ITC Limited Valuation

800
362
700

600
237
500 230
400 328
155
300 237
209
200 140
100 Column C
-
- Data
Valuation DCF EV/EBITDA EV/Sales PE
RANGE

Total

5. Marico
527,381 896,922 1,005,459 Britannia Industries
44,795 Dabur India
741,844 Godfrey Phillip
12,597,017 5,180,796
Godrej Consumer Product
Ltd
Hindustan Unilever
Limited (HUL)
ITC Limited
2,502,084
Nestlé India
50,372 1,647,364 VST
Total Result

45% 41%
38%
40%
32%
35%
30%
22%
25% 20%
20% 16%

15%
9%
10% 5%
5%
0%
Margins CAGR EBIT Margin EBITDA Margin Net margin
 22%
25% 20%
20% 16%

15%
9%
10% 5%
5%
0%
Margins CAGR EBIT Margin EBITDA Margin Net margin

End of Sheet
luation

53
P/E 17

36
EV/Sales 4

32
EV/EBITDA 10

76
EPS 12

Ratio's Column C Data

- 10 20 30 40 50 60 70 80

500,000
450,000
400,000
350,000
Rs.in Millions

300,000
Dat
250,000
Colu
200,000
150,000
100,000
50,000
-
Particulars EBIT EBITDA Net Revenue
Income

2%

16%

Data Column C

t margin
 16%

Data Column C

t margin

End of Sheet
ITC Limited Valuation
Prepared By:- Swapnil kamble
Date of valuation: - April 20, 2021.

Valuation
No of Shares Switch
Shares O/S 12,292 25th Percentile

Rs. In Millions B13 *C13

ITC Industry Multiple Range Implied EV-ITC Limited

Metrics Lower Higher Lower
EBITDA 5% 5%
FY1 EV/EBITDA 160,045 15 17 2,432,669
FY2 EV/EBITDA 196,712 14 15 2,696,070

Rs. In Millions
ITC Industry Multiple Range Implied EV-ITC Limited
Metrics Lower Higher Lower
Sales 5% 5%
FY1 EV/Sales 449,521 4 4 1,714,238
FY2 EV/Sales 518,010 3 4 1,732,612

Rs. In Millions
ITC Industry Multiple Range Implied EV-ITC Limited
Metrics Lower Higher Lower
PE 5% 5%
FY1 PE 11 29 32
FY2 PE 13 26 29
Key Point

Valuations range as per various approaches is not consistent, primarily due to peer company selection. ITC falls under FMCG s
Other FMCG companies with similar market capitalization, revenue as that of ITC either don’t have tobacco/cigarette segment
The Companies which are dealing in this segment [Tobacco/Cigarettes], are not having their market cap and revenue in sync w
The solution could be to select Global companies, similar to that of ITC Limited and perform sum of parts valuation [SOTP], bas

General Notes

EBITDA:- Earnings before Interest, Depreciation & Amortisation

EV:- Enterprise Value
PE:- Price Earning Ratio

1 EV/ EBITDA:- Enterprise Multiple

Using this Ratio we do away with Accounting policy difference between companies.
[Eg:-Depreciation and Tax are subject to accounting policy difference]
The lower the Ratio the cheaper the valuation of the company.

2 EV/Sales:- Enterprise Multiple

Suitable for companies with Losses.
Does not Capture profitability & not suitable for cyclical industries.
Impact of difference in accounting policy will be minimum.

3 PE:- Equity multiple

Price an investor is paying for Rs.1 of Earning.
if a company has higher PE, indicates the investor is paying higher price for the stock
This ratio should be looked at in isolation, it is important to analyse this ratio with Peer companies

4 AR- Annual Report

End of Sheet
Median
25th Percentile
75th Percentile
 2

Extracted from Annual Report [Mar-20] E13-G13-H13+I13

Implied EV-ITC Limited Minority Implied Equity-ITC Limited

Higher Interest Total Debt Cash & Cash Eq Lower Higher

2,688,739 3,774 56 6,503 2,435,342 2,691,412

2,979,866 3,774 56 6,503 2,698,742 2,969,533

ITC valuation range as per Relative valuation

Extracted from Annual Report [Mar-20]

Implied EV-ITC Limited Minority Implied Equity-ITC Limited
Higher Interest Total Debt Cash & Cash Eq Lower Higher

1,894,684 3,774 56 6,503 1,716,910 1,897,356

1,914,992 3,774 56 6,503 1,735,284 1,904,658

ITC valuation range as per Relative valuation

Extracted from Annual Report [Mar-20]

Implied EV-ITC Limited Minority Implied Equity-ITC Limited
Higher Interest Total Debt Cash & Cash Eq Lower Higher

ITC valuation range as per Relative valuation

mpany selection. ITC falls under FMCG sector but majority of its portfolio is captured by tobacco/cigarettes segment
r don’t have tobacco/cigarette segment or it is a negligible portion
their market cap and revenue in sync with that of ITC.
form sum of parts valuation [SOTP], basis various business segments.

e between companies.

gher price for the stock

analyse this ratio with Peer companies and growth of the company

End of Sheet
Extracted from AR J13/L13

Implied Per Share Value-ITC Limited

Shares O/S Lower Higher

12,292 198 219

12,292 220 242

208.83 230.27
Average of FY1 and FY2

Implied Per Share Value-ITC Limited

Shares O/S Lower Higher

12,292 140 154

12,292 141 155

140.42 154.65
Average of FY1 and FY2

C33*B33
Implied Per Share Value-ITC Limited
Shares O/S Lower Higher

- 313 346
- 343 379

327.97 362.49
Average of FY1 and FY2
ITC Limited Valuation

Comparable Company Analysis

Industry FMCG Sector

Country India

LTM Multiples

Peer Group Companies Per share Price Market Cap EV EV/Sales

ITC 204 2,502,084 1,873,691 4.0x
Hindustan Unilever
Limited (HUL) 2,393 5,180,796 4,924,967 12.7x
Nestlé India 17,086 1,647,364 1,749,269 13.2x
Britannia Industries 3,730 896,922 648,134 5.6x
Marico 409 527,381 349,086 4.8x
Dabur India 569 1,005,459 763,869 8.8x
Godfrey Phillip 862 44,795 49,004 1.6x
VST 3,262 50,372 42,958 3.5x

Mean 7.2x
Median 5.6x
25th Percentile 4.1x
75th Percentile 10.7x

General Notes

Quartiles/Mean/Median

Mean is the Average

The "median" is the "middle" value in the list of numbers.

When you have a skewed distribution, the Median is a better measure of central tendency than the Mean.
In simple language Median is not affected by the outliers and hence is preferred over Mean

Quartiles

25th Percentile or 1st quartile

The 25th percentile is the value at which 25% of the answers lie below that value, and 75% of the answers lie abov

75th Percentile or 3rd quartile

The 75th percentile is the value at which 25% of the answers lie above that value and 75% of the answers lie below
End of Sheet
 LTM Multiples FY1 Multiple FY2 Multi

EV/EBITDA EV/EBIT P/E EV/Sales EV/EBITDA EV/EBIT P/E EV/Sales

10.5x 9.8x 16.5x 4.2x 11.7x 12.7x 19.0x 3.6x

51.3x 56.9x 76.9x 10.8x 43.1x 47.7x 65.4x 9.6x

54.6x 61.8x 79.1x 11.7x 47.5x 53.4x 66.7x 10.4x
35.2x 39.1x 63.9x 4.9x 25.3x 27.4x 47.0x 4.6x
23.8x 26.3x 51.7x 4.5x 21.7x 23.6x 45.3x 4.0x
42.6x 48.6x 69.6x 7.9x 37.1x 41.1x 57.7x 7.1x
8.3x 11.1x 11.5x 1.9x 8.8x 10.2x 13.1x 1.7x
10.4x 11.6x 16.6x 3.6x 10.3x 11.9x 16.1x 3.1x

32.3x 36.5x 52.8x 6.5x 27.7x 30.8x 44.5x 5.8x

35.2x 39.1x 63.9x 4.9x 25.3x 27.4x 47.0x 4.6x
17.1x 18.9x 34.1x 4.0x 16.0x 17.8x 30.7x 3.5x
47.0x 52.7x 73.2x 9.4x 40.1x 44.4x 61.6x 8.4x

tendency than the Mean.

, and 75% of the answers lie above that value

and 75% of the answers lie below that value.

d of Sheet
 FY2 Multiple

EV/EBITDA EV/EBIT P/E

9.5x 10.2x 15.7x

36.6x 40.2x 54.3x

41.8x 47.0x 58.1x
24.9x 27.3x 46.5x
19.5x 21.2x 40.9x
32.8x 35.9x 51.1x
7.1x 8.0x 10.3x
9.4x 10.2x 14.7x

24.6x 27.1x 39.4x

24.9x 27.3x 46.5x
14.4x 15.7x 27.8x
34.7x 38.0x 52.7x
ITC Limited Valuation

Peer Company Financial Details

Valuation date 4/20/2021

Latest Financials Mar-20
Reporting Currency INR

March 2020 data Rs. In milli

Company Name <Formula>

Shares
Per Share Outstanding
Comparative Price Basic Market Cap Revenue

ITC Limited 204 12,292 2,502,084 468,073

2,165
Hindustan Unilever Limited (HUL)
Yes 2,393 5,180,796 387,850
Nestlé India Yes 17,086 96 1,647,364 132,902
Britannia Industries Yes 3,730 240 896,922 115,996
Marico Yes 409 1,291 527,381 73,150
Dabur India Yes 569 1,767 1,005,459 87,036
Godfrey Phillip Yes 862 52 44,795 30,447
VST Yes 3,262 15 50,372 12,394

Forward Year 1 [FY1] Forward Year 2

Company Name Revenue EBITDA EBIT Net Income Revenue
ITC 449,521 160,045 147,397 131,867 518,010

457,002 114,397 103,325 79,172 510,675

Hindustan Unilever Limited (HUL)
Nestlé India 149,801 36,823 32,752 24,688 167,747
Britannia Industries 131,865 25,588 23,615 19,076 141,591
5. Marico 78,154 16,103 14,777 11,647 87,549
Dabur India 96,309 20,605 18,565 17,413 107,103
Godfrey Phillip 26,131 5,538 4,825 3,413 29,258
VST 12,061 4,162 3,616 3,120 14,065

Notes

1 Above Data is Extracted from MarketScreener.com

2 Market Price of Share is as on the date of Valuation.

3 Companies with market capitalization of Rs.5,00,000mn and above are selected for comparative an
Godfrey Philip and VST [Product-Tobacco] are considered in the analysis, since their product
and business segment is line with that ITC [i.e. Cigarettes; Tobacco]

4 CAGR- Compounded Annual Growth Rate. [March 20 to FY2 growth]

End of Sheet
 Rs. In million
<Formula>

EBITDA EBIT Net Income EPS EV EBITDA Margin

179,043 191,668 151,361 12 1,873,691 38%

86,620 4,924,967
96,000 67,380 31 25%
32,015 28,311 20,824 216 1,749,269 24%
18,432 16,584 14,026 58 648,134 16%
14,690 13,290 10,210 8 349,086 20%
17,924 15,719 14,450 8 763,869 21%
5,921 4,397 3,879 75 49,004 19%
4,134 3,716 3,041 197 42,958 33%

Forward Year 2 [FY2] FY1 FY2

EBITDA EBIT Net Income EPS EPS CAGR
196,712 184,163 159,846 11 13 5%
134,428 122,620 95,391
37 44 15%
41,880 37,215 28,349 256 294 12%
25,989 23,778 19,296 79 80 10%
17,929 16,464 12,906 9 10 9%
23,316 21,266 19,660 10 11 11%
6,898 6,105 4,347 66 84 -2%
4,578 4,217 3,437 202 223 7%
 are selected for comparative analysis.
alysis, since their product

Sheet
 Net income
EBIT margin Margin

41% 32%

22% 17%
21% 16%
14% 12%
18% 14%
18% 17%
14% 13%
30% 25%
ITC Limited Valuation

Quantitative and Qualitative Analysis of ITC

We are performing this analysis, in order to decide on which quartile to select for range of multiples

I Financial Analysis

Net
EBITDA income
Company Name Revenue EPS Margin Margin
ITC Limited 468,073 12 38% 32%
Hindustan Unilever Limited (HUL) 387,850 31 25% 17%
Nestlé India 132,902 216 24% 16%
Britannia Industries 115,996 58 16% 12%
5. Marico 73,150 8 20% 14%
Dabur India 87,036 8 21% 17%

II Product Diversification [From Annual Report]

Revenue %
Cigarettes 40%
FMCG [Excluding Cigarettes] 25%
Agri Business 20%
Paperboards & packaging 11%
Hotel 4%
100%

ITC's product portfolio is well diverfied across various segments

III Geographic

ITC has well diversified portfolio and has Pan India presence.
Over the years ITC has increased its export capacity.
 Risks
> Because of the ongoing pandemic situation sale Cigarettes will get hampered.
> Cigarettes is ITC's primary product
> Hotel industry will also be hit due to COVID 19 close down.

