Financial Research Project T Mobile Valuation and Analysis
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Transcript of Financial Research Project T Mobile Valuation and Analysis
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8/18/2019 Financial Research Project T Mobile Valuation and Analysis
1/24
---- ICDEDBCEK XFRFEXBJ QX@NFB] ------- W`rtj 81% `i tjf b`ursf gremf. / Muf metf cs stetfm cd tjf b`ursf sbjfmukf.
I`r iukk sft `i edswfr, Qkfesf oeck of et ekleourerleeAgoeck.b`o
Eks` i`r edy `tjfr pr`nfbts jfkp pkfesf oeck of. C bed jfkp cd edy b`ursfs Icdedbf, Oedegfofdt,
Rtretfgy, Oerlftcdg, Juoed Xfs`urbfs, @rgedczetc`d Hfjevc`r, Fb`d`ocbs, Fxbfk, Mcssfrtetc`d, BEQRCO,
@dkcdf ]fst edm edy `tjfr lcdm `i pr`nfbts.
]JF QX@NFB] CR MFRCGDFM ]@ HF B@OQKF]FM CDMCYCMVEKKS (@X E GX@VQ) ER ERRCGDFM HS S@VXQX@IFRR@X) HS ]JF R]VMFD].
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]jf spfbcicb `hnfbtcvf `i tjcs gremfm wrcttfd rfsferbj fxfrbcsf cs t` prfperf ed "fxfbutcvf kfvfk icdedbcek rfp`rt" t` tjf BjcfiIcdedbcek @iicbfr (BI@) `i e oytjcbek b`opedy cd wjcbj ỳ u erf fopk`yfm es e icdedbcek edekyst. ]jcs rfp`rt wckk pfrtecd t` tjficdedbcek fvekuetc`d `i e rfek, puhkcbky-tremfm, b`opedy. Ct wckk rfqucrf cdmfpfdmfdt rfsferbj (wfh-hesfm `r kchrery), berfiukicdedbcek edekyscs, edm tjf pr`pfr eppkcbetc`d `i lfy icdedbcek tjf`rcfs edm i`roukes.
]jf b`opedy tjet cs t` hf edekyzfm i`r tjcs pr`nfbt cs (b`opedy sfkfbtfm hy cdstrubt`r).
Ektfrdetcvfky, y`u bed rfqufst of t` eppr`vf ed`tjfr puhkcbky tremfm b`opedy. ]jcs rfqufst oust hf suhocttfm hfi`rf tjf fdm `i
tjf icrst wffl `i tjf b`ursf. ]jf rfqufst oust cdbkumfe. cmfdtcicbetc`d `i tjf b`opedy hy tcblfr syoh`k edm deof
h. e rfes`dehkf edm eppr`prcetf fxpkedetc`d `i wjy y`u wedt t` fxeocdf tjf ektfrdetcvf b`opedy
b. tjf s`urbf `i tjf edekyst's rfp`rt tjet wckk hf usfm cd tjf edekyscs (wjcbj oust hf suhocttfm t` of)
m. ebld`wkfmgfofdt hy y`u tjet ekk `i tjf spfbcicb fkfofdts `i tjf esscgdofdt (sff hfk`w) wckk hf prfperfm hy y`u edmcdbkumfm cd tjf icdek rfsferbj pr`nfbt rfp`rt
RC]VE]C@D
S`u erf e icdedbcek edekyst wctj tjf oytjcbek Jcgj ]fbjd`k`gy B`rp`retc`d ("J]B"). J]B cs ed fstehkcsjfm oeduiebturfr `i ekcdf `i fkfbtr`dcb b`op`dfdts, wjcbj sfrvcbfs ed cdtfrdetc`dek oerlft. J]B cs burrfdtky e dfw iukky-cdtfgretfm wcrfkfssb`ooudcbetc`d sfrvcbf i`r w`rkm-wcmf usf. E b`opftctcvf tfbjdcbek edm fb`d`ocb pr`mubt fvekuetc`d jes mftfrocdfm tjet ]JFB@OQEDS ]JE] CR ]@ HF EDEKS^FM I@X ]JCR QX@NFB] (B@OQEDS RFKFB]FM HS CDR]XVB]@X) (e rfek
puhkcbky-tremfm b`opedy) cs tjf hfst p`tfdtcek bedmcmetf i`r e k`dg-tfro b`ooctofdt. ]JF B@OQEDS (B@OQEDSRFKFB]FM HS CDR]XVB]@X) cs `iifrcdg e b`opftctcvfky iev`rehkf mfek. J`wfvfr, hesfm `d s`of sfrc`us gfdfrek b`dbfrdseh`ut tjf iekk`ut `i b`opedcfs cd tjf cdmustry cd gfdfrek, tjf BF@ jes eslfm y`ur BI@ t` b`dmubt e icdedbcek edekyscs `i ]JFB@OQEDS (B@OQEDS RFKFB]FM HS CDR]XVB]@X) t` mftfrocdf ci ct cs prumfdt t` b`ooct t` tjcs b`opedy'sb`ooudcbetc`d systfo. ]jf b`st `i buttcdg `vfr t` tjf dfw b`ooudcbetc`ds systfo cs scgdcicbedt edm edy cdtfrruptc`d cd supp`rtmurcdg tjf dfxt ifw yfers w`ukm emvfrsfky eiifbt J]B's pfri`roedbf edm pr`ict. Rpfbcicbekky, tjf qufstc`d cs> wckk ]JFB@OQEDS hf icdedbcekky vcehkf `vfr tjf dfxt tw` t` tjrff yfers0
S@VX RQFBCICB ERRCGDOFD]
S`ur spfbcicb esscgdofdt cs t` rfsferbj, edekyzf, edm prfperf e rfp`rt i`r tjf BI@ `d tjf ebtuek icdedbcek pfri`roedbf `i ]JFB@OQEDS ]JE] CR ]@ HF EDEKS^FM I@X ]JCR QX@NFB] (B@OQEDS RFKFB]FM HS CDR]XVB]@X). Cd emmctc`dt` rfvcfwcdg tjf tremctc`dek icdedbcek pfri`roedbf cdmcbet`rs, y`u erf eks` t` rfvcfw ]JF B@OQEDS–R pest edm burrfdt st`bl
pfri`roedbf. S`ur rfp`rt cdbkumfs tjrff perts>
(5) Ed fvekuetc`d `i ]JF B@OQEDS–R icdedbcek pfri`roedbf i`r tjf kest yfer. MuQ`dt edekyscs edm edekyscs `i scgdci cbedticdedbcek pfri`roedbf rfsukts erf rfqucrfm i`r tjf kest tjrff yfers. (Rff mfteckfm mfsbrcptc`d hfk`w)
(8) Ed fvekuetc`d `i ]JF B@OQEDS–R st`bl pfri`roedbf i`r tjf kest `df yfer.
(2) Icdekky, e spfbcicb rfb`oofdmetc`d, wctj supp`rtcdg r etc`dekf, es t` wjftjfr `r d`t ]JF B@OQEDS–R rfbfdt trfdm cdicdedbcek edm st`bl pfri`roedbf cs `i suiicbcfdt icdedbcek strfdgtj t` werredt fdtfrcdg cdt` e k`dg-tfro b`ooctofdt.
]` esscst y`u cd y`ur tesl, tjf BI@ jes pr`vcmfm tjf i`kk`wcdg gfdfrek gucmedbf. Rcdbf ct cs rfb`gdczfm tjet tjf cdmustry csudmfrg`cdg e oen`r b`dtrebtc`d, ct cs vfry cop`rtedt t` b`operetcvfky fvekuetf ]JF B@OQEDS–R icdedbcek edm st`bl
pfri`roedbf trfdms egecdst cts Cdmustry.
S`u oey wcsj t` cdbkumf ekk dfbfssery edm rfkfvedt icdedbcek pfri`roedbf edm st`bl cdi`roetc`d, trfdms, edm pr`nfbtc`ds cdsupp`rtcdg y`ur rfb`oofdmetc`d. ]jfsf iebt`rs oey cdbkumf, icdedbcek retc` trfdms edm cdmustry b`operetcvfs, bepctek spfdmcdg,st`bl gr`wtj, Hfte vekufs, brfmct retcdg sfrvcbf vekuetc`ds, h`dm retcdg vekuetc`ds, edm oedegfofdt edm cdvfstofdt rfp`rts -wjfd tjfsf m`buofdts erf eveckehkf.
mailto:[email protected]:[email protected]:[email protected]:[email protected]
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8/18/2019 Financial Research Project T Mobile Valuation and Analysis
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pg. 8
XFQ@X] XFUVCXFOFD]R
S@VX RQFBCICB ERRCGDOFD]
Xfsferbj edm edekyzf tjf i`kk`wcdg cdi`roetc`d i`r ]JF B@OQEDS (RFKFB]FM HS CDR]XVB]@X).
--Edduek Hekedbf Rjffts i`r ]JF B@OQEDS i`r tjf kest tjrff yfers.
--]jf Cdb`of Rtetfofdts i`r ]JF B@OQEDS tjf kest tjrff yfers.
-- Edduek rfp`rts, 51L `r 51U------
--Cdmustry d`ros -----------
---Edekysts– rfp`rts `d pfri`roedbf
-- Oedegfofdt rfp`rts `r prfss rfkfesfs
Vscdg tjcs cdi`roetc`d tjf stumfdts jevf t` mfvfk`p fvekuetc`d `i tjf icdedbcek pfri`roedbf i`r ]JF B@OQEDS (RFKFB]FMHS CDR]XVB]@X). (]`tekky :6% `i tjf esscgdofdt gremf)
-5 ” Heblgr`udm edm Cdmustry (`df sj`rt peregrepj).
