Annual Factors: January-December
	Mkt-RF	RF
2008	-38.34	1.6
2009	28.26	0.1
2010	17.37	0.12
2011	0.44	0.04
2012	16.28	0.06
2013	35.2	0.02
2014	11.7	0.02
2015	0.07	0.02
2016	13.3	0.2
2017	21.5	0.8
2018	-6.93	1.81
2019	28.28	2.14
Copyright 2020 Kenneth R. French
Average	13.721	0.523
	For thsese cells you have to find the information
	These cells where you have to do the calculation
pay out ratio
ROE
D (2019)
D (2024)
Beta
V(2019)
g	=ROE*(1-b)
rf
market risk premium
k	=rf+beta*market risk premium
Year	Div
2019
2024
2020
2021
2022
2023
P(2023)	=D(t+1)/(k-g)
P(2019)	discounted dividends and future price

- ZOOM + Sto ELITE da FE GENERAL MOTORS NYSEN 23 O 8.0() 0.46 4.1% VAILEE THEJNESS 3 2 2 498 LESENOS TEC-WCA. 41 , 15 1 L. Piese 49 w 13 : GTS - * RECEV PE PACE YLO High 370 25.0 21.3 41.1 300 377 41.3 Inv 11! 121 117 21 MR MY 21 307 Target Price Range SAFETY 3 2022 2023 2024 ... Par 123 -X 16-Mont Target Price Range Low High NVM 1591-1991 TS TROJECTIONS All -24 2 Minions 1432 110 229 L 12 -12 TOT RFTIR 119 AN cica THE . STO D wat 1812 N truth totooth 412 41304 31 Ini beraren 2909210 2011 2012 2013 2011 2010 2017 2018 2019 2020 and from one of the latest bankruptcy restructurings COURT 9 26.041002 ever se shares of General Motors were seldis TA 111.60 120 16504 15 Percepersh 783 1234 331 752 10.45 20 66.79 1802 14 16.90 Cash Flash 13:41 Le world's largest IPO on November 15, 223 $ 250 21 118 235 512 6.00 622 854 AM 2010. Atsal 550 milosteres nadal E5 Enispp 120 123 1.52 19 150 DX.Did 190 ancar almen pics, were sod in the 2 350 / 590 934 445 311 61 1 Copper 63 &03 1 CP 11 IPO.413 milon och bence 1602 11.12 13.5 22 22 22 22.5 24.95 27.75 22 20 Booth 4.0 by the U.S. Trescury, 12 milion from the 1997 19:30 2015 TTC: 126 Croan Cargo 1925350 LAW lust and 35 milion from the Canadi Care 123 TOL 1921. Ang And !! !! RER an governments stake This was 23 31 99 34 9 29 Vie Petre PEP Role 99 priced at $35 a stare. Ancher 34.8 billion in ... 3:0 S LOS 4 wire Ang De Vild % 4% 215 preferred that we also said 1522 155427 09829 25 15EXE 1973 19543 145075 Roni 17.15 15 ZTS L5 Vote Base ITIS CAPTAL STRUCTURE 23 O 3158 11 16 14 Ver Table SIN Canin Eng Mein TEOS ET20 7974361800 1590 0227329803 92 880 G X 969 Shuni ITONG.SILTI | 495 Mel Profil 9380 TO . T51. His remote 22 Tudi 41% 236 2078 21.19 2199 Peraton Kuss 12'11 92465 41 47% 46% CA 9400 CH ( Maha Oti, 591.1 COM MTRE 1790905113311 135 5314 11! 23 detail 75 Leaxes, Uncupiedra 63420 1543 633 243 31653 43549 067264 * XX 69T50 Long-km Debt - 3 30 X 23434 435 4450 SMI5She Doe ** sans ENO Carnach 1,2764603 0510 167 168 128 129 10.199106 N E El cap IVACKET EAP Son Large Lapl CAT 54. 1.IS 228 129 119 17 208 2128 23.5 247 148 149 Sun Shruty IN 1828 15 1 619 TSN wired cons 1695 ORRENT POSITION 201718 BOSCH ". wird.com W! 39 18 19 20 21 22 23 24 2 4 Divde ta Niet Pippi C Am 2325 2001 FOR 1184 459 PROE BUSINES3: Gewone Victor Concay the nation's argest cudo four or US brend: Buck Cox Chewed GWC 13063 1114 11 liester 1/10 ODY Cp De 21 2009 Cuner Secara rin 21 Wortes e Tole Vandres a Casin) 7.18 LVS K1811'18 Ecu Pots Payable 22880 27297 21400 LSILL 333 EROT 123 cicles 21 ctronics woodca the For Way T. Bana s 30 SaroCont De Or REFE PRI er Opcoes VIS TL 3-4-5 Here www Curon Lab SA a The strike at General Motors took it to gain to her market share among ANNUAL RATE Past Post Ex'd 16-18 com toll outlindur rules. The woulun SUV. Me while, the company luxury Syn. la pany lost about two weeks of production launched seven new models in the third Cash 90 due to the U.S. work stoppage. ile net et quarter, with five more co tap to the De LA 120 I leel was sl lilliou (S.52 per ser re- cumber period. In addition, il culmues lo 7.07% desetion in North American earnings before work on accelerating cost reductions to Boss We 53 interest and taxes (EBIT). Still segment help speed the LOOud of the business. Cot Ful QUARTERLY RENUESTS Full results improved 7 year over year, with