Property Fund and REIT Valuation

The aim of the assignment is to construct a real estate fund with an initial amount of 500 million dollars and the same will be invested in the different group of real estate properties. The various type of real estate properties taken into consideration are the commercial, residential, industrial and warehouses projects. The company will be engaging in developing the properties and also leasing the same. The buying and selling of the properties will be primarily focused on the residential properties.

Running head: PROPERTY FUND & REIT VALUATION
PROPERTY FUND AND REIT VALUATION
Name of the Student:
Name of the University:
Author’s Note:

1PROPERTY FUND AND REIT VALUATION
Executive Summary
The aim of the assignment is to construct a real estate fund with an initial amount of 500
million dollars and the same will be invested in the different group of real estate properties.
The various type of real estate properties taken into consideration are the commercial,
residential, industrial and warehouses projects. The company will be engaging in developing
the properties and also leasing the same. The buying and selling of the properties will be
primarily focused on the residential properties. The economic and the business factors of the
fund under which the fund will be operating are discussed in the first section of the report.
The second part of the assignment deals with the evaluation of the Cromwell Property Group
and the analysis of the same. The financials for the company was forecasted in order to
determine the future prospects of the fund. The valuation for the company was done by using
the dividend discount model and the valuation was compared with the current market share
price of the company.

2PROPERTY FUND AND REIT VALUATION
Table of Contents
Part A.........................................................................................................................................3
Cityrise Property Fund...............................................................................................................3
Investment Vehicle.................................................................................................................3
Strategic Objective of the Fund..............................................................................................3
Debt/Equity Structure.............................................................................................................4
Property Portfolio Construction Issues..................................................................................4
Risk Management and Compliance Issues.............................................................................4
Economic and Property Market Concept...............................................................................5
Future Outlook of Performance of the Property Fund...........................................................5
Ongoing Critical Portfolio Management Issues.....................................................................5
Part B..........................................................................................................................................6
Cromwell Property Group..........................................................................................................6
Forecasting Financials............................................................................................................7
Valuation of the Stock............................................................................................................9
Investment Recommendations.............................................................................................10
Reference..................................................................................................................................11
Appendix..................................................................................................................................13

3PROPERTY FUND AND REIT VALUATION
Part A
Cityrise Property Fund
The property fund developed for the purpose of the investment aims to cover the
major aspect of the real estate property market by incorporating the commercial, industrial
and warehouse properties. The proposed fund will be aiming at investing into companies
which develops properties and sells the properties directly. The properties and companies
selected for the fund will primarily from the local domestic country that is Australia. The 500
million would be primarily invested in the real estate properties where the weightage given
for the commercial and industrial properties would be the highest (Hoesli and MacGregor
2014). Around 50% of the funds investible amount of money will be invested into the
commercial properties and companies whose operations are primarily based on the operations
of such properties. The Cityrise Property Fund will be equally distributing the investible set
of amount among the various types of properties group and real estate companies. The
primary sources of income generation for the fund would be derived through capital gains
and dividend income received from the real estate property investments (Chandra 2017).
Investment Objective The Cityrise property fund developed for the purpose of the
investment aims to cover the major aspect of the real estate
property market by incorporating the commercial, industrial
and warehouse properties.
Fund Overview The proposed fund will be aiming at investing into
companies, which develops properties and sells the
properties directly.
Investment Manager Cityrise Investment Group
APIR Code MF1234567AU
Property Type Commercial, Residential Property, Industrial property
Investment Type Closed Ended, Unlisted property Type
Status Open for Investment
Equity Target $500,000,000
Management Cost 1.5% p.a
Team Experience 40 years

4PROPERTY FUND AND REIT VALUATION

5PROPERTY FUND AND REIT VALUATION
Investment Vehicle
The investment vehicle considered for the fund is the commercial, industrial and real
estate properties where the fund will be focusing on utilizing the $500 million into leasing the
properties or involve in transaction sale of properties. The investment vehicle selected for the
fund is the commercial and residential properties after assessing the macro economic
conditions and the business factors under which the fund will be operating (Booyens and De
Beer 2016).
Investment Approach:
 Active Management
 Risk Management
 Diversification
Asset Allocation
Location Allocation
Melbourne 50%
Frankston 50%

