GROUP STOCK RESEARCH PROJECT

Vietnam Airlines - BB
April 13th 2024

RESEARCH TEAM (Phần tên và thông tin các thành viên trong nhóm)
Name Phone (optional) Email

Team Lead first

Member #2
Member #3
Member #4
Member #5

MARKET DATA (Dữ liệu thị trường)

PRICE 17,700 VND STOCK CHART

EPS: Last Year -5,102

EPS: Current Year -2,678

EPS: Next Year 66

Dividend (D0) No dividend

Yield No dividend
yield

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EXECUTIVE SUMMARY

Company Description
Vietnam Airlines has emerged as the leader of aviation industry in Vietnam after 20 years of
development at an average annual growth rate in the double-digits, Vietnam Airlines has established our
name as a symbol of Vietnamese national pride, with a global network and well-deserved position in
region. In 2015, the airline marked an exceptional milestone to become a joint-stock company. The close
relationship between the Vietnam Airlines and our shareholders has played a key role in the progress of
sustainable development.

Vietnam Airlines is committed to collaborating with shareholders, the transparency of information and
disclosure publicity, maintaining and improving communication to shareholders and achieving an
efficient business operation based on balancing the interests’ shareholders and the economic
development of Vietnam.

Market Position

Vietnam Airlines: is the national flag carrier, occupying 40% domestic market share. The carrier currently
operates 94 aircraft with an average age of 7.8 years and plans to expand to 166-186 aircraft by 2030. In
the first half of 2022, Vietnam Airlines transported 9.36 million passengers. Despite the strong recovery
in revenue, the carrier suffered losses of approximately USD 228 million. According to its report, the
airline is seeking financial aid from the Government, and loan payment extensions from lenders
(commercial banks, lessors, and suppliers). Besides that, Vietnam Airlines also finds other solutions like
aircraft/ engines liquidation or divesting 35% stake in Cambodia Angkor Air, delivery extension of 5
aircraft typed B787-10 and A320 Neo by end of 2022 or early 2023, and cancellation of 4 aircraft typed
B787-10 and A320. The freight transport business has witnessed good performance with a revenue
increase of 80% compared to the same period in 2021.

SWOT analysis
Strengths - Strong capital and legal Weaknesses - Being affected by the
support government and the
- Good reputation political factors.
- Strong subsidiaries
(VAECO & VINAPCO)
Opportunities - Strong support from the Threats - Domestics competitors
government helps - International competitors
develop domestic and
international flight routes.
- Can issue share to raise
capital.

Price Target

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1. The price-to-earnings ratio (P/E ratio) is the indicator for the valuation of a company that evaluates
its current share price relative to its earnings per share (EPS) (Hayes, 2020). For more detail, here is
the formula to calculate the P/E ratio:
𝑀𝑎𝑟𝑘𝑒𝑡 𝑣𝑎𝑙𝑢𝑒 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒
𝑃/𝐸 𝑅𝑎𝑡𝑖𝑜 =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑝𝑒𝑟 𝑠ℎ𝑎𝑟𝑒

2. The Enterprise value-to-EBITDA (EV/EBITDA) ratio is a tool that compares the asset value of a
company to its annual EBITDA (which can be either a historical statistic or a forecast). This multiple
is used to assess the worth of a business and to equate it with the worth of other related companies
(CFI, 2019). Here is the formula to calculate the EV/EBITDA ratio (CFI, 2019):
𝐸𝑛𝑡𝑒𝑟𝑝𝑟𝑖𝑠𝑒 𝑉𝑎𝑙𝑢𝑒
𝐸𝐵𝐼𝑇𝐷𝐴 =
𝐸𝐵𝐼𝑇𝐷𝐴

3. DCF is a specific type of financial modeling tool used to value a business. DCF stands for Discounted
Cash Flow, so a DCF model is simply a forecast of a company’s unlevered free cash flow discounted
back to today’s value, which is called the Net Present Value (NPV). In this particular project, we will
use FCFF (Free Cash Flow to Firm).
Free cash flow to the firm (FCFF) represents the amount of cash flow from operations available for
distribution after accounting for depreciation expenses, taxes, working capital, and investments.
FCFF is a measurement of a company's profitability after all expenses and reinvestments. It is one of
the many benchmarks used to compare and analyze a firm's financial health.
The FCFF valuation approach estimates the value of the firm as the present value of future FCFF
discounted at the weighted average cost of capital:

Risks to Recommendation
1. Economic risks
- Economic growth: Fluctuations in GDP growth rate will directly affect the spending level of the
economy, thereby affecting consumer travel demand, and thereby directly affecting
transportation business activities. Air transport of Vietnam Airlines.
- Inflation: Rising inflation may negatively affect Vietnam Airlines' production and business
activities due to increased input costs, reducing profits; Besides, consumers also cut costs,
reducing spending on tourism or air travel, causing revenue to decline, thereby reducing
Vietnam Airlines' total profit.
- Exchange rate: Due to the specific nature of Vietnam Airlines' production and business activities,
there are many loans and financial leases to purchase aircraft and machinery and equipment;
Paying high-value expenses to foreign partners, Vietnam Airlines' exchange rate risk comes
mainly from fluctuations in the USD/VND exchange rate and some other strong foreign
currencies (CNY, JPY, EUR... ). In2023, the exchange rate was quite stable due to a number of
positive macroeconomic factors and the State Bank of Vietnam's support in maintaining stable
exchange rates in the domestic foreign exchange market.
2. Legal risks
- Production and business activities of Vietnam Airlines and its member units are governed by the
legal system and policies of the State of the Socialist Republic of Vietnam, including: Enterprise
Law, laws and regulations. tax policy, securities laws and stock market. Because the Vietnamese
legal system is in the process of being completed, policy changes can always occur and can
create favorable conditions or have a negative impact on Vietnam Airlines' business operations.

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3. Risks specific to the aviation industry
- Competitive risks in the aviation industry: Along with the development of the aviation industry
and the policy of opening the economy, governments of countries, including Vietnam, are
forced to gradually reduce protection measures for domestic and state-owned enterprises.
Regulations on FDIs and policies to create conditions for private airlines and joint ventures with
foreign countries to increase sharply. Low Cost Airlines (LCCs) are increasingly expanding their
operations on all international and domestic routes. The competitive situation continues to be
tense not only in the domestic market but also in the international market. Competition on
Northeast Asia and Vietnam routes is increasing as domestic LCCs operate routes to the
Northeast Asian market. In addition, traditional airlines in Northeast Asia are also accelerating
the participation of affiliated LCCs. To limit the effects stemming from this risk, Vietnam Airlines
always proactively monitors fluctuations to operate appropriate and flexible policies with the
market; At the same time, Vietnam Airlines also designs products to create cultural identity in
service, clearly differentiating itself from competing airlines while meeting 4-star international
quality standards. In addition, Vietnam Airlines is constantly perfecting its processes, improving
its organizational and management apparatus according to the standard model of a traditional
airline to improve efficiency, optimize costs, and enhance competitiveness.
- Fluctuations in aircraft raw material costs: With a large proportion (about 27% of Vietnam
Airlines' total costs), fluctuations in fuel costs have a great impact on Vietnam Airlines'
production and business activities. Jet fuel used in aviation is produced by distilling crude oil.
Therefore, the price of this type of gasoline also fluctuates according to world crude oil prices.
Over the past 5 years, jet fuel prices have tended to decrease but have increased again in the
last months of 2023. Fuel prices are unstable and difficult to forecast, making it difficult for
Vietnam Airlines to plan accurately. to estimate profits. To prevent this specific risk, Vietnam
Airlines has promoted the application of scientific and technological advances in all fields with
the goal of improving revenue and saving costs, notably The solution of using new generation
aircraft such as B787, A350, A321 Neo... has helped reduce fuel consumption and emissions by
up to 25% with low maintenance costs. In addition, Vietnam Airlines has coordinated with the
International Air Transport Association (IATA) to thoroughly implement a fuel-saving flight
program, along with comprehensive research to be ready for operational performance. fuel
price insurance when the legal framework for this service is issued by state management
agencies.
- Restrictions on airport technical infrastructure, air traffic control, and access to landing/takeoff
hours at airports: Airport technical infrastructure and air traffic control in Vietnam still have
many limitations, not fully meeting the operating needs of airlines as well as affecting the
quality of services provided to customers. Overcrowding at airports, aviation infrastructure with
insufficient ground service equipment (limited parking spaces, number of service counters, and
security personnel at the immigration department. ..) makes it difficult for airlines to operate
flights on schedule. Some airports also have a shortage of boarding gates when serving
passengers during the peak season. At some retail airports, the lack of check-in counters and
elevator trucks leads to overcrowding when there are flights at the same time and affects the
airline's turnaround time.

