Detailed Financial Analysis Report: ASX Listed Companies Performance

This report provides a comprehensive financial analysis of several companies listed on the Australian Stock Exchange (ASX). The analysis includes an examination of the treasury notes rate in Australia and the measurement of monthly returns for each share, utilizing share price indices and m...Read More

FINANCE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1 Analysing the treasury notes rate of Australia....................................................................1
2. Measuring the monthly returns of each shares with the help of share price indices and
market price index..................................................................................................................1
3. Analysing the expected return of each shares....................................................................1
4. Measuring the Beta value of each shares..........................................................................1
5. Determining the fair return with the help of capital asset pricing model...........................2
6 & 7. Presenting the graph for analysing the security market line.......................................2
8 & 9 Preparing the portfolio and calculating the rate of return, beta value..........................8
10. Conclusion......................................................................................................................13
REFERENCES..............................................................................................................................14
APPENDIX....................................................................................................................................15

INTRODUCTION
In order to analyse profitability of the Australian Stock Exchange listed companies there
is need to measure their market value as well as efficiency in meeting the debts. In the present
study there will be measurements over the 7 organisations which has the appropriate market
value and have the sufficiency equity in the market. The report will be based on analysing the 7
companies such as AGL Energy Limited, ANZ Banking group Limited, BHP Billiton Limited,
Macquarie group limited, National Aust. Bank, Telstra Corporation and Westfield Corp Staped
Securities.
1 Analysing the treasury notes rate of Australia
In order to analyse the risk free rate of Treasury Notes in Australia which were on the
basis of the shortest maturity (Brock, 2018). Therefore, the analysis can be seen in the below
listed Appendix A. The collected information were from 1 January 2000 to 31st December 2017.
2. Measuring the monthly returns of each shares with the help of share price indices and market
price index
By considering the share value of 7 ASX listed corporations there has been analysis
based on determining the risk free rate and market rate (Joy, 2018). However, all the organisation
has been analysed and they present the risk free rate as in Appendix B.
3. Analysing the expected return of each shares
The average of rate return for all the corporation which will be seen in Appendix B.
therefore, it beings the analysis as National Aust. Bank 0.90%, Telstra Corporation 0.81%
Westfield Corp Stapled Securities 0.78%,Macquarie group limited 0.84%, ANZ Banking group
limited 1.18%, BHP Billiton Limited 1.18% and AGL energy Limited 1.53%. Therefore, in
relation with analysing such operations it can be said that ANZ, AGL & BHP are to most
profitable industries in terms of giving the favourable returns to their clients (Lafortune,
Rothstein & Schanzenbach, 2018).
4. Measuring the Beta value of each shares
To analyse the beta value of the proposed data set there has been use of SLOPE formula
in excel sheet and which represents the Beta value of such data base (Guthman, 2018).
companies beta value (slope)
Beta
Value
1

National Aust. Bank(ra) 0.00254 1.406
Telstra Corporation -0.00066 -0.458
Westfield Corp Stapled
Securities 0.00149 1.124
Macquarie group limited 0.00174 1.130
ANZ Banking group limited 0.00244 1.328
BHP Billiton Limited 0.00132 0.530
AGL energy Limited 0.00373 0.928
In consideration with analysing the Beta value of the industries it can be said that those
firms who have beta rate more the 1 than there share value id volatile and can have variation in
the future (Cerchiello & Nicola, 2018). On the other side, those industries which has lower beta
rate than 1 than the prices of their shares will remain constant for the long period.
5. Determining the fair return with the help of capital asset pricing model
To determining the CAPM value there is need to consider all the information which will
be useful for analysis (Rocheteau, Wright & Zhang, 2018). Moreover, the CAMP value of these
respected industries is:
National
Aust.
Bank
Telstra
Corporat
ion
Westfield Corp
Stapled
Securities
Macquarie
group
limited
ANZ
Banking
group
limited
BHP
Billiton
Limited
AGL
energy
Limited
risk
free
rate 1.303 1.303 1.303 1.303 1.303 1.303 1.303
mark
et
risk 0.90% 0.81% 0.78% 0.84% 1.18% 1.18% 1.53%
beta
value -0.587 0.241 1.298 -3.230 -0.359 1.837 -0.379
CAP
M 2.063 0.990 -0.379 5.485 1.767 -1.068 1.791
2

