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As Reported Annual Balance Sheet Data (Source:
Mer ent Online
Report Date 10/02/2010 10/03/2009 09/27/2008
Currency USD USD USD
Consolidated Yes Yes Yes
Scale Thousands Thousands Thousands
Cash & cash equivalents 2,722,000 3,417,000 3,001,000
Accounts receivable 5,454,000 4,794,000 5,207,000
Other receivables 656,000 396,000 414,000
Allowance for doubtful accounts 326,000 336,000 248,000
Receivables 5,784,000 4,854,000 5,373,000
Inventories 1,442,000 1,271,000 1,124,000
Television costs 678,000 631,000 541,000
Deferred income taxes 1,018,000 1,140,000 1,024,000
Prepaid expenses 446,000 464,000 478,000
All other current assets 135,000 112,000 125,000
Other current assets 581,000 576,000 603,000
Total current assets 12,225,000 11,889,000 11,666,000Film & television costs 4,773,000 5,125,000 5,394,000
Investments 2,513,000 2,554,000 1,563,000
Attractions, buildings & improvements 15,998,000 15,929,000 15,444,000
Leasehold improvements 644,000 693,000 553,000
Furniture, fixtures & equipment 12,575,000 12,228,000 11,739,000
Land improvements 3,658,000 3,625,000 3,757,000
Attractions, buildings & equipment, at cost 32,875,000 32,475,000 31,493,000
Less: accumulated depreciation 18,373,000 17,395,000 16,310,000
Parks, resorts & other property, at net 14,502,000 15,080,000 15,183,000
Projects in progress 2,180,000 1,350,000 1,169,000
Land 1,124,000 1,167,000 1,180,000
Parks, resorts & other property, net 17,806,000 17,597,000 17,532,000
Intangible assets, net 5,081,000 2,247,000 2,428,000
Goodwill 24,100,000 21,683,000 22,151,000
Receivables 1,275,000 1,225,000 801,000
Pension related assets - 8,000 215,000
Prepaid expenses 127,000 136,000 128,000
Other non-current assets 1,306,000 653,000 619,000
Total other assets 2,708,000 2,022,000 1,763,000
Total assets 69,206,000 63,117,000 62,497,000
Accounts payable 4,413,000 4,002,000 4,355,000Payroll & employee benefits 1,484,000 1,259,000 1,376,000
Other accounts payable & accrued liabilities 212,000 355,000 249,000
Accounts payable & other accrued liabilities 6,109,000 5,616,000 5,980,000
Current portion of borrowings 2,350,000 1,206,000 3,529,000
Unearned royalties & other advances 2,541,000 2,112,000 2,082,000
Total current liabilities 11,000,000 8,934,000 11,591,000
Commercial paper borrowings 1,190,000 - 1,985,000
U.S. medium-term notes 6,815,000 7,618,000 7,005,000
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09/29/2007 09/30/2006
USD USD
Yes Yes
Thousands Thousands
3,670,000 2,411,000
4,724,000 4,451,000
424,000 368,000
116,000 112,000
5,032,000 4,707,000
641,000 694,000
559,000 415,000
862,000 592,000
446,000 624,000
104,000 119,000
550,000 743,000
11,314,000 9,562,0005,123,000 5,235,000
995,000 1,315,000
14,857,000 14,209,000
500,000 497,000
11,272,000 10,746,000
3,631,000 3,391,000
30,260,000 28,843,000
15,145,000 13,781,000
15,115,000 15,062,000
1,147,000 913,000
1,171,000 1,192,000
17,433,000 17,167,000
2,494,000 2,907,000
22,085,000 22,505,000
571,000 500,000
275,000 283,000
120,000 25,000
518,000 499,000
1,484,000 1,307,000
60,928,000 59,998,000
3,996,000 4,006,0001,290,000 1,229,000
663,000 682,000
5,949,000 5,917,000
3,280,000 2,682,000
2,162,000 1,611,000
11,391,000 10,210,000
2,686,000 839,000
6,340,000 6,499,000
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1,323,000 1,323,000
- 305,000
- 54,000
163,000 191,000
- -
- 353,000
181,000 183,000355,000 276,000
541,000 260,000
11,589,000 10,283,000
1,418,000 1,246,000
568,000 486,000
490,000 440,000
1,107,000 1,070,000
3,583,000 3,242,000
15,172,000 13,525,000
3,280,000 2,682,000
11,892,000 10,843,000
2,573,000 2,651,000
369,000 323,000
274,000 292,000
288,000 224,000
239,000 265,000
966,000 -
- 872,000
888,000 1,155,000
3,024,000 3,131,000
1,295,000 1,343,000- 22,377,000
24,207,000 -
24,805,000 20,630,000
(42,000) 29,000
164,000 -
(279,000) -
- -
- 87,000
- (124,000)
(157,000) (8,000)
48,855,000 42,999,000
18,102,000 11,179,000
30,753,000 31,820,000
- -
- -
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As Reported Quarterly Balance Sheet Data (Source: Mergent Online)
Report Date 07/02/2011
3rd Quarter
Currency USD
Consolidated Yes
Scale Thousands
Cash & cash equivalents 3,519,000Receivables 6,212,000
Inventories 1,542,000
Television costs 693,000
Deferred income taxes 1,051,000
Other current assets 626,000
Total current assets 13,643,000
Film & television costs 4,312,000
Investments 2,505,000
Attractions, buildings & equipment, at cost 35,222,000
Accumulated depreciation - attractions, buildings & equipment 19,591,000
Attractions, buildings & equipment, net 15,631,000
Projects in progress 2,440,000
Land 1,136,000
Parks, resorts & other property, net 19,207,000
Intangible assets, net 5,094,000
Goodwill 24,136,000
Other assets 2,208,000
Total assets 71,105,000
Accounts payable & other accrued liabilities 5,602,000
Current portion of borrowings 4,062,000
Unearned royalties & other advances 3,102,000Total current liabilities 12,766,000
Commercial paper borrowings -
Medium-term notes -
Convertible senior notes -
Capital cities or ABC debt -
Film financing -
Privately placed debt -
Preferred stock -
Other borrowings -
Euro Disney borrowings -
Hong Kong Disneyland borrowings -Total borrowings -
Less: current portion -
Borrowings 9,176,000
Deferred income taxes 2,905,000
Other long-term liabilities 5,336,000
Minority interests -
Common stock 30,159,000
Retained earnings (accumulated deficit) 37,288,000
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Market value adjustments for investments & hedges (151,000)
Foreign currency translation & other accumulated comprehensive income 109,000
Unrecognized pension & postretirement medical expense (1,767,000)
Foreign currency translation -
Additional minimum pension liability adjustment -
Accumulated other comprehensive income (loss) (1,809,000)
Shareholders' equity sub-total 65,638,000Treasury stock, at cost 26,692,000
Total The Walt Disney Company shareholders' equity 38,946,000
Noncontrolling interests 1,976,000
Total equity 40,922,000
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04/02/2011 01/01/2011 07/03/2010 04/03/2010 01/02/2010 06/27/2009 03/28/2009
2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter
USD USD USD USD USD USD USD
Yes Yes Yes Yes Yes Yes Yes
Thousands Thousands Thousands Thousands Thousands Thousands Thousands
3,094,000 3,039,000 2,951,000 3,075,000 3,204,000 3,128,000 3,369,0006,075,000 7,028,000 5,744,000 5,478,000 5,972,000 4,944,000 4,939,000
1,453,000 1,416,000 1,322,000 1,225,000 1,196,000 1,229,000 1,233,000
878,000 833,000 731,000 951,000 837,000 566,000 743,000
1,051,000 1,052,000 1,162,000 1,162,000 1,170,000 1,024,000 1,024,000
669,000 626,000 691,000 596,000 566,000 608,000 669,000
13,220,000 13,994,000 12,601,000 12,487,000 12,945,000 11,499,000 11,977,000
4,609,000 4,636,000 4,825,000 5,190,000 5,246,000 5,306,000 5,631,000
2,499,000 2,491,000 2,587,000 2,607,000 2,578,000 1,668,000 1,564,000
34,832,000 32,966,000 32,036,000 32,396,000 32,562,000 31,894,000 31,403,000
19,156,000 18,601,000 17,808,000 17,884,000 17,718,000 17,061,000 16,608,000
15,676,000 14,365,000 14,228,000 14,512,000 14,844,000 14,833,000 1,479,500
2,086,000 3,001,000 1,811,000 1,664,000 1,425,000 1,293,000 1,260,000
1,136,000 1,120,000 1,115,000 1,158,000 1,165,000 1,161,000 1,155,000
18,898,000 18,486,000 17,154,000 17,334,000 17,434,000 17,287,000 17,210,000
5,139,000 5,193,000 5,065,000 5,091,000 5,371,000 2,305,000 2,284,000
24,127,000 24,121,000 23,709,000 23,691,000 23,794,000 22,366,000 22,368,000
2,096,000 2,029,000 2,364,000 2,360,000 1,946,000 2,153,000 1,998,000
70,588,000 70,950,000 68,305,000 68,760,000 69,314,000 62,584,000 63,032,000
5,150,000 7,118,000 5,100,000 4,879,000 6,684,000 4,767,000 5,213,000
4,084,000 2,822,000 1,823,000 2,241,000 2,642,000 1,142,000 2,187,000
3,569,000 2,807,000 2,566,000 2,932,000 2,341,000 2,697,000 2,786,00012,803,000 12,747,000 9,489,000 10,052,000 11,667,000 8,606,000 10,186,000
