Exxon Mobile (XOM) Valuation Report

Segmented Data

Comparables

Ratio Analysis

Assumptions

Comparable Transactions

DDM

Growth Rates

Beta Regression

Football Field
 Comparable Companies Exit Multiples

1 Exxon (2017)
Sales $244,363.00
EBITDA $39,030.00

Industry Multiples Enterprise value COMPS Per share

EV/Sales $1.04 $254,039.77 $59.68
EV/EBITDA $6.05 $235,963.67 $55.43

2 Precedent Transactions Valuation

Industry Multiples Enterprise value TRANSACTIONper shares
EV/Sales 1.90 $464,289.70 109.0644864248
EV/EBITDA 6.93 $270,282.75 63.4910688698

3 FCFE ke
DCF $322,842.10 8.50%
EV per share $75.84

% Price is between Low High

68% $ 87.12 & $138.24
95% $ 61.56 & $163.80
99.80% $ 35.99 & $189.37

4 DDM ke
DCF $285,854.09 8.50%
EV per share $67.15

% Price is between Low High

68% $80.08 & $129.09
95% $55.57 & $153.60
99.80% $31.06 & $178.11

Shares as of 2017 $ 4,257.02

5 Implied Value $71.77
s Sensitivity Analysis
Change in mutliple EV/EBITDA EV per share
LOW 5.5535 $50.92
MEDIAN 6.3336 $55.43
HIGH 9.2415 $84.73

Change in mutliple EV/Sales EV per share

LOW 0.68 $ 38.81
MEDIAN 1.04 $ 59.68
HIGH 1.66 $ 95.11

Change in mutliple EV/EBITDA EV per share

LOW 5.05 $46.30
MEDIAN 6.93 $63.49
HIGH 7.89 $72.34

Change in mutliple EV/Sales EV per share

LOW 1.18 $ 67.73
MEDIAN 1.90 $ 109.06
HIGH 2.54 $ 145.80

Results
# of samples 1000
NPV Mean $ 113.58
NPV Std Deviaton $ 25.10
Min $ 68.97
Max $ 265.78
z -4.52583833
Probability of losing money 0.000301%

# of samples $ 1,000.00
NPV Mean $ 104.59
NPV Std Deviaton $ 24.51
Min $ 61.31
Max $ 277.29
z -427%
Probability of losing money 0.00099%
Analysis
 Football Field Chart

Open Low High Close Predicted

E
EV/Sales $38.81 $38.81 $95.11 $95.11 $59.68
EV/EBITDA $50.92 $50.92 $84.73 $84.73 $95.11
Average Average; $5
EV/Sales Trans $67.73 $67.73 $145.80 $145.80 $109.06
EV/EBITDA Transaction $ 46.30 46.30035 $ 72.34 72.33857 $63.49
DCFE $61.56 $61.56 $163.80 $163.80 $75.84
DDM $55.57
DDM $ 55.57 $ 55.57 $ 153.60 $ 153.60 $67.15
DCFE $61.

EV/EBITDA Tra ns action $46.30

Min Calc Max
EV/Sales Comps $38.81 $56.30 $95.11 $59.68
EV/Sa l es Tra ns action $67
EV/EBITDA Comps $50.92 $33.81 $84.73 $55.43
EV/Sales Transaction $67.73 $78.07 $145.80 $109.06
EV/EBITDA Comps $50.92
EV/EBITDA Transaction $ 46.30 $26.04 $ 72.34 $63.49
DCFE $61.56 $102.25 $163.80 $75.84
DDM $ 55.57 $98.03 $ 153.60 $67.15 EV/Sal es Comps $38.81
Average $53.48 $71.77 $119.23 $71.77 $0.00 $20.00

EXXON Valuation Summary

$200.00 $200.00
 EXXON Valuation Summary
$200.00 $200.00

$180.00 $180.00

$160.00 $160.00

$140.00 $140.00

$120.00 $120.00

$100.00 $100.00

$80.00 $80.00

$60.00 $60.00

$40.00 $40.00

$20.00 $20.00

$0.00 $0.00
EV/Sa l es EV/EBITDA EV/Sal es Tra ns EV/EBITDA Trans action DCFE DDM
 EXXON Valuation Summary

Average Average; $53.48 $119.23

DDM $55.57 $153.60

DCFE $61.56 $163.80

DA Tra ns action $46.30 $72.34

es Tra ns action $67.73 $145.80

/EBITDA Comps $50.92 $84.73

V/Sal es Comps $38.81 $95.11

$0.00 $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $200.00

$200.00
 $200.00

$180.00

$160.00

$140.00

$120.00

$100.00

$80.00

$60.00

$40.00

$20.00

$0.00
DDM
 Consolidated Balance Sheet - USD ($) $ in Millions Dec. 31, 2017
Current assets
Cash and cash equivalents $ 3,177
Notes and accounts receivable, less estimated doubtful amounts 25,597
Inventories
Crude oil, products and merchandise 12,871
Materials and supplies 4,121
Other current assets 1,368
Total current assets 47,134
Investments, advances and long-term receivables 39,160
Property, plant and equipment, at cost, less accumulated depreciation and depletion 252,630
Other assets, including intangibles, net 9,767
Total assets 348,691
Current liabilities
Notes and loans payable 17,930
Accounts payable and accrued liabilities 36,796
Income taxes payable 3,045
Total current liabilities 57,771
Long-term debt 24,406
Postretirement benefits reserves 21,132
Deferred income tax liabilities 26,893
Long-term obligations to equity companies 4,774
Other long-term obligations 19,215
Total liabilities 154,191
Commitments and contingencies
Equity
Common stock without par value (9,000 million shares authorized, 8,019 million shares issued) 14,656
Earnings reinvested 414,540
Accumulated other comprehensive income (16,262)
Common stock held in treasury (3,780 million shares in 2017 and 3,871 million shares in 2016) (225,246)
ExxonMobil share of equity 187,688
Noncontrolling interests 6,812
Total equity 194,500
Total liabilities and equity $ 348,691

9.8680872653
Dec. 31, 2016

$ 3,657
21,394

10,877
4,203
1,285
41,416
35,102
244,224 8,406
9,572 195
330,314

13,830
31,193 54,726 45,023
2,615 ST debt 9,703
47,638
28,932 LT Debt (4,526)
20,680 Net B 5,177
34,041
5,124 2017 2016
20,069 CA-cash 43,957 37,759
156,484 CL-Notes 39,841 33,808
WC 4,116 3,951

12,157
407,831
(22,239)
(230,424)
167,325
6,505
173,830
$ 330,314
Consolidated Statement Of Income - US 12 Months Ended 10K
Dec. 31, 2015 Dec. 31, 2016 Dec. 31, 2017
Revenues and other income
Sales and other operating revenue 239854 200628 237162
Income from equity affiliates 7644 4806 5380
Other income 1750 2680 1821
Total revenues and other income 249248 208114 244363
Costs and other deductions
Crude oil and product purchases 130003 104171 128217
Production and manufacturing expenses 35587 31927 34128 162345
Selling, general and administrative expenses 11501 10799 10956
Depreciation and depletion 18048 22308 19893
RD 1523 1467 1790
Interest expense 311 453 601
Other taxes and duties 30309 29020 30104
Total costs and other deductions 227282 200145 225689
Income before income taxes 21966 7969 18674
Income taxes 5415 -406 -1174
Net income including noncontrolling interests 16551 8375 19848
Net income attributable to noncontrolling interests 401 535 138
Net income attributable to ExxonMobil 16150 7840 19710
Earnings per common share (dollars) 3.85 1.88 4.63 4257.019
Earnings per common share - assuming dilution (dollars) 3.85 1.88 4.63

2014 2015 2016 2017

NI 16150 7840 19710
interest 311 453 601
taxes 5415 -406 -1174
dep 18048 22308 19893
EBITDA $ 39,924.00 $ 30,195.00 $ 39,030.00

Revenue $ 411,939.00 $ 249,248.00 $ 208,114.00 $ 244,363.00

Growth -6% -39% -17% 17%

Cost of Revenue $ (328,459.00) $ (195,899.00) $ (165,118.00) $ (192,449.00)

Gross Profit $ 83,480.00 $ 53,349.00 $ 42,996.00 $ 51,914.00

Exploration Expense $ (1,669.00) $ (1,523.00) $ (1,467.00) $ (1,790.00)

SG&A Expense $ (12,598.00) $ (11,501.00) $ (10,799.00) $ (10,956.00)
Other Expenses (not inlcuding taxes and
$ interest)
(212,943.00) $ (195,899.00) $ (165,118.00) $ (192,449.00)
Total Operating Expenses $ (227,210.00) $ (208,923.00) $ (177,384.00) $ (205,195.00)
(+)interest $ 311.00 $ 453.00 $ 601.00
EBIT $ 184,729.00 $ 40,636.00 $ 31,183.00 $ 39,769.00

(+) D&A $ 17,297.00 $ 18,048.00 $ 22,308.00 $ 19,893.00

$ 0.07 $ 0.11 $ 0.08
Adjusted EBITDA $ 202,026.00 $ 58,995.00 $ 53,944.00 $ 59,662.00
% Margin 49% 24% 26% 24%
 Consolidated Statement Of Cash Flows - USD ($) $ in Millions 12 Months Ended

