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STOCKPAR.HLP
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1992-07-24
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* STOCKPAR
0
0 STOCKPAR computes a risk-adjusted, discounted cash flow valuation for
0 "common stock" (share) securities.
0
0 To get started, select "Stock" when you return to STOCKPAR's main menu
0 from this tutorial. You will be prompted for a stock file name. The
0 default file is "STOCKS.STD". Hit "Enter" to load. The first file
0 record will be displayed with available command keys at the top of the
0 screen.
0
0 Try the keys. The "Page" and "Ctl+Page" keys move you forward and back-
0 ward through the stock records in the file. The "Ins" and "Del" keys
0 allow you to insert or delete a stock record. "Alt" commands are executed
0 by depressing the "Alt" key and then striking the key corresponding to the
0 capital letter in the command. The Alt+H (Help) command will provide
0 further help information. The "Esc" key always returns you to the
0 previous screen.
0
* STOCKPAR Data input fields
2
2 Comp & Symbol - Company name and ticker symbol.
2 Hist. Beta - Stock historical Beta (from Value Line, S&P's etc.)
2 Adj. Factor - Manual input or computed by STOCKPAR using Alt+C.
2 R-Free DR - Risk free discount rate. Typically 90 day T-bill rate.
2 Market DR - Market discount rate. Typically 1.5 x Risk-Free Rate.
2 R-Adj'd DR - Risk adjusted discount rate. Computed by STOCKPAR
2 but may be manually overriden.
2 Date Field - Date of analysis. Alt+C updates to current date.
2 Year Fields - 5 historical years, current year, +5 year forecast.
2 Revenues - Enter all hist. & cur. data, then Alt+C for forecast.
2 Net Profit - Ditto.
2 Non-Cash Exp. - Ditto.
2 Tot. Net Worth- Enter all available historical and current data.
2 Cash Assets - Ditto.
2 Cur. Liabs. - Ditto.
2 Long Term Debt- Ditto.
2 F.A. Adjustor - "Fixed Asset Adjustor". Deflates over-valued fixed assets.
2 # Shares - Enter all hist. & cur. data, then Alt+C for forecast.
2 Hi/Lo Price - For info. Enter as much hist. and cur. data as available.
2
* STOCKPAR Command Keys
2
2 Esc - Return to main menu.
2 Arws - Arrows on key pad move edit block.
2 PgUp, PgDn - Pages backward and forward between records.
2 ^PgUp, ^PgDn - (^ = Ctl key) Goes to first and last records.
2 Ins, Del - Insert / Delete records.
2 ^Y - Ctrl + Y key deletes field contents.
2
2 Alt+F - "File" save, load & directory functions.
2 Alt+E - enter the "Edit" mode, to modify data.
2 Alt+P - "Print" record or send to text file. Use LPT1, LPT2, and LPT3
2 for printers 1, 2, and 3. SCRN specifies output to screen. Use
2 any other filename to output to text file.
2 Alt+K - "seeK". Searches for stock record.
2 Alt+A - "Allcalc". Re-calculate all cells.
2 Alt+C - "Cellcalc". Recomputes highlighted cell.
2 Alt+Q - retrieve Quote prices from the Price History list.
2
*
2
2 Computed fields are computed by moving the highlighted cell to the field
2 (if possible) using the arrow keys and then striking Alt+C. Fields
2 which may not be accessed are computed indirectly:
2
2 Adj. Factor - Computed as ratio of current Adj. D/A to average Adj. D/A.
2 Forces computation of Adj. Debt/Asset ratio first.
2
2 Adj'd Beta - Product of Historical Beta and Adj. Factor. Computed when-
2 ever Adj. Factor computed.
2
2 R-Adj'd DR - Computed from Adj'd Beta, R-Free D.R., and Market D.R.
2
2 F/C Revenue - Computed using linear regression from historical and current
2 data. Forces computation of cash flow/share, forecast net profit and
2 forecast non-cash expenses.
2
2 Par Prices - Computed from discounted cash flow. The high and low price
2 bound the DCF price by one standard deviation. For meaningful results,
2 Par Prices should be computed only after data entry is complete and
2 other values computed.
2
* STOCKPAR Default Settings
3
3 Risk Free Beta - Beta of the risk free security. Is used to compute the
3 risk-adjusted discount rate. A value of zero is recommended.
3
3 Risk-Free Discount Rate - The current 90-day T-bill rate is preferred.
3
3 Market Discount Rate - A rate 2.0 x the risk-free rate is suggested.
3
3 Max. Receivables & Inventory - Used to compute adjusted debt/asset ratio.
3 Value may depend upon industry, but in general 3 months is recommended.
3
3 Fixed Asset Adjustor - Default of 1.0 recommended.
3
3 Debt/Asset Sensitivity - Determines response of Beta Adjustment Factor to
3 deteriorating/improving debt asset ratio. Default of 1.0 recommended.
3
3 Base Year - Default first historical year.
3
3 Time Horizon - Number of years included in DCF calculation.
3
* CAPTOOL Configurations
3
3 CAPTOOL configurations apply across all CAPTOOL modules.
3
3 Work File Path - Specifies disk drive/directory to be used for temporary
3 storage/retrieval of records when DOS base RAM memory is
3 full. Fastest operation is achieved with RAM disk.
3 System Sound - Enables/Disables prompt "beep".
3 Mono HiVideo - Sets "Hi" & "Reverse" video for monochrome displays.
3 Block Cursor - Enables Block cursor for LCD displays.
3 File Backup - Enables/Disables creation of "$" backup files.
3 Decimal Type - Either "." or "," decimal notation.
3 Amt Dcmls - Decimal places (0..4) displayed for "Amount" values.
3 Currency Symb - Symbol of base currency used in portfolio.
3 Date Format - Date display format (Mo/Dy/Yr, Dy-Mo-Yr, Yr.Mo.Dy)
3 (do not change century base year!)
*