Koninklijke Vopak N.V. (VPK.AS)

Analysis: Growth Rates Industry: Oil & Gas Midstream Sector: Energy Live Price: $39.76

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Stock Price
Avg YoY	24.55%	2.71%	2.80%	3.17%	10.26%
Slope	21.93%	-0.32%	-2.33%	-1.56%	2.89%
CAGR	23.76%	-0.29%	0.77%	1.32%	6.52%
LSR	23.76%	-0.27%	-2.53%	-1.67%	4.12%
Market Capitalization
Avg YoY	24.38%	2.66%	2.76%	3.14%	10.25%
Slope	21.79%	-0.37%	-2.34%	-1.57%	2.88%
CAGR	23.58%	-0.33%	0.75%	1.30%	6.51%
LSR	23.58%	-0.31%	-2.54%	-1.69%	4.11%
(-) Cash & Equivalents
Avg YoY	215.48%	96.37%	51.20%	51.45%	48.02%
Slope	29.23%	19.56%	-6.83%	-7.11%	-2.55%
CAGR	70.02%	9.65%	-1.09%	-4.24%	-3.16%
LSR	70.02%	18.80%	-6.41%	-7.02%	-3.12%
(+) Total Debt
Avg YoY	-1.93%	3.25%	3.54%	5.56%	10.22%
Slope	-3.83%	-0.14%	4.55%	3.60%	6.24%
CAGR	-3.55%	2.20%	2.19%	4.31%	8.61%
LSR	-3.55%	-0.16%	4.78%	3.68%	8.06%
Enterprise Value
Avg YoY	12.93%	1.88%	2.47%	3.49%	9.46%
Slope	11.25%	-0.54%	0.09%	0.20%	4.07%
CAGR	11.27%	0.43%	1.26%	2.35%	7.57%
LSR	11.27%	-0.68%	0.04%	0.21%	5.57%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Revenue
Avg YoY	-1.71%	2.77%	-0.56%	1.35%	3.70%
Slope	-1.88%	3.44%	-0.09%	0.57%	2.48%
CAGR	-1.90%	2.54%	-0.71%	1.19%	3.51%
LSR	-1.90%	3.56%	-0.10%	0.59%	2.83%
Cost of Revenue
Avg YoY	-29.90%	-14.11%	130.44%	92.18%	92.18%
Slope	-37.49%	-13.71%	17.81%	18.18%	17.73%
CAGR	-36.82%	-20.00%	20.66%	—	—
LSR	-36.82%	-16.91%	38.63%	—	—
Gross Profit
Avg YoY	31.94%	26.02%	2.91%	3.32%	5.15%
Slope	27.34%	22.43%	-9.29%	-5.20%	-1.39%
CAGR	29.96%	23.06%	-3.15%	-0.72%	2.07%
LSR	29.96%	23.97%	-8.41%	-5.97%	-2.06%
Gross Margin
Avg YoY	36.16%	23.64%	3.57%	2.19%	1.61%
Slope	29.79%	19.64%	-8.98%	-5.86%	-3.99%
CAGR	32.48%	20.01%	-2.47%	-1.88%	-1.39%
LSR	32.48%	19.70%	-8.32%	-6.52%	-4.76%
SG&A Expenses
Avg YoY	-46.36%	8.53%	-3.14%	146.29%	146.29%
Slope	-65.54%	-3.28%	-16.24%	-0.05%	7.49%
CAGR	-69.12%	-32.84%	-27.72%	—	—
LSR	-69.12%	-20.93%	-19.93%	—	—
Operating Expenses
Avg YoY	92.36%	77.89%	28.75%	19.41%	18.51%
Slope	56.55%	46.03%	-12.16%	-7.22%	0.53%
CAGR	67.34%	56.35%	-2.37%	-0.96%	—
LSR	67.34%	55.45%	-11.80%	-10.08%	—
Operating Income (EBIT)
Avg YoY	6.51%	6.12%	-0.63%	2.57%	0.44%
Slope	5.64%	7.55%	-1.34%	-1.89%	-3.46%
CAGR	6.01%	5.37%	-1.26%	0.88%	-2.71%
LSR	6.01%	7.88%	-1.29%	-1.77%	-2.82%
Operating Margin
Avg YoY	8.13%	3.17%	-0.24%	1.20%	-2.96%
Slope	7.65%	4.14%	-1.21%	-2.57%	-7.18%
CAGR	8.06%	2.76%	-0.56%	-0.30%	-6.01%
LSR	8.06%	4.17%	-1.19%	-2.34%	-5.49%
Interest Income
Avg YoY	52.73%	32.68%	10.06%	17.54%	6.84%
