tag:blogger.com,1999:blog-78710126270527791612024-03-05T23:45:17.702-08:00Value GroundHunting for misunderstood investmentsValue Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-7871012627052779161.post-36264151395508068752020-10-22T02:14:00.000-07:002020-10-22T02:17:16.319-07:00Snack Empire (HKSE:01843): A 3 To 4 Bagger Stock! Letter To Founders/Mgmt <p> <strong style="font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px;">Summary</strong></p><ul style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; margin: 5px 0px; padding: 0px; vertical-align: top;"><li style="list-style: disc; margin: 0px 0px 5px 30px; padding: 3px 0px 0px;">Dramatically undervalued at 6.4x p/e.</li><li style="list-style: disc; margin: 0px 0px 5px 30px; padding: 3px 0px 0px;">Investors getting a growth business at a mere 2.3x earnings excluding net cash on bal. sheet.</li><li style="list-style: disc; margin: 0px 0px 5px 30px; padding: 3px 0px 0px;">Extreme undervaluation due to lack of communication of growth plans, and a dividend policy. Letter to founders/mgmt on remediation steps to unlock substantial value.</li></ul><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">Since last year, this stock is on our radar following its IPO bust that made headlines in the media:</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;"><a href="https://www.bloomberg.com/news/articles/2019-10-23/wild-hong-kong-ipo-turns-188-gain-to-loss-in-less-than-an-hour" rel="nofollow" style="color: #005790; text-decoration-line: none;" target="_blank">https://www.bloomberg.com/news/articles/2019-10-23/wild-hong-kong-ipo-turns-188-gain-to-loss-in-less-than-an-hour</a></p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">As an investor in Asia, Snack Empire Holdings (<a class="stocks_tp" data-hasqtip="3" href="https://www.gurufocus.com/stock/HKSE:01843" style="color: #005790; text-decoration-line: none;" target="_blank" title="">HKSE:01843</a>) quickly gained our interest because its business Shihlin Taiwan Street Snacks that sells its signature fried chicken and other taiwan street snacks is popular in Singapore and Malaysia.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">Founded in 2003, the restaurant chain has its first store in Singapore and has since expanded into more than 200 outlets and restaurants in Singapore, Malaysia and Indonesia.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">More information can be found in the IPO Prospectus:</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;"><a href="http://www1.hkexnews.hk/listedco/listconews/sehk/2019/0930/2019093000101.pdf" rel="nofollow" style="color: #005790; text-decoration-line: none;" target="_blank">http://www1.hkexnews.hk/listedco/listconews/sehk/2019/0930/2019093000101.pdf</a></p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;"></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtr-HuquVKw-A5pOowbzDwwz-1kGXq7nkhxRmjzK8wsoH-QiHwjIH46hSlhn8Fw86IcVzd61cKEEcXqfMB_Is9v3Ck0uk5eVJHasyRwR0T494kQptNJrMtwzsadKcbNT-0I81gOwKM_gMs/" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="469" data-original-width="595" height="227" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtr-HuquVKw-A5pOowbzDwwz-1kGXq7nkhxRmjzK8wsoH-QiHwjIH46hSlhn8Fw86IcVzd61cKEEcXqfMB_Is9v3Ck0uk5eVJHasyRwR0T494kQptNJrMtwzsadKcbNT-0I81gOwKM_gMs/w304-h227/image.png" width="304" /></a></div>Since its IPO at HK0.65 per share, the shares are in a precipitous decline even before COVID-19.<p></p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">At its current price of HK0.21 or a market capitalization of SGD30mil, it is dramatically undervalued at 6.4x 2019 earnings of SGD4.7mil. Factoring out its net cash of SGD19mil, the investor is getting the business at a mere 2.3x earnings. In contrast, its direct peer, Old Chang Kee (SGX:5ML) is trading at 26.6x 2019 earnings. Even the HK-listed Yum China is trading at 35.5x 2019 earnings.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">What is attractive about Snack/Shihlin is its huge runway for stores expansion. According to its IPO prospectus, Shihlin will continue to grow its store count at 20+% annually till 2023. With such huge growth prospects, both Old Chang Kee and Yum China dims in comparison, with annual store count growth at flat and high single digits, respectively.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">Instead, we believe the most comparable peers for valuation comparison would be their western counterparts, Shack Shack and Chipotle. Both operate a chain of fast casual restaurants and have much higher growth rates than Old Chang Kee and Yum China.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">In particular, Shack Shack is opening about 50-60 net new stores per year before Covid, or an annual increase of 30+% store count . Even with a collapse in earnings due to Covid pandemic, Shake Shack is currently trading at 60x 2019 earnings while Chipotle at 92x 2019 earnings. Snack' s valuation at 6.4x earnings is astonishing!</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">We believe such extreme undervaluation resulted from investors' inability to recognize Snack' s business prospects because too little information is made available and the fact that its business is located in Singapore, Malaysia and Indonesia while its stock is listed in Hong Kong.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">With the two Founders having a 75% stake in the company that derives bulk of their net worth (and hence they are very incentivized to have the company stock trade at its fair intrinsic value), we have sent a letter to the founders, detailing a roadmap to increase shareholder value and their net worth.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">Interested readers can access the full letter here:</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;"><a href="https://documentcloud.adobe.com/link/track?uri=urn:aaid:scds:US:d793c35e-193f-42f2-ae4c-0eeabe946fe9#pageNum=1" rel="nofollow" style="color: #005790; text-decoration-line: none;" target="_blank">https://documentcloud.adobe.com/link/track?uri=urn:aaid:scds:US:d793c35e-193f-42f2-ae4c-0eeabe946fe9#pageNum=1</a></p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">The roadmap covers the following two important factors which we believe will result in the investment community to value the stock around its fair intrinsic value:</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">(1) Poor communication on Snack' s Growth Plans and Business Economics, and</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">(2) Lack of a Dividend Policy.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">We urge them to look into both of these factors seriously and provide the remediation steps required to unlock value, by (1) having a comprehensive investor day presentation touting the company growth plans and the economics of Shihlin business and (2) instituting a 50% dividend payout policy.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">With more information available on its 4-year growth plan, it would aid investors to make better judgment on Snack' s business and give an appropriate multiple that incorporates its growth prospects. We believe Snack will trade at a substantially higher valuation multiple, one that is at least in line with its peers, given its runway growth in store expansion, and earnings potential going forth.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">Another important aspect of the roadmap is the implementation of a 50% dividend payout policy, or annual dividend payout of about SGD2.4mil based on their FY2020 earnings.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">With a current cash position of SGD21.6mil (with negligible debt) and being largely profitable, the company has no issue financing its growth expansion plans, while at the same time paying out 50% dividend from current earnings for shareholder return.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">At the current low share price, a 50% dividend payout would have a yield of 7.8% on its market cap of SGD30mil.</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;">The sustainability of the dividend, would force the market to value the stock much higher based on a yield re-rate to what is available in the market. For example, a re-rate to a reasonable dividend yield of 2.4% in the stock market, Snack will be valued close to SGD100mil (HKD0.70 per share), a 3 to 4 bagger from its current share price of HKD0.21!</p><p class="selectionShareable" style="background-color: white; font-family: Monserrat, "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 22.4px;"><strong>Disclosure: </strong>We, together with the entities we managed, are shareholders of Snack Empire (<a class="stocks_tp" data-hasqtip="4" href="https://www.gurufocus.com/stock/HKSE:01843" style="color: #005790; text-decoration-line: none;" target="_blank" title="">HKSE:01843</a>).</p>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com2tag:blogger.com,1999:blog-7871012627052779161.post-9417240788519911702012-11-05T05:53:00.000-08:002012-11-05T06:18:45.284-08:00Western Union - A Compelling Investment<style>
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<span style="color: #444444;"><b>Introduction </b></span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Western Union (WU) is the largest money transfer company in the world. They are 5 times larger than their next competitor which is Moneygram (MGI). They have been operating since 1851, and been through many radical market innovations which they have to reinvent themselves in order to stay relevant. They used to be the largest telegraphy service company in the world last time, and had evolved totally into the money transfer business as the previous business had gone obsolete. </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;"><b>Competitive Advantage</b></span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">A business with terrific economics comparable to See's Candy! They earned extremely high FCFs, due to the fact that they need only little for reinvestment while their business model allows them to constantly scale up. Average capex is only about 11% of operating cash flow, and despite their high payout ratio of almost 85% (shares repurchase & dividend), they can constantly grow their business and spend on acquisition. </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">The only ones that can compete with them are the big banks who are going into the money transfer business they are in. For example, wells fargo recently announced they are going into it also. However, the competitive advantage of Western Union is such that they provide money transfer service to the unbanked, underserved customers, esp in the emerging markets. </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Not all customers have access to banking facilities, the way that many of us do. Hence, they have to rely on money transfer companies like Western Union for their remittance. Even the big banks now are partnering with Western Union, as their massive operation, economies of scale and reach do not make sense for the bank to come up with a service on their own. </span><br />
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<span style="color: #444444;"><b>Income Statement</b></span></div>
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<td colspan="2" height="14" style="height: 14.0pt; mso-ignore: colspan; width: 130pt;" width="130"><span style="color: #444444;"><br /></span></td>
<td style="width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
<td style="width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
<td style="width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
<td style="width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td align="right"><span style="color: #444444;">2011</span></td>
<td align="right"><span style="color: #444444;">2010</span></td>
<td align="right"><span style="color: #444444;">2009</span></td>
<td align="right"><span style="color: #444444;">2008</span></td>
<td align="right"><span style="color: #444444;">2007</span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Rev</span></td>
<td align="right" class="xl63"><span style="color: #444444;">5491</span></td>
<td align="right" class="xl63"><span style="color: #444444;">5193</span></td>
<td align="right" class="xl63"><span style="color: #444444;">5084</span></td>
<td align="right" class="xl63"><span style="color: #444444;">5282</span></td>
<td align="right" class="xl63"><span style="color: #444444;">4900</span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Adj. OI</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1432</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1360</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1354</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1355</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1322</span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Op Margin</span></td>
<td align="right" class="xl64"><span style="color: #444444;">26.1%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">26.2%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">26.6%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">25.7%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">27.0%</span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Adj. NI</span></td>
<td align="right"><span style="color: #444444;">1145.9</span></td>
<td align="right"><span style="color: #444444;">957.2</span></td>
<td align="right"><span style="color: #444444;">922.5</span></td>
<td align="right"><span style="color: #444444;">909.3</span></td>
<td align="right"><span style="color: #444444;">847.3</span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">EPS</span></td>
<td align="right" class="xl65"><span style="color: #444444;"><span style="mso-spacerun: yes;"> </span>$1.81 </span></td>
<td align="right" class="xl65"><span style="color: #444444;"><span style="mso-spacerun: yes;"> </span>$1.43 </span></td>
<td align="right" class="xl65"><span style="color: #444444;"><span style="mso-spacerun: yes;"> </span>$1.32 </span></td>
<td align="right" class="xl65"><span style="color: #444444;"><span style="mso-spacerun: yes;"> </span>$1.23 </span></td>
<td align="right" class="xl65"><span style="color: #444444;"><span style="mso-spacerun: yes;"> </span>$1.10 </span></td>
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<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Net Margin</span></td>
<td align="right" class="xl64"><span style="color: #444444;">20.9%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">18.4%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">18.1%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">17.2%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">17.3%</span></td>
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<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Taking a look at their past 5 years earnings, they have a slight decrease in operating margin from 27% to 26.1%. Even with this decrease, they managed to earn a respectable net margin of 20.9% in 2011, compared to a margin of 17.3% in 2007. Lets take a look further at their key indicators below:</span><br />
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<td class="xl63" height="14" style="height: 14.0pt; width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
<td align="right" class="xl63" style="border-left: none; width: 65pt;" width="65"><span style="color: #444444;">2011</span></td>
<td align="right" class="xl63" style="border-left: none; width: 65pt;" width="65"><span style="color: #444444;">2010</span></td>
<td align="right" class="xl63" style="border-left: none; width: 65pt;" width="65"><span style="color: #444444;">2009</span></td>
<td align="right" class="xl63" style="border-left: none; width: 65pt;" width="65"><span style="color: #444444;">2008</span></td>
<td align="right" class="xl63" style="border-left: none; width: 65pt;" width="65"><span style="color: #444444;">2007</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">C2C</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">225.8</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">213.7</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">196.1</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">188.1</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">167.7</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">Growth</span></td>
<td align="right" class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">34.6%</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">Business</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">425</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">404.9</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">414.8</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">412.1</span></td>
<td align="right" class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">404.5</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">Growth</span></td>
<td align="right" class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">5.1%</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
<td class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;"><br /></span></td>
</tr>
</tbody></table>
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Their transaction volume has increased 34.6% over the last 5 years for C2C, and 5.1% for business segment. Even though they did this by reducing fees, they still managed to maintain their margins and profitability. They only way they can do so is by driving down their own operating costs.</span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;"><b>Competitor analysis</b></span><br />
<div class="MsoNormal">
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</div>
<span style="color: #444444;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 384px;">
<colgroup><col style="width: 53pt;" width="53"></col></colgroup><colgroup><col style="mso-width-alt: 3200; mso-width-source: userset; width: 75pt;" width="75"></col></colgroup><colgroup><col style="width: 53pt;" width="53"></col></colgroup><colgroup><col span="2" style="mso-width-alt: 1920; mso-width-source: userset; width: 45pt;" width="45"></col></colgroup><colgroup><col style="mso-width-alt: 2346; mso-width-source: userset; width: 55pt;" width="55"></col></colgroup><colgroup><col style="mso-width-alt: 2474; mso-width-source: userset; width: 58pt;" width="58"></col>
</colgroup><tbody>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="height: 14.0pt; width: 53pt;" width="53"><span style="color: #444444;"><br /></span></td>
<td class="xl63" style="border-left: none; width: 75pt;" width="75"><span style="color: #444444;">Competitor<span style="mso-spacerun: yes;"> </span></span></td>
<td class="xl63" style="border-left: none; width: 53pt;" width="53"><span style="color: #444444;">Revenue<span style="mso-spacerun: yes;"> </span></span></td>
<td class="xl63" style="border-left: none; width: 45pt;" width="45"><span style="color: #444444;">OI</span></td>
<td class="xl63" style="border-left: none; width: 45pt;" width="45"><span style="color: #444444;">NI</span></td>
<td class="xl63" style="border-left: none; width: 55pt;" width="55"><span style="color: #444444;">Op Margin</span></td>
<td class="xl63" style="border-left: none; width: 58pt;" width="58"><span style="color: #444444;">Net Margin</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">1</span></td>
<td class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">Western Union</span></td>
<td class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">5491</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">1432</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">1146</span></td>
<td class="xl65" style="border-left: none; border-top: none;"><span style="color: #444444;">26.1%</span></td>
<td class="xl65" style="border-left: none; border-top: none;"><span style="color: #444444;">20.9%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td class="xl63" height="14" style="border-top: none; height: 14.0pt;"><span style="color: #444444;">2</span></td>
<td class="xl63" style="border-left: none; border-top: none;"><span style="color: #444444;">Moneygram</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">1248</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">143</span></td>
<td class="xl64" style="border-left: none; border-top: none;"><span style="color: #444444;">59</span></td>
<td class="xl65" style="border-left: none; border-top: none;"><span style="color: #444444;">11.4%</span></td>
<td class="xl65" style="border-left: none; border-top: none;"><span style="color: #444444;">4.8%</span></td>
</tr>
</tbody></table>
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Take a look at the comparison of Moneygram, their closest competitor to Western Union. They are simply being crushed by Western Union as they cannot afford to fight the price war being the much smaller player.</span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">An obvious metric to use would be their margins. WU has more than twice the operating margin of MGI, even though they are in the same busness, which shows their cost is substantilly lower. </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">Net margin is almost 4 times that of MGI, showing their leverage on their economies of scale. </span><br />
<span style="color: #444444;"><b><br />Valuation </b></span><br />
<span style="color: #444444;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 245px;">
<colgroup><col style="width: 53pt;" width="53"></col></colgroup><colgroup><col style="mso-width-alt: 5930; mso-width-source: userset; width: 139pt;" width="139"></col></colgroup><colgroup><col style="width: 53pt;" width="53"></col>
</colgroup><tbody>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt; width: 53pt;" width="53"><span style="color: #444444;"><br /></span></td>
<td style="width: 139pt;" width="139"><span style="color: #444444;">Projecting Investment Return</span></td>