6PROPERTY FUND AND REIT VALUATION
Strategic Objective of the Fund
The strategic objective of the fund will be realising the various sources of income
generation from commercial and residential properties. The allocation of the fund into
commercial properties, residential and warehouses project will be in accordance with the
ratio of 50%, 30% and 20%. The key objective of the fund is incorporate the benefits of the
growing real estate property market of Australia (McIntosh, Fitzgerald and Kirk 2017).
Debt/Equity Structure
The debt equity structure considered for the fund will be on the basis of the ratio of
80:20 ratio. Around $400 million would be borrowed from Equity and around $100 million
of the fund would be generated from equity (Stark 2015). The debt funding for the fund was
kept at 20% so that the same would give the fund a tax benefit in the form of interest
expenses paid by the firm. The equity source of funding would also be dependent on the unit
holders of the fund which would primarily contribute the fund for the property (Costantino,
Di Gravio and Nonino 2015).

7PROPERTY FUND AND REIT VALUATION
Property Portfolio Construction Issues
The primary issue considered with the portfolio is the diversification issue i.e., the
unsystematic risk of the property portfolio which can be removed if the investment is
diversified across various asset class (Valdyanathan, Krishnakumar and Noonum 2018). The
portfolio constructed with the real estate properties needs to be diversified among the
commercial and real estate properties so that the business risk can be reduced. Asset
management and the operations of the same are some of the crucial factors that needs to be
analysed while evaluating the portfolio.
Financing
Structure
EquityDebt

8PROPERTY FUND AND REIT VALUATION
Risk Management and Compliance Issues
The risk management associated with the project assignment could be well associated
with the market risk, investment risk and the macroeconomic risks associated with the fund.
The same can be mitigated and forecasted by the fund manager by evaluating the various
factors under which the asset class operates and the sensitivity of the same with respect to the
economy (Aouni, Colapinto and La Torre 2014). There are other several compliance issues
also, which the fund may face that is legal and regulatory compliance which the fund may
have to face. The rules and regulations setup by the fund acts as the key guidelines for the
company. Market risk and the investment risk is quite high for property analysis as the above
risks changes rapidly with the changes in the business and macro-economic condition of the
economy (Grimaldi et al. 2015).
MF Australia
Logistic

9PROPERTY FUND AND REIT VALUATION
Economic and Property Market Concept
Investment into real estate project in itself has been highly correlated with the
performance of the economy related with the property market. Prevailing level of interest
rate, inflation rate in the economy and the Australian GDP growth rate are some of the crucial
factors that will be analysed. The property market is highly correlated with the economic
scenario of the economy and the same can be forecasted with the help of the various kinds of
business cycle in the economy. The prospect of the fund looks good as the stock will be
equally investing the amount $500 as per the risk and return preference of the fund
(Chourmouziadis and Chatzoglou, 2016).
Future Outlook of Performance of the Property Fund
The future outlook for the performance of the fund is expected to outperform the
property market. The performance and trend of the property fund will be highly related to the
type of business services provide by the fund. The performance of the GDP growth rate and
the Australian real estate market is expected to outperform and create wealth for the
shareholders of the fund (Seifert, Tancrez and Biçer 2016).
Ongoing Critical Portfolio Management Issues
The ongoing critical portfolio management issues which the fund may face are
particularly in the field of managing the operations of the fund and the various business
operation considered for the fund. The crucial portfolio management issues needs to be
identified and needs to be assessed carefully by the fund (Clayton et al. 2017).
Fund
Manager MF Global
Corporation
OTHER
OFFSHORE
Investors
MF Astralia
Corporation

10PROPERTY FUND AND REIT VALUATION

11PROPERTY FUND AND REIT VALUATION
Management Structure
Management Team Biography
 Tom Kirkman: Managing Director/Portfolio Fund Manager
o Graduated in Economics (Honours) and M.Sc. in Finance from Harvard
University.
o 15 Years of work experience in the property fund management.
 Andrew Lewis: Head of Investment
o PHD in Property and Real Estate Management
o 14 Years of working experience in the fund management.
o Jack Sparrow: Research and Strategy
o PhD in Economics and a CFA
o 10 Years of work experience in investment management
o Agustin Diaz: Business Development
o Bachelor in Commerce and Post-Graduation in Management
Cityrise Investment
Fund Commitee
Head of Investment
(Andrew Lewis)
Research and
Strategy
(Jack Sparow)
Business
Development(Austin
Maria)
Portfolio/Fund
Manager (Tom
Kirkman)

