wellsfargo08

8/13/2019 WellsFargo08

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Dividend Discount ModelAssumptions 1. The firm is expected to grow at a higher growth rate in the first period.

2. The growth rate will drop at the end of the first period to the stable growth rate.

3. The dividend payout ratio is consistent with the expected growth rate.

Inputs needed 1. Length of high growth period

2. Expected growth rate in earnings during the high growth period.3. Dividend payout ratio during the high growth period.

4. Expected growth rate in earnings during the stable growth period.

5. Expected payout ratio during the stable growth period.

6. Current Earnings per share

7. Inputs for the Cost of Equity

How the model wor The expected dividends are estimated for the high growth period, using the payout

ratio for the high growth period and the expected growth rate in earnings per share.

The expected growth rate is estimated either using fundamentals:

Expected growth = Retention Ratio * Return on Equity

Alternatively, you can input the expected growth rate.

At the end of the high growth phase, the expected terminal price is estimated usingdividends per share one year after the high growth period, using the growth rate

in stable growth, the payout ratio in stable growth and the cost of equity in stable

growth.

The dividends per share and the terminal price are discounted back to the present at

the cost of equity changes.

If your cost of equity in stable growth is different from your cost of equity in high

growth, the cost of equity in the second half of the stable growth period will be

adjusted gradually from the high growth cost of equity to a stable growth cost of

equity.

Options Available You can make this model into a three stage model by answering yes to the question

of whether you want me to adjust the inputs in the second half of the high growth

period. If you do, I will adjust the growth rate, the payout ratio and the cost of

equity from high-growth levels to stable growth levels gradually.

You can also make this a stable growth model by setting the high

growth period to zero.


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Inputs from current financialsNet Income = $8,057.00 Last year (in currency)

Book Value of Equity = $47,628.00 $45,876.00 (in currency)

Current Earnings per share = $2.16 (in currency)

Current Dividends per share = $1.18 (in currency)

Do you want to normalize the net income/earnings per share NO

Inputs for Discount Rate

Beta of the stock = 1.2

Riskfree rate= 3.60% (in percent)

Risk Premium= 5.00% (in percent)

Inputs for High Growth Period

Length of high growth period 5

Do you want to calculate the growth rate from fundamentals Yes (Yes or No)

If no, enter the expected growth rate in earnings in high growth period=

If yes, the following will be the inputs to the fundamental growth formulation:

ROE = 17.56% (in percent)Retention = 45.37% (in percent)

Do you want to change any of these inputs for the high gro Yes

If yes, specify the values for these inputs (Please enter all variables)

ROE = 13.51% (in percent)

Retention = 45.37% (in percent)

Do you want to change any of these inputs for the stable gro Yes

If yes, specify the values for these inputs

ROE = 7.60% (in percent)

Do you want me to gradually adjust your inputs during the s No

Inputs for Stable Growth PeriodEnter growth rate in stable growth period? 3.00% (in percent)

Stable payout ratio from fundamentals is = 60.53% (in percent)

Do you want to change this payout ratio? No (Yes or No)

If yes, enter the stable payout ratio= (in percent)

Will the beta to change in the stable period? Yes (Yes or No)

If yes, enter the beta for stable period = 1.00

Enter the risk premium to use in stable period = 4.00%


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Choose the approach to normalized earnings 1

Approach 1: Average Net Income over last 5 years

-5 -4 -3 -2

Net Income $1,662.00 $2,533.00 $1,876.00 $1,933.00

Approach 2: Normalized return on equityNormalized ROE = 22%

Normalized Earnings Calcula


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Current Average

$2,122.00 $2,025.20

ion


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Two-Stage Dividend Discount Model

Output from the program

Cost of Equity = 9.60%

Net Income = $8,057

Earnings per Share = $2.16

Growth rate in EPS = 6.13%

Payout Ratio for high growth phase= 54.63%

The dividends for the high growth phase are shown below (upto 10 years)

