A clear, defensible estimate of return on equity using the framework established by FERC Opinion No. 594.
Two-step DCF with an 80% / 20% growth weighting, paired with CAPM.
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FERC-style ROE analysis with multi-step calculation workflow
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Select a run with a linked proxy group to build the DCF exhibit.
| Line No. |
Company | Ticker | Standard & Poor’s | Moody’s Long Term | Six Month | IBES | Long-term GDP | Composite | Adjusted | DCF | Outlier test |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Corporate Credit Rating | Issuer or Sr Unsecured Rating | Average Dividend Yld | Analysts’ Proj EPS g | Growth Rate | Growth Rate | Dividend Yield | ROE Ke | ||||
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) |
Columns (e) and (f) are editable and save to the proxy group. Composite growth (h) = weightST × (f) + weightLT × (g); adjusted yield (i) = (e) × (1 + ½f), advancing the yield one half-year at the near-term growth rate; Ke (j) = (i) + (h).
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| Statistic | All results | After removing outliers |
|---|---|---|
| Companies | — | — |
| Average | — | — |
| Low | — | — |
| High | — | — |
| Median | — | — |
A run freezes this exhibit — every company’s yield and growth rate, the settings above, and which companies were screened out as outliers — so it still reproduces after the proxy group is edited. Compare runs in the Saved Runs tab.
Monthly high and low prices with the quarterly dividend in effect, for each company in the proxy group. The average of the monthly average yields becomes column (e) of the two-step DCF exhibit. Prices come from Yahoo! Finance and dividend dates from Nasdaq; every figure stays editable so a hand correction survives.
Set the study period in Analyst Controls → Market, then fetch market data.
Source: Yahoo! Finance and Nasdaq
Select a run with a linked proxy group to build the CAPM exhibit.
Beta and the size adjustment are editable and save to the proxy group; both exhibits read the same values. Ke = (risk premium × β) + Rf, then the CRSP decile size premium is added. The outlier tests run on the size-adjusted result, and a manual flag applies to both methods.
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| Statistic | Forward-looking: all | Forward-looking: kept | Blended: all | Blended: kept |
|---|---|---|---|---|
| Companies | — | — | — | — |
| Average | — | — | — | — |
| Low | — | — | — | — |
| High | — | — | — | — |
| Median | — | — | — | — |
Every figure is the size-adjusted Ke, which is what the exhibit carries forward.
A run freezes both models together — the DCF exhibit and both CAPM exhibits, every company’s inputs, and the settings behind them. The selected method above is the CAPM figure the run carries into its composite.
Each saved run is a frozen snapshot. The run named in Analyzing run above is read here exactly as it stood when it was saved, even if the proxy group or assumptions have changed since.
Measure the run open above against another saved run. The difference column reads as the comparison run minus the open one.
| Metric | Run 1 | Run 2 | Difference |
|---|