HYPOTHETICAL ACQUISITION OF

SHISEIDO BY PROCTER & GAMBLE

MSc Finance

YIRAN LI

CID: 00659218

August 2011

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CLIENT SPECIFICATION

This initiation report was designed to provide an insight into the feasibility of Procter &

Gamble’s acquisition of Shiseido. The client is the Board of Directors of Procter &

Gamble, who is currently looking for worldwide expanding opportunities.

Through strategic deal screening, we, as the business development team of Procter&

Gamble, discovered concrete rationale behind this deal. First, the skincare industry

would become P&G’s strategic emphasis, and acquiring Shiseido brand would boost

P&G’s premium product competency. Second, substantial synergies could be realised

considering Shiseido’s skincare technology and presence in Asia, and P&G’s distributing

and brand-building expertise. Further demonstrations will be provided in the report to

justify its strategic fit and proper timing.

The Board would expect an in-depth analysis of the global skincare industry and the two

companies’ business nature, operating condition and growth strategy. It would also

expect a well-established valuation model indicating fair price of the deal. Specifically,

both DCF (WACC, APV and ECF) and comparable methods (Equity Multiples and

Enterprise Multiples) will be applied. Cost/revenue synergy valuation will be included in

different scenarios, and sensitivity analysis conducted.

Detailed payment form and structure will be presented. Meanwhile, the Board would also

expect an exhaustive investigation into key issues of the acquisition such as risk

management, anti-trust issue and post-acquisition integration.

Finally, an Excel file with all valuation analysis will be attached.

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TABLE OF CONTENTS BUSINESS OVERVIEW 4

SKINCARE INDUSTRY ANALYSIS 4

PROCTER & GAMBLE CO 4

SHISEIDO CO LTD 5

ACQUISITION RATIONALE 8

SHISEIDO FINANCIAL ANALYSIS 8

DEAL VALUATION 10

DCF MODELS 10

EQUITY/ENTERPRISE MULTIPLES 13

VALUATION SUMMARY 13

SYNERGY VALUATION 14

FINAL OFFER PRICE 14

DEAL STRUCTURE 15

KEY ISSUES 15

RISK MANAGEMENT 15

ANTITRUST ISSUE 16

POST-MERGER INTEGRATION 16

REFERENCES 18

APPENDIX 19

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BUSINESS OVERVIEW SKINCARE INDUSTRY ANALYSIS The global skincare industry has generated a compound annual growth rate (CAGR) of 4.5% during 2005-

2009, with comparatively robust growth rate in all product categories. Industry as a whole is noncyclical

while sales of high-end products have been highly correlated with performance of the whole economy.

Occupying 63% of the sector’s total value, the facial care business proved to be the most lucrative within the

global skincare spectrum.

Market concentration degree (measured by HHI) is low in the industry, with three leading participants

making up 27.7% of total market value. In response to increasing end-user brand loyalty, Research &

Development expenses remain at a high level among major players.

Global skincare industry is forecast to increase by 30% in the next five years. Growth engine lies in

emerging economies (e.g. Brazil, Russia, India and China) and the luxury facial-care sub-sector. Brand

consolidation through M&A deals is likely to become a major industry trend.

PROCTER & GAMBLE CO The Procter & Gamble Company (P&G, PG: NYQ) is a global fast-moving

consumer goods leader with 50 leadership brands mainly across three sectors:

Beauty and Grooming, Health and Well-Being and Household Care. The

Company's products are sold in more than 180 countries, with on-the-ground

operations in approximately 80 countries. P&G holds leading global market

shares in a variety of categories, including baby care (35%), blades and razors

(70%), feminine care (35%), and fabric care (30%).

COMPETITIVE ADVANTAGES

Unparalleled distribution network with

distinguished sales & marketing capabilities –

Sales activities are geographically diversified with

deep penetration into multi-channels; P&G’s Sales

& Marketing expertise has been well-leveraged in a

fragmented media environment.

Well-managed brand portfolio achieved through

both organic growth and active external

acquisition of small but promising businesses –

P&G keeps creating and entering adjacent categories

and has gained unrivalled market share.

Scale advantage through cost-efficient and

technology-enabled practice – P&G has been dedicated to building up a digitalized system to

standardize and automate operation and allocate resources more strategically.

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CHALLENGES AND OPPORTUNITIES

Possess small market share and lack strong global Beauty and Grooming brands compared with

competitors such as L'Oreal and Avon Products. Either rapid internal growth or acquisition of such

brands is needed considering that Beauty and Grooming has the biggest upside potential and highest

margin among segments which P&G operates in.

P&G’s Beauty and Grooming business lack prestige brands (especially skincare brands), and

product pricing in this segment is lower than other major players. Market growth trend is moving

towards high-end beauty products given increase in customer disposable income and changes in buying

behaviour.

Global Beauty and Grooming business is highly fragmented and open to consolidation as customers

seek for premium brands and develop brand loyalty.

SHISEIDO CO LTD Shiseido Co Ltd (4911.JP) is a Japanese leading cosmetics maker listed on the Tokyo Stock Exchange. The

company is engaged in the production and sale of makeup and skin-care products, toiletries, beauty salon

products, pharmaceuticals, foodstuffs, and fine chemicals.

BRAND STUDY

Shiseido brand positions itself as a perfect combination of the refinement of the Orient

& the Modernity of the Occident. Compared with its competitors, Shiseido fully take

the advantages of both the western style of abundance and the mystique and aura from

its Japanese aesthetics. The brand has always leveraged its strengths in modern cosmetic

technology to provide innovative, high-quality products based on clinically tested

formulae and gradually developed its unrivalled expertise in sub-sectors such as the

anti-aging skincare line.

GEOGRAPHIC ANALYSIS

Revenues continue to decrease in the domestic

market: In Japan, Shiseido’s largest geographic

segment, sales decreased 5.1 percent year on year

to ¥408,078 million in FY10 compared with FY09,

a result showing that the company hasn't kept up

with market structural change. Operating income

started to climb up due to improvements in SG&A

expenses.

In the Americas, business showed signs of

recovery in terms of profitability: Operating

margin stepped up from 5.6 to 6.0 against net sales

in FY10 compared with FY09, but level of sales

was still held back by 0.1%.

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Sales performance in Europe fluctuated

greatly because of precarious economic

environment: Shiseido’s European segment

had been performed surpassingly during

FY08/09 with sales around ¥100 billion

level. But sales decreased 17.6% on a yen

basis to ¥82,393 million in FY10 due to

both high susceptibility to the recession and

yen appreciation.

Sales in Asia/Other grew steadily while

operating margin still adversely affected

by exchange rate:

China – main growth engine: Shiseido

implemented successful channel-specific marketing, and performance in China market is expected to

sustain such momentum in the following years.

Revenue in other Asian countries maintained stable growth: Countries such as Thailand and

Korea delivered moderate growth on a local currency basis, but did not fully compensate appreciation

of the yen versus Asian currencies.

Brand became available in 73 countries at the end of FY10: New launches were initiated

especially in African countries.

PRODUCT ANALYSIS

Cosmetics Division – Cosmetics accounts for 85% of the total business and grew moderately due to its

efforts in enhancing market segmentation and its outstanding performance in China.

Professional Division – Shiseido products for hair and beauty salons stretch globally with a focus on

North America. This division has followed aggressive marketing activities by launching new lines.

Revenue declined in FY10 due to market contraction and appreciation of yen.

Healthcare Division – Business of beauty supplements for elderly women has enjoyed steady and robust

growth in FY10 due to its skincare-centred technology strengths and cost reduction efforts.

Frontier Science Division – This division produces items such as medical-use drugs, cosmetics raw

materials, and cosmetic dermatology treatments. Current size is small, but it performed well domestically

and is expected to expand into global business within 5-10 years.

Chart 4: Domestic Cosmetics Sales by Division Chart 5: Global Cosmetics Sales by Division

Source: Shiseido Annual Report FY2010 Source: Shiseido Annual Report FY2010

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DISTRIBUTION CHANNEL

Prestige brands and high-priced products – department stores, cosmetics specialty stores, and

voluntary chain stores with counselling services.

Mid-priced products – drug stores with counselling services.

Mass products – self-selection stores, general merchandise stores.

Prospects – reinforcing web marketing through virtual shopping mall and online counselling service;

promoting aggressive expansion in the drugstore channel; launching professional hair products via hair

salons.

GROWTH STRATEGY

Domestically – concentrating on core brands while revitalizing the voluntary chain store system.

Globally – enhancing prestige brands in North America and launching aggressive promotion of the

masstige (combination of “mass” and “prestige”) market in Asia.

Full-scale entry into direct marketing – e-commerce and online marketing

Russia – the next growth engine after China

(Reference: Shiseido’s Three-Year Plan (FY2011 – FY2013))

SWOT ANALYSIS

Strengths1)Reputed and trusty brand portfolio

2)Well-customized positioning strategy

3) R&D-oriented product strategy

4) Strengthened domestics distribution channel

5) Strong liquidity and solvency position

Weaknesses1) Sales highly reliant on domestic market

2) Recent decline in revenue and fluctuation of operating profit

3) Lack of new-media marketing model

Opportunities1) Synergies from the acquisition of the U.S. based Bare Escentuals

2) Strong growth prospect in emerging economies

3) Increasing need for anti-aging cosmetics would give Shiseido great growth opportunity

Threats1) Fierce competition as industry matures

2) Increasing world-wide demand for natural and organic cosmetics products

3) Adverse effect of the appreciation of JPY

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ACQUISITION RATIONALE

Chart 6: Shiseido 5-year Stock Performance against Main Competitors

Source: Reuters

Strategic focus: The fast-growing, high-margin, and highly-fragmented nature of the cosmetics industry

makes it a perfect strategic emphasis for P&G among all its fast-moving consumer products businesses.

Synergies to P&G: R&D capabilities strengthened by Shiseido’s advanced skincare technology; Further

penetration into Asian markets given Shiseido’s strong presence in the region; Strategic product

complements – Shiseido brands help P&G enter into high-end facial-care segment.

Synergies to Shiseido: Shiseido brand expansion in western countries achieved by leveraging P&G’s

distributing and brand-building experiences; Direct marketing enhancement through P&G’s e-commerce

and web-marketing channel; Cost reduction through sharing best practices and integrating into P&G’s

digitalized system.

Undervaluation of Shiseido: Depressed domestic sale, adverse effects of the recent Japanese earthquake

and currency risks on Shiseido will give P&G a favourable negotiation position over takeover prices.

SHISEIDO FINANCIAL ANALYSIS

GROWTH & PROFITABILITY

Net Sales Growth: Overall net sales increased by 4.1% to ¥670,701 million in FY11. Domestic sales

continued to decline from ¥383,780 million to ¥358,408 million because of Shiseido’s failure to react

quickly to polarized structural change in local market (customer preference moving towards high-end

and low-end products) and sluggish recovery in consumer sentiment. However, overseas revenue soared

by 20.9% YoY to ¥302,632 million, contributed by persistent growth in Asia (especially China) and

recent recovery in North American and European businesses.

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Chart 7: Factors for Change in Shiseido’s Operating Income

Source: Shiseido’s Three-Year Plan (FY2011 – FY2013)

Profitability: Despite the fact that Shiseido’s efforts of cost reduction and efficiency enhancement

increased its operating margin by 14.1% YoY during FY11, operating income went down by 11.7%

due to sustained decline in domestic sales and one-time acquisition expenses.

DUPONT ANALYSIS

Operating leverage and financial leverage remain

comparatively stable over the previous five years,

with both ratios slightly deteriorated due to sluggish

market environment and recent domestic natural

disaster. Huge fluctuation of ROE mainly comes

from profit margin oscillation. The recent 63.5%

YoY decrease in profit margin was due to

1) extraordinary loss associated

with the Japanese earthquake;

2) expenses related to the

acquisition of Bare Escentuals;

3) investment loss on securities

(Source: Consolidated Settlement of

Accounts for the Fiscal Year Ended

March 31, 2011)

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FINANCIAL EFFECTS OF THE EARTHQUAKE

Rolling outages

Damages to stores

Shortening of store opening hours

Depressed overseas tourists number

Reduction of plant operations

DEAL VALUATION DCF MODELS

KEY ASSUMPTIONS

Cash flow forecasting period is set to be 10 years

to 1)capture the revenue-boosting effect of Shiseido’s

heavy investment in R&D and marketing launched since

FY11; 2)fully remove the global crisis and earthquake

impact on terminal value calculation; 3)decrease the

sensitivity of the valuation outcome to terminal value

assumption.

Sales growth are calculated as the weighted

average of regional growth rates for the first two projection

years since growth by region better captures the ongoing

worldwide consolidation and geographic trend than growth

by product.

Growth in FY12 would be held back at 1.15% given the

weakening domestic consumer appetite and the

appreciation of yen. However, a full-fledged sales recovery

since FY13 is expected mainly due to the restoration of

domestic consumer demand from the post-earthquake level.

Sales growths from FY13 to FY17 are envisioned to be

around 4%, and 3% from FY18 to FY21.

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COGS (% Sales) remained stable during FY07-FY11, ranging from 24.9% to 26.7%. Thus a constant

COGS/Sales ratio of 25.5% (5-year average) is assumed during the estimating period indicating coherent

operating efficiency and productivity.

SG&A (% Sales) – Shiseido's new medium-term business plan calls for the company to boost its overall

marketing budget for 2012/13/14 by ¥20bn. Therefore, our SG&A estimates start at 69% in FY12 and

decrease gradually to a level of 67% since FY15.

CAPEX (% Sales) is forecast to stay high over the following 5 years given that Shiseido continues rapid

market expansion in Asia (ex-Japan)/North America and keeps stretching its product range through

aggressive R&D investment. Thus a 5.0% CAPEX/Sales is estimated in FY12, and the ratio would step

down to 3.0% eventually.

Depreciation & Amortization (% Sales) are expected to decrease from 3.9% in FY12 to 3.0% since

FY18, roughly in line with the previous 5-year average.

WACC CALCULATION

Table 5: Shiseido’s Cash Flow Estimation

Scaling Factor : Millions JPY Forward Estimates Long Term Forward Estimates

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

FY03/2012 FY03/2013 FY03/2014 FY03/2015 FY03/2016 FY03/2017 FY03/2018 FY03/2019 FY03/2020 FY03/2021

Sales 678,417.9 707,301.4 735,593.5 765,017.2 795,617.9 827,442.6 852,265.9 877,833.9 904,168.9 931,293.9

EBITDA 60,379.2 70,022.8 72,823.8 83,386.9 86,722.3 86,881.5 85,226.6 87,783.4 90,416.9 93,129.4

EBIT 33,920.9 42,438.1 44,135.6 53,551.2 55,693.3 57,921.0 59,658.6 61,448.4 63,291.8 65,190.6

Less: Taxes at 35% 11,872.3 14,853.3 15,447.5 18,742.9 19,492.6 20,272.3 20,880.5 21,506.9 22,152.1 22,816.7

NOPAT 22,048.6 27,584.8 28,688.1 34,808.3 36,200.6 37,648.6 38,778.1 39,941.4 41,139.7 42,373.9

Plus: Depreciation & Amortization 26,458.3 27,584.8 28,688.1 29,835.7 31,029.1 28,960.5 25,568.0 26,335.0 27,125.1 27,938.8

Minus:Capital Expenditures (33,920.9) (35,365.1) (29,423.7) (30,600.7) (31,824.7) (24,823.3) (25,568.0) (26,335.0) (27,125.1) (27,938.8)

Minus: Inc/(Dec) In Working Capital (5,467.4) 1,876.6 1,838.2 1,911.7 1,988.2 2,067.7 1,612.8 1,661.2 1,711.1 1,762.4

Unlevered Free Cash Flow ¥20,053.41 ¥17,927.80 ¥26,114.34 ¥32,131.53 ¥33,416.79 ¥39,718.12 ¥37,165.26 ¥38,280.22 ¥39,428.63 ¥40,611.49

YoY growth (10.6%) 45.7% 23.0% 4.0% 18.9% (6.4%) 3.0% 3.0% 3.0%

FCFF as % of EBITDA 3.0% 2.5% 3.6% 4.2% 4.2% 4.8% 4.4% 4.4% 4.4% 4.4%

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Table 6: Shiseido’s WACC Calculation

In sensitivity analysis, terminal growth rate and cost of equity are each adjusted by ±0.20% and ±0.40% to

get the enterprise value in lower and upper cases. Using WACC method, therefore, estimated enterprise

value is ¥943,996.5 million in base case scenario. The lower and upper cases gives a value range of

¥795,700.0 - ¥1,171,424.5 million.

APV CALCULATION

Capital Structure FY03/2012 FY03/2013 FY03/2014 FY03/2015 FY03/2016 FY03/2017 FY03/2018 FY03/2019 FY03/2020 FY03/2021

Debt-to-Capital 32.27% 31.98% 31.69% 16.59% 16.59% 16.59% 16.59% 16.59% 16.59% 16.59%

Equity-to-Capital 67.73% 68.02% 68.31% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41%

Cost of Debt 0.58%

Cost of Equity 6.46%

Risk-free Rate 0.00%

Market Risk Premium 10.97%

Levered Beta 0.59

WACC 4.50% 4.51% 4.53% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45%

Japan's central bank kept its key

interest rate unchanged at virtually

zero and expanded a lending

program to bolster the disaster-hit

economy.

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ECF CALCULATION

EQUITY/ENTERPRISE MULTIPLES

Cosmetics companies of similar size are selected in comparable valuation. Of the six conventional

margins (i.e. EV/EBIT, EV/EBITDA, EV/Sales, P/E, P/B and P/Sales), EV/EBITDA and P/E are

believed to be the key differentiating factors within the skincare industry, since both margins are good

profitability indicators. EV/EBITDA is considered to be a better method given its capital structure-

neutral property.

Price per Share is calculated as the average of Year 2010 and Year 2009. Therefore, EV/EBITDA

method gives us a value of ¥1,760.7, while using P/E method we get ¥1,446.4.

VALUATION SUMMARY

Given the ongoing worldwide turbulence and the

recent Japanese earthquake, multiple valuation may

not fully reflect the intrinsic value of the target and

thus is less considered in calculating the final offer

price.

DCF valuation is more convincing as 1)the model is

less sensitive to current market sentiments and thus a better indication of the firms intrinsic value; 2)the

estimated cash flow fully captures Shiseido’s future growth strategy and global market trend.

Therefore, Shiseido’s standalone enterprise value is calculated to be ¥926,360.22 million (average of

WACC, APV and ECF outcome), implying a price per share of ¥1,872.62. The reasonable value

range is believed to be from ¥868,828.74 million to ¥966,255.39 million.

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SYNERGY VALUATION Acquisition synergy consists of cost synergy and

revenue synergy, among which cost synergy is

included in the base case valuation scenario, while

revenue synergy is added in aggressive projection.

Cost Synergy – Considerable cost reductions are

perceived. Investigating into P&G’s acquisition of

Gillette and the combined company’s post deal

performance, we found out 12% GOGS saving and

8% SG&A saving. However, considering that

Shiseido has already done well in implementing

cost efficient operation and that P&G’s high-end

skincare division is small, we therefore assume 3%

COGS saving and 2% SG&A saving.

Revenue Synergy – In upper case scenario,

revenue synergy is recognized and included in offer

price calculation. Here we assume a sales

enhancement of 2% of Shiseido’s current figure.

WACC of P&G is used in discounting synergy cash flow, reflecting the proper risk level.

FINAL OFFER PRICE Eventually, we get a deal value of ¥1,052,434.7 million in base case and ¥1,171,928.5 million in upper

case, implying a ¥2,189.4 share price floor and a ¥2,489.71 share price ceiling.

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DEAL STRUCTURE

P&G has a cash balance of $2,946 million (¥232,822.38

million), with a interest-bearing net debt of $21,699

million (¥1,714,871.97 million).

Stock financing should form the major payment

structure.

According to Chart 12 and Chart 13, both of the two

companies’ stock are currently undervalued, thus

making stock financing a cheaper approach.

Shiseido’s share price is at historic low level and

very likely to appreciate in the future.

Cash balance and debt/equity ratio should be

consistent with P&G’s cash-generating capability for liquidity and solvency consideration.

Specifically, total deal payment is ¥859,013 million, of which ¥150,000 million is from cash

financing, ¥150,000 million is from debt financing, ¥559,012.74 million is from stock financing.

KEY ISSUES RISK MANAGEMENT

BUSINESS RISK

Adverse domestic industry environment

Market size kept shrinking since 2008; Market structure is polarizing between high- and low-priced

products, in which Shiseido doesn't have strong presence.

Solution: Introduce P&G’s low-end brands through Shiseido’s existing distribution channel; Adjust

brand structure to meet changing needs.

Considerable earthquake influences

Future influences may be even larger as a result of market slump.

Chart 12: P&G 1-year Share Price compared

with S&P 500 Index

Chart 13: Shiseido 1-year Share Price compared

with NIKKEI

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Solution: P&G should help Shiseido develop business continuation plan and provide cash support for

recovery construction.

Raw material prices

Risk of raw material prices is mainly derived from weather uncertainties, global speculative capital

flows, supply/demand dynamics in major manufacturing countries, and adverse effects in exchange rates.

Solution: Risk can be minimized by leveraging P&G’s negotiation power with suppliers, cost saving

best practices, effective outsourcing projects and certain hedging transactions.

Currency risk

Recent appreciation of Yen against other major currencies has imposed serious losses on Shiseido.

Despite the company’s hedging activities, exchange rate exposure is still large and can exert very

negative impact.

Solution: Since Shiseido and P&G have opposite foreign exchange positions, internal hedging can be

achieved to reduce some risk. P&G’s effective hedging practice can also be adopted by Shiseido to

optimize its currency position.

TRANSACTION RISK

Overpayment Risk – Risk of paying too high a premium since stock price of acquirers tend to decline

upon deal announcement.

Solution: A floating collar for fixed value structure would be adopted since the floating collar can

reduce EPS dilution risk while the fixed value can preclude expensive renegotiation.

POST-MERGER RISK

Performance Uncertainty – Shiseido’s post-deal earning uncertainty may negatively affect P&G’s

investment return.

Solution: An earn-out clause should be included in the contract to bridge price gap and align the interest

of acquirer and target management.

ANTITRUST ISSUE

P&G’s market share in Japanese Beauty & Grooming sector is still relatively small after acquiring Shiseido.

Therefore, no issues relating to potential antitrust investigations (by Japan Fair Trade Commission) are so far

foreseeable as the deal would produce a comparatively low HHI (Herfindahl-Hirschman Index) according to

the Japanese Antimonopoly Act.

POST-MERGER INTEGRATION

OPERATIONAL INTEGRATION

Leverage P&G/Shiseido economies of scale – Immediately consolidate Shiseido’s raw material

purchases with P&G; Eliminate department and personnel redundancies; Develop Shiseido-to-P&G

supplier network integration schedule; Share global distribution system to lower the rate of distribution

cost of Shiseido.

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Adopt P&G’s operating best practices – Implement P&G’s cash management system; Start

consolidation of IT system; Launch standardized internal control and budget signoff.

Exploit cross-brand R&D synergies – Initiate dedicated platform sharing task force; Discover product

development cross-over potential.

Production capacity expansion – Invest to construct more producing lines to break Shiseido’s capacity

limitation in skincare sector.

MARKET INTEGRATION

Branding – Maintain independence and identity of Shiseido brands and follow consistent brand

management strategy.

Maintain permanent customer focus – Initiate PR campaign to existing Shiseido customers confirming

commitment to Shiseido; Identify and communicate brand customer satisfaction metrics.

Market penetration – Deepen P&G’s market penetration in emerging economies by leveraging

Shiseido’s multi-segment presence in Asia; Take P&G’s financial capability and know-how to help

distribute and strengthen Shiseido brands in developed markets.

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REFERENCES

1) Joshua Rosenbaum & Joshua Pearl, (2009) Investment Banking -- Valuation, Leveraged

Buyouts, and Mergers & Acquisitions, John Wiley & Sons, U.S.

2) Procter & Gamble Annual Report 2007-2010

3) Shiseido Annual Report 2007-2011

4) “Global Skincare Industry Profile”, Reference Code: 0199-0708, www.datamonitor.com

5) Shiseido’s New Three-Year Plan (Fiscal 2011 – Fiscal 2013)

6) Mitsubishi UFJ Morgan Stanley, Shiseido (4911) Company Report

7) Worldscope Annual Financial Overview, Shiseido Co Ltd

8) Worldscope Corporate Snapshot Report, Shiseido Co Ltd

9) Global Data Financial and Strategic SWOT Analysis Review, Shiseido Co Ltd

10) Thomson One Banker Database

11) ZEPHYR Database

12) Thomson Reuters Deal Intelligence Database

13) Reuters financial data, www.reuters.com/finance/stocks

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APPENDIX See Excel file attached.