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Amazon Valuation

The document provides current and historical financial information for the firm. It reports an EBIT loss of $410,000, revenues of $1.117 million, and book values for debt of $348,680 and equity of $138,000 based on the most recent 12-month financials. It also provides inputs for valuation models including long-term growth rates of 6% in perpetuity and 42.6% for the next 10 years, a beta of 1.6, cost of debt of 8%, and tax rate of 35%. The document seeks additional information from the user to complete the valuation and relative valuation of the firm.

Uploaded by

Dr Sakshi Sharma
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0% found this document useful (0 votes)
106 views22 pages

Amazon Valuation

The document provides current and historical financial information for the firm. It reports an EBIT loss of $410,000, revenues of $1.117 million, and book values for debt of $348,680 and equity of $138,000 based on the most recent 12-month financials. It also provides inputs for valuation models including long-term growth rates of 6% in perpetuity and 42.6% for the next 10 years, a beta of 1.6, cost of debt of 8%, and tax rate of 35%. The document seeks additional information from the user to complete the valuation and relative valuation of the firm.

Uploaded by

Dr Sakshi Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
You are on page 1/ 22

Current Financial Information (Enter the most recent information you can find; if possible, use trailing 12-month

data)
I. Income Statement
Current EBIT = $ (410.00)
Current Interest Expense = $ 74.00
Current Capital Spending $ 242.67
Current Depreciation and Amort $ 30.67
Current Revenues = $1,117.00
II. Balance Sheet This period Last period
Current Non-cash Working Capi$ (110.50) $ (31.00)
Book Value of Debt = $ 348.68 76.7
Book Value of Equity = $ 138.00 28.59
Cash & Non-operating assets = $ 25.56 1.88
III. Tax Information
NOL carried forward = $ 500.00
Marginal tax rate = 35.00%

Adjustments to Current Financial Information


Do you have any operating leases? No
Does your firm have R&D expenses? No
Are there any other operating expenses to be capitalized? No

Discount Rate Inputs


Current Beta = 1.60
Current Cost of Borrowing = 8%
Current Market Value of Debt = $ 348.68

Expectations for the future


Do you want to enter the growth rate in revenues each year? Yes
If no, Compounded Annual Growth Rate in Revenues for next 10 years: 42.60%
Do you want me to use current working capital as percent of revenues No
If not, enter non-cash working capital as a percent of revenues in futu 3.00%
How would you like capital expenditures to be estimated? 3
If you would chose 3, enter the sales to capital ratio that you would l 3.00

Stable Growth Inputs


Expected Growth Rate in perpetutity = 6%
Expected Operating Margin = 10.00%
Expected Debt to Capital(MV) Ratio for the firm 15.00%
Expected Beta = 1.00
Expected Cost of Debt = 7.00%
Return on Capital for the firm = 20.00%

Per Share Inputs


Number of Shares outstanding = 340.79
Current Stock Price = $ 84.00
Does your firm have equity options outstanding? Yes
If yes, enter the number of options outstanding = 38
and the average exercise price of the options outstandin 13.375
and the average maturity of the options outstanding = 8.4
and the standard deviation in the firm's stock price = 50%

General Information
Current long term government bond rate = 6.50%
Estimated Market Risk Premium = 4.00%

