnitude of abnormal earnings. In mathematical terms, our model looks like: EMBED Equation.3and so on in perpetuity However, we cannot simply add these future values to the current book value of equity. We need to consider the time value of money and discount each future flow back to its present value, yielding the somewhat more complicated looking model: EMBED Equation.3 and so on in perpetuity Finally, we use the shorthand of the summation sign to group all of the abnormal earnings terms together replicating model (1) above. EMBED Equation.3 (1) The first term on the right-hand side, the book value of equity, is known and publicly available. The second summation term represents forecasted data, the present value of future abnormal earnings. All of the models complexity is in estimating this term. We now turn our attention to understanding each of the inputs necessary to put this valuation model into practice. 3. Implementation defining inputs required for the model From model (1), it appears that we only need to know four items to estimate current stock price: current and future book value of equity (BVEt and BVEt+t), future earnings (NIt+t) and return on equity (re), which we assume remains constant over time. Unfortunately, it is not quite that simple. We are dealing with an uncertain future and we need to make some strong assumptions and rely on expert analysts to help us in our valuation. In this section, we define the four main inputs to the valuation model and revisit why each is included. Current data: this is the first term on the right-hand side of model (1) Current book value of equity (BVEt). Book value of equity is our starting point. It is the only known item in our model the remaining items are forecasts. If a firm only earns a normal return on its equity, investors should be only willing to pay for its book value of equity. In this case, the firms market cap should (approximately) equal its book value of equity. Future data: the second term on the right-hand side of model (1) estimates the future value of abnormal earnings. The inputs are: Forecasts of earnings (NI). The essence of our forward-looking model relies on professional analyst forecasts of future earnings. Analysts typically forecast NI only for a few years into the future, but fortunately, analysts also forecast a long-term growth rate in earnings. We use this long-term growth rate (LTG) to estimate NI approximately 5-10 years into the future. We generally use the average or consensus forecast obtainable from many sources (including the Internet as described below). Of course, you can easily modify analyst estimates especially if you believe you have superior information. Future book value of equity (BVEt+t). Future book value of equity is needed to create our benchmark for a  normal expected return. If a firm can earn more than the normal rate of return on the shareholders investment, then investors should be willing to pay more than the book value of the firms equity. In this situation, managers are taking actions that add value for shareholders. In contrast, when the firm is earning less than its cost of equity capital, managers are taking actions that destroy value and the shareholders investment should be less than the book value of the firms equity. Since both earnings and dividends affect how much capital is retained in the company, we must adjust the prior periods book value of equity by adding this periods earnings and subtracting this periods dividends (DIV), if any. Cost of equity capital (re). Estimating the cost of equity capital is a major (and difficult) topic in finance. For our purposes, we will either a) take the rate as given and assume it remains constant over time, or b) use the model described in footnote 9 to estimate the cost of a firms equity capital. 