1 2 3 4 5

Expected Growth Rat 6.13% 6.13% 6.13% 6.13% 6.13%

Earnings per share $2.29 $2.43 $2.58 $2.74 $2.91

Payout ratio 54.63% 54.63% 54.63% 54.63% 54.63%

Dividends per share $1.25 $1.33 $1.41 $1.50 $1.59

Cost of Equity 9.60% 9.60% 9.60% 9.60% 9.60%

Cumulative Cost of E 109.60% 120.12% 131.65% 144.29% 158.14%

Present Value $1.14 $1.11 $1.07 $1.04 $1.00

Growth Rate in Stable Phase = 3.00%

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Payout Ratio in Stable Phase = 60.53%

Cost of Equity in Stable Phase = 7.60%

Price at the end of growth phase = $39.41

Present Value of dividends in high growth phase = $5.36

Present Value of Terminal Price = $24.92

Value of the stock = $30.29

Estimating the value of growth

Value of assets in place = $15.53

Value of stable growth = $10.90

Value of extraordinary growth = $3.86

Value of the stock = $30.29

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$3.00

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Industry Name mber of fir Levered Beta Unlevered Be Std Dev: Equity Market D/E Market Debt/C

Advertising 40 1.60 1.32 81.68% 40.78% 28.97%

Aerospace/Defense 69 1.19 1.12 47.30% 16.18% 13.93%

Air Transport 49 1.40 1.15 43.63% 48.14% 32.50%

Apparel 57 0.87 0.81 64.51% 19.85% 16.56%

Auto & Truck 28 1.54 1.00 32.96% 98.16% 49.54%

Auto Parts 56 1.45 1.17 50.82% 46.73% 31.85%Bank 504 0.63 0.52 21.12% 42.17% 29.66%

Bank (Canadian) 8 0.67 0.66 14.58% 5.91% 5.58%

Bank (Midwest) 38 0.85 0.72 19.18% 39.81% 28.47%

Beverage 44 0.89 0.82 51.78% 11.48% 10.30%

Biotechnology 103 1.51 1.53 78.29% 9.09% 8.34%

Building Materials 49 1.07 0.92 48.23% 29.48% 22.77%

Cable TV 23 1.56 1.10 49.69% 59.85% 37.44%

Canadian Energy 13 0.80 0.72 27.94% 16.68% 14.29%

Chemical (Basic) 19 1.52 1.39 77.12% 15.59% 13.49%

Chemical (Diversifie 37 1.16 1.10 38.16% 13.80% 12.12%

Chemical (Specialty) 90 1.06 0.98 56.70% 17.92% 15.20%

Coal 18 1.71 1.55 40.37% 14.12% 12.37%Computer Software/ 376 1.56 1.66 79.21% 3.44% 3.32%

Computers/Peripher 144 1.86 1.97 75.45% 5.77% 5.45%

Diversified Co. 107 1.03 0.96 43.01% 15.96% 13.76%

Drug 368 1.78 1.82 88.49% 7.79% 7.23%

E-Commerce 56 2.08 2.29 80.43% 3.36% 3.26%

Educational Services 39 1.27 1.34 50.62% 1.35% 1.34%

Electric Util. (Central 25 0.93 0.62 21.74% 72.72% 42.10%

Electric Utility (East) 27 0.84 0.64 19.33% 46.30% 31.65%

Electric Utility (West 17 0.88 0.64 17.84% 60.31% 37.62%

Electrical Equipment 86 1.35 0.87 61.18% 80.88% 44.71%

Electronics 179 1.32 1.32 77.28% 14.17% 12.41%

Entertainment 93 1.53 1.23 42.89% 37.17% 27.10%

Entertainment Tech 38 2.06 2.35 60.32% 2.79% 2.71%Environmental 89 1.00 0.73 96.43% 45.33% 31.19%