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -- - - - - - -
- - - - - - -
8,688,000 9,933,000 10,804,000 11,000,000 11,189,000 12,552,000 12,541,000
2,841,000 2,577,000 3,246,000 3,085,000 2,958,000 2,636,000 2,360,000
5,944,000 5,954,000 5,165,000 5,654,000 5,542,000 3,392,000 3,646,000
- - - - - 1,102,000 1,027,000
29,938,000 29,271,000 28,542,000 28,100,000 27,571,000 26,840,000 26,693,000
35,814,000 34,873,000 33,493,000 32,173,000 31,225,000 30,137,000 29,191,000
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(149,000) (128,000) 16,000 38,000 34,000 104,000 214,000
100,000 71,000 37,000 80,000 109,000 87,000 38,000
(1,788,000) (1,830,000) (1,646,000) (1,677,000) (1,740,000) (213,000) (205,000)
- - - - - - -
- - - - - - -
(1,837,000) (1,887,000) (1,593,000) (1,559,000) (1,597,000) (22,000) 47,000
63,915,000 62,257,000 60,442,000 58,714,000 57,199,000 56,955,000 55,931,00025,265,000 24,460,000 22,483,000 21,234,000 21,019,000 22,659,000 22,659,000
38,650,000 37,797,000 37,959,000 37,480,000 36,180,000 34,296,000 33,272,000
1,662,000 1,942,000 1,642,000 1,489,000 1,778,000 - -
40,312,000 39,739,000 39,601,000 38,969,000 37,958,000 - -
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12/27/2008 06/28/2008 03/29/2008 12/29/2007 06/30/2007 03/31/2007 12/30/2006
1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
USD USD USD USD USD USD USD
Yes Yes Yes Yes Yes Yes Yes
Thousands Thousands Thousands Thousands Thousands Thousands Thousands
3,795,000 2,589,000 3,860,000 3,414,000 3,464,000 2,182,000 2,437,0006,106,000 5,669,000 5,595,000 6,994,000 5,139,000 4,949,000 6,313,000
1,174,000 992,000 841,000 731,000 608,000 622,000 670,000
708,000 508,000 646,000 689,000 512,000 625,000 515,000
1,024,000 862,000 862,000 862,000 588,000 592,000 592,000
665,000 623,000 592,000 578,000 507,000 544,000 588,000
13,472,000 11,243,000 12,396,000 13,268,000 10,818,000 9,514,000 11,115,000
5,582,000 5,183,000 4,878,000 4,942,000 4,967,000 5,183,000 5,136,000
1,674,000 1,418,000 1,154,000 1,030,000 934,000 903,000 876,000
31,407,000 31,702,000 31,248,000 30,649,000 29,703,000 29,326,000 29,263,000
16,434,000 16,321,000 16,035,000 15,541,000 14,721,000 14,489,000 14,161,000
14,973,000 15,381,000 15,213,000 15,108,000 14,982,000 14,837,000 15,102,000
1,167,000 980,000 1,159,000 1,076,000 929,000 1,004,000 855,000
1,165,000 1,189,000 1,185,000 1,172,000 1,154,000 1,193,000 1,187,000
17,305,000 17,550,000 17,557,000 17,356,000 17,065,000 17,034,000 17,144,000
2,404,000 2,474,000 2,473,000 2,480,000 2,438,000 2,916,000 2,900,000
22,392,000 22,121,000 22,094,000 22,070,000 22,015,000 22,701,000 22,545,000
2,072,000 1,593,000 1,739,000 1,626,000 1,430,000 1,354,000 1,277,000
64,901,000 61,582,000 62,291,000 62,772,000 59,667,000 59,605,000 60,993,000
6,638,000 5,246,000 5,399,000 7,084,000 5,137,000 5,396,000 6,916,000
3,771,000 2,050,000 2,861,000 2,945,000 1,947,000 2,399,000 1,759,000
2,195,000 2,743,000 2,996,000 2,354,000 2,461,000 2,482,000 1,912,00012,604,000 10,039,000 11,256,000 12,383,000 9,545,000 10,277,000 10,587,000
- - - - - 973,000 666,000
- - - - - 5,940,000 5,940,000
- - - - - 1,323,000 1,323,000
- - - - - 182,000 182,000
- - - - - 328,000 299,000
- - - - - - 54,000
- - - - - 348,000 351,000
- - - - - 222,000 224,000
- - - - - 2,306,000 2,276,000
- - - - - 1,067,000 1,073,000- - - - - 12,689,000 12,388,000
- - - - - 2,399,000 1,759,000
12,232,000 11,522,000 12,929,000 12,785,000 11,728,000 10,290,000 10,629,000
2,380,000 2,258,000 2,321,000 2,225,000 2,451,000 2,646,000 2,596,000
3,770,000 3,748,000 3,851,000 3,672,000 3,184,000 3,521,000 3,315,000
1,260,000 1,236,000 1,146,000 1,327,000 1,202,000 1,128,000 1,358,000
26,662,000 26,274,000 24,602,000 24,419,000 23,990,000 23,537,000 22,943,000
28,575,000 27,660,000 26,381,000 25,248,000 23,926,000 22,625,000 21,694,000
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169,000 (9,000) (70,000) (31,000) 11,000 13,000 17,000
105,000 211,000 215,000 166,000 - - 114,000
(197,000) (261,000) (267,000) (274,000) - - -
- - - - 131,000 127,000 -
- - - - (124,000) (124,000) (124,000)
77,000 (59,000) (122,000) (139,000) 18,000 16,000 7,000
55,314,000 53,875,000 50,861,000 49,528,000 47,934,000 46,178,000 44,644,00022,659,000 21,096,000 20,073,000 19,148,000 16,377,000 14,435,000 12,136,000
32,655,000 32,779,000 30,788,000 30,380,000 31,557,000 31,743,000 32,508,000
- - - - - - -
- - - - - - -
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As Reported Annual Income Statement Data (Source: Mergent Online)
Report Date
Currency
Audit Status
Consolidated
Scale
Revenues
Costs & expenses
Gains on sale of equity investment & business
Restructuring & impairment (charges) & other credits, net
Restructuring & impairment charges
Gain on sales of investments in television services in Europe
Gain on sale of Power Rangers property
Gain related to the acquisition of The Disney Store Japan
Gain on Lifetime/AETN transaction
Gain on sale of investment in two pay television services in Latin America
Gain related to the acquisition of the Disney Stores North AmericaGain on sale of movies.com
Bad debt charge for Lehman Brothers receivable
Other income (expense)
Net interest expense
Equity in the income (loss) of investees
Income (loss) from continuing operations before income taxes & minority interests-domestic
Income (loss) from continuing operations before income taxes & minority interests-foreign
Income (loss) from continuing operations before income taxes & minority interests
Current income tax (benefit) provision-federal
Current income tax (benefit) provision-state
Current income tax (benefit) provision-foreign
Total current income tax (benefit) provision
Deferred income tax (benefit) provision-federal
Deferred income tax (benefit) provision-state
Total deferred income tax (benefit) provision
Income taxes
Minority interests
Income (loss) from continuing operations
Discontinued operations, net
Income (loss) before accounting changes
Net income (loss)Net income attributable to non-controlling interests
Net Income attributable to The Walt Disney Company
Weighted average common & common equivalent shares outstanding-Disney basic
Weighted average common & common equivalent shares outstanding-Disney diluted
Year end shares outstanding
Earnings (loss) per share from continuing operations-basic
Earnings (loss) per share-discontinued operations-basic
Net earnings (loss) per share-basic
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Earnings (loss) per share from continuing operations-diluted
Earnings (loss) per share-discontinued operations-diluted
Net earnings (loss) per share-diluted
Dividends per share
Total number of employees
Number of common stockholders
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- 1.76 2.28 2.24 1.64
- - - 0.01 -
2.03 1.76 2.28 2.25 1.64
0.35 0.35 0.35 0.31 0.27
149,000 144,000 150,000 137,000 133,000
998,373 1,009,288 1,003,443 990,671 991,771
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As Reported Quarterly Income Statement Data (Source: Mergent
Online
Report Date 07/02/2011 04/02/2011
3rd Quarter 2nd Quarter
Currency USD USD
Consolidated Yes Yes
Scale Thousands Thousands
Revenues 10,675,000 9,077,000
Costs & expenses 8,229,000 7,549,000
Restructuring & impairment charges 34,000 -
Gains (losses) on sale of equity investment & business - -
Restructuring & impairment charges - -
Other income - -
Interest expense 113,000 111,000
Interest & investment income 25,000 28,000
Net interest expense 88,000 83,000
Equity in the income of investees 184,000 123,000
Income (loss) before income taxes 2,508,000 1,568,000Income taxes 845,000 558,000
Minority interests - -
Income from continuing operations - -
Income (loss) from discontinued operations, net of tax - -
Net income (loss) 1,663,000 1,010,000
Less: net income attributable to noncontrolling interests (187,000) (68,000)
