Strictly Private & Confidential
Trading and Transaction Multiples
Trading Comparables
Introduction
Trading Comparables
Most Widely Used Valuation Tool
What is it?


Use of Trading Multiples
Importance
Valuation tool based on how comparable
companies are valued by the stock market as a
multiple of profit, sales or other parameters
Assumes that the stock market is relatively
efficient in valuing comparable companies
Identify Comparable
Companies
Select
Appropriate
Multiples

Buy-side M&A
high

Sell-Side M&A
high

Merger of Equals
high

Initial Public Offering
high

Add-on financings
low

Share repurchases
low

Leveraged Buy-out
low
Calculate
Multiples
1
Check and
Interpret the
Results
Identify Comparable Companies
Trading Comparables
Identify Companies with Similar Business Mix, Size, Operations and Capital Structure

Talk to the right people – Industry Teams

Previous presentations
Business Mix



Equity research reports

Competition section in 10K / Prospectus

Other sources: Hoover’s in-depth records

Products
Markets Served
Customers
Size


Assets
Revenues
Profitability
Operations




2
Production Process
Operational Gearing
Capital Structure
Leverage
Dividend Payout
Growth
/
Risk
Select Appropriate Multiples
Trading Comparables
Enterprise Value vs. Equity Value Multiples
Equity Value Multiples
Enterprise Value Multiples

Capital Structure ―as is‖

Unlevered Capital Structure

Denominator after interest expense

Denominator before interest expense

Main multiples are

Main multiples are
– P/E ratio
– EV / Sales
– Price/Book ratio
– EV / EBITDA
– PEG ratio
– EV / EBIT or EV / EBITA
– EV / Capital Employed
– EV / Subscribers (telecom, similar ratios
based on operating figures in other industries)
3
Select Appropriate Multiples
Trading Comparables
Choice of the Multiple Depends on Industry, Profitability, Accounting Regimes
Multiple
EV / Sales
Advantage
 Meaningful for loss-making companies
 Very limited impact of
accounting differences

No distortions based on different
depreciation policies
EV/EBIT(A)

Takes capital intensity into account
EV / Capital
Employed

Based on invested capital, which determines
potential earnings power
EV/EBITDA
EV / Subscriber
(or other metrics)
P/E Ratio

Based on industry-specific value-driver

Focuses on earnings to shareholders
Disadvantage

Does not take differences in profitability
into account

Does not take differences in capital intensity
into account

Possible distortions based on different
accounting policies


Does not take differences in profitability
into account
Distortions through accounting differences

Does not take profitability into account

Does not take risk profile based on differences
in leverage into account
Accounting differences

Price / Book

Based on equity, which determines
earning power
4

Does not take differences in profitability
into account
Select Appropriate Multiples
Trading Comparables
Different Industries May Use Different Multiples
Industry
Multiple
Banks
Price / Book
Comment



Telecom
EBITDA
Industrial
EBITA



Equity is limiting factor
Always look at ROE at the same time
No. of subscribers defines maximum revenues
Once the network is built, depreciation is not very relevant
because no need for near-term replacement capex
Depreciation is good proxy for replacement capex
Heterogeneous set of companies with different capital intensities
5
Select Appropriate Multiples
Trading Comparables
Chosing the appropriate period
Period

Advantage (+)/ Disadvantage(-)
Last calendar year
+ Enables consistent comparison with historic /
future calendar years
—

Last twelve months (LTM)
+ Provides the most recent historic information
—

Current calendar year
But might be different from the future
+ Usually the period that the stock market focuses
on most
—

