STUDENT MANAGED INVESTMENT FUND
Trading Companies & Distributors
This report is published for educational and investment purposes only
by students enrolled in American University’s Student Managed
Investment Fund.
Date
September 15th 2011
W.W. Grainger, Inc.
Recommendation: BUY ★★★★
Price Target: 190.26
Ticker: GWW
Price: $161.63
___________________________________________________________
Safety Ratings
Standard & Poor’s
Outlook
LT Foreign Issuer Credit
LT Local Issuer Credit
ST Foreign Issuer Credit
ST Local Issuer Credit
Quality Rating
Volatility
Stable
AA+
AA+
A-1+
A-1+
A+
Low
Valueline
Timeliness
Safety
Technical
Financial Strength
Price Stability
Price Growth Persistence
Earnings Predictability
3
1
3
A++
90
80
90
Earnings/Share
Mar
Jun
Sept
Dec
Year
P/E Ratio
2006
$0.93
$1.01
$1.16
$1.07
$4.27
17.14
2007
$1.16
$1.21
$1.29
$1.33
$4.99
17.43
2008
$1.42
$1.48
$1.78
$1.47
$6.15
12.78
2009
$1.29
$1.26
$1.49
$1.39
$5.43
17.87
2010
$1.38
$1.65
$1.99
$1.79
$6.81
20.31
2011
$2.10
$2.22
E$2.33
E$2.02
E$8.67
-
2012
E$2.41
E$2.47
E$2.63
E$2.34
E$9.85
-
___________________________________________________________
Source: Bloomberg
Highlights (As of September 15, 2011)
Investment Rationale (As of September 15, 2011)

W.W. Grainger, Inc leads the Industrial Machinery and Equipment
Wholesaling sub industry in market share with a share of 4%

Looking for more international expansion and growth, W.W.
Grainger, Inc has both the business structure and resources to
become a larger international supplier.

The company averaged 96,000 sales transactions daily in the
United States in 2010.

The company is top in market share with a diverse line of products
and services, and is looking to acquire companies to further feed its
growth.

The company pays a predictable and reliable quarterly dividend
that is also growing in value each year, making W.W. Grainger,
Inc. both a value and growth opportunity.

In 2010 Grainger acquired three Canadian industrial wholesaling
firms and an 80% joint venture stake in a firm in Colombia.

25% of all of the company’s sales in 2010 came via E-Commerce.
Key Statistics
Exchange
NYSE
Bloomberg Raw Beta (09/15/2011)
1.055
Current Price (September 15, 2011)
$161.63
Bloomberg Adj. Beta (09/15/2011)
1.036
52 Week High (September 15, 2011)
$162.44
Shares Outstanding
52 Week Low (September 16, 2010)
$116.26
Market Cap (Jun 30, 2011)
Prior Year EPS
Forward P/E (Bloomberg)
$6.81
16.816
Projected 12 M Dividend Yield (BB)
Fiscal year ends
69.609M
$11,250.83M
1.50%
December 31, 2011
September 15, 2011
W.W. Grainger, Inc.
Business Description
W.W. Grainger, Inc. is a multi-channel distributor of maintenance, repair, and operating (MRO) supplies
mainly in North America, but it is also expanding into Latin America and Asia. Founded in 1928, Grainger is
the largest global distributor of both commercial and industrial supplies. Grainger is able to serve its close to
2 million customers by providing a variety of different means to be accessed, such as local branches,
catalogs, sales representatives, direct marketing, distribution centers, export services, and multiple websites.
Operations
Grainger operates in three segments, the United States, Canada, and other international entities being grouped
into the third. The United States is by far the largest of these segments, accounting for over 80% of all
revenue each of the past three years, and there are around 400 branches covering all 50 states. In the United
States, Grainger relies on providing local availability of its products combined with fast delivery and
competitive prices in order to succeed. The products offered vary from safety and security supplies, to power
tools and lighting, to vehicles, to cleaning supplies, showing a broad-line distribution approach. The company
also provides inventory management and energy efficiency services, to further add diversity to its offerings.
In 2010, Grainger averaged 96,000 transactions a day in the United States, serving around 1.7 million
customers.
