Financial Analysis of The Reject Shop

This report analyzes the financial performance and share price movement of The Reject Shop, an Australian listed company. It includes a valuation exercise, beta calculation, cost of capital computation, dividend growth model, and share price valuation. The report also discusses the core activities, competitive advantage, and industry of the company.

Financial analysis of The Reject Shop
COmpany Selected- The Reject Shop
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U n i v e r s i N a m e -

Executive Summary
Financial analysis is imperative method to identify the whether the particular stock and
shares of the company will be beneficial for creating value on the invested capital or not.
Investors need to use proper financial analysis tools to evaluate the share price movement,
profitability and financial leverage of company if they want to invest their capital in a particular
company. It will not only assist them to identify financial performance of company but on the
basis of the existing financial information they could easily identify the future performance and
outcome of the business in long run. The Reject Shop Australian listed company has been
selected in this report to analysis the financial performance and share price movement.

Table of Contents
Introduction.................................................................................................................................................4
Core activities of the Reject Shop............................................................................................................4
Competitive advantage............................................................................................................................5
Industry...................................................................................................................................................5
Financial analysis of The Reject Shop.........................................................................................................5
Task-1..........................................................................................................................................................5
Task-2..........................................................................................................................................................5
Computation of the beta based on the regression analysis on the share price of the Reject Shop
Company and all ordinary stock exchange..............................................................................................6
Comparison of the beta Reject Shop Company with the beta shown on the Morning start for the Reject
shop Company.........................................................................................................................................8
Are these value differ if yes then why?....................................................................................................8
Task-3..........................................................................................................................................................9
Computation of the appropriate discount rate for the Reject Shop by using the CAPM model...................9
Computation of the discount factor for the cash flow of the Reject Shop Company................................9
Task-4........................................................................................................................................................10
Determine a current stock price for your company................................................................................10
Computation of the dividend growth rate of Reject Shop......................................................................11
Task-5........................................................................................................................................................12
Using your own variables, determine a current stock price for the company that you think might
represent something close to its fair value.............................................................................................12
Task-6........................................................................................................................................................14
Why do you believe the variables you have chosen give a more appropriate value than those used in
questions 4 and 5? Discuss....................................................................................................................15
Task-7........................................................................................................................................................16
Method of comparable’ stock valuation approach................................................................................16
Recommendation.......................................................................................................................................17
Conclusion.................................................................................................................................................19
References.................................................................................................................................................20

Appendix...................................................................................................................................................22

Introduction
This report has been prepared to undertake a valuation exercise on the selected company
named The Reject Shop which could be used by investors to make their investment decisions.
This report has revealed the share price valuation and beta calculation of company to determine
the viability of the financial performance and share price movement of company. This analysis
will help in determining the future financial performance of company. In the beginning of this
report valuation model have been used with a view to identify the estimate share value of
company. This will help in calculation of the share price for the company and then the critically
evaluate the value assist in determining the future value and return on capital employed earned
by company. The CAPM model is also used which will assist in determining the cost of the
capital of the company based on the risk free rate of return, market premium and beta of
company. The dividend growth model is also measure financial tool to determine the constant
changes in the share price value of company and estimation of the future value. Furthermore, the
share price valuation will again be made on the basis of own assumption and set factors which
might positive and negatively impact the business growth and share valuation of company (The
Reject Shop, (207).
The Reject Shop is one of the best Australia variety discount store chains that have been offering
retail services and goods to clients. This company has been operating its business through its 340
variety stores chain services. It has been analyzed that company has increased its share price by
62% since last three years which showcase the positive indicator for the future growth and
sustainable future growth of the business. Company who have currently undertaken the proposal
of business integration with other small organizations so that company could be expanded in
long run. The overall turnover of the Reject Shop Company has increased by 22% since last five
year and it has hold AUD $ 82 million of sales to its customers from its all the operations (The
Reject Shop, 2016).
Core activities of the Reject Shop
The core activities of Company are to offer retail series through its variety discount store chains
at very least cost.