End of Sheet
e of multiples

Revenue Margins
40%
35%
30%
25%
20%
15%
10%
5%
0%
ITC Limited Hindustan Nestlé India Britannia 5. Marico Dabur India
Unilever Industries
Limited (HUL)

Revenue %
100%

Hotel 4%

Paperboards & packaging 11%

Agri Business 20%

FMCG [Excluding Cigarettes] 25%

Cigarettes 40%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
ITC Limited Valuation

Beta Calculation

Beta of ITC 0.76

Input for calculating Cost of equity [using CAPM].

We have taken last 5 Years data to calculate Beta . [Refer Data source Below]

Date ITC Date NSE

Price % Change Price % Change
4/22/2016 190 4/22/2016 7,899
4/25/2016 188 -1% 4/25/2016 7,855 -1%
4/26/2016 191 2% 4/26/2016 7,963 1%
4/27/2016 195 2% 4/27/2016 7,980 0%
4/28/2016 189 -3% 4/28/2016 7,847 -2%
4/29/2016 190 1% 4/29/2016 7,850 0%
5/2/2016 188 -1% 5/2/2016 7,806 -1%
5/3/2016 185 -2% 5/3/2016 7,747 -1%
5/4/2016 183 -1% 5/4/2016 7,707 -1%
5/5/2016 186 2% 5/5/2016 7,736 0%
5/6/2016 186 0% 5/6/2016 7,733 0%
5/9/2016 190 2% 5/9/2016 7,866 2%
5/10/2016 189 0% 5/10/2016 7,888 0%
5/11/2016 186 -2% 5/11/2016 7,849 0%
5/12/2016 186 0% 5/12/2016 7,900 1%
5/13/2016 187 0% 5/13/2016 7,815 -1%
5/16/2016 192 3% 5/16/2016 7,861 1%
5/17/2016 193 0% 5/17/2016 7,891 0%
5/18/2016 194 1% 5/18/2016 7,870 0%
5/19/2016 190 -2% 5/19/2016 7,783 -1%
5/20/2016 193 2% 5/20/2016 7,750 0%
5/23/2016 203 5% 5/23/2016 7,731 0%
5/24/2016 203 0% 5/24/2016 7,749 0%
5/25/2016 208 2% 5/25/2016 7,935 2%
5/26/2016 212 2% 5/26/2016 8,070 2%
5/27/2016 210 -1% 5/27/2016 8,157 1%
5/30/2016 209 0% 5/30/2016 8,179 0%
5/31/2016 206 -2% 5/31/2016 8,160 0%
6/1/2016 212 3% 6/1/2016 8,180 0%
6/2/2016 210 -1% 6/2/2016 8,219 0%
6/3/2016 208 -1% 6/3/2016 8,221 0%
6/6/2016 209 0% 6/6/2016 8,201 0%
6/7/2016 213 2% 6/7/2016 8,266 1%
 6/8/2016 213 0% 6/8/2016 8,273 0%
6/9/2016 208 -2% 6/9/2016 8,204 -1%
6/10/2016 206 -1% 6/10/2016 8,170 0%
6/13/2016 206 0% 6/13/2016 8,111 -1%
6/14/2016 208 1% 6/14/2016 8,109 0%
6/15/2016 211 2% 6/15/2016 8,207 1%
6/16/2016 208 -1% 6/16/2016 8,141 -1%
6/17/2016 211 1% 6/17/2016 8,170 0%
6/20/2016 210 -1% 6/20/2016 8,239 1%
6/21/2016 211 0% 6/21/2016 8,220 0%
6/22/2016 208 -1% 6/22/2016 8,204 0%
6/23/2016 212 2% 6/23/2016 8,270 1%
6/24/2016 208 -2% 6/24/2016 8,089 -2%
6/27/2016 211 1% 6/27/2016 8,095 0%
6/28/2016 216 3% 6/28/2016 8,128 0%
6/29/2016 215 -1% 6/29/2016 8,204 1%
6/30/2016 216 1% 6/30/2016 8,288 1%
7/1/2016 222 3% 7/1/2016 8,328 0%
7/4/2016 216 -3% 7/4/2016 8,371 1%
7/5/2016 215 -1% 7/5/2016 8,336 0%
7/7/2016 218 1% 7/7/2016 8,338 0%
7/8/2016 217 0% 7/8/2016 8,323 0%
7/11/2016 220 1% 7/11/2016 8,468 2%
7/12/2016 219 0% 7/12/2016 8,521 1%
7/13/2016 218 -1% 7/13/2016 8,520 0%
7/14/2016 219 1% 7/14/2016 8,565 1%
7/15/2016 219 0% 7/15/2016 8,541 0%
7/18/2016 219 0% 7/18/2016 8,509 0%
7/19/2016 219 0% 7/19/2016 8,529 0%
7/20/2016 221 0% 7/20/2016 8,566 0%
7/21/2016 221 0% 7/21/2016 8,510 -1%
7/22/2016 220 0% 7/22/2016 8,541 0%
7/25/2016 222 1% 7/25/2016 8,636 1%
7/26/2016 222 0% 7/26/2016 8,591 -1%
7/27/2016 218 -2% 7/27/2016 8,616 0%
7/28/2016 224 3% 7/28/2016 8,666 1%
7/29/2016 222 -1% 7/29/2016 8,639 0%
8/1/2016 221 -1% 8/1/2016 8,637 0%
8/2/2016 230 4% 8/2/2016 8,623 0%
8/3/2016 223 -3% 8/3/2016 8,545 -1%
8/4/2016 222 0% 8/4/2016 8,551 0%
8/5/2016 223 0% 8/5/2016 8,683 2%
8/8/2016 220 -1% 8/8/2016 8,711 0%
8/9/2016 218 -1% 8/9/2016 8,678 0%
8/10/2016 217 0% 8/10/2016 8,575 -1%
 8/11/2016 222 2% 8/11/2016 8,592 0%
8/12/2016 224 1% 8/12/2016 8,592 0%
8/16/2016 225 0% 8/16/2016 8,643 1%
8/17/2016 224 -1% 8/17/2016 8,624 0%
8/18/2016 222 -1% 8/18/2016 8,673 1%
8/19/2016 221 0% 8/19/2016 8,667 0%
8/22/2016 224 1% 8/22/2016 8,629 0%
8/23/2016 222 -1% 8/23/2016 8,633 0%
8/24/2016 221 0% 8/24/2016 8,650 0%
8/25/2016 223 1% 8/25/2016 8,592 -1%
8/26/2016 224 0% 8/26/2016 8,573 0%
8/29/2016 223 0% 8/29/2016 8,607 0%
8/30/2016 227 2% 8/30/2016 8,744 2%
8/31/2016 229 1% 8/31/2016 8,786 0%
9/1/2016 230 0% 9/1/2016 8,775 0%
9/2/2016 232 1% 9/2/2016 8,810 0%
9/6/2016 231 0% 9/6/2016 8,943 2%
9/7/2016 232 0% 9/7/2016 8,918 0%
9/8/2016 233 1% 9/8/2016 8,953 0%
9/9/2016 228 -2% 9/9/2016 8,867 -1%
9/12/2016 222 -2% 9/12/2016 8,716 -2%
9/14/2016 222 0% 9/14/2016 8,727 0%
9/15/2016 226 2% 9/15/2016 8,743 0%
9/16/2016 229 2% 9/16/2016 8,780 0%
9/19/2016 228 -1% 9/19/2016 8,808 0%
9/20/2016 226 -1% 9/20/2016 8,776 0%
9/21/2016 224 -1% 9/21/2016 8,777 0%
9/22/2016 225 1% 9/22/2016 8,867 1%
9/23/2016 223 -1% 9/23/2016 8,832 0%
9/26/2016 219 -2% 9/26/2016 8,723 -1%
9/27/2016 217 -1% 9/27/2016 8,706 0%
9/28/2016 218 0% 9/28/2016 8,745 0%
9/29/2016 217 -1% 9/29/2016 8,591 -2%
9/30/2016 213 -2% 9/30/2016 8,611 0%
10/3/2016 214 0% 10/3/2016 8,738 1%
10/4/2016 213 0% 10/4/2016 8,769 0%
10/5/2016 212 0% 10/5/2016 8,744 0%
10/6/2016 209 -1% 10/6/2016 8,710 0%
10/7/2016 211 1% 10/7/2016 8,698 0%
10/10/2016 212 0% 10/10/2016 8,709 0%
10/13/2016 211 0% 10/13/2016 8,573 -2%
10/14/2016 211 0% 10/14/2016 8,583 0%
10/17/2016 212 0% 10/17/2016 8,520 -1%
10/18/2016 217 2% 10/18/2016 8,678 2%
10/19/2016 211 -3% 10/19/2016 8,659 0%
10/20/2016 211 0% 10/20/2016 8,699 0%
10/21/2016 212 0% 10/21/2016 8,693 0%
10/24/2016 213 0% 10/24/2016 8,709 0%
10/25/2016 210 -1% 10/25/2016 8,691 0%
10/26/2016 210 0% 10/26/2016 8,615 -1%
10/27/2016 214 2% 10/27/2016 8,615 0%
10/28/2016 214 0% 10/28/2016 8,638 0%
11/1/2016 211 -1% 11/1/2016 8,626 0%
11/2/2016 209 -1% 11/2/2016 8,514 -1%
11/3/2016 212 1% 11/3/2016 8,485 0%
11/4/2016 219 4% 11/4/2016 8,434 -1%
11/7/2016 226 3% 11/7/2016 8,497 1%
11/8/2016 225 0% 11/8/2016 8,544 1%
11/9/2016 219 -3% 11/9/2016 8,432 -1%
11/10/2016 221 1% 11/10/2016 8,526 1%
11/11/2016 214 -3% 11/11/2016 8,296 -3%
11/15/2016 209 -2% 11/15/2016 8,108 -2%
11/16/2016 203 -3% 11/16/2016 8,112 0%
11/17/2016 204 0% 11/17/2016 8,080 0%
11/18/2016 201 -2% 11/18/2016 8,074 0%
11/21/2016 198 -2% 11/21/2016 7,929 -2%
11/22/2016 199 1% 11/22/2016 8,002 1%
11/23/2016 198 -1% 11/23/2016 8,033 0%
11/24/2016 197 -1% 11/24/2016 7,966 -1%
11/25/2016 202 2% 11/25/2016 8,114 2%
11/28/2016 206 2% 11/28/2016 8,127 0%
11/29/2016 204 -1% 11/29/2016 8,142 0%
11/30/2016 205 1% 11/30/2016 8,225 1%
12/1/2016 206 0% 12/1/2016 8,193 0%
12/2/2016 201 -2% 12/2/2016 8,087 -1%
12/5/2016 205 2% 12/5/2016 8,129 1%
12/6/2016 203 -1% 12/6/2016 8,143 0%
12/7/2016 200 -1% 12/7/2016 8,102 -1%
12/8/2016 206 3% 12/8/2016 8,247 2%
12/9/2016 208 1% 12/9/2016 8,262 0%
12/12/2016 205 -2% 12/12/2016 8,171 -1%
12/13/2016 208 1% 12/13/2016 8,222 1%
12/14/2016 205 -1% 12/14/2016 8,182 0%
12/15/2016 202 -1% 12/15/2016 8,154 0%
12/16/2016 199 -1% 12/16/2016 8,139 0%
12/19/2016 200 0% 12/19/2016 8,104 0%
12/20/2016 203 1% 12/20/2016 8,082 0%
12/21/2016 199 -2% 12/21/2016 8,061 0%
12/22/2016 201 1% 12/22/2016 7,979 -1%
12/23/2016 198 -1% 12/23/2016 7,986 0%
12/26/2016 198 0% 12/26/2016 7,908 -1%
12/27/2016 206 4% 12/27/2016 8,033 2%
12/28/2016 207 1% 12/28/2016 8,035 0%
12/29/2016 208 0% 12/29/2016 8,104 1%
12/30/2016 213 2% 12/30/2016 8,186 1%
1/2/2017 212 0% 1/2/2017 8,180 0%
1/3/2017 214 1% 1/3/2017 8,192 0%
1/4/2017 216 1% 1/4/2017 8,191 0%
1/5/2017 217 1% 1/5/2017 8,274 1%
1/6/2017 214 -2% 1/6/2017 8,244 0%
1/9/2017 217 1% 1/9/2017 8,236 0%
1/10/2017 219 1% 1/10/2017 8,289 1%
1/11/2017 218 -1% 1/11/2017 8,381 1%
1/12/2017 216 -1% 1/12/2017 8,407 0%
1/13/2017 220 2% 1/13/2017 8,400 0%
1/16/2017 219 0% 1/16/2017 8,413 0%
1/17/2017 222 1% 1/17/2017 8,398 0%
1/18/2017 221 0% 1/18/2017 8,417 0%
1/19/2017 224 1% 1/19/2017 8,435 0%
1/20/2017 225 0% 1/20/2017 8,349 -1%
1/23/2017 229 2% 1/23/2017 8,392 1%
1/24/2017 229 0% 1/24/2017 8,476 1%
1/25/2017 234 2% 1/25/2017 8,603 1%
1/27/2017 227 -3% 1/27/2017 8,641 0%
1/30/2017 226 -1% 1/30/2017 8,633 0%
1/31/2017 227 1% 1/31/2017 8,561 -1%
2/1/2017 238 4% 2/1/2017 8,716 2%
2/2/2017 242 2% 2/2/2017 8,734 0%