12PROPERTY FUND AND REIT VALUATION
o 8 Years of Work Experience
Key Development Areas
The key development areas or the properties where the investments will be done via the fund
are the:
Property 1: 182, Coventry Street, South Melbourne VIC, 3205.
o The Property will be located in the Melbourne.
o Value: 200 Million
o Yield: 6%
o Total GLA (SQM):56,600
o Expected Occupancy Rate: 100%
Property 2: 37-41 Hastings Road & 2-6 Burns Street, Frankston VIC, 3199
o The Property will be located in the Outer-suburb of Melbourne

13PROPERTY FUND AND REIT VALUATION
o Value: 300 Million
o Yield: 7.6%
o Total GLA (SQM): 86,600
o Expected Occupancy Rate: 90%

14PROPERTY FUND AND REIT VALUATION
Conclusion
There were various type of real estate properties taken into consideration such commercial,
residential, industrial and warehouses projects. The company will be engaging in developing
the properties and also leasing the same. The different development areas and the key
properties were identified where the fund will be investing the same into different kind of
properties. The growth rate expected and the return on investment is expected to be consistent
and the same will be the reason for creation of wealth for the shareholders of the company.

15PROPERTY FUND AND REIT VALUATION
Part B
Cromwell Property Group
The Cromwell Property Group operating in the Australian Economy primarily invests
in the Commercial properties. The company owns manages and invests various kinds of
commercial properties. The total assets of the company is primarily with commercial real
estate where the company primarily focuses on several kind of property transaction or the
usage of the properties or the asset of the company by buying the same or either taking the
same in the form of leased asset. Both the above sources acts as a key source for income
generation wither in the form of capital appreciation o in the form of the interest or dividend
income or rental income. The fund is having a well-diversified range of commercial property
where the risk and return analysis of the fund shows that the same is at a sustained level
(Arman et al. 2017). The financial trend for the company, which shows that the fund has been
able to maintain the consistency in the growth and return factor for the stakeholders or the
unit holders of the fund.

16PROPERTY FUND AND REIT VALUATION

17PROPERTY FUND AND REIT VALUATION
The performance of the GDP growth rate and the Australian real estate market is
expected to outperform and create wealth for the shareholders of the fund which will be a
positive impact for the fund. Asset management and the operations of the same are some of
the crucial factors that were evaluated for the Cromwell Property Group. The valuation for
the company was done by using the dividend discount model and the valuation was compared
with the current market share price of the company.

18PROPERTY FUND AND REIT VALUATION
Forecasting Financials
CROMWELL PROPERTY GROUP INCOME STATEMENT
Particulars 2019 (F) 2020 (F) 2021 (F) 2022 (F) 2023 (F)
Revenue 241040 277196 318775 366592 421580
Expenses
Operating expenses 119805 125795 132085 138689 145624
Depreciation and amortization 3000 3030 3060 3091 3122
Sales, General and administrative 102060 107163 112521 118147 124055
Total expenses 224865 235988.3 247666.5 259927.4 272800.1
Operating income 16175 41207.75 71108.94 106664.3 148780.4
Interest income 7032 7607 8229 8903 9631
Interest expenses 80670 81858 83063 84285 85526
Other income (expense) 315370 346907 381598 419757 461733
Income before income taxes 257906.6 313864.1 377873.5 451039.2 534618.7
Provision for income taxes 2579 3139 3779 4510 5346
Net income from continuing operations 255327.5 310725.5 374094.7 446528.8 529272.5
Net income from discontinuing ops
Net income 255327.5 310725.5 374094.7 446528.8 529272.5
Net income available to common shareholders 255327.5 310725.5 374094.7 446528.8 529272.5
Earnings per share
Basic 0.13 0.16 0.19 0.22 0.26
Diluted 0.13 0.16 0.19 0.22 0.26
Weighted average shares outstanding
Basic 1910214 1944636 1979678 2015351 2051667
Diluted 1914841 1949182 1984138 2019721 2055942
EBITDA 299005.9 306705.2 314602.6 322703.4 331012.8

