• Ingen resultater fundet

– PESTEL Regressions

In document Valuation of SAS - (Sider 126-130)

Regression: High Income OECD Passengers Carried on GDP growth (annual change)

!"#$

%&'()*+,-.")/012)3) 4#55"+'"$5)1#$$&"6

!"#$78)) 1(#+'") 9:;

%&'()*+,-.")/012)

<24)3)!"#$78) ,(#+'")9:;

=>?@ AB>@C>=>A CDEF

=>?= AGGEEF>@E ?DA= CDBB

=>?A C=??C@E@G =@D=F FDC@

=>?C CEB=>E=@@ GD>B BD=>

=>?E CF??>@@@@ CDCF =D@E

=>?F CFG>E?F@@ @DCA @D@G

=>?B CGBBFGF>B ?D?A EDB>

=>?? E=GFF=@>A GDAF CD?=

=>?G EB>?EFF@E =ADAC EDAE

=>?> FA?GA>F@@ =ADCB CD?G

=>G@ F==FF?=GG 3CD@G =DA@

=>G= F@A@BFE@@ 3=DGB =DGG

=>GA F@>GFA>@G =DFF @DAE

=>GC FCBAEFF>B FD=G AD>?

=>GE F?EGEEFGG ?DA@ EDBG

=>GF B=>BEBG@E ?D?> CD>A

=>GB B?@G=EB>B GDAB CD=?

=>G? ?AA?=C=@E ?D?E CDCG

=>GG ?B@AC?E=A FD=> ED?F

=>G> ?GBAG>?@@ CDEC CD>A

=>>@ GA==BA?=B EDEE CD@C

=>>= G@=BA@A@E 3ADCG =DAE

=>>A GEEEFAB>A FDCE AD@F

=>>C GB=>F=G=B AD@? =DA>

=>>E >CFEEFE@E GDFC CDA=

=>>F >G?G>EA>B FDB= AD?G

=>>B =@BF=E=B@E ?DGA AD>@

=>>? ===ACF>?>A EDEC CDEE

=>>G ===>==CCG@ @DB= ADBA

=>>> =A@A>@B>@@ ?DE> CDEC

A@@@ =AG?>EGC@= ?D@? CD>=

A@@= =AC>>@??BF 3CD?C =DEA

A@@A =A@E=>=E>= 3ADGG =DFE

A@@C =ACC?>BCAE ADEB AD@E

A@@E =CBEF>F==B =@DB@ CD=A

A@@F =EA=B??CGF ED=G ADB=

A@@B =EB?GCAAFB CDAF ADGG

A@@? =FCCABB>=E EDEB ADFG

A@@G =E>G>@=FGE 3ADAE @D=@

A@@> =EF=?>@>BF 3CD=E 3CDFF

A@=@ =FB=EA@>?C ?DFF AD?B

A@== =B@AB@G>=A ADBE =DF>

A@=A =B=>CAECCF =D@E =DCB

HIJJKL!)/IM4IM Regression Statistics

R @D?FACF Standard Error AD>CFB?

R Square @DFBB@A Total Number Of Cases E=

Adjusted R Square @DFFE>

Coefficients Standard Error LCL UCL t Stat p-level

Intercept 3@DB?A@E @DGEEGE 3AD?A=E> =DC??E 3@D?>FE? @DEC==F

Beta =D>C@EB @DA?@B? =DA?CGF ADFG?@? ?D=CA@G @D

T (2%) ADEAFGE

LCL - Lower value of a reliable interval (LCL) UCL - Upper value of a reliable interval (UCL)

Regression: Nordic Countries Passenger Air Transport on GDP growth (annual change)

!"##$%&$'()'"*$+

, -./ 012 304 -56$7$% 08'5"9 3$%:"'; -5$7$% 08'5"9 3$%:"';

