Azimut Holding S.p.A. (AZM.MI)

Analysis: Growth Rates Industry: Asset Management Sector: Financial Services Live Price: $37.16

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Stock Price
Avg YoY	7.98%	9.91%	9.10%	17.98%	18.71%
Slope	7.41%	5.48%	4.97%	6.57%	7.01%
CAGR	7.84%	8.17%	1.25%	10.12%	7.58%
LSR	7.84%	6.09%	5.46%	8.27%	8.27%
Market Capitalization
Avg YoY	7.98%	9.91%	9.10%	17.98%	18.15%
Slope	7.41%	5.48%	4.97%	6.57%	7.20%
CAGR	7.84%	8.17%	1.25%	10.12%	7.58%
LSR	7.84%	6.09%	5.46%	8.27%	8.55%
(-) Cash & Equivalents
Avg YoY	20.22%	17.53%	165,212.63%	106,218.05%	78,265.71%
Slope	12.06%	15.70%	34.11%	28.46%	23.49%
CAGR	14.54%	8.64%	190.76%	111.76%	64.92%
LSR	14.54%	17.55%	326.53%	141.88%	73.64%
(+) Total Debt
Avg YoY	-47.38%	-33.65%	7.61%	22.54%	15.90%
Slope	-69.35%	-36.12%	2.82%	8.01%	8.62%
CAGR	-77.40%	-58.14%	-21.74%	-6.18%	-6.33%
LSR	-77.40%	-52.64%	-5.91%	5.88%	—
Enterprise Value
Avg YoY	-1.82%	1.64%	7.21%	16.21%	18.79%
Slope	-2.19%	-2.80%	3.04%	5.89%	6.83%
CAGR	-2.23%	-0.66%	-0.93%	8.64%	6.32%
LSR	-2.23%	-2.57%	3.50%	7.67%	8.38%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Revenue
Avg YoY	0.72%	2.29%	8.68%	20.06%	11.32%
Slope	0.59%	2.30%	9.18%	11.46%	9.85%
CAGR	0.60%	2.19%	7.79%	14.93%	4.61%
LSR	0.60%	2.36%	10.10%	15.25%	11.62%
Cost of Revenue
Avg YoY	-17.86%	-0.76%	2.71%	-1.61%	166.96%
Slope	-20.58%	-5.25%	2.67%	9.69%	12.07%
CAGR	-18.22%	-3.00%	1.51%	34.31%	25.26%
LSR	-18.22%	-5.34%	2.70%	—	—
Gross Profit
Avg YoY	45.29%	11.64%	26.17%	19.84%	-48.90%
Slope	28.06%	7.15%	15.96%	13.07%	7.53%
CAGR	37.85%	3.67%	14.11%	11.68%	2.26%
LSR	37.85%	6.88%	18.56%	13.35%	—
Gross Margin
Avg YoY	42.34%	8.73%	12.54%	3.78%	-42.38%
Slope	28.09%	4.52%	7.66%	-2.82%	-3.95%
CAGR	37.03%	1.45%	5.85%	-2.83%	-2.25%
LSR	37.03%	4.42%	7.68%	-1.65%	—
SG&A Expenses
Avg YoY	1.56%	6.29%	6.98%	11.22%	8.78%
Slope	1.38%	6.52%	5.71%	9.54%	9.45%
CAGR	1.41%	6.09%	6.68%	10.49%	7.22%
LSR	1.41%	6.93%	6.07%	11.84%	11.16%
Operating Expenses
Avg YoY	22.34%	4.17%	-376.51%	-320.78%	-259.34%
Slope	20.06%	1.19%	20.12%	16.77%	1.82%
CAGR	21.43%	-0.40%	—	9.16%	-3.54%
LSR	21.43%	1.63%	—	—	—
Operating Income (EBIT)
Avg YoY	6.44%	11.68%	115.01%	83.24%	71.96%
Slope	4.68%	3.58%	15.78%	13.16%	11.35%
CAGR	5.08%	6.88%	9.09%	13.00%	11.78%
LSR	5.08%	4.50%	21.29%	13.34%	11.04%
Operating Margin
Avg YoY	5.10%	8.21%	75.47%	46.56%	50.52%
Slope	4.19%	1.51%	7.17%	-1.21%	-0.31%
CAGR	4.45%	4.59%	1.20%	-1.69%	6.86%
LSR	4.45%	2.09%	10.16%	-1.65%	-0.52%
Interest Income
Avg YoY	165.83%	91.72%	96.86%	60.02%	9,638.05%
Slope	77.80%	55.00%	38.89%	20.97%	8.56%