Financial Svcs. (Div. 294 1.14 0.48 50.92% 193.48% 65.93%

Food Processing 123 0.77 0.69 39.16% 18.03% 15.28%

Food Wholesalers 19 0.79 0.63 46.25% 48.30% 32.57%

Foreign Electronics 10 1.08 1.15 23.45% 20.91% 17.30%

Furn/Home Furnishin 39 1.10 0.94 43.89% 31.44% 23.92%

Grocery 15 0.99 0.83 29.60% 30.21% 23.20%

Healthcare Informati 38 0.91 0.90 48.74% 12.70% 11.27%

Heavy Construction 12 1.25 1.33 63.00% 3.60% 3.47%

Home Appliance 11 0.95 0.85 26.67% 21.66% 17.80%

Homebuilding 36 1.64 0.92 39.20% 128.82% 56.30%

Hotel/Gaming 75 1.25 0.99 59.22% 35.53% 26.21%Household Products 28 0.89 0.82 40.61% 17.13% 14.62%

Human Resources 35 1.38 1.51 42.36% 7.51% 6.99%

Industrial Services 196 1.22 1.09 65.99% 23.79% 19.22%

Information Services 38 1.05 1.01 27.68% 10.06% 9.14%

Insurance (Life) 40 0.94 0.99 23.40% 8.38% 7.73%

Insurance (Prop/Cas. 87 0.89 0.90 28.28% 1.21% 1.20%

Internet 266 1.97 2.09 106.23% 1.83% 1.80%

Investment Co. 18 0.71 0.71 16.09% 0.54% 0.54%


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Investment Co.(Forei 15 1.31 1.36 23.42% 0.00% 0.00%

Machinery 126 1.19 1.04 47.65% 23.74% 19.18%

Manuf. Housing/RV 18 1.92 1.96 43.40% 14.24% 12.47%

Maritime 52 0.87 0.62 32.76% 50.70% 33.64%

Medical Services 178 1.10 1.04 90.66% 19.18% 16.09%

Medical Supplies 274 1.43 1.40 72.80% 8.04% 7.44%

Metal Fabricating 37 1.19 1.14 52.86% 10.16% 9.23%Metals & Mining (Div 78 1.05 1.02 79.41% 6.57% 6.16%

Natural Gas (Div.) 31 0.93 0.77 30.45% 30.04% 23.10%

Natural Gas Utility 26 0.78 0.53 25.50% 66.33% 39.88%

Newspaper 18 1.21 0.89 37.44% 50.03% 33.35%

Office Equip/Supplie 25 1.13 0.99 40.68% 32.20% 24.36%

Oil/Gas Distribution 15 0.72 0.53 18.75% 39.45% 28.29%

Oilfield Svcs/Equip. 113 1.10 1.05 40.51% 11.25% 10.12%

Packaging & Contain 35 1.12 0.82 35.50% 52.48% 34.42%

Paper/Forest Product 39 0.93 0.73 34.93% 40.85% 29.00%

Petroleum (Integrate 26 1.02 1.01 37.84% 7.96% 7.38%

Petroleum (Producin 186 1.00 0.87 63.68% 19.09% 16.03%

Pharmacy Services 19 1.07 1.01 37.39% 9.79% 8.92%Power 58 1.87 1.72 63.37% 11.96% 10.68%

Precious Metals 84 1.11 1.11 68.94% 7.19% 6.71%

Precision Instrument 103 1.66 1.71 88.56% 10.40% 9.42%

Property Manageme 12 0.91 0.56 21.94% 87.17% 46.57%

Publishing 40 1.35 1.07 72.11% 34.25% 25.51%

R.E.I.T. 147 0.90 0.70 26.46% 40.49% 28.82%

Railroad 16 1.23 1.07 25.95% 26.06% 20.67%

Recreation 73 1.54 1.32 46.27% 28.20% 22.00%

Reinsurance 11 1.01 1.12 20.58% 6.45% 6.06%

Restaurant 75 0.93 0.86 46.87% 14.33% 12.54%

Retail (Special Lines 164 1.26 1.28 46.61% 12.39% 11.02%

Retail Automotive 16 1.58 1.30 32.48% 42.14% 29.65%

Retail Building Suppl 9 1.23 1.12 25.45% 19.39% 16.24%Retail Store 42 1.11 1.03 43.19% 17.29% 14.74%

