1|Page
April 11, 2010
ANALYST: GARRETT B. OZBUN
Comcast Corporation
Ticker: NASDAQ: CMCSA
Sector: Services (Consumer
Discretionary)
Industry: Cable & Satellite
Pricing
Current Price: $18.50(4/11/10)
52 week: $13.04-$19.04
Key Statistics
Market Cap: $52.50 B
Beta: 0.9
P/E: 14.67
EPS: 1.26
Shares: 2.84 B
ROA: 4.04%
ROE: 8.75%
Net Profit Margin: 10.18%
Operating Margin: 20.40%
Employees: 107,000
Recommendation: *BUY ($24.61 Intrinsic Value)
Comcast Corporation is an undeniable powerhouse when it
comes to media services, telephone, cable, and internet. At the
foundation of my thesis for investing in Comcast is its position
in the market. Having the most customers gives them pricing
power amidst heavy competition and an incredible
infrastructure. They have also made some recent strategic
acquisitions (NBCU) that have helped to further their market
penetration. Although in the very short term this acquisition
may cause some problems in the long term Comcast would be
an excellent addition to the IFM portfolio and provide exposure
to an area of consumer spending that is rapidly expanding.
Comcast has the capital resources to expand their portfolio of
products and methods of funneling media to their customers as
a wide array of technologies develop over the next few years.
Several companies (Verizon, AT&T) claim that fiber optics will
be the true “end-all” of Comcast. However, cable internet speed
is more than capable to handle the ever-increasing demand for
streaming media content and other high-speed services. Many
residential users have barely touched the full capability of their
internet provider and the issue of speed will not come into
effect for another 5+ years at the earliest. I look to Comcast
being a moderate growth stock with a large potential upside
because of how internet and television services playing a larger
role in the average consumer’s household. Being the dominate
player provides a steady flow of cash and a high rate of
adaptability if the industry outlook should change.
*Analyst note: to take full advantage of potential Comcast
growth I recommend buying Comcast at staggered buy ins. The
full repercussions have not been fully reflected in the market
price from the NBCU merger/acquisition. Once Comcast
identifies itself in the industry and its new role then I believe
going forward they would be a better investment.
2|Page
April 11, 2010
History/Corporate Overview
Comcast Corp. became the largest U.S. cable multiple system operator (MSO) after its
acquisition of the former AT&T Broadband (ATTB) in November 2002. In December 2009, the
company formalized a plan to assume 51% control of a joint venture comprising General
Electric's (GE 16, Buy) NBC Universal, in exchange for contributing its own programming
networks (valued at $7.25 billion) plus an initial cash outlay of $6.5 billion.
As of December 31, 2009, the company had nearly 23.6 million video subscribers (including
over 18 million for digital video -- with advanced services such as HD and DVR), over 15.9
million for high-speed Internet service, and 7.6 million for digital phone. The primary Cable
segment (about 95% of total revenues) also includes the regional sports and news networks -Comcast SportsNet: Philadelphia, Mid-Atlantic (Baltimore/Washington), Chicago, Sacramento,
New England (Boston) and Northwest; Bay Area SportsNet (San Francisco); Cable Sports
Southeast; CN8 -- The Comcast Network; and MountainWest Sports Network. The Programming
segment include cable networks E! Entertainment Television, The Golf Channel, Versus, G4 and
Style. Other business interests include Comcast Spectacor (which owns the Philadelphia Flyers,
the Philadelphia 76ers and two large, multipurpose arenas in Philadelphia and manages other
venues); and Comcast Interactive Media (comprising Internet assets such as Comcast.net,
Fancast, thePlatform and Fandango).