Can be over by several months, and therefore of
limited interest for stock market
Next calendar year
Clearly some degree of uncertainty over the year
end result
+ Focuses on future revenue and profit
+ Especially relevant for fast-growing companies
—
___________________________
Note: NB. Always calendarize financial years to calendar years unless otherwise directed.
6
Projections become less accurate the further you
go into the future
Calculate Multiples – The Numerator
Trading Comparables
Calculating Enterprise Value
Enterprise Value Constituents
Capital Providers / Recipients
Market Capitalisation
+
+
Common Shareholders
Net Debt
Bank Debt
+ Bonds
+ Finance Leases
+ Preferred Stock
– Cash
– Securities
Minority Interest
Creditors
+
Minority Interest (at market value
if available)
Minority Owners
–
Investments/Associates (at market
value if available)
Non-Consolidated Companies
7
Calculate Multiples – The Numerator
Trading Comparables
Make Sure that Numerator and Denominator are Consistent!
Levered Multiple
Unlever
 Net Debt
Denominator
Market Cap
Net Income
Unlevered
Multiple
 Minority interest
Bank Debt
Numerator
Assume full
ownership of subs
 Bonds
 Leases
 Preferred Stock
 Cash
 Securities
 Taxes
 Net Interest
 Interest Expense
 Interest Income
8
(market value)
 Investments and
Affiliate (market
value)
Enterprise Value
 Minority interest in
net income
 Income from
Investments and
Affiliates
Sales/
EBITDA/
EBIT
Calculate Multiples – The Numerator
Trading Comparables
Calculating Market Capitalization on a Fully-Diluted Basis is More Accurate, but the
Impact is Usually Low

Basic market capitalization = share price of common shares x common shares outstanding

Take shares outstanding from latest interim report / 10Q and check news for stock split / capital
increases (Bloomberg / Extel / Factset are not always correct but should be used as a cross checks)

Check for multiple classes of shares (A + B / Voting + Non-Voting)

Fully diluted shares outstanding (treasury stock method)
– Fully diluted market capitalization assumes that all in-the-money options become exercised; thereby
increasing the share capital
= basic shares outstanding
+ in-the-money options adjustment
9
Calculate Multiples – The Numerator
Trading Comparables
Enterprise Value Calculation – Convertibles
How to Treat Convertibles

Convertible bonds are debt that can be converted into equity at an agreed conversion price

Treatment of convertible bonds in a comparable company analysis depends on whether the bonds are
―in-the-money‖ or ―out-of-the-money‖:
“Out-of-the-money”

Equity Value < Face Value
“In-the-money”

– Treat as Financial Debt
Equity Value > Face Value
– Treat as Equity
– Adjust no. of shares
– Adjust interest expense
10
Calculate Multiples – The Numerator
Trading Comparables
Enterprise Value Calculation – Investments / Affiliates
Accounting for Investments / Affiliates

Investments (<20% ownership)
How to Treat in Comps

– Dividend income is recorded as earned
– Do not include dividend income/share in
earnings
in EBIT
– Gains/losses in fair value are recorded in
income statement

– Deduct investment/affiliate from market
capitalization to get to Enterprise Value
Affiliates (20% – 50% ownership)
– Firm records proportional stake in earnings on
income statement (income from affiliate)
• At market value if available (i.e. quoted
stake)
– Earnings represent increase in investment
account
– Dividends represent return on capital
(reduction in account)
Treat them as ―non-core‖
• At book value if market value not available

Treat them as ―core‖
– Include dividend income/share in earnings in
EBIT
– Do not adjust market capitalization
11
Calculate Multiples – The Numerator
Trading Comparables
Enterprise Value Calculation – Minority Interest
What is Minority Interest?


Item on liability side of balance sheet when a
firm’s ownership in a subsidiary is between 50%
and 100%
How to Treat in Comps

– Revenues and EBITDA/EBIT include 100%
of the subsidiary’s revenues profit
Firm fully consolidates the subsidiary’s
revenues, profits and assets
– Enterprise value needs to assume full
ownership of subsidiaries


Add to market capitalisation in your enterprise
value calculation
Use market value if available
– In particular when subsidiary is quoted
Minority interest represents the share of the
subsidiary’s equity not owned by the firm
– Cross check book value of minority interest
with minority interest in net income
12
Calculate Multiples – The Denominator
Trading Comparables
Exclude Non-Recurring Items

Look for non-recurring items in P&L, Cash Flow Statement, Management’s Discussion & Analysis of
Financial Results and Notes to Financial Statements

Adjust Net Income also for tax-effect of non-recurring items

Footnote your adjustments!
13
Check and Interpret the Results
Trading Comparables
After Checking Your Inputs, Always Perform Sanity Checks and Understand Outliers

Check inputs against sources

Sanity checks
– Profit Trend
• EPS ’02 > EPS ’01
• P/E ’02 < P/E ’01
– Relative Multiple Comparison
• EBIT Multiple > EBITDA Multiple > Revenue Multiple
– Compare multiples to outside sources (e.g. research reports)

