Tian Lun Gas Holdings Limited (1600.HK)

Analysis: Growth Rates Industry: Regulated Gas Sector: Utilities Live Price: $2.91

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y
Stock Price
Avg YoY	1.88%	-9.22%	-2.62%	11.47%
Slope	1.53%	-17.89%	-4.88%	2.41%
CAGR	1.59%	-13.29%	-5.16%	6.15%
LSR	1.59%	-15.97%	-5.54%	4.34%
Market Capitalization
Avg YoY	1.82%	-9.24%	-2.64%	11.44%
Slope	1.48%	-17.88%	-4.87%	2.40%
CAGR	1.53%	-13.29%	-5.17%	6.14%
LSR	1.53%	-15.97%	-5.53%	4.33%
(-) Cash & Equivalents
Avg YoY	-6.32%	-4.08%	10.75%	12.51%
Slope	-9.66%	-8.28%	5.48%	7.61%
CAGR	-8.63%	-8.68%	6.64%	4.08%
LSR	-8.63%	-7.20%	6.62%	8.78%
(+) Total Debt
Avg YoY	-0.65%	9.90%	11.77%	96.41%
Slope	-0.73%	7.66%	9.31%	14.47%
CAGR	-0.71%	9.33%	10.83%	42.68%
LSR	-0.71%	8.54%	10.59%	29.12%
Enterprise Value
Avg YoY	1.24%	1.30%	3.18%	23.00%
Slope	1.18%	-2.45%	1.94%	7.85%
CAGR	1.20%	-0.16%	2.17%	18.08%
LSR	1.20%	-2.26%	2.03%	13.26%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y
Revenue
Avg YoY	1.57%	5.13%	16.27%	30.50%
Slope	1.55%	3.71%	12.22%	16.26%
CAGR	1.56%	4.84%	14.77%	27.79%
LSR	1.56%	3.96%	15.77%	27.87%
Cost of Revenue
Avg YoY	2.38%	8.92%	17.71%	35.64%
Slope	2.35%	6.78%	13.60%	17.28%
CAGR	2.38%	8.48%	16.40%	31.94%
LSR	2.38%	7.44%	17.41%	31.08%
Gross Profit
Avg YoY	-1.90%	-6.47%	12.10%	21.67%
Slope	-2.07%	-7.93%	7.55%	12.98%
CAGR	-2.09%	-7.02%	9.12%	18.90%
LSR	-2.09%	-7.55%	10.14%	20.36%
Gross Margin
Avg YoY	-3.46%	-10.91%	-4.41%	-6.41%
Slope	-3.60%	-12.14%	-4.62%	-6.02%
CAGR	-3.60%	-11.31%	-4.92%	-6.95%
LSR	-3.60%	-11.06%	-4.86%	-5.87%
SG&A Expenses
Avg YoY	4.10%	7.51%	11.24%	28.65%
Slope	4.01%	7.29%	10.27%	13.01%
CAGR	4.10%	7.45%	10.91%	23.04%
LSR	4.10%	7.72%	11.73%	18.67%
Operating Expenses
Avg YoY	1.11%	68.39%	100.62%	79.71%
Slope	0.63%	31.22%	17.18%	17.09%
CAGR	0.61%	53.69%	21.86%	25.88%
LSR	0.61%	53.49%	23.30%	22.27%
Operating Income (EBIT)
Avg YoY	-2.53%	-13.14%	11.85%	21.11%
Slope	-3.33%	-18.07%	5.63%	12.32%
CAGR	-3.44%	-15.38%	6.77%	16.76%
LSR	-3.44%	-16.22%	7.93%	19.71%
Operating Margin
Avg YoY	-4.13%	-17.45%	-5.05%	-7.08%
Slope	-4.83%	-22.46%	-5.89%	-6.12%
CAGR	-4.92%	-19.28%	-6.97%	-8.63%
LSR	-4.92%	-19.41%	-6.77%	-6.38%
Interest Income
Avg YoY	13.87%	11.48%	7.35%	169.80%
Slope	9.63%	6.32%	-21.44%	1.59%
