walt disney excel workbook

7/27/2019 Walt Disney Excel Workbook

1/78

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


2/78


3/78

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


4/78

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

- -

- -


5/78

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


6/78

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


7/78

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


8/78

(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 - -


9/78

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




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


10/78

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

- - - - - - -

- - - - - - -


11/78

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


12/78

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


13/78


14/78

- 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


15/78

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


16/78

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




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


17/78

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


18/78

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


19/78

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


20/78

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


21/78

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


22/78

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


23/78

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


24/78

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


25/78

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


26/78

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


27/78

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


28/78

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


29/78

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


30/78

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


31/78

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


32/78

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


33/78

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


34/78

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


35/78

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


36/78

nch/data_library.html)


37/78

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


38/78

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




39/78

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


40/78

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


41/78

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


42/78

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


43/78

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


44/78

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


45/78

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


48/78

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


49/78

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


50/78

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


51/78

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


52/78

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


53/78

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


54/78

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




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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"

walt disney excel workbook

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