2/3/2017 241 0% 2/3/2017 8,741 0%
2/6/2017 244 1% 2/6/2017 8,801 1%
2/7/2017 244 0% 2/7/2017 8,768 0%
2/8/2017 242 -1% 2/8/2017 8,769 0%
2/9/2017 245 1% 2/9/2017 8,778 0%
2/10/2017 241 -2% 2/10/2017 8,794 0%
2/13/2017 238 -1% 2/13/2017 8,805 0%
2/14/2017 239 0% 2/14/2017 8,792 0%
2/15/2017 241 1% 2/15/2017 8,725 -1%
2/16/2017 235 -2% 2/16/2017 8,778 1%
2/17/2017 236 1% 2/17/2017 8,822 0%
2/20/2017 234 -1% 2/20/2017 8,879 1%
2/21/2017 232 -1% 2/21/2017 8,908 0%
2/22/2017 232 0% 2/22/2017 8,927 0%
2/23/2017 234 1% 2/23/2017 8,940 0%
2/27/2017 233 0% 2/27/2017 8,897 0%
2/28/2017 231 -1% 2/28/2017 8,880 0%
 3/1/2017 237 2% 3/1/2017 8,946 1%
3/2/2017 233 -1% 3/2/2017 8,900 -1%
3/3/2017 230 -1% 3/3/2017 8,898 0%
3/6/2017 233 1% 3/6/2017 8,963 1%
3/7/2017 233 0% 3/7/2017 8,947 0%
3/8/2017 233 0% 3/8/2017 8,924 0%
3/9/2017 233 0% 3/9/2017 8,927 0%
3/10/2017 232 -1% 3/10/2017 8,935 0%
3/14/2017 235 1% 3/14/2017 9,087 2%
3/15/2017 236 0% 3/15/2017 9,085 0%
3/16/2017 237 0% 3/16/2017 9,154 1%
3/17/2017 248 5% 3/17/2017 9,160 0%
3/20/2017 248 0% 3/20/2017 9,127 0%
3/21/2017 254 2% 3/21/2017 9,122 0%
3/22/2017 247 -3% 3/22/2017 9,030 -1%
3/23/2017 245 -1% 3/23/2017 9,086 1%
3/24/2017 248 1% 3/24/2017 9,108 0%
3/27/2017 248 0% 3/27/2017 9,045 -1%
3/28/2017 247 0% 3/28/2017 9,101 1%
3/29/2017 250 1% 3/29/2017 9,144 0%
3/30/2017 249 0% 3/30/2017 9,174 0%
3/31/2017 247 -1% 3/31/2017 9,174 0%
4/3/2017 248 0% 4/3/2017 9,238 1%
4/5/2017 246 -1% 4/5/2017 9,265 0%
4/6/2017 242 -2% 4/6/2017 9,262 0%
4/7/2017 240 -1% 4/7/2017 9,198 -1%
4/10/2017 241 0% 4/10/2017 9,181 0%
4/11/2017 249 3% 4/11/2017 9,237 1%
4/12/2017 248 0% 4/12/2017 9,203 0%
4/13/2017 246 -1% 4/13/2017 9,151 -1%
4/17/2017 246 0% 4/17/2017 9,139 0%
4/18/2017 246 0% 4/18/2017 9,105 0%
4/19/2017 246 0% 4/19/2017 9,104 0%
4/20/2017 246 0% 4/20/2017 9,136 0%
4/21/2017 242 -2% 4/21/2017 9,119 0%
4/24/2017 244 1% 4/24/2017 9,218 1%
4/25/2017 248 2% 4/25/2017 9,307 1%
4/26/2017 256 3% 4/26/2017 9,352 0%
4/27/2017 252 -2% 4/27/2017 9,342 0%
4/28/2017 245 -3% 4/28/2017 9,304 0%
5/2/2017 246 0% 5/2/2017 9,314 0%
5/3/2017 244 -1% 5/3/2017 9,312 0%
5/4/2017 248 1% 5/4/2017 9,360 1%
5/5/2017 244 -1% 5/5/2017 9,285 -1%
5/8/2017 241 -2% 5/8/2017 9,314 0%
 5/9/2017 239 -1% 5/9/2017 9,317 0%
5/10/2017 241 1% 5/10/2017 9,407 1%
5/11/2017 244 1% 5/11/2017 9,422 0%
5/12/2017 242 -1% 5/12/2017 9,401 0%
5/15/2017 245 1% 5/15/2017 9,445 0%
5/16/2017 250 2% 5/16/2017 9,512 1%
5/17/2017 248 -1% 5/17/2017 9,526 0%
5/18/2017 245 -1% 5/18/2017 9,429 -1%
5/19/2017 252 3% 5/19/2017 9,428 0%
5/22/2017 268 6% 5/22/2017 9,438 0%
5/23/2017 264 -1% 5/23/2017 9,386 -1%
5/24/2017 264 0% 5/24/2017 9,361 0%
5/25/2017 264 0% 5/25/2017 9,510 2%
5/26/2017 272 3% 5/26/2017 9,595 1%
5/29/2017 278 2% 5/29/2017 9,605 0%
5/30/2017 274 -1% 5/30/2017 9,625 0%
5/31/2017 275 0% 5/31/2017 9,621 0%
6/1/2017 277 1% 6/1/2017 9,616 0%
6/2/2017 281 2% 6/2/2017 9,654 0%
6/5/2017 284 1% 6/5/2017 9,675 0%
6/6/2017 278 -2% 6/6/2017 9,637 0%
6/7/2017 279 0% 6/7/2017 9,664 0%
6/8/2017 279 0% 6/8/2017 9,647 0%
6/9/2017 274 -2% 6/9/2017 9,668 0%
6/12/2017 272 -1% 6/12/2017 9,616 -1%
6/13/2017 273 0% 6/13/2017 9,607 0%
6/14/2017 268 -2% 6/14/2017 9,618 0%
6/15/2017 270 1% 6/15/2017 9,578 0%
6/16/2017 274 2% 6/16/2017 9,588 0%
6/19/2017 278 1% 6/19/2017 9,658 1%
6/20/2017 276 -1% 6/20/2017 9,654 0%
6/21/2017 276 0% 6/21/2017 9,634 0%
6/22/2017 278 1% 6/22/2017 9,630 0%
6/23/2017 278 0% 6/23/2017 9,575 -1%
6/27/2017 279 0% 6/27/2017 9,511 -1%
6/28/2017 276 -1% 6/28/2017 9,491 0%
6/29/2017 279 1% 6/29/2017 9,504 0%
6/30/2017 290 4% 6/30/2017 9,521 0%
7/3/2017 306 6% 7/3/2017 9,615 1%
7/4/2017 302 -2% 7/4/2017 9,613 0%
7/5/2017 296 -2% 7/5/2017 9,638 0%
7/6/2017 302 2% 7/6/2017 9,675 0%
7/7/2017 299 -1% 7/7/2017 9,666 0%
7/10/2017 298 0% 7/10/2017 9,771 1%
7/11/2017 296 -1% 7/11/2017 9,786 0%
7/12/2017 294 0% 7/12/2017 9,816 0%
7/13/2017 303 3% 7/13/2017 9,892 1%
7/14/2017 302 0% 7/14/2017 9,886 0%
7/17/2017 291 -4% 7/17/2017 9,916 0%
7/18/2017 255 -12% 7/18/2017 9,827 -1%
7/19/2017 261 2% 7/19/2017 9,900 1%
7/20/2017 259 -1% 7/20/2017 9,873 0%
7/21/2017 258 0% 7/21/2017 9,915 0%
7/24/2017 262 2% 7/24/2017 9,966 1%
7/25/2017 261 -1% 7/25/2017 9,965 0%
7/26/2017 263 1% 7/26/2017 10,021 1%
7/27/2017 258 -2% 7/27/2017 10,021 0%
7/28/2017 261 1% 7/28/2017 10,015 0%
7/31/2017 255 -2% 7/31/2017 10,077 1%
8/1/2017 257 1% 8/1/2017 10,115 0%
8/2/2017 255 -1% 8/2/2017 10,082 0%
8/3/2017 252 -1% 8/3/2017 10,014 -1%
8/4/2017 251 0% 8/4/2017 10,066 1%
8/7/2017 250 0% 8/7/2017 10,057 0%
8/8/2017 245 -2% 8/8/2017 9,979 -1%
8/9/2017 244 0% 8/9/2017 9,908 -1%
8/10/2017 244 0% 8/10/2017 9,820 -1%
8/11/2017 243 -1% 8/11/2017 9,711 -1%
8/14/2017 243 0% 8/14/2017 9,794 1%
8/16/2017 250 3% 8/16/2017 9,897 1%
8/17/2017 250 0% 8/17/2017 9,904 0%
8/18/2017 252 1% 8/18/2017 9,837 -1%
8/21/2017 252 0% 8/21/2017 9,754 -1%
8/22/2017 253 0% 8/22/2017 9,766 0%
8/23/2017 253 0% 8/23/2017 9,853 1%
8/24/2017 252 0% 8/24/2017 9,857 0%
8/28/2017 253 0% 8/28/2017 9,913 1%
8/29/2017 251 -1% 8/29/2017 9,796 -1%
8/30/2017 252 1% 8/30/2017 9,884 1%
8/31/2017 252 0% 8/31/2017 9,918 0%
9/1/2017 254 0% 9/1/2017 9,974 1%
9/4/2017 253 0% 9/4/2017 9,913 -1%
9/5/2017 253 0% 9/5/2017 9,952 0%
9/6/2017 247 -3% 9/6/2017 9,916 0%
9/7/2017 242 -2% 9/7/2017 9,930 0%
9/8/2017 244 1% 9/8/2017 9,935 0%
9/11/2017 245 0% 9/11/2017 10,006 1%
9/12/2017 248 1% 9/12/2017 10,093 1%
9/13/2017 243 -2% 9/13/2017 10,079 0%
9/14/2017 243 0% 9/14/2017 10,087 0%
 9/15/2017 241 -1% 9/15/2017 10,085 0%
9/18/2017 239 -1% 9/18/2017 10,153 1%
9/19/2017 240 0% 9/19/2017 10,148 0%
9/20/2017 243 1% 9/20/2017 10,141 0%
9/21/2017 241 -1% 9/21/2017 10,122 0%
9/22/2017 240 0% 9/22/2017 9,964 -2%
9/25/2017 235 -2% 9/25/2017 9,873 -1%
9/26/2017 235 0% 9/26/2017 9,872 0%
9/27/2017 231 -2% 9/27/2017 9,736 -1%
9/28/2017 234 1% 9/28/2017 9,769 0%
9/29/2017 231 -1% 9/29/2017 9,789 0%
10/3/2017 234 1% 10/3/2017 9,860 1%
10/4/2017 239 2% 10/4/2017 9,915 1%
10/5/2017 237 -1% 10/5/2017 9,889 0%
10/6/2017 238 0% 10/6/2017 9,980 1%
10/9/2017 240 1% 10/9/2017 9,989 0%
10/10/2017 238 -1% 10/10/2017 10,017 0%
10/11/2017 237 0% 10/11/2017 9,985 0%
10/12/2017 239 1% 10/12/2017 10,096 1%
10/13/2017 238 0% 10/13/2017 10,167 1%
10/16/2017 239 1% 10/16/2017 10,231 1%
10/17/2017 239 0% 10/17/2017 10,234 0%
10/18/2017 242 1% 10/18/2017 10,211 0%
10/19/2017 241 0% 10/19/2017 10,147 -1%
10/23/2017 239 -1% 10/23/2017 10,185 0%
10/24/2017 239 0% 10/24/2017 10,208 0%
10/25/2017 241 1% 10/25/2017 10,295 1%
10/26/2017 240 0% 10/26/2017 10,344 0%
10/27/2017 241 0% 10/27/2017 10,323 0%
10/30/2017 237 -2% 10/30/2017 10,364 0%
10/31/2017 238 0% 10/31/2017 10,335 0%
11/1/2017 241 2% 11/1/2017 10,441 1%
11/2/2017 238 -2% 11/2/2017 10,424 0%
11/3/2017 237 0% 11/3/2017 10,453 0%
11/6/2017 237 0% 11/6/2017 10,452 0%
11/7/2017 237 0% 11/7/2017 10,350 -1%
11/8/2017 237 0% 11/8/2017 10,303 0%
11/9/2017 233 -2% 11/9/2017 10,309 0%
11/10/2017 234 1% 11/10/2017 10,322 0%
11/13/2017 231 -1% 11/13/2017 10,225 -1%
11/14/2017 229 -1% 11/14/2017 10,187 0%
11/15/2017 227 -1% 11/15/2017 10,118 -1%
11/16/2017 228 1% 11/16/2017 10,215 1%
11/17/2017 231 1% 11/17/2017 10,284 1%
11/20/2017 232 0% 11/20/2017 10,299 0%
11/21/2017 229 -1% 11/21/2017 10,327 0%
11/22/2017 231 1% 11/22/2017 10,342 0%
11/23/2017 231 0% 11/23/2017 10,349 0%
11/24/2017 233 1% 11/24/2017 10,390 0%
11/27/2017 232 -1% 11/27/2017 10,400 0%
11/28/2017 230 -1% 11/28/2017 10,370 0%
11/29/2017 231 0% 11/29/2017 10,361 0%
11/30/2017 229 -1% 11/30/2017 10,227 -1%
12/1/2017 228 0% 12/1/2017 10,122 -1%
12/4/2017 228 0% 12/4/2017 10,128 0%
12/5/2017 227 0% 12/5/2017 10,118 0%
12/6/2017 225 -1% 12/6/2017 10,044 -1%
12/7/2017 227 1% 12/7/2017 10,167 1%
12/8/2017 235 3% 12/8/2017 10,266 1%
