Modern Dental Group Limited (3600.HK)

Industry: Medical - Instruments & Supplies Sector: Healthcare Currency Used: HK Live Price: $5.19

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	4.20	3.64	2.79	6.38	1.50	1.42	1.60	2.62	3.10	4.08	4.04	4.04
Market Capitalization	3,965.11M	3,454.89M	2,662.80M	6,100.80M	1,442.01M	1,385.63M	1,591.35M	2,605.47M	3,089.18M	3,364.87M	3,211.55M	4,040.00M
(-) Cash & Equivalents	754.42M	610.10M	416.16M	643.13M	550.75M	368.51M	359.18M	304.94M	423.84M	580.10M	83.77M	58.58M
(+) Total Debt	891.61M	832.52M	766.69M	861.38M	1,010.19M	1,006.27M	797.95M	641.29M	634.68M	916.83M	357.29M	217.43M
Enterprise Value	4,102.30M	3,677.31M	3,013.33M	6,319.05M	1,901.44M	2,023.39M	2,030.12M	2,941.81M	3,300.03M	3,701.60M	3,485.07M	4,198.85M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Revenue	6,769M	5,906M	3,364M	3,172M	2,830M	2,955M	2,190M	2,400M	2,315M	2,181M	1,642M	1,416M	1,192M	778M
Cost of Revenue	3,132M	2,885M	1,565M	1,471M	1,447M	1,405M	1,100M	1,247M	1,236M	1,120M	762M	654M	550M	365M
Gross Profit	3,638M	3,021M	1,799M	1,701M	1,383M	1,551M	1,090M	1,153M	1,079M	1,062M	881M	761M	642M	413M
Gross Profit Margin	53.7%	51.2%	53.5%	53.6%	48.9%	52.5%	49.8%	48.0%	46.6%	48.7%	53.6%	53.8%	53.9%	53.1%
R&D Expenses	80M	98M	44M	43M	40M	37M	6M	7M	14M	0M	0M	0M	0M	0M
SG&A Expenses	2,445M	2,135M	1,218M	1,162M	1,077M	1,057M	801M	903M	906M	851M	655M	582M	450M	225M
Operating Expenses	2,481M	2,233M	1,262M	1,162M	1,077M	1,057M	807M	910M	939M	838M	705M	589M	440M	258M
Operating Income (EBIT)	1,157M	788M	537M	539M	306M	494M	283M	243M	141M	223M	175M	172M	202M	155M
Operating Income Margin	17.1%	13.3%	16.0%	17.0%	10.8%	16.7%	12.9%	10.1%	6.1%	10.2%	10.7%	12.2%	16.9%	20.0%
Interest Income	14M	2M	9M	2M	1M	1M	1M	1M	1M	0M	1M	0M	1M	4M
Interest Expense	94M	59M	51M	41M	26M	23M	34M	38M	52M	29M	28M	42M	30M	0M
Net Interest Income	-80M	-56M	-42M	-39M	-25M	-22M	-32M	-37M	-51M	-28M	-28M	-42M	-30M	4M
Unusual Items	48M	4M	32M	10M	9M	-8M	-126M	-4M	29M	6M	6M	4M	4M	-7M
EBT Excluding Unusual Items	1,076M	731M	495M	499M	281M	472M	250M	206M	90M	195M	147M	130M	172M	159M
Pre-Tax Income	1,124M	735M	527M	510M	290M	464M	124M	203M	119M	202M	153M	135M	175M	152M
Pre-Tax Margin	16.6%	12.5%	15.7%	16.1%	10.2%	15.7%	5.7%	8.4%	5.1%	9.2%	9.3%	9.5%	14.7%	19.5%
Income Tax Expense	238M	183M	120M	107M	70M	104M	17M	42M	36M	44M	50M	52M	44M	28M
Net Income	886M	552M	408M	404M	220M	361M	108M	162M	85M	155M	101M	82M	120M	114M
Net Income Margin	13.1%	9.4%	12.1%	12.7%	7.8%	12.2%	4.9%	6.7%	3.7%	7.1%	6.2%	5.8%	10.1%	14.7%