FINANCIAL ANALYSIS (Phân tích tài chính)

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Make sure to review the following:

INCOME STATEMENT (Bảng báo cáo kết quả hoạt động kinh doanh)

Sales growth - Vietnam Airlines' total revenue has increased steadily in recent years. It can be shown
that the growth of this total revenue can come from 2 things. Firstly, the number of people flying
Vietnam Airlines has increased steadily over the years. This is good because it shows that the business is
on the rise. Second, the airline's airline ticket prices are steadily increasing. Increasing ticket prices
depends on many factors and is inevitable. However, if ticket prices increase too high, the number of
passengers flying on the airline will decrease according to the law of supply and demand. This will have a
negative impact on the business. In 2023, we have seen airline ticket prices increase, so it can be said
that the gradual growth of Vietnam Airlines' revenue comes mainly from increasing ticket prices.

Vietnam Airlines' gross profit has been negative in 2022 and 2023. This shows that the business's cost of
goods sold is too high, and this is the key to negative net income. This may be due to rising crude oil
prices and causing cost of goods sold to increase.

In 2019, in addition to favorable factors, business activities faced many difficult challenges due to
market changes due to increased supply and increased competition. The ceiling ticket prices for its
market share of revenue have dropped sharply, and currencies in many of Vietnam Airlines' main selling
markets have depreciated against the US dollar. Domestic airport infrastructure continues to increase
the load on airlines. Not only has it started operations, recruiting a specialized workforce of aircraft
pilots and engineers has caused difficulties for Vietnam Airlines' production activities.

By 2020, Vietnam Airlines' total assets reached 58,571,051,175,784 billion VND, down 15.1% compared
to the beginning of the year. The COVID-19 pandemic has had a particularly serious impact and
completely changed Vietnam Airlines' production and business activities. Since March 2020, Vietnam

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Airlines has had to stop all regular international flights, only operating repatriation passenger flights or
combined cargo flights in accordance with the Government's instructions. Domestic flight routes are
also affected and seriously reduced, especially from the end of March to the end of April, the frequency
of domestic flights is minimized due to the Government's social distancing policy. Therefore, VNA's
revenue in 2020 decreased sharply, reaching 30,679,026,769,775, down 57.9% compared to 2019.
Negative profit after tax was nearly 8,754 billion while the same period profit was 2,418 billion.
According to assessments, this loss is much lower than the estimated number announced by Vietnam
Airlines' board of directors at the shareholders' meeting on the morning of December 29, 2020, which is
14,487 billion.

BALANCE SHEET (Bảng cân đối kế toán)

In 2018-2019, Vietnam Airlines' debt decreased rapidly because Vietnam Airlines balanced its cash flow
appropriately to prepay some long-term loans. During the period 2019-2020, equity decreased by an
average of 50.7% and liabilities decreased significantly (1.9%). As the market enters the off-peak period,
competition in the market continues to be fierce due to overcrowding and ticket prices remaining at low
levels, affecting developments in the COVID-19 pandemic. Accumulated financial resources and balances
that have improved over the years are depleted and change in a positive direction.

Current Ratio
2021 2022 2023
Current Assets 12.479.745.873.316 11.853.414.741.618 2.907.309.306.420
Current 24.579.592.575.288 24.789.970.413.042 26.552.383.605.106
Liabilities
HVN Current 0,51 0,48 0,15
ratio
Industry Current 0,88 0,88 0,88
ratio
Current assets are 0.63 times larger than short-term liabilities in 2019, 0.50 times in 2020, 0.51 times in
2021, 0.48 times in 2022 and 0.14 times in 2023. Current liquidity ratio of Vietnam Airlines company

