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Company XYZ - DCF Analysis

* CASE
Selected Case
Selected Case #
Projection Period (yrs)
Mid-Year Convention?

Management
1
10 >Not yet functional
N

* FREE CASH FLOW


Historical Period
(USD in Millions)

31-Dec-2011

CAGR

31-Dec-2012

31-Dec-2013

Year 1
31-Dec-2014

2011-2013

EBITDA
EBIT
Provision for Taxes at Assumed Tax Rate
EBIAT

$
$
$
$

52.80
26.40
9.24
17.16

Plus: Depreciation
Plus: Amortization
Less: Replacement Capex
Less: Change in Net Working Capital

$
$
$
$

13.20
13.20
(26.40)
-

Unlevered Free Cash Flow

17.16

1.0
0.93
15.99

WACC
Discount Period
Discount Factor
Present Value of Free Cash Flow

7.32%

* ENTERPRISE VALUE
(USD in Millions)
ENTERPRISE VALUE
EXIT MULTIPLE METHOD
Exit Multiple

EQUITY VALUE
PERPETUITY GROWTH METHOD
7.0x Terminal Growth Rate

3.0%

Enterprise Value
Less: Total Debt
Less: Preferred Securities
Less: Noncontrolling Interest
Plus: Cash & Equivalents

Terminal Year EBITDA

124.50 Terminal Year FCF

40.46

Terminal Value

871.50 Terminal Value

964.73

PV of Terminal Value
Cumulative PV of FCF

$
$

429.99 PV of Terminal Value


179.11 Cumulative PV of FCF

$
$

475.99
179.11

Implied Equity Value

Enterprise Value

609.11 Enterprise Value

655.10

Implied Share Price

Year 2
31-Dec-2015

Year 3
31-Dec-2016

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019

Year 4
31-Dec-2017

Year 7
31-Dec-2020

Year 8
31-Dec-2021

Year 9
31-Dec-2022

$
$
$
$

58.08
29.04
10.16
18.88

$
$
$
$

63.89
31.94
11.18
20.76

$
$
$
$

70.28
35.14
12.30
22.84

$
$
$
$

77.30
38.65
13.53
25.12

$
$
$
$

85.03
42.52
14.88
27.64

$
$
$
$

93.54
46.77
16.37
30.40

$
$
$
$

102.89
51.45
18.01
33.44

$
$
$
$

113.18
56.59
19.81
36.78

$
$
$
$

14.52
14.52
(29.04)
-

$
$
$
$

15.97
15.97
(31.94)
-

$
$
$
$

17.57
17.57
(35.14)
-

$
$
$
$

19.33
19.33
(38.65)
-

$
$
$
$

21.26
21.26
(42.52)
-

$
$
$
$

23.38
23.38
(46.77)
-

$
$
$
$

25.72
25.72
(51.45)
-

$
$
$
$

28.30
28.30
(56.59)
-

18.88 $

20.76 $

22.84 $

25.12 $

27.64 $

30.40 $

33.44 $

36.78

2.0
0.87
16.39 $

3.0
0.81
16.80 $

4.0
0.75
17.22 $

5.0
0.70
17.65 $

6.0
0.65
18.09 $

7.0
0.61
18.54 $

8.0
0.57
19.00 $

9.0
0.53
19.48

EMM
609.11 $

$
$
$
$

$
$
$
$

609.11 $

PGM
655.10
655.10

CAGR
Year 10
31-Dec-2023
$
$
$
$

124.50
62.25
21.79
40.46

$
$
$
$

31.12
31.12
(62.25)
-

40.46

10.0
0.49
19.96

2014-2023

Company XYZ - DCF Analysis


* INCOME STATEMENT
Historical Period
(USD in Millions)
REVENUE
Sales
Total Revenue
EXPENSE
Cost of Goods Sold
Gross Profit
SG&A
Other Operating Expenses
EBITDA
Depreciation
Amortization
EBIT
Net Interest Expense
Provision for Taxes
Net Income