19PROPERTY FUND AND REIT VALUATION
CROMWELL PROPERTY GROUP BALANCE SHEET
Particulars 2019 (F) 2020 (F) 2021 (F) 2022 (F) 2023 (F)
Assets
Real estate properties 3675 3858.75 4051.688 4254.272 4466.985
Accumulated depreciation
Real estate properties, net 3675 3858.75 4051.688 4254.272 4466.985
Cash and cash equivalents 412632 359146 174268 9452 12092
Receivables 41910 46101 50711 55782 61360
Intangible assets 2785 3371 4082 4942 5983
Other assets 3457508 3715074 3991826 4031744 3507618
Total assets 3914835 4123692 4220887 4101921 3587053
Liabilities and stockholders' equity
Liabilities
Short-term borrowing 207020 227722 250494.2 275543.6 303098
Long-term debt 1523927 1644726 1775100 1915810 2067673
Payables and accrued expenses 104631 116838 130468 145688 162685
Other liabilities 62787 66704 70866 75287 79984
Total liabilities 1898365 2055990 2226928 2412328 2613439
Stockholders' equity
Common stock 2319825 2594786 2902338 3246343 3631122
Other Equity 9630.359 11890 14680 18125 22379
Retained earnings -332785 -562734 -951572 -1609091 -2720943
Accumulated other comprehensive income 19800 23760 28512 34214.4 41057.28
Total stockholders' equity 2016470 2067703 1993958 1689592 973615
Total liabilities and stockholders' equity 3914835 4123692 4220887 4101920 3587054

20PROPERTY FUND AND REIT VALUATION
Valuation of the Stock
The valuation of stock for the Cromwell property group was determined using the
dividend discount model. The valuation analysis also included forecasting the required rate of
return for the fund’s stock. The key factor included during the valuation of the market value
of the Cromwell property group was determining the market value using the net present value
function. The historical data for the company share price for the past five years was taken
into consideration for analysing the changes in the stock prices (Al-Aradi and Jaimungal
2018). The annual risk and return was calculated for the stock using the past historical data of
the fund. The risk free rate o return taken for the investment analysis was the ten year
government bond yield and the relevant return was incorporated for the usage and application
in the required rate of return for the stock (Glabadanidis 2014).
Forecasted Share Price of CRF
Average Annual Return 10.38%
Standard Deviation 4.42%
Beta 0.861599077
Risk Free Rate (rf) 2.64%
Return on Market 7.97%
Required Rate of Return Rf+(Rm-Rf)*B
Required Rate of Return 9.31%
Dividend Discount Model
Discount Rate
9.31
%
Terminal Cap Rate
9.96
%
DCF Analysis through NPV Method
Year 2018
2019
(F)
2020
(F)
2021
(F)
2022
(F)
2023
(F)
DPU (Cents per Share) 0.11 0.13 0.16 0.19 0.22 0.26
Step 1: Year 2022 Terminal Value 2.59
Step 2: Total Cash Flow 2.70 0.13 0.16 0.19 0.22
Step 3: Market Value Per Share 3.25

21PROPERTY FUND AND REIT VALUATION

22PROPERTY FUND AND REIT VALUATION
Investment Recommendations
The investment recommendations for the Cromwell property group as assessed shows
that the fair market value derived for the company share price is around $3.25. The actual
true fair market value trading value of the company share price is around $1.05 which shows
that the company share price is trading at a cheap price where a source of value investing
could be generated for the investors. The forecasted financials of the company also shows
that the source of revenue for the company is expected to increase as the business and the
macro economic conditions of the property market changes (Saha and Malkiel 2015). The
revenue source for the fund is expected to increase as the same has also been forecasted by
keeping in view with the average past growth rate followed by the fund. The operating
income of the fund plays an important role in determining the future prospect of the company
and the same is expected to increase for the fund. The key expenses which the company
spends is the operating expenses which the company has to spend for the operations of the
business. The operating expenses for the company is expected to increase as the business
operation increases for the company. The average growth rate observed as the profitability
ratio for the company is said to be around 2.37% growth. The company outstanding amount
of shares also did not show any major changes for the company. The level of inflation rate
and the interest rate scenario plays a very important role in the property market. The growth
in the GDP factor of the economy and the sustainability in the key macroeconomic factor like
the level of interest rate and inflation in the economy are some of the key areas which reflects
the better prospects of the fund. Hence, the Cromwell Property should be considered for
investment purpose as the valuation of the same is estimated to be greater than the current
market price of the company’s share price.