Securities Brokerage 31 1.66 0.98 35.21% 123.16% 55.19%

Semiconductor 138 2.59 2.81 67.73% 4.53% 4.33%

Semiconductor Equip 16 2.51 2.74 44.52% 8.91% 8.18%

Shoe 20 1.47 1.58 38.45% 2.62% 2.56%

Steel (General) 26 1.71 1.72 38.65% 11.01% 9.92%

Steel (Integrated) 14 1.97 1.83 57.13% 18.90% 15.90%

Telecom. Equipment 124 1.98 2.21 80.07% 5.51% 5.22%

Telecom. Services 152 1.34 1.07 73.70% 33.71% 25.21%

Thrift 234 0.59 0.53 25.29% 26.20% 20.76%

Tobacco 11 0.70 0.68 24.91% 7.54% 7.01%

Toiletries/Cosmetics 21 0.85 0.79 41.26% 16.22% 13.96%Trucking 32 1.04 0.82 35.59% 48.80% 32.79%

Utility (Foreign) 6 1.01 1.03 23.49% 3.09% 3.00%

Water Utility 16 0.78 0.59 31.91% 50.95% 33.75%

Wireless Networking 74 2.20 2.07 73.97% 14.09% 12.35%

Market 7364 1.24 1.09 55.28% 25.12% 20.07%


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ROE ROC Effective Tax R Pre-tax Operat After-tax OperaNet Margin Cap Ex/ Depre

16.81% 11.92% 14.93% 16.75% 11.30% 2.09% 65.18%

22.98% 17.43% 21.13% 10.87% 7.50% 3.32% 142.79%

-178.86% 33.07% 17.38% 13.77% 10.28% 2.95% 155.13%

17.91% 15.54% 25.25% 12.72% 8.49% 2.97% 114.27%

31.99% 15.65% 22.92% 12.58% 8.68% 1.50% 117.00%

-53.99% 25.26% 17.75% 6.22% 5.47% -0.18% 98.09%18.41% NA 27.88% NA NA NA NA

22.35% NA 19.07% NA NA NA NA

25.63% NA 27.80% NA NA NA NA

25.88% 18.72% 16.73% 18.37% 13.27% 4.92% 106.19%

21.01% 14.57% 4.11% 28.72% 18.57% 8.00% 159.17%

28.70% 16.15% 23.79% 13.55% 9.45% 1.90% 150.71%

6.13% 9.79% 20.04% 33.12% 20.14% 3.23% 101.54%

20.15% 22.49% 27.13% 41.31% 25.84% 8.10% 684.79%

24.71% 19.93% 16.97% 13.18% 10.60% 3.57% 100.04%

25.55% 25.23% 26.20% 22.77% 13.51% 4.27% 114.32%

19.42% 18.77% 19.01% 13.57% 9.80% 2.88% 105.13%

30.23% 27.03% 10.36% 20.69% 17.95% 3.88% 168.29%43.28% 36.57% 10.75% 22.13% 15.31% 7.35% 79.95%

40.54% 31.61% 8.41% 10.30% 7.66% 3.46% 99.83%

21.63% 18.02% 19.54% 12.80% 9.29% 3.15% 108.59%

27.17% 24.85% 5.95% 31.44% 22.91% 9.59% 54.24%

12.45% 15.89% 15.82% 10.94% 7.95% 2.93% 147.74%

45.34% 56.00% 20.74% 17.62% 10.67% 4.18% 121.04%

10.59% 10.30% 26.66% 20.56% 14.57% 3.20% 184.15%

13.45% 11.44% 29.51% 24.17% 16.31% 4.53% 168.26%

12.37% 12.42% 31.69% 24.33% 16.43% 3.95% 197.80%

43.47% 17.59% 14.92% 45.70% 37.22% 6.07% 169.16%

9.44% 13.06% 13.25% 6.96% 5.05% 0.92% 118.39%

8.80% 9.77% 15.50% 23.60% 16.21% 3.90% 89.98%

-32.19% -6.92% 9.03% -1.27% -2.48% -0.09% 104.80%11.98% 12.60% 11.44% 21.24% 13.15% 2.94% 105.39%

