Investment Analysis and Portfolio Management

Name
Instructor:
Course:
Date:
Free Cash Flow to Equity FCE
The aim of this documents it to review the model of Free Cash Flow (FCF) to equity FCE. To calculate the value of stock in a firm, there is a need to forecast on free cash flow or Equity FCE. Moreover, cash flow discounting is back to the required return rate. Free Cash Flow and Equity FCE are effective models to use in the case where a Company fails to pay its dividends as it reads from cash flow. Also, free cash flow follows up profitability. Free Cash Flow and Equity FCE enables the financial analyst in a firm to take up business control outlook.
Therefore, an analyst should ensure that there is a parallel difference between free cash flow compared to discounted dividends. For instance, the framework of free cash flow seems analogous as compared to Gordon growth model.
Free Cash flow to Equity
Free Cash Flow to Equity refers to available cash flow or the remaining cash after the interest of debt has been made. The remaining cash flow is what is finally distributed to various shareholders of the firm. It is important to note that in many companies investors come to buy their stock because they have a built a confident that a company will repay through dividend payments. However, a firm is liable to pay back only if it has acquired more cash than what had spent. This provides the reason why it is important for a company to calculate free cash flows to equity.
Cash flows
Cash flows refer to what enters into a firm as revenues after selling its product or a service.

In other words, cash flows enable a company to determine operating expenses such as taxes, salaries, and utilities. However, cash flow is limited to the interest’s expenses considered, as financing and is not part of the operating expense. After paying all the expenses, the firm uses the remaining cash flow to take on investment which is often regarded as working capital (Cohen et al. pg 14&15). An example of working capital includes inventory and receivables as well as long-term investments such as property and machinery.
The remaining cash pays the investors, stakeholders, and shareholders. In assuming that the company has not issued the required stock, piling of the remaining cash is what is termed as Free Cash Flow to the Firm (FCFF). The analysts call it free because of its use of freely paying the investors as well as other stakeholders.
FCFF is the cash that is available at all times to cater for the expenses of a company or firm investors, which includes; shareholders, stockholders, and bondholders once a company has already sold its products or services. This is the cash used to provide some services to the firm such as training, operating expenses and making both short time and long time investment depending on the remaining amount of cash.

Source: (Portfolio Theory and Property Investment Analysis pg 10)
Importance of FCFF in a firm
Firms use its FCFF to cater for its bondholders. This happens because shareholders are put on the last line regarding money storing. Therefore, firms use FCFF to make interest payments to the bondholders and this, in turn, has one major advantage; it brings down the cost of a tax bill. Free Cash Flow to Equity is what remains after a firm or a company clears expenses including paying off bondholders and bond investors.
However, it is good to note that the governing body in the firm, for instance, the board of governors can make further directions on how to use the cash. In some instances, it may decide to pay some of its dividends to some shareholders and put the rest of the cash at the bank to be used in the following year (Laili et al. pg 32). Therefore, in a case where FCFE is low in the coming year, it may not necessarily cut down the dividends payment. Therefore, FCFE can be termed as the available cash in the common shareholders after total cash has catered for capital requirements, the needs of working capital, as well as debt financing needs.
An example of FCFF and FCEE

Source: (Portfolio Theory and Property Investment Analysis pg 7)
Example
As it has been already described, free cash flow refers to what a business has been generated after capital expenditures as well as buildings and equipment have been accounted. Therefore, this cash is used in settling the company’s debts, expanding the business through investments or dividends. Therefore, it works as follows:
The formula of finding out cash flow is:
FCF = Operating cash flow – Capital Expenditure
Cash flow statement provides the data required to find out Company’s free cash Flow. A good example is where a company XA cash flow statement was reported to be $20 million, that is from Company’s operations and $10 million for capital expenditures in that year. In this case, the Company XA cash flow calculated will be:
FCF = $20million – $10 million = $10million.
Therefore, it is important for one to bear in mind that the Company’s or firms free cash flow is mostly determined by the condition of firm’s cash from the operations which on the other hand is highly determined by the firm’s net income. Therefore, in case a company has recorded high profits or expenditure and that it is not directly associated with the firm’s normal business during the operations. It is good to note that, in the analysis, the analyst should not consider those factors during the calculation of cash flow as a way to come up with a clear picture of what really can be termed as the normal generating ability of the firm’s cash flow.