<td style="width: 53pt;" width="53"><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td align="right" height="14" style="height: 14.0pt;"><span style="color: #444444;">1</span></td>
<td><span style="color: #444444;">Dividend</span></td>
<td align="right"><span style="color: #444444;">0.5</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Yield</span></td>
<td align="right" class="xl63"><span style="color: #444444;">4.18%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Shares Repurchase (end 2013)</span></td>
<td align="right"><span style="color: #444444;">750</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Yield</span></td>
<td align="right" class="xl63"><span style="color: #444444;">10.39%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Total Yield</span></td>
<td align="right" class="xl64"><span style="color: #444444;">14.57%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td align="right" height="14" style="height: 14.0pt;"><span style="color: #444444;">2</span></td>
<td><span style="color: #444444;">Operating CF</span></td>
<td align="right" class="xl65"><span style="color: #444444;">1129</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Capex</span></td>
<td align="right"><span style="color: #444444;">125.1</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">FCFs</span></td>
<td align="right" class="xl65"><span style="color: #444444;">1004</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">FCFs Yield</span></td>
<td align="right" class="xl66"><span style="color: #444444;">13.9%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;">Capex/OCF</span></td>
<td align="right" class="xl66"><span style="color: #444444;">11.1%</span></td>
</tr>
</tbody></table>
<div class="MsoNormal">
<span style="color: #444444;"><br /></span></div>
<span style="color: #444444;">Current management projection for 2012 EPS is $1.65, which translate to a p/e of only 7.24. </span><br />
<span style="color: #444444;">The lowest p/e they ever trade was during the subprime crisis which is at 7.93, still higher that the projected. </span><br />
<span style="color: #444444;">Average p/e over the years is about 15 at least. </span><br />
<span style="color: #444444;">Dividend yield is at 4.18% after the increase, and the dividend payout ratio is only at 30%. </span><br />
<span style="color: #444444;">Share repurchase of 10.39% outstanding shares till end of 2013, which will boost EPS by almost 11.1%. </span><br />
<span style="color: #444444;">Total yield calculated as per above would be at least 14.57%</span><br />
<span style="color: #444444;">If FCFs method is used, their yield would be about 13.9%. </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">We would expect them to at least trade at the pe of 15, which represents an upside of more than 100% to current share price. Competitors are trading at average of 15 - 22 p/e.</span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;"><b>Shareholder Value</b></span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;"><br /></span>
<br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 390px;">
<colgroup><col span="6" style="width: 65pt;" width="65"></col>
</colgroup><tbody>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt; width: 65pt;" width="65"><span style="color: #444444;"><br /></span></td>
<td align="right" style="width: 65pt;" width="65"><span style="color: #444444;">2011</span></td>
<td align="right" style="width: 65pt;" width="65"><span style="color: #444444;">2010</span></td>
<td align="right" style="width: 65pt;" width="65"><span style="color: #444444;">2009</span></td>
<td align="right" style="width: 65pt;" width="65"><span style="color: #444444;">2008</span></td>
<td align="right" style="width: 65pt;" width="65"><span style="color: #444444;">2007</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Repurchase</span></td>
<td align="right" class="xl63"><span style="color: #444444;">804</span></td>
<td align="right" class="xl63"><span style="color: #444444;">581</span></td>
<td align="right" class="xl63"><span style="color: #444444;">400</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1315</span></td>
<td align="right" class="xl63"><span style="color: #444444;">727</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Total</span></td>
<td align="right" class="xl63"><span style="color: #444444;">3827</span></td>
<td class="xl63"><span style="color: #444444;"><br /></span></td>
<td class="xl63"><span style="color: #444444;"><br /></span></td>
<td class="xl63"><span style="color: #444444;"><br /></span></td>
<td class="xl63"><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Dividend</span></td>
<td align="right"><span style="color: #444444;">0.31</span></td>
<td align="right"><span style="color: #444444;">0.25</span></td>
<td align="right"><span style="color: #444444;">0.06</span></td>
<td align="right"><span style="color: #444444;">0.04</span></td>
<td align="right"><span style="color: #444444;">0.04</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Abs.</span></td>
<td align="right" class="xl63"><span style="color: #444444;">196</span></td>
<td align="right" class="xl63"><span style="color: #444444;">167</span></td>
<td align="right" class="xl63"><span style="color: #444444;">42</span></td>
<td align="right" class="xl63"><span style="color: #444444;">30</span></td>
<td align="right" class="xl63"><span style="color: #444444;">31</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Div Payout<span style="mso-spacerun: yes;"> </span></span></td>
<td align="right" class="xl64"><span style="color: #444444;">16.8%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">18.4%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">5.0%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">3.2%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">3.6%</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
<td><span style="color: #444444;"><br /></span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">Total Payout</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1000</span></td>
<td align="right" class="xl63"><span style="color: #444444;">749</span></td>
<td align="right" class="xl63"><span style="color: #444444;">442</span></td>
<td align="right" class="xl63"><span style="color: #444444;">1344</span></td>
<td align="right" class="xl63"><span style="color: #444444;">758</span></td>
</tr>
<tr height="14" style="height: 14.0pt;">
<td height="14" style="height: 14.0pt;"><span style="color: #444444;">ratio</span></td>
<td align="right" class="xl64"><span style="color: #444444;">85.8%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">82.3%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">52.1%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">146.3%</span></td>
<td align="right" class="xl64"><span style="color: #444444;">88.4%</span></td>
</tr>
</tbody></table>
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">As the need for capital reinvestment is little compared to the tremendous cashflow they earning, management can constantly create shareholder value by repurchasing shares and increasing dividend payout. </span><br />
<span style="color: #444444;">Take a look at the table on shareholder value, in the past 5 years, they have repurchased a total of 3.8 billion worth of shares!</span><br />
<span style="color: #444444;">Payout ratio is on average 85%, and even with such high payout, they can constantly grow their business and spend on acquisition.</span><br />
<span style="color: #444444;">With the recent drastic drop in share price, we believe Western Union is a compelling buy for the long run. We have a market leader with a See's Candy like business economics, shareholder friendly management, and plenty of growth opportunities in the emerging markets.</span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;">What more does investor wants? </span><br />
<span style="color: #444444;"><br /></span>
<span style="color: #444444;"><br /></span>
<br />
<div class="MsoNormal">
<span style="color: #444444;"><br /></span></div>
Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com8tag:blogger.com,1999:blog-7871012627052779161.post-88935967701084402872012-08-07T07:48:00.001-07:002012-08-07T07:49:28.339-07:00AIG, BAC Warrants - Bruce Berkowitz's Thoughts<div style="color: black;">
We have just read Bruce Berkowitz's semi annual letter and was more than glad to see him discussing about the long-dated warrants that we have mentioned in previous posts.</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Here is the snapshot of the returns that he is projecting for the different warrants:</div>
<div style="color: black;">
<img alt="" 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fsId/z7zw9cG+y/+/re5/sLQ3PD7x+8eTj+aOTx8JP+p90j1581jF4da3k+/GL25c4EbhL/SuK16huDt8enXKf93kW/z5hpmh39sPuRb97mU/rCwOL3z6LL7iv5X8bWeNZPb6xv+m+tf0vZod9t2yf8mDkI+2V/Org6W4fcoQ2EL2IdeQLFhmpDW2KQmL+wQURiRDvED0nKSZPIPHGm5DoUSpSyVLLUSjRatKZ0tvRuDP6MgbAXBLC4sVqz6bCLcFBwrOKHOMu4QrmVuN/yRPJieIv4hPl6+Y353wmECALBbCEuoTZhdeFREVfYJ1LEcGLF4gLinRI6Ei8k3SU3pE5IU0pXyEjI9MmayL6TC5bblz+vQAfHCXHFXiWC0riyh/LasQQVIpV8VW7VdjU9tS31qxrHNYk0b2tFaYtpL+nU6Hrp8erN69cQ/AyEDJYM6438jUWM1006TZPM9MxpzGcs2ixTrazgHGLfesSm0jbSTt+exX7VYcAxz8nX+ZgLlcuC6223IvcUD29PIy8pbybvQ59538dwFCkMSAr0CCIES4dwhOJCd8M+ho9EdEaWRiVHO8Uox9LFrsY9ib+Z0J54PaktuT2l58T91PGTi6cOzjCelT1neT7sQmZabXpfxvPMuYtrWd+y9y7t5+zmbudt5P8sFCtyK84tGSxdv8xarl8RfqWscrjq61WOa1Y1hbXT9VwNvo3NTV9b5FoT2/pvoNsN/srumOhi7/a8Wd+zekvidmhf650vA0KD3ner7k0PUQyrPQh/WPto7gn/08iRp6OSY5UvWF9emZCcfPW66O356Z4ZgznTT+Ofv6zlbDXuCR3Z//e3pSPCyAFwTRgAG0oALFsBqFaH60xSAChCADDDAWClCBAqoQB68gRAmln/3B9IQAyo4SgiBJTgCtMRruFPgUK4hrwL3oANiATihlQgGygCyoKa4PpvAYFF8MN3TSAiG67sppEYpCTSGZmJvIP8ihJEuaPKUdNodrQ7ug/DiTmP2cA6Y58SqRF1EIsS18G1UR2pKGkvmRHZDC6SnJi8nEKCYoDSnPI9VSDVDvUZGkqaElpe2nY6Lbpxej8GwFDMKMv4kimSmYH5NosnK461iU2H7T17IgczRy/emRPF2cJlD+f8t3kieEV5l/jq+QMExATWBFuFgoVFhBdFqkWdxRjFnotnShAksZJDUuekDWToZTZlx+Ta5LMUghWNlASV0cqzx3pUclUD1DTVmdTXNYY0u7XatOt1rupe0SvTLyEUGuQb5hplG2eapJmeMztjnmphYsluuW41dPyKdbKNm62+naw9vwO7I5MTozOzC96V303CXckjyLPFa81HzDfAr9r/VSA2SDLYOiQ6NDesOfxexOvIlWilmPTYD/FqCdVJuOSUlO+pkSe/n046izmXfYE5rSpDIXMmq/xSUm5Kfn3hbolP2acKyit7VctX52rm6pYb9prJWwWv67b7dER2hd6M7D15u/TO4MDWPcmhuAfDj5mfej+rG1t9qTSR8erTW8J0+wzvh4p59oWQpabl6VXEOstXgS2Rb4I7XHuMPygOML/iBxKQAFrACSSAOrAEPiABXAJ1oB+8Al8hMogf0oJcoWSoDOqF3kI/ERwILTjOZCG6ER+Q5EgVZDCyEjmJokQZodJRT9E0aAf0LYwgpgRLgT1PhCG6AFfKpSRCJH2kx0m/k5XhdHFb5LUULpSslNNU1dSBNKI0b2jP08nTLdAXMhAYfjC2MXkxszKPs1xiNWEjZXvEnsZhhKfAv+As5nLlFuTe4unnvcjnzC8hQCQwK3hLqFA4QsRUVESMRGxRfEiiRvKslK+0oYykLJscqdye/LLCtOKY0n3l3mM3VBpUq9TK1As1cjTztIq1r+jU6/4FVzkjhGmDVSNgTGMiYKpiZmkeYOFl6Wxld9zW2s7GydbDLsg+zuGcY5FTo/Mdl5euy+4IDz5PK69T3u0+H/3o/HUDYgJrgyZD0KHSYS7hGXB18DGaO8YztiZuOUE6MTFpOIXmhHvq9VOI01Znas/unTe50JxOnRGT+S5LL/tGDj73Uj6mIKXwR3FyKarsYjm+4m1lSbXjNa6albrehswmjxblNvrrm+3PO7K6lLqXei7fsumjvzM1UHc37r7psNBD7KPFJ3dHLowSnqNf9I1HTPK+Gn9zakpq+sP7vFmDOeTH/k8Bi9BS5jLVSsaXwzX/9dGvUpvZWytwDlG1c7jnvN//k//g0i/7owAZYAICQBmYAi+QBApAG3gCFiEMxANpQ17QOagBGoE2Ecyw5YMQJYiHiD2kONIbeQX5HsWJ8kHdQAO0JXoQo4V5iLXGLhGdIuYmfkwSSypMukTWjIsm16VgofhO+ZpqkLqNpoG2ia6D/j7DFOM+MyeLMWs0WxR7JEckPpIziiuaO5YngfckXxp/kUCz4F2hKeFtUXIxAXENCQfJKKls6SaZEdlNeRYFXcUopTrldyr0quZqF9VHNMm1VLSDdap13+jTEiwMcg0njdlNfE07zNEW5pZlVp+tVWzybL/a2zjcc1J07nBVchvyUPIs8NrwMfSt9tsNMAosDVoKkQlNDhuOoIi0jaqO3ozVi7sSf5jomTSWonvi7kn9Uy/OeJ3dP593YSVdJSMncylLJ/tqDjY3KG+iQKOwtZitJLP04HJI+dgVocrTVTNXVa9drjmoc6sfahRtyms+aPVrm7ih3d7ewd2Z242+Gd/z9Vbg7c93AvrXBmPuQfezhtkftD3Sfvz6adIzvtFnz2Neso7fnrR5tfQm4u3WdPC7mRmj2etz1B9D5ocXqBYtl9I/9y6/XJn98n714Vr9euyGysbu12ubFptrW+e2ObYbv0l96/mu8r17R3qnZZdrN28PvRezN7dvvN/9g+tH2o+1n5Y/uw9YD5IP3h2qHlYc2T/CW/r3B1iITBMA9LvDw00+ALA5APyE/WO/6vDwZzUcJKYA6A/8/X/Fr7sGvmPKyo/QkFaU0//6jfQ/ABdwjdJbJC6qAAAACXBIWXMAAAsTAAALEwEAmpwYAAAgAElEQVR4nOzdd5hVxf0w8JlTbu917/ZeYZfdZem9CYiKYO89sURNYqIxRRITo0aNFeyiiCIgCAhI72WXvsAu28vdvb3302bePxaMiSkWFvy9ns/z8CwL5547c9p3zjkz84UYYyASiUQi0Y8PcbELIBKJRCLRxSGGQJFIJBL9SIkhUCQSiUQ/UmIIFIlEItGPlBgCRSKRSPQjJYZAkUgkEv1IiSFQJBKJRD9SYggUiUQi0Y+UGAJFIpFI9CMlhkCRSCQS/UiJIVAkEolEP1JiCBSJRCLRj5QYAkUikUj0IyWGQJFIJBL9SIkhUCQSiUQ/UmIIFIlEItGPFLlgwYKLXQaRSAQw469fv3LzoZb2fRuXrNvo1eRw21974BdbbFNH5mgk32PFTP07T77Ra5lSajlvZRX9E+Ru/OLZ+x95cfn2/phv64fL6n2yiiE5smjb079+sYnOqso3fvVWg3EcenXBi31p1eVpSgBworv+tT899sSB1NSRQ9Q0/B9flfIdWPHKTxa80Z8+amyOejArlWpY9Ien1hzpqV/z1GNvHvM6G9YuXd1JqrpW/OKB9cZJI/J10u/5BYgXAAHbV/39Dx80FY6sNEn/0/1Y4uSqF+/7yUqquqYsTfm/NtC3Jt4FikQ/BLj/wNq33jxaffn8q3961yU2wgcVejnhOG2PY/p7rZjr3vtZf36u9TyVU/R1hLmizOR32B2oYuaND15bduDVxx59Y38KIEQBQMB/ucgihCEE8Oy1HCpyi7PUXHOXm0Xf4KtkppoSa397Z3+UOe/V+Gd8KpFx7d03TSxQdjT0K0um3nr3/FxMqhSUq6k3gqjvt3IU7ty76HcrnAACAZHkf19YYTCoA81dnhj3/b703/ueNRGJROcHG/McbTu44pMvpJeMHn3j3bakCnXTFBXvOLRtfZMyb0hNebrU3dYVBnw0mEwrG2JI9R8/3cMrVFQ0rioaVpEp7Tt52gMVadbcTBPf3tTPYZbFhjx4uF41ZEGJ/mLX7/9nBEnRFEUJNElKdSMmT9a/99F7H26qu7WkokRvlQW6Tx0749HnFBcZ2HaPoBXipqKaXBUNANN5pKE7Eun2xCQ0RUAQ9/a0d3p5Y1pRptZ3+mRvAksRE0tKC0cNz9NJGX9Xw4kuzt6DSYKA5/126F9QOTNnWbKNvUdpiqJoijbm182DvtiZRpJOdB/dsaFdlVNeXZGpSXnaTzkSClJiLSs1wmjnya6EhCRoS3mRztXU2OKOK5R0JCErr6tQRTqbHaxGpcqwsh/++S9Le0ZVdXeQiuzaAqOSIgBgnF0dTneEthWUZigDdnsomQrEqKKqUoqiKIokBqfGYggUiX4IYOboy+4Zv3XBr+5cv6RuxnUP/fb+qT4EMIj6XB2Nqz7sK7/31dvlT/1y0+hfXRf57NWGorv+Opt47d5ftpdNHaMKyybeOc94bOFWPGeS4oPP90yxuT45ov3pleUhd+uZ9oNpU+cXyP9HS1t0fiAAgDYzU53ydLV1dB19+QXFvVn5de5FP/1dcvbjL14FdgTyLs2wr/r1C7VLKxVtm3//58Pj75+TSqUwTfDexrefWRQeMY3e/8nhK+Zb61++f3XgVz+ddvidFfFr/vzePZmf/HrBXuPEy/OSAsCDHQABkOVU5APAAzzwK6ZIZVahsus0wDjmc3e3v7O0Nfv2pX8cteS3C1OTZprP7OktuXJKfO3rzbafzNJ99m79jD/9Pu/YirsWbKi7dHqkF1x16+j21XvS5kzm6g8aZk2Ju+OQ56FAujYve3G5Pnd2XXzbx69s9I3MdX24U3vPbeblH52++aFZW558M3XD478pG6TwB4D4IFQk+kHAGMoy5v/ptYV/vNniO/nxa0+/d9hOUQACS+2MubOrLSF7N6cunnHrrDw6GQ76u7ocWJeRrjNYK2Y+8txzD15mbfhwQ1sCSLjwyZ0HDrf0th39fPGWTmOZ5USjZPiQwu/73kb0DUEAgMAmOEgoDSajRqukCUnGsJm3XDvM5di/s0l76YTqDLNRr1bJsHv3x5tdZO31180Zlm/FSAg07/20oQPJaL7v8MajfcYsm8qUNXn+leMLNa4Ou/3MgY1r7cNnX33F1GEySOCLUz2MAILAXD1t7qV1GQlvb3P9tp2HeyDgI4H+Q8uXLFy51W4tGlldqupv2LC3V52dozOmDbv8/kUvPVLmr995wiWhOF9Py5GeiFquUmmzSgtyrRqNUikVkv07lq3pYbLn3PfYHx+9tqqs9vJLp6m5SCzubGrqZwYz4IshUCT6AUCpM7s/3RLJnP/wXz/d8PblqtiRY70pmiAgTQLEA4KgSILk+3ZsPhGQ5+aaIElCjDEAhFxttaSl6aHXG+N7fET5jCcfv/+mux75yx0TQrvefujGezYo02tLxReBg40gIAAAEhQAONDtjOmyx40sVHMChhAAQlM3e2rWoc2bw9BiVBMYAQAIgY3HBUgQACCEASBAMuR3JqOOkPTKPz75yJW1FEIEQQCMMYIUSQipVJIlKAIICAMAwKA/CB0ACYIAAELi7H0YhBAAigSIB5CUwJg3mGLcPkY55c5f/uXBKaTACxhjDCDAPMfyAoaQkmtMWVk2OhZNsW4/Tr/q54/eOaUAMCxGiAMChzAEECMuFQ1Gkj5OmTFqwhA9CJ88ssdFWTK0WhlJEQQEAMLBqbIYAkWiHwAIAn3NH36wqr3HFUkhS37V1NG5gj8QjAb8gUA4GIolg6e2fLZub0uUY5LxVMzjcXk8wWgk5PMGWQHQWRMuGUoEW053BbEkemjxWq5m7i/umkk29w0dXpKt+X4dakT/A04Fve5gOBL2Obrbjq9cd1hdeuMvr8oXIv5QMBiOsRikDx05ftakMcOGGEiYCIcCkaBf0A2fNlQaP7V9x8HmThcKRqWFNRO1RO+xpqCAEM9GAsFoOBzw+4PRSDgYlWYPHV2nOLF/1/5DzZFIkg0G2cGvGEqFnU5XKBXwutxhBgHAxcLBcDToDwbCgWDAFzVXDi/OlzWdOBMIs5Q567Lxw60RZ3tXX9xSNn5EARH1h0NBn88nAJA/blymjjlxvD2aFABJyrV00H1q/8lDne5gNBZkoGXUZaOjrRve+WDz8UP1WzZ+9um+DpZhOZSMeBx9Tm84EvCH48Ig1FEcFCES/SAQXDwejwgIxvq9+kuuvbrG5Hf7CaM1vyJLCyltVnHdmOEmPYwn6ZJhVWkKrcWqkal1Wfl5+cW5Bpk8s7xYjTzNp3sMVaMr03CfOyyQlDZzxKVzZxfbVGJTd1CF7V1uQZ5VXmCWsT1eyfTbf3JVjS0RcEcEWW7FsMqidKlUrskvKCsuNKmoiM8Vl2jzakdPnDpCx/Z1uqMyY8GYopyCUROmDLOE2k+1J8yjRhTAeFxhySvNs1FyhS23oGb02JohJnt7awRry4oqh5dk5eSnSwf5VpCPutrsQXVeVmF+VmZutl7KBrwBaLAUVGTpCVKTUVA7dca4Umugo6nTRxWNnzJzcq0p7PcDKrN25tyJuVGHB6vMhQWFpbkWVXpeqVna13y6n9GNmTC2OFcdhZzWWJBlUagzcspGDR9VV1OsTJ043AoLhk8dXqRLxCOqtGGVBRaNVmvUGi3m3KqK0mzDee+9MvA0RSQSiUSiH53v1DrEGCE0EDvx2b+f/fdBD6j4LCRGbtF/g7/03xca+Iku5vGE0Zen0FfOrAtxNg0afLZO+Oz14Rt95FvV9oeycfBANdG5HxgP1P47lO5/fOpra/2mW/Y8wejcPkWDsu3/ZZ0XbP9++9tKLITcdrsjSBlt2RZVzO1w+lltWnpGmjLqdAV5ZW6u6Tzeq2KM//EWFKOIxxUWICkkwgkiLStLrxAHdYi+BvGRgC/KYMDGY5g2WrNMSgJh/C9DqVAqZLf7lZnZqoS71RnRZRZm677PJCzfDWZCns5eB0sbsrItVNRjdwQIfVp2hhlEPO4Qb83LUpLn7WnXP51NgwYx4Z7OvnAKq416OcFGg0mlLTfDpPhvX4xSPruDUVgyzKr/Xr6BKrBhd7eLTy/IUFEXplfIvyfE/V0dHkIrZ2JRjpBrJSgp0FajwuvyYHNeiUX1zVeFmLC9oy9FW/KLzP/uzS2K+/u7e6KmwgKrVgoAEOLBjm47o7KVZZsvwDbg4wF7T19EIJUaNUimaJ0106r9+oGJEQbfacSikAj0u5EtzzRQd8REvO6oJitDPvhV+/bvAnGiZcPbd93+4PqIbXpN2rGP/nbX7c/3pw0dX607+PG7HzeSE8YUnKce2FiI+Xp8MalSRRMAAMB4Gt9481MHj6Od9e8v3YqzqyoyBnWKINH/RTjSUb/s3VUODP2n9iz7bH0gZ+Iwffh0b9ygVZJfOT1jbVuefvzl+NDJlpb3Z93zV1/JzFlFWgzOdnq7UFCgaevPbr/j718E6i4Zhg4tv++2+1d4jdMnVPj3rvrwk8biCSP1kvNSHMzHvL2+hEyl/J+TcH1PbKD1hZ/99Dd/WsNkZ0jDnZve+riJzh8+xPbf+uTEepb+5c8bI9njqzP/y2KIjbjtfYLGEN7z5r1/3FF66eQs+cV8yxlo2vCn369Jyt3PP/bzRfsjmbBz9eb9air89M9/voaqu3lk9jdfFRM88fy1d7xxUDPjuhrNv/l/tmPzwvuvfJobM2tkgQ4CnOg//Njdtz/dqrt5Rq1y0Md84qjj2OsP3PPYO5sTBkv/mnff3XTGMKymQCf7p4UQ72rqSSmUSsm3KhBiY/H+w2ue+uuRvNnlOkgRfLzv9K6lf19KVY6xKCmKHNxd/O3voghV1cwrx7y/aoc9KbPljRg7Mlu52YuhBMnSC4suKZ+sxgLLIQgxEgAtpTHPsjyCBMQI0BIacayAIQExImgpCXgBQ4AQIGmaRBzDCZggIBIwKZXSnG/7G8+vJ8Y8+sDlChICgB0HNq3e7/zDLQ9OSL8kN2dXUArZVBIBSiKBbIojJFIaCgzDAwJijABB0wRiOURJpDSBWYZFEEKAEKAkJOA4HlISmYQCiGf5f1cGDCkCcDwiaQkNEY8hTV/UBqfom2LO7Fjz0bbQM/f9olo3rWjf5x1EeO/rTz8TmLD0d/PVPMcKgIQAYchJbOPnzSuwqo04UytTUJgNex3+GK8y28wKgucFBAiKHrRJKc4iLdVTrh5V2bcriBW2ilFj83Pf2OflJRIKZ+SXzyrMU0GeZTGECCGSlpCYZ1geQwJiTFAkFnh09hdaShM8xwMIBARoCQ0FjmEFSBJYECAtlQq+7Yue3ygZ/9gDc+RgcA9kqaVgaHaansSjZsycmsZkKGwONckxKYwwRUsgEgBJkZhnWAESECNMSqSYJwsmzs7Lz6QELsXymCCAgEmphAaIO3eJkNDM8ZVvvLUr+fDzj6otlTfegtMlBMACywkQAExQEgryLMPxgCCBIGBaKqPP3w30v0UZcuY8OunyoY7dH7zttFZdc9+8kSdOKoiEWqtmKSKVSABKIpWQAstwAiYgRJiQyCQQcTyPMUHQFAkEnscAYEwbs3K02mM0AVPJBCBlUgkBMc9xCAMACYqWWnIKshVSSEAAEJtiKFtxXrqpnrowLQCoza2sLk1bHtfWzrrx0uK+lQ+8+eJHEyY8PlUicJyAAQYETYXPbP7Dz3desfCxWXkqjhVIqRQijuOBRCbBHMPxmCAhQoCkSMTzgCCAIGCCkskiO199aTNHG1SRlS+9Nu3Guy2NS17aHi42oSXPv+677abLa9IHtZLf6UGiJmtcef6u1fsaWq8uC0dkWcrWzftPXp4e6FQOm04n2nd+sL3fpowcP5Wc+4ub0LYPXt7Qml2SHrQLc+6Y1b1u6WG3NsuWDFgn3TFcsudUOB26GkMZN9w6rvfjhYuPhQvyjf1HnbU/++W16V2frfuiKYM6dKbu0iHpJARyc7rGtfSPd99z6U03z7tk9DDcteTRP5yQTP/JXfrFT35su/7h+bbOl59ZxWUXUPH2WNrEy4pja1ccG3r7L64tD7315LsObb5VYm+HlVePlG9dsVdWc+Vjj1wOTm/76GAgk3Q3BjOuv228fdnC944EC3N09rBqYgW5aXtTyWV3Xmvt3eK0zp83KU0mdqz74aN06TaZe+2v7/j5/Juunzdrxmjnkd+s3NFmlu46mKdqXf/2gVhVNulwakZN0tUvOcGVTsyXAAAARbJn1ny6KZF91Q2XsU37Nh08E07p6ubOGV9iHtzyQs2YCcPe2r1ha0PL0LyQUW5UNu7be2pWscttqpuEY52fL97BZch7jrcXXnVXHXPwby+tFfILaHusaPpI5ti25pAh0xoP2KY/fGlWw5oGmEEePxWbctNVme1rn/2gXltSgLqbJaNuu38ss3rtFy25kkPNw2dX2AY3rANBQBgDgQt7T3U3NOmmXFHO7n5zwYcNsUnXX2fobyVL64pCe1786KCxMBPbg9Y5d9xayx7ZuDY5LT0rfmDR65/j/AKqN1J5+z3jZC2bTiWtjL0Fl908x7Zh9Zq99syxx09ZTu7e1oAyJ08we468s7HdKo949SNvmVW0961nPtkbL6vRNB/1TrnvVzdOLBzUNyVqW8UUqxyEuhEGGHEpqCquGA6de3leCB7+7Nmjr/vK5v3yzjGdS15592ioMEdjD2U88Nh10tPbNh1xI0P6xBljJac27vDQsgRbMauOlIK498CivxzuCpc8/Ju7apSeLz7bGmCFIDRPv3KWFWMEAIAg5Tv1/t/e6ZLrOuwBKm2Qg/w/CIKAARY4NplieEoqkymlFEC9+1atak7ok3Hz1OnyHZ/vO9WSsXu/tse/+uWDo3/5U2Pv5x/vEe5Y8DN240vvbvAUDzc5HFz1pOrOzzckcktVvS1+85hHF9xUUFms39dwOpkq09emqWWGrMIs+a4zXUFNVV2GcdAfhX6nazpUjZ4ywqBu/2TdTkc848Z5Y3VnGnbtrncVVGWQwsk1a7afidiKrN5tq1dtc2gt5NETx73yjMI8DVKZNMHOI01uXU6xXurd+/HKQ24qJ09V/+aSz49FtOrEnqOd+upJefyZd5fuSehsuVa1saiyqsA8MOzUUnfJ3deNp7zHFv/xkQcfWdgn1xC9rY2NLkIpdTSdaO6LKC26xIEjPVze5WPTmz/7pFM1fGpZ8rUVW11yPTzZ2OI1TLhsvG/zR3tieZeOUiz/bOUpn7fx01UNLionX93w1pL1R8J6TXLv0aaUKcesMWSW5NMnjh892RcKkdm5aZr/OJG56AeFKhg/9/67pvMduxb+/qH7FiwLqdL0Jo0kq2JcTYmZYo5vbyezi60KmVJBeg+fcIYYQEAIULiz8RSRf8kVlxZSvcsWfnAQFBWhfa8s2xMe9LfyMH/suHwDPrps/UEPM+3meXma7nU79vb50qrTqcCJ7au2d6iz8sj+/a+v3Cdotf76E51+RVaaXq7Tq/0dR8+49TkFeinXfWDjZw3+tPxs++5lb60/JdNKu3cfD+iGTs7GB95c20GY820aU+GwYQWmQY5/ZyuFYejk3nXLV+7hlFqtJrNuxFCm8cDaFZtDGUW1lUVpRrpr92ntiCuuGCVZ/+pbBwIA+NtbemM6m869/3hXSJWZZiKZvr1LVp1KafOziR2vvLfTQedmGZSW3Jph5ZmK6OnTHUFn2+pXF55IGmuHGHc/+8y7R0I2Otp6qENXM71O27l43d7+5OBWkqQVKik8N4UYwICQSKS0hMAYaHNrpk8tOvLqyn1dgkGX2HO0KWXKNWul0e4Db7y8PFVeJdn1+ccfffzx31d1c9rikmIjKfAClOhLJl8yPrp71fr6lkOfvvPqitZhU2tT699/7v29cQAAgAQZ2vHG3z89opt3y/wCs4IXvsnU2ucLJBHjOrHj408apMXzHp5fQ0ba3nx+nYvItFL97763n7NkmkjrkDHDC020c9+hrrhEC33HDp/2QoWFiHUePhbU5RUb5QqNtr/7RBObPntGwdFVn+7vcLjb+wlbQZkhk0q6O73xoKfXL88cXpFJO51d9vBg1/A7NpIy6saUGz/ZvHF9y++fvaE4ueKzZ9d91PT0x7dAQJbMmXdFg6O3tdObSCpYTEnlcoW+cOy8B0cZAYisIWUaVf7EW+6tpLH7aLaiKdrW0htLJlIMligUCrXWVpCf0sn4SFIgJRKaoqUKtXzg5UWi3xkdc89TNZP2LH3v7RXbN21sGKNTKCU8JZHIpAopRRK0RCaXKA367Owsr5SQGDOyMszqRGscEbRSptBqs/JyVQqS1pnSM6V6LLgSjGrs1Vf3HAu1tvTEkokkg2m5UqEylk6+/tZyJUDh+BXLn9z/6fqM228ekf1f3+aLfjC4hMeXGHr30++NHLf49ffXb//kk7EFcrmEksg1SpVfJqON6WXjr73sNpX38NKVNA0JCCBB8aEjK97us00omz2X93Yc2tXCWbsDJq0uEg8LWDvIj8CJ7GGzytKe2PHFvomjnrxm5u6PVq9avXbc82+ZAMDlE+bNlSd72l3BSNLAAIlUplBoi8b+/KHRAIRXrpOqVYWTbntgCAUY53FXqinQ2haNxfgUS8nkMplKl5GXqzCRXIIBNE1TtEyplF2YYfIYAm1OyRApTPIoxSQJS+1lD1y3/oa3dl95z09ztLKIVCaRq8223AKphY9vbepPKOQykiBoqVSqUNJF437xwAgA+G5FDPckmtv6E4kUIxB6CUGQMpVKzkslEhkVC3SdOdZElegNJkJw9DQ29Ey0KBQyc25ubsKiTYZS/GAMpf5PvjxGMMQElKXn5GfG5InjKRZIVQqlylQ6+cZbyxXu7X/f3u2a1NVTaJAmaGVljXHRoj+1Dr/hhacvgwjIFLaCgiy1FEXj/paDh0NwuM5kVuHYmR0nneNtBCSJpOvI7i6gGleSn66USi9cv0kACYLAXOT05mXNO3zj/3L5qAxFrLWjpatN5ej0KMk0RSLOQJKUKtRqBVRIJRKKlkrlcqmUJghSLpPJ6bShYy67tcoEfCe2kDJ9ek5uFq9CbCymHPOzx8qady5NJeb9fHY6BKDk3gWlR75Ye+KOB+8oHPzOHt/1zsZcfklNnplIr6zO1BbV1GSbZPmVZUYaAKZ125p3l57QVAwtVEsQQv9y8UAQYQAwwAAFj6xduXRjT0bNUDNNIgwABPjLruAQAIgBBhil/L6YgAAAqdadu3YdC6TVXvKrv/7uiiHqeIrHBAAAc4IgcAhCiCEEGCCMAQYYA4gxxhgCiCEc6Gb+lQYFBoCg+ODRtauWbujJqKk00QQCAMCBDw9sG82wmZNUbSc8hNRo/Radu0QXEx89vuvzFcfCeaPn/fHvj42RkakkL2CMBC4a8MURJjAAYKDXC4DnpgAWaE3plBnm9q0LF29xI1pBIj5Mj77zV7+8fZzhQtw0GUfMrNNolVlVFXJdwdSaArO0oKbcBADwNO1f9dZan66kLNckCOeKfm7YxMAfDDAAfG/9lhUf7GCzh6abFQgBiM+eCxjjgcm0IAYYJfy+qDDYXekxBAADRBhyq2dfeWWVxL21/pQvzGiyR0y2MKuXb+pKCJCAQMAI8akkQ0Jzml6GMDo7CdaXdWNdu5ctX30wlF9TYSAhOltt1u+LJlMswFAq0+qMeogFhDAlVRjSdBQaGC6FAMCQGOR3nueggTIjAAfGiQEMEPjHZQQAiM7tKgAIiVTKJkPIev3jj947Y0T5VQ/++cHLqKPb19f3chQJwNnhXgQh0aeZ6IF1AUKdblRBgDEGlEynlyHMplI8LyAML1Adzw7XUaZPvu3BqyeQ6xa9urYlQEnklCQZ5NUjr7n/Nz+ZZqYxwgIXD/hjLEkBhAWO5TAGYODyi8+Ne4AYYQDA2fEjAEAAgb580gOPzE4/Vxl1du3VD1yI+Ae+xwRpuhFXzKiaP7dOB4Cq+PLpU664brQZAgD4gNsfC5/au7eNS1PYu0+ebOkXuJijozMiABBxO4LJVMLR3RUEgAm6fUHX8X2Hegkz19HW2NbphVzC2dbuYHkUdXvi8oLSnJ7tX+w45UQAAEDKWPfGxW+u2LRt04Z6OOKqayYMr5tSxbk3vPDU+/2QCPfbuzvaXZjnkv299gBC8d7ezn53hIr52k+c7GU4NuW097g5PuVxdvXY/SST9HicDqcv5Dq+v6GXMPMdbcfbOj2AifR1dfMAAABtZaOmzxlbNaRUJw6++L+CpFDMsW3Zm+u27Ny07lD6NXfeMad2aHam9NCmlfubXd6gkPJ0drt4wPmdriDJBMMBV6+T5YEpd/iMqVmNS15Z3WW46eFpwumVTz37YVMEDfYEHAAAAIiMUTPmD58zq8YIgLLuypk1V19RbaAAAKmAxxVzHtp9wMsrsb39+Kn2iMCFHV0+FoCIpz8UT8Ud3Z1BAGAy4O0P2Ov3HqVIabyj+XhHT4Lgk47ODleUFULuIM4pze7a/sXOJs8gP1nCjL+nyxcTZKHTh490dHY1LH5pY/3p/Rs/+iJcePd9E3o/ffuddceimJKA8IHlr760pLVi/s2TTYwjkAhHPL2dvTHMhvs7fOzAgBGPu+twfaMbGuLt3UFbcSHuOrZ1+8FmZ4RjIzFJ7rz7blW6Tm7deiLt2ltvnZXt6gswINTZ0ekJxFmv1xMe5CehAAA+1nXyeDDOQmfHsTNODoCIw5lieba/q9XhZaiYo6+9s8eHmfDAVcVUc+mDl5b3rnj5mXe2efxtaz/aGdPkjZs1IlfB+JkUk+xrbbOzfDLgTAy9/q7LKojtK79w5k/4yX2TSWe/D8fsXsmUu+anRzf/7ZlFTR6YEXB2BhODXkeAw31tHe6IEPX2+KS3PHjfSPbYi7979TAsuPmGidF9Hz//zOKjHphVXGwwdq35dE9CX1g7xbj+9ec/2HSapZGzqaU7EEmCUE9bXxKAmN+TTKViDnunw50CrM/jG+zMh//dd5vP4okAACAASURBVJ8dBrNRHys1qyQAAD4WTkqUagkFAE6FPQ53EMi0SopLYKmW5oORlFRnTjNqKCHhcbgjHGmwphlUVNzvdPjiEqWGQElEq1QgGUhgjV6LY8GYIE3LMJMJf68zoc/MsKilAKBEOODxRmm1kkI8kOmtejlKBHv6XClESaQULdXqlSjgCkGNXkuzgVBSZjBIkmE/Sxq0smQgjKRqnYYKeQOkzqjko94YMqVZJUzQ6YsNlEGgVWqQDMR5pdFi0yvZaDgZDxw9tE9ed93oNHGWxf8jsBALut0RTiFXEBxD6NPMSirhd7q8cVmaVcWG3SFebbVYtbJUyOtyR+VWmwbEHL64XG9U47jPF5NYMtIUnKOnLyQoMnOzDRdk7CnGbNTHKM1qEgDAx31JyqSWAgCEZLjf4U5BuU5BxJJYo5XE/REk16Wnm6Qo4Xa4Yjytt1gNKgkX89sdPixVKSGfwLRWRYT9CVqrU6B4OIa0aRaZEO5zJgyZGWb14OaNQGzM5fDEGazQaxUEHw5Eaa1RhhMpmcFIJJx9PsJoU/atvenqRWOfffbaIRmG7EwDkXA4vLzCYJTjgCeIFTqbzSQlhIi73xli5Go1YJNQZTRLOUd/QGY2y/hoMCZo0zJNCt7tCmHEQ7XZqqFDrj5/FKlMOiIWDCOZNc2ilg7yiAHMx0M+tz+CgNxgNevUMiHqd3iCWK7Ty3i/Nyk3G2RsxBfjVEZLml4FAWDDnl67m5EZsjO0CW+IpwiSlmrVkpDTkyIUOq0k6gsCtTnDqkoG/ZEYg+Uaq0nDhdxOV1Rittl0pKfHHkUkCUhaItVaLdrBriMAXDLsc/tiHJDrLRkGidfeH0qRpuwMLYrY+5xRVppWkGuWsHZ7H0Mac7J0Kb+j1xWTymlASrU6nYSL+IMpmcFiNalxIuxwepFMp5fzPl9cabFZdIqL2M9CnCDtPwlvfvJXCwOl90wbNXb2GK34IlAkOn88DR8+9MtV45587v5J+Re7LKIftW8dAjHGTCp1oVJ1XEyBk1s+bUhNvfGyfNn/XlgkEn1zMUeXI8Ziubk4y/D//6VEdOFhTFIUTf/vp3ffOgT29PQ8+/QzUsmFn0rqAoMkLZFQkGMY/kLOxCcS/f8PEiRJQggw4gc6+YhE51WKZUbWjbz1jtv+55Lf+j1HKBT6dMUKhUL+XcolEolEItEgi8cTEIBvEgK/9V0gx3F+v/+CTqMoEolEItE3hjGWy+VarfZ/Lil2hxGJRCLRj5Q46ZdIJBKJfqS+15gnJPACIM/HdOyITbGAlki+R14MJHAswyJA0lIJ/Z/Wg8F5m01hYFWIS7GYlkq+yzZAfCrFQloqpf9pWA8SeAFhCCHGAEIMCIq6ILM6ikQi0UV2YXJafsW3zxf4Jcy27/1ss99Sma78vqWItrz/h1dPKPNrcvTfcQ1MpPvE5mce+u07m04SOSXFadqv57jh4tFwOClRnod0D1hgAp4wrVLEG9cueHGnaVhluurbNiZwuH3ncw/+/iDOrx2a8WX/WiEZaDqwe1dDayjiaDzV4eg41sSklVgV37vIPxYYCVySwSQFv3Ii8cl4ChMDDSMuHo2EI/FkisOU7CuJzRDPJhIpjmERSVEEBBglE3GW41gOk/RFaIRggU2kGPivLUzMpxLxJMfxCFIDnSoFJplkGIYVIEWTEAA+lUwwLMdymPxBNJ4Ql4oxAvVlWTAXi7IETRMQs8kEgyBNkQAAgIVkMsmyDMuBsxsccdEYR0spILDRUCgWZzBJD/yPwCYTCZbjOQGSNElgxMXD4UgsKUBScnaDYYFNxRl0cXOcYYwRk+IgSUIAIQSIT8QTLMdxAqD/dccilkkkBVJCEQDz0VAoGo8nEolEnMEULaEIjLHAMBwiSOLCZrT8pjCbjIVC0UQykYgnWQFIpDQEAHGJYDAcjyc5QEolFOaZaCgUTTCAlNADmZ6wwMQTiRQLaZoEgqfHkZLI5YOd5uorvsddIOvY+t6SrZmSubVXKM8e3BhhDCHECGEASZLASEAYEufCEcYIYwAJAoKBRSDEGAFAYD7JJfkkB/51MYAxBvjL3wY+BiAECGFIEP9IUCxRZ5fmyXrt/bryzIJsGmKE8FcXw3ywYe3qw+HSn/1kDIBfFpWA8NzXQYARAASE5+YoRQhD8mzR/6kYmHccWf/eesl9Cy4leYaLxxOccG4hADCABAQAIITAwFoxJoizuVrPrgdCAkKFRg1C9h5P7Mu5fDHr2/POU8/tT//zK/eVqymc6Hj/Nytj14/+54qDgXpjjAamUoUQAIAFAQFIkBALCAOCIOG52QYBxhgQ5IU7pC4ilAp2Njcf23VQNuOaUekGk04BAQBCeP1fn+ysven+K4ZJ+Oi21//y/pYTEal22LW/+v0NtWfHfPKJ1l1rNrbE1HwcZ4y96crhhPvU4iU7pFZF0C8dfdX8Mdnfu533bWAh0VO//s3N7bPveHhc9j96X+OEc9PSlS2sguL5gqlXzKxIS/QeXb56H5RJAoJ+xvXzh6piOz768JSgUkejyqEz504ruQB5t/9bPdhw265VzxyW/+G+q/O0FAAA2Xc88WLPrb+/uRQ6V720qLd87r3zx6gJIdxx5JNNx6VywRlUTrn+qhHpilTrut++w/zmr1eiE1teWbTsVGe06PKf/vr+2TYYOvTZ8l1u0kLG2Mwxt8wZFjuxY/H7H+9scmdOuO2xh+blqSmeCR1euegNZ8nT9821KgZ98pR/D7Eel/P0yk/sVVMn5WVZs8zJk9s+2NiitUkDUdPcWy7P15wbtYZRzNO6fun7DZk3Pn/NEK7vwPML3joTTpG04GojL/3DgvtmZgVdvu76Ez51dlVFtiXDKPsBNG6+CrPe3YtfeWNDE6Wkk76QuuiqFxbeZYZ867o3fvfONhZJKq57+Dc31Hn2rHn/kzX17WzNtQ88dudkHQkY95E3/vapHeDymx+5SnX670t7brjvWtMFbPN/9xAY62w61erosG855Z890kQDgOP+3rYOv9KiY3z9Tk43tDyHsTe1B6mSYZWZGpqP+Xs9UcBxsvRcGxlraemMyw1GFPKkZDadbPyN10lz0gBGbMRnD0S5GKPKyk9XA4/Tk+LYWEww5RdYFYK9rc0Xg0YT7ey0k5lDqgqtZ1NqQ0hSNE1TtEQiJXlHR6s7DAwWqbujF2RUVBdawie3vLloSWr8T+eFE5lqytdvDzGAUGqyrPpod0t7DFtUdMAbUWdlSoMuH5SbpHxvh1dTPHRIngmmQg53mOdTMYa2FeRoIic/fOn1reSlc3p6lcqKG28fmqOXASzE3Q5XkicEpLBlm+lke0t7BGos8nhnZ8BWWVtk1YBU2OEIcIhNCMrcwnQpQVI0/dW71UDDmlcXb1Xd8VqlUUEAACRlV/1k7i5KAVCyt7XNG6NMRtLjiuiLhuRr+L5eL6YhhuqsTCOO9DYcaCGyKyss8RPH2oi82pGZZHdLZ0ymkaci7pCQXlZRYFX9sE6a8y/WuPz9Ze0ghw4md633F46+emqlEgrBniNrt5+ylWMSgFRP42ky89oFt9Xlmgxm05dzHiR6jqxdd3z0b54eb+x45daFnw8xp23bzORPufuq6pPL//76ok2VT827kJuPTwT6unr62tpS8KvPLFDf3k+WdeW/9tQV7OaXf7t8Y8mDc1rXrTslm/v3n9acfPs3b63OeazS9YVTc89Dt+UF9zz72OJt5U/MybiIMzvgZCzY29rW67GxZyuCe+qP4vKqbDmM9zuajtuTRoYgAE70fPbBZ8LYu2+9JO/o0j+/vGjr0D/N6d5/TD5qrtLVuvs0c9ffFsETyx774/ufTZ90m/D5G/vQ48/cnefZ/8qba/bmEKGjyTm/e+l21/b7f/rJ52NHPDA5JxEN2BtP24GFhxeruwOOtDe8+3E9FQ/SmmPrj50efdO0Qwu3a265/7bR2g2LXvv0i1MPXlN9dqo6nHL7A/2NjU7ztQCAgIOf/Is/P1GRDVH/809+XpxjxtGerct3sxajNnVs9Weuq+6ekSH7YU1bzASjqpJpi37ypInApza8+1FLmQ4CFGndtTd+3RNP1aanW61G4Dm8r1N353Nv37T95YefXbZ3xsg5OeTed5bsJYf9bJZ8w6aNW4zRnKEj880XdMTddz0+BP+JZvqKB+ZI2ho2725OYgAA5n1NHz7xyHMrjwSCnR8+9vPfvbohGOtd/afHH399dzRuX/fGW+uPO4Ntu557ckV3Irju+d898Og7Bxu2vbfww/aWg68seOSvG5uSrhPvvPDK3r5g59bFTy/afObIxhcWrukMh+vfe2bBMxvcAPdvf+fXDz7xeZvbfXTtY/f+bXdX+GslgySNPbuXPPqz33122uVpXP/4vc9s6wjxXCLYGyEJjDHu3bP82Ze3Bznv8qdeX3PY7m1a/8htj6zcuf+Ldxau2H+macNrdz70l/r+UNfmt3/56CtHg6mmZYte+HCnP9K39pknnn5jfwpyga4gxBgKgnPP0j88+OT2vki8e/+fn/vgoCMZbdn21BPvNgbD9Quf+sWDi056A6c+e/WBvyxrD8dPrn39mY8Ox2P21xY8/uq2dgH8y1T2qYMbd3fa+ZwM45d7xVB1yexiA8C4de3rj935+Ir9B9e+984nu45/sfBv72w/w0X71r7xwrJD/Xyq+72HHnn64xMo1Pjib3/5l/WnMRfeu+Tpe/7ycWc41rL5nYd/v7AtciEzx1wUwaNfHCEz8grzymfcdNO0qgwKgLi760Szt7Yg3wQRAQSXve345g1LXvjbh1ua4sKXG4TvOXb4eK+10AIBZSsaFluxePnGzj5TXhYFYEZWuuLE1ubQBa0Jrc6srS0zq6h/npXBf2DFQWN1vgYAU+UQ/kjjzsMHDu3qyBtVAADIriy1r1r94fqjMnlWmgpIDFmmdOcX29svaLn/FaEy5NUOK1ZR8GzHc+TbspcbVlCklkn1BdWlZi2FEACA9facbOuSmVQAgIxMm7B/W4ereVuDZOKQHEqbVTdtZqFeUzBqyrh8IpwMNK7ZAzJsaRJI2XKMgDtwNFhz9cwyk8ZUMXpkupYJxgQANaaCytIMOQkuXod35Gk66YxJCgqLKidfcccdM1Tdx7ckldlZRkBoStKUHQcO2b+cxJtQFJQPK7RpB058Q/X4iRXZEIDQ6dMJsyY/zyhX6M0mpvnk8aYWuyLXrJL8sOIfAEBiyh0+fryJAEKir+loZ8ElQ2gAgi2Nh7sPf/DX5z7a1hjgBFqVOfmaablqZcmU6VVKGEvxyZ59q3t0N958+fDautEamW5I7ezJlRf0ect3DoF83xmHPq2qbtLE7MSWbft7IgIAhEKrU6IUVmYMnzppCBnv6+RKRk+q1nDdp7scvce3r6+XWHPyc/WexoMtEUqB2YTUOHzObY8+evfIUgvLMCkm1X9k2+o93blFw6ZcceW0UQUalT4nPysjO0OPfI0Nx12CzKqlkzFsLaqdOLYKt7V1eb82SzrGmJYaNRQTxaaiqgkTqsn21k53UmO16WmZNqMkWw+Ofra2MaIqLiiQBVoOnu6Xa9RMLKWrmHzX47+9eVKlVkWFEyizYuzU8Xn+nuauMK802fLystPTbdJIz4mjzciUZlUqFMbc4oL8fJOMiaYQm+zYu27VyaA1r7g4S37s80/XHA9oSJRi5YXVo8dVZ3c2t7kSSGWw5RfkZWdaGFfzvua+r0Uk1hOMJVh47tmrkIwEPW5fNJkSCLlBRjBRMqtq+v2P/+ra3PCy5VuC2syighyJ7/BH6+sjEr1Fq5JKpVqDQa/TyiiSVqiVChindBWjJ102qci+a9vhrsh329f/d1gm3jbB+dm7ized6fNzZqNBIkS7zjQnc4cXGmUCQgIgrMMueexPv7l2tOXAhws/3Nt3NmcC5gMOp1+ioCEAgKQp0Ft/4KQnJJNRAABKCmIpryeSusCV4YWvJTXi/J32uIykAQCAkkp5d++Z1j4nUtEUAEAikbCekw2HO1mFnAIAkCSZ4sPtbv4Cl/treP4f878Iro5mvTk/30YCAAD/ZQ0pmcooowKeQIplWUHgiZTrxKG2rPxim1ah1lvTVQCAuMfFELXTipWdHSGMSIIAgKQkIO5OSbM0UgAA73d788oqKwZWDr6+/S4sMmvU2MzE4Xff3XSq1cvRBj3vjbGchCIBgLQM9wY8ocRXrwE8Oheu6bMRjulrdRhl2ZlqgmcZqS63tqq2prY2XUayFzRT7jdCkCRFEwAAxtvV1mkdVagBAKiKJv36z7+9e3bJocVvL93ShDS2bA0FAE709kYr64bnySM9/RJrRoFNEezsYgpyjKRGTbLRaDQWZy5YDb9bCOTPHOlKRfo7XVxOdV7f7l0HW1x44P0apOQSUuAFTNIKqRwCjCEpJVDE63a293WcPHImYrrhF9cWyTGPCUqr0hrMeUV5ShJjCAnE+fq7uxMcFgRZ/ugrJpenZRWXW9hD2/d1hlIUBQAGCAOKlMtlJCcgivznLi9fvhfEAGNAUjKFhOA5RJIUCQFCCGEEEMIg2N3UH+s/tedYR9VNN1xWlwt5npRL5CqdNa8w26xECErkMgmBeQGQFIk5wjp8RKHEtWPXES8jkCTGPBIQxojnAOARICiCRGzQ540BSAEBQQIyMV+fn6VIUqGQEAKPgIQiAaTShtQVoe4dWxrCGEBwNtXXVxJ+SXOzLRoFiic4DACT8O5f8vQtV131i7e2uVMpACFFazQanS23IEvBBeIpEkCAAAE5p88XS3IIYgAgQhghhMFA3jEolUkIDAAtpZPxQCT2nY+S/yOkBdNvevSR+Xrf3kVPPL/9TL+3+2hDh6wqx5hKpRgmGeOwXGerGD7+mp89eu80y66NjV82CjDEBDiXqA4hEgCAzqWXxBCB89eR+PtAAMAvcwViBAHAA2kBz+YQxGfzAp7LgogQ8Y+kdT8E2HGmU2+y5Kb9U0MfA0CaS6ZOq3HVb9t35Fj9oWbOYHAc683IzbAqz74tQ1ys7Wiz9torqzUU/5U07QAggAQeACwkOho7ysePqSv6oUw6Kk2r/Mmv7p9Tg9e/+PTr6w72pzA8tzswgmAgcep/hpPBtqBPM7RIDQGpzh47a/rIipyMsrppE4caqR/sYDbsbT3ZW1dXLAEAAKkurai87rK7Hr5/ivrI0RNBBgAAEBuu3++bNH9SnpQ2FFcWmbiGTV80J/XZkkgAJb74cMkna9esWbvPc6EeWn2XTYmifU3SvAkTpowaO/3qG68viRxZu+1YhD97giKMAAAYYQEhhBHGWECkypyWYSWTQFs2bNTUcVUWFY0GrtbCubMXIwQpY2aONepubLHHk4wQj7TtXfnEWw3GYdV5BgU+u2aMkYAEAZzrIXIORgidTRCKhYH1YYQHlvoyYyXPxCIpOr3QghNJWVbF2KkTK3MMA11I0EDDauDjAsIYY4AQgDSZOrLkxT+vsg8ZPcwipRAayAGJMJdKsIkUiwASeFKWlpVvlUCGRwLPSwxpuUUWiuMFhDEGACNBwBBH69995Y01ruKJo4wUFBBAGAGEhX/k8ZUOnT5tVLWu+fApL8OSMlNlWUYiHpWm56XL5UhAAuYFhAAAhM6aZdJhgeMRx0NVcW6WRiEhIYF4jmM5AaGBagAAEM9zXCoejkCTNdP8vydK+L+NjYdTdGHdjKvnTavLT77+7vur3v3kkL3xi2UfbO/qPLl/89ZTbowQAABQuoqacinLIwAQQhhSpvRMAx9nMQBASPFU9rjx1TYdw/AAAI4R1Mq0NM3gJhj6N+A/xV2MEJaaCnJUKY4DAAAuxdG2vCEluWlELMkDAFiGlduqxowoIFMpHgAgcLxcpiv7oWT5ggACIdjc4jJnlJqlX/nngThAaEZcfeftM8uEkMcZYK3lBT1+VW5O4UBHFox4z5ljbVTttVMKoCDLydZBwAkYAIFLIWWGzSQBKGo/085qJkyq0567LEDw1R8XHBaYREyeM+KSqVPnzB16Zvnbn7byBrWU4wQAAMfi3LR0g4L66kVsoAHz5QqSgX5PR7ys0AgBgAQlkaryq+uqS9OkEvoH1hXmK3CoaW9v7YiCgaPubO2gckhNoVpDcgLGiPG0NYbKR0+rLQC8QNuq7n3ogdtvmFtp4NwB4N27rl0x7Jqrr6xURFwXKovgdwiBnPf0SW8kzBEEhIJEobfkSZp27DxqDyXiiRTCbDIZC4dTAACciEYiSQhBKkHaqufcMcWxf/UnG/ac7HJGwlEGEEQy6o+mAADJaAIBkk2yptpZ98wuPrZ6+frdR7udvnCKp5lIT3s/rzGqpEIsGA3HeYLG8VAkmkhCWkjEzj1K4NmQyx0lSQgTHqfPH2EJiRANh2PxJKT5eCwJlZaScitrP93mp0Zef3WVzbHm3U/qTzQ7g5FYNAUJEAuGWQCAwMQSHEmgeCwUjnI0iRLBUIgjqKSno9MjsZjlgIly0pyhRbJQ5/Hufn+UIWgUi/O54y6/eUxmxN7R4QTjr7nhyhpLjBUolAyFo/EUT2MuFo/G4wzk3R3dXqPJpE5F/OFoCmOeSaTO9oQFpto5P//Vz0YB55760119fV0evnjY6No8HQBMLMkTJBv2h1gAJLbyG2+ck8F5O7ocdO7E2y6tM2osleNLYN+Rg6dd2ryiHCkXSQgEAbm4p+XIwe2HvMPnXTU6T3N+DpkfrFDrpobT7kgSqnPHXjJBTcQYXVYaF+jsdIYSqVgk6I/FvP09zmA4Fk8EgvyQ2ZUGnOpr7/bEkLW0rNwUtHsTiZirv0c+bfa0MZlpvr7+RCLudARA4YhczQW+6iDECwKPBppcgI87e7t9cVXl9KGRbnsknvC1dZKlJdVlQ0pHZDjO9CQS8b4Ou2XS5JnjS2Dc4Yom4n5nNGocVZN1YYv9NQNNU4QwRFygvysUya3KHYiAWEAC4tHZpipAhCxnSF2pkQvKcy8Za01k6HKKzCQAAHH+3tN7TzK1I7L5gNve7cqcWE1GAp5YIu7uD1GyISU2xn1m94l+bf4wVdLb3tafEDDAgiAghBC6WM8M+URXU8NxZxgjWeHIqeMrdYw8vUouOJ2+RCLY42VzhpRb5Kyrvd0Z5QEAiEcCjxDiz03Kj33dHX1Cab7+InVn/U5QoOWQM2NEgQ4AAADrs3f3eUOxeLzPrxpTWmyUcp72o/s7mMridBRxdHS4GQAAgCjlajzsNJcoe7zh/GHFVMLZj9NyLlSn0O8wLhCziDQYzFaTTk5DgZAVVo+ZNnxodqZVq9FklFdXVxXb9Nr00qqRYytsRr21uGrkqIqcnIIhNSOrMnUSmSaroCjLoDDklY+vG5KdZlJJKR7K8yuHjx5akp1bWDV+dK5WKlFo0wsLi4vKhlfmpZnSK0ePrakuzTFrtZacYWOGl+TaDHprxaiaIaU5Ro2MAABggeWojOqRE6bU5Vn0ektO9dhR5bnper21YmRtZXmONS1zyMiqwvzM/Nzs9IKqcbVlZiWltBaW5pskCmPlyFFDCjOMWgWJscyQPWr0qJIsi8acVTNieFl+blVdXV1FrsWaWz1xbM3QQps1s3REdXlxZkZaVnpW7tDRI8rzsqy2nNohuXo5LTPmTZw52iYBisySUeOG5WaYDdbcEXVV5Xm5ZSPqhpZlmNNzx44ZW1OSZTCac8qrq6tKM0xaydmmCKXPHTpmRA4tYLlSJjMVTp45e1xJGkUItDG7emJdaV66Xi0ngSSnuiZfryCUuuLasbV5BkioiuqqC2xaXXrZuKkzxpWkKWSgbd+m/cmsK8YPtRXVzb9yskX2g206nidC9NiOrYda+zytjS1x2bhJV95y/dwpU6dOmTrN1N5unHP3PZNNO995afGuzlTUl1QXXTFpqJLre/vpD33ppXUVhVpF4Hhzr+fM6UjGhOtmD89LU7YcOeEJO870CCNumjvUeEH7VWI+2tawe+f+LmP58LJsAxHpWPnuUrexZuyoCqL1WKPb29wRqZo5c1xJboZF42867vLZGz2KOdfNHlaYmbA3tfV77KdaJVWXzR2bLbmou11gfad2bd/ZFCsfWib3tRxrEKbMH6MhAQCY8bZ/sWF7v9w6ZGiJWQFCfU3btuzuiMjHzp2b6TrjZTImji2SE4ANtKx89dV1R041Hdq/edu+Pkn+tBkTzN7mw90eV3s7lzn6shGazS89+/62Jk/L/m2bt7bDzNFVOSTjqV+//pBLMrSy3GZSXoQwAkG4+/j6Xcf6O860eYOUueryudMnpKeOHW0N+7pbQ5qZV03JIBwrnnm9NXN4jU0e6j+9a912uyR/zJAcrZwGONW074uO4hmzir/rUOmLIXh4/UZp2TWjCyUQABA+sHjhm2uOxlCMUZVOGlepijUvfvrvnx/uaDuyd/uWfUHzkOHFZhJg1771R+U1s6rNQZfD6/aFwyirriZHdYGeX4hzhP5/KuX4aMGDzwUnrnjh/gLlD/bNwfklJANep9vdVn+YnnT52EyT9OyoaBx1uVmF1qAig44+TxKoFEq1yayVEkBI9XV7pGarWSPFTMIXigg8lpmsOikBAAp5fQwSMFRaLJoLvQUxF/X7/OGU0mg16BQEl/C4fIQ+zayScFGfN8oDWmY06KQDOeaDgWiKQxJdulEJAGAjgWCSxQJUWK2ai30LgQUm4vP6EsBgNskxEwkDY6b2bHcVJupy+jhaZTIZVFLIJqK+QEyqsxhVdCoYSAC5Xi+HACAm6nY4/TEGI4QoqTE9L1MvxamQK8hAAko1Jr2MdXXaAylGEBDGlP7/sXee4XFc192/M7O9Yht2sYu26JUAwQZWsRdRFCmJohpVLPce1yR28jqJE5dY7rZsdbGosUjsYAMLSAAESfTesdje+85Ou/f9AJCiaCeSGAcQo/09+IBn9+7MbTPnlnPPPzs3SyVBHOV3usIsT6PTKqTCy65A1gAAIABJREFUWXkAYDLi8kXsF07aSpYsK8rXKYQAUH53iAUIJ2Q6rQxA0jXhAjqTQS6gyYjP5aMFCr02TSzkAcBF/d6kRKcTz3YTfhzoiDcApAbF1AyODTtszhArTZMr1WqFiA+piMNijzAcx0GAC/XmvHQpHwDGMzjOZeZmSPnJSDAUJXFxmk4tnbGRW8oE/t+E9g4eeOVPx0IFX//izsXmtNnOzgwCmWgwQmg0qYA6KT4J0EEfKVMp+XeTJZth/oZhK++Aj20COY4LhUKfyAg9KVKkSJEiBUAICYVCmUz2oSk/9hFLh8Pxq+eeEwpm3EEuRYoUKVKk+AhQFDV//oInntr5oSk/tglUKpVbt23D8U/J9lKKFClSpLjLgBxMN+g/SsrUXmCKFClSpPiUkprMpUiRIkWKTyl3Em4VcXQsFmc4XCQVYSyLCUSij+bvhDg6FolDvkQhE34EdxpIJykOIsDjiwT8W9NzDMVgAtH/XAgMsYkoiYulIv7HGgpAOklxAMfBlDQUxhMQTDxGAoFCJr5jUSLEsQwEsytvliJFihSfKu7gaDxMOHpe+c2v9u7v4hkkrusXe4ICQ4ZG/BHC1lHejld+/NtzbtWCedmCD0vMRe3NZ+t7hoYHPawxU/++beHI4dbzrTFdke5/fFo5Nnrg9+9YtfnF6R85OjniYp7x680tw55I2GUdd9hGO5ySDPzqnt893xqtqChVfRTj/lfzMtF7dcCjzDLMqsDbp4P/0gt7dt2zU6T4tIM4iLAZPXBwBwuhmFCl8Pe2njszJMjM0XC2P37jX99utkwFpEcI3YjpBMD0/why00Hb+VKeq+nS5Q4bDd7/8Bam00/977x27DcvniDp4JWLrdYoczMRTDrqX9t14GQHffPXf3EjCDnu/cBIU5mautmNUKIQQghRMjjY3TXsjd1ymfczf8uv3s8h7R985f/9pM4urigrKiwpzcasx890RSGP8vSfbRmK0Oj2SrjtSghBhP7isgAA1t5x6s+7T436mNu/SfExQBxDx8Mh8mbYfcRR0VAwSk73BsiGvS6bddLhDdEfiJyFWDLqtNkmra5wkgUAAMhEAoFgKBgIRulZiLGFODoeCIaS7G09BSajQZ8/EAhGkiwEACCOiYUCwYDfH46zCACAqEgoEAwG/cE4NesqEQAAxCZjnlCUuVmHHOnzhCkOAcTFg4FQLHlrpF+GSoQCwUicQgAANuH1RlgAIJ3wOKyTk3Z/JDkVyZdORPz+YCgYjCSmnxeOTgSCQZKZbnWGjAWDQb/PHyVn84GCkKMioRjFQAgBAIhNhvyBUCgYDMe5DzQsJMPBQDAU9IcS9HTMR8iQwWAwTt9NvhqISbjttkmLxebyURwAiCUjoUAw4A9GKBYCAFgq6nFYLZOOwFQTAwAgE/H5vB5fjIGIS9rGLH6Smsky38FCKMaTyJRSqUQsV6q1plwT5nqjY9TBrDTDeCgYSSKWogh5hkHFht12V1yiljEBTxApzHlZaUKxXCoRCXmQjtknXYwwzWjSTssfIzYR9IcojMCQKE2tIOKD3R09vshj+Wt/cK9BLr85aUTR8Z62a339rjMjn1tepiAAQGTYbXPGJCopHfIFoSw3S8v4bI4YLyvfrJUQVNjvS3A4ZAXqdBVGWm0OSqiQs7EgJ9KKdQ/+3ZeEeekAIDoe8ocpwJG0UGvSiuP+QJJDNEnylOl6tWR6pADjrYd3vXYy+v2vzc3UaQAAatW6bePdMgFfIlOIhTwMA3TU74+zGEvRfEWGTokzcb8/jhFsmOJnGZVkMEhhBBskRaYMjeT9CECQ8vf3dl0/H2rqerBmTUHqGO0dgZiod3hwsOfSNfHqB+Zl6gwaGRuxX3rnjRbhwi8+sUbL4+L+seOv7r3cOxCWVH7+B99eeUMLnqMiww0n9hw9M+oEVY9/83sPzaFtPW/sb1IY5X43mHPf1nsKlDM5PURsYvLq8ZfODG/+7HeWZr+/2sFFJk++dcxOKIhkwrB08+YqU3zi+v5jbWKF0J8ULX1oe408cm7/vlGeShkN4vkrt26okM3mdj9iqfDQxf2/aJX+v6/umFKNZ60Xf/68/el/3FmI2Q//5k/W8ge/sn2xHAcAICrk6Lx6rW8ypClfuHZxGRg8/u97wT/+6710R/0re44OjAUMq5787te2ZuG+lsPvXg9L03mhmLbm8fsWyzHS0XH6heNdq5/+9uo8GZfwtp482RfDQCjAGWt3bF2o5M/C5B6xCYfd2X/4gGPO6mWZpow8Q6yt/u0Gi8Yo9gWkmx7fWqSePlrGxZwn3zzokmtE/qCsav3We4oEkHT3Nbz87uXqx767peRuCXCPwh2nfvr8QWeYTitZ9t2//7qJ6jv8XjMtFUc8iYIN968uVI43nDhw/PS1oVjx5s9+/wvrtHwsYW155XcnvAKQ/9DXH5T3/fmA/fEv7NDNYGCLO3o+pmZqGGLJsM3qllWsXFmRI+DIrtMHd7/X3Nd05Je/fPmqMxwcuPDv3/rBC8cuXT6x+4ff/vE7l+2Ih2EYRhAg4R2uO3z8csf4jcEhSjh6Dry871LPQMf5Q/vq2gNhn80R4JjI+Kibwon3Q6PD2NgIrH1kYXiguanbwQEAABsYafjJt/7phSOXmk69+aNv/8trx1t6mw/95Dv//FL9KEP7z7yx70RTR8eZ93YfvO4LWnb9xw//8bm36w/t/vVvd7c1nvnjcz/f3WxFTKRx3/73zl5rO7P/d6+dnnSP7d+9r6Gj69KBF//ztTr/Dak4FLa2XWtx67KydTcWTgn9iu3LMsSCaQEJFO469MY759p7G4/+5rk3upyhkaajrx5oGBtqO3ryumXg2jsvHmgaHms9errDFbl1pBPx2Wn9/AVpluMnW9wzJ5X1f4xY577de461h8jI+PUL5zonSIiSIZ913OFxJDACAER7nP7yx//h+d2/WsF1ne713PxlIuwJ4CU/+sOrP3ss93J9V4QNNR86lcxd+shjO1dk+t9+6XRsZsfibDLkstvsI6PkB5aEOOulA+/as5/63FPbS9iTB0+NeV0Nx44PSJbs/Mzn1ogGXn/vqrX9Yr1bsX77E49srZ54Y89Za3xG8307iEqEXWMWq9dHTau3Q0tzOyjOypKARNAz1G33e8ipb7iE9/ybu/f3oZU7dm5ZXCYG9GBjl2xhgcQ73juCnvq3X/70HzZ76t46OpKI9Zx49Sq25Zkndmycl7h+tHE8Duioy+5wDI/GAQEAcLWeefuwZcWjTz777CrPwTePj8ys3vGNskdGru3edbjbGQlb+8+fujDssx145bJy6ZYnHn2ohBg9dKrnhmIua798soHM3v7oE1uX5fTsfmsgxgI25vJ4nIND8bvIY5ELnzs5ULDuke//5Of//v0vFCoT115+8byg5umdT23ODh16q65/tLfdpXnyx7977ivz+9862GxPAC5xac++VnHxfRurxs+dvtg0lFdRaf6f73B9HO60fjEMcQnX8EDPiK/gvrULi3U4TIaDYcJQtHhe9vClQwfaA/oMbdxhi4jyH/zMYxXunvOnu1mMj2EYG3V0D9lL7nvyyS0LdcKpCU/8+u4/vLzfUbpuRZWO3f/j3190K2uqzDyZYdnqRRny94/hs46+MWXJfZu2LBe73qtrdJIIAL5Gq026bUF+3gOf21kd7Klv8C55/MklwHbuTLttrOmVd7qkBXNriqSXXz/Yy8iFYa8lwF/08DNfemJLbZXR73Y4SYq0NP7x1WZ+0YLVmzfU6ETJeCTMCLPK5pXqkscPHOgPTi8occloJBBC+AekqHkiEXFTlwVRAW9MXlC5oDJj8Oihsz2jfQ3HDje0hmTF29bPx62tbx8812uJV21ZOyfj/bAFCMbtXY7CrQ+unJtpPXzo4mDgDhvl006os74Lz8gxZxev3vHwyooMAmGKnLI5OXretIaiILO4psLIiwcCWOaSNeW6m7+UqLPnrarGEuEQqVy1sVrqH7kybFPnmHgAN5oyxN3nB8IzWhK+zFRdVay5XTU+cPXQNVWlWQ6AtqKMae+91HGt/fJ4zvw8AEBWWaH9yNF9pzuFIpNeCgRqkybDXd8wPqP5vh1cqsqpmpMv5WHT0njQX9/CVublSYVClXlOkUZBTK9Ys/ZL+/9wIb75/lVKNk4yEMSH66/ylpRl8RSmufeszlcp8uavqM3FI2Sw/3gTyNDrBRhfn6VB7LX2MVasnzO3JF1GQAQA4Bz9Pb0xlUIAgCwzTzNZ1zA8G4NK6B3oc0X5ueb8iuWbdj65WmLtOU+KM01qgMsL0iVjV1sdUzaQDVxvGk5TmRQ8oMw0iuSTrQNBINTNqS5LV/BnV/b3Y8GFnYP23ro3d738+on+MIOQ4+ql8TSFDACQVWYOXO3qC0uXbl2ZI5cWrlhVLsHiSY60thydVG5/5N65c2sWykWK0qp1K8pmOLThnZpAhADGU2QV37O6NnDqTz965WwQKWpWrysBYw3NAxQOWI6FCGK4OE0qQggQPAIHCAEMx1jfwOmXf/n61QEn9X7zRiy9VgYAgADiEazLavWEGBYCBBn21v0MOHa1L5ywWwN4drmm7/ylblsEAAAQBBhfKuYjiAhCLBdJcYDhOE8AWJ/VErBPjPZ0jFK6+z9zjx6wCGD8dF1GZsG82qo0PkIYxse4sHXc4yV5fCDWz3l058bS3JJNy83OKw2dkwHAxyA7/QQREpXGkI6zNHtLx4QQTktfYhDw1Au2rde72043D7MEQkhavWrjHKrlP77zz683DEnLl25ZzD/5q3/7p5dOOSLczeE9Fxq/1uMnXc40o0lN99Zd6kvePf3+k0T6yqeWOQ+/tuv0oCPA6TRqEQEAgCy88QLECb5QSLkGjr3wQt1gEN2iZk7whCIs0Xvuref3XaE4Jhr0+L0h4fuq8T5PeBZU428/ssv4x6xx8fuq8S5r/5DNCWUCHgBAIBTQnp6W1puq8bxPoGo8dI/2p+nMeRk8AABgp0qIAQBo/9XmqwEu1Hb8td/8y28PX7MEhtqHs/KKM5QSucpgkgMA4j4Xhc9dUywdGQ2Bm6rxGOnyBlgA4PuuBbhEqRRDjy9KMTTDACwRIWejEojM2qWm+PXXXj3VO+pj+BoV81+oxlMRty/ICPk4ADhfQIQpnyeCAOD+sgN8ssGkWTu/8/ff+9y9opH6F35/yIdkBqPI7/GQNM0yEEvEWNG0ajxptUYqF8zLFUcsNoHeVGCUBMfHqbwcDU95t6jGI4QgQnyJQpNVYMYoR8v5LmfYefG1Vw9cDBdW5IowABBAAEHEcTe8QSDAAIIch2sKVmyoVe1/adfF0dCNXivR5+pFPAA5DnJQoDakKyXYlEjuLb0AJmwdwLxy3oKy+Ssf3PGgaeLSsUt99LT/C4QIoil9sGmBMgQRLlKpZCxF4cqS+aseemBVrppPcwgy7I1d86mc4UKlRsF6BgdtCYpFBIxZ2l/6yQG30lxgUAII0Q1jhSmMC5ffkx+d7B520gzLsixLxbwOT5KZKiSOkY4TL/15/4hgTnWOEEAOQnH2Pf/8h1/vrAZnXj/cE5Zu++EvfvX3DwTOHq5rt97Q9ma93cOKNavmFpZt/sxjC8vkXfvqusPMXdX5PyEI89fv/P63tim9l/7wo+fOD7hudyUBAAAg0uXVbnpoadrI669d/sDUDhflz1v18Laizl1vNTqTBLih6Y0wCNAnwlH0NtV4HCAEPqgaDxECNyZcAEGIwU+Warx9YEylSTfr/8IBO+GzjFOrtu7c+ejjm+bxj/72d/sOD+QV5tyqGj/S2q/Y8VCNgsfeXIWZUo2/HSx38cp78sL1p5u7Wps6JxP6XN2s6AaLDHO++L2vbKpBx371sxePNTuS6GYgkinV+GkNeYQAdnNMDRGCf6VMdwO4UJZVWLly2zPf+85DcntDtzttzRObhZ1NZ9u6GpvbQ/w0g4oPAIB05EqTZ+VDK/NEfFVhZYGGuXryZH88LUsUDXCJU2/s3Xfk8JGjjd6ZqoQ7MIGIiYajNAuwZNDtnBydFBvmP/b4aiM/Mdkz6A/5gySmEglRPByKJDiWIePxRDxBsizDJOKxaJyDmDxr9fbtuY5zf3ylzjnlfQfSFj6yY1lVmnfC6gmCms9sX1ogi8cSkKUi4diNMSTj7+72YUgol0ulUkO2OT0jfuFYfV8gniQTDGSScTKRiJMsy7AkGY+TLEsnknLzgtUbNV3n6hra+setroA/xkCOS0QjJAMAIGMJDrLxaFJWVLtuS0bv2feON3aMOuzjExaH3eoJBpNAqCJQPH5jVoZJqzY9+dkd5uGG81d6BsfGxkb62jsnw4ijyAQFaSoesPf1WcM+XzQBhVIhGXK0nzw9jDSbtm1ZsryUG22uG4iZFq25b8WSQrV06ppMzHLhglevlQolUlF6TqVew9oajjYMJf7q+zvFfwMdD1OCwkUbH35wzYLc+J9eOTaZgADgH7BeCOECWU716p2PrCUGLD4IbnrnIkAoMorX73xytTLkoWUGo4qmWAAA+wlSjdfkZ0tvqsazvAxzRUmOHo8lWQAAQ9Niw9ylC/MJ8qZqvPATpxo/4NJmltyy1zMtlI4wjOCLFEptuk4/Z/l8/VjdK+fJwsLCKaE/hFjvYPsQUfPomnyME2XfohpPQalRr+XdvBYAAABp9qIvfe9rZXLaY7eGYMm9C7JnwxkGUomYJHfRpjWrN28t73tnSjVedFM1PseQMa0aL1YatFpekoYAIJrllNJ0o2KqXrBpKfm7BDRl4XG9uaykVJlMYsbVO3/wlVXiqG9sNKS/Z26ZToog5R3pCpUtXjs/H7BQYKz+8je/9szj2+ZoWI8f+RqPDovnbN++rVIccc7UsssdeIQiOs4Wrbr3sUqFJOJ2xcUPffdfamvyJTh57ze/yG8LkPLiZ555yq/Dorhm3SNblBkSFmI1D24rKUxPRonyrdt0GRkSVfZDn9/R64OhBGsS8wAAaZWbv/U9U4/TTWcu+Mr6uZnimCd7/hNbYxKOZAEgAACAjbBYuoAHORYgRAs06x55ek5UEw3GGaFuzfYt0mwpy8Kqrdtycg3JGCy6b6tIbMRlhV/+wQ8z3z052DOSnX9vhjJUtv5+Cc9EJWgg4ZN8w7qtD/KMIkaW+4Xv/VPB8bru7r6MzM2Llqx79htxK0xoFmz5FjOk4tFwOg8Ak2U/86MfzW9u7OzvjypF4vSSZbUFYtqrK1u+Q2+QqAqe+Mbnz45wpLjgsa8+wmjl6ozM6KTNBrOffLY0ixqjJzxWG7/s6cdqKkxTow82EsH0Gj7NsABwCZSz4t5Hsv1KOpLgoJSX8gz9OISGTvbjy/MVuNy8bGPZ0IHJGAWBeEqZHCKIAMFF/b4ELpaJ+CxPVrK0OB1L2kecQoNRzUt6faREJecjTlJQU1VV7uhpHbLZE2UShyOA8hfkzKpqPMbGnQ43X2Ocs27OiVFbJFFAD4/jJcVzSytki0zX+ycTpXzrqDV95coN1b69TU5XLMELuGJR7aJ5nzDV+HAkd/3tqvEcRJjUUFqe1+i2hhNGxLLJUJCsNpoLdDiYUo3vu9SVnLeujA24bREma0U1fi7gjSd4IXuQJ6osNfIASk6rxHMIAAwhvtK0aD7v/K6rhgceWJH74XIBf3vY+HjftahxngaJC2sXyl22AZGxSmx3On2kjrZ46Zzy8nQx7Rq2gMzMyuqclnFHMJEgnA6WNZTnpgGAIAc5CDkW3SWHVREZ9rhimCZNyoSiCmlJsU6EOEZbUDFX0nGdMW/bsNwgZL0j7Y0jyaraMhRxjgZQTpFRiGEw6elqdWirMppawnmri/mky44Mi2ZqSzAVIzTF/xVi44cO1Xs4ITvaE8ubU15Ru2ZuPhEZOfbyqxeTpc9+4aE5eqz3+Fv7O6nqmnyZSJk/v8bMd73wHwcytj+6Wm3b+8IxvGqBWSFWZFUuKNUlbb2Hz/Zps+RuSzR3zaZlOfKZLAriogNn9724r732C9/dtjCXHx7dv/uQbM2zm/KSZ989H1FrWY9XPe+eNeXGmKXjzIVBRYbM6aTmbrlvjixaf+RsQKaRBp0J3aJNa0tmTnv0r8HRvvZ3d/32Cvv5rzxdQPYeO+y8/wc7DTwAAKK8A3/+t99PZq/64mc2F2nFpKP/3YMNguIidcRyrWVMMffenY8uVuCACQ6/+8JLF+xQpxTSLC9r6YOfXZ/bVXdymFCpGU9AVLR1/UIZFh9uOPTC3stVz373odo8IRsavHZ9wBURG0qXLixRCGbDqRLSk61njvZGJJZuV0auUZVTu/Ge9NHGo13hTANv0omWbdtUIHa//dPX0favP2pO1h2up7R63OHAzMs2rsgTwMTEtVMvvHg874nvPb6iUPoRAo/MNpyzte5Pe67nLp+nlyiyCiorC9UJ10h7Z68twiuZv7DMrAPe3j2/fv5KRGpSCVgay9/w1M7VhXwAHQ3vNYB5D9eKzh8+Zkf6LL3OVF5VrBXPTL5TJjDF/xk4MuT3+nzjbZ28xevnGzVCAkA6EQwE40igVqtlQiwR8DiDlEQmEUmVKpkAcJTL7uOrdWl8ymX3cEKpWCRRaRQ8AACAYX+AhhBgYo1WPuOq8WwsGAhGKIlam6YQ4yzpcweItHS1lM/GAv44i3hCdZpSQAAAuEQ4GKdYyFfqVWIAABMNhZIM4IBYp5PN9joC4uhoIBAkUZpGJUJ0NAZUhmkpe46Oed0Bhi/VqNMkAgIAFPV54hDnYwDjCXiEUKYQ4QBAOu5zuYMJGkEICUGaIduoFKBk2BuhMQwIZGqlmACIjYeCwTApVGnVCgkO6VgoHIcCtU75oVGo/veAVMwbjDgbLzoL5y0052rkAgDooDfMAoAREq1aCmDSa/MAdYZOxqfDgTDNAYRLdRoJBgDiyEgoEIwL0jQqhYSH3wXzQDoWsNuDhFwqEctUKhkBAJuMRSIxVqBIT5MAADg65ra5YgwLIQK4QJOdoxPzAGD941bOkJku5iWj4Ug8iYsUmjRJSjU+RYo7ArHxUBRXqWZoDJkixX8LEw4kpUp5alPjvwah2dzy/NgmkKKoSYsFS+kFpkiRIkWKTyQQQoVCYTAYPjTlx3aH8fl8u157nS/4hDiapUiRIkWKFB+ApujquXMffmTHh6a8E9X4zVu2EERqFpgiRYoUKT6JcByn0+k+PF1qLzBFihQpUnxqSU3mUqRIkSLFp5Q7UY3nqJjb5UnQRJohXSXlx31uXyQBRKoMvVr8UeTXEUQYjgGYCAXjHMbHebI0xYdrpSOODAfcvoTCaFRPywwhhox6nV4SE6SplHzARMNRTKlPF1KeCNRo1cK/gRMWIkP+CCvUaOW31RSXjLgdPlxlSFfdkFICiIqEEwgnAEcnOYFCIRcLPo6jExd2eSmhXKuS3uHABLGRUITFCAJACAgeHxeKZIKUJ1qKFCnuFjiOw3FiBj1E70Q1PukZ2PW73+492C0rLclREb3Hd/3xhd2NIeXcitw00Ye4yXBU1GmNCFRSPG69eKiuw+23D4xLc4vSPkxsHcLk5NW63/ziXVg2r8wwFe6BDVm73vnP595pGUszZrD+scaTx67RpiK266UjA5kVJRrh/3yOmxw+896hrnhxhVnygYuhhK1t18/+0MPLq74Rg4oOTrZe7XSQVMJv67zY7uOnZWakfYwhBorVv/RaU0haUWL6WJZzGo50j/a1XB8KkWQ85J4YHhmdtEsM5g+t2P9jQDYZ9gVYofSvn4fmKJ/XF46Gw1FGIJHcfuAY0hG/1xdJ4gKRgEBB6/jEpM3lC9GERCmZaf8vjgy7fCFMKBEQt7YgjPvdnkAkmqBwgWjqK8jE3dYAFIuEPBwAwIQ94+MTdqc3EgeSNOlsKOV9EMRFgz5fKI4JhEIeDtiozRrmSQVU0Dk6avFGaYFUJrrREkwi7PMGSA4XiwQYHZ60xcRpEpAMT46O2Vx+mhDLJAIMACridXkjiXiMBAKpkAcA4JIRlzcIBBIhDwMAUdGQLxAMhyIMIZQI7mSg/7cqfMLniQGBmE8AAAATd7u80UQ8loASqeiW3gdjHpc3EotH4lAoFvFwALiwY2LEYvO4o0gkkYo+fI4w23ARt31kbNLr9Xpc3kgCyFVSAgAq7BoennB7vDEkUMhEKBnxur2RSJREPImIjwEAEOW3OT3BMBIrxICcGHNwYtltnf5/lTuRzBWqlJHh7paruU+oVSKhRAnCPdeuyOd+Ll0iBABAyCGIEEbwiKm42BABDMMQhIDAmInW0+82iJ/97nqy+8wrr9XXfuNR2jLiiTPZEh4CAACcILD3fwQhwgkegSPIsiwm5pO911qzAjeDxxFyjTw60NYCeJ835ebwtKjGddoeoVQRnydCsRzHAoRhGEIcB3Eenzf1vpgK1wQwgkdgCLIcBBiGIY6FGJ8/rUs4nQGc4GEwHg66g2pmSqCbgwghjCAIDOPxkGewzVPivxGEHk2ee+eNnrQvfm5hjiQR7xmecEXgzWthOI/AAeRYDmE4hiAEOIEDjmGmMwY5FiE6HPC5VQkIASAA5NipLODY+7fGeTx8Org3QjfqeOrukYlrL//qTcGqZ58sLhBhrCt8al+9Nad2LeI4DqEbDcDj4djUpTGcIHAMAMQyDAcIAQ/jGBZiOJ9PQJZDAGAAcRzC+fy74lguAAAARIU8ExOWoWvtoqWbKjI0+tvn02zI0nOmeVQiw7xupnDlhmVFmpuTZMSRjoHe7qHxsEBXU7u4QBq++M6u88NuVqZfsO0zzyzPndGScHFH98W9DeNrHvvSQtMtYmHhyYt1F7x8JY+MqWpWrq3I4gM6NNGx6/dtC7+5c1W+CiB6+MrJvSeuhGhBZunGp768MXN2fbch5beOtbf3+ICqsra23CBj7Fdf2+t94MkFvpYLZy+1uGjd6qc/v2NxLg8gMuDo6+4dc0Q8zP4tAAAgAElEQVQ0JdVL5hag0YZXDmNf/fYqpu/qe0fqRy0hzYItn3v23izM11p/up+UaPBwTFm2de0COZF09zfuOdu/ZMeXludI2Lin62LDOMXHogFaPee+jTXK2QgQg5iEzeGeOHvSVbpkoTFdl62LdjUdb3VrDUKvX7ji/vWFmulgqWzU2VB3KqDUCgNBcdGSdcsKhZTn4v7dpwY9BJa9/rNPbaoxfsJXcxAV7K5/990rkwIJL+byEpkb/9+Pd6hBcvTikefrOjAgKty083P3lnvaL57rjaTJQRwZ12xZbpTy4pPtB3dfDAuwrA0710tH3z7h3PZUhk46c732TkwgIZJIJRKxWKGQS3kEX54ml4glijSFRICTQbc9SApAMpjgZxfkqrDI2MBoiBFrFNDlo00mdOTlXWfQxo0OZ7ijy+YOQHHmxmdXqCVRy1iELyGSJKbNNIpj9t5RJ1DoZJQ3JMyszFf7RwYtMVwcZQXiW5dacYFUqpCJxZwiTSWhR5za6pX3ikOsNGfjGnG6kHYNDVsShFEj8ow5kD6/qiyLnwxbHEEeH0ZCtCrHbOCFBvstpECjk8THrXFDWUWRQQETIacrADkyyEiyM+XSnMq1pTkywEZdNlcCF3CxGFDl5RkEQrFMJgndtEEAOodG+5q5rlVL0suzK1euUHISDDJBp81HAcACpTFDznj7+x1EmoqX8EWExvy0RHfLqKyspiJf4R2aRBp5wcpVGelmIQ7JkMfpS3DJOC3RF5m1MOqz+eIEZFhJeo5WEHC7GULIRINIk5c3FUYIRq7t37W/O/LT71ca1GIAgHL+8rV4vxjn4u7xXmtIolJxPg8yFFaYJD6HO4nzOQaqjRlqHjnWem2EyF5Smu7qvGbljEsX54XGh6xBTqWTRlxeoM4tLzSJP/ljUAAAiPcd23fYys9ELur65bB57ualpeJbX31J/7mDR515D35hfeFE3Z9++3p9wb/sME2FD0Gsf/j6229ezdmwaeOCfKmAH+lt66TlCzevLC3Izs7NnOGSsMmowzI20Nmz4JFbP4b2K8cODRv/7R820hde/sV79fk5T+QLyZB99Er3eB7JAQBgwl7f5kyvWL2xqig725wxi/MfAACAQUvnkbcu8Oev37SsRCEUAACtV9vCqiLWMuBUL/jyt+ad/+PP33jz0trFudq4t/HQ/svJ3MceXJerlgoA1dPUlszdJAzYukYSa5/+ysreo//5x3dOrV75WPLsnqbol/9ha07g+qt7j7cUlq3NJJ1Wy1BnZ9lDAADg7bp44PDwk7/4dj7V/evv7ztdXPBwcdrMlz063r7vUCc/7MAkvQ39I3Pvr23Z04BtfXLdAkX97tePXcj68oNzRRgAgHW2nDvvk39t2xqi59Qrb75rrv5OruVKg0Ox9v4V2bmFBTn6T7j9AwDQsRhfX/7lHz6jE1Kdx/cec2VIMcAFxxrOT5atu29ujtlckMsLj5462IB2fG9TZeyd7zx/LLfo8wtVzfvfbSKLdi4QNZxvUKRHVJnVJuWMhqS/Q9V4DACEkrFIOBgMRBNJiABCOEDJsaazxxt6bGPX9/zyhaPdPkSHmvf84ec/3XO5o/HIwWO9FuvEgINKhLwulzeU4CAVDoTiAPadOvDWyRaH03rpvXcONo7E3T27fv7T375V33rx5KGLHWNdF1/9/WtnOgftnjAHwa0xYxGa0k1hY57++rrrfk5VVqmzXHz3N789POIPD9bv/eef/6l5cKzt0Cs//c1b/VE6Onp1//FL47aRk6/+ec+x3iRpr/vDc8+9UDdi6dn7q1/8+mBLhIqPXD6572CTbbTtwJvH+u221kOv/ebdJm881H7k3brOMVvPxT//7s0uD4nw23xp8cyaeXlkzws/+9kfXtl3xQtzsgxEYPDI3nevjdvbj+07eKE34O59699/8sfdp66eO/JOfYfL2rHnx//03L4r/qi77VKr3Ws58uofn69rj0a8TYcOHLoyMNZ6+p3Dzf5YsOPkkborI47hlrd31fUOtp3Y81bL4KRtqL3LHpuuh5il4XgrEqvTbwgaYMrMubXLMiUwOnr51//ys1ePNV08vP9ES+/I1bNv7Tkz7HS2Htl38ExvjAxc2vuL779UZ4/4Gl762b8+956PS46efePnP/7jub6RvqZjf/jd3uaJ0F3iNBzqPdcD0jTp+oLlm9eVZinhB/VWuLizr2+Ar9PKxOJscybTfKHDe0MMOTZ58tU94/KcKrM0HqcwgvW4nL7Rkf6ubosvOfNHgPhSQ3l5vkaMf0AxFYU6Tl3hlZgNYnF2eVG0o7vTFuaJlHnlpQqpYColHfD4XRPDg909I06awGd3Ao+Snobdu0+P4XNLVWQsCXAcsOGmNrKsME+rNq9cMcdkrl67di4ejCUQ6+k49edjlpK5FZJkgkI4lphs7ISLK7MAT5ZdUVtpzq5auWquivJGwyPnmmOa9Nw0mTI7V8kmrvdMciJdWUWBVkxAhAEAXQO9nQGZLk0s1puzZWNnrkzMhvoQ8g0PeAJcuiGzeMGqzRsrwWTveR/PmJshlukKNaKRlk4nDQAAgAt3twxKlZl6pdSQZ+JjI10TPueYJRAcb2/rdkdpfOYWBe8cnjyjsnZZgV6pEHI+eyR7VZkQANIxNhzyjba2DzujEMNj450tPaKq0nSxOKu4JH6+cSDk7Ts/SKy9b+2ihfOq+BSXXrj2njL5zJb3Th0vMAxxwZHOtq6uru4RF8kinEAAcDTE5Cp9br4x1HL+5IURTG5MhzGngzEv3fKZZx6qqSw2isRyY3ntwgXzi01SoaZ04eJCgX3Xn/b2sJo5VXNkgebnX34vrtRBn8uL9Cu373x0tXnwnd11HaKtz+5YU53NAxz6oAIahuGQiVu7W6+O+SgOJ6QavVIWGHclMVm6mhif8GrnrHv4/nJnR2O3KwlZKFZoMs1mma/nzLFmSmdSBLyOAH/u6vsX6uINl7o8gfGjL7zVHs9YvGbDPRVmjUqvUQOLw08hyEJCk2nOzVQMnT59ZTSA0G1VhzJXbP/mP35tiSp4evfv/vVHv7ww4rG1nnrr+JC6ojIPd1640JGQaYRehyemXPvI00+un184f90DD1RZB4btjlBa7fplZXmQCU56QqHxK6/uOh3Jmrdmw8rKXB3j6z/y2uGwOLN8jsndfP7c9a6usxdbuq1C87yqTMXUvWHMP+FN8Ag+D8cBgHQi4hgfmbB5oyTSZKgjk9awJO/Bzzx7/wLlxRdePNUFymoXZoa73/z1WyNJsV6v4QFMoNAa05UEBjCxKkMJ3faornrjU49vTrQdfvvS4F0i3KRZ8OA874UjRxsHLX42LytDetvgmRAphfyg2x0lSYplWCboi069hEB4pPXU+RGRMHrl6L69B84M+mhdxfJHdmwyMcNv/P6F472+mS8M+svjSqx3sD+kEIoAAEAiFcUdk87oVNKbSfC0vO2P7FhbLm8/+OqL+66HZ1V5jnR0n6jrQTpxx4n9b7xzvM+XYH1DnXxtfoE5s7wsgw8AJJ0epmJDtZEJNJ895xPz4sONB19/6+S1Md/g1W5VfplJq9Saisr0AICk3w/SFqwqEA30uPlAQBAA8EUSjLQ7fQwA4JbqEsqkQs7nCcWTCYZFnN8b4Wah9Lihuiad7jt8+HLfkAsqcwyM28+yUiEfAEIsxSbd9mCcAwCAZNDi8LISMQEAIRQTCdJhDSsrNn7x4dWG5OALv97TOBb45D9/hEAolooAAAnPcP+YemWpGgBApFfu/OKOBRnc8ef//E7jqGvSOonL5SIAAE8sF0d7LeMTo6TOWJwtDdmcWEFhlsYgB3Gny+Xxx2asye7QBGIIYLjcmF9YUFCQm6EWEgBBBDBRdmmxkpxo7xtPIhznOAAAAhhfqFTpTcWVFQY5wUKEEMcCwHIQIQghC6NBXzQOeDiCiIez4YA9lGAIgifQqDNMBXOKtBGbnyAkIgJAjMCx2zKMAYAwXGSsqF1bkyPnAwAQxBBGYABgEAC+WCTi4QBhGA/nOCDLLsqXxzvb+rwUi+EQQohwnC+VCXAEAEFggIl6LcMuRECWn776wU0lWiEHAY5jOC4vWliO23pa+x2IQAhOa6hiN6ekbGLCTeUs3/7df/+Pf/rmgzpn17lrg5Njkz7SO9w5gMpXP7SyXIJzCBdKxKr0nNJ5ZZligbp62SLh0JUT5wYVZg3gOABwAsdJ58RQiOSxDM9QvfX+WgXps43YnZNDo17x+qc3z69euGrTnNGTr/7sl28P+uPTrSjV5BoVDEslWQgAG3INH3/+x9/+t982jYUYCHC+QKjSZpVUVpqlvjEfxiMwAHA+nnQ63FEaoamZNYJo+n2JECAIkYiHAUIgEJJ2X4j75D+CAAAgLl6//emHF+Gutv3P77086GI++DUhNy1eNT85eP1671Bn51BMnmFMm1oGhQHLhFeWv2H9svmLKuJNB3edmZAZC5Zt2PrZr391tSl27vzwbLxD/wIEEAZuyhsCDMK/sJICua5iyaoHnvrSV7fPdZy5NJaY+Vy+T9w2biWy1t+/ft6SGtB14vUTXbZRi1RvMBumJHNR3NHfGc7euqpcQPrHLeS8ZeuXLVpQqo2cePnVI3VDmUU5Bvn0nhCiY6M9o8qN99ao+DRC3JRcLgLgln57Azxr3uKlBckrjZ1Dfe39TkqfpZmNhURMYprz6NMP1WQmL+59bX99qz3J4bdo/bIQ3WhKBMANaWMEAIcgx9eZSxate+Bz3/hKFWlp7bBQs5D/OwP6R/qcJXMLxBgAQKzLmVu7+tEvfO3RKuxqa0eAZHHsRp+FEDJAkVlcYhKMtbWPx0U6USKcjDTVnbl8taX5cmfgEyyZCxDkGI6BSKgxmIxGk0EtxRBkOY5jwu3H3jjUE8/JNkkJDEIIEQc5lmNphoEAgCkjBulEjEokKRZxHMtwuFSdadDyWJZhaAZJjEazSoSxLMNSNIMAACJjgUFAJMOROJmkIEAIvr84hCDLsgwEhDS9eMXGeXoJDwAEWchxHAc5yHIcw3Icx7Icx3E4ol2tJ58/1K/MzdaI+ZCD3BQsy0GO41iO4zBxWlam2DfSYwlEaUiTSRZCjoOIi00ee23XGSu/qNjAA5CDEHEQciwLb1gHFL1yoal1LKrILN/08ONb1lTiDFTo9RKCDMZF+bUr19SWynHEsSzL0jcmVYRpzuIqTbg3LM5T8gFCkOVYDgo0GSY+PdbeG4hSkEpyUrVRL4pFGVlGycp1S7JVqsKNX/rh13doHE3H2mxTF8LkOWu3LVWB0Mi4k6QxhSZdRLt7LP40jVqEI47jWIZGAAAkyy7LFGIcRdM0S6jyzAaFgODzAU2RZJKiIcAwBBEAGAIsTZHRSIgGmgKT7m5YiQGAjodY2bz12x7cNC9TbH/tzbOOxAcfI0I+d/PjDy3LIb22sUmfonpphY4HIUQAAYwQyTTmosLSeWuWFIsGW8diCAEABFpzzdxiLJaceROI3RhkTYEgRIK03Cw5TdMAAECTrNBg0skAAADDpv8AmBrQAEKWP39eCY9KzKrphjhPIEvLKigoqVy9qlo12tR6ZdhtzChMF2MAADYRGOj15i9fUZMpYyFH4KL0THNxcdnyDYvkPUdev5Aozs+fnscjxjfePw7Ktmwo43F8U2YaDhk4LZkrztBpeABMj0kBAgDIcxd95kuPZ2ER68hoEBWsm5c1G84wMBknNZVrH7j3nkULdG0HdtVZoFompBgOAERTKFuvV0kIBCESKQxaDUbTCADE0pxMnG6QTr3kBNqC+bl6EUXdNTLyKNJ/xVq6tGDKzwdNbUUI1AtqCyViTKLN0GI0yQAAIEVy0kKDwVj5+JOPblixIFeBxyOcp/1cH2tcvHiBnvG6Zsrs34lqPB0J07hAKoMhX4BmSX8oKZBICDIaCUcjsXAoFvLHMbVZJ8CSJBWngUAo4OJhkgMA4LLs8jxZwt5vdQQSSCjFYsEQrcx74KHNxSLS7rQz2uqHt2/S4QwrFPPoeIRmAFBUbbm3Mpduu9Q+5EwYC7NEFJmcNoJcIhQmCYmIzwXcYXF2lkbEA4imOE4kwKhELEFDsZhHJ2NxCkokAi4WDYXDZCQUDJEiTbpcjGKhCCMUiXA6Gic5nkgCWCjK2fDZ+/Rs//GTTf0TtkA4xnC4EINkNODyxZOhYCwp0KQrYTyRoJIcT4CxND21nUTwGPt457XWCZvd7gqIixeuX1xRsmT9xjnpI5fOtPaOOLyhRJyEQgGByDg7/Wbi6fKWzV+5aVGxAgeQoZBAIOBovnnRM/dVsz3nTzV1jE96gKpo41NryNHmc00dFrt9bKi3rdWqKVt878ZV88zqG82oXLTzq1/bWOXs6hiyWL3BIEjLX75kXoaSn0wkeWIRlohRHAI8/T3PPLYwn++enIzI8zd8/v5ijSKzqMJEu7t7hxNinTlHQU1pjsOEZ7z/2tUedfnG7YsLZt+x/qMQHj3X2u8MUiJN4T0bFhNUOEqxtyXBRMrieQsrDFgQpm95fEUGTk4OT3iinDa/pFKdnLCF4nESSJSGLEl4ctzhC0UjkQQhLV9ROOOaO5BlaYZhWYZDAAA27pgc98YUlavKolZ7MBbzjFiIouIykwIAxDI0S9Msw0HERd22MbsnHI2Go5RkzsJ85Uzn+1YU2cUL9NzYuCcWj0KBVKVM2j1BU6VZBAAbDwxeaXaIdLlGkd8yZqOUxeV5Cac1EIsnOcRG/QFTurlQTwAAOMoz3nPhqs9cno37HZMWX86yKiIRcIdjUactREgqSjJ4AHIMzdAsy3EIAIARCmPR4moz9MV1G7fek6eYhcLDhHXoercjgICsfPnq+bn8MK6vkECX3ROPBSa9VF55mU5EOYdHnLSsfE4uF3T4YjGvzckSptIMnm183OELxSL+qC6vpChzFiWfPhacf/CaVbsoTwMAAID2TU5MOLyRWMQVUdaWFGSVVc4zRIcnQrGoyzKB19QWyDBCplDKBcmxXpcsV2a1OTMqStL4ZExgMM6U1MudnAukw8EokOSVFeTlZ+uV/HCIlBnzi/Lycs05OZlGKYYrMguqyjI1xiyzScowuCY3x1yYm64Q4bhYl5UuFgq0plydlCdJz8jNz81M1+dXFqcLMAYCtXneuuVFWDRMCpT55vx8c4ZMwJNl5Oak415nVKrPqVlana1SqfUqIY4BwMWDQRKX55aV5GVla9MkfAIHkI4naInOVFSeo8AJRUZeZXGuCCCJxlRYUlZabNaICbHSWF5dpNOlZxtUmFCWVVCQZ9YSOC8jt6C8rKSsoqpYy7O7fHxtfmmmjKKgxphfOae8zJwuFIj0OQX5+RkZRlNGmoDFJMaSssIcvZjAAAR8lVSOA8DDGArTF9UsLjMIZMY5FZl41BeAqrLq4jRAUbgsp7wwvyBbNuXYivFVOmNRWZZSLIDJeJLjZ+WXzCkrr15YoeWRTi+lLS7N1+uySsp0XNATpDX5lXNy5HSSRDwgMVUtr8kV3XB4IMSasnkVEioUYzACQJGudP26ewr00mQ4CmW6ooL8QrNegONpWXkFWYJEhJYX1qxZUi7jCzSmLCUVTfJVJVVVc6qLdaq0xNDFE82RiuXlBCtY8sC2JQWauyOGEO1tbu4OxOP+sUGvQGUuqlhUkiX+4KG6ZNg9NDA4OuKU19y7dUEWQXtPvHkmYTCX5Opx6BkLYBIUtAfwmiVFoav1rW6WR0WTSLV46RzVnRzV/B8Ak67hruvdLlN1bYFBhsecl07Wh9WlVaUZ4UELJeXZxuzaeUuXFZsEgA3bBxuaxo1zK0tNEkf7uaON4wQfhcOkZuniKs1sakbxxDI+7hu1xdNElN1DZRboCSe+aOMSFR8GR6+8e+hChOD5LaP9nRYsr2JupnBiaIJTiiiHZczJlS/fsGFJkQQHXMLVeORotz/OhpxD/X22hHTu4irCZg0QPMppCYmyVy6tlhO0d7T3WuekvnJxsUGOcQn3+Ojg8JAD5jzwwAqjZDb8YhHrGe2+NhZITg5ZIU8qTZ+/es0ieWjcT4lRaNjNVa1ZXiiPXXrriMNYPb9QYZu0Qj4vMGZDGbX3zMEuHDzeG0JCKhgz5c+vzE/7GxxxngnIwctnuNytSwtFOAZAtOfk0fM9fp6Q8SdUc2vKs4zpIkHA4qHEtGPCn75+80KtmAcACvU1tiZy18zVuN1enlBJJKJ4dkmROiWZm2JWgHT7S9/7xouev9v38gP5dxqnZlZATMg+MeH2W9s68MUblhdmK26PDwSpqH/SFhBoTDnpMgAAYGP9HeOi3HyzVgITgeFJL49PYBJDXjqw9PbZKKE2TanJzNaKZ7waIOW3WSZd0bTsgiyDkqDDY4MWvqkoWy0ivZOTQRrwJSZThkyAAchGvbbhiaA8MzvHoCSdI50TEZVGqVQbs/UzqnT/16HCkxN2mscHIo1RzLhcMKssgw9g1Dna3W9LIg5BxBdnVS0uURKca3QkjHhCgBBPJBIq0jMUBAAcGRjtH7AFSQAhx5MYi6vLjVIu7BjzkDgORJosU5oAQDrgmLQ4woqs/Gx9GgFJv90eYMWZZtMs9mA26h21ed1XLjkLahYWlZr1MgBjk2NuFkMYX5WbrcG46EjHMMgtK9CIYg6LK8kCDlfnmdVceLC7z8tJ9Jo0fWaW4i6xfwAA0js+yamLDEoMAABo92DfsJtOM2jSDcZ0hRgAAKmI0+oiWSQwZGenTRk51t3XT5qKcpW8sNvpCcV5svRsk2rGtm9TJjDFB4C0/+rbL752PrDuq1/fMjf7bxFkboZhQk4fLyNDNtv5SJECAEC77VFVhmY2zubfJSCOA8TsuRt8bBPIsmw4HMZmUeU3xf82kGM4xOPfHefhU6RIkeI2EEJCoVAm+/CR8MdeJQ+Hw8ePHCX4sxx2IsX/JhiGfeCgVYoUKVLcRbAMk5dfsHzF8g9N+bEtGcMwvoBfwEupxqdIkSJFik8iNMPo9dGPkjK1F5giRYoUKT6lpDZpU6RIkSLFp5Q729JDLE1GfD5/jBbI1QatlAp5PUGSEMmVcj5NI2maWn7DkZejE0GP25cAKr1RfyMEOBML2u1uVqLOSFdPyX2lSJEiRYoUM8wdHI0HACAqERlpOPC7vXUufnZ1flqw++zvXtzX75flZwt66k+1DARUOZkqEQ8AwJLBrlNvv7i/3sloa8ozeRgAkLZeO/773+/pQ+mVhZnylAlMkSJFihQAIJpmAEbMoMTJnZkfjCeQ8CLjp+ovUDU7hXyhDAQv19dr+Su+lKblO9rePFEXyyr6u3tyAQCEQMyLBiaHmrr8qvvvW5Avw+lkcKK369LFi+bKh28KOiOEbj9ocetHCIEPfvuBL6eiZSM07cqY4lMMR4Zto1ZhQblBdLMrQGfHdX9aXlmuFmdjPc2N/Va/KLNi6aIK9V8cOo5aOq+R+tUlBkSF2i5fHvEkVPnVtTVFipkepyEqYO22BDMLyw2yW+/NuId7xwIsIZBmFRZkyPiICo0OjoYplhPry8typTj0DvZMxFmcQerCcrNaNMP5ZiLO3lGn2lyRnSYAAFAB6+CInUKExJhXmqXBAQCks/mav3BBHjvR1dwxyqnyFi2uyVIKARMd7BshIaJpIquiPEPKQ5HJxo5E9YoSQcja2HDVE+flzqutKdLzAYpY+3sdpIgHRIbCUpMCAESH7N3jPkN+uUnBBwDF3ZYhexBjk5wmvzo/ffZOt3L+gb6Q1pynkWEYQAl3V/ckJ8ABT1tekSO82UMRNdnZcn3QiavM85fUZMp4KBkc6htLYIDGFQXF+RrRXbFjhcKWnuZr/VE8rWRhbeUNHRs27hvsn2Bl+sJCEx5yDI27IGIZRVZVoUmAA8BFhq52OymQNa82jx9obLFkV1dmKYUz9iK/s5rF+EKJXCkTikViuVTIFyrSlBKxSCyVq9W6nHRJ2NnfPuafSkoIRFpT2cb7FhGj166P+RFAUZ8rKtIbVIo0tUou4tEhV09n3+hwX3vPWJhFXMTZfPr4icut3c31R+qaA8mEs7+9pXOg7/rl8xevjntDfstgR8/AYOe1xrbhCA0p//il4yca27q7r9S/vf94lzWScu/5tAIjlu76+kuNZ0+db2rpHJsWA+Ri9mOv7z3T44KIdo129445ffaBk2/sOdJmvy36MIw7L+97fc+VCcDFJ4e6B60u12jbe7vfPNs/02JJHBUabb148MDhsfAHAl0nHd1HT3WGKNrXe/n0lb44Q1u7mk41jlJUcuLKmQtDfsY/eqbhmjWcjDuHLx5utFMz+jQgJmLpvXZo/8FeLw0AQFSg8+KZ5vEInXS3HDw3GKAAAImx5mNNvQ7LQEuPxecabzy4981z/QzgPF2tza3jcZp29rQcPTcCAQgPNBxttSRjvuGO9kmPZ6zt3N7dR3pDEIWHT9a12CLJuHu48eJFRxwCJjLR2fju/neHAgwAACbcbQ1nRwIUTXuuHjg9GL49VOzMABPeq41XLhw73nD1SnNjp4+hBs6cuzboopOh7iuXWseDN9oGRly2iUl3NOxuqTv8XtMkAMDVdra+38XQ5NCZs1e6rMx/d59PCjDiHpiwBaOR8Svn3j3QFEUAAEB6Ry+fPT/iidI0B+lwz+VTLZNxhva3vneqx5sEALjbzr59pLGnq6nuSv9YR/OlLhs3szKXdz64QBD9f/beM0Cu47rzrZs655ynu6cn5zyDRBAAATCLFC1SNEUFy0GyZe++fc+7a29869331pIlS7YlmTIpUcwZgchxMMDkHHpid890zrn7dt+4HxAIUbIlUuRAsPr3DZjbt+rWrVun6tSp8wfsDa0yhmFZFtBUKZOJe4IZgdLRYlPevI4FiKRl94EeSfL04EIGLySCOVm1iQcYwAKGSI4fefvcVJACxem3Xjk2ukVD+LW3fvLDlwc9vvWJ4amtlcAH2OwAACAASURBVJHXfvSOM56Pzl9++cUT4WJq9v0jg+4Mk3W98f3Xhj1phkyOvvn8qxeW8kx+5q0XX3pnOvOJNEyFu4/UxKtHJr15DAEwmfPHkwQNWKoY9CyuOP35AsGWS/FItnrPod/5/FOdwvDpU0uF23/NEN5l54rLncBJqphNJErN+x5+8qlHzcW10xfWt30QhSCmHA94Cz9jAUnX5RPjuLa/r7vXioycurYc8I5dHAzKG7p6+prFsRPHhxenxpbi/ObOzq6Oqtj46Qsb2/01wBCV8m3maBYAgAedF0+ty9r7uvvbhb6rx6aDADBr11YQjRSKJ3g1fY8//bv317KX359MATK8MOuKoTXtnVZRcX4hzAB8eWhV6tCjuWQiL9n7yBNPPrGTmr94eTOTnL5wzgs6+jo7Wm3FlfExVxIACGKJRMCbYyAAAJWPzIxPsdqGjk5b2bnkz90RE0jHFsfODy0XWQSBmXwyFAhvHTuzIqht7WzvNIPQlUuLuRtTMLpMsobWPY8/9USHilj1JAFg/BNDi0VZS0ebJBnybEXvChNIEKTA2Hj4ic8d7NLHnN4CAGw5cvXIe0MBpLG7u63BxKczCyNjQYGtvasWWl/xZgiWjF8+di2hqhnY0UwsTC96s46mWp1wW10un9T6GgKAJYqpwOa6Dzbf/+zvP9ZuuPknlmZhlb1t14Bp/syl+Y31MK2u0fBoGgAY4PG1Uy8ciwGFtdYGVq6++/pwiidiU3F/Fq7p3/fI4QGOf/rcFZ/SZlVzymtrXogrFIhEMqlYyAWbo9fmtlKoSAznIklc4OjdUQcl58dW05/QI1W42yAS/kAilaVRdcNAb6tNjUBsPrK5HiEdeo0IYmmYo69ubrLpVaba1gYdzdyuKs+Wkv7lOFRVb+ZiACBCS11znUWrs9U3OZQUxWyzfx3hysxmzXUdy9vqmFy4vMS3GORcjspWRa6vzizNL00FNDVmLpdnsBpCg5fPXHGyXK1WyhOotEJBbHLSu53LQAiTGCwGKRe+Ll2Uci/PB4Q1VVIuV2uykFNjLpJOjm2wtQ67oaq+t8Wq1NraWqxcBKIAIjUqsr65KyNjW3l+T78dzrmuengddQaOSOVo66jSqK1NzdUSFIJK61fnSLFMK+YLNQYpXVxYCVCYxGjWSzjw9SNeCF+iEnNmhwcnJj1IZ7dNekeiDaByJhELRgokpq1tH9jZKoquT+dgjV7F4Ustcsy1tBwtsQAAwMISrdGiE+ejwSwtaW81AgAkRiPuHLtwbTKlszqq9XeDUgSLiDX1Fh2cj4czhKGrUQKBzMrQa+9MoiYzkYjEixTMESiVYv/45bHxVbqpvUbNy2/OjSelBw/vrK0ymcUCkd420G3nb+si8BMzgSwEAYTDFUmV3Q8+8czvHqyW3fbWaBYSa3vu3Svyj759ZpFrNUuub9wBQBaSIW8c5qAQgBFApTb9GYKFAUAUcp2lrndnl8XqaHRIk6FQLE/r6hwKgUBhVOKxUChVAIAkSIplWQBQoUDAwVAMgQHF3DXaWhU+YWTdT+xXplevXJsYHnWJJDKMTK4sBkXWZqtCwNIMwuEpjUY+AAAPbWYV+w81CW/+killNpfcEkedQy+BGIAKJCq9ngsAmQ7FgGn/vY7t30z6Bed1ybTXn+dhGAAAcLnccizg2gyGaREXBQBwOBwytjKz4KX4PBQACMYwgkp74tv9Odx20DgbCUcRHg8FAMAcHlpwR8KRDZ9IVW0zKc1mOQIAmVjxw32H2hQA03V128XJ8y/+6P0VqrVDl1kYD+qsdTqpQKwwmKUAgKzPS1v37LVyNz0piMVgCAAU44JyNJ6hAIDAB+2FCHQ9O3sLU0e//4+ncKvDJL4zJlDV3NNhZZYmJ6+cGQlQIjGVzJEUF0MAgDk8KJSIZUoMAABACJfLR1k8urG47A5nI/ESgM07D3SwG2++/PJMWWyzae6GiEEI43IxlM1F3QtOVyQbL5Kl9cuXN3nmBmHeOXz2jbevBMqizj27dP7BHzx3NKqxWeQcKpelRVyoGNvyp4VVaqlUWfSuTs/NLa2FiO2q90c3gSyRCvoi2RILQRB7I5UWTdMUxcKYRFtV09nRbJHfpnPBMBRVKhKYoWNHp7ocyPAdegFNUQxNUxSFibX2RhNbLpEUQcI8fZNDjrEkTdMURVEsAEBoqm+t10MlnGftefrZxyxo9PLxU8PuolguhBiGva48f10Ul2UomqFZunLW/7cVvm33/Z97eIcaiQ4ffffdodn1ySuTQVLKh9K5TDoVi2QJAABgcP/CcsnY/2iP6ebIQkc3Zq4sxcQcJpPK4alYJFlgAAB03jPv4jXee7hVc+ce6jZgBEPgG7aRBQyEYVyMg4AbRo5lAcLl8zHAXrcGLAsD5I6GWyMoirI3qseyEMajvUtukcZi014fH+jIqjPAqfvMngYeYPKxnNjS0t9VhyU9Y1dnxq6FjDV2rehGFiomH15YTtc9fH+TlAshELipGs9CMIbCELhlACEAAEMUMzjTOtDfZOJtXbvmjJW2+8kBAAAS6OsfevzRvhqhd+r8G2+cWEhSKALfEorHEAS5LXgPwgT6mvaeJunK6bNhkikl4ry6rns6q3Hn9KTTR9wtYxqEyvTV/f2NpZWhuWgsuOwTdA30NdY0WdDJo8evrYcyubKha0eHVRIeuzobyIssrQcGmnjlAgF4fIZIh93Do8uJTMbvXA5tl/P3I5tAphi6+uYrZ6a3cIZB+TKjRgwoPJ4sShQyPpUKpwofelnlfCKcCPs3Y7TCdt+9Bw/va1VA5VQyz5OKiVQ8h5kf/IPfsfByW+tbvM5Dn//8gJLCGaFYBsqpfBkAUI57Vz2bnpXFjWieyCaTGZwGoJyO52iBucYA4YV8schwhRyYxDNZiisU85lC8c7sfle4wxRiWym2qn3gnl093fXCM+dOnDt1ed45fuqNNwY3vUtjFy+vxgDLJDddWwXJjnt7dBhdJmmaohiGCK5MXJubPff2mydHNmLTQ2eHN8ssHXetR2DDnr3tMoi8rly7nUAQDEEQdMMpxNIUxSCKmgZFJlcEALC5NCHWVzc0mKs4yTQOACjmsnxb164eO1TMEgAAqlRiOPoG/TaHEkLXgSEAgMxkMcLZTBEAQOYzhMrOj2yF1LYaJQcCAJTiwc0Y1LK736HmlIjsytBoXNjw2Jf+8Omdqunnn383yK9z2K6rVLF00b28yRo793QaQRky12opskixABDFIo2ZjGr0VrkQBAAoxzeGzy/WHHrqa1//vCk6etqZ2N42AAAAwJCZeAQ2tezq6di1r7W4eHnQD2k4cAEnAWAKBdqkNyuEME2SNMuyDAOhfE1127693QZQINmS88jZiHnH01/88mFD6sLofJa8G2wgyzAQKtLYduzbU2/CsmVIqpGifKlWb2rsbpKW8wH/xsjJCU7f43/09S81l+ZPzgQwpXX/wXt7O+pF5WwJBv7Z0ZSitrPNISKLpe164o8zSSSKxUwymaGEnfc8cF+LBkAsx9jx1T9RYHK74OfcuBDM0Ta1SfkwgEQDv/NUSWeCAMTTNjz9x39M6aswjrT18ENibxyGmO7HP2ev1sF4fM/nf88BGUUIBAAoJRJZQKBe9wYXZKKLrPTZQ1/+fXMEkmm1T3/jK4xGjfGg3U//Xpu2RgALO5/8kgYyKCsHI347KfgHR1LtdgWBSEzVQkUmZmpqVJcIAECCyysrdXoJlnLPnrkwjTmapeH1cRclt1ryKxv8hgZ1defBcgyFIY5PgBS1OiUvsTx+acgpb+7IeBb8JWBvafvZwwmfMixZzGXz2Xy+UKIBBy4ll2acPEdH68H+s6Med8hELm3JO1o665vkA7VXlpfDDmJ9PV53aP/++pj/QmjDGzYkXEXYsbvTuK0fA0vj+VwuWyjkixQrkNqbe+qXVxY3q6uynpiyawcamss1HjJhgC1G3VdPX4wraxvz4fnhNcRiQxEYT6UyBUZTpaXdx1JtO6vtKhgAhsisTVwbWsw3dgu8c5MlVmzas1N7PLHuCxkyGxm+srNej7BUMZfLZfOFAk6zPADBEF1OJdKERmUxy4Lbu7d0A6YcWJveFNTpi6ysqqrKsJbT1+w2Bv0bnqhAtBaj63tb1GjOeWkCauutKgVWIqTOoCySfGtnrwaDQgAQqXiqqNBXaWUMCu4GC0hmQtNrEYVeJygQ+qrGGrVadU+/8rRn0RfSZFM8e32tXhJlyFwiXtDLzBZFAoUAhPAFwnLU6fSQ1T2Klat5mVpCZuIFeVXrdu1/fuSj8RDGVxgsBrVYKNU0dfV32hQojInUpsbm5nqHUcr7sLo2whVqzFUGuRABEF+pEHNRACFCpb6upbXBqhNyURjlK5RKuVKlVohQAAAmsNQ2NN08Mp/1LG6U5b0DPfVVWrSIc41N/QMdDQ6LSqEw2+0WrZTLl1rqm2rMKj5XZKhtqK81SbC74gxNhU8athTyBjL5YtKzkVPZezv6D+zf1d7S0tzSrCjk9XseOtyhjazOTGzEYJZIRMKpPMdkV2xNORm9vaWpqbW1pbml2SIql2oPPLvbGFqYnPJlMboQDURypMhRaxFsZ79iiUTQH0wBa2NrlVoIl1POmSVSVVPvMGO5VAlDMjmmuru3zaZXKsRsNodiZKIs6tnb32DSsHiWhGAqnRNU9+5sN27viTIyHQkEIriuob1aK+byxTIZlM8TGJklpXXdDgmeFnXubhEhbC6wPDy5RiBwNh6OhAlNfUONTpBMpFEhhyyWIKmuubO3r9nEhQGDJ5fGJ3wFgi6kQpEYITK0tjfKqUKeheh8jqNv6mut5sFEKhQIJShjQ5tVI+Jw+VwOmcJRLiiUeKb+niY1f9sdwhDA05HNcLawuRbhyEyWhoGB7hY9nMmTGChlWVn3zg49D1+6Oo0bazS4d2TOB/NQGhJamposCrFQjqZjea4IKxK8+vYOh0565wT1flXoXGhsdAlHMIgGyqqGWrNKolBxCukshEGFsqiubWdHjUJMZ9OUiEcUEG1Pb6tOxAGATq4thgQ1vXUqiqAwjIdCiNJWbRBtkw38mGmyabJMAQ4X+9RfS849ec1ddtQ7JBAeSxQVpiqt4q6SMq+wfdCFRDSWyYYWl+GOHa06Nf9G/2RzoXBZIFNJOdlIwB/NMIBlGFgg0VdViaKeCKbRasQ3UveVM+EoIzHLsGQoEI7naMCyLCJWGKvMsm3tdSyVT8RiKVyo1qlkApgqRoIxRGFQiTAiG48XKIBwFUo5DwGApfKpZIGgaEyiU4pgAIhMIlWiWJoVaHTbfqKfLqYS0XiOp9Sp5UIEAiyJpxJpgmYxhUrC4MkUqzLJEMCWUuGtQJJkGZZlUUxZVW8UQGQsGKNgBGYZCOFgmEAq58MAsEQ+HAjE8wRgWRbmyI02s5zLFFORDAHDABMpFUIUsFQ+FY8ligKVViUTIhCgi5lwqoCiEINJ9QrBNrfCjbYoZSOJbGp+MmJpaTYZNVIeYMvxSJqGWAgRalRiwJTCmyFIa1TQaXcwK5CI+HyxUi6EAAAskQhEyhwOYDkKlZx3NyhXs+Xc5maI5YtEAr5EKb+emoLIxiIZCkNRoVwu5qFMKReNpSEOSiNinUoEAwAAk/b5SZVBzYfxTCpdKCM8qWobB/mPI5mbzWa3b0YC0XiBgBAEBgwDoTzO3RAbVeFOwuCZHCKV3g1x5BX+9UNn0yWRrDJt/5eAoF8UAP1rwbKAw+V8KpK5qVTq7TffwrBt0wuE4NvinSvSThUqVKhQ4V+GJInauvr9B/b/0is/sglEUVShVKBoZTVWoUKFChV+E6EoSiQS/vLrKpK5FSpUqFDht5aKi7pChQoVKvyW8jH8mSxVKmZyBQbmiiUiDiDT2RxFo0KJiM9FqGIBZxChSIBCt19fyGTLmEgi4tLZVJ7liKSSXxCqzdJksZAv4hTG53MwmMJxgkVlCin6Gx8NXKFChQoV7kY+hmQum/fNv/TCC2en85Zmu4QIHX/lxffeXxZU240qLDw7OecraUwa3gfHUdnUxvBPvn8kILQ2qFJHv//icELS1mz4+XAatpRaHDr+wvNn0nyZCCv558eHxt3ahkbptkXeVKhQoUKFOwjL0ADA25je5GOsAiGUC28Onz/mj93z9IM1Cl56Yfjoe1ntQw/vrBOnsxkCUaM/8wAQWwgOvnZEZ7nvqV7uwvGj0z11zz7V/QuO6sBoKTD/3gvnoa77drcICT6XwbfiBcYsqHhrK/zK0MXwZohjrVYgAAAm41uenlnHpVWdnU068a2DEuXAwgpjbTLflkC5nAqt+2MMCSQ2h1UuAADQeNrn8cGmeovkDszCqFxkLZjRmOyqn9GOodO+dXeMQPhis82i4CGAyvs9m6kCyYr0ddU6LsRmNte3cmWIhpU1tQbhdtecKSbWfTGJvlovwQAAZDa66QkUGURkstnV4uvpy+YXUuYWCxtYHl/YglS2zo5GtQAFNL654SmQNEVzzA01Cg7MFsKzzmJtj52Xj0yMTMXLXGtbV6NZBgNQirqXAwUMgwVam10tAADQ+ehaIKU02jUiDAC2lAq7AwmWIiC1vcEou4OOpNzWRlZuNkq4AABApFaXfQQKIRx1bY3utvdKhZanZzciqMLW3t2ovqXkXE7PelNGo0UtuBsOBv6zlD2zXtRgMGuEZDbq2QqTNMUoLA1mFQoBwOL+hZVgCZha2g1oZmY+oKt16G+e090GPsYqEMJEMtYzPTLrM+9/aMAmT61NDM+vw+0HHmyQxpJZQ32zTgSlg5seXyQSz8JCMY/wnXt9hLvzgUcG5JOvHAsYdn72oDXs2kplU4Etb5GrkPERAACEYiXv5JGjrr4vfmV/iyBFqFob9XwuLx/yx5Jxv8ebg0UKAeWZn13ZihQKiaV5D5Aq+URiY2MzGokEgqFkAUgVgnI86A7G0pFoDubLBJXjYb9FlGIbY2MLzvFRL4XAEF8EZ2bHl3zejemRiai4qtWqup5ioxiYeun771EtO2rlNywEiyfnhs47UzCKBxZmEpp6q5jBgxsTR148Warrq1Nu3wd5Hbqcdk9ceuvMhLKhx3ibnSYS6ydOTBS5nOzGvJsU23SSxNrEmatuHo/1LC7kFFYzFD93bijKcpmwa3mD0NUat3MCyZLZrYWxd9+/iNq77XIOS+ZWRs5f2yrxQGJxPKiosUq5SGlr6PnTXrMJXZ5a2FidGxuajklsHXZ5enV2cNwD86DQ0sJaQd5glRVXzz1/Jd/dpggvTEwsrq1OjU9vEba2RgUVuHBiyE+hcMK96E0brVYBm3PPXHn71LCoprtKijF4auHqhbU8hpYD0yM+eZ1Dzr0T02giuzC3OH/h/HKZKcdxkV4avXphaC0p4JSc8y5YY7k5J2NzUf/S7PzGpnt2YiktsbdapBAAANDJxQt/c9xpbWw2iu5iE1hOrv74r4/j1tp6A7xy7dx4gBZAidlrG8Jqh1qAplYvv/L2aDju3oL12uzie0OhmrYaBW/7Thx8rJ4BCXY+uN8ijl04MbIZCknad97Tolg5dmFqK5xLQCoFD/eO/9O3X3UBbujkT37wzkjug5zfLMvCCIcJzZ554bVLcYqDlCKuWPnWXxmGBQCQpcTixbffXS/qrY3CzdPffe5khGa2Lr/8n7/1UoBAUrNH/vJ/fuf03Orge2cnVhaP/M03nzvvh9NTP/ybH48G88Wtsee+848zCYibmf/ef/vhUKD467dRhbuE8LlvvzgWwLkQjLG4OxTLZXB5885Hn/nKfl1xYc1LMAAAQKc9g6NT69OeLHFLR4hNLl879s5q3Y7+vj1d9Mw7L48FAIIKRczWuDtdov/5Ej8tIBjjADywsZKmbg/YJlaOv3Qur9u7s2+3Azr18okZ78aFd99zKVp7B3Z2iEIv/uTcxND5yS1O+47e/l574NKr7y1ua4ZoCMY4HDq84kwQAABQ8E6/9+K0vOee/l39wvUTPx7aBIB2nh4HKjHt9fHa9z391a//Tgt17MeXIoDwDl9dCKGNPb12YebKFTcL8Ln3J8Q1epAI++LSB5/6wle+vB+/9vY7y4nY0FtvrtN9u/t6e2rS0xcuLEUAjHJhIrzuTBIQAIDKbl05exkY27p31OPDI6vpO/AGAaD9o+fev+AsQTCHgxLZrXXP2o9fm+E1dPX09tlIz/tHxlM3RDTIMslaew59/ovPdCtzo/PB678vJ7dGzg2txOMl6i4O2mfL6Y1rl4ZXg0mcZujE6Kmzm6L6rv5mMDWxEi+zVOz48ydD8vp9+3vKwxevrcSbe5pN27gEBB87IlRU373LrohdO3t50Set3fXY/gbKO3x6xIlLqyQI45+8eGEmCAn4fLiwvuxOUj/TBWEWUETOefqdn75xJoRamwy3+0RhGKaSEe/6uidDMhAE81VVrS1WPsOUC9HFJWeqjPHhcjJJKWsHvviNL+ypYheGZ5JSY5UCDW1sJMtUaOr8a4PLPLlGp0DXrp4+esV9F3efCh8NiMAja0uuNC0wt3b01eglSqPDICKzW86cbqClhocAwJRXJlcRg9UhE8LglnuMCq6uLOcUBoWAL1RrNMTsqAtHODKFlAfdmdSMMCaQKyQ8BALgtvKZxPzgulink/D5MosJeNbn5ueXJyN6q4HPF+jNmsTw5VODTkKk1Yj4QqVGwEnPTW2rZC5A+AqF/JbnJe1amktJbSYxn6/UG8H8uJug41fdqKOmtrqtt9umU6gNNTYdJuchgKuq0WVc106dv7yR4u073AxnnBd8kvY6k0Rd1bGjXadUGm0Oi1ggFlArQ8ssV6YSCQRKnZzGnWshEuErlDIeAgOIBQBgQqVBzR86fWro8iK7e2+L6o5EE0CALvrXVzbDZYmppqO3T5txLeCsWqfi8WUGFepaW4nhLAAAQJhMY9ArOfmgO1KQ7NldAwEA2Pz6/CrpaDVJOfRdrIDKRNeXvJTFbpKzDAOjYqNJ7jp/bHBwBu/Z2WoSZlfGJgnN/Q/vtqglSqXOVGXrbLFu84r9Y5YGCcw79zbnQ9Mj8zGlwdCyu19a8s2MBxW1ehgwSb83ko9tuULCrvt/9/5uKQJu2xxkSQpWN+3+zMHG5Ng7f/vdl2fC+dtuzDAMLNc6dhw81CjhAgAwqVYDFd2rnnSRIBmSYlgYgmAYE4iVVbVWjVpf31bNS/ncgYxYa7VqBLl4JJQjUQxBUIQspiPhzF3cfyp8NBQ7nn5QFZ44dmZ8atrLFYm4PC6HLQaXJicX5p2ucIll8Oimi5LW1tdIUQS61fdZOhOLZmEOCgEAYJQFeVc0d0Ou6E49CwTDP1c6lfaG8tj1rBQoB6US/g1PIMFwuQgAAMXQcmJ1bmGL5nIQAACMoKVy1p3YZuUwCIagm2Y7HY2lIOx6bTAMKnli4YgrqFTYbXqhXC5CAaDTTg85sL9NAWBd154uXeHod791xC/sblbnFqajFkuNVoJxBVKFAABQDHqKqp17bZytQJqGEBgCAEFQqBRLZGgAwTB0q7kgoX7voQP0xE//6m/P8uvqtPw7EkwAa9p29ltKY5eGBs9NxRiegEzncYqDQAAADIOC8cQNyVwAoRgHJjOrE1eG5zd8GyESgLx7aaNoGGgxozAA0N0aDEHnvfNrhbodTRIUAYCFIGn/4fvrEhf+x7eOEhaHSYiQeRzmoGQ6tLWV4FukKKagwq6FpaU1T2zb+u3Hblx+/e49TXKJ0tGowBBRff/BViPPXF+jwgBAtHYbpxjzxkBtV1+jQYZcz2sGQQBAEIBgUI6myp2P/eFf/IevOsrOUVf6g7tCEGBhDlekc/QebNECwHqHjr74oyuQ2abiwwwD4JufFwSxAAAIUzbd02tV8Dn6nj/891/bX6vT2+ub1JwyybA0jYmNza2mu9iJXuGjgena9331T77Qa8xeevlHz52cztMAwkTW7vu/9mTr2vFLiz7/wugYLZZziWy6VEjHE4UyDQAAEIRxucit5RIGwWLeb+IeMswRcW6GmkEAsFyBTCxCr698AAAwikkVCjF8w70GWC4GS7h3sP9zuVz0VqvCCCphfHMehaLKrr7u6WICszMRWc9n99RhgE6ubxC67me+/IQmOPH28aGrg/FqW/UHYSBF3/BsvveLD9UIeBwUxcBNkVwW4XGwD0vm4snVzWDn4195Zq966tW3psL49j3zbXAUVQ9++Q8+f58tMnX0777307E4zb8pWMECIOJzsdtUnGC+sn3/Y0/eZ3WdPOENbZwb2pCYJFQmheeyqXiSvBsn8mxm7v2hqFQtpnP5Uj6TSmXwjGvdI9791O8/YF15552rnqy0vu+x+3vlEAmLVCIcz4edJ87PZYt4aGnWs106xx9/11Fk7Xz40AFlXzUKABCYD3z2EFfbJIYBAJB+4DNf/1z03JmfvkAdumdnmySTKcKAk0mkYmQGgqBizOtaL0R51TZpU9999gbV9RvS2dhWIA7EIBLYCGQMFg0PAAgTCnlwzLnobtNW1/Mj0WgISxVgthgKRGh7FUImFi8OTeJ+aVGLCHVcg6Gt+6E/+yIvuTk7Wsbv+9ofPdJj+ESaqcJdQD7swQWmmtbu3j4FTJ6+OHpod0ujnCNSGbv27bAcGS9mvPPvvDuGjV7m4+teJ/zKTzSybzxSJ4VgVGOxGOh4gQJqtFzIkrpWswjcnLTdoYXg7RqwAACWZQCqcjTJFnMFAACbTeFiQ01jPWYbi6ZxAETFbJpT3bWnh17JZ8oACMlimYaMjYbtXkFAEHTT6SMzW6vAUroIgITKpUraakEwsKms2anEIAAAHtl0JeD2/Tvsch5NZZdGprPS3c88WmODf/zDF56bqe98+mH7jVgeNj876uY7etqbdShN2hpUJbxIsgAQhRzLNZnVGAAM+KC5ihHX1LmN3v/+X5vvrS38p2+9vxDt11VtczMAmkgnLAEwVAAAIABJREFUorCutr2pOdMu9py5NLjZK0fgXJEAACtkaJPWpBTBLMMAGAYsC6E8haluYGf3sms24Z4+e+59cmSEW466PbE384aG//mF+rsu8XvOd+bMmXno6iSXnFt38V6hbLoH4icW5X/6/z6m7aD+2/84PuPb/1h9b7+SYUFkbjDH48ZGxvH2zzc36JzuMLtdc7ePbwJhoenwV59FddcndPz6+57UocrrXZ+rcHzmD/60I5BEpDqTXoXJDvyXHzdxDFahGP3yt/6myFcZNDwCBzwBbDC1ybQ39gJhvqz9oT/6YdvTsiqrSsSBYQgAoOt99M+/3QvkagXWbN+Bq/UK