FCFF VALUATION MODELBefore you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and checkthe iteration box.What the model doeThis model is designed to value firms with operating income that is either positive or can be normalized to bepositive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.Inputs The inputs are in the following pages:financial statements, and review and change the inputs for the valuation.3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.Options The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputsfor a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model). To switch from one to the other, enter yes in the master input page to the question of whether you want the inputs adjusted during the second half of the high growth phase.You can even make it a stable growth model, by setting the length of the high growth period to zero.Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to input.2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital, reinvestment rates and working capital.Output The output is contained in the valuation model worksheet.1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the current2. If you want to normalized operating income, use the earnings normalizer worksheet.FCFF VALUATION MODELThe spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) and checkThis model is designed to value firms with operating income that is either positive or can be normalized to bepositive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage model.3. If you have R&D or operating leases, you will need to input the required numbers in those worksheets.Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs.The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and different inputsfor a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage model). To switch from one to the other, enter yes in the master input page to the question of whether you want the 1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will have to 2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capital, . Here, you can input the numbers from the currentAn apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you choose the appropriate option, though.If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.ls spreadsheet.Master Input SheetDo you want to capitalize R&D expenses? NoDo you want to convert operating leases to debt? NoDo you want to normalize operating income? NoInputsFrom Current FinancialsCurrent EBIT = $1,337.93! If negative, go back and choose to normalize earnings.Current Interest Expense = $255.26 Current Capital Spending $603.39 Current Depreciation & Amort'n = $356.20 Effective tax rate (for use on operating income) 31.65%Marginal tax rate (for use on cost of debt) 34.00% Previous year-endCurrent Revenues = $7,010.31$6,345.70Current Non-cash Working Capital = $483.70 Chg. Working Capital = ($62.00) Previous year-endBook Value of Debt = $2,609.00$2,207.20Book Value of Equity = $915.40$1,306.10Cash & Marketable Securities = $960.20$1,286.90Value of Non-operating Assets = $609.80$566.60Minority interests $17.70$0.00Market Data for your firmIs your stock currently traded? YesIf yes, enter the following:Current Stock Price = $38.34 Number of shares outstanding = 441.71Market Value of Debt = $2,609.00 If no, enter the followingWould you like to use the book value debt ratio? NoIf no, enter the debt ratio to use in valuation 35%General Market DataLong Term Riskfree rate= 11.28%Risk premium for equity = 7.85% You can use the cost of capital spreadsheet to compute this numberRatingsDo you want to estimate the firm's synthetic rating = Yes ! If yes, use the rating estimator worksheet that is attachedIf yes, choose the type of firm 2If not, what is the current rating of the firm? BBBEnter the cost of debt associated with the rating = 5.75%OptionsDo you have equity options (management options, warrants) outstanding? NoIf yes, enter the number of options 51.00Average strike price$40.35 Average maturity 8.3Standard Deviation in stock price 25%Do you want to use the stock price to value the option or your estimated value? Current PriceValuation InputsHigh