Depreciation & Amortization	207M	293M	139M	146M	148M	140M	136M	153M	95M	90M	71M	64M	52M	27M
EBITDA	1,364M	1,081M	676M	684M	454M	634M	419M	396M	236M	313M	246M	236M	254M	182M
EBITDA Margin	20.1%	18.3%	20.1%	21.6%	16.0%	21.5%	19.1%	16.5%	10.2%	14.4%	15.0%	16.7%	21.3%	23.4%
NOPAT	912M	591M	415M	425M	233M	383M	245M	193M	98M	174M	118M	106M	151M	127M
NOPAT Margin	13.5%	10.0%	12.3%	13.4%	8.2%	13.0%	11.2%	8.0%	4.2%	8.0%	7.2%	7.5%	12.7%	16.3%
Owner's Earnings	800M	514M	405M	390M	183M	360M	171M	167M	39M	52M	85M	116M	154M	114M
Owner's Earnings Margin	11.8%	8.7%	12.0%	12.3%	6.5%	12.2%	7.8%	7.0%	1.7%	2.4%	5.2%	8.2%	12.9%	14.6%
EPS (Basic)	0.93	0.58	0.43	0.42	0.23	0.38	0.11	0.16	0.09	0.16	0.10	0.10	0.15	0.14
EPS (Diluted)	0.94	0.58	0.43	0.42	0.23	0.38	0.11	0.16	0.09	0.16	0.10	0.10	0.15	0.14
Shares (Basic)	944M	955M	945M	952M	956M	957M	962M	980M	997M	996M	992M	825M	795M	817M
Shares (Diluted)	944M	955M	945M	952M	956M	957M	962M	980M	997M	999M	992M	825M	795M	817M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cash & Cash Equivalents	558.03M	816.83M	816.83M	697.69M	444.38M	633.16M	697.83M	399.24M	380.39M	368.66M	337.00M	945.69M	167.55M	117.16M
Short-Term Investments	37.23M	0.00M	0.00M	0.00M	3.34M	4.85M	48.89M	0.00M	40.21M	42.15M	20.37M	24.63M	18.37M	20.19M
Cash & Short-Term Investments	595.26M	816.83M	816.83M	697.69M	447.72M	638.01M	746.71M	399.24M	420.60M	410.81M	357.37M	970.32M	185.91M	137.34M
Net Receivables	772.84M	647.50M	647.50M	624.01M	578.66M	540.30M	488.52M	423.34M	438.60M	413.79M	359.37M	297.17M	365.16M	253.61M
Inventory	191.52M	169.15M	169.15M	166.18M	157.24M	142.49M	128.02M	115.27M	110.91M	81.86M	74.10M	58.29M	57.59M	46.66M
Other Current Assets	52.08M	80.11M	80.11M	39.48M	30.73M	35.00M	4.83M	60.30M	29.59M	26.93M	9.59M	12.30M	122.91M	53.83M
Total Current Assets	1,611.70M	1,713.59M	1,713.59M	1,527.36M	1,214.36M	1,355.79M	1,368.08M	998.15M	999.70M	933.38M	800.42M	1,338.08M	731.57M	491.44M
Property, Plant & Equipment	1,016.88M	955.32M	955.32M	905.25M	810.21M	747.09M	681.78M	693.35M	433.81M	326.70M	173.24M	138.49M	138.09M	101.55M
Goodwill	1,241.82M	1,098.87M	1,098.87M	1,159.64M	1,132.42M	1,185.68M	1,240.09M	1,310.85M	1,329.52M	1,389.25M	1,256.36M	857.59M	596.48M	417.68M
Intangible Assets	390.54M	200.43M	200.43M	214.58M	1,360.62M	1,440.86M	1,527.76M	1,605.99M	330.56M	384.05M	390.03M	338.60M	267.51M	218.26M
Long-Term Investments	8.28M	10.29M	10.29M	23.16M	29.73M	3.23M	0.76M	9.63M	8.40M	10.33M	1,812.14M	3.64M	1,001.44M	0.08M