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from 2019- 2023 has a downward trend, which is not good for the company. The reason for the sharp
decrease in 2023 is that Vietnam Airlines is affected by increased oil prices, causing short-term assets to
decrease to only 3,900 billion VND and short-term debt to increase to 26,500 billion VND. copper. This
ratio of the company from 2019-2023 is much lower than the industry average ratio. Businesses need to
increase this ratio. Therefore, businesses need to reduce short-term debt by: Using cash to pay down
debt because there is quite a lot of cash left. Collect accounts receivable, then use that money to pay
down debt. Create promotions and discounts to stimulate domestic flights in the country. Linking with
tourist areas and hotels to stimulate travel demand of domestic passengers. Take equity to reduce debt.
Issuing additional shares to increase capital and cash flow to pay debts. There is a need for more
effective debt management models that can be applied more flexibly in the following management
ways: Management by each supplier; Manage details for each invoice and payment deadline; Manage
each purchasing contract.

Các chỉ số còn lại các bạn làm tương tự như trên

CASH FLOW STATEMENT (Bảng lưu chuyển tiền tệ) (phần này các bạn làm tương tự như trên)

Operating cash flow –

Dong tiền hoạt động - tính con số mới nhất. Các con số cũ là bao nhiêu? Xu hướng như thế nào? Ổn định
hay không? Tại sao?

FCF / Sales – historical performance and trend. (tính con số mới nhất. Các con số cũ là bao nhiêu? Xu
hướng như thế nào? Ổn định hay không? Tại sao?)

FCF / Net Income – how well does the company convert EPS into actual cash? (tính con số mới nhất. Các
con số cũ là bao nhiêu? Xu hướng như thế nào? Ổn định hay không? Tại sao? Công ty có làm tốt trong
việc chuyển EPS sang tiền mặt không?)

FCF / Net Assets – how good are they at generating cash on their net assets. tính con số mới nhất. Các
con số cũ là bao nhiêu? Xu hướng như thế nào? Ổn định hay không? Tại sao? Tiền mặt kiếm được từ tài
sản róng có đang ổn ko?)

Financial Statement Quality (Chất lượng báo cáo tài chính) (phần này chị xin phép ko thể đưa ra nhận
xét vì báo cáo tài chính của HVN có vấn đề và hơi nhạy cảm. Chủ yếu là phần này các bạn nhận xét các
báo cáo tài chính của doanh nghiệp đó có minh bạch không và liệu có chỗ nào đáng nghi ko? Ví dụ như
trốn thuế hoặc khai khống)

Start with the #%*@(!?!!! ratio!

Are the numbers clean or are there many large write offs?
Do they keep changing how they report numbers?
Question marks...

Các con số có rõ ràng hay không?

Họ có tiếp tục thay đổi cách báo cáo số liệu không?

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RETURN ON INVESTED CAPITAL (ROIC) AND NET ASSETS (RONA)
Tính ROIC và RONA - tính con số mới nhất. Các con số cũ là bao nhiêu? Xu hướng như thế nào? Ổn định
hay không? Tại sao?
Đối với 2 chỉ số này các bạn nên trình bày như chỉ số Current ratio như trên

VALUATION
1. Relative valuation: VietJet is the comparison company
P/E ratio
VietJet P/E ratio = 10
 HVN Price = 10 x EPS = 10 x 1,500 VND = 15,000 VND
EV/EBITDA
VietJet EV/EBITDA = 11.8
 HVN Enterprise value = 11.8 x EBITDA = 11.8 x 8,832 billion VND = 104,217.6 billion VND

2. DCF method - FCFF

Before using methods to evaluate the intrinsic value of Vietnam Airlines, the required rate of return is
necessary for each model. The required rate of return is the minimum return that the investor expects for
owning the stock of the company. Below is our calculation of the required rate of return of Vietnam
airlines using the CAPM model.

