Reference no: EM13759203
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SKY NETWORK TELEVISION
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NZX 50
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RFR p.a.
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14.07.2009
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4,14
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1869,29
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0,0279
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|
14.08.2009
|
4,73
|
2141,46
|
0,0276
|
|
14.09.2009
|
4,76
|
2105,54
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0,0277
|
|
14.10.2009
|
4,83
|
2133,24
|
0,0279
|
|
14.11.2009
|
4,95
|
2108,69
|
0,028
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|
14.12.2009
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4,85
|
2053,39
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0,0278
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|
14.01.2010
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5,19
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2172,35
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0,0278
|
|
14.02.2010
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4,73
|
2040,34
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0,0273
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|
14.03.2010
|
5,08
|
2119,55
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0,0267
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|
14.04.2010
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5,16
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2174,19
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0,0269
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|
14.05.2010
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4,81
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2078,41
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0,0289
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|
14.06.2010
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4,64
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1967,74
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0,0307
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|
14.07.2010
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4,8
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1955,46
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0,0323
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|
14.08.2010
|
5,01
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1946,98
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0,0325
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|
14.09.2010
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5,2
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2043,19
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0,0318
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|
14.10.2010
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5,15
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2069,79
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0,0318
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|
14.11.2010
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5,44
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2095,36
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0,0317
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14.12.2010
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5,16
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2069,15
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0,0317
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|
14.01.2011
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5,3
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2119,48
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0,0319
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|
14.02.2011
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5,35
|
2128,02
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0,0313
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|
14.03.2011
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5,46
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2093,05
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0,0269
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|
14.04.2011
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5,83
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2140,91
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0,0265
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|
14.05.2011
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5,72
|
2190,2
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0,0266
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|
14.06.2011
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5,62
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2148,2
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0,0265
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|
14.07.2011
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5,8
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2096,63
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0,0271
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|
14.08.2011
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5,75
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1977,91
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0,029
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14.09.2011
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5,36
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1978,81
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0,0288
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|
14.10.2011
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5,48
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1987,35
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0,0276
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|
14.11.2011
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5,38
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1987,75
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0,0269
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|
14.12.2011
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5,2
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1963,08
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0,0269
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14.01.2012
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5,24
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1929,2
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0,0274
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14.02.2012
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5,05
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1990,51
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0,0275
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14.03.2012
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5,29
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2080,1
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0,0274
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14.04.2012
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5,25
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2049,09
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0,0274
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|
14.05.2012
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5,48
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2087,52
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0,0259
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|
14.06.2012
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4,94
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1996,43
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0,0261
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14.07.2012
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5,06
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2040,12
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0,0267
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|
14.08.2012
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5,2
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2106,35
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0,0264
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14.09.2012
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5,03
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2201,96
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0,0264
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|
14.10.2012
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5,01
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2231,87
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0,0265
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|
14.11.2012
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5,08
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2261,21
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0,0264
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|
14.12.2012
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4,83
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2260,95
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0,0265
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|
14.01.2013
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4,97
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2360,24
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0,0266
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|
14.02.2013
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5,1
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2408,1
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0,0266
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14.03.2013
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5,27
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2464,05
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0,0264
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14.04.2013
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5,33
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2479,84
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0,0265
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14.05.2013
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5,47
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2596,32
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0,0264
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|
14.06.2013
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5,63
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2459,92
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0,0264
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|
14.07.2013
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5,41
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2539,08
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0,0264
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|
14.08.2013
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5,25
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2514,77
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0,0264
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14.09.2013
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5,72
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2569,93
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0,0265
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14.10.2013
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6,01
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2589,35
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0,0267
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14.11.2013
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6,22
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2690,88
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0,0266
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14.12.2013
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5,85
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2565,92
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0,0273
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14.01.2014
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5,94
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2646,48
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0,0288
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14.02.2014
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5,78
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2658,54
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0,0293
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14.03.2014
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6,28
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2746,7
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0,0305
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14.04.2014
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6,45
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2718,11
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0,0324
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14.05.2014
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6,39
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2796,4
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0,0338
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14.06.2014
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6,7
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2762,55
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0,0352
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14.07.2014
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6,55
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2737,26
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0,0368
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Investment and Portfolio Analysis
Group Assignment 4
Question 1: Equity Analysis
One of the core business areas of A.P. Investments is active asset allocation and to be successful in this area it is important that A.P. Investments has superior stock picking skills. What your boss would like you to do is to come up with a recommendation to buy, sell or hold the stock of Ryman HealthCare. This is a complex task as it requires you to combine many of the skills you have applied previously.
To give you some direction, your boss has told you that he wants you to apply a three-stage Dividend Discount Model. In this model the key ingredients are: k, the cost of equity/required rate of return; g, the growth rate in dividends; and D, the dividend.
To estimate the cost of equity, k, your boss has provided you with 5 years of monthly data and suggests you use the CAPM to estimate the historical beta. Once you have estimated the beta, you can compute the expectedcost of equity. To do this your boss suggests that you use a risk-free rate of3% and a market risk premium of 7.5%.
To determine the growth rate of dividends your boss suggests the following approach. For the years 2014-2016 you assume that dividends will grow at the historical dividend growth rate for the period from 2006 to 2013. From 2017 - 2019 the dividend growth rate will increase by 2% p.a. From 2019 onwards dividends will grow at a constant rate of 7% p.a.
Use the dividend discount model to determine a fundamental value for Sky TV's stock price. Given that the current price of Sky TV is $6.52, what is your recommendation?
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