Tax Assets	0.00M	40.46M	40.46M	44.20M	47.08M	49.63M	49.29M	11.83M	10.81M	9.09M	7.48M	5.26M	0.63M	0.00M
Other Non-Current Assets	69.75M	20.91M	20.91M	34.69M	-1,106.75M	-1,164.51M	-1,225.33M	-1,293.02M	-10.81M	-9.09M	-1,819.62M	-8.90M	-1,002.07M	6.29M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	44.40M	82.40M	101.48M	8.90M	3.70M	0.00M
Total Non-Current Assets	2,727.27M	2,326.27M	2,326.27M	2,381.52M	2,273.31M	2,261.98M	2,274.35M	2,338.62M	2,146.69M	2,192.72M	1,921.10M	1,343.58M	1,005.77M	743.86M
Total Assets	4,338.97M	4,039.87M	4,039.87M	3,908.89M	3,487.66M	3,617.77M	3,642.43M	3,336.77M	3,146.39M	3,126.10M	2,721.53M	2,681.65M	1,737.34M	1,235.30M
Accounts Payable	71.94M	65.52M	65.52M	80.09M	75.60M	80.08M	67.67M	70.03M	64.32M	57.20M	73.76M	33.54M	41.31M	43.62M
Short-Term Debt	65.44M	115.91M	115.91M	63.70M	84.91M	173.40M	187.68M	106.34M	29.68M	269.87M	188.98M	101.04M	135.04M	433.70M
Tax Payables	0.00M	70.19M	70.19M	92.37M	103.74M	134.54M	73.88M	48.90M	40.15M	43.48M	40.45M	37.61M	32.93M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	18.12M	10.92M	10.62M	11.68M	6.20M	4.91M	0.63M	0.48M	0.81M	-135.91M	0.00M
Other Current Liabilities	157.87M	212.00M	212.00M	56.45M	169.49M	185.05M	128.27M	66.76M	60.58M	77.76M	68.65M	72.72M	137.78M	71.02M
Total Current Liabilities	295.24M	463.61M	463.61M	310.72M	444.66M	583.69M	469.19M	298.23M	199.64M	448.93M	372.32M	245.72M	211.16M	548.34M
Long-Term Debt	511.42M	621.24M	621.24M	612.49M	545.27M	499.66M	673.06M	700.81M	778.46M	446.69M	429.64M	541.02M	220.63M	0.44M
Capital Lease Obligations	191.74M	187.07M	187.07M	176.01M	111.77M	112.81M	123.01M	145.13M	0.62M	0.41M	0.81M	2.57M	1.03M	1.95M
Deferred Tax Liabilities	20.63M	13.54M	13.54M	12.68M	14.13M	11.93M	11.25M	16.05M	18.77M	23.38M	31.29M	33.26M	14.46M	0.00M
Other Non-Current Liabilities	111.81M	0.00M	0.00M	0.00M	4.80M	6.03M	0.00M	0.00M	0.21M	12.74M	7.50M	13.16M	417.98M	99.92M
Total Non-Current Liabilities	835.60M	821.85M	821.85M	801.18M	675.97M	630.43M	807.32M	861.99M	798.06M	483.21M	469.24M	590.00M	654.09M	102.31M
Total Liabilities	1,130.84M	1,285.46M	1,285.46M	1,111.91M	1,120.63M	1,214.13M	1,276.50M	1,160.22M	997.70M	932.15M	841.56M	835.72M	865.25M	650.65M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	48.29M	0.00M
Common Stock	72.77M	73.17M	73.17M	73.50M	74.01M	74.16M	74.59M	76.08M	77.50M	77.50M	77.50M	77.50M	39.86M	38.75M
Retained Earnings	2,529.07M	2,205.56M	2,205.56M	1,883.75M	1,539.52M	1,357.51M	1,120.77M	1,016.34M	887.66M	809.68M	654.31M	573.83M	491.87M	411.37M