Slope	41.57%	29.35%	2.38%	5.47%	-4.40%
CAGR	52.60%	30.29%	6.43%	9.79%	-5.91%
LSR	52.60%	31.84%	0.95%	5.65%	-0.51%
Interest Expense
Avg YoY	-1.95%	9.33%	3.68%	4.92%	5.60%
Slope	-2.44%	7.73%	2.66%	3.21%	4.65%
CAGR	-2.50%	8.31%	1.73%	3.45%	4.16%
LSR	-2.50%	8.71%	2.64%	3.24%	5.11%
Net Interest Income
Avg YoY	-6.24%	7.58%	3.39%	4.41%	6.54%
Slope	6.97%	-5.81%	-2.69%	-3.02%	-5.84%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Income / Expense
Avg YoY	-114.72%	212.87%	3.34%	17.29%	9.73%
Slope	152.55%	11.07%	-11.99%	-2.05%	11.49%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unusual Items
Avg YoY	-114.72%	212.87%	3.34%	17.29%	9.73%
Slope	-152.55%	-11.07%	11.99%	2.05%	-11.49%
CAGR	-90.54%	-23.02%	-29.11%	-16.06%	-22.27%
LSR	—	—	—	—	—
EBT excl. Unusual
Avg YoY	-109.92%	-159.97%	-41.11%	-24.89%	-23.82%
Slope	298.15%	27.36%	-7.05%	-2.66%	13.11%
CAGR	—	6.78%	4.23%	3.19%	—
LSR	—	—	—	—	—
Pre-Tax Income
Avg YoY	-824.02%	-445.85%	-194.66%	-123.34%	-84.59%
Slope	78.55%	13.66%	-3.11%	-1.65%	2.09%
CAGR	—	6.12%	1.36%	2.12%	7.30%
LSR	—	—	—	—	—
Pre-Tax Margin
Avg YoY	-788.70%	-428.48%	-185.07%	-118.84%	-84.32%
Slope	81.69%	9.25%	-2.92%	-2.25%	0.05%
CAGR	—	3.50%	2.08%	0.92%	3.67%
LSR	—	—	—	—	—
Income Tax Expense
Avg YoY	-8.25%	9.14%	9.59%	10.48%	15.03%
Slope	-11.46%	4.49%	0.71%	-0.18%	2.57%
CAGR	-10.20%	3.50%	-3.95%	0.82%	6.29%
LSR	-10.20%	4.94%	2.49%	-0.23%	3.28%
Net Income
Avg YoY	-194.08%	-148.52%	-52.97%	-33.46%	-18.40%
Slope	123.10%	17.23%	-4.22%	-2.11%	1.66%
CAGR	—	6.27%	3.23%	1.60%	6.90%
LSR	—	—	—	—	—
Net Margin
Avg YoY	-185.07%	-142.57%	-48.42%	-32.10%	-20.45%
Slope	127.20%	12.24%	-4.05%	-2.73%	-0.42%
CAGR	—	3.64%	3.96%	0.41%	3.28%
LSR	—	—	—	—	—
Depreciation & Amortization
Avg YoY	-4.90%	1.76%	3.14%	5.86%	7.31%
Slope	-5.02%	-0.73%	3.44%	4.80%	8.61%
CAGR	-4.90%	0.95%	2.40%	5.18%	—
LSR	-4.90%	-0.59%	3.59%	5.24%	—
EBITDA
Avg YoY	1.00%	3.45%	0.46%	3.34%	2.01%
Slope	0.85%	3.63%	0.76%	0.76%	0.38%
CAGR	0.87%	3.35%	0.16%	2.42%	0.22%
LSR	0.87%	3.76%	0.75%	0.84%	0.57%
EBITDA Margin
Avg YoY	2.82%	0.87%	1.07%	2.07%	-1.40%
Slope	2.79%	0.19%	0.84%	0.18%	-2.91%
CAGR	2.82%	0.79%	0.87%	1.22%	-3.17%
LSR	2.82%	0.19%	0.85%	0.25%	-2.20%
NOPAT
Avg YoY	6.51%	6.12%	-0.63%	2.57%	0.44%
Slope	5.64%	7.55%	-1.34%	-1.89%	-3.46%
CAGR	6.01%	5.37%	-1.26%	0.88%	-2.71%
LSR	6.01%	7.88%	-1.29%	-1.77%	-2.82%
NOPAT Margin
Avg YoY	8.13%	3.17%	-0.24%	1.20%	-2.96%
Slope	7.65%	4.14%	-1.21%	-2.57%	-7.18%
CAGR	8.06%	2.76%	-0.56%	-0.30%	-6.01%
LSR	8.06%	4.17%	-1.19%	-2.34%	-5.49%
Owner's Earnings
Avg YoY	-136.99%	-235.31%	281.48%	62.49%	25.64%