4. Getting more practical a numerical example In order to introduce some additional practical issues, we first consider a hypothetical situation (Claudes Coffeehouse) and in the next section, we estimate the stock price of Robert Mondavi wineries. Example 4: Claudes Coffeehouse Assume it is 1/1/01 and Claude Lamar is considering selling his 5-store chain of coffee shops (Claudes Coffeehouse) to Starbucks. Claude wants to estimate the intrinsic value of his firm in order to respond to Starbucks offer of $1 million (or $10.00 per share) for all of the 100,000 outstanding shares. Below is a list of the key inputs to the discounted earnings-based valuation model discussed above. Because Claude is not used to thinking in per share amounts, we provide both the absolute dollar amounts and the number of shares outstanding. Book value of equity = $800,000. Earnings forecast for 2001 = $120,000. Forecasted earnings are expected to grow at a rate of 11% for 9 more years through 2010. Abnormal earnings in year 10 (2010) are expected to continue in perpetuity. Claudes does not pay dividends and none are forecasted. Cost of equity capital is estimated to be 10%. Number of shares outstanding = 100,000. Required: Use the data above and models (1) and (1a) to estimate the value of equity for Claudes Coffeehouse. Compare your estimate to Starbucks offer. What would you recommend? Note that Exhibit 1 provides a template that can be used to estimate the market value of equity, i.e., model (1). Exhibit 2 can be used to estimate the price per share, i.e., model (1a) described in Appendix 1. Double click on the body of the exhibit and an Excel spreadsheet should open. How to find the inputs to our valuation model on the Internet Now that weve covered a simple example, lets proceed to the real world. Almost all (if not all) of the inputs for the valuation model can be found on Yahoo-Finance at  HYPERLINK "http://finance.yahoo.com/" http://finance.yahoo.com/. Example 5: Robert Mondavi: Below is an example applied to the Robert Mondavi Corporation as of September 2930, 2003. Note that, because this website is updated frequently, the amounts provided on the site may not correspond to what is shown below. Follow the steps and you will (hopefully) locate the data you need. Exhibit 3 provides the initial data in an Excel worksheet. (Again double click on the spreadsheet and it should open. Then select save as and save it to your computer.) In this real world example, we will use the per share version (i.e., model (1a) described in Appendix 1) because analysts generally forecast per share amounts. Required: Using model (1a) and the data you find on the Internet (as described below), estimate the current stock price for Robert Mondavi. Compare your estimate to Mondavis actual stock price. Why might your estimate be different than the actual stock price? What assumptions have the greatest effect on your estimate of the Mondavis stock price? (Again, Exhibit 3 contains an Excel template that uses a 5-year forecast horizon.) Finding the Company on Yahoo Finance. Enter the company ticker symbol (Mond) on the  HYPERLINK "http://finance.yahoo.com/" http://finance.yahoo.com/ home page and click on Go. Information on Mondavi should appear on your screen similar to Figure 1. We will access data from two sources in the left-hand menu: 1) Company ( Key Statistics to get data on Book Value per share, Dividends per share and Beta, and 2) Analyst Coverage ( Analyst Estimates to obtain data on analysts earnings forecasts. Finding the Data Key Statistics Click on Key Statistics under Company in the left-hand menu. Next, scroll down the page to Balance Sheet where you will find Book Value per Share = $27.55 in the most recent quarter (mrq). Under Dividends & Splits, you will also find Annual Dividends per share = none. Mondavi doesnt pay dividends. Next, we estimate the cost of equity capital using the formula in footnote 9. One component is BETA, which you can find under Stock Price History. BETA = 0.803. Now we need to find the risk free rate, which we will assume is the ten-year U.S. Treasury Bill rate available at  HYPERLINK "http://www.bloomberg.com/markets/C13.html" http://www.bloomberg.com/markets/rates/index.html. In early October 2003, this rate is approximately 4.25%. Finally, we need an estimate of the Risk Premium. For now, use 4%. Using these inputs, our estimate of the cost of equity capital = 4.25% + (0.803 * 4%) = 7.462%. Finding the Data  Analyst Estimates (of future earnings) Next, we need to locate forecasts of future earnings. Click on  Analyst Estimates under  Analyst Coverage in the left-hand menu. At the top of the page under  Earnings Est, you will find concensus analyst annual earnings estimates for the Current year (i.e., the fiscal year ended June 2004) and for the Next Year (ended June 2005): Average of analysts forecasts of Mondavis earnings per share (EPS) for the year ended June 2004, i.e., current year = $1.91 Average of analysts forecasts of Mondavis earnings per share (EPS) for the year ended June 2005, i.e., next year = $2.16 Finally, scroll down to near the bottom of the page to the section titled Growth Est. There you will find The forecasted long-term growth (in earnings) for the Next 5 Years = 10. 0%. 6. Using the spreadsheet to estimate the stock price for Mondavi We can now insert the above data into our spreadsheet in Exhibit 3 and use this template to estimate Mondavis price per share. The template uses a 5-year forecast horizon and contains the initial data for Mondavi as of September 30, 2003. Again note that at least some of these data are likely to have changed by the time you access the Yahoo Finance website. 7. Comparing our estimate to Mondavis actual price For publicly traded companies such as the Robert Mondavi Corporation, we can compare our estimate to the actual stock price (or market cap). On September 30, 2003, Mondavis stock price was approximately $31. Differences between the actual market price and our estimate can be attributed to: Our models assumptions differing from the consensus assumptions implicit in the market price. Again, what assumptions appear to be most important in driving our estimate of Mondavis stock price? Our model not including the effects of hard-to-measure intangibles that are important to the market, e.g., quality of management, flexibility to move into new fields, human capital, etc. The market irrationally setting prices. Figure 1 Yahoo Finance entry page for Robert Mondavi Corporation (MOND) October 7, 2003 (after the first quarter 2004 earnings announcement)  Appendix 1 A per share version of our earnings-based valuation model Because most analyst data is provided on a per share basis, e.g., analysts forecast earning per share (EPS), we can restate model (1) on a per share basis. The general model for a firms market price per share at time t (Pt) is: EMBED Equation.3 (1a) where: BVPSt = the book value of equity per share at time t EPSt = forecasted earning per share for time t+1 and beyond re = the cost of equity capital assumed constant over time Again, at the most simple level, when a firm earns a normal economic return on the shareholders investment (re), the price per share of stock (Pt) should be approximately equal to its accounting book value of equity per share (BVPSt), i.e., Pt = BVPSt. Book value of equity per share is the amount contributed by the owners (per share over time), plus the cumulative amount