CAGR	158.55%	72.51%	64.49%	16.53%	5.75%
LSR	158.55%	72.99%	60.13%	20.40%	11.38%
Interest Expense
Avg YoY	-18.51%	-15.71%	157.78%	85.27%	222.75%
Slope	-21.69%	-20.17%	20.38%	12.72%	-7.45%
CAGR	-19.01%	-16.64%	66.86%	1.40%	1.82%
LSR	-19.01%	-18.98%	61.57%	16.71%	-0.02%
Net Interest Income
Avg YoY	1,255.94%	618.89%	432.13%	261.40%	-1,372.29%
Slope	1,632.33%	122.49%	1.57%	-3.56%	12.90%
CAGR	—	—	62.94%	—	14.41%
LSR	—	—	—	—	—
Other Income / Expense
Avg YoY	490.07%	217.52%	-1,495.80%	-960.60%	-2,272.72%
Slope	214.53%	363.06%	9.34%	19.49%	42.04%
CAGR	—	—	—	—	32.55%
LSR	—	—	—	—	—
Unusual Items
Avg YoY	490.07%	217.52%	-1,495.80%	-960.60%	-2,272.72%
Slope	-214.53%	-363.06%	-9.34%	-19.49%	-42.04%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
EBT excl. Unusual
Avg YoY	40.05%	33.97%	27.51%	28.86%	4.17%
Slope	31.98%	17.24%	14.50%	14.02%	13.16%
CAGR	34.87%	26.54%	15.44%	17.55%	14.72%
LSR	34.87%	18.38%	16.81%	16.69%	—
Pre-Tax Income
Avg YoY	20.19%	20.73%	25.90%	26.61%	30.23%
Slope	18.45%	9.94%	15.00%	13.58%	11.85%
CAGR	19.88%	16.32%	12.52%	15.25%	13.42%
LSR	19.88%	11.15%	17.60%	15.47%	13.12%
Pre-Tax Margin
Avg YoY	20.04%	17.77%	12.64%	6.04%	20.66%
Slope	18.13%	7.99%	6.50%	0.24%	0.71%
CAGR	19.17%	13.83%	4.39%	0.28%	8.42%
LSR	19.17%	8.59%	6.81%	0.20%	1.35%
Income Tax Expense
Avg YoY	27.05%	49.16%	64.33%	66.50%	29.03%
Slope	23.75%	27.72%	26.90%	17.58%	13.48%
CAGR	27.05%	43.21%	25.21%	20.35%	12.08%
LSR	27.05%	38.27%	39.38%	20.76%	—
Net Income
Avg YoY	19.75%	16.31%	24.71%	30.87%	33.17%
Slope	17.96%	4.53%	12.38%	12.48%	11.31%
CAGR	19.06%	10.84%	9.85%	13.80%	13.84%
LSR	19.06%	5.04%	14.33%	14.37%	12.82%
Net Margin
Avg YoY	19.82%	13.58%	11.07%	9.09%	23.71%
Slope	17.62%	2.47%	3.61%	-1.12%	0.07%
CAGR	18.35%	8.47%	1.90%	-0.99%	8.83%
LSR	18.35%	2.62%	3.84%	-0.76%	1.07%
Depreciation & Amortization
Avg YoY	-6.12%	3.90%	15.82%	29.97%	23.53%
Slope	-9.83%	3.10%	12.60%	16.62%	16.13%
CAGR	-10.45%	0.76%	12.10%	23.14%	—
LSR	-10.45%	2.92%	15.00%	29.03%	—
EBITDA
Avg YoY	5.68%	11.13%	71.70%	55.57%	51.42%
Slope	3.87%	3.56%	15.59%	13.35%	11.59%
CAGR	4.20%	6.56%	9.21%	13.26%	12.05%
LSR	4.20%	4.42%	20.09%	13.98%	11.74%
EBITDA Margin
Avg YoY	4.31%	7.68%	43.62%	26.24%	35.52%
Slope	3.37%	1.48%	6.98%	-0.75%	0.06%
CAGR	3.58%	4.28%	1.32%	-1.46%	7.12%
LSR	3.58%	2.02%	9.07%	-1.10%	0.11%
NOPAT
Avg YoY	6.44%	11.68%	115.01%	83.24%	71.96%
Slope	4.68%	3.58%	15.78%	13.16%	11.35%
CAGR	5.08%	6.88%	9.09%	13.00%	11.78%
LSR	5.08%	4.50%	21.29%	13.34%	11.04%
NOPAT Margin
Avg YoY	5.10%	8.21%	75.47%	46.56%	50.52%
Slope	4.19%	1.51%	7.17%	-1.21%	-0.31%
CAGR	4.45%	4.59%	1.20%	-1.69%	6.86%