we have cut our earnings estimate for cada Vat) Jun 21 B. Dec.31 You adjuxtu ERIT eming in 3 billion. This year, but a rebound , a appear liko- 31468 42373 498 5 Underlying domestic business contin ly in 2020. The biggest impier of the 40 2011 JE 1994 2 3175 145588 wed to display some favorable trends day strike will be felt in the December NINI 3 Deliveries at US Healerships were a quarter Management estimates it will 20 20.5 X yent over year to just under 739.000 reduce share set by about $2.00 for the 212) 55 38290 2750 37475 145576 units, duiven by the company all-new full year, and we have trimmed on earu Cat B16: PER SHITE Ful Cull-size pickups, such as the light-duty in all by a similar amount. For 2020, dulying Bedardi Jan 31 Sep 30 Dec.31 pour chari Sharada and GMC Sierra, and rebicles introduced this year shonld make 2013 Charole 124 6. Coosoves. Notably sales of the latter is longe coutributious as sales gain toto, 131.01!! 1.TE 1.90 1.12 155 GR rexxed 20%, marking their best quarterly with a further boast from the arrival of near 2011 11 . 17 103 85 per uur. GM undrailun er muli SUV. 2012 141 1.84 15 1.72 a. 175 However, conditions remained chal Furthermore, the company has achieved 2023 141.60.331 , 5.55 longius on the international front. Ia- 52.4 billion in cost savings since 2018, Cel UMRTEL ONDEME Full Hstywide sales in China were downal management expects to surpass the $4 bil- endar Wed Jun Supt Dec.31 Your most 11% in the September interim, and lion mark next year. 2013 0 3621 1.33 GM underperformed due to reduced W. xtill like the loan-term picture leay 2011 SE 91 demand for outgoing models and xymetlero. Althou CM ix seurally ranked 2017 S 90 ! shifts. On the plus sice, the Cadillac divifor the year ahead to al return potential 113 S8 !! 152sion did well, and sales up 11. ad the cat to 2022-2024 semains above average 2013 recently introduced XT. modul should help Marso Form NavR5070 ALLER FLERE GETSpalda chembe 21 Parpursuando Stregh Walsh Lads 2014 H DI ID 12 4131 SAS DE EST BIEDEN UNS Black Staalty EDES 1901. Irlanda De Cowhere 25 #01 Dec 12, 1923'TE SEND Os pt1824 18 Ear Patty TE POLO DE NOTRESAS SOS ROBES DE TRES TOM 1 To subscribe cal 1-501-VALUELINE 20 Prad d'Erarbeid oor die beste la paga exagery prette 91 - ZOOM + Sto ELITE da FE GENERAL MOTORS NYSEN 23 O 8.0() 0.46 4.1% VAILEE THEJNESS 3 2 2 498 LESENOS TEC-WCA. 41 , 15 1 L. Piese 49 w 13 : GTS - * RECEV PE PACE YLO High 370 25.0 21.3 41.1 300 377 41.3 Inv 11! 121 117 21 MR MY 21 307 Target Price Range SAFETY 3 2022 2023 2024 ... Par 123 -X 16-Mont Target Price Range Low High NVM 1591-1991 TS TROJECTIONS All -24 2 Minions 1432 110 229 L 12 -12 TOT RFTIR 119 AN cica THE . STO D wat 1812 N truth totooth 412 41304 31 Ini beraren 2909210 2011 2012 2013 2011 2010 2017 2018 2019 2020 and from one of the latest bankruptcy restructurings COURT 9 26.041002 ever se shares of General Motors were seldis TA 111.60 120 16504 15 Percepersh 783 1234 331 752 10.45 20 66.79 1802 14 16.90 Cash Flash 13:41 Le world's largest IPO on November 15, 223 $ 250 21 118 235 512 6.00 622 854 AM 2010. Atsal 550 milosteres nadal E5 Enispp 120 123 1.52 19 150 DX.Did 190 ancar almen pics, were sod in the 2 350 / 590 934 445 311 61 1 Copper 63 &03 1 CP 11 IPO.413 milon och bence 1602 11.12 13.5 22 22 22 22.5 24.95 27.75 22 20 Booth 4.0 by the U.S. Trescury, 12 milion from the 1997 19:30 2015 TTC: 126 Croan Cargo 1925350 LAW lust and 35 milion from the Canadi Care 123 TOL 1921. Ang And !! !! RER an governments stake This was 23 31 99 34 9 29 Vie Petre PEP Role 99 priced at $35 a stare. Ancher 34.8 billion in ... 3:0 S LOS 4 wire Ang De Vild % 4% 215 preferred that we also said 1522 155427 09829 25 15EXE 1973 19543 145075 Roni 17.15 15 ZTS L5 Vote Base ITIS CAPTAL STRUCTURE 23 O 3158 11 16 14 Ver Table SIN Canin Eng Mein TEOS ET20 7974361800 1590 0227329803 92 880 G X 969 Shuni ITONG.SILTI | 495 Mel Profil 9380 TO . T51. His remote 22 Tudi 41% 236 2078 21.19 2199 Peraton Kuss 12'11 92465 41 47% 46% CA 9400 CH ( Maha Oti, 591.1 COM MTRE 1790905113311 135 5314 11! 