ASX- Listed Company Valuation Report: Telstra Corporation Limited

This report requires you to undertake a valuation exercise on an Australian Securities Exchange (ASX) listed company. You are required to use the models presented in the course to calculate a share price for the company and then critically evaluate the value you have determined.

Executive Summary:

The report shows the valuation of the Australian Exchange listed company Telstra Corporation. It has shown the analysis and computations of several variables for the computation of the stock value of the company. Valuation methods include the CAPM model, the two-stage dividend growth model, and the constant dividend growth model. Another customized model has been presented as well. The limitations and pros of each model have been presented as well. The assumptions and underlying concepts have shown that forecasting is still a vulnerable and unpredictable concept. The constant growth model, the CAPM model, and the two-stage dividend model yielded the price of the stock which was substantially higher than the current value of the stock showing its disparity. The customized model adopted various features of all models to change variables and get an optimal value of the stock. The resultant value was better relatively as compared to other methods. However, it was still higher than the current market price.

Introduction:

The report will conduct an in-depth valuation of an Australian Exchange listed company. The company which has been selected for this purpose is Telstra Corporation Limited. The company trades in the Australian Stock Exchange by the stock quote of TLS. On October 17, 2018, the stock of TLS was trading at AUD 3.06 with a negative change of AUD0.01 declining by -0.33%. The company is classified as a telecommunications and technology company (Yahoo Finance, 2018).

Telstra Corporation Limited is one of the largest telecommunication companies in the world and has become a well-known brand for Australia over the years. It managed to secure the 9th rank in the list of Australia’s top 200 public corporations. The company provides customers with some products and services that include the building and operation of telecommunication networks, provision of various products such as mobile phones and home phones, provision of wide range of data, online and internet services and servicing the local and international calls made from Australia. It also provides directory services all over the country.

Australia has a huge telecommunication history. Postmaster-General’s Department (PMG) was originally responsible for providing telecommunication services in the country. It was formed in 1901. PMG was replaced by separate commissions in July 1975. Australian Postal Commission was made responsible for the postal services, and the Australian Telecommunications Commission (ATC) was in charge of the domestic telecommunications services of Australia. In the year 1989, the ATC became Australian Telecommunications Corporation. In 1946, a separate body was established by the government called the Overseas Telecommunications Commission which was later merged with the Australian Telecommunication Corporation (ATC) in 1992. It was named as the Australian and Overseas Telecommunications Corporation (AOTC). In 1993, the company was renamed Telstra Corporation Limited.

The word Telstra is a combination of the words ‘Telecom’ and ‘Australia.’ The Telstra Corporation Limited has been facing tough competition from the second largest communication corporation of Australia, i.e. Optus and some other telecommunication service providers as well since the 1990s. In 2007, Australia played a prominent role in upgrading fixed-line telephone network to National Broadband Network (NBN) all over the country. Thus, it has earned priority on this network.

Telstra has become Australia’s largest mobile telephone and fixed-line services provider. It is responsible for providing home phones, mobile phones, business, and many other PSTN products. Telstra has built and now operating Australia’s largest 3G and GSM networks in the country. It is also responsible for outsourcing a major part of network maintenance and installation to some private contractors and ventures that includes some popular names as Siemens Thiess Communications Joint Venture (STCJV) and ABB Communications as well. Telstra Corporation Limited has been maintaining most of the public telephones of Australia. It provided mobile telephony services in the country for the very first time in 1981.

Telstra faces tough competition with the other telecommunication giants in Australia. The trio of the companies who controls over 90% of the mobile phone industry includes Telstra, Vodafone and Optus. This trio is facing competition from TPG who is preparing to enter the mobile market. This introduction of Teoh’s mobile network is expected to significantly ratchet up the pressures of competition. It is expected to slash the mobile plan from 30% to 60%. This has been tackled by the existing telecommunication companies with plans for new inclusions such as higher data limits for no costs.