27.45% 10.69% 17.36% 160.18% 126.08% 34.12% 147.93%

19.97% 16.12% 19.34% 10.70% 7.64% 3.04% 114.87%

9.08% 11.53% 31.85% 5.51% 3.03% 0.56% 140.53%

8.13% NA 33.95% 9.49% 5.66% 1.41% 152.45%

14.95% 14.87% 23.96% 10.68% 7.34% 2.09% 85.01%

16.53% 16.63% 28.20% 5.39% 3.38% 0.96% 151.24%

35.08% 28.81% 14.55% 17.37% 12.14% 3.28% 70.68%

19.52% 19.47% 29.84% 4.72% 2.91% 1.47% 155.73%

22.46% 21.68% 15.98% 9.43% 6.98% 2.26% 98.42%

12.81% 7.42% 23.61% 8.32% 5.01% -2.47% 104.73%

14.31% 11.03% 12.97% 23.23% 16.01% 3.90% 289.27%20.62% 16.59% 29.49% 21.43% 15.12% 5.80% 94.62%

15.10% 17.42% 23.43% 5.33% 3.33% 1.28% 91.07%

13.42% 17.62% 16.12% 12.04% 7.93% 1.91% 104.28%

20.20% 18.66% 19.94% 22.40% 15.49% 6.19% 81.49%

18.31% 58.61% 27.97% NA NA NA NA

21.48% 1.98% 19.80% NA NA NA NA

19.61% 21.77% 6.76% 20.46% 14.34% 6.48% 144.11%

501.85% 0.00% 0.00% 0.00% 0.00% -17.94% 33.33%


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52.00% NA 2.20% 12.65% 8.48% 10.31% 233.33%

22.30% 16.46% 22.70% 13.88% 9.62% 3.53% 127.03%

9.41% 11.45% 16.88% 4.30% 2.47% 0.54% 95.79%

18.49% 13.33% 5.49% 28.60% 27.23% 8.04% 416.61%

21.15% 18.48% 16.18% 12.47% 7.79% 2.70% 159.78%

23.30% 20.08% 11.47% 12.10% 8.98% 3.87% 99.80%

25.98% 21.52% 18.27% 12.64% 10.41% 3.40% 166.19%39.90% 29.22% 7.73% 32.37% 23.90% 9.31% 251.83%

16.43% 16.40% 22.37% 36.15% 25.11% 6.70% 280.93%

13.24% 11.77% 25.92% 14.33% 9.68% 2.16% 169.81%

12.03% 10.45% 22.27% 23.50% 15.49% 4.30% 102.46%

23.00% 17.67% 27.71% 10.22% 7.06% 2.39% 90.41%

16.30% 12.30% 5.20% 10.93% 9.32% 2.13% 272.56%

28.58% 22.82% 20.11% 25.88% 18.68% 8.43% 251.27%

14.43% 16.34% 21.03% 13.24% 9.46% 1.81% 80.71%

11.74% 14.59% 14.27% 14.77% 11.12% 2.61% 86.31%

27.26% 26.42% 32.20% 18.78% 10.91% 4.40% 194.28%

19.08% 22.85% 14.95% 37.47% 26.14% 6.24% 277.02%

14.74% 6.29% 21.25% 2.42% 1.64% 1.59% 166.54%20.58% 12.43% 8.06% 20.22% 15.08% 4.87% 122.08%