Slope	170.03%	106.80%	-5.21%	7.09%	6.63%
CAGR	—	—	6.90%	—	—
LSR	—	—	—	—	—
Owner's Earnings Margin
Avg YoY	-129.53%	-222.02%	292.00%	73.47%	33.01%
Slope	174.62%	109.00%	-5.17%	6.77%	5.19%
CAGR	—	—	7.66%	—	—
LSR	—	—	—	—	—
EPS (Basic)
Avg YoY	-192.35%	-147.50%	-52.45%	-33.15%	-18.37%
Slope	123.73%	18.54%	-3.68%	-1.88%	1.71%
CAGR	—	7.56%	3.89%	2.00%	7.03%
LSR	—	—	—	—	—
EPS (Diluted)
Avg YoY	-192.05%	-147.38%	-52.44%	-33.15%	-18.37%
Slope	123.89%	18.49%	-3.71%	-1.90%	1.70%
CAGR	—	7.52%	3.87%	1.98%	7.02%
LSR	—	—	—	—	—
Shares (Basic)
Avg YoY	-1.94%	-1.19%	-0.62%	-0.38%	-0.12%
Slope	-1.96%	-0.96%	-0.46%	-0.22%	-0.01%
CAGR	-1.95%	-1.20%	-0.63%	-0.39%	-0.12%
LSR	-1.95%	-0.96%	-0.47%	-0.22%	-0.01%
Shares (Diluted)
Avg YoY	-1.79%	-1.15%	-0.60%	-0.36%	-0.11%
Slope	-1.82%	-0.92%	-0.46%	-0.21%	0.00%
CAGR	-1.81%	-1.16%	-0.61%	-0.37%	-0.11%
LSR	-1.81%	-0.92%	-0.46%	-0.21%	0.00%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Cash & Cash Equivalents
Avg YoY	215.48%	96.37%	51.20%	51.45%	48.02%
Slope	29.23%	19.56%	-6.83%	-7.11%	-2.55%
CAGR	70.02%	9.65%	-1.09%	-4.24%	-3.16%
LSR	70.02%	18.80%	-6.41%	-7.02%	-3.12%
Short-Term Investments
Avg YoY	—	—	—	—	-100.00%
Slope	—	—	—	—	-22.56%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	215.48%	96.37%	51.20%	51.45%	48.13%
Slope	29.23%	19.56%	-6.83%	-7.11%	-2.58%
CAGR	70.02%	9.65%	-1.09%	-4.24%	-3.16%
LSR	70.02%	18.80%	-6.41%	-7.02%	-3.15%
Net Receivables
Avg YoY	4.65%	7.38%	-11.09%	-8.88%	-8.88%
Slope	3.78%	8.61%	5.87%	9.67%	12.95%
CAGR	4.01%	6.60%	1.38%	—	—
LSR	4.01%	9.14%	—	—	—
Other Current Assets
Avg YoY	1.99%	956.74%	558.02%	2,294.71%	1,877.43%
Slope	-37.14%	-4.35%	-2.39%	7.19%	10.10%
CAGR	-26.45%	90.73%	-11.25%	22.41%	5.29%
LSR	-26.45%	42.23%	5.53%	23.96%	—
Total Current Assets
Avg YoY	5.63%	14.13%	37.55%	53.77%	49.41%
Slope	3.15%	8.41%	1.18%	3.55%	6.30%
CAGR	3.45%	10.59%	-1.91%	7.71%	5.00%
LSR	3.45%	9.85%	2.69%	5.79%	8.64%
Property, Plant & Equipment
Avg YoY	-2.65%	-2.38%	1.79%	3.52%	7.96%
Slope	-3.14%	-3.89%	2.02%	2.94%	5.56%
CAGR	-3.01%	-2.61%	1.57%	3.29%	7.51%
LSR	-3.01%	-3.83%	2.09%	3.12%	7.10%
Goodwill
Avg YoY	2.81%	-18.28%	-8.83%	-6.33%	-6.33%
Slope	2.64%	-48.83%	-18.76%	-3.35%	5.64%
CAGR	2.63%	-34.90%	-18.00%	—	—
LSR	2.63%	-28.95%	-23.42%	—	—
Intangible Assets
Avg YoY	-4.29%	-8.43%	13.81%	17.84%	15.44%
Slope	-4.93%	-9.62%	2.36%	7.19%	6.52%
CAGR	-4.68%	-9.11%	8.63%	4.60%	4.40%
LSR	-4.68%	-8.72%	3.88%	9.76%	7.14%
Long-Term Investments
Avg YoY	7.07%	14.19%	10.67%	9.92%	15.31%
Slope	5.34%	9.40%	10.34%	8.46%	9.28%
