Fleury Michon S.A. (ALFLE.PA)

Analysis: Growth Rates Industry: Packaged Foods Sector: Consumer Defensive Live Price: $24.80

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Stock Price
Avg YoY	23.47%	2.48%	-7.22%	2.08%	1.10%
Slope	21.00%	-1.59%	-13.92%	-4.12%	-2.10%
CAGR	22.59%	-0.09%	-8.94%	-0.51%	-2.14%
LSR	22.59%	-1.68%	-12.56%	-4.56%	-2.58%
Market Capitalization
Avg YoY	23.47%	2.48%	-7.22%	2.08%	1.10%
Slope	21.00%	-1.59%	-13.92%	-4.12%	-2.10%
CAGR	22.59%	-0.09%	-8.94%	-0.51%	-2.14%
LSR	22.59%	-1.68%	-12.56%	-4.56%	-2.58%
(-) Cash & Equivalents
Avg YoY	41.31%	13.72%	12.16%	13.99%	14.10%
Slope	32.58%	8.45%	4.59%	6.86%	8.47%
CAGR	40.76%	9.00%	8.76%	10.22%	11.03%
LSR	40.76%	7.78%	4.36%	7.91%	10.63%
(+) Total Debt
Avg YoY	0.02%	-4.58%	4.39%	7.13%	12.11%
Slope	-1.15%	-3.82%	2.63%	3.01%	5.95%
CAGR	-1.20%	-5.27%	3.10%	4.35%	9.42%
LSR	-1.20%	-3.76%	2.93%	3.36%	8.11%
Enterprise Value
Avg YoY	-22.42%	-15.56%	-10.64%	-1.36%	-0.46%
Slope	-24.90%	-14.34%	-9.99%	-3.81%	-0.84%
CAGR	-23.32%	-16.72%	-11.73%	-3.85%	-2.84%
LSR	-23.32%	-14.26%	-10.16%	-4.34%	-1.19%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Revenue
Avg YoY	0.86%	2.57%	0.83%	2.28%	3.57%
Slope	0.75%	3.53%	1.16%	1.58%	2.87%
CAGR	0.76%	2.35%	0.70%	2.16%	3.44%
LSR	0.76%	3.62%	1.13%	1.61%	3.14%
Cost of Revenue
Avg YoY	-2.86%	4.08%	1.34%	3.67%	5.14%
Slope	-2.90%	4.77%	1.45%	1.64%	3.44%
CAGR	-2.88%	3.26%	0.89%	2.69%	4.32%
LSR	-2.88%	5.03%	1.40%	1.69%	3.88%
Gross Profit
Avg YoY	5.47%	1.61%	0.65%	2.80%	3.53%
Slope	4.95%	2.17%	0.85%	1.52%	2.29%
CAGR	5.21%	1.41%	0.51%	1.63%	2.64%
LSR	5.21%	2.16%	0.83%	1.68%	2.46%
Gross Margin
Avg YoY	4.45%	-0.62%	-0.01%	0.58%	0.05%
Slope	4.27%	-1.44%	-0.29%	-0.03%	-0.70%
CAGR	4.41%	-0.92%	-0.19%	-0.52%	-0.78%
LSR	4.41%	-1.40%	-0.30%	0.06%	-0.66%
SG&A Expenses
Avg YoY	-103.34%	-49.51%	-22.63%	-15.88%	-15.88%
Slope	-160.74%	-51.05%	-12.24%	0.53%	7.81%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Operating Expenses
Avg YoY	5.97%	0.26%	1.20%	3.25%	3.91%
Slope	5.42%	0.88%	1.25%	2.20%	2.75%
CAGR	5.71%	-0.04%	1.03%	2.00%	2.98%
LSR	5.71%	0.88%	1.24%	2.41%	2.93%
Operating Income (EBIT)
Avg YoY	26.05%	-81.10%	-73.08%	-46.87%	-30.38%
Slope	13.77%	43.69%	-12.87%	-13.53%	-6.62%
CAGR	17.32%	—	-8.95%	-6.08%	-2.98%
LSR	17.32%	—	—	—	—
Operating Margin
Avg YoY	23.24%	-87.77%	-75.37%	-50.08%	-34.82%
Slope	13.36%	41.57%	-14.55%	-15.11%	-9.19%
CAGR	16.43%	—	-9.59%	-8.06%	-6.21%
LSR	16.43%	—	—	—	—
Interest Income
Avg YoY	214.21%	112.29%	42.26%	44.88%	-16.59%
Slope	74.03%	58.16%	12.84%	8.73%	10.01%
CAGR	174.03%	69.97%	14.79%	23.08%	17.40%