-8 ” Rfkfbt `i o`st scgdcicbedt icdedbcek pfri`roedbf rfsukts i`r tjf b`opedy> B`operf Xfvfduf, dft cdb`of, w`rlcdg bepctek,t`tek essfts i`r tjf kest tjrff yfers edm `tjfr rfsukts `i y`ur bj`cbf `i tjf b`opedy egecdst tjf cdmustry `r oecd b`opftct`r.Qrfsfdt tjf tehkf wctj tjcs cdi`roetc`d cd y`ur rfp`rt. Wrctf eh`ut 5 pegf `i tjf edekyscs `i tjfsf icdedbcek pfri`roedbf rfsukts.(56% `i tjf pr`nfbt gremf)
-2 ” Icdm icdedbcek retc`s i`r tjf b`opedy edm cts oen`r b`opftct`r cd tjf Cdtfrdft. Wrctf eh`ut 5-8 pegfs `i edekyscs `i tjf retc`rfsukts y`u rfbfcvfm. (56% `i tjf pr`nfbt gremf). B`operf tjf retc` rfsukts egecdst tjf cdmustry `r oecd b`opftct`r.
-=- Fvekuetf Xfturd `d Fqucty i`r tjf b`opedy i`r tjf kest tjrff yfers uscdg tjf MuQ`dt edekyscs. (51% `i tjf pr`nfbt gremf).B`operf tjf b`opedy–s rfsukts t` e oen`r b`opftct`r.
]elcdg tjf cdi`roetc`d ir`o tjf Cdb`of stetfofdts edm tjf Hekedbf sjffts, bekbuketf tjf b`opedy–s rfturd `d fqucty uscdg tjf
MuQ`dt tfbjdcquf i`r tjf b`opedy i`r tjrff yfers. Rj`w y`ur bekbuketc`d!
Wrctf eh`ut 5 pegf `i edekyscs `i tjf rfsukts tjet y`u rfbfcvfm. B`operf tjf rfsukts t` oecd b`opftct`r. Ci tjf oedegfofdt `i tjfb`opedy w`ukm kclf t` copr`vf tjfcr rfturd `d fqucty, wjet sj`ukm tjf oedegfofdt `i tjfsf b`opedcfs m`0
-6- Fvekuetf `tjfr erfes `i icdedbcek edekyscs> bepctek spfdmcdg, st`bl gr`wtj, Hfte vekufs, brfmct retcdg sfrvcbf vekuetc`ds (ci p`sschkf), h`dm retcdg vekuetc`ds (ci p`sschkf), ftb. Oelf ed `vfrekk b`dbkusc`d eh`ut icdedbcek pfri`roedbf `i tjf b`opedymurcdg tjf kest yfers. B`operf tjf rfsukts tjet y`u rfbfcvfm egecdst tjf cdmustry `r oecd b`opftct`r. Ruooerczf tjf rfsukts tjety`u rfbfcvfm cd 5 pegf. Wjet erf tjf icro–s icdedbcek strfdgtjs edm wfeldfssfs0 (51% `i tjf pr`nfbt gremf)
-9- B`kkfbt edm fvekuetf tjf mete eh`ut st`bl pfri`roedbf `i tjf esscgdfm b`opedy's i`r tjf kest `df yfer. B`operf tjf rfsuktstjet y`u rfbfcvfm egecdst tjf cdmustry `r oecd b`opftct`r.
Wrctf eh`ut 5-8 pegfs `i edekyscs `i tjf retc` rfsukts y`u rfbfcvfm. (81% `i tjf pr`nfbt gremf).-7- Mfvfk`p e spfbcicb rfb`oofdmetc`d, wctj supp`rtcdg retc`dekf, es t` wjftjfr `r d`t tjf esscgdfm b`opedy's rfbfdt trfdm cdicdedbcek edm st`bl pfri`roedbf cs `i suiicbcfdt icdedbcek strfdgtj t` werredt fdtfrcdg cdt` e k`dg-tfro b`ooctofdt (eh`ut 5 pegf)(56% `i tjf pr`nfbt gremf)
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pg. 2
]SQF S@VX B@KKFGF DEOF
]-O`hckf VR, Cdb.
Icdedbcek Edekyscs edm Cdvfstofdt Fvekuetc`d
]SQF S@VX DEOF
=/58/8159
]jf rfp`rt b`dtecd tjf iukk wrctf pkus eks` jes fohfmmfm fxbfk w`rlcdgs cd tjf rfifrfdbf wjcbj`df bed rfifr.
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pg. =
B`dtfdts B`opedy @vfrvcfw ...................................................................................................................................... 6
Icdedbcek @pfretc`d Edekyscs uscdg icdedbcek retc`s es e t``k ....................................................................... 9
Gr`wtj edm Oergcds (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm Q`rti`kc`
Oedegfofdt (51fm)) ............................................................................................................................. 9
Kcqucmcty Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm Q`rti k̀c`
Oedegfofdt (51fm)) ............................................................................................................................. 7
Essft ]urd`vfr edm Xfturd Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm
Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. :
B`operetcvf fvekuetc`d `i MuQ`dt Edekyscs (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt
Edekyscs edm Q`rti`kc` Oedegfofdt (51fm)) ........................................................................................ :
Bepctek strubturf edm b`vfregf retc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm
Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. 3
Bepctek fxpfdmcturf edm besj ik`ws (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs edm
Q`rti`kc` Oedegfofdt (51fm)) .............................................................................................................. 3
Mfht Xetcdgs ........................................................................................................................................ 51
Rt`bl Qrcbf Edekyscs ................................................................................................................................... 55
I`rfbest hy rfgrfssc`d ........................................................................................................................ 55
I`rfbest hy 58-o`dtj o`vcdg evfregf .............................................................................................. 58
Rt`bl hfte, st`bl pfri`roedbf edm rfqucrfm rfturd hescs BEQO ...................................................... 58
Rt`bl pfri`roedbf rfketcvf t` b`opftct`rs ̀ vfr kest ̀ df yfer .......................................................... 5=
Xfb`oofdmetc`d ........................................................................................................................................ 56
Eddfxurf 5> Cdb`of Rtetfofdt ................................................................................................................... 59
Eddfxurf 8> Hekedbf Rjfft ......................................................................................................................... 57
Eddfxurf 2> Besj Ik`w Rtetfofdt .............................................................................................................. 5:
Eddfxurf => Xetc` Edekyscs ........................................................................................................................ 53
Eddfxurf 9> Mfht Xetcdg `i ]-O`hckf Mfht ............................................................................................... 81
Eddfxurf 7> ]-O`hckf Hfte, BEQO Xfturd edm Rtedmerm Mfvcetc`d `i Xfturds ....................................... 85
Eddfxurf :> Mup`dt Edekyscs ..................................................................................................................... 82
Eddfxurf 3> Yekuetc`d Edekyscs ................................................................................................................. 82
Xfifrfdbfs ................................................................................................................................................... 8=
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pg. 6
B`opedy @vfrvcfw]-O`hckf VRE, Cdb. wes i`rofm cd 533= es Y`cbfRtrfeo QBR, e suhscmcery `i Wfstfrd
Wcrfkfss B`rp`retc`d. Y`cbfRtrfeo wes spud `ii cd 5333 edm ebqucrfm hy Mfutsbjf ]fkfl`o
EG cd 8155 edm rfdeofm es ]-O`hckf VRE, Cdb. cd 8188.
]-O`hckf cs tjf iestfst gr`wcdg wcrfkfss b`opedy cd tjf V.R hesfm `d bust`ofr gr`wtj
cd 8156. ]jf b`opedy pr`vcmfs wcrfkfss b`ooudcbetc`d sfrvcbfs, cdbkumcdg v`cbf, ofssegcdg
edm mete, t` `vfr 92 ockkc`d bust`ofrs cd tjf p`stpecm, prfpecm edm wj`kfsekf oerlfts. ]-O`hckf
`iifr bust`ofr sfrvcbfs `d e detc`dwcmf =G K`dg-]fro Fv`kutc`d (K]F) dftw`rl edm `iifrs
mfvcbfs edm pkeds es bust`oczfm es p`sschkf suctcdg bust`ofr dffms.
]-O`hckf pr`vcmfs sfrvcbfs, mfvcbfs edm ebbfss`rcfs ebr`ss cts ikegsjcp hredms, ]-O`hckf
edm Oftr` QBR, tjr`ugj b`opedy `wdfm edm `pfretfm rfteck st`rfs, tjcrm perty mcstrchut`rs edm
cts wfhsctfs. Oen`rcty `i cts sfrvcbf rfvfdufs erf gfdfretfm hy pr`vcmcdg wcrfkfss b`ooudcbetc`d
t` hredmfm p`stpecm bust`ofrs wjcbj ebb`udtfm i`r 99% `i t`tek sfrvcbf rfvfdufs, i`kk`wfm hy
21% ir`o hredmfm prfpecm bust`ofrs edm hekedbf =% ir`o wj`kfsekf bust`ofrs. Dft emmctc`ds
t` hredmfm p`stpecm bust`ofr hesf jes hffd str`dg cd rfbfdt pest wctj duohfr rfebjcdg es jcgj
es =.6 ockkc`d cd 8156 vs. =.3 ockkc`d cd 815= edm 8.1 ockkc`d 8152.
Murcdg tjf kest icsbek fdmfm `d Mfbfohfr 21, 8156, ]-O`hckf rfp`rtfm VR$ 28.16
hckkc`d rfvfduf, VR$ 97: ockkc`d dft pr`ict edm fopk`yfm `vfr 61,111 fopk`yffs `d e iukk-tcof
edm pert-tcof hescs. ]jf b`opedy jem e oerlft bepctekczetc`d `i ~VR$ 25.98 hckkc`d es `d Eprck
55, 8159.