STOCK PERFORMANCE
3|Page
April 11, 2010
RECENT GENERAL DEVELOPMENTS (COMCAST 10-K REPORT)
The following are the more significant developments in our businesses during 2009:
• an increase in consolidated revenue of 3.9% to approximately $35.8 billion and an increase in
consolidated operating income of 7.2% to approximately $7.2 billion
• an increase in Cable segment revenue of 3.8% to approximately $33.9 billion and an increase
in operating income before depreciation and amortization of 4.0% to approximately $13.7
billion
• an increase in Programming segment revenue of 4.9% to approximately $1.5 billion and an
increase in operating income before depreciation and amortization of 7.5% to approximately
$389 million
• the addition of approximately 1.0 million high-speed Internet customers and approximately
1.1 million phone customers; a decrease of approximately 623,000 video customers
• a reduction in Cable segment capital expenditures of 9.2% to approximately $5.0 billion
• the continued investment in service enhancements, including the transition from analog to
digital transmission of approximately 40 to 50 of the channels we distribute (“our all digital
conversion”), which allows us to recapture bandwidth and expand our video service
offerings; the continued deployment of DOCSIS 3.0 wideband technology, which allows us to
offer faster high-speed Internet service; the offering of certain cable network programming
to our customers online through Fancast XFINITY TV; and the initial deployment of 4G
wireless high-speed Internet service in certain markets
• a decrease in our total debt outstanding of $3.4 billion or 10.4% to approximately $29.1
billion, which is primarily due to repayment of scheduled debt and the repurchase of debt
securities prior to their scheduled maturities
• the repurchase of approximately 49.8 million shares of our Class A and Class A Special
common stock under our share repurchase authorization for approximately $765 million
• we declared dividends of approximately $850 million in 2009 and paid approximately $761
million in 2009; in February 2009, our Board of Directors increased the planned annual
dividend by 8% to $0.27 per share; and in December 2009, it increased the planned annual
dividend by 40% to $0.378 per share, with the first quarterly payment of $0.0945 per share
occurring in January 2010.
4|Page
April 11, 2010
COMPETITIVE LANDSCAPE
In a typical market, Comcast competes with satellite TV companies DirecTV Group and DISH
Network as well as large telcos such as Verizon Communications and AT&T, which are
increasingly deploying fiber-based video and broadband services in head-to-head competition
with cable's triple-play bundle. In a number of other markets, cable providers also compete
with rural telcos as well as facilities-based overbuilders that provide video, voice and data
services to residential, and in some cases, enterprise customers.
Amid continuing audience fragmentation in the Internet era, more consumers are accessing an
ever-growing trove of online TV content that increasingly includes many of their favorite
programming—in many cases, for free. If unchecked, Standard & Poor’s believes that this
phenomenon could lead to a longer-term disruption of traditional business models for the cable
and broadcast industry. Consequently, several pay TV providers, in collaboration with
programmers, have accelerated their efforts to provide online access of TV shows to their
subscribers, based on a new authentication technology under the so-called “TV Everywhere”
initiative. TV Everywhere is an authentication system whereby certain premium content (such
as TV shows and movies) are available online—but only if the user can prove (or authenticate)
that he has a subscription to a multiservice operator (e.g., cable, satellite, telco TV).
Comcast and Time Warner Inc. have been the most aggressive champions of this effort. In
December 2009, the largest US cable operator launched a national beta version of its Fancast
Xfinity service, and began streaming full-length episodes of certain TV shows and movies to its
subscribers (at no additional cost). In addition to programming from the stable of cable
networks owned by Time Warner (HBO, TNT, TBS, Cartoon Network) and Comcast (E!, Style, G4,
FearNet), other participating cable channels include Cablevisions System Corp.’s AMC, IFC, WE
tv, and Sundance Channel; Scripps Networks Interactive Corp.’s HGTV, Food Network, DIY
Network, and Fine Living Network; A&E Television Networks’ A&E and History; BBC America;
and MGM Impact. So far, CBS is the only broadcast network to join the TV Everywhere
initiative. (S&P NetAdvantage)
S&P sees a sequential second-half 2009 improvement in pay-TV subscriber growth continuing in
2010. Still, the "battle of the bundles" among cable operators, satellite TV and telcos will likely
intensify. Advanced video offerings such as high-definition (HD), video-on-demand (VOD) and
digital video recorders (DVRs) are gaining further penetration. S&P expects cable providers and
the telcos to deploy ultra-fast wireline broadband speeds, integrated voice services, and
wireless broadband offerings.
