VALUE LINE Investment workbook
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VALUE LINE Investment workbook

Course Number: IAH 207 001, Spring 2010

College/University: Michigan State University

Word Count: 5428

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INTRODUCTORY INTRODUCTORY WORKBOOK THE VALUE LINE INVESTMENT SURVEY Value Line Publishing, Inc. 220 East 42nd Street, New York, NY 10017-5891 email Address: vlcr@valueline.com 1-800-634-3583 www.valueline.com 2005, Value Line Publishing, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE...

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INTRODUCTORY INTRODUCTORY WORKBOOK THE VALUE LINE INVESTMENT SURVEY Value Line Publishing, Inc. 220 East 42nd Street, New York, NY 10017-5891 email Address: vlcr@valueline.com 1-800-634-3583 www.valueline.com 2005, Value Line Publishing, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscriber's own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. 04/2005 1 WORKBOOK The Value Line Investment Survey This workbook has been designed primarily to help novice and intermediate investors understand the Value Line approach to evaluating companies. It contains information that Value Line thinks is most important for learning the investment process. As you read the following pages, please refer to the sample report on Johnson & Johnson that appears on page 21 of this workbook. The report is dated March 4, 2005. You can find the date in the lower right hand corner next to the analysts name. You will be asked to answer questions or complete statements. Whenever you see a blank line, please fill it in. Each blank line has a notation that corresponds to the cor rect responses shown at the end, on page 22. To analyze your performance, go to page 23. You may need a calculator to find some of the answers. In each Value Line report there are a number of particularly important items, all explained in more detail below. These include the Timeliness, Safety, and Technical ranks (item 2 on page 21) in the upper left hand corner of each page; the large stock price chart at the top of the page (item 13); recent stock price and f inancial forecasts (items 12, 16, and 30) in several places; balance sheet and income statement data (items 16 and 27) in the center; quarterly data (items 22 and 23) in the lower left; and the analysts written commentary (item 18) in the lower right. There is a great deal of other information as well. To learn more about The Value Line Investment Survey, we recommend that you read the introductory material that is provided to all new subscribers. 2 (This page has been left blank intentionally) 3 The Questions Start Here. Good Luck! Across the top of the page are: the companys name (item 1 in the report on Johnson & Johnson that appears on page 21 of this workbook), followed by the stock exchange on which the stock is traded - usually the New York Stock Exchange (NYSE), American Stock Exchange (ASE), or NASDAQ (NDQ), and the ticker symbol, usually two to four letters used to identify a stock for trading purposes. Next comes the recent stock price (item 6). 1. Johnson & Johnsons stock is traded on the ______________(1). Its ticker symbol is ____________(1a). 2. To the right of the recent price is the Value Line price/earnings ratio (item 7), often abbreviated as the P/E ratio. All price/earnings ratios are calculated by dividing the recent price of a stock by 12 months of share earnings. But there are some differences. Value Line calculates the ratio by dividing the recent price of a stock by the sum of the past 6-months earnings per share and Value Lines estimate of the next six months estimated earnings per share. Value Line believes that the use of both past and future earnings provides the most realistic picture possible. At the time this report was written, Johnson & Johnsons earnings for the past six months - the December 2004 and March 2005 quarters (in item 23) equaled $1.59 a share ($.67+$.92). Value Line was estimating that earnings in the next six months -the June and September 2005 quarters (in item 23) would total $1.76 a share ($.91+$.85). 4 With a recent stock price of 65.41 and 12 months earnings per share of $3.35 ($1.59 + $1.76), what is the price/earnings ratio? ____________(2) 3. The trailing price/earnings ratio (item 8) is calculated by dividing the current price of a stock by the earnings per share actually reported for the past 12 months. This is the number used in most newspapers; the newspapers use reported earnings because those are the only numbers available to them since they do not make forecasts as Value Line does. Johnson & Johnsons actual reported earnings in the past 12 months (the March, June, September, and December quarters of 2004) were $3.10 a share ($.83+$.82+$.78+$.67). What is the stocks trailing price/earnings ratio? __________(3) 4. The median price/earnings ratio (item 8) is the middle value of a companys P/E ratios over the past 10 years, with certain statistical adjustments. It shows the typical historical P/E of a stock. (An investor cannot calculate a median P/E ratio without knowing the precise statistical adjustments Value Line uses.) 5. The relative P/E ratio (item 9) of a stock compares the P/E of one stock with the P/E of all the stocks in the Value Line universe of approximately 1,700 stocks. Our calculation of the relative P/E ratio is made by dividing Value Lines P/E of this company (item 7) by the median P/E of all of the approximately 1,700 stocks included in The Value Line Investment Survey. (The median P/E of all stocks can be found each week on the front cover of the Summary & Index section.) Value Lines calculated P/E for Johnson & Johnson, shown on the top of the page, is 19.5. The P/E of the Value Line universe of stocks at the time the Johnson & Johnson report was published was 18.4. What is Johnson & Johnsons relative P/E ratio? ____________(5) 5 Whenever a stocks relative P/E is more than 1, its own P/E is greater than that of the market. If its relative P/E is less than 1, its own P/E is less than that of the market. Is Johnson & Johnsons P/E ratio greater or less than that of the market? ______________(5a) 6. A dividend is a payment by a company to a shareholder. It is usually in cash, and the cash is usually paid quarterly. The dividend yield (item 11) measures the expected cash dividend to be paid in the coming 12 months as a percent of the recent price of a stock. That is, the expected dividend is divided by the recent price of a stock to arrive at a figure that is shown as a %. Johnson & Johnsons annual dividend in 2005 is expected to be $1.22 a share (see the fourth line in the extensive statistical section (item 16) under the heading 2005). What is the stocks yield? ____________(6) 7. Timeliness (in item 2) is Value Lines prediction for the expected price performance of a stock over the coming 6 to 12 months relative to all other stocks in the Value Line universe of approximately 1,700 stocks. Timeliness ranks go from 1 (Highest) to 5 (Lowest). At any one time, there is a normal distribution of ranks, so that there are: 100 stocks ranked 1 (Highest) 300 stocks ranked 2 (Above Average) 900 (approx.) stocks ranked 3 (Average) 300 stocks ranked 4 (Below Average) 100 stocks ranked 5 (Lowest) 6 Stocks with Timeliness ranks of 1 or 2 are likely to be above-average performers; those with ranks of 3 are likely to be average performers; those with ranks of 4 or 5 are likely to be below-average performers. Johnson & Johnsons Timeliness rank is ____________(7). That means that the stocks performance in the coming six to 12 months should be ____________(7a). 