Relative Valuation
If you want to do a relative valuation of your firm, enter these inputs:
Year on which multiple is to be applied = 10
Value to Sales multiple in that year = 1.15
iling 12-month data)
Relative Valuation Output
Year in which multiple is used = 10 Year Revenues Cumulated Cost of Capital
Value to Sales Ratio for Specialty retailers 1.15 1 $ 2,793 112.84%
2 $ 5,585 127.33%
Revenue in chosen year = $ 39,006 3 $ 9,774 143.68%
Value in chosen year = $ 44,857 4 $ 14,661 162.11%
Cost of capital in chosen ye 3.0789 5 $ 19,059 182.87%
Value today = $ 14,569 6 $ 23,862 205.05%
+ Cash & Securities = $ 26 7 $ 28,729 228.88%
- Debt outstanding = $ 349 8 $ 33,211 254.25%
-Equity options outstandin Err:522 9 $ 36,798 280.90%
Value of Equity in stock = Err:522 10 $ 39,006 307.89%
Value per share = Err:522
Cumulated Cost of Capital
Base 1 2 3 4 5 6 7 8 9 10
Revenue Growth Rate 150.00% 100.00% 75.00% 50.00% 30.00% 25.20% 20.40% 15.60% 10.80% 6.00%
Revenues $ 1,117 $ 2,793 $ 5,585 $ 9,774 $ 14,661 $ 19,059 $ 23,862 $ 28,729 $ 33,211 $ 36,798 $ 39,006
Operating Margin -36.71% -13.35% -1.68% 4.16% 7.08% 8.54% 9.27% 9.64% 9.82% 9.91% 9.95%
EBIT -$410 -$373 -$94 $407 $1,038 $1,628 $2,212 $2,768 $3,261 $3,646 $3,883
Taxes $0 $0 $0 $0 $167 $570 $774 $969 $1,141 $1,276 $1,359
EBIT(1-t) -$410 -$373 -$94 $407 $871 $1,058 $1,438 $1,799 $2,119 $2,370 $2,524
+ Depreciation $31 $46 $60 $75 $90 $104 $115 $122 $130 $138 $146
- Capital Expenditure $243 $554 $907 $1,345 $1,572 $1,438 $1,572 $1,599 $1,489 $1,226 $815
- Chg WC -$80 $50 $84 $126 $147 $132 $144 $146 $134 $108 $66
FCFF -$543 -$931 -$1,024 -$989 -$758 -$408 -$163 $177 $625 $1,174 $1,788
NOL $500 $873 $967 $560 $0 $0 $0 $0 $0 $0 $0
Terminal Value

Cost of Capital Calculations


Tax Rate 0.00% 0.00% 0.00% 0.00% 16.13% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
Debt Ratio 1.20% 1.20% 1.20% 1.20% 1.20% 1.20% 3.96% 4.65% 5.80% 8.10% 15.00%
Beta 1.60 1.60 1.60 1.60 1.60 1.60 1.48 1.36 1.24 1.12 1.00
Cost of Equity 12.90% 12.90% 12.90% 12.90% 12.90% 12.90% 12.42% 11.94% 11.46% 10.98% 10.50%
Cost of Debt 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% 7.80% 7.75% 7.67% 7.50% 7.00%
After-tax cost of debt 8.00% 8.00% 8.00% 8.00% 6.71% 5.20% 5.07% 5.04% 4.98% 4.88% 4.55%
Cost of Capital 12.84% 12.84% 12.84% 12.84% 12.83% 12.81% 12.13% 11.62% 11.08% 10.49% 9.61%

Computed Variables (These are measures of how efficiently your firm is investing over time)
Total Capital Invested $ 486.68 $ 1,045 $ 1,976 $ 3,372 $ 5,001 $ 6,467 $ 8,068 $ 9,691 $ 11,185 $ 12,380 $ 13,116
Reinvestment Rate NMF NMF NMF 343.26% 187.09% 138.57% 116.85% 111.43% 102.38% 84.28% 30.00%
Increase in Revenue/Increase in Cap 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00
Return on Capital -76.62% -8.96% 20.59% 25.82% 21.16% 22.23% 22.30% 21.87% 21.19% 20.39%

Present Value Calculations


Cumulative WACC 112.84% 1.273309903 1.43681607 1.621095017 1.828714163 2.050514171 2.288760516 2.542451478 2.809037477 3.078915753
Present Value of FCFF $ (825) $ (805) $ (689) $ (468) $ (223) $ (80) $ 77 $ 246 $ 418 $ 581
Present Value of Terminal Value $ 16,937

The Valuation
PV of FCFF during high growth phase = $ (1,767)
PV of Terminal Value = $ 16,937
Value of Operating Assets of the firm = $ 15,170
Value of Cash & Non-operating assets= $ 25.56
Value of Firm = $ 15,196
- Value of Outstanding Debt = $ 349
Value of Equity = $ 14,847
- Value of Equity Options = Err:522
Value of Equity in Common Stock = Err:522 Treasury Stock Approach
Value of Equity per share = Err:522 $ 40.54
Terminal Year
6%
$ 41,346
10.00%
$4,135
$1,447
$2,688
$155
$891
$70
$1,881
$0
$52,148

35.00%
15.00%
1.00
10.50%
7.00%
4.55%
9.61%

$ 13,923
30.00%
2.90
20.00%
Operating Lease Converter
Inputs
Operating lease expense in current year = $ 100.00
Operating Lease Commitments (From footnote to financials)
Year Commitment! Year 1 is next year, ….
1 $ 205.00
2 $ 167.00
3 $ 120.00
4 $ 86.00
5 $ 61.00
6 and beyond $ -

