ࡱ> 7 IibjbjUU 3&7|7|EelrrrrrrrEEE8E\BFHIIIIIIIvvvvUMwc{y$ rIIIIILrrIILLLIrIrIvLIvLrL TVbrr fIH v10(AEpJ:e" f04e҃J҃ fLrrrrA Comprehensive Stock Analysis Project For The First Course In Investments Rajiv Kalra and Marsha Weber Minnesota State University Moorhead, Moorhead, MN 56563 Abstract In their first course in investments, students have to deal with understanding, computing, and interpreting risk and return and stock valuation and analysis. Students learn and remember concepts better if they have hands-on experience in dealing with real investment scenarios. This paper describes a comprehensive project in which students (1) use real life information to analyze the investment performance of a stock, (2) apply the skills they learned in earlier courses, (3) use several spreadsheet applications, (4) recreate, in part, the data in one investment information publication, and (5) present their findings to their class in a systematic fashion. INTRODUCTION In their first course in investments, students have to deal with understanding, computing, and interpreting risk and return and stock valuation and analysis. It has been our experience that students learn and remember concepts better if they have hands-on experience in dealing with real investment scenarios rather than working with imaginary companies and their problems. Over a period of several years, we have developed a stock analysis project for beginning investment classes. The purpose of this project is to bring together several finance concepts in one moderate sized undertaking. For this project, students are encouraged to work in groups of two or three. The explicit purpose of a group is to combine resources, knowledge, and skills in solving a multi-dimensional exercise in investments. For educational purposes, a participative committee approach is recommended and students are cautioned against dividing their work among the members. It has been our experience that students learn the most when they are able to explain a concept to a peer. Working on this project has been a strong learning tool for students. Objectives of the Project Projects, such as the one described in this paper, have become an integral part of many finance courses. Kish and Hogan [2001] describe an asset allocation project used in an investments course to reinforce and extend concepts learned in the classroom. This assignment allows students to apply potentially abstract concepts to real world data. Erickson [1999] explains a project used in the introductory finance course that incorporates many basic financial concepts such as stock reporting, financial statement analysis, and risk and return. Stohs [1999] describes a group project used in the second corporate finance course that requires student groups to determine the intrinsic value of a publicly traded firm. The growth in computer technology in teaching and in practice, along with the availability of personal computers on college campuses and an increased availability of information have resulted in the increased use of computers in finance courses. This project makes extensive use of computers, computer based resources, and spreadsheet and word processing software. The project accomplishes several purposes. (1) Students use real life information to analyze the investment performance of a stock. (2) Students get an opportunity to apply the skills they have learned in their investments and other finance and statistics courses to their analyses. (3) They are able to explore a variety of spreadsheet applications to more efficiently find solutions to complex problems. (4) They are able to understand and learn to recreate, in part, the data in at least one investment information publication. (5) Finally, students take the time and effort to present their findings to their class in a systematic fashion. This project also provides an opportunity for incorporating teaching strategies that are effective for students of varied learning styles. The importance of using teaching strategies that promote the type of active learning involved in completion of this type of project are well-documented in the financial education literature. [See Locke and Ebron, 1998; Hermanson et al., 1997; Filbeck and Smith, 1996; and Paulsen and Gentry, 1995.] The use of small groups for class projects incorporates cooperative learning techniques, which allow students to develop strategies for working together to achieve a common goal. [Byrd and Harman, 1997 and Chan, et al., 1996] The ability to work as effective team members and team leaders has been identified as a critical skill for success in the work place. [Kolb, 1999 and Keddie and Trotter, 1998] THE PROJECT Students are asked to form groups of two or three students.1 Each group is required to complete the term project, which involves a survey and analysis of the common stock of a publicly traded company of their choice. However, there are two conditions. First, in order for students to learn the effects of stocks