Dec. 31, 2017

Cash flows from operating activities
Net income including noncontrolling interests 19,848
Adjustments for noncash transactions
Depreciation and depletion 19,893
Deferred income tax charges/(credits) (8,577)
Postretirement benefits expense in excess of/(less than) net payments 1,135
Other long-term obligation provisions in excess of/(less than) payments (610)
Dividends received greater than/(less than) equity in current earnings of equity 131
companies
Changes in operational working capital, excluding cash and debt (1,754)
Reduction/(increase) - Notes and accounts receivable (3,954)
Reduction/(increase) - Inventories (1,682)
Reduction/(increase) - Other current assets
-117
Increase/(reduction) - Accounts and other payables 5,104
Net (gain) on asset sales (334)
All other items - net (771)
Net cash provided by operating activities 30,066
Cash flows from investing activities
Additions to property, plant and equipment (15,402)
Proceeds associated with sales of subsidiaries, property, plant and equipment, and 3,103
sales and returns of investments
Decrease/(increase) in restricted cash and cash equivalents
Additional investments and advances (5,507)
Other investing activities including collection of advances 2,076
Net cash used in investing activities -15730
Cash flows from financing activities
Additions to long-term debt 60
Reductions in long-term debt
Additions to short-term debt 1,735
Reductions in short-term debt (5,024)
Additions/(reductions) in commercial paper, and debt with three months or less 2,181
maturity
Cash dividends to ExxonMobil shareholders (13,001)
Cash dividends to noncontrolling interests (184)
Changes in noncontrolling interests $ (150)

Tax benefits related to stock-based awards

Common stock acquired
-747
Common stock sold
Net cash used in financing activities (15,130)
Effects of exchange rate changes on cash
314
Increase/(decrease) in cash and cash equivalents (480)
Cash and cash equivalents at beginning of year 3,657
Cash and cash equivalents at end of year 3,177
 Dec. 31, 2015
Dec. 31, 2016

8,375 16551

22,308 18048
(4,386) -1832
(329) 2153
(19) -380
(579) -691
(3,288) (3,505)
1,534
(2,090) 4692
(388) -379
45
171
915 -7471
(1,682) -226
(214) -166
22,082 30344

(16,163) -26490
4,275 2389
42
(1,417) -607
902 842
-12403 -23824
12,066 8028
8002
-26

(314) -506
1253
(7,459) 1759
6749
(12,453) -12090
NB
(162) -170
(1,048)

2
-4039
-977
$6 5
(9,293) -7037
-394
-434
(48) -911
3,705 4616
3,657 3705
Segmented - Geography
Revenues Percent
Exxon
US 82,079.00 34.61% 400000
International 155,048 65.39%
Total 237,127 100.00%
BP 350000
US 88,709.00 33.50%
International 176,113.00 66.50%
300000
Total 264,822.00 100.00%
Chevron
US 52,837.00 41.45% 250000
International 74,648.00 58.55%
Total 127,485.00 100.00%
Petro China 200000
China 276,355.16 74.50%
International 94586.89 25.50%
150000
Total 370,942.05 100.00%
Imperial Oil
Canada 35,413 100.00% 100000
International 0 0.00%
Total 35,413 100.00%
50000
Dutch Royal
US 66,854.00 21.91%
International 238,325.00 78.09% 0
Total 305,179.00 100.00% EXXON BP CHEVRON PETRO CHINA IMPERIAL OIL DUTCH ROYAL

Origin Country International

EXXON
Exxon Revenue
82,079.00
Segmentation
155,048 BP Revenue Segmentation
BP 88,709.00 176,113.00
CHEVRON 52,837.00 74,648.00
Exxon
PETRO CHINA 276,355.16
34.61% 94586.89 33.50% US
US
International International

65.39% 66.50%
 Exxon
34.61% US 33.50% US
IMPERIAL OIL 35,413 0 International International
DUTCH ROYAL 66,854.00 238,325.00
65.39% 66.50%

Imperial Oil Revenue Segmentation Dutch Royal Revenue Segmentation

21.91%
Canada
US
International
International

100.00% 78.09%
 Column C
Column B

RO CHINA IMPERIAL OIL DUTCH ROYAL

tion Chevron Revenue Segmentation

US US
International 41.45% International

58.55%
 US US
International 41.45% International

58.55%

entation

US
International
Name Ticker Mkt Cap (USD) P/E EV/EBITDA EV/EBIT
Exxon Mobil Corp XOM US $253,087.45 16.3753 7.0922 11.831
Chevron Corp CVX US $398,063.68 17.9991 6.6215 12.7796
Imperial Oil Ltd IMO CN $555,366.66 18.9226 9.2415 16.4514
BP PLC BP LN $485,295.24 15.3193 5.6305 11.265
Royal Dutch Shell PLC RDSA LN $911,158.99 13.2682 6.0457 10.9072
PetroChina Co Ltd PTR HK $101,950.00 15.4516 5.5535 17.6569

Mean (Including XOM US) 16.19216 6.61854 13.81202

Median 15.4516 6.0457 12.7796
Low 13.2682 5.5535 10.9072
High 18.9226 9.2415 17.6569
Shares outstanding as of 2017 4257.0194384449

Cost of Equity and Beta

XOM
market cap $ 354,550.00 89.33%
ST Debt $ 17,930.00 5%
LT Debt $ 24,406.00 6%
total Debt $ 42,336.00 11%
total $ 396,886.00 100%

Beta 0.913
Beta from Regression 0.8931445737
Beta Average 0.9030722869
RFR 2.97%
ERP 6.20% 5 year historial beta bloomberg
EMR 10.30% 10YEAR GOV BOND
CAPM from Regression B 8.503496%
CAPM 8.565048%

kd after tax of 33% 2.23% historical data

ke 8.565%
WACC 7.89%

MORE BONDS OF EXXON MOBIL CORP.

ISIN MATURITY COUPON YIELD
US30231GAF90 3/6/2025 2.71% 3.47%
US30231GAC69 3/15/2024 3.18% 3.31%
US30231GAG73 3/6/2020 1.91% 2.82%
US30231GAD43 3/15/2019 1.82% 2.55%
US30231GAE26 3/15/2019 2.27% 2.71%
Debt Cost Avg. YTM 2.97%
EV/Sales Price/BV Exxon (2017)
1.2592 1.7346 Sales $244,363.00 Market
1.6569 1.6137 EBITDA $39,030.00
1.1172 1.3563
0.6761 1.4821 Industry Multiples
1.0396 1.4556 EV/Sales 1.04 x
0.8279 0.7042 EV/EBITDA 6.05 x

1.06354 1.32238 Enterprise value (per sales multiple) $254,039.77

1.0396 1.4556 Enterprise value (per EBITDA multiple) $235,963.67
0.6761 0.7042
1.6569 1.6137
Change in mutliple EV/Sales EV
$254,039.77
MIN 0.6761
Median 1.0396
Max 1.6569

Min $ 38.81
Median #VALUE!
Max #VALUE!

Change in mutliple EV/EBITDA EV

$235,963.67
Min 5.5535
Median 6.0457
Max 9.2415

Min $ 50.92
Median #VALUE!
Max #VALUE!

XOM 325.595
CVX 239.883
IMO 25.627
BP 151.323
RDSA 319.386
PTR 210.90
Market Cap

XOM
CVX
IMO
BP
RDSA
PTR
 EV EV/EBITDA EV/Sales Eqv/Book Value
Exxon $322,334 7.1x 1.3x 9.87
Target Acquiror EV/EBITDA EV/Sales Price/BV
1 Atwood Oceanics Ensco PLC 7.15 2.35 1.7346
2 Eagle Rock Vanguard Natural REsource 7.89 2.25 1.6137
3 Winalta Inc Zedcor Energy Inc 6.7 2.54 1.3563
4 Gas Natural SDG SA Global Infrastructure Partners 7.49 1.55 1.33
5 YPF Sociedad Anonima Argentine Republic 6.62 1.25 1.13
6 Husky Energy Inc Hutchinson Whampoa Ltd 5.05 1.18 1.06
Mean 6.8166666667 1.8533333333 1.370766667
Median 6.925 1.9 1.34315
Low 5.05 1.18 1.06
High 7.89 2.54 1.7346
Shares outstanding as of 4257.0194384449
Change in mutliple EV/EBITDA EV Change in mutlEV/Sales
$270,282.75
Min 5.05 MIN 1.18
Median 6.925 Median 1.9
Max 7.89 Max 2.54