LSR	4.45%	2.09%	10.16%	-1.65%	-0.52%
Owner's Earnings
Avg YoY	23.70%	17.92%	26.05%	32.81%	36.31%
Slope	21.30%	6.87%	13.62%	12.96%	11.56%
CAGR	23.60%	12.60%	10.70%	14.13%	14.94%
LSR	23.60%	7.46%	15.58%	14.54%	12.94%
Owner's Earnings Margin
Avg YoY	23.36%	15.00%	11.93%	10.45%	27.28%
Slope	21.04%	4.81%	4.75%	-1.01%	0.07%
CAGR	22.87%	10.19%	2.70%	-0.70%	9.88%
LSR	22.87%	4.98%	4.98%	-0.61%	1.18%
EPS (Basic)
Avg YoY	19.06%	15.80%	24.88%	30.90%	34.70%
Slope	17.43%	4.29%	12.41%	12.58%	11.44%
CAGR	18.51%	10.46%	10.04%	13.93%	14.54%
LSR	18.51%	4.81%	14.42%	14.56%	13.13%
EPS (Diluted)
Avg YoY	19.06%	15.80%	24.88%	30.90%	33.83%
Slope	17.43%	4.29%	12.41%	12.58%	11.59%
CAGR	18.51%	10.46%	10.04%	13.93%	14.54%
LSR	18.51%	4.81%	14.42%	14.56%	13.42%
Shares (Basic)
Avg YoY	0.47%	0.35%	-0.14%	-0.09%	-0.32%
Slope	0.47%	0.22%	-0.09%	-0.17%	-0.30%
CAGR	0.47%	0.35%	-0.17%	-0.11%	-0.61%
LSR	0.47%	0.22%	-0.08%	-0.17%	-0.28%
Shares (Diluted)
Avg YoY	0.47%	0.35%	-0.14%	-0.09%	-0.28%
Slope	0.47%	0.22%	-0.09%	-0.17%	-0.57%
CAGR	0.47%	0.35%	-0.17%	-0.11%	-0.61%
LSR	0.47%	0.22%	-0.08%	-0.17%	-0.53%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Cash & Cash Equivalents
Avg YoY	20.22%	17.53%	165,212.63%	106,218.05%	78,265.71%
Slope	12.06%	15.70%	34.11%	28.46%	23.49%
CAGR	14.54%	8.64%	190.76%	111.76%	64.92%
LSR	14.54%	17.55%	326.53%	141.88%	73.64%
Short-Term Investments
Avg YoY	1,050.33%	535.23%	401.33%	401.33%	401.33%
Slope	-1.99%	-73.42%	7.55%	16.73%	16.91%
CAGR	-17.95%	-72.29%	—	—	—
LSR	-17.95%	-46.52%	—	—	—
Cash & Short-Term Investments
Avg YoY	21.38%	14.62%	1,926.34%	1,248.29%	919.57%
Slope	11.86%	10.66%	32.24%	27.64%	23.03%
CAGR	14.48%	2.11%	190.80%	111.78%	64.93%
LSR	14.48%	12.21%	223.22%	159.79%	90.86%
Net Receivables
Avg YoY	81.33%	21.93%	32.14%	24.73%	26.99%
Slope	20.48%	-10.68%	3.26%	1.41%	5.07%
CAGR	34.02%	-13.16%	0.68%	0.93%	6.91%
LSR	34.02%	-10.07%	3.60%	1.25%	6.47%
Inventory
Avg YoY	-100.00%	-56.72%	-56.72%	-56.72%	-56.72%
Slope	-150.00%	-26.80%	23.81%	23.91%	20.94%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Current Assets
Avg YoY	-739.26%	-7,470.55%	-3,343.54%	-2,275.41%	-2,275.41%
Slope	234.33%	41.49%	-48.00%	-53.22%	-37.40%
CAGR	—	167.63%	0.25%	—	—
LSR	—	—	—	—	—
Total Current Assets
Avg YoY	1.28%	-0.43%	13.48%	14.50%	19.44%
Slope	-0.07%	-1.58%	11.75%	8.39%	9.83%
CAGR	-0.08%	-1.70%	8.01%	8.60%	12.84%
LSR	-0.08%	-1.61%	13.90%	8.99%	12.59%
Property, Plant & Equipment
Avg YoY	-20.85%	-10.35%	51.56%	39.83%	31.47%
Slope	-23.44%	-9.98%	16.26%	18.37%	16.36%
CAGR	-22.46%	-11.99%	19.12%	17.70%	14.17%
LSR	-22.46%	-10.79%	28.60%	28.85%	21.55%