CAGR	5.16%	12.87%	9.55%	8.91%	11.87%
LSR	5.16%	10.19%	10.92%	8.56%	11.28%
Tax Assets
Avg YoY	-19.22%	-21.70%	2.99%	42.44%	23.96%
Slope	-28.69%	-41.93%	-2.21%	8.16%	9.32%
CAGR	-23.22%	-31.06%	-7.20%	14.30%	-0.61%
LSR	-23.22%	-37.50%	-5.90%	12.53%	12.79%
Other Non-Current Assets
Avg YoY	7,517.80%	3,741.36%	1,657.28%	1,069.12%	807.16%
Slope	11.66%	74.28%	173.20%	59.93%	-15.83%
CAGR	274.21%	—	—	-2.19%	1.14%
LSR	274.21%	—	—	—	—
Other Assets
Avg YoY	—	—	-35.92%	-0.95%	-0.95%
Slope	—	—	-40.16%	-8.18%	2.93%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Non-Current Assets
Avg YoY	0.06%	1.49%	3.78%	5.16%	8.88%
Slope	-0.30%	-0.09%	4.09%	4.44%	6.51%
CAGR	-0.29%	1.24%	3.51%	4.92%	8.47%
LSR	-0.29%	-0.09%	4.27%	4.68%	8.10%
Total Assets
Avg YoY	0.16%	2.01%	3.39%	5.45%	8.60%
Slope	-0.03%	0.53%	3.86%	4.37%	6.49%
CAGR	-0.03%	1.80%	3.00%	5.09%	8.12%
LSR	-0.03%	0.56%	4.00%	4.65%	8.08%
Accounts Payable
Avg YoY	40.54%	32.20%	17.90%	4.52%	5.87%
Slope	28.63%	19.38%	12.61%	-8.85%	-9.62%
CAGR	29.37%	26.20%	14.10%	-5.88%	-2.21%
LSR	29.37%	19.76%	11.94%	-3.38%	-8.50%
Short-Term Debt
Avg YoY	13.62%	28.61%	38.76%	24.73%	40.70%
Slope	-33.34%	-2.94%	13.05%	8.97%	9.42%
CAGR	-23.66%	4.64%	16.90%	4.43%	8.93%
LSR	-23.66%	-4.43%	17.05%	8.72%	10.17%
Tax Payables
Avg YoY	5.47%	1.37%	0.12%	4.40%	5.98%
Slope	3.38%	-1.01%	-0.83%	-0.88%	2.16%
CAGR	3.22%	-0.08%	-1.53%	2.62%	1.93%
LSR	3.22%	-1.10%	-0.72%	-0.74%	2.83%
Deferred Revenue
Avg YoY	-36.43%	-6.05%	-8.54%	-18.60%	-24.64%
Slope	-66.04%	-18.24%	-8.75%	-2.26%	-7.86%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Current Liabilities
Avg YoY	0.16%	-4.26%	-1.30%	43.99%	45.43%
Slope	-0.11%	-4.17%	-0.68%	4.73%	8.79%
CAGR	-0.11%	-4.51%	-2.08%	13.05%	14.12%
LSR	-0.11%	-4.02%	-0.62%	9.69%	16.27%
Total Current Liabilities
Avg YoY	-3.99%	7.65%	8.80%	8.20%	8.95%
Slope	-14.92%	-1.58%	5.86%	4.09%	4.12%
CAGR	-12.38%	2.22%	4.81%	2.49%	4.21%
LSR	-12.38%	-1.89%	6.25%	4.16%	4.08%
Long-Term Debt
Avg YoY	3.84%	3.20%	-1.55%	3.15%	8.35%
Slope	3.68%	1.11%	-1.71%	-0.40%	3.77%
CAGR	3.69%	2.81%	-2.58%	1.93%	6.74%
LSR	3.69%	1.15%	-1.44%	-0.26%	5.48%
Capital Lease Obligations
Avg YoY	-0.73%	0.65%	5.78%	5.78%	5.78%
Slope	-0.98%	-0.13%	25.34%	24.59%	21.33%
CAGR	-0.96%	0.52%	—	—	—
LSR	-0.96%	-0.15%	—	—	—
Deferred Tax Liabilities
Avg YoY	5.19%	11.47%	2.61%	4.32%	7.03%
Slope	5.03%	9.64%	-1.34%	0.88%	3.85%
CAGR	5.08%	11.23%	0.35%	2.34%	5.29%
LSR	5.08%	10.52%	-1.34%	0.88%	4.74%
Other Non-Current Liabilities
Avg YoY	-2.32%	0.41%	-15.73%	36.89%	22.23%
Slope	-6.14%	1.98%	-24.17%	-4.94%	0.23%