<=>, ?@@,,,, ?A<?B,, <>>@B,,

<=>< ?=<BC,, ?>=<D,, ?,@DC,,

<=>? B,<A,,, B<,<D,, ??CA=,, BEA <<E< <<E< AEB ?EC @E>

<=>B B??@=,, BBA?D,, ?A,=,,, >E, >EC @EA @EB BEC ,ED

<=>A BB@,B,, BBD>@,, ?A,<=,, BE= ,E> 6,EB DEC @E, =EB

<=>@ BADA>,, B@B,A,, ?@<C<,, BEA AEC AEC BEC @EB AED

<=>D B=,C=,, BC@B@,, ?>=@>,, <?EC =E? <<E, ?E< BEC ?E>

<=>> BC@<C,, A<=?@,, ?=ADC,, 6<E@ CEC @EA BEA DEB BEA

<=>C ABD,=,, AAC>A,, B<<>?,, <BE? >E, @EC BED ?EB AE,

<=>= @<=BA,, ACDD=,, B@@D?,, <=E< CE@ <AE< @E, AE@ DEB

<=C, @?,=A,, AC,AA,, BB?=>,, ,EB 6<EB 6DEA DE, ?E, ?E,

<=C< @DB?,,, A=>=A,, B,D@,,, CE< BED 6>E= ,E= @ED BE,

<=C? D,=<<,, @?<,A,, B@BD=,, CE? AED <@EA ?EB @EB AE?

<=CB D@=,C,, @D<,C,, B=A>>,, CE? >E> <<ED AE, AE@ BEC

<=CA >BB@?,, D<<B=,, B??=?,, <<EB =E, 6<CE? BE? BEC 6,EC

<=C@ >D,=D,, D>==>,, BA=A,,, BE> <<E? CE? ?ED @E, 6<E?

<=CD C><B=,, >AC@?,, BCBA,,, <AE@ <,E< =E> <E< @EC DE<

<=C> =A?CC,, C<AD,,, A<AC<,, CE? CEC CE? 6<ED AE< ?E,

<=CC <,?<<=,, C?D<,,, AB>D>,, CEB <EA @E@ <EC BE= ?EB

<=C= <,C@@,,, CB,,,,, A>?,D,, DEB ,E@ >E= BEC AEA AE,

<==, <<A,?@,, C=?C@,, ACA,B,, @E, >ED ?E@ <E> AE@ 6,E@

<==< =C?DC,, CC@>B,, A@C?,,, 6<BEC 6,EC 6@EB ,E@ <E@ 6,E=

<==? ==?B@,, =DD<?,, AC?DC,, <E, =E< @EB <E? ,E< BE>

<==B =><=,,, <,BCBD,, @,>>=,, 6?E< >E@ @E? <E= BE= ?E>

<==A <,C,>>,, <<<BB<,, @BC<,,, <<E? >E? DE, AE? @E= AE?

<==@ =A=C,,, <<D=@@,, @DC=B,, 6<?E< @E< @E> ?E? @EA AE,

<==D =C>=,,, <?>?>B,, @C=?,,, AE, CEC BED ?E> AE, AE=

<==> <<B?D=,, <B>@=,,, D?BDA,, <AE> CE< @EC BEA <EC ,EB

<==C <<C>>>,, <A?=<@,, @=ADD,, AE= BE= 6AED ?ED 6,E? 6,E<

<=== <?=<>D,, <@,,=D,, @>D>>,, CEC @E, 6BE, ?E> <E, ,ED

?,,, <BB@AB<A <@<C?B,@ @=??D?B BEA <E? ?E> ,EC <E= <ED

?,,< <B<?BA?D <A@@D<C< DBC?,=? 6<E> 6AE< >EC 6<E< BE< <EB

?,,? <?A?<??, <BD==?,A DB??AB? 6@EA 6@E= 6,E= 6<E? BE@ ?E,

?,,B <<@CD,?@ <?C,@>@> @CCD,B> 6DE> 6DE@ 6DE= 6?E< ?EC 6,E<

?,,A <<D?B=?@ <??>>??? DA?C>,< ,EB 6AE< =E? AE, @E< @E@

2$&'$##F8%(-5$67$%

Regression Statistics

R 0,35112 Standard Error7,04155 R Square 0,12329 Total Number Of Cases33 Adjusted R Square0,09501

CoefficientsStandard Error LCL UCL t Stat p-level Intercept 1,49257 1,90755 -3,18632 6,17146 0,78245 0,43989