earned by the company (per share), less any dividend payouts (per share) to the owners. However, professional managers are hired to do better than earn the normal return their goal is to build (some would say maximize) shareholder value. If they are successful, the company earns more on shareholders capital than the capital costs. The stock market is forward looking and, when success is expected, Pt exceeds BVPSt. To model the size of this market-to-book premium, we evaluate each future period and compare the expected earnings (EPSt+1) to the minimum earnings required by investors to return the cost of equity capital (re * BVPSt). This period-by-period difference between the earnings forecast and the minimum required return (EPSt+1 - re * BVPSt) is often called  abnormal or  residual earnings. If a company s prospects are poor, forecasts of future earnings may be even less than the required cost of equity capital. In this case, shareholder value is being destroyed and abnormal earnings are negative. Either way, the value of owners equity is a function of the magnitude of abnormal earnings. In mathematical terms, our model looks like: EMBED Equation.3 However, we cannot simply add these future values to the current book value of equity. We need to consider the time value of money and discount each future flow back to its present value, yielding the somewhat more complicated looking model: EMBED Equation.3 Finally, we use the shorthand of the summation sign to group all of the abnormal earnings terms together thus replicating model (1a) above. Exhibit 1: Spreadsheet template for Claudes Coffeehouse, estimating the market value of equity  Exhibit 2: Spreadsheet template for Claudes Coffeehouse, estimating the market price per share  Exhibit 3: Spreadsheet template for the Robert Mondavi Corporation, estimating the market price per share  * Prepared by Robert Bowen and Shiva Rajgopal of the University of Washington. Frank Hodge, Stacie Kelley, Jane Kennedy, Ed Rice, Terry Shevlin and Tina Zamora provided helpful comments. Revised: October 7, 2003.  One can value a companys total assets or its owners equity. We choose to value owners equity as the resulting estimate can be compared to observed stock prices.  An important exception is the Internet sector, especially before April 2000, where revenues and non-financial metrics such as website hits arguably received more attention from analysts than did earnings.  The British government has issued debt securities that look like this. They are called perpetuities and, while they provide fixed payments into perpetuity, the government is not required to repay the principal.  Alternatively, the price per share (P) can be modeled as a function of the book value of equity per share (BVPS) and earnings per share (EPS) as follows: EMBED Equation.3 (1a) This per share version of the model, which we label as (1a), is described in Appendix 1. We will use it to estimate the value of a real world companies because most analyst data is provided on a per share basis.  It is also referred to as residual income. Stern Stewart, a large international consulting firm, has introduced and trademarked its custom version of residual earnings called economic value added or EVA. See  HYPERLINK "http://www.sternstewart.com" www.sternstewart.com for details.  We discount at (1+r) because we discount each individual flow. Perpetuity models such as those illustrated in examples 1 through 3 in section 1.1 discount by r because each flow is assumed to be equal and continue in perpetuity. Trust me, the math behind this does work.  In practice, analysts generally forecast earnings per share (EPS). As indicated above, our model can be written in per share terms. This per share version is discussed in Appendix 1. Later, we will practice using both versions.  