NIKE VALUATION VALUE ASSESSMENT

APRIL 12, 2015 STEFANO DI ROSA

LECTURER: DR. NED GANDEVANI EUROPEAN SCHOOL OF ECONOMICS

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Table of Contents

Executive Summary……...……………….………………………….…….………………….2

1. Introduction……………………………………………………….….……….……….......3

2. Company overview.........……..…………………………………….……….….…………..4

3. Valuation...…………………………………………………………………..….…………..5

3.1 Discounted Cash Flow......…………………………………….………......………5

3.1.1 Estimating the weighted average cost of capital (WACC).......................6

3.1.1.1 Calculating cost of equity capital...............................................6

3.1.1.2 Calculating cost of debt capital..................................................9

3.1.1.3 Determining the capital structure.............................................10

3.1.2 Forecasting Free Cash Flow........................... …………………………11

3.1.3 Estimating terminal value of the company…..................………………14

3.1.4 Calculating and interpreting results.........................................................14

3.2 Market Multiples....................................................................................................16

4. Advantages and limitations of the two methods..................................................................18

5. Conclusions……………………………………………………………………………......20

References......………………………………………………………………………………..21

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Executive Summary

This paper aims to provide a valuation of Nike, Inc. (NKE), the U.S multinational company

which designs, develops and sells athletic footwear, equipment, accessories for men, women

and kids worldwide.

The firm valuation is based on two methods: Discounted Cash Flow (DCF) and Market

Multiples.

The DCF provided BUY signal for NKE’s stock with a target price of $145.77. However,

valuation based on market multiples gave a SELL signal.

Although market multiples is most common method used by investors to value stocks, the

DCF model is the most reliable model to calculate the intrinsic value of a company.

Therefore the analysis makes BUY recommendation for NKE.

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1. Introduction

Investment Bankers, research analysts, companies, venture capitalists and a number of other

parties do valuate a company for several and often different reasons. Investment bankers

usually valuate a private company when they assist it to the Initial Public Offering. Equity

research analyse public companies in order to provide recommendations on the public shares

such as buy, sell or hold the stock. Venture capitalists in general perform valuation of start-up

companies need capital for growth purposes. Even lenders do valuation analysis in order to

understand the value of the assets used by borrowers as collateral for secured debt.

There are a lot of valuation methodologies and each stakeholder uses that best fits to own

goals. In general, the purpose of valuing companies is to provide shareholders, and whatever

else kind of stakeholders a reasonable current value of the company. Different approaches are

used to define this value but some general guidelines apply to all of them (Steiger, 2008) For

example private equities company tend to valuate companies using precedent transactions

method which include premium paid for control and equity analyst generally adopt DCF and

market multiples. There is not best method, but every method must be fine-tuned according to

the goal of the valuation.

The purpose of this paper is providing a buy, sell or hold recommendation of Nike Inc.

(NKE), therefore the methodologies applied can be associated to the ones adopted by the

Equity analysts.

The structure of the project involves a brief description of the company object of the

valuation. Then, the analysis start with the DCF method. Next, the second valuation based on

market multiples. Comparison of the results is the next step. Finally, a critical evaluation of

these methodologies highlighting pros and cons .

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2. Company Overview

Nike Inc. along with its subsidiaries designs, manufactures, market and sells athletic

footwear, apparel, equipment and accessories for men, women and kids worldwide

(www.finance.yahoo.com ). It was established in 1964 in Beaverton, OR. Main categories

Nike sells are running, basketball, football, golf, training and sportswear in general.

Moreover, Nike has been developing a segment line of performance equipment such as

digital devices, timepieces, eyewear and other technological equipment to improve athletic

performance. It also provides an App for IOS, Android and Windows mobile devices to

check running and training performances. Nike sells own products to footwear stores,

sporting goods stores, department stores, skate, other retail accounts through NIKE-owned

retail stores and Internet Websites (direct to consumer operations) and a mix of independent

distributors and licensees.

Nike shares are listed in New York Stock Exchange, and according to Bloomberg. Com its

sector is: Consumer Discretionary; the industry is: Apparel & Textile products; and sub-

industry is: Apparel, Footwear and Acc. Design.

Below a couple of images of the most recent Nike products.