Min $ 46.30 Min $ 67.73

Median $ 63.49 Median $ 109.06
Max $ 72.34 Max $ 145.80
qv/Book Value

Exxon (2017)
Sales $244,363.00
EBITDA $39,030.00

Industry Multiples
EV/Sales 1.90
EV/EBITDA 6.93

Enterprise value (per sales multiple) $464,289.70

Enterprise value (per EBITDA multiple) $270,282.75

EV
$464,289.70
Date XOM SP500 XOM SP500 SUMMARY OUTPUT
6/1/2013 76.624626 1606.280029
7/1/2013 79.508125 1685.72998 0.037631492 0.0494620798 Regression Statistics
8/1/2013 73.919235 1632.969971 -0.0702933191 -0.031298019 Multiple R 0.5528792073
9/1/2013 73.473724 1681.550049 -0.0060269969 0.0297495232 R Square 0.3056754178
### 76.530861 1756.540039 0.0416085756 0.0445957526 Adjusted R Square 0.2934942848
### 79.827095 1805.810059 0.0430706509 0.0280494716 Standard Error 0.0386967754
### 87.007584 1848.359985 0.0899505237 0.0235627916 Observations 59
1/1/2014 79.235382 1782.589966 -0.0893278682 -0.0355829057
2/1/2014 82.768997 1859.449951 0.0445964279 0.04311703 ANOVA
3/1/2014 84.576057 1872.339966 0.021832571 0.0069321656 df
4/1/2014 88.671516 1883.949951 0.0484233854 0.006200789 Regression 1
5/1/2014 87.043732 1923.569946 -0.0183574622 0.02103028 Residual 57
6/1/2014 87.76545 1960.22998 0.0082914414 0.0190583317 Total 58
7/1/2014 86.24865 1930.670044 -0.0172824272 -0.0150798306
8/1/2014 86.701942 2003.369995 0.0052556417 0.0376552955 Coefficients
9/1/2014 82.55703 1972.290039 -0.0478064494 -0.0155138372 Intercept -0.0068162208
### 84.891975 2018.050049 0.0282828125 0.0232014608 X Variable 1 0.8931445737
### 79.475952 2067.560059 -0.0637989987 0.0245335888
### 82.326553 2058.899902 0.0358674659 -0.0041885879
1/1/2015 77.847374 1994.98999 -0.0544074644 -0.0310408058
2/1/2015 78.844719 2104.5 0.0128115433 0.054892511
3/1/2015 76.2621 2067.889893 -0.0327557639 -0.0173961069
4/1/2015 78.388458 2085.51001 0.0278822377 0.0085208197
5/1/2015 76.441528 2107.389893 -0.0248369473 0.0104913824
6/1/2015 75.264534 2063.110107 -0.0153973113 -0.0210116724
7/1/2015 71.655113 2103.840088 -0.0479564651 0.0197420297
8/1/2015 68.063736 1972.180054 -0.0501203173 -0.0625808182
9/1/2015 67.887947 1920.030029 -0.0025827116 -0.0264428316
### 75.548744 2079.360107 0.1128447293 0.0829831178
### 74.562614 2080.409912 -0.0130528973 0.0005048693
### 71.795525 2043.939941 -0.0371109441 -0.0175301852
1/1/2016 71.703415 1940.23999 -0.001282949 -0.050735322
2/1/2016 73.821831 1932.22998 0.0295441437 -0.0041283604
3/1/2016 77.689011 2059.73999 0.0523853168 0.0659911146
4/1/2016 82.159439 2065.300049 0.0575426041 0.0026993985
5/1/2016 82.735672 2096.949951 0.0070135946 0.0153246024
6/1/2016 87.85466 2098.860107 0.0618715951 0.0009109211
7/1/2016 83.365402 2173.600098 -0.0510986896 0.0356098011
8/1/2016 81.669052 2170.949951 -0.0203483695 -0.0012192431
9/1/2016 82.49781 2168.27002 0.0101477607 -0.0012344508
### 78.754791 2126.149902 -0.0453711317 -0.0194256793
### 82.516731 2198.810059 0.0477677606 0.0341745222
### 86.069984 2238.830078 0.0430610006 0.0182007622
1/1/2017 79.995682 2278.870117 -0.0705739878 0.0178843582
2/1/2017 77.544998 2363.639893 -0.0306352035 0.0371981603
3/1/2017 78.918053 2362.719971 0.0177065579 -0.0003891972
4/1/2017 78.571632 2384.199951 -0.0043896293 0.0090912085
5/1/2017 77.464989 2411.800049 -0.0140845108 0.0115762514
6/1/2017 78.419922 2423.409912 0.012327285 0.0048137751
7/1/2017 77.749664 2470.300049 -0.0085470373 0.0193488261
8/1/2017 74.145836 2471.649902 -0.0463516858 0.0005464328
9/1/2017 80.406036 2519.360107 0.0844309045 0.0193029785
### 81.749733 2575.26001 0.0167113947 0.0221881353
### 81.690887 2647.580078 -0.0007198311 0.0280826277
### 82.793373 2673.610107 0.013495826 0.0098316305
1/1/2018 86.416328 2823.810059 0.0437589975 0.0561787044
2/1/2018 74.973343 2713.830078 -0.1324169317 -0.0389473721
3/1/2018 74.610001 2640.870117 -0.0048462825 -0.0268844986
4/1/2018 77.75 2648.050049 0.0420854974 0.0027187751
5/1/2018 76.540001 2629.72998 -0.0155626881 -0.0069183243
 SS MS F Significance F
0.0375770239 0.0375770239 25.0941695896 5.605383429323E-06
0.0853541041 0.0014974404
0.1229311281

Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
0.0052758458 -1.2919674111 0.2015822617 -0.0173809198 0.0037484781 -0.0173809198 0.0037484781
0.178293434 5.0094081077 5.605383429323E-06 0.5361181306 1.2501710169 0.5361181306 1.2501710169
Exxon Mobil Corp (XOM US) - DuPont Analysis

In Millions of USD except Per Share FY 2014 FY 2015 FY 2016 FY 2017

12 Months Ending 12/31/2014 12/31/2015 12/31/2016 12/31/2017
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 62.99 73.52 98.38 105.55
Growth (YoY) 11.6 16.7 33.8 7.3
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 0.99 1.02 1.28 0.78
Growth (YoY) -0.8 2.5 26.4 -39.6
Interest Burden
Pre-Tax Profit/EBIT % 99.45 98.60 94.62 96.88
Growth (YoY) -0.5 -0.8 -4.0 2.4
Operating Margin
EBIT/Revenue % 14.23 9.41 4.20 8.13
Growth (YoY) -3.8 -33.9 -55.4 93.6
Asset Turnover
Revenue/Avg Assets 1.05 0.69 0.60 0.70
Growth (YoY) -8.6 -34.1 -12.8 16.1
Leverage Ratio
Avg Assets/Avg Equity 2.00 1.99 1.97 1.91
Growth (YoY) -0.2 -0.5 -0.8 -3.1

Adjusted Return on Equity 18.51 9.51 5.95 8.61

Growth (YoY) -3.4 -48.6 -37.4 44.7

5 Year Average Adj ROE 22.41 19.54 15.28 12.35

Growth (YoY) 1.0 -12.8 -21.8 -19.2
Payout Ratio 35.57 74.86 158.84 65.96
Growth (YoY) 3.7 110.4 112.2 -58.5
Sustainable Growth Rate 12.03 2.35 -2.73 3.78
Growth (YoY) -4.5 -80.4 — —
Source: Bloomberg
Current Ratio Debt-to-Equity
2017 2016 2015 2014 2013 2017 2016
Exxon 0.82 0.87 0.79 0.82 0.83 Exxon 21.77 24.60
BP 1.2 1.2 1.3 1.4 1.3 BP 62.98 60.20
Chevron 1.0 0.9 1.4 1.3 1.5 Chevron 25.96 31.44
PetroChina 0.7 0.8 0.7 0.7 0.7 PetroChina 33.67 38.32
Imperial Oil 1.3 1.0 0.7 0.6 0.6 Imperial Oil 21.31 20.92
Royal Dutch 1.2 1.2 1.3 1.2 1.1 Royal Dutch 43.31 49.06

Fixed Asset Turnover ROE

2017 2016 2015 2014 2013 2017 2016
Exxon 0.95 0.81 0.94 1.47 1.66 Exxon 11.1 4.6
BP 1.9 1.4 1.7 2.7 2.9 BP 3.5 0.1
Chevron 0.7 0.6 0.7 1.1 1.4 Chevron 6.3 -0.3
PetroChina 1.1 0.8 0.9 1.3 1.4 PetroChina 1.9 0.7
Imperial Oil 0.8 0.6 0.7 1.0 1.1 Imperial Oil 2.0 8.9
Royal Dutch 1.3 1.1 1.4 2.2 2.5 Royal Dutch 6.8 2.6

ROE
Fixed Asset Turnover
25.0
3.5
20.0
3
15.0
2.5
10.0
2
5.0
1.5
0.0
1
2017 2016 2015 2014
-5.0
0.5
-10.0
0
2017 2016 2015 2014 2013 Exxon BP Chevron
Exxon BP Chevron PetroChi na Imperi a l Oi l Royal Dutch
PetroChi na Imperi a l Oi l Roya l Dutch
 -5.0
0.5
-10.0
0
2017 2016 2015 2014 2013 Exxon BP Chevron
Exxon BP Chevron PetroChi na Imperi a l Oi l Royal Dutch
PetroChi na Imperi a l Oi l Roya l Dutch

Current Ratio Debt to Equity

70.00
1.6
60.00
1.4
1.2 50.00

1 40.00
0.8 30.00
0.6
20.00
0.4
10.00
0.2
0 0.00
2017 2016 2015 2014 2013 2017 2016 2015 2014

Exxon BP Chevron Roya l Dutch Imperi a l Oi l PetroChi na

PetroChi na Imperi a l Oi l Roya l Dutch Chevron BP Exxon
 2015 2014 2013 Equity multiplie 2017 2016 2015 2014 2013
21.88 16.08 12.58 Exxon 1.91116 1.97327 1.98654 1.99872 2.00337
54.04 46.92 36.96 BP 2.77584 2.96165 2.62288 2.45247 2.44513
25.05 17.81 13.58 Chevron 1.74914 1.75396 1.72315 1.70982 1.70456
40.21 40.83 39.01 PetroChina 2.01423 2.02102 2.03752 2.05864 2.05203
36.35 30.59 32.20 Imperial Oil 1.67929 1.75251 1.82885 1.85574 1.85565
35.57 26.36 24.60 Royal Dutch 2.14891 2.14579 2.06814 2.0169 1.99318

