Value Line University

PROJECTIONS

The stock price PROJECTIONS box appears in the upper left of every Value Line report, just below the stock ranks. This shows:

• The most likely high and low price of a stock in the time period specified.
• The percentage gain (or loss) if the high or low prices are reached.
• The total compound annual rates of return to shareholders (including dividends) if the forecast prices are attained.

The price projections are derived from the forecasts of earnings per share and price/earnings ratios shown in the far right column of the large statistical section. They are based on the best information available at the time a report is written and, obviously, may change in the future.