5|Page
April 11, 2010
DIRECT COMPETITOR COMPARISON
CMCSA
DTV
DISH
Pvt1
Industry
Market Cap:
52.50B
32.96B
9.72B
N/A
5.80B
Employees:
107,000
21,800
24,500
47,0001
10.00K
Qtrly Rev Growth (yoy):
2.80%
N/A
1.40%
N/A
16.50%
Revenue (ttm):
35.76B
21.57B
11.66B
17.87B1
3.46B
Gross Margin (ttm):
59.74%
49.32%
39.79%
N/A
52.12%
EBITDA (ttm):
13.80B
5.31B
1.89B
N/A
1.28B
Oper Margins (ttm):
20.40%
12.40%
14.99%
N/A
13.60%
Net Income (ttm):
3.64B
942.00M
635.54M
1.07B1
N/A
EPS (ttm):
1.261
0.95
1.418
N/A
N/A
6|Page
April 11, 2010
P/E (ttm):
14.67
37.11
15.35
N/A
17.28
PEG (5 yr expected):
1.2
0.89
1.38
N/A
1.71
P/S (ttm):
1.46
1.51
0.81
N/A
1.47
DTV = DIRECTV
DISH = Dish Network Corp.
Pvt1 = Time Warner Cable Inc. (privately held)
Industry = CATV Systems
1
= As of 2009
ANALYST OPINIONS
RECOMMENDATION TRENDS
Current Month
Last Month
Two Months Ago
Three Months Ago
Strong Buy
8
8
8
8
Buy
7
7
7
7
Hold
9
10
10
10
Underperform
0
0
0
0
Sell
0
0
0
0
Data provided by Thomson/First Call
PRICE TARGET SUMMARY
Mean Target:
19.45
Median Target:
19.00
High Target:
25.00
Low Target:
16.00
7|Page
April 11, 2010
No. of Brokers:
19
Data provided by Thomson/First Call
VALUATION
The consensus among analysts is that Comcast is positioned well in the industry. Most all
conclude that the stock is undervalued and positioned for growth. Some analysts maintain that
in the short term the market price will fall slightly and then rebound in the longer term,
however, this is a minority opinion. I feel very strongly towards the role of instant media
content/video on demand/broadband internet as the go to source of entertainment for
consumers. As the US government pushes for broadband internet for every American, Comcast
may even play a big role with this movement. I calculated the discount rate using the CAPM
model. I used a beta of .9, a risk free rate of .147(3 month t-bill rate), and a market return of
10%. Using these assumptions, the discount rate would be:
K=.00147+.9(.10-.00147) = 9.015%
Using this discount rate and a second stage growth rate of 2% I arrived at an intrinsic value of
$24.61. Therefore, Comcast is undervalued.
8|Page
April 11, 2010
FINANCIAL STATEMENTS
12 months
In Millions of USD (except for
ending 2009per share items)
12-31
Revenue
35,756.00
Other Revenue, Total
Total Revenue
35,756.00
Cost of Revenue, Total
14,396.00
Gross Profit
21,360.00
Selling/General/Admin.