Goodwill
Avg YoY	-15.92%	0.04%	4.27%	4.66%	4.66%
Slope	-18.02%	0.11%	5.04%	8.23%	12.14%
CAGR	-17.73%	-2.31%	2.98%	—	—
LSR	-17.73%	-0.36%	5.24%	—	—
Intangible Assets
Avg YoY	-21.41%	-4.65%	6.75%	0.95%	0.90%
Slope	-26.60%	-3.85%	8.64%	0.29%	-5.53%
CAGR	-26.66%	-9.32%	3.71%	-9.89%	—
LSR	-26.66%	-5.75%	9.59%	4.75%	—
Long-Term Investments
Avg YoY	-100.00%	-52.45%	-36.44%	-12.94%	1,858.88%
Slope	7.60%	18.40%	0.25%	8.14%	11.60%
CAGR	5.20%	—	4.01%	111.92%	27.49%
LSR	—	—	—	—	—
Tax Assets
Avg YoY	-57.35%	-9.00%	-6.21%	-3.95%	10.29%
Slope	-80.95%	-16.85%	-14.92%	-6.18%	-0.98%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Non-Current Assets
Avg YoY	23,700.08%	11,832.68%	5,487.55%	3,517.87%	2,575.40%
Slope	12.91%	-13.74%	9.55%	14.58%	12.57%
CAGR	578.34%	-42.20%	—	-1.32%	0.98%
LSR	578.34%	22.70%	—	—	—
Other Assets
Avg YoY	31,026,627.20%	15,513,276.14%	10,343,755.60%	8,866,061.94%	7,757,791.70%
Slope	-150.00%	-100.00%	-54.56%	-37.51%	-37.12%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Non-Current Assets
Avg YoY	3.37%	5.08%	4.76%	17.25%	72.89%
Slope	3.31%	3.71%	3.61%	9.91%	11.31%
CAGR	3.37%	4.84%	4.15%	15.17%	14.26%
LSR	3.37%	3.90%	3.72%	14.91%	18.39%
Total Assets
Avg YoY	3.08%	4.48%	4.94%	16.14%	42.19%
Slope	3.00%	3.21%	4.23%	9.78%	11.18%
CAGR	3.07%	4.21%	4.42%	14.34%	14.12%
LSR	3.07%	3.37%	4.37%	14.12%	17.28%
Accounts Payable
Avg YoY	-8.78%	-1.19%	5.61%	32.55%	67.46%
Slope	-9.29%	-3.22%	4.40%	10.65%	5.27%
CAGR	-9.14%	-2.42%	4.55%	1.94%	1.77%
LSR	-9.14%	-3.25%	4.91%	20.79%	8.41%
Short-Term Debt
Avg YoY	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	-150.00%	0.00%	30.30%	26.79%	22.56%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Tax Payables
Avg YoY	-18.53%	98.50%	52.26%	55.38%	55.81%
Slope	-25.38%	19.05%	26.73%	19.09%	13.12%
CAGR	-26.37%	41.36%	22.35%	20.50%	7.86%
LSR	-26.37%	39.87%	37.03%	20.70%	12.83%
Deferred Revenue
Avg YoY	-100.00%	-63.71%	-63.71%	-63.71%	-63.71%
Slope	-150.00%	-28.97%	23.28%	23.68%	20.81%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Current Liabilities
Avg YoY	-106,586.50%	-53,387.02%	-23,730.98%	-16,416.11%	-14,267.71%
Slope	80.72%	76.83%	48.59%	34.73%	27.06%
CAGR	—	512.62%	102.59%	—	—
LSR	—	—	—	—	—
Total Current Liabilities
Avg YoY	259.15%	147.64%	71.35%	65.71%	64.61%
Slope	61.03%	56.72%	34.40%	26.06%	18.03%
CAGR	156.17%	84.83%	38.42%	22.99%	16.16%
LSR	156.17%	97.55%	35.45%	29.75%	14.13%
Long-Term Debt
Avg YoY	-49.77%	-35.37%	5.52%	21.19%	14.86%
Slope	-74.80%	-38.13%	1.87%	7.40%	8.19%
CAGR	-98.25%	-88.44%	-56.07%	-35.27%	-28.74%
LSR	-98.25%	-83.13%	-29.61%	-7.45%	—