23 detail 75 Leaxes, Uncupiedra 63420 1543 633 243 31653 43549 067264 * XX 69T50 Long-km Debt - 3 30 X 23434 435 4450 SMI5She Doe ** sans ENO Carnach 1,2764603 0510 167 168 128 129 10.199106 N E El cap IVACKET EAP Son Large Lapl CAT 54. 1.IS 228 129 119 17 208 2128 23.5 247 148 149 Sun Shruty IN 1828 15 1 619 TSN wired cons 1695 ORRENT POSITION 201718 BOSCH ". wird.com W! 39 18 19 20 21 22 23 24 2 4 Divde ta Niet Pippi C Am 2325 2001 FOR 1184 459 PROE BUSINES3: Gewone Victor Concay the nation's argest cudo four or US brend: Buck Cox Chewed GWC 13063 1114 11 liester 1/10 ODY Cp De 21 2009 Cuner Secara rin 21 Wortes e Tole Vandres a Casin) 7.18 LVS K1811'18 Ecu Pots Payable 22880 27297 21400 LSILL 333 EROT 123 cicles 21 ctronics woodca the For Way T. Bana s 30 SaroCont De Or REFE PRI er Opcoes VIS TL 3-4-5 Here www Curon Lab SA a The strike at General Motors took it to gain to her market share among ANNUAL RATE Past Post Ex'd 16-18 com toll outlindur rules. The woulun SUV. Me while, the company luxury Syn. la pany lost about two weeks of production launched seven new models in the third Cash 90 due to the U.S. work stoppage. ile net et quarter, with five more co tap to the De LA 120 I leel was sl lilliou (S.52 per ser re- cumber period. In addition, il culmues lo 7.07% desetion in North American earnings before work on accelerating cost reductions to Boss We 53 interest and taxes (EBIT). Still segment help speed the LOOud of the business. Cot Ful QUARTERLY RENUESTS Full results improved 7 year over year, with we have cut our earnings estimate for cada Vat) Jun 21 B. Dec.31 You adjuxtu ERIT eming in 3 billion. This year, but a rebound , a appear liko- 31468 42373 498 5 Underlying domestic business contin ly in 2020. The biggest impier of the 40 2011 JE 1994 2 3175 145588 wed to display some favorable trends day strike will be felt in the December NINI 3 Deliveries at US Healerships were a quarter Management estimates it will 20 20.5 X yent over year to just under 739.000 reduce share set by about $2.00 for the 212) 55 38290 2750 37475 145576 units, duiven by the company all-new full year, and we have trimmed on earu Cat B16: PER SHITE Ful Cull-size pickups, such as the light-duty in all by a similar amount. For 2020, dulying Bedardi Jan 31 Sep 30 Dec.31 pour chari Sharada and GMC Sierra, and rebicles introduced this year shonld make 2013 Charole 124 6. Coosoves. Notably sales of the latter is longe coutributious as sales gain toto, 131.01!! 1.TE 1.90 1.12 155 GR rexxed 20%, marking their best quarterly with a further boast from the arrival of near 2011 11 . 17 103 85 per uur. GM undrailun er muli SUV. 2012 141 1.84 15 1.72 a. 175 However, conditions remained chal Furthermore, the company has achieved 2023 141.60.331 , 5.55 longius on the international front. Ia- 52.4 billion in cost savings since 2018, Cel UMRTEL ONDEME Full Hstywide sales in China were downal management expects to surpass the $4 bil- endar Wed Jun Supt Dec.31 Your most 11% in the September interim, and lion mark next year. 2013 0 3621 1.33 GM underperformed due to reduced W. xtill like the loan-term picture leay 2011 SE 91 demand for outgoing models and xymetlero. Althou CM ix seurally ranked 2017 S 90 ! shifts. On the plus sice, the Cadillac divifor the year ahead to al return potential 113 S8 !! 152sion did well, and sales up 11. ad the cat to 2022-2024 semains above average 2013 recently introduced XT. modul should help Marso Form NavR5070 ALLER FLERE GETSpalda chembe 21 Parpursuando Stregh Walsh Lads 2014 H DI ID 12 4131 SAS DE EST BIEDEN UNS Black Staalty EDES 1901. Irlanda De Cowhere 25 #01 Dec 12, 1923'TE SEND Os pt1824 18 Ear Patty TE POLO DE NOTRESAS SOS ROBES DE TRES TOM 1 To subscribe cal 1-501-VALUELINE 20 Prad d'Erarbeid oor die beste la paga exagery prette 91