CAGR	-6.64%	-4.19%	-17.93%	0.71%	-3.98%
LSR	-6.64%	1.89%	—	—	—
Total Non-Current Liabilities
Avg YoY	2.43%	2.84%	-0.13%	4.92%	8.06%
Slope	2.33%	1.58%	0.53%	1.98%	5.09%
CAGR	2.33%	2.69%	-0.62%	3.95%	6.95%
LSR	2.33%	1.61%	0.62%	2.26%	6.71%
Total Liabilities
Avg YoY	-0.87%	3.16%	1.01%	4.83%	7.32%
Slope	-1.86%	0.81%	1.72%	2.44%	4.87%
CAGR	-1.77%	2.58%	0.41%	3.58%	6.17%
LSR	-1.77%	0.82%	1.76%	2.62%	5.96%
Preferred Stock
Avg YoY	—	—	-26.15%	-31.15%	-31.15%
Slope	—	—	-30.22%	-6.88%	3.65%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock
Avg YoY	-1.44%	-0.46%	-0.29%	13.66%	10.08%
Slope	-1.45%	-0.38%	-0.14%	-7.14%	-2.91%
CAGR	-1.45%	-0.47%	-0.29%	-2.19%	-1.61%
LSR	-1.45%	-0.39%	-0.14%	-4.64%	-2.60%
Retained Earnings
Avg YoY	8.78%	2.53%	6.85%	8.62%	13.40%
Slope	8.36%	1.67%	5.05%	6.82%	8.80%
CAGR	8.77%	2.20%	6.54%	8.24%	12.83%
LSR	8.77%	1.63%	5.47%	7.69%	11.92%
Accumulated OCI
Avg YoY	93.98%	14.41%	13.08%	-12.13%	-12.13%
Slope	-49.32%	36.57%	-14.88%	-11.97%	-14.24%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Minority Interest
Avg YoY	-2.76%	1.72%	0.47%	3.81%	-0.16%
Slope	-2.86%	0.96%	0.20%	2.56%	5.36%
CAGR	-2.80%	1.58%	0.33%	3.43%	5.43%
LSR	-2.80%	1.01%	0.20%	2.84%	—
Total Shareholders’ Equity
Avg YoY	7.49%	4.35%	4.73%	8.24%	12.13%
Slope	7.19%	3.39%	4.02%	5.87%	8.03%
CAGR	7.49%	4.14%	4.60%	7.57%	11.43%
LSR	7.49%	3.42%	4.18%	6.57%	10.65%
Total Equity
Avg YoY	6.95%	4.20%	4.48%	7.93%	11.63%
Slope	6.70%	3.27%	3.82%	5.68%	7.87%
CAGR	6.95%	4.02%	4.37%	7.32%	10.96%
LSR	6.95%	3.31%	3.96%	6.35%	10.36%
Total Liabilities & Equity
Avg YoY	2.38%	3.46%	2.31%	5.90%	8.68%
Slope	2.17%	1.96%	2.69%	3.87%	6.16%
CAGR	2.14%	3.26%	2.12%	5.13%	7.96%
LSR	2.14%	2.00%	2.72%	4.20%	7.70%
Tangible Assets
Avg YoY	0.22%	2.38%	3.42%	5.46%	8.69%
Slope	0.04%	0.79%	3.99%	4.36%	6.50%
CAGR	0.04%	2.14%	3.01%	5.09%	8.19%
LSR	0.04%	0.83%	4.13%	4.63%	8.09%
Tangible Equity
Avg YoY	7.39%	5.14%	4.58%	8.07%	12.08%
Slope	7.09%	3.98%	4.09%	5.72%	7.95%
CAGR	7.38%	4.90%	4.45%	7.41%	11.35%
LSR	7.38%	4.06%	4.22%	6.36%	10.54%
Tangible Book Value
Avg YoY	7.39%	5.14%	4.58%	8.07%	12.08%
Slope	7.09%	3.98%	4.09%	5.72%	7.95%
CAGR	7.38%	4.90%	4.45%	7.41%	11.35%
LSR	7.38%	4.06%	4.22%	6.36%	10.54%
Total Investments
Avg YoY	7.07%	14.19%	10.67%	9.92%	15.16%
Slope	5.34%	9.40%	10.34%	8.46%	9.28%
CAGR	5.16%	12.87%	9.55%	8.91%	11.87%
LSR	5.16%	10.19%	10.92%	8.56%	11.26%
Net Debt
Avg YoY	-0.88%	5.40%	0.98%	4.24%	11.14%
Slope	-5.69%	-0.58%	1.00%	1.49%	5.15%
CAGR	-5.07%	2.88%	-0.80%	2.87%	8.86%
LSR	-5.07%	-0.70%	1.03%	1.55%	7.31%

