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Dec-92

Dec-93
Dec-94
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03

22
25
27
30
32
35
40
75
100
150
850
900

40.90909

29%

45.45455

26%

bn

Year
Ke
1999-2000
2000-2001
2001-02
2002-03
2003-04

P
17.7
16.1
12.5
11.5
14.2

g=26% (Constant)
Year
1999-2000
2000-2001
2001-02
2002-03
2003-04

r=19%
Ke

E
17.7
16.1
12.5
11.5
14.2

9.6
13.3
23.2
30
33.7

Div payout Ratio(1-b)


0.2308
0.2674
0.7553
0.689

b
0.7692
0.7326
0.2447
0.311

By Gordon Model
By Walter Model
P(Calculated)
P(Actual)
P(Calculated)
-25.7692
1030
-25.7326
250.7
-25.2447
271.4
-25.311
448.85
571.1

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