12/11/2017 238 2% 12/11/2017 10,322 1%
12/12/2017 234 -2% 12/12/2017 10,240 -1%
12/13/2017 232 -1% 12/13/2017 10,193 0%
12/14/2017 236 2% 12/14/2017 10,252 1%
12/15/2017 237 0% 12/15/2017 10,333 1%
12/18/2017 235 -1% 12/18/2017 10,389 1%
12/19/2017 236 0% 12/19/2017 10,463 1%
12/20/2017 236 0% 12/20/2017 10,444 0%
12/21/2017 235 0% 12/21/2017 10,440 0%
12/22/2017 235 0% 12/22/2017 10,493 1%
12/26/2017 236 0% 12/26/2017 10,532 0%
12/27/2017 235 -1% 12/27/2017 10,491 0%
12/28/2017 234 0% 12/28/2017 10,478 0%
12/29/2017 235 1% 12/29/2017 10,531 1%
1/1/2018 235 0% 1/1/2018 10,531 0%
1/2/2018 233 -1% 1/2/2018 10,442 -1%
1/3/2018 234 0% 1/3/2018 10,443 0%
1/4/2018 234 0% 1/4/2018 10,505 1%
1/5/2018 235 1% 1/5/2018 10,559 1%
1/8/2018 238 1% 1/8/2018 10,624 1%
1/9/2018 242 2% 1/9/2018 10,637 0%
1/10/2018 241 0% 1/10/2018 10,632 0%
1/11/2018 241 0% 1/11/2018 10,651 0%
1/12/2018 239 -1% 1/12/2018 10,681 0%
1/15/2018 239 0% 1/15/2018 10,742 1%
1/16/2018 234 -2% 1/16/2018 10,700 0%
1/17/2018 238 2% 1/17/2018 10,789 1%
1/18/2018 245 3% 1/18/2018 10,817 0%
1/19/2018 246 0% 1/19/2018 10,895 1%
1/22/2018 245 0% 1/22/2018 10,966 1%
1/23/2018 247 1% 1/23/2018 11,084 1%
1/24/2018 252 2% 1/24/2018 11,086 0%
1/25/2018 252 0% 1/25/2018 11,070 0%
1/29/2018 247 -2% 1/29/2018 11,130 1%
1/30/2018 246 0% 1/30/2018 11,050 -1%
1/31/2018 243 -1% 1/31/2018 11,028 0%
2/1/2018 246 1% 2/1/2018 11,017 0%
2/2/2018 246 0% 2/2/2018 10,761 -2%
2/5/2018 250 1% 2/5/2018 10,667 -1%
2/6/2018 245 -2% 2/6/2018 10,498 -2%
2/7/2018 246 1% 2/7/2018 10,477 0%
2/8/2018 245 0% 2/8/2018 10,577 1%
2/9/2018 243 -1% 2/9/2018 10,455 -1%
2/12/2018 241 -1% 2/12/2018 10,540 1%
2/14/2018 238 -1% 2/14/2018 10,501 0%
2/15/2018 240 1% 2/15/2018 10,546 0%
2/16/2018 238 -1% 2/16/2018 10,452 -1%
2/19/2018 236 -1% 2/19/2018 10,378 -1%
2/20/2018 235 0% 2/20/2018 10,360 0%
2/21/2018 240 2% 2/21/2018 10,397 0%
2/22/2018 239 0% 2/22/2018 10,383 0%
2/23/2018 241 1% 2/23/2018 10,491 1%
2/26/2018 238 -1% 2/26/2018 10,583 1%
2/27/2018 238 0% 2/27/2018 10,554 0%
2/28/2018 237 -1% 2/28/2018 10,493 -1%
3/1/2018 236 0% 3/1/2018 10,458 0%
3/5/2018 233 -1% 3/5/2018 10,359 -1%
3/6/2018 229 -1% 3/6/2018 10,249 -1%
3/7/2018 232 1% 3/7/2018 10,154 -1%
3/8/2018 232 0% 3/8/2018 10,243 1%
3/9/2018 232 0% 3/9/2018 10,227 0%
3/12/2018 242 4% 3/12/2018 10,421 2%
3/13/2018 241 0% 3/13/2018 10,427 0%
3/14/2018 240 -1% 3/14/2018 10,411 0%
3/15/2018 238 -1% 3/15/2018 10,360 0%
3/16/2018 233 -2% 3/16/2018 10,195 -2%
3/19/2018 232 -1% 3/19/2018 10,094 -1%
3/20/2018 232 0% 3/20/2018 10,124 0%
3/21/2018 232 0% 3/21/2018 10,155 0%
3/22/2018 231 0% 3/22/2018 10,115 0%
3/23/2018 229 -1% 3/23/2018 9,998 -1%
3/26/2018 231 1% 3/26/2018 10,131 1%
3/27/2018 232 0% 3/27/2018 10,184 1%
3/28/2018 229 -1% 3/28/2018 10,114 -1%
4/2/2018 231 1% 4/2/2018 10,212 1%
4/3/2018 231 0% 4/3/2018 10,245 0%
 4/4/2018 231 0% 4/4/2018 10,128 -1%
4/5/2018 232 0% 4/5/2018 10,325 2%
4/6/2018 233 0% 4/6/2018 10,332 0%
4/9/2018 238 2% 4/9/2018 10,379 0%
4/10/2018 239 0% 4/10/2018 10,402 0%
4/11/2018 237 -1% 4/11/2018 10,417 0%
4/12/2018 234 -1% 4/12/2018 10,459 0%
4/13/2018 233 0% 4/13/2018 10,481 0%
4/16/2018 237 1% 4/16/2018 10,528 0%
4/17/2018 239 1% 4/17/2018 10,549 0%
4/18/2018 246 3% 4/18/2018 10,526 0%
4/19/2018 248 1% 4/19/2018 10,565 0%
4/20/2018 247 0% 4/20/2018 10,564 0%
4/23/2018 246 0% 4/23/2018 10,585 0%
4/24/2018 247 0% 4/24/2018 10,614 0%
4/25/2018 245 -1% 4/25/2018 10,571 0%
4/26/2018 249 2% 4/26/2018 10,618 0%
4/27/2018 250 0% 4/27/2018 10,692 1%
4/30/2018 252 1% 4/30/2018 10,739 0%
5/2/2018 257 2% 5/2/2018 10,718 0%
5/3/2018 255 -1% 5/3/2018 10,680 0%
5/4/2018 248 -3% 5/4/2018 10,618 -1%
5/7/2018 252 2% 5/7/2018 10,716 1%
5/8/2018 253 0% 5/8/2018 10,718 0%
5/9/2018 253 0% 5/9/2018 10,742 0%
5/10/2018 251 -1% 5/10/2018 10,717 0%
5/11/2018 254 1% 5/11/2018 10,807 1%
5/14/2018 255 0% 5/14/2018 10,807 0%
5/15/2018 252 -1% 5/15/2018 10,802 0%
5/16/2018 256 1% 5/16/2018 10,741 -1%
5/17/2018 250 -2% 5/17/2018 10,683 -1%
5/18/2018 253 1% 5/18/2018 10,596 -1%
5/21/2018 253 0% 5/21/2018 10,517 -1%
5/22/2018 249 -1% 5/22/2018 10,537 0%
5/23/2018 245 -2% 5/23/2018 10,430 -1%
5/24/2018 246 1% 5/24/2018 10,514 1%
5/25/2018 248 1% 5/25/2018 10,605 1%
5/28/2018 251 1% 5/28/2018 10,689 1%
5/29/2018 250 0% 5/29/2018 10,633 -1%
5/30/2018 248 -1% 5/30/2018 10,614 0%
5/31/2018 248 0% 5/31/2018 10,736 1%
6/1/2018 246 -1% 6/1/2018 10,696 0%
6/4/2018 245 0% 6/4/2018 10,629 -1%
6/5/2018 244 -1% 6/5/2018 10,593 0%
6/6/2018 246 1% 6/6/2018 10,685 1%
 6/7/2018 247 0% 6/7/2018 10,768 1%
6/8/2018 244 -1% 6/8/2018 10,768 0%
6/11/2018 245 1% 6/11/2018 10,787 0%
6/12/2018 246 0% 6/12/2018 10,843 1%
6/13/2018 244 -1% 6/13/2018 10,857 0%
6/14/2018 244 0% 6/14/2018 10,808 0%
6/15/2018 241 -1% 6/15/2018 10,818 0%
6/18/2018 241 0% 6/18/2018 10,800 0%
6/19/2018 243 1% 6/19/2018 10,710 -1%
6/20/2018 240 -1% 6/20/2018 10,772 1%
6/21/2018 238 -1% 6/21/2018 10,741 0%
6/22/2018 242 2% 6/22/2018 10,822 1%
6/25/2018 239 -1% 6/25/2018 10,762 -1%
6/26/2018 241 1% 6/26/2018 10,769 0%
6/27/2018 240 -1% 6/27/2018 10,671 -1%
6/28/2018 237 -1% 6/28/2018 10,589 -1%
6/29/2018 243 2% 6/29/2018 10,714 1%
7/2/2018 240 -1% 7/2/2018 10,657 -1%
7/3/2018 242 1% 7/3/2018 10,700 0%
7/4/2018 241 0% 7/4/2018 10,770 1%
7/5/2018 248 3% 7/5/2018 10,750 0%
7/6/2018 249 0% 7/6/2018 10,773 0%
7/9/2018 250 1% 7/9/2018 10,853 1%
7/10/2018 253 1% 7/10/2018 10,947 1%
7/11/2018 251 0% 7/11/2018 10,948 0%
7/12/2018 253 1% 7/12/2018 11,023 1%
7/13/2018 246 -2% 7/13/2018 11,019 0%
7/16/2018 248 0% 7/16/2018 10,937 -1%
7/17/2018 246 -1% 7/17/2018 11,008 1%
7/18/2018 245 0% 7/18/2018 10,980 0%
7/19/2018 249 2% 7/19/2018 10,957 0%
7/20/2018 250 0% 7/20/2018 11,010 0%
7/23/2018 259 4% 7/23/2018 11,085 1%
7/24/2018 260 1% 7/24/2018 11,134 0%
7/25/2018 261 0% 7/25/2018 11,132 0%
7/26/2018 262 0% 7/26/2018 11,167 0%
7/27/2018 276 5% 7/27/2018 11,278 1%
7/30/2018 274 0% 7/30/2018 11,320 0%
7/31/2018 271 -1% 7/31/2018 11,357 0%
8/1/2018 275 1% 8/1/2018 11,346 0%
8/2/2018 273 -1% 8/2/2018 11,245 -1%
8/3/2018 277 2% 8/3/2018 11,361 1%
8/6/2018 275 -1% 8/6/2018 11,387 0%
8/7/2018 274 0% 8/7/2018 11,389 0%
8/8/2018 274 0% 8/8/2018 11,450 1%
 8/9/2018 276 1% 8/9/2018 11,471 0%
8/10/2018 278 1% 8/10/2018 11,430 0%
8/13/2018 279 0% 8/13/2018 11,356 -1%
8/14/2018 281 1% 8/14/2018 11,435 1%
8/16/2018 280 0% 8/16/2018 11,385 0%
8/17/2018 286 2% 8/17/2018 11,471 1%
8/20/2018 286 0% 8/20/2018 11,552 1%
8/21/2018 285 0% 8/21/2018 11,571 0%
8/23/2018 284 0% 8/23/2018 11,583 0%
8/24/2018 283 -1% 8/24/2018 11,557 0%
8/27/2018 286 1% 8/27/2018 11,692 1%
8/28/2018 284 -1% 8/28/2018 11,739 0%
8/29/2018 285 0% 8/29/2018 11,692 0%
8/30/2018 292 2% 8/30/2018 11,677 0%
8/31/2018 292 0% 8/31/2018 11,681 0%
9/3/2018 286 -2% 9/3/2018 11,582 -1%
9/4/2018 282 -1% 9/4/2018 11,520 -1%
9/5/2018 283 0% 9/5/2018 11,477 0%
9/6/2018 283 0% 9/6/2018 11,537 1%
9/7/2018 283 0% 9/7/2018 11,589 0%
9/10/2018 279 -1% 9/10/2018 11,438 -1%
9/11/2018 271 -3% 9/11/2018 11,288 -1%
9/12/2018 280 3% 9/12/2018 11,370 1%
9/14/2018 280 0% 9/14/2018 11,515 1%
9/17/2018 275 -2% 9/17/2018 11,378 -1%
9/18/2018 276 0% 9/18/2018 11,279 -1%
9/19/2018 273 -1% 9/19/2018 11,234 0%
9/21/2018 277 1% 9/21/2018 11,143 -1%
9/24/2018 272 -2% 9/24/2018 10,967 -2%
9/25/2018 275 1% 9/25/2018 11,067 1%
9/26/2018 267 -3% 9/26/2018 11,054 0%
9/27/2018 267 0% 9/27/2018 10,978 -1%
9/28/2018 271 2% 9/28/2018 10,930 0%
10/1/2018 271 0% 10/1/2018 11,008 1%
10/3/2018 269 -1% 10/3/2018 10,858 -1%
10/4/2018 262 -3% 10/4/2018 10,599 -2%
10/5/2018 252 -4% 10/5/2018 10,316 -3%
10/8/2018 249 -1% 10/8/2018 10,348 0%
10/9/2018 245 -2% 10/9/2018 10,301 0%
10/10/2018 246 1% 10/10/2018 10,460 2%
10/11/2018 242 -2% 10/11/2018 10,235 -2%
10/12/2018 251 4% 10/12/2018 10,473 2%