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pg. 9
Icdedbcek @pfretc`d Edekyscs uscdg icdedbcek retc`s es e t``kIcdedbcek `pfretc`d edekyscs `i ]-O`hckf wes b`dmubtfm t` essfss trfdms cd icdedbcek
p`sctc`d cd `rmfr t` supp`rt cdvfstofdt retc`dekf. Xetc` edekyscs jes hffd usfm es e t``k t`
b`dmubt subj edekyscs edm wes b`operfm wctj Cdmustry Evfregf t` huckm b`dsfdsus hesfm `d e
b`oprfjfdscvf stumy.
Gr`wtj edm Oergcds (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))
]-O`hckf rfvfdufs murcdg tjf icdedbcek yfer fdmfm 8156 wfrf VR$ 28.16 hckkc`d
rfp`rtcdg e yfer-`d-yfer gr`wtj `i dferky :%. Xfvfdufs erf gr`wcdg yfer-eitfr-yfer hut et e
soekkfr pebf. Gr`wtj cd 8152 wes 273% (ekhfct `d e soekkfr hesf) vs. gr`wtj cd 815= et 85% vs.
:.=% cd 8156. J`wfvfr, tjf seof jes hffd jcgjfr tjed tjf cdmustry wjcbj grfw et ed evfregf
9.2%. Xfvfdufs ir`o hredmfm p`stpecm sfgofdt edm prfpecm sfgofdt grfw hy 5=% edm :%
rfspfbtcvfky wjfrfes tjf wj`kfsekf rfvfdufs edm r`eocdg edm `tjfr sfrvcbfs rfvfdufs mfbkcdf hy
6% edm 87% rfspfbtcvfky. @vfrekk tjf sfrvcbfs rfvfdufs grfw hy 55% cd 8156 vs. 57% cd 815=.
Fqucpofdt sekf rfvfdufs wfrf iket wjfrfes `tjfr edbckkery rfvfdufs grfw hy 83%. Eks` tjf
buouketcvf edduek gr`wtj cd rfvfdufs jevf sffd b`dtcdu`us m`wdtrfdm wctj 2-Sr BEGX cd
rfvfdufs et :=.62% mfbkcdcdg t` 5=.67% cd besf `i 8-Sr BEGX edm iurtjfr t` :.=8% cd besf `i
5-Sr BEGX. Ektj`ugj tjf =-Sr BEGX cs e jcgjfr tjed cdmustry evfregf et 56.:9%, yft k``lcdg
et pest tw` yfers pfri`roedbf, ct cs fxpfbtfm tjet ]-O`hckf wckk b`dtcduf t` iebf jfemwcdms
eocmst stcii b`opftctc`d. Murcdg kest icvf yfers, tjf b`opedy jes emmfm VR$ 87.3: hckkc`d w`rtj
`i dfw sekfs cdbkumcdg VR$ 8.=3 hckkc`d cd 8156.
Gr`wtj cd rfvfdufs eks` rfsuktfm cd gr`wtj cd `pfretcdg cdb`of wjcbj grfw hy =6.:2%
cd 8156. Cdtfrfstcdgky tjf gr`wtj jes sffd ed uptrfdm wctj =-Sr BEGX gr`wtj et 6.:% vs. 2-Sr
BEGX et 26.:% vs 8-SX BEGX et =2.33%. J`wfvfr tjf gr`wtj cd ferdcdgs jes rfsuktfm cd
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pg. 7
mfbkcdf cd `pfretcdg oergcd ir`o 56.=% cd 8155 t` 9.=% cd 8156 mrcvfd hy stcii b`opftctc`d edm
jcgjfr b`st `i ebqucrcdg suhsbrchfrs. Ct cs `dky cd kest tjrff yfers, tjf b`opedy jes hffd ehkf t`
fxpedm cts oergcds ir`o =.5% cd 8152 t` 9.=% cd 8156 hut cs wey hfjcdm cdmustry evfregf et
52.3%.
Dft Qr`ict oergcd mfbkcdfm wes fvfd stffpfr mrcvfd hy jcgjfr cdtfrfst b`st. Oergcds
mfbkcdfm ir`o 9.8% cd 8155 t` 8.5%. J`wfvfr, scocker t` `pfretcdg oergcds, dft cdb`of oergcds
jevf eks` copr`vfm cd kest tjrff yfers ir`o 1.5% cd 8152 t` 8.5% cd 8156 hut cs b`dscmfrehky
k`w b`operfm t` cdmustry wjcbj cs et ed evfregf `i 9.:%.
Wjckf ]-O`hckf jes hfdfictfm cd ferdcdgs gr`wtj, k`wfr bjurd edm suhsbrchfr gr`wtj,
tjfrf cs kcoctfm gr`wtj `pp`rtudctcfs g`cdg i`rwerm muf t` gr`wcdg dftw`rl-bepebcty bjekkfdgfs.
Wjckf tjcs cs sft t` copr`vf eo`dg i`ur detc`dek berrcfrs, ]-O`hckf jes tjf k`wfst eo`udt `i
k`w-hedm spfbtruo, dfbfssery i`r tjf b`vfregf.
Kcqucmcty Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))
]-O`hckf–s burrfdt retc` jes hffd `d e b`dtcdu`us mfbkcdf cdmcbetcdg rcscdg prfssurf `i
kcqucmcty. Ct jes mfbkcdfm ir`o es jcgj es 2.29 tcofs cd 8155 t` 5.69 tcofs cd 8156. Uucbl retc`
jes eks` sffd scocker mfbkcdf ir`o 2.19 tcofs cd 8155 t` 5.=2 tcofs hut cs jcgjfr tjed cdmustry
wjcbj et 1.6= tcofs. ]-O`hckf–s rfbfcvehkf meys jevf cdbrfesfm ir`o 6.3 meys cd 8155 t` 81.=
meys cd 8156 `d b`dscmfrehky rcsfd sekfs hut erf scgdcicbedtky hfttfr tjed cdmustry et =1.9 meys.
Cdvfdt`ry meys, wjcbj mfbkcdfm ir`o 21 meys cd 8155 t` 8152, jevf egecd cdbrfesfm hebl t` 25.7
meys cd 8156 wjcbj cs jcgjfr tjed cdmustry et 88.9 tcofs. Cdtfrfstcdgky tjf peyehkf meys cdbrfesfm
ir`o =1 meys cd 8155 t` 561 meys cd 8156 cdmcbetcdg str`dg ehckcty t` dfg`tcetf hfttfr tfros wctj
suppkcfrs. ]jcs jes kfm tjf b`opedy t` oecdtecd dfgetcvf w`rlcdg bepctek egecdst cdmustry wjcbj
cs ruddcdg wctj p`sctcvf w`rlcdg bepctek. (Qkfesf rfifr Eddfxurf =).
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pg. :
Essft ]urd`vfr edm Xfturd Xetc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c`
Oedegfofdt (51fm))
]-O`hckf essft turd`vfr retc` jes hffd stfemy et er`udm 1.65 tcofs cd kest icvf yfers edm
cs kergfky cd kcdf wctj cdmustry evfregf et 1.69 tcofs. Xfturd `d essfts (X`E) jes hffd `d e
b`dtcdu`us mfbkcdf mrcvfd hy k`wfr pr`ictehckcty edm cs oubj hfjcdm tjf cdmustry evfregf. X`E
jes mfbkcdfm ir`o 2.8% cd 8155 t` 5.5% cd 8156 vs. cdmustry evfregf et 9.2%. ]jf seof jes
cdbrfesfm cd kest tjrff yfers ir`o 1.5% cd 8152. Xfturd `d bepctek fopk`yfm (X`BF) `r Xfturd
`d Cdvfstofdt (X`C) jes eks` i`kk`wfm e scocker mfbkcdcdg trfdm wctj =.:% cd 8156 egecdst 3.7%
cd 8155 vs. cdmustry wjcbj cs et 5=.1%. Qrfveckcdg b`opftctc`d edm wfel pr`ictehckcty oey
iurtjfr brfetf prfssurf `d X`C edm X`Es.
B`operetcvf fvekuetc`d `i MuQ`dt Edekyscs (Xfckky, Iredl L. edm Lfctj B, Hr`wd, Cdvfstofdt Edekyscs
edm Q`rti`kc` Oedegfofdt (51fm))
MuQ`dt Edekyscs cs e hrfelm`wd edekyscs `i Xfturd `i Fqucty. Es pfr tjf eppr`ebj ed
fdtcty X`F cs mrcvfd hy tjrff kfvfrs vcz. dft oergcd, t`tek essfts turd`vfr edm dft kfvfregf. Wf
b`operfm ]-O`hckf–s X`F wctj scx `tjfr oen`r b`opftct`rs edm i`udm tjet burrfdt X`F `i ]-
O`hckf cs k`wfst eo`dgst cts pffrs edm cs eks` b`dscmfrehky k`wfr tjed cdmustry evfregf. Es
sj`wd cd prfvc`us sfbtc`d tjf dftw`rlcdg bepebcty bjekkfdgfs `vfr kest ifw yfers jevf hffd
bjekkfdgfm hy b`opftctc`d edm mcsruptcvf cdd`vetc`ds. K`wfr dft oergcds edm k`wfr essfts
turd`vfr retc` jes kfm t` iekk cd X`F ir`o 51.2% cd 8155 t` =.8% cd 8156. ]jcs cs k`wfst rfketcvf
t` X`F hy s`of `i cts pffrs edm eks` b`dscmfrehky k`wfr tjed tjf cdmustry evfregf et 92.1%. ]jf
oedegfofdt dffms t` i`bus `d copr`vcdg pr`ictehckcty edm et tjf seof tcof usf cts essft o`rf
fiicbcfdtky wjcbj wckk jeppfd `dky wjfd tjf b`opedy wckk hf cd e p`sctc`d t` ebqucrf o`rf edm
o`rf suhsbrchfr et iestfr pebf wctj`ut spfdmcdg scgdcicbedt b`st `i suhsbrchfr emmctc`d.