CAGR	9.23%	5.24%	-19.89%	22.54%
LSR	9.23%	6.26%	-31.81%	8.49%
Interest Expense
Avg YoY	10.40%	14.10%	16.98%	43.01%
Slope	9.18%	14.51%	11.06%	15.96%
CAGR	9.94%	12.56%	15.12%	35.52%
LSR	9.94%	16.01%	12.83%	30.34%
Net Interest Income
Avg YoY	10.55%	14.41%	170.82%	173.22%
Slope	-9.16%	-14.79%	-29.64%	-24.81%
CAGR	—	—	—	—
LSR	—	—	—	—
Other Income / Expense
Avg YoY	13.63%	10.54%	58.53%	69.01%
Slope	-12.23%	-11.62%	-19.45%	-20.90%
CAGR	—	—	—	—
LSR	—	—	—	—
Unusual Items
Avg YoY	13.63%	10.54%	58.53%	69.01%
Slope	12.23%	11.62%	19.45%	20.90%
CAGR	13.37%	9.51%	31.33%	36.52%
LSR	13.37%	12.23%	30.81%	40.87%
EBT excl. Unusual
Avg YoY	-1,043.77%	-544.29%	-228.42%	-134.27%
Slope	-362.39%	-94.99%	-12.04%	2.36%
CAGR	—	—	—	—
LSR	—	—	—	—
Pre-Tax Income
Avg YoY	-11.17%	-19.27%	6.92%	17.46%
Slope	-12.93%	-26.42%	3.62%	10.75%
CAGR	-13.02%	-22.68%	1.86%	12.70%
LSR	-13.02%	-23.67%	4.45%	16.27%
Pre-Tax Margin
Avg YoY	-12.69%	-23.66%	-8.31%	-9.48%
Slope	-14.40%	-30.67%	-8.11%	-8.43%
CAGR	-14.36%	-26.25%	-11.25%	-11.81%
LSR	-14.36%	-26.58%	-9.78%	-9.07%
Income Tax Expense
Avg YoY	-4.29%	-13.55%	9.97%	21.36%
Slope	-4.65%	-18.30%	5.05%	11.64%
CAGR	-4.69%	-15.31%	5.63%	16.42%
LSR	-4.69%	-16.45%	7.11%	18.52%
Net Income
Avg YoY	-14.69%	-22.26%	6.88%	15.98%
Slope	-17.58%	-30.68%	3.30%	10.69%
CAGR	-17.72%	-26.71%	0.64%	10.70%
LSR	-17.72%	-27.55%	3.67%	15.72%
Net Margin
Avg YoY	-16.18%	-26.65%	-8.26%	-10.30%
Slope	-19.03%	-34.85%	-8.16%	-8.72%
CAGR	-18.99%	-30.10%	-12.31%	-13.37%
LSR	-18.99%	-30.30%	-10.45%	-9.50%
Depreciation & Amortization
Avg YoY	5.01%	8.13%	11.82%	35.03%
Slope	4.87%	6.87%	10.59%	15.41%
CAGR	5.01%	7.96%	11.64%	30.26%
LSR	5.01%	7.34%	11.94%	27.09%
EBITDA
Avg YoY	-0.63%	-9.44%	11.40%	22.40%
Slope	-1.11%	-12.79%	6.61%	12.91%
CAGR	-1.14%	-10.94%	8.00%	18.99%
LSR	-1.14%	-11.75%	8.90%	21.04%
EBITDA Margin
Avg YoY	-2.24%	-13.86%	-4.74%	-5.96%
Slope	-2.62%	-17.12%	-5.46%	-5.19%
CAGR	-2.67%	-15.05%	-5.89%	-6.89%
LSR	-2.67%	-15.11%	-5.93%	-5.34%
NOPAT
Avg YoY	-2.53%	-13.14%	11.85%	21.11%
Slope	-3.33%	-18.07%	5.63%	12.32%
CAGR	-3.44%	-15.38%	6.77%	16.76%
LSR	-3.44%	-16.22%	7.93%	19.71%
NOPAT Margin
Avg YoY	-4.13%	-17.45%	-5.05%	-7.08%
Slope	-4.83%	-22.46%	-5.89%	-6.12%
CAGR	-4.92%	-19.28%	-6.97%	-8.63%
LSR	-4.92%	-19.41%	-6.77%	-6.38%
Owner's Earnings