Accumulated OCI	224.23M	197.07M	165.15M	293.16M	262.91M	427.72M	488.79M	335.28M	377.20M	496.25M	350.02M	411.37M	-48.29M	-8.85M
Minority Interest	86.39M	9.71M	9.71M	10.82M	13.58M	10.21M	8.86M	1.59M	-4.04M	7.50M	6.49M	8.30M	7.03M	42.73M
Total Shareholders’ Equity	2,826.07M	2,475.80M	2,443.88M	2,250.40M	1,876.45M	1,859.39M	1,684.15M	1,427.69M	1,342.36M	1,383.43M	1,081.83M	1,062.70M	531.73M	441.27M
Total Equity	2,912.46M	2,485.51M	2,453.58M	2,261.23M	1,890.03M	1,869.61M	1,693.01M	1,429.28M	1,338.31M	1,390.93M	1,088.32M	1,070.99M	538.76M	484.00M
Total Liabilities & Equity	4,043.30M	3,770.97M	3,739.05M	3,373.13M	3,010.66M	3,083.73M	2,969.51M	2,589.50M	2,336.01M	2,323.08M	1,929.88M	1,906.71M	1,404.01M	1,134.65M
Tangible Assets	2,706.61M	2,740.57M	2,740.57M	2,534.66M	994.62M	991.23M	874.59M	419.93M	1,486.30M	1,352.80M	1,075.14M	1,485.46M	873.35M	599.36M
Tangible Equity	1,280.09M	1,186.21M	1,154.28M	887.00M	-603.02M	-756.94M	-1,074.84M	-1,487.56M	-321.77M	-382.37M	-558.06M	-125.20M	-325.23M	-151.94M
Tangible Book Value	1,280.09M	1,186.21M	1,154.28M	887.00M	-603.02M	-756.94M	-1,074.84M	-1,487.56M	-321.77M	-382.37M	-558.06M	-125.20M	-325.23M	-151.94M
Total Investments	45.51M	10.29M	10.29M	23.16M	33.07M	8.08M	49.65M	9.63M	48.61M	52.48M	1,832.51M	24.63M	18.37M	20.27M
Net Debt	18.82M	-79.67M	-79.67M	-21.50M	185.80M	39.91M	162.92M	407.91M	427.74M	347.90M	281.61M	-303.64M	188.12M	316.98M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Working Capital	1,136.5M	1,170.3M	1,170.3M	1,016.4M	736.4M	727.1M	789.5M	546.2M	654.3M	396.5M	371.6M	1,035.7M	202.2M	-158.8M
Total Capital	3,758.3M	3,640.1M	3,640.1M	3,484.5M	3,108.1M	3,181.5M	3,272.8M	3,026.4M	2,805.5M	2,814.9M	2,436.9M	2,425.3M	900.8M	876.1M
Capital Employed	3,863.8M	3,496.6M	3,496.6M	3,397.9M	3,009.7M	2,989.1M	3,063.8M	2,884.8M	2,801.0M	2,589.3M	2,292.7M	2,379.3M	1,208.0M	585.1M
Invested Capital	3,200.2M	2,823.3M	2,823.3M	2,786.8M	2,663.8M	2,548.4M	2,575.0M	2,627.2M	2,425.1M	2,446.3M	2,099.9M	1,479.6M	733.3M	759.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Net Income	886.15M	552.45M	527.14M	404.10M	220.46M	360.83M	107.76M	161.56M	85.39M	155.37M	101.48M	81.96M	120.19M	114.09M
Depreciation & Amortization	209.86M	293.44M	139.17M	145.55M	148.06M	140.40M	135.75M	152.90M	94.81M	89.60M	69.86M	64.19M	51.79M	26.91M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	29.34M	7.13M	1.46M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	5.21M	18.51M	14.54M	0.00M	0.00M