Canada is also a stronghold for Grainger as it has 171 locations in the country, operating under the name
Acklands-Grainger. The country provides a good opportunity for profitability due its close location and
NAFTA, and Grainger decided to capitalize this in 2010 by acquiring Ranson Industrial and Safety Supplies
Inc., Solus Securite Inc., and Wolseley Industrial Products Group, all three being Canadian companies. Daily
transactions for Canada were around 14,000 and the company’s February 2011 catalog contained more than
106,000 products.
For international exposure outside of North America, Grainger has had average two-year revenue growth of
68.21% from 2008-2010 coming from its non-United States and Canada locations. Furthermore, in 2010, the
company acquired an 80% stake in a Colombian joint venture, and has plans to expand into China, as well as
further into Japan and Mexico. Additionally, international sales are driven by E-Commerce, and this is
becoming more and more visible as the company continues to expand internationally as in 2010 online
purchases accounted for 25% of sales.
Management
James T. Ryan is the Chairman, President, and CEO of W.W. Grainger Inc. He has been a member of the
board of directors since February 2007, and the board chairman since April 2009. He has been with the
company since 1980, holding many roles until he became President in April 2004, COO in February 2007,
and CEO in June 2008. He currently holds 139,603 shares of the company for a .2% stake. The Board
collectively owns a 5.88% stake in the company amongst its 12 members, something that is much larger than
the average from its peers, whose board members, on average own just 1.06% of the their respective
company. David W. Grainger, son of the founder William W. Grainger, is the Board’s Senior Chairman and
has sat on the Board since 1953, and holds 5,886,264 shares in company.
Source: Bloomberg, Company Filings, IBISWorld, S&P
Industry Overview and Competitive Positioning
The Trading Companies and Distributors industry and specifically the Industrial Machinery and Equipment
Wholesaling sub industry are extremely segmented and competitive, with firms operating at all points of the
supply chain. With an extremely large amount of firms providing an equally large amount of different goods
and services, there are no dominant firms in terms of market share. This is seen as W.W. Grainger, Inc is the
largest player in the Industrial Machinery and Equipment Wholesaling sub industry with a market share of
just 4%. Another result of having so many companies in the marketplace is that the vast majority (82.5%)
have less than twenty employees. This also leads to many firms in the industry with very tiny market
capitalizations.
With almost 20,000 firms in such a wide reaching industry there is much competition due to most firms being
very specialized and a lot of the smaller firms serving specific niches. One major form of competition is price
based competition due to this being a customer driven industry that relies on costs and services. Another
metric of competition is variety, as firms in this industry sell a wide variety of products. This leads to the
larger firms in the industry, like Grainger, offering an extremely broad product line as to attract as many
Analyst: Jesse Golaszewski
AU SMIF
Page 2
September 15, 2011
W.W. Grainger, Inc.
different customers as possible. Additionally, existing contracts and brand reputations come into part as two
of the largest barriers to entry as new entrants may find it difficult to acquire a customer base when customers
are already loyal to specific brands, and that suppliers may already have long-term distribution contracts.
Source: Yahoo Finance
Competitive Position within Industry
W.W. Grainger, Inc. has an extremely strong position in the industry first and foremost due to its large
market share and market capitalization. This allows Grainger to be a large player in acquiring the smaller
firms in the industry, as it did in 2010 when it acquired three Canadian companies. Additionally, having such
vast size in comparison to others in the industry allows the firm to produce many different products and be
spread amongst 599 branches worldwide. Grainger is also in a strong position as it provides goods and
services to others firms with many different distribution channels to varying parts of the supply chain. This
allows Grainger to sell to other distributors, wholesalers, and even direct customers. When coupling this with
the fact that Grainger does not partake in product research and development, it allows the firm’s vast product
lines to be customer demand driven. The combination of large size and a high variety of products and
customers allows Grainger to be very secure in its market position and allows room for growth; especially as
the company has shown previous it wants to expand internationally via joint ventures, and by acquiring a
country’s home companies.