6 & 7. Presenting the graph for analysing the security market line
National Aust. Bank:
Rate of return Beta CAPM
9.1
0.00252479131255305
9.1
22.198521
1
22.198521
13.098521
9.1
National Aust. Bank
Risk free Market Stock
Telstra Corporation:
Rate of return Beta CAPM
9.1
-0.000653406166533815
9.1
2.614341
1
2.614341
-6.485659
9.1
Telstra Corporation
Stock Market Risk free
Westfield Corp Stapled Securities:
3

Rate of return Beta CAPM
9.1
0.0014618506371223
9.1
6.536245
1
6.536245
-2.563755
9.1
Westfield Corp Stapled Securities
Stock Market Risk free
Macquarie group limited:
Rate of return Beta CAPM
9.1
0.00170720689480324
9.1
16.885993
1
16.885993
7.785993 9.1
Macquarie group limited
Stock Market Risk free
ANZ Banking Group Limited:
4

Rate of return Beta CAPM
9.1
0.0024253032469449
9.1
24.630035
1
24.630035
15.530035
9.1
ANZ Banking group limited
Stock Market Risk free
BHP Billiton Limited:
Rate of return Beta CAPM
9.1
0.00132667916434458
9.1
24.59264
1
24.59264
15.49264
9.1
BHP Billiton Limited
Stock Market Risk free
AGL energy Limited:
5

Rate of return Beta CAPM
9.1 0.00374505864701104 9.1
92.331635
1
92.331635
83.231635
9.1
AGL energy Limited
Stock Market Risk free
8 & 9 Preparing the portfolio and calculating the rate of return, beta value
Risk free rate of
Australian treasury
bills
BHP
Billiton
Limited RF
ANZ
Banking
group limited RF
AGL
energy
Limited RF
date 4.572 3.950 10.798
2001-01-31 4.257 4.72 3.518 4.72 10.286 4.72
2001-02-28 4.674 4.18 3.577 4.18 11.111 4.18
2001-03-31 4.887 3.83 3.899 3.83 12.139 3.83
2001-04-30 4.660 3.54 4.469 3.54 13.702 3.54
2001-05-31 4.517 3.56 4.122 3.56 13.710 3.56
2001-06-30 4.340 3.44 4.465 3.44 14.724 3.44
2001-07-31 3.995 3.28 4.225 3.28 13.690 3.28
2001-08-31 4.158 2.3 4.716 2.3 14.395 2.3
2001-09-30 4.676 2.01 4.444 2.01 13.310 2.01
2001-10-31 4.944 1.73 4.872 1.73 14.452 1.73
2001-11-30 5.264 1.67 4.855 1.67 14.343 1.67
2001-12-31 5.551 1.72 5.047 1.72 12.522 1.72
2002-01-31 5.368 1.72 5.088 1.72 12.835 1.72
6