+OE//YcBQmtVIgCwDED5EglLxhOJ8srUmA/95l8+tOfhx7JlBmZsDr5MfSfC2SvcGQreU5cSA00GkuVIFRK1DmJjq5fnCGudiRNMGw531Vsaq/7Nf+xnEIQJvLeY5B98sFtPDJ24KO/qczS2t9WfWFoLCUWbnqjl/i9VoyxdyudyxXwuj5O0FNvmPUGWKuayuWy+cF0yF49Njc7yGnZ0PLj31Nm19WgVMbOh6m/vbmhR7mo6NzMfrWtaXAw3P/zIwdrIxqnA6mbEnFjP0k0HeszbW226lM/mcvl8sUSzIqmjpbd9fm7WXVubXvNp+u5DY+O51geNCGDx8NrFExeL1k55KjDt9JOWeikfy4dC8aJNpJKW/C5i4FCNVQEBwBCZpaFL0z7Q1KHamh1JFPi2e/cbXvct+8KW1GqGpxhoMsIsXcxnb0nmojwuwsODoVStSaDSyMD2hlfcbIrypnPcI2q2lWi+UqZWi4m69q5I0LvqjotEiwmyfmeHDslMn7wKevY4cO9ilLFVadJ5VtXU76iv/9q/s5VpQAcnfSfX9j68yyC4C8cxvvmzf/Z/HSBoiI7kvcfV+w902bUXhUTYFyxpBAq1TCvhXZfMJSLzExtY9y7x0aslpVJUjm0l1NUd2/XEH+NQxE0ghC8R39q6RHkiEefmPyCYK5JpdDq1XMzDEIwv0ZoNapkQxfgKvV6nlouEIrFEKBSIxGLhLW8AhGAiqcpoMSqlIi5641YIV6jSapVSsVAi12hUQi5HIFUZDVqZkAsBwKQ9F0+F2p5+7N72hmo1FsjIBgZqJHyBSCQUisUi3qevZ1jhNwcEZD3LK5vB8PpyVGy9b89uO+w/eeRymKJJWN010GFRyhR6o1Gv1xskxfWU7ZFH22T5waMjlKWm0W5SiSF/MJzyRQWd9+xrN3EhKupyLmwlZbUNtSYlD91euUCm4F9Z3vAV9Q2tDoMMLkbGBsfK2oaWBocMD3iiqQgu6N6zq8mo1mpkIBOIJiJR1HLffb1Vep2gEImk0olQRrvrvp11qg9rWH+69S6FXasrGyllTUutWcHnS9UKLO3zpSNxpLG/Vw9Hw+K+/S1CmImtDB89ObwZ8K7Nz2140ZZ7++ss4qDHkyNK2XSBb7I3N3X1tJq4EKCyvmtnTo8su33rzpkVHzC37+xuMaJJVzCVSWVFNTt2NZs5oBhYXVnfzGrqWh1GGY8vkXKoDW+0nI/lJc2HdjbIONvuD4YQNh+ZX3IFV50+kmOq3XFwV0eTnR/aCuayqQJs3Le/QwGnRo4P5m1NhqzznVNTBYZiUE37rna9WqXVGfR6vVaCeAnBnl39NuldKEuA8BRancGg1+ukMV+5ZvfO3lqjXMQGN7wEkU4Jag/sblPyUQDo4NRozNDSXaeBCsVsMo0DWWNbrXK7zkXc3WmyWTKxcHWJMtnNEriQSZcEeodJfhd2lgqfBCxVSCXSRTziXIVbu2qVCi6V9QWSiFAk4AulUuFtmfbIlC+GaPUSjAh54xylWini0KV8Ko+zNINKFHI+BgBTzqXCsRxXrlZJBSi83avAQioRT+NClU4h4cE0HgsnELlOIUBL2USmxAAYlUhlfAwCDJFLZ8s0TSNClUKEAFDKJHMkA2iGK1dJONvsB2XwTDKWyPEUWqVUgECAIYrpTJ5mWEQkE4NyKs0ojTIEgHI26g+lKAAAyyKozGjX8SEiHkkyCAqzNAMQDBPekMwli7FQKFkkIQBYGJNoTAYZlyqkkkUaBiwikMmFGAB0MZ2IJYsCpVYp5cMAkIV0IkdgKKARoUp+Z9T66FIuls7nludipsZajVoh5cN0KZHIsTBgIZ5SKYbZcswbAWq9jM74onm+WMjlCqRS4QfmmiwE02WpXC68u7NEUrFACpXJ5EKMxrOJVAHmIDTEVynFCAAA0NlwjJaq5Hy4mEnnSiTKFclkwm2bs3wcE8iy7G/KC4EAWcIJFuEggKYBxuMi4C626BV+fVjAlPNFWCziVDpChTsPRBVzBE8o2OYp1N0ExAIW+qRVc9lfeRv/Iy+Z3G73f/6Lv+TxeB+9VhUqVKhQocKnTqmE79q1+2t/8se/9MqPbAIpikom4tyKCaxQoUKFCr+R4HgpV8j/8us+hiO0VCq5XC74rj2tWaFChQoV/nXDMIxMJjWaTL/0yrs7HKZChQoVKlT42FQWcxUqVKhQ4beUigmsUKFChQq/pVRMYIUKFSpU+C2lYgIrVKhQocJvKRUTWOFf5NMLlvo4ORk+5QL+2RtVYsYqVPjXya+RI/QDWLKYz+Xi82fPhmVWGcIiP5dUmCXwQjbH3hIL+c2CKeULJRpgCL545MW/f9tt62+SkLlMmeFg2MfI6kDguWyJ4XHv9gylZHDi2P/6ybi6oV4n/GffG03g+VwJ5nA/Uh7pcmzpjW/+YJzQNlUryXy2SKM87GdnYyxVSOcoFMOQG2IBWdfQ333zJwllfa1e9KsUlfdc+/5ff39J1NBpkvyKtSLwTGTLGyMwiehm7ls67568euHqTJ6v1krQTDyRyeXz+QKOEwDjcJBbdWZKmUQ8nckXKITLwZDKzLJChbuDT+RbZcIT506PO+OxwMLktTHnVvnDc2Y2unjlrVdPJclPorSPAk0TxC/V2mKKSxePvT/ipWE+TMaWk0CMgcT0sefenyoyH3n2XwqvHHv91bOe0idr/0plgqS3eSmCIkQ2Uigg6C/I2U5TBEExAID81vR7//RukPhot8b4PLxcSJUgGBQnj7/85nT45wqIXnzuxSFf4ea/Ia6AT+GBLPhV0z7zlRJyIURjv6rEDFOOXj415FyceO/c4o1SqfT4u2++enpT295To+MnF4d+/J3vfu873/v+d/7q3//5dwddqVu/ZfHg+Vef/953vv2dHx5biv5a6nR34kVXqPDbyyeyKoMFakXp7LQr4i8WpNWO5g/ldKWJ+Njxd95dVez8IqvfxqURkfQuOn3a9h3Gf1l3A+abG5oRIEMAGQ9F1e0PyGFA21t6BCLeR1wDEkn/5Pkj776f/70HRL9OzT9EMbAyGWRbW+tk2yrZQyZ8eb3SpBF9OGNtKeKad8Ws7b0aFAh09rYe7KNqmcFkEReiFpsWA/zq1g5MKP/wFYiisa+dkH8gc8MSBFqQVFukv2IRCJkNcRw7q37VJWB6aWY5xjz0mXstRY4AAADIjUvvvHYxcf+ffqGrRidECs4Md89TzwgxQK4Pv7smrNbcesWUb/TMKGF//NmHBIjYoPzYiZPYQmBtKsi0ttbLKkLPFSpsC5+ICWSIIg6L1QaikNPKAUmwLAAfjNVUbGnMz1HLobg/Xa4V8QBb8i4v+dO5xArZ8rl7NFnvnDuMJ0NwbX9NcfWquzhw+BFDYenkpUL/o7b194+51J33yDIXpwNV/btVwdGRiObRJ/bquEx0eWY1RTDZrHpgfw2+NryRQfBYQNrxZK8ZAMBkvade+tHxJc5Xq+yUxzU6nKzula3NBToe+WyDID07tlwUcmILYdPebqFvbnQ50/9EM0R4FsbJgf9gzHvG3z6yZDv0AL41+eblNWtXBxaYmwpIH/j84SpBee3qqB+gTCSCOtr6mh38m6MVvrUw5orF0imyuqdd9SGrSwQWpjcKCJoKRMvipjrJ4mV/w9OPNDCet6Zjfb29FjEdXFnwpEmQDXno6od3yuZOTZSNVVh4cS2L0L6ZNahNYbfKuLzklnPFF8vG0JpeS3Zx3pUSGGWxRdzyxEP98pvTi3xgZcmXIfGSyGCXlTfHR3O9X3rAEBx528M/1KlePns1DBtaa6GJIY/9/n1y17VrOf3hAZtnatTLa396v3n9zJmIbWCXlVn2JtU198gxAIj0yuximoaz4c2y3JAfOXXRJ/96TRM37j4/OF3WtEFX3n4Htz15qB1fmlpMSHr21nOSnqklL14GSnNjc5361pCe9czOBErAN+ZJCu7VsrPnjk644e57N15/brP28L1t6tL4lVHG1sFdvzyWsnxuNxcAOjA35SnS6YUrAaShWoYAJr8xPecvUDCMWUzixcERqm1vQ2r2vFd06NEDDjkS21hYDhWI5ZOBho4GBTfrXV3wx8qxEKf1wC7bTVtL5zdmF6IALQSKVb3tiszCm2+f8qCN0TKnx6pCASiFF57/wbvBqnuT84OXizvv7zJUtbVzpGIk6z0yKdx5aK9dfsvU0YUsQfgmjx/PPfO1L8huF3khU87ZtRxNlXJM4z271Rw6sjq7FsylEHGzRbo5MxrkNO2wpc+cD3Z95sEWrv/1Hz6/iHUo7Ebc41wOl4ulsr1rd6Oa/0l8pBUqVPgFfCKOUFhqbdmzr9dmtrf1DdSblLevnejk6sU5pu/ADjOXCkSyAABQCF89e9JZQHkMToOS69qlC3MpsQBkabYY2Zo9u0hxgOvKsSPrST6C+q5cu3pqcD1T9E0ce+nMdCnjPfP+TJKl4otDx8fcLEa6rk4GCXLz/PEzI25EghUTpevlQiicTUXylpYqiUBI+I++ffLaalIgE3PKoQsvH3OjCh2vcHZ4wV+AQWZr6MwqK4SZoHOOsbXbZVwyeWFkNQOhKFRcu3bk1LgPZjNjR4YDJJOcvXR0ckskF/vmL55cydza9CGT3vGNuLBKxwYztbvbFQhTxvF8voCXKRbQrvNHzyzEFCppanXuzFicT/tPXnNRGBWcuTY06iIhNjB98b3LQaVWXZi5PLaV4mIgujzy6vHJAsoTijiJXFZZ16AVIInla0fem6MFYG5kPpQHRHjh5dfPhkuMUMxHb6RFZ/Nrgy+dXRNo5FAu6o3k6dT6ifEgilJzx94fXQzACJZ0Tb52dDjG5DdOnjh1aSqQDF4cmwkTdHTxynSKBZnld1695i3QVCrozWbNtRaMyU6efHcoytFq6bl3xwJZIplNELYWAx9DOcTa4IUNRqripi+dmPSXaEDkY6lELrZy9KXBPIYm15dW/Nmbfj024xx8Z3iTL5MW4ukUUm2R8enQ9Kn5jEIhSY9enVgMsBAopkNbZSg9e3k8UhDDdGTh2pWVmFAly0W9ZEe7Es7NHnv7ih9HC6GF4UWSQ68eOz88thQjS8NXJ9eTxdjq2OlLXpFeGZuOVjfZZXBhZfD84FJWzKOTpZsucRZfOPXWsWVcq1ITS6dfHVyGETZezOvbWo1CHgIBAIprl867xZ3PPn3QJsxdfeuV+RgtlIkxCN+YmUoILJ01mtv2LjHzwMNffHKfNLp2ZXjzA5cwnbz4ysm1AqoQgIjXkykT4cmTrw+H+Fh+cmE1ykCp+QtHrk1F06WNSyOznjQKUdFCVllXr+Xnx156ez4L8TkMVaQ/iS+0QoUKv5hPxARCAqWxyuroe/jR/iqNWi66bRqcmzhxYi4a9bs2U9FcMJCgAAAClVXATgxtmR/aWyUU6Wxyz/RkWD2wv0aVimXzsiZ5fur1F8dNPQ0ikHNGcNRQX2sSFnykub5eQefQeosmt/zGi2/4GCjhdMsPP75TydM3WBOTUy644Yl7rNcLZthSKYLsf2SfTiIpBlwxVNm5Z//hw/uLZ3/6Rlg80NOgKKdZk6HWqChmk3htt40HvBOT+Y6mBiGWj8Y4DluTWU6mo/6Vcm1Xq4FbypocNRLKO7MYp2VqER2PEQqN5vrGFJ31XXrvqJfkceLLg1fzRilWxGOvfee/f+Nr3/hfPx5PRWb/6cyGtKm30cANpxLi3k5OcKPQXGMubx17a4ivq1VRzpe/d0bcN1BjQnxLUFtLNY8sBMNhTX37rsOPHmrVcHHZ/n2dKmjrjb/78SqGpl3B2kP3tFslMb+bVNX0HfzMY7ubbzR62f3Wd4+TupoGa3XPfQ/u77EWfG62q1GdmH/xhN9gdYgxIur3wab6JjU3UEZ09XVaCNEINWoxFVtlOtvU88feuERJGq3y1JYrHRQ02cWp8ff+8VSxd2+HiU6s8Mz1djGTER54+F6NiAeVssmQtq/Hqq+tV3vDwUQmTWI2m2D8Rz+8lCqVwr6cuG5Pv+V61Zic64fPXSqrGztqVfkyrujpFnNA0h3R7+w0KavqzWQoGskkMxC/ZsCBuZ287o46KDD9xisnsPqelipeLgj33duQGXrjb487AVvwBommxx63EP7xFGRuarIKIaFarWPcr/7tu2zXjlYr35029LRUwUBgtklXxqczVXv319xYAuadp7//083mvf02swZ3b4UTOEAARnA6eztMChEEACjFZqbDjYceu6+zqbm+ivDMOCNFAEDWPX1hJNh/b4+Sf7unEhZpTI1de/f31FGBePnGf7LRiXPvbOL1LS32xp6HPvcZfWrk7791qoSS3s14/657Ogy0azystDc1GkVpmdpslhPFHFpSHNjXqRKoDXbh+JlFaeuOBqPwk/hCK1So8Iv5hELXIAiCEL7oViDdDfLzw1No1zf+6Mn7Hnp0X5ch5I+VaSobLXV+9lHhwujgSpzMJaCW/Q/IQycvzBKlzEYkKOgxbZ06ciWlaq/ipjeXA1L74YPdkM8VkOx5aq9uYSTV2aqPzkzMjsfqWvoPffaJ3Q4tUcyBukO/txd+752xEv+GB7Icdq9GDfVqQEO55WGX7eEDvToxD8tcPuGr6+rSQYnBk5MSnhwD8ZXZTWNPNVyMLo4mW2oV6WhsfSlsVqg4EOFd2yzUHD7YJHFdWzf3VHGKwNxWK5UwsUBUtefZL+0wXC+LKMRckwvDx177h2/+YALkfdfGQqzqs1/7f/73t/7/f/t0Z2piLMvR9TQovSPnxmbJ/m6lczDYXqP0Xj0/uB6zWJXp6UvDcNOBFmV48MSJstQkg0JeVygr2ndvi5THK4YDoaxBKabxlfH350FTX++u+x/e0W5Gi0HXCt775AGdgM/n3tx+jaxeWSlrLHoURliGxpD08nCyt1GydPp9JyKp0goL4XV3QPzAM/eSixPplr0PN0k2vWmNsQoOLczgNbU893vvLYiq9GKm7HOH41wbj4mPnRqEBnY0icjBI+dwiwKszrqS+holTQE26pxzm5scWBFIlAYysTw+EybkDfL4+5ei2obW3n0PP/ZAmwS9YS3Sa5MzBLetw15YvjY6mWlpVBLplYlZrLtaXCAhlZEX9y/PL3slvTuMGfcIprUr4I3ZibkNXneTOjJ46krI0mYsDL0zVORo2zp3PfzkIy1qXmhmBrTte7RbE1iN6NX64tLFC/GqPa3K5MjFCZVMz6PT6Ti35/7DPPexQSd0Y83ObI4Nbjka+w0CNrk6U7bu668l48lSwmjTcG86MGgacNRKBQdBsuFgBtI7tCJAJYdPDOM9hxsUHAgAophNFwjAUiWSBQBAIJ8kKW2j+eYOIeGfX6ZhmU7BQSCGgrmxiUtjjLits+u+Rx7vtcmIraUFTsfTj7Tibg/PrNHy4YRnK5Q3KkW5QLjU+tDj7ez0G+f8MCimsnglPKZChU+JT/GQQjm68J0fXFI9/iW9RAzjaQaPL01Prft16y+8TOy7R23Vqfnw8sWXX8k27VLpjRoJXY5tjczHwE6yWkAJ4FI2uuZaV5jbuuyi9XNzioe+VoelfrKUQhuSlMVoMWKz50/zMo3NNabs1NDwlrRJojLr5Le24KLOyTGmdDBbYtH1M2uKQ8+0cGEAaIQrKU9eOvo+49gIxSKiTCbudk6Eke4iU/TNLUdT9lgmL3X7N0OwoZAPLc66a574jxos+tZoiLk3kQaAk4pOH73IYM8+9Zk+LffG4M7TND/zV/9fmS1f/q//SfLIV//8kTYRH8EESjEAANC4gJdYGnzxJVl1ajWh7t+hI19e8K1hGz3dfJWYzOQLpAiFohPvHtFbghtJiE5FIquBlaikt9siBCy+6ZyeYnVEkQFqa5uBGrtwVhRzOJo7QHh2utj8bwbMPzPrkNl66sjRk8dlfp3E1NBlDE8vBqg2d5NUJBH5spmcNzy7rt39Z3Xc8ecCnXsOGZjsm4HliKg/sDi7kEtv+lp5iICfySULmaBncb3ckCuXEQ4WHj551BAOLEchQXAyuTQJmh7L4EDN9S0tpLGebJpkpUKFAi4AcX1fnagMt9eIRyevnudmq6vrmmpvrL04fAk3tnr23aMp7sqmK1eXz1MB10S2dDCbpkCVSCmBI7SguqtVwytOe2JEPJstwkI+g28cOXLB5nW6WHkqWjS01/FOuK+cPR9rbGivl165kO479JgJIa563R5WR8AYLzN77MQp/eYKmUUyyeTU1Pvn6PYurcGgFMI3t6gV9gbTUnRpeqzgc3d/9el9LRrfCX/I2KC/FXzD1e06OHDeP3/l4sLCZHbHs19tVbIbJ14fY5v/cLcVhQAA5fl3/+Fd8r7/8qTihW++mFVaHTqF2N61o1N/cxMA0dVXl0enjh/h6xUaR0erzFprg8+OXLxI1dU29dVtXR7n33egX40urm3ltkA6l8ksT08DM5tcf/ub16z3N8r1ekTFj468/q1r8j//vx/T3t264RUq/IbyKSpF0Pnw+HxQ7ahzaIQsmfMuLblK4pZGQ35trSjTwAyiN+uoyNpKlqvHIK5Gp5NQa8PTGaWjWUfPLcdMjQ3SbDhCSx0ORXxlIa1uqpcTs8OLjLqqySaJLi95MoxMb6y26cjApifFyoUMLTXYNJLrJiHnW5zwM40tTTo4Mr6QtbfVqngwAHTEObOcIPUGE49MhUqSphrx5tQqa6lvMSHOscWiyt5RLQutOQOMpqVWEV9eY21tVgm+fnU+LTeYhNnZKwtFDrG5vBLj7v63f/Gg9meeuLQ1vkRU1dVofyYclMqGJ6edhEgev/T8CflXfvTVxtWRiRhH31It8i+so452hyg/O7lKKQ1WGeMJFQ3VNYKcbwtXdDfqIEBF1uaW0sLejjohUvYtzK1lWI1WZ7NasKxn2od1dVq4txfGUomNpdUMq5CIJRqTQViYHV4oa+z1GrC8FNI0NspL/tW8sq9e5h1fgex2i4RZX1rISBzV3PiMK2drrIP8awFK1tpalXPNr+YlPd0ONrA6tZ5SVJlkhUS4xJEJS/4cv7mlTiOEo6vTawVJY6NDwSN8s1uIzaqXciGWSmwszQVzMoXGaLZopLzr25QskZmbXizAMrOeF16Ly1ubHfz06ExAWVPv0EnK4Q0PIXIYtRwEIlK+qZWIvq7RxMk5F1YKAnOVpLgaYepbGlVUZH7GVeZL1Eaz3SBwT3l41XazHHidCz5G02zhbs6u4UqdTsBGYri5vgaOu1y4QAezfJ3RoBBcbyQGj6+uRPlqEaBgtUEvREuXXvzrU5Lf/d+frb1lZ+hSeiuQBAxRIPlV1SYJF0qsLUWl1nqtGAIAACqyMudiTD01vIWR6SwqUiqURqtZzvsg4pnBE/PzHiAUSsRKg0XNpTJr0wsRhqdWG2x2XX5tMSaxNhjEKffySph1tDsY35IzK+pr0XinNlmdjENRQrNdknBORfidXQ5hxQJWqPAp8GmKJbEMSTEwiiAQBABLUxTNQiiKsDTFQjAEQTAMA5qiWAiGAAwjEMTSJMVACIYAkqJhFIUZhgEwgkAMTbEwikAsRVIARlAEZmiKolkYQVAEZmmaZgEEAQhGbkXisAxF0QDBUJhlSJpF0RvnCViaImkWRhAYsDQLYShEkxSLoCgMaJJib96cZmEMhRiKBigKA5YmKRai5gbfOxt1fP2h2sTa0FsvJH7n779k/5mBiaVJGkLRnztJwVIkSeVX/uFr3+T8u2//SY+aIUkGglEUZkgKICgCA4ogr9eJYVgYQSCGoQF8vcoMfaPdIAAYmqRoFoYRFEWul4ahH3ZlX39wCIJgBIEhliIpFkJQBNAUDaEYzNIUC2MIxFA0QBAYYmmK+j/t3Wd0XNd9IPD7yvTegcEMeu+NAEiQhCg2sahZMWXL1iaOHEU6u/Zmd7MnJ/t51+fsOftBcRxL2lhRKFESJbF3ggUsINEBog8G0zC99/7K3Q8DgLR9spZoSZHM9/s4M6/d++b8X7n3/4cIhiGQpGgUxxGKosB6N1EQYRU2RFAIhqEA0hAgCKAhguEYWujUh/tGIdhGI9MkQdIIimEY9khrQIogaYBgGEqTFMJiYQhNEDRa+BFNUWCj/yBNkjSC49j6KYFiKKAoiOE4ikAyT9AIgmE4hiIUSSHrS693GUUQNIJhKKApiOI4oEnq4Qn2yJ6QFEAQgEDfwkpSkJ/55K769Td3qR8dxwspigYAQoDiGFroCIjim9NSaJKgAMbCETJP0ABBURTDf2fOCiQJEiDrXQEAoEiCosHGSUvSKIYhCKQokoY4C99ocJQiKIgiCAAohgGaJApN9QX/dAwG48tg6gV+cTBimro1uqbrqqdca0l5y1Od+i/6HDmXsM3feO/d2b7/8sbeRs2XnETH+PrkJo5+vIJz5Q39ezpKv+isewaD8aeCCYFfAqSIbJZA2TggKcDicH7vDuz/syiZyySTBFcs5LKYac/fHjCXTBIAxTm8383QxmAwngBMCGQwGAzGE+rxr3xpopAkchMk8/kvMo8XUmQuk/udhb8pkMznspncE5GFEdL5XDabIx7rWCFF5LK5HPnls6T+6aLJXC6Xy0NIk/lcNvcHk88yGIxvu8cJgWQ67g8HZz/C0Dr3AAAWYUlEQVT/l0tLzog/mAMgG/a73Zbh40fv2iLhWGozEOaCHrvd6fN5HTbrmtPtca7Z/LGE7e4vfv7f/mXISn6Fx/FF5eZP//L1199eTv3pJ92AWf+5//2z1//hYvQxGhrmbbfe/88//7vb9j8q6fM3Kx9xOgOJ3B/+4ZcCiZjfF4hlIRm7++7/evPvPg1lo3fe/fvXf3Eu8ocXZjAY32qPEwKznpWrN+85Y2nX6sydwZEohIHp65dHDPFsfGX09viiI1u4c6AzIyc//vCzS3evfvw/fvLmLz66MXzyn/7n6WlMpJAWsfly8b9H4SROmZafKlEpuN+lFz9kPp3JfamYnY0m8ghXLs2ztQop999++QipTCz5O/U7iHgyQwG2WK4pIlhSyXchQeX6UcSG//lfr60Ev+qVx6cvnr484YS4iC/FM5IiKVckzOcEpRrpV7wlBoPxTXucSMBRKDgu4/SK1bS0FBCoRAgiKFbn5yamTA6TzcmSirmFkXVUXtJ76Cev/aCvlB+F2oEXXzz4wx/9aFcTGfZTaU5jleKrPZIvhrZMWqpaqr9DE43jlqkLn132k190h2HKdeuDT2ciEMCwwSVvqq3k/RuLEsHVy8dOLaUe/Tq3dP7UlUkLhdARTyTDaaqSftsbKh8yXf7w5GIKBUD+1F/8YKBW+RVvAJd1H35ud3sxQoXXDM76Hc045ZyaZHXV6ZhxTQzGd93j3ImRmSyur2kgyHBtqx7LZyEk0nlxfYssaEmU1bKJPAkBhgCAi5qbhThOjswb8pr2znKhgNW0TQEdg55ISkesXP3lhYmi7/3VkY7ipGP2/pwXksGgpv+FyugHb93R7mkOT43T2159rV9mHB5eiZNUPF2x/4U22foOp32ro/NuLOuyCbpe2VUHIuY7wwZEiNgMTm5NX0Xi7gVT8cv7pbdODEufevnI03XrWf3p8NQ0pdlrP/bWLVtG++P/9EqlCItYZsaXHSEPXdnf39OgQgEA+di9M0cvrele3i+9dXJYOvDyy0/XgYBpZMKEcIElytuzr1+/mQmVis/dvGFM48lYkFe1/UAFcf7szXjZ/jcPau6/dzw18PLeau7q3TsrGQSGnb6Icvsh3e137mj3NAUmJ8COV/9ya5Fr5s6khxakbCusmue7i8cvnjZxeg81RY5/btn6fF9g8NjJBdHfbh8oESiRuHN8dNafyCDF9Xu2NmNB89iUIRoMoY39+zqq2AgARGjs7NG3jhmf0W5pYaWWlIrDmOPjtz71cjt/+sZuMUibRoaXYjg3arYAucw9/tHN5A9qejs11RwAAKAjhjv/8N5Jdjfd1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/></div>
<div style="color: black;">
Source: http://www.fairholmefunds.com</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Both AIG and BAC warrants are high up on the list, offering returns of 752% and 592% respectively.</div>
<div style="color: black;">
We have used even more conservative growth rate than his suggested 10% growth in book value through the years. What is interesting here is that Hartford warrants have almost the similar returns as AIG warrants. We will probably do some work on it. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
On investing in the warrants, we always have people asking us how come then with such returns, well known value managers are not putting their money in the warrants but instead in the common stocks?</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
The reason is they can't. There is simply not enough volume of warrants out there in the market for them to buy. Bruce himself already holds close to 25mil of the 75 mil outstanding AIG warrants. That is almost 1/3 of the entire float!</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
But for retail investors, that is a different case altogether. We can instead buy in to these warrants and hold on till expiry and chances are, you will be getting a huge paycheck at the end!</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<br /></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com31tag:blogger.com,1999:blog-7871012627052779161.post-21489619791689023952012-05-30T01:51:00.001-07:002012-05-30T02:00:23.893-07:00RIMM - Liquidation Value<div style="color: black;">
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<div style="color: black;">
RIMM stock price continue to collapse as uncertainty about their future weighs in. The Android phones and Apple iOS phones continue to grow their market share at the expense of others. As we have observed, the mobile industry thrives on a rapidly changing landscape, and survivals are those that are able to constantly innovate themselves to stay ahead of competition. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Such industry generally does not make a good case for investing, as business fundamentals can be eroded easily overnight. RIMM makes a perfect example and we would not have considered it as a sound investment to begin with. However, extreme pessimism has been priced into the stock price and the value might be too compelling to ignore at this moment. Though we shall make clear that our investment thesis would be based solely on RIMM ‘s liquidation value instead of their business fundamentals, which we have no interest to analyze or make predictions on. <br />
<br />
<u>Liquidation Value </u><br />
<br />
<b>Graham Net Nets </b> </div>
<div style="color: black;">
To provide us with enough safety margin, we thought the best way to calculate liquidation value would be using Graham’s Net Nets Working Capital. </div>
<div class="MsoNormal" style="color: black;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; margin-left: 4.65pt; width: 359px;">
<tbody>
<tr style="height: 14.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Graham Net Net Working
Capital </span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Actual</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">Reduced</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Cash </span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1527</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">100%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1527</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Short Term Marketable
Investments</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">247</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">100%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">247</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Accts Receivable</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">3062</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">75%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">2296.5</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Other Receivables</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">496</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">75%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">372</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Inventory </span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1027</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">50%</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">513.5</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Other Current Assets + LT
Investments</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">702</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">75%</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">526.5</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">PPE</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">2748</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">50%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1374</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 9;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><br /></td>
<td nowrap="nowrap" style="border-top: solid windowtext 1.0pt; border: none; height: 14.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">6856.5</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 10;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">- Total Liabilities</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">3631</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 11; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 173.15pt;" valign="bottom" width="173"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.25pt;" valign="bottom" width="74"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Per Share</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 59.0pt;" valign="bottom" width="59"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">6.15</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black;">
<br /></div>
<div style="color: black;">
As shown, we have marked down receivables on the balance sheet by 25%, with Inventory and PPE by 50%. Their PPE consists of Blackberry infrastructure and network, which we believe would not be worth as much compared to assets such as lands and, buildings. After taking away total liabilities, we arrive at a per share value of $6.15 which is substantially below the current stock price of $11. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
If RIMM ever trades close to this price, we would gladly buy it and we will make sure we buy enough of it. That's the bargain price we hope it will one day trade at. Of course, it is unlikely and the market would have given some value to its patent portfolio and subscriber base of almost 77 mils Blackberry users. </div>
<div class="MsoNormal" style="color: black;">
<br /></div>
<div class="MsoNormal" style="color: black;">
<u>Graham Net Nets + Subscriber Base + Patent Portfolio </u></div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
So lets just give some credit to these two other assets that they have. If you look up analysts’ reports, articles online, you will end up getting quite a wide range of valuations for these two assets. Anyone’s guess is as good; for us, we shall base our valuations on past market transactions and establish a low to high case scenario. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
First, lets look at the subscriber base:</div>
<div style="color: black;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; margin-left: 4.65pt; width: 338px;">
<tbody>
<tr style="height: 14.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="2" nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.0pt;" valign="bottom" width="126"><div class="MsoNormal">
<b><span style="font-family: Calibri; font-size: 11pt;">Subscribers Valuation</span></b></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Subscribers (mils)</span></div>
</td>
<td colspan="2" nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 126.0pt;" valign="bottom" width="126"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Purchase Price (mils)</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Skype</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">170</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">8,000</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">2</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">RIMM</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">77</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">% of purchase price</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">20%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">40%</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">60%</span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Valuation per subscriber</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $9 </span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $19 </span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $28 </span></div>
</td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">Low</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">Mid</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">High</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Valuation</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $725 </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $1,449 </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $2,174 </span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.6pt;" valign="bottom" width="8"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 118.4pt;" valign="bottom" width="118"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Per Share</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.0pt;" valign="bottom" width="86"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $1.38 </span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $2.77 </span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $4.15 </span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black;">
<br /></div>
<div style="color: black;">