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pg. 3
Bepctek strubturf edm b`vfregf retc` (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c` Oedegfofdt (51fm))
Bepctek strubturf `i ]-O`hckf b`oprcsfs `i 95% mfht (sj`rt es wfkk es k`dg tfro mfht)
edm 23% b`oo`d fqucty. Cd `tjfr w`rms, mfht-fqucty retc` `i tjf b`opedy cs 5.63 tcofs cd 8156.
]jf retc` jes rfoecdfm stfemy cd icvf yfers edm cs cd-kcdf wctj cdmustry evfregf wjcbj cs et 5.6=
tcofs. J`wfvfr, tjf cdtfrfst b`vfregf jes mfbkcdfm ir`o 8.3 tcofs cd 8155 t` es k`w es 1.: tcofs
cd 8152 hfi`rf rcscdg t` 5.= tcofs cd 8156. ]jcs sj`ws tjf udmfrkycdg icdedbcek strfss cd emmctc`d
t` prfssurf `i oerlft b`opftctc`d. Cdmustry evfregf cs 3.9 tcofs. (Qkfesf rfifr Eddfxurf 8 edm =)
R`urbf> Qkfesf rfifr Eddfxurf =
Bepctek fxpfdmcturf edm besj ik`ws (Xfckky, Iredl L. edm Lfctj B, Hr`wd, C dvfstofdt Edekyscs edm Q`rti k̀c`
Oedegfofdt (51fm))
Bepctek fxpfdmcturf et ]-O`hckf cs `d e b`dtcdu`us rcsf. Es % `i Rekfs, tjf fxpfdmcturf
jes cdbrfesfm ir`o 53.7% cd 8155 (wjfd sekfs wfrf herfky VR$ =.:6 hckkc`d) t` 81.:% cd 8156
(wjfd sekfs wfrf et VR$ 28.16 hckkc`d). Cd tjfsf icvf yfers, tjf b`opedy jes spfdm VR$ 51.17:
Qertcbukers ]-O`hckf E]&] Yfrcz̀ d
Bjcde
O`hckf
D]]
M`b`o` Y`mei`df D]]
Oerlft Bepctekczetc`d ($ hckkc`d)
es `d Eprck 55, 8159
25.98 829.5= 851.86 886.69 3:.21 :6.27 :6.27
Cd $ Ockkc`ds
Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257
Dft Cdb`of 97: 52,2=6 57,:73 51:,623 =51,132 6,795 65:,199
Dft Oergcd 8.5% 3.5% 52.9% 59.8% 3.=% 52.9% =.7%
Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257
]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87
Essfts ]urd`vfr 1.6 1.= 1.6 1.6 1.9 1.2 1.6
]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87
Evfregf Dftw`rtj 59,551 51=,685 5=,292 ::9,369 6,655,753 9:,=7= :,639,917
Dft Kfvfregf 2.3 2.3 57.1 5.9 5.2 5.: 8.=
X`F =.8% 58.:% 58=.6% 58.8% 7.=% :.=% 9.1%
Bepctek Rtrubturf edm B`vfregf Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Mfht-Fqucty Xetc̀ 5.98 5.=8 5.81 5.69 5.63 5.6=
Mfht t̀ ]`tek Bepctek 95.3% 6:.7% 6=.6% 95.1% 95.2%
Rj`rt-tfro mfht es % ̀i ]`tek Mfht 1.:% 5.5% 5.=% 1.=% 1.7%
Cdtfrfst B`vfregf Xetc̀ 8.:7 2.11 1.:5 5.16 5.2: 3.91
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pg. 51
hckkc`d `i wjcbj 93% wes spfdm cd kest tw` yfers cd 815= edm 8156. @d tjf b`dtrery tjf besj
ir`o `pfretc`ds ektj`ugj cdbrfesfm hy icvf tcofs ir`o VR$ 5.19 hckkc`d cd 8155 t` VR$ 6.=5
hckkc`d cd 8156 hut wjfd k``l cd b`opercs`d wctj sekfs, tjf seof jes mfbkcdfm ir`o 88% `i sekfs
cd 8155 t` 57% `i sekfs cd 8156. Irff besj ik`w cd tjf kest tjrff yfers jes hffd dfgetcvf vfrsus
cdmustry evfregf et 51.8% `i sekfs.
Mfht Xetcdgs
]-O`hckf–s mfht m`fs d`t p`ssfss jcgjfst cdvfstofdt retcdgs hy R&Q `r O``my–s. ]jf b`opedy
mfht jes hffd gcvfd e retcdg `i HH edm HHH- hy R&Q `r He2 edm Hee2 hy O``my–s wjcbj
rfikfbts tjet ektj`ugj tjf b`opedy cs kfss vukdfrehkf t` d`dpeyofdt rcsl yft ct cs iebfs oen`r rcsl
`i udbfrtecdtcfs ercscdg `ut `i bjedgcdg oerlft mydeocbs, fxtfrdek fdvcr`dofdt, fb`d`ocb
sk`wm`wd edm b`opftctcvf ebtc`ds. (Qkfesf rfifr Eddfxurf 9)
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pg. 55
Rt`bl Qrcbf Edekyscs
I`rfbest hy rfgrfssc`d
Icrst oftj`m usfm t` i`rfbest prcbf cs rfgrfssc`d edekyscs `i st`bl prcbf vs. tcof cd o`dtjs.
Xfgrfssc`d fquetc`d cs rfprfsfdtfm hy> E ? hZ + B< wjfrf S cs tjf mfpfdmfdt vercehkf (Rt`bl
prcbf cd tjcs besf) wjcbj cs mfpfdmfdt up`d cdmfpfdmfdt vercehkf Z (tcof cd o`dtjs cd tjcs besf).
Rk`pf `i tjf fquetc`d cs rfprfsfdtfm hy h edm cdtfrbfpt cs B.
Hesfm `d eh`vf `utput ct wes `hsfrvfm tjet tjf sk`pf ‚h– `i eh`vf fquetc`d cs 1.=8=7 edm
cdtfrbfpt ‚B– cs 52.9263. ]jf icdek fquetc`d cs>
S (Rt`bl prcbf) ? 1.=8=7 Z (]cof cd o`dtjs) + 52.9263
Vscdg eh`vf fquetc`d prcbf i`rfbest i`r 78dm o`dtj es `d Eprck 5, 8157 cs $==.88 wjcbj cs jcgjfr
hy 5=.=% tjed burrfdt prcbf es `d Eprck 55, 8159.
Gcvfd, wfeldfss cd icdedbcek es jcgjkcgjtfm cd icdedbcek `pfretc`d edekyscs sfbtc`d, wf m` d`t
hfkcfvf tjet tjf st`bl jes p`tfdtcek t` gfdfretf 5=.=% rfturd `vfr dfxt `df yfer edm jfdbf tjcs
oftj`m m`fs d`t rfvfek tjf truf vekuf `i tjf st`bl.
1
6
51
56
81
86
21
26
=1
=6
61
]-O`hckf Emn Bk`sf(S)
I`rfbestfm es pfr rfgrfssc`d(S?oZ+B)
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pg. 58
I`rfbest hy 58-o`dtj o`vcdg evfregf
Dfxt oftj`m usfm t` i`rfbest prcbf cs 58 o`dtjs o`vcdg evfregf wjcbj bekbuketfm tjf i`rfbestfm
r`kkcdg prcbf i`r 52tj o`dtj hesfm `d prfvc`us 58 o`dtjs evfregf prcbf. I`rfbestfm prcbf es `d
Eprck 5, 8157 cs $2:.79 wjcbj cs scocker t` burrfdt ebtuek prcbf et $2:.9= es `d Eprck 55, 8159.
Jfdbf, hesfm `d 58-O`dtjs O`vcdg Evfregf tjf prcbf `i ]-O`hckf cs fxpfbtfm t` rfoecd et
scocker kfvfk wjfrf ct cs t`mey edm rfsukts cd iket t` 1.2% rfturd `vfr dfxt `df yfer. ]jcs k``ls
o`rf rfes`dehkf edm pr`hehkf gcvfd prfveckcdg icdedbcek mcstrfss, `pfretc`dek bjekkfdgfs edm
`dg`cdg b`opftctcvf fdvcr`dofdt.
.
Rt`bl hfte, st`bl pfri`roedbf edm rfqucrfm rfturd hescs BEQO
Wf jevf eks` bekbuketfm tjf rfqucrfm rfturd `d tjf st`bl uscdg bepctek essft prcbcdg o`mfk.
Cd besf `i BEQO, wf rud tjf rfgrfssc`d `i R&Q611 edduek rfturd `vfr VR GMQ edduek gr`wtj
`vfr kest 99 yfers (hftwffd 5361 edm 8156) edm i`udm tjet tjfrf cs jermky edy rfketc`d hftwffd
tjf tw` vercehkfs. ]jf b`rrfketc`d hftwffd tjf tw` vercehkfs cs dfgetcvf 1.56 wjcbj cs `d `df
scmf sj`ws dfgetcvf rfketc`d edm `d tjf `tjfr scmf tjf ehs`kutf vekuf cdmcbetfs e vfry k`w
b`rrfketc`d. ]jcs cs d`t truf hfbeusf ektj`ugj mcrfbtky tjf vercehkfs oey d`t hf rfketfm t` febj
`tjfr, hut b`udtry–s gr`wtj retf jes ekweys scgdcicbedt hfercdg `d st`bl oerlft rfturds. Jfdbf,
tjf seof rfketc`d jes hffd cgd`rfm hesfm `d tjf `utput mfrcvfm ir`o rfgrfssc`d edekyscs.