Competitive advantage
The competitive advantage of company is to offer retail services at very least cost with
the unique quality and products (The Reject Shop, (2017).
Industry
The retail industry of Australia has increased its turnover 112 billion and out of it, the reject shop
company has grabbed 13% market share. The rest of the market is grabbed by the Wesfarmers,
Woolworths, Telstra and Morrison plc (The Reject Shop, (2016).
Financial analysis of The Reject Shop
The financial analysis of company is done to identify whether the company is financially healthy
or facing high long term sustainability risk in its business. The ratio analysis as financial tool has
been used to evaluate how well the Reject Shop Company has performed throughout the time
(The Reject Shop, 2016).
Task-1
In order to prepare the business financial report, the selected company is The Reject shop. All the
financial analysis and valuation methods have been used to identify the true value of the shares,
growth rate and financial performance of company (Yahoo finance, 2017).
Task-2
Computation of the beta of the Reject Shop Company
Beta could be defined as measurement tool to evaluate the volatility or systematic risk of the
security selected and the same would be compared with the market changing factors. The beta
value of company showcase the changes in the share price of the company based on the changes
in the share value of the market factors. It shows the interrelation between the changes in the
share price movement of the company with the changes in the share price of the market. The beta
value of company is computed by using the regression analysis on the share price of the Reject

Shop company and all ordinary stock exchanges. These both share price value is used to make
the computation of the beta (Yahoo finance, 2017).
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
1/1/2017
3/1/2017
5/1/2017
7/1/2017
9/1/2017
11/1/2017
(0.60)
(0.50)
(0.40)
(0.30)
(0.20)
(0.10)
-
0.10
0.20
0.30
The Reject Shop
Adj Close (All ordinary
share index)
Source: (The Reject Shop, 2016).
This graph showcases the changes in the share price of the Reject Shop Company in comparison
with the changes in the share price movement of the all ordinary index (The Reject Shop, (2016).
On the basis of the above graph, it is considered that the Reject shop has very high fluctuation in
its share price movement which may negatively impact the investment capital. The share price of
the Reject shop company will be compute by using the divided discount model which will be
further used to determine whether the shares of the company are undervalued or overvalued.
Computation of the beta based on the regression analysis on the share price of the Reject
Shop Company and all ordinary stock exchange
Regression
Statistics

Multiple R 0.13161
6
R Square 0.01732
3
Adjusted R
Square
-
0.01543
Standard
Error
0.01822
4
Observations 32
The regression statistics shows the relation between the on the share price of the Reject Shop
company and all ordinary stock exchange and the interrelation between both the factors (The
Reject Shop, (2016).
ANOVA
df SS MS F Significance
F
Regressio
n
1 0.00017
6
0.00017
6
0.52884
6
0.47273

Residual 3
0
0.00996
3
0.00033
2
Total 3
1
0.01013
9
The Anova is used to set up the measure the relation between the two significant factors (Yahoo
finance, 2017).
Coeffici
ents
Standard
Error
t Stat P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercep
t
0.00943 0.003237 2.913
249
0.006
696
0.00281
9
0.01604 0.002819 0.01604
X
Variable
1
0.01674
7
0.023029 0.727
218
0.472
73
-
0.03028
0.06377
9
-0.03028 0.063779
Source: (Yahoo finance, 2017).
After analyzing the above given tables, and regression analysis between share price of the Reject
Shop company and all ordinary stock exchange, the x variable have been found. The x variable is
the beta point of the Reject shop which is computed based on the data related to share price of
the Reject Shop Company and all ordinary stock exchange (The Reject Shop, (2016).

Comparison of the beta Reject Shop Company with the beta shown on the Morning start
for the Reject shop Company
All the details shown in the Morningstar is based on the several factors which may positively and
negatively impact. As per details shown in the information tab of the yahoo finance, the beta of
the Reject shop has been shown as 1.16 points (Yahoo finance, 2017).
Are these value differ if yes then why?
The computation of the beta of the Reject shop based on the regression analysis between
share price of the Reject Shop Company and all ordinary stock exchanges shows .016 points
beta. This means that if the share price of the all ordinary stock exchange moves with the 1 point
then the share price value of the Reject Shop will move with .016 points. On the other hand, as
details shown in the information tab of the Morningstar, the beta of the Reject shop has been
shown as 1.16 point which reflects that the if the share price of the all ordinary stock exchange
moves with the 1 point then the share price value of the Reject Shop will move with 1.16 points.
The difference between the both calculations is differ due to the changing business factors, share
price value and other estimations. Therefore, difference in changing business factors and
assumptions may result to the differences between both (The Reject Shop, (2016).
Task-3
Computation of the appropriate discount rate for the Reject Shop by using the CAPM
model
The CAPM model is also known as capital asset price model which is used to evaluate the cost
of capital of company. The CAPM model considers the risk free rate of return, market premium
and beta of company to compute the cost of equity (Yahoo finance, 2017).
Cost of capital= RF+ (RM-RF) Beta
It is analyzed that cost of capital is also used to determine the discounting factors for computing
the present value of the future cash inflow.