Net income attributable to The Walt Disney Company 1,476,000 942,000
Weighted average shares outstanding - basic 1,883,000 1,899,000
Weighted average shares outstanding - diluted 1,912,000 1,934,000
Year end shares outstanding 1,820,200 1,855,200
Earnings (loss) per share - continuing operations - basic - -
Earnings (loss) per share - discontinued operations - basic - -
Net earnings (loss) per share - basic 0.78 0.50
Earnings (loss) per share - continuing operations - diluted - -
Earnings (loss) per share - discontinued operations - diluted - -
Net earnings (loss) per share - diluted 0.77 0.49
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01/01/2011 07/03/2010 04/03/2010 01/02/2010 06/27/2009 03/28/2009 12/27/2008
1st Quarter 3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
USD USD USD USD USD USD USD
Yes Yes Yes Yes Yes Yes Yes
Thousands Thousands Thousands Thousands Thousands Thousands Thousands
10,716,000 10,002,000 8,580,000 9,739,000 8,596,000 8,087,000 9,599,000
8,776,000 7,723,000 7,068,000 8,325,000 6,998,000 6,800,000 8,382,000
12,000 36,000 71,000 105,000 21,000 - -
- - - - - - -
- - - - - 305,000 -
75,000 43,000 70,000 27,000 - - 114,000
100,000 103,000 147,000 118,000 134,000 150,000 168,000
5,000 14,000 17,000 15,000 59,000 22,000 29,000
95,000 89,000 130,000 103,000 75,000 128,000 139,000
156,000 139,000 154,000 89,000 155,000 147,000 147,000
2,064,000 2,336,000 1,535,000 1,322,000 1,657,000 1,001,000 1,339,000730,000 831,000 537,000 478,000 626,000 348,000 488,000
- - - - 77,000 40,000 6,000
- - - - - - -
- - - - - - -
1,334,000 1,505,000 998,000 844,000 954,000 613,000 845,000
(32,000) (174,000) (45,000) - - - -
1,302,000 1,331,000 953,000 844,000 - - -
1,891,000 1,945,000 1,940,000 1,867,000 1,857,000 1,855,000 1,852,000
1,927,000 1,978,000 1,973,000 1,903,000 1,874,000 1,868,000 1,872,000
1,874,700 1,932,300 1,969,200 1,875,900 1,819,700 1,819,700 1,819,700
- - - - - - 0.46
- - - - - - -
0.69 0.68 0.49 0.45 0.51 0.33 0.46
- - - - - - 0.45
- - - - - - -
0.68 0.67 0.48 0.44 0.51 0.33 0.45
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06/28/2008 03/29/2008 12/29/2007 06/30/2007 03/31/2007 12/30/2006
3rd Quarter 2nd Quarter 1st Quarter 3rd Quarter 2nd Quarter 1st Quarter
USD USD USD USD USD USD
Yes Yes Yes Yes Yes Yes
Thousands Thousands Thousands Thousands Thousands Thousands
9,236,000 8,710,000 10,452,000 9,045,000 8,073,000 9,725,000
7,215,000 6,812,000 8,419,000 7,022,000 6,540,000 8,009,000
- - - - - -
- - - - - 1,052,000
- - - - - -
32,000 - - - - -
161,000 186,000 216,000 183,000 167,000 188,000
20,000 39,000 93,000 40,000 37,000 31,000
141,000 147,000 123,000 143,000 130,000 157,000
175,000 144,000 123,000 147,000 121,000 121,000
2,087,000 1,895,000 2,033,000 2,027,000 1,524,000 2,732,000712,000 712,000 759,000 762,000 590,000 1,026,000
91,000 50,000 24,000 69,000 3,000 5,000
1,284,000 1,133,000 - 1,196,000 - -
- - - (18,000) - -
1,284,000 1,133,000 1,250,000 1,178,000 931,000 1,701,000
- - - - - -
- - - - - -
1,900,000 1,883,000 1,904,000 1,982,000 2,039,000 2,059,000
1,940,000 1,960,000 1,989,000 2,070,000 2,129,000 2,148,000
1,869,700 1,901,200 1,931,000 2,013,100 1,968,600 2,035,200
0.68 0.60 0.66 0.60 - -
- - - (0.01) - -
0.68 0.60 0.66 0.59 0.46 0.83
0.66 0.58 0.63 0.58 - -
- - - (0.01) - -
0.66 0.58 0.63 0.57 0.44 0.79
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Disney Public Bond Data (Source: FINRA at http://cxa.marketwatch.com/finra/BondCenter/Default.aspx)
Bond Symbol Issuer Name Coupon Maturity Callable Moody's S&P
DIS.HM WALT DISNEY CO 6.380 3/1/2012 No A2 A
DIS.IE WALT DISNEY CO 4.700 12/1/2012 Yes A2 A
DIS.IF WALT DISNEY CO 4.700 12/1/2012 Yes - A
DIS.IG WALT DISNEY CO 4.500 12/15/2013 Yes A2 ADIS.IA WALT DISNEY CO 6.200 6/20/2014 No A2 A
DIS.IK WALT DISNEY CO 1.350 8/16/2016 No A2 A
DIS.HY WALT DISNEY CO 5.625 9/15/2016 Yes A2 A
DIS.IB WALT DISNEY CO 6.000 7/17/2017 Yes A2 A
DIS.HV WALT DISNEY CO 5.880 12/15/2017 No A2 A
DIS.II WALT DISNEY CO 5.500 3/15/2019 Yes A2 A
DIS.IJ WALT DISNEY CO 3.750 6/1/2021 Yes A2 A
DIS.GB ABC INC 8.750 8/15/2021 No - A
DIS.IL WALT DISNEY CO 2.750 8/16/2021 No A2 A
DIS.HL WALT DISNEY CO 7.000 3/1/2032 No A2 A
DIS.GV WALT DISNEY CO 0.000 4/1/2039 Yes A2 A
DIS.IM WALT DISNEY CO 4.375 8/16/2041 No A2 A
DIS.GP WALT DISNEY CO 0.000 8/15/2057 Yes A2 A
DIS.GC WALT DISNEY CO 7.550 7/15/2093 Yes A1 A
Date Downloaded: August 29, 2011
Ratings
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Amount Offer Pay
Fitch Price Yield (in %) Outstanding (000s) Date Frequency
A 102.90 0.566 $1,250,000.00 2/21/2002 Semi-annual
A 104.54 1.036 $750,000.00 11/29/2007 Semi-annual
A 100.64 4.554 $750,000.00 11/29/2007 Semi-annual
A 108.29 0.836 $1,000,000.00 12/17/2008 Semi-annualA 112.35 1.670 $450,000.00 6/19/2002 Semi-annual
A 99.11 1.537 $750,000.00 8/17/2011 Semi-annual
A 118.26 1.816 $750,000.00 9/6/2006 Semi-annual
A 118.62 2.566 $350,000.00 7/12/2007 Semi-annual
A 117.88 2.757 $300,000.00 12/16/2002 Semi-annual
A 122.70 2.214 $500,000.00 3/11/2009 Semi-annual
A 106.63 2.961 $500,000.00 5/18/2011 Semi-annual
A 142.90 3.650 $250,000.00 8/15/1991 Semi-annual
A 99.90 2.761 $750,000.00 8/17/2011 Semi-annual
A 133.90 4.459 $500,000.00 2/21/2002 Semi-annual
A 98.63 - $25,000.00 3/29/1999 Quarterly
A 98.25 4.482 $350,000.00 8/17/2011 Semi-annual
A 96.40 - $25,000.00 7/28/1997 Quarterly
A 127.76 4.676 $300,000.00 7/21/1993 Semi-annual
Last Sale
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Risk-Free Return Data (Source: Ken French's website at http://mba.tuck.dartmouth.edu/pages/faculty/ken.fre
Date RF
201107 0
201106 0
201105 0
201104 0
201103 0201102 0.01
201101 0
201012 0.01
201011 0.01
201010 0.01
201009 0.01
201008 0.01
201007 0.01
201006 0.01
201005 0.01
201004 0
201003 0
201002 0
201001 0
200912 0
200911 0
200910 0
200909 0
200908 0.01
200907 0.01
200906 0200905 0
200904 0.01
200903 0.01
200902 0.01
200901 0
200812 0.09
200811 0.02
200810 0.08
200809 0.15
200808 0.12
200807 0.15200806 0.17
200805 0.17
200804 0.17
200803 0.17
200802 0.13
200801 0.21
200712 0.27
200711 0.34
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200710 0.32
200709 0.32
200708 0.42
200707 0.4
200706 0.4
200705 0.41
200704 0.44200703 0.43
200702 0.38
200701 0.44
200612 0.4
200611 0.42
200610 0.41
200609 0.41
200608 0.42
200607 0.4
200606 0.4
200605 0.43
200604 0.36
200603 0.37
200602 0.34
200601 0.35
200512 0.32
200511 0.31
200510 0.27
200509 0.29
200508 0.3
200507 0.24200506 0.23
200505 0.24
200504 0.21
200503 0.21
200502 0.16
200501 0.16
200412 0.16
200411 0.15
200410 0.11
200409 0.11
200408 0.11200407 0.1
200406 0.08
200405 0.06
200404 0.08
200403 0.09
200402 0.06
200401 0.07
200312 0.08
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200311 0.07
200310 0.07
200309 0.08
200308 0.07
200307 0.07
200306 0.1
200305 0.09200304 0.1
200303 0.1
200302 0.09
200301 0.1
200212 0.11
200211 0.12
200210 0.14
200209 0.14
200208 0.14
200207 0.15
200206 0.13
200205 0.14
200204 0.15
200203 0.13
200202 0.13
200201 0.14
200112 0.15
200111 0.17
200110 0.22
200109 0.28
200108 0.31200107 0.3
200106 0.28
200105 0.32
200104 0.39
200103 0.44
200102 0.39
200101 0.54
200012 0.5
200011 0.51
200010 0.56
200009 0.51200008 0.5
200007 0.48
200006 0.4
200005 0.5
200004 0.46
200003 0.47
200002 0.43
200001 0.41
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199912 0.44
199911 0.36
199910 0.39
199909 0.39
199908 0.39
199907 0.38
199906 0.4199905 0.34
199904 0.37
199903 0.43
199902 0.35
199901 0.35
199812 0.38
199811 0.31
199810 0.32
199809 0.46
199808 0.43
199807 0.4
199806 0.41
199805 0.4
199804 0.43
199803 0.39
199802 0.39
199801 0.43
199712 0.48
199711 0.39
199710 0.42
199709 0.44199708 0.41
199707 0.43
199706 0.37
199705 0.49
199704 0.43
199703 0.43
199702 0.39
199701 0.45
199612 0.46
199611 0.41
199610 0.42199609 0.44
199608 0.41
199607 0.45
199606 0.4
199605 0.42
199604 0.46
199603 0.39
199602 0.39
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199601 0.43
199512 0.49
199511 0.42
199510 0.47