The biggest potential impact is going to be on Telstra as it is the current market leader and has the trend of defending its market share against the new entrants. The company is investing billions on in the launch of the 5G services next year. However, it is feeling competitive pressure as the company share price hit $3.20 at a six year low. The company still owns the fixed line ownerships which is its distinction. The data cable network and plat TV network Foxtel is also owned by Telstra on which other competitors are dependent. Optus has remained successful in installing its own infrastructure. Teoh is also investing to build its own infrastructure. All in all, the competition in the telecom industry is only going to intensify more in the coming years (Chanticleer, 2018).

2. Historical Time Periods Selected & Importance of Monthly Intervals:

For the calculation of the beta value, the appropriate period for the gathering of historical data holds crucial importance. The type of data that is selected for the valuation should include periods of economic contractions, and expansions and various other influences. It is important that the data is not reflective of only the economic slowdown or economic growth but both. According to studies, a stronger relationship among the returns of the stock and its beta value is evident when the period used for valuation is medium to long-term based as compared to the short period (Fernandex, 2006). The study found that a six to eight years period would be more reflective of the beta value for a portfolio.

Furthermore, the monthly return intervals also provide the best solution as opposed to considering the weekly or daily measurements. The weekly or daily returns usually limit the meaningfulness of the overall exposure of the market to a specific portfolio. The shorter period returns usually can be disturbed by the statistical noise that is due to the non-trading showing few data points. It has been shown through studies that the value of beta, which is derived from the daily returns of stocks, cannot show the market exposure to the stock substantially. Usually, the beta values derived from the annual stock returns differ from the ones that are derived from the monthly stock returns. It is found that monthly returns are a better approach to calculating the value of the beta coefficient (Koeller, Goedhar, & Wessels, 2010).

For our calculations, we are using the monthly returns of the Telstra Corporation from September 2012 to September 2018. The adjusting closing prices of the stock have been used for the computations of the return. The time span included 73 monthly intervals. The reason for selecting the six years’ time span has been given above. It was done to ensure that maximum exposure of the market was measured in computations (Davis, 2001).

ASX 200 Index:

The data for the returns of the market was obtained from the Australian Securities Exchange 200 equity index. This index is considered as the benchmark for the institutional investors of Australia (Yang & Lepone, 2013). The ASX 200 index, however, does not include the dividends paid to the stockholders, showing that it does not show the total returns of the market investments paid during the six-year period. Despite the lack of consideration of the dividends, the adjusted closing price is good enough to reflect on the value of the stock of Telstra. Hence it is used in computations. The company is listed on the Australian exchange which has been found by studies as appropriate as it is highly positively correlated and exhibits similar risk-return characteristics (Costa, Jakob, Niblock, & Sinnewe, 2015).

Calculation of Beta Coefficient:

The value of Beta is computed by.

β_i=σ_im/(σ_m^2 )

Here.

β_i denotes the beta

σ_im= the covariance between the TLS returns and the ASX 200 returns

σ²_m=the variance of the returns on the ASX Index

The closing adjusted stock prices and stock returns for Telstra and the market return and adjusted closing prices for the ASX 200 Index from September 2012 to September 2018 are shown in the table below.

The return movement for both TLS and market ASX is shown in the graph as.

Chart 1: Returns of TLS and ASX 200 Index

The covariance of the monthly returns is found to be equal to.

Covariance=0.000674

The variance, on the other hand is found, l to:

Variance=0.00109

It shows that the calculation for beta can be done as.

β_i=σ_im/(σ_m^2 )
=0.000674/0.00109
β_i=0.488

Analysis of the Beta Value Computed:

It is known that the beta value of 1 show that the risk of the portfolio or stock is equal to the market risk. This beta value of 0.488 shows that Telstra stock has an above average risk and return as compared to the market. It indicates that the portfolio of stocks which contain a similar beta as the TLS would have a a volatility of just more than half of the market (Allen, Brealey, & Myers, 2013).

Comparison:

The business information market has also been computed and shown somewhat close or similar value of the coefficient of beta. This similarity of the beta values shows that similar historical time periods have been utilized for computations.