Ideally, CAPM model is used when company wants to accept the one project out of the available
project. It is analyzed that computation of cost of capital is the measure factor to determine the
discounting factor of all the future cash inflow and outflow so that company could determine
present value of the cash flow in the business (Yahoo finance, 2017).
Computation of the discount factor for the cash flow of the Reject Shop Company
By using the formula given below, there is computation of the expected return is done. The
expected return of company is used to determine the discounting rate of company.
(Yahoo finance, 2017).
Risk free rate of return= 2.69 (10 years yield rate of the Australian government securities)
Market risk premium= (RF- RM) = 6.5% p.a
Cost of capital of company= RF+(Rm-RF)Beta
Cost of capital= 2.69+ (6.5%).016 (The Reject Shop, (2016).
Cost of capital= 2.7

Therefore, the discount rate would be 2.7% at which company would determine the present value
of the future inflow and outflow of cash (The Reject Shop, (2016).
Task-4
Determine a current stock price for your company
It is analyzed that in order to compute the current stock price of Reject shop, Dividend growth
model is use. In order to compute the share price of company, firstly we have to use the cost of
capital, dividend paid to the shareholders by the company and growth rate. In addition to this, if
the growth rate is not given then the computation of the dividend growth would be based on the
retention ratio and return on equity of company.
There is formula which could be used to compute the share price value of shares of Reject Shop
Value of the stock = D1/ KE-G
Task-5
Using your own variables, determine a current stock price for the company that you think
might represent something close to its fair value.
The below given table reflects the estimation of the current stock price of the company at the end
of the fifth year by using the constant dividend growth mode (The Reject Shop, (2016).
Compute the Estimated Value of the stock at the end of year 2
using the Constant Growth Model
D5 $ 0.29
k 2.70%
g 2.25%
V2? $ 14.45
The share price of the Reject shop company will be AUD $ 66.35 which reflects that if the
shareholders buy the shares of company at AUD 3.18 then after five years, then they would have
good amount of profit earning capacity (The Reject Shop, (2016).
Computation of the share price value of the Reject Shop (Yahoo finance, 2017).

Compute the Estimated Value of the stock at the end of year 5
using the Constant Growth Model
D5 $ 0.29
k 2.70%
g 2.25%
V2? $ 66.35
Compute the Present Value of all expected cash flows
To find the price of the stock today.
Dividend Year Cash
Flow
D0 0.24
D1 0.2496
D2 0.259584
D3 0.269967
D4 0.280766
D5 0.291997
D6 0.298567
PV of dividend for first 5 years
Dividend PVF@2.7%
D1 0.2496 0.97371 0.243038
D2 0.259584 0.948111 0.246114
D3 0.269967 0.923185 0.24923
D4 0.280766 0.898914 0.252385
D5 0.291997 0.875282 0.255579
Fair value of the share at the fifth year 1.246346
(Yahoo finance, 2017).
Terminal value at 6th year
D6 0.298567
Ke-g 0.0045
66.34814
PVF for 5th year 0.875282
PV of terminal value 58.0733
Fair value of share 59.31965
(Yahoo finance, 2017).

After implementing the dividend growth model for the determination of the share price value of
the Reject shop Company, it is computed that the share price of company would be AUD $ 59.31
which is way too high as compared to its market value. However, the main reason of
computation of the fair value of the shares showcases that all the shares of the company is
undervalue and if these investors wants to create value on their capital then they should invest
their capital in Reject Shop. The main reason of share undervaluation is based on the inflation
rate and cost of capital of organization. Company has kept very low amount of cost of capital and
inflation rate is way too low as compared to other industry factors. Due to the high variability of
the share price, it may be difficult to say that the share price computed on the basis of the present
factors and inflation rate reveals the true value of the shares sold in market. The crux of this
calculation is that if the non-constant dividend growth model is followed then the share price of
Reject Shop will result to high increment in the share value. It might lead to misleading of the
data as inflation rate of the Australia consistently changes with the time. It is further observed
that the constant dividend growth model reflects the share value only on the set estimated growth
rate and cost of equity. Due to the changing industry and economic factors, it might not be
possible that all the changing business factors remain constants. They all factors are interrelated
and vary accordingly. If the dividend growth rate was only expected to apply for 5 years before
reverting to a long-term growth rate consistent with the forecast inflation rate then the share
value of the company will highly increase and result to AUD $ 59.23. It will cover all the
possible benefits which investors would have from its investment.
Computation of the dividend growth rate of Reject Shop
Return on equity has been computed as above (The Reject Shop, 2016).