7,646.00
Expenses, Total
Research & Development
Depreciation/Amortization
6,500.00
Interest Expense(Income) - Net
Operating
Unusual Expense (Income)
44.00
Other Operating Expenses, Total Total Operating Expense
28,586.00
Operating Income
7,170.00
Interest Income(Expense), Net
Non-Operating
Gain (Loss) on Sale of Assets
Other, Net
22.00
Income Before Tax
5,106.00
Income After Tax
3,628.00
Minority Interest
10.00
Equity In Affiliates
Net Income Before Extra. Items 3,638.00
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income
3,638.00
Preferred Dividends
Income Available to Common
3,638.00
Excl. Extra Items
Income Available to Common
3,638.00
Incl. Extra Items
Basic Weighted Average Shares -
12 months
ending 200812-31
34,423.00
34,423.00
13,639.00
20,784.00
12 months
ending 200712-31
31,060.00
31,060.00
12,334.00
18,726.00
12 months
ending 200612-31
24,966.00
24,966.00
9,819.00
15,147.00
7,652.00
6,940.00
5,705.00
6,400.00
6,208.00
4,823.00
-
-
-
28.00
27,719.00
6,704.00
4.00
25,486.00
5,574.00
20,347.00
4,619.00
-
-
-
-285.00
4,058.00
2,525.00
22.00
2,547.00
2,547.00
-
522.00
4,349.00
2,549.00
38.00
2,587.00
2,587.00
-
114.00
3,594.00
2,247.00
-12.00
2,235.00
2,533.00
-
2,547.00
2,587.00
2,235.00
2,547.00
2,587.00
2,533.00
-
-
-
9|Page
12 months
In Millions of USD (except for
ending 2009per share items)
12-31
Basic EPS Excluding
Extraordinary Items
Basic EPS Including
Extraordinary Items
Dilution Adjustment
Diluted Weighted Average
2,885.00
Shares
Diluted EPS Excluding
1.26
Extraordinary Items
Diluted EPS Including
Extraordinary Items
Dividends per Share - Common
0.30
Stock Primary Issue
Gross Dividends - Common
Stock
Net Income after Stock Based
Comp. Expense
Basic EPS after Stock Based
Comp. Expense
Diluted EPS after Stock Based
Comp. Expense
Depreciation, Supplemental
Total Special Items
Normalized Income Before
Taxes
Effect of Special Items on
Income Taxes
Income Taxes Ex. Impact of
Special Items
Normalized Income After Taxes Normalized Income Avail to
Common
Basic Normalized EPS
Diluted Normalized EPS
1.27
April 11, 2010
12 months
12 months
12 months
ending 2008- ending 2007- ending 200612-31
12-31
12-31
-
-
-
-
-
-
-
-
0.00
2,952.00
3,129.00
3,180.00
0.86
0.83
0.70
-
-
-
0.25
0.00
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.00
0.83
0.70
In Millions of USD (except As of 2009- As of 2009- As of 2009- As of 2009- As of 2008for per share items)
12-31
09-30
06-30
03-31
12-31
Cash & Equivalents
671.00
862.00
3,989.00
1,879.00
1,195.00
Short Term Investments
50.00
56.00
62.00
59.00
59.00
10 | P a g e
In Millions of USD (except
for per share items)
Cash and Short Term
Investments
Accounts Receivable - Trade,
Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment,
Total - Gross
Accumulated Depreciation,
Total
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term
Debt
Current Port. of LT
Debt/Capital Leases
Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock,
Total
April 11, 2010
As of 2009- As of 2009- As of 2009- As of 2009- As of 200812-31
09-30
06-30
03-31
12-31
721.00
918.00
4,051.00
1,938.00
1,254.00
1,711.00
1,639.00
1,677.00
1,483.00
1,626.00
1,711.00
791.00
3,223.00
1,639.00
849.00
3,406.00
1,677.00
809.00
6,537.00
1,483.00
829.00
4,250.00
1,626.00
836.00
3,716.00