Avg YoY	1.00%	-16.71%	19.96%	4.51%
Slope	-3.28%	-26.83%	6.54%	14.94%
CAGR	-3.61%	-22.87%	9.76%	13.01%
LSR	-3.61%	-23.21%	9.66%	—
Owner's Earnings Margin
Avg YoY	-0.81%	-20.93%	2.74%	-15.09%
Slope	-4.68%	-31.30%	-3.94%	0.93%
CAGR	-5.09%	-26.43%	-4.37%	-11.56%
LSR	-5.09%	-26.13%	-5.28%	—
EPS (Basic)
Avg YoY	-13.92%	-21.65%	6.57%	12.61%
Slope	-16.91%	-29.83%	3.33%	9.80%
CAGR	-17.14%	-26.11%	0.47%	7.34%
LSR	-17.14%	-26.84%	3.72%	13.18%
EPS (Diluted)
Avg YoY	-13.92%	-21.64%	6.57%	12.60%
Slope	-16.91%	-29.82%	3.35%	9.80%
CAGR	-17.14%	-26.10%	0.47%	7.34%
LSR	-17.14%	-26.83%	3.73%	13.18%
Shares (Basic)
Avg YoY	-0.70%	-0.81%	0.18%	3.46%
Slope	-0.71%	-0.97%	-0.05%	2.05%
CAGR	-0.70%	-0.81%	0.17%	3.13%
LSR	-0.70%	-0.96%	-0.05%	2.24%
Shares (Diluted)
Avg YoY	-0.70%	-0.83%	0.18%	3.46%
Slope	-0.71%	-0.98%	-0.06%	2.05%
CAGR	-0.70%	-0.83%	0.17%	3.13%
LSR	-0.70%	-0.97%	-0.06%	2.25%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y
Cash & Cash Equivalents
Avg YoY	-6.32%	-4.08%	10.75%	12.51%
Slope	-9.66%	-8.28%	5.48%	7.61%
CAGR	-8.63%	-8.68%	6.64%	4.08%
LSR	-8.63%	-7.20%	6.62%	8.78%
Short-Term Investments
Avg YoY	17.40%	0.24%	91.00%	65.84%
Slope	14.36%	-21.99%	11.82%	-14.65%
CAGR	16.32%	-13.69%	18.97%	—
LSR	16.32%	-18.85%	—	—
Cash & Short-Term Investments
Avg YoY	-6.17%	-4.61%	10.72%	15.35%
Slope	-9.39%	-8.51%	5.58%	6.60%
CAGR	-8.41%	-8.76%	6.73%	4.17%
LSR	-8.41%	-7.45%	6.80%	7.60%
Net Receivables
Avg YoY	0.76%	24.39%	39.73%	41.04%
Slope	0.71%	14.35%	23.88%	23.02%
CAGR	0.72%	20.75%	30.22%	—
LSR	0.72%	18.56%	37.56%	—
Inventory
Avg YoY	34.28%	21.83%	39.11%	53.02%
Slope	28.37%	16.57%	12.09%	10.00%
CAGR	34.07%	19.57%	15.74%	23.64%
LSR	34.07%	17.55%	17.12%	13.72%
Other Current Assets
Avg YoY	-16.52%	-5.63%	2.90%	26.68%
Slope	-18.82%	-4.66%	1.63%	8.22%
CAGR	-18.53%	-7.40%	-0.63%	16.35%
LSR	-18.53%	-5.45%	1.82%	13.98%
Total Current Assets
Avg YoY	-3.09%	7.57%	17.74%	19.39%
Slope	-3.14%	6.29%	13.97%	14.34%
CAGR	-3.09%	7.04%	14.48%	15.77%
LSR	-3.09%	6.95%	17.63%	18.27%
Property, Plant & Equipment
Avg YoY	3.19%	6.61%	8.61%	31.16%
Slope	3.12%	5.77%	8.67%	12.98%
CAGR	3.19%	6.50%	8.49%	23.84%
LSR	3.19%	6.12%	9.49%	19.83%
Goodwill
Avg YoY	-4.91%	3.48%	8.30%	22.41%
Slope	-5.14%	2.34%	7.65%	14.59%
CAGR	-5.13%	2.81%	7.82%	—
LSR	-5.13%	2.56%	8.60%	—