Some variants of the model assume that company-specific long-term earnings growth reverts to the industry mean after a finite period. When this is the case, the firms ROE is often predicted to gradually revert to the industry average. This is sometimes referred to as a fade model.  We could model the cost of equity capital as a function of the current risk free rates (Rf), the riskiness of the firmstock (BETA), and the normal premium for accepting risk (approximately 4%). The relation is re = Rf + BETA * Risk Premium. This relation will be discussed in your finance course.  If you look around the Yahoo Finance site, you may find other earnings forecasts that are somewhat different from these. For now, use the Thomson Financial Network data. Introduction to equity valuation models page  PAGE 6 Introduction to equity valuation models page  PAGE 13  EMBED Excel.Sheet.8   EMBED Excel.Sheet.8   EMBED Excel.Sheet.8  /012mno  3   w x OP˸¨ߙߕˎ߄je? CJUV jCJU6CJCJOJPJQJ 56CJ CJOJQJj݀CJEHUj4? CJUV jCJU6CJ5 j0JU0JCJCJCJ 5CJEH0 jCJU mHnHujUmHnHu002345op30 F & FEƀqjo`dh$dha$d  !d\gvhh0   q*(F & FEƀqjoF & FEƀqjoF & FEƀqjo 3 4 PQ  !p]p !  !hh^h d`` !12345}HQSTZ\klI:>BDFH 6OJQJ6H*OJQJOJQJ jЊEHUj? 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Blank valuation per sharez4Sheet3`i 4Valuation of Claude's Coffee year Beginning Book ValueEarnings Dividends PV factorPV of AbnormalBeginning book value of equityAssumptions include:10 yr. Horizon 5 yr. Horizon Estimated value of equity(per share version) a. earnings growth rate" b. firm's cost of equity capital (market cap version) Forecasted"Normal" "Abnormal"8Cummulative present value of abnormal earnings per shareQContinuing value of abnormal earnings per share beyond the end of forecast period(Beginning book value of equity per share Estimated price per sharePContinuing value of terminal year abnormal earnings -- 2010 (or 2005) and beyondTCumulative present value of abnormal earnings -- 2001-2009 (2004 for 5-year horizon)"  N c ^@  dMbP?_*+%'Q?M\\everest\FCR?dXXLetter.HP LaserJet 8000 Series PCL 62xuUAj1 lYK?!T()fwkB hXgbλ|؝[khĩnT@ 1 YU&ъ&$ cTZ @;z-5nB)00i{Yt:b(ϰED}j.Fi!t}}|>]o_NT5lsյ&1t.$VpFĎR pF5ݚ"Ln|68hS ~Sƣ`IS17!)>,+gDD2[`Pfg/g6/5a߿!0IJ jb'RpWOE- >D8[ܭY~CwvYe2o]^݋Z+4Db 5y׉tXz?3~tPaIW%I"dXX??U} $} $ }  }  }  }  } I} } $   , , , , , , , , , , , , , , , , , , , , ,                                   D@j(A!@ DD~ L@)@ D@D@~ )]tE?D!E]t@ DD ! E]t@ DD~ H@)Tx?r? D! DD !  DD~ L@)[V ? D!  DD !   DD ~ P@ ) }?? D!   D D  !  D D  ~ T@ ) +d? D!   D D  !  D D  ~ X@ ) mѠ+? D!   D D    ~ \@ ) Jk? D!   D D    ~ `@ ) UA? D!  D D   ~ d@))NVj$?D ! DD   ~ h@)ű½?D ! DD     # E]t@  %S # E]t@ %   ( DDD ( !D DD  "j(AD  "j(A D  # ]tE)A % # ]tE)A %      ~ &@  ~ $@ 8m ,,@z  v ,B>@7 ^@  dMbP?_*+%'?M\\everest\FCR?dXXLetter.HP LaserJet 8000 Series PCL 62xuUAj1 lYK?!T()fwkB hXgbλ|؝[khĩnT@ 1 YU&ъ&$ cTZ @;z-5nB)00i{Yt:b(ϰED}j.Fi!t}}|>]o_NT5lsյ&1t.$VpFĎR pF5ݚ"Ln|68hS ~Sƣ`IS17!)>,+gDD2[`Pfg/g6/5a߿!0IJ jb'RpWOE- >D8[ܭY~CwvYe2o]^݋Z+4Db 5y׉tXz?3~tPaIW%I"dXX??U} $} $ }  }  }  }  } I} } $   , , , , , , , , , , , , , , , , , , , , ,                                    D@# @!#? DD~ #^@)#?D@D@~ )]tE? D!#D]tE? DD $! #D]tE? DD~ H@####)Tx?r? D!# DD $! # DD~ L@####)[V ? D!#  DD $! #  DD ~ P@ ####) }?? D! #  D D  $! # D D  ~ T@ ####) +d? D! #  D D  $! # D D  ~ X@ ####) mѠ+? D! #  D D  $#  ~ \@ ####) Jk? D! #  D D  $#  ~ `@ ####) UA? D! # D D  $# ~ d@####))NVj$?D !# DD  $# ~ h@####)ű½?D !# DD  $# $$$  #$D]tE? % $# $D]tE? %  ($ DDD $( $D DD  % @D $ % @ D #$袋. @ % $# $袋. @ %      ~ &@  ~ $@ 8m ,,@z  v ,B>@  7 ^@  dMbP?_*+%" ??U>@7   Assumptions include: ! a. earnings growth rate ~ &@ +" b. firm's cost of equity capital ~ $@ 8BH>Y  ?Y>@  7 ^@  dMbP?