31-Dec-2011

CAGR

31-Dec-2012

31-Dec-2013

$
$

100.00
100.00

$
$

110.00
110.00

$
$

120.00
120.00

$
$
$
$
$
$
$
$
$
$
$

55.00
45.00
4.00
1.00
40.00
10.00
30.00
10.00
7.00
13.00

$
$
$
$
$
$
$
$
$
$
$

55.00
55.00
4.00
1.00
50.00
10.00
40.00
10.00
10.50
19.50

$
$
$
$
$
$
$
$
$
$
$

60.00
60.00
4.00
1.00
55.00
10.00
45.00
10.00
12.25
22.75

OPERATING METRICS
Gross Margin
EBITDA Margin
EBIT Margin
ASSUMPTIONS
Sales Growth (YoY)
Cost of Goods Sold (% of Sales)
SG&A (% of Sales)
Other Operating Expenses (% of Sales)
Depreciation (% of Sales)
Amortization (% of Sales)
Interest Expense (% of Sales)
Simple Tax Rate
Replacement Capex (% of Sales)

Year 1
31-Dec-2014

2011-2013

9.5%

15.5%

17.3%

22.5%

32.3%

$
$

132.00
132.00

$
$
$
$
$
$
$
$
$
$
$

52.80
79.20
13.20
13.20
52.80
13.20
13.20
26.40
13.20
4.62
8.58

45.0%
40.0%
30.0%

50.0%
45.5%
36.4%

50.0%
45.8%
37.5%

60.0%
40.0%
20.0%

n/a
55.0%
4.0%
1.0%
10.0%
-%
10.0%
35.0%

10.0%
50.0%
3.6%
0.9%
9.1%
-%
9.1%
35.0%

9.1%
50.0%
3.3%
0.8%
8.3%
-%
8.3%
35.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

* NET WORKING CAPITAL


Historical Period
(USD in Millions)
CURRENT ASSETS
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets
CURRENT LIABILITIES
Accounts Payable
Accrued Liabilities
Other Current Liabilities
Total Current Liabilities
Net Working Capital
% of Sales
Increase/(Decrease) in NWC
ASSUMPTIONS

31-Dec-2011

CAGR

31-Dec-2012

31-Dec-2013

Year 1
31-Dec-2014

2011-2013

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

-%

-%
-

-%
-

-%
-

Days Sales Oustanding (DSO)


Days Inventory Held (DIH)
Other Current Assets (% of Sales)
Days Payable Outstanding (DPO)
Accrued Liabilities (% of Sales)
Other Current Liabilities (% of Sales)

-%
-%
-%

* WACC
(USD in Millions)
COST OF CAPITAL
TARGET CAPITAL STRUCTURE
Debt / Total Cap
Preferred / Total Cap

40.00%
10.00%

COST OF DEBT
INPUT, or
Cost of Debt
Marginal Tax Rate
After-Tax Cost of Debt

-%
7.00%
35.00%
4.55%

COST OF PREFERRED
Cost of Preferred
COST OF EQUITY
INPUT, or
Risk-Free Rate
Market Risk Premium
Size Premium
Levered Beta
Cost of Equity
WACC
INPUT, or
Calculated WACC
Selected WACC
* SHARES OUTSTANDING

UNLEVERED BETA

-%

-%
2.00%
8.00%
1.00%
1.00
11.00%

-%
7.32%
7.32%

Use?
1
1
1
MEAN
MEDIAN

Ticker
ABC
DEF
GHI
JKL
MNO
PQR
STU
VWX
YZA
BCD

RELEVERED BETA
Mean Unlevered Beta
Target Debt/Equity
Target Preferred/Equity
Target Marginal Tax Rate
Relevered Beta

Company
Company ABC
Company DEF
Company GHI
Company JKL
Company MNO
Company PQR
Company STU
Company VWX
Company YZA
Company BCD