8. The Safety rank (in item 2) measures the financial strength of a company and the price volatility of its stock relative to other companies and stocks in the Value Line universe. As with Timeliness ranks, Safety ranks go from 1 (Highest) to 5 (Lowest). Safety ranks of 1 or 2 are most suitable for conservative investors. Johnson & Johnsons Safety rank is ____________(8). Is this stock a good one for someone who wants to minimize risk? ____________(8a) 9. The Technical rank (in item 2) uses a proprietary formula to predict short-term (3-6 months) future price returns of one stock relative to all others in the Value Line universe. This rank also goes from 1 (Highest) to 5 (Lowest). What is Johnson & Johnsons Technical rank? ____________(9) Does this mean that Johnson & Johnsons stock is most likely to be an above-average, average, or below-average performer in the coming three to six months? ________________(9a) 7 10. Beta (in item 2) measures a stocks price sensitivity to fluctuations of the market as a whole, as measured by the New York Stock Exchange Index. If a stocks Beta is 1.00, the stock should move in concert with the general market. If its Beta is 1.50, its stock price is likely to be 50% more volatile than the market. In this case, if the stock market goes up 10%, the stock should go up 15% (50% more than the market). If the market goes down 10%, this stock should go down 15%. If a stocks Beta is .80, the stock should be less volatile than the market. When the market goes up 10%, this stock should go up only 8%. Is Johnson & Johnsons stock likely to be more volatile, less volatile, or about the same as the market? _______________(10) 11. Value Lines 3- to 5-year Price Projections (item 30) are shown in the box below Beta. The projected 3- to 5-year share price range (indicated by the High and Low numbers) is also shown as the Target Price Range (item 12) in the upper right hand corner of the price chart, with a pair of broken lines. Value Line is forecasting that the price of Johnson & Johnsons stock 3 to 5 years from now will trade in a range between __________(11) and __________(11a). 12. Below the Price Projections box is another box titled Insider Decisions (item 29). This box shows decisions to buy stock, to exercise options, and to sell stock by insiders in the past nine months. It shows the number of transactions in each category each month. (Insiders are defined as officers and directors of a company, and we note that each transaction is counted separately. For instance, if an officer buys or sells stock in his company 3 times a month, the transactions are listed as 3.) 8 Have insiders bought stock in the past nine months? __________(12) Have they exercised options? __________(12a) Have they sold stock? __________(12b) 13. The Institutional Decisions box (item 28) shows the number of times institutions with more than $100 million of assets under management bought or sold stock of this company during the past three quarters. It also shows the total number of shares of stock in this company held by these institutions at the end of each quarter. Did the number of shares of Johnson & Johnson owned by institutions rise or fall in the most recent quarter? ____________(13) Now lets look at the Stock Price Chart (item 13) toward the top of each page. 14. The high and low calendar year prices of a stock are shown at the top of each chart (item 10). (A calendar year is January 1st through December 31st.) The years are identified at the bottom of the chart. What was the price range of Johnson & Johnsons stock in 2004? High __________(14) Low __________(14a) 15. In the chart, the vertical bars (item 4) represent the high/low monthly price ranges for a stock. Stock splits are also indicated (2-for-1, for example, in 2001). How many stock splits has Johnson & Johnson had since 1996? ____________(15) 9 16. The solid dark line in the chart is a Cash Flow Line (item 5), sometimes called the Value Line. One theory is that the price of a stock will tend to gravitate to this line. When the price of a stock gets above the line, the tendency over time will be for the price to go back down toward the line; when it gets below the line, there will be a tendency for the price to rise up to the line. (There are some stocks for which this theory has worked very well and others for which it hasnt. An investor should look at the historical price pattern of each stock and make a judgment about whether or not the theory applies to a particular stock.) Is Johnson & Johnsons stock price now above or below the cash flow line? ____________(16) 17. The dotted line toward the bottom of the chart shows the Relative Strength of a stock. It compares the price of a stock at any one time with the price of the Value Line Arithmetic Index (a good broad representation of the stock market, based on all of the nearly 1,700 stocks in The Value Line Investment Survey). If the Relative Strength Line is rising, the stock price is going up more than the market, if the line is falling, the stock price is going up less. Has Johnson & Johnsons stock been going up more, about the same, or less than the market recently? ____________(17) 18. The Legends box (item 3) contains a number of useful items. First, it explains what the solid line and the dotted line are. Then, it shows the multiple of cash flow per share (shown in the statistical section below) which is used to plot the Cash Flow Line. The multiple is a number determined by an analyst to develop a line that most closely matches the actual historical prices of a stock. The box also includes the dates of stock splits, indicates if there are options traded on a stock, and explains that the shaded bar indicates a recession. Are there options traded on Johnson & Johnson stock? ____________(18) 10 19. The % Total Return box (item 14) shows the historical total return of a stock (appreciation or depreciation plus any cash dividends) over the past 1, 3, and 5 years and also the total return of the Value Line Arithmetic Index over the same periods. The figures are not averaged or compounded. What was the % total return of Johnson & Johnsons stock during the past year? ____________(19) What was the % total return of the Value Line Arithmetic Index during the past year? ____________(19a) Did Johnson & Johnsons stock do better or worse than the Value Line Index over the past year? ____________(19b) Did it do better or worse than the index over the past five years?