Identify and check outliers. Explain them

Comparable companies used in formal valuations will come under intense scrutiny and therefore
require the highest level of care in preparation and checking

Make 100% sure that the client’s multiples are correct (―career check‖)
14
Check and Interpret the Results
Trading Comparables
Understand Why the Companies in Your Universe Trade at Different Multiples
Reasons why companies trade at different multiples

Historic / projected growth rates

Competitive position

Leverage (P/E Ratios)

Capital intensity (EBITDA multiples)

Margins (Revenue Multiples)

Quality of earnings (i.e. Aggressive accounting)

Quality of business mix

Regulatory environment

Free float
Other

Market listing (where listed)
“Imperfections”

Market has different expectations to the broker you used!

Mistake or imprecision in spreading comp!
Long-term
Growth/Risk
“Fundamental”
15
Transaction Multiples
Introduction
Transaction Multiples
Most Important in M&A Situations
What is it?



Use of Transaction Multiples
Valuation based on implied multiples of
precedent transactions (sales, profit or other
parameters)
Allows a potential acquiror to assess the price
range which vendors have been willing to accept
for a company/asset with similar characteristics
Dependant on the accurate application of
precedent multiples that are relevant benchmarks
to the company/asset in question
Identify Transactions
Importance

Buy-side M&A
high

Sell-side M&A
high

Leveraged buy-out
medium

Merger of equals
medium

Share repurchases
low

Initial Public Offering
none

Add-on financings
none
Find
Information
Calculate
Multiples
16
Check and
Interpret the
Results
Identify Transactions
Transaction Multiples
Types of Transactions
Include
Exclude

Private Deals where majority was acquired

IPOs

Tender offer for majority of the shares

Share Repurchases

Purchase of minority stake which enabled
acquiror to take control (use judgment)

Block Trades

Failed Transactions (usually)
17
Identify Transactions
Transaction Multiples
Choosing the Transaction
Understand Target and Target Sector

Gain a clear understanding of the target company’s business including:
– Primary competitors
– Major deals

Define target sector
Identify Transactions

Check for any previously existing deal sheets in order to verify the completeness of any new deal runs

Request a deal run around the target’s business (go back only 2 to 5 years maximum)
– Place criteria that limits the scope (size of deals, geographic region, public, majority control, etc.)

Sanity check data – ensure that primary competitors and the major deals are within the received
information; otherwise, understand why they have not been incorporated
18
Find Information
Transaction Multiples
Source Transaction Data

Difference whether public vs. private target/bidder
– Tender (offer) documents filed with relevant stock exchange
– Target company annual report, interims
– Equity research reports
– 8K (US) / disclosure document if transaction is deemed material
– Public announcement (e.g. Regulatory News Service in the UK)

Company website, News run
Useful Databases (use with caution!)
- SDC Platinum (industry standard)
– Dealogic / M&A Global
- Dealogic / M&A Global
– Thomson One Banker
– M&A Monitor
– Bloomberg
– Internal Deal Database
19
Calculate Multiples – Enterprise Value
Transaction Multiples
As for Trading Multiples…but Remember to Take into Account Percentage Acquired
Example

A buys a 60% stake in B for €120mn
300
€10mn

B has net debt of €40mn
€20mn
250
€40mn

B has minority interest of €20mn
200

B has investments of €10mn
150
€80mn
€250mn
100
50
€120mn
0
Purchase Implied Net Debt
Price for Value of
60% Stake Stake Not
Bought
Enterprise Value is €250mn
20
Minority Investments Implied
Interest
Transaction
Value
Calculate Multiples – Private Transactions
Transaction Multiples
Use your Judgement!
Get the Transaction Value Right!

In share deals, apply the exchange ratio using the acquiror’s share price on the day before the
announcement

In offers where shareholders have the choice between cash or shares, use cash-based price as this is
independent of the quality of the acquiror’s stock (footnote share alternative)

Ensure that all shareholders are being treated equally
Typical Issues


How to Deal With Them
In the acquiror’s press release, it does not say
whether the purchase price relates to equity
value or assumes a debt-free company

Purchase price usually means price to acquire
the equity

Add net debt to calculate the implied enterprise
value
Part of the purchase price is contingent on a
certain future performance of the company
(―earn-out‖)