0.51
80.00%
20.00%
35.00%
0.88

Year 2
31-Dec-2015

Year 3
31-Dec-2016

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019

Year 4
31-Dec-2017

Year 7
31-Dec-2020

Year 8
31-Dec-2021

Year 9
31-Dec-2022

$
$

145.20
145.20

$
$

159.72
159.72

$
$

175.69
175.69

$
$

193.26
193.26

$
$

212.59
212.59

$
$

233.85
233.85

$
$

257.23
257.23

$
$

282.95
282.95

$
$
$
$
$
$
$
$
$
$
$

58.08
87.12
14.52
14.52
58.08
14.52
14.52
29.04
14.52
5.08
9.44

$
$
$
$
$
$
$
$
$
$
$

63.89
95.83
15.97
15.97
63.89
15.97
15.97
31.94
15.97
5.59
10.38

$
$
$
$
$
$
$
$
$
$
$

70.28
105.42
17.57
17.57
70.28
17.57
17.57
35.14
17.57
6.15
11.42

$
$
$
$
$
$
$
$
$
$
$

77.30
115.96
19.33
19.33
77.30
19.33
19.33
38.65
19.33
6.76
12.56

$
$
$
$
$
$
$
$
$
$
$

85.03
127.55
21.26
21.26
85.03
21.26
21.26
42.52
21.26
7.44
13.82

$
$
$
$
$
$
$
$
$
$
$

93.54
140.31
23.38
23.38
93.54
23.38
23.38
46.77
23.38
8.18
15.20

$
$
$
$
$
$
$
$
$
$
$

102.89
154.34
25.72
25.72
102.89
25.72
25.72
51.45
25.72
9.00
16.72

$
$
$
$
$
$
$
$
$
$
$

113.18
169.77
28.30
28.30
113.18
28.30
28.30
56.59
28.30
9.90
18.39

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

60.0%
40.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

Year 2
31-Dec-2015

Year 3
31-Dec-2016

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019

Year 4
31-Dec-2017

Year 7
31-Dec-2020

Year 8
31-Dec-2021

Year 9
31-Dec-2022

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

$
$
$
$

-%
-

-%
-

-%
-

-%
-

-%
-

-%
-

-%
-

-%
-

-%
-%
-%

-%
-%
-%

Predicted
Levered Beta
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

-%
-%
-%

-%
-%
-%

-%
-%
-%

Market Value
of Debt
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00

Market Value
of Preferred
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00
$
300.00

Market Value
of Equity
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00

$
$

$
$

$
$

1,000.00
1,000.00

300.00
300.00

1,000.00
1,000.00

-%
-%
-%

Marginal
Tax Rate
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%
35.00%

-%
-%
-%

-%
-%
-%

Debt/
Equity
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-%
100.00%
100.00%

CAGR
Year 10
31-Dec-2023
$
$

311.25
311.25

$
$
$
$
$
$
$
$
$
$
$

124.50
186.75
31.12
31.12
124.50
31.12
31.12
62.25
31.12
10.89
20.23

2014-2023

10.0%

10.0%

10.0%

10.0%

10.0%

60.0%
40.0%
20.0%

10.0%
40.0%
10.0%
10.0%
10.0%
10.0%
10.0%
35.0%
20.0%

CAGR
Year 10
31-Dec-2023
$
$
$
$

$
$
$
$

-%
-

2014-2023

-%
-%
-%

Preferred/
Equity
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
-%
30.00%
30.00%

Unlevered
Beta
0.51
0.51
0.51
0.51
0.51
0.51
0.51
0.51
0.51
0.51
0.51
0.51

Company XYZ - DCF Analysis


* GENERAL
Client
Model
Analyst
Last Updated
Model Start
Units

NOTES
Company XYZ
DCF Template
Andrew Wang
9-Apr-2014
31-Dec-2014
Millions

* INCOME STATEMENT ASSUMPTIONS


Historical Period

Sales Growth (YoY)


Management
Base
Upside
Downside
Severe Downside
Cost of Goods Sold (% of Sales)
Management
Base
Upside
Downside
Severe Downside