Growth Period The questions below, especially the yes or no ones, can be confusing. Please read the comments on the input cells.Length of high growth period = 10Beta to use for high growth period for your firm= 1.14 You can use the cost of capital spreadsheet to compute this numberDo you want to keep the debt ratio computed from your inputs? YesIf yes, the debt ratio that will be used to compute the cost of capital is 13.35%If no, enter the debt ratio that you would like to use in the high growth period 7.00%Do you want to keep the existing ratio of working capital to revenue? YesIf yes, the working capital as a percent of revenues will be 6.90%If no, enter the ratio of working capital to revenues to use in analysis 12%Do you want to compute your growth rate from fundamentals? YesIf no, enter the expected growth rate in operating income for high growth perio 15%If yes, the inputs to the fundamental growth calculation (based upon your inputs) areReturn on Capital = 53.20%Reinvestment Rate = 32.05%Do you want to change these inputs? NoReturn on Capital = 33.00%Reinvestment Rate = 32.05%Do you want me to gradually adjust your high growth inputs in the second half YesStable Growth PeriodGrowth rate during stable growth period = 10.00%Beta to use in stable growth period = 1.00Risk premium for equity in stable growth period = 7.50%Debt Ratio to use in stable growth period = 30.00%Pre-tax cost of debt in stable growth period = 9.00%Tax Rate to use in stable growth period = 34.00%To compute the reinvestment rate in stable growth, you have two optionsDo you want to compute reinvestment needs in stable growth based on fundam YesIf yes, enter the return on capital that the firm will have in stable growth 25.00%If no,enter capital expenditure as % of depreciation in stable growth 120% (in percent)An apology: I apologize for the number of inputs that are required on this sheet. Many of the inputs are required only if you choose the appropriate option, though.If you have negative operating income, you will either have to normalize it to make it positive, or use the highgrowth.ls spreadsheet.If yes, please input your numbers into R&D converter worksheetIf yes, please input your numbers into operating lease worksheetIf yes, please input your numbers into Earnings Normalizer worksheet! If negative, go back and choose to normalize earnings.Previous year-endPrevious year-endYou can use the cost of capital spreadsheet to compute this number! If yes, use the rating estimator worksheet that is attachedThe questions below, especially the yes or no ones, can be confusing. Please read the comments on the input cells.You can use the cost of capital spreadsheet to compute this numberNormalizing EarningsApproach used to normalize earnings = 3If historical average,Average Earnings before interest and taxes = 3500If historical average ROC,Historical average pre-tax return on capital = 22%If sector marginPre-tax Operating Margin for Sector = 14.72% ! Look at industry averageNormalized Earnings before interest and taxes = $1,031.69 Worksheet for normalization (Last 5 years of data)-5 -4 -3 -2 -1 TotalRevenues 2032 2376 2779 3155 3248 13590EBIT 186 454 529 448 383 2000Operating Margi 9.15% 19.11% 19.04% 14.20% 11.79% 14.72%R & D ConverterThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustments to operating income, netincome, the book value of assets and the book value of equity.InputsOver how many years do you want to amortize R&D expenses 5 ! If in doubt, use the lookup table belowEnter the current year's R&D expense = $1,771.00The maximum allowed is ten yearsEnter R& D expenses for past years: the number of years that you will need to enter will be determined by the amortization periodDo not input numbers in the first column (Year). It will get automatically updatedbased on the input above.Year R& D Expenses-1 1678.00 ! Year -1 is the year prior to the current year-2 1529.00 ! Year -2 is the two years prior to the current year-3 1367.00-4 1267.00-5 1205.0000000OutputYear R&D Expense Unamortized portion Amortization this yearCurrent 1771.00 1.00 1771.00-1 1678.00 0.80 1342.40 $335.60 -2 1529.00 0.60 917.40 $305.80 -3 