EFTA01459076.pdf

,Figure 52: Our S&P Intrinsic Valuation K.loc4ii C co O Z SlliP WO Capaalbed EPSValuaCon SAP 5O1Draderd Dom,: Made SOP 600 Loam FPS • OPS Gene% S&P KO Dom al Equity fs Fair Boas 5441asle Ó o C < Deutsshe Bart12O158 55P SCOOPS 5' to Destscas Banes 2ot sE S&P coo DPS 114s.CO Dams% &a • 5 99 SE 939 9))..».>r4 liC'E IS e.». Fag ,.».), n:in 'h. 'el,' n on "EaP 5):irdo, , 5» 24% 201s erd S&P !Olt** vSeKr snare 1,-0-Corre~m isi °somata tar SAP tcormar 3 O81. 'poems, 2O1W SIP KO EPS 5' 72 )541-omo• 2Otbe S&P 60O DPS 5410) EIB's ta ,rai 201%' SaP 5O) e)rd.r., RIF i.1 /-0• • toroasemis os1 ht. Mee!! ,eie 1.5O% E w. g list•41:•)itt CPS: 2•IISC SYS r% • Leviers, le C4tP 52O«tit/ ink 'gown' &CO% C N.) = SW KO FPS retained tor ins retembrent 39% • Lareerrn rut StiP ID) con oi gal MO% a ecocuneer~ atlystment to EmbossFPS - -4. owactec to ost Inn mixasismes &C 0. Esdneted ROE on neweetad SéP 530 B'S 7.50% • ...sawniriasm saatint same9h" ICICS)0 far)tt MC 2" EC":O62 ~FM Or ROECciE CLCO% a SIP bop medns met of oar 7.60% Mud 20151121900399199 to whin *110 in...4 DOM.& of Se1»EPS 16? 53 Sasses el bosses. enrol cea• in • :4. 4' •(.. LP; ..sa... r‘k:,4.(tox a:, re& CcE • 55% • Ss% Key amok. stisacsestiee Aka - nasal CPS/ ma cot Teti otima in 61% • savors,icemen loess« . "F1 • Fse 10010•171.didir~n1 21!% fat c•NP "AC V24.1 VA.* an,i Rs), Vaka Moog Sit122EPirautakstaslitstra SeXtIOME8sacsistSsist • Vase tektif team enIna reeneurreni OOO% 7014 at SSP !afloat val» es tore Ramat CPS / Peal Cc& • CE Wpavoill • ENO /bona DPS,irorrinilO:8 .COS goatee - Ecnotetmeannp spomh it in fat PEI - Par PE • min sway»ROE stir scorers° wite ai 3015 91s1 20)3 SIM 52O tweet wave at DII5 suet 2070 • Ceowes tom Pet sham sovei»Sel 133% Far PE • tROE.O1VialROVitea C0E-wilt SY 9:O1afflovim at 2O15ed NOD S&P WO tense yaks at 2O15 ensl 2103•• Lonaterrn Ste«0 EP9O99•O919 546% trosed S5P12O tat sal., el tool at 2OPS sort Misled lae WIPE •10IIIV 2O16 Oe 2O1W il .9 EPS MS MOW tar %mad raid onDia SE CPS ofIli 0 2O6% • Pee romuidodeed sie11 2 rh% Sln.51, "%mkt F8 • rdirLd an RcT :ro,f{-,;- irricitd Ise oaths PE al 20154m410,4201W S119 EPS 177 sited tar lobos Ned on .219 5E DPSot Sal O 1 91% a Reel elotelsidar min at mount PE ?tome CGS / (real CcE -.0i4e .si E iaiaste: 20)3 DPSoiscotas rowel was tart DOS IS cavoull :SCC YPOC .,dh-JI-c,r11, cien,n 'Or vilur 0 , l gr SOD E PS discount model $ steps to value Noemal 2O15E S&P 543O EPS 6118 $120 21221 $125 2130 2136 11Estimate normalized S&P 5CO EPS 5.00% 2227 227O 2313 2377 2484 2591 2) Adent normalizedCPS lot coo forma accountingquality Real 6.28% 21241 2155 2206 2267 2370 2472 3) E stimate a fair loot/aeon real return on S&P 500 overonhip(EoC) cost OE 5.50% 2031 2O7O 21091 2168 2265 2363 4) Eaptatize ncemalized and accounting quality adj. (Mat real COE Maley 5.7511 1945 1983 2020 2O77 217O 2264 5) Conskler lonsserm potential lor value tidied growth opocetunities 6.00% 1867 1903 1939 1993 2083 2173 &Ea* Danes es* 'OUI SORp1130S Mina 0113S1110Q CONFIDENTIAL - PURSUANT TO FED R CRIM. P. 6(e) DB-SDNY-0119295 CONFIDENTIAL SDNY_GM_00265479 EFTA01459076