199509 0.43
199508 0.47
199507 0.45199506 0.47
199505 0.54
199504 0.44
199503 0.46
199502 0.4
199501 0.42
199412 0.44
199411 0.37
199410 0.38
199409 0.37
199408 0.37
199407 0.28
199406 0.31
199405 0.32
199404 0.27
199403 0.27
199402 0.21
199401 0.25
199312 0.23
199311 0.25
199310 0.22199309 0.26
199308 0.25
199307 0.24
199306 0.25
199305 0.22
199304 0.24
199303 0.25
199302 0.22
199301 0.23
199212 0.28
199211 0.23199210 0.23
199209 0.26
199208 0.26
199207 0.31
199206 0.32
199205 0.28
199204 0.32
199203 0.34
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199202 0.28
199201 0.34
199112 0.38
199111 0.39
199110 0.42
199109 0.46
199108 0.46199107 0.49
199106 0.42
199105 0.47
199104 0.53
199103 0.44
199102 0.48
199101 0.52
199012 0.6
199011 0.57
199010 0.68
199009 0.6
199008 0.66
199007 0.68
199006 0.63
199005 0.68
199004 0.69
199003 0.64
199002 0.57
199001 0.57
198912 0.61
198911 0.69198910 0.68
198909 0.65
198908 0.74
198907 0.7
198906 0.71
198905 0.79
198904 0.67
198903 0.67
198902 0.61
198901 0.55
198812 0.63198811 0.57
198810 0.61
198809 0.62
198808 0.59
198807 0.51
198806 0.49
198805 0.51
198804 0.46
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198803 0.44
198802 0.46
198801 0.29
198712 0.39
198711 0.35
198710 0.6
198709 0.45198708 0.47
198707 0.46
198706 0.48
198705 0.38
198704 0.44
198703 0.47
198702 0.43
198701 0.42
198612 0.49
198611 0.39
198610 0.46
198609 0.45
198608 0.46
198607 0.52
198606 0.52
198605 0.49
198604 0.52
198603 0.6
198602 0.53
198601 0.56
198512 0.65198511 0.61
198510 0.65
198509 0.6
198508 0.55
198507 0.62
198506 0.55
198505 0.66
198504 0.72
198503 0.62
198502 0.58
198501 0.65198412 0.64
198411 0.73
198410 1
198409 0.86
198408 0.83
198407 0.82
198406 0.75
198405 0.78
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198404 0.81
198403 0.73
198402 0.71
198401 0.76
198312 0.73
198311 0.7
198310 0.76198309 0.76
198308 0.76
198307 0.74
198306 0.67
198305 0.69
198304 0.71
198303 0.63
198302 0.62
198301 0.69
198212 0.67
198211 0.63
198210 0.59
198209 0.51
198208 0.76
198207 1.05
198206 0.96
198205 1.06
198204 1.13
198203 0.98
198202 0.92
198201 0.8198112 0.87
198111 1.07
198110 1.21
198109 1.24
198108 1.28
198107 1.24
198106 1.35
198105 1.15
198104 1.08
198103 1.21
198102 1.07198101 1.04
198012 1.31
198011 0.96
198010 0.95
198009 0.75
198008 0.64
198007 0.53
198006 0.61
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198005 0.81
198004 1.26
198003 1.21
198002 0.89
198001 0.8
197912 0.95
197911 0.99197910 0.87
197909 0.83
197908 0.77
197907 0.77
197906 0.81
197905 0.82
197904 0.8
197903 0.81
197902 0.73
197901 0.77
197812 0.78
197811 0.7
197810 0.68
197809 0.62
197808 0.55
197807 0.56
197806 0.54
197805 0.51
197804 0.54
197803 0.53
197802 0.46197801 0.49
197712 0.49
197711 0.5
197710 0.49
197709 0.43
197708 0.44
197707 0.42
197706 0.4
197705 0.37
197704 0.38
197703 0.38197702 0.35
197701 0.36
197612 0.4
197611 0.4
197610 0.41
197609 0.44
197608 0.42
197607 0.47
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197606 0.43
197605 0.37
197604 0.42
197603 0.4
197602 0.34
197601 0.47
197512 0.48197511 0.41
197510 0.56
197509 0.53
197508 0.48
197507 0.48
197506 0.41
197505 0.44
197504 0.44
197503 0.41
197502 0.43
197501 0.58
197412 0.7
197411 0.54
197410 0.51
197409 0.81
197408 0.6
197407 0.7
197406 0.6
197405 0.75
197404 0.75
197403 0.56197402 0.58
197401 0.63
197312 0.64
197311 0.56
197310 0.65
197309 0.68
197308 0.7
197307 0.64
197306 0.51
197305 0.51
197304 0.52197303 0.46
197302 0.41
197301 0.44
197212 0.37
197211 0.37
197210 0.4
197209 0.34
197208 0.29
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197207 0.31
197206 0.29
197205 0.3
197204 0.29
197203 0.27
197202 0.25
197201 0.29197112 0.37
197111 0.37
197110 0.37
197109 0.37
197108 0.47
197107 0.4
197106 0.37
197105 0.29
197104 0.28
197103 0.3
197102 0.33
197101 0.38
197012 0.42
197011 0.46
197010 0.46
197009 0.54
197008 0.53
197007 0.52
197006 0.58
197005 0.53
197004 0.5197003 0.57
197002 0.62
197001 0.6
196912 0.64
196911 0.52
196910 0.6
196909 0.62
196908 0.5
196907 0.53
196906 0.51
196905 0.48196904 0.53
196903 0.46
196902 0.46
196901 0.53
196812 0.43
196811 0.42
196810 0.44
196809 0.43
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196808 0.42
196807 0.48
196806 0.43
196805 0.45
196804 0.43
196803 0.38
196802 0.39196801 0.4
196712 0.33
196711 0.36
196710 0.39
196709 0.32
196708 0.31
196707 0.32
196706 0.27
196705 0.33
196704 0.32
196703 0.39
196702 0.36
196701 0.43
196612 0.4
196611 0.4
196610 0.45
196609 0.4
196608 0.41
196607 0.35
196606 0.38
196605 0.41196604 0.34
196603 0.38
196602 0.35
196601 0.38
196512 0.33
196511 0.35
196510 0.31
196509 0.31
196508 0.33
196507 0.31
196506 0.35196505 0.31
196504 0.31
196503 0.36
196502 0.3
196501 0.28
196412 0.31
196411 0.29
196410 0.29
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196409 0.28
196408 0.28
196407 0.3
196406 0.3
196405 0.26
196404 0.29
196403 0.31196402 0.26
196401 0.3
196312 0.29
196311 0.27
196310 0.29
196309 0.27
196308 0.25
196307 0.27
196306 0.23
196305 0.24
196304 0.25
196303 0.23
196302 0.23
196301 0.25
196212 0.23
196211 0.2
196210 0.26
196209 0.21
196208 0.23
196207 0.27
196206 0.2196205 0.24
196204 0.22
196203 0.2
196202 0.2
196201 0.24
196112 0.19
196111 0.15
196110 0.19
196109 0.17
196108 0.14
196107 0.18196106 0.2
196105 0.18
196104 0.17
196103 0.2
196102 0.14
196101 0.19
196012 0.16
196011 0.13
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196010 0.22
196009 0.16
196008 0.17
196007 0.13
196006 0.24
196005 0.27
196004 0.19196003 0.35
196002 0.29
196001 0.33
195912 0.34
195911 0.26
195910 0.3
195909 0.31
195908 0.19
195907 0.25
195906 0.25
195905 0.22
195904 0.2
195903 0.22
195902 0.19
195901 0.21
195812 0.22
195811 0.11
195810 0.18
195809 0.19
195808 0.04
195807 0.07195806 0.03
195805 0.11
195804 0.08
195803 0.09
195802 0.12
195801 0.28
195712 0.24
195711 0.28
195710 0.29
195709 0.26
195708 0.25195707 0.3
195706 0.24
195705 0.26
195704 0.25
195703 0.23
195702 0.24
195701 0.27
195612 0.24
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195611 0.2
195610 0.25
195609 0.18
195608 0.17
195607 0.22
195606 0.2
195605 0.23195604 0.19
195603 0.15
195602 0.19
195601 0.22
195512 0.18
195511 0.17
195510 0.18
195509 0.16
195508 0.16
195507 0.1
195506 0.1
195505 0.14
195504 0.1
195503 0.1
195502 0.09
195501 0.08
195412 0.08
195411 0.06
195410 0.07
195409 0.09
195408 0.05195407 0.05
195406 0.06
195405 0.05
195404 0.09
195403 0.08
195402 0.07
195401 0.11
195312 0.13
195311 0.08
195310 0.13
195309 0.16195308 0.17
195307 0.15
195306 0.18
195305 0.17
195304 0.16
195303 0.18
195302 0.14
195301 0.16
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195212 0.16
195211 0.1
195210 0.14
195209 0.16
195208 0.15
195207 0.15
195206 0.15195205 0.13
195204 0.12
195203 0.11
195202 0.12
195201 0.15
195112 0.12
195111 0.11
195110 0.16
195109 0.12
195108 0.13
195107 0.13
195106 0.12
195105 0.12
195104 0.13
195103 0.11
195102 0.1
195101 0.13
195012 0.11
195011 0.11
195010 0.12
195009 0.1195008 0.1
195007 0.1
195006 0.1
195005 0.1
195004 0.09
195003 0.1
195002 0.09
Average Monthly Returns = 0.377995
Average Yearly Returns = 4.535935
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nch/data_library.html)
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Disney Stock Price Data (Source: Yahoo Finance)
Date Adj Close - Disney Returns - Disney
Jul-11 38.62 -1.0758
Jun-11 39.04 -6.2215
May-11 41.63 -3.4107
Apr-11 43.1 0.0232
Mar-11 43.09 -1.4861Feb-11 43.74 12.5289
Jan-11 38.87 3.6257
Dec-10 37.51 3.8770
Nov-10 36.11 1.0353
Oct-10 35.74 9.1631
Sep-10 32.74 1.7086
Aug-10 32.19 -3.4203
Jul-10 33.33 6.9641
Jun-10 31.16 -5.7471
May-10 33.06 -9.2755
Apr-10 36.44 5.5314
Mar-10 34.53 11.7476
Feb-10 30.9 5.7133
Jan-10 29.23 -8.3699
Dec-09 31.9 7.9526
Nov-09 29.55 10.3848
Oct-09 26.77 -0.2980
Sep-09 26.85 5.4595
Aug-09 25.46 3.6645
Jul-09 24.56 7.6721
Jun-09 22.81 -3.6740May-09 23.68 10.5509
Apr-09 21.42 20.6081
Mar-09 17.76 8.2927
Feb-09 16.4 -18.8922