Output
Pre-tax Cost of Debt = 8.00% ! If you do not have a cost of debt, use the ratings estimator

From the current financial statements, enter the following


Reported Operating Income (EBIT) = $ (410.00) ! This is the EBIT reported in the current income statement
Reported Debt = $ 348.68 ! This is the interest-bearing debt reported on the balance sheet

Number of years embedded in yr 6 es 0 ! I use the average lease expense over the first five years
to estimate the number of years of expenses in yr 6
Converting Operating Leases into debt
Year CommitmentPresent Value
1 $ 205.00 $ 189.81
2 $ 167.00 $ 143.18
3 $ 120.00 $ 95.26
4 $ 86.00 $ 63.21
5 $ 61.00 $ 41.52
6 and beyon $ - $ - ! Commitment beyond year 6 converted into an annuity for ten years
Debt Value of leases = $ 532.98

Restated Financials
Depreciation on Operating Lease Asset = $ 106.60 ! I use straight line depreciation
Adjustment to Operating Earnings = $42.64 ! PV of operating leases * Pre-tax cost of debt
Adjustment to Total Debt outstanding = $ 532.98
R & D Converter
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years do you want to amortize R&D expenses 10 ! If in doubt, use the lookup table below
The maximum allowed is ten years
Enter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization period
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year R& D Expenses
-1 1895.00 ! Year -1 is the most recent financial year
-2 1924.00 ! Year -2 is the year before the most recent financial year
-3 1633.00
-4 1300.00
-5 1704.00
-6 1661.00
-7 1846.00
-8 1417.00
-9 827.00
-10 754.00

Output
Year R&D Expense Unamortized portion Amortization this year
-1 1895.00 1.00 1895.00 $ 189.50
-2 1924.00 0.90 1731.60 $ 192.40
-3 1633.00 0.80 1306.40 $ 163.30
-4 1300.00 0.70 910.00 $ 130.00
-5 1704.00 0.60 1022.40 $ 170.40
-6 1661.00 0.50 830.50 $ 166.10
-7 1846.00 0.40 738.40 $ 184.60
-8 1417.00 0.30 425.10 $ 141.70
-9 827.00 0.20 165.40 $ 82.70
-10 754.00 0.10 75.40 $ 75.40
Value of Research Asset = $9,100.20 $1,496.10

Amortization of asset for current year $1,496.10

Adjustment to Operating Income = $398.90 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of R&D Expensing $140

Look Up Table for Amortization Periods


Industry Na Amortization Period
Advertising 2
Aerospace/D 10 Non-technological Servi 2 years
Air Transpor 10 Retail, Tech Service 3 years
Aluminum 5 Light Manufacturing 5 years
Apparel 3 Heavy Manufacturing 10 years
Auto & Tru 10 Research, with Patenting 10 years
Auto Parts 5 Long Gestation Period 10 years
Auto Parts 5
Bank 2
Bank (Canad 2
Bank (Forei 2
Bank (Midw 2
Beverage (A 3
Beverage (S 3
Building Mat 5
Cable TV 10
Canadian En 10
Cement & A 10
Chemical (B 10
Chemical (Di 10
Chemical (S 10
Coal/Altern 5
Computer & 5
Computer So 3
Copper 5
Diversified 5
Drug 10
Drugstore 3
Educational 3
Electric Util 10
Electric Util 10
Electric Uti 10
Electrical 10
Electronics 5
Entertainme 3
Environment 5
Financial Se 2
Food Proces 3
Food Wholes 3
Foreign Elec 5
Foreign Tel 10
Furn./Home 3
Gold/Silver 5
Grocery 2
Healthcare 3
Home Appli 5
Homebuildi 5
Hotel/Gami 3
Household P 3
Industrial S 3
Insurance (D 3
Insurance (L 3
Insurance (P 3
Internet 3
Investment 3
Investment 3
Investment 3
Machinery 10
Manuf. Hou 5
Maritime 10
Medical Ser 3
Medical Sup 5
Metal Fabric 10
Metals & Mi 5
Natural Gas 10
Natural Gas 10
Newspaper 3
Office Equi 5
Oilfield Ser 5
Packaging & 5
Paper & For 10
Petroleum (I 5
Petroleum ( 5
Precision In 5
Publishing 3
R.E.I.T. 3
Railroad 5
Recreation 5
Restaurant 2
Retail (Spec 2
Retail Build 2
Retail Store 2
Securities B 2
Semiconduc 5
Semiconduct 5
Shoe 3
Steel (Gener 5
Steel (Integr 5
Telecom. E 10
Telecom. Se 5
Textile 5
Thrift 2
Tire & Rubb 5
Tobacco 5
Toiletries/C 3
Trucking/Tr 5
Utility (For 10
Water Utilit 10
nts to operating income, net

mortization period

e (add to reported EBIT)


Other Operating Expenses to be Capitalized
This spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, net
income, the book value of assets and the book value of equity.