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Working Capital
Avg YoY	647.43%	336.81%	133.94%	109.56%	19.16%
Slope	42.40%	14.71%	-19.41%	-18.15%	-16.00%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Capital
Avg YoY	0.32%	2.49%	4.17%	5.46%	9.46%
Slope	0.11%	0.94%	4.61%	4.70%	6.78%
CAGR	0.10%	2.26%	3.84%	5.13%	8.87%
LSR	0.10%	0.97%	4.84%	4.93%	8.52%
Capital Employed
Avg YoY	2.10%	1.85%	2.91%	5.17%	8.34%
Slope	2.07%	0.98%	3.48%	4.00%	6.23%
CAGR	2.10%	1.70%	2.71%	4.86%	7.88%
LSR	2.10%	1.01%	3.58%	4.25%	7.79%
Invested Capital
Avg YoY	-0.03%	2.48%	4.30%	5.75%	10.35%
Slope	-0.44%	0.64%	4.88%	5.09%	7.14%
CAGR	-0.43%	2.16%	3.94%	5.46%	9.70%
LSR	-0.43%	0.66%	5.14%	5.36%	9.09%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Net Income
Avg YoY	182.84%	40.06%	25.47%	16.86%	18.48%
Slope	125.54%	21.53%	-2.63%	-2.22%	1.46%
CAGR	—	10.55%	5.16%	2.79%	7.65%
LSR	—	—	—	—	—
Depreciation & Amortization
Avg YoY	-3.12%	2.96%	3.76%	6.23%	7.47%
Slope	-3.22%	0.15%	3.89%	5.02%	8.71%
CAGR	-3.15%	2.14%	3.03%	5.57%	—
LSR	-3.15%	0.33%	4.07%	5.46%	—
Deferred Income Tax
Avg YoY	-100.00%	196.70%	145.35%	61.20%	61.20%
Slope	-150.00%	-28.78%	41.77%	41.30%	15.67%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Stock-Based Compensation
Avg YoY	263.52%	118.83%	141.59%	125.93%	125.93%
Slope	30.68%	5.34%	12.43%	16.14%	16.58%
CAGR	80.55%	-1.56%	8.14%	—	—
LSR	80.55%	3.25%	—	—	—
Change in Working Capital
Avg YoY	-645.51%	-341.45%	-787.96%	-491.80%	-455.65%
Slope	-26.09%	-303.53%	-20.02%	16.89%	3.85%
CAGR	—	—	—	-11.56%	—
LSR	—	—	—	—	—
Accounts Payable
Avg YoY	-87.90%	-87.90%	-5.88%	-5.88%	-5.88%
Slope	-120.78%	9.74%	1,991.12%	866.61%	479.00%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Working Capital
Avg YoY	29.52%	-22.26%	-658.39%	-514.45%	-514.45%
Slope	55.02%	-406.13%	-74.06%	-18.56%	-17.94%
CAGR	-67.38%	—	—	—	—
LSR	-67.38%	—	—	—	—
Other Non-Cash Items
Avg YoY	6.07%	154.58%	93.19%	85.47%	44.25%
Slope	-71.92%	4.95%	14.30%	10.50%	10.14%
CAGR	-45.04%	7.99%	0.04%	—	6.19%
LSR	-45.04%	7.79%	—	—	—
Net Cash from Operating Activities
Avg YoY	6.92%	6.32%	3.64%	7.78%	10.56%
Slope	6.71%	6.89%	3.33%	4.20%	6.17%
CAGR	6.90%	5.74%	2.52%	6.72%	9.55%
LSR	6.90%	7.08%	3.18%	4.62%	7.66%
Capital Expenditures (PPE)
Avg YoY	4.47%	13.09%	-2.92%	-0.19%	3.10%
Slope	5.07%	14.67%	-1.72%	0.34%	-4.13%
CAGR	-5.14%	-13.88%	0.47%	-1.99%	4.08%
LSR	-5.14%	-13.26%	2.07%	-0.49%	—
Acquisitions (Net)
Avg YoY	993.14%	462.97%	3,778.03%	2,424.49%	1,723.39%
Slope	18.08%	-51.67%	-17.22%	20.10%	26.62%
CAGR	105.99%	-48.43%	18.92%	—	—
LSR	105.99%	-23.55%	-11.79%	—	—