Table 2: Beta Values

Calculated Beta	Financial Times	Reuters	Yahoo Finance
0.488	0.6217	0.62	0.49

(Financial Times, 2018)

The difference in the value of the beta coefficient shows the limitation of the selection process of the variables which was of arbitrary nature. The difference could be because of the different periods of stock prices used or return intervals difference or because of the different adjustments made to the value of the data prices like the addition or lack of addition of the dividend yield. We can see that the calculated beta value is equal to the beta value by financial times and Reuters. While the beta value by Yahoo finance is different. For this, the website has shown that the beta is computed based on three years monthly returns. It shows that the historical period used was shorter. The rationale of the investors can also be the reason for the difference in the difference in yields. For example, the investors can choose to have five-year data for reflecting on personal investment and its horizon. Furthermore, research has shown that the use of varying data for calculation of beta is negated if it belongs to Australian Exchange as it has a positive correlation (Costa, Jakob, Niblock, & Sinnewe, 2015).

CAPM | Capital Asset Pricing Model:

For Telstra Corporation, the discount rate can be calculated by using the risky asset and its rate of return employing the CAPM model. The CAPM or Capital Asset Pricing model is used for the computation of the rate of return of a portfolio. As per this model, the equilibrium rate of return on assets can be found by calculating the covariance of the assets with the market portfolio(Allen, Brealey, & Myers, 2013). As per the CAPM model, it is established that the expected return.

r-r_f=β(r_m-r_f )
Expected risk premium on Telstra Co.stock=beta × expected risk premium on market (ASX 200 Index)

Calculations of Discount Rate through CAPM:

The calculations of the discount rate can be done by using the equation of CAPM mentioned above.

The given 6.5% of the risk premium of the market shows that the investor needs to have 6.5% of return over the risk-free rate to hold the portfolio of the market.

Risk-Free Rate |rf:

It has been shown that the government bonds of the country in which the company is being valued for the time horizon that is equal to that of the investment period would be considered a a proxy for the risk-free rate (Damofaran, 2008). The present value of the government bonds was selected as compared to the historical mean of the past rates as it would appropriately apply the function of present value. As contrary to looking at the historical data for the computations, the valuation of the stocks should be done by using the present rates as depicted on the present day. For the computations, we have used a 10-year estimate as it was quite difficult to obtain the risk premium for five years. From more of a practical perspective, it is better to utilize the longest time horizon for the computations, which is done by using ten-year estimates for the risk-free rate of the market.

The government bond yield of Australian government bonds for 10 Years was at 2.71 percent on October 18, 2018 (Trading Economics, 2018). It shows that the risk-free rate is equal to

Rf = 0.0271

The coefficient of Beta:

For the computation of the expected rate of return of Telstra Corporation through the use of the CAPM model, we need the value for the coefficient of beta. The calculated beta value shows a value of 0.671 which is also similar to the value of the business information market mostly. Moreover, as we know what variables have been used in the computation of this beta value, we can better understand its influence.

Computations:

For the computation of the expected rate of the return value from the CAPM equation, the values would be substituted.

r-r_f=β(r_m-r_f )
r_f=2.71%
β=0.488
(r_m-r_f )=6.5%

Substituting values in the equation; Therefore,

r=0.0271+0.488(0.065)
r=0.06714=5.89%

The discount rate is found to be 5.89% for Telstra Co.

Annual Dividend Price:

For the computation of the dividends paid on an annual basis by Telstra Corporation, the future value of the dividends to be paid can be added into the final dividend distributed in a year. It would yield the equation.

Future value of the Dividends =C_0+(1+r)^n

Here.

C₀ is the quarterly dividends

R is the rate of discount

And n is the number of periods

The dividend payments by Telstra Co in 2018 have been.

Table 3: Future Dividend Calculation

Date	Amount	Description	Value
28-Feb-18	0.075	Interim Dividend	0.075
29-Aug-18	0.075	Interim Dividend	0.15
Sep-18	0.075	Final Dividend	0.225
		Total	1.31

 

Constant Growth Model:

P_TLS=(D_0 (1+g))/(r-g) =D_1/(r-g)

Here.