1
6
51
56
81
86
21
26
=1
=6
=
/ 5 / 8 1 1 :
=
/ 5 / 8 1 1 3
=
/ 5 / 8 1 5 1
=
/ 5 / 8 1 5 5
=
/ 5 / 8 1 5 8
=
/ 5 / 8 1 5 2
=
/ 5 / 8 1 5 =
=
/ 5 / 8 1 5 6
=
/ 5 / 8 1 5 9
=
/ 5 / 8 1 5 7
Emn Bk`sf 58-o`dtj O`v Evg Kcdfer (Emn Bk`sf)
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pg. 52
Oerlft Xfturd, Xcsl-irff retf edm Rt b̀l Hfte
Wjckf b`oputcdg tjf oerlft rfturd i`r bekbuketcdg rcsl prfocuo, tjf evfregf gf`oftrcb rfturd `i
R&Q611 `vfr kest icvf yfers jes hffd b`dscmfrfm. O`dtjky cdmfx vekuf jes hffd m`wdk`emfm
ir`o Sej`` Icdedbf uscdg wjcbj gf`oftrcb ofed rfturd jes hffd bekbuketfm. ]jf pfrc`m udmfr
b`dscmfretc`d i`r tjcs edekyscs jes hffd b`dscmfrfm ir`o Eprck 5, 8155 t` Eprck 5, 8159. R&Q611
jes mfkcvfrfm e ofed edduek rfturd `i :.7% `vfr kest 6 yfers.
I`r tjf purp`sf `i rcsl irff retf `i rfturd ycfkm `d 51-Sr VR ]rfesury H`dms jes hffd
b`dscmfrfm. Rcopkf evfregf `i pest 91 o`dtjs edduekczfm rfturd jes hffd b`dscmfrfm i`r errcvcdg
et 8.2% p.e. rcsl irff retf `i rfturd.
Jfdbf, hesfm `d mfrcvfm oerlft rfturd edm rcsl-irff retf `i rfturd tjf oerlft rcsl prfocuo jes
hffd mfrcvfm wjcbj cs bekbuketfm es tjf mciifrfdbf hftwffd oerlft rfturd edm rcsl irff retf `i
rfturd. Hesfm `d eh`vf vekufs `i tjf tw` vercehkfs, tjf oerlft rcsl prfocuo cs mfrcvfm et 9.6%.
I`r tjf purp`sf `i hfte bekbuketc`d, rfgrfssc`d edekyscs jes hffd i`kk`wfm. ]-O`hckf st`bl prcbf
rfturds `i kest 91 o`dtjs (ir`o Eprck 5, 8155 t` Eprck 5, 8159) jevf hffd rfgrfssfm `vfr kest 91
o`dtjs rfturd ir`o R&Q611 cdmfx. Hfte `i tjf st`bl, rfprfsfdtfm hy sk`pf `i tjf rfgrfssc`d, cs
mfrcvfm et 5.12. ]jcs cs cd kcdf wctj hfte fstcoetfs sj`wd hy G``gkf Icdedbf edm Xfutfrs.
Hesfm `d rcsl-irff retf et 8.2%, hfte et 5.12 edm oerlft rcsl prfocuo et 9.6%, tjf b`st `i fqucty
`r edduekczfm rfqucrfm retf `i rfturd `d ]-O`hckf cs :.36%.
Es pfr BEQO, b`st `i fqucty ? 8.2% + 5.12 * 9.6% ? :.36%
Gcvfd, tjf prfveckcdg b`dmctc`d, ct k``ls mciicbukt ci tjf b`opedy st`bl w`ukm mfkcvfr subj
rfqucrfm rfturd `vfr dfxt 5 yfer.
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pg. 5=
Rt`bl pfri`roedbf rfketcvf t` b`opftct`rs `vfr kest `df yfer
R`urbf> jttps>//icdedbf.yej``.b`o/fbjerts0s?]OVR#{"usfK`gRbekf">truf,"kcdfWcmtj">"=","ekk`wBjertRteblcdg">truf}
Eh`vf cdtfrebtcvf bjert sj`ws rfketcvf st`bl pfri`roedbf `i ]-O`hckf edm sfvfd `i cts
b`opftct`rs `vfr kest `df yfer. @dky tw` b`opedcfs vcz. D]] edm D]] M`b`o` jevf rfsuktfm cd
rfturd jcgjfr tjed tjf rfturds mfkcvfrfm hy ]-O`hckf. ]jf o`st dferfst b`opftct`r, Rprcdt jes
mfkcvfrfm e dfgetcvf rfturd `i 21%. J`wfvfr, wf m` d`t hfkcfvf tjet 88% rfturd mfkcvfrfm hy ]-
O`hckf cd kest `df yfer edm cts rfketcvf supfr pfri`roedbf wckk b`dtcduf gcvfd wfelfd icdedbcek
b`dmctc`d edm oelfs ct e rcsly pr`p`sctc`d nust hesfm `d kest yfer hfttfr icdedbcek pfri`roedbf es
sj`wd cd tjf prfvc`us sfbtc`d. ]jf st`bl cs tremcdg et =9.3 tcofs cts treckcdg twfkvf o`dtjs
ferdcdgs wjcbj cs et 5=6% prfocuo t` R&Q611 edm cdmustry evfregf wjcbj cs tremcdg et 53.5
tcofs edm 53.8 rfspfbtcvfky (Qkfesf rfifr Eddfxurf 3).
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pg. 56
Xfb`oofdmetc`dLffpcdg cd ocdm tjf icdedbcek wfeldfss, kcoctfm `rgedcb gr`wtj `pp`rtudctcfs g`cdg
i`rwerm muf t` gr`wcdg dftw`rl-bepebcty bjekkfdgfs ct wckk d`t hf fesy t` `utpfri`ro cdmustry.
]-O`hckf jes tjf k`wfst eo`udt `i k`w-hedm spfbtruo, dfbfssery i`r cdbrfescdg
b`vfregf edm ektj`ugj tjf b`opedy jes hffd cd tjf i`rfir`dt `i dfw tfbjd`k`gy utckczetc`d subj
es Wc-Ic `iik`emcdg edm kfvfregcdg udkcbfdsfm spfbtruo, yft tjf pfri`roedbf jes hffd jcgjky
v`ketckf cd kest icvf yfers edm emmcdg b`vfregf wckk hf mcrfbtky `r cdmcrfbtky fxpfdscvf.
Ed cdvfst`r wj` cs vfry eggrfsscvf wctj vfry jcgj rcsl eppftctf edm wedts t` hft `d
turder`udm hescs nust kest `df yfer pfri`roedbf oey tjcdl `i cdvfstcdg cd ]-O`hckf es tjf
m`wdscmf rcsl cs o`rf fvcmfdt tjed tjf upscmf rcsl.
Gcvfd tjf cdjfrfdt huscdfss rcsl, ct cs d`t emvcsehkf t` cdvfst cd ]-O`hckf wctj e k`dg-
tfro pfrspfbtcvf.