Purchases of Investments
Avg YoY	100.00%	-9.71%	-40.74%	-40.74%	-25.11%
Slope	150.00%	45.95%	4.20%	-11.54%	-13.94%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	-100.00%	28.33%	33.08%	33.08%	40.52%
Slope	-150.00%	-95.86%	122.96%	40.95%	16.13%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Investing Activities
Avg YoY	81.76%	534.92%	249.41%	278.67%	10.12%
Slope	-105.10%	13.42%	6.46%	23.86%	106.49%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-223.86%	-108.67%	-91.37%	-56.25%	-74.98%
Slope	-4.09%	19.60%	-6.17%	3.53%	0.16%
CAGR	2.46%	-2.43%	7.35%	-1.05%	14.46%
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-12,479.29%	-6,262.26%	-2,707.17%	-1,678.95%	-1,003.05%
Slope	118.17%	-192.59%	57.65%	-43.24%	-17.68%
CAGR	—	-0.78%	—	-2.33%	—
LSR	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-22.39%	122.62%	44.19%	92.85%	104.49%
Slope	-159.25%	-68.05%	68.24%	-31.58%	-14.36%
CAGR	-32.97%	-17.13%	—	-8.76%	—
LSR	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	46.22%	195.07%	171.76%	34.10%	23.33%
Slope	129.66%	-281.41%	24.20%	19.87%	9.08%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Stock Issuance
Avg YoY	-2,953.09%	-918.60%	-960.27%	-667.39%	-574.25%
Slope	-145.24%	-49.19%	-32.49%	-21.69%	-19.32%
CAGR	—	31.47%	24.03%	28.98%	—
LSR	—	—	—	—	—
Common Stock Issuance
Avg YoY	—	—	-100.00%	-95.03%	-96.27%
Slope	—	—	-30.30%	-19.91%	-3.82%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-2,953.09%	-918.60%	-1,131.17%	-823.38%	-611.34%
Slope	-145.24%	-49.19%	-40.64%	-26.59%	-20.41%
CAGR	—	31.47%	68.98%	28.98%	—
LSR	—	—	—	—	—
Preferred Stock Issuance
Avg YoY	—	—	100.00%	22.33%	22.33%
Slope	—	—	54.55%	15.54%	1.21%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Dividends Paid
Avg YoY	-10.38%	-7.25%	-5.75%	-6.44%	-18.93%
Slope	-9.87%	-6.45%	-4.70%	-4.52%	-7.59%
CAGR	10.18%	7.11%	5.67%	6.28%	16.74%
LSR	10.18%	6.49%	4.73%	4.73%	—
Common Dividends Paid
Avg YoY	-10.38%	-7.25%	-6.10%	-6.66%	-59.35%
Slope	-9.87%	-6.45%	-4.83%	-5.06%	-7.81%
CAGR	10.18%	7.11%	6.00%	6.54%	21.69%
LSR	10.18%	6.49%	4.89%	5.34%	12.63%
Preferred Dividends Paid
Avg YoY	—	—	100.00%	-3.34%	1.90%
Slope	—	—	54.55%	24.48%	11.49%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Financing Activities
Avg YoY	-11.60%	-10.68%	-12.57%	-261.24%	-156.06%
Slope	-9.44%	-8.37%	-5.36%	-11.56%	-15.09%
CAGR	9.27%	8.70%	5.45%	—	—
LSR	9.27%	8.35%	5.09%	—	—
Net Cash from Financing Activities
Avg YoY	-47.40%	-87.87%	-46.43%	-60.11%	-22.36%
Slope	-17.19%	-34.43%	-0.70%	-16.46%	-21.46%
CAGR	24.56%	26.17%	-0.09%	—	10.47%