Intangible Assets
Avg YoY	1.61%	7.12%	6.98%	89.21%
Slope	1.47%	3.88%	6.08%	12.24%
CAGR	1.45%	6.35%	6.58%	32.49%
LSR	1.45%	4.27%	6.51%	22.56%
Long-Term Investments
Avg YoY	0.02%	3.38%	41.88%	472.96%
Slope	0.02%	3.63%	11.39%	10.53%
CAGR	0.02%	3.23%	29.20%	—
LSR	0.02%	3.75%	20.50%	—
Tax Assets
Avg YoY	-100.00%	-44.48%	-2.16%	17.98%
Slope	-17.02%	-30.10%	-6.55%	8.18%
CAGR	-10.77%	-14.54%	1.65%	13.41%
LSR	—	—	—	—
Other Non-Current Assets
Avg YoY	-455.71%	-236.22%	-92.08%	-4,779.66%
Slope	91.64%	116.32%	160.54%	28.60%
CAGR	—	—	—	13.15%
LSR	—	—	—	—
Other Assets
Avg YoY	-100.00%	-53.13%	-18.66%	11.88%
Slope	-150.00%	-64.28%	-23.02%	1.06%
CAGR	—	—	—	—
LSR	—	—	—	—
Total Non-Current Assets
Avg YoY	0.39%	4.81%	7.78%	42.53%
Slope	0.38%	3.82%	7.18%	13.26%
CAGR	0.38%	4.62%	7.57%	29.02%
LSR	0.38%	4.06%	7.92%	23.47%
Total Assets
Avg YoY	-0.90%	5.71%	10.03%	23.69%
Slope	-0.91%	4.70%	9.39%	13.62%
CAGR	-0.91%	5.45%	9.58%	21.66%
LSR	-0.91%	5.06%	10.70%	20.60%
Accounts Payable
Avg YoY	-13.19%	-8.46%	32.15%	35.02%
Slope	-16.52%	-11.08%	10.93%	13.99%
CAGR	-14.53%	-9.30%	15.57%	15.91%
LSR	-14.53%	-10.79%	18.29%	20.01%
Short-Term Debt
Avg YoY	-0.66%	8.14%	18.21%	84.74%
Slope	-4.57%	9.13%	15.28%	15.68%
CAGR	-4.97%	3.99%	13.02%	35.06%
LSR	-4.97%	9.70%	17.96%	25.34%
Tax Payables
Avg YoY	-0.41%	1.29%	30.75%	64.23%
Slope	-0.69%	0.71%	19.30%	20.56%
CAGR	-0.71%	0.91%	26.95%	49.16%
LSR	-0.71%	0.74%	31.41%	45.73%
Deferred Revenue
Avg YoY	-100.00%	-28.04%	-14.03%	11.19%
Slope	150.00%	20.50%	2.26%	-9.67%
CAGR	—	—	—	—
LSR	—	—	—	—
Other Current Liabilities
Avg YoY	-38.20%	36.46%	33.22%	50.35%
Slope	-70.37%	-10.57%	11.93%	15.86%
CAGR	-47.99%	-0.53%	7.88%	25.87%
LSR	-47.99%	-10.61%	14.86%	27.55%
Total Current Liabilities
Avg YoY	-3.68%	1.42%	27.26%	43.06%
Slope	-4.85%	2.79%	18.85%	17.90%
CAGR	-5.01%	0.53%	22.69%	27.83%
LSR	-5.01%	2.76%	29.09%	25.86%
Long-Term Debt
Avg YoY	7.42%	17.80%	13.27%	194.66%
Slope	2.16%	6.56%	5.85%	13.71%
CAGR	1.98%	13.18%	9.59%	54.70%
LSR	1.98%	7.37%	6.53%	35.58%
Capital Lease Obligations
Avg YoY	47.31%	25.68%	17.40%	17.40%
Slope	37.78%	17.31%	28.33%	25.92%
CAGR	43.35%	21.22%	—	—
LSR	43.35%	16.38%	—	—
Deferred Tax Liabilities
Avg YoY	-1.63%	6.17%	9.65%	30.59%
Slope	-1.65%	4.01%	9.39%	15.32%
CAGR	-1.64%	5.51%	9.29%	—