Include the earn-out in your transaction value,
unless you have reason to believe that the
underlying performance criteria will not be met
(the same applies to any other deferred
consideration)
21
Check and Interpret the Results
Transaction Multiples
As for Trading Comps

Profit Trend
– EPS ’02 > EPS ’01
– P/E ’02 < P/E ’01

Relative Multiple Comparison
– EBIT Multiple > EBITDA Multiple > Revenue Multiple

Compare multiples to outside sources

Make 100% sure that transactions made by the client are correctly calculated (―career check‖)
22
Check and Interpret the Results
Transaction Multiples
“Landmark” Transactions
Country
Target
Acquiror
EV/
Consideration Paid
(USDm)
Implied EV (USDm)
750
750
4.02x
13.1x
18.7x
104.2
n.a.
Sales
EBITDA
EBITA
Prod hlm
(USD)
Cap hlm (USD)
Dec-05
China
Fujian Sedrin
InBev
Aug-05
Russia
ITB
Heineken
356
507
2.20x
17.4x
n.a.
187.8
133.4
Jul-05
Colombia
Bavaria
SABMiller
4,824
7,806
3.90x
10.1x
n.a.
287.0
195.1
Aug-04
Russia
SUN Interbrew
Interbrew
1,093
1,457
2.20x
11.8x
24.5x
84.2
n.a.
Jul-04
Canada
Molson
Adolph Coors
3,594
4,611
2.39x
10.9x
12.3x
221.1
n.a.
Mar-04
Brazil
AmBev
Interbrew
10,607
21,495
4.91x
14.4x
18.5x
331.7
190.7
Feb-04
Denmark
Carlsberg Breweries
Carlsberg
2,490
8,131
1.39x
7.9x
13.5x
100.4
n.a.
Jan-04
Germany
Holsten
Carlsberg/Bitburger
657
1,339
1.44x
8.8x
11.8x
152.1
n.a.
Sep-03
Germany
Spaten/Dinkelacker
Interbrew
600
550
1.37x
9.1x
n.a.
109.9
n.a.
Aug-03
Costa Rica/Nicaragua
FIFCO
Heineken
229
916
n.a.
15.8x
n.a.
482.1
n.a.
May-03
Italy
Birra Peroni (pre earn-out)
SABMiller
283
653
1.15x
12.7x
n.a.
145.0
n.a.
May-03
Portugal
Centralcer
Scottish & Newcastle
565
746
2.60x
9.6x
n.a.
226.1
n.a.
May-03
Austria
BBAG
Heineken
1,698
2,131
2.10x
10.2x
23.9x
163.9
n.a.
May-02
USA
Miller Brewing Company
SAB
2,993
4,993
1.02x
8.2x
10.5x
99.9
n.a.
May-02
Brazil
Quilmes (Quinsa)
AmBev
490
1,732
2.19x
9.4x
19.6x
n.a.
n.a.
Feb-02
Finland
Hartwall ABP (OYL)
Scottish & Newcastle
1,787
1,974
2.81x
10.1x
14.0x
122.9
n.a.
Dec-01
United Kingdom
Carling Brewers
Adolph Coors
1,727
1,727
0.84x
8.1x
14.1x
146.4
n.a.
Aug-01
Germany
Becks
Interbrew
1,575
1,575
2.10x
13.0x
23.9x
276.4
n.a.
Jun-00
United Kingdom
Bass
Interbrew
2,144
3,459
1.26x
9.5x
14.4x
178.3
n.a.
May-00
Denmark
Orkla
Carlsberg
9,972
14,662
n.a.
6.3x
n.a.
n.a.
n.a.
Mar-00
France
Kronenbourg
Scottish & Newcastle
3,059
3,059
2.14x
13.1x
19.4x
257.1
n.a.
Source: Company filings, press releases.
23
Check and Interpret the Results
Transaction Multiples
Remember!