_*+%"??eqU>@7 SummaryInformation(GI DocumentSummaryInformation8D_1078310424L F22Ole University of Washingtone2 Blank valuation in $Blank valuation per shareSheet3  Worksheets FMicrosoft Excel WorksheetBiff8Excel.Sheet.89qPRINTKN:CompObjfObjInfoMPWorkbook7Q2      V''  '  U'  UTimes New RomanLSwUSw0- 32 Valuation of Claude's Coffee B.3..3. B.33)$B. ))Times New RomanLSwUSw0-$2 (per share version).)$.))-)$..Times New RomanLSwUSw0-2 -10 yr. Horizon..-B.(..- ![--2 $ 5 yr. Horizon.-B.(..- ![$--2 x Beginning=)-...-2 x"Normal"&B.F)&2 x Forecasted3.)))$).2 x "Abnormal"&B...F)&"System 0-'- ns  2 xPV of Abnormal3C.B...F)-'- Ns 2 xPV of Abnormal3C.B...F)-'-  U-  2 year-))- !M-2 n Book Value=..-C).)- !Mn-2 Earnings8)..-$- !GM-2 Earnings8)..-$- !GM-2 Earnings8)..-$- !GM-2  DividendseB-.)..$- !zM -2 j PV factore3C)).- !eMj -2 Earnings8)..-$- !GM-2 wEarnings8)..-$- !GMw-- 2 2001....5& 2 8.00...5}2 i $ o.2 } 5A 2 0.80...52  $ o.2  5\ 2 1.20...52  $ o.2  5B 2  0.40...5 2  $ e.2   5 2  -5 2  $ e.2   2  0.909....5C 2 0.36...52 *$ .2  5# 2 0.36...5z2  $ .2 z 2 \2002....2 \ 0.826.... 2 \-!2 \*$ .2 \  2 \-!2 \ $ .2 \ 2 2003....2  0.751....' 2 -'!2 *$ .2  ' 2 -'!2  $ .2  2 N2004....2 N 0.683.... 2 N-!2 N*$ .2 N  2 N-!2 N $ .2 N 2 2005....2  0.621.... 2 -!2 *$ .2   2 -!2  $ .2  2 @2006....2 @ 0.564.... 2 @-!2 @*$ .2 @ 2 2007....2  0.513....  2 - !2 *$ .2  2 22008....2 2 0.467.... 2 2-!2 2*$ .2 2 2 2009....2  0.424.... 2 -!2 *$ .2  2 $2010....2 $ 0.386....v 2 $-v!2 $*$ .2 $ 2 TCumulative present value of abnormal earnings -- 2001-2009 (2004 for 5-year horizon)=.F.)-).)$).-).).)...F)))..-$..............-))..(..hC 2 0.36...h2 *$ .2  h# 2 0.36...hz2  $ .2 z 2 PContinuing value of terminal year abnormal earnings -- 2010 (or 2005) and beyond=.....--).).)F.)-)))...F)))..-$.........)...)-... 2 -!2 *$ .2   2 -!2  $ .2  C2  (Beginning book value of equity per share=)-...-...--).).)..-.)$.))Z C 2  8.00...Z 2  *$ .2   Z # 2  8.00...Z z2  $ .2  z 12  Estimated price per share8$F))..)).)$.)) C 2 8.36... 2 *$ .2   # 2 8.36... z2 $ .2 z Times New RomanLSwUSw0-%2 Assumptions include:; )?**) )%)*%+2 +  a. earnings growth rate%%%))) )*:)%% 2 + 11%**E:2 " b. firm's cost of equity capital *? %* *%*)(%%*% 2 10%**E-'-  V- -t t s- !xt -t t S- !xt - -'-  U' ^@\pBA Computer Services Ba=h =-^.<X@"1Arial1Arial1Arial1Arial1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)=8_("$"* #,##0.0_);_("$"* \(#,##0.0\);_("$"* "-"??_);_(@_)94_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"??_);_(@_) 0.00000000 0.0000000 0.000000 0.00000 0.0000 0.00094_(* #,##0.000_);_(* \(#,##0.000\);_(* "-"???_);_(@_)4/_(* #,##0.0_);_(* \(#,##0.0\);_(* "-"??_);_(@_)0+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_)                + ) , *    "  A     "   " !  !    , ,! , , , ` Blank valuation in $! Blank valuation per share2Sheet3`i4Valuation of Claude's Coffee year Beginning Book ValueEarnings Dividends PV factorPV of Abnormal.Cummulative present value of abnormal earningsBeginning book value of equityAssumptions include:10 yr. Horizon 5 yr. HorizonGContinuing value of abnormal earnings beyond the end of forecast period Estimated value of equity(per share version) a. earnings growth rate" b. firm's cost of equity capital (market cap version) Forecasted"Normal" "Abnormal"(Beginning book value of equity per share Estimated price per shareTCumulative present value of abnormal earnings -- 2001-2009 (2004 for 5-year horizon)PContinuing value of terminal year abnormal earnings -- 2010 (or 2005) and beyond"   O ^@  dMbP?_*+%'Q?M\\everest\FCR?dXXLetter.HP LaserJet 8000 Series PCL 62xuUAj1 lYK?!T()fwkB hXgbλ|؝[khĩnT@ 1 YU&ъ&$ cTZ @;z-5nB)00i{Yt:b(ϰED}j.Fi!t}}|>]o_NT5lsյ&1t.$VpFĎR pF5ݚ"Ln|68hS ~Sƣ`IS17!)