ROA
2015 2014 2013 2017 2016 2015 2014 2013
9.4 18.7 19.2 Exxon 5.81 2.35 4.71 9.34 9.57
-6.2 3.1 18.9 BP 1.26 0.04 -2.37 1.28 7.74
3.0 12.7 15.0 Chevron 3.58 -0.19 1.73 7.4 8.8
3.0 9.3 11.8 PetroChina 0.95 0.33 1.48 4.51 5.75
4.9 18.0 15.8 Imperial Oil 1.18 5.1 2.67 9.7 8.49
1.2 8.5 9.2 Royal Dutch 3.17 1.22 0.56 4.19 4.63

OE ROA
12
10
8
6
4
2015 2014 2013
2
0
P Chevron
2017 2016 2015 2014 2013
mperi a l Oi l Royal Dutch -2
-4
Exxon BP Chevron
PetroChina Imperial Oil Royal Dutch
 2
0
P Chevron
2017 2016 2015 2014 2013
mperi a l Oi l Royal Dutch -2
-4
Exxon BP Chevron
PetroChina Imperial Oil Royal Dutch
Equity

Equity Multiplier
3.5

2015 2014 2013 Exxon

2.5
eri a l Oi l PetroChi na BP
Exxon Chevron
2
PetroChina
Imperial Oil
1.5
Royal Dutch
1

0.5

0
2017 2016 2015 2014 2013
 Projected Cash Flows
2017 2018 2019 2020 2021
NI $19,710.00 $20,301.30 $20,910.34 $21,537.65 $22,183.78
(+) Dep $ 19,893.00 $20,290.86 $20,696.68 $21,110.61 $21,532.82
(-) CAPEX (15,402) (15,864) (16,340) (16,830) (17,335)
(-)Changes in WC (4,116) (4,178) (4,240) (4,304) (4,369)
Net Borrowing (1,048) -$1,068.96 -$1,090.34 -$1,112.15 -$1,134.39
FCFE $ 19,037.00 $19,481.40 $19,936.29 $20,401.92 $20,878.55
% change 2.33% 2.33% 2.34% 2.34%
TV
Disc Factor 0.96 0.88 0.81 0.75
EV $322,842.10 $18,702.44 $17,609.22 $16,589.40 $15,628.73
shares as of 2017 $ 4,257.02
EV per SHARE $75.84
Assumptions
NI g 3.00% B 0.89
Dep 2.00% rfr 2.97%
CAPEX g 3.00% erp 6.20%
WC g 1.50% CAPM 8.503496%
Net borrowing G 2.00% FCF g 5 years 2.336%

Notes: why fcfe? bc of its stable capital structure and its projection/desire t
double earnings by 2025

