LBO Model Empty - BMC

You might also like

Download as xlsx, pdf, or txt
Download as xlsx, pdf, or txt
You are on page 1of 33

Leveraged buyout model for BMC

$ mm except per share

GENERAL INPUTS
Company name BMC
Ticker (if applicable) BMC
Current share price (if applicable) 45.42
Latest closing share price date (f applicable) 5/6/2013
Circuit breaker: OFF

SELECT FINANCIAL DATA / ASSMUPTIONS


EBITDA (LTM)
Gross Debt (input as a -)
Cash
Minimum cash desired
EV / LTM EBITDA multiple at exit

USES OF FUNDS
Buyout of equity
Refinancing of oldco debt
Fees (transaction & financing)
Total Uses

SOURCES OF FUNDS
EBITDA turns $ investment
Excess cash
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total Sources

x INCOME STATEMENT
Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12

Revenue
Cost of sales (enter as -)
Gross Profit
Research & development (enter as -)
Selling, general & administrative (enter as -)
Deal-related D&A (enter as -)
Operating profit (EBIT)
Interest income
Interest expense (enter as -)
Other non-operating expense (enter as -)
Pretax profit
Taxes (enter expense as -)
Net income

EBITDA reconciliation
EBIT (GAAP)
Depreciation and amortization
Deal-related D&A
Stock based compensation
Restructuring and other nonrecurring charges
EBITDA

Growth rates & margins


Revenue growth
Gross profit as % of sales
R&D margin
SG&A margin
Tax rate
SBC as % of all operating expenses

WORKING CAPITAL
Fiscal year 2012A
Fiscal year end date 3/31/12

Accounts receivable, EOP


AR as % of sales
Other current assets, EOP
Other current assets as % of sales
Accounts payable, EOP
AP as % of COGS
Accrued expenses & def revenues, EOP
As % of sales

Net Working Capital

LONG LIVED ASSETS


Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12

PP&E
Capital expenditures
Depreciation
Capex as a % of revenue
Depreciation as a % of capex

Software development costs


Purchases
Amortization
Purchases as % of revenue
Amortization as a % of purchases

Intangible assets
Purchases
Amortization

Goodwill and other assets

Other liabilities

CASH FLOW STATEMENT


Fiscal year
Fiscal year end date

Net income
Depreciation and amortization
Deal-related D&A
Stock based compensation
Changes in net working capital
Other assets & liabilities
Changes in deferred tax liabilities
Addback of PIK interest
Cash from operating activities

Capital expenditures
Purchases of intangible assets and capitalized software development costs
Cash from investing activities

Required debt principal payments


Preferred dividend (cash)
Pre-revolver cash flows
Revolver
Post-revolver cash flows
Discretionary Term A paydown
Discretionary Term B paydown
Net change in cash during period

CASH & DEBT


Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12

Cash, BOP
Increases / (decreases)
Cash, EOP 1,635.6
Interest rate on cash 0.00%
Interest income 0.0

Revolver
Cash, BOP
Less: Minimum cash desired
Equals: Excess cash at BOP
Plus: Free cash flows generated during period
Cash available (needed) to paydown (draw from) revolver

Revolver, BOP
Increases / (decreases)
Revolver, EOP % AR
Maximum availability 80%
Compliance check

Term Loan A
Term Loan A, BOP
Mandatory paydown $
Cash sweep (paydown from excess cash flows)
Term Loan A, EOP
Mandatory paydown (% of original) % of available cash used
Cash sweep

Term Loan B
Term Loan B, BOP
Mandatory amortization $
Cash sweep (paydown from excess cash flows)
Term Loan B, EOP
Mandatory paydown (% of original) % of available cash used
Cash available for cash sweep

Senior Note
Senior Note, BOP
Mandatory amortization $
Senior Note, EOP
Mandatory paydown (% of original)

Sub Note
Sub Note, BOP
Mandatory amortization $ PIK rate Cash rate
PIK interest 4% 8%
Sub Note, EOP
Mandatory paydown (% of original)

Preferred stock
Preferred stock, BOP
PIK accrual
Preferred stock, EOP PIK rate Cash rate
Cash dividend 4% 8%

Capitalized financing fees


Capitalized financing fees, BOP
Amortization
Capitalized financing fees, EOP

INTEREST EXPENSE
Fiscal year 2011A 2012A
Fiscal year end date 3/31/11 3/31/12

3-Month LIBOR Rate (bps)