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pg. 59
Eddfxurf 5> Cdb`of Rtetfofdt
Cd VRM Ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56
Xfvfduf =,:=7 6,515 8=,=81 83,69= 28,162
B`st `i sekfs 8,352 8,321 58,866 56,=13 5=,:3:
Gr`ss pr`ict 5,32= 8,575 58,596 5=,566 57,566
@pfretcdg fxpfdsfs 96= 9=7 7,89= 7,373 3,332
FHC]ME 5,8:1 5,68= =,315 9,579 7,598
Mfprfbcetc̀ d 628 711 2,316 =,791 6,137
@pfretcdg cdb`of 7=: :8= 339 5,=59 8,196
Cdtfrfst Fxpfdsf 895 876 5,882 5,265 5,=39
@tjfr cdb`of (fxpfdsf) (7) 63 87: 2=: =13
Cdb`of hfi`rf cdb`of texfs =:1 91: 65 =52 37:
Qr`vcsc̀ d ì r cdb`of texfs 57: 852 59 599 8=6
Dft cdb`of ir`o b`dtcducdg ̀ pfretc`ds 218 236 26 8=7 722
Dft cdb`of ir`o mcsb`dtcducdg ̀ ps - - - - -
Ocd`rcty cdtfrfst - - - - -
Dft cdb`of eveckehkf t` b`oo`d sjerfj̀ kmfrs 218 236 26 8=7 97:
Mckutfm FQR (cd VR$) 5.9= 8.5= 1.51 1.21 1.:8
Cdb`of Rtetfofdt
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pg. 57
Eddfxurf 8> Hekedbf Rjfft
Cd VRM ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56
Essfts
Burrfdt essfts
Besj edm besj fqucvekfdts 8,8=2 8,952 6,:35 6,256 7,6:1
Xfbfcvehkfs 7: 33 2,953 5,:96 5,7::
Cdvfdt`rcfs 8=1 863 6:9 5,1:6 5,836
Mfifrrfm cdb`of texfs 7 2 :23 3::
@tjfr burrfdt essfts 579 852 5,832 =,725 =,887
]`tek burrfdt essfts 8,7== 2,5:7 58,88: 52,3:= 5=,:31
D`d-burrfdt essfts
Gr`ss Icxfm Essfts 6,3=3 9,:12 2=,33: 2:,129 =2,538
Ebbuouketfm Mfprfbcetc̀ d (5,325) (8,655) (53,9=3) (85,735) (82,538)
Dft Icxfm Essfts =,15: =,838 56,2=3 59,8=6 81,111
Fqucty edm ̀ tjfr cdvfstofdts 9 8
G``mwckk 5,9:2 5,9:2 5,9:2
Cdtedgchkf essfts 8623 8698 53289 88:86 8=6=3
@tjfr k̀ dg-tfro essfts 579 5=9 5,297 5,359 5,25=
]`tek d`d-burrfdt essfts 9,723 7,118 27,786 =8,993 =7,6=9
]`tek essfts 3,=:2 51,5:3 =3,362 69,962 98,=29
Kcehckctcfs edm st`blj`kmfrs' fqucty
Kcehckctcfs
Burrfdt kcehckctcfs
Rj`rt-tfro mfht 23 65 8== :7 5:8
Ebb`udts peyehkf 281 25: 2,189 6,288 9,527
]exfs peyehkf 99 =8 62=
Ebbrufm kcehckctcfs 585 587 71: 5,138 5,2==
Mfifrrfm Xfvfdufs 8=9 82: ==6 =63 757
@tjfr burrfdt kcehckctcfs 86 78 :65 5,:59 5,5=:
]`tek burrfdt kcehckctcfs :57 :=: 6,:1: :,779 3,68:
D`d-burrfdt kcehckctcfs
K`dg-tfro mfht edm Bepctek kfesfs =,755 =,78= 59,:=5 8=,23= 89,1:=
Mfifrrfm texfs kcehckctcfs :57 5,125 =,9=6 =,:72 =,195
Mfifrrfm Xfvfdufs 529
@tjfr k̀ dg-tfro kcehckctcfs 851 35 :,=5= 8,3=7 9,819
]`tek d`d-burrfdt kcehckctcfs 6,72: 6,3:8 83,311 28,85= 29,265
]`tek kcehckctcfs 9,666 9,:21 26,71: =1,331 =6,:73
Rt`blj`kmfrs' fqucty
B`oo`d st`bl 5,7:= 5,:89 27,221 2:,612 2:,999
Emmctc̀ dek pecm-cd bepctek - - - - -
Xftecdfm ferdcdgs 5,568 5,6=2 (82,1::) (88,:=5) (88,51:)
Ebbuouketfm ̀ tjfr b`oprfjfdscvf cdb`of (3) (51) 2 5 (5)
]`tek st`blj`kmfrs' fqucty 8,387 2,263 5=,8=6 56,992 59,667
]`tek kcehckctcfs edm st b̀lj`kmfrs' fqucty 3,=:8 51,5:3 =3,362 69,962 98,=29
Hekedbf Rjfft
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pg. 5:
Eddfxurf 2> Besj Ik`w Rtetfofdt
Cd VRM ockkc`d 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56
Besj Ik`ws Ir`o @pfretcdg Ebtcvctcfs
Dft cdb`of 215 23= 26 8=7 722
Mfprfbcetc̀ d & eo`rtczetc̀ d 6== 9=: 2,696 =,296 =,9::
Mfifrrfm cdb`of texfs 576 857 51 588 869
Cdvfstofdts k̀ ssfs (gecds) - (7)
Cdvfstofdt/essft copecrofdt bjergfs - - - - -
Rt`bl hesfm b`opfdsetc̀ d =8 2: 511 539 815
Ebb`udts rfbfcvehkf (81) (85) (5,256) (31) (863)
Cdvfdt`ry (73) (81) =8 (=33) (8,=36)
Ebb`udts peyehkf - - - - -
@tjfr w`rlcdg bepctek 91 (6=) 817 (86=) 5,=18
@tjfr d`d-besj ctfos =1 (5=) 315 63 :::
Dft Besj Ik`ws Ir`o @pfretcdg Ebtcvctcfs 5,192 5,5:5 2,6=6 =,5=9 6,=5=
Besj Ik`ws Ir`o Cdvfstcdg Ebtcvctcfs
Cdvfstofdts cd pr̀ pfrty, pkedt, edm fqucpofdt (365) (:5=) (=,188) (=,837) (=,78=)
Qurbjesfs ̀i cdvfstofdts (911) (938) (8,337)
Ebqucsctc̀ ds, dft (7) 8,5==
@tjfr cdvfstcdg ebtcvctcfs (=) 87 (85=) (8,3=3) (5,:23)
Rekfs/Oeturctcfs ̀ i cdvfstofdts 976 769
Dft Besj Ik`ws Ir`o Cdvfstcdg Ebtcvctcfs (::7) (782) (8,138) (7,8=9) (3,691)
Besj Ik`ws Ir`o Icdedbcdg Ebtcvctcfs
Mfht cssufm 5,=3: 8,=3= 8,332 2,373
Mfht rfpeyofdt (69:) (2=) (8==) (5,=27) (985)
Qrfifrrfm st`bl cssufm 3:8
B`oo`d st`bl cssufm 5,7:7
B`oo`d st`bl rfpurbjesfm (6) (=)
Fxbfss tex hfdfict ir`o st`bl hesfm b`opfdsetc̀ d 2=
Mcvcmfdm pecm (66)
@tjfr icdedbcdg ebtcvctcfs =7 9 7 (=:) 551
Dft Besj Ik`ws Ir`o Icdedbcdg Ebtcvctcfs 378 (28) =,1== 8,68= 2,=52
Fiifbt `i fxbjedgf retf bjedgfs
Dft bjedgf cd besj 5,5=: =89 6,=37 (679) (722)
Besj et hfgcddcdg ̀i pfrc`m 737 5,3=6 23= 6,:35 6,256
Besj et fdm ̀i pfrc`m 5,3=6 8,275 6,:35 6,256 =,6:8
Irff Besj Ik`w
@pfretcdg besj ik̀ w 5,192 5,5:5 2,6=6 =,5=9 6,=5=
Bepfx (369) (:=1) (=,=19) (7,857) (9,963)
Irff besj ik`w 517 2=5 (:95) (2,175) (5,8=6)
Besj Ik`w Rtetfofdt
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pg. 53
Eddfxurf => Xetc` Edekyscs
Gr̀ wtj - BEGX 5-SX BEGX 8-SX BEGX 2-SX BEGX =-SX BEGX Cdm Evg
Xfvfduf :.=8% 5=.67% :=.62% 6:.22% 56.:9%
Gr`ss pr`ict 585.53% 5:.76% 33.5:% 97.99%
FHC]ME 56.37% 81.:3% 97.61% =7.8=%@pfretcdg cdb`of =6.:2% =2.33% 26.:2% 86.:8% 53.5:%
Dft cdb`of eveckehkf t` b`oo`d sjerfj`kmfrs 57=.=3% 2=1.52% 53.72% 5=.=9% 51.81%
FQR 572.22% 5:9.29% -87.27% -85.28%
Gr̀ wtj - Sfer-`d-Sfer 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Xfvfduf 6.8=% 27:.72% 85.19% :.=8% 9.87%
Gr`ss pr`ict 58.86% =91.2=% 59.29% 85.53%
FHC]ME 53.19% 885.63% 89.18% 56.37%
@pfretcdg cdb`of 51.59% 81.:7% =8.57% =6.:2%
Dft cdb`of eveckehkf t` b`oo`d sjerfj`kmfrs 21.73% -35.5=% 916.75% 57=.=3%
FQR 21.=3% -36.22% 811.11% 572.22%
Oergcds 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Gr`ss Oergcd 23.3% =8.9% =3.:% =7.3% 62.6% 92.5%
FHC]ME Oergcd 89.=% 83.3% 81.5% 81.3% 88.2% 88.9%@pfretcdg Oergcd 56.=% 59.8% =.5% =.:% 9.=% 52.3%
Dft Oergcd 9.8% 7.7% 1.5% 1.:% 8.5% 9.:%