_________(19c) 20. The many columns of numbers in the center of the page are in what Value Line calls the Statistical Array (item 16). It is worth noting here that every time there is a stock split (2-for-1, 3-for-1, etc.) or a stock dividend (10%, 20%, etc.) all historical stock prices and per share data (sales per share, earnings per share, etc.) are adjusted for the stock splits and dividends. (In a 2-for-1 split, for example, all historical figures are divided by 2.) Split adjustments are a universal practice and are the primary reason why many of the numbers in one Value Line report may look quite different than those in an earlier report. There are two basic sections to the Statistical Array. The numbers in the top portion are all per share data. The numbers in the lower portion are total (or gross) figures. Also, the numbers to the left (prior to 2004) are historical, the numbers to the right (in bold) are projections. What were Johnson & Johnsons earnings per share in 2004? __________(20) 11 What does Value Line expect Johnson & Johnsons earnings per share will be in 2008-10? ____________(20a) 21. The Statistical Array contains a great many financial numbers and ratios. They are all generally commonly used items, and they are defined in the glossary of How To Invest In Common Stocks. There is much very useful information in the Statistical Array. Broadly speaking, the data allow investors to examine trends in a companys business. Have Johnson & Johnsons sales been rising over time? ____________(21) Have Johnson & Johnsons sales ever fallen from one year to the next during the past 10 years? ____________(21a) If so, when? ____________(21b) Has Johnson & Johnsons Net Profit Margin (net profits after all expenses, including taxes, as a % of sales) been rising, falling, or staying level? ____________(21c) Has Johnson & Johnsons Return on Shareholders Equity been rising, falling, or staying level? ____________(21d) 22. Most of the total (gross) numbers in the Statistical Array are in millions of dollars ($mill). The number 47348, for example, means $47,348,000,000; 9311 means $9,311,000,000. What were Johnson & Johnsons sales in 2004? __________________(22) What was Johnson & Johnsons net profit in 2004? _________________(22a) 12 23. The Capital Structure Box (item 26) shows a variety of things, including the total amount of Debt Outstanding; Long-term Debt; the number of common shares outstanding; and Market Capitalization. Market Capitalization is the dollar value of common stock outstanding. It is calculated by multiplying the number of shares outstanding by the price of the stock. The two numbers multiplied to calculate the Market Capitalization of Johnson & Johnson are _______________(23) and _______________(23a). By the definitions used in The Value Line Investment Survey: A Large Capitalization Issue = $5 billion or more A Mid Capitalization Issue = $1 billion to $5 billion A Small Capitalization Issue = less than $1 billion Is the Market Capitalization of Johnson & Johnson, Large, Mid, or Small? ____________(23b) 24. Johnson & Johnsons current assets and current liabilities (items scheduled to be converted into cash or to be paid within one year) are shown in the section called the Current Position (item 25). It shows current assets, which include cash, receivables, and inventories, and current liabilities, which include accounts payable and debt due within one year. How much did Johnson & Johnson have invested in inventory on 9/26/04? ____________(24) What was the total of its Current Assets? ____________(24a) Current Liabilities? ____________(24b) 13 25. The Annual Rates box (item 24) shows annual compound rates of change of a companys sales, cash flow, earnings, dividends, and book value over the past 10 and 5 years and for 5 years into the future. In each case, the growth rates are calculated from a base which is the average of 3 years to an ending period which is also the average of 3 years. For example, a tenyear growth rate is calculated from a base of 1992-1994 to a base of 2002-2004. Was Johnson & Johnsons sales growth in the past 5 years, faster, slower, or the same as its sales growth over the past 10 years? ________________(25) Does the analyst think sales growth is likely to be faster or slower in the next 5 years? ________________(25a) Was Johnson & Johnsons earnings growth in the past 5 years, faster, slower, or the same as its earnings growth over the past 10 years? ________________(25b) Does the analyst think earnings growth is likely to be faster, slower, or about even in the next 5 years? ________________(25c) 26. The Business Summary (item 17) includes: a condensed summary of a companys operations, showing important products, markets, etc.; any shareholders owning more than 5% of the stock, including ESOPs (Employee Stock Ownership Plans); a companys address, telephone number, and Internet address; and relevant other information. How much of Johnson & Johnsons sales are international? ____________(26) 14 27. The Analysts Commentary (item 18), the lengthy text in the lower right portion of each report, is thought by many investors to be the most important item on the page. This is where a Security Analyst describes the outlook he/she sees for a company in the coming years, and, usually, provides reasons for the forecasts. After reading the commentary about Johnson & Johnson, do you think the analyst is suggesting the 3- to 5-year earnings outlook for Johnson & Johnson is positive or negative? ____________(27) 28. Quarterly Sales, Earnings, and Dividend Data (items 23 and 22) are shown in the lower left portion of each report. An examination of the trends in quarterly sales and earnings can often provide insights into changing conditions. As an example, look at sales in the most recently reported quarter (December) when they totaled $12,752,000,000. Then look at sales in the December quarter a year earlier. What was the % increase in sales from December 2003 to December 2004? ____________(28) Now compare sales in the latest September quarter with those in the September quarter a year before. What was the year-to-year % increase in sales in that period?____________(28a) Was the year-to-year % increase in sales in the December quarter more or less than the year-to-year % increase in the September quarter? _____________(28b) Were earnings per share in the latest reported quarter (December) higher than those in the similar period a year earlier (December)? _________________(28c) What was the year-to-year quarterly percent change in earnings?