LIBOR Spread LIBOR floor
Revolver L + 4% 0.0%
Term Loan A L + 4% 1.0%
Term Loan B L + 4% 0.0%
Senior Note
Sub Note - Cash interest
Sub Note - PIK interest

EXIT VALUATION

EBITDA multiple at exit


EBITDA at exit
Enterprise value
Net debt:
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Pref. stock
Cash
Equity value Initial equity inv. % ownership
Sponsor equity 0.0 #DIV/0!
Mgmt equity 0.0 #DIV/0!
Pref. stock
Sub. Note

RETURNS
Cash-on-cash IRR
Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Preferred Stock at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Management Equity at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x
Sponsor's Equity at exit EBITDA multiple of:
(1.0x)
(0.5x)
0.0x
0.5x
1.0x

SUMMARY AT 0.0x EXIT EBITDA MULTIPLE

Revolver
Term Loan A
Term Loan B
Senior Note
Sub Note
Preferred stock
Mgmt rollover
Sponsor equity
Total

SENSITIVITY ANALYISIS

Actual
Sponsor Hurdle Rate (Minimum IRR) 0.00%
Offer value 0.0
Diluted shares outstanding 0
Offer value / per share #DIV/0!
% Premium / discount #DIV/0!
Enterprise value 0
EV / LTM EBITDA multiple #DIV/0!

Sponsor IRR At Va
Highlight IRR > EXPLICIT EBITDA (APPR
30.00%

Initial
EBITDA
Multiple:

Sponsor IRR At
EXPLICIT OFFER PRICE / SHAR

Initial
Offer
Price:

Sponsor IRR

Preferred
Equity
Kicker:

PRO FORMA BALANCE SHEET ADJUSTMENTS

Cash
Accounts receivable, EOP
Other current assets, EOP
PP&E
Software development costs
Intangible assets
Goodwill and other assets
Total Assets

Accounts payable, EOP


Accrued expenses & def revenues, EOP
Other liabilities
Debt
Total Liabilities

LBO Preferred stock


Equity
Total equity
Balance check

PRO FORMA BALANCE SHEET


Fiscal year 2011A
Fiscal year end date 3/31/11
Cash
Accounts receivable, EOP
Other current assets, EOP
PP&E
Software development costs
Intangible assets
Goodwill and other assets
Total Assets

Accounts payable, EOP


Accrued expenses & def revenues, EOP
Other liabilities
Debt
Total Liabilities

LBO Preferred stock


Equity
Total equity
Balance check

Equity, BOP
Plus: Net income
Less: Dividends
Plus: SBC
Equity, EOP

Purchase price allocation

Select a tax type: Stock sale


Select an accounting type: LBO

Purchase price allocation


Book value of equity 818.5 Input write-up
PP&E write up 300.0 300.0
Intangible asset write up 200.0 200.0
Total write-ups 500.0
DTLs created 0.0
Fari market value 1,318.5

Purchase price 0
Goodwill (1,319)

Deal related GAAP accounting adjustments

PP&E Incremental dep:


Intangible assets Incremental amort:
Deferred tax liabilities Annual reduction:
INITIAL VALUATION

Select a valuation approach: Approach 2 Approach 1


Explicit offer/share Explicit EBITDA

LTM EBITDA
EV / LTM EBITDA
Enterprise value

Less: Gross Debt (latest filing)


Plus: Cash (latest filing)

Offer value
Diluted shares outstanding

Offer value / per share


% Premium / discount

FEES
% fees Fee Term
Financing fees
Revolver 1.0% 5 yrs
Term Loan A 1.5% 7 yrs
Term Loan B 1.5% 7 yrs
Senior Note 1.0% 8 yrs
Sub Note 0.0%
Financing fees