LSR	-1.64%	4.46%	10.57%	—
Other Non-Current Liabilities
Avg YoY	-100.00%	-100.00%	-100.00%	-100.00%
Slope	0.00%	50.00%	42.42%	29.74%
CAGR	—	—	—	—
LSR	—	—	—	—
Total Non-Current Liabilities
Avg YoY	1.94%	13.80%	11.63%	236.03%
Slope	1.57%	7.63%	7.07%	14.25%
CAGR	1.53%	11.96%	9.59%	56.40%
LSR	1.53%	8.90%	7.97%	36.47%
Total Liabilities
Avg YoY	-1.71%	6.06%	15.17%	52.72%
Slope	-1.81%	5.06%	12.49%	15.95%
CAGR	-1.82%	5.62%	14.22%	33.98%
LSR	-1.82%	5.51%	15.51%	27.63%
Preferred Stock
Avg YoY	-100.00%	-41.93%	69.42%	45.49%
Slope	-150.00%	-23.13%	-5.89%	8.18%
CAGR	—	—	—	—
LSR	—	—	—	—
Common Stock
Avg YoY	-0.76%	0.24%	-0.47%	-1.70%
Slope	-0.77%	0.25%	-0.05%	-0.82%
CAGR	-0.76%	0.23%	-0.49%	-1.96%
LSR	-0.76%	0.25%	-0.05%	-0.73%
Retained Earnings
Avg YoY	8.55%	7.81%	20.72%	33.25%
Slope	4.89%	8.61%	17.08%	18.41%
CAGR	5.48%	6.26%	19.29%	30.78%
LSR	5.48%	9.04%	22.23%	31.03%
Accumulated OCI
Avg YoY	12.31%	7.50%	82.53%	46.76%
Slope	-11.16%	-8.67%	-11.83%	-5.79%
CAGR	—	—	—	—
LSR	—	—	—	—
Minority Interest
Avg YoY	1.27%	4.08%	-2.78%	319.83%
Slope	1.26%	3.44%	-2.24%	4.31%
CAGR	1.26%	4.01%	-3.55%	35.81%
LSR	1.26%	3.58%	-1.89%	13.49%
Total Shareholders’ Equity
Avg YoY	7.31%	7.70%	20.29%	39.01%
Slope	3.98%	8.40%	16.87%	18.54%
CAGR	4.43%	6.24%	18.93%	34.66%
LSR	4.43%	8.84%	21.91%	33.86%
Total Equity
Avg YoY	6.77%	7.38%	16.17%	46.33%
Slope	3.82%	8.09%	15.11%	16.96%
CAGR	4.22%	6.09%	15.04%	34.73%
LSR	4.22%	8.51%	18.42%	29.12%
Total Liabilities & Equity
Avg YoY	0.67%	6.27%	15.24%	49.90%
Slope	0.10%	6.06%	13.33%	16.27%
CAGR	0.10%	5.78%	14.49%	34.23%
LSR	0.10%	6.51%	16.43%	28.05%
Tangible Assets
Avg YoY	-0.36%	6.11%	11.63%	20.10%
Slope	-0.36%	5.47%	10.61%	13.69%
CAGR	-0.36%	5.91%	10.82%	18.93%
LSR	-0.36%	5.86%	12.39%	19.22%
Tangible Equity
Avg YoY	-374.14%	-438.68%	-210.10%	-319.28%
Slope	64.17%	141.49%	49.12%	9.76%
CAGR	—	52.56%	—	19.08%
LSR	—	—	—	—
Tangible Book Value
Avg YoY	-374.14%	-438.68%	-210.10%	-319.28%
Slope	64.17%	141.49%	49.12%	9.76%
CAGR	—	52.56%	—	19.08%
LSR	—	—	—	—
Total Investments
Avg YoY	0.22%	3.00%	41.05%	92.60%
Slope	0.22%	3.40%	11.37%	8.89%
CAGR	0.22%	2.82%	28.95%	—
LSR	0.22%	3.49%	20.47%	—
Net Debt
Avg YoY	0.93%	17.36%	13.58%	28.34%
Slope	0.93%	11.29%	10.17%	16.42%
CAGR	0.93%	15.47%	11.72%	—
