Austin_Gladstone Case Data

Austin_Gladstone Case Data - Macro & Fin Data...

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Page 1 U.S. Actual 1996 1997 1998 1999 2000 2001 Average: Real Growth Rate 3.2% 3.3% 2.9% 2.5% 0.0% 2.0% 2.3% Inflation Rate 3.5% 3.2% 3.0% 2.6% 2.5% 2.0% 2.8% AAA 7.17% 7.28% 7.07% 5.27% 5.81% 4.99% 6.3% BAA 9.84% 10.17% 10.07% 8.43% 9.52% 7.09% 9.2% 3-month T-Bill 5.26% 5.26% 5.06% 5.06% 4.04% 2.82% 4.6% 1-year T-Bill 6.00% 6.11% 6.01% 5.06% 4.56% 3.54% 5.2% 30-Year T-Bond 6.53% 6.64% 6.32% 4.43% 4.56% 3.95% 5.4% Income Tax Rate 0.33 0.33 0.33 0.33 0.33 0.33 33.0% Dividend Tax Rate 0.10 0.10 0.10 0.10 0.10 0.10 10.0% E(W. Market) 12.10% 12.11% 11.89% 12.42% 11.58% 8.98% 11.5% - U.K Actual 1996 1997 1998 1999 2000 2001 Average: Real Growth Rate 6.3% 5.0% 3.0% 3.0% 2.0% 1.5% 3.5% Inflation Rate 2.9% 3.5% 4.0% 4.5% 3.0% 2.6% 3.4% AAA 8.07% 8.38% 9.22% 8.98% 7.73% 7.44% 8.3% BAA 10.98% 11.52% 12.39% 12.25% 11.39% 9.80% 11.4% 3-month T-Bill 5.99% 6.29% 7.12% 7.64% 6.50% 5.17% 6.5% 1-year T-Bill 6.73% 7.04% 7.98% 8.60% 6.50% 5.69% 7.1% 30-Year T-Bond 7.32% 7.63% 8.35% 8.01% 6.56% 6.17% 7.3% Income Tax Rate 0.45 0.45 0.45 0.45 0.45 0.45 45.0% E(Market) 12.10% 11.32% 12.98% 14.50% 12.12% 9.63% 12.1% Forex Rate (£/$) ## 0.6452 0.6406 0.6469 0.6588 0.6620 0.6659 Australia Actual 1996 1997 1998 1999 2000 2001 Average: Real Growth Rate 7.5% 7.8% 8.0% 7.5% 6.5% 6.8% 7.4% Inflation Rate 1.5% 2.5% 4.0% 4.5% 3.5% 3.0% 3.2% AAA 10.86% 11.79% 13.42% 13.06% 12.53% 11.79% 12.2% BAA 16.40% 17.60% 19.43% 19.27% 19.28% 16.82% 18.1% 3-month T-Bill 6.68% 6.81% 8.37% 8.78% 8.16% 6.71% 7.6% 1-year T-Bill 8.40% 9.31% 11.02% 11.56% 9.94% 9.00% 9.9% 30-Year T-Bond 9.11% 10.03% 11.52% 11.06% 10.11% 9.60% 10.2% Income Tax Rate 0.35 0.35 0.35 0.35 0.35 0.35 35.0% E(Market) 4.66% 6.04% 13.66% 14.73% 12.67% 10.05% 10.3% Forex Rate ($A/$) ## 1.253 1.185 1.204 1.229 1.241 1.253 Firm Specific Data US AUS UK World LT Debt Rating BAA BAA BAA Market Beta (in US$) Err:508 Err:508 Err:508 Oil Beta -- -- -- -0.17 Gas Beta -- -- -- -0.22 Coal Beta -- -- -- 0.20
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Page 2 1.55 0.8 Notes: 1. E(W.Market) is the $expected return to the world market portfolio. 2. E(Market) for the U.K. and Australia refer to the same quantity but in the local currencies. These expected values are derived from the US data by adjusting by the forecasted FX rates. 3. All betas are in local currency with the W. Market and refer to unlevered equity.
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US Data Page 3 (in 100Th $s) 1996 1997 1998 1999 2000 2001 Current Liabilities 7.26% 7.26% 7.06% 7.06% 6.04% 4.82% Notes Payable 8.50% 8.61% 8.51% 7.56% 7.06% 6.04% Accounts Payable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Long Term Debt ($) 9.84% 10.17% 10.07% 8.43% 9.52% 7.09% Long Term Debt (£) -- -- -- -- -- -- Other Deferred Liabilities 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1996 1997 1998 1999 2000 2001 Oil Quantity 46.20 48.93 52.25 55.13 56.23 58.48 Price ($/bbl) $25.00 $25.80 $26.57
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This note was uploaded on 01/16/2010 for the course FBE 436 at USC.

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Austin_Gladstone Case Data - Macro & Fin Data...

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