51,665.00
50,321.00
49,259.00
48,487.00
47,679.00
-27,810.00 -26,716.00 -25,544.00 -24,449.00 -23,235.00
14,933.00
63,557.00
5,947.00
1,218.00
112,733.00
2,999.00
14,934.00
63,651.00
5,699.00
1,168.00
112,463.00
3,005.00
14,928.00
63,743.00
5,190.00
1,124.00
115,237.00
3,320.00
14,893.00
63,892.00
4,872.00
1,126.00
113,071.00
3,119.00
14,889.00
64,007.00
4,783.00
1,178.00
113,017.00
624.00
0.00
0.00
0.00
0.00
0.00
1,156.00
954.00
4,167.00
2,647.00
2,278.00
7,249.00
27,940.00
27,940.00
29,096.00
27,800.00
256.00
6,767.00
70,012.00
7,092.00
28,493.00
28,493.00
29,447.00
27,566.00
238.00
6,763.00
70,152.00
10,557.00
28,870.00
28,870.00
33,037.00
27,394.00
248.00
6,435.00
73,504.00
8,887.00
29,415.00
29,415.00
32,062.00
27,188.00
267.00
6,219.00
71,976.00
2,644.00
8,939.00
30,178.00
30,178.00
32,456.00
26,982.00
297.00
6,171.00
72,567.00
-
-
-
-
-
11 | P a g e
In Millions of USD (except
for per share items)
Preferred Stock - Non
Redeemable, Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings
(Accumulated Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities &
Shareholders' Equity
Shares Outs - Common Stock
Primary Issue
Total Common Shares
Outstanding
April 11, 2010
As of 2009- As of 2009- As of 2009- As of 2009- As of 200812-31
09-30
06-30
03-31
12-31
-
-
-
-
-
32.00
40,247.00
33.00
40,451.00
33.00
40,561.00
33.00
40,668.00
33.00
40,620.00
10,005.00
9,416.00
8,736.00
8,004.00
7,427.00
-7,517.00
-46.00
42,721.00
-7,517.00
-72.00
42,311.00
-7,517.00
-80.00
41,733.00
-7,517.00
-93.00
41,095.00
-7,517.00
-113.00
40,450.00
112,733.00 112,463.00 115,237.00 113,071.00 113,017.00
-
-
-
-
-
2,837.57
2,854.68
2,869.79
2,883.38
2,880.64
In Millions of USD (except for per
share items)
Cash & Equivalents
Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total Gross
Accumulated Depreciation, Total
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
As of 200912-31
671.00
50.00
721.00
1,711.00
1,711.00
791.00
3,223.00
As of 200812-31
1,195.00
59.00
1,254.00
1,626.00
1,626.00
836.00
3,716.00
As of 200712-31
963.00
98.00
1,061.00
1,645.00
1,645.00
961.00
3,667.00
As of 200612-31
1,239.00
1,735.00
2,974.00
1,450.00
1,450.00
778.00
5,202.00
51,665.00
47,679.00
43,432.00
36,754.00
-27,810.00
14,933.00
63,557.00
5,947.00
1,218.00
112,733.00
2,999.00
-23,235.00
14,889.00
64,007.00
4,783.00
1,178.00
113,017.00
624.00
-19,808.00
14,705.00
62,816.00
7,963.00
642.00
113,417.00
494.00
-15,506.00
13,768.00
60,808.00
8,847.00
532.00
110,405.00
453.00
12 | P a g e
April 11, 2010
In Millions of USD (except for per
share items)
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital
Leases
Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable,
Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated
Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities & Shareholders'
Equity
Shares Outs - Common Stock
Primary Issue
Total Common Shares Outstanding
In Millions of USD (except
for per share items)
Net Income/Starting Line
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
Changes in Working Capital
As of 2009- As of 2008- As of 2007- As of 200612-31
12-31
12-31
12-31
0.00
0.00
0.00
0.00
1,156.00
2,278.00
1,495.00
983.00
7,249.00
27,940.00
27,940.00
29,096.00
27,800.00
256.00
6,767.00
70,012.00
-
2,644.00
8,939.00