FCFE Mont

2017 2018 2019 2020 2021

FCFE $19,037.00 $19,956.49 $20,568.78 $21,276.30 $22,039.82
g 4.830% 3.068% 3.440% 3.589%
TV
Disc Factor 0.96 0.88 0.82 0.75
NPV $813,792.60 $19,158.54 $18,198.81 $17,349.49 $16,563.61
shares $ 4,257.02
NPV $191.16
Assumptions
NI g 3% Long Term g 4%
Dep 2% STDEV 1%
CAPEX g 3% .
WC g 2%
Net borrowing G 2%
Sample NPV
1 $191.2
2 $191.2
XOM 3 $191.2
market cap $ 354,550.00 89.33% 4 $191.2
ST Debt $ 17,930.00 5% 5 $191.2
LT Debt $ 24,406.00 6% 6 $191.2
total Debt $ 42,336.00 11% 7 $191.2
total $ 396,886.00 100% 8 $191.2
9 $191.2
Beta 0.91 5 year historical 10 $191.2
Beta from Regression 0.89 Beta that was used 11 $191.2
Beta Average 0.90 12 $191.2
RFR 2.97% 13 $191.2
ERP 6.20% 5 year historial beta bloomberg 14 $191.2
EMR 10.30% 10YEAR GOV BOND 15 $191.2
CAPM from Regression B 8.50350% CAPM USED in Analysis 16 $191.2
CAPM 8.626600% 17 $191.2
18 $191.2
19 $191.2
20 $191.2
21 $191.2
22 $191.2
23 $191.2
24 $191.2
25 $191.2
26 $191.2
27 $191.2
28 $191.2
29 $191.2
30 $191.2
31 $191.2
32 $191.2
33 $191.2
34 $191.2
35 $191.2
36 $191.2
37 $191.2
38 $191.2
39 $191.2
40 $191.2
41 $191.2
42 $191.2
43 $191.2
44 $191.2
45 $191.2
46 $191.2
47 $191.2
48 $191.2
49 $191.2
50 $191.2
51 $191.2
52 $191.2
53 $191.2
54 $191.2
55 $191.2
56 $191.2
57 $191.2
58 $191.2
59 $191.2
60 $191.2
61 $191.2
62 $191.2
63 $191.2
64 $191.2
65 $191.2
66 $191.2
67 $191.2
68 $191.2
69 $191.2
70 $191.2
71 $191.2
72 $191.2
73 $191.2
74 $191.2
75 $191.2
76 $191.2
77 $191.2
78 $191.2
79 $191.2
80 $191.2
81 $191.2
82 $191.2
83 $191.2
84 $191.2
85 $191.2
86 $191.2
87 $191.2
 88 $191.2
89 $191.2
90 $191.2
91 $191.2
92 $191.2
93 $191.2
94 $191.2
95 $191.2
96 $191.2
97 $191.2
98 $191.2
99 $191.2
100 $191.2
101 $191.2
102 $191.2
103 $191.2
104 $191.2
105 $191.2
106 $191.2
107 $191.2
108 $191.2
109 $191.2
110 $191.2
111 $191.2
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114 $191.2
115 $191.2
116 $191.2
117 $191.2
118 $191.2
119 $191.2
120 $191.2
121 $191.2
122 $191.2
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124 $191.2
125 $191.2
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127 $191.2
128 $191.2
129 $191.2
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131 $191.2
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134 $191.2
135 $191.2
136 $191.2
137 $191.2
138 $191.2
139 $191.2
140 $191.2
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142 $191.2
143 $191.2
144 $191.2
145 $191.2
146 $191.2
147 $191.2
148 $191.2
149 $191.2
150 $191.2
151 $191.2
152 $191.2
153 $191.2
154 $191.2
155 $191.2
156 $191.2
157 $191.2
158 $191.2
159 $191.2
160 $191.2
161 $191.2
162 $191.2
163 $191.2
164 $191.2
165 $191.2
166 $191.2
167 $191.2
168 $191.2
169 $191.2
170 $191.2
171 $191.2
172 $191.2
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174 $191.2
175 $191.2
176 $191.2
177 $191.2
178 $191.2
179 $191.2
180 $191.2
181 $191.2
182 $191.2
183 $191.2
184 $191.2
185 $191.2
186 $191.2
187 $191.2
188 $191.2
189 $191.2
190 $191.2
191 $191.2
192 $191.2
193 $191.2
194 $191.2
195 $191.2
196 $191.2
197 $191.2
198 $191.2
199 $191.2
200 $191.2
201 $191.2
202 $191.2
203 $191.2
204 $191.2
205 $191.2
206 $191.2
207 $191.2
208 $191.2
209 $191.2
210 $191.2
211 $191.2
212 $191.2
213 $191.2
214 $191.2
215 $191.2
216 $191.2
217 $191.2
218 $191.2
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220 $191.2
221 $191.2
222 $191.2
223 $191.2
224 $191.2
225 $191.2
226 $191.2
227 $191.2
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230 $191.2
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232 $191.2
233 $191.2
234 $191.2
235 $191.2
236 $191.2
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238 $191.2
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240 $191.2
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244 $191.2
245 $191.2
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248 $191.2
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250 $191.2
251 $191.2
252 $191.2
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254 $191.2
255 $191.2
256 $191.2
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258 $191.2
259 $191.2
260 $191.2
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262 $191.2
263 $191.2
264 $191.2
265 $191.2
266 $191.2
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268 $191.2
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270 $191.2
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272 $191.2
273 $191.2
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275 $191.2
276 $191.2
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278 $191.2
279 $191.2
280 $191.2
281 $191.2
282 $191.2
283 $191.2
284 $191.2
285 $191.2
286 $191.2
287 $191.2
288 $191.2
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290 $191.2
291 $191.2
292 $191.2
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294 $191.2
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297 $191.2
298 $191.2
299 $191.2
300 $191.2
301 $191.2
302 $191.2
303 $191.2
304 $191.2
305 $191.2
306 $191.2
307 $191.2
308 $191.2
309 $191.2
310 $191.2
311 $191.2
312 $191.2
313 $191.2
314 $191.2
315 $191.2
316 $191.2
317 $191.2
318 $191.2
319 $191.2
320 $191.2
321 $191.2
322 $191.2
323 $191.2
324 $191.2
325 $191.2
326 $191.2
327 $191.2
328 $191.2
329 $191.2
330 $191.2
331 $191.2
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333 $191.2
334 $191.2
335 $191.2
336 $191.2
337 $191.2
338 $191.2
339 $191.2
340 $191.2
341 $191.2
342 $191.2
343 $191.2
344 $191.2
345 $191.2
346 $191.2
347 $191.2
348 $191.2
349 $191.2
350 $191.2
351 $191.2
352 $191.2
353 $191.2
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355 $191.2
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357 $191.2
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359 $191.2
360 $191.2
361 $191.2
362 $191.2
363 $191.2
364 $191.2
365 $191.2
366 $191.2
367 $191.2
368 $191.2
369 $191.2
370 $191.2
371 $191.2
372 $191.2
373 $191.2
374 $191.2
375 $191.2
376 $191.2
377 $191.2
378 $191.2
379 $191.2
380 $191.2
381 $191.2
382 $191.2
383 $191.2
384 $191.2
385 $191.2
386 $191.2
387 $191.2
388 $191.2
389 $191.2
390 $191.2
391 $191.2
392 $191.2
393 $191.2
394 $191.2
395 $191.2
396 $191.2
397 $191.2
398 $191.2
399 $191.2
400 $191.2
401 $191.2
402 $191.2
403 $191.2
404 $191.2
405 $191.2
406 $191.2
407 $191.2
408 $191.2
409 $191.2
410 $191.2
411 $191.2
412 $191.2
413 $191.2
414 $191.2
415 $191.2
416 $191.2
417 $191.2
418 $191.2
419 $191.2
420 $191.2
421 $191.2
422 $191.2
423 $191.2
424 $191.2
425 $191.2
426 $191.2
427 $191.2
428 $191.2
429 $191.2
430 $191.2
431 $191.2
432 $191.2
433 $191.2
434 $191.2
435 $191.2
436 $191.2
437 $191.2
438 $191.2
439 $191.2
440 $191.2
441 $191.2
442 $191.2
443 $191.2
444 $191.2
445 $191.2
446 $191.2
447 $191.2
448 $191.2
449 $191.2
450 $191.2
451 $191.2
452 $191.2
453 $191.2
454 $191.2
455 $191.2
456 $191.2
457 $191.2
458 $191.2
459 $191.2
460 $191.2
461 $191.2
462 $191.2
463 $191.2
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465 $191.2
466 $191.2
467 $191.2
468 $191.2
469 $191.2
470 $191.2
471 $191.2
472 $191.2
473 $191.2
474 $191.2
475 $191.2
476 $191.2
477 $191.2
478 $191.2
479 $191.2
480 $191.2
481 $191.2
482 $191.2
483 $191.2
484 $191.2
485 $191.2
486 $191.2
487 $191.2
488 $191.2
489 $191.2
490 $191.2
491 $191.2
492 $191.2
493 $191.2
494 $191.2
495 $191.2
496 $191.2
497 $191.2
498 $191.2
499 $191.2
500 $191.2
501 $191.2
502 $191.2
503 $191.2
504 $191.2
505 $191.2
506 $191.2
507 $191.2
508 $191.2
509 $191.2
510 $191.2
511 $191.2
512 $191.2
513 $191.2
514 $191.2
515 $191.2
516 $191.2
517 $191.2
518 $191.2
519 $191.2
520 $191.2
521 $191.2
522 $191.2
523 $191.2
524 $191.2
525 $191.2
526 $191.2
527 $191.2
528 $191.2
529 $191.2
530 $191.2
531 $191.2
532 $191.2
533 $191.2
534 $191.2
535 $191.2
536 $191.2
537 $191.2
538 $191.2
539 $191.2
540 $191.2
541 $191.2
542 $191.2
543 $191.2
544 $191.2
545 $191.2
546 $191.2
547 $191.2
548 $191.2
549 $191.2
550 $191.2
551 $191.2
552 $191.2
553 $191.2
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555 $191.2
556 $191.2
557 $191.2
558 $191.2
559 $191.2
560 $191.2
561 $191.2
562 $191.2
563 $191.2
564 $191.2
565 $191.2
566 $191.2
567 $191.2
568 $191.2
569 $191.2
570 $191.2
571 $191.2
572 $191.2
573 $191.2
574 $191.2
575 $191.2
576 $191.2
577 $191.2
578 $191.2
579 $191.2
580 $191.2
581 $191.2
582 $191.2
583 $191.2
584 $191.2
585 $191.2
586 $191.2
587 $191.2
588 $191.2
589 $191.2
590 $191.2
591 $191.2
592 $191.2
593 $191.2
594 $191.2
595 $191.2
596 $191.2
597 $191.2
598 $191.2
599 $191.2
600 $191.2
601 $191.2
602 $191.2
603 $191.2
604 $191.2
605 $191.2
606 $191.2
607 $191.2
608 $191.2
609 $191.2
610 $191.2
611 $191.2
612 $191.2
613 $191.2
614 $191.2
615 $191.2
616 $191.2
617 $191.2
618 $191.2
619 $191.2
620 $191.2
621 $191.2
622 $191.2
623 $191.2
624 $191.2
625 $191.2
626 $191.2
627 $191.2
628 $191.2
629 $191.2
630 $191.2
631 $191.2
632 $191.2
633 $191.2
634 $191.2
635 $191.2
636 $191.2
637 $191.2
638 $191.2
639 $191.2
640 $191.2
641 $191.2
642 $191.2
643 $191.2
644 $191.2
645 $191.2
646 $191.2
647 $191.2
648 $191.2
649 $191.2
650 $191.2
651 $191.2
652 $191.2
653 $191.2
654 $191.2
655 $191.2
656 $191.2
657 $191.2
658 $191.2
659 $191.2
660 $191.2
661 $191.2
662 $191.2
663 $191.2
664 $191.2
665 $191.2
666 $191.2
667 $191.2
668 $191.2
669 $191.2
670 $191.2
671 $191.2
672 $191.2
673 $191.2
674 $191.2
675 $191.2
676 $191.2
677 $191.2
678 $191.2
679 $191.2
680 $191.2
681 $191.2
682 $191.2
683 $191.2
684 $191.2
685 $191.2
686 $191.2
687 $191.2
688 $191.2
689 $191.2
690 $191.2
691 $191.2
692 $191.2
693 $191.2
694 $191.2
695 $191.2
696 $191.2
697 $191.2
698 $191.2
699 $191.2
700 $191.2
701 $191.2
702 $191.2
703 $191.2
704 $191.2
705 $191.2
706 $191.2
707 $191.2
708 $191.2
709 $191.2
710 $191.2
711 $191.2
712 $191.2
713 $191.2
714 $191.2
715 $191.2
716 $191.2
717 $191.2
718 $191.2
719 $191.2
720 $191.2
721 $191.2
722 $191.2
723 $191.2
724 $191.2
725 $191.2
726 $191.2
727 $191.2
728 $191.2
729 $191.2
730 $191.2
731 $191.2
732 $191.2
733 $191.2
734 $191.2
735 $191.2
736 $191.2
737 $191.2
738 $191.2
739 $191.2
740 $191.2
741 $191.2
742 $191.2
743 $191.2
744 $191.2
745 $191.2
746 $191.2
747 $191.2
748 $191.2
749 $191.2
750 $191.2
751 $191.2
752 $191.2
753 $191.2
754 $191.2
755 $191.2
756 $191.2
757 $191.2
758 $191.2
759 $191.2
760 $191.2
761 $191.2
762 $191.2
763 $191.2
764 $191.2
765 $191.2
766 $191.2
767 $191.2
768 $191.2
769 $191.2
770 $191.2
771 $191.2
772 $191.2
773 $191.2
774 $191.2
775 $191.2
776 $191.2
777 $191.2
778 $191.2
779 $191.2
780 $191.2
781 $191.2
782 $191.2
783 $191.2
784 $191.2
785 $191.2
786 $191.2
787 $191.2
788 $191.2
789 $191.2
790 $191.2
791 $191.2
792 $191.2
793 $191.2
794 $191.2
795 $191.2
796 $191.2
797 $191.2
798 $191.2
799 $191.2
800 $191.2
801 $191.2
802 $191.2
803 $191.2
804 $191.2
805 $191.2
806 $191.2
807 $191.2
808 $191.2
809 $191.2
810 $191.2
811 $191.2
812 $191.2
813 $191.2
814 $191.2
815 $191.2
816 $191.2
817 $191.2
818 $191.2
819 $191.2
820 $191.2
821 $191.2
822 $191.2
823 $191.2
824 $191.2
825 $191.2
826 $191.2
827 $191.2
828 $191.2
829 $191.2
830 $191.2
831 $191.2
832 $191.2
833 $191.2
834 $191.2
835 $191.2
836 $191.2
837 $191.2
838 $191.2
839 $191.2
840 $191.2
841 $191.2
842 $191.2
843 $191.2
844 $191.2
845 $191.2
846 $191.2
847 $191.2
848 $191.2
849 $191.2
850 $191.2
851 $191.2
852 $191.2
853 $191.2
854 $191.2
855 $191.2
856 $191.2
857 $191.2
858 $191.2
859 $191.2
860 $191.2
861 $191.2
862 $191.2
863 $191.2
864 $191.2
865 $191.2
866 $191.2
867 $191.2
868 $191.2
869 $191.2
870 $191.2
871 $191.2
872 $191.2
873 $191.2
874 $191.2
875 $191.2
876 $191.2
877 $191.2
878 $191.2
879 $191.2
880 $191.2
881 $191.2
882 $191.2
883 $191.2
884 $191.2
885 $191.2
886 $191.2
887 $191.2
888 $191.2
889 $191.2
890 $191.2
891 $191.2
892 $191.2
893 $191.2
894 $191.2
895 $191.2
896 $191.2
897 $191.2
898 $191.2
899 $191.2
900 $191.2
901 $191.2
902 $191.2
903 $191.2
904 $191.2
905 $191.2
906 $191.2
907 $191.2
908 $191.2
909 $191.2
910 $191.2
911 $191.2
912 $191.2
913 $191.2
914 $191.2
915 $191.2
916 $191.2
917 $191.2
918 $191.2
919 $191.2
920 $191.2
921 $191.2
922 $191.2
923 $191.2
924 $191.2
925 $191.2
926 $191.2
927 $191.2
928 $191.2
929 $191.2
930 $191.2
931 $191.2
932 $191.2
933 $191.2
934 $191.2
935 $191.2
936 $191.2
937 $191.2
938 $191.2
939 $191.2
940 $191.2
941 $191.2
942 $191.2
943 $191.2
944 $191.2
945 $191.2
946 $191.2
947 $191.2
948 $191.2
949 $191.2
950 $191.2
951 $191.2
952 $191.2
953 $191.2
954 $191.2
955 $191.2
956 $191.2
957 $191.2
958 $191.2
959 $191.2
960 $191.2
961 $191.2
962 $191.2
963 $191.2
964 $191.2
965 $191.2
966 $191.2
967 $191.2
968 $191.2
969 $191.2
970 $191.2
971 $191.2
972 $191.2
973 $191.2
974 $191.2
975 $191.2
976 $191.2
977 $191.2
978 $191.2
979 $191.2
980 $191.2
981 $191.2
982 $191.2
983 $191.2
984 $191.2
985 $191.2
 986 $191.2
987 $191.2
988 $191.2
989 $191.2
990 $191.2
991 $191.2
992 $191.2
993 $191.2
994 $191.2
995 $191.2
996 $191.2
997 $191.2
998 $191.2
999 $191.2
1000 $191.2
 2022 Terminal
$22,849.29 $23,534.77 Cost of Equity
$21,963.48 $22,402.75 Ke 8.50% 6% 7% 8%
(17,855) (18,391) NPV $75.84
(4,434) (4,501)
-$1,157.08 -$1,180.22 Cost of Equity
$21,366.45 $21,865.90 NPV $75.84 6.00% 7.00% 8.0000%
2.34% 2.34% -1.00%
$369,045.77 $347,679.31 0.00%
0.69 1.00%
$254,312.31 NI g 2%
3.00%
4.00%
5.00%