Source: Bloomberg, Company Filings, IBISWorld, S&P
Comparables
Name
Ticker Last Px YTD Return Mkt Cap TTM P/E
Average
TTM Debt/Common
2011 Proj P/E PEG P/B P/S EPS Equity
Current Profit
Ratio
Margin
Dividend
Yield
62.85
0.09 4.53B
18.58
14.18 1.10 3.25 1.33 3.77
0.31
3.14
0.07
2.50%
WW GRAINGER INC
GWW
161.63
18.59 11.25B
19.95
16.44 1.33 4.54 1.48 8.59
0.20
2.57
0.08
1.41%
FASTENAL CO
FAST
35.90
21.74 10.59B
33.71
25.03 1.54 7.82 4.20 1.07
0.00
6.69
0.13
2.59%
MSC INDUSTRIAL DIRECT CO-A
MSM
62.54
-2.37 4.08B
19.42
14.79 1.03 3.96 2.01 3.20
0.00
3.56
0.12
3.01%
SNAP-ON INC
SNA
51.75
-6.91 3.01B
13.30
10.33 1.21 1.92 1.05 4.10
0.75
2.00
0.10
2.43%
WESCO INTERNATIONAL INC
WCC
43.71
-17.22 2.08B
13.53
9.45 1.01 1.51 0.34 3.54
0.63
2.14
0.03
0.00%
ANIXTER INTERNATIONAL INC
AXE
58.61
-1.88 2.05B
12.55
9.09 0.76 1.81 0.34 4.78
0.85
2.13
0.03
5.55%
WATSCO INC
WSO
59.02
-4.06 1.94B
22.88
16.74 1.08 2.47 0.63 2.58
0.08
3.15
0.04
2.64%
29.62
-7.20 1.26B
13.28
11.56 0.84 1.99 0.57 2.29
0.00
2.88
0.05
2.36%
APPLIED INDUSTRIAL TECH INC AIT
Source: Bloomberg
Due to the high variety of goods and services that W.W. Grainger, Inc provides, and its distribution channels
to many different suppliers up and down the supply chain, it has a diverse mixture of competitors.
Additionally, since Grainger is larger company, many of its comparables only compete with a certain section
of what Grainger does, as opposed to across the board. The relative competition can explain why Grainger
has the largest market capitalization, of all its comparables. Grainger also is one of two equities to have a
positive year to date return. Furthermore, Grainger has the second lowest dividend yield and the lowest of
those who pay a dividend, meaning it is one of the most growth oriented equities. Grainger also has the
highest trailing twelve month earnings per share, which is a testament to its strong value.
Macroeconomic Drivers within the Industry
Economy
Analyst: Jesse Golaszewski
AU SMIF
Page 3
September 15, 2011
W.W. Grainger, Inc.
The success of Industrials, specifically on the distribution and wholesale ends, is tied partially to the GDP
cycle, as due to utilization rates the Industrials sector is also cyclical. A growing economy will lead to more
manufacturing and a down economy should theoretically lead to less manufacturing, so while a recent
downturn might dampen the outlooks of firms in this industry, as long as the economy is predicted to have
long-term recovery, so should this industry.
Federal Government Policy
With customers from both the public and private sectors, federal government policies can have great effects
on this industry. The federal government in the United States is a large consumer of both goods and services
from industrial distributors and wholesalers, so when the government is more willing to spend, the industry
gets one more extremely large customer.
International Government Policy
With a sufficient amount of manufacturing moving overseas the policies of foreign governments should play
a large role in how distributors and wholesalers are able to operate. With different government structures and
societal norms, firms must be able to assess how they can operate in a foreign setting. Furthermore, they must
balance the laws of their home countries, if the two governments are not in accordance.
Movement Away From Agrarian Societies in Emerging Markets
With emerging market countries striving to strengthen their economies there should be a shift from a more
agrarian based society towards a more manufacturing based society and economic structure. With the
increase in facilities that would follow, there becomes a need for suppliers of both goods for facilities and
services to assist in the management of these services.