Beta 1,23213 0,59013 -0,21535 2,67961 2,08791 0,04512 2$&'$##F8%(3$%:"';

Regression Statistics

R 0,473 Standard Error6,43827 R Square 0,22373 Total Number Of Cases33 Adjusted R Square0,19869

CoefficientsStandard Error LCL UCL t Stat p-level Intercept -0,06978 1,70445 -4,2505 4,11093 -0,04094 0,96761

Beta 1,39224 0,46578 0,24977 2,53472 2,98906 0,00544 2$&'$##F8%(08'5"9

Regression Statistics

R 0,16196 Standard Error5,04751 R Square 0,02623 Total Number Of Cases33 Adjusted R Square-0,00518

CoefficientsStandard Error LCL UCL t Stat p-level Intercept -0,06978 1,70445 -4,2505 4,11093 -0,04094 0,96761

Beta 1,39224 0,46578 0,24977 2,53472 2,98906 0,00544

G3!(HI"%&$(JKL

!"##$%&$'()'"*$+(HI"%&$(JKL

Regression: US airline industry profits on Crude Oil Brent price (annual change)

!"#$ %&%' (%$$

!"#! '&%$) %*

!"#% '&+!+++# %!)

!"#' ,&%$*''' %%#

!"#, !%&!%) '%%

!"#) !!&) (*,

!"#+ !'&!, )+'

!"## !,&%)%) #)%

!"#* !,&%')*' !!"#

!"#" '!&!) ',#

!"*$ '#&+*#) !#

!"*! '+&)%#) ('$!

!"*% '%&"*%) ("!+

!"*' %"&##$*' (!**

!"*, %*&+$) *%)

!"*) %#&##"!# *+'

!"*+ !,&!+,!# (%')

!"*# !*&,*"!# )"'

!"** !,&""!+# !+*+

!"*" !*&,*''' !%*

!""$ %'&",)*' ('"%!

!""! !"&)%) (!",$

!""% !"&'%''' (,#"!

!""' !#&!'++# (%!'+

!"", !+&%$*'' (',,

!"") !#&'$*'' %'!,

!""+ %$&+#!+# %*$,

!""# !"&%+''' )!+*

!""* !'&!%#) ,"$'

!""" !*&+,"!# )'+$

%$$$ %*&)*$*' %,*+

%$$! %,&''$*' (*%#)

%$$% %)&,*++# (!!'!%

%$$' %*&#%)*' ('+%*

%$$, '*&"! ("$#!

%$$) ))&%%$*' ()#*%

%$$+ +)&+) '$,)

!"#$"%%&'()*+,+&%+&-% ./01)2)3114

-./012/345 $&%%!$+%

5467.893 $&$,**+*

:;<.=03;45467.893 $&$%!+"'

608>;89;4?99@9 '+$+&!!,

AB=39C801@>= '#

5'"66&-&"(+%*+,(7,$7)8$$'$ +)*+,+ 92:,;<"

D>039E320 *%#&,,! !!+#&'#! $&#$**$+"## $&,*'!'"

F4G8918B/34! (+$&#)"+ ,)&'$"%" (!&',$""#! $&!**)+

!"#$"%%&'()*+,+&%+&-% ./01)2)31.=

-./012/345 $&$+')+*

5467.893 $&$$,$,!

:;<.=03;45467.893 ($&$!"+#

608>;89;4?99@9 ))##&)")

AB=39C801@>= ,,

5'"66&-&"(+%*+,(7,$7)8$$'$ +)*+,+ 92:,;<"

D>039E320 (!!'&'"' !%#'&)' ($&$*"$'*+%% $&"%",#, F4G8918B/34! (!!&*!#+ %*&+%#", ($&,!%*$!%!+ $&+*!*)%

H9.;34A1/(I93>04291E3=4(4J389/K48C398L34

B8=3;4@>4M@>0N/K4;808 O64819/1>34D>;.=09K4 8>>.8/429@P10=

J389

Appendix 2 – HI OECD and “Advanced Countries” classification

In document Valuation of SAS - (Sider 126-130)