_________(28d) 15 29. Johnson & Johnson has had what appears to be a policy of regularly increasing its dividends. It has increased the dividend at approximately the same time in each of the past five years. What is the quarter (March, June, September, December) when it increased the dividend? ____________(29) 30. The heading over the fourth column of numbers in the Quarterly Sales and Earnings Per Share boxes shows when a companys fiscal year ends. When does Johnson & Johnsons fiscal year end? ____________(30) 31. The footnotes (item 21) at the bottom of each page explain a lot, including: the way earnings are reported - basic or diluted; unusual gains or losses; the availability of DRIPs (Dividend Reinvestment Plans, in which companies make it easy for shareholders to reinvest their dividends in more stock); dividend payment dates; and special explanations, as necessary. When is Johnson & Johnson expected to pay its next dividend? ________(31) Does Johnson & Johnson have a DRIP? __________(31a) 16 32. A variety of unique ratings (item 20) are shown in the box in the lower right of each report. Each of these items is defined briefly below and in more detail in How To Invest In Common Stocks. Financial Strength ratings, which measure the financial condition of a company, range from a high of A++ to a low of C. A Stocks Price Stability, Price Growth Persistence, and Earnings Predictability ratings go from a high of 100 to a low of 5. Price Stability measures he variability of the price of a stock over time, Price Growth Persistence is a measure of stock price growth over time, and Earnings Predictability measures the expected reliability of earnings forecasts. In which category(ies) does Johnson & Johnson score at the very top? _________________________________________ _________________________________________ _________________________________________(32) 17 Notes 18 1. Company name, followed by the Stock Exchange where traded (NYSE = New York; ASE = American; NDQ = NASDAQ; TO = Toronto) and stock ticker symbol. 2. Value Line's Ranksthe rank for Timeliness; the rank for Safety; the Technical rank. Beta, the stock's sensitivity to fluctuations of the market as a whole, is included here but is not a rank. 3. The Legends box contains the "cash flow" multiple, the amounts and dates of recent stock splits and an indication if options on the stock are traded. 4. Monthly price ranges of the stockplotted on a ratio (logarithmic) grid to show percentage changes in true proportion. For example, a ratio chart equalizes the move of a $10 stock that rises to $11 with that of a $100 stock that rises to $110. Both have advanced 10% and over the same space on a ratio grid. 5. The "cash flow" linereported earnings plus depreciation ("cash flow") multiplied by a number selected to correlate the stock's 3- to 5-year projected target price, with "cash flow" projected out to 2005-2006. 6. Recent pricesee page 2 of the Summary & Index for the date, just under Index to Stocks. 7. P/E ratiothe recent price divided by the latest six months' earnings per share plus earnings estimated for the next six months. 8. Trailing and median P/Ethe first is the recent price divided by the sum of reported earnings for the past 4 quarters; the second is an average of the price/earnings ratios over the past 10 years. 9. Relative P/E ratiothe stock's current P/E divided by the median P/E for all stocks under Value Line review. 10. The stock's highest and lowest price of the calendar year. 11. Dividend yieldcash dividends estimated to be declared in the next 12 months divided by the recent price. 12. Target Price Range, estimated. The range is placed in the upper right hand portion of the price chart and is also shown in the "2008-10 Projections" box on the upper left side of the page. 13. Stock Price Chart, including monthly stock price ranges and a variety of other data. 14. The % Total Return shows the price appreciation and dividends of a stock and the Value Line Arithmetic Composite Index for the past 1, 3, and 5 years. 15. The percent of shares traded monthlythe number of shares traded each month as a % of the total outstanding. 16. Statistical Arrayhistorical financial data appears in regular type. 17. Business Dataa brief description of the companys business and major products along with other important data. 18. Analyst's Commentaryan approximately 350-word report on recent developments and prospectsissued every three months on a preset schedule. 19. The expected date of receipt by subscribers. The Survey is mailed on a schedule that aims for receipt by every subscriber on Friday afternoon. 20. Value Line's Indexes of Financial Strength, Stock's Price Stability, Price Growth Persistence, and Earnings Predictability. 21. Footnotes explain a number of things, such as the way earnings are reported, whether basic or diluted. 22. Quarterly dividends paid are actual payments. The total of dividends paid in four quarters may not equal the figure shown in the annual series on dividends declared in the Statistical Array. (Sometimes a dividend declared at the end of the year will be paid in the first quarter of the following year.) 23. Quarterly sales are shown on a gross basis. Quarterly earnings on a per-share basis. (Estimates are in bold type. 24. Annual rates of change (on a compound per-share basis). Actual for each of the past 5 and 10 years, estimated for the next 3 to 5 years. 25. Current positiontotal current assets and total current liabilities, and their detail. 26. The capital structure as of the indicated recent date showing, among other things, the $ amount and % of capital in long-term debt, preferred stock, and common stock; the number of times that total interest charges were earned. 27. Statistical ArrayValue Line estimates appearing in the area on the right side are in bold italics. 28. Decisions made by the biggest institutionsthe number of times institutions with more than $100 million of assets under management bought or sold stock during the past three quarters and the total number of shares held by those institutions at the end of each quarter. 29. The record of insider decisionsthe number of times officers and directors bought or sold stock or exercised options during the past 9 months. 30. The projected stock price returns to 2008-10. The total expected % gain/loss before dividends and the Annual Total Return (% compounded including dividends). 