LSR	0.93%	13.65%	11.35%	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y
Working Capital
Avg YoY	1,728.24%	763.47%	398.51%	246.05%
Slope	38.15%	48.29%	31.19%	13.66%
CAGR	30.31%	—	43.32%	7.36%
LSR	30.31%	—	—	—
Total Capital
Avg YoY	1.64%	8.43%	11.08%	22.76%
Slope	1.62%	7.18%	10.14%	14.15%
CAGR	1.63%	8.20%	10.76%	21.27%
LSR	1.63%	7.79%	11.44%	21.12%
Capital Employed
Avg YoY	3.72%	9.68%	9.60%	22.82%
Slope	3.24%	6.36%	8.20%	13.28%
CAGR	3.18%	9.00%	9.13%	20.53%
LSR	3.18%	6.88%	8.99%	20.36%
Invested Capital
Avg YoY	2.78%	11.31%	11.66%	42.00%
Slope	2.72%	8.92%	10.72%	15.08%
CAGR	2.77%	10.79%	11.24%	32.12%
LSR	2.77%	9.99%	11.99%	26.22%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y
Net Income
Avg YoY	17.07%	-6.14%	13.45%	15.22%
Slope	6.19%	-17.29%	6.67%	10.48%
CAGR	7.54%	-15.81%	6.46%	9.28%
LSR	7.54%	-15.47%	8.55%	13.19%
Depreciation & Amortization
Avg YoY	5.76%	9.01%	11.57%	28.84%
Slope	5.56%	7.82%	10.76%	14.95%
CAGR	5.75%	8.86%	11.45%	26.31%
LSR	5.75%	8.39%	12.01%	24.30%
Deferred Income Tax
Avg YoY	—	-100.00%	1,033.74%	877.97%
Slope	—	-100.00%	-11.73%	7.76%
CAGR	—	—	—	—
LSR	—	—	—	—
Stock-Based Compensation
Avg YoY	—	-100.00%	-28.27%	-26.94%
Slope	—	-100.00%	-28.68%	-2.68%
CAGR	—	—	—	—
LSR	—	—	—	—
Change in Working Capital
Avg YoY	45.05%	-21.50%	-544.95%	-385.84%
Slope	58.63%	26.14%	-8.07%	-14.71%
CAGR	-45.32%	-18.10%	24.77%	19.62%
LSR	-45.32%	-26.58%	41.56%	27.69%
Accounts Receivable
Avg YoY	-845.56%	-448.11%	-605.57%	-493.73%
Slope	128.52%	44.56%	-4.60%	-14.23%
CAGR	-71.84%	-43.96%	0.58%	—
LSR	—	—	—	—
Inventory
Avg YoY	-149.81%	-67.62%	-313.72%	-246.02%
Slope	-146.94%	-730.68%	-27.89%	-33.01%
CAGR	—	—	—	—
LSR	—	—	—	—
Accounts Payable
Avg YoY	-35.60%	17,143.89%	13,735.65%	13,735.65%
Slope	40.41%	-76.96%	-47.61%	-34.43%
CAGR	—	—	—	—
LSR	—	—	—	—
Other Working Capital
Avg YoY	-106.92%	-17,215.15%	-8,604.79%	-5,319.90%
Slope	-268.83%	-45.34%	-0.75%	-0.59%
CAGR	—	408.35%	-4.60%	5.80%
LSR	—	—	—	—
Other Non-Cash Items
Avg YoY	-27.66%	61.15%	10.42%	-28.48%
Slope	-41.52%	9.77%	77.18%	90.95%
CAGR	-31.96%	28.12%	—	—
LSR	-31.96%	20.41%	—	—
Net Cash from Operating Activities
Avg YoY	20.05%	10.53%	34.64%	39.95%
Slope	13.68%	-2.59%	9.71%	13.93%
CAGR	16.24%	-9.09%	16.19%	16.15%
LSR	16.24%	1.92%	13.07%	21.14%
Capital Expenditures (PPE)