2002-02-28 5.085 1.74 5.192 1.74 12.580 1.74
2002-03-31 5.085 1.73 5.334 1.73 12.483 1.73
2002-04-30 4.850 1.705 5.441 1.705 11.287 1.705
2002-05-31 4.529 1.659 5.060 1.659 9.545 1.659
2002-06-30 4.329 1.665 5.348 1.665 9.581 1.665
2002-07-31 4.301 1.645 4.978 1.645 8.737 1.645
2002-08-31 4.605 1.527 5.311 1.527 9.005 1.527
2002-09-30 4.809 1.417 5.499 1.417 9.462 1.417
2002-10-31 4.878 1.202 5.078 1.202 9.540 1.202
2002-11-30 4.287 1.182 5.045 1.182 10.530 1.182
2002-12-31 4.398 1.148 4.806 1.148 10.029 1.148
2003-01-31 4.460 1.175 5.247 1.175 9.985 1.175
2003-02-28 4.345 1.09 5.458 1.09 10.138 1.09
2003-03-31 4.133 1.101 5.423 1.101 11.234 1.101
2003-04-30 4.128 1.085 5.645 1.085 11.957 1.085
2003-05-31 4.772 0.838 5.536 0.838 12.704 0.838
2003-06-30 5.323 0.927 5.315 0.927 13.144 0.927
2003-07-31 5.143 0.96 5.445 0.96 14.323 0.96
2003-08-31 5.707 0.926 5.652 0.926 14.464 0.926
2003-09-30 5.488 0.932 5.341 0.932 14.107 0.932
2003-10-31 6.025 0.908 5.866 0.908 15.083 0.908
2003-11-30 5.581 0.907 5.826 0.907 14.548 0.907
2003-12-31 6.060 0.897 5.969 0.897 14.039 0.897
2004-01-31 6.060 0.927 6.290 0.927 15.184 0.927
2004-02-29 5.670 0.923 6.161 0.923 14.697 0.923
2004-03-31 6.061 0.952 5.989 0.952 14.213 0.952
2004-04-30 6.281 1.052 6.298 1.052 14.807 1.052
2004-05-31 6.607 1.303 6.222 1.303 14.431 1.303
2004-06-30 6.582 1.412 6.322 1.412 14.816 1.412
2004-07-31 7.309 1.568 6.552 1.568 15.873 1.568
2004-08-31 7.050 1.674 7.028 1.674 17.302 1.674
7

2004-09-30 7.864 1.867 6.907 1.867 19.217 1.867
2004-10-31 7.808 2.182 7.367 2.182 20.742 2.182
2004-11-30 8.282 2.182 7.367 2.182 21.790 2.182
2004-12-31 9.742 2.422 7.646 2.422 21.947 2.422
2005-01-31 9.226 2.69 7.378 2.69 21.425 2.69
2005-02-28 8.281 2.722 7.718 2.722 20.408 2.722
2005-03-31 8.612 2.837 7.675 2.837 22.460 2.837
2005-04-30 9.371 2.882 8.047 2.882 27.717 2.882
2005-05-31 9.995 3.06 7.939 3.06 29.225 3.06
2005-06-30 10.563 3.332 8.198 3.332 29.281 3.332
2005-07-31 11.487 3.43 8.879 3.43 34.954 3.43
2005-08-31 10.866 3.47 8.713 3.47 30.000 3.47
2005-09-30 11.453 3.805 8.846 3.805 31.461 3.805
2005-10-31 11.913 3.857 9.189 3.857 32.182 3.857
2005-11-30 13.511 3.985 9.553 3.985 32.290 3.985
2005-12-31 12.699 4.37 9.868 4.37 30.331 4.37
2006-01-31 14.883 4.507 10.167 4.507 30.543 4.507
2006-02-28 15.574 4.515 10.723 4.515 33.716 4.515
2006-03-31 15.005 4.65 10.148 4.65 30.217 4.65
2006-04-30 15.414 4.715 10.496 4.715 33.477 4.715
2006-05-31 14.760 4.86 9.967 4.86 30.008 4.86
2006-06-30 14.723 4.935 10.756 4.935 31.439 4.935
2006-07-31 13.623 4.905 10.603 4.905 33.550 4.905
2006-08-31 14.697 4.76 11.463 4.76 36.170 4.76
2006-09-30 14.131 4.94 11.230 4.94 35.330 4.94
2006-10-31 13.630 4.89 11.513 4.89 39.231 4.89
2006-11-30 14.029 4.885 11.881 4.885 40.254 4.885
2006-12-31 14.616 4.975 11.958 4.975 39.260 4.975
2007-01-31 16.326 4.995 12.121 4.995 41.129 4.995
2007-02-28 16.118 4.895 12.489 4.895 43.242 4.895
2007-03-31 17.221 4.725 11.770 4.725 43.540 4.725
8