LSR	174.03%	84.87%	5.09%	6.77%	—
Interest Expense
Avg YoY	66.72%	34.85%	18.98%	14.37%	20.04%
Slope	40.34%	29.12%	16.31%	8.45%	6.65%
CAGR	59.13%	27.95%	14.60%	11.06%	14.55%
LSR	59.13%	32.54%	14.90%	6.62%	6.50%
Net Interest Income
Avg YoY	10.93%	6.56%	26.68%	13.87%	23.63%
Slope	-4.85%	-6.97%	-19.94%	-8.17%	-3.95%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Income / Expense
Avg YoY	8.61%	15.29%	89.80%	-16.73%	3.54%
Slope	37.71%	30.63%	-12.45%	4.99%	2.35%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unusual Items
Avg YoY	8.61%	15.29%	89.80%	-16.73%	3.54%
Slope	-37.71%	-30.63%	12.45%	-4.99%	-2.35%
CAGR	-26.47%	-24.50%	6.23%	-7.90%	4.76%
LSR	-26.47%	-23.87%	—	—	—
EBT excl. Unusual
Avg YoY	523.29%	204.64%	43.60%	34.17%	34.80%
Slope	45.59%	180.43%	-27.21%	-15.59%	-7.76%
CAGR	165.66%	—	-10.10%	-1.93%	-3.52%
LSR	165.66%	—	—	—	—
Pre-Tax Income
Avg YoY	71.34%	-26.77%	-53.50%	-32.37%	-19.71%
Slope	24.27%	67.08%	-13.46%	-12.82%	-6.36%
CAGR	38.29%	—	-8.18%	-3.83%	-2.52%
LSR	38.29%	—	—	—	—
Pre-Tax Margin
Avg YoY	65.87%	-32.45%	-55.11%	-35.21%	-23.86%
Slope	24.21%	66.54%	-15.54%	-14.43%	-9.05%
CAGR	37.24%	—	-8.82%	-5.86%	-5.77%
LSR	37.24%	—	—	—	—
Income Tax Expense
Avg YoY	30.81%	-7.75%	-59.89%	-34.08%	-23.24%
Slope	-57.80%	-41.84%	-23.63%	-14.96%	-6.59%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Income
Avg YoY	345.33%	134.38%	30.14%	20.24%	21.37%
Slope	112.53%	239.99%	15.93%	-6.06%	-3.73%
CAGR	344.90%	—	12.11%	7.82%	6.58%
LSR	344.90%	—	—	—	—
Net Margin
Avg YoY	343.22%	131.50%	29.94%	18.44%	17.80%
Slope	113.04%	268.89%	12.69%	-8.97%	-7.37%
CAGR	341.54%	—	11.32%	5.54%	3.04%
LSR	341.54%	—	—	—	—
Depreciation & Amortization
Avg YoY	-9.69%	-11.15%	7.27%	5.60%	4.39%
Slope	-11.12%	-15.50%	2.63%	3.64%	3.69%
CAGR	-10.21%	-15.48%	2.32%	2.29%	1.92%
LSR	-10.21%	-12.62%	2.89%	3.59%	3.60%
EBITDA
Avg YoY	-5.03%	-6.20%	11.15%	7.63%	7.08%
Slope	-5.14%	-5.90%	-0.43%	-1.85%	0.06%
CAGR	-5.03%	-7.70%	-2.01%	-1.04%	0.14%
LSR	-5.03%	-5.22%	-0.22%	-1.99%	-0.05%
EBITDA Margin
Avg YoY	-5.70%	-9.05%	10.68%	5.60%	3.71%
Slope	-5.98%	-9.48%	-1.53%	-3.49%	-2.95%
CAGR	-5.75%	-9.82%	-2.70%	-3.14%	-3.19%
LSR	-5.75%	-8.53%	-1.34%	-3.54%	-3.09%
NOPAT
Avg YoY	26.05%	-81.10%	-73.08%	-46.87%	-30.38%
Slope	13.77%	43.69%	-12.87%	-13.53%	-6.62%
CAGR	17.32%	—	-8.95%	-6.08%	-2.98%
LSR	17.32%	—	—	—	—
NOPAT Margin
Avg YoY	23.24%	-87.77%	-75.37%	-50.08%	-34.82%
Slope	13.36%	41.57%	-14.55%	-15.11%	-9.19%
CAGR	16.43%	—	-9.59%	-8.06%	-6.21%
LSR	16.43%	—	—	—	—
Owner's Earnings
Avg YoY	190.53%	102.92%	5.38%	-35.79%	-193.52%
Slope	60.74%	29.51%	12.25%	8.99%	8.70%