Avg YoY	13.25%	-3.96%	-4.95%	-59.45%
Slope	14.56%	1.96%	-3.69%	-6.87%
CAGR	-13.38%	1.17%	0.74%	19.31%
LSR	-13.38%	-1.61%	4.19%	11.14%
Acquisitions (Net)
Avg YoY	37.24%	11.43%	6.14%	-38.81%
Slope	140.37%	60.79%	19.86%	0.66%
CAGR	-84.56%	-72.64%	-49.68%	—
LSR	-84.56%	-80.88%	-46.07%	—
Purchases of Investments
Avg YoY	-1,249.02%	-646.03%	-492.84%	-332.93%
Slope	-125.04%	30.77%	-5.70%	-6.93%
CAGR	268.65%	-15.47%	47.36%	—
LSR	268.65%	-9.19%	7.25%	—
Sales / Maturities of Investments
Avg YoY	2,099.78%	204,706.43%	91,105.78%	63,075.87%
Slope	133.58%	-33.51%	3.80%	7.33%
CAGR	360.95%	-16.54%	35.81%	—
LSR	360.95%	98.23%	-16.62%	—
Other Investing Activities
Avg YoY	-69.96%	52.19%	20.93%	-25.90%
Slope	-92.24%	204.13%	46.95%	8.32%
CAGR	-73.49%	—	—	—
LSR	-73.49%	—	—	—
Net Cash from Investing Activities
Avg YoY	7.13%	4.04%	-16.31%	-242.13%
Slope	12.07%	29.86%	10.18%	-1.48%
CAGR	-10.53%	-18.57%	-14.63%	—
LSR	-10.53%	-26.86%	-10.56%	—
Net Debt Issuance
Avg YoY	-23.06%	415.33%	207.32%	194.97%
Slope	-251.30%	-48.84%	-16.89%	-1.30%
CAGR	-53.28%	22.58%	-16.19%	—
LSR	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-22.65%	415.54%	207.41%	195.03%
Slope	-248.17%	-48.59%	-16.84%	-1.27%
CAGR	-53.28%	22.58%	-16.19%	—
LSR	—	—	—	—
Short-Term Debt Issuance
Avg YoY	100.00%	100.00%	100.00%	100.00%
Slope	0.00%	-50.00%	-42.42%	-32.14%
CAGR	—	—	—	—
LSR	—	—	—	—
Net Stock Issuance
Avg YoY	-2.52%	-273.75%	-175.81%	-155.79%
Slope	-157.96%	66.98%	13.36%	-48.80%
CAGR	—	—	—	—
LSR	—	—	—	—
Common Stock Issuance
Avg YoY	-100.00%	-100.00%	-89.96%	-91.89%
Slope	-150.00%	-5.00%	-31.01%	-14.54%
CAGR	—	—	—	—
LSR	—	—	—	—
Common Stock Repurchased
Avg YoY	99.40%	54.09%	65.56%	65.56%
Slope	148.22%	20.65%	-13.32%	-19.28%
CAGR	—	—	—	—
LSR	—	—	—	—
Net Dividends Paid
Avg YoY	9.68%	4.39%	-21.96%	-8.41%
Slope	13.86%	11.56%	-14.20%	-17.72%
CAGR	-12.13%	-7.03%	—	8.79%
LSR	-12.13%	-11.23%	—	—
Common Dividends Paid
Avg YoY	9.68%	4.39%	-21.96%	-8.41%
Slope	13.86%	11.56%	-14.20%	-17.72%
CAGR	-12.13%	-7.03%	—	8.79%
LSR	-12.13%	-11.23%	—	—
Other Financing Activities
Avg YoY	1.67%	-84.93%	-397.43%	1,346.38%
Slope	2.16%	-22.83%	-58.04%	-31.08%
CAGR	-2.21%	49.97%	—	5.55%
LSR	-2.21%	42.84%	—	—
Net Cash from Financing Activities
Avg YoY	-571.65%	-236.42%	-102.88%	-39.54%
Slope	-54.61%	-74.53%	-148.57%	-37.41%