Jan-09 20.22 -8.8779
Dec-08 22.19 2.2581
Nov-08 21.7 -13.0609
Oct-08 24.96 -15.5901
Sep-08 29.57 -5.1331
Aug-08 31.17 6.6005
Jul-08 29.24 -2.7279Jun-08 30.06 -7.1362
May-08 32.37 3.5840
Apr-08 31.25 3.3741
Mar-08 30.23 -3.2020
Feb-08 31.23 8.6261
Jan-08 28.75 -7.5563
Dec-07 31.1 -1.5823
Nov-07 31.6 -4.2714
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Oct-07 33.01 0.7016
Sep-07 32.78 2.3416
Aug-07 32.03 1.8442
Jul-07 31.45 -3.3497
Jun-07 32.54 -3.6708
May-07 33.78 1.3197
Apr-07 33.34 1.5844Mar-07 32.82 0.5207
Feb-07 32.65 -2.5955
Jan-07 33.52 2.6332
Dec-06 32.66 4.6124
Nov-06 31.22 5.0471
Oct-06 29.72 1.7808
Sep-06 29.2 4.2485
Aug-06 28.01 -0.1426
Jul-06 28.05
Average Monthly Returns = 0.780210507
Average Yearly Returns = 9.362526083
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S&P 500 Index Data (Source: Yahoo Finance)
Date Adj Close - S&P 500 Returns - S&P 500
Jul-11 1292.28 -2.1474
Jun-11 1320.64 -1.8258
May-11 1345.2 -1.3501
Apr-11 1363.61 2.8495
Mar-11 1325.83 -0.1047Feb-11 1327.22 3.1957
Jan-11 1286.12 2.2646
Dec-10 1257.64 6.5300
Nov-10 1180.55 -0.2290
Oct-10 1183.26 3.6856
Sep-10 1141.2 8.7551
Aug-10 1049.33 -4.7449
Jul-10 1101.6 6.8778
Jun-10 1030.71 -5.3882
May-10 1089.41 -8.1976
Apr-10 1186.69 1.4759
Mar-10 1169.43 5.8796
Feb-10 1104.49 2.8514
Jan-10 1073.87 -3.6974
Dec-09 1115.1 1.7771
Nov-09 1095.63 5.7364
Oct-09 1036.19 -1.9762
Sep-09 1057.08 3.5723
Aug-09 1020.62 3.3560
Jul-09 987.48 7.4142
Jun-09 919.32 0.0196May-09 919.14 5.3081
Apr-09 872.81 9.3925
Mar-09 797.87 8.5405
Feb-09 735.09 -10.9931
Jan-09 825.88 -8.5657
Dec-08 903.25 0.7822
Nov-08 896.24 -7.4849
Oct-08 968.75 -16.9425
Sep-08 1166.36 -9.0791
Aug-08 1282.83 1.2191
Jul-08 1267.38 -0.9859Jun-08 1280 -8.5962
May-08 1400.38 1.0674
Apr-08 1385.59 4.7547
Mar-08 1322.7 -0.5960
Feb-08 1330.63 -3.4761
Jan-08 1378.55 -6.1163
Dec-07 1468.36 -0.8628
Nov-07 1481.14 -4.4043
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Oct-07 1549.38 1.4822
Sep-07 1526.75 3.5794
Aug-07 1473.99 1.2864
Jul-07 1455.27 -3.1982
Jun-07 1503.35 -1.7816
May-07 1530.62 3.2549
Apr-07 1482.37 4.3291Mar-07 1420.86 0.9980
Feb-07 1406.82 -2.1846
Jan-07 1438.24 1.4059
Dec-06 1418.3 1.2616
Nov-06 1400.63 1.6467
Oct-06 1377.94 3.1508
Sep-06 1335.85 2.4566
Aug-06 1303.82 2.1274
Jul-06 1276.66 0.5086
Jun-06 1270.2 0.0087
May-06 1270.09 -3.0917
Apr-06 1310.61 1.2156
Mar-06 1294.87 1.1096
Feb-06 1280.66 0.0453
Jan-06 1280.08 2.5467
Dec-05 1248.29 -0.0952
Nov-05 1249.48 3.5186
Oct-05 1207.01 -1.7741
Sep-05 1228.81 0.6949
Aug-05 1220.33 -1.1222
Jul-05 1234.18 3.5968Jun-05 1191.33 -0.0143
May-05 1191.5 2.9952
Apr-05 1156.85 -2.0109
Mar-05 1180.59 -1.9118
Feb-05 1203.6 1.8903
Jan-05 1181.27 -2.5290
Dec-04 1211.92 3.2458
Nov-04 1173.82 3.8595
Oct-04 1130.2 1.4014
Sep-04 1114.58 0.9364
Aug-04 1104.24 0.2287Jul-04 1101.72 -3.4291
Jun-04 1140.84 1.7989
May-04 1120.68 1.2083
Apr-04 1107.3 -1.6791
Mar-04 1126.21 -1.6359
Feb-04 1144.94 1.2209
Jan-04 1131.13 1.7276
Dec-03 1111.92 5.0765
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Nov-03 1058.2 0.7129
Oct-03 1050.71 5.4961
Sep-03 995.97 -1.1944
Aug-03 1008.01 1.7873
Jul-03 990.31 1.6224
Jun-03 974.5 1.1322
May-03 963.59 5.0899Apr-03 916.92 8.1044
Mar-03 848.18 0.8358
Feb-03 841.15 -1.7004
Jan-03 855.7 -2.7415
Dec-02 879.82 -6.0333
Nov-02 936.31 5.7070
Oct-02 885.76 8.6449
Sep-02 815.28 -11.0024
Aug-02 916.07 0.4881
Jul-02 911.62 -7.9004
Jun-02 989.82 -7.2455
May-02 1067.14 -0.9081
Apr-02 1076.92 -6.1418
Mar-02 1147.39 3.6739
Feb-02 1106.73 -2.0766
Jan-02 1130.2 -1.5574
Dec-01 1148.08 0.7574
Nov-01 1139.45 7.5176
Oct-01 1059.78 1.8099
Sep-01 1040.94 -8.1723
Aug-01 1133.58 -6.4108Jul-01 1211.23 -1.0740
Jun-01 1224.38 -2.5035
May-01 1255.82 0.5090
Apr-01 1249.46 7.6814
Mar-01 1160.33 -6.4205
Feb-01 1239.94 -9.2291
Jan-01 1366.01 3.4637
Dec-00 1320.28 0.4053
Nov-00 1314.95 -8.0069
Oct-00 1429.4 -0.4949
Sep-00 1436.51 -5.3483Aug-00 1517.68 6.0699
Jul-00 1430.83 -1.6341
Jun-00 1454.6 2.3934
May-00 1420.6 -2.1915
Apr-00 1452.43 -3.0796
Mar-00 1498.58 9.6720
Feb-00 1366.42 -2.0108
Jan-00 1394.46 -5.0904
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Dec-99 1469.25 5.7844
Nov-99 1388.91 1.9062
Oct-99 1362.93 6.2539
Sep-99 1282.71 -2.8552
Aug-99 1320.41 -0.6254
Jul-99 1328.72 -3.2046
Jun-99 1372.71 5.4438May-99 1301.84 -2.4970
Apr-99 1335.18 3.7944
Mar-99 1286.37 3.8794
Feb-99 1238.33 -3.2283
Jan-99 1279.64 4.1009
Dec-98 1229.23 5.6375
Nov-98 1163.63 5.9126
Oct-98 1098.67 8.0294
Sep-98 1017.01 6.2396
Aug-98 957.28 -14.5797
Jul-98 1120.67 -1.1615
Jun-98 1133.84 3.9438
May-98 1090.82 -1.8826
Apr-98 1111.75 0.9076
Mar-98 1101.75 4.9946
Feb-98 1049.34 7.0449
Jan-98 980.28 1.0150
Dec-97 970.43 1.5732
Nov-97 955.4 4.4587
Oct-97 914.62 -3.4478
Sep-97 947.28 5.3154Aug-97 899.47 -5.7466
Jul-97 954.31 7.8146
Jun-97 885.14 4.3453
May-97 848.28 5.8577
Apr-97 801.34 5.8406
Mar-97 757.12 -4.2614
Feb-97 790.82 0.5928
Jan-97 786.16 6.1317
Dec-96 740.74 -2.1505
Nov-96 757.02 7.3376
Oct-96 705.27 2.6101Sep-96 687.33 5.4203
Aug-96 651.99 1.8814
Jul-96 639.95 -4.5748
Jun-96 670.63 0.2257
May-96 669.12 2.2853
Apr-96 654.17 1.3431
Mar-96 645.5 0.7917
Feb-96 640.43 0.6934
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Jan-96 636.02 3.2617
Dec-95 615.93 1.7444
Nov-95 605.37 4.1049
Oct-95 581.5 -0.4979
Sep-95 584.41 4.0098
Aug-95 561.88 -0.0320
Jul-95 562.06 3.1776Jun-95 544.75 2.1279
May-95 533.4 3.6312
Apr-95 514.71 2.7960
Mar-95 500.71 2.7329
Feb-95 487.39 3.6074
Jan-95 470.42 2.4278
Dec-94 459.27 1.2299
Nov-94 453.69 -3.9505
Oct-94 472.35 2.0834
Sep-94 462.71 -2.6878
Aug-94 475.49 3.7599
Jul-94 458.26 3.1490
Jun-94 444.27 -2.6791
May-94 456.5 1.2397
Apr-94 450.91 1.1531
Mar-94 445.77 -4.5746
Feb-94 467.14 -3.0045
Jan-94 481.61 3.2501
Dec-93 466.45 1.0091
Nov-93 461.79 -1.2911
Oct-93 467.83 1.9393Sep-93 458.93 -0.9988
Aug-93 463.56 3.4432
Jul-93 448.13 -0.5327
Jun-93 450.53 0.0755
May-93 450.19 2.2717
Apr-93 440.19 -2.5417
Mar-93 451.67 1.8697
Feb-93 443.38 1.0484
Jan-93 438.78 0.7046
Dec-92 435.71 1.0108
Nov-92 431.35 3.0262Oct-92 418.68 0.2106
Sep-92 417.8 0.9106
Aug-92 414.03 -2.3998
Jul-92 424.21 3.9374
Jun-92 408.14 -1.7359
May-92 415.35 0.0964
Apr-92 414.95 2.7893
Mar-92 403.69 -2.1832
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Feb-92 412.7 0.9590
Jan-92 408.78 -1.9924
Dec-91 417.09 11.1588
Nov-91 375.22 -4.3904
Oct-91 392.45 1.1834
Sep-91 387.86 -1.9144
Aug-91 395.43 1.9649Jul-91 387.81 4.4859
Jun-91 371.16 -4.7893
May-91 389.83 3.8605
Apr-91 375.34 0.0320
Mar-91 375.22 2.2203
Feb-91 367.07 6.7281
Jan-91 343.93 4.1518
Dec-90 330.22 2.4828
Nov-90 322.22 5.9934
Oct-90 304 -0.6698
Sep-90 306.05 -5.1184
Aug-90 322.56 -9.4314
Jul-90 356.15 -0.5223
Jun-90 358.02 -0.8886
May-90 361.23 9.1989
Apr-90 330.8 -2.6887
Mar-90 339.94 2.4255
Feb-90 331.89 0.8539
Jan-90 329.08 -6.8817
Dec-89 353.4 2.1417
Nov-89 345.99 1.6541Oct-89 340.36 -2.5175
Sep-89 349.15 -0.6544
Aug-89 351.45 1.5517
Jul-89 346.08 8.8370
Jun-89 317.98 -0.7925
May-89 320.52 3.5138
Apr-89 309.64 5.0090
Mar-89 294.87 2.0806
Feb-89 288.86 -2.8944
Jan-89 297.47 7.1115
Dec-88 277.72 1.4688Nov-88 273.7 -1.8891
Oct-88 278.97 2.5964
Sep-88 271.91 3.9729
Aug-88 261.52 -3.8600
Jul-88 272.02 -0.5411
Jun-88 273.5 4.3256
May-88 262.16 0.3176
Apr-88 261.33 0.9425
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Mar-88 258.89 -3.3343
Feb-88 267.82 4.1817
Jan-88 257.07 4.0432
Dec-87 247.08 7.2861
Nov-87 230.3 -8.5349
Oct-87 251.79 -21.7630
Sep-87 321.83 -2.4166Aug-87 329.8 3.4959
Jul-87 318.66 4.8224
Jun-87 304 4.7915
May-87 290.1 0.6034
Apr-87 288.36 -1.1450
Mar-87 291.7 2.6390
Feb-87 284.2 3.6924
Jan-87 274.08 13.1767
Dec-86 242.17 -2.8288
Nov-86 249.22 2.1477
Oct-86 243.98 5.4729
Sep-86 231.32 -8.5439
Aug-86 252.93 7.1193
Jul-86 236.12 -5.8683
Jun-86 250.84 1.4110
May-86 247.35 5.0229
Apr-86 235.52 -1.4148
Mar-86 238.9 5.2794
Feb-86 226.92 7.1489
Jan-86 211.78 0.2367
Dec-85 211.28 4.5061Nov-85 202.17 6.5062
Oct-85 189.82 4.2509
Sep-85 182.08 -3.4724
Aug-85 188.63 -1.1995
Jul-85 190.92 -0.4848