Capital Lease Obligations
Avg YoY	-17.32%	-8.68%	-7.61%	-7.61%	-7.61%
Slope	-19.27%	-8.46%	22.06%	23.14%	20.51%
CAGR	-18.69%	-9.98%	—	—	—
LSR	-18.69%	-9.04%	—	—	—
Deferred Tax Liabilities
Avg YoY	-4.07%	2.97%	2.42%	4.14%	1.59%
Slope	-4.32%	2.93%	2.80%	6.17%	8.50%
CAGR	-4.34%	2.56%	2.09%	—	10.70%
LSR	-4.34%	3.08%	2.87%	—	—
Other Non-Current Liabilities
Avg YoY	3.95%	0.24%	1.84%	17.63%	-126.74%
Slope	3.88%	-3.51%	-0.33%	8.31%	10.60%
CAGR	3.95%	-1.07%	0.85%	13.97%	12.01%
LSR	3.95%	-3.33%	-0.33%	13.84%	—
Total Non-Current Liabilities
Avg YoY	-0.48%	-2.87%	1.51%	16.48%	10.16%
Slope	-0.54%	-6.20%	-0.07%	8.26%	10.42%
CAGR	-0.55%	-4.13%	0.42%	13.56%	11.28%
LSR	-0.55%	-5.92%	-0.08%	13.44%	—
Total Liabilities
Avg YoY	12.51%	4.17%	4.69%	17.93%	31.08%
Slope	10.52%	1.15%	2.40%	9.41%	10.93%
CAGR	11.64%	2.19%	3.38%	15.01%	12.14%
LSR	11.64%	1.21%	2.46%	14.64%	16.85%
Preferred Stock
Avg YoY	-100.00%	-55.97%	-55.97%	-55.97%	-55.97%
Slope	-150.00%	-26.59%	23.86%	23.94%	20.96%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock
Avg YoY	-0.46%	-0.34%	0.21%	0.14%	1.03%
Slope	-0.46%	-0.22%	0.08%	0.17%	0.56%
CAGR	-0.46%	-0.35%	0.17%	0.11%	0.70%
LSR	-0.46%	-0.22%	0.08%	0.17%	0.60%
Retained Earnings
Avg YoY	19.06%	15.80%	24.88%	30.90%	33.78%
Slope	17.43%	4.29%	12.41%	12.58%	11.60%
CAGR	18.51%	10.46%	10.04%	13.93%	14.54%
LSR	18.51%	4.81%	14.42%	14.56%	13.44%
Accumulated OCI
Avg YoY	-100.00%	-55.97%	-55.97%	-55.97%	-70.65%
Slope	175.11%	125.00%	60.61%	40.18%	19.94%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Minority Interest
Avg YoY	-25.25%	28.58%	22.92%	3,111.58%	2,715.63%
Slope	-32.68%	3.50%	13.34%	17.78%	17.32%
CAGR	-32.97%	4.99%	10.42%	—	27.87%
LSR	-32.97%	5.11%	15.43%	—	—
Total Shareholders’ Equity
Avg YoY	138.80%	74.95%	47.03%	40.80%	39.48%
Slope	73.71%	33.50%	21.22%	16.49%	12.33%
CAGR	99.16%	43.03%	22.86%	20.80%	18.31%
LSR	99.16%	29.13%	19.64%	15.54%	11.22%
Total Equity
Avg YoY	120.47%	67.70%	42.09%	37.70%	37.21%
Slope	68.42%	31.87%	20.76%	16.56%	12.57%
CAGR	89.11%	41.83%	22.56%	20.92%	18.38%
LSR	89.11%	28.76%	19.67%	16.23%	11.85%
Total Liabilities & Equity
Avg YoY	18.92%	7.89%	6.52%	18.49%	19.24%
Slope	16.82%	3.96%	3.64%	9.89%	11.05%
CAGR	18.76%	5.83%	5.12%	15.79%	12.86%
LSR	18.76%	3.93%	3.65%	14.84%	15.88%
Tangible Assets
Avg YoY	5.09%	5.08%	5.10%	18.18%	-50.41%
Slope	4.96%	3.53%	4.12%	10.05%	11.56%
CAGR	5.09%	4.78%	4.51%	15.73%	13.77%
LSR	5.09%	3.67%	4.23%	15.16%	—
Tangible Equity
Avg YoY	-213.03%	-22.03%	-0.05%	0.70%	-136.82%
Slope	542.24%	934.28%	59.21%	18.89%	5.89%
CAGR	—	—	—	—	15.94%
LSR	—	—	—	—	—
Tangible Book Value