Kcqucmcty Xetc̀ s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Burrfdt Xetc̀ 2.29 2.79 8.55 5.63 5.69
Uucbl Xetc̀ 2.19 2.=6 8.11 5.=7 5.=2 1.6=
Xfbfcvehkf Meys 6.:7 7.1: 6=.13 82.12 81.29 =1.91
Cdvfdt̀ ry Meys 21.5 28.2 57.6 86.7 25.7 88.63
Qeyehkf Meys =1.5 23.9 31.5 589.5 561.=
W`rlcdg Bepctek (es % ̀i Xfvfduf) -9% -=% 2% 1% -9% =%
]ud`vfr Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Gr`ss Icxfm Essft ]urd`vfr Xetc̀ 1.:5 1.76 1.71 1.7: 1.7=
Dft Icxfm Essft ]urd`vfr Xetc̀ 5.85 5.53 5.63 5.:8 5.91
]`tek Essft ]urd`vfr Xetc̀ 1.65 1.61 1.=3 1.68 1.65 1.69
Xfturd Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Xfturd `d Essfts 2.8% 2.3% 1.5% 1.=% 5.5% 9.2%
Xfturd `d Fqucty 51.2% 58.9% 1.=% 5.7% =.8% 92.1%
Xfturd ̀d Bepctek Fopk̀ yfm 3.7% 51.5% 2.8% 2.6% =.:% 5=.1%
Bepctek Rtrubturf edm B`vfregf Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Mfht-Fqucty Xetc̀ 5.98 5.=8 5.81 5.69 5.63 5.6=
Mfht t` ]`tek Bepctek 95.3% 6:.7% 6=.6% 95.1% 95.2%
Rj`rt-tfro mfht es % ̀i ]`tek Mfht 1.:% 5.5% 5.=% 1.=% 1.7%
Cdtfrfst B`vfregf Xetc̀ 8.:7 2.11 1.:5 5.16 5.2: 3.91
Besj Ik̀ w Xetc`s 21-Mfb-55 21-Mfb-58 21-Mfb-52 21-Mfb-5= 21-Mfb-56 Cdm Evg
Besj ir`o ̀pfretc̀ ds (% ̀ i Rekfs) 85.3% 82.8% 5=.6% 5=.1% 59.3%
Bepfx (% ̀i Rekfs) 53.7% 59.6% 5:.1% 8=.=% 81.:%
Irff Besj Ik̀ w (% ̀i Rekfs) 8.8% 9.7% -2.6% -51.=% -2.3% 51.8%
Xetc`s Edekyscs
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pg. 81
Eddfxurf 9> Mfht Xetcdg `i ]-O`hckf Mfht
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pg. 85
Eddfxurf 7> ]-O`hckf Hfte, BEQO Xfturd edm Rtedmerm Mfvcetc`d
`i XfturdsVR 51-Sr ]H
Metf @pfd Jcgj K`w Bk`sf Y`kuof Emn Bk`sf @pfd Jcgj K`w Bk`sf Y`kuof Emn Bk`sf Scfkm ]OVR R&Q611
=/5/8155 59 57 59 57 8,658,911 8: 5,283.6 5,29=.9 5,83=.7 5,292.9 =,1=8,53=,111 5,292.9 2.2:
6/8/8155 57 53 59 5: =,55:,311 21 5,296.8 5,271.9 5,255.: 5,2=6.8 =,55=,62=,811 5,2=6.8 2.=5 9.29% -5.26%
9/5/8155 5: 53 59 57 8,683,511 83 5,2=6.8 5,2=6.8 5,86:.5 5,281.9 =,516,915,211 5,281.9 2.=6 -2.:6% -5.:2%
7/5/8155 57 5: 59 59 5,::2,711 87 5,281.9 5,269.6 5,8:8.3 5,838.2 =,21:,59:,111 5,838.2 2.21 -6.=1% -8.56%
:/5/8155 59 59 3 55 9,959,:11 5: 5,838.9 5,217.= 5,515.6 5,85:.3 =,3=8,352,=11 5,85:.3 2.16 -25.=6% -6.9:%
3/5/8155 55 55 3 3 2,=16,611 5= 5,853.5 5,883.2 5,55=.8 5,525.= 6,51=,322,:11 5,525.= 2.59 -85.36% -7.5:%
51/2/8155 3 51 : 3 2,562,111 5= 5,525.8 5,838.7 5,17=.: 5,862.2 =,:7=,3=9,911 5,862.2 8.:5 -8.=5% 51.77%
55/5/8155 : 3 : : 8,=95,:11 5= 5,865.1 5,877.9 5,56:.7 5,8=7.1 =,8:3,273,111 5,8=7.1 8.88 -5.=5% -1.65%
58/5/8155 : 3 : 3 5,3=6,211 5= 5,8=9.3 5,893.= 5,818.= 5,867.9 2,997,2=9,911 5,867.9 5.38 2 .6:% 1.:6%
5/2/8158 3 51 : 3 8,97:,211 56 5,86:.3 5,222.6 5,86:.3 5,258.= =,531,566,611 5,258.= 8.5: 5 .:=% =.29%
8/5/8158 3 58 3 51 2,356,911 57 5,258.= 5,27:.1 5,258.= 5,296.7 =,5=2,=1=,111 5,296.7 8.17 5 9.68% =.19%
2/5/8158 51 55 3 3 8,689,511 56 5,296.3 5,=53.8 5,2=1.1 5,=1:.6 2,3:1,768,811 5,=1:.6 5.:7 -58.=2% 2.52%
=/8/8158 3 3 7 7 2,858,811 58 5,=1:.6 5,=88.= 5,267.= 5,237.3 2,359,7:9,111 5,237.3 5.:1 -53.17% -1.76%
6/5/8158 7 : 9 9 2,753,611 55 5,237.3 5,=56.2 5,838.1 5,251.2 =,56:,136,311 5,251.2 5.3: -58.22% -9.87%
9/5/8158 9 9 9 9 2,873,311 51 5,213.3 5,292.6 5,899.7 5,298.8 =,512,=78,211 5,298.8 8.88 - 6.=7% 2.39%
7/8/8158 9 3 9 3 2,3:8,111 56 5,298.2 5,235.7 5,286.= 5,273.2 2,992,552,211 5,273.2 5.38 = =.73% 5.89%
:/5/8158 3 51 3 51 2,818,311 59 5,273.2 5,=89.7 5,26=.7 5,=19.9 2,5:2,697,:11 5,=19.9 5.6: 5 5.17% 5.3:%
3/=/8158 51 58 51 58 =,133,=11 53 5,=19.6 5,=7=.6 5,239.9 5,==1.7 2,:67,662,511 5,==1.7 5.99 8 1.26% 8.=8%
51/5/8158 58 56 51 51 58,215,611 57 5,==1.3 5,=75.1 5,=12.2 5,=58.8 2,6:7,556,711 5,=58.8 5.=3 -58.:5% -5.3:%
55/5/8158 51 55 51 55 =,58:,911 5: 5,=58.8 5,=2=.2 5,2=2.2 5,=59.8 2,632,551,111 5,=59.8 5.69 = .25% 1.8:%
58/2/8158 55 55 51 51 2,951,511 59 5,=59.2 5,==:.1 5,23:.5 5,=89.8 2,=73,986,611 5,=89.8 5.9= - 9.97% 1.75%
5/8/8152 51 51 3 51 2,3=:,611 57 5,=89.8 5,613.3 5,=89.8 5,=3:.5 2,:18,21=,811 5,=3:.5 5.93 1 .35% 6.1=%
8/5/8152 51 51 51 51 8,9:2,111 59 5,=3:.5 5,621.3 5,=:6.1 5,65=.7 2,:65,::=,811 5,65=.7 5.95 - 8.83% 5.55%
2/5/8152 51 55 51 55 =,169,811 5: 5,65=.7 5,671.2 5,615.6 5,693.8 2,635,677,611 5,693.8 5.79 5 5.88% 2.91%
=/5/8152 55 58 55 58 51,:75,:11 81 5,693.8 5,637.9 5,629.1 5,637.9 2,97=,9:6,111 5,637.9 5.33 : .98% 5.:5%
6/5/8152 59 88 59 85 9,89=,=11 85 5,637.9 5,9:7.8 5,6:5.2 5,921.7 2,995,881,=11 5,921.7 5.:3 3 .82% 8.1:%
9/2/8152 88 86 81 86 6,=6=,711 86 5,925.7 5,96=.8 5,691.2 5,919.2 2,339,533,111 5,919.2 5.:6 56.77% -5.61%
7/5/8152 86 89 82 8= 2,2=:,611 8= 5,913.: 5,93:.: 5,91=.9 5,9:6.7 2,871,9=6,311 5,9:6.7 5.9: - 8.:8% =.36%
:/5/8152 8= 89 82 82 8,351,711 82 5,9:3.= 5,713.7 5,987.6 5,922.1 2,193,:9:,911 5,922.1 8.59 -2.56% -2.52%
3/2/8152 8= 87 8= 89 2,829,911 89 5,926.3 5,783.3 5,922.= 5,9:5.9 2,=7=,568,111 5,9:5.9 8.=: 5 5.88% 8.37%
51/5/8152 89 8: 86 8: 8,811,911 8: 5,9:8.= 5,776.8 5,9=9.6 5,769.6 2,=3:,:99,611 5,769.6 8.63 9 .7:% =.=9%
55/5/8152 8: 21 86 89 3,917,311 89 5,76:.7 5,:52.9 5,7=9.8 5,:16.: 2,895,28=,611 5,:16.: 8.76 - 9.81% 8.:1%
58/8/8152 89 2= 86 2= :,17:,=11 2= 5,:19.9 5,:=3.= 5,79:.1 5,:=:.= 2,812,=58,211 5,:=:.= 8.98 8 3.22% 8.29%
5/8/815= 22 2= 21 25 9,615,611 25 5,:=6.3 5,:61.: 5,771.= 5,7:8.9 2,:19,899,911 5,7:8.9 8.6= -3.52% -2.69%
8/2/815= 21 22 83 25 9,9==,511 25 5,7:8.7 5,:97.3 5,727.3 5,:63.= 2,:76,3=3,=11 5,:63.= 8.7= - 1.82% =.25%
2/2/815= 21 22 21 22 =,7=3,711 22 5,:67.7 5,::=.1 5,:2=.= 5,:78.2 2,673,156,711 5,:78.2 2.12 : .21% 1.93%=/5/815= 22 2= 8: 83 =,651,811 83 5,:7=.1 5,:37.2 5,:5=.= 5,::2.3 2,6:3,8:7,911 5,::2.3 8.97 -55.28% 1.98%
6/5/815= 28 29 25 2= =,388,111 2= 5,::=.= 5,38=.1 5,:63.: 5,382.9 2,5:6,511,311 5,382.9 8.99 5 7.85% 8.51%