P_TLS= the stock price of Telstra

D₀ = the current dividend of Telstra

D₁ = the next dividend (i.e., at time 1) of Telstra

r = the required return on the stock of Telstra

g = the growth rate in dividends of Telstra

By substituting the values of the equation.

D_0= 1.31
g = 0.08
r = 0.06714

The equation after substituting the values.

P_TLS =(1.31×1.08)/(0.06714-0.08)
=-108.83

The negative value of the stock price shows that the discount rate of 6.7% for Telstra is lower than its growth rate of 8. If the dividend growth rate of Telstra exceeds the expected return rate, then it leads to a negative value as shown here because of the negative denominator.

Adjustments:

For balancing out and rectifying the negative share price, a growth rate of 4% is used now in the equation.

P_TLS=(D_0 (1+g))/(r-g)=D_1/(r-g)

After substituting the values of.

D_0=1.31
g = 0.04
r = 0.0671

The equation becomes.

P_TLS =(1.31×1.04)/(0.067-0.04)
=50.46

Therefore, this shows that the stock price would be valued at $50.46 which is quite higher than the current market price of AUD 3.06 (18 October 2018). While this estimate of price to be higher than market shows that currently, the stock price is quite undervalued for Telstra Corporation. Furthermore, this is also due to the use of an unrealistic growth rate of 4%.

Long Term Growth Rate for Telstra Corporation:

The forecast for the inflation rate of Australia is at 1.75 as per the Reserve Bank of Australia for 2018(Reserve Bank of Australia, 2018). It shows that the long-term growth rate would be considered as

Two-Stage Growth Model:

For this calculation; we would be using the two-stage growth model which revolves around the equation.

P_TLS=(DIV_1)/(1+r)^1 +(DIV_2)/(1+r)^2 +(DIV_3)/(1+r)^3 +(DIV_4)/(1+r)^4 +(DIV_5)/(1+r)^5 +(1/(1+r)^5 +(DIV_6)/(r-g_2 ))

Here.

r = the discount rate we computed earlier =0.067

g₁ = is the dividend growth rate we have used earlier= 0.04

g₂=forecasted inflation rate for 2018= 0.0175

Substituting these values in the equation mentioned.

Here.

DIV1=1.31 (from part 4)
r = 0.067
g1 = 0.04
g2= 0.0175

Computations:

The resultant computations are shown as;

P_TLS=(1.31(1+0.04))/(1+0.067)^1 +(DIV_1×(1+0.04))/(1+0.067)^2 +⋯+(1/〖0.067〗^5 +(DIV_5×(1+0.04))/(0.067-0.0175))

=39.57612

Analysis of Result:

This computation shows that this is a more practical and realistic approach compared to the one in which 4% growth has been used. The use of the steady growth rate is evident after the five years as shown in the small change in the Telstra stock price. Still, the difference with the current stock price of Telstra is significant with this method as well. It shows the limitations of the two-stage model. Even when it considers multiple growth rates, it also assumed that the growth rate shift happens immediately as compared to the gradual change between the stable and aggressive growth rate (Levhari & Levy, 1977). Even though it can happen in a realistic situation and sudden changes in growth rate happen, it is not very realistic to base our valuation on it.

New Model Computation

Calculation for Market Risk Premium:

Moving on from part 2, the given 6.5% risk premium does not show how it has been calculated. It would be better if we changed this variable to make better results. As the concept of the risk premium is a forward-looking concept, it has to show the expectations of the investor in the future. It can be done by using some historical data as well. Here it is assumed that future considerations can be based on historical data. Now, what would be the most appropriate time horizon for this calculation? It is done by using all available time horizon data. By using the most recent period the justification for the future risk premium of the market can be provided. As based on the Yahoo finance the 52-week return of the ASX 200 Index showing a market risk premium of 11.33% (Australian Seucrities Exchange, 2018).

(r_m-r_f )=0.113

Beta:

The value of the beta has been remained the same at 0.488 because of the reliability of the computation method, monthly intervals, and medium time horizon. It is also further confirmed by the Financial Times and Reuters.