30,178.00
30,178.00
32,456.00
26,982.00
297.00
6,171.00
72,567.00
-
2,627.00
7,952.00
29,828.00
29,828.00
31,323.00
26,880.00
250.00
7,167.00
72,077.00
-
2,893.00
7,191.00
27,992.00
27,992.00
28,975.00
27,338.00
241.00
6,476.00
69,238.00
-
-
-
-
-
32.00
40,247.00
33.00
40,620.00
34.00
41,688.00
35.00
42,401.00
10,005.00
7,427.00
7,191.00
6,214.00
-7,517.00
-46.00
42,721.00
-7,517.00
-113.00
40,450.00
-7,517.00
-56.00
41,340.00
-7,517.00
34.00
41,167.00
112,733.00
113,017.00
113,417.00
110,405.00
-
-
-
-
2,837.57
2,880.64
3,011.03
3,119.53
9 months
ending 200909-30
2,668.00
4,148.00
760.00
572.00
215.00
-638.00
6 months
ending 200906-30
1,734.00
2,786.00
507.00
394.00
206.00
-514.00
12 months
ending 200912-31
3,628.00
5,483.00
1,017.00
832.00
280.00
-959.00
3 months
ending 200903-31
778.00
1,380.00
253.00
214.00
127.00
-240.00
13 | P a g e
April 11, 2010
12 months
9 months
ending 2009- ending 200912-31
09-30
Cash from Operating Activities 10,281.00
7,725.00
Capital Expenditures
-5,639.00
-3,891.00
Other Investing Cash Flow
-258.00
-110.00
Items, Total
Cash from Investing Activities -5,897.00
-4,001.00
Financing Cash Flow Items
-209.00
-186.00
Total Cash Dividends Paid
-761.00
-568.00
Issuance (Retirement) of Stock,
-764.00
-437.00
Net
Issuance (Retirement) of Debt,
-3,174.00
-2,866.00
Net
Cash from Financing Activities -4,908.00
-4,057.00
Foreign Exchange Effects
Net Change in Cash
-524.00
-333.00
Cash Interest Paid,
2,040.00
1,678.00
Supplemental
Cash Taxes Paid, Supplemental 1,303.00
940.00
In Millions of USD (except
for per share items)
In Millions of USD (except
for per share items)
Net Income/Starting Line
Depreciation/Depletion
Amortization
Deferred Taxes
Non-Cash Items
Changes in Working Capital
Cash from Operating
Activities
Capital Expenditures
Other Investing Cash Flow
Items, Total
Cash from Investing Activities
Financing Cash Flow Items
Total Cash Dividends Paid
Issuance (Retirement) of
Stock, Net
Issuance (Retirement) of Debt,
6 months
3 months
ending 2009- ending 200906-30
03-31
5,113.00
2,512.00
-2,522.00
-1,293.00
-48.00
-23.00
-2,570.00
-22.00
-375.00
-1,316.00
0.00
-180.00
-107.00
0.00
755.00
-332.00
251.00
2,794.00
-512.00
684.00
1,063.00
664.00
746.00
161.00
12 months
ending 200912-31
3,628.00
5,483.00
1,017.00
832.00
280.00
-959.00
12 months
ending 200812-31
2,525.00
5,457.00
943.00
495.00
827.00
-16.00
12 months
ending 200712-31
2,549.00
5,107.00
1,101.00
247.00
-538.00
-277.00
12 months
ending 200612-31
2,533.00
3,828.00
995.00
674.00
-1,118.00
-294.00
10,281.00
10,231.00
8,189.00
6,618.00
-5,639.00
-6,277.00
-6,564.00
-4,701.00
-258.00
-1,200.00
-1,585.00
-5,171.00
-5,897.00
-209.00
-761.00
-7,477.00
-153.00
-547.00
-8,149.00
62.00
0.00
-9,872.00
25.00
-
-764.00
-2,747.00
-2,690.00
-1,937.00
-3,174.00
925.00
2,312.00
5,458.00
14 | P a g e
In Millions of USD (except
for per share items)
Net
Cash from Financing
Activities
Foreign Exchange Effects
Net Change in Cash
Cash Interest Paid,
Supplemental
Cash Taxes Paid,
Supplemental
April 11, 2010
12 months
ending 200912-31
12 months
ending 200812-31
12 months
12 months
ending 2007- ending 200612-31
12-31
-4,908.00
-2,522.00
-316.00
3,546.00
-524.00
232.00
-276.00
292.00
2,040.00
2,256.00
2,134.00
1,880.00
1,303.00
762.00
1,638.00
1,284.00