10/15/2018 258 3% 10/15/2018 10,513 0%
10/16/2018 258 0% 10/16/2018 10,585 1%
10/17/2018 261 1% 10/17/2018 10,453 -1%
10/19/2018 264 1% 10/19/2018 10,304 -1%
10/22/2018 263 0% 10/22/2018 10,245 -1%
10/23/2018 261 -1% 10/23/2018 10,147 -1%
10/24/2018 262 1% 10/24/2018 10,225 1%
10/25/2018 262 0% 10/25/2018 10,125 -1%
10/26/2018 256 -2% 10/26/2018 10,030 -1%
10/29/2018 258 1% 10/29/2018 10,251 2%
10/30/2018 254 -2% 10/30/2018 10,198 -1%
10/31/2018 255 0% 10/31/2018 10,387 2%
11/1/2018 253 -1% 11/1/2018 10,380 0%
11/2/2018 258 2% 11/2/2018 10,553 2%
11/5/2018 255 -1% 11/5/2018 10,524 0%
11/6/2018 253 -1% 11/6/2018 10,530 0%
11/7/2018 255 1% 11/7/2018 10,598 1%
11/9/2018 253 -1% 11/9/2018 10,585 0%
11/12/2018 250 -1% 11/12/2018 10,482 -1%
11/13/2018 252 1% 11/13/2018 10,583 1%
11/14/2018 252 0% 11/14/2018 10,576 0%
11/15/2018 250 -1% 11/15/2018 10,617 0%
11/16/2018 252 1% 11/16/2018 10,682 1%
11/19/2018 259 3% 11/19/2018 10,763 1%
11/20/2018 259 0% 11/20/2018 10,656 -1%
11/21/2018 257 -1% 11/21/2018 10,600 -1%
11/22/2018 256 0% 11/22/2018 10,527 -1%
11/26/2018 260 2% 11/26/2018 10,629 1%
11/27/2018 260 0% 11/27/2018 10,686 1%
11/28/2018 257 -1% 11/28/2018 10,729 0%
11/29/2018 262 2% 11/29/2018 10,859 1%
11/30/2018 261 -1% 11/30/2018 10,877 0%
12/3/2018 258 -1% 12/3/2018 10,884 0%
12/4/2018 257 0% 12/4/2018 10,870 0%
12/5/2018 251 -2% 12/5/2018 10,783 -1%
12/6/2018 249 -1% 12/6/2018 10,601 -2%
12/7/2018 250 0% 12/7/2018 10,694 1%
12/10/2018 247 -1% 12/10/2018 10,488 -2%
12/11/2018 250 2% 12/11/2018 10,549 1%
12/12/2018 252 0% 12/12/2018 10,738 2%
12/13/2018 251 0% 12/13/2018 10,792 1%
12/14/2018 251 0% 12/14/2018 10,805 0%
12/17/2018 255 1% 12/17/2018 10,888 1%
12/18/2018 254 -1% 12/18/2018 10,909 0%
12/19/2018 258 2% 12/19/2018 10,967 1%
12/20/2018 258 0% 12/20/2018 10,952 0%
12/21/2018 252 -2% 12/21/2018 10,754 -2%
12/24/2018 252 0% 12/24/2018 10,664 -1%
12/26/2018 252 0% 12/26/2018 10,730 1%
12/27/2018 256 1% 12/27/2018 10,780 0%
12/28/2018 257 1% 12/28/2018 10,860 1%
12/31/2018 257 0% 12/31/2018 10,863 0%
1/1/2019 258 0% 1/1/2019 10,863 0%
1/2/2019 256 -1% 1/2/2019 10,793 -1%
1/3/2019 254 -1% 1/3/2019 10,672 -1%
1/4/2019 256 1% 1/4/2019 10,727 1%
1/7/2019 257 0% 1/7/2019 10,772 0%
1/8/2019 259 1% 1/8/2019 10,802 0%
1/9/2019 265 2% 1/9/2019 10,855 0%
1/10/2019 264 0% 1/10/2019 10,822 0%
1/11/2019 269 2% 1/11/2019 10,795 0%
1/14/2019 268 0% 1/14/2019 10,738 -1%
1/15/2019 270 1% 1/15/2019 10,887 1%
1/16/2019 268 -1% 1/16/2019 10,890 0%
1/17/2019 268 0% 1/17/2019 10,905 0%
1/18/2019 266 -1% 1/18/2019 10,907 0%
1/21/2019 264 -1% 1/21/2019 10,962 1%
1/22/2019 264 0% 1/22/2019 10,923 0%
1/23/2019 253 -4% 1/23/2019 10,832 -1%
1/24/2019 254 1% 1/24/2019 10,850 0%
1/25/2019 255 0% 1/25/2019 10,781 -1%
1/28/2019 250 -2% 1/28/2019 10,662 -1%
1/29/2019 254 1% 1/29/2019 10,652 0%
1/30/2019 251 -1% 1/30/2019 10,652 0%
1/31/2019 254 1% 1/31/2019 10,831 2%
2/1/2019 256 1% 2/1/2019 10,894 1%
2/4/2019 253 -1% 2/4/2019 10,912 0%
2/5/2019 250 -1% 2/5/2019 10,934 0%
2/6/2019 253 1% 2/6/2019 11,062 1%
2/7/2019 256 1% 2/7/2019 11,069 0%
2/8/2019 251 -2% 2/8/2019 10,944 -1%
2/11/2019 253 1% 2/11/2019 10,889 -1%
2/12/2019 251 -1% 2/12/2019 10,831 -1%
2/14/2019 253 1% 2/14/2019 10,746 -1%
2/15/2019 255 1% 2/15/2019 10,724 0%
2/18/2019 250 -2% 2/18/2019 10,641 -1%
2/19/2019 252 0% 2/19/2019 10,604 0%
2/20/2019 251 0% 2/20/2019 10,735 1%
2/21/2019 251 0% 2/21/2019 10,790 1%
2/22/2019 250 0% 2/22/2019 10,792 0%
2/25/2019 252 1% 2/25/2019 10,880 1%
2/26/2019 251 0% 2/26/2019 10,835 0%
2/27/2019 251 0% 2/27/2019 10,807 0%
2/28/2019 252 0% 2/28/2019 10,793 0%
3/1/2019 254 1% 3/1/2019 10,864 1%
3/5/2019 258 2% 3/5/2019 10,987 1%
3/6/2019 260 1% 3/6/2019 11,053 1%
3/7/2019 264 2% 3/7/2019 11,058 0%
3/8/2019 266 1% 3/8/2019 11,035 0%
3/11/2019 267 0% 3/11/2019 11,168 1%
3/12/2019 268 1% 3/12/2019 11,301 1%
3/13/2019 269 0% 3/13/2019 11,342 0%
3/14/2019 269 0% 3/14/2019 11,343 0%
3/15/2019 265 -2% 3/15/2019 11,427 1%
3/18/2019 268 1% 3/18/2019 11,462 0%
3/19/2019 273 2% 3/19/2019 11,532 1%
3/20/2019 272 0% 3/20/2019 11,521 0%
3/22/2019 272 0% 3/22/2019 11,457 -1%
3/25/2019 269 -1% 3/25/2019 11,354 -1%
3/26/2019 267 -1% 3/26/2019 11,483 1%
3/27/2019 267 0% 3/27/2019 11,445 0%
3/28/2019 273 2% 3/28/2019 11,570 1%
4/1/2019 271 -1% 4/1/2019 11,669 1%
4/2/2019 272 0% 4/2/2019 11,713 0%
4/3/2019 270 -1% 4/3/2019 11,644 -1%
4/4/2019 269 0% 4/4/2019 11,598 0%
4/5/2019 269 0% 4/5/2019 11,666 1%
4/8/2019 267 -1% 4/8/2019 11,605 -1%
4/9/2019 270 1% 4/9/2019 11,672 1%
4/10/2019 269 -1% 4/10/2019 11,584 -1%
4/11/2019 270 1% 4/11/2019 11,597 0%
4/12/2019 279 3% 4/12/2019 11,643 0%
4/15/2019 278 0% 4/15/2019 11,690 0%
4/16/2019 280 1% 4/16/2019 11,787 1%
4/18/2019 277 -1% 4/18/2019 11,753 0%
4/22/2019 275 -1% 4/22/2019 11,594 -1%
4/23/2019 277 1% 4/23/2019 11,576 0%
4/24/2019 279 1% 4/24/2019 11,726 1%
4/25/2019 277 -1% 4/25/2019 11,642 -1%
4/26/2019 278 0% 4/26/2019 11,755 1%
4/30/2019 275 -1% 4/30/2019 11,748 0%
5/2/2019 278 1% 5/2/2019 11,725 0%
5/3/2019 277 0% 5/3/2019 11,712 0%
5/6/2019 280 1% 5/6/2019 11,598 -1%
5/7/2019 275 -2% 5/7/2019 11,498 -1%
5/8/2019 274 0% 5/8/2019 11,359 -1%
5/9/2019 273 0% 5/9/2019 11,302 -1%
5/10/2019 271 -1% 5/10/2019 11,279 0%
5/13/2019 264 -3% 5/13/2019 11,148 -1%
5/14/2019 268 2% 5/14/2019 11,222 1%
5/15/2019 271 1% 5/15/2019 11,157 -1%
5/16/2019 269 -1% 5/16/2019 11,257 1%
5/17/2019 275 2% 5/17/2019 11,407 1%
5/20/2019 280 2% 5/20/2019 11,828 4%
5/21/2019 279 0% 5/21/2019 11,709 -1%
5/22/2019 278 0% 5/22/2019 11,738 0%
5/23/2019 268 -4% 5/23/2019 11,657 -1%
5/24/2019 270 1% 5/24/2019 11,844 2%
5/27/2019 270 0% 5/27/2019 11,925 1%
5/28/2019 268 -1% 5/28/2019 11,929 0%
5/29/2019 268 0% 5/29/2019 11,861 -1%
5/30/2019 268 0% 5/30/2019 11,946 1%
5/31/2019 259 -3% 5/31/2019 11,923 0%
6/3/2019 259 0% 6/3/2019 12,089 1%
6/4/2019 259 0% 6/4/2019 12,022 -1%
6/6/2019 256 -1% 6/6/2019 11,844 -1%
6/7/2019 256 0% 6/7/2019 11,871 0%
6/10/2019 260 2% 6/10/2019 11,923 0%
6/11/2019 260 0% 6/11/2019 11,966 0%
6/12/2019 260 0% 6/12/2019 11,906 0%
6/13/2019 261 0% 6/13/2019 11,914 0%
6/14/2019 258 -1% 6/14/2019 11,823 -1%
6/17/2019 255 -1% 6/17/2019 11,672 -1%
6/18/2019 256 0% 6/18/2019 11,692 0%
6/19/2019 258 1% 6/19/2019 11,691 0%
6/20/2019 257 0% 6/20/2019 11,832 1%
6/21/2019 255 -1% 6/21/2019 11,724 -1%
6/24/2019 257 1% 6/24/2019 11,700 0%
6/25/2019 259 1% 6/25/2019 11,796 1%
6/26/2019 258 0% 6/26/2019 11,848 0%
6/27/2019 254 -1% 6/27/2019 11,842 0%
6/28/2019 254 0% 6/28/2019 11,789 0%
7/1/2019 255 0% 7/1/2019 11,866 1%
7/2/2019 254 0% 7/2/2019 11,910 0%
7/3/2019 257 1% 7/3/2019 11,917 0%
7/4/2019 258 0% 7/4/2019 11,947 0%
7/5/2019 260 1% 7/5/2019 11,811 -1%
7/8/2019 258 -1% 7/8/2019 11,559 -2%
7/9/2019 254 -2% 7/9/2019 11,556 0%
7/10/2019 254 0% 7/10/2019 11,499 0%
7/11/2019 256 1% 7/11/2019 11,583 1%
7/12/2019 256 0% 7/12/2019 11,553 0%
7/15/2019 252 -1% 7/15/2019 11,588 0%
7/16/2019 253 0% 7/16/2019 11,663 1%
7/17/2019 254 0% 7/17/2019 11,688 0%
7/18/2019 254 0% 7/18/2019 11,597 -1%
7/19/2019 249 -2% 7/19/2019 11,419 -2%
7/22/2019 246 -1% 7/22/2019 11,346 -1%
7/23/2019 251 2% 7/23/2019 11,331 0%
7/24/2019 252 0% 7/24/2019 11,271 -1%
7/25/2019 249 -1% 7/25/2019 11,252 0%
7/26/2019 251 1% 7/26/2019 11,284 0%
7/29/2019 249 -1% 7/29/2019 11,189 -1%
7/30/2019 250 0% 7/30/2019 11,085 -1%
7/31/2019 251 0% 7/31/2019 11,118 0%
8/1/2019 249 -1% 8/1/2019 10,980 -1%
8/2/2019 246 -1% 8/2/2019 10,997 0%
8/5/2019 241 -2% 8/5/2019 10,863 -1%
8/6/2019 241 0% 8/6/2019 10,948 1%
8/7/2019 236 -2% 8/7/2019 10,856 -1%
8/8/2019 239 2% 8/8/2019 11,032 2%
8/9/2019 236 -1% 8/9/2019 11,110 1%
8/13/2019 229 -3% 8/13/2019 10,926 -2%
8/14/2019 231 1% 8/14/2019 11,029 1%
8/16/2019 235 2% 8/16/2019 11,048 0%
8/19/2019 234 -1% 8/19/2019 11,054 0%