CAGR	64.59%	37.60%	19.21%	15.33%	9.04%
LSR	64.59%	21.57%	—	—	—
Owner's Earnings Margin
Avg YoY	198.86%	105.38%	7.60%	-33.21%	-188.93%
Slope	60.24%	26.08%	10.59%	7.66%	5.97%
CAGR	63.34%	34.45%	18.38%	12.89%	5.41%
LSR	63.34%	17.33%	—	—	—
EPS (Basic)
Avg YoY	334.04%	128.72%	27.48%	19.41%	22.23%
Slope	111.03%	243.88%	14.30%	-6.29%	-2.92%
CAGR	333.96%	—	11.43%	8.18%	7.44%
LSR	333.96%	—	—	—	—
EPS (Diluted)
Avg YoY	334.04%	128.72%	27.48%	19.41%	22.23%
Slope	111.03%	243.88%	14.30%	-6.29%	-2.92%
CAGR	333.96%	—	11.43%	8.18%	7.44%
LSR	333.96%	—	—	—	—
Shares (Basic)
Avg YoY	2.55%	0.79%	0.63%	-0.30%	-0.75%
Slope	2.51%	0.58%	0.19%	-0.08%	-1.05%
CAGR	2.52%	0.76%	0.61%	-0.34%	-0.80%
LSR	2.52%	0.57%	0.19%	-0.07%	-1.00%
Shares (Diluted)
Avg YoY	2.55%	0.79%	0.63%	-0.30%	-0.75%
Slope	2.51%	0.58%	0.19%	-0.08%	-1.05%
CAGR	2.52%	0.76%	0.61%	-0.34%	-0.80%
LSR	2.52%	0.57%	0.19%	-0.07%	-1.00%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Cash & Cash Equivalents
Avg YoY	41.31%	13.72%	12.16%	13.99%	14.10%
Slope	32.58%	8.45%	4.59%	6.86%	8.47%
CAGR	40.76%	9.00%	8.76%	10.22%	11.03%
LSR	40.76%	7.78%	4.36%	7.91%	10.63%
Short-Term Investments
Avg YoY	-19.72%	49.32%	23.53%	46.01%	249.34%
Slope	-23.12%	13.94%	4.23%	-1.37%	6.35%
CAGR	-20.18%	29.31%	-0.03%	-1.12%	15.76%
LSR	-20.18%	24.28%	4.59%	0.34%	18.73%
Cash & Short-Term Investments
Avg YoY	40.96%	13.66%	12.09%	13.84%	14.05%
Slope	32.37%	8.46%	4.59%	6.83%	8.46%
CAGR	40.43%	9.03%	8.73%	10.16%	11.04%
LSR	40.43%	7.81%	4.36%	7.85%	10.63%
Net Receivables
Avg YoY	-22.72%	-7.43%	-17.99%	-10.42%	6.37%
Slope	-29.32%	-5.66%	0.48%	-3.65%	-1.25%
CAGR	-29.71%	-13.39%	-8.65%	-5.61%	2.39%
LSR	-29.71%	-8.14%	—	—	—
Inventory
Avg YoY	-11.85%	-1.69%	1.25%	2.66%	4.81%
Slope	-12.55%	-1.20%	1.72%	2.40%	4.01%
CAGR	-11.85%	-2.63%	0.74%	2.19%	4.31%
LSR	-11.85%	-1.29%	1.71%	2.48%	4.54%
Other Current Assets
Avg YoY	1,240.11%	1,240.11%	359.17%	217,754.66%	217,754.66%
Slope	-58.88%	30.37%	3.27%	11.55%	14.01%
CAGR	-34.30%	—	0.15%	—	—
LSR	-34.30%	—	—	—	—
Total Current Assets
Avg YoY	2.22%	4.64%	4.28%	6.02%	9.91%
Slope	2.14%	4.67%	2.96%	3.17%	4.65%
CAGR	2.14%	4.41%	2.65%	4.50%	7.85%
LSR	2.14%	4.81%	3.10%	3.34%	5.46%
Property, Plant & Equipment
Avg YoY	-0.51%	-2.19%	-1.01%	1.39%	3.63%
Slope	-0.64%	-2.34%	-0.69%	0.28%	2.71%
CAGR	-0.65%	-2.34%	-1.20%	1.11%	3.35%
LSR	-0.65%	-2.31%	-0.70%	0.34%	3.22%
Goodwill
Avg YoY	-6.88%	-4.13%	8.09%	6.01%	6.05%
Slope	-7.19%	-4.45%	5.76%	6.14%	5.83%
CAGR	-6.90%	-4.18%	5.61%	4.38%	4.82%
LSR	-6.90%	-4.42%	7.20%	6.54%	6.01%
Intangible Assets
Avg YoY	-9.84%	-2.74%	26.39%	20.82%	16.55%