Microsoft purchased Skype’s 170mils subscribers for almost $8bils back then. This might seem to be a rather lofty price from hindsight, so we have used the Low to Mid to High case, discounted to 20%, 40% and 60% of the Microsoft’s purchase price accordingly. The valuations are shown above, with the lowest at $9 per subscriber to as high as $28 per subscriber. <b> </b></div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<b>Patent Portfolio Valuation </b></div>
<div style="color: black;">
Next, for the patent portfolio, we have used the following market transactions to come up with the ballpark for the average purchased price per patent: </div>
<div style="color: black;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; margin-left: 4.65pt; width: 408px;">
<tbody>
<tr style="height: 14.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td colspan="2" nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.4pt;" valign="bottom" width="176"><div class="MsoNormal">
<b><span style="font-family: Calibri; font-size: 11pt;">Patents Valuation</span></b></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 1.8pt;" valign="bottom" width="2"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 174.6pt;" valign="bottom" width="175"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Price / Patent</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1</span></div>
</td>
<td colspan="3" nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 233.4pt;" valign="bottom" width="233"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Microsoft purchase of Novell patents</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">510,204</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">2</span></div>
</td>
<td colspan="2" nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.4pt;" valign="bottom" width="176"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Microsoft purchase of AOL patents</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1,141,622</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">3</span></div>
</td>
<td colspan="3" nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 233.4pt;" valign="bottom" width="233"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Google purchase of Mortorola Mobility</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">735,294</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">4</span></div>
</td>
<td colspan="2" nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 176.4pt;" valign="bottom" width="176"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Nortels patents</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">750,000</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 6;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 1.8pt;" valign="bottom" width="2"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 174.6pt;" valign="bottom" width="175"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Ave.</span></div>
</td>
<td nowrap="nowrap" style="border-top: solid windowtext 1.0pt; border: none; height: 14.0pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">784,280</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
</tr>
<tr style="height: 14.0pt; mso-yfti-irow: 7;">
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 1.8pt;" valign="bottom" width="2"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 174.6pt;" valign="bottom" width="175"><br /></td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">Low</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">Mid</span></div>
</td>
<td nowrap="nowrap" style="height: 14.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">High</span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 1.8pt;" valign="bottom" width="2"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 174.6pt;" valign="bottom" width="175"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">RIMM Valuation of 3936
patents (mils)</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $2,008 </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $3,087 </span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $4,493 </span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 9; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 1.8pt;" valign="bottom" width="2"><br /></td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 174.6pt;" valign="bottom" width="175"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Per Share</span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" valign="bottom" width="57"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $3.83 </span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 69.0pt;" valign="bottom" width="69"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $5.89 </span></div>
</td>
<td nowrap="nowrap" style="height: 15.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 53.0pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $8.57 </span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black;">
<br /></div>
<div style="color: black;">
It ranged from as high as $1,141k/patent for the AOL patents to 510k/patent for the Novell patents. The average at $784k/patent would seem to be reasonable as RIMM purchased the Nortels patents recently at a transaction value of about $750k/patent.</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
We did some digging and managed to find about 3,936 patents that are assigned to RIMM from the U.S. Patent and Trademark Office. Using the prior figures, we value RIMM’s patent portfolio to be anywhere from $2bils to $4.5bils. The Wall Street analysts seem to disagree with each other so much over the valuations that they came up with an all too wide range of $2bils to $10bils! </div>
<div class="MsoNormal" style="color: black;">
<br /></div>
<div style="color: black;">
<u>Adding up the Numbers</u></div>
<div style="color: black;">
<br /></div>
<div class="MsoNormal" style="color: black;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; margin-left: 4.65pt; width: 288px;">
<tbody>
<tr style="height: 17.65pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><br /></td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.45pt;" valign="bottom" width="80"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Low </span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Mid </span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">High</span></div>
</td>
</tr>
<tr style="height: 17.65pt; mso-yfti-irow: 1;">
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Graham Nets</span></div>
</td>
<td colspan="3" nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 204.05pt;" valign="bottom" width="204"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">6.15</span></div>
</td>
</tr>
<tr style="height: 17.65pt; mso-yfti-irow: 2;">
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">Subscriber Base</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.45pt;" valign="bottom" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">1.38</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">2.77</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">4.15</span></div>
</td>
</tr>
<tr style="height: 17.65pt; mso-yfti-irow: 3;">
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Patents</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.45pt;" valign="bottom" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">3.83</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">5.89</span></div>
</td>
<td nowrap="nowrap" style="height: 17.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">8.57</span></div>
</td>
</tr>
<tr style="height: 18.95pt; mso-yfti-irow: 4;">
<td nowrap="nowrap" style="height: 18.95pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Per Share</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 18.95pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.45pt;" valign="bottom" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">$11.37</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 18.95pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">$14.81</span></div>
</td>
<td nowrap="nowrap" style="border-bottom: double windowtext 2.25pt; border-left: none; border-right: none; border-top: solid windowtext 1.0pt; height: 18.95pt; mso-border-bottom-alt: double windowtext 2.25pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">$18.87</span></div>
</td>
</tr>
<tr style="height: 18.95pt; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td nowrap="nowrap" style="height: 18.95pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 84.05pt;" valign="bottom" width="84"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Upside</span></div>
</td>
<td nowrap="nowrap" style="height: 18.95pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 80.45pt;" valign="bottom" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">3.34%</span></div>
</td>
<td nowrap="nowrap" style="height: 18.95pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">34.62%</span></div>
</td>
<td nowrap="nowrap" style="height: 18.95pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.8pt;" valign="bottom" width="62"><div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-family: Calibri; font-size: 11pt;">71.58%</span></div>
</td>
</tr>
</tbody></table>
<div style="color: black;">
<br /></div>
<div style="color: black;">
At the current price of $11, the base scenario is still higher by 3.34%. We believe the calculations made here is rather conservative, as we have marked down all the necessary components as if in a fire-sale scenario. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
However, after putting down all the numbers, it seems that the risk-reward scenario is still not sufficient enough for us to make any investment. We would prefer to be buying at a price where we get the entire subscriber base and patent portfolio for free, though we might be a little bit too greedy on that. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<u>RIMM’s 4Q 2012 Business Updates</u></div>
<div style="color: black;">
As we are writing this Post, RIMM’s CEO Thorsten provided some important business updates to the public yesterday. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Positives: </div>
<div style="color: black;">
- Subscriber base increased to 78mils </div>
<div style="color: black;">
- BBM user base has grown to 59mils (we have not even factor this in, take it as a free gift!) </div>
<div style="color: black;">
- Successful launch of two new BlackBerry 7 phones in India and Latin America </div>
<div style="color: black;">
- Progress being made and enthusiasm surrounding their BlackBerry 10 </div>
<div style="color: black;">
- App growth of 220% y-o-y </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Negatives: </div>
<div style="color: black;">
- On-going competitive environment, resulting in lower volumes and highly competitive pricing dynamics </div>
<div style="color: black;">
- Q1 results anticipated to be at an operating loss </div>
<div style="color: black;">
(Source: http://www.virtual-strategy.com/2012/05/29/research-motion-ceo-provides-business-update) </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
The good news to us is rather that people are selling out on RIMM due to the news of their operating loss. We have expected that to happen given the drastic transformation the CEO is making throughout the organization. Good news to value investors especially as the news send the stock price down almost 7.3% after-market to $10.41. Still not yet low enough for us, so lets hope it drops further (existing shareholders please don't kill us for saying this). </div>
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<br /></div>
<div style="color: black;">
Probably when it reaches close enough to Graham Nets number, we will relook at it again. </div>
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<br /></div>
<div style="color: black;">
Till then, we welcome all to share any views you might have on RIMM. </div>
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<br /></div>
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<br /></div>
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<br /></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com4tag:blogger.com,1999:blog-7871012627052779161.post-6146887530565518042012-05-16T02:42:00.005-07:002012-05-16T02:44:36.113-07:00RIMM - Simply Amazed by What Mr Market Can Do!<div style="color: black;">
One month has passed since our post on RIMM, and it really amazes us how manic depressive the market can be. We remember saying RIMM is dirt cheap at a price of $13.32, and guess what, it has collapsed another 17% to $11.10!</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Simply amazing to have a company with no debt, $1.5bils in cash & cash equivalents, trading at price to tangible book of 0.89 and price to book of 0.58. After taking away cash, you are buying a company for just 2.36 times its FCFs, with all its patents, infrastructure, subscriber base, network they have built through the years.</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Definitely up for sale!<br />
<br />
</div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-55143348508139509492012-04-17T11:52:00.000-07:002012-04-17T11:55:16.496-07:00Research In Motion (RIMM) – Dirt Cheap But Worth Your Bet?<div style="color: black;">
<b>Pre-words:</b> </div>
<div style="color: black;">
This post is written not to discuss whether we think Blackberry will survive or not given what had happened. Nor is it written to debate on whether IPhones or Android Phones will take over the smartphone world. <br />
But rather, it is to simply show you how amazingly cheap the company is traded at, given the company’s financial position and the amount of cash flows they are still churning out. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<b>Picture this:</b> Just 1 year ago, RIMM is valued at $38Bn in the market. Fast forward till today, at a share price of $13.32, you can buyout the company with just $7Bn! <br />
<br />
<b>Income Statement: </b><br />
<br />
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<tbody>
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<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Net Income</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1164</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">+</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Cost Optimization</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">96</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">+</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Service Disruption</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">42</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">+</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Inventory Provision</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">387</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">+</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Goodwill Impairment</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color -moz-use-text-color windowtext; border-style: none none solid; border-width: medium medium 1pt; height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">273</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">Adj. Net Income</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">1962</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">EPS</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;"> $3.74 </span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 53pt;" valign="bottom" width="53"></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-family: Calibri; font-size: 11pt;">P/E</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 95pt;" valign="bottom" width="95"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: Calibri; font-size: 11pt;">3.56</span></div>
</td>
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</tbody></table>
<div style="color: black;">
<br /></div>
<div style="color: black;">
For their fiscal year ended March 3, 2012, RIMM reported a net income of $1164 mils and EPS of $2.22, which was a drop of almost 65% from their previous year of EPS $6.34. However, digging deeper into the numbers, there is substantial amount of one-time expenses incurred through the year and includes the items shown above. (We shall not go deeper into each items, you can read further in the annual report.) <br />
<br />
After adjusting for all the one-time expenses, we arrive at a net income of $1,962 mils, which translate to an EPS of $3.74 and P/E of just 3.56. Although still a substantial drop from previous year peak earnings, the adjusted EPS shows how low they are being valued at in the market. At current price level, you are getting a company with 28% in earnings yield. <br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5AiDoItpwAmYkZaSlfIaWqsvsrV1zv8QxZBx6gCCxIM31-9gj8K-t6TzOYNNAAfdGEdtQMfl-RJqWsZ046T2Ius2dozrnZK58Nv1K8TwtFGtHBlGMjr4eV5ZLOf31TqXUR5ikojweoaYy/s1600/RIMM+-+P:E.png"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5AiDoItpwAmYkZaSlfIaWqsvsrV1zv8QxZBx6gCCxIM31-9gj8K-t6TzOYNNAAfdGEdtQMfl-RJqWsZ046T2Ius2dozrnZK58Nv1K8TwtFGtHBlGMjr4eV5ZLOf31TqXUR5ikojweoaYy/s640/RIMM+-+P:E.png" /></a><br />
<br />
Furthermore, taking the average from 2005 to 2010, the historical P/E the company use to trade at is 21.65. This is way above today’s multiples of just 3.56, and if they ever trades back up to their historical level, that’s a return of almost 500%! <br />
<br />
<b>Cash-flow </b><br />
If you take a look at their cash-flow statements, RIMM is still churning out good money and their latest year operating cash flow is almost $2.9Bn. Amortization of their PPE is $0.637Bn, and intangibles of $0.459Bn, which adds to a total of about $1.1Bn in maintenance Capex that is required to sustain the business going forward. This will give us a FCFs of almost $1.8Bn a year if revenue remains at current level, giving you a company with FCFs yield of 26%! <br />
<br />
<b>Balance Sheet: </b><br />
On their books, RIMM has Cash & Cash Equivalents of $1.5Bn, Short-term Investments of $0.25Bn, and Long-term Investments of $0.34Bn, giving a total of about $2.1Bn in liquid assets. This translates to a per share of $4.03, which is 30% of the current share price of $13.32. With no debts on their books, essentially, the market is valuing the company at only $5Bn.</div>
<div style="color: black;">
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQhz-nQGVogtGLgi4JWUcEwy39R1DAU0UmzAPRG3tEjrEE1h_Y4UoZvJwoxI5uGd4grMNFcN9tNCVanRbcyOmemf3r6lH5lh53sPTlCQaNemBP4kto2fESFW9E6UBWns8fvql0lLLfWZdL/s1600/RIMM+-+P:B.png"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQhz-nQGVogtGLgi4JWUcEwy39R1DAU0UmzAPRG3tEjrEE1h_Y4UoZvJwoxI5uGd4grMNFcN9tNCVanRbcyOmemf3r6lH5lh53sPTlCQaNemBP4kto2fESFW9E6UBWns8fvql0lLLfWZdL/s640/RIMM+-+P:B.png" /></a><br />
<br />
The above table shows the historical P/B for the past decade. Taking the average from 2001 – 2006 and 2008 – 2010, we have an average P/B of 3.98. With current equity of $10Bn, RIMM has a book value per share of $19.27. This translates to a price to book value of only 0.69. </div>
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<br /></div>
<div style="color: black;">
If we breakdown the equity, RIMM has $0.3Bn in goodwill, and $3.3Bn in intangibles. To be on the conservative side, we take away the goodwill and intangibles, leaving us with a tangible equity of about $6.5Bn, which translates to $12.42 per share and a price to tangible book of 1.07. <br />
<br />
<b>Valuation </b><br />
If you are still not convinced on how dirt cheap RIMM is being valued at in the market, let us summarize. <br />
<br />
At a price of $13.32, you are buying a company that is trading at 0.69 price to book, 1.07 price to tangible book, with a FCFs yield of 26%. Even with today’s dismal results, they are earning a return on tangible equity of 18% and adjusted return on tangible equity of 30% if the one-time charges are added back. <br />
<br />
Factoring in their liquid assets of almost $2.1Bn, they are only valued at $5Bn in the market. With a FCFs of $1.8Bn per year, the company can take themselves private in 2.8 years time. (Please tell us how crazy is that.) <b> </b></div>
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<br /></div>
<div style="color: black;">
<b>Bonus - Potential Catalyst </b><br />
An added bonus to owning shares of RIMM, we have our dear Prem Watsa, the Canadian Warren Buffet, doing his best for the shareholders. He owns a huge stake in RIMM and in recent months, had bought even more shares of the company. He was elected to the board and could be the driver behind many of the moves made by the company recently. A new CEO was installed and they are exploring strategic opportunities that include partnerships, joint ventures, licensing, etc. <br />
<br />
(P.S. To Prem Watsa, why don't you consider buying out RIMM?)<br />
<br /></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-83581480159522419812012-04-15T00:54:00.001-07:002012-04-17T11:54:06.249-07:00Portfolio Updates<div style="color: black;">
As quoted by <b>Warren Buffett</b>, “Diversification is protection against ignorance.”</div>
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<br /></div>
<div style="color: black;">
We are almost done with our portfolio allocation. This is the portfolio that we would gladly hold for at least the next decade, unless, our valuations are reached much earlier and there exist even more undervalued opportunities to invest in.</div>
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<br /></div>
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The proportion of our stakes show how convicted we are in the positions we held.</div>
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We believe in the concentration of great ideas.</div>
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<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com2tag:blogger.com,1999:blog-7871012627052779161.post-35005923884866269752012-04-14T04:32:00.000-07:002012-04-14T09:18:03.182-07:00Teaser: How to ruin a wonderful, gargantuan business like AIG?<div style="color: black;">
Based on the 2007 Annual Report, SIG's notional exposure to AIGFP supersenior Credit Default Swaps (CDS) portfolio is $527bn, in exchange for about $200mn of premiums (or revenues) per annum. Total premiums in 2007, by the way, is $79bn.</div>