Use qualitative judgement – do not just jump into the numbers

Choose a meaningful analysis period – n.b. “valuation bubbles”

Eliminate extremes, having understood them

A limited number of appropriate and accurate transactions is useful – quality not quantity

Look for trends

Triple check
24
Appendix
Sample Trading Comparables
Appendix
Trading Comps
Europe
Carlsberg A/S
Carlsberg A/S (Ex-prop)
Heineken NV
InBev
SABMiller plc
Scottish and Newcastle plc
North America
Anheuser-Busch Cos Inc
Molson Coors Brewing Co.
Dec-06
Cash P/E
Dec-07
Dec-08
8.1x
7.2x
9.0x
9.9x
9.8x
11.6x
24.7x
20.7x
24.6x
24.2x
25.5x
21.4x
19.6x
16.4x
19.8x
20.3x
21.3x
20.5x
15.9x
13.4x
16.8x
16.7x
18.3x
18.9x
9.1x
10.6x
8.8x
9.5x
18.7x
25.4x
17.1x
20.1x
16.2x
16.5x
11.4x
10.2x
9.3x
23.1x
19.4x
16.6x
10.3x
15.3x
10.2x
9.3x
10.9x
9.1x
7.5x
8.3x
8.7x
20.8x
65.3x
17.0x
17.7x
32.4x
15.9x
14.2x
17.9x
13.6x
13.8x
13.0x
12.3x
40.1x
37.7x
33.9x
Net Debt
(EURm)
EV
(EURm)
Dec-06
6,608
5,535
22,622
35,771
29,160
10,099
2,701
2,701
2,077
6,533
4,685
3,163
9,772
8,699
26,439
55,366
35,758
13,622
10.4x
9.2x
11.2x
13.1x
13.1x
13.1x
8.9x
7.9x
10.0x
11.2x
11.3x
12.4x
24,902
6,549
5,479
1,398
30,381
8,079
9.7x
11.6x
Average
Other Europe
Anadolu Efes
Efes Breweries Intl.
Baltika
EV/EBITDA
Dec-07
Dec-08
Equity Value
(EURm)
3,172
916
5,614
517
253
58
3,771
1,176
5,672
Average
Notes
(1) Share prices and exchange rates as of 09 November 2007
(2) Financials calendarised to 30-Dec y/e; Excl. exceptional items; proforma recent acquisitions; EBITDA incl. income from associates; Minority Interests Valued at Illustrative Market Value.
25
Sample Trading Comparables – Mature Beer
Appendix
Transaction Comps
Country
Target
Acquiror
EV/
Consideration Paid
(USDm)
Implied EV (USDm)
356
356
1.92x
12.5x
17.0x
250.0
n.a.
Sales
EBITDA
EBITA
Prod hlm
(USD)
Cap hlm (USD)
Aug-06
Canada
Sleeman
Sapporo
Jul-04
Canada
Molson
Adolph Coors
3,594
4,611
2.39x
10.9x
12.3x
221.1
n.a.
Feb-04
Denmark
Carlsberg Breweries
Carlsberg
2,490
8,131
1.39x
7.9x
13.5x
100.4
n.a.
Jan-04
Germany
Holsten
Carlsberg/Bitburger
657
1,339
1.44x
8.8x
11.8x
152.1
n.a.
Sep-03
Germany
Spaten/Dinkelacker
Interbrew
600
550
1.37x
9.1x
n.a.
109.9
n.a.
May-03
Italy
Birra Peroni (pre earn-out)
SABMiller
283
653
1.15x
12.7x
n.a.
145.0
n.a.
May-03
Portugal
Centralcer
Scottish & Newcastle
May-03
Austria
BBAG
Heineken
Apr-03
United Kingdom
HP Bulmer
Scottish & Newcastle
May-02
USA
Miller Brewing Company
Feb-02
Finland
Dec-01
United Kingdom
Aug-01
565
746
2.60x
9.6x
n.a.
226.1
n.a.
1,698
2,131
2.10x
10.2x
23.9x
163.9
n.a.
262
442
1.21x
7.1x
12.2x
n.a.
n.a.
SAB
2,993
4,993
1.02x
8.2x
10.5x
99.9
n.a.
Hartwall ABP (OYL)
Scottish & Newcastle
1,787
1,974
2.81x
10.1x
14.0x
122.9
n.a.
Carling Brewers
Adolph Coors
1,727