(Yahoo finance, 2017).
ROE= 8.89%
Retention ratio =90%
Growth= 90%*8.8=7.04% (The Reject Shop, (2016).
Growth rate would be= 7.04% (The Reject Shop, (2016).
However, in this question, we have already given the growth rate so that the growth rate of the
company has been set to 4%
Therefore, in this case, the growth rate would be set to 4%
Cost of capital = 2.7% (The same has been computed as above)
Last year dividend is .24
Value of the stock = D1/ KE-G
P1= .24/2.7%-4%
AUD $ 18.64
The value of the stock would be AUD $ 18.64 which will reflects the future value of the share
price of the Reject Shop.
Task-6
There are several variables which might positively and negatively impact the share price
movement of company such as profitability, industry growth rate, financial leverage, employee
turnover and GDP rate of the Australia and overall turnover of the industry. If an investor wants
to identify the true value of the shares offered in market then he needs to focus on all these
factors and the same should be considered while computing the growth rate and equity rate of
company. It is analysed that the computation of the cost of equity is very low which may be
misleading factor while determining the true value of the shared offered in market.
The cost of equity of company
RF= 4%

Mr= 3%
Beta= 1.16
Cost of equity= 4 %+( 4-3)1.16
Cost of equity= 5.16% (The Reject Shop, (2016).
Therefore, as per the market factors, cost of the equity of Reject Shop Company would be 5.16%
which is way too high as compared to the cost of equity shown in last computation.
The same will also impact the share valuation of the company as per the dividend growth model
Dividend growth model
Growth rate= 4%
Cost of equity= 5.16%
D1=.24+4%
D1=.28.4
(Yahoo finance, 2017).
Share value of company= 28/5.16%-4% (The Reject Shop, (2016).
The share value of company ideally should be 5.16 which showcases that company will surely
increase its share price with the increase in its business. However, due to the sluggish market
condition and other external factors, there might be chances that company may face high loss in
their share (Robinson, and Burnett, 2016).
After analysing all the factors, the crux of this report is that the newly adopted method as given
by me would be the best one to determine the share price value of the company. If we go for the
computation of the share price of company as per the dividend growth model then it might result
to misleading data and may also negatively impact the business growth in long run (Radebaugh,
Gray, and Black, 2016).

Why do you believe the variables you have chosen give a more appropriate
value than those used in questions 4 and 5? Discuss
The share price value computed in the six tasks will showcase the more reliable value as it has
considered inflation rate, cost of equity and different changes in the share value of company. The
share price of the Reject Shop Company has reflected that the inflation rate and cost of equity
could easily reflect the share price movement of company in long run. The long term non-
constant growth model has been used to determine the variables which might positively and
negatively impact the share value of the company (Brigham, 2014). The inflation rate which has
been used is 2.25%. This inflation rate of the Australia will help in identifying the true present
value of the share price of company in future. In addition to this, cost of equity of company is
used to identify the present value factor for evaluating the present value of the future cash inflow
for the investors throughout the time (De Andrés, De Fuente, and San Martín, (2015).
The share value of the company would be AUD $ 59.31 which is way too high and on the basis
of same, the crux of this analysis reveals that the share value of the Reject Company is
undervalue. If investors right now buy the shares of the Reject shop then they could have the
shares at AUD $ 3 which will give the value to investors for the amount of AUD $ 59.31.
This future value is computed on the basis of the all the future benefits which investors would
have if he invest his capital in this business (Doss, et al., (2015).
Terminal value at 6th year
D6 0.298567
Ke-g 0.0045
66.34814
PVF for 5th year 0.875282
PV of terminal value 58.0733
Fair value of share 59.31965
(Yahoo finance, 2017).