>,+gDD2[`Pfg/g6/5a߿!0IJ jb'RpWOE- >D8[ܭY~CwvYe2o]^݋Z+4Db 5y׉tXz?3~tPaIW%I"dXX??U} $} $ }  }  }  }  } I} } $   , , , , , , , , , , , , , , , , , , , , ,                                   D@j(A!@ DD~ L@)@ D@D@~ )]tE?D!E]t@ DD ! E]t@ DD~ H@)Tx?r? D! DD !  DD~ L@)[V ? D!  DD !   DD ~ P@ ) }?? D!   D D  !  D D  ~ T@ ) +d? D!   D D  !  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D! # D D  $# ~ d@####))NVj$?D !# DD  $# ~ h@####)ű½?D !# DD  $# $$$  #$D]tE?  %S $# $D]tE? % S ($ DDD $( $D DD  % @D $ % @ D #$袋. @ % $# $袋. @ %      ~ &@  ~ $@ 8m ,,@z  v ,B>@7 ^@  dMbP?_*+%"??U>@7 8m ,,@z  v ,B>@7 ^@  dMbP?_*+%"??U>@7 7 @ %   Assumptions include: ! a. earnings growth rate ~ &@ +" b. firm's cost of equity capital ~ $@ 8BH>Y  ?Y>@ 7 ^@  dMbP?_*+%" ??eqU>@7 SummaryInformation(OQDocumentSummaryInformation8D_1000896515T F2PF2Ole #Oh+'0HPp BA Computer ServicesBA Computer ServicesMicrosoft Excel@0f@߂l5@s ՜.+,0 PX|  University of Washingtone2 Blank valuation in $Blank valuation per shareSheet3  Worksheets FMicrosoft Excel Worksheet8FIBExcel.Sheet.8F% ,,]iiLL \,CompObjSV$XObjInfo&WorkbookUX@PRNTPICT'F &.\p Robert Bowen Ba==PPZ98@"1AVerdana1AVerdana1AVerdana1AVerdana1AVerdana1ATimes New Roman1AVerdana1ATimes New Roman1ATimes New Roman1ATimes New Roman1ATimes New Roman1 AVerdana1$AVerdana1 AArial"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)94_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"??_);_(@_) 0.000                + ) , *      "       "  " ,! !  ,  ! , , !    a  !  , Q   `%Jprice per share -- incomplete?Sheet2?Sheet3ai"!Valuation of Robert Mondavi%(per share version -- 5 year horizon) 5 yr. 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Mondavi's long term growth rate in earnings'Estimate of the cost of equity capital: Rf - 10 yrBETA Risk prem an estimateest. equity cost of capital"http://biz.yahoo.com/p/m/mond.htmlACumulative present value of abnormal earnings -- fiscal 2004-2007MContinuing value of terminal year abnormal earnings -- fiscal 2008 and beyond1http://www.bloomberg.com/markets/rates/index.html Price (as of 9/30/03) !, * !bl=0A ul``[ؐuؿ0F@2Reda`papa8O8hi_@goca_Xa8O8$EFAE8FBԿ  F.Ļpп@3VL"3@%Ȁ@m%,Ȁ ,GAFAE8FmS`GHF9hHпȀ@GdE8BԿgȿ F>E A\E F/F>&@F9hF9phA!רA!blAF>,R"|c[h},;@$3BԿF>PM3l3R|pB $BA0EFA E8ĐDBԿPg'BG@,,3QHAE &.  dMbP?_*+%M com.apple.print.PageFormat.FormattingPrinter com.apple.print.ticket.creator com.apple.printingmanager com.apple.print.ticket.itemArray com.apple.print.PageFormat.FormattingPrinter _128_95_194_2 com.apple.print.ticket.client com.apple.printingmanager com.apple.print.ticket.modDate 2002-10-30T21:14:53Z com.apple.print.ticket.stateFlag 0 com.apple.print.PageFormat.PMHorizontalRes 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DD~ X@)q! 0(((lz~~~UZMU<(O>(HLH>@5yK #http://biz.yahoo.com/p/m/mond.htmlyK Fhttp://biz.yahoo.com/p/m/mond.htmlyK *http://www.bloomberg.com/markets/C13.htmlyK Thttp://www.bloomberg.com/markets/C13.html &.  dMbP?_*+%"D??*U >@ &.  dMbP?_*+%"??*U >@ Times New Roman ..+ .Valuation of Robert Mondavi*6%(per share version -- 5 year horizon)( 5 yr. Horizon(fiscal) Beginning("Normal"( Forecasted( "Abnormal"(PV of Abnormal(year)BV/share(Earnings(Earnings(Earnings) Dividends) PV factor(Earnings(r2004(r27.55(r\ $ ) (r"2.06(r~ $ ) (rD1.91(r $ ) )(0.15)(r $ )s (rP-(r $ ) )0.931(ru(0.14)(r$ ) (2005(29.46(\ $ ) ()0.866(-($ ) (2006()0.806(-($ ) (2007()0.750(-($ ) (J2008(J)0.698(J-(J$ ) (iACumulative present value of abnormal earnings -- fiscal 2004-2007(u(0.14)($ ) (iMContinuing value of terminal year abnormal earnings -- fiscal 2008 and beyond(-($ ) ("i&Current book value of equity per share("n27.55("$ ) (Xi Estimated price per share(Xn27.41(X$ ) (i Price (as of 9/30/03)(n30.98($ )  ) *(! Assumptions include: -Z*11 a. Mondavi's cost of equity capital (from below)(R77.46% ^( / b. 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