23PROPERTY FUND AND REIT VALUATION
Reference
Al-Aradi, A. and Jaimungal, S., 2018. Outperformance and Tracking: Dynamic Asset
Allocation for Active and Passive Portfolio Management. Applied Mathematical Finance,
pp.1-27.
Aouni, B., Colapinto, C. and La Torre, D., 2014. Financial portfolio management through the
goal programming model: Current state-of-the-art. European Journal of Operational
Research, 234(2), pp.536-545.
Arman, H., Gindy, N., Kabli, M. and Cavin, S., 2017. R&D Portfolio Management:
Integrated Technology Roadmapping Tool to Aid the Decision-Making of R&D Investments.
In MANAGING TECHNOLOGICAL INNOVATION: Tools and Methods (pp. 173-194).
Booyens, M. and De Beer, J., 2016. Property Portfolio Management.
Chandra, P., 2017. Investment analysis and portfolio management. McGraw-Hill Education.
Chourmouziadis, K. and Chatzoglou, P.D., 2016. An intelligent short term stock trading
fuzzy system for assisting investors in portfolio management. Expert Systems with
Applications, 43, pp.298-311.
Clayton, J., Fabozzi, F.J., Giliberto, S.M., Gordon, J.N., Liang, Y., MacKinnon, G. and
Mansour, A., 2017. The Expansion of Real Estate. The Journal of Portfolio
Management, 43(6), pp.11-22.
Costantino, F., Di Gravio, G. and Nonino, F., 2015. Project selection in project portfolio
management: An artificial neural network model based on critical success
factors. International Journal of Project Management, 33(8), pp.1744-1754.

24PROPERTY FUND AND REIT VALUATION
Glabadanidis, P., 2014. Discounted Cash Flow Valuation. In Absence of Arbitrage
Valuation (pp. 15-27). Palgrave Macmillan, New York.
Grimaldi, M., Cricelli, L., Di Giovanni, M. and Rogo, F., 2015. The patent portfolio value
analysis: A new framework to leverage patent information for strategic technology
planning. Technological forecasting and social change, 94, pp.286-302.
Hoesli, M. and MacGregor, B.D., 2014. Property investment: principles and practice of
portfolio management. Routledge.
McIntosh, W., Fitzgerald, M. and Kirk, J., 2017. Non-Traditional Property Types: Part of a
Diversified Real Estate Portfolio?. The Journal of Portfolio Management, 43(6), pp.62-72.
Saha, A. and Malkiel, B.G., 2015. DCF valuation with cash flow cessation risk.
Seifert, R.W., Tancrez, J.S. and Biçer, I., 2016. Dynamic product portfolio management with
life cycle considerations. International Journal of Production Economics, 171, pp.71-83.
Stark, J., 2015. Product lifecycle management. In Product Lifecycle Management (Volume
1) (pp. 1-29). Springer, Cham.
Valdyanathan, S. and Krishnakumar, S., Noonum, 2018. System and Method for end to end
investment and portfolio management using machine driven analysis of the market against
qualifying factors. U.S. Patent Application 15/241,065.

25PROPERTY FUND AND REIT VALUATION
Appendix
CMX (Cromwell Share Price) S&P/ASX 200 A-REIT (^AXPJ)
Date
Adj
Close Return(%) Date
Adj
Close Return(%)
30-11-
2013 0.655
30-11-
2013 984.91
31-12-
2013 0.654 -0.17%
31-12-
2013 989.23 0.44%
31-01-
2014 0.678 3.66%
31-01-
2014 1021.94 3.31%
28-02-
2014 0.657 -3.03%
28-02-
2014 1005.33 -1.63%
31-03-
2014 0.692 5.21%
31-03-
2014 1062.68 5.70%
30-04-
2014 0.695 0.50%
30-04-
2014 1063.25 0.05%
31-05-
2014 0.681 -2.01%
31-05-
2014 1069.65 0.60%
30-06-
2014 0.727 6.70%
30-06-
2014 1122.78 4.97%
31-07-
2014 0.716 -1.47%
31-07-
2014 1141.57 1.67%
31-08-
2014 0.677 -5.47%
31-08-
2014 1080.16 -5.38%
30-09-
2014 0.720 6.31%
30-09-
2014 1153.43 6.78%
31-10-
2014 0.731 1.52%
31-10-
2014 1152.58 -0.07%
30-11-
2014 0.749 2.49%
30-11-
2014 1186.2 2.92%
31-12-
2014 0.785 4.81%
31-12-
2014 1277.3 7.68%
31-01-
2015 0.866 10.38%
31-01-
2015 1313.9 2.87%
28-02-
2015 0.840 -2.99%
28-02-
2015 1286.3 -2.10%
31-03-
2015 0.833 -0.89%
31-03-
2015 1272.3 -1.09%
30-04-
2015 0.818 -1.81%
30-04-
2015 1309.4 2.92%
31-05-
2015 0.773 -5.53%
31-05-
2015 1235.5 -5.64%
30-06-
2015 0.856 10.86%
30-06-
2015 1305.7 5.68%
31-07-
2015 0.787 -8.07%
31-07-
2015 1241.5 -4.92%
31-08-
2015 0.737 -6.34%
31-08-
2015 1237.8 -0.30%