Slope	-10.68%	-1.54%	14.08%	15.16%	13.93%
CAGR	-10.59%	-3.44%	17.16%	14.64%	11.43%
LSR	-10.59%	-1.79%	21.94%	20.19%	17.11%
Long-Term Investments
Avg YoY	-32.29%	-16.07%	-8.61%	8.87%	20.78%
Slope	-50.74%	-16.42%	-7.67%	-1.75%	4.19%
CAGR	-56.06%	-33.68%	-19.65%	-5.12%	3.33%
LSR	-56.06%	-26.96%	-11.66%	-3.00%	6.56%
Tax Assets
Avg YoY	153.55%	111.20%	58.92%	32.67%	90.27%
Slope	76.03%	49.42%	2.54%	-6.94%	1.78%
CAGR	148.55%	77.74%	3.05%	2.28%	—
LSR	148.55%	67.57%	—	—	—
Other Non-Current Assets
Avg YoY	-19.63%	19,166.67%	8,508.65%	5,500.82%	4,279.08%
Slope	-23.03%	42.20%	2.27%	-3.57%	4.33%
CAGR	-20.10%	372.57%	-0.01%	-1.11%	15.77%
LSR	-20.10%	551.13%	-9.44%	-13.10%	3.90%
Other Assets
Avg YoY	-100.00%	-100.00%	-133.09%	-133.09%	-133.09%
Slope	0.00%	-50.00%	-54.79%	-37.61%	-28.63%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Non-Current Assets
Avg YoY	-5.38%	-3.87%	0.43%	2.64%	4.49%
Slope	-5.67%	-3.57%	0.96%	1.88%	3.84%
CAGR	-5.65%	-4.05%	-0.21%	2.06%	4.01%
LSR	-5.65%	-3.61%	1.03%	1.99%	4.45%
Total Assets
Avg YoY	-1.67%	0.10%	1.47%	3.62%	6.22%
Slope	-1.69%	0.44%	1.91%	2.48%	4.22%
CAGR	-1.69%	0.07%	1.23%	3.26%	5.73%
LSR	-1.69%	0.44%	2.01%	2.65%	4.92%
Accounts Payable
Avg YoY	6.48%	7.14%	2.95%	2.85%	2.80%
Slope	5.51%	6.52%	4.09%	1.66%	1.65%
CAGR	5.88%	6.65%	2.41%	2.38%	2.29%
LSR	5.88%	6.90%	4.07%	1.56%	1.60%
Short-Term Debt
Avg YoY	-4.59%	-5.75%	15.92%	11.67%	19.00%
Slope	-7.98%	-3.85%	0.59%	4.99%	6.89%
CAGR	-8.51%	-8.51%	5.40%	4.22%	10.85%
LSR	-8.51%	-4.02%	1.63%	5.88%	9.08%
Tax Payables
Avg YoY	-3.14%	-3.81%	9.67%	3.61%	3.61%
Slope	-4.36%	-13.89%	3.90%	0.61%	7.86%
CAGR	-4.09%	-8.01%	4.52%	—	—
LSR	-4.09%	-12.88%	4.24%	—	—
Deferred Revenue
Avg YoY	—	-62.98%	-2.72%	-4.97%	-19.15%
Slope	—	-78.73%	-11.73%	-0.10%	-7.87%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Current Liabilities
Avg YoY	1.11%	225.78%	90.58%	84.33%	65.66%
Slope	1.05%	39.01%	0.85%	1.88%	5.23%
CAGR	1.07%	52.52%	1.77%	14.55%	5.68%
LSR	1.07%	78.05%	-2.26%	1.15%	5.98%
Total Current Liabilities
Avg YoY	1.23%	6.86%	3.29%	6.80%	4.37%
Slope	0.39%	8.17%	1.52%	2.53%	3.28%
CAGR	0.41%	5.28%	2.25%	5.35%	2.85%
LSR	0.41%	8.73%	1.41%	2.83%	3.54%
Long-Term Debt
Avg YoY	-1.15%	-2.56%	5.85%	5.83%	11.10%
Slope	-1.41%	-3.71%	5.46%	3.94%	6.02%
CAGR	-1.44%	-3.13%	3.76%	3.86%	8.52%
LSR	-1.44%	-3.65%	6.34%	4.04%	7.59%
Capital Lease Obligations
Avg YoY	-45.71%	-40.97%	-16.02%	-13.79%	-13.79%
Slope	-71.91%	-47.85%	-14.74%	-3.02%	5.82%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	-47.22%	1.94%	-1.36%	-0.05%	3.74%
Slope	-58.41%	-32.36%	-20.18%	-11.52%	-5.94%