apital structure and its projection/desire to grow i.e its plan to

FCFE Monte Carlo Simulation

2022 Terminal
$23,385.67 $24,820.74
6.106% 6.137%
$1,072,028.21 $1,048,642.55
0.69
$742,522.16
 Results
# of samples 1000
NPV Mean $191.16
NPV Std Deviaton 1.42179655E-12
Min $191.16
Max $191.16
z -1.3445305E+14
Probability of losing money 0.000%
% Price is between Low High
68% $191.16 & $191.16
95% $191.16 & $191.16
99.80% $191.16 & $191.16
Cost of Equity
9% 10% 11%

Cost of Equity
9.00% 10.00% 11.00%
 2013 2014 2015 2016
Cash Dividends Paid $ 11,179.00 $ 11,816.00 $ 11,260.00 $ 12,615.00
% Growth 6% -5% 12%
Adj. Net Income to Common$ 32,580.00 $ 32,520.00 $ 16,150.00 $ 7,840.00
% Growth -0.184% -50% -51%
Div Per Share 2.46 2.7 2.88 2.98
9.76% 6.67% 3.47%
Payout Ratio 36% 70% 161%
Retention Ratio 64% 30% -61%

Transitional Years 7 decline by 1%

Maturity 3%
ke 8.503496%
PVGO $41
Stock Price $77
P
2017 2018 2019 2020
EPS $4.63 $4.77 $4.91 $5.06
Div Per Share $3.06 $3.18 $3.32 $3.47
g rates 4% 4.30% 4.50% 4%

payout ratio 67% 66.73% 67.57% 68.56%

33% 33.27% 32.43% 31.44%
TV
PV $2.93 $2.82 $2.72
IV $67.15

DDM Mon

2013 2014 2015 2016

Cash Dividends Paid $ 11,179.00 $ 11,816.00 $ 11,260.00 $ 12,615.00
% Growth 6% -5% 12%
Adj. Net Income to Common$ 32,580.00 $ 32,520.00 $ 16,150.00 $ 7,840.00
 % Growth -0.184% -50% -51%
Div Per Share 2.46 2.7 2.88 2.98
9.76% 6.67% 3.47%
Payout Ratio 36% 70% 161%
Retention Ratio 64% 30% -61%

Transitional Years 7 decline by 1%

Maturity 3%
ke 8.503496%
PVGO $41
Stock Price $77
P
2017 2018 2019 2020
EPS $2,017.00 $2,077.51 $2,139.84 $2,204.03
Div Per Share $3.06 $3.18 $3.29 $3.41
g rates 4% 3% 4% 3%