% of offer value Fee


Trans. fees

2013A 2014P 2015P 2016P 2017P


3/31/13 3/31/14 3/31/15 3/31/16 3/31/17
2013A 2014P 2015P 2016P 2017P
3/31/13 3/31/14 3/31/15 3/31/16 3/31/17

2013A 2014P 2015P 2016P 2017P


3/31/13 3/31/14 3/31/15 3/31/16 3/31/17
2014P 2015P 2016P 2017P
3/31/14 3/31/15 3/31/16 3/31/17

2013A 2014P 2015P 2016P 2017P


3/31/13 3/31/14 3/31/15 3/31/16 3/31/17
0.0
0.00%
0.0

% Other Assets
65%

% of available cash used


100%

% of available cash used


100%
2013A 2014P 2015P 2016P 2017P
3/31/13 3/31/14 3/31/15 3/31/16 3/31/17

49 83 135 184
Coupon Rate

8.125%
8.000%
4.000%

43190Assumed exit on -409mmmm d, yyyy

Step (1.0x) (0.5x) 0.0x 0.5x


0.5x

Fully diluted
#DIV/0!
#DIV/0!
0.0%
0.0%

Initial 2014P 2015P 2016P 2017P


Financing % of Total Capital % FD Ownership Cash-on-cash

Offer Price / Share At Various Sponsor Hurdle Rates


15.00% 20.00% 25.00% 30.00% 35.00%
Sponsor IRR At Various Leverage And Initial EBITDA Multiple Sensitivity
EXPLICIT EBITDA (APPROACH 1) MUST BE SELECTED FOR DATA TABLE TO APPEAR
Term A / EBITDA ratio (other cumulative leverage of 0.0x)
0% 3.00x 3.25x 3.50x 3.75x
7.00x
7.25x
7.50x
7.75x
8.00x

Sponsor IRR At Various Leverage And Offer Price / Share Sensitivity


EXPLICIT OFFER PRICE / SHARE (APPROACH 2) MUST BE SELECTED FOR DATA TABLE TO APPEAR
Term A / EBITDA ratio (other cumulative leverage of 0.0x)
0% 3.00x 3.25x 3.50x 3.75x
$45.00
45.25
45.50
45.75
46.00

Sponsor IRR @ Preferred & Sub Note Equity Kicker Sensitivity


Sub Note Equity Kicker
0% 0% 2% 4% 6%
0%
2%
4%
6%
8%

2012A 2013A Pro forma adjustments


3/31/12 3/31/13 Uses of funds Sources of funds Accounting
1,635.6 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
1,635.6 0.0

0.0 0.0
0.0 0.0
0.0 0.0
821.6 1,306.0
821.6 1,306.0

NM NM
1,445.8 818.5
1,446 819
(631.8) (2,124.5)

2012A 2013A 2014P 2015P 2016P


3/31/12 3/31/13 3/31/14 3/31/15 3/31/16

Useful life
10 yrs
15 yrs
2014 2015 2016
3/31/14 3/31/15 3/31/16
30.0 270.0 240.0 210.0
13.3 186.7 173.3 160.0
0.0 0.0 0.0 0.0
Approach 2
Explicit offer/share

Fee amort / year

2018P
3/31/18
Step

0.5%
0.0%
(1.0%)
0.0%
(0.3%)

2018P
3/31/18

2018P
3/31/18

Smoothing?
Yes
20%

Smoothing?
Yes
20%

2018P
3/31/18

2018P
3/31/18
2018P
3/31/18

221

yyyy

1.0x

2018P
Expected IRR

40.00%
EAR
age of 0.0x)
4.00x

TO APPEAR
age of 0.0x)
4.00x

8%

Pro forma
2013
3/31/13
2017P 2018P
3/31/17 3/31/18
2017 2018P
3/31/17 3/31/18
180.0 150.0
146.7 133.3
0.0 0.0
Diluted shares for BMC
$ mm except per share

Offer price
Model-derived offer value sanity check $0.00
Basic shares outstanding (latest filing)
In-the-money exercisable options 0.0
Total proceeds ($mm) 0.0
Total shares repurchased (mm) #DIV/0!
Net dilutive options #DIV/0!
Dilutive impact of shares from other securities

Net diluted shares outstanding #DIV/0!

