Instructor Spreadsheet to accompany product 8B20N005.

Spreadsheet to accompany product 9B20N005.

A portfolio manager at Century 23 Investment Company was considering whether to maintain holdings in The Walt Disney Company (Disney). She was reviewing the recently released fourth quarter and full fiscal year earnings report of Disney and comparing the results against those of key competitors, including Netflix Inc., Comcast Corporation, and Viacom Inc. She examined financial statements, ratios, valuation metrics, and financial forecasts, to find a potential connection between financial performance and stock prices. After considering the investment strategy adopted by her investment company—identifying and investing in stocks that showed consistent earnings growth above broad market levels while also trading at a reasonable price—the investment manager had to decide whether or not to maintain the holdings.