LSR	24.56%	50.76%	-0.31%	—	—
Effect of FX on Cash
Avg YoY	48.27%	69.43%	-13.47%	-78.08%	-14.25%
Slope	49.02%	72.16%	74.02%	-18.05%	-5.08%
CAGR	24.74%	—	6.12%	-6.88%	-4.04%
LSR	—	—	—	—	—
Net Change in Cash
Avg YoY	181.88%	20.34%	28.69%	-25.50%	-54.91%
Slope	-616.90%	-1,766.08%	10.52%	-0.19%	-45.35%
CAGR	—	—	5.00%	11.24%	—
LSR	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	235.53%	112.90%	75.08%	84.72%	99.37%
Slope	63.29%	19.70%	-4.22%	-4.02%	-0.15%
CAGR	66.85%	21.58%	4.62%	1.32%	3.44%
LSR	66.85%	8.60%	-5.40%	—	—
Cash at End of Period
Avg YoY	214.98%	96.12%	73.39%	80.97%	93.12%
Slope	28.50%	19.22%	-3.99%	-4.33%	-0.85%
CAGR	68.30%	9.09%	4.21%	-2.95%	-2.60%
LSR	68.30%	18.32%	-2.57%	—	—
Operating Cash Flow
Avg YoY	14.63%	9.91%	3.34%	7.59%	10.42%
Slope	13.28%	10.85%	2.73%	3.70%	5.84%
CAGR	14.50%	9.27%	2.52%	6.72%	9.55%
LSR	14.50%	11.25%	2.45%	4.04%	7.25%
Capital Expenditure
Avg YoY	4.49%	13.10%	-2.91%	-0.19%	3.11%
Slope	5.07%	14.69%	-1.71%	0.35%	-4.13%
CAGR	-5.14%	-13.88%	0.47%	-1.99%	4.08%
LSR	-5.14%	-13.27%	2.06%	-0.49%	—
Free Cash Flow
Avg YoY	33.80%	139.30%	53.00%	63.70%	219.12%
Slope	28.57%	50.21%	4.37%	12.92%	9.61%
CAGR	33.79%	113.91%	3.94%	—	30.01%
LSR	33.79%	116.96%	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
EBITDA
Avg YoY	43.29%	23.69%	5.08%	2.85%	21.42%
Slope	34.50%	17.84%	-2.86%	-3.40%	1.69%
CAGR	38.35%	20.00%	1.68%	0.52%	12.92%
LSR	38.35%	16.92%	-3.22%	-3.69%	4.44%
(-) Tax Adjustment
Avg YoY	124.08%	12.62%	4.47%	6.15%	24.37%
Slope	103.71%	14.97%	-6.99%	-6.19%	-0.27%
CAGR	—	17.04%	-3.65%	-0.77%	11.85%
LSR	—	—	—	—	—
Change In Working Capital
Avg YoY	-645.51%	-341.45%	-787.96%	-491.80%	-455.65%
Slope	-26.09%	-303.53%	-20.02%	16.89%	3.85%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Capital Expenditure
Avg YoY	4.49%	13.10%	-2.91%	-0.19%	3.11%
Slope	5.07%	14.69%	-1.71%	0.35%	-4.13%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	95.74%	2,483.30%	1,051.24%	676.24%	546.20%
Slope	52.01%	82.70%	-6.64%	-5.92%	-0.10%
CAGR	57.63%	—	5.69%	2.46%	—
LSR	57.63%	—	—	—	—
Net Interest After Taxes
Avg YoY	13.23%	-10.56%	-6.88%	-6.15%	-7.45%
Slope	14.03%	-7.49%	-3.88%	-3.86%	-6.36%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-12,479.29%	-6,262.26%	-2,707.17%	-1,678.95%	-1,003.05%
Slope	118.17%	-192.59%	57.65%	-43.24%	-17.68%
CAGR	950.22%	-0.78%	—	-2.33%	—
LSR	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	552.32%	311.03%	149.92%	96.63%	352.03%
Slope	67.76%	37.89%	2.03%	-6.84%	-1.22%
CAGR	57.08%	61.93%	15.35%	1.33%	—
LSR	—	—	—	—	—