Task-7
Method of comparable’ stock valuation approach
The method of comparable stock valuation approach is followed to determine the right and true value
of the stocks. It is considered that if we go for the computation of the share price of company as
per the dividend growth model then it might result to misleading data and may also negatively
impact the business growth in long run. This could be seen by analysing the below given table
(Penman, and Zhang, (2016).
Terminal value at 6th year
D6 0.298567
Ke-g 0.0045
66.34814
PVF for 5th year 0.875282
PV of terminal value 58.0733
Fair value of share 59.31965
(Yahoo finance, 2017).
This table reflects the share price of the Reject shop company which has been computed on the
basis of the last year financial data. It shows the fair value of company is set to AUD $ 59.31
which is not feasible amount and may mislead the investors to determine the true value of the
company in future (Phillips, Pincus, and Rego, (2013).
I have used another method of computing the share price of Company i.e.
D1=.24+4%
D1=.28.4
Share value of company= 28/5.16%-4%
AUD $ 5.16
(Yahoo finance, 2017).
This shows that Reject Shop will surely have profit in its earning and will have positive value in
its business (Rossi, 2015).

The stock Method of comparable’ stock valuation approach will be useful to determine which
method would be more beneficial for determining the right share value. It will not only assist in
determining all the changing factors but also help investors to determine whether the investing
capital in Reject shop would be beneficial for the long run or not (Robinson, and Burnett, 2016).
The best method to compute the share value of company may be dividend discount model only
when it allows to choose growth rate on the basis of the inflation rate and other external factors
of the business (Sari, and Kahraman, (2015). Therefore, this method showcases that it is not
possible for the Reject Shop Company to have AUD $ 66.35 share value as it not feasible.
Recommendation
 The main advice to investors is that investment in the share capital of the Reject Shop would be
beneficial for the investors if they invest their capital in long run irrespective of the ups and
down in the short span of time.
 On the basis of the dividend growth model based on the non-constant growth rate, reflects that
the share price of company would increase to AUD $ 59.23 which is way too high. This
computation of the share value has been determined on the basis of future benefits and other
outcomes available to investors. However, the crux could be there and reveals that if investors
invest their capital in Reject Shop then it will surely increase the value investment of the
shareholders (Tayeh, Al-Jarrah, and Tarhini, (2015).
 In terms of financial leverage of the Reject Shop, it has maintained high financial risk due to the
high debt funding. It will be beneficial for the organization as it would lower down the cost of
capital and low cost of capital will consistently increase the profitability of business.
 The beta computation actually made in this report reveals that company has very low fluctuation
in its share price if the same is compared with the change in the share price value of the all
ordinary index.
 The dividend growth model shows that company will have higher share price value in future.
 The CAPM model has also reflected that the cost of equity of company is way too low which is
profitable for the organization to create value on the invested capital and raise more funds in
market to expand its business (Žižlavský, (2014).

Conclusion
The above given information and details study on the Reject Shop Company has shown
that company has high growth rate and will sustain its business in long run. The share price
valuation is made on the basis of own assumption and set factors which might positive and
negatively impact the business growth and share valuation of company and this would be the
best method to compute the feasible share value of company (The Reject Shop, (207). However,
the main focus is that company the return on equity and profitability of company is way too
higher and if company consistently perform like this then it will surely increase the value of the
investment made by shareholders. All the shareholders should invest their capital in the Reject
Shop Company if they want to increase the value of their investment. It will be profitable for the
investors to invest their capital in the Reject Shop for long run. The crux of this report is that all
the shares of company are undervalued and in future shareholders, who have invested their
capital in this business, will surely increase the value of its investment. There might be chances
that the dividend growth model will reflect the true value of the share value. The share price of
the Reject shop company will be AUD $ 66.35 which reflects that if the shareholders buy the
shares of company at AUD 3.18 then after five years, then they would have good amount of
profit earning capacity. However It might be misleading for the investors as the currently share
price value computed by this model reveals higher share price value which is not feasible. The
growth rate and cost of equity should be determined very carefully if investors want to identify
the true value of the invested capital.