31-Dec-2011
n/a

31-Dec-2012
10.0%

31-Dec-2013
9.1%

Year 1
31-Dec-2014
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Year 2
31-Dec-2015
10.0%
10.0%
20.0%
25.0%
5.0%
-%

55.0%

50.0%

50.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

SG&A (% of Sales)
Management
Base
Upside
Downside
Severe Downside

4.0%

3.6%

3.3%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

Other Operating Expenses (% of Sales)


Management
Base
Upside
Downside
Severe Downside

1.0%

0.9%

0.8%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

Depreciation (% of Sales)
Management
Base
Upside
Downside
Severe Downside

10.0%

9.1%

8.3%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

Amortization (% of Sales)
Management
Base
Upside
Downside
Severe Downside

-%

-%

-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%

9.1%

8.3%

10.0%
10.0%

10.0%
10.0%

Interest Expense (% of Sales)


Management

Base
Upside
Downside
Severe Downside
Simple Tax Rate
Management
Base
Upside
Downside
Severe Downside

35.0%

35.0%

35.0%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

* CASH FLOW STATEMENT ASSUMPTIONS


Historical Period

Replacement Capex (% of Sales)


Management
Base
Upside
Downside
Severe Downside

31-Dec-2011
-%

31-Dec-2012
-%

31-Dec-2013
-%

Year 1
31-Dec-2014
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 2
31-Dec-2015
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 1
31-Dec-2014

Year 2
31-Dec-2015

* BALANCE SHEET ASSUMPTIONS


Historical Period
31-Dec-2011

31-Dec-2012

31-Dec-2013

CURRENT ASSETS
Days Sales Oustanding (DSO)
Management
Base
Upside
Downside
Severe Downside

Days Inventory Held (DIH)


Management
Base
Upside
Downside
Severe Downside

Other Current Assets (% of Sales)


Management
Base
Upside
Downside
Severe Downside

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

CURRENT LIABILITIES
Days Payable Outstanding (DPO)
Management
Base
Upside
Downside
Severe Downside

-%
-%

-%
-%

Accrued Liabilities (% of Sales)


Management

Base
Upside
Downside
Severe Downside

-%
-%
-%
-%

-%
-%
-%
-%

Other Current Liabilities (% of Sales)


Management
Base
Upside
Downside
Severe Downside

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

Year 3
31-Dec-2016
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Year 4
31-Dec-2017
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019
10.0%
10.0%
10.0%
10.0%
20.0%
20.0%
25.0%
25.0%
5.0%
5.0%
-%
-%

Year 7
31-Dec-2020
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Year 8
31-Dec-2021
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Year 9
31-Dec-2022
10.0%
10.0%
20.0%
25.0%
5.0%
-%

Year 10
31-Dec-2023
10.0%
10.0%
20.0%
25.0%
5.0%
-%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

40.0%
40.0%
40.0%
40.0%
50.0%
60.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
10.0%
10.0%
20.0%
30.0%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%
20.0%
25.0%
5.0%
-%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

10.0%
10.0%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

20.0%
25.0%
5.0%
-%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

35.0%
35.0%
35.0%
35.0%
35.0%
35.0%

Year 3
31-Dec-2016
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 4
31-Dec-2017
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019
20.0%
20.0%
20.0%
20.0%
20.0%
20.0%
20.0%
20.0%
15.0%
15.0%
10.0%
10.0%

Year 7
31-Dec-2020
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 8
31-Dec-2021
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 9
31-Dec-2022
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 10
31-Dec-2023
20.0%
20.0%
20.0%
20.0%
15.0%
10.0%

Year 3
31-Dec-2016

Year 4
31-Dec-2017

Projection Period
Year 5
Year 6
31-Dec-2018
31-Dec-2019

Year 7
31-Dec-2020

Year 8
31-Dec-2021

Year 9
31-Dec-2022

Year 10
31-Dec-2023

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%

-%
-%

-%
-%

-%
-%

-%
-%

-%
-%

-%
-%

-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%

-%
-%
-%
-%
-%
-%