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3. Valuation

In order to calculate the value of Nike and therefore provide recommendation buy, sell or

hold the stock, it will be initially developed a valuation based on discounted cash flow model

including a brief description of the model showing what are the steps involved in. Then, the

second part of the paper envisages Nike’s valuation via market multiples such as Enterprise

Value/EBITDA, EV/Revenue and Price/Earnings.

3.1 Discounted Cash Flow

The Discounted Cash Flow approach discounts free cash flow, that is the cash flow available

to all investors such as equity holders, debt holders, and any other non-equity investors at the

weighted average cost of capital (WACC), which represents the blended cost for all investor

capital (Koller, Goedhart, Wessels, 2010). The main goal of DCF is to provide the intrinsic

value of a company. In other words, the value of the firm is calculated by discounting future

cash flows at the weighted cost of capital ,which represents the cost of the different source of

financing of the company, weighted by their market value proportions (Damodaran, 2001).

Essentially, the DCF involves four main steps to provide the intrinsic value of a company:

1. Estimating WACC

2. Forecasting Free Cash Flow

3. Estimating terminal value of the company

4. Calculating and interpreting results

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3.1.1 Estimating the weighted average cost of capital (WACC)

Weighted Average Cost of Capital (WACC) is a weighted average of the required rates of

return for each of the different sources of capital e.g., equity, preferred and debt. It reflects

the cost of each type of capital weighted by the respective percentage of each type of

capital assumed for the company’s optimal capital structure:

WACC = [Re * (E/(V)] + [Rp * (P/(V)] + [(Rd * (D/(V)) + (1-t)]

o Re = cost of equity

o Rd = cost of debt

o Rp = cost of preferred stock

o E = market value of equity of subject company

o D = fair market value of debt (same as face value unless distressed) of subject

company

o P = value of preferred

o V = total value of company

o T = tax rate

3.1.1.1 Calculating cost of equity capital

The Capital Asset Pricing Model (CAPM) is adopted to estimate the cost of equity capital for

Nike. It basically states the cost of equity capital is a function of the risk free rate, the relative

risk of the company (beta) and market risk premium. The formula is:

CAPM = rf + β * (rm – rf) whereby (rm-rf) whereby rm is the expected rate of return for the

market.

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We use as risk free rate proxy U.S Treasury Bond 10Yr because it includes premiums for

default, credit, liquidity and inflation risk. Moreover, being stocks a financial instrument for

investors with long-run horizon to use T-Notes rather than T-Bills looks more reasonable.

From www.bloomberg.com we get risk free rate of 1.95%.

Table 1. U.S Government Bonds Yields. Source: www.Bloomberg.com

Beta measures the risk of the stock related to the market. It is calculated by the following

formula:

β= Cov (rm, rs) / Var (rm)

Being Nike a large cap company we can use the S&P 500 as a proxy for the overall market.

When stock’s Beta is 1 signals that the stock price should have the same behavior of the

market in terms of risk and return. Hence if for example the market increases of 1% so the

stock should increase of 1% as well. Beta of less than 1 signals lower systematic risk than the

market and a stock with a higher beta than 1 signals that it has a higher systematic risk than

the market. From Finance.Yahoo.com we get a beta for Nike of 0.51 as shown below.

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Nevertheless, empiric evidence showed phenomena as low beta anomaly, which

demonstrated low beta stocks outperformed high beta stocks.

Table 2. Nike Beta. Source: Finance.Yahoo.com

In order to determine the expected return of the market we can assume that the historical

returns represent a good proxy for the future. As already mentioned, being Nike a large cap

company, S&P500 is a reasonable choice as its relative market. Taking the 10Yr. average

total returns from Morningstar.com we get rm= 8.13%.

Table 3. S&P500 average returns. Source: Morningstar.com

Now we have all input to compute the Nike’s cost of equity capital.

Cost of Equity Capital Beta Assumptions

10-Year Treasury Bond Yield 1.95%

Expected market return 8.13%

Beta 0.51

Cost of Equity 7.09%

Exhibit 1. N ike 's c o s t o f e quity

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3.1.1.2 Calculating cost of debt

Once computed cost of equity capital, the next step envisages to estimate the Nike’s cost of

debt. From Moody.com we first identify the Nike’s long term rating which is A1 as shown

below.

Table 4. Nike’s long term rating. Source: Moody.com

Then, we identify the 10Yr Corporate Bond rating associated with the Nike’s rating in Yahoo

Finance. For Nike A1 Bond is 2.96%.