References
Phillips, J., Pincus, M. and Rego, S.O., (2013). Earnings management: New evidence based on
deferred tax expense. The Accounting Review, 78(2), pp.491-521.
Rossi, M., (2015). The use of capital budgeting techniques: an outlook from Italy. International
Journal of Management Practice, 8(1), pp.43-56.
Sari, I.U. and Kahraman, C., (2015). Interval type-2 fuzzy capital budgeting. International
Journal of Fuzzy Systems, 17(4), pp.635-
Tayeh, M., Al-Jarrah, I.M. and Tarhini, A., (2015). Accounting vs. market-based measures of
firm performance related to information technology investments.3rd ed, USA: Pearson
The Reject Shop, (2015), Annual report, Available at
https://www.rejectshop.com.au/aboutus/investorinformation/financialreport., Accessed on 25th
September, 2018,
The Reject Shop, (2016), Annual report, Available at
https://www.rejectshop.com.au/aboutus/investorinformation/financialreport., Accessed on 25th
September, 2018,
Žižlavský, O., (2014) Net present value approach: method for economic assessment of
innovation projects. Procedia-Social and Behavioral Sciences, 156, pp.506-512.
Brigham, E.F. and Ehrhardt, M.C., (2013). Financial management: Theory & practice. Cengage
Learning.
Brigham, E.F., (2014). Financial management theory and practice. 3rd ed, Australia: Atlantic Publishers
& Distri.
Radebaugh, L.H., Gray, S.J. and Black, E.L., (2016). International accounting and multinational
enterprises. New York, NY: Wiley.
Robinson, C.J. and Burnett, J.R., (2016). Financial Management Practices: An Exploratory Study of
Capital Budgeting Techniques in the Caribbean Region, 2nd ed, USA: Pearson.

Yahoo finance, 2017, Reject Shop, Available at https://in.finance.yahoo.com/ Accessed on 25th
September, 2018,

Appendix
Valuation
(Note: The tables below have been written using formulas
which allow you to alter the informatins or assumptions.)
1. Non-Constant Growth Model
A. Solving
for Price:
This model involves the computation of
year-to-year dividends which
are then dicounted at the investors
required rate of return.
What would an investor be willing to pay for a
stock if she just received a
dividend of $.24, her required return is 2.7%,
and she expected dividneds
to grow at a rate of 4% per year for the first
two years, and then at a rate of
4+2.2%% thereafter.
Step 1:
Compute the expected dividends during the
first growth period.
g 4.0%
D0 0.24
D1
0.249
6
D2
0.259
584
D3
0.269
967
D4
0.280
766
D5
0.291
997
D6
0.298
567
D7
0.305
284
D8
0.312
153
D9
0.319
177
D10 0.326

358
Step 2:
Compute the Estimated Value of the stock at the end
of year 5
using the Constant Growth Model
D5
$
0.29
k 2.70%
g 2.25%
V2?
$
66.35
Step 3: Compute the Present Value of all expected cash flows
to find the price of the stock today.
Dividend Year Cash
Flow
1 D0 0.24
D1
0.249
6
D2
0.259
584
D3
0.269
967
D4
0.280
766
D5
0.291
997
D6
0.298
567
PV of dividend for first 5 years
Divide
nd
PVF@
2.7%
D1
0.249
6
0.973
71
0.243
038
D2
0.259
584
0.948
111
0.246
114
D3
0.269
967
0.923
185
0.249
23
D4
0.280
766
0.898
914
0.252
385
D5
0.291
997
0.875
282
0.255
579

Fair value of the share at the fifth year
1.246
346
Terminal value at 6th year
D6
0.298
567
Ke-g
0.004
5
5.3863
56589
66.34
814
PVF for 5th year
0.875
282
PV of terminal value
58.07
33
Fair value of share
59.31
965
Regression
Statistics
Multiple R
0.13161
6
R Square
0.01732
3
Adjusted R
Square
-
0.01543
Standard
Error
0.01822
4
Observations 32
ANOVA
df SS MS F
Significan
ce F
Regression 1 0.000176
0.000
176
0.528
846 0.47273
Residual 30 0.009963
0.000
332
Total 31 0.010139
Coeffici
ents
Standard
Error t Stat
P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept 0.00943 0.003237
2.913
249
0.006
696 0.002819
0.0160
4
0.00281
9 0.01604

X Variable 1
0.01674
7 0.023029
0.727
218
0.472
73 -0.03028
0.0637
79 -0.03028
0.06377
9