Avg YoY	-213.03%	-22.03%	-0.05%	0.70%	-136.82%
Slope	542.24%	934.28%	59.21%	18.89%	5.89%
CAGR	—	—	—	—	15.94%
LSR	—	—	—	—	—
Total Investments
Avg YoY	4.98%	5.46%	4.68%	28,072.60%	22,060.91%
Slope	4.87%	3.85%	3.24%	10.70%	13.20%
CAGR	4.97%	5.18%	3.98%	111.89%	27.47%
LSR	4.97%	4.01%	3.32%	43.20%	58.46%
Net Debt
Avg YoY	-691.44%	-359.02%	-141.76%	-73.49%	-132,316.44%
Slope	-559.97%	-118.01%	-14.21%	-0.51%	3.21%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Working Capital
Avg YoY	-129.07%	-71.10%	-0.76%	7.93%	-58.76%
Slope	-157.58%	-1,244.73%	-70.70%	-21.41%	-5.31%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Capital
Avg YoY	-0.32%	2.79%	10.43%	12.94%	18.00%
Slope	-0.60%	1.78%	10.18%	9.47%	9.60%
CAGR	-0.62%	2.27%	8.22%	10.97%	10.67%
LSR	-0.62%	1.90%	11.75%	10.69%	11.46%
Capital Employed
Avg YoY	-5.05%	0.18%	2.82%	15.12%	14.26%
Slope	-5.47%	-1.87%	2.21%	8.78%	10.29%
CAGR	-5.22%	-0.28%	2.22%	13.22%	11.66%
LSR	-5.22%	-1.83%	2.31%	13.07%	14.57%
Invested Capital
Avg YoY	-3.57%	2.00%	8.24%	11.53%	16.97%
Slope	-3.63%	-0.96%	7.35%	7.71%	8.44%
CAGR	-3.59%	0.92%	5.53%	9.19%	9.36%
LSR	-3.59%	-0.79%	8.37%	8.81%	10.28%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Net Income
Avg YoY	19.61%	15.91%	24.85%	30.88%	24.94%
Slope	17.92%	4.30%	12.34%	12.55%	12.28%
CAGR	19.11%	10.46%	9.91%	13.93%	14.54%
LSR	19.11%	4.81%	14.32%	14.52%	—
Depreciation & Amortization
Avg YoY	-6.26%	3.70%	16.03%	29.95%	24.39%
Slope	-10.20%	2.94%	12.62%	16.67%	16.23%
CAGR	-10.87%	0.41%	12.30%	23.28%	—
LSR	-10.87%	2.69%	15.09%	29.25%	—
Change in Working Capital
Avg YoY	-799.27%	-530.14%	-222.86%	-120.84%	-94.56%
Slope	-46.85%	-62.13%	-78.82%	-56.35%	-40.54%
CAGR	39.94%	81.92%	—	35.76%	—
LSR	39.94%	—	—	—	—
Accounts Receivable
Avg YoY	-2.16%	-30.55%	-41.81%	37.95%	31.63%
Slope	-156.77%	-569.58%	11.78%	-6.70%	-12.78%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Working Capital
Avg YoY	-804.26%	-498.29%	-203.98%	-170.17%	-159.38%
Slope	-45.94%	-61.89%	-81.55%	-67.28%	-54.49%
CAGR	38.94%	74.76%	—	—	—
LSR	38.94%	—	—	—	—
Other Non-Cash Items
Avg YoY	292.66%	404.94%	222.87%	18.98%	34.66%
Slope	107.31%	47.72%	59.36%	39.88%	16.75%
CAGR	217.79%	—	—	21.97%	12.94%
LSR	217.79%	—	—	—	—
Net Cash from Operating Activities
Avg YoY	204.20%	129.26%	2,594.84%	1,690.07%	1,250.92%
Slope	-79.58%	-51.37%	-4.12%	4.90%	6.72%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Capital Expenditures (PPE)
Avg YoY	75.76%	28.11%	-324.08%	-231.58%	-169.36%
Slope	111.33%	35.82%	-8.67%	-13.25%	-13.54%
CAGR	-75.96%	-46.97%	-3.83%	6.48%	-3.58%
LSR	-75.96%	-48.72%	16.77%	18.50%	17.08%