CAGR	-47.54%	-35.97%	-23.46%	-17.01%	-9.78%
LSR	-47.54%	-26.44%	-22.73%	-15.02%	-9.12%
Other Non-Current Liabilities
Avg YoY	0.93%	232.29%	146.51%	106.42%	75.96%
Slope	-0.33%	39.66%	26.34%	18.27%	13.02%
CAGR	-0.35%	55.03%	25.40%	22.76%	7.60%
LSR	-0.35%	82.90%	29.32%	15.49%	10.36%
Total Non-Current Liabilities
Avg YoY	-2.91%	-0.68%	5.41%	6.80%	9.89%
Slope	-3.47%	0.61%	5.47%	4.11%	6.16%
CAGR	-3.55%	-1.10%	3.48%	4.96%	7.70%
LSR	-3.55%	0.55%	6.10%	4.31%	7.59%
Total Liabilities
Avg YoY	-0.53%	3.30%	3.42%	6.30%	5.56%
Slope	-1.23%	4.85%	3.14%	3.18%	4.40%
CAGR	-1.27%	2.42%	2.74%	5.19%	4.33%
LSR	-1.27%	5.02%	3.17%	3.45%	4.94%
Common Stock
Avg YoY	-2.43%	-0.72%	-0.58%	0.04%	0.04%
Slope	-2.47%	-0.56%	-0.19%	-0.05%	0.22%
CAGR	-2.46%	-0.75%	-0.60%	0.01%	0.01%
LSR	-2.46%	-0.57%	-0.19%	-0.04%	0.22%
Retained Earnings
Avg YoY	334.04%	128.72%	17.26%	87.35%	72.28%
Slope	111.03%	243.88%	-35.95%	-15.82%	-2.73%
CAGR	333.96%	—	-14.35%	8.19%	7.44%
LSR	333.96%	—	—	—	—
Accumulated OCI
Avg YoY	-2.29%	-5.04%	-19.81%	-12.72%	-12.72%
Slope	-2.32%	-4.69%	143.62%	31.90%	10.39%
CAGR	-2.29%	-5.37%	—	—	—
LSR	-2.29%	-4.38%	—	—	—
Minority Interest
Avg YoY	20.96%	20.38%	-211.38%	-160.55%	-113.06%
Slope	16.96%	19.43%	0.95%	8.83%	9.76%
CAGR	19.66%	19.63%	17.78%	1.69%	5.95%
LSR	19.66%	22.10%	—	—	—
Total Shareholders’ Equity
Avg YoY	12.11%	7.42%	5.95%	-23.08%	-15.52%
Slope	11.36%	6.12%	605.76%	93.23%	58.75%
CAGR	11.72%	7.12%	—	14.42%	11.21%
LSR	11.72%	6.05%	—	—	—
Total Equity
Avg YoY	12.11%	7.43%	5.78%	-23.04%	-15.48%
Slope	11.36%	6.13%	626.06%	94.42%	60.18%
CAGR	11.72%	7.13%	—	14.39%	11.21%
LSR	11.72%	6.06%	—	—	—
Total Liabilities & Equity
Avg YoY	2.34%	4.05%	84.76%	55.09%	41.42%
Slope	2.02%	5.19%	17.59%	8.43%	6.15%
CAGR	2.09%	3.71%	11.01%	6.92%	5.62%
LSR	2.09%	5.37%	30.83%	7.50%	4.10%
Tangible Assets
Avg YoY	-0.50%	0.94%	0.76%	3.37%	6.38%
Slope	-0.52%	1.33%	1.01%	1.73%	3.83%
CAGR	-0.52%	0.90%	0.49%	2.95%	5.78%
LSR	-0.52%	1.34%	1.05%	1.87%	4.57%
Tangible Equity
Avg YoY	61.62%	39.01%	15.35%	44.95%	37.31%
Slope	47.26%	30.20%	49.32%	12.71%	0.81%
CAGR	59.40%	35.85%	—	—	—
LSR	59.40%	32.25%	—	—	—
Tangible Book Value
Avg YoY	61.62%	39.01%	15.35%	44.95%	37.31%
Slope	47.26%	30.20%	49.32%	12.71%	0.81%
CAGR	59.40%	35.85%	—	—	—
LSR	59.40%	32.25%	—	—	—
Total Investments
Avg YoY	-32.34%	-15.46%	-8.38%	8.36%	20.54%
Slope	-49.86%	-15.70%	-7.48%	-1.75%	4.22%
CAGR	-54.46%	-32.06%	-18.85%	-4.82%	3.83%
LSR	-54.46%	-25.54%	-11.14%	-2.89%	6.74%
Net Debt
Avg YoY	-81.91%	-35.02%	7.48%	4.33%	21.01%
Slope	-123.34%	-35.51%	1.59%	-1.09%	2.21%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Working Capital