Change in Working Capital	-35.53M	-155.42M	-15.60M	16.30M	-109.32M	-59.82M	-19.18M	-11.82M	-22.86M	-34.75M	-25.79M	-16.14M	11.28M	65.57M
Accounts Receivable	-73.76M	-95.40M	-31.46M	-21.60M	-61.37M	-56.46M	-27.56M	-45.48M	10.33M	-32.19M	-19.43M	-16.90M	10.39M	-4.84M
Inventory	-7.00M	-25.93M	-5.17M	-7.77M	-21.86M	-14.75M	-4.84M	-6.32M	-33.19M	-2.56M	-6.36M	0.75M	0.89M	-7.89M
Accounts Payable	-3.77M	-11.93M	-13.63M	3.42M	-3.54M	14.05M	-4.82M	3.17M	8.90M	-20.01M	-10.83M	-20.08M	0.00M	0.00M
Other Working Capital	49.06M	-22.15M	34.65M	42.25M	-22.54M	-2.66M	18.03M	36.81M	-8.90M	20.01M	10.83M	20.08M	-9.25M	78.31M
Other Non-Cash Items	69.82M	736.98M	-129.52M	9.81M	-0.92M	83.74M	151.98M	11.00M	47.55M	-20.96M	17.48M	-23.13M	-1.77M	-26.15M
Net Cash from Operating Activities	1,130.30M	707.30M	521.19M	575.76M	258.28M	525.14M	376.32M	313.64M	204.89M	194.67M	181.70M	121.57M	181.49M	180.42M
Capital Expenditures (PPE)	-237.55M	-331.85M	-141.83M	-159.72M	-185.37M	-141.45M	-72.45M	-147.51M	-141.73M	-193.71M	-86.89M	-29.75M	-18.45M	-27.24M
Acquisitions (Net)	-199.89M	8.45M	0.00M	-3.66M	8.53M	2.49M	25.13M	0.95M	-18.73M	3.31M	-576.98M	-302.47M	-335.97M	-326.26M
Purchases of Investments	-0.98M	-50.01M	0.00M	0.00M	-50.00M	-1.87M	0.00M	-1.76M	-3.56M	-11.61M	-9.21M	0.00M	333.38M	0.00M
Sales / Maturities of Investments	0.00M	31.10M	0.00M	0.00M	0.00M	1.20M	0.00M	-0.13M	22.28M	8.31M	586.20M	0.00M	2.59M	0.00M
Other Investing Activities	-51.58M	-32.13M	-3.65M	8.42M	-0.71M	-3.03M	0.00M	0.13M	-0.88M	-9.75M	-8.13M	66.41M	1.19M	0.81M
Net Cash from Investing Activities	-490.00M	-380.41M	-145.47M	-154.96M	-227.55M	-142.65M	-47.32M	-148.32M	-142.60M	-211.77M	-681.22M	-265.80M	-350.64M	-352.69M
Net Debt Issuance	-133.58M	-90.13M	60.63M	45.52M	-45.07M	-191.03M	52.61M	-9.97M	62.49M	88.29M	-30.30M	310.57M	219.14M	260.46M
Long-Term Debt Issuance	-196.68M	-90.13M	60.63M	45.52M	-98.24M	-191.03M	4.12M	-29.97M	62.49M	88.29M	-30.30M	310.57M	219.14M	260.46M
Short-Term Debt Issuance	63.10M	0.00M	0.00M	0.00M	53.17M	-191.03M	0.00M	20.00M	805.01M	206.90M	0.00M	844.26M	525.50M	0.00M
Net Stock Issuance	-62.12M	-9.12M	-25.05M	-20.15M	-3.60M	-7.90M	-9.93M	-30.82M	-16.42M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	72.96M	0.00M	0.00M	0.00M	796.80M	0.00M	0.00M
Common Stock Repurchased	-62.12M	-9.12M	-25.05M	-20.15M	-3.60M	-7.90M	-9.93M	-30.82M	-16.42M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-304.06M	-238.99M	-160.66M	-99.03M	-77.47M	-186.51M	-21.17M	-44.09M	-40.00M	-34.00M	-21.00M	-25.97M	-15.00M	-64.00M