8/20/2019 229 -2% 8/20/2019 11,017 0%
8/21/2019 224 -2% 8/21/2019 10,919 -1%
8/22/2019 223 -1% 8/22/2019 10,741 -2%
8/23/2019 219 -2% 8/23/2019 10,829 1%
8/26/2019 225 3% 8/26/2019 11,058 2%
8/27/2019 228 1% 8/27/2019 11,105 0%
8/28/2019 229 0% 8/28/2019 11,046 -1%
8/29/2019 224 -2% 8/29/2019 10,948 -1%
8/30/2019 228 2% 8/30/2019 11,023 1%
9/3/2019 224 -2% 9/3/2019 10,798 -2%
9/4/2019 226 1% 9/4/2019 10,845 0%
9/5/2019 227 0% 9/5/2019 10,848 0%
9/6/2019 227 0% 9/6/2019 10,946 1%
9/9/2019 228 1% 9/9/2019 11,003 1%
9/11/2019 226 -1% 9/11/2019 11,036 0%
9/12/2019 224 -1% 9/12/2019 10,983 0%
9/13/2019 223 0% 9/13/2019 11,076 1%
9/16/2019 222 0% 9/16/2019 11,004 -1%
9/17/2019 220 -1% 9/17/2019 10,818 -2%
9/18/2019 222 1% 9/18/2019 10,841 0%
9/19/2019 220 -1% 9/19/2019 10,705 -1%
9/20/2019 221 1% 9/20/2019 11,274 5%
 9/23/2019 237 7% 9/23/2019 11,600 3%
9/24/2019 238 0% 9/24/2019 11,588 0%
9/25/2019 230 -3% 9/25/2019 11,440 -1%
9/26/2019 233 1% 9/26/2019 11,571 1%
9/27/2019 235 1% 9/27/2019 11,512 -1%
9/30/2019 241 3% 9/30/2019 11,474 0%
10/1/2019 238 -2% 10/1/2019 11,360 -1%
10/3/2019 243 2% 10/3/2019 11,314 0%
10/4/2019 239 -2% 10/4/2019 11,175 -1%
10/7/2019 234 -2% 10/7/2019 11,126 0%
10/9/2019 230 -2% 10/9/2019 11,313 2%
10/10/2019 226 -2% 10/10/2019 11,235 -1%
10/11/2019 227 0% 10/11/2019 11,305 1%
10/14/2019 227 0% 10/14/2019 11,341 0%
10/15/2019 230 1% 10/15/2019 11,428 1%
10/16/2019 226 -2% 10/16/2019 11,464 0%
10/17/2019 228 1% 10/17/2019 11,586 1%
10/18/2019 229 0% 10/18/2019 11,662 1%
10/22/2019 231 1% 10/22/2019 11,588 -1%
10/23/2019 233 1% 10/23/2019 11,604 0%
10/24/2019 231 -1% 10/24/2019 11,583 0%
10/25/2019 230 -1% 10/25/2019 11,584 0%
10/27/2019 230 0% 10/27/2019 11,584 0%
10/29/2019 235 2% 10/29/2019 11,787 2%
10/30/2019 241 2% 10/30/2019 11,844 0%
10/31/2019 239 -1% 10/31/2019 11,877 0%
11/1/2019 243 1% 11/1/2019 11,891 0%
11/4/2019 242 0% 11/4/2019 11,941 0%
11/5/2019 244 1% 11/5/2019 11,917 0%
11/6/2019 243 -1% 11/6/2019 11,966 0%
11/7/2019 247 2% 11/7/2019 12,012 0%
11/8/2019 242 -2% 11/8/2019 11,908 -1%
11/11/2019 241 0% 11/11/2019 11,913 0%
11/13/2019 236 -2% 11/13/2019 11,840 -1%
11/14/2019 236 0% 11/14/2019 11,872 0%
11/15/2019 233 -1% 11/15/2019 11,895 0%
11/18/2019 233 0% 11/18/2019 11,885 0%
11/19/2019 232 -1% 11/19/2019 11,940 0%
11/20/2019 233 1% 11/20/2019 11,999 0%
11/21/2019 228 -2% 11/21/2019 11,968 0%
11/22/2019 230 1% 11/22/2019 11,914 0%
11/25/2019 230 0% 11/25/2019 12,074 1%
11/26/2019 231 1% 11/26/2019 12,038 0%
11/27/2019 229 -1% 11/27/2019 12,101 1%
11/28/2019 229 0% 11/28/2019 12,151 0%
11/29/2019 229 0% 11/29/2019 12,056 -1%
12/2/2019 228 -1% 12/2/2019 12,048 0%
12/3/2019 227 0% 12/3/2019 11,994 0%
12/4/2019 226 0% 12/4/2019 12,043 0%
12/5/2019 229 2% 12/5/2019 12,018 0%
12/6/2019 226 -1% 12/6/2019 11,922 -1%
12/9/2019 224 -1% 12/9/2019 11,938 0%
12/10/2019 219 -2% 12/10/2019 11,857 -1%
12/11/2019 221 1% 12/11/2019 11,910 0%
12/12/2019 222 0% 12/12/2019 11,972 1%
12/13/2019 224 1% 12/13/2019 12,087 1%
12/16/2019 220 -2% 12/16/2019 12,054 0%
12/17/2019 224 2% 12/17/2019 12,165 1%
12/18/2019 228 2% 12/18/2019 12,222 0%
12/19/2019 227 0% 12/19/2019 12,260 0%
12/20/2019 224 -1% 12/20/2019 12,272 0%
12/23/2019 222 -1% 12/23/2019 12,263 0%
12/24/2019 222 0% 12/24/2019 12,215 0%
12/26/2019 220 -1% 12/26/2019 12,127 -1%
12/27/2019 220 0% 12/27/2019 12,246 1%
12/30/2019 221 1% 12/30/2019 12,256 0%
12/31/2019 221 0% 12/31/2019 12,168 -1%
1/1/2020 221 0% 1/1/2020 12,183 0%
1/2/2020 223 1% 1/2/2020 12,282 1%
1/3/2020 222 -1% 1/3/2020 12,227 0%
1/6/2020 218 -1% 1/6/2020 11,993 -2%
1/7/2020 219 0% 1/7/2020 12,053 0%
1/8/2020 218 0% 1/8/2020 12,025 0%
1/9/2020 219 1% 1/9/2020 12,216 2%
1/10/2020 221 1% 1/10/2020 12,257 0%
1/13/2020 222 1% 1/13/2020 12,330 1%
1/14/2020 226 2% 1/14/2020 12,362 0%
1/15/2020 225 0% 1/15/2020 12,343 0%
1/16/2020 224 -1% 1/16/2020 12,356 0%
1/17/2020 223 0% 1/17/2020 12,352 0%
1/20/2020 225 1% 1/20/2020 12,225 -1%
1/21/2020 222 -1% 1/21/2020 12,170 0%
1/22/2020 221 0% 1/22/2020 12,107 -1%
1/23/2020 221 0% 1/23/2020 12,180 1%
1/24/2020 221 0% 1/24/2020 12,248 1%
1/27/2020 218 -1% 1/27/2020 12,119 -1%
1/28/2020 214 -2% 1/28/2020 12,056 -1%
1/29/2020 220 3% 1/29/2020 12,130 1%
1/30/2020 217 -1% 1/30/2020 12,036 -1%
1/31/2020 218 0% 1/31/2020 11,962 -1%
 2/3/2020 193 -12% 2/3/2020 11,708 -2%
2/4/2020 200 4% 2/4/2020 11,980 2%
2/5/2020 201 0% 2/5/2020 12,089 1%
2/6/2020 198 -1% 2/6/2020 12,138 0%
2/7/2020 198 0% 2/7/2020 12,098 0%
2/10/2020 196 -1% 2/10/2020 12,032 -1%
2/11/2020 198 1% 2/11/2020 12,108 1%
2/12/2020 198 0% 2/12/2020 12,201 1%
2/13/2020 197 -1% 2/13/2020 12,175 0%
2/14/2020 193 -2% 2/14/2020 12,113 -1%
2/17/2020 190 -1% 2/17/2020 12,046 -1%
2/18/2020 189 0% 2/18/2020 11,993 0%
2/19/2020 192 1% 2/19/2020 12,126 1%
2/20/2020 193 0% 2/20/2020 12,081 0%
2/24/2020 189 -2% 2/24/2020 11,829 -2%
2/25/2020 187 -1% 2/25/2020 11,798 0%
2/26/2020 185 -2% 2/26/2020 11,679 -1%
2/27/2020 184 -1% 2/27/2020 11,633 0%
2/28/2020 184 0% 2/28/2020 11,202 -4%
3/2/2020 181 -1% 3/2/2020 11,133 -1%
3/3/2020 180 -1% 3/3/2020 11,303 2%
3/4/2020 174 -3% 3/4/2020 11,251 0%
3/5/2020 175 0% 3/5/2020 11,269 0%
3/6/2020 169 -3% 3/6/2020 10,989 -2%
3/9/2020 165 -3% 3/9/2020 10,451 -5%
3/11/2020 163 -1% 3/11/2020 10,458 0%
3/12/2020 145 -11% 3/12/2020 9,590 -8%
3/13/2020 151 4% 3/13/2020 9,955 4%
3/16/2020 137 -9% 3/16/2020 9,197 -8%
3/17/2020 139 1% 3/17/2020 8,967 -3%
3/18/2020 140 1% 3/18/2020 8,469 -6%
3/19/2020 150 7% 3/19/2020 8,263 -2%
3/20/2020 163 8% 3/20/2020 8,745 6%
3/23/2020 143 -12% 3/23/2020 7,610 -13%
3/24/2020 139 -3% 3/24/2020 7,801 3%
3/25/2020 137 -2% 3/25/2020 8,318 7%
3/26/2020 145 6% 3/26/2020 8,641 4%
3/27/2020 152 4% 3/27/2020 8,660 0%
3/30/2020 148 -2% 3/30/2020 8,281 -4%
3/31/2020 160 8% 3/31/2020 8,598 4%
4/1/2020 155 -3% 4/1/2020 8,254 -4%
4/3/2020 165 7% 4/3/2020 8,084 -2%
4/7/2020 169 2% 4/7/2020 8,792 9%
4/8/2020 166 -2% 4/8/2020 8,749 0%
4/9/2020 172 4% 4/9/2020 9,112 4%
4/13/2020 169 -2% 4/13/2020 8,994 -1%
4/15/2020 176 4% 4/15/2020 8,925 -1%
4/16/2020 173 -2% 4/16/2020 8,993 1%
4/17/2020 175 1% 4/17/2020 9,267 3%
4/20/2020 168 -4% 4/20/2020 9,262 0%
4/21/2020 167 -1% 4/21/2020 8,981 -3%
4/22/2020 169 1% 4/22/2020 9,187 2%
4/23/2020 168 -1% 4/23/2020 9,314 1%
4/24/2020 167 0% 4/24/2020 9,154 -2%
4/27/2020 167 0% 4/27/2020 9,282 1%
4/28/2020 167 0% 4/28/2020 9,381 1%
4/29/2020 169 2% 4/29/2020 9,553 2%
4/30/2020 169 0% 4/30/2020 9,860 3%
5/4/2020 162 -4% 5/4/2020 9,294 -6%
5/5/2020 162 0% 5/5/2020 9,206 -1%
5/6/2020 152 -6% 5/6/2020 9,271 1%
5/7/2020 150 -2% 5/7/2020 9,199 -1%
5/8/2020 147 -2% 5/8/2020 9,252 1%
5/11/2020 147 0% 5/11/2020 9,239 0%
5/12/2020 153 4% 5/12/2020 9,197 0%
5/13/2020 154 0% 5/13/2020 9,384 2%
5/14/2020 152 -1% 5/14/2020 9,143 -3%
5/15/2020 153 1% 5/15/2020 9,137 0%
5/18/2020 153 0% 5/18/2020 8,823 -3%
5/19/2020 159 4% 5/19/2020 8,879 1%
5/20/2020 163 3% 5/20/2020 9,067 2%
5/21/2020 176 8% 5/21/2020 9,106 0%
5/22/2020 173 -1% 5/22/2020 9,039 -1%
5/26/2020 178 3% 5/26/2020 9,029 0%
5/27/2020 179 0% 5/27/2020 9,315 3%
5/28/2020 177 -1% 5/28/2020 9,490 2%
5/29/2020 183 4% 5/29/2020 9,580 1%
6/1/2020 186 2% 6/1/2020 9,826 3%
6/2/2020 183 -2% 6/2/2020 9,979 2%
6/3/2020 183 0% 6/3/2020 10,062 1%
6/4/2020 186 2% 6/4/2020 10,029 0%
6/5/2020 186 0% 6/5/2020 10,142 1%
6/8/2020 184 -1% 6/8/2020 10,167 0%
6/9/2020 184 0% 6/9/2020 10,047 -1%
6/10/2020 185 0% 6/10/2020 10,116 1%
6/11/2020 180 -2% 6/11/2020 9,902 -2%
6/12/2020 180 0% 6/12/2020 9,973 1%
6/15/2020 174 -3% 6/15/2020 9,814 -2%
6/16/2020 172 -1% 6/16/2020 9,914 1%
6/17/2020 168 -2% 6/17/2020 9,881 0%
6/18/2020 173 3% 6/18/2020 10,092 2%
6/19/2020 171 -1% 6/19/2020 10,244 2%
6/22/2020 172 1% 6/22/2020 10,311 1%
6/23/2020 173 0% 6/23/2020 10,471 2%
6/24/2020 178 3% 6/24/2020 10,305 -2%