Also, investors and other stakeholders should note that firms on their own can determine cash flow by expanding the duration of clearing out the bills, hence maintaining their cash. By a firm shortening the term of paying out bills, it means they are ready to pay the entire amount they owe through hastening the cash receipt
Another important thing to note is that most of the firms always have the idea on what items are or not taken as part of capital expenditures. Therefore, an investor should be keen on this during the time of making general comparisons of cash flow within various companies.
In this case, therefore, what matters more is to note that when there is a free cash flow in a company it means that there is enough cash to expand the business, purchase new equipment, develop new products, purchase back stock, clear the dividends or pay its debts. When the company is experiencing high cash flows is mostly an indication of an emerging company, which is thriving well in its operating environment.
Additionally, though in view of the fact that FCF creates direct effects on what the firm worth about, investors most of the times go for the companies that have good or importing FCF with their share prices being undervalued. This difference creates an indication that the company’s share price will go up soon. As FCF indicate the Company’s ability to create cash, which is primary base for stock pricing; investors value more on the free cash flow as compared to other financial measures.
The use of discounted cash flow for free cash flow
While using discount cash flow in calculating free cash flow, discounted cash flow can be used to discount the expected cash flow of a company in the future within suitable needed return. However, what makes this prediction difficult is that there a chance of ending up with two values namely FCFF value and FCFE value. This still complicates it further as the returns may come out as either Weight Average Cost of Capital (WACC) or the needed return on equity. The important thing to note, however, is to know the cash flow that needs to be discounted at a given rate. FCFF discounted over the WACC determines the firm’s value.
To calculate the value of firms equity
Calculation of the expected future value discounted at the needed return on equity gives the value of company or firm’s equity. Therefore:
Equity Value ( Ev ) = FCFE discounted over the needed rate of return.
Given the value of the company or firm, it is also easy to calculate the equity value by subtracting the firm value and the market value of debt.
Therefore,
Equity value = the value of the firm – the debt of market value.
Differences between FCFF and FCFE
The FCFF and FCFE models have a difference regarding capital structure and mostly reflect its difference in capital supplies. Compared to FCFF, FCFE is easier to apply mostly in the cases where there is no volatility on the firm’s capital structure. It is good to note that when a firm indicates a negative FCFE, and there is an outstanding debt, FCFF becomes the best choice to apply. Equity value can also be estimated indirectly by subtracting the market value debt to come up with equity value.
The perception of ownership in free cash flow approach can only be applied by the acquirer who can transform the company’s dividends policy, which is a controlled outlook or that of minority shareholding within a company. The ownership outlook indicates that the dividends discount approach is mainly owned by a minority who has less direct control over the company dividend policy. In a case where investors are ready to pay a premium to control the company, there could be seen some differences regarding values within the same company brought about by the two models (Mittra, Sid, and Chris Gassen pg 39)
Therefore, in most of the cases analyst prefer free cash flow as compared dividends valuation due to the following reasons; Where companies pay little or no cash dividends; Where the payments of dividends is done under the prudence of board of directors thus can also purely indicate the company’s long run profitability; In a case where company is seen as an acquisition target, free cash flow becomes suitable measure as a result of new owners who will be discrete over its distribution.
In most of the cases, net income is not necessarily demonstrated by free cash flow as they are defined by an FCFF. Therefore, it becomes an important to make various adjustments to net income to receive FCFF in determining capital investments; working capital as well interests expense. On the other hand, as a way to arrive at the CFCC, there is a need to add over non-cash charges due to the reasons that they are part of the expenses that is deducted or reported net income though they do not reflect on the cash outflow.
Relative valuation approach to estimating the value of stock (using the P/E ratio approach)
Relative valuation approach is also known as comparable valuation, and it is one of the important tools used during the valuation of assets in the firm. The approach involves a combination of various similar assets in determining the value of another asset.
In a real estate market context, relative valuation approach constitutes a model that is used to value the asset. This is a common method that is used during the selling of real estate. For example, at any time when real estate is valued the valuation process combines the value other related nearby estates that have already been sold. At every beginning during the valuation, the property or asset is nipped to solve any difference before agreeing on the final valuation ((Reilly (c) et al. pg 16).
Over the past, there was a belief that asset or property can only be valued on the amount the next buyer is willing to pay. The truth here is that things turn around the economic meltdown once the real estate sellers receive offers that are significantly below the value of their asset. Therefore, the effectiveness of relative valuation approach is that the process of valuation is mostly determined by the asset value that has been already purchased or sold.