Jun-85 191.85 1.2134
May-85 189.55 5.4051
Apr-85 179.83 -0.4594
Mar-85 180.66 -0.2870
Feb-85 181.18 0.8629
Jan-85 179.63 7.4085Dec-84 167.24 2.2374
Nov-84 163.58 -1.5112
Oct-84 166.09 -0.0060
Sep-84 166.1 -0.3480
Aug-84 166.68 10.6332
Jul-84 150.66 -1.6451
Jun-84 153.18 1.7469
May-84 150.55 -5.9356
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Apr-84 160.05 0.5466
Mar-84 159.18 1.3498
Feb-84 157.06 -3.8859
Jan-84 163.41 -0.9216
Dec-83 164.93 -0.8834
Nov-83 166.4 1.7426
Oct-83 163.55 -1.5174Sep-83 166.07 1.0158
Aug-83 164.4 1.1319
Jul-83 162.56 -3.0303
Jun-83 167.64 3.2330
May-83 162.39 -1.2406
Apr-83 164.43 7.4987
Mar-83 152.96 3.3095
Feb-83 148.06 1.8995
Jan-83 145.3 3.3134
Dec-82 140.64 1.5231
Nov-82 138.53 3.5971
Oct-82 133.72 11.0447
Sep-82 120.42 0.7614
Aug-82 119.51 11.5977
Jul-82 107.09 -2.2991
Jun-82 109.61 -2.0290
May-82 111.88 -3.9162
Apr-82 116.44 4.0014
Mar-82 111.96 -1.0167
Feb-82 113.11 -6.0548
Jan-82 120.4 -1.7544Dec-81 122.55 -3.0075
Nov-81 126.35 3.6590
Oct-81 121.89 4.9148
Sep-81 116.18 -5.3832
Aug-81 122.79 -6.2099
Jul-81 130.92 -0.2210
Jun-81 131.21 -1.0408
May-81 132.59 -0.1657
Apr-81 132.81 -2.3456
Mar-81 136 3.6033
Feb-81 131.27 1.3277Jan-81 129.55 -4.5742
Dec-80 135.76 -3.3874
Nov-80 140.52 10.2377
Oct-80 127.47 1.6021
Sep-80 125.46 2.5168
Aug-80 122.38 0.5835
Jul-80 121.67 6.5039
Jun-80 114.24 2.6969
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May-80 111.24 4.6571
Apr-80 106.29 4.1140
Mar-80 102.09 -10.1795
Feb-80 113.66 -0.4380
Jan-80 114.16 5.7625
Dec-79 107.94 1.6767
Nov-79 106.16 4.2624Oct-79 101.82 -6.8606
Sep-79 109.32 0.0000
Aug-79 109.32 5.3078
Jul-79 103.81 0.8746
Jun-79 102.91 3.8656
May-79 99.08 -2.6336
Apr-79 101.76 0.1673
Mar-79 101.59 5.5152
Feb-79 96.28 -3.6526
Jan-79 99.93 3.9746
Dec-78 96.11 1.4889
Nov-78 94.7 1.6640
Oct-78 93.15 -9.1574
Sep-78 102.54 -0.7261
Aug-78 103.29 2.5924
Jul-78 100.68 5.3910
Jun-78 95.53 -1.7585
May-78 97.24 0.4234
Apr-78 96.83 8.5416
Mar-78 89.21 2.4931
Feb-78 87.04 -2.4762Jan-78 89.25 -6.1514
Dec-77 95.1 0.2847
Nov-77 94.83 2.6966
Oct-77 92.34 -4.3406
Sep-77 96.53 -0.2480
Aug-77 96.77 -2.1042
Jul-77 98.85 -1.6222
Jun-77 100.48 4.5360
May-77 96.12 -2.3568
Apr-77 98.44 0.0203
Mar-77 98.42 -1.4025Feb-77 99.82 -2.1660
Jan-77 102.03 -5.0530
Dec-76 107.46 5.2498
Nov-76 102.1 -0.7775
Oct-76 102.9 -2.2235
Sep-76 105.24 2.2641
Aug-76 102.91 -0.5124
Jul-76 103.44 -0.8055
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Jun-76 104.28 4.0926
May-76 100.18 -1.4364
Apr-76 101.64 -1.0995
Mar-76 102.77 3.0689
Feb-76 99.71 -1.1402
Jan-76 100.86 11.8306
Dec-75 90.19 -1.1508Nov-75 91.24 2.4708
Oct-75 89.04 6.1643
Sep-75 83.87 -3.4645
Aug-75 86.88 -2.1070
Jul-75 88.75 -6.7654
Jun-75 95.19 4.4323
May-75 91.15 4.4101
Apr-75 87.3 4.7265
Mar-75 83.36 2.1694
Feb-75 81.59 5.9886
Jan-75 76.98 12.2812
Dec-74 68.56 -2.0151
Nov-74 69.97 -5.3180
Oct-74 73.9 16.3047
Sep-74 63.54 -11.9335
Aug-74 72.15 -9.0279
Jul-74 79.31 -7.7791
Jun-74 86 -1.4665
May-74 87.28 -3.3551
Apr-74 90.31 -3.9051
Mar-74 93.98 -2.3280Feb-74 96.22 -0.3624
Jan-74 96.57 -1.0046
Dec-73 97.55 1.6569
Nov-73 95.96 -11.3861
Oct-73 108.29 -0.1291
Sep-73 108.43 4.0096
Aug-73 104.25 -3.6685
Jul-73 108.22 3.7982
Jun-73 104.26 -0.6575
May-73 104.95 -1.8884
Apr-73 106.97 -4.0800Mar-73 111.52 -0.1433
Feb-73 111.68 -3.7490
Jan-73 116.03 -1.7111
Dec-72 118.05 1.1828
Nov-72 116.67 4.5617
Oct-72 111.58 0.9317
Sep-72 110.55 -0.4861
Aug-72 111.09 3.4454
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Jul-72 107.39 0.2333
Jun-72 107.14 -2.1821
May-72 109.53 1.7275
Apr-72 107.67 0.4384
Mar-72 107.2 0.5912
Feb-72 106.57 2.5303
Jan-72 103.94 1.8121Dec-71 102.09 8.6179
Nov-71 93.99 -0.2547
Oct-71 94.23 -4.1794
Sep-71 98.34 -0.6968
Aug-71 99.03 3.6095
Jul-71 95.58 -3.1611
Jun-71 98.7 -0.9335
May-71 99.63 -4.1558
Apr-71 103.95 3.6288
Mar-71 100.31 3.6796
Feb-71 96.75 0.9074
Jan-71 95.88 4.0477
Dec-70 92.15 5.6766
Nov-70 87.2 4.7447
Oct-70 83.25 -1.2456
Sep-70 84.3 3.4102
Aug-70 81.52 4.4459
Jul-70 78.05 7.3295
Jun-70 72.72 -5.0033
May-70 76.55 -6.0967
Apr-70 81.52 -9.0483Mar-70 89.63 0.1453
Feb-70 89.5 5.2693
Jan-70 85.02 -7.6472
Dec-69 92.06 -1.8655
Nov-69 93.81 -3.4082
Oct-69 97.12 4.2955
Sep-69 93.12 -2.5024
Aug-69 95.51 4.0074
Jul-69 91.83 -6.0178
Jun-69 97.71 -5.5577
May-69 103.46 -0.2218Apr-69 103.69 2.1476
Mar-69 101.51 3.4444
Feb-69 98.13 -4.7374
Jan-69 103.01 -0.8184
Dec-68 103.86 -4.1617
Nov-68 108.37 4.7964
Oct-68 103.41 0.7208
Sep-68 102.67 3.8539
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Aug-68 98.86 1.1459
Jul-68 97.74 -1.8478
Jun-68 99.58 0.9120
May-68 98.68 1.2518
Apr-68 97.46 8.0488
Mar-68 90.2 0.9400
Feb-68 89.36 -3.1223Jan-68 92.24 -4.3848
Dec-67 96.47 2.6277
Nov-67 94 0.7503
Oct-67 93.3 -3.5260
Sep-67 96.71 3.2785
Aug-67 93.64 -1.1715
Jul-67 94.75 4.5344
Jun-67 90.64 1.7512
May-67 89.08 -5.2441
Apr-67 94.01 4.2239
Mar-67 90.2 3.9410
Feb-67 86.78 0.1963
Jan-67 86.61 7.8178
Dec-66 80.33 -0.1492
Nov-66 80.45 0.3117
Oct-66 80.2 4.7544
Sep-66 76.56 -0.7004
Aug-66 77.1 -7.7751
Jul-66 83.6 -1.3453
Jun-66 84.74 -1.6138
May-66 86.13 -5.4140Apr-66 91.06 2.0509
Mar-66 89.23 -2.1815
Feb-66 91.22 -1.7873
Jan-66 92.88 0.4869
Dec-65 92.43 0.8951
Nov-65 91.61 -0.8764
Oct-65 92.42 2.7345
Sep-65 89.96 3.2006
Aug-65 87.17 2.2522
Jul-65 85.25 1.3433
Jun-65 84.12 -4.8632May-65 88.42 -0.7743
Apr-65 89.11 3.4239
Mar-65 86.16 -1.4526
Feb-65 87.43 -0.1485
Jan-65 87.56 3.3156
Dec-64 84.75 0.3909
Nov-64 84.42 -0.5185
Oct-64 84.86 0.8078
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Sep-64 84.18 2.8718
Aug-64 81.83 -1.6230
Jul-64 83.18 1.8240
Jun-64 81.69 1.6424
May-64 80.37 1.1452
Apr-64 79.46 0.6077
Mar-64 78.98 1.5167Feb-64 77.8 0.9865
Jan-64 77.04 2.6926
Dec-63 75.02 2.4444
Nov-63 73.23 -1.0539
Oct-63 74.01 3.2218
Sep-63 71.7 -1.1034
Aug-63 72.5 4.8749
Jul-63 69.13 -0.3460
Jun-63 69.37 -2.0198
May-63 70.8 1.4327
Apr-63 69.8 4.8520
Mar-63 66.57 3.5464
Feb-63 64.29 -2.8852
Jan-63 66.2 4.9128
Dec-62 63.1 1.3492
Nov-62 62.26 10.1557
Oct-62 56.52 0.4443
Sep-62 56.27 -4.8207
Aug-62 59.12 1.5284
Jul-62 58.23 6.3562
Jun-62 54.75 -8.1838May-62 59.63 -8.5990
Apr-62 65.24 -6.1970
Mar-62 69.55 -0.5860
Feb-62 69.96 1.6270
Jan-62 68.84 -3.7876
Dec-61 71.55 0.3225
Nov-61 71.32 3.9347
Oct-61 68.62 2.8323
Sep-61 66.73 -1.9686
Aug-61 68.07 1.9623
Jul-61 66.76 3.2797Jun-61 64.64 -2.8846
May-61 66.56 1.9139
Apr-61 65.31 0.3843
Mar-61 65.06 2.5536
Feb-61 63.44 2.6870
Jan-61 61.78 6.3156
Dec-60 58.11 4.6273
Nov-60 55.54 4.0270
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Oct-60 53.39 -0.2429
Sep-60 53.52 -6.0393
Aug-60 56.96 2.6121
Jul-60 55.51 -2.4772
Jun-60 56.92 1.9524
May-60 55.83 2.6853
Apr-60 54.37 -1.7528Mar-60 55.34 -1.3899
Feb-60 56.12 0.9171
Jan-60 55.61 -7.1464
Dec-59 59.89 2.7625
Nov-59 58.28 1.3213
Oct-59 57.52 1.1252
Sep-59 56.88 -4.5638
Aug-59 59.6 -1.5039
Jul-59 60.51 3.4890
Jun-59 58.47 -0.3579
May-59 58.68 1.8927
Apr-59 57.59 3.8781
Mar-59 55.44 0.0541
Feb-59 55.41 -0.0721
Jan-59 55.45 0.4347
Dec-58 55.21 5.2020
Nov-58 52.48 2.2404
Oct-58 51.33 2.5370
Sep-58 50.06 4.8377
Aug-58 47.75 1.1867
Jul-58 47.19 4.3103Jun-58 45.24 2.6083
May-58 44.09 1.4963
Apr-58 43.44 3.1829
Mar-58 42.1 3.0852
Feb-58 40.84 -2.0624
Jan-58 41.7 4.2761
Dec-57 39.99 -4.1467
Nov-57 41.72 1.6074
Oct-57 41.06 -3.2060
Sep-57 42.42 -6.1920
Aug-57 45.22 -5.6147Jul-57 47.91 1.1400
Jun-57 47.37 -0.1265
May-57 47.43 3.6948
Apr-57 45.74 3.6953
Mar-57 44.11 1.9649
Feb-57 43.26 -3.2648
Jan-57 44.72 -4.1783
Dec-56 46.67 3.5271
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Nov-56 45.08 -1.0970
Oct-56 45.58 0.5072
Sep-56 45.35 -4.5464
Aug-56 47.51 -3.8064
Jul-56 49.39 5.1522
Jun-56 46.97 3.9159
May-56 45.2 -6.5730Apr-56 48.38 -0.2063
Mar-56 48.48 6.9255
Feb-56 45.34 3.4687
Jan-56 43.82 -3.6500
Dec-55 45.48 -0.0659
Nov-55 45.51 7.4870
Oct-55 42.34 -3.0456
Sep-55 43.67 1.1348
Aug-55 43.18 -0.7813
Jul-55 43.52 6.0687
Jun-55 41.03 8.2300
May-55 37.91 -0.1317
Apr-55 37.96 3.7726
Mar-55 36.58 -0.4897
Feb-55 36.76 0.3549