6/25/2020 188 5% 6/25/2020 10,289 0%
6/26/2020 181 -3% 6/26/2020 10,383 1%
6/29/2020 183 1% 6/29/2020 10,312 -1%
6/30/2020 181 -1% 6/30/2020 10,302 0%
7/1/2020 189 4% 7/1/2020 10,430 1%
7/2/2020 191 1% 7/2/2020 10,552 1%
7/3/2020 193 1% 7/3/2020 10,607 1%
7/6/2020 195 1% 7/6/2020 10,764 1%
7/7/2020 190 -3% 7/7/2020 10,800 0%
7/8/2020 192 1% 7/8/2020 10,706 -1%
7/9/2020 191 0% 7/9/2020 10,813 1%
7/10/2020 190 -1% 7/10/2020 10,768 0%
7/13/2020 193 2% 7/13/2020 10,803 0%
7/14/2020 191 -1% 7/14/2020 10,607 -2%
7/15/2020 194 1% 7/15/2020 10,618 0%
7/16/2020 189 -2% 7/16/2020 10,740 1%
7/17/2020 190 0% 7/17/2020 10,902 2%
7/20/2020 188 -1% 7/20/2020 11,022 1%
7/21/2020 188 0% 7/21/2020 11,162 1%
7/22/2020 192 2% 7/22/2020 11,133 0%
7/23/2020 196 2% 7/23/2020 11,215 1%
7/24/2020 195 -1% 7/24/2020 11,194 0%
7/27/2020 192 -2% 7/27/2020 11,132 -1%
7/28/2020 191 -1% 7/28/2020 11,301 2%
7/29/2020 192 1% 7/29/2020 11,203 -1%
7/30/2020 189 -2% 7/30/2020 11,102 -1%
7/31/2020 190 0% 7/31/2020 11,073 0%
8/3/2020 188 -1% 8/3/2020 10,892 -2%
8/4/2020 189 1% 8/4/2020 11,095 2%
8/5/2020 188 0% 8/5/2020 11,102 0%
8/6/2020 191 1% 8/6/2020 11,200 1%
8/7/2020 192 0% 8/7/2020 11,214 0%
8/10/2020 194 1% 8/10/2020 11,270 1%
8/11/2020 198 2% 8/11/2020 11,323 0%
8/12/2020 199 1% 8/12/2020 11,308 0%
8/13/2020 197 -1% 8/13/2020 11,300 0%
8/14/2020 192 -3% 8/14/2020 11,178 -1%
8/17/2020 194 1% 8/17/2020 11,247 1%
8/18/2020 194 0% 8/18/2020 11,385 1%
8/19/2020 194 0% 8/19/2020 11,408 0%
 8/20/2020 191 -1% 8/20/2020 11,312 -1%
8/21/2020 192 1% 8/21/2020 11,372 1%
8/24/2020 192 0% 8/24/2020 11,466 1%
8/25/2020 191 -1% 8/25/2020 11,472 0%
8/26/2020 190 0% 8/26/2020 11,550 1%
8/27/2020 190 0% 8/27/2020 11,559 0%
8/28/2020 191 1% 8/28/2020 11,648 1%
8/31/2020 187 -2% 8/31/2020 11,388 -2%
9/1/2020 186 0% 9/1/2020 11,470 1%
9/2/2020 187 1% 9/2/2020 11,535 1%
9/3/2020 187 0% 9/3/2020 11,527 0%
9/4/2020 182 -3% 9/4/2020 11,334 -2%
9/7/2020 185 1% 9/7/2020 11,355 0%
9/8/2020 184 -1% 9/8/2020 11,317 0%
9/9/2020 180 -2% 9/9/2020 11,278 0%
9/10/2020 181 1% 9/10/2020 11,449 2%
9/11/2020 180 -1% 9/11/2020 11,464 0%
9/14/2020 179 0% 9/14/2020 11,440 0%
9/15/2020 178 -1% 9/15/2020 11,522 1%
9/16/2020 176 -1% 9/16/2020 11,605 1%
9/17/2020 174 -1% 9/17/2020 11,516 -1%
9/18/2020 175 0% 9/18/2020 11,505 0%
9/21/2020 172 -2% 9/21/2020 11,251 -2%
9/22/2020 170 -1% 9/22/2020 11,154 -1%
9/23/2020 169 -1% 9/23/2020 11,132 0%
9/24/2020 163 -3% 9/24/2020 10,806 -3%
9/25/2020 167 3% 9/25/2020 11,050 2%
9/28/2020 169 1% 9/28/2020 11,228 2%
9/29/2020 165 -2% 9/29/2020 11,222 0%
9/30/2020 168 1% 9/30/2020 11,248 0%
10/1/2020 167 0% 10/1/2020 11,417 2%
10/5/2020 165 -1% 10/5/2020 11,503 1%
10/6/2020 166 0% 10/6/2020 11,662 1%
10/7/2020 166 0% 10/7/2020 11,739 1%
10/8/2020 163 -1% 10/8/2020 11,835 1%
10/9/2020 164 0% 10/9/2020 11,914 1%
10/12/2020 168 3% 10/12/2020 11,931 0%
10/13/2020 166 -1% 10/13/2020 11,935 0%
10/14/2020 164 -1% 10/14/2020 11,971 0%
10/15/2020 161 -2% 10/15/2020 11,680 -2%
10/16/2020 162 0% 10/16/2020 11,762 1%
10/19/2020 164 2% 10/19/2020 11,873 1%
10/20/2020 164 0% 10/20/2020 11,897 0%
10/21/2020 164 0% 10/21/2020 11,938 0%
10/22/2020 165 1% 10/22/2020 11,896 0%
10/23/2020 167 1% 10/23/2020 11,930 0%
10/26/2020 165 -1% 10/26/2020 11,768 -1%
10/27/2020 163 -1% 10/27/2020 11,889 1%
10/28/2020 162 -1% 10/28/2020 11,730 -1%
10/29/2020 160 -1% 10/29/2020 11,671 -1%
10/30/2020 161 1% 10/30/2020 11,642 0%
11/2/2020 163 1% 11/2/2020 11,669 0%
11/3/2020 166 2% 11/3/2020 11,814 1%
11/4/2020 166 0% 11/4/2020 11,909 1%
11/5/2020 171 3% 11/5/2020 12,120 2%
11/6/2020 170 0% 11/6/2020 12,264 1%
11/9/2020 169 -1% 11/9/2020 12,461 2%
11/10/2020 174 3% 11/10/2020 12,631 1%
11/11/2020 181 4% 11/11/2020 12,749 1%
11/12/2020 184 1% 11/12/2020 12,691 0%
11/13/2020 183 0% 11/13/2020 12,720 0%
11/14/2020 183 0% 11/14/2020 12,720 0%
11/17/2020 183 0% 11/17/2020 12,874 0%
11/18/2020 180 -2% 11/18/2020 12,938 0%
11/19/2020 184 2% 11/19/2020 12,772 -1%
11/20/2020 187 2% 11/20/2020 12,859 1%
11/23/2020 186 0% 11/23/2020 12,926 1%
11/24/2020 191 2% 11/24/2020 13,055 1%
11/25/2020 189 -1% 11/25/2020 12,858 -2%
11/26/2020 190 0% 11/26/2020 12,987 1%
11/27/2020 189 -1% 11/27/2020 12,969 0%
12/1/2020 190 0% 12/1/2020 13,109 1%
12/2/2020 191 1% 12/2/2020 13,114 0%
12/3/2020 192 0% 12/3/2020 13,134 0%
12/4/2020 194 1% 12/4/2020 13,259 1%
12/7/2020 198 2% 12/7/2020 13,356 1%
12/8/2020 198 0% 12/8/2020 13,393 0%
12/9/2020 201 1% 12/9/2020 13,529 1%
12/10/2020 208 4% 12/10/2020 13,478 0%
12/11/2020 211 2% 12/11/2020 13,514 0%
12/14/2020 211 0% 12/14/2020 13,558 0%
12/15/2020 209 -1% 12/15/2020 13,568 0%
12/16/2020 209 0% 12/16/2020 13,683 1%
12/17/2020 208 0% 12/17/2020 13,741 0%
12/18/2020 210 1% 12/18/2020 13,761 0%
12/21/2020 198 -5% 12/21/2020 13,328 -3%
12/22/2020 199 0% 12/22/2020 13,466 1%
12/23/2020 203 2% 12/23/2020 13,601 1%
12/24/2020 204 0% 12/24/2020 13,749 1%
12/28/2020 205 0% 12/28/2020 13,873 1%
12/29/2020 207 1% 12/29/2020 13,933 0%
12/30/2020 206 0% 12/30/2020 13,982 0%
12/31/2020 204 -1% 12/31/2020 13,982 0%
1/1/2021 209 2% 1/1/2021 13,982 0%
1/4/2021 208 0% 1/4/2021 14,133 1%
1/5/2021 207 -1% 1/5/2021 14,200 0%
1/6/2021 201 -3% 1/6/2021 14,146 0%
1/7/2021 198 -1% 1/7/2021 14,137 0%
1/8/2021 197 -1% 1/8/2021 14,347 1%
1/11/2021 198 0% 1/11/2021 14,485 1%
1/12/2021 202 2% 1/12/2021 14,563 1%
1/13/2021 206 2% 1/13/2021 14,565 0%
1/14/2021 209 1% 1/14/2021 14,596 0%
1/15/2021 213 2% 1/15/2021 14,434 -1%
1/18/2021 215 1% 1/18/2021 14,281 -1%
1/19/2021 214 0% 1/19/2021 14,521 2%
1/20/2021 213 -1% 1/20/2021 14,645 1%
1/21/2021 209 -2% 1/21/2021 14,590 0%
1/22/2021 206 -1% 1/22/2021 14,372 -1%
1/25/2021 203 -1% 1/25/2021 14,239 -1%
1/27/2021 206 1% 1/27/2021 13,968 -2%
1/28/2021 202 -2% 1/28/2021 13,818 -1%
1/29/2021 199 -2% 1/29/2021 13,635 -1%
2/1/2021 211 6% 2/1/2021 14,281 5%
2/2/2021 213 1% 2/2/2021 14,648 3%
2/3/2021 212 -1% 2/3/2021 14,790 1%
2/4/2021 225 6% 2/4/2021 14,896 1%
2/5/2021 229 2% 2/5/2021 14,924 0%
2/8/2021 228 -1% 2/8/2021 15,116 1%
2/9/2021 224 -2% 2/9/2021 15,109 0%
2/10/2021 222 -1% 2/10/2021 15,107 0%
2/11/2021 221 0% 2/11/2021 15,173 0%
2/12/2021 212 -4% 2/12/2021 15,163 0%
2/15/2021 214 1% 2/15/2021 15,315 1%
2/16/2021 213 0% 2/16/2021 15,313 0%
2/17/2021 213 0% 2/17/2021 15,209 -1%
2/18/2021 214 1% 2/18/2021 15,119 -1%
2/19/2021 211 -1% 2/19/2021 14,982 -1%
2/22/2021 207 -2% 2/22/2021 14,676 -2%
2/23/2021 209 1% 2/23/2021 14,708 0%
2/24/2021 209 0% 2/24/2021 14,982 2%
2/25/2021 209 0% 2/25/2021 15,097 1%
2/26/2021 204 -3% 2/26/2021 14,529 -4%
3/1/2021 207 1% 3/1/2021 14,762 2%
3/2/2021 210 1% 3/2/2021 14,919 1%
 3/3/2021 210 0% 3/3/2021 15,246 2%
3/4/2021 210 0% 3/4/2021 15,081 -1%
3/5/2021 209 -1% 3/5/2021 14,938 -1%
3/8/2021 208 0% 3/8/2021 14,956 0%
3/9/2021 208 0% 3/9/2021 15,098 1%
3/10/2021 207 -1% 3/10/2021 15,175 1%
3/12/2021 205 -1% 3/12/2021 15,031 -1%
3/15/2021 205 0% 3/15/2021 14,930 -1%
3/16/2021 208 1% 3/16/2021 14,910 0%
3/17/2021 211 1% 3/17/2021 14,721 -1%
3/18/2021 218 3% 3/18/2021 14,558 -1%
3/19/2021 223 2% 3/19/2021 14,744 1%
3/22/2021 226 1% 3/22/2021 14,736 0%
3/23/2021 222 -2% 3/23/2021 14,815 1%
3/24/2021 216 -3% 3/24/2021 14,549 -2%
3/25/2021 212 -2% 3/25/2021 14,325 -2%
3/26/2021 211 0% 3/26/2021 14,507 1%
3/30/2021 215 2% 3/30/2021 14,845 2%
3/31/2021 219 2% 3/31/2021 14,691 -1%
4/1/2021 220 1% 4/1/2021 14,867 1%
4/5/2021 213 -3% 4/5/2021 14,638 -2%
4/6/2021 213 0% 4/6/2021 14,684 0%
4/7/2021 214 1% 4/7/2021 14,819 1%
4/8/2021 213 0% 4/8/2021 14,874 0%
4/9/2021 213 0% 4/9/2021 14,835 0%
4/12/2021 205 -4% 4/12/2021 14,311 -4%
4/13/2021 209 2% 4/13/2021 14,505 1%
4/15/2021 207 -1% 4/15/2021 14,581 1%
4/16/2021 208 1% 4/16/2021 14,618 0%
4/19/2021 206 -1% 4/19/2021 14,359 -2%
4/20/2021 204 -1% 4/20/2021 14,296 0%