Acquisitions (Net)
Avg YoY	2,666.55%	1,194.90%	532.60%	408.02%	408.02%
Slope	286.13%	365.13%	272.74%	85.29%	40.36%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Purchases of Investments
Avg YoY	70.04%	-82.25%	-567.97%	-468.31%	-430.42%
Slope	93.80%	33.90%	-21.46%	-16.84%	-16.91%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	-98.49%	16.21%	22.31%	44.56%	15.65%
Slope	-145.60%	-30.62%	18.79%	21.61%	19.06%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Investing Activities
Avg YoY	43.09%	-38.12%	-37.64%	-1,402.39%	-1,111.04%
Slope	84.65%	12.92%	-11.62%	-18.55%	-17.71%
CAGR	-55.27%	-18.47%	7.57%	—	22.68%
LSR	-55.27%	-16.67%	12.62%	—	—
Net Cash from Investing Activities
Avg YoY	279.11%	70.21%	24.44%	-62.58%	-51.13%
Slope	2,486.32%	130.15%	14.00%	-3.79%	-9.27%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-12,143.04%	-6,569.44%	-6,569.44%	-6,569.44%	-5,192.50%
Slope	-20.15%	-53.28%	-43.22%	-32.49%	-30.56%
CAGR	14.51%	227.98%	—	—	—
LSR	14.51%	103.03%	—	—	—
Long-Term Debt Issuance
Avg YoY	-12,143.03%	-6,569.44%	-6,569.44%	-6,569.44%	-3,389.60%
Slope	-20.15%	-53.28%	-43.22%	-32.49%	-30.77%
CAGR	14.51%	227.98%	—	—	—
LSR	14.51%	103.03%	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	—	—	45.92%
Slope	—	—	—	—	27.01%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Stock Issuance
Avg YoY	-711.96%	-354.89%	-646.99%	-189.32%	-260.03%
Slope	-62.05%	-61.69%	-33.14%	-29.72%	-18.44%
CAGR	264.16%	46.73%	—	23.98%	—
LSR	264.16%	—	—	—	—
Common Stock Issuance
Avg YoY	—	-100.00%	-100.00%	-38.51%	-8.49%
Slope	—	-50.00%	5.47%	-8.78%	0.32%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-711.96%	-441.30%	-1,132.13%	-655.86%	-546.98%
Slope	-62.05%	-55.66%	-30.40%	-24.49%	-16.11%
CAGR	264.16%	46.73%	111.07%	23.98%	—
LSR	264.16%	—	—	—	—
Preferred Stock Issuance
Avg YoY	—	—	—	100.00%	100.00%
Slope	—	—	—	26.79%	7.52%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Dividends Paid
Avg YoY	12.79%	-3.96%	-12.25%	-46.92%	-39.53%
Slope	13.59%	-3.46%	-3.82%	-10.65%	-12.39%
CAGR	-12.79%	1.89%	6.70%	26.66%	20.13%
LSR	-12.79%	3.72%	4.59%	20.02%	22.07%
Common Dividends Paid
Avg YoY	12.79%	-3.96%	-12.25%	-46.92%	-39.53%
Slope	13.59%	-3.46%	-3.82%	-10.65%	-12.39%
CAGR	-12.79%	1.89%	6.70%	26.66%	20.13%
LSR	-12.79%	3.72%	4.59%	20.02%	22.07%
Other Financing Activities
Avg YoY	103.54%	225.91%	191.27%	16,832.04%	12,131.12%
Slope	20.52%	65.75%	45.48%	33.79%	37.27%
CAGR	17.30%	—	—	—	32.58%
LSR	17.30%	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-24.43%	-3.23%	-15.21%	-85.26%	-300.35%
Slope	-12.55%	0.94%	-3.00%	-10.75%	-9.67%