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<br /></div>
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*Notes:</div>
<div style="color: black;">
(1) It's unbelieveable that they called the CDS portfolio 'supersenior'!</div>
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(2) $527bn is more than 5 times shareholders' equity, then in 2007.</div>
<div style="color: black;">
(3) Maybe, the AIG meltdown in 2008 is not so black-swan-like after all.</div>
<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-39170410612217960452012-04-05T09:30:00.004-07:002012-04-07T08:08:07.933-07:00Why invest in AIG common stock when you can invest in AIG warrants?<style>
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<br />
<span style="color: black;">An OUTDATED article (written on 24 Feb 2012) that is still relevant in today’s context.</span><br />
<br />
<div style="border: 1pt solid windowtext; color: black; padding: 1pt 4pt;">
<b>Sypnosis:</b><br />
With a modest intrinsic value per share of $60 based on a price/normalized earnings of 15x, the yield on AIG common stock is 120%. But why invest in the common stock when you can invest in the warrants with a maturity date on 19 Jan 2021 that would yield much bigger gains as book value and earnings would continue to grow at a modest rate in 9 years time?<br />
<br />
Assuming a very conservative 6% CAGR growth in AIG’s book value and earnings, the intrinsic value per share 9 years later would be in the range of $100. While the 9-year yield on common stock becomes 270%, the warrants have a yield of 610%! Forget about AIG common stock; Consider the warrants!</div>
<br />
<span style="color: black;">Readers should note that our investment thesis and hence, the format of our article on BofA warrants is similar to that of AIG warrants, in which we have previously written in the article titled ‘Why invest in Bank of America common stock when you can invest in BofA warrants?’. The similarities of both AIG and BofA include (1) a business that has minimum leverage/excess liquidity due to the actions taken during the 2008 financial crisis, (2) have bad loans/investments written off (or be taken care of) and (3) the underlying share prices of the warrants have a dramatic upside potential when the respective business cycle turns. </span><br />
<br />
<span style="color: black;"><b>Introduction on AIG common stock.</b> As of 24 Feb 2012, AIG common stock has a share price of $29, with a book value per share of approximately $45 on 1,797 million of shares outstanding. As the annual earnings power in the past three years has been masked by (1) huge interest expenses (due to the government loan), (2) unfavorable market valuations in the investment portfolio mainly due to mortgage backed securities and the like, (3) catastrophic insurance losses, (4) insurance reserve strengthening and (5) goodwill impairments, we have adjusted the profit excluding these items and consequently, the normalized profit after tax is $4 per share. All these translate to P/B of 0.64x and P/normalized earnings of 7.25x. </span><br />
<br />
<span style="color: black;">(More on how we have calculated the normalized profit after tax, we have factored in a combined ratio of 108% (2006-2007 figures) on a low annual premium volume of $48bn (2010 figure) and a net investment income/premiums ratio of 37% (2006,2007 and 2009 figures) and a 30% tax figure.) </span><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJpUKt43gqvI3yHh4BOWah_xc9LZUpDkeMq7wyal4X6bNDTNsDaNOtmUSPDYWt4_G9GFaReKMHgaZhKXBFnILqPP4l0MPmgMfSJVP5KPMDqaRAs2n-OuL2daDht5ZIC2mOp9tpG9sd3Ew9/s1600/AIG.png" style="color: black;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJpUKt43gqvI3yHh4BOWah_xc9LZUpDkeMq7wyal4X6bNDTNsDaNOtmUSPDYWt4_G9GFaReKMHgaZhKXBFnILqPP4l0MPmgMfSJVP5KPMDqaRAs2n-OuL2daDht5ZIC2mOp9tpG9sd3Ew9/s640/AIG.png" /></a><br />
<br />
<span style="color: black;"><b>A modest intrinsic value per share of $60.</b> The above table shows the past P/B and P/E that AIG common stock has been trading for the past 10 years. The average P/B and P/E of 1.89x and 16.86x is calculated based on the Dec 2003-2006 figures (Dec 2001-2002 figures are unrealistic). If a range of intrinsic value estimates is calculated based on past average P/B and P/E, there exists a profit potential of 100-200%. My estimated intrinsic value per share of $60, therefore, is modest. (The author suggests you do the calculations yourself – and be amazed!) </span><br />
<br />
<span style="color: black;"><b>More on AIG.</b> The recapitalization has more-or-less been completed as AIG has repaid government debt through asset sales and the bulk of the toxic assets have been written off through special vehicles in Maiden Lane 2 & 3 that have been put in place to absorb these assets. Forget about the Old AIG. The current AIG is a New AIG with (1) plenty of liquidity, (2) little or no debt, (3) assumed-to-be-undervalued mortgage-backed assets in its investment portfolio, (4) under-utilized insurance assets as certain wholesale channels are still off-bounds due to the AIG meltdown saga in 2008 and (5) $25bn or $14 per share of deferred tax asset to be utilized which is not found on the balance sheet (hence, not in GAAP book value calculation). All these points to both an undervalued GAAP book value per share of $45 and normalized earnings per share of $4. </span><br />
<br />
<span style="color: black;">If, through verification, you are stupefied by how undervalued AIG common stock is, you can forget about AIG common stock; Consider AIG warrants: </span><br />
<br />
<span style="color: black;"><b>Introduction on AIG warrants.</b> Unlike the typical short-dated warrant which is no different from a bet on a horse-race or a soccer-match, AIG warrants are long-dated with a maturity date on 19 Jan 2021 or approximately 9 more years before maturity. The current warrants price is $7.77, with a strike price of $45 (approximately equal to BV per share). The break-even share price, therefore, would be $52.77. </span><br />
<br />
<span style="color: black;"><b>Downside risk is zero? </b>Based on the current price and long-term nature of the warrants, we believe the downside risk is close to zero, if not zero. Of course, the authors disregard opportunity cost in their argument that follows. The payoff structure of a warrant is such that the investor of AIG warrants will lose its capital if the share price of AIG falls below $52.77. Assuming a very conservative 6% CAGR growth in AIG’s book value and earnings, the intrinsic value per share 9 years later would be in the range of $100. The break-even share price of $52.77 is approximately 48% below the estimated intrinsic value of $100, 9 years later. (Book value per share and EPS would increase to $76 and $6.75 respectively. At the break-even share price of $52.77, the P/B becomes 0.69x and P/E becomes 7.8x.) What is the probability that on 19 Jan 2021, AIG share price would fall below $52.77 or trading below P/B of 0.69x and P/E of 7.8x? </span><br />
<br />
<span style="color: black;"><b>An awesome 9-year yield of 610% on the warrants!</b> Now on the upside: With an estimated 9-years-later intrinsic value per share of $100, P/B and P/E would become 1.33x and 15x respectively. The main flaw in our argument is, of course, earnings and book value do not compound at a rate of 6% per annum moving forward. However, with a conservative ROE of 10% moving forward and a well-known fact that AIG retains the bulk of the earnings, my projected growth is absolutely conservative. Assuming our argument is not flawed, the warrants will yield an awesome 610%! (AIG common stock, meanwhile, only yield 245% though) </span><br />
<br />
<span style="color: black;"><b>What if, on 19 Jan 2021, the price of AIG common stock is not 1.33x, but 3.00x of book value?</b> With an estimated book value of $76 on 19 Jan 2021, the warrants would have a yield of 2255%! </span><br />
<br />
<span style="color: black;">Confessions of the authors: We have no idea why we have such a huge stake in BofA warrants. See </span><a href="http://valueground.blogspot.com/p/portfolio.html" style="color: black;">http://valueground.blogspot.com/p/portfolio.html</a><span style="color: black;"> to understand why.</span><br />
<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com13tag:blogger.com,1999:blog-7871012627052779161.post-9989642941093887822012-04-02T02:52:00.001-07:002012-04-05T12:14:16.155-07:00BAC Warrants - Dividend Adjusted Strike Price<style>
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</style><span style="color: black;">A reader of our blog posted the following: </span><br />
<br />
<span style="color: black;">“…I think you missed an important feature of the BAC warrants - they lower the exercise price for quarterly dividends in excess of a penny. This is huge…” </span><br />
<br />
<span style="color: black;">In our article, we have left out this portion as the prospective returns are already so high. But since it is mentioned, we shall explore this further. </span><br />
<br />
<span style="color: black;">A little background on the BAC Warrants A: </span><br />
<span style="color: black;">Unlike normal warrants, there is a clause in them that allows for any dividends paid that are above $0.01 to be subtracted from the strike price. </span><br />
<br />
<span style="color: black;">The table below shows the potential enhanced yield using conservative estimations on BAC’s PTPP and dividend payouts in the future.</span><br />
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<span style="color: black; font-family: Calibri; font-size: 11pt;">Payout ratio</span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">PTPP</span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">Dividend </span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">Adj Strike Price</span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">Enhanced Yield</span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">2011</span></div>
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<span style="color: blue; font-family: Calibri; font-size: 11pt;">2.04%</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">27000</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $0.04 </span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;"> $13.30 </span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">0%</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2012</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">1.84%</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">30000</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $0.04 </span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $13.30 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">0%</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2013</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">10%</span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">35000</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $0.25 </span></div>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $13.09 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">5%</span></div>
</td>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2014</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">15%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">40000</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $0.44 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $12.69 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">14%</span></div>
</td>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2015</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">20%</span></div>
</td>
<td nowrap="nowrap" style="background: none repeat scroll 0% 0% yellow; border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">50000</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $0.73 </span></div>
</td>
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<span style="color: black; font-family: Calibri; font-size: 11pt;"> $12.00 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">29%</span></div>
</td>
</tr>
<tr style="height: 13.55pt;">
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2016</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">53000</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $1.02 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $11.02 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">51%</span></div>
</td>
</tr>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2017</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">56180</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $1.08 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $9.98 </span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 74.65pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">74%</span></div>
</td>
</tr>
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<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 13.55pt; padding: 0cm 5.4pt; width: 59.9pt;" valign="bottom" width="60"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;">2018</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">26%</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 67.3pt;" valign="bottom" width="67"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: blue; font-family: Calibri; font-size: 11pt;">59551</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext -moz-use-text-color; border-style: none solid solid none; border-width: medium 1pt 1pt medium; height: 13.55pt; padding: 0cm 5.4pt; width: 70.05pt;" valign="bottom" width="70"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; font-family: Calibri; font-size: 11pt;"> $1.15 </span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;"> $8.88 </span></div>
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<span style="color: black; font-family: Calibri; font-size: 11pt;">99%</span></div>
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We have decided to use adjusted PTPP instead of net income as in recent years, provisions have gone up quite significantly. As discussed in the previous article, the normalized PTPP would be in the range of $50B. Historical dividend payout has been about 26.5% of PTPP. <br />
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As shown in the table, the dividend payout of $0.04 in 2011 is only about 2.04% of BAC’s adjusted PTPP of 27000. In our calculations, we have assumed BAC’s historical dividend payout of 26.5% would only be restored in year 2016. And for their normalized PTPP of $50B, it would only be reached in year 2015 with subsequent years of CAGR 6%. <br />
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Using these estimations, the strike price would be adjusted lower from $13.30 to $8.88 by the end of 2018. This would provide an enhance yield of almost 100%! <br />
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The best part of these warrants is that they are long-dated compared to many other warrants out in the market. This would give BAC plenty of time to start paying out higher dividends. <br />
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Enjoy playing with the numbers and you will be amazed by how much more the enhanced yield could be! </div>
<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com3tag:blogger.com,1999:blog-7871012627052779161.post-31737001439507175872012-04-01T06:43:00.004-07:002012-04-17T11:54:06.239-07:00Moving Towards Our Ideal Portfolio<div style="color: black;">
What we meant by ideal portfolio would come as a shock to many who preaches diversification. </div>
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(Take a look at the changes in our portfolio composition till date and you will know why.)</div>
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We have been really busy paring down some of our minor stakes and using that to reinvest in our most compelling ideas. Though some of our minor stakes are still way below our valuation, the opportunities at hand, we believe, provides far greater upside.</div>
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Capital allocation is always about allocating resources to the best opportunities. Hence, we never understood the rationale of putting one's resources over a spread of ideas. For us, the concentration of great ideas is the key towards maximizing returns.</div>
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<br /></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-35775490695630322722012-03-31T03:33:00.000-07:002012-04-02T03:44:27.946-07:00Highlight of the month - Penn Virginia Corporation<div style="color: black;">
Last month, we have been very busy researching on U.S unconventional natural gas(NG) and liquids players as share prices of these companies have been plunging madly even though we believe they are already undervalued. This reminded us of our investments in Bank of America (BofA), not so long ago. BofA caught our attention when the share price was at $13. We began investing in the common stock (we have 'converted' our positions to the warrants) when it was $10, after which share price continued to decline to $5 in a few months. Of course, we dollar-cost along the way as it declined and also when it recovered. Coincidentally, the share price, now, has been flirting with the $10 range, and we have made some good money despite we started out at $10. <br /> </div>
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Back to the unconventional NG and liquids companies: We have been looking into the smaller players as they are the ones that have been 'sold out'. We have shortlisted Penn Virginia Corporation (our favourite), Comstock Resources and Exco Resources. In fact we are already invested in Exco Resources despite it is not the most undervalued of the three, as we decided to ride on Wilbur Ross’s coattail first before ‘gearing up’ on the other players. (Wilbur Ross has started investing in Exco when the share price was at $15, and has dollar-cost along the way as the share price declined to $6.50.)<br /> </div>
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As follows is a short investment thesis (expect a longer article in the future) of Penn Virginia Corporation (PVA):<br /> </div>
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Has been losing money (even after adjusting for the impairments of oil and gas properties) since 2008 as natural gas prices declined from a high of $7 range to $2.30. Has a higher cost structure than the other players. Expect them to continue losing money (based on GAAP). However, operating cash flows have turned in positive all these years.<br /><br />What is attractive about PVA lies in (1) the price of the common stock, (2) the company’s establishment in 1882 and (3) misunderstanding of their real financial position and the change in company fundamentals not being appreciated by rating agencies and hence, institutional investors (major shareholders). <br /><br />(1) Has a P/B of 0.3x. Its attractiveness becomes very obvious when compared to the market transaction related to the acquisition of Atlas Energy by Chevron for $3.2bn in Nov 2010, when natural gas prices are in the range of $3 - $4. Both PVA and Atlas Energy has proved reserves of 0.9tcfe, 1,100,000 net acreage, approximately same amount of debt and equity. The only difference is Atlas Energy has a more favourable hedge on its production and hence is making money, while PVA is losing money. The result: PVA has a market capitalization of approximately $200mn – less than 1/15 of Atlas Energy’s $3.2bn market transaction!<br /><br />(2) Established in 1882, the management would have an intense desire to restore the reputation of being a ‘fallen angel’. We believe conservatism, rather than the ‘let’s go all-in’ mentality, will be adopted by the management when things get tough. Attitude matters!<br /><br />(3) This would explain why the share price has been very cheap compared to its peers and that the company is not in the verge of bankruptcy. With reference to <a href="http://af.reuters.com/article/commoditiesNews/idAFWNA243320120314">http://af.reuters.com/article/commoditiesNews/idAFWNA243320120314</a>, we believe that S&P has employed a rigid model in assessing the credit profile of PVA. There are 4 assumptions that we have used in our credit analysis that were not supported by rating agencies, and these include (a) the oil and gas properties are extremely marketable (and therefore can be sold) in the marketplace and they have massive acreage as compared to their peers , (b) capital expenditures are discretionary, (c) additional proceeds from share dilution to fund capital expenditures (from our calculations, investors can still make decent money even though the share dilution were to occur when share price is $2.50) and (d) the shift from gas to liquids production will improve their cash flow position faster than expected by the rating agencies. While we are not providing the figures required to support our analysis on what we believe to be their real liquidity and financial position, we may do so in the future. <br /> </div>
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From a fundamental standpoint, PVA is definitely the weakest link among the other two companies that we have shortlisted. However, from an investment-attractiveness standpoint, we found more compelling reasons for an investment in PVA.</div>
<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-80555811836447567342012-03-11T08:26:00.000-07:002012-04-02T03:44:50.156-07:00Why invest in Bank of America common stock when you can invest in BofA warrants?<div style="color: black;">
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<b><span style="font-family: Arial; font-size: 10pt; line-height: 115%;">Sypnosis:</span></b></div>
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<span style="font-family: Arial; font-size: 10pt; line-height: 115%;">With a modest intrinsic value per share of $20 based
on a price/normalized earnings of 10x, the yield on BofA common stock is 159%.