Options outstanding
Out. shares Exercise price In-the-$-shares
Tranche 1 FALSE
Tranche 2 FALSE
Tranche 3 FALSE
Tranche 4 FALSE
Tranche 5 FALSE
Tranche 6 FALSE
Tranche 7 FALSE
Tranche 8 FALSE
Tranche 9 FALSE
Tranche 10 FALSE
0
52 week high low

52 week high 46.33


52 week low 37.51

Date Open High Low Close Volume


5/6/2013 45.5 45.71 45.07 45.42 34229100
5/3/2013 45.67 45.77 45.35 45.42 2058200
5/2/2013 45.45 45.49 44.97 45.24 3022300
5/1/2013 45.84 45.96 45.25 45.39 2306800
4/30/2013 45.34 45.52 45.17 45.48 2096700
4/29/2013 45.5 45.7 45.28 45.43 2294400
4/26/2013 45.68 45.86 45.53 45.6 1694700
4/25/2013 45.07 45.83 44.87 45.69 2360900
4/24/2013 45 45.62 44.22 44.9 6814000
4/23/2013 44.05 44.29 43.66 44.13 2856300
4/22/2013 44.08 44.09 43.41 43.88 1078900
4/19/2013 43.56 44.08 43.3 43.86 1367800
4/18/2013 44.21 44.25 43.44 43.75 1451300
4/17/2013 44.51 44.68 43.54 44.03 2156400
4/16/2013 44.59 45.03 44.5 44.88 1223400
4/15/2013 44.9 45 44.32 44.32 1273900
4/12/2013 45.02 45.02 44.65 44.93 1566600
4/11/2013 44.72 45.65 44.53 45.02 4248900
4/10/2013 44.45 44.93 44.37 44.75 2023200
4/9/2013 44.5 44.62 43.98 44.34 1952800
4/8/2013 45.05 45.1 44.42 44.45 1625500
4/5/2013 44.55 45.28 44.03 45.11 1635700
4/4/2013 45.42 45.59 44.93 45.14 1004100
4/3/2013 46.09 46.3 45.07 45.44 1471300
4/2/2013 46.19 46.49 46.03 46.06 1169600
4/1/2013 46.29 46.5 45.87 46.02 1124600
3/29/2013 46.33 46.33 46.33 46.33 0
3/28/2013 45.61 46.48 45.61 46.33 1145800
3/27/2013 45.63 45.92 45.25 45.73 1127000
3/26/2013 45.86 46.18 45.66 45.78 1283100
3/25/2013 45.95 46.05 45.49 45.7 1757200
3/22/2013 45.49 45.93 45.39 45.74 2110000
3/21/2013 43.61 47.98 43.5 45.48 6592300
3/20/2013 44.03 44.45 43.83 43.99 914200
3/19/2013 44.09 44.16 43.4 43.68 1214500
3/18/2013 43.65 44.4 43.56 43.98 1173700
3/15/2013 44.12 44.69 44.09 44.12 2730000
3/14/2013 43.88 44.5 43.83 44.29 2030500
3/13/2013 43.72 44.12 43.62 43.66 1725200
3/12/2013 43 43.77 43 43.72 1969000
3/11/2013 42.88 43.48 42.81 43.4 1858400
3/8/2013 42.46 43.13 42.35 42.91 1595900
3/7/2013 42.2 42.55 42.18 42.33 844600
3/6/2013 42.34 42.63 42.18 42.22 1318300
3/5/2013 41.41 42.77 41.37 42.32 2841500
3/4/2013 40.35 40.88 40.35 40.8 1428200
3/1/2013 39.83 40.69 39.46 40.43 1672500
2/28/2013 40.17 40.62 40.05 40.11 2814900
2/27/2013 40.01 40.53 39.88 40.06 1715200
2/26/2013 40.2 40.27 39.55 40.03 1904600
2/25/2013 40.61 40.9 40.06 40.1 1926800
2/22/2013 40.62 40.74 40.4 40.54 1363200
2/21/2013 41.09 41.2 40.15 40.46 1580100
2/20/2013 41.62 42.13 41.1 41.11 1591200
2/19/2013 41.42 41.79 41.2 41.59 1148200
2/18/2013 41.37 41.37 41.37 41.37 0
2/15/2013 41.29 41.82 41.27 41.37 1437300
2/14/2013 41 41.57 40.92 41.46 1182500
2/13/2013 41.28 41.43 40.97 41.09 1813600
2/12/2013 41.4 41.59 41.17 41.24 1378100
