Equity Research Analysis Exercise

Variables
Sector Beta	1.70	Co. Beta	______
Rf	8.00%	Debt	1,080
Rm	14.00%	Equity	5,000
Sector Gearing D/E	0.50	Ke	______
Tax rate	40.00%	Spread	2.00%
Ungeared Beta	______	Kd	______
Keu	______	WACC	______

	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6...
Div P/out	50.00%	50.00%	50.00%	50.00%	50.00%	100%
Closing CA divided by T/over	15.00%	15.00%	15.00%	15.00%	Flat	Flat
Closing CL divided by Opex	15.00%	15.00%	15.00%	15.00%	Flat	Flat
Turnover divided by opening fixed assets	150%	145%	140%	135%	130%	130%
Dep'n as a % of opening fixed assets	20.00%	20.00%	20.00%	20.00%	20.00%	20.00%
Capex / Dep	150%	140%	130%	120%	100%	100%
Opex / Turnover	67.58%	66.79%	65.59%	64.29%	62.89%	62.89%

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