Avg YoY	127.00%	60.29%	19.38%	24.18%	25.19%
Slope	76.27%	35.99%	-7.15%	0.58%	5.71%
CAGR	122.29%	40.58%	2.74%	11.76%	12.22%
LSR	122.29%	33.35%	-8.53%	-0.24%	8.18%
Total Capital
Avg YoY	4.39%	0.03%	1.33%	4.13%	6.23%
Slope	4.07%	-0.25%	-0.35%	1.67%	4.22%
CAGR	4.24%	-0.22%	0.89%	3.30%	5.54%
LSR	4.24%	-0.24%	-0.32%	1.87%	5.17%
Capital Employed
Avg YoY	4.63%	0.92%	0.67%	3.76%	5.40%
Slope	4.50%	0.41%	-0.14%	1.71%	4.07%
CAGR	4.62%	0.78%	0.39%	3.37%	5.06%
LSR	4.62%	0.41%	-0.13%	1.91%	4.90%
Invested Capital
Avg YoY	-15.56%	-6.90%	-3.23%	1.14%	3.99%
Slope	-16.71%	-6.20%	-3.10%	-0.78%	2.38%
CAGR	-15.88%	-7.48%	-4.12%	-0.58%	2.53%
LSR	-15.88%	-6.52%	-3.32%	-0.82%	2.95%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Net Income
Avg YoY	332.59%	184.78%	51.21%	34.64%	27.71%
Slope	110.90%	243.02%	12.04%	-5.33%	-4.74%
CAGR	332.50%	—	11.46%	8.19%	5.22%
LSR	332.50%	—	—	—	—
Depreciation & Amortization
Avg YoY	-12.12%	-12.07%	6.65%	6.05%	5.33%
Slope	-13.57%	-15.87%	2.49%	3.66%	4.48%
CAGR	-12.42%	-16.12%	1.70%	2.64%	2.74%
LSR	-12.42%	-13.12%	2.70%	3.67%	4.65%
Deferred Income Tax
Avg YoY	—	-445.96%	-219.44%	-219.44%	-219.44%
Slope	—	43.69%	-325.80%	-130.60%	-65.80%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Stock-Based Compensation
Avg YoY	—	—	7,816.61%	7,816.61%	7,816.61%
Slope	—	—	-18.84%	5.07%	10.36%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Change in Working Capital
Avg YoY	65.95%	16.98%	-58.20%	-90.18%	-52.99%
Slope	579.78%	342.92%	78.22%	23.14%	13.92%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Accounts Receivable
Avg YoY	-67.64%	-51.57%	-600.60%	-497.69%	-497.69%
Slope	2,990.11%	-74.85%	28.04%	-22.83%	-20.33%
CAGR	—	-10.05%	—	—	—
LSR	—	—	—	—	—
Inventory
Avg YoY	56.32%	-78.10%	92.31%	79.32%	79.32%
Slope	4,242.21%	461.66%	49.39%	8.29%	-2.87%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Accounts Payable
Avg YoY	76.56%	91.81%	278.69%	248.82%	248.82%
Slope	-24.15%	33.59%	30.50%	30.46%	24.62%
CAGR	-50.73%	—	-15.33%	—	—
LSR	-50.73%	—	—	—	—
Other Working Capital
Avg YoY	29.04%	-105.54%	1.85%	-16.84%	-16.84%
Slope	192.84%	-123.54%	64.76%	3.67%	-5.46%
CAGR	-32.97%	—	-0.12%	—	—
LSR	—	—	—	—	—
Other Non-Cash Items
Avg YoY	-1,292.51%	-702.48%	-232.05%	-243.79%	-33.97%
Slope	-115.48%	-685.54%	-81.81%	-36.38%	-12.25%
CAGR	161.11%	—	—	—	—
LSR	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	249.35%	103.63%	59.84%	40.86%	72.76%
Slope	39.18%	-4.31%	4.68%	-11.66%	-1.70%
CAGR	98.93%	-7.69%	1.16%	-13.76%	4.79%
LSR	98.93%	-4.44%	2.36%	-5.33%	1.52%
Capital Expenditures (PPE)
Avg YoY	-4.78%	-6.01%	-1.11%	-3.01%	-5.62%