19 Sample Value Line Stock Page 1 2 3 4 5 6 7 8 9 10 11 12 JOHNSON & JOHNSON NYSE-JNJ TIMELINESS SAFETY TECHNICAL RECENT PRICE 27.0 20.8 33.7 24.3 Median: 25.0 P/E RATIO RATIO YLD 65.41 P/E 19.5(Trailing: 21.1) RELATIVE 1.06 DIVD 1.9% 44.9 31.7 53.4 38.5 53.0 33.1 61.0 40.3 65.9 41.4 59.1 48.1 64.3 49.3 66.9 61.2 VALUE LINE Target Price Range 2008 2009 2010 160 120 100 80 60 50 40 30 20 15 30 LEGENDS 15.0 x Cash Flow p sh . . . . Relative Price Strength Lowered 3/4/05 2-for-1 split 6/92 BETA .65 (1.00 = Market) 2-for-1 split 6/96 2-for-1 split 6/01 2008-10 PROJECTIONS Options: Yes Annl Total Shaded area indicates recession 2 1 4 Raised 5/28/04 New 7/27/90 High: Low: 14.1 9.0 23.1 13.4 2-for-1 Price Gain Return High 105 (+60%) 14% Low 85 (+30%) 9% Insider Decisions 13 29 28 to Buy Options to Sell A 0 1 2 M 0 2 1 J 0 0 0 J 0 0 0 A 0 2 2 S 0 2 1 O 0 1 1 N 0 2 1 D 0 1 1 Institutional Decisions 1Q2004 2Q2004 3Q2004 698 627 601 to Buy to Sell 530 586 597 Hlds(000)180930718514671866426 % TOT. RETURN 1/05 Percent shares traded 9 6 3 THIS STOCK VL ARITH. INDEX 14 15 08-10 23.40 5.90 4.75 1.70 1.00 21.00 2800.0 20.0 1.35 1.8% 65500 34.0% 2885 13585 27.0% 20.7% 23750 1500 58775 21.5% 23.0% 14.5% 36% 1 yr. 3 yr. 5 yr. 23.5 18.3 63.8 9.4 40.1 75.1 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 3.66 4.22 4.67 5.25 5.50 6.12 7.27 8.11 8.41 8.80 9.88 10.47 10.83 12.23 .56 .65 .73 .85 .93 1.06 1.26 1.46 1.62 1.83 2.03 2.27 2.46 2.85 .41 .48 .55 .62 .69 .78 .93 1.09 1.21 1.34 1.49 1.70 1.91 2.23 .14 .16 .19 .22 .25 .28 .32 .37 .43 .49 .55 .62 .70 .80 .28 .31 .37 .42 .38 .36 .48 .52 .52 .54 .62 .59 .57 .71 1.56 1.84 2.11 1.97 2.17 2.77 3.49 4.07 4.59 5.06 5.83 6.76 7.95 7.65 2664.4 2664.6 2665.3 2621.6 2571.9 2572.0 2590.7 2665.0 2690.3 2688.1 2779.4 2781.9 3047.2 2968.3 15.4 16.5 20.5 20.0 15.4 14.8 18.5 22.4 24.9 28.1 31.6 26.4 27.2 25.9 1.17 1.23 1.31 1.21 .91 .97 1.24 1.40 1.44 1.46 1.80 1.72 1.39 1.41 2.2% 2.1% 1.7% 1.8% 2.4% 2.4% 1.9% 1.5% 1.4% 1.3% 1.2% 1.4% 1.3% 1.4% CAPITAL STRUCTURE as of 9/26/04 Total Debt $3,415 mill. Due in 5 Yrs $500.0 mill. LT Debt $2,961 mill. LT Interest $174.0 mill. (9% of Capl) Leases, Uncapitalized Annual rentals $143.0 mill. Pension Assets-12/02 $6,050 mill. Oblig. $7,680 mill. Pfd Stock None Common Stock 2,967,726,203 shs. as of 10/24/04 MARKET CAP: $194 billion (Large Cap) CURRENT POSITION 2002 2003 9/26/04 ($MILL.) Cash Assets 7475 9523 13094 Receivables 5399 6574 6939 Inventory (FIFO) 3303 3588 3669 Other 3089 3310 3114 Current Assets 19266 22995 26816 Accts Payable 3621 4996 3646 Debt Due 2117 1363 454 Other 5711 7089 8229 Current Liab. 11449 13448 12329 ANNUAL RATES Past of change (per sh) 10 Yrs. Sales 9.0% Cash Flow 13.0% Earnings 14.0% Dividends 13.5% Book Value 14.5% Fiscal Year Ends VALUE LINE PUB., INC. 27 26 13.42 16.00 17.30 18.80 3.19 3.85 4.20 4.60 2.70 3.10 3.40 3.75 .92 1.10 1.22 1.34 .73 .75 .80 .80 8.61 10.90 12.45 14.40 3119.8 2960.0 2925.0 2900.0 19.4 18.1 Bold figures are Value Line 1.11 .94 estimates 1.8% 2.0% 41862 47348 31.3% 32.0% 1869.0 2020 8096.6 9311.4 30.2% 27.6% 19.3% 19.7% 9547.0 14500 2955.0 2950 26869 32220 27.4% 26.0% 30.1% 29.0% 19.9% 18.5% 34% 35% 50675 32.5% 2180 10170 27.0% 20.1% 16000 2500 36440 25.5% 28.0% 17.5% 36% 54475 33.0% 2330 11065 27.0% 20.3% 17425 2200 41750 24.5% 26.5% 16.5% 36% Sales per sh A Cash Flow per sh Earnings per sh B Divds Decld per sh C Capl Spending per sh Book Value per sh D Common Shs Outstg E Avg Annl P/E Ratio Relative P/E Ratio Avg Annl Divd Yield Sales ($mill) A Operating Margin Depreciation ($mill) Net Profit ($mill) Income Tax Rate Net Profit Margin Working Capl ($mill) Long-Term Debt ($mill) Shr. Equity ($mill) Return on Total Capl Return on Shr. Equity Retained to Com Eq All Divds to Net Prof 16 25 18842 23.2% 857.0 2403.0 27.6% 12.8% 3550.0 2107.0 9045.0 22.3% 26.6% 17.4% 34% 21620 24.6% 1009.0 2887.0 28.4% 13.4% 4186.0 1410.0 10836 24.2% 26.6% 17.7% 34% 22629 25.1% 1067.0 3303.0 27.8% 14.6% 5280.0 1126.0 12359 24.9% 26.7% 17.5% 34% 23657 26.6% 1246.0 3677.6 27.1% 15.5% 2970.0 1269.0 13590 25.2% 27.1% 17.5% 35% 27471 27.0% 1444.0 4209.0 27.5% 15.3% 5746.0 2450.0 16213 22.9% 26.0% 16.8% 35% 29139 33004 36298 27.4% 28.8% 31.2% 1515.0 1605.0 1662.0 4800.0 5885.0 6810.8 27.5% 28.2% 29.0% 16.5% 17.8% 18.8% 8310.0 10429 7817.0 2037.0 2217.0 2022.0 18808 24233 22697 23.3% 22.5% 27.8% 25.5% 24.3% 30.0% 16.4% 15.8% 19.5% 36% 35% 35% BUSINESS: Johnson & Johnson manufactures and sells health care products. Major lines by segment: Consumer (baby care, nonprescription drugs, sanitary protection, and skin care), Med. Device & Diag. (wound closures, minimally invasive surgical instruments, diagnostics, orthopedics, and contact lenses), and Pharmaceutical (contraceptives, psychiatric, anti-infective, and dermatological drugs). 2003 sales (operating income) by segment: Pharm., 47% (60%); Med. Device & Diag., 35% (28%); Consumer, 18% (12%). Intl business, 40% of 03 sales; R&D, 11%. Has 109,100 empl.; 164,200 stockholders. Off./dir. own less than 1% (3/04 Proxy). Chrmn. & CEO: William Weldon. Inc.: NJ. Addr.: One J&J Plaza, New Brunswick, NJ 08933. Tel.: 732-524-0400. Web: www.jnj.com. 17 24 2002 2003 2004 2005 2006 23 Fiscal Year Ends 22 2002 2003 2004 2005 2006 Calendar 2001 2002 2003 2004 2005 Johnson & Johnson is set to make the largest acquisition in its history. Ending months of speculation, the company announced in late December that it had agreed to purchase Guidant for an estimated $24 billion. For $30.40 in cash and $45.60 in its stock for each of the targets shares, the New Jersey-based acquirer will Full QUARTERLY SALES ($ mill.) A Fiscal get a lucrative and rapidly expanding carMar.Per Jun.Per Sep.Per Dec.Per Year diac rhythm management business. J&J 8743 9073 9079 9403 36298 will also get Guidants bioerodable poly9831 10322 10455 11254 41862 mer and stents program, which should en11559 11484 11553 12752 47348 hance its long-term competitive stance in 12575 12500 12300 13300 50675 13400 13500 13250 14325 54475 the nascent drug-eluting stents market. The purchase would also eliminate a poFull EARNINGS PER SHARE AB tential competitor that could have exerted Mar.Per Jun.Per Sep.Per Dec.Per Fiscal Year substantial pricing and margin pressures .59 .60 .60 .44 2.23 in the stents arena. Some product divesti.69 .70 .69 .57 2.65 tures will probably be required by govern.83 .82 .78 .67 3.10 .92 .91 .85 .72 3.40 ment regulators, but the deal should close 1.00 1.00 .95 .80 3.75 in the third quarter. The addition is expected to shave a few pennies from earnQUARTERLY DIVIDENDS PAID C Full ings in 2005 and 2006. It should enhance Mar.31 Jun.30 Sep.30 Dec.31 Year the growth rate in the subsequent years. .16 .18 .18 .18 .70 (Note: Guidant will be excluded from our .18 .205 .205 .205 .80 figures until the merger actually closes.) .20 .24 .24 .24 .92 The diversified healthcare products .24 .285 .285 .285 1.10 behemoth continues to perform very .285 Past Estd 01-03 5 Yrs. to 08-10 7.5% 9.5% 11.5% 11.5% 13.5% 12.0% 13.5% 12.0% 12.0% 16.0% 02, (7); 03: Q2, (30). Next earnings report due mid-Apr. (C) Dividends historically paid mid: March, June, Sept., Dec. Divd reinvestment plan