2007-04-30 19.133 4.59 12.186 4.59 43.483 4.59
2007-05-31 20.209 4.67 11.896 4.67 42.205 4.67
2007-06-30 20.985 4.81 12.186 4.81 37.498 4.81
2007-07-31 24.333 3.99 12.485 3.99 43.177 3.99
2007-08-31 25.509 3.7 12.653 3.7 42.997 3.7
2007-09-30 23.783 3.82 11.837 3.82 41.079 3.82
2007-10-31 22.211 3.07 11.967 3.07 38.982 3.07
2007-11-30 20.501 3.14 11.335 3.14 33.252 3.14
2007-12-31 21.901 1.87 9.587 1.87 28.197 1.87
2008-01-31 20.062 1.785 9.827 1.785 27.781 1.785
2008-02-29 23.681 1.275 9.544 1.275 33.356 1.275
2008-03-31 24.370 1.34 9.448 1.34 28.665 1.34
2008-04-30 24.482 1.85 8.495 1.85 26.922 1.85
2008-05-31 22.247 1.705 7.374 1.705 28.466 1.705
2008-06-30 23.194 1.635 7.538 1.635 24.376 1.635
2008-07-31 17.367 1.69 8.509 1.69 20.479 1.69
2008-08-31 15.957 0.9 7.878 0.9 16.273 0.9
2008-09-30 17.673 0.435 6.716 0.435 16.439 0.435
2008-10-31 17.354 0.02 7.348 0.02 17.205 0.02
2008-11-30 17.388 0.115 6.377 0.115 15.521 0.115
2008-12-31 16.436 0.22 6.396 0.22 10.140 0.22
2009-01-31 18.804 0.25 7.569 0.25 16.154 0.25
2009-02-28 19.605 0.2 7.641 0.2 19.994 0.2
2009-03-31 20.425 0.125 7.641 0.125 18.901 0.125
2009-04-30 20.460 0.13 8.250 0.13 23.691 0.13
2009-05-31 22.304 0.18 9.271 0.18 26.672 0.18
2009-06-30 21.686 0.175 10.652 0.175 30.781 0.175
2009-07-31 22.680 0.13 12.202 0.13 35.622 0.13
2009-08-31 22.511 0.115 11.537 0.115 30.296 0.115
2009-09-30 24.825 0.045 11.082 0.045 29.084 0.045
2009-10-31 25.920 0.05 11.865 0.05 29.853 0.05
9

2009-11-30 23.683 0.05 11.268 0.05 30.938 0.05
2009-12-31 24.705 0.07 11.999 0.07 27.916 0.07
2010-01-31 26.202 0.115 13.151 0.115 29.143 0.115
2010-02-28 24.926 0.15 12.549 0.15 31.018 0.15
2010-03-31 23.390 0.155 11.569 0.155 26.726 0.155
2010-04-30 23.030 0.15 11.562 0.15 23.418 0.15
2010-05-31 24.540 0.17 12.333 0.17 23.469 0.17
2010-06-30 22.663 0.14 12.087 0.14 23.633 0.14
2010-07-31 23.800 0.135 12.670 0.135 22.882 0.135
2010-08-31 26.149 0.155 13.274 0.155 22.838 0.155
2010-09-30 26.660 0.11 12.124 0.11 22.365 0.11
2010-10-31 28.226 0.16 13.040 0.16 23.908 0.16
2010-11-30 27.602 0.115 13.219 0.115 26.240 0.115
2010-12-31 28.762 0.145 13.476 0.145 24.463 0.145
2011-01-31 29.043 0.135 13.297 0.135 23.643 0.135
2011-02-28 29.019 0.09 13.532 0.09 22.713 0.09
2011-03-31 28.088 0.04 12.359 0.04 21.963 0.04
2011-04-30 27.734 0.04 12.791 0.04 20.787 0.04
2011-05-31 26.227 0.015 12.111 0.015 18.339 0.015
2011-06-30 25.163 0.09 11.797 0.09 17.188 0.09
2011-07-31 22.174 0.015 11.349 0.015 15.213 0.015
2011-08-31 24.432 0.01 12.605 0.01 16.570 0.01
2011-09-30 22.571 0.005 11.570 0.005 15.392 0.005
2011-10-31 22.248 0.015 12.563 0.015 16.273 0.015
2011-11-30 24.225 0.005 13.102 0.005 17.442 0.005
2011-12-31 23.333 0.055 13.432 0.055 18.311 0.055
2012-01-31 22.859 0.075 14.234 0.075 19.891 0.075
2012-02-29 23.480 0.065 14.632 0.065 19.980 0.065
2012-03-31 21.115 0.09 12.790 0.09 18.448 0.09
2012-04-30 20.772 0.06 14.054 0.06 18.268 0.06
2012-05-31 21.089 0.08 15.018 0.08 17.551 0.08
10