CAGR	15.68%	-3.25%	4.42%	14.33%	26.45%
LSR	15.68%	-1.08%	3.44%	—	—
Effect of FX on Cash
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	-100.00%	6.06%	16.07%	16.54%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Change in Cash
Avg YoY	-59.61%	79.69%	-50.07%	16.18%	29.15%
Slope	97.59%	-85.13%	-51.34%	-20.83%	-8.37%
CAGR	-45.74%	24.39%	—	—	—
LSR	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-13.10%	0.89%	18.72%	21.22%	29.31%
Slope	-19.41%	-3.58%	8.72%	9.26%	10.77%
CAGR	-16.42%	-2.85%	5.27%	10.85%	17.09%
LSR	-16.42%	-3.77%	9.17%	10.59%	14.89%
Cash at End of Period
Avg YoY	-1.96%	-1.43%	16.52%	17.96%	20.06%
Slope	-3.00%	-8.06%	7.25%	7.58%	9.48%
CAGR	-3.12%	-5.50%	2.91%	7.57%	10.49%
LSR	-3.12%	-7.66%	8.59%	8.70%	12.56%
Operating Cash Flow
Avg YoY	204.20%	129.26%	2,594.84%	1,690.07%	1,250.92%
Slope	-79.58%	-51.37%	-4.12%	4.90%	6.72%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Capital Expenditure
Avg YoY	75.76%	28.11%	-8.54%	-34.45%	-21.94%
Slope	111.33%	35.82%	0.76%	-10.27%	-12.05%
CAGR	-75.96%	-46.97%	-17.76%	6.48%	-3.58%
LSR	-75.96%	-48.72%	-8.93%	17.66%	18.30%
Free Cash Flow
Avg YoY	129.21%	96.31%	304.46%	218.86%	167.50%
Slope	-61.89%	-53.22%	-4.51%	4.36%	6.23%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
EBITDA
Avg YoY	24.55%	7.98%	47.98%	33.08%	34.68%
Slope	17.75%	8.47%	19.69%	14.92%	8.40%
CAGR	21.37%	5.14%	16.56%	12.31%	2.46%
LSR	21.37%	8.49%	25.78%	14.89%	—
(-) Tax Adjustment
Avg YoY	34.25%	32.75%	90.39%	66.93%	52.95%
Slope	22.40%	28.12%	30.19%	20.05%	7.41%
CAGR	28.62%	29.45%	29.69%	17.28%	1.25%
LSR	28.62%	34.96%	49.08%	20.61%	—
Change In Working Capital
Avg YoY	-799.27%	-530.14%	-222.86%	-120.84%	-94.56%
Slope	-46.85%	-62.13%	-78.82%	-56.35%	-40.54%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Capital Expenditure
Avg YoY	75.76%	28.11%	-8.54%	-34.45%	-21.94%
Slope	111.33%	35.82%	0.76%	-10.27%	-12.05%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	70.53%	79.26%	91.21%	147.40%	108.56%
Slope	35.70%	30.45%	36.57%	23.96%	14.70%
CAGR	35.41%	29.24%	45.18%	19.50%	9.41%
LSR	35.41%	32.88%	—	—	—
Net Interest After Taxes
Avg YoY	1,343.60%	683.71%	73.68%	66.17%	-2,345.36%
Slope	2,214.11%	113.69%	-0.10%	-4.50%	13.20%
CAGR	—	—	59.62%	—	15.69%
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-12,143.04%	-6,569.44%	-6,569.44%	-6,569.44%	-5,192.50%
Slope	-20.15%	-53.28%	-43.22%	-32.49%	-30.56%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	52.06%	37.13%	71.04%	143.85%	106.48%
Slope	40.59%	22.61%	34.22%	21.50%	10.57%
CAGR	47.06%	17.39%	39.42%	16.15%	7.32%
LSR	47.06%	23.42%	—	—	—