26PROPERTY FUND AND REIT VALUATION
30-09-
2015 0.788 6.88%
30-09-
2015 1299.2 4.96%
31-10-
2015 0.800 1.49%
31-10-
2015 1261.1 -2.93%
30-11-
2015 0.823 2.94%
30-11-
2015 1291.2 2.39%
31-12-
2015 0.791 -3.91%
31-12-
2015 1304.6 1.04%
31-01-
2016 0.811 2.53%
31-01-
2016 1330.5 1.99%
29-02-
2016 0.831 2.46%
29-02-
2016 1362 2.37%
31-03-
2016 0.832 0.10%
31-03-
2016 1400.2 2.80%
30-04-
2016 0.856 2.94%
30-04-
2016 1437.1 2.64%
31-05-
2016 0.828 -3.33%
31-05-
2016 1467.2 2.09%
30-06-
2016 0.920 11.16%
30-06-
2016 1546.4 5.40%
31-07-
2016 0.850 -7.69%
31-07-
2016 1492.7 -3.47%
31-08-
2016 0.783 -7.84%
31-08-
2016 1427.4 -4.37%
30-09-
2016 0.775 -1.08%
30-09-
2016 1315.3 -7.85%
31-10-
2016 0.783 1.10%
31-10-
2016 1326.4 0.84%
30-11-
2016 0.838 7.07%
30-11-
2016 1395.4 5.20%
31-12-
2016 0.848 1.10%
31-12-
2016 1327.3 -4.88%
31-01-
2017 0.856 1.03%
31-01-
2017 1371.6 3.34%
28-02-
2017 0.830 -3.05%
28-02-
2017 1379.6 0.58%
31-03-
2017 0.862 3.79%
31-03-
2017 1415.6 2.61%
30-04-
2017 0.848 -1.55%
30-04-
2017 1400.1 -1.09%
31-05-
2017 0.844 -0.52%
31-05-
2017 1311.4 -6.34%
30-06-
2017 0.835 -1.09%
30-06-
2017 1309.9 -0.11%
31-07-
2017 0.862 3.26%
31-07-
2017 1315.9 0.46%
31-08-
2017 0.867 0.53%
31-08-
2017 1321.9 0.46%
30-09-
2017 0.927 7.04%
30-09-
2017 1351.6 2.25%

27PROPERTY FUND AND REIT VALUATION
31-10-
2017 0.965 4.00%
31-10-
2017 1422.8 5.27%
30-11-
2017 0.937 -2.88%
30-11-
2017 1404.9 -1.26%
31-12-
2017 0.937 0.06%
31-12-
2017 1358.1 -3.33%
31-01-
2018 0.947 1.01%
31-01-
2018 1302.8 -4.07%
28-02-
2018 1.008 6.50%
28-02-
2018 1302.9 0.01%
31-03-
2018 1.047 3.87%
31-03-
2018 1361.1 4.47%
30-04-
2018 1.047 0.00%
30-04-
2018 1403 3.08%
31-05-
2018 1.081 3.23%
31-05-
2018 1409.4 0.46%
30-06-
2018 1.092 0.97%
30-06-
2018 1422.5 0.93%
31-07-
2018 1.087 -0.45%
31-07-
2018 1453.5 2.18%
31-08-
2018 1.052 -3.17%
31-08-
2018 1427.4 -1.80%
30-09-
2018 1.030 -2.12%
30-09-
2018 1382.9 -3.12%
31-10-
2018 1.030 0.00%
31-10-
2018 1404.8 1.58%