Table 5. Corporate Bonds Yield. Source: Finance.Yahoo.com

In order to calculate the after tax cost of debt we use the marginal rate which is the tax rate

paid on the next dollar of income. We assume it is 35%. Applying this tax rate we get Nike’s

after tax cost of debt = 1.924%.

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3.1.1.3 Determining the capital structure

The next step in order to calculate the Nike’s WACC is to determine its capital structure. To

identify the weight of the equity we need two inputs: shares outstanding and share price. We

will use the share price at May 31, 2014 as it is more appropriate it coincides with book value

of debt. The share price at that date is $ 76.24.

Table 6. Nike share price at May 31, 2014. Source: Finance.Yahoo.com

The shares outstanding at that date were 859.750.000. Hence market value of equity is

$65.547million. Book value of debt al last 10-K released (May 31, 2014) was $1.373million.

Table 7. Nike book value of debt. Source: Finance.Yahoo.com

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Therefore the enterprise value results to be $66.920m and We=97.25% and Wd=2.05%.

Applying the formula we get the Nike’s WACC is 6.98%.

3.1.2 Forecasting free cash flow

The second step of the DCF is to compute and project free cash flow to infinity. The idea

behind the DCF model is a going concern company. Hence, we project free cash flow for

three years and then we calculate the terminal value. In order to project free cash flow over

three years is essential to determine the growth rate. It can be computed in three ways:

1. Historical growth rates. Historical EPS, dividends or revenues may provide an

average value to identify the growth rate of the company.

2. Analysts’ consensus. Financial info providers such as Yahoo Finance and Bloomberg

do estimate and assumption on the growth rates of public companies. Otherwise the

company provides useful guidance of future growth rate on SEC filings such as 10-K

and 10-Q.

3. Dividend Pay-out Ratio. Another indicator of the growth rate can be obtained via the

following formula: g= ROE (1- DPR) where ROE is return on equity and DPR is the

dividend pay-out ratio.

Market share price $76.24

Shares outstanding 859,750,000

Market value of equity $65,547,340,000

Book value of debt $1,373,000,000

Enterprise Value $66,920,340,000

Equity to Enterprise Value 97.95%

Debt to Enterprise Value 2.05%

Cost of equity capital 7.09%

After tax cost of debt 1.924%

WACC 6.98%Exhibit 2. Nike's WACC

WACC Analysis

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Furthermore, a consideration deserves to be widened. Average industry revenue growth

varies significantly across industries, and often time there are even large differences between

firms within the same industry. In fact, some sectors (IT services, telecom, health-care) had

annual growth rate in excess than sectors like food products and department stores in the

period between 1997-2007 (McKinsey Corporate Performance Centre Analysis, 2010). The

reason stems from structural factors such as changes in customer demand or competition

from substitute products. But also the business cycle affects some industries more than

others.

Coming back to Nike’s valuation, we assume a growth rate of 10% for year 1, 6% for year 2

and 9% for year 3 as indicated by the Nike’s management during the last financial report.

After year 3, we assume a constant growth rate of the 4% forever although the estimated

average growth rate of the revenues from the 2012 to 2017 would be higher. However,

comparing this rate to the median of the industry “Apparel Retail” provided McKinsey which

computed a historical growth rate of 7% for Nike industry in the period 1997-2007 and taking

account that the years from the 2012 throughout the 2015 have been catching an upward

trend post-recession, and being Nike a company at a mature stage of life cycle, we assume an

estimate of the constant growth rate of the 4% for Nike is more appropriate.

After estimating growth rate, the next step is to identify the components of free cash flow.

We are going to implement a top down approach computing the free cash flow starting from

the EBIT because such an approach allows to measure free cash flows to the unlevered firm

determining the operating value of a firm independent of its capital structure (Bear Sterns,

2005). Free cash flow equals:

Fiscal Year Ending ($MMs) Year 0 Year 1 Year 2 Year 3 perpetuity

Growth Rate - 10% 6% 9% 4%

Exhibit 1. Nike's Growth Rate

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EBIT

Less: Taxes

Less: Capital Expenditures

Less: (Increase) / Decrease in working capital

Add: Depreciation and Amortization

The starting point of this stage is the EBIT because the objective is to get the unlevered free

cash flow and EBIT is available to all stakeholders. It excludes interest expense and hence it

is not affected by debt and capital structure. Kicking off from EBIT allows to determine

enterprise value of the company. To get the market value of the company the debt will be

subtracted from the EV.

Tax rate is generally the company’s marginal tax rate which in the U.S. and we assume it to

be 35%. We do not use actual taxes paid by Nike for two main reasons. The first is that the

actual taxes include savings because of the interest expense. Secondly, we use marginal taxes

since we assume that the company will not be able to get the deductions in perpetuity or defer

a portion of their taxes till perpetuity. Change in the working capital is the increase or

decrease in working capital from prior year. Increase in working capital is generally a

reduction of cash flow and vice versa. Capital expenditure is subtracted as it is a use of cash

and depreciation and amortization is added because it is a non-cash charge.

Using Nike’s Financial Statements we calculate the unlevered free cash flow at year 0. The

FCF per the year 0 is $3.143b as shown in the exhibit 2 below.

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Since we get the FCF for the year zero, we are able to project the FCF for next three years

utilizing the growth rate assumed earlier.

3.1.3 Estimating terminal value of the company

In order to estimate the Nike’s terminal value we will implement the Gordon growth method.

As explained in the previous section, we assume a constant growth rate of 4%. It represent

the perpetual growth rate by which the company is supposed to grow forever by the end of

the 3 years. Again, the growth rate assumed is slightly lower than historical Nike’s growth

rate, nevertheless we have also to consider the average long-term expected rate of GDP

growth or inflation since companies cannot grow at a high growth rate till perpetuity. To

calculate terminal value, we multiply the third year’s free cash by 1 plus the chosen growth

rate, and then divide by the discount rate less the growth rate:

TV= FCF(2017)*(1+g) / (WACC-g)

Applying the Gordon’s method, Nike’s terminal value is $139.422billion as shown below.

Fiscal Year Ending ($MMs) Year 0

EBIT $3,680

Less: Taxes 1,288

Debt-Free Earnings $2,392

Less: Capital Expenditures -880

Less: Working Capital Requirements 999

Add: Depreciation and Amortization 632

Net Investment $751

Unlevered Free Cash Flow: $3,143

Exhibit 2. FCF(0)

Fiscal Year Ending ($MMs) Year 0 Year 1 Year 2 Year 3

FCF $3,143,000,000 $3,457,000,000 $3,665,000,000 $3,995,000,000

Growth Rate - 10% 6% 9%

Exhibit 3. Forecasted FCF

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3.1.4 Calculating and interpreting results

The final step of the DCF is discounting future cash flows and terminal value at WACC and

add all the present value of all cash flow to get the Nike’s enterprise value.

We get Nike’s Enterprise Value of $126.698billion. Since it represents the EV we subtract

the Book value of the debt from it to obtain the Market Value of Equity which is

$125.324billion. Being 860million shares outstanding, we get Nike’s intrinsic value is

$145.77. As Intrinsic Value is higher than market value = $145.77>$99.97, we have a BUY

signal.

Based on DCF model, we are establishing a target price of 145.77 for NKE. Clearly going-

concern companies such as Nike are very sensitive to changes in the terminal growth rate and

discount rate. Therefore, it looks reasonable to provide a sensitivity analysis for investors

who would like to use different assumptions for NKE. From the sensitivity analysis, we see

only 3 out 25 results are below current price. Therefore the buy signal looks reasonable even

modifying assumptions on WACC and perpetual growth rate.

FCF (2017) $3,995,000,000

constant grow th rate 4%

WACC 6.98%

TV $139,422,818,792

Exhibit 4. Nike's Terminal Value

Terminal Value

Fiscal Year Ending ($MMs) Year 0 Year 1 Year 2 Year 3 TV

FCF $3,143,000,000 $3,457,000,000 $3,665,000,000 $3,995,000,000 $139,422,818,792

Growth Rate $3,143,000,000 $3,231,300,355 $3,202,063,031 $3,262,500,824 $113,859,089,158

Enterprise Value $126,697,953,368

Book Value of Debt 1,373,000,000$

Market Value 125,324,953,368$

Shares Outstanding 859,750,000

Nike's Intrinsic value 145.77$

BUY $145.77>$99.97

Exhibit 4. Nike's Intrinsic Value

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3.2 Market Multiples

The idea behind the valuation based on market multiples is similar companies should have

similar valuations (Boston University, 2011). Such an approach tries to answer “what is the

value of a company compared to other similar companies in the market. Three main elements

must be considered when an analysis of comparable companies has been developed:

Use the right multiple. Usually, it is more appropriate to use multiple which are being

used in the market such as EV/EBITDA, EV/Revenue and P/E;

The multiple must be built in consistent way. For example if excess cash is excluded

from the value hence interest income must be excluded from the earnings;

Use the right peer per group. Firstly, peers of industry should be selected and after to

refine the sample with further filters such as size, margins, leverage, seasonality.

Moreover, empirical evidence proved forward looking multiples are more accurate predictors

of value than historical multiples (Liu, Nissim, Thomas, 2002). Other research showed

multiples based on forecast earnings over-performed those based on historical earnings (Kim

and Ritter, 1999).

For purpose of Nike’s valuation we selected three multiples:

EV/Revenue

EV/EBITDA

145.77 3.0% 3.5% 4.0% 4.5% 5.0%

8.0% $89.66 $98.59 $109.77 $124.15 $143.37

7.5% $99.37 $110.65 $125.17 $144.56 $171.77

7.0% $111.54 $126.20 $145.77 $173.24 $214.58

6.5% $127.24 $147.00 $174.73 $216.45 $286.37

6.0% $148.25 $176.23 $218.36 $288.94 $431.54

Exhibit 5. Sensitity analysis

Terminal FCF Growth RateW

AC

C

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P/E

The choice of these ratio stem from willingness to adopt multiples commonly used in the

market. Moreover, we are going to develop the model using one-year forward looking

multiples whereby the denominator employs a forecast of profits rather than historical profits.

In order to perform the comparable companies analysis, 10 firms from the Yahoo Index

Industry “Apparel Footwear & Accessories” were compared.

For each ratio (EV/Revenue, EV/EBITDA and P/E) mean and median have been computed in

order to get Nike’s enterprise value.

Then, NKE’s financial highlights have been recalled as shown below.

Finally, Nike’s valuation has been calculated. However, the valuation based on comparable

companies analysis contrasts with BUY signal found in DCF. In fact, comparing its current

($ in millions)

Comparable Companies - Apparel Footwear & AccessoriesM ultiples Analysis

Market Debt and

Company Name Ticker Capitalization Debt equivalents EV/Revenue EV/ EBITDA Price/ Earnings

ADS.DE 15,780 3,466 1,683 17,563 1.1x 11.4x 19.7x

COH 11,870 140 592 11,419 2.7x 11.0x 20.9x

CROX 967 12 268 712 0.6x 6.0x 25.9x

DECK 2,620 10 237 2,393 1.2x 8.0x 15.0x

FL 8,660 134 967 7,827 1.0x 7.1x 14.2x

ICON 1,660 1,333 188 2,805 5.3x 9.0x 10.5x

Puma PUM.DE 2,780 20 402 2,398 0.7x 9.8x 24.4x

SKX 3,770 118 467 3,422 1.1x 8.3x 14.6x

SHOO 2,500 - 81 2,419 1.6x 10.9x 17.0x

WWW 3,380 901 224 4,057 1.4x 11.7x 18.5x

Median 2,700 1.2x 8.7x 16.0x

Mean 3,292 1.6x 8.9x 17.5x

Exhibit 6 - Sources: Companies filings 10-K, 10-Q, Yahoo.com, M orningstar.com, 4Traders.com, Bloomberg.com

Iconix Brand Group

Skechers

Steven Madden

Wolw erine World Wide

Cash

Adidas

1-year forward multiple

Coach

Crocs

Deckers Outdoor

Foot Locker

Enterprise Value

NIKE Financial Highlights -millions

TickerShares

outstandingsDebt Cash Revenue EBITDA Earnings

NKE 860 1,373 2,220 32,429 5,231 3,464

Exhibit 7- Source: NIKE 10-K

NIKE

Company name

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price to the average and median price got from the multiples analysis the stock looks

overvalued.

Valuation is never an easy issue because a lot of assumptions are involved and often times

different valuation methods lead to different results.

The next section, which summarizes pros and cons of the two methods used, will try to

provide an advice to investors incurring in such a divergent situation

4. Advantages and limitations of the two methods

Valuing a company is one of the most difficult task for different stakeholders. Empirical

evidence shows market multiples represent the most common method used by investors to

value stocks (Damodaran, 2006). Nevertheless, most academics and equity analysts

recommend to use as first instance the DFC model.

On one hand, main benefits of DCF are:

Provides an objective framework to assess company’s risk and cash flows in order to

estimate value;

Delivers the intrinsic value of a company;

Can be developed even if real peers companies are not available;

Nike Valuation

Enterprise

ValueEquity Value Stock Price

52,156 53,003 62$

46,335 47,182 55$

60,663 61,510 72$

Median Price 62$

Average Price 63$

SELL

Exhibit 8 - Nike M ultiple Valuation

62-63 < 99.97

Price Earnings

Multiple method

EV/Revenue

EV/EBITDA

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Allows investors to incorporate business strategy changes into the valuation (Havnaer,

2012).

As opposite DCF approach presents following drawbacks:

Highly sensitive to cash flow projections;

Incorrect estimations of either cash flow or terminal multiples can lead to distorted

terminal value;

Validity of the weighted average cost of capital relies on assumptions for beta and

market return.

On the other hand, main advantages of market multiples valuation are:

Objective comparison across similar companies reflecting all publicly available

information;

Generally delivers a forward-looking valuation;

Provides a reliable indication of value in situations where no control premium is

involved.

In reverse, such an approach carries on a number of caveats as:

To select a large sample of very similar companies in terms of size, industry,

business, is hard to realize;

Company-specific issues (low liquidity, small float, limited research coverage) can

limit the analysis and its effectiveness;

Share price performance is often affected by external variables such as investor

sentiment, M&A activity within the sector and takeover speculation;

Neglect long-run issues as the analysis is focused on next 1-2 years.

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5. Conclusions

The main goal of this paper is valuing Nike Inc. and provides a market recommendation for

it. On one hand, Discounted Cash Flow model signalled currently NKE stock are undervalued

as the analysis showed the target price is $145.77. Moreover, the sensitivity analysis

reiterated the DCF result demonstrating which even changing assumptions on discount rate

and perpetual growth rate, only 3 prices out 25 are below the current price.

However, Nike’s valuation based on market multiple indicated SELL signal showing the

stock’s current price is overvalued and the intrinsic value of Nike should be about $62-63.

Both models have benefits and pitfalls and if on one hand empirical evidence revealed

valuation based on comparable companies analysis is most common used method by

investors to value stocks, on the other hands academics and equity analysts suggest DCF

approach is most reliable model for valuing companies. They argue multiple just represent

shorthand for valuation process, but it is not a real valuation, as multiples come with blind

spots and biases that few investors take the time and care to understand. Therefore, we

conclude the analysis exclusively relying on DCF making BUY recommendation on NKE

stocks.

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References

Boston University, Techniques in Finance & Valuation, Boston School of Management,

2011.

Brealey Richard, Myers Stewart, Allen Franklin, Principles of Corporate Finance, McGraw-

Hill Irwin, 2011.

Damodaran Aswath, Discounted Cash Flow valuation, NYU Stern, 2001.

Damodaran Aswath, “Valuation Approaches and Metrics: A Survey of the Theory and

Evidence.”, Research Paper, 2006.

Havnaer Kurt, DCF vs. Multiples, Jensen Investment Management, 2012.

Kim M., Ritter J.R., Valuing IPOs, Journal of Financial Economics, 1999.

Koller Tim, Goedhart Marc, Wessels David, Valuation: Measuring and Managing Value of

Companies. McKinsey & Company, 2010.

Liu J, Nissim D., Thomas J., Equity Valuation Using Multiples. Journal of Accounting

Research, 2002.

Steiger Florian, The Validity of Company Valuation Using Discounted Cash Flow Methods.

European Business School, 2008.

Web Sources

Yahoo: http://finance.yahoo.com/q/pr?s=NKE+Profile

DAX: http://www.dax-indices.com/EN/index.aspx?pageID=1

Moody’s : https://www.moodys.com/credit-ratings/NIKE-Inc-credit-rating-40400

Bloomberg: http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/

Morningstar: http://quicktake.morningstar.com/index/IndexCharts.aspx?Symbol=SPX