9/8/815= 2= 26 28 2= 2,93:,111 2= 5,382.3 5,39:.8 5,359.1 5,391.8 2,56:,521,111 5,391.8 8.78 - 8.17% 5.35%
7/5/815= 2= 2= 25 22 6,616,811 22 5,398.2 5,335.= 5,321.7 5,321.7 2,85=,==1,=11 5,321.7 8.96 -8.18% -5.65%
:/5/815= 22 26 8: 21 9,1:9,=11 21 5,383.: 8,116.1 5,31=.: 8,112.= 8,:76,75:,611 8,112.= 8.=9 - :.9:% 2.77%
3/8/815= 25 28 8: 83 =,68=,111 83 8,11=.5 8,153.2 5,39=.1 5,378.2 2,29=,982,:11 5,378.2 8.68 -=.18% -5.66%
51/5/815= 83 21 86 83 6,=5=,511 83 5,375.= 8,15:.8 5,:81.7 8,15:.5 =,891,251,:11 8,15:.5 8.69 5 .55% 8.28%
55/2/815= 83 21 87 83 2,23=,311 83 8,15:.8 8,176.: 8,115.1 8,197.9 2,=73,815,611 8,197.9 8.2= 1 .11% 8.=6%
58/5/815= 83 83 8= 87 6,31=,811 87 8,196.: 8,132.9 5,378.9 8,16:.3 2,7::,925,211 8,16:.3 8.65 -7.75% -1.=8%
5/8/8156 87 25 89 21 9,187,511 21 8,16:.3 8,178.= 5,3::.5 5,336.1 =,135,32=,611 5,336.1 8.2= 58.12% -2.51%
8/8/8156 25 22 21 22 =,668,611 22 5,339.7 8,553.9 5,3:1.3 8,51=.6 2,:19,=71,611 8,51=.6 8.53 3 .==% 6.=3%
2/8/8156 22 22 28 28 2,869,311 28 8,516.8 8,557.6 8,123.7 8,197.3 2,92:,7=6,=11 8,197.3 8.57 -=.19% -5.7=%
=/5/8156 28 26 25 2= 2,3:2,211 2= 8,197.9 8,586.3 8,1=:.= 8,1:6.6 2,685,=6:,111 8,1:6.6 5.9: 7 .=8% 1.:6%
6/5/8156 2= 23 22 23 6,761,=11 23 8,1:7.= 8,52=.7 8,197.3 8,517.= 2,=66,769,111 8,517.= 8.11 5 =.88% 5.16%
9/5/8156 23 =5 2: 23 6,523,711 23 8,51:.9 8,583.3 8,169.2 8,192.5 2,652,839,211 8,192.5 5.32 -1.8:% -8.51%
7/5/8156 23 =5 29 =5 =,598,211 =5 8,197.1 8,528.: 8,1==.1 8,512.: 2,713,57:,911 8,512.: 8.16 = .:7% 5.37%
:/2/8156 =5 =2 29 =1 2,986,511 =1 8,51=.6 8,558.7 5,:97.1 5,378.8 =,859,8:1,=11 5,378.8 8.51 -8.6:% -9.89%3/5/8156 23 =2 23 =1 2,=37,811 =1 5,371.5 8,181.3 5,:75.3 5,381.1 =,18=,=37,511 5,381.1 8.2= 1.61% -8.9=%
51/5/8156 =1 =8 27 2: =,863,=11 2: 5,353.7 8,13=.2 5,:32.7 8,173.= =,136,61=,611 8,173.= 8.85 - =.:8% :.21%
55/8/8156 2: =5 26 29 6,=63,:11 29 8,1:1.: 8,559.6 8,153.= 8,1:1.= =,117,325,111 8,1:1.= 8.81 - 9.25% 1.16%
58/5/8156 29 =1 2= 23 6,135,311 23 8,1:8.3 8,51=.2 5,332.2 8,1=2.3 2,388,326,311 8,1=2.3 8.19 51.81% -5.76%
5/=/8159 23 =5 26 =1 =,8=6,711 =1 8,12:.8 8,12:.8 5,:58.2 5,3=1.8 6,562,157,:11 5,3=1.8 8.56 8.92% -6.17%
8/5/8159 =1 =5 22 27 6,87=,311 27 5,329.3 5,392.1 5,:51.5 5,328.8 =,::5,::7,111 5,328.8 8.88 -7.91% -1.=5%
2/5/8159 27 =1 29 2: =,6::,:11 2: 5,327.5 8,178.8 5,327.5 8,163.7 =,273,763,111 8,163.7 8.87 2 .82% 9.91%
=/5/8159 2: =1 2: 23 58,=6:,=11 23 8,169.9 8,176.5 8,1==.1 8,178.: 7,=33,3:1,111 8,178.: 5.32 8 .77% 1.92%
]OVR R&Q611 Xfturd
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pg. 88
Eddfxurf 7> B`dtm
Xfgrfssc`d @utput wctj rfspfbt t` oerlft rfturd
Hfte uscdg Xfgrfssc`d t``k 5.12
Vscdg Rk`pf I`rouke 5.12
Gf`oftrcb Ofed rfturd ̀ i R&Q 611 :.7=%
Rcopkf Ofed rfturd ̀ i R&Q 611 3.52%
Evfregf rcsl-irff retf 8.8:%
Fxpfbtfm Xfturd ̀ i ]OVR es pfr BEQO :.36%
Rtm mfvcetc`d ̀i ]OVR =5.2%
Ofed Xfturd ̀i ]OVR 56.19%
D` ̀ i o`dtjs wctj dfgetcvf rfturds - ]OVR 21
D` ̀ i o`dtjs wctj dfgetcvf rfturds - R&Q611 82
Hfte
RVOOEXS @V ]QV]
Xfg rfssc`d R tetcstcbs
Ouktcpkf X 1.216152=8
X R querf 1.1321225:9
E mnustfm X Rquerf 1.177236:8:
Rtedmerm Frr`r 1.55==:777:
@hsfrvetc`ds 91
ED@YE
mi RR OR I Rcgdcicbedbf I
Xfgrfss c̀ d 5 1.1773:571: 1.1773:571: 6.3=3=5:526 1.157:1873:
Xfscmuek 6: 1.791828575 1.152517=65
]`tek 63 1.:2:852:73
B `fiicbcfdts Rtedmerm Frr`r t R tet Q -vekuf K`wfr 36% V ppfr 36% K`wfr 36.1% Vppfr 36.1%
Cdtfrbfpt 1.11=9:8=88 1.156587:69 1.2136825=7 1.76:128318 -1.186633872 1.12=39=559 -1.186633872 1.12=39=559
Z Y ercehkf 5 5.122752== 1.=82:15359 8.=235=835 1.157:1873: 1.5:62:57=5 5.::81=652: 1.5:62:57=5 5.::81=652:
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pg. 82
Eddfxurf :> Mup`dt Edekyscs
Eddfxurf 3> Yekuetc`d Edekyscs
Qertcbukers ]-O`hckf E]&] Yfrcz̀ d
Bjcde
O`hckf
D]]
M`b`o` Y`mei`df D]]
Oerlft Bepctekczetc`d ($ hckkc`d)
es `d Eprck 55, 8159
25.98 829.5= 851.86 886.69 3:.21 :6.27 :6.27
Cd $ Ockkc`ds
Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257
Dft Cdb`of 97: 52,2=6 57,:73 51:,623 =51,132 6,795 65:,199
Dft Oergcd 8.5% 3.5% 52.9% 59.8% 3.=% 52.9% =.7%
Rekfs 28,162 5=9,:15 525,981 99:,226 =,2:2,237 =8,887 55,136,257
]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87
Essfts ]urd`vfr 1.6 1.= 1.6 1.6 1.9 1.2 1.6
]`tek Essfts 98,=29 =18,978 8==,9=1 5,=87,:36 7,5=9,2=1 588,672 81,718,=87
Evfregf Dftw`rtj 59,551 51=,685 5=,292 ::9,369 6,655,753 9:,=7= :,639,917
Dft Kfvfregf 2.3 2.3 57.1 5.9 5.2 5.: 8.=
X`F =.8% 58.:% 58=.6% 58.8% 7.=% :.=% 9.1%
Burrfdt
prcbf
Q/F
]]O
5 Sr Iwm
Q/F
Es ̀ d Eprck 55, 8159 $2:.9= =9.3 59.7
Fdm ̀i Sfer 8119 8117 811: 8113 8151 8155 8158 8152 815= 8156 ]]O
Qrcbf/Ferdcdgs
]OVR - 98.5 26.2 56.= 82.2 5=.5 3.8 5.1 33.1 9=.3 =9.3
R&Q 611 59.: 59.6 51.3 5:.9 56.6 52.7 56.1 5:.9 5:.9 53.1 53.5
Qrfocuo / (Mcsb`udt) -511.1% 879.=% 882.3% -57.8% 61.2% 8.3% -2:.7% -3=.9% =28.2% 8=5.9% 5=6.6%
53.8
Qrcbf/H``l
]OVR - 2.7 8.9 5.8 5.: 5.5 5.5 8.8 5.6 8.1 5.3
R&Q 611 8.3 8.7 5.7 8.8 8.8 8.1 8.5 8.9 8.7 8.7 8.7
Qrfocuo / (Mcsb`udt) -511.1% 27.1% 68.3% -=6.6% -5:.8% -=6.1% -=7.9% -56.=% -==.=% -86.3% -83.9%
8.1
Qrcbf/Rekfs
]OVR - 8.9 5.3 1.: 5.5 1.7 1.7 5.1 1.= 5.1 5.1
R&Q 611 5.9 5.6 1.3 5.8 5.2 5.8 5.2 5.7 5.: 5.: 5.:
Qrfocuo / (Mcsb`udt) -511.1% 72.2% 555.5% -22.2% -56.=% -=5.7% -=9.8% -=5.8% -77.:% -==.=% -==.=%
5.6
Qrcbf/Besj Ik`w
]OVR - 3.: 55.: 2.1 =.6 8.3 2.5 7.= 2.2 7.5 6.3
R&Q 611 55.5 55.9 9.: 3.5 3.2 :.6 3.8 55.8 55.6 55.6 55.:
Qrfocuo / (Mcsb`udt) -511.1% -56.6% 72.6% -97.1% -65.9% -96.3% -99.2% -22.3% -75.2% -2:.2% -61.1%
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8/18/2019 Financial Research Project T Mobile Valuation and Analysis
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pg 8=
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