Jan-55 36.63 1.8066
Dec-54 35.98 5.0818
Nov-54 34.24 8.0808
Oct-54 31.68 -1.9499
Sep-54 32.31 8.3138
Aug-54 29.83 -3.4003Jul-54 30.88 5.7172
Jun-54 29.21 0.0685
May-54 29.19 3.2909
Apr-54 28.26 4.8998
Mar-54 26.94 3.0210
Feb-54 26.15 0.2684
Jan-54 26.08 5.1189
Dec-53 24.81 0.2019
Nov-53 24.76 0.8965
Oct-53 24.54 5.0964
Sep-53 23.35 0.1286Aug-53 23.32 -5.7778
Jul-53 24.75 2.5269
Jun-53 24.14 -1.6300
May-53 24.54 -0.3249
Apr-53 24.62 -2.6493
Mar-53 25.29 -2.3552
Feb-53 25.9 -1.8196
Jan-53 26.38 -0.7151
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Dec-52 26.57 3.5464
Nov-52 25.66 4.6493
Oct-52 24.52 -0.0815
Sep-52 24.54 -1.9577
Aug-52 25.03 -1.4567
Jul-52 25.4 1.7628
Jun-52 24.96 4.6102May-52 23.86 2.3156
Apr-52 23.32 -4.3086
Mar-52 24.37 4.7721
Feb-52 23.26 -3.6454
Jan-52 24.14 1.5566
Dec-51 23.77 3.8899
Nov-51 22.88 -0.2616
Oct-51 22.94 -1.3758
Sep-51 23.26 -0.0859
Aug-51 23.28 3.9286
Jul-51 22.4 6.8702
Jun-51 20.96 -2.6022
May-51 21.52 -4.0571
Apr-51 22.43 4.4227
Mar-51 21.48 -1.4679
Feb-51 21.8 0.6464
Jan-51 21.66 6.0206
Dec-50 20.43 4.7155
Nov-50 19.51 -0.1024
Oct-50 19.53 0.4113
Sep-50 19.45 5.5917Aug-50 18.42 3.2511
Jul-50 17.84 0.8479
Jun-50 17.69 -5.8040
May-50 18.78 4.5657
Apr-50 17.96 3.8751
Mar-50 17.29 0.4065
Feb-50 17.22 0.9971
Jan-50 17.05
Average Monthly Returns = 0.676805096
Average Yearly Returns = 8.121661151
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Data Item (as of August 1, 2011) Value Source
YTM on 30 year T-Bond (in %) 4.07 US Department of Treasury (US Tr
Number of Common Shares Outstanding (in 000s) 1,860,000.00 Yahoo Finance Key Statistics of W
Price of Common Share 38.44$ Yahoo Finance Historical Prices of
Tax Rate 0.35 From Annual Statement
Dividend data Yahoo Finance
Year Dividends per Share
14-Dec-11 0.60
9-Dec-10 0.40
10-Dec-09 0.35
11-Dec-08 0.35
5-Dec-07 0.35
13-Dec-06 0.31
8-Dec-05 0.27
8-Dec-04 0.24
10-Dec-03 0.21
11-Dec-02 0.21
5-Dec-01 0.21
Keep in mind that dividends may be paid quarterly (in
which case calculate annual dividends) and Yahoo Finance
does not adjust dividend data for stock split
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easury Resource Center at http://www.treasury.gov/resource-center/data-chart-center/interest-rates/
lt Disney
Walt Disney
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ages/TextView.aspx?data=yield)
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There is no preferred stock issued by the company
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Data used for Analysis come from the Worksheet "Public Bond Data" and 2010 Annua
Public Data for US medium-term notes
Bond Symbol Maturity Price Yield (in %)
DIS.HM 3/1/2012 102.90 0.566
DIS.IE 12/1/2012 104.54 1.036
DIS.IF 12/1/2012 100.64 4.554
DIS.IG 12/15/2013 108.29 0.836DIS.IA 6/20/2014 112.35 1.670
DIS.IK 8/16/2016 99.11 1.537
DIS.HY 9/15/2016 118.26 1.816
DIS.IB 7/17/2017 118.62 2.566
DIS.HV 12/15/2017 117.88 2.757
DIS.II 3/15/2019 122.70 2.214
DIS.IJ 6/1/2021 106.63 2.961
DIS.GB 8/15/2021 142.90 3.650
DIS.IL 8/16/2021 99.90 2.761
DIS.HL 3/1/2032 133.90 4.459
DIS.GV 4/1/2039 98.63 4.471
DIS.IM 8/16/2041 98.25 4.482
DIS.GP 8/15/2057 96.40 4.579
DIS.GC 7/15/2093 127.76 4.676
Public Debt for which I could not find data (does not mean you cannot find the data
Commercial paper borrowings 0.23
European medium-term notes 2.15
Other foreign currency denominated debt 0.91
Bank/Private Debt and Other Debt
EDCDC loans 5.04
EDCredit facilities & other 3.89
EDOther advances 3.02
HKDLBorrowings 3.34
Other Debt 3.8225
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l Report
Amount Outstanding (000s) MV (000s) Weight of Each Debt Issue
$1,250,000.00 $1,286,200.00 0.08008
$750,000.00 $784,027.50 0.04882
$750,000.00 $754,822.50 0.04700
$1,000,000.00 $1,082,880.00 0.06742$450,000.00 $505,575.00 0.03148
$750,000.00 $743,325.00 0.04628
$750,000.00 $886,920.00 0.05522
$350,000.00 $415,173.50 0.02585
$300,000.00 $353,640.00 0.02202
$500,000.00 $613,485.00 0.03820
$500,000.00 $533,135.00 0.03319
$250,000.00 $357,245.00 0.02224
$750,000.00 $749,272.50 0.04665
$500,000.00 $669,485.00 0.04168
$25,000.00 $24,656.25 0.00154
$350,000.00 $343,857.50 0.02141
$25,000.00 $24,100.00 0.00150
$300,000.00 $383,265.00 0.02386
nd of course the manager of a company will have the data)
1,190,000.00$ 0.07409
273,000.00$ 0.01700
965,000.00$ 0.06008
1,417,000.00$ 0.08823
228,000.00$ 0.01420
468,000.00$ 0.02914
473,000.00$ 0.02945
536,000.00$ 0.03337
Total Debt 16,061,064.75$
Weighted Average Cost of Debt 2.439370223
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Data used for Analysis come from the Worksheet "Preferred Stock"
MV of Preferred Stock = 0
Cost of Preferred Stock = 0
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Year Dividends per Share
(Adjusted for Stock Split)
Ln(DPS) Growth in
DPS
2011 0.60 -0.510825624 0.5
2010 0.40 -0.916290732 0.142857143
2009 0.35 -1.049822124 0
2008 0.35 -1.049822124 0
2007 0.35 -1.049822124 0.129032258
2006 0.31 -1.171182982 0.148148148
2005 0.27 -1.30933332 0.125
2004 0.24 -1.427116356 0.142857143
2003 0.21 -1.560647748 0
2002 0.21 -1.560647748 0
2001 0.21 -1.560647748
1. Average Growth rate
2. Point-to-point
Estimating growth rates for a large range of variables is essential for constructing pro forma financia
Whether one requires the growth rate of dividends, earnings, sales or inventory, growth rates are ess
valuation process, as highlighted by Gordons growth model. To illustrate the different methods for
consider the following data:
In corporate finance, we need to know the futuregrowth rate, but we have at most information abo
argue that historical growth rates offer us the best estimateof future growth. However, should we n
growth provide more information than at first glance, then we may adjust our estimates (for examplegrowth have been much slower than the average growth over the past 10 years). Expectations of fut
estimates of the growth rates under consideration (for example, if we believe that the industry is sat
growth growth may increase in the future, despite historically low dividends).
Here we consider here only the growth rate in Dividends There are at least four general methods tha
growth rate, keeping in mind that for each method the answer can varey by the time period chosen.
least squares (log-linear) regression typically being the most reliable.
Calculate the growth annually, then average that growth over the chosen time period. For example, t
(0.60-0.40)/0.40 = 0.5 or 50%. The average growth rate from 2002-2011 is simply the average of gr
this period. This works out to be 11.88%. On the other hand, the growth rate from 2006-2011 is 15.
estimates, as based upon different periods of growth, illustrate the importance of exploring how gro
period.
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3. Average-to average
4. Least Squares Log-linear Regression
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.535335445
R Square 0.286584039
Adj. R Square 0.197407044
Standard Error 0.134854693
For the data above, run a regression in Excel of the last column DPS - Y or the dependent variable]
independent variable) to obtain the following output:
The first two methods do not use all of the information provided by each of the annual dividends.
regression method is that each years DPS has an impact on the growth rate. Log-linear regression iregression in which the data for the dependent (Y) variable are plotted as natural logarithms. In a st
DPS the slope of the regression line is the average annual dollar change. In the log-linear regression
line is used to calculate the average annual growth rate. To find the DPS growth rate run the regre
variable and the DPS as the Y variable. Take the slope coefficient of the regression output, b (beta)
produces 1+g, where g is the effective annual growth rate. The disadvantages of the least Squares M
"outliers", i.e., a single observation that has extreme values can dominate the estimate.