Data Source https://in.finance.yahoo.com/quote/ITC.NS/history?period1=1461283200&period2=161904960

We have taken last 5 Years data to calculate Beta

End of Sheet
1283200&period2=1619049600&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true

heet
ITC Limited Valuation

WACC Calculaion

Cost of Equity Cost of Debt

Particulars Value Notes Particulars
Risk free rate 6.1% 1 Pre tax Cost of Debt
Refer tab
Beta 0.76 <Beta> Tax rate
Market Risk Premium 4.29% <linked> Post tax Cost of Debt [Kd]
Cost of Equity [Ke] 9.32%

Market Return
Market: NSE
Particulars Date Value Note
Start Date 4/22/2011 5884 4
Valuation date 4/22/2021 14296
Years 10.00 10%

Calculation of Cost of Debt

Particulars value Note
Company Rating A1+ 2
Risk free Rate 6.07% 1
Company Default
Spread 2.00% 3
Total cost of debt 8.07%

Notes/Source of details

1 https://in.investing.com/rates-bonds/india-10-year-bond-yield-historical-data
10 year Government bond yeild is the best proxy for Risk free rate, since is frequently traded.

2 Refer for Company rating:- https://www.icra.in/Rationale/ShowRationaleReport/?Id=99619

Based on company rating for Indian market, average default spread is 2.
3 [Refer Aswath Damodaran Website]
Since ITC has maintained debt at very low level [negligible amount of debt].
On a conservative Basis we are taking default spread as 2.

4 We have calculated market return for the last 10 years.

End of Sheet
WACC Calculaion

WACC
Value Notes Particulars Weights Cost value
8.07% Debt 0.01% 5.65% 0.00%

30% Equity 99.99% 9% 9.32%

t of Debt [Kd] 5.65% Total 1 9.32%

Market Risk Premium

Particulars Value
Market Return 10.37%
Risk free rate 6.07%
Risk premium 4.29%

Debt-Equity level [March 2020]

Particulars value
Debt 5.63

Equity 64,029
Total 64,035

ently traded.

/?Id=99619
End of Sheet
ITC Limited Valuation

Free Cash Flow Calculation

WACC rate 9.32%

Long-term growth Rate [Note 1] 4.18%

Year 1 2 3
Free Cash Flow to the Firm(FCFF) [A] 115,351 131,501 147,998
Present Value Factor [B] 0.91 0.84 0.77

Present value of Explicit Period [A*B] 105,519 110,040 113,288

Terminal Value 3,001,106

Present value of Terminal Period 2,297,266

Sensitivity Analysis [Note

DCF Value
237 8.50% 9.00%
Long Term growth

3.58%
3.78%
3.98%
4.18%
4.38%
4.58%
4.78%

Notes

1 Long-term Growth rate: The terminal growth rates typically range between the historical inflation rate and the ave
Here we have considered Long term growth rate as Average GDP of 2019, since 2020 was an outlier due to COIVD

2 Free Cashflow details are extracted from MarketScreener.com

3 In Sensitivity Analysis we have adjusted WACC by 0.5% and 0.2% [Upper and lower side]

4 These details are extracted from Annual Report

End of Sheet
 DCF value of Firm 2,626,113 Remarks
Add: Investment [non operating
Assets] 286,633
Total Value of Firm 2,912,746
Less: Gross Debt 56.3 Note 4
Add: Cash 6,503 Note 4
Less: Non Controlling Interest 3,774 Note 4

DCF value of Common Equity 2,919,193

No. of shares o/s 12,292

DCF value per share 237.48

Sensitivity Analysis [Note 3]

WACC
9.50% 10.00% 10.50% 11.00% 11.50%

historical inflation rate and the average GDP growth rate.

2020 was an outlier due to COIVD 19 crisis
End of Sheet