6.17% 11.34% 4.90% 41.24% 30.10% 8.85% 201.58%

11.93% 13.55% 16.50% 15.46% 10.63% 4.12% 62.02%

26.27% 11.28% 15.99% 40.31% 32.99% 6.41% 1110.42%

132.07% 21.79% 15.56% 16.18% 11.11% 2.20% 98.78%

14.82% 8.46% 1.16% 21.48% 18.90% 73.22% 484.67%

15.10% 14.26% 32.19% 31.03% 20.06% 6.92% 181.79%

15.66% 15.04% 18.25% 19.09% 15.25% 4.80% 183.60%

19.50% NA 10.70% NA NA NA NA

23.30% 21.02% 20.74% 17.59% 12.05% 4.54% 166.17%

24.84% 24.63% 22.68% 9.53% 6.10% 2.00% 139.70%

17.29% 12.90% 36.04% 7.63% 4.69% 1.47% 187.35%

22.28% 19.71% 37.24% 12.35% 7.66% 2.63% 250.38%20.06% 16.54% 24.46% 7.30% 4.71% 1.81% 213.03%

-56.95% 16.52% 22.95% 33.88% 23.18% 4.23% 116.52%

21.05% 27.92% 11.65% 28.05% 22.13% 5.87% 121.05%

35.51% 29.78% 25.66% 24.58% 18.11% 6.49% 103.76%

30.53% 29.57% 32.17% 13.31% 8.70% 4.16% 142.91%

35.20% 29.51% 30.16% 14.62% 9.59% 3.43% 133.93%

19.45% 17.66% 23.94% 18.65% 14.78% 5.78% 157.34%

38.40% 28.95% 12.78% 15.16% 11.08% 4.89% 91.65%

6.56% 15.72% 12.42% 30.76% 24.23% 4.24% 162.98%

11.40% NA 20.69% NA NA NA NA

37.23% 27.06% 27.57% 9.25% 6.66% 4.32% 112.72%

36.67% 21.47% 18.34% 13.57% 8.76% 3.23% 108.47%18.59% 18.57% 31.50% 14.48% 9.16% 1.68% 349.17%

10.95% 12.88% 0.00% 15.71% 15.71% 12.30% 539.58%

9.25% 9.47% 33.23% 41.14% 25.36% 6.29% 265.03%

3.57% 9.38% 11.52% 18.12% 10.67% 0.68% 86.75%

21.08% 17.56% 16.25% 20.39% 14.25% 4.58% 163.16%


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Non-cash WC/ Payout Ratio Reinvestment Sales/Capital EV/Sales