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After calculation, we have the Beta of 1.3743 and the required rate of return of 7.14%. Just a quick
explanation of Beta. Beta is a measure used to determine the volatility of an asset or portfolio in relation
to the overall market. As you can see, we calculated Beta for 3-year time is 1.3743 which is greater than
1. This means that HVN shares are more profitable, but also at higher risk. (High Risk, High Return). It also
means that if the return of the industry increases by 1, the return of HVN share will increase by 1.3743
and vice versa. In addition, the R square below the equation tells that the HVN share is affected by the
market by 47.65% and the remaining 52.35% is explained by Vietnam Airlines itself.
According to financial statements in 2023, we can calculate some indicators of Vietnam Airlines
𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠
𝑅𝑂𝐸 = 𝐸𝑞𝑢𝑖𝑡𝑦
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑎𝑦𝑜𝑢𝑡 𝑟𝑎𝑡𝑒 =
𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠

𝑅𝑒𝑡𝑒𝑛𝑡𝑖𝑜𝑛 𝑟𝑎𝑡𝑒 = 1 − 𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 𝑝𝑎𝑦𝑜𝑢𝑡 𝑟𝑎𝑡𝑒

2023 2024 2025 2026 2027 2028

(estimated) (estimated) (estimated) (estimated)
(estimated)

ROE 13.63% 10.07% 10.66% 11.51% 13.43% 15.07%

(2,537,461,06
(1,476,000, (1,697,400, (2,036,880, (2,542,412,
2,000/18,607,
000,000 / 000,000 / 000,000 / 000,000 /
555,998,420)
14,651,000, 15,914,000, 17,693,000, 18,931,000,
000,000) 000,000 000,000) 000,000)

Dividend 67.8% 76.88% 69.51% 60.82% 51.17% 57.93%

payout rate (1,720,877,61
(1,134,632, (1,180,017, (1,239,018, (1,300,969,
0,000 /
678,000 / 985,000 / 884,000 / 828,000 /
2,537,461,062
1,476,000,0 1,697,400,0 2,036,880,0 2,542,412,0
,000)
00,000) 00,000) 00,000) 00,000)

Retention 32.2% (1- 23.12% 30.49% 39.18% 48.83% 42.07%

rate 0.563)
(1-0.7688) (1-0.6951) (1-0.6082) (1-0.5117)

Depreciation 15,434,547,82
3

Required 7.14% 7.14% 7.14% 7.14% 7.14% 7.14%

rate of
return

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 Number of 1,418,290,847 1,418,290,8 1,418,290,8 1,418,290,8 1,418,290,8 1,418,290,8
shares ,000 47,000 47,000 47,000 47,000 47,000
outstanding

We can calculate the average growth rate, free cash flow, equity value and share price after 2023:

2023 2024 2025 2026 2027 2028

(estimated) (estimated) (estimated) (estimated) (estimated)

g = ROE * 4.38% 2.32% 3.25% 4.5% 6.55% 6.34%

retention rate (13.63% *
(10.07% * (10.66% * (11.51% * (13.43% *
32.2%)
23.12%) 30.49%) 39.18%) 48.83%)

Free cash flow 1,735,833,148 1,776,104,477 1,833,827,873 1,916,350,127 2,041,871,060 2,171,325,685