payout ratio 67% 0.15% 0.15% 0.15%

33% 99.85% 99.85% 99.85%
TV
PV $2.93 $2.79 $2.67
IV $92.10

Samples NPV
1 $ 92.1
2 $ 92.1
3 $ 92.1
4 $ 92.1
5 $ 92.1
6 $ 92.1
7 $ 92.1
8 $ 92.1
 9 $ 92.1
10 $ 92.1
11 $ 92.1
12 $ 92.1
13 $ 92.1
14 $ 92.1
15 $ 92.1
16 $ 92.1
17 $ 92.1
18 $ 92.1
19 $ 92.1
20 $ 92.1
21 $ 92.1
22 $ 92.1
23 $ 92.1
24 $ 92.1
25 $ 92.1
26 $ 92.1
27 $ 92.1
28 $ 92.1
29 $ 92.1
30 $ 92.1
31 $ 92.1
32 $ 92.1
33 $ 92.1
34 $ 92.1
35 $ 92.1
36 $ 92.1
37 $ 92.1
38 $ 92.1
39 $ 92.1
40 $ 92.1
41 $ 92.1
42 $ 92.1
43 $ 92.1
44 $ 92.1
45 $ 92.1
46 $ 92.1
47 $ 92.1
48 $ 92.1
49 $ 92.1
50 $ 92.1
51 $ 92.1
52 $ 92.1
53 $ 92.1
54 $ 92.1
55 $ 92.1
56 $ 92.1
57 $ 92.1
58 $ 92.1
59 $ 92.1
60 $ 92.1
61 $ 92.1
62 $ 92.1
63 $ 92.1
64 $ 92.1
65 $ 92.1
66 $ 92.1
67 $ 92.1
68 $ 92.1
69 $ 92.1
70 $ 92.1
71 $ 92.1
72 $ 92.1
 73 $ 92.1
74 $ 92.1
75 $ 92.1
76 $ 92.1
77 $ 92.1
78 $ 92.1
79 $ 92.1
80 $ 92.1
81 $ 92.1
82 $ 92.1
83 $ 92.1
84 $ 92.1
85 $ 92.1
86 $ 92.1
87 $ 92.1
88 $ 92.1
89 $ 92.1
90 $ 92.1
91 $ 92.1
92 $ 92.1
93 $ 92.1
94 $ 92.1
95 $ 92.1
96 $ 92.1
97 $ 92.1
98 $ 92.1
99 $ 92.1
100 $ 92.1
101 $ 92.1
102 $ 92.1
103 $ 92.1
104 $ 92.1
105 $ 92.1
106 $ 92.1
107 $ 92.1
108 $ 92.1
109 $ 92.1
110 $ 92.1
111 $ 92.1
112 $ 92.1
113 $ 92.1
114 $ 92.1
115 $ 92.1
116 $ 92.1
117 $ 92.1
118 $ 92.1
119 $ 92.1
120 $ 92.1
121 $ 92.1
122 $ 92.1
123 $ 92.1
124 $ 92.1
125 $ 92.1
126 $ 92.1
127 $ 92.1
128 $ 92.1
129 $ 92.1
130 $ 92.1
131 $ 92.1
132 $ 92.1
133 $ 92.1
134 $ 92.1
135 $ 92.1
136 $ 92.1
137 $ 92.1
138 $ 92.1
139 $ 92.1
140 $ 92.1
141 $ 92.1
142 $ 92.1
143 $ 92.1
144 $ 92.1
145 $ 92.1
146 $ 92.1
147 $ 92.1
148 $ 92.1
149 $ 92.1
150 $ 92.1
151 $ 92.1
152 $ 92.1
153 $ 92.1
154 $ 92.1
155 $ 92.1
156 $ 92.1
157 $ 92.1
158 $ 92.1
159 $ 92.1
160 $ 92.1
161 $ 92.1
162 $ 92.1
163 $ 92.1
164 $ 92.1
165 $ 92.1
166 $ 92.1
167 $ 92.1
168 $ 92.1
169 $ 92.1
170 $ 92.1
171 $ 92.1
172 $ 92.1
173 $ 92.1
174 $ 92.1
175 $ 92.1
176 $ 92.1
177 $ 92.1
178 $ 92.1
179 $ 92.1
180 $ 92.1
181 $ 92.1
182 $ 92.1
183 $ 92.1
184 $ 92.1
185 $ 92.1
186 $ 92.1
187 $ 92.1
188 $ 92.1
189 $ 92.1
190 $ 92.1
191 $ 92.1
192 $ 92.1
193 $ 92.1
194 $ 92.1
195 $ 92.1
196 $ 92.1
197 $ 92.1
198 $ 92.1
199 $ 92.1
200 $ 92.1
201 $ 92.1
202 $ 92.1
203 $ 92.1
204 $ 92.1
205 $ 92.1
206 $ 92.1
207 $ 92.1
208 $ 92.1
209 $ 92.1
210 $ 92.1
211 $ 92.1
212 $ 92.1
213 $ 92.1
214 $ 92.1
215 $ 92.1
216 $ 92.1
217 $ 92.1
218 $ 92.1
219 $ 92.1
220 $ 92.1
221 $ 92.1
222 $ 92.1
223 $ 92.1
224 $ 92.1
225 $ 92.1
226 $ 92.1
227 $ 92.1
228 $ 92.1
229 $ 92.1
230 $ 92.1
231 $ 92.1
232 $ 92.1
233 $ 92.1
234 $ 92.1
235 $ 92.1
236 $ 92.1
237 $ 92.1
238 $ 92.1
239 $ 92.1
240 $ 92.1
241 $ 92.1
242 $ 92.1
243 $ 92.1
244 $ 92.1
245 $ 92.1
246 $ 92.1
247 $ 92.1
248 $ 92.1
249 $ 92.1
250 $ 92.1
251 $ 92.1
252 $ 92.1
253 $ 92.1
254 $ 92.1
255 $ 92.1
256 $ 92.1
257 $ 92.1
258 $ 92.1
259 $ 92.1
260 $ 92.1
261 $ 92.1
262 $ 92.1
263 $ 92.1
264 $ 92.1
265 $ 92.1
266 $ 92.1
267 $ 92.1
268 $ 92.1
269 $ 92.1
270 $ 92.1
271 $ 92.1
272 $ 92.1
273 $ 92.1
274 $ 92.1
275 $ 92.1
276 $ 92.1
277 $ 92.1
278 $ 92.1
279 $ 92.1
280 $ 92.1
281 $ 92.1
282 $ 92.1
283 $ 92.1
284 $ 92.1
285 $ 92.1
286 $ 92.1
287 $ 92.1
288 $ 92.1
289 $ 92.1
290 $ 92.1
291 $ 92.1
292 $ 92.1
293 $ 92.1
294 $ 92.1
295 $ 92.1
296 $ 92.1
297 $ 92.1
298 $ 92.1
299 $ 92.1
300 $ 92.1
301 $ 92.1
302 $ 92.1
303 $ 92.1
304 $ 92.1
305 $ 92.1
306 $ 92.1
307 $ 92.1
308 $ 92.1
309 $ 92.1
310 $ 92.1
311 $ 92.1
312 $ 92.1
313 $ 92.1
314 $ 92.1
315 $ 92.1
316 $ 92.1
317 $ 92.1
318 $ 92.1
319 $ 92.1
320 $ 92.1
321 $ 92.1
322 $ 92.1
323 $ 92.1
324 $ 92.1
325 $ 92.1
326 $ 92.1
327 $ 92.1
328 $ 92.1
329 $ 92.1
330 $ 92.1
331 $ 92.1
332 $ 92.1
333 $ 92.1
334 $ 92.1
335 $ 92.1
336 $ 92.1
337 $ 92.1
338 $ 92.1
339 $ 92.1
340 $ 92.1
341 $ 92.1
342 $ 92.1
343 $ 92.1
344 $ 92.1
345 $ 92.1
346 $ 92.1
347 $ 92.1
348 $ 92.1
349 $ 92.1
350 $ 92.1
351 $ 92.1
352 $ 92.1
353 $ 92.1
354 $ 92.1
355 $ 92.1
356 $ 92.1
357 $ 92.1
358 $ 92.1
359 $ 92.1
360 $ 92.1
361 $ 92.1
362 $ 92.1
363 $ 92.1
364 $ 92.1
365 $ 92.1
366 $ 92.1
367 $ 92.1
368 $ 92.1
369 $ 92.1
370 $ 92.1
371 $ 92.1
372 $ 92.1
373 $ 92.1
374 $ 92.1
375 $ 92.1
376 $ 92.1
377 $ 92.1
378 $ 92.1
379 $ 92.1
380 $ 92.1
381 $ 92.1
382 $ 92.1
383 $ 92.1
384 $ 92.1
385 $ 92.1
386 $ 92.1
387 $ 92.1
388 $ 92.1
389 $ 92.1
390 $ 92.1
391 $ 92.1
392 $ 92.1
393 $ 92.1
394 $ 92.1
395 $ 92.1
396 $ 92.1
397 $ 92.1
398 $ 92.1
399 $ 92.1
400 $ 92.1
401 $ 92.1
402 $ 92.1
403 $ 92.1
404 $ 92.1
405 $ 92.1
406 $ 92.1
407 $ 92.1
408 $ 92.1
409 $ 92.1
410 $ 92.1
411 $ 92.1
412 $ 92.1
413 $ 92.1
414 $ 92.1
415 $ 92.1
416 $ 92.1
417 $ 92.1
418 $ 92.1
419 $ 92.1
420 $ 92.1
421 $ 92.1
422 $ 92.1
423 $ 92.1
424 $ 92.1
425 $ 92.1
426 $ 92.1
427 $ 92.1
428 $ 92.1
429 $ 92.1
430 $ 92.1
431 $ 92.1
432 $ 92.1
433 $ 92.1
434 $ 92.1
435 $ 92.1
436 $ 92.1
437 $ 92.1
438 $ 92.1
439 $ 92.1
440 $ 92.1
441 $ 92.1
442 $ 92.1
443 $ 92.1
444 $ 92.1
445 $ 92.1
446 $ 92.1
447 $ 92.1
448 $ 92.1
449 $ 92.1
450 $ 92.1
451 $ 92.1
452 $ 92.1
453 $ 92.1
454 $ 92.1
455 $ 92.1
456 $ 92.1
457 $ 92.1
458 $ 92.1
459 $ 92.1
460 $ 92.1
461 $ 92.1
462 $ 92.1
463 $ 92.1
464 $ 92.1
465 $ 92.1
466 $ 92.1
467 $ 92.1
468 $ 92.1
469 $ 92.1
470 $ 92.1
471 $ 92.1
472 $ 92.1
473 $ 92.1
474 $ 92.1
475 $ 92.1
476 $ 92.1
477 $ 92.1
478 $ 92.1
479 $ 92.1
480 $ 92.1
481 $ 92.1
482 $ 92.1
483 $ 92.1
484 $ 92.1
485 $ 92.1
486 $ 92.1
487 $ 92.1
488 $ 92.1
489 $ 92.1
490 $ 92.1
491 $ 92.1
492 $ 92.1
493 $ 92.1
494 $ 92.1
495 $ 92.1
496 $ 92.1
497 $ 92.1
498 $ 92.1
499 $ 92.1
500 $ 92.1
501 $ 92.1
502 $ 92.1
503 $ 92.1
504 $ 92.1
505 $ 92.1
506 $ 92.1
507 $ 92.1
508 $ 92.1
509 $ 92.1
510 $ 92.1
511 $ 92.1
512 $ 92.1
513 $ 92.1
514 $ 92.1
515 $ 92.1
516 $ 92.1
517 $ 92.1
518 $ 92.1
519 $ 92.1
520 $ 92.1
521 $ 92.1
522 $ 92.1
523 $ 92.1
524 $ 92.1
525 $ 92.1
526 $ 92.1
527 $ 92.1
528 $ 92.1
529 $ 92.1
530 $ 92.1
531 $ 92.1
532 $ 92.1
533 $ 92.1
534 $ 92.1
535 $ 92.1
536 $ 92.1
537 $ 92.1
538 $ 92.1
539 $ 92.1
540 $ 92.1
541 $ 92.1
542 $ 92.1
543 $ 92.1
544 $ 92.1
545 $ 92.1
546 $ 92.1
547 $ 92.1
548 $ 92.1
549 $ 92.1
550 $ 92.1
551 $ 92.1
552 $ 92.1
553 $ 92.1
554 $ 92.1
555 $ 92.1
556 $ 92.1
557 $ 92.1
558 $ 92.1
559 $ 92.1
560 $ 92.1
561 $ 92.1
562 $ 92.1
563 $ 92.1
564 $ 92.1
565 $ 92.1
566 $ 92.1
567 $ 92.1
568 $ 92.1
569 $ 92.1
570 $ 92.1
571 $ 92.1
572 $ 92.1
573 $ 92.1
574 $ 92.1
575 $ 92.1
576 $ 92.1
577 $ 92.1
578 $ 92.1
579 $ 92.1
580 $ 92.1
581 $ 92.1
582 $ 92.1
583 $ 92.1
584 $ 92.1
585 $ 92.1
586 $ 92.1
587 $ 92.1
588 $ 92.1
589 $ 92.1
590 $ 92.1
591 $ 92.1
592 $ 92.1
593 $ 92.1
594 $ 92.1
595 $ 92.1
596 $ 92.1
597 $ 92.1
598 $ 92.1
599 $ 92.1
600 $ 92.1
601 $ 92.1
602 $ 92.1
603 $ 92.1
604 $ 92.1
605 $ 92.1
606 $ 92.1
607 $ 92.1
608 $ 92.1
609 $ 92.1
610 $ 92.1
611 $ 92.1
612 $ 92.1
613 $ 92.1
614 $ 92.1
615 $ 92.1
616 $ 92.1
617 $ 92.1
618 $ 92.1
619 $ 92.1
620 $ 92.1
621 $ 92.1
622 $ 92.1
623 $ 92.1
624 $ 92.1
625 $ 92.1
626 $ 92.1
627 $ 92.1
628 $ 92.1
629 $ 92.1
630 $ 92.1
631 $ 92.1
632 $ 92.1
633 $ 92.1
634 $ 92.1
635 $ 92.1
636 $ 92.1
637 $ 92.1
638 $ 92.1
639 $ 92.1
640 $ 92.1
641 $ 92.1
642 $ 92.1
643 $ 92.1
644 $ 92.1
645 $ 92.1
646 $ 92.1
647 $ 92.1
648 $ 92.1
649 $ 92.1
650 $ 92.1
651 $ 92.1
652 $ 92.1
653 $ 92.1
654 $ 92.1
655 $ 92.1
656 $ 92.1
657 $ 92.1
658 $ 92.1
659 $ 92.1
660 $ 92.1
661 $ 92.1
662 $ 92.1
663 $ 92.1
664 $ 92.1
665 $ 92.1
666 $ 92.1
667 $ 92.1
668 $ 92.1
669 $ 92.1
670 $ 92.1
671 $ 92.1
672 $ 92.1
673 $ 92.1
674 $ 92.1
675 $ 92.1
676 $ 92.1
677 $ 92.1
678 $ 92.1
679 $ 92.1
680 $ 92.1
681 $ 92.1
682 $ 92.1
683 $ 92.1
684 $ 92.1
685 $ 92.1
686 $ 92.1
687 $ 92.1
688 $ 92.1
689 $ 92.1
690 $ 92.1
691 $ 92.1
692 $ 92.1
693 $ 92.1
694 $ 92.1
695 $ 92.1
696 $ 92.1
697 $ 92.1
698 $ 92.1
699 $ 92.1
700 $ 92.1
701 $ 92.1
702 $ 92.1
703 $ 92.1
704 $ 92.1
705 $ 92.1
706 $ 92.1
707 $ 92.1
708 $ 92.1
709 $ 92.1
710 $ 92.1
711 $ 92.1
712 $ 92.1
713 $ 92.1
714 $ 92.1
715 $ 92.1
716 $ 92.1
717 $ 92.1
718 $ 92.1
719 $ 92.1
720 $ 92.1
721 $ 92.1
722 $ 92.1
723 $ 92.1
724 $ 92.1
725 $ 92.1
726 $ 92.1
727 $ 92.1
728 $ 92.1
729 $ 92.1
730 $ 92.1
731 $ 92.1
732 $ 92.1
733 $ 92.1
734 $ 92.1
735 $ 92.1
736 $ 92.1
737 $ 92.1
738 $ 92.1
739 $ 92.1
740 $ 92.1
741 $ 92.1
742 $ 92.1
743 $ 92.1
744 $ 92.1
745 $ 92.1
746 $ 92.1
747 $ 92.1
748 $ 92.1
749 $ 92.1
750 $ 92.1
751 $ 92.1
752 $ 92.1
753 $ 92.1
754 $ 92.1
755 $ 92.1
756 $ 92.1
757 $ 92.1
758 $ 92.1
759 $ 92.1
760 $ 92.1
761 $ 92.1
762 $ 92.1
763 $ 92.1
764 $ 92.1
765 $ 92.1
766 $ 92.1
767 $ 92.1
768 $ 92.1
769 $ 92.1
770 $ 92.1
771 $ 92.1
772 $ 92.1
773 $ 92.1
774 $ 92.1
775 $ 92.1
776 $ 92.1
777 $ 92.1
778 $ 92.1
779 $ 92.1
780 $ 92.1
781 $ 92.1
782 $ 92.1
783 $ 92.1
784 $ 92.1
785 $ 92.1
786 $ 92.1
787 $ 92.1
788 $ 92.1
789 $ 92.1
790 $ 92.1
791 $ 92.1
792 $ 92.1
793 $ 92.1
794 $ 92.1
795 $ 92.1
796 $ 92.1
797 $ 92.1
798 $ 92.1
799 $ 92.1
800 $ 92.1
801 $ 92.1
802 $ 92.1
803 $ 92.1
804 $ 92.1
805 $ 92.1
806 $ 92.1
807 $ 92.1
808 $ 92.1
809 $ 92.1
810 $ 92.1
811 $ 92.1
812 $ 92.1
813 $ 92.1
814 $ 92.1
815 $ 92.1
816 $ 92.1
817 $ 92.1
818 $ 92.1
819 $ 92.1
820 $ 92.1
821 $ 92.1
822 $ 92.1
823 $ 92.1
824 $ 92.1
825 $ 92.1
826 $ 92.1
827 $ 92.1
828 $ 92.1
829 $ 92.1
830 $ 92.1
831 $ 92.1
832 $ 92.1
833 $ 92.1
834 $ 92.1
835 $ 92.1
836 $ 92.1
837 $ 92.1
838 $ 92.1
839 $ 92.1
840 $ 92.1
841 $ 92.1
842 $ 92.1
843 $ 92.1
844 $ 92.1
845 $ 92.1
846 $ 92.1
847 $ 92.1
848 $ 92.1
849 $ 92.1
850 $ 92.1
851 $ 92.1
852 $ 92.1
853 $ 92.1
854 $ 92.1
855 $ 92.1
856 $ 92.1
857 $ 92.1
858 $ 92.1
859 $ 92.1
860 $ 92.1
861 $ 92.1
862 $ 92.1
863 $ 92.1
864 $ 92.1
865 $ 92.1
866 $ 92.1
867 $ 92.1
868 $ 92.1
869 $ 92.1
870 $ 92.1
871 $ 92.1
872 $ 92.1
873 $ 92.1
874 $ 92.1
875 $ 92.1
876 $ 92.1
877 $ 92.1
878 $ 92.1
879 $ 92.1
880 $ 92.1
881 $ 92.1
882 $ 92.1
883 $ 92.1
884 $ 92.1
885 $ 92.1
886 $ 92.1
887 $ 92.1
888 $ 92.1
889 $ 92.1
890 $ 92.1
891 $ 92.1
892 $ 92.1
893 $ 92.1
894 $ 92.1
895 $ 92.1
896 $ 92.1
897 $ 92.1
898 $ 92.1
899 $ 92.1
900 $ 92.1
901 $ 92.1
902 $ 92.1
903 $ 92.1
904 $ 92.1
905 $ 92.1
906 $ 92.1
907 $ 92.1
908 $ 92.1
909 $ 92.1
910 $ 92.1
911 $ 92.1
912 $ 92.1
913 $ 92.1
914 $ 92.1
915 $ 92.1
916 $ 92.1
917 $ 92.1
918 $ 92.1
919 $ 92.1
920 $ 92.1
921 $ 92.1
922 $ 92.1
923 $ 92.1
924 $ 92.1
925 $ 92.1
926 $ 92.1
927 $ 92.1
928 $ 92.1
929 $ 92.1
930 $ 92.1
931 $ 92.1
932 $ 92.1
933 $ 92.1
934 $ 92.1
935 $ 92.1
936 $ 92.1
937 $ 92.1
938 $ 92.1
939 $ 92.1
940 $ 92.1
941 $ 92.1
942 $ 92.1
943 $ 92.1
944 $ 92.1
945 $ 92.1
946 $ 92.1
947 $ 92.1
948 $ 92.1
949 $ 92.1
950 $ 92.1
951 $ 92.1
952 $ 92.1
953 $ 92.1
954 $ 92.1
955 $ 92.1
956 $ 92.1
957 $ 92.1
958 $ 92.1
959 $ 92.1
960 $ 92.1
961 $ 92.1
962 $ 92.1
963 $ 92.1
964 $ 92.1
965 $ 92.1
966 $ 92.1
967 $ 92.1
968 $ 92.1
969 $ 92.1
 970 $ 92.1
971 $ 92.1
972 $ 92.1
973 $ 92.1
974 $ 92.1
975 $ 92.1
976 $ 92.1
977 $ 92.1
978 $ 92.1
979 $ 92.1
980 $ 92.1
981 $ 92.1
982 $ 92.1
983 $ 92.1
984 $ 92.1
985 $ 92.1
986 $ 92.1
987 $ 92.1
988 $ 92.1
989 $ 92.1
990 $ 92.1
991 $ 92.1
992 $ 92.1
993 $ 92.1
994 $ 92.1
995 $ 92.1
996 $ 92.1
997 $ 92.1
998 $ 92.1
999 $ 92.1
1000 $ 92.1
 2017 Projected Rates
$ 13,185.00 Inflation GDP G%
5% 18Q1 2.40% 2.90%
$ 19,710.00 18Q2 2.30% 2.60%
151% 18Q3 2.40% 2.50%
3.06 18Q4 2.50% 2.70%
2.68% 19Q1 2.50% 2.50%
67% Average 2.42% 2.64%
33% combined 5.06%