CAGR	—	16.51%	—	—
LSR	—	—	—	—
Effect of FX on Cash
Avg YoY	-187.50%	-49.48%	-49.42%	3,414.03%
Slope	-2,200.41%	47.70%	-173.13%	-61.13%
CAGR	—	-18.22%	—	—
LSR	—	—	—	—
Net Change in Cash
Avg YoY	-40.15%	-60.81%	14.61%	26.57%
Slope	-326.68%	-11.14%	-47.60%	-20.94%
CAGR	-34.22%	—	-9.80%	-10.01%
LSR	—	—	—	—
Cash at Beginning of Period
Avg YoY	2.93%	-2.35%	23.20%	157.56%
Slope	-1.65%	-7.52%	10.12%	10.77%
CAGR	-1.84%	-7.30%	15.31%	30.63%
LSR	-1.84%	-7.48%	14.02%	18.46%
Cash at End of Period
Avg YoY	-6.32%	-4.08%	10.75%	12.58%
Slope	-9.66%	-8.28%	5.48%	7.63%
CAGR	-8.63%	-8.68%	6.64%	4.08%
LSR	-8.63%	-7.20%	6.62%	8.82%
Operating Cash Flow
Avg YoY	20.05%	10.53%	34.64%	39.95%
Slope	13.68%	-2.59%	9.71%	13.93%
CAGR	16.24%	-9.09%	16.19%	16.15%
LSR	16.24%	1.92%	13.07%	21.14%
Capital Expenditure
Avg YoY	10.34%	-5.42%	-5.60%	-59.87%
Slope	11.36%	0.63%	-4.08%	-7.06%
CAGR	-10.54%	2.82%	1.46%	19.86%
LSR	-10.54%	-0.15%	4.63%	11.37%
Free Cash Flow
Avg YoY	60.95%	811.82%	528.72%	54.66%
Slope	29.21%	-3.81%	13.83%	20.46%
CAGR	43.20%	-13.00%	—	14.81%
LSR	43.20%	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y
EBITDA
Avg YoY	-2.02%	-5.74%	11.53%	18.76%
Slope	-2.30%	-6.96%	7.63%	12.70%
CAGR	-2.33%	-6.31%	8.86%	15.98%
LSR	-2.33%	-6.70%	10.06%	19.18%
(-) Tax Adjustment
Avg YoY	5.56%	1.98%	16.39%	23.63%
Slope	5.43%	1.60%	9.53%	13.86%
CAGR	5.54%	1.91%	12.54%	19.57%
LSR	5.54%	1.56%	12.69%	21.40%
Change In Working Capital
Avg YoY	45.05%	-21.50%	-544.95%	-385.84%
Slope	58.63%	26.14%	-8.07%	-14.71%
CAGR	—	—	—	—
LSR	—	—	—	—
Capital Expenditure
Avg YoY	10.34%	-5.42%	-5.60%	-59.87%
Slope	11.36%	0.63%	-4.08%	-7.06%
CAGR	—	—	—	—
LSR	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	-19.26%	-8.69%	52.51%	132.87%
Slope	-20.99%	-18.98%	8.18%	15.09%
CAGR	-19.63%	-14.90%	14.33%	13.77%
LSR	-19.63%	-18.32%	16.11%	—
Net Interest After Taxes
Avg YoY	-8.00%	-11.35%	-173.24%	-167.09%
Slope	-6.13%	-12.35%	-28.99%	-24.05%
CAGR	—	—	—	—
LSR	—	—	—	—
Net Debt Issuance
Avg YoY	-23.06%	415.33%	207.32%	194.97%
Slope	-251.30%	-48.84%	-16.89%	-1.30%
CAGR	-53.28%	22.58%	-16.19%	—
LSR	—	—	—	—
Levered Free Cash Flow
Avg YoY	-8.00%	13.44%	40.25%	84.25%
Slope	-34.12%	-20.42%	2.61%	10.28%
CAGR	-25.28%	-8.81%	2.04%	23.94%
LSR	-25.28%	-19.99%	2.94%	17.06%