-17.09% 10.28% 47.16% 1.05 2.02

-1.95% 14.17% 56.26% 2.32 1.38

-8.11% 10.48% 61.38% 3.22 0.89

19.17% 9.15% 49.08% 1.83 1.14

16.22% 11.49% 55.05% 1.80 0.83

7.42% NA 49.19% 4.62 0.54NA 48.34% 50.00% NA NA

NA 51.49% 50.00% NA NA

NA 55.69% 50.00% NA NA

2.09% 26.24% 51.18% 1.41 3.11

4.91% 0.00% 56.70% 0.78 5.99

10.98% 10.39% 57.56% 1.71 1.18

-15.13% 3.03% 57.26% 0.49 3.06

-3.67% 12.88% 189.84% 0.87 3.13

11.86% 22.99% 45.81% 1.88 1.92

9.45% 17.70% 50.86% 1.87 1.80

10.99% 18.40% 48.29% 1.92 1.43

3.32% 15.07% 61.10% 1.51 2.84-8.12% 11.00% 49.02% 2.39 3.57

-1.59% 7.27% 50.11% 4.13 1.63

7.26% 11.32% 50.89% 1.94 1.57

6.19% 26.34% 42.34% 1.08 3.75

-12.41% 1.53% 50.89% 2.00 4.05

-11.20% 2.19% 58.49% 5.25 2.93

4.74% 32.61% 72.61% 0.71 1.98

5.15% 32.15% 66.56% 0.70 2.65

2.46% 22.84% 78.26% 0.76 1.87

140.77% 26.92% 46.81% 0.47 3.80

12.28% 4.43% 47.00% 2.58 0.82

-1.98% 12.07% 48.55% 0.60 2.40

-4.51% NA NA 2.79 3.742.84% 18.93% 49.05% 0.96 2.01

84.91% 25.82% NA 0.08 14.13

5.58% 24.79% 48.04% 2.11 1.45

0.92% 26.52% 61.95% 3.81 0.44

10.07% 18.02% 69.12% 2.01 0.80

13.81% 16.41% 40.52% 2.03 0.78

0.00% 11.65% 66.90% 4.92 0.44

0.38% 4.08% 40.91% 2.37 2.48

2.61% 4.84% 52.62% 6.70 0.95

8.97% 12.00% 47.92% 3.11 0.79

57.13% 5.64% 154.17% 1.48 0.55

-2.01% 14.63% 88.51% 0.69 3.503.89% 22.64% 48.01% 1.10 2.75

5.29% 8.90% 42.36% 5.23 0.46

7.79% 8.44% 41.97% 2.22 1.16

-1.06% 15.61% 47.45% 1.20 3.08

20.59% 29.95% 50.00% 0.00 NA

-3.10% 15.69% 50.03% 0.00 NA

-14.17% 0.52% 58.40% 1.52 6.38

-7.06% NA NA -11.53 5.97


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-9.14% 0.00% 85.18% 5.14 5.31

16.86% 11.09% 48.96% 1.71 1.53

5.21% 16.26% 49.29% 4.65 0.49

5.08% 18.33% 90.59% 0.49 3.45

-3.43% 1.32% 57.75% 2.37 1.12

6.83% 16.28% 47.01% 2.24 1.83

12.94% 10.28% 53.95% 2.07 1.386.77% 14.45% 56.77% 1.22 5.11

2.15% 12.38% 94.38% 0.65 3.15

6.24% 30.29% 64.91% 1.22 1.26

4.39% 18.24% 44.67% 0.67 1.87

8.78% 8.68% 45.53% 2.50 0.78

2.11% 43.13% 81.22% 1.32 1.64

12.62% 5.16% 67.03% 1.22 3.27

5.95% 16.30% 44.11% 1.73 1.07

10.03% 25.39% 48.53% 1.31 1.20

2.03% 12.53% 65.58% 2.42 1.13

2.75% 4.09% 82.04% 0.87 2.48

6.28% 5.78% 23.82% 3.82 0.9110.44% 1.24% 57.58% 0.82 9.65

1.40% 13.08% 67.99% 0.38 7.09

10.53% 6.86% 18.36% 1.28 2.23

2.03% 12.98% 173.08% 0.34 4.90

0.11% 13.81% 47.29% 1.96 1.77

33.61% 86.18% 171.82% 0.45 6.16

-4.78% 13.03% 66.65% 0.71 2.63

-0.71% 22.24% 67.58% 0.99 1.88

NA 12.64% 50.00% NA NA

-6.14% 19.79% 70.38% 1.75 1.94

5.68% 8.79% 56.99% 4.04 0.72

8.94% 2.72% 65.58% 2.75 0.61

4.98% 12.84% 72.27% 2.57 0.681.05% 11.51% 72.72% 3.51 0.72

94.09% 12.82% NA 0.71 2.38

7.44% 19.60% 55.56% 1.26 3.11

16.32% 5.29% 46.78% 1.64 2.04

16.52% 11.98% 47.16% 3.40 1.49

13.39% 7.60% 48.56% 3.08 0.94

20.47% 7.61% 23.34% 1.19 1.84

0.84% 11.47% 51.19% 2.61 2.30

-9.44% 55.16% 54.60% 0.65 2.84

NA 58.41% 50.00% NA NA

0.31% 67.86% 53.75% 4.06 1.65

7.20% 22.22% 49.89% 2.45 1.786.20% 6.14% 128.72% 2.03 0.74

5.63% 0.00% 218.61% 0.82 10.30

5.44% 22.25% 83.88% 0.37 4.33

3.80% 10.55% 34.91% 0.88 5.85

9.25% 18.73% 64.78% 1.23 2.11

wellsfargo08

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