35.9851979885

Projected
2021 2022 TV
$5.21 $5.37 $5.53
$3.61 $3.73 $3.87
4% 3.70%

69.22% 69.56% 70.03%

30.78% 30.44% 29.97%
$80.60
$2.60 $56.08

DDM Monte Carlo Simulation

2017 Projected Rates

$ 13,185.00 Inflation GDP G%
5% 18Q1 2.40% 2.90%
$ 19,710.00 18Q2 2.30% 2.60%
 151% 18Q3 2.40% 2.50%
3.06 18Q4 2.50% 2.70%
2.68% 19Q1 2.50% 2.50%
67% Average 2.42% 2.64%
33% combined 5.06%

35.9851979885

Projected
2021 2022 TV
$2,270.15 $2,338.26 $2,408.40 g any higher results
4.00% in a decline in the company given their current projec
$3.50 $3.61 $3.74 std 1%
3% 4%

0.15% 0.15% 0.16% # of samples 1000

99.85% 99.85% 99.84% NPV Mean $92.10
$77.58 NPV Std Deviaton 0
$2.52 $81.19 Min $92.10
Max $92.10
z #DIV/0!
Probability of los #DIV/0!
% Price is betweeLOW
68% $92.10 &
95% $92.10 &
99.80% $92.10 &
any given their current projection values

HIGH
$92.10
$92.10
$92.10