Date
Dividend
12/31/2011
0.66
9/30/2011
0.66
6/30/2011
0.66
3/31/2011
0.54
12/31/2010
0.54
9/30/2010
0.54
6/30/2010
0.54
3/31/2010
0.46
12/31/2009
0.46
9/30/2009
0.46
6/30/2009
0.46
3/31/2009
0.4
12/31/2008
0.4
9/30/2008
0.4
6/30/2008
0.4
3/31/2008
0.35
12/31/2007
0.35
9/28/2007
0.35
6/29/2007
0.35
3/30/2007
0.29
12/29/2006
0.29
9/29/2006
0.29
6/30/2006
0.29
3/31/2006
0.24
Source: Bloomberg, Data in Bold is Forecasted.
Multiples
Values
Forward P/E
16.816
2012 EPS
9.85
Price
165.64
2012 Est. Sales
8673.643M
2012 Est. P/S
1.284
Shares
69.609M
Price
159.99
Average
162.82
Source: Bloomberg
Analyst: Jesse Golaszewski
Investment Summary
W.W. Grainger is a strong wholesaler and distributor that has a large market capitalization and potential to
bring both value and growth. It pays a quarterly dividend that stays the same amount for four consecutive
quarters before increasing, as the trend has been over the past 5 years. As a result of having a long-standing
distinct pattern to the dividend, it allows for easier and precise forecasting. As a result, an H-model will be
used to initially capture the growth aspect of the equity in the initial state and then capture the value aspect
with the long term growth rate. The H-Model resulted in a value of $208.55. Additionally, multiples analysis
will be used with Forward P/E and Forward P/S being used and then averaged to get a share price of $162.82,
As the H-Model better explains both the growth and value prospects, it received a higher weight, of 60%,
while the multiples got a value of 40%, for an overall price target of 190.26, a 17.71% increase.
Price
DDM
MULT
Weight
208.55
162.82
0.6
0.4
125.13
65.13
190.26
Valuation
Dividend Discount Model/H-Model
Due to the stock paying a dividend and a very predictable one at that, a dividend discount model was used to
value the future stock price. As mentioned above, since this is a blend equity, an H-model was used to
capture the initial predicted supernormal growth, and then to capture the value aspect of the equity for the
long term. The supernormal growth rate was calculated by taking the geometric average of the annual
dividend growth rate since 2006, with 2011 being able to be forecasted due to the predictable nature of
Grainger’s quarterly dividends. This supernormal growth rate was used with a CAPM for the required rate of
return and a long-term dividend growth rate of 10% from Value Line. The dividends were grown out for 5
years, with the growth rate not being used for the first year, as it is still possible to get an accurate forecast of
the that dividend, based on previous quarterly dividend declarations. This resulted in a share price of $208.55,
a 29% increase.
DDM
capm
super
long term
d0
year
div
0
2.08
PV
P0
0.11707944 Rf
0.18127113 MRP
0.1 beta
2.08
0.0207
0.093
1.036
1
2
3
2.52 2.97680325 3.5164
$2.26
$208.55
$2.39
4
5
6
4.15383567 4.90680616 5.39748677
H-Model
340.766246
TV
345.673052
$2.52
$2.67
$198.72
AU SMIF
Page 4
September 15, 2011
W.W. Grainger, Inc.
Multiples Valuation
Due to strong sales and earnings, the multiples valuation will be done by using forward P/E and EPS, and
project sales and P/S, all for 2012. When using P/E the share price was $164.64, and when using P/S the price
was $159.99. An equally weighted average results in a share price of $162.82, a .074% increase.
Risks to Your Price Targets
The major risks to my price targets are that short term growth will continue to surge. If growth becomes
stagnant then the H-Model loses practicality. Furthermore, it would affect also the value, as dividends might
not continue to grow at such a large rate. Many events could stunt growth, such as a natural disaster, or an
overall increase in market volatility. It is also important to note that P/S undervalued the share price, and that
could be as a result of the company being a small bit overvalued, but also we must take into account that our
horizon is more long term, and we are not trying to time the market, so it is not as good as an estimate at the
H-Model dividend discount model.
Financial Analysis
A DuPont Analysis will allow us to further examine our Return on Equity.