Inputs
Over how many years are the benefits of this expense spread? 3
The maximum allowed is ten years
Enter the operating expense (eg. S, G &A) for past years: the number of years that you will need to enter will be determined by the amortiza
Do not input numbers in the first column (Year). It will get automatically updated based on the input above.
Year Operating Expense
-1 1895.00 ! Year -1 is the most recent financial year
-2 1924.00 ! Year -2 is the year before the most recent financial year
-3 1633.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00

Output
Year Operating Expense Unamortized portion Amortization this year
-1 1895.00 1.00 1895.00 $ 631.67
-2 1924.00 0.67 1282.67 $ 641.33
-3 1633.00 0.33 544.33 $ 544.33
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
0 0.00 0.00 0.00 $ -
Value of Asset created by capitalizing $3,722.00 $1,817.33

Amortization of asset for current year = $1,817.33

Adjustment to Operating Income = $77.67 ! A positive number indicates an increase in operating income (add to reported EBIT)
Tax Effect of Expensing $27
e adjustments to operating income, net

nter will be determined by the amortization period

rating income (add to reported EBIT)


Enter the expected growth rate in revenues each year for the next 10 years
Year Expected Growth Rate
1 150.00%
2 100.00%
3 75.00%
4 50.00%
5 30.00%
6 25.20%
7 20.40%
8 15.60%
9 10.80%
10 6.00%
Compounded 42.66%
Valuing Options or Warrants
Enter the current stock price = $84.00
Enter the strike price on the option = 13.375
Enter the expiration of the option = 8.4
Enter the standard deviation in stock 50.00% (volatility)
Enter the annualized dividend yield o 0.00%
Enter the treasury bond rate = 6.50%
Enter the number of warrants (option 38
Enter the number of shares outstandi 340.79

Do not input any numbers below this line


VALUING WARRANTS WHEN THERE IS DILUTION
Stock Price= 84 # Warrants issued= 38
Strike Price= 13.375 # Shares outstanding= 341
Adjusted S (DO NOT E Err:522 T.Bond rate= 6.50%
Adjusted K (DO NOT 13.375 Variance= 0.2500
Expiration (in years) = 8.4 Annualized dividend yie 0.00%
Div. Adj. interest rate= 6.50%