splits/dividends on stock prices and returns, they are asked to choose a firm which has had at least one stock split or stock dividend during the specified period. Second, to avoid duplication, the company needs to be pre-approved by the instructor.2 Students are encouraged to obtain the approval early on in the semester to get the maximum amount of time to work on the project. Like many other course assignments, this project encourages students to get an early start on collecting information. It is difficult to collect the needed information, learn and use the software procedures, and complete this project in the last few days of a semester. Students are required to use a variety of sources, including the Wall Street Journal; Value Line Investment Survey: Ratings and Reports; Stock, Bonds, Bills and Inflation; the Wall Street Journal Index; and the Internet. Students react positively to this project and have informed us that, for many of them, this was the first project where they collected and used real data. They also enjoyed using spreadsheet procedures that were new to them. The course and project evaluations have been positive and encouraging. A copy of the project assignment is found in Appendix 1 and an example of the technical part of a completed project is found in Appendix 2. A technically complete example can be found at  HYPERLINK "http://web.mnstate.edu/kalra/Finc%20360/stock_analysis_project.htm" http://web.mnstate.edu/kalra/Finc%20360/stock_analysis_project.htm. A brief description of the various components of the project follows. Historical Information In the first section of the project (questions 1-7), students research basic historical financial information about their stock, including P/E ratios, outstanding shares, price history, dividend growth rates, stock splits, and stock dividends. Students are asked to adjust dividends and stock prices for stock splits and/or stock dividends, which provides them with the opportunity to apply what they have learned about stock splits and stock dividends to an actual company. The extensive use of graphs and tables in this section of the project allows students to reinforce and/or improve their spreadsheet skills. Risk and Return Section two of the project (questions 8-13) incorporates the concepts of historical return and risk measurement. Students are asked to show the price and yield histories of the stock over the specified period and to use this data to compute various risk and other measures, including correlation, standard deviation, beta, and coefficient of variation. Students also calculate the internal rate of return of the stock and geometric means of the stock and market returns. For each calculation, students must explain the assumptions made and interpret their results, which, again, reinforce the concepts they have learned from the textbook and in class. Regression Analysis Questions 14-17 (section three) involve the use of the spreadsheet regression function and interpretation of regression results. Students calculate beta and alpha by regressing their stocks returns on the returns of the market portfolio they have chosen. They present their regression model, interpret their beta, and discuss the coefficient of determination of the regression model. Required Return and Valuation Section four (questions 18-23) involves the use of traditional finance models, including the Capital Asset Pricing Model and the dividend discount model, to calculate a required rate of return using their beta and to estimate the intrinsic value for their stock. Students then look up the market price for their stock to determine if the stock is fairly priced in the market. The fact that intrinsic values and market values for stocks are often significantly different requires students to consider the reasons for the differences and the limitations of the models they employ. Students also see how variables in models they have seen in their textbook and in class are calculated using actual firm and market information. In question 22, students use the time value of money to calculate the wealth they would have accumulated as a result of a $100 initial investment in the stock. Finally, in question 2, students are exposed to various sources of financial news about their company, including the Wall Street Journal and the Internet. CONCLUSION In this paper, we have detailed a stock analysis project that is appropriate for use in the first course in investments. The project involves the use of several information sources. Most investment texts provide the concepts needed to complete the project. As noted in the paper, this project accomplishes several objectives and we have found it to be an effective teaching tool. We have found that the students use the hard copies of their projects, generated in vivid colors, as a marketing tool to land good jobs with financial institutions. END NOTES 1 Because most of our students hold part- or full-time jobs, they need to hold group meetings around their class and work schedules. This requires compatibility of members schedules. We, therefore, let the students form their own groups. Students always have the option of working individually, and occasionally one or two students will choose to do so. As is always the case, there are a few students who would like to work in a group but are unable to find a partner. In such cases, we ask them to try and form groups from amongst themselves. If this fails, we ask the existing groups to take on an additional member. 