Field
Return on Common Equity
Tax Burden
Interest Burden
EBIT Margin
Asset Turnover
Financial Leverage
FY 2010
FY 2009
22.8692
59.8358
99.2217
11.9807
1.8824
1.7466
20.0365
60.8573
106.3306
10.6915
1.7184
1.7252
FY 2008
FY 2007
FY 2006
23.009
19.6514
17.1674
61.4775
61.6137
63.5795
98.7921 101.6712 104.3164
11.4258
10.4495
9.825
2.0728
2.0905
1.9121
1.5996
1.436
1.3778
The ROE had a slight dip in 2009 and it looks as if it was a result of a higher interest burden and lower EBIT
Margin. It seems as if ROE is on its way to recovery though seeing as 2010 is now more similar to 2008/
Earnings
Earnings have generally grown over the last 5 years, aside from a 14% dip in 2009 due to overall market
weakness. The growth was 11% in 2006, 20% in 2007, 25% in 2008, and 28% in 2010, showing a general
upward trend and strong recovery from 2009.
Cash Flow
Cash Flow has been a bit sporadic as it was negative in 2010 after two years of being positive. The reason for
the downturn appears to be a reduced positive cash flow from operating from 2009 to 2010. Also cash
outflow from financing increase possibly indication a move for future growth.
Balance Sheet & Financing
Total assets have been steadily climbing since 2006, with a larger increase coming in gross fixed assets. This
could possibly be as more and more distribution centers are opening into new markets. Additionally, total
equity has seen an increase in the last year.
Other Headings Relevant to Company
W.W. Grainger has had previous legal disputes and a settlement with the United State Government. In 2008,
the government and W.W. Grainger, Inc settled for $6 million for violations of their contract. Grainger was
only allowed to mark up goods 26%, but in some cases marked good up as high as 60%. Additionally, the
company was found at fault for selling the government products from countries that the United States lacked
fair-trade agreements with.3
Investment Risks
Commodity Risk
Seeing as W.W. Grainger, Inc. is in the industrial sector, it will experience a high variability in sales and
earnings due to its close relationship to industrial metals commodities such as copper, nickel, and zinc, as
well as steel, as these commodities have high price volatility.
Exchange Rate Risk
As W.W. Grainger, Inc has growing international operations, and already a strong footing in Canada, there is
moderate exchange rate risk. While the majority of sales still occur stateside (84% in 2010), the company
plans on expanding globally, something that will lead to increased exposure to foreign currencies.
Analyst: Jesse Golaszewski
AU SMIF
Page 5
September 15, 2011
W.W. Grainger, Inc.
Acquisition Risk
In industrial machinery and equipment wholesaling there are many acquisitions, due to mostly all companies
not being able to provide needs for the entire spectrum of the industry, and the minuscule market shares that
these firms have because of that. W.W. Grainger, Inc, however, does not face this same risk as the others, due
to its relatively massive market share and market capitalization for the industry.
Market Risk
Since W.W. Grainger, Inc. has a large market capitalization it is somewhat protected against market
volatility. Additionally, its wide variety of product offerings offers it some security against a down market, as
well as it not using R&D but rather customer demand.
Regulatory Risk
W.W. Grainger, Inc faces little direct regulatory risk; as for wholesalers there are no industry specific taxes,
and only either a retail or wholesalers license required for operations from the Department of Revenue.
However, one indirect regulatory risk is that of increasing environmental regulations, as a movement towards
more sustainable products and factories could result in environmental standards changing nationally, which
could also lead to a need for updated products that comply with these standards. Another indirect regulatory
risk the firm faces deals with workers’ rights, as the firm had to pay a $0.15 per share charge as a result of
new health care legislation.
Credit Risk
W.W. Grainger, Inc has AA+ and A-1+ credit ratings from Standard & Poor’s, meaning the chance of it
defaulting on its credit is extremely low.
Source: Bloomberg, Company Filings, IBISWorld, S&P, Business Journal of Milwaukee
Figure 1: Income Statement
Analyst: Jesse Golaszewski
AU SMIF
Page 6
September 15, 2011
W.W. Grainger, Inc.