Slope	0.07%	-7.65%	0.53%	2.04%	-0.01%
CAGR	-0.08%	2.66%	-3.19%	-1.44%	0.62%
LSR	-0.08%	7.86%	-0.46%	-1.90%	0.12%
Acquisitions (Net)
Avg YoY	-918.28%	-552.43%	-3,991.10%	-3,109.67%	-2,974.28%
Slope	-51.25%	21.00%	9.02%	-9.61%	-10.92%
CAGR	44.62%	15.66%	16.73%	—	—
LSR	44.62%	-25.79%	3.79%	—	—
Purchases of Investments
Avg YoY	-116.31%	-37.88%	-360.80%	-1,138.24%	-925.31%
Slope	-72.03%	35.94%	1.78%	17.72%	5.98%
CAGR	114.90%	-22.40%	-6.17%	18.89%	8.28%
LSR	114.90%	-11.89%	10.90%	-9.41%	-2.67%
Sales / Maturities of Investments
Avg YoY	7,847.86%	3,900.44%	2,040.13%	1,582.99%	1,214.67%
Slope	147.83%	86.31%	38.23%	26.84%	21.90%
CAGR	1,454.90%	96.33%	60.69%	69.42%	28.27%
LSR	1,454.90%	79.05%	12.47%	28.77%	21.14%
Other Investing Activities
Avg YoY	-2.20%	31.98%	-70.26%	10,683.31%	7,855.17%
Slope	-39.45%	3.18%	52.06%	26.67%	19.20%
CAGR	-55.44%	-18.33%	-2.91%	—	-1.51%
LSR	-55.44%	-10.12%	—	—	—
Net Cash from Investing Activities
Avg YoY	103.61%	50.61%	-13.13%	-14.98%	-14.62%
Slope	667.56%	99.28%	16.44%	6.73%	2.00%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-34.30%	-285.74%	-68.09%	-95.01%	94.18%
Slope	-65.35%	-18.85%	-73.18%	-3.33%	-313.60%
CAGR	32.40%	—	9.36%	—	—
LSR	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-34.30%	-285.74%	-95.52%	-46.18%	130.16%
Slope	-65.35%	-18.85%	-228.32%	-99.42%	-30.04%
CAGR	32.40%	—	27.55%	—	—
LSR	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	100.00%	100.00%	100.00%
Slope	—	—	54.55%	28.91%	8.71%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Stock Issuance
Avg YoY	150.64%	51.04%	-503.29%	-152.26%	-312.75%
Slope	149.58%	138.45%	-85.39%	-31.61%	-6.36%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock Issuance
Avg YoY	0.44%	-49.78%	1,003.32%	688.09%	688.09%
Slope	75.16%	50.53%	-9.96%	-30.60%	-9.66%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock Repurchased
Avg YoY	100.00%	100.00%	-2,781.43%	-1,612.37%	-1,245.10%
Slope	150.00%	95.46%	-7.01%	12.70%	13.12%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Dividends Paid
Avg YoY	-1.66%	-12.23%	-1.75%	-4.15%	-5.26%
Slope	-1.65%	-10.01%	-0.05%	-1.42%	-3.56%
CAGR	1.65%	11.70%	0.33%	2.97%	3.49%
LSR	1.65%	11.29%	-0.01%	1.51%	4.07%
Common Dividends Paid
Avg YoY	-1.66%	-12.23%	-1.75%	-4.15%	-5.26%
Slope	-1.65%	-10.01%	-0.05%	-1.42%	-3.56%
CAGR	1.65%	11.70%	0.33%	2.97%	3.49%
LSR	1.65%	11.29%	-0.01%	1.51%	4.07%
Other Financing Activities
Avg YoY	120.40%	42.53%	524.02%	327.32%	-405.12%
Slope	270.87%	60.95%	-55.02%	-9.70%	6.79%
CAGR	—	—	-1.95%	—	21.83%
LSR	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-198.07%	-167.91%	-26.43%	170.36%	157.39%