2 We avoid duplication because two groups working on the same firm start to compare notes and often make similar mistakes. Not allowing duplication also helps avoid plagiarism. It is pertinent to note that we place more emphasis on the analysis of the data and not on its veracity. Also, we do not hold mistakes made in one step against the group when evaluating a subsequent step. 3 We have noticed that students find the following websites useful sources for searching firm news:  HYPERLINK "http://cbs.marketwatch.com/news/" http://cbs.marketwatch.com/news/,  HYPERLINK "http://biz.yahoo.com" http://biz.yahoo.com,  HYPERLINK "http://www.washingtonpost.com/" http://www.washingtonpost.com/,  HYPERLINK "http://money.cnn.com/news/" http://money.cnn.com/news/,  HYPERLINK "http://news.com.com/" http://news.com.com/,  HYPERLINK "http://www.nyse.com/listed/listed.html" http://www.nyse.com/listed/listed.html,  HYPERLINK "http://www.latimes.com" http://www.latimes.com,  HYPERLINK "http://www.nytimes.com" http://www.nytimes.com,  HYPERLINK "http://www.forbes.com" http://www.forbes.com,  HYPERLINK "http://www.msnbc.com" http://www.msnbc.com,  HYPERLINK "http://www.abc.com" http://www.abc.com. REFERENCES Byrd, A. and Y. Harman. A Teamwork Approach to Teaching Corporate Finance, Financial Practice and Education, 7 (Spring/Summer, 1997), 67-72. Chan, K., S. Shum and P. Lai. An Empirical Study of Cooperative Instruction Environment on Student Achievement in Principles of Finance, Journal of Financial Education, 22 (Fall, 1996), 21-28. Erickson, S. Bringing the Introductory Finance Course to Life, Journal of Financial Education, 25 (Spring, 1999), 75-81. Filbeck, G. and L. Smith. Learning Styles, Teaching Strategies, and Predictors of Success for Students in Corporate Finance, Financial Practice and Education, 6 (No. 1, 1996), 74-87. Hermanson, D., H. Hermanson and J. Tompkins, The Impact of Self-Generated Elaboration on Students Recall of Finance Concepts, Journal of Financial Education, 23 (Fall, 1997), 27-34. Keddie, J. and E. Trotter, Promoting ParticipationBreathing New Life in to the Old Technology of a Traditional Tutorial, Accounting Education, 7 (2, 1998) 171-181. Kish, R. and K. Hogan. Linking Theory and Practice: An Asset Allocation Assignment, Journal of Financial Education, 27 (Fall, 2001), 76-87. Kolb, J. A Project in Small-Group Decision-Making, Journal of Management Education, 23 (February, 1999), 71-79. Locke, I. and S. Ebron. The SPHINX Teaching Method and its Applications to a Business Finance Course, Financial Practice and Education, 8 (Spring/Summer, 1998), 120-126. Paulsen, M. and J. Gentry. Motivation, Learning Strategies, and Academic Performance: Study of the College Finance Classroom, Financial Practice and Education, 5 (No. 1, 1995), 78-89. Stohs, M. Teaching Corporate Finance by Valuing a Corporation, Journal of Financial Education, 25 (Fall, 1999), 66-74. Appendix1 Stock Analysis Assignment Section 1: Historical Information In no more than three sentences explain why you chose your company. Based on the information provided in the Value Line Investment Survey: Ratings and Reports (VL), what is the P/E ratio of your stock? What is the P/E ratio of an average stock? On the basis of the P/E ratio of your stock, would you consider it a fairly priced, expensive, or a cheap stock compared to the average stock? Why do you think the P/E ratio of your stock is different than that of the market? How many common shares of your company were outstanding in 1988 as reported by VL? How many shares were actually outstanding in 1988 for your company? Explain the difference between the number of shares outstanding for your firm and the number of shares reported by VL. According to VL, what is the average growth rate in dividends for your companys stock during the past 10 years? Past 5 years? Based on this information, has the growth rate of dividends declined, increased, or remained the same during the past 5 years? What was the average growth rate of dividends during the first five years of the ten-year period for which the VL provides the information? This project will cover a period of January 1, 1988 to December 31, 2000. (Prices on December 31, 1987 and/or January 1, 2001 can be used for your analysis). Start on January 1, 1988 and trace the price history of your chosen stock. Using a graph and a table show the price-per-share in the beginning of each year. Indicate any stock splits or stock dividends on the graph and