Common Dividends Paid	-304.06M	-191.18M	-160.66M	-99.03M	-77.47M	-186.51M	-21.17M	-44.09M	-40.00M	-34.00M	-21.00M	-25.97M	-15.00M	-64.00M
Preferred Dividends Paid	0.00M	-47.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-95.13M	-116.67M	-102.62M	-99.98M	-75.65M	-66.69M	-54.45M	-66.99M	-45.20M	-26.23M	-29.84M	670.97M	-24.75M	-23.53M
Net Cash from Financing Activities	-594.90M	-435.36M	-227.70M	-173.64M	-201.79M	-452.12M	-32.95M	-151.87M	-39.13M	28.06M	-81.14M	955.57M	179.39M	172.94M
Effect of FX on Cash	6.61M	-18.89M	-28.88M	6.15M	-17.38M	4.96M	7.37M	-6.09M	-11.43M	20.69M	-28.03M	5.63M	1.33M	1.43M
Net Change in Cash	35.53M	-130.59M	119.13M	253.32M	-188.78M	-64.67M	303.42M	19.14M	11.73M	31.66M	-608.69M	816.97M	11.57M	2.11M
Cash at Beginning of Period	2,729.23M	2,118.58M	697.69M	444.38M	633.16M	702.66M	399.24M	380.10M	368.66M	337.00M	945.69M	128.72M	117.16M	115.05M
Cash at End of Period	2,764.76M	1,987.98M	816.83M	697.69M	444.38M	633.16M	702.66M	399.24M	380.39M	368.66M	337.00M	945.69M	128.72M	117.16M
Operating Cash Flow	1,152.05M	707.30M	521.19M	575.76M	238.72M	510.72M	376.32M	313.64M	204.89M	194.67M	181.70M	121.57M	181.49M	180.42M
Capital Expenditure	-292.91M	-331.85M	-141.83M	-159.72M	-185.37M	-141.45M	-72.45M	-147.51M	-141.73M	-193.71M	-86.89M	-29.75M	-18.45M	-27.24M
Free Cash Flow	859.14M	375.46M	379.37M	416.04M	53.36M	369.27M	303.87M	166.13M	63.17M	0.97M	94.81M	91.82M	163.04M	153.19M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
EBITDA	1,320.18M	1,081.08M	676.15M	641.00M	414.05M	597.77M	418.51M	395.76M	255.09M	300.76M	296.12M	243.34M	243.52M	214.89M
(-) Tax Adjustment	279.10M	269.76M	154.17M	135.11M	99.45M	133.74M	55.81M	81.22M	76.66M	65.90M	96.79M	85.17M	61.34M	39.79M
(-) Change In Working Capital	-35.53M	-155.42M	-15.60M	16.30M	-109.32M	-59.82M	-19.18M	-11.82M	-22.86M	-34.75M	-25.79M	-16.14M	11.28M	65.57M
(-) Capital Expenditure	-292.91M	-331.85M	-141.83M	-159.72M	-185.37M	-141.45M	-72.45M	-147.51M	-141.73M	-193.71M	-86.89M	-29.75M	-18.45M	-27.24M
Unlevered Free Cash Flow	783.70M	634.89M	395.75M	329.87M	238.56M	382.39M	309.44M	178.84M	59.57M	75.90M	138.23M	144.56M	152.45M	82.29M
(-) Net Interest Income After Taxes	-63.30M	-42.17M	-32.54M	-31.04M	-19.11M	-17.00M	-28.12M	-29.11M	-35.65M	-21.97M	-18.65M	-27.22M	-22.35M	2.98M
Net Debt Issuance	-133.58M	-90.13M	60.63M	45.52M	-45.07M	-191.03M	52.61M	-9.97M	62.49M	88.29M	-30.30M	310.57M	219.14M	260.46M
Levered Free Cash Flow	713.42M	586.94M	488.91M	406.44M	212.60M	208.37M	390.17M	197.98M	157.71M	186.17M	126.58M	482.35M	393.94M	339.77M