But why invest in the common stock when you can invest in the warrants with a
maturity date on 16 Jan 2019 that would yield much bigger gains as book value
and earnings would continue to grow at a modest rate in 7 years time?</span><br />
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<span style="font-family: Arial; font-size: 10pt; line-height: 115%;">Assuming a very conservative 6% CAGR growth in BofA’s
book value and earnings, the intrinsic value per share 7 years later would be
in the range of $30. While the 7-year yield on common stock becomes 289%, the
warrants have a yield of 334%! Forget about BofA common stock; Consider the
warrants!</span></div>
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<b>Introduction on BofA.</b> As of 6 Mar 2012, BofA common stock has a share price of $7.71, with a book value per share of approximately $15.45 and tangible book value per share of $9.10 on 13,765 million number of shares outstanding (including Warren Buffett’s stake). </div>
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As its annual pre-tax-pre-provision-profit (PTPP) since the 2008 financial crisis has been complicated by (1) the acquisitions of Merrill Lynch and Countrywide, (2) massive R&W provisions, (3) Gains in asset sales and legacy writedowns, (4) litigation expenses and (5) a huge salesforce hired to handle legacy mortgage issues, we have adjusted the PTPP and the <i><b>normalized</b></i> PTPP should be <i><b>at least</b></i> in the range of $50bn or $3.60 per share. </div>
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The PTPP of $50bn that has more-or-less been generated consistently for the past 3 years is a walloping figure when the $950bn of loans are taken into consideration; it has the ability to lose 5.23% of total loans outstanding (not only mortgage loans) <i><b>annually</b></i> and still break-even. </div>
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The balance sheet is also a fortress on its own as it has an allowance for bad loans of approximately $40bn or 4.45% of total loans outstanding while non-performing loans is approximately 3.5% of total loans; the 1% differential is an underestimation as some of the non-performing loans should return to performing status. </div>
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(In our $50bn PTPP calculation, we have not taken criteria (5) into consideration, but management has guided that <i><b>at least</b></i> $5bn of annual cost savings will be effected once the legacy issues are resolved and will flow directly to earnings. Every $5bn of incremental earnings is equivalent to $0.36 per share and will increase share price by $3.60 assuming a P/E of 10x.) </div>
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Utilizing a normalized provisions-to-loans ratio of 1.08% and a 30% tax figure, Profit after tax should be in the range of $28bn or $2.00 per share. All these translate to P/B of 0.52x and P/normalized earnings of 3.86x.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9tPdPLdfzpXMR8s_uN_H0Hsvj1D0jHqSkA7Q_P-LSLtsU5NgXebL7M3HpWtwuScLtHjlAZcpUQBYwwk6kyg6ppr4Sm3_vesgfBuKT3A2XHT94Y_B735QeQpxbJ-D9JOOiX1bIBwd-ZliZ/s1600/Historical+Valuation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9tPdPLdfzpXMR8s_uN_H0Hsvj1D0jHqSkA7Q_P-LSLtsU5NgXebL7M3HpWtwuScLtHjlAZcpUQBYwwk6kyg6ppr4Sm3_vesgfBuKT3A2XHT94Y_B735QeQpxbJ-D9JOOiX1bIBwd-ZliZ/s640/Historical+Valuation.png" width="640" /></a></div>
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<b>A modest intrinsic value per share of $20.</b> The above table shows the past P/B and P/E that BofA common stock has been trading for the past 10 years. The average P/B and P/E of 1.86x and 11.62x is calculated based on the Dec 2004-2006 figures and Dec 2001-2006 respectively. </div>
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If a range of intrinsic value estimates is calculated based on past average P/B and P/E, there exists a profit potential of 200-300%. Our estimated intrinsic value per share of $20, therefore, is absolutely modest. (We suggest you do the calculations yourself – and be amazed!) </div>
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<b>More on BofA.</b> BofA’s circumstance in the 2008 financial crisis is unusual because BofA was supposed to be associated with the likes of Wells Fargo and JP Morgan that have (1) a huge banking franchise (deposits – viewed as ‘safe’ liabilities) and (2) a relatively sound investment and loan portfolio on the asset side (as opposed to Citigroup in particular), and should have weathered the crisis relatively unscathed. </div>
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However, the Countrywide acquisition has proved to be a blow, if not a fatal one. Share count has approximately doubled because of issuance of shares to finance the Merrill Lynch and Countrywide acquisitions but after which almost tripled due to the mortgage woes associated with the Countrywide acquisition which has resulted in large expenses for BofA, including elevated net-charge-offs, delinquency and nonperforming loans and provisions for loan losses in the range of tens of billions of dollars, approximately $15bn of R&W provisions and $5bn of recurring litigation expenses incurred in the past 3 years and at least $5bn of additional expenses incurred annually to handle legacy mortgage issues. </div>
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What was viewed as the competitive advantage in BofA’s annual PTPP of $50bn has turned blind to the investment public. </div>
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However, an investor in BofA has two advantages not recognized by the investment public: (1) Loans have a finite life of between 4-8 years and these problems will gradually be resolved, if not disappeared on its own. (We are already in the 5th year into the 2008 crisis!!! It has to end soon!) (2) A meaningful amount of expenses associated with the mortgage woes, like the R&W provisions in particular - just like workers’ excess compensation insurance - is a long-tail event. While large one-time expenses are booked, the actual outflow of these expenses is gradual. The economics of the business is, therefore, very attractive. </div>
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If, through verification, you are stupefied by how undervalued BofA common stock is, you can forget about BofA common stock; Consider BofA warrants: </div>
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<b>Introduction on BofA warrants.</b> BofA warrants are long-dated with a maturity date on 16 Jan 2019 or approximately 7 more years before maturity. </div>
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<br /></div>
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The current warrants price is $3.85, with a strike price of $13.30 (approximately equal to BV per share). The break-even share price, therefore, would be $17.15. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<b>Downside risk is zero?</b> Based on the current price and long-term nature of the warrants, I believe the downside risk is close to zero, if not zero. The payoff structure of a warrant is such that the investor of BofA warrants will lose its capital if the share price of BofA falls below $17.15. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Assuming a very conservative 6% CAGR growth in BofA’s book value and earnings, the intrinsic value per share 7 years later would be in the range of $30. The break-even price of $17.15 is approximately 43% below the estimated intrinsic value of $30, 7 years later. (Book value per share and EPS would increase to $23 and $3.00 respectively. At the break-even share price of $17.15, the P/B becomes 0.74x and P/E becomes 5.7x.) </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
What is the probability that on 16 Jan 2019, BofA share price would fall below $17.15 or trading below P/B of 0.74x and P/E of 5.7x? </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<b>An awesome 7-year yield of 334% on the warrants!</b> Now on the upside: With an estimated 7-years-later intrinsic value per share of $30, P/B and P/E would become 1.29x and 10x respectively. The main flaw in my argument is, of course, earnings and book value do not compound at a rate of 6% per annum moving forward. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
However, clues of the past (especially the 1990 case study of Wells Fargo) have suggested that my projected growth to be absolutely conservative. Assuming my argument is not flawed, the warrants will yield an awesome 334%! (BAC common stock still yield a pretty figure of 289% though) </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
While the 7-year yield differential between the common stock and warrants may not seem sufficient to compensate the risk associated with the payoff structure of the warrants, the differential should be much wider and hence the risk much lower. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Remember, I have left out criteria (5) in calculating the normalized PTPP which will increase the share price by $3.60. Also recall that the cost price of the warrants is $3.85. This will result in an incremental profit of about 100% on the warrants, but only 50% on the common stock. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
When (1) such incremental earnings power is coupled with (2) a higher than 6% CAGR growth in earnings for the next 7 years and (3) a higher than P/E of 10x on 16 Jan 2019, the yield differential between the warrants and common stock is going to be very big. Also remember that the warrants are tradable in the market, which gives flexibility to the investor to sell before maturity. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
By now, you may be apprehensive of the too many assumptions and calculations involved in our investment thesis on BofA warrants. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
So let’s put the 1990 case study on Wells Fargo into perspective: Based on information provided in 1990 Warren Buffett letter to shareholders, Wells Fargo was trading at price/PTPP of 2.23 when Warren Buffett bought it. 9 years later, Wells Fargo share price increase by 1000%!! </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Today, BofA is trading at price/PTPP of 2.14!!! And our assumptions and calculations dictate that the current share price of $7.71 will only increase by 290% to $30, 7 years later. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
If BofA share price was to increase by 500% (We are not even thinking of anything in the range of 1000%), imagine what the warrants yield will be! <Hint: What is ($46-$13.3-$3.85)/$3.85)?> Most importantly, the risk underlying an investment in the warrants is close to zero, if not zero, to our understanding. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Disclosure: Long BofA warrants but none on BofA common stock.</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
If you are interested in our portfolio allocation of securities, do enter this link: <a href="http://valueground.blogspot.com/p/portfolio.html">http://valueground.blogspot.com/p/portfolio.html</a> </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
(‘Provocative’ comments are most welcomed regarding our portfolio allocation as we would expect it.)<br />
<br /></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com5tag:blogger.com,1999:blog-7871012627052779161.post-37711074767091473052012-03-04T08:14:00.001-08:002012-04-05T09:35:12.454-07:00The U.S. Banking Sector – Gems to be Uncovered<style>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxwDK4SkKeO8Bb8Zibl7GjewQ4GcoVXcEmiXsRfF33Mq50L5ALrgGvl7R3iDZF077rKCktj4t3WdN7thCCd17-PBj5T_zNL6DGs8jeGvu2Iyn0cH3OEIzYzAhHTISEvTbFz4X6JfQe6tzX/s1600/Screen+shot+2012-03-04+at+PM+11.34.40.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxwDK4SkKeO8Bb8Zibl7GjewQ4GcoVXcEmiXsRfF33Mq50L5ALrgGvl7R3iDZF077rKCktj4t3WdN7thCCd17-PBj5T_zNL6DGs8jeGvu2Iyn0cH3OEIzYzAhHTISEvTbFz4X6JfQe6tzX/s640/Screen+shot+2012-03-04+at+PM+11.34.40.png" width="640" /></a></div>
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<br />
<div style="color: black;">
(Source: Google Finance)</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
The above chart shows the comparison between the % returns of the S&P 500 Index (red line) and the KBW Bank Index (blue line). </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
As shown, the U.S. banking sector had suffered a massive sell off since the subprime crisis and till date, it is still down 60% compared to the S&P 500 which has almost recovered to the level since 2007. This decoupling between the two indexes has been the result of the indiscriminate selling of the U.S. banks with investors largely driven by headline news from the Eurozone rather than their actual underlying fundamentals. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Even though there is much to be worry about regarding the state of many European nations, we believe the situation has been largely overblown. Unlike their European counterparts, the U.S. banks had undergone a period of extreme distress since the Lehman collapse and the survivals of today had gone through a period of major consolidation.</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Systematically important financial institutions have become even BIGGER to FAIL, especially so when they are central to the survival of the U.S. economy. Under the scrutiny of the federal and state governments, the U.S banks have deleveraged and their balance sheets are at one of its strongest. The banks are recapitalized, with many of them holding on to reserves not seen in decades that they had operated. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
At present, we believe the U.S. banking sector holds a lot of opportunities. The assets and earnings power of many such institutions have been greatly underestimated due to provision for loan losses, litigations, R&Ws, etc. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
In our subsequent posts, we will go into detail to explain some of the large financial positions we currently held in our portfolio.</div>
<div style="color: black;">
<br />
So stay tuned!<br />
<br />
(Feel free to take a look at our portfolio.)</div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com1tag:blogger.com,1999:blog-7871012627052779161.post-50645312616613280032012-02-26T06:52:00.001-08:002012-04-02T03:43:56.684-07:00Post Holdings – A Classic Case of Spin-off (continued)<style>
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<br />
<div style="color: black;">
A reader emailed us on the following, thought we share it over here. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
"......they are already coming on the market with 716m in debt and they just issued another 775m, with the proceeds to go to Ralcorp. Am i reading this correctly that this means 716m old debt + 775m new debt =1.5billion in total debt?? With no cash?? This kind of debt dwarfs the 100+m free cash they are generating as it will take them more than a decade to pay off their debt and its not like they are a high-growth company.....</div>
<div style="color: black;">
Although the cash flows look ok, their revenues are decreasing from 2009, 2010 and 2011. As much as i love their cereals, something else is catching peoples breakfast attention....." </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Our reply as follow: </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
All the information that you need can actually be found in the Post fillings prior to the spin-off. In case you dont have the time to look through, below is an extract where they mentioned about the debt issuance: </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
"As part of the separation, we expect to incur approximately $950 million of new indebtedness, which we expect to consist of $175 million aggregate principal amount of borrowings under a senior secured term loan facility and $775 million in aggregate principal amount of senior notes. We will not receive any proceeds from the senior notes, which we expect to initially issue to Ralcorp in connection with the separation. We expect that approximately $125 million of the proceeds from the term loan facilities will be transferred to Ralcorp in connection with the separation and to directly or indirectly acquire the assets of the Canadian operations of the Post cereals business. Of the remaining $50 million in proceeds, we expect to retain approximately $25 million after payment of fees and expenses relating to the financing transactions." </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
In summary, the total debt they will incur is as follow:</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
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</div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; color: black; width: 267px;">
<col style="width: 65pt;" width="65"></col>
<col style="width: 53pt;" width="53"></col>
<col style="width: 67pt;" width="67"></col>
<col style="width: 82pt;" width="82"></col>
<tbody>
<tr height="14" style="height: 14pt;">
<td height="14" style="height: 14pt; width: 65pt;" width="65">Debt</td>
<td style="width: 53pt;" width="53"></td>
<td style="width: 67pt;" width="67"></td>
<td style="width: 82pt;" width="82">Interest expense</td>
</tr>
<tr height="14" style="height: 14pt;">
<td height="14" style="height: 14pt;">Senior Notes</td>
<td align="right">775</td>
<td align="right" class="xl64">7.38%</td>
<td align="right" class="xl63">57.16</td>
</tr>
<tr height="14" style="height: 14pt;">
<td height="14" style="height: 14pt;">Term loan</td>
<td align="right">175</td>
<td align="right" class="xl65">8%</td>
<td align="right">14</td>
</tr>
<tr height="14" style="height: 14pt;">
<td height="14" style="height: 14pt;"></td>
<td></td>
<td></td>
<td align="right" class="xl66">71.16</td>
</tr>
</tbody></table>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Hence, not a problem at all, using the above calculation, their yearly interest expense would only be about $71M. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
For your concern on their decreasing revenue, bear in mind that all other cereal makers are also affected due to the weak economy. Furthermore, we believe it is over exaggerated as their market share only drops from 12% to 11% from 2009 to 2011 and this is due to their decreased spending in marketing and higher pricing of their cereals. </div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Hope this finds you well. </div>
<span style="font-family: Cambria; font-size: 12pt;"><br />
</span>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-45727160678707307962012-02-26T00:18:00.000-08:002012-04-05T09:35:30.701-07:00Buffet's 2011 Shareholder Letter!<div style="color: black;">
It never fail to give us tremendous joy to read Buffet's shareholder letters. The 2011 letter is finally out and what can be compared to a day, sitting at our favourite Starbucks outlet, reading this piece of gem!</div>
<div style="color: black;">
<br /></div>
<div style="color: black;">
Enjoy.</div>
<br />
<a href="http://www.berkshirehathaway.com/letters/2011ltr.pdf" rel="nofollow">http://www.berkshirehathaway.com/letters/2011ltr.pdf</a><br />
<br />Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0tag:blogger.com,1999:blog-7871012627052779161.post-70298725518897795122012-02-16T08:44:00.000-08:002012-04-02T03:43:56.691-07:00Post Holdings – A Classic Case of Spin-off<div style="font-family: Arial,Helvetica,sans-serif;">
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<div style="color: black; font-family: Arial,Helvetica,sans-serif;">
<style>
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</style><span style="font-size: small;">Spin-offs are often great places to look at as value is
often created from the underpricing of the business being spun off.
</span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">The most recent example is the spin-off of Post Holdings
from its parent, Ralcorp Holdings. Post is the maker of branded cereals while
Ralcorp basically does private-brand food products. A classic example of
spin-off whereby the 2 businesses target different consumer segments. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">As Post is more of a premium product player, they are more
sensitive towards market conditions. Existing shareholders of Ralcorp would
dump the shares of Post after spin-off in view of today’s recessionary-like
environment. In addition, the newly spun-off Post would not be covered by most
analysts and it would take a while before their value get realized. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">Post was spun off at $26.89 and went down to $25.51 the next
day. We managed to buy in at the cost price of $25.54, and now the stock is
trading at $31.02! That's a nice return of almost 21%! Nothing to cheer about
though, as we could have bought more but did not as we succumbed to being
greedy and hoping the price would go down more. The good news is even at
current price, Post is still a great buy. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">The current enterprise value of Post at a stock price of
$31.02 is about $2B. Ralcorp bought Post from Kraft a few years back at a price
of $2.6B, that’s a difference of almost $600M. Of course, it might not be a
fair comparison as they might have overpaid. But take a look at the numbers:</span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; font-family: Arial,Helvetica,sans-serif; margin-left: 4.65pt; width: 330px;">
<tbody>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2009</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2010</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2011</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Operating Profit</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">215.2</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">190.8</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">-305.6</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Impairment</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">19.4</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">503.5</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Adj. OP</span></div>
</td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">215.2</span></div>
</td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">210.2</span></div>
</td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">197.9</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Interest Expense</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">58.30</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">51.50</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">71.16</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">156.90</span></div>
</td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">158.70</span></div>
</td>
<td nowrap="nowrap" style="border-color: windowtext -moz-use-text-color -moz-use-text-color; border-style: solid none none; border-width: 1pt medium medium; height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">126.74</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">After Tax</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">101.99</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">103.16</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">82.38</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">EPS</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2.96</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2.99</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2.39</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><span style="font-size: small;"><br /></span></td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div class="MsoNormal">
<span style="font-size: small;">Ave. EPS</span></div>
</td>
<td nowrap="nowrap" style="border: 1pt solid windowtext; height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">2.78</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div class="MsoNormal">
<span style="font-size: small;">Current P/E</span></div>
</td>
<td nowrap="nowrap" style="border-color: -moz-use-text-color windowtext windowtext; border-style: none solid solid; border-width: medium 1pt 1pt; height: 14pt; padding: 0cm 5.4pt; width: 65pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">11.17</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">After adjusting for goodwill impairment, their average EPS
is about $2.78, which translates to a PE of about 11.17. As compared to the
other cereal makers, they are trading at the lowest valuation for a consumer
franchise business, which we believe, should be valued at a higher PE. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; font-family: Arial,Helvetica,sans-serif; margin-left: 4.65pt; width: 265px;">
<tbody>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div class="MsoNormal">
<span style="font-size: small;">Kellog</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div class="MsoNormal">
<span style="font-size: small;">General Mills</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">P/E</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">14.7</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">15.8</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Valuation </span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">40.84</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">43.89</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Upside Potential</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">32%</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">41%</span></div>
</td>
</tr>
<tr style="height: 14pt;">
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 103pt;" valign="bottom" width="103"><div class="MsoNormal">
<span style="font-size: small;">Margin of safety</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 84pt;" valign="bottom" width="84"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">24%</span></div>
</td>
<td nowrap="nowrap" style="height: 14pt; padding: 0cm 5.4pt; width: 78pt;" valign="bottom" width="78"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">29%</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">At current price level, there is an upside of almost 32% to
41% if they move up to the valuation of their competitors. Furthermore, their
earnings are depressed in the current environment. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">Take a look also at their price to book ratio compared to
the rest. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; color: black; font-family: Arial,Helvetica,sans-serif; margin-left: 4.65pt; width: 289px;">
<tbody>
<tr style="height: 17.5pt;">
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 76.85pt;" valign="bottom" width="77"><span style="font-size: small;"><br /></span></td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 74.55pt;" valign="bottom" width="75"><div class="MsoNormal">
<span style="font-size: small;">Post</span></div>
</td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 60.8pt;" valign="bottom" width="61"><div class="MsoNormal">
<span style="font-size: small;">Kellog</span></div>
</td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 76.85pt;" valign="bottom" width="77"><div class="MsoNormal">
<span style="font-size: small;">General Mills</span></div>
</td>
</tr>
<tr style="height: 17.5pt;">
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 76.85pt;" valign="bottom" width="77"><div class="MsoNormal">
<span style="font-size: small;">P/B</span></div>
</td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 74.55pt;" valign="bottom" width="75"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">0.81</span></div>
</td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 60.8pt;" valign="bottom" width="61"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">10.2</span></div>
</td>
<td nowrap="nowrap" style="height: 17.5pt; padding: 0cm 5.4pt; width: 76.85pt;" valign="bottom" width="77"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-size: small;">3.6</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">Post is currently trading below their book value. They
should be at least valued at price to book of 1 for a company that is still
churning out positive cash flows. Adjusted EBITDA of $275M and $256M for 2010
and 2011 respectively. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;">Long Post Holdings. </span></div>
<div class="MsoNormal" style="color: black; font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>
<div class="MsoNormal" style="font-family: Arial,Helvetica,sans-serif;">
<span style="font-size: small;"><br /></span></div>Value Groundhttp://www.blogger.com/profile/15995305832836922419noreply@blogger.com0