1,727
0.84x
8.1x
14.1x
146.4
n.a.
Germany
Becks
Interbrew
1,575
1,575
2.10x
13.0x
23.9x
276.4
n.a.
Jul-01
Germany
Diebels
Interbrew
100
125
1.41x
7.8x
21.8x
85.9
n.a.
Nov-00
Switzerland
Feldschlösschen
Carlsberg
493
493
0.85x
6.9x
14.5x
205.4
n.a.
Aug-00
Portugal
Centralcer
Scottish & Newcastle
139
283
n.a.
8.6x
n.a.
104.9
n.a.
Jun-00
United Kingdom
Bass
Interbrew
2,144
3,459
1.26x
9.5x
14.4x
178.3
n.a.
May-00
United Kingdom
Whitbread
Interbrew
662
662
0.40x
5.6x
10.1x
65.0
n.a.
May-00
Denmark
Orkla
Carlsberg
9,972
14,662
n.a.
6.3x
n.a.
n.a.
n.a.
Mar-00
France
Kronenbourg
Scottish & Newcastle
3,059
3,059
2.14x
13.1x
19.4x
257.1
n.a.
26
Sample Trading Comparables – Emerging Beer
Appendix
Transaction Comps
Country
Target
Acquiror
EV/
Consideration Paid
(USDm)
Implied EV (USDm)
Sales
EBITDA
EBITA
Prod hlm
(USD)
Cap hlm (USD)
Aug-06
Vietnam
Foster's Vietnam
Asia Pac Breweries (Hein JV)
105
105
4.02x
28.0x
104.4x
141.3
95.5
Aug-06
India
Foster's India Ops and Brand
SABMiller
120
120
8.46x
95.1x
221.4x
518.9
342.9
May-06
Romania
Interbrew Efes (JV take out)
InBev
27
53
n.a.
n.a.
n.a.
44.2
35.4
Jan-06
Russia
Krasny Vostock
Efes Breweries International
360
390
n.a.
n.a.
n.a.
149.4
39.0
Jan-06
Russia
Yarpivo Minority Take-out
BBH/Baltika
234
622
n.a.
12.2x
16.4x
117.3
103.6
Jan-06
Bosnia-Hertzegovina
Banjalucka Pivara
Altima Partners
14
26
1.35x
10.4x
-14.4x
76.0
25.8
Dec-05
China
Fujian Sedrin
InBev
750
750
4.02x
13.1x
18.7x
104.2
n.a.
Sep-05
China
K.K.
InBev
62
62
n.a.
4.1x
n.a.
22.8
20.5
Aug-05
Russia
ITB
Heineken
356
507
2.20x
17.4x
n.a.
187.8
133.4
Jul-05
Russia
Stepan Razin
Heineken
119
119
n.a.
n.a.
n.a.
85.2
n.a.
Jul-05
Russia
Baikal
Heineken
48
48
n.a.
n.a.
n.a.
80.6
n.a.
Jul-05
Colombia
Bavaria
SABMiller
4,824
7,806
3.90x
10.1x
n.a.
287.0
195.1
Jul-05
Russia
Tinkoff
InBev
201
201
4.74x
n.a.
n.a.
n.a.
87.6
May-05
Russia
Patra
Heineken
71
71
n.a.
n.a.
n.a.
100.9
n.a.
Apr-05
China
Snowland Brewery
China Resources Brewery (SABM)
15
15
n.a.
n.a.
n.a.
13.6
10.7
Dec-04
India
UB
Scottish & Newcastle
171
456
n.a.
n.a.
n.a.
138.2
n.a.
Sep-04
China
Lion Nathan China
China Resources Brewery
71
154
n.a.
n.a.
n.a.
70.3
29.8
Oct-04
Russia
Sobol
Heineken
22
22
n.a.
n.a.
n.a.
111.6
n.a.
Aug-04
Russia
Volga
Heineken
74
74
n.a.
n.a.
n.a.
105.6
n.a.
Aug-04
Russia
Shikhin
Heineken
99
99
n.a.
n.a.
n.a.
98.5
n.a.
Aug-04
Serbia-Montenegro
7 Septambar (Zajecar Brewery)
Efes Breweries International
15
23
n.a.
n.a.
n.a.
51.4
22.6
Aug-04
Russia
SUN Interbrew
Interbrew
1,093
1,457
2.20x
11.8x
24.5x
84.2
n.a.
Jun-04
China
Zhejiang Brewery
Interbrew
53
76
n.a.
11.6x
n.a.
38.0
n.a.
Jun-04
China
Harbin
Anheuser-Busch
675
787
4.38x
17.5x
31.6x
68.4
n.a.
Mar-04
Brazil
AmBev
Interbrew
10,607
21,495
4.91x
14.4x
18.5x
331.7
190.7
27