available. (D) Incl. intang.: In 03, well on its own. Indeed, it staged a broadbased top-line advance in 2004, with the Pharmaceutical, Medical Devices and Diagnostics, and Consumer segments posting gains of 13.4%, 13.2%, and 12.1%, respectively. Aggregate revenues were up 13.1%, which helped fuel a 17% expansion in share profits. Looking ahead, though, slumping Procrit sales, as well as impending launches of generic Duragesic and Concerta, strongly suggest that business activity wont be as dynamic in 2005. That said, we have added $0.05 to our share-net estimate (to $3.40), factoring in increased expectations for drug-eluting stent Cypher, a delay in Duragesic generics, and a slightly lower tax rate. In all, we look for revenues to increase 7% and for share profits to expand 10%. A comparable bottom-line gain seems likely next year. This timely issue represents a core long-term holding. J&Js robust presence in a host of healthcare sectors is certainly attractive. So, too, is its potent financial position, as this gives management ample flexibility. We think the stock will yield solid total returns to late decade. George Rho March 4, 2005 Companys Financial Strength Stocks Price Stability Price Growth Persistence Earnings Predictability A++ 95 90 100 18 19 20 21 (A) Year ends on last Sunday of December. (B) Primary earnings through 96, diluted thereafter. Excludes nonrecurring gains/(losses): 90, 5; 92, 23; 98, 22; 99, 2; 01, (7); $12.2 billion, $3.91/sh. (E) In mill., adj. for stock splits. 2005, Value Line Publishing, Inc. All rights reserved. Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind. THE PUBLISHER IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS HEREIN. This publication is strictly for subscribers own, non-commercial, internal use. No part of it may be reproduced, resold, stored or transmitted in any printed, electronic or other form, or used for generating or marketing any printed or electronic publication, service or product. To subscribe call 1-800-833-0046. 20 Answers 1. New York Stock Exchange 1a. JNJ 2. 19.5 3. 21.1 5. 1.06 5a. Greater 6. 1.9% 7. 2 7a. Above Average 8. 1 8a. Yes 9. 4 9a. Below-Average 10. Less Volatile 11. 105 11a. 85 12. No 12a. Yes 12b. Yes 13. Rise 14. 64.3 14a. 49.3 15. One 16. Slightly Above 17. About the same 18. Yes 19. +23.5% 19a. +9.4% 19b. Better 19c. Worse 20. $3.10 20a. $4.75 21. Yes 21a. No 21b. 21c. Rising 21d. Rising (in 2002 and 2003) 22. $47,348,000,000 (or $47.3 billion) 22a. $9,311,000,000 (or $9.3 billion) 23. 2,967,726,203 23a. 65.41 23b. Large 24. $3,669,000,000 24a. $26,816,000,000 24b. $12,329,000,000 25. Slower 25a. Faster 25b. Slower 25c. Slower 26. 40% 27. Positive 28. 13.3% 28a. 10.5% 28b. More 28c. Yes 28d. 17.5% 29. June 30. December 31. June 31a. Yes 32. Earnings Predictability To analyze your performance, see page 23. 21 Results/Performance While the exercise of reading through the preceding text and filling in the blanks or answering the questions was not intended to be a test, but rather a guide to reading the Value Line page, there are some people who are always anxious to know how they performed. We suggest the following: How Did You Do? NUMBER WRONG 0-3 4-6 7-10 11 or more EVALUATION Expert Very Good Passed You should probably restudy the workbook VALUE LINE PUBLISHING, INC. 220 East 42nd Street, New York, NY 10017-5891 email Address: vlcr@valueline.com 1-800-634-3583 www.valueline.com

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Michigan State University - IAH 207 - 001
January 2003This sample marketing plan has been made available to users of Marketing Plan Pro, marketing planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been
Michigan State University - IAH 207 - 001
IAH 207Week Nine March 18th, 2010Reminders Reading for next weekMonday: CP 307-337 Wednesday: 339-367 (Starting Japan) Questions for next weekMonday: Section 12 Wednesday: Section 13 Starting today, Ill be calling on random students at random times
Michigan State University - IAH 207 - 001
EXAM 1 REVIEW The exam consists of about 50 questions of which 25 questions tests you on financial management concepts from chapters 1,2,4,5 and class slides. The questions are true/false multiple choice. The other 25 questions are multiple choice which r
Michigan State University - IAH 207 - 001
Landscaping BusinessNumber of Customers Serviced This Year Net Profit COST INFORMATION Startup Fixed Costs Commercial Lawnmower Cost Trimmer Blower Sub Total $4,500 $400 $400Variable Supplies Total Costs SALES INFORMATION Price per Acre Average Number o
Michigan State University - IAH 207 - 001
Cornell - NS - 1150
Yueyue Shen Long-Term Use of Supplemental Multivitamins, Vitamin C, Vitamin E, and Folate Does Not Reduce the Risk of Lung Cancer. Although antioxidants, such as vitamin E, are believed to reduce the risk for lung cancer, the study done by Christopher G.
Raritan - MATH - math 253
Course: DIFFERENTIAL EQUATIONSSection: MATH-254-01Department: MathematicsTerm: Spring 2010Course Instructor: P roject Title: F rom the Earth to the MoonG roup Members:I ntroductionWe have all gazed up at the golden ball that brightens the night sky
UCLA - A - a
hey
UCLA - CHEM - 120
Maria Alvarado A07011197 April 22, 2010 Chem 157 Homework #31. Though both fungal and mammalian FAS are type I, their structures vary. Fungal FAS is a while the mammalian FAS is . The mammalian FAS is 1 protein with 2 identical subunits whereas the funga
Erciyes √úniversitesi - MATH - alberga
Axia College MaterialAppendix C PolynomialsRetail companies need to keep close track of their operations in order to maintain profitability. Often, the sales data of each individual product is analyzed separately, which can be used to help set pricing a
University of Phoenix - ACCT - 561
Header: Running Guillermo Furniture Guillermo Furniture Store Scenario Malin Esquerre May 2, 2010 Myrtle Clark Introduction Guillermo Furniture Store 2 Critical business decisions are made daily by management in all industries. The furniture manufacturer,
SUNY Stony Brook - CSC - 2500
Lecture 1: Introduction to Finance Steven Skiena Department of Computer Science State University of New York Stony Brook, NY 117944400 http:/www.cs.sunysb.edu/skienaWhy Computational Finance?It is hard to overstate the importance of the nancial industry
Queensland Tech - AYB - 220
Question 1Question 1 1.A decision model is used for Answer determining if a budgeted amount will deviate from an actual amount. determining if a budgeted amount will be the same as an actual amount. enabling managers to deal with events using a qualitat
LSU - HIST - 1001
History 1001 Topic II I. Greek Drama (5th Century BC in Greece) A. Origin and Characteristics of Plays 1. Festivals to Dionysus a. The plays were all performed as festivals to Dionysus. i. Scholars guess that people wrote songs during these festivals. ii.