Account
Revenue
- Cost of Revenue
Gross Profit
- Operating Expenses
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income
- Income Tax Expense
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
Net Income
- Total Cash Preferred Dividends
- Other Adjustments
Net Inc Avail to Common Shareholders
Abnormal Losses (Gains)
Tax Effect on Abnormal Items
Normalized Income
Comprehensive Income
Comprehensive Income per Share
Basic EPS Before Abnormal Items
Basic EPS Before XO Items
Basic EPS
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares
Source: Bloomberg
12/31/2010
12/31/2009
7182.158
4176.474
3005.684
2145.209
860.475
8.187
0
-1.49
853.778
340.196
513.582
0
2.717
510.865
0
11.294
499.571
-9.3781
#N/A N/A
490.1929
541.442
7.4841
6.92
7.05
7.05
70.8369
6.8
6.93
6.93
72.1389
12/31/2008
6221.991
6850.032
3623.465
4041.81
2598.526
2808.222
1933.302
2025.55
665.224
782.672
8.766
14.485
0
0
-50.879
-5.031
707.337
773.218
276.565
297.863
430.772
475.355
0
0
0.306
0
430.466
475.355
0
0
9.947
0
420.519
475.355
-20.343
10.24
4.991 #N/A N/A
405.167
485.595
481.365
364.659
6.389
4.7618
5.49
6.34
5.7
6.21
5.7
6.21
73.7863
76.5799
5.42
6.17
5.62
6.04
5.62
6.04
74.8919
78.7503
Figure 2: Cash Flow Statement
Field
Cash From Operating Activities
+ Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operations
Cash From Investing Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
Cash from Financing Activities
+ Dividends Paid
+ Change in Short-Term Borrowings
+ Increase in Long-Term Borrowings
+ Decrease in Long-term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash from Financing Activities
Net Changes in Cash
Source: Bloomberg
Analyst: Jesse Golaszewski
12/31/2010
12/31/2009
12/31/2008
510.865
149.678
50.623
-114.721
596.445
430.466
147.531
32.627
121.772
732.396
475.355
139.57
58.209
-143.068
530.066
0
-120.616
0
0
-48.543
-169.159
0
-140.73
0
0
-121.833
-262.563
13.62
-182.678
0
0
-33.577
-202.635
-152.338
205.498
0
-239.122
112.178
-504.803
4.884
-573.703
-146.417
-134.684
2.542
0
-18.856
110.195
-372.727
7.278
-406.252
63.581
-121.504
-81.425
500
0
60.366
-394.247
-7.768
-44.578
282.853
AU SMIF
Page 7
September 15, 2011
W.W. Grainger, Inc.
Figure 3: Balance Sheet
Field
Assets
+ Cash & Near Cash Items
+ Short-Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Current Assets
+ LT Investments & LT Receivables
+ Gross Fixed Assets
- Accumulated Depreciation
+ Net Fixed Assets
+ Other Long-Term Assets
Total Long-Term Assets
Total Assets
Liabilities & Shareholders' Equity
+ Accounts Payable
+ Short-Term Borrowings
+ Other Short-Term Liabilities
Total Current Liabilities
+ Long-Term Borrowings
+ Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity
Analyst: Jesse Golaszewski
12/31/2010
12/31/2009
12/31/2008
313.454
0
762.895
991.577
170.145
2238.071
0
2377.76
1414.088
963.672
702.634
1666.306
3904.377
459.871
0
624.91
889.679
157.055
2131.515
0
2266.493
1313.222
953.271
641.546
1594.817
3726.332
396.29
0
589.416
1009.932
148.471
2144.109
0
2131.863
1201.552
930.311
440.997
1371.308
3515.417
344.295
73.828
451.18
869.303
420.446
326.958
747.404
1616.707
0
82.454
692.516
1512.7
2287.67
3904.377
300.791
87.908
388.1
776.799
437.5
284.834
722.334
1499.133
0
63.479
651.188
1512.532
2227.199
3726.332
290.802
41.217
429.715
761.734
488.228
231.65
719.878
1481.612
0
0
619.558
1414.247
2033.805
3515.417
AU SMIF
Page 8
September 15, 2011
W.W. Grainger, Inc.
Analyst: Jesse Golaszewski
AU SMIF
Page 9