the table. Use the Wall Street Journal (WSJ) to collect information about the price-per-share of your stock. Prepare a table and a graph showing the dividend-per-share declared by the firm in each year. Use the VL to gather dividend information. Indicate any stock splits or stock dividends in your table/graph. Why are the dividends-per-share reported by the VL different than the actual dividends-per-share declared by your firm? Assume that you purchased one share of the stock at the beginning of 1988. Using a graph and a table show the value of your original investment at the beginning of each year. Also, prepare a table and a graph showing the dividends you would have received in each year from your 1988 investment. To prepare these two tables/graphs you will need to adjust for all stock splits and stock dividends. Show by way of a table and a graph the price per share at the beginning of each year that would have been reported by VL. That is, show the price history of the stock that exists on December 31, 2000. Section 2: Risk and Return Using table(s) and graph(s), compute and show annual capital gain yields, dividend yields, and total yields for the years 1988 through 2000 for your January 1, 1988 investment. Plot your stocks annual total yields against the annual total yields from holding a market portfolio, e.g., S&P 500, DJIA, or the Wilshire 5000 portfolio. Use the Stock, Bonds, Bills and Inflation: 1997-Year Book to find return information for the market portfolio. Compute the total risk (standard deviation of returns) of your stock and the total risk of the market portfolio. Also compute the correlation coefficient of your stock returns with the returns on the market portfolio. Discuss whether your stock is more, less, or as volatile as the market portfolio. Also, discuss how your stock is correlated with the market portfolio. Calculate the coefficient of variation for your stock and for the market portfolio. Discuss systematic and unsystematic risk. Report the systematic and unsystematic risk of your stock. In no more than 50 words each, explain the significance of the systematic and unsystematic risk of your stock. What is the internal rate of return (IRR) of your investment? Interpret your stock's IRR. List the assumption(s) inherent in the IRR computations. Compute the geometric average rates of returns of your stock and of the market portfolio. Section 3: Regression Analysis Compute the beta of your stock. Is this beta any different than that reported in investment publication(s)? If yes, comment on the difference and possible reason(s) thereof. On the basis of your findings of the beta risk, how would you classify your stockan aggressive, a defensive, or an average stock? Compute the alpha of your stock. Explain the meaning and significance of the alpha measurement. What is the coefficient of determination (R2) of your regression model? What does the R- Square indicate about the power of your regression model? Estimate the characteristic line for your stock. Section 4: Required Return and Valuation What is the historical growth rate of dividends of your stock for the period from 1988 to 2000? What is the required rate of return for your stock on January 1, 2001? For estimating the required rate of return, use the Money Rates section of the WSJ to estimate the risk-free rate of return. Use the arithmetic average market return during the last fifteen years to estimate the expected market return. Compute your best judgment value of your stock on January 1, 2001. To estimate the value of your stock, use the cash flows associated with this stock that are projected by the VL for the period 2001 to 2006. List any assumptions and/or estimates you made for this step. Look up the market price for your stock on January 2, 2001 and indicate if your stock was fairly priced, under-, or over-priced in the market. What action would you take to benefit from this disparity? If you feel that your stock was fairly priced by the market, discuss the possible reasons for your lack of faith in your analysis. Show how much your wealth would have been on December 31, 2000, if you had invested $100 in your stock on January 1, 1988. Find the wealth on December 31, 2000 if you had invested $100 in the market portfolio on January 1, 1988. What assumptions, if any, are necessary for making these estimates? Use the Internet to find and report two news items about the firm.3 One news item should be a significant news about or concerning the firm. The other item should be the most recent news about the firm you can find. Provide the date of your search and complete citations for these items. Provide a complete reference list. Submit your project on 8 x 11.5 paper along with a diskette that contains your project analysis. Appendix 2 The Stock Analysis Project Partial Sample Solution 2. PE ratio of WMTRelative PE ratioAverage PE ratio35.21.9817.78The PE ratio of WMT is about twice as much as the market. WMT is an aggressive stock. Investors perceive WMT to be either lower risk or higher growth or both than an average stock. 