YTI Career Institute - EE - EE245
CHAPTER 11.1 Let ru(k ) = E [u(n)u*(n k )] r y(k ) = E [ y(n) y*(n k )] We are given that y(n) = u(n + a) u(n a) Hence, substituting Eq. (3) into (2), and then using Eq. (1), we get r y(k ) = E [(u(n + a) u(n a)(u*(n + a k ) u*(n a k )] = 2ru(k ) ru(2a +
YTI Career Institute - EE - EE245
CHAPTER 33.1 (a) Let aM denote the tap-weight vector of the forward prediction-error lter. With a tapinput vector uM+1(n), the forward prediction error at the lter output equals f M ( n ) = a M u M +1 ( n ) The mean-square value of fM(n) equals E [ f M (
YTI Career Institute - EE - EE245
CHAPTER 22.1 (a) Let wk = x + jy p(-k) = a + jb We may then write f = wk p*(-k) = (x + jy)(a - jb) = (ax + by) + j(ay - bx) Let f = u + jv with u = ax + by v = ay - bx Hence, u - = a x v - = a y u - = b y v - = b xFrom these results we immediately see t
YTI Career Institute - EE - EE245
CHAPTER 44.1 (a) For convergence of the steepest-descent algorithm: 2 0 < < - max where max is the largest eigenvalue of the correlation matrix R. We are given 1 0.5 0.5 1R=The two eigenvalues of R are 1 = 0.5 2 = 1.5 Hence max = 1.5 . The step-size pa
YTI Career Institute - EE - EE245
CHAPTER 55.1 From Fig. 5.2 of the text we see that the LMS algorithm requires 2M+1 complex multiplications and 2M complex additions per iteration, where M is the number of tap weights used in the adaptive transversal lter. Therefore, the computational co
YTI Career Institute - EE - EE254
CHAPTER 88.1 The Hermitian transpose of data matrix A is dened by u ( 1, 1 ) u ( 1, 2 ) u ( 1, n ) u ( 2, 1 ) u ( 2, 2 ) u ( 2, n ) u ( M, 1 ) u ( M, 2 ) u ( M, n ) where u(k,i) is the output of sensor k in the linear array at time i, where k = 1, 2, , M
YTI Career Institute - EE - EE254
CHAPTER 77.1 When M = 6, L = 4, we have for the kth block w0 ( k ) u(4k ) u ( 4 k +1 ) u ( 4 k +2 ) u ( 4 k +3 ) u ( 4 k -1 ) u(4k ) u ( 4 k +1 ) u ( 4 k +2 ) u ( 4 k -2 ) u ( 4 k -1 ) u(4k ) u ( 4 k +1 ) u ( 4 k -3 ) u ( 4 k -2 ) u ( 4 k -1 ) u(4k ) u (
YTI Career Institute - EE - EE254
CHAPTER 66.1 (a) We note that J ( n +1 ) = E [ e ( n +1 ) ] where e ( n +1 ) = d ( n +1 ) w ( n +1 ) u ( n +1 ) Hence, J ( n +1 ) = E [ d ( n +1 ) w ( n +1 ) u ( n +1 ) ]H 2 H 1 1 = d w ( n ) - ( n ) ( n ) p p w ( n ) - ( n ) ( n ) 2 2 H 1 1 + w ( n ) -
YTI Career Institute - EE - EE254
CHAPTER 1010.1 Let (1) = y(1) ( 2 ) = y ( 2 ) + A 1, 1 y ( 1 ) (1) (2)where the matrix A1,1 is to be determined. This matrix is chosen so as to make the innovations processes (1) and (2) uncorrelated with each other. That is, E [ ( 2 ) ( 1 ) ] = 0 Subst
YTI Career Institute - EE - EE254
CHAPTER 1111.1 To drive the square-root information lter, we proceed as follows. Let 12 H 2K( n -1 )12u(n)A ( n ) = x H ( n Y ) K H 2 ( n -1 ) n -1 0Ty*(n) 1Taking the Hermitian transpose: 12 1 2A (n) =HK( n -1 )K1 2 ( n -1 ) x ( n Y n -
YTI Career Institute - EE - EE254
CHAPTER 1212.12 2 2 1 J fb, m = - ( E [ f m -1 ( n ) ] + E [ b m -1 ( n -1 ) ] ) ( 1 + m ) 2+ m E [ f m -1 ( n ) b m -1 ( n -1 ) ] + m E [ b m -1 ( n -1 ) f m -1 ( n ) ] Differentiating with respect to a complex variable: J fb, m 2 2 - = m ( E [ f m -1
YTI Career Institute - EE - EE254
CHAPTER 1414.1 In an adaptive equalizer, the input signal equals the channel output and the desired response equals the channel input (i.e., transmitted signal). In a stationary environment, both of these signals are stationary with the result that the e
YTI Career Institute - EE - EE254
CHAPTER 1717.1 (a) The complementary error function 1 x t 2 dt ( x ) = - e 2 qualies as a sigmoid function for two reasons: 1. The function is a monotonically increasing function of x, with ( ) = 0 ( 0 ) = 0.5 () = 1 For x = , equals the total area under
YTI Career Institute - EE - EE254
CHAPTER 1616.1 (a) The received signal of a digital communication system in baseband form is given by u(t ) =m =- x m h ( t mT ) + v ( t )where xk is the transmitted symbol, h(t) is the overall impulse response, T is the symbol period, and v(t) is the
YTI Career Institute - EE - EE254
CHAPTER 1515.1 For the output error method y(n) = ai ( n ) u ( n - i ) + bi ( n ) y ( n - i )i =0 i =1MN(1)Taking the z-transform of both sizes of Eq. (1) Y (z) = A(z)U (z) + B(z)Y (z) For the equation error method y(n) = (2) ai ( n ) u ( n - i )
YTI Career Institute - EE - EE254
CHAPTER 99.1 Assume that ( n, i ) = ( i ) ( n, i -1 ), Hence, for i = n: ( n, n ) = ( n ) ( n, n -1 ) Since (n,n) = 1, we have ( n ) = ( n, n -1 ) Next, for i = n-1, ( n, n -1 ) = ( n -1 ) ( n, n -2 ) or equivalently, ( n, n -2 ) = ( n -1 ) ( n, n -1 ) =
YTI Career Institute - EE - EE254
CHAPTER 1313.1 The analog (innite-precision) form of the LMS algorithm is described by w ( n +1 ) = w ( n ) + u ( n ) [ d ( n ) w ( n ) u ( n ) ],Tn = 0, 1, 2, where w ( n ) is the tap-weight vector estimate at time n, u(n) is the tap-input vector, d
YTI Career Institute - EE - EE645
YTI Career Institute - EE - EE645
Assignment #9 1. Design a parabolic antenna for an antenna gain of 6000 at a frequency 6000 MHz. Calculate the beam width between half-power points of this antenna. Assuming 90% antenna efficiency, calculate the power received if the incoming signals have
YTI Career Institute - EE - EE645
Assignment 8November 5, 20091. An Antenna has eld pattern given by E () = cos2 () for 00 900 . Plot the pattern and nd the beam area of this pattern. 2. A plane wave is incident on a short dipole with its axis along y direction. The wave is assumed to b
YTI Career Institute - EE - EE645
Assignment #7 1. In a rectangular wave guide a=1.5 cm b=.8 cm ,=0 ,r=1 , =40 and magnetic field is given by: Hx=2sin (x/a) cos (3y/b) sin (*1011t-z) A/m Determine a. The mode of operation b. The cut-off frequency c. The phase constant d. The propagation c
YTI Career Institute - EE - EE645
Assignment #6 1. A parallel-plate wave guide is constructed for operating in the TEM mode only over the frequency range 0 < f < 3 GHz. The dielectric constant between plates is r=2.1.Determine the maximum allowable plate separation distance. 2. A parallel
YTI Career Institute - EE - EE645
Assignment #5 1 50 a. b. c. d. 2. a. b. c. A signal is attenuated by .02 dB for every meter travelled on a distortionless transmission line. If this line has a capacitance of 80pF/m, find R L G vp A lossless 100 transmission line is terminated by 200 + j2
YTI Career Institute - EE - EE645