2012-06-30 20.996 0.1 15.834 0.1 18.872 0.1
2012-07-31 21.822 0.085 15.790 0.085 19.996 0.085
2012-08-31 23.236 0.09 16.236 0.09 22.413 0.09
2012-09-30 23.331 0.105 15.541 0.105 23.018 0.105
2012-10-31 25.170 0.075 16.721 0.075 26.007 0.075
2012-11-30 25.428 0.035 17.742 0.035 28.213 0.035
2012-12-31 25.150 0.065 19.170 0.065 27.641 0.065
2013-01-31 22.226 0.1 19.044 0.1 27.224 0.1
2013-02-28 22.709 0.065 21.253 0.065 28.719 0.065
2013-03-31 24.222 0.045 18.383 0.045 31.635 0.045
2013-04-30 21.785 0.03 19.731 0.03 31.710 0.03
2013-05-31 24.056 0.03 20.546 0.03 33.239 0.03
2013-06-30 24.827 0.03 20.497 0.03 33.217 0.03
2013-07-31 24.820 0.02 21.250 0.02 36.284 0.02
2013-08-31 26.894 0.005 23.362 0.005 38.586 0.005
2013-09-30 26.701 0.033 22.023 0.033 41.032 0.033
2013-10-31 27.129 0.055 23.141 0.055 43.277 0.055
2013-11-30 26.115 0.063 21.633 0.063 42.584 0.063
2013-12-31 27.408 0.01 23.076 0.01 44.300 0.01
2014-01-31 26.044 0.043 23.737 0.043 45.607 0.043
2014-02-28 27.671 0.028 24.749 0.028 45.426 0.028
2014-03-31 27.129 0.02 24.046 0.02 47.261 0.02
2014-04-30 26.315 0.03 24.808 0.03 48.460 0.03
2014-05-31 28.353 0.02 25.277 0.02 47.557 0.02
2014-06-30 26.879 0.018 24.875 0.018 47.379 0.018
2014-07-31 24.827 0.018 23.007 0.018 46.802 0.018
2014-08-31 25.595 0.013 24.927 0.013 49.711 0.013
2014-09-30 23.304 0.003 23.752 0.003 47.484 0.003
2014-10-31 22.136 0.005 24.883 0.005 48.566 0.005
2014-11-30 22.053 0.037 25.589 0.037 51.782 0.037
2014-12-31 25.361 0.005 27.403 0.005 60.706 0.005
11