1367.00 0.40 546.80 $273.40 -4 1267.00 0.20 253.40 $253.40 -5 1205.00 0.00 0.00 $241.00 0 0.00 0.00 0.00 $0.00 0 0.00 0.00 0.00 $0.00 0 0.00 0.00 0.00 $0.00 0 0.00 0.00 0.00 $0.00 0 0.00 0.00 0.00 $0.00 Value of Research Asset = $4,831.00 $1,409.20 Amortization of asset for current year = $1,409.20Adjustment to Operating Income = $361.80 ! A positive number indicates an increase in operating income (add to reported EBIT)!a "#ect of $%& "pensing $123 Look Up Table for Amortization PeriodsIndustry Name Amortization PeriodAdvertising 2Aerospace/Defen 10 Non-technological Service 2 yearsAir Transport 10 Retail, Tech Service 3 yearsAluminum 5 Light Manufacturing 5 yearsApparel 3 HeavyManufacturing 10 yearsAuto & Truck 10 Research, with Patenting 10 yearsAuto Parts (OEM 5 Long Gestation Period 10 yearsAuto Parts (Repl 5Bank 2Bank (Canadian) 2Bank (Foreign) 2Bank (Midwest) 2Beverage (Alcoho 3Beverage (Soft D 3Building Materia 5Cable TV 10Canadian Energy 10Cement & Aggreg 10Chemical (Basic) 10Chemical (Divers 10Chemical (Specia 10Coal/Alternate E 5Computer & Peri 5Computer Softwa 3Copper 5Diversified Co. 5Drug 10Drugstore 3Educational Serv 3Electric Util. (Ce 10Electric Utility ( 10Electric Utility ( 10Electrical Equip 10Electronics 5Entertainment 3Environmental 5Financial Service 2Food Processing 3Food Wholesaler 3Foreign Electron 5Foreign Telecom 10Furn./Home Furn 3Gold/Silver Mini 5Grocery 2Healthcare Info3Home Appliance 5Homebuilding 5Hotel/Gaming 3Household Produ 3Industrial Servic 3Insurance (Divers 3Insurance (Life) 3Insurance (Prop/ 3Internet 3Investment Co. ( 3Investment Co. ( 3Investment Co. ( 3Machinery 10Manuf. Housing/ 5Maritime 10Medical Services 3Medical Supplies 5Metal Fabricatin 10Metals & Mining5Natural Gas (Dist 10Natural Gas (Dive 10Newspaper 3Office Equip & S 5Oilfield Services 5Packaging & Con 5Paper & Forest P 10Petroleum (Integr 5Petroleum (Produ 5Precision Instru 5Publishing 3R.E.I.T. 3Railroad 5Recreation 5Restaurant 2Retail (Special L 2Retail Building2Retail Store 2Securities Broke 2Semiconductor 5Semiconductor C 5Shoe 3Steel (General) 5Steel (Integrated) 5Telecom. Equipm 10Telecom. Service 5Textile 5Thrift 2Tire & Rubber 5Tobacco 5Toiletries/Cosme 3Trucking/Transp. 5Utility (Foreign) 10Water Utility 10R & D ConverterOperating Lease ConverterInputsOperating lease expense in current year = $504.00 Operating Lease Commitments (From footnote to financials)Year Commitment ! Year 1 is next year, .1$ 453.00 2$ 371.00 3$ 265.00 4$ 180.00 5$ 122.00 6 and beyond$ 259.00 OutputPre-tax Cost of Debt = 12.58% ! If you do not have a cost of debt, use the ratings estimatorFrom the current financial statements, enter the followingReported Operating Income (EBIT) = $1,337.93! This is the EBIT reported in the current income statementReported Debt = $2,609.00! This is the interest-bearing debt reported on the balance sheetNumber of years embedded in yr 6 estimate = 1 ! I use the average lease expense over the first five yearsto estimate the number of years of expenses in yr 6Converting Operating Leases into debtYear Commitment Present Value1$ 453.00$402.38 2$ 371.00$292.72 3$ 265.00$185.72 4$ 180.00$112.05 5$ 122.00$67.46 6 and beyond$ 259.00$127.21! Commitment beyond year 6 converted into an annuity for ten yearsDebt Value of leases =$1,187.55 Restated FinancialsDepreciation on Operating Lease Asset = $197.92! I use straight line depreciationAdjustment to Operating Earnings = $306.08! Operating lease expense - DepreciationAdjustment to Total Debt outstanding =$1,187.55 Operating Lease Converter !wo'(tage )*)) &iscount Model+age Input SummaryNormalized EBIT (before adjustments) $1,337.93 Adjusted EBIT = $1,337.93 Adjusted Interest Expense = $255.26 Adjusted Capital Spending $603.39 Adjusted Depreciation & Amort'n = $356.20 Tax Rate on Income = 34.00%Current Revenues = $7,010.31 Current Non-cash Working Capital = $483.70 Chg. Working Capital = $45.86 Adjusted Book Value of Debt = $2,207.20 Adjusted Book Value of Equity = $1,306.10 Input DiagnosticsLength of High Growth Period = 10 ForeverGrowth Rate = 17.05% 10.00%Debt Ratio used in Cost of Capital Calcula 13.35% 30.00%Beta used for stock = 1