d1 = Err:522
N (d1) = Err:522

d2 = Err:522
N (d2) = Err:522

Value per option = Err:522


Value of all options outstanding = Err:522
Industry Num ber of Firms EBIT/Sales Sales/Capital(BV)Debt to Capital (M After-tax Return on Capita
Advertising 31 14.42% 1.94 5.90% 27.94%
Aerospace/Defense 43 10.59% 1.85 30.74% 19.49%
Air Transport 42 14.04% 2.10 41.08% 29.40%
Aluminum 8 14.74% 1.46 19.17% 21.39%
Apparel 48 13.40% 1.98 28.97% 26.52%
Auto & Truck 21 15.05% 1.04 50.62% 15.62%
Auto Parts (OEM) 34 9.42% 2.83 35.14% 26.53%
Auto Parts (Replacement) 29 11.29% 1.67 48.30% 18.77%
Bank 184 NA NA 30.53% NA
Bank (Canadian) 7 NA NA 26.77% NA
Bank (Foreign) 2 NA NA 21.44% NA
Bank (Midwest) 36 NA NA 29.57% NA
Beverage (Alcoholic) 22 15.57% 0.91 20.07% 14.19%
Beverage (Soft Drink) 15 19.68% 1.24 13.51% 24.32%
Building Materials 46 11.16% 2.64 29.00% 29.33%
Cable TV 20 24.29% 0.53 26.48% 12.90%
Canadian Energy 16 23.78% 0.82 37.94% 19.49%
Cement & Aggregates 13 24.79% 1.26 17.36% 31.24%
Chemical (Basic) 14 20.59% 1.12 21.20% 22.93%
Chemical (Diversified) 33 17.88% 1.32 20.78% 23.47%
Chemical (Specialty) 83 15.99% 1.44 25.86% 23.02%
Computer & Peripherals 157 12.11% 2.44 3.26% 29.45%
Computer Software & Svc 432 23.44% 1.48 1.70% 34.73%
Copper 5 26.55% 0.76 37.72% 20.13%
Diversified Co. 94 14.07% 1.54 22.43% 21.61%
Drug 248 23.73% 1.17 3.35% 27.64%
Drugstore 10 7.02% 3.43 12.47% 24.00%
Educational Services 25 17.03% 1.59 5.14% 26.95%
Electric Util. (Central) 38 24.40% 0.74 51.68% 17.96%
Electric Utility (East) 38 30.06% 0.68 42.45% 20.37%
Electric Utility (West) 17 23.58% 0.92 45.35% 21.55%
Electrical Equipment 95 17.81% 1.80 3.31% 32.03%
Electronics 139 8.99% 1.86 7.71% 16.72%
Entertainment 88 19.72% 0.72 13.30% 14.14%
Environmental 54 24.39% 0.91 49.25% 22.15%
Financial Svcs. (Div.) 187 25.93% 0.25 32.50% NA
Food Processing 95 12.11% 1.70 25.52% 20.55%
Food Wholesalers 26 4.52% 4.87 29.67% 21.95%
Foreign Electron/Entertn 13 10.44% 0.76 15.80% 7.86%
Foreign Telecom. 16 35.49% 0.65 7.59% 22.96%
Furn./Home Furnishings 39 12.65% 2.37 20.70% 29.83%
Gold/Silver Mining 31 32.51% 0.45 12.81% 14.64%
Grocery 27 6.34% 4.68 22.79% 29.62%
Healthcare Info Systems 34 16.03% 1.42 6.35% 22.66%
Home Appliance 12 11.95% 2.53 27.56% 30.17%
Homebuilding 59 11.65% 1.36 53.13% 15.79%
Hotel/Gaming 56 23.14% 0.67 49.34% 15.44%
Household Products 30 19.49% 1.84 10.70% 35.74%
Industrial Services 196 10.61% 2.23 18.87% 23.64%
Insurance (Diversified) 1 NA NA NA NA
Insurance (Life) 34 NA NA 14.51% 0.00%
Insurance (Prop/Casualty) 62 33.29% NA 8.21% 0.01%
Internet 213 -13.96% 1.25 0.34% -17.41%
Investment Co. 27 16.05% 0.79 2.34% 12.65%
Investment Co. (Foreign) 20 32.62% 0.26 3.79% 8.59%
Machinery 128 12.11% 1.53 30.47% 18.47%
Manuf. Housing/Rec Veh 21 8.34% 2.77 29.31% 22.98%
Maritime 17 19.55% 0.64 58.00% 12.49%
Medical Services 174 11.20% 1.86 26.01% 20.79%
Medical Supplies 192 12.84% 2.29 8.51% 29.31%
Metal Fabricating 43 13.08% 1.84 16.44% 24.00%
Metals & Mining (Div.) 24 13.23% 0.75 29.68% 9.88%
Natural Gas (Distrib.) 47 21.17% 0.78 45.53% 16.51%
Natural Gas (Diversified) 36 13.21% 1.35 30.05% 17.85%