2015-01-31 23.387 0.008 28.411 0.008 63.880 0.008
2015-02-28 25.066 0.025 26.356 0.025 64.963 0.025
2015-03-31 24.827 0.005 25.736 0.005 68.113 0.005
2015-04-30 22.696 0.003 25.934 0.003 69.802 0.003
2015-05-31 22.193 0.01 26.320 0.01 70.445 0.01
2015-06-30 21.387 0.058 22.495 0.058 65.112 0.058
2015-07-31 18.644 0.05 21.810 0.05 65.738 0.05
2015-08-31 20.348 0.005 21.915 0.005 73.490 0.005
2015-09-30 15.990 0.068 21.866 0.068 69.811 0.068
2015-10-31 15.787 0.17 23.702 0.17 72.629 0.17
2015-11-30 13.568 0.148 20.519 0.148 62.810 0.148
2015-12-31 13.763 0.3 19.009 0.3 56.387 0.3
2016-01-31 14.903 0.308 19.908 0.308 57.992 0.308
2016-02-29 18.597 0.193 20.596 0.193 55.720 0.193
2016-03-31 17.159 0.193 21.622 0.193 65.697 0.193
2016-04-30 16.772 0.283 21.443 0.283 62.912 0.283
2016-05-31 17.554 0.248 22.972 0.248 67.925 0.248
2016-06-30 18.373 0.24 23.915 0.24 73.686 0.24
2016-07-31 20.126 0.32 24.564 0.32 74.819 0.32
2016-08-31 21.019 0.26 24.759 0.26 72.865 0.26
2016-09-30 22.240 0.295 25.257 0.295 76.608 0.295
2016-10-31 22.832 0.468 28.182 0.468 81.116 0.468
2016-11-30 24.272 0.48 27.135 0.48 79.518 0.48
2016-12-31 22.777 0.5 28.627 0.5 81.445 0.5
2017-01-31 21.903 0.523 29.479 0.523 84.781 0.523
2017-02-28 22.282 0.738 30.350 0.738 87.413 0.738
2017-03-31 22.451 0.78 25.949 0.78 84.264 0.78
2017-04-30 21.869 0.95 27.638 0.95 86.323 0.95
2017-05-31 24.283 0.993 28.513 0.993 83.718 0.993
2017-06-30 25.720 1.053 28.292 1.053 84.665 1.053
2017-07-31 24.217 0.978 28.485 0.978 88.683 0.978
12

2017-08-31 25.630 1.028 28.793 1.028 95.930 1.028
2017-09-30 26.364 1.123 27.388 1.123 95.813 1.123
2017-10-31 28.556 1.238 28.740 1.238 99.630 1.238
2017-11-30 29.16 1.355 28.58 1.355 103.130 1.355
-2.308 -2.054 -1.927 slope
5.42 4.68 0.85
Weig
ht
(%)
In relation with the rate of return of all the organisation there has been selection of 3
companies such as ANZ banking group limited, AGL energy Limited and BHP Billiton limited.
Moreover, the reason behind selecting the three organisation such as ANZ, AGL and BHP is that
they are offering comparatively higher returns to their shareholders as well as have the
appropriate weight percentage in the market (Block & et.al., 2018). Therefore, in relation with
determining the ability of the company to make the profitable returns to their clients these
organisations will be satisfactory in terms of making the appropriate returns on investments
(Vlcek, 2018). Moreover, the shareholders will be profitable and helpful to have appropriate
return on their invested capital in these corporations (Jakobi, 2018). Similarly, among such
observations and analysis it will be said that BHP billiton will be a successful choice of investors
in terms of investment purpose. The firm is having appropriate market value which reflects the
financial position and stability of the firm in meeting the requirements (Kar, 2018).
10. Conclusion
On the basis of above report it can be said that the Australian Stock Exchange is the best
market of dealing the securities and treasury notes in the internal market. Moreover, it helps the
investors in terms of analysing the profitability as well as liquidity of the organisations.
Therefore, in relation with this report the analysis has been made over 7 ASX listed organisation
which in turn has been analysed and have the useful information for equity holders.
13