3. 4. WMT # of shares outstanding in 1988, as reported by Value Line (in millions)WMT # of shares actually outstanding in 1988 (in millions)Growth rate of dividends in the past 5 yearsGrowth rate of dividends in the past 10 yearsGrowth rate of dividends in the first 5 years18.00%21.5%25.10%4,525566The growth rate of dividends during the last five years has been less than the growth rate during the first five years of the last ten years. The difference is due to stock splits. 5., 6., and 7. Year Price per Share as of Jan 1 (from WSJ)Stock Splits (from VL)Number of shares on 1/1, for 1 share purchased on 1/1/88 Value on 1/1 of one share purchased 1/1/88 Dividends per share for the year (from VL)Dividends received on 1 share purchased on 1/1/88 Price per share as would have been reported by VL8826.00 1$26.00$0.020.16$3.258931.38 131.380.030.243.929044.88 2/90 2:1144.880.040.325.619130.25 260.500.040.327.569258.88 2117.750.050.4014.729364.00 2/93 2:12128.000.070.5616.009425.00 4100.000.090.7212.509521.25 485.000.100.8010.639622.25 489.000.110.8811.139722.75 491.000.141.1211.389839.44 4157.750.161.2819.729981.44 3/96 2:14325.750.201.6040.720069.13 8553.000.241.9269.130153.13 8425.00N/AN/A53.13 8. and 9. Year Value of one share purchased 1/1/88 as of Jan 1Capital Gains Yield for the 1 share purchase on 1/1/88Dividends received for the year for the 1 share purchased on 1/1/88Dividend Yield for the year WMT Total Yield Total Yield on the Market Portfolio8826.000.20670.160.00620.21290.16818931.380.43030.240.00760.43790.31499044.880.34820.320.00710.3553-0.03179160.500.94630.320.00530.95160.305592117.750.08700.400.00340.09040.076793128.00-0.21880.560.0044-0.21440.099994100.00-0.15000.720.0072-0.14280.01319585.000.04710.800.00940.05650.37439689.000.02250.880.00990.03240.23079791.000.73351.120.01230.74580.333698157.751.06501.280.00811.07310.285899325.750.69761.600.00490.70250.210400553.00-0.23151.920.0035-0.2280-0.091101425.00N/AN/AN/AN/AN/A 10. Total Risk (Standard Deviation)Correlation Coefficient (r)Average Returns (Arith.)Coefficient of VariationItemWMT0.44010.59210.31331.4047Market0.15090.17620.8565 11. Total RiskWMT (s2) = Systematic Risk + Unsystematic Risk = 0.1937 Systematic Risk = 0.679 Unsystematic Risk = 0.1258 12. Date as of 12/31Initial & Final Cash FlowsDividends Received 12/31Total Cash Flows on 12/3187-$26.00$0.00-$26.00880.160.16890.240.24900.320.32910.320.32920.400.40930.560.56940.720.72950.800.80960.880.88971.121.12981.281.28991.601.6000425.001.92426.92Internal Rate of Return (IRR) = 0.2464 All taxes and transaction costs are ignored. In addition, dividends are assumed at year-end and were reinvested at 0.2464, the internal rate of return. 13. 14. Geometric Average ReturnWMTGeometric Average ReturnMarket0.24670.1668BetaAlphaBetaDifference from Our CalculationOur Calculation1.7273N/A0.009Value Line1.1500-0.5773 15. WMT's Alpha = 0.0090 Alpha is the point where the regression line between the market's returns and a company's (or portfolio's) returns crosses the Y-axis. 16. The coefficient of determination, R-square, for the regression model is = 0.3506 The R-square indicates that 35% of the variability in WMT returns is due to the variability of the market returns. 17. The characteristic line for WMT: WMT return = 0.0090 + 1.73 x Return on the market portfolio 18. Historical Growth Rate of Dividends = 0.2301 19. RF = Risk Free Rate (T-Bill rate with 30 day maturity from WSJ, Jan 2, 2001) = 0.025 Rm = Market Return (arithmetic average of historical returns) = 0.1762 Because we do not have much faith in our calculated beta, we use the beta reported by VL to estimate the required rate of return. Required Rate of Return for WMT (RWMT) = 0.2026 20. Intrinsic Value of WMT as of January 1, 2001 using Value Line projected cash flows g (2001-2006) = 0.1230 D1 (2001)D2 (2002)D3 (2003)D4 (2004)D5 (2005)D6 (2006)Selling Price$0.28$0.310.350.400.450.5077.50 Intrinsic value V0 = $26.41 The above analysis assumes that the dividends from 2001 to 2006 will grow at a constant rate (computed as "g (2001-2006)" above.) The expected dividend at time 1 (D1) is given in the Value Line chart, as are D2 and D6. As before, all dividends are assumed to be collected at year-end. The selling price used is the average selling price projected by Value Line for 2006 year-end. 21. Market Price as of January 2, 2001 is $41.44 Based on the above analysis, WMT is over-priced should be sold or sold short. 22. Wealth as of December 31, 2000 assuming a $100 investment in WMT on January 1, 1988 = $1,757.55 Wealth as of December 31, 2000 assuming a $100 investment in the market on January 1, 1988 = $743.25 We assumed that all dividends received from WMT are reinvested in WMT and market dividends are reinvested in the market portfolio. Also, that there are no taxes and transaction costs associated with these investments. 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