2/11/2013 41.8 41.86 40.94 41.4 2472600
2/8/2013 42 42.46 41.56 41.86 1231600
2/7/2013 41.6 41.98 41.49 41.95 1919200
2/6/2013 41.91 42.17 41.6 41.85 2420600
2/5/2013 41.84 42.25 41.59 42.1 1671600
2/4/2013 41.81 42.21 41.55 41.56 1851700
2/1/2013 41.97 42.44 41.63 42.17 1643200
1/31/2013 41.34 41.95 41.34 41.55 1523700
1/30/2013 41.65 41.85 41.22 41.47 2894600
1/29/2013 40 41.71 40 41.71 4776700
1/28/2013 44.8 44.99 44.42 44.48 1739200
1/25/2013 44.25 44.82 44.1 44.5 1062100
1/24/2013 43.86 44.53 43.85 44.05 993700
1/23/2013 43.73 44.22 43.54 43.91 1443000
1/22/2013 43.7 43.83 43.22 43.36 1117200
1/21/2013 43.81 43.81 43.81 43.81 0
1/18/2013 42.87 43.82 42.87 43.81 2141600
1/17/2013 42.82 42.95 42.65 42.76 995600
1/16/2013 42.61 42.83 42.17 42.62 1140500
1/15/2013 42.25 42.82 42.2 42.65 1545100
1/14/2013 42.49 42.86 42.28 42.64 957400
1/11/2013 42.25 42.76 42.13 42.68 1276800
1/10/2013 42.02 42.41 41.88 42.23 1810400
1/9/2013 41.05 41.95 41.01 41.82 1743400
1/8/2013 40.24 41.08 40.17 40.92 1186000
1/7/2013 40.7 40.9 40.28 40.42 916100
1/4/2013 40.92 41.17 40.72 40.93 818000
1/3/2013 41.04 41.23 40.68 40.76 976000
1/2/2013 40.28 41.09 40.21 41.09 2498700
1/1/2013 39.62 39.62 39.62 39.62 0
12/31/2012 39.56 39.75 39.31 39.62 1433100
12/28/2012 39.72 39.88 39.45 39.56 799400
12/27/2012 40.35 40.39 39.41 39.88 1381500
12/26/2012 40.74 40.97 40.29 40.39 982900
12/25/2012 40.87 40.87 40.87 40.87 0
12/24/2012 40.83 41.04 40.45 40.87 446900
12/21/2012 40.86 41.1 40.29 40.71 2968100
12/20/2012 41.98 42.04 41.79 41.94 1632100
12/19/2012 41.79 42.3 41.69 41.91 2858900
12/18/2012 41.11 41.69 40.82 41.67 2153400
12/17/2012 40.16 41.1 39.99 41.08 2233600
12/14/2012 39.73 40.32 39.61 40.18 995400
12/13/2012 40.68 40.98 39.8 39.89 1573100
12/12/2012 41.59 41.6 40.67 40.8 2112200
12/11/2012 41.3 41.59 40.95 41.53 1884300
12/10/2012 40.51 41.42 40.51 41.42 1126200
12/7/2012 41.01 41.05 40.69 40.81 1099200
12/6/2012 40.22 40.74 40.03 40.73 732200
12/5/2012 40.28 40.38 39.87 40.2 1217500
12/4/2012 40.6 40.74 40.22 40.42 937400
12/3/2012 41.08 41.1 40.54 40.54 861200
11/30/2012 40.95 41.03 40.72 40.96 1196900
11/29/2012 41 41.08 40.63 40.88 1101900
11/28/2012 40.34 40.98 39.93 40.95 1041000
11/27/2012 40.19 41.36 40.02 40.62 1894700
11/26/2012 40.09 40.3 39.79 40.26 1097800
11/23/2012 39.84 40.26 39.64 40.19 318800
11/22/2012 39.68 39.68 39.68 39.68 0
11/21/2012 39.53 39.88 39.48 39.68 536800
11/20/2012 39.58 39.71 39.33 39.56 1292700
11/19/2012 39.29 39.66 39.03 39.59 1018900
11/16/2012 38.89 38.99 38.04 38.73 1214600
11/15/2012 39.33 39.47 38.61 39.01 971800
11/14/2012 39.9 40 39.05 39.26 1222000
11/13/2012 39.92 39.99 39.54 39.74 805800
11/12/2012 40.3 40.32 39.73 40.12 642000
11/9/2012 39.82 40.59 39.82 40.24 972900