REFERENCES
Books and Journals
Block, J. H. & et.al., (2018). New players in entrepreneurial finance and why they are there.
Small Business Economics. 50(2). 239-250.
Brock, W. A. (2018). Nonlinearity and complex dynamics in economics and finance. In The
economy as an evolving complex system (pp. 77-97). CRC Press.
Cerchiello, P., & Nicola, G. (2018). Assessing News Contagion in Finance. Econometrics. 6(1).
5.
Guthman, J. (2018). Enterprising Nature: Economics, Markets, and Finance in Global
Biodiversity Politics.
Jakobi, A. P. (2018). Governing illicit finance in transnational security spaces: the FATF and
anti-money laundering. Crime, Law and Social Change. 69(2). 173-190.
Joy, J. (2018). Defining the Deal Timeline: Balancing Legal, HR, IT, and Finance. In
Divestitures and Spin-Offs (pp. 39-46). Springer, Boston, MA.
Kar, S. (2018). Securitizing women: gender, precaution, and risk in Indian finance. Signs:
Journal of Women in Culture and Society. 43(2). 301-325.
Lafortune, J., Rothstein, J., & Schanzenbach, D. W. (2018). School finance reform and the
distribution of student achievement. American Economic Journal: Applied Economics.
10(2). 1-26.
Rocheteau, G., Wright, R., & Zhang, C. (2018). Corporate finance and monetary policy.
American Economic Review. 108(4-5). 1147-86.
Vlcek, W. (2018). Privatising Security in Finance: Measures Against the Money Threatening
Society. In Security Privatization (pp. 101-122). Springer, Cham.
14

APPENDIX
A.
Risk free rate of Australian treasury bills
date rate
2001-01-31 4.72
2001-02-28 4.18
2001-03-31 3.83
2001-04-30 3.54
2001-05-31 3.56
2001-06-30 3.44
2001-07-31 3.28
2001-08-31 2.3
2001-09-30 2.01
2001-10-31 1.73
2001-11-30 1.67
2001-12-31 1.72
2002-01-31 1.72
2002-02-28 1.74
2002-03-31 1.73
2002-04-30 1.705
2002-05-31 1.659
2002-06-30 1.665
2002-07-31 1.645
2002-08-31 1.527
2002-09-30 1.417
2002-10-31 1.202
2002-11-30 1.182
2002-12-31 1.148
2003-01-31 1.175
15

2003-02-28 1.09
2003-03-31 1.101
2003-04-30 1.085
2003-05-31 0.838
2003-06-30 0.927
2003-07-31 0.96
2003-08-31 0.926
2003-09-30 0.932
2003-10-31 0.908
2003-11-30 0.907
2003-12-31 0.897
2004-01-31 0.927
2004-02-29 0.923
2004-03-31 0.952
2004-04-30 1.052
2004-05-31 1.303
2004-06-30 1.412
2004-07-31 1.568
2004-08-31 1.674
2004-09-30 1.867
2004-10-31 2.182
2004-11-30 2.182
2004-12-31 2.422
2005-01-31 2.69
2005-02-28 2.722
2005-03-31 2.837
2005-04-30 2.882
2005-05-31 3.06
2005-06-30 3.332
2005-07-31 3.43
2005-08-31 3.47
16

2005-09-30 3.805
2005-10-31 3.857
2005-11-30 3.985
2005-12-31 4.37
2006-01-31 4.507
2006-02-28 4.515
2006-03-31 4.65
2006-04-30 4.715
2006-05-31 4.86
2006-06-30 4.935
2006-07-31 4.905
2006-08-31 4.76
2006-09-30 4.94
2006-10-31 4.89
2006-11-30 4.885
2006-12-31 4.975
2007-01-31 4.995
2007-02-28 4.895
2007-03-31 4.725
2007-04-30 4.59
2007-05-31 4.67
2007-06-30 4.81
2007-07-31 3.99
2007-08-31 3.7
2007-09-30 3.82
2007-10-31 3.07
2007-11-30 3.14
2007-12-31 1.87
2008-01-31 1.785
2008-02-29 1.275
2008-03-31 1.34
17