The point-to-point estimate is identical to calculating the interest (discount) rate on a sum of money
to $145 in four years. On calculators and on Excel, these are easy to calculate [for this example, wit
145; i = 9.73%]. For growth rates of dividends we calculate the i, but in this case it is the growth
point growth rate for the whole period from 2001-11 is 11.07% [with PV = -0.21, FV = 0.6 and n =
contrast, the growth rate in dividends is a much higher at 14.12%. These two different estimates, as
growth, again illustrate the importance of exploring how growth rates vary with the time period.
If the beginning or ending value of a point-to-point estimate varies dramatically from an earlier or la
estimate may yield unreliable growth rates. In order to correct for this problem, an average of sever
the initial or terminal years (or both, as we do next). For the 2001-11 period, one would average the
which equals 0.21 (an approximation of 2002 DPS) and then average the 2009-11 DPS which equal
2010 DPS). This method yields a 10% growth rate [PV = -0.21, FV = 0.45, n = 8; where the histori
the average-to-average for a different period, 2006-10, yields a higher growth rate of 9.77%. (PV = -
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Observations 10
ANOVA
df SS MS F ignificance
Regression 1 0.058442838 0.058442838 3.213654 0.110787
Residual 8 0.145486306 0.018185788
Total 9 0.203929144
Coefficients Standard Error t Stat P-value Lower 95%
Intercept -53.2857086 29.79056227 -1.788677505 0.111464 -121.983
Year 0.026615748 0.014847013 1.792666829 0.110787 -0.00762
Summary of Dividend Growth Rates
Method Dividend Growth Rate Estimate
Average Growth (2001-11) 11.88%
Average Growth (2006-11) 15.44%
Point-to-point (2001-11) 11.07%
Point-to-point (2006-11) 14.12%
Average-to-average (2002-10) 10.00%
Average-to-average (2006-10) 9.77%
Log-linear Least Squares Regression (2001-11) 2.70%
Log-linear Least Squares Regression (2006-11) 9.25%
The coefficient estimate for beta = 0.0266= b(highlighted in bold and blue). Raise eto the power
+ g. Hence, g = 2.7 for the 2001-11 period. For the 2006-11 period, g = 9.25. Note that simple reg
financial calculators, and that these procedures can be used to find the growth rate of any variable th
The four methods here do not give similar answers because the data is not "well behaved", that is, it
might yield inaccurate estimates. You need to see which method is best given your data and determi
accordingly. Finally, note how important the time period is! It is obvious that one can take a given s
depending upon the years and the calculation method used, obtain a large number of quite different
Therefore, the use of historical growth rates in a Constant Dividend growth Model must be applied
business sense.
Here I will take the average of the three methods (except Average Growth Method since I believe it
volatility in annual growth rates). The average of the four methods for the 2001-11 period is 7.92%
11.05%. Thus, based on 2001-11 period, the CDGM approach gives an estimate for Equity RRR = [
9.60%. Based on the 2006-11 time period, it is 12.78%.
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l statements.
ntial elements in the
calculating growth,
t the past. As a result, we
otice that the patterns of past
, if the past four years ofre events may also affect our
rated, then our companys
t can be used to calculate the
onsider each method, with the
e growth in DPS in 2011 was
wth rates of each year during
4%. These two different
th rates vary with the time
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on the first column (X or the
The real advantage of the
a standard time-series linearndard time-series regression of
, the slope of the regression
ssion entering years as the X
and calculate eb, which
ethod is that it is subject to
that has grown from, e.g., $100
PV = -100, n = 4 and FV =
ate of dividends, the point-to-
0]. From 2006-11, in
based upon different periods of
ter year, the point-to-point
l years may be used for either
dividends over 2001 to 2003,
0.45 (an approximation of
al period is 2002-10]. Using
0.31; FV = 0.45, N=4)
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Upper 95% ower 95.0 pper 95.0%
15.41145 -121.983 15.41145
0.060853 -0.00762 0.060853
fb, EXP(0.0266)= 1.027 = 1
essions can be run on most
at changes over time.
is subject to problems that
e the past growth in dividends
et of historical data and,
stimates of growth rates.
ith good judgmentand
s biased due to extreme
nd for 2006-11 period, it is
0.6*(1.0792)/38.44]+0.0792 =
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Data used for Analysis come from three Worksheets - "Stock Price Data", "Market Data",
Date Returns - Disney Returns - S&P 500 Returns - RF Disney Risk Premium
Jul-11 -1.0758 -2.1474 0 -1.0758
Jun-11 -6.2215 -1.8258 0 -6.2215
May-11 -3.4107 -1.3501 0 -3.4107
Apr-11 0.0232 2.8495 0 0.0232
Mar-11 -1.4861 -0.1047 0 -1.4861Feb-11 12.5289 3.1957 0.01 12.5189
Jan-11 3.6257 2.2646 0 3.6257
Dec-10 3.8770 6.5300 0.01 3.8670
Nov-10 1.0353 -0.2290 0.01 1.0253
Oct-10 9.1631 3.6856 0.01 9.1531
Sep-10 1.7086 8.7551 0.01 1.6986
Aug-10 -3.4203 -4.7449 0.01 -3.4303
Jul-10 6.9641 6.8778 0.01 6.9541
Jun-10 -5.7471 -5.3882 0.01 -5.7571
May-10 -9.2755 -8.1976 0.01 -9.2855
Apr-10 5.5314 1.4759 0 5.5314
Mar-10 11.7476 5.8796 0 11.7476
Feb-10 5.7133 2.8514 0 5.7133
Jan-10 -8.3699 -3.6974 0 -8.3699
Dec-09 7.9526 1.7771 0 7.9526
Nov-09 10.3848 5.7364 0 10.3848
Oct-09 -0.2980 -1.9762 0 -0.2980
Sep-09 5.4595 3.5723 0 5.4595
Aug-09 3.6645 3.3560 0.01 3.6545
Jul-09 7.6721 7.4142 0.01 7.6621
Jun-09 -3.6740 0.0196 0 -3.6740May-09 10.5509 5.3081 0 10.5509
Apr-09 20.6081 9.3925 0.01 20.5981
Mar-09 8.2927 8.5405 0.01 8.2827
Feb-09 -18.8922 -10.9931 0.01 -18.9022
Jan-09 -8.8779 -8.5657 0 -8.8779
Dec-08 2.2581 0.7822 0.09 2.1681
Nov-08 -13.0609 -7.4849 0.02 -13.0809
Oct-08 -15.5901 -16.9425 0.08 -15.6701
Sep-08 -5.1331 -9.0791 0.15 -5.2831
Aug-08 6.6005 1.2191 0.12 6.4805
Jul-08 -2.7279 -0.9859 0.15 -2.8779
Jun-08 -7.1362 -8.5962 0.17 -7.3062
May-08 3.5840 1.0674 0.17 3.4140
Apr-08 3.3741 4.7547 0.17 3.2041
Mar-08 -3.2020 -0.5960 0.17 -3.3720
Feb-08 8.6261 -3.4761 0.13 8.4961
Jan-08 -7.5563 -6.1163 0.21 -7.7663
Dec-07 -1.5823 -0.8628 0.27 -1.8523
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Nov-07 -4.2714 -4.4043 0.34 -4.6114
Oct-07 0.7016 1.4822 0.32 0.3816
Sep-07 2.3416 3.5794 0.32 2.0216
Aug-07 1.8442 1.2864 0.42 1.4242
Jul-07 -3.3497 -3.1982 0.4 -3.7497
Jun-07 -3.6708 -1.7816 0.4 -4.0708
May-07 1.3197 3.2549 0.41 0.9097Apr-07 1.5844 4.3291 0.44 1.1444
Mar-07 0.5207 0.9980 0.43 0.0907
Feb-07 -2.5955 -2.1846 0.38 -2.9755
Jan-07 2.6332 1.4059 0.44 2.1932
Dec-06 4.6124 1.2616 0.4 4.2124
Nov-06 5.0471 1.6467 0.42 4.6271
Oct-06 1.7808 3.1508 0.41 1.3708
Sep-06 4.2485 2.4566 0.41 3.8385
Aug-06 -0.1426 2.1274 0.42 -0.5626
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and "RF Data"
Market Risk Premium
-2.1474 SUMMARY OUTPUT
-1.8258
-1.3501 Regression Statistics
2.8495 Multiple R 0.846115187
-0.1047 R Square 0.7159109093.1857 Adjusted R Square 0.711012821
2.2646 Standard Error 3.789300835
6.5200 Observations 60
-0.2390
3.6756 ANOVA
8.7451 df SS MS
-4.7549 Regression 1 2098.70109 2098.701
6.8678 Residual 58 832.8104473 14.3588
-5.3982 Total 59 2931.511538
-8.2076
1.4759 Coefficients Standard Error t Stat
5.8796 Intercept 0.621871737 0.489198986 1.271204
2.8514 Market Risk Premium 1.152013749 0.095288711 12.08972
-3.6974
1.7771 Beta = 1.152013749
5.7364
-1.9762
3.5723
3.3460
7.4042
0.01965.3081
9.3825
8.5305
-11.0031
-8.5657
0.6922
-7.5049
-17.0225
-9.2291
1.0991
-1.1359
-8.7662
0.8974
4.5847
-0.7660
-3.6061
-6.3263
-1.1328
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-4.7443
1.1622
3.2594
0.8664
-3.5982
-2.1816
2.84493.8891
0.5680
-2.5646
0.9659
0.8616
1.2267
2.7408
2.0466
1.7074
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F ignificance F
146.1613 1.73E-17
P-value Lower 95% Upper 95% ower 95.0 pper 95.0%
0.208731 -0.35737 1.60111 -0.35737 1.60111
1.73E-17 0.961273 1.342755 0.961273 1.342755
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Data used for Analysis come from four workshe
Data Item Value
CAPM Beta = 1.152014
Market Risk Premium (Annual)= 3.585726
Risk-Free Rate = 4.07
RRR using CAPM 8.200806
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ets - "CAPM Beta", "Market Data", "RF Data", and "Misc. Data"
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Data used for Analysis come from four worksheets - "Debt", "Preferred Stock", "CDGM Approach", "CA
Calculating WACC
Method for Cost of Equity CAPM Constant Dividned Growth Model
MV of Debt (in 000s)= 16,061,064.75$
MV of Preferred Stock (in 000s)= -$
MV of Common Equity (in 000s)= 71,498,400.00$
Total MV (in 000s) = 87,559,464.75$
Weight of Debt = 0.183430367
Pre-tax cost of Debt (in %) = 2.439370223
Marginal Tax Rate = 0.35
Weight of Preferred Stock = 0
Cost of Preferred Stock (in %) = 0
Weight of Common Equity = 0.816569633
Cost of Common Equity (in %) = 8.200805873 9.6
WACC= 6.987374516 8.129913951
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M Equity", and "Misc. Data"