11/8/2012 40.94 41.05 39.96 39.98 1022600
11/7/2012 41.25 41.34 40.96 41.08 1507400
11/6/2012 41.21 41.86 41.19 41.55 2564300
11/5/2012 40.7 41.16 40.67 41.06 1298300
11/2/2012 41.11 41.34 40.97 41.04 1719300
11/1/2012 41.5 41.72 40.5 40.98 3891600
10/31/2012 41.02 41.74 40.49 40.7 1588900
10/30/2012 40.98 40.98 40.98 40.98 0
10/29/2012 40.98 40.98 40.98 40.98 0
10/26/2012 41.02 41.58 40.71 40.98 884200
10/25/2012 41.54 41.74 41.16 41.47 647800
10/24/2012 41.5 41.76 41.03 41.38 1233600
10/23/2012 40.77 41.63 40.35 41.53 1707300
10/22/2012 41.89 41.89 40.49 41.02 2081800
10/19/2012 41.12 41.27 40.24 40.34 1029700
10/18/2012 41.19 41.46 40.89 41.1 1115600
10/17/2012 41.59 41.74 41.05 41.13 1319000
10/16/2012 41.44 42.17 41.23 42.02 1311300
10/15/2012 42 42.2 41.14 41.49 1611200
10/12/2012 42.51 42.78 42.31 42.55 837300
10/11/2012 42.15 42.52 41.94 42.43 1319100
10/10/2012 42.46 42.58 41.91 41.96 1936500
10/9/2012 43.17 43.24 42.22 42.45 1101300
10/8/2012 43.19 43.54 43.05 43.28 712200
10/5/2012 43.67 43.79 43.2 43.34 1280300
10/4/2012 43.41 43.62 42.9 43.39 1049700
10/3/2012 43.45 43.81 42.97 43.34 1345100
10/2/2012 43 44.06 42.95 43.48 2710800
10/1/2012 41.88 45 41.22 42.85 6330500
9/28/2012 41.43 41.75 41.18 41.49 751200
9/27/2012 41.53 41.86 41.1 41.67 1022700
9/26/2012 41.91 41.92 41.26 41.33 1287500
9/25/2012 42.73 42.87 41.78 41.85 1204400
9/24/2012 42.51 42.99 42.38 42.68 862200
9/21/2012 42.83 43.09 42.51 42.79 3561100
9/20/2012 42.71 43 42.65 42.83 671700
9/19/2012 43 43.48 42.85 42.94 737300
9/18/2012 43.6 44.2 42.99 43.09 1080200
9/17/2012 43.2 43.25 42.71 42.99 769600
9/14/2012 42.95 43.42 42.76 43.09 920600
9/13/2012 42.7 43.24 42.37 42.96 785600
9/12/2012 42.81 42.95 42.49 42.67 769900
9/11/2012 42.59 43 42.07 42.76 896400
9/10/2012 43.08 43.16 42.52 42.7 1323600
9/7/2012 43.34 43.48 43.11 43.33 856800
9/6/2012 42.36 43.61 42.29 43.49 1710200
9/5/2012 41.86 42.24 41.74 42.18 1323100
9/4/2012 41.43 42.13 41.31 42 1093100
9/3/2012 41.4 41.4 41.4 41.4 0
8/31/2012 41.46 41.82 41.07 41.4 1066600
8/30/2012 41.57 41.6 40.98 41.09 780100
8/29/2012 41.54 41.82 41.44 41.75 815200
8/28/2012 41.58 41.94 41.36 41.68 980000
8/27/2012 42.2 42.22 41.48 41.54 1056700
8/24/2012 41.86 42.51 41.81 42.14 1097900
8/23/2012 41.99 42.35 41.82 42.04 909300
8/22/2012 42.27 42.42 42.05 42.17 1272600
8/21/2012 42.26 42.59 42.14 42.28 1156900
8/20/2012 42.8 42.8 42.15 42.24 1209100
8/17/2012 42.48 42.8 41.89 42.66 1534100
8/16/2012 41.5 42.43 41.43 42.4 1482700
8/15/2012 40.99 41.51 40.85 41.4 609600
8/14/2012 41.11 41.65 40.94 41.05 1387400
8/13/2012 41.13 41.33 40.9 41.01 1147800
8/10/2012 40.93 41.29 40.9 41.25 843700
8/9/2012 40.71 41.4 40.68 41 1527000
8/8/2012 40.59 41.23 40.5 40.93 2104600