Newspaper 20 22.92% 0.93 15.90% 21.22%
Office Equip & Supplies 32 12.79% 1.70 29.53% 21.71%
Oilfield Services/Equip. 74 20.40% 0.88 17.27% 18.00%
Packaging & Container 35 16.37% 1.12 51.45% 18.31%
Paper & Forest Products 57 14.50% 1.23 35.32% 17.73%
Petroleum (Integrated) 47 14.64% 1.67 10.50% 24.35%
Petroleum (Producing) 98 34.27% 0.50 33.86% 17.01%
Precision Instrument 88 13.96% 1.66 8.87% 23.07%
Publishing 50 14.56% 1.56 17.65% 22.64%
R.E.I.T. 158 1.03% 13.51 10.21% 13.89%
Railroad 17 24.55% 0.73 39.43% 17.90%
Recreation 90 17.13% 1.13 15.98% 19.26%
Restaurant 92 16.14% 1.62 19.13% 26.04%
Retail (Special Lines) 215 8.25% 3.46 11.00% 28.49%
Retail Building Supply 13 9.24% 3.46 2.44% 31.81%
Retail Store 32 7.96% 2.99 14.53% 23.76%
Securities Brokerage 31 61.40% 0.46 56.04% 27.87%
Semiconductor 92 23.20% 1.25 2.19% 28.85%
Semiconductor Cap Equip 8 20.69% 1.30 0.85% 26.79%
Shoe 25 9.84% 2.26 16.92% 22.13%
Steel (General) 30 10.54% 1.57 32.58% 16.54%
Steel (Integrated) 19 11.19% 0.99 37.83% 10.99%
Telecom. Equipment 105 16.20% 1.48 3.72% 24.02%
Telecom. Services 166 30.65% 0.88 12.78% 26.95%
Textile 29 12.15% 1.37 64.68% 16.66%
Thrift 138 NA NA 68.57% NA
Tire & Rubber 10 12.74% 2.11 32.18% 26.86%
Tobacco 14 15.08% 2.68 23.81% 40.24%
Toiletries/Cosmetics 20 18.66% 1.96 9.54% 36.42%
Trucking/Transp. Leasing 50 17.23% 1.55 56.26% 26.70%
Utility (Foreign) 2 51.91% 0.25 41.08% 13.07%
Water Utility 16 41.56% 0.38 43.30% 15.65%
Levered Beta Unlevered Bet Non-cash WC/Sales
1.05 0.99 -2.65%
0.88 0.61 19.06%
1.06 0.62 2.47%
0.93 0.75 20.12%
0.87 0.62 25.28%
0.89 0.44 34.59%
0.77 0.50 11.02%
0.73 0.38 25.95%
0.79 0.55 NA
0.99 0.73 NA
1.10 0.86 NA
0.81 0.57 NA
0.64 0.51 11.49%
0.79 0.69 6.40%
0.83 0.59 12.80%
1.01 0.74 -4.68%
0.75 0.46 4.00%
0.78 0.64 13.79%
0.91 0.72 23.32%
0.80 0.63 21.58%
0.81 0.60 21.05%
1.13 1.09 16.46%
1.18 1.16 16.99%
0.81 0.51 9.30%
0.84 0.66 19.53%
1.04 1.01 21.27%
0.96 0.84 13.65%
0.84 0.80 12.27%
0.54 0.26 7.16%
0.53 0.30 8.47%
0.54 0.29 6.66%
0.94 0.91 18.87%
1.05 0.97 21.76%
0.91 0.79 19.80%
0.76 0.39 12.77%
0.97 0.65 NA
0.70 0.52 15.78%
0.76 0.53 3.15%
0.85 0.72 22.79%
1.03 0.95 12.84%
0.87 0.69 19.56%
0.44 0.38 10.40%
0.68 0.52 3.80%
0.95 0.89 19.33%
0.88 0.64 19.08%
0.88 0.41 38.42%
0.91 0.46 2.95%
0.77 0.69 15.19%
0.95 0.77 14.60%
NA NA NA
0.93 0.80 NA
0.80 0.73 6.57%
1.61 1.60 7.71%
0.61 0.59 12.24%
1.02 0.98 1.08%
0.80 0.56 24.08%
0.80 0.57 20.90%
0.85 0.36 9.24%
0.95 0.70 9.69%
0.91 0.83 17.78%
0.86 0.72 21.91%
0.70 0.49 23.84%
0.58 0.32 5.72%
0.76 0.53 4.18%
0.81 0.68 3.51%
0.92 0.65 26.88%
1.03 0.85 20.89%
0.80 0.39 16.43%
0.80 0.52 15.26%
0.75 0.67 5.43%
0.77 0.51 5.16%
0.99 0.90 28.98%
0.84 0.69 15.66%
0.72 0.65 -21.68%
0.82 0.50 0.94%
0.87 0.73 17.26%
0.81 0.66 0.20%
1.00 0.89 12.54%
0.94 0.92 11.54%
0.99 0.85 15.78%
1.26 0.56 145.45%
1.34 1.31 17.37%
1.50 1.49 18.34%
0.81 0.67 26.85%
0.78 0.52 20.01%
0.82 0.51 19.22%
1.21 1.17 27.67%
1.12 0.98 4.81%
0.81 0.29 26.59%
0.82 0.26 NA
0.90 0.61 18.08%
0.65 0.50 14.53%
0.90 0.81 25.72%
0.82 0.36 14.42%
0.95 0.56 5.29%
0.56 0.32 3.83%

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