Assignment #4 1. A 2.4-GHz wave propagates in a medium characterized by r = 1.6, r = 20, and =2.5 S/m. The electric field intensity in the region is given by E=0.1 e z cos(t-z)ax V/m.Determine the attenuation constant, the propagation constant, the intr
YTI Career Institute - EE - EE645
EE501 - Assignment 3 1. Two rails each have a resistance of 2.2ohms/m. A bar moves to the right at a constant speed of 9m/s in a uniform magnetic field of 0.8T. Find I(t), 0<t<1s, if the bar is at x = 2m at t = 0 and a) A 0.3ohm resistor is present across
YTI Career Institute - EE - EE645
YTI Career Institute - EE - EE645
Assignment #1 Vector Algebra 1) Three field quantities are given by P= 2ax - az Q= ax - ay+ 2azR= 2ax - 3ay+azDetermine (a) An unit vector perpendicular to both Q and R (b) The component of P along Q (c) (P+Q) x (P-Q) (d) Q. R x P 2) Given the vector fi
YTI Career Institute - EE - EE645
Assignment 7 SolutionsNovember 7, 20091. a = 6cm, b= 4cm (a) The fundemental mode is T E10 mode. The next mode is T E01 mode The cuto frequency of T E01 mode is f01 = (b) The next mode is T E11 and T M11 mode Their cuto frequencies are f11 = (c) =m 2 n
YTI Career Institute - EE - EE501
EC501_Assignment(2008) (Antennas and Radiating Systems) 1.A small filamentary rectangular loop of dimension Lx and Ly lies in the xy-plane with its center at the origin and sides parallel to x- and y-axes. The loop carries a current i(t)=I0cos t. Assuming
YTI Career Institute - EE - EE501
EC501_Assignment(2008) (On waveguides)1.A parallel-plate waveguide is known to have a cutoff wavelength for the m=1 TE & TM modes of c1=0.4cm. The guide is operated at wavelength mm. How many modes propagate?2. A rectangular waveguide has dimensions a=6
YTI Career Institute - EE - EE501
EC 501 Assignment 5 (2008) (Uniform plane waves and plane waves at boundaries)1. An H field in free space is given as H(x, t) = 10 cos(108t - x) y A/m. Find: (a) ; (b) ; (c) E(x, t) at P(0.1, 0.2, 0.3) at t = 1 ns. 2. A uniform plane wave in free space h
YTI Career Institute - EE - EE501
EC 501 Assignment 4 (Time varying fields and Maxwells' equations)1. Given the time-varying magnetic field B = (0.5 x + 0.6 y - 0.3 z ) cos 5000t (T) and a square filamentary loop with its corners at (2,3,0) , (2,-3,0) ,(2,3,0) and (-2,-3,0), find the tim
YTI Career Institute - EE - EE501
EC 501 Wave Propagation and Radiation Assignment Two: covers reading assignments, resistance, currents, current density, magnetic flux density, magnetic force 1. A dc voltage of 6V applied to the ends of 1km of a conducting wire of 0.5mm radius results in
YTI Career Institute - EE - EE501
EE 501 Wave Propagation and Radiation Assignment Two: covers electric potential, method of images, boundary value problems 1. Determine the E field both inside and outside a spherical cloud of electrons with a uniform volume charge density =- 0 (where 0 i
YTI Career Institute - EE - EE501
EC501-Wave Propagation and RadiationAssignment 1 1. Given a point P(-2,6,3) and vector A= yax + (x+z)ay. Evaluate A at P in cylindrical & spherical systems. 2. Given the vector field at point (1,/3,0) is H = z cos a + sin/2 a + az. Calculate: a) H ax b)
YTI Career Institute - EE - EE145
EE533 Problem Set 21. Determine the DTFT of the rectangular window sequence w(n) = 1, 0 n M, 0, otherwise. j jM/2 Express your answer in the form W (e ) = e A( ) where A() is a real, even function of its argument.2. Determine the inverse DTFT of X (ej )
YTI Career Institute - EE - EE145
EE533 Problem Set-31. Consider the length-9 sequence x() = cfw_2, 3, (1), 0, 4, 3, 1, 2, 4. Evaluate the following functions of X (ej ) without computing the transform itself: (a) X (ej 0 ) (d)(b) X (ej )(c) X (ej )d|X (ej )|2 d(e)dX (ej ) d d2D
YTI Career Institute - EE - EE145
EE533 Problem Set-61. An input signal x () is passed through a stable lter with transfer function H (z) to produce v(). The signal cfw_v(n) is once again ltered by H (z) to yield w(). The nal output is obtained as y(n) = w(n). The coefcients of H (z) are
YTI Career Institute - EE - EE145
EE533 Problem Set-71. The CT signal xc (t) = cos 200t + 3 sin 320t is ideally sampled at fs = 250 Hz. What frequency components are present in the resulting xs (t) in the interval 0-200 Hz? 2. Consider the CT signal xc (t) = sin 20t + 2 cos 40t. (a) Let
YTI Career Institute - EE - EE145
EE533 Problem Set 11. Consider x(n) = cos(0 n) for various values of 0 in the set cfw_0, 0.2, 0.6, 0.9, , 1.1, 31.2, 2. What is the fundamental period of x() in each case? 2. Consider the following systems whose input-output relationships are given below
YTI Career Institute - EE - EE145
EE533 Problem Set-41. Let x () be a signal with z-transform X (z) with RoC r1 < |z| < r2 . Consider the signal y() dened in terms of a positive integer M according to x (n/ M ), n = 0, M, 2 M, . . . y(n) = 0, otherwise. Determine (from rst principles) Y
YTI Career Institute - EE - EE145
EE533 Problem Set-51. For each of the following ltering functions, indicate which of the four linear-phase FIR lter types can be used to realize the desired function: (a) Lowpass (b) Highpass (c) Bandpass (d) Bandstop 2. Let H (z) be a Type-I linear-phas
LSU - MUS. - 1751
Lecture One 8/25/10Why do we listen to music? It gives us pleasure It affects our minds and bodies It intensifies and deepens our feelings It heightens the emotional experience of eventsListening to music a physical reaction to a disturbance in our en
LSU - MUSIC APPR - 894885838
Lecture Two 8/27/10 Building blocks of music: Melody Rhythm- affects how melody and harmony are expressed in time. Can have a different importance depending on what is being performed. HarmonyMusical notation freezes the music in a fixed form so that a
LSU - MUSIC APPR - 894885838
Lecture Three 8/30/10 *Go online and do ch.2 listening exercise 2 and ch. 2 quiz!Sometimes the music speeds up and this is called accelerando. Sometimes it slows down, and this is called ritardando. From this we get the word Ritard, which means slow down
LSU - MUSIC APPR - 894885838
Lecture Four 9/1/10 Melodies can move by step or by leap. Steps are easier to sing than leaps. Smaller pieces of the melody are the phrases. There are usually two. Antecedent Phrase- moves away Consequent Phrase- comes back The last few notes that bring a
LSU - MUSIC APPR - 894885838
Lecture Seven 9/10/10 *HMWK- CH. 8 listening exercise 12! The early polyphony is called organum. A second voice is usually added at the 5th or the 4th. Composers become very involved with writing music to accompany the Mass. The Mass has two parts; the Pr