8/7/2012 40.34 41.07 40.32 40.76 2185300
8/6/2012 39.35 40.72 39.25 40.34 2203300
8/3/2012 38.26 39.36 38.08 39.13 2363800
8/2/2012 36.87 37.86 36.61 37.81 1965800
8/1/2012 36.92 37.96 35.48 37.51 4906500
7/31/2012 39.77 39.99 39.17 39.6 2479700
7/30/2012 39.93 40.48 39.29 39.52 1893200
7/27/2012 40 40.11 39.18 39.76 1922400
7/26/2012 39.84 40.42 39.4 39.92 1069200
7/25/2012 38.71 39.43 38.58 39.13 1218100
7/24/2012 39.31 39.44 38.52 38.75 1632900
7/23/2012 39.64 39.72 38.56 39.3 1595300
7/20/2012 40.88 40.88 40.23 40.42 1012800
7/19/2012 40.66 41.27 40.54 40.83 1302100
7/18/2012 39.17 40.94 39.09 40.6 1112200
7/17/2012 39.47 39.62 38.85 39.51 717200
7/16/2012 39.29 39.48 38.86 39.32 1218100
7/13/2012 39.02 39.61 38.94 39.53 1245300
7/12/2012 39.15 39.33 38.76 39.07 1199600
7/11/2012 39.64 40.1 39.21 39.45 1108700
7/10/2012 40.34 40.6 39.44 39.64 1340900
7/9/2012 40.47 40.61 39.82 40.18 1689500
7/6/2012 41.92 42.12 40.33 40.67 2169000
7/5/2012 42.38 42.8 41.97 42.18 1235000
7/4/2012 42.29 42.29 42.29 42.29 0
7/3/2012 42.91 42.94 42.04 42.29 1223400
7/2/2012 43 43.6 42.44 42.58 1157800
6/29/2012 42.14 42.7 41.81 42.68 1657200
6/28/2012 41.5 41.64 40.95 41.53 733700
6/27/2012 41.69 42.04 41.39 41.71 1079600
6/26/2012 41.83 42 41.45 41.52 1325900
6/25/2012 42.67 42.72 41.73 41.78 1405400
6/22/2012 42.32 43.02 42.32 42.9 1898100
6/21/2012 43.77 43.99 42.18 42.32 2368500
6/20/2012 43.94 44.2 43.68 43.96 1455100
6/19/2012 44.3 44.69 43.64 43.83 1695400
6/18/2012 43.69 44.32 43.45 44.01 1407300
6/15/2012 43.07 43.85 42.92 43.76 2489400
6/14/2012 43.31 43.65 42.68 43 2866600
6/13/2012 43 43.73 42.52 43.44 2176800
6/12/2012 42.48 43.29 42.3 43.25 1772100
6/11/2012 43.67 43.78 42.38 42.47 1672800
6/8/2012 43.36 43.84 43.21 43.7 1416100
6/7/2012 44 44.07 43.32 43.71 2255900
6/6/2012 42.52 43.71 42.36 43.71 1886000
6/5/2012 41.24 42.38 41.23 42.23 1126500
6/4/2012 42.04 42.86 41.27 41.71 1466500
6/1/2012 41.73 42.56 41.62 41.89 2829900
5/31/2012 43.12 43.12 41.77 42.32 3210800
5/30/2012 43.36 43.38 42.83 43 1445800
5/29/2012 44.05 44.29 43.27 43.86 1788200
5/28/2012 43.69 43.69 43.69 43.69 0
5/25/2012 43.15 44.16 43.01 43.69 2365600
5/24/2012 43.19 43.24 42.44 42.97 2489100
5/23/2012 42.37 43.51 42.01 43.39 2624200
5/22/2012 42.9 43.01 42.47 42.73 1839100
5/21/2012 41.59 43.18 41.49 42.96 2735200
5/18/2012 42.52 43.05 41.54 41.66 4568800
5/17/2012 43.5 43.7 42.35 42.38 2546500
5/16/2012 44.5 44.5 43.29 43.3 5806700
5/15/2012 43.75 45.7 42.88 44.51 9349900
5/14/2012 42.03 44.35 41.73 43.92 7045700
5/11/2012 40.11 40.93 40.07 40.4 1823400
5/10/2012 38.97 40.68 38.97 40.28 3679900
5/9/2012 39.46 40.15 39.08 39.71 2542600
5/8/2012 39.81 39.92 39.13 39.86 2381000
5/7/2012 39.9 40.33 39.86 40.06 1631100

You might also like