Slope	13.76%	3.83%	-247.05%	-249.93%	-490.61%
CAGR	-7.85%	30.33%	12.77%	—	—
LSR	—	—	—	—	—
Effect of FX on Cash
Avg YoY	418.32%	69.53%	19.91%	732.52%	-275.55%
Slope	40.98%	3,232.93%	-39.16%	37.53%	13.54%
CAGR	—	—	-33.45%	—	—
LSR	—	—	—	—	—
Net Change in Cash
Avg YoY	110.54%	-342.12%	58.18%	89.93%	78.08%
Slope	230.98%	46.42%	23.14%	9.33%	10.01%
CAGR	—	12.95%	—	15.05%	11.38%
LSR	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	7.54%	12.49%	8.02%	13.41%	15.42%
Slope	0.87%	3.19%	3.75%	7.51%	9.46%
CAGR	0.79%	8.35%	5.42%	10.28%	11.54%
LSR	0.79%	3.15%	3.88%	9.21%	12.85%
Cash at End of Period
Avg YoY	40.81%	13.94%	12.43%	15.00%	15.59%
Slope	32.33%	8.90%	5.47%	7.70%	9.52%
CAGR	40.31%	9.47%	9.32%	11.27%	11.49%
LSR	40.31%	8.25%	5.25%	8.98%	12.81%
Operating Cash Flow
Avg YoY	249.35%	103.63%	59.84%	40.86%	72.76%
Slope	39.18%	-4.31%	4.68%	-11.66%	-1.70%
CAGR	98.93%	-7.69%	1.16%	-13.76%	4.79%
LSR	98.93%	-4.44%	2.36%	-5.33%	1.52%
Capital Expenditure
Avg YoY	-4.78%	-6.01%	-1.11%	-3.01%	-5.62%
Slope	0.07%	-7.65%	0.53%	2.04%	-0.01%
CAGR	-0.08%	2.66%	-3.19%	-1.44%	0.62%
LSR	-0.08%	7.86%	-0.46%	-1.90%	0.12%
Free Cash Flow
Avg YoY	180.17%	57.70%	62.70%	52.59%	46.56%
Slope	106.46%	-15.68%	13.30%	-19.05%	-3.35%
CAGR	—	-15.16%	10.88%	-17.87%	—
LSR	—	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
EBITDA
Avg YoY	27.81%	11.35%	5.83%	3.57%	4.62%
Slope	18.67%	11.29%	4.91%	2.07%	2.19%
CAGR	23.08%	8.02%	4.14%	2.17%	3.50%
LSR	23.08%	11.49%	4.47%	1.77%	2.07%
(-) Tax Adjustment
Avg YoY	-18.67%	-26.68%	-30.88%	-18.32%	-11.46%
Slope	-57.11%	-1.36%	-10.17%	-7.17%	-3.45%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Change In Working Capital
Avg YoY	65.95%	16.98%	-58.20%	-90.18%	-52.99%
Slope	579.78%	342.92%	78.22%	23.14%	13.92%
CAGR	—	—	—	9.23%	—
LSR	—	—	—	—	—
Capital Expenditure
Avg YoY	-4.78%	-6.01%	-1.11%	-3.01%	-5.62%
Slope	0.07%	-7.65%	0.53%	2.04%	-0.01%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	29.83%	15.07%	15.92%	9.87%	9.06%
Slope	25.75%	11.40%	8.25%	5.70%	4.54%
CAGR	29.82%	6.20%	10.24%	5.55%	5.70%
LSR	29.82%	12.28%	7.79%	5.17%	4.09%
Net Interest After Taxes
Avg YoY	-17.43%	-6.84%	-36.83%	-20.56%	-29.28%
Slope	-12.14%	-8.02%	-21.75%	-11.21%	-7.14%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	-34.30%	-285.74%	-68.09%	-95.01%	94.18%
Slope	-65.35%	-18.85%	-73.18%	-3.33%	-313.60%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	31.14%	18.61%	18.77%	12.07%	10.30%
Slope	24.09%	11.01%	7.76%	5.78%	4.08%
CAGR	29.39%	3.48%	10.40%	4.61%	4.73%
LSR	29.39%	13.21%	7.45%	5.42%	3.56%