However, a similar approach can also be applied to stocks, when carrying out a stock share in business, the basics of underlying business can determine the valuation of stock. The most common metrics that can be used in the relative valuation approach are the; the ratio to price earnings, return on equity, the operating margin, enterprise value, and free cash flow price
Relative Valuation Approach versus the P/E ratio
The generation definition of P/E ratio is the price to earnings ratio. Many scholars who have studied the P/E ratio have been focusing on the profit model whereby a P/E ratio is used. Other analyst having also has been focusing a ratio more of a real stock price over the earnings per share. There are various factors that determine the P/E ratio value, and one of them is the Franchise factor. When looking at this factor, does not involve only a discount model but also focuses on various types of discount model.
In measuring stock valuation, there are three major desirable properties; symmetric, proportion as well as non-invariant properties. These three properties present new ways of empirical analysis to the some of the capital market ratios and stock valuation. At the beginning of valuation, the relationship between the P/E ratio and the stock market is first estimated. Additionally, the analysis is done on if the individual stock returns have any correlation with the price to earnings ratio.
Also, the examination is done on the correlation between P/E ratio and the individual stock return even after controlled stock systematic risks in a more modified model regression. In finding out the capital market ratios, the P/E ratio can scheme with a stock valuation box; then the new value ratio P is described. P here can stand for the firm value while E can stand for the earning of the last period.
The PERS changes regarding value can be related to the changes in the current earnings ratio of a firm compared to firms sum value and the current earnings. It is then examined on whether the PERS provides a model specification. Some of the specifications that are used to determine if regression has the measure of P/E ratio can be better specified as compared PER given that it is used as the measure of P/E ratio.
In supposing that the regression includes PER as the measure of P/E ratios of the both standard and the poor index is analyzed. In the analysis, the changes of the first ten years can be considered as a dependent variable to average earnings in the first ten years to calculate the PER.
PER – Price-earnings ratio
PERS – Share value index
R2 – Determination index.
Source: (Portfolio Theory and Property Investment Analysis pg 19
Another example
Another example is in a case where there are two assets which are almost the same; in finding out the relative valuation, there should be an attempt to involve differences for that reason. However one cannot begin applying relative valuation when there is different. For instance, the relative valuation approach may not apply to Macdonald Company and Darden Company. Despite the fact that both of them are restaurants, McDonalds’ focus more on the fast foods while Darden deals with sit down concepts.
Another reason why they can’t be re-evaluated is that though they deal with food business, they provide different packages with different prices. Therefore, comparing their P/E ratios may be quite difficult and ineffective because they have diverse business models. The best way to ensure effective valuation model over P/E approach is by ensuring the business models are the same.
Another example is Master Card which is the most common credit cards in the world. Therefore, a relative valuation approach can be calculated.
For instance, in summer 2013, the MasterCard traded with a stock price of $96.15 per share with EPS of $ 1.90. Therefore, its P/E ratio can read as follows:
Stock Price (96.15)/ earnings per share (1.90) = 50.60
Limitations of relative valuation approach in estimating value of the stock
Just like any other valuation tool relative valuation approach has its limitations. One of the major of its limitations is that it creates an assumption that market has correctly valued the business. Another valuation is also based on the past performances in which future performance compel future prices, and the relative valuation approaches do not count for growth.
Estimation of Sales
Sales estimation in a firm is carried out to determine the firm’s future sales, and it is likely based on sales records. It is normally carried as a market research. The information gathered after market research can be used to forecast sales. The sales estimation in a firm can be well organized to include information regarding the competition, market trends, and statistics on the issues that affect customer base.
In most of the firms’ sales forecasting, is done with the aim of finding out new patterns to increase the revenue base. In the management of firms estimation of sales can be difficult. Most firm owners believe that they are good at sales estimation. Sales estimation made by the company managers can sometimes turn wrong. The analyst found sales forecasting as more of science than art.
Therefore, firms should conduct sales forecasting regularly, and the needs of forecasting require to be measured as a way to adjust future methods if it found important. Sales estimation mostly is a process that begins during the marketing. Managers, therefore, determine how far sales estimations can be done. Sales estimation can be short term or long term depending on the market dynamics.
Profit Margin Ratio
The profit margin ratio is also referred to as the gross profit ratio. The profit margin ratio determines the amount of income got from each unit of sales or got after net income of a firm. Also, the profit margin ratio indicates the sales that are left when the company has paid all its expenses.
Profit margin ratio can be used by investors to determine how effective the firm is regarding changing sales to net income. The role of an investor is to ensure that there is high profit to facilitate the distribution of dividends. Creditors, on the other hand, creditors need to ensure that the company has enough profits to repay back its debts. When there is low-profit margin would show that there are numerous expenses, therefore, the firm need to cut some of its expenses.
Formula
The formula for calculating the profit margin ratio can be calculated through:
Profit Margin Ratio = Net Income/ Net Sales
The net sales can be calculated by subtracting returns from gross sales. Net income is equal to:
Total Revenue – Total Expenses (It is good to note that it appears last in the income statement).
Analysis
The role of profit margin ratio is to measure the total percentage made of up to net income. In other words, the profit margin ratio determines the amount of profit acquired after the firm has done a certain level of sales in a particular period. This ratio also determines how best the firm can manage its expenses about its net sales. This is the reason why the firms struggle to meet higher ratios. Mostly they do this by revenue generating and keeping all revenues constant or cutting down some of the expenses.
Companies find it difficult to generate more incomes as compared to cutting down some of its expenses. In this case, managers try as much as possible to bring down some of the less worthy expenses to enhance their profit margin. Just like many profitability ratios, profit margin ratio is more applied in giving comparisons in terms size within various companies in the same industry. The ratio is also used by the managers to evaluate the firm’s past performance.
Example
Tommy shop is an outdoor shop specialized in selling automotive goods to the public. In 2014, was the best year for Tommy regarding sales he has ever done since he opened shop seven years ago. In 2015 Tommy’s net sales were $200,000 and his net income worth $200,000.
Tommy return on sales ratio =
Profit Margin Ratio
10%=$200,000$2000,000In this example, Tommy converted 10 percent of his business sales into profits. By contrasting this with 2016’s $100,000 of net sales and $ 300,000 of net income, there is an indication that the business will have fewer sales but expenses was cut to convert more of the business sales to profits with a ratio of 20 percent.
Estimating earning multipliers
Earning multipliers is also referred to as price to earnings ratio P/E). P/E is a valuation approach used to provide comparisons on the firm’s current share price and per share earnings. Market value per share is used to determine the current trading price in one share in a company. However Earning per Share (EPs) may not be perceptive to the most of the investors. The most traditional and broadly used version can be derived from price to earnings ratio. Another way to calculate variation EPS is by using the estimated earning multipliers.
To calculate Earnings Multipliers + the value market per share/Earnings per share (EPS)
For example, Company ABC that is currently trading at $200 and its Earnings per share are $10. By applying the mentioned formula, it is good to note that ABC’s earning multiplier is 200/10 =20.
Looking just at the example it is clear that an earning multiplier is a power tool in valuation though it is a limited one. To the investors earning multiplier enables quick snapshots of the firm. Comparing the earnings multiplier of Company ABC which is 20 and other companies offering similar products there is a likelihood of the company offering higher earnings in future compared to taking into consideration its higher multiplier ratio. It is good to note that earnings multiplier is always limited and does not reflect the entire picture of the potential investors but instead acts as a complementary tool to the financial toolbox.
Differences between Growth stock and value stock
A growth stock and value stock are basic approaches to stock investing. Most of the growth stock managers go for stocks of a firm that have strong potential earnings. On the other hand, fund managers go for stocks that are undervalued by market places. Though in some companies earnings go down during periods of economic recessions, growth companies mostly seek to attain high earnings despite economic turbulence. Emerging companies are companies that have the ability to attain high earnings but have not strongly established their earnings growth.
Comparisons between growth stocks and value stocks
Growth Stock Value Stock
A growth stock is priced much higher than stocks of similar firms within the same industry. A value stock is priced much lower than stocks of similar firms within the same industry.
They are featured by growth records that have high earnings Currently, in most companies, they are priced below companies that are similar regarding growth within an industry
Growth stocks have lower sensitivity over economic conditions compared to broader markets Value stock carries over more risks as compared to broader markets.
To start with growth stock is mostly linked to big firms especially the successful ones, who’s their average earnings about the market go beyond the average rate. Value stocks are associated with low (P/E) and low price to book ratios. When investors go for these stocks, they create a hope that they will increase value when the wider market identifies their full ability which should lead to increased share price.
Advantages of growth stock
Rapid growth
A growth stock is associated with rapid growth as it mostly focuses on the companies that have already established regarding growth and they continue to do so in future. When investors see this momentum of rapid growth of a company interpret to them that there will be a likelihood of faster wealth accumulation
Long-term Dominance
Big multinational companies such as Wal-Mart and Apple started as high stock growth aspirations by identifying the emerging companies that would like to have high dominance in the industry.
Rise above the trend
Companies that have invested by growth stock mostly rise above the trend of more than 10 percent after a period of five years.
Disadvantages of growth stock
High volatility
A growth stock is extremely high volatile, and many companies normally fear that this kind of growth can make them lose a big amount of value in a short time.
Substantial research
Another disadvantage of the growth stock is that it requires a high amount of research more on stocks before one starts investing.
Long-term
Another disadvantage in this kind of investment is that it requires a substantial amount of time. If one investor who thinks of making high profits within a short time, growth stock might not be a favoring option.
Choosing a Wrong Company
In this type of investing, growth stock investors may find themselves choosing a wrong company of investors. An investor may realize this when the growth prices of the stock start declining.
Advantage of value stock
Good for impressive profits
Value investing is good for impressive profits due to the facts that most investors seek to buy the stock when it is highly trading at a reasonable discount. Investors, therefore value a lot of value stocks since they keep improving their earnings overtime.
Attractive risks
Value stocks mostly create attractive risks by trading fairly with low valuations and with low dollar price.
It is based on solid research
Value stock investing requires solid research a factor that creates margin safety among the investors.
Disadvantage of value stock
Requires contrarian approach
In most of the times value investing requires contrarian approach because it wagers within the majority view of the stock.
Huge losses can lead to low averaging
Depending on a value stock that is continuing the value of the stock can either average down or up. In a case of averaging up, an investor may fall under a high loss.
Time factor
Additionally, value investors also look at the history of a company. They normally spend most of their time studying the company’s financial statement to give estimates on the stock value as compared to the trading prices during the time of its valuation (Reilly (b) et al. pg 23 and24). Once the investor is through with the examination of financial statement can either decide not or to buy. However, the challenge arises during the agreement on what should or should not be calculated. In other words the calculated value company worth,
Studies that have been carried before show the company’s return benefit over time when the company buys a stock that is cheap compared to others; what is normally referred to as the value stock.
Example:
The company ABC trades with price to earnings (P/E) ratio of 20 to 25, when one buys the stock when it is trading at a P/E of 21 and then it rises to 26, one can sell when its P/E ratio starts going down This mostly cannot be seen as an investment that is risk free. In this case, therefore, a risk can be involved since there is a possibility of ABCs P/E has gone down due to the company not justified.
Therefore looking well from the above example one can ask a question of why the people do not invest in a company whose stock has low P/E and a high rate of rapid growth. However, this is because most of the times situations are rare. Investors are attracted by growth and the increase in the stock price.
Growth stocks make good investments
Agreeing with this statement first it is good to note that at the beginning of new millennium the technology company was a thriving factor that made the growth stock to yield unprecedented benefits to the investors. However, before any investor can enter into any growth related investing arena he/ she would realize that the strategy though its good it has potential impacts (Reilly et al. pg 6).
When defining growth investing the best method to use is first by differentiating it with value investment. In many cases, the value investor is mainly concerned with the presently growing stock and the ones who are trading lower that the perceptible growth. On the other hand, the growth investors look at the company’s future capability regarding growth and the prevailing factors. They emphasize less regarding the present price.
As compared to other investors, look for the companies that are thriving higher regarding trade and do not concentrate on what they currently worth. However, this is performed with the idea that the company’s worth net will grow to surpass its current valuations.
As the name suggests itself, growth stock refers to companies that grow ostensibly faster as compared to others. Therefore, investors are much interested in the young companies that have progressed well. Therefore, the main argument here is that when there is growth regarding earnings or revenue generating automatically this will translate to an increase in stock price.
Normally, the growth investor focuses on the investment that is rapidly growing especially the ones that have invested highly in technology. In such companies profits are normally realized through the capital gains and they are not based on the dividends as all the company mostly invest on what is earned and not on the dividends paid.
It is good to note that the growth investors are mostly concerned with the Company’s ability to grow, but there is a formula for looking out for this ability. Any method that involves selecting or picking any growth stock is necessarily determined by the depth of interpretation and judgment of particular individuals.
The growth investors meanwhile can also apply various methods as well as setting the guidelines that can be used as a framework to carry out analysis. However, such methods are applied to the company’s certain situations. The most important the investor can focus more on the performance of the industry or company in the past as compared to its present performance.
Investors Corporation is one of the popular organizations set to teach people on the strategies of growth investing. Some of the set objectives of the corporation are to enable the investor to become aware of the value based on its annual revenue. This strategy has been growing over the recent past. Though the corporation advice the company the EPS growth of more than five, for investor, the display of 10 year period can be a bit fantastic. The idea lying through this is that company’s or firms can display effectively the growth.
Te size of the company Growth in the last 5 years
$ 10 B 9%
$600M >$10B 11%
$700M 13%
The main idea here is that a company that has displayed good growth can continue thriving well in the next five, ten and fifteen years to come.
Another criterion is the projection of the company in the next five years whereby according to the table the growth rate can be estimated to be 15% to 16% though this can be projected well by the analysts or from any other credible source of information. The problem her with the forward estimates is that when the investor see the potential growth he/she becomes certain with the projection through before building full trust is supposed to evaluate its suitability and credibility.
This, however, may require knowledge of normal growth rates to various companies. For instance, a large company may find it difficult to achieve rapid growth than the small technological company. When analyzing the consensus estimates, the investor should be aware of the industry especially its projections and the stage of growth that the company is at the moment.
The guideline set by the corporation also mostly focuses on the profit margins especially before taxed. Most of the companies suggest the outstanding growth with less than gains in earnings. The annual revenue growth is also important when the EPS has not increased exorbitantly. There is likelihood as a result of decreased profit margin.
As well an investor can check the efficiency of the company in its readiness to quantify its efficiency through the use of Return on Equity (ROE). The effective in the usage of assets can be reflecting in an increasing ROE. However, in determining this metric, its analysis should be relative.
In a case where the stock cannot double within the consecutive years, that one cannot be termed as the growth stock. This becomes a consensus that can seem to be either high or unrealistic for that matter. But it is good to note that the growth rate of 10 percent stock price can double in 7 years. Therefore, the growth rate the investor could be seeking could be 15 percent per annum.
An Example
A good example is by using figures from the statistics drawn from Microsoft Company statistics of 2003.
1. Five-Year Projections  

Source: (Microsoft pg 9)
Form the graph above is 5% standard according to NAIC sets of Microsoft’s size.
Source: (Microsoft pg 9)
In conclusion, it is good to note that the growth investor is much concerned by the growth which acts as a guiding factor. As a guiding factor in determining the growth investment, what is important for a growth investor is to look for a company that is keeping re-investing on the new technologies and infrastructure to come up with new products. However, despite the fact that stocks may be expensive at the present moment, the key idea here is that investors believe more on expanding the bottom lines that in turn will ensure investment thrives well in the long run.
Work Cited
Cohen, Jerome B., Edward D. Zinbarg, and Arthur Zeikel. Selected Chapters from Investment Analysis and Portfolio Management. Homewood, IL: Irwin, 1987. Print
Laili, and Bulang. Tou Zi Fen Xi Yu Guan Li = Investment Analysis and Portfolio Management. Bei Jing: Ji Xie Gong Ye Chu Ban She, 1998. Print.
Mittra, Sid, and Chris Gassen. Investment Analysis and Portfolio Management. New York: Harcourt Brace Jovanovich, 1981. Print
“Portfolio Theory And Property Investment Analysis.” Property Investment Theory (2016): n. pag. Web
Reilly. a , Frank K., and Keith C. BrownInvestment Analysis and Portfolio Management. Fort Worth, TX: Dryden, 1997. Print.
Reillyb, Frank K., Keith C. Brown, and David John. Leahigh. Investment Analysis and Portfolio Management. Mason (Ohio): Thomson/South-Western, 2003. Print
Reillyc, Frank K., and Keith C. Brown. Solutions Manual: Investment Analysis and Portfolio Management /Frank K. Reilly, Keith C. Brown. ; Prepared by Jeanette Medewitz Diamond. Cincinnati, OH: South-Western, 2000. Print