Risk-Free Rate:

The risk-free rate also remained unchanged at 2.71%

Discount Rate:

The discount rate calculated from the new substitute’s values makes up the equation as;

r-r_f=β(r_m-r_f )

New Values to be added in the equation;

Here;

rf=0.0271

β=0.488

(rm-rf )=0.113

Therefore, the new discount rate is:

r=0.0271+0.488(0.113)
=0.824=8.24%

Computation of Growth Rate of Telstra:

As seen from part 5 the growth rate for the divided was set at 4% while the constant growth rate was set at 1.75%. However, it is known that Telstra is a big and mature company which has shown stable earnings in the past by having little or no room for growth(Business Spectator, 2018). It shows that it does not have very aggressive growth prospects but the profits are redistributed in dividends form. A more practical growth rate can be computed by using the data mentioned below.

Table 4: Dividends of Telstra Co

Date	Year	Amount	Change in Dividend
18-Feb-13	2013	0.14	0.00%
19-Aug-13		0.14	3.57%
24-Feb-14	2014	0.145	3.45%
27-Aug-14		0.15	0.00%
25-Feb-15	2015	0.15	3.33%
25-Aug-15		0.155	0.00%
1-Mar-16	2016	0.155	0.00%
24-Aug-16		0.155	0.00%
1-Mar-17	2017	0.155	0.00%
30-Aug-17		0.155	-29.03%
28-Feb-18	2018	0.11	0.00%
29-Aug-18		0.11
		Average	-1.70%

(Sharedividends.Com, 2018)

The growth in the dividend payments is calculated by taking the mean of the change in dividend values for all these years

g_2=growth in TLS dividends=-0.17

From 2012 to 2018, the Telstra Co changed the amount of dividend minorly but twice. It increased the dividend on the first account changing from 0.14 to 0.15 however on the second account it declined the dividend payment to 0.11 showing that negative sign in the growth rate.

Price of the Stock:

The new price thus now is calculated by the equation:

P_TLS=(D_0 (1+g))/(r-g)=D_1/(r-g)

Here;

D_0=Dividend of TLS at the time 0
r = discount rate for TLS =0.96
g_2=growth in TLS dividends in perpetuity=-0.17

By using the values and adding it in the equation

Here.

D_0=1.31
r = 0.96
g_2=-0.17

Calculation

P_TLS=1.31(1+(-0.17))/(0.96-(-0.17) )=11.39

Conclusion:

This new price of the stock of Telstra Co is much more near the current stock price of AUD 3.6 and is lower than the last calculated price.  While it shows a more reflective approach towards the variables of the stock, the disparity is not much substantial. As the discount rate was too high, it can be attributed to this reason. The market risk premium was also relatively very high for this calculation. It shows that the beta value is not a good representative of future prices. The speculative nature of the forecasting is shown in this report.

References:

Allen, F., Brealey, R., & Myers, S. (2013). Prinicples of Corporate Finance. Australia: McGraw Hill.

Australian Seucrities Exchange. (2018). ASX Course8: Market Indices and market sectors. Retrieved from http://www.asx.com.au/data/accessibility/course_08_etext.htm

Business Spectator. (2018). Telstra Corporation Limited. Retrieved from http://markets.businessspectator.com.au/shares/TLS/telstra-corporation-limited

Chanticleer. (2018, March 27). TPG’s new mobile network puts heat on Telstra, Optus and Vodafone. Retrieved from https://www.afr.com/brand/chanticleer/tpgs-new-mobile-network-puts-heat-on-telstra-optus-and-vodafone-20180327-h0y156

Costa, B., Jakob, K., Niblock, S., & Sinnewe, E. (2015). Benchmarking’ the benchmarks: How do risk-adjusted returns of Australian mutual funds and indexes measure up? Journal of Asset Management, 16(6), 386-400.

Damofaran, A. (2008). What is the riskfree rate? A search for the basic building block. Retrieved from http://people.stern.nyu.edu/adamodar/pdfiles/papers/riskfreerate.pdf

Davis, J. (2001). Explaining Stock Returns; a literature survey, working paper. Retrieved from https://us.dimensional.com/library/articles/explaining-stock-returns-a-literature-survey.aspx

Fernandex, V. (2006). The CAPM and value at risk at different time-scales. International Review of Financial Analysis, 15(3), 203-219.

Financial Times. (2018, October 18). Telstra Corporation Limitied. Retrieved from https://markets.ft.com/data/equities/tearsheet/profile?s=TLS:ASX

Koeller, T., Goedhar, M., & Wessels, D. (2010). Valuations: measuring and managing the value of companies. New York City: McKinsey & Co.

Levhari, D., & Levy, H. (1977). The capital asset pricing model and the investment horizon. The Review of Economics and Statistics, 59(1), 92-104.

Reserve Bank of Australia. (2018). Economic Outlook. Retrieved from https://www.rba.gov.au/publications/smp/2018/feb/economic-outlook.html

Sharedividends.Com. (2018). Dividend History for TELSTRA CORPORATION LIMITED. (TLS). Retrieved from http://www.sharedividends.com.au/tls+dividend+history

Trading Economics. (2018). Australia Government Bond 10Y. Retrieved from https://tradingeconomics.com/australia/government-bond-yield

Yahoo Finance. (2018, October 18). AUX. Retrieved from https://au.finance.yahoo.com/quote/%5EAXJO?p=%5EAXJO

Yang, J., & Lepone, A. (2013). Informational role of market makers: the case of exchange traded CFDs. Journal of Empirical Finance, 23, 84-92. 

Appendix:

Table 1: Historical Data & Returns

TLS			ASX 200
Date	Adj Close	Return	Date	Adj Close	Return
9/30/2018	3.06	-7.27%	9/30/2018	5869.9	-5.44%
8/31/2018	3.3	9.02%	8/31/2018	6207.6	-1.77%
7/31/2018	3.026887	9.15%	7/31/2018	6319.5	0.63%
6/30/2018	2.773019	8.40%	6/30/2018	6280.2	1.38%
5/31/2018	2.558208	-6.43%	5/31/2018	6194.6	3.04%
4/30/2018	2.733962	-14.96%	4/30/2018	6011.9	0.49%
3/31/2018	3.215	4.86%	3/31/2018	5982.7	3.88%
2/28/2018	3.065943	-4.21%	2/28/2018	5759.4	-4.27%
1/31/2018	3.200697	-8.72%	1/31/2018	6016	-0.36%
12/31/2017	3.506435	1.10%	12/31/2017	6037.7	-0.45%
11/30/2017	3.468218	5.83%	11/30/2017	6065.1	1.59%
10/31/2017	3.277132	-3.11%	10/31/2017	5969.9	1.03%
9/30/2017	3.382229	-3.07%	9/30/2017	5909	4.00%
8/31/2017	3.489458	3.70%	8/31/2017	5681.6	-0.58%
7/31/2017	3.364899	-10.49%	7/31/2017	5714.5	-0.11%
6/30/2017	3.759152	-4.65%	6/30/2017	5720.6	-0.02%
5/31/2017	3.942525	-2.27%	5/31/2017	5721.5	-0.05%
4/30/2017	4.034212	0.25%	4/30/2017	5724.6	-3.37%
3/31/2017	4.024176	-2.68%	3/31/2017	5924.1	1.01%
2/28/2017	4.1352	-3.32%	2/28/2017	5864.9	2.67%
1/31/2017	4.277182	-3.60%	1/31/2017	5712.2	1.62%
12/31/2016	4.436911	-1.96%	12/31/2016	5620.9	-0.79%
11/30/2016	4.525649	0.99%	11/30/2016	5665.8	4.14%
10/31/2016	4.48128	1.41%	10/31/2016	5440.5	2.31%
9/30/2016	4.419163	-7.00%	9/30/2016	5317.7	-2.17%
8/31/2016	4.751639	4.76%	8/31/2016	5435.9	0.05%
7/31/2016	4.535848	-8.84%	7/31/2016	5433	-2.32%
6/30/2016	4.975635	3.78%	6/30/2016	5562.3	6.28%
5/31/2016	4.794547	-0.54%	5/31/2016	5233.4	-2.70%
4/30/2016	4.820416	0.91%	4/30/2016	5378.6	2.41%
3/31/2016	4.777081	7.10%	3/31/2016	5252.2	3.33%
2/29/2016	4.460513	1.52%	2/29/2016	5082.8	4.14%
1/31/2016	4.393564	-6.75%	1/31/2016	4880.9	-2.49%
12/31/2015	4.711575	0.36%	12/31/2015	5005.5	-5.48%
11/30/2015	4.694837	4.66%	11/30/2015	5295.9	2.50%
10/31/2015	4.48562	-0.74%	10/31/2015	5166.5	-1.39%
9/30/2015	4.519094	-6.82%	9/30/2015	5239.4	4.34%
8/31/2015	4.849837	3.16%	8/31/2015	5021.6	-3.56%
7/31/2015	4.701447	-11.09%	7/31/2015	5207	-8.64%
6/30/2015	5.288109	5.70%	6/30/2015	5699.2	4.40%
5/31/2015	5.002927	-1.29%	5/31/2015	5459	-5.51%
4/30/2015	5.068111	-0.16%	4/30/2015	5777.2	-0.22%
3/31/2015	5.07626	-4.07%	3/31/2015	5790	-1.72%
2/28/2015	5.291444	4.32%	2/28/2015	5891.5	-0.63%
1/31/2015	5.072192	-2.00%	1/31/2015	5928.8	6.09%
12/31/2014	5.175705	8.88%	12/31/2014	5588.3	3.28%
11/30/2014	4.753686	4.92%	11/30/2014	5411	1.84%
10/31/2014	4.530734	1.07%	10/31/2014	5313	-3.86%
9/30/2014	4.482958	2.58%	9/30/2014	5526.6	4.42%
8/31/2014	4.370191	1.36%	8/31/2014	5292.8	-5.92%
7/31/2014	4.311526	1.28%	7/31/2014	5625.9	-0.12%
6/30/2014	4.257244	5.37%	6/30/2014	5632.9	4.40%
5/31/2014	4.040116	-2.43%	5/31/2014	5395.7	-1.76%
4/30/2014	4.140925	2.30%	4/30/2014	5492.5	0.06%
3/31/2014	4.047871	-0.89%	3/31/2014	5489.1	1.75%
2/28/2014	4.084307	7.26%	2/28/2014	5394.8	-0.19%
1/31/2014	3.807886	-1.75%	1/31/2014	5404.8	4.14%
12/31/2013	3.875749	-2.10%	12/31/2013	5190	-3.03%
11/30/2013	3.958694	3.75%	11/30/2013	5352.2	0.60%
10/31/2013	3.815427	-2.32%	10/31/2013	5320.1	-1.94%
9/30/2013	3.905911	4.23%	9/30/2013	5425.5	3.96%
8/31/2013	3.747563	4.29%	8/31/2013	5218.9	1.63%
7/31/2013	3.593356	-1.80%	7/31/2013	5135	1.64%
6/30/2013	3.659355	0.59%	6/30/2013	5052	5.19%
5/31/2013	3.638022	4.66%	5/31/2013	4802.6	-2.52%
4/30/2013	3.476022	-4.82%	4/30/2013	4926.6	-5.10%
3/31/2013	3.652021	5.94%	3/31/2013	5191.2	4.52%
2/28/2013	3.447354	5.61%	2/28/2013	4966.5	-2.70%
1/31/2013	3.264241	-0.22%	1/31/2013	5104.1	4.62%
12/31/2012	3.271353	5.26%	12/31/2012	4878.8	4.94%
11/30/2012	3.107784	1.39%	11/30/2012	4649	3.17%
10/31/2012	3.065115		10/31/2012	4506
9/30/2012	null		9/30/2012	null

 

(Yahoo Finance, 2018)