,000VND ,000VND ,000VND ,000VND ,000VND ,000 VND

Free cash flow 2023 = FCF0 = [ EBIT (1 – T)] – Net capital investment = [Net income + Depreciation] – [Net
income x Retention rate] = [2,537,461,062,000 + 15,434,547,823] - (2,537,461,062,000 * 32.2%) =
1,735,833,148,000VND
𝐹𝐶𝐹2029 = 𝐹𝐶𝐹2028 × (1 + 𝑔) = 2,171,325,685,000 × (1 + 6.34%) = 2,308,987,734,000𝑉𝑁𝐷
Now we will calculate WACC
𝑊𝐴𝐶𝐶 = 𝑟𝑑 (1 − 𝑇)𝑤𝑑 + 𝑟𝑐 𝑤𝑐
𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 31,934,000,000,000
𝑤𝑑 = ′
= = 55.32%
𝑇𝑜𝑡𝑎𝑙 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 + 𝑠𝑡𝑜𝑐𝑘ℎ𝑜𝑙𝑑𝑒𝑟𝑠 𝑒𝑞𝑢𝑖𝑡𝑦 57,717,000,000,000
𝑟𝑑 = 𝑌𝑇𝑀 = 8.42%
𝑤𝑐 = 1 − 55.32% = 44.68%
𝑟𝑐1 = 7.14%
𝑟𝑐2 = 𝑟𝑑 + 𝑅𝑖𝑠𝑘 𝑝𝑟𝑒𝑚𝑖𝑢𝑚 = 8.42% + 4% = 12.42%
𝑟𝑐1 +𝑟𝑐2 7.14%+12.42%
 𝑟𝑐 = 2
= 2
= 9.78%
Tax rate = 35%
𝑊𝐴𝐶𝐶 = 𝑟𝑑 (1 − 𝑇)𝑤𝑑 + 𝑟𝑐 𝑤𝑐 = 8.42% × (1 − 35%) × 55.32% + 44.68% × 9.78% = 7.4%
𝐹𝐶𝐹𝐹2029 2,308,987,734,000
 Terminal value = = = = 21,782,901,500,000𝑉𝑁𝐷
𝑊𝐴𝐶𝐶−𝑔 7.4%−6.34%
𝐹𝐶𝐹2024 𝐹𝐶𝐹2025 𝐹𝐶𝐹2026 𝐹𝐶𝐹2027 𝐹𝐶𝐹2028+𝑇𝑒𝑟𝑚𝑖𝑛𝑎𝑙 𝑣𝑎𝑙𝑢𝑒
Firm value = [(1 + 𝑊𝐴𝐶𝐶)1 ] + [(1 + 𝑊𝐴𝐶𝐶)2 ] + [(1 + 𝑊𝐴𝐶𝐶)3 ] + [(1+𝑊𝐴𝐶𝐶)4 ] + [ (1+𝑊𝐴𝐶𝐶)5
] =
23,088,459,650,000,000VND
𝐼𝑛𝑡𝑟𝑖𝑛𝑠𝑖𝑐 𝑣𝑎𝑙𝑢𝑒−𝐷𝑒𝑏𝑡 𝑎𝑛𝑑 𝑝𝑟𝑒𝑓𝑒𝑟𝑟𝑒𝑑 23,088,459,650,000,000−31,934,000,000,000
Share price = 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔
= 1,418,290,847
= 16,301VND

With this method, we can see that Vietnam Airlines stock is now overvalued with the current market price
of 20,381 VND. This can be resulted in the high depreciation because an airline firm tend to have aircrafts
which is depreciated in large amount in a period of time.

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FINAL CHECKLIST (Bảng kiểm tra báo cáo)
Nếu các bạn làm rồi thì check v
___ Accuracy – did you check your numbers? (Độ chính xác – Các bạn đã kiểm tra các con số chưa?)
___ Would you read this report? (Các bạn đã đọc lại bài báo cáo chưa?)
___ Would you use this report if it affected your personal finances? (Các bạn sẽ sử dụng bản báo cáo
này không nếu nó ảnh hưởng đến tài chính cá nhân của bạn? Ý là nếu các bạn muốn đầu tư vào công ty
này thì với một bản báo cao như thế này thì các bạn có đánh giá cao không?)
___ Would you turn this report in at work? (Các bạn có nộp bản báo cáo này cho sếp nếu các bạn đi
làm không?)

DISCLAIMER (Đây chỉ là phần nếu ra bản quyền thôi, chúng ta không cần để ý đến)
Material provided in this publication is for educational purposes only in the teaching of a undergraduate
or graduate level financial management course, and was prepared from sources and data believed to be
reliable, but we do not guarantee its accuracy or completeness. We cannot and do not guarantee the
adequacy, accuracy or completeness of this information or the suitability or profitability of any
particular investment.
This publication does not consider the specific investment objectives, financial situation, or particular
needs of any specific person, or any investment laws and regulations, regulatory capital requirements,
or other restriction applicable to investments by certain institutional investors. Accordingly, you are
responsible for your own investment research and decisions, and should seek the advice of a qualified
fiduciary, and perform your own due diligence before investing. You should also consult your own legal
advisor in determining the legality and consequences to you of the purchase, ownership, or sale of any
investments.
No information in this or any of our publications is intended as tax, accounting, or legal advice, as an
offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security or fund. Past
performance does not indicate or guarantee future performance and no representation or warranty is
made regarding future performance. This publication reflects a judgment at its original date of
publication by students in a college course and is subject to change without notice. The price, value,
and income from any securities or instruments mentioned in this report can fall as well as rise as a result
of a host of factors including, but not limited to, economic, financial, and political factors, interest rates,
stock market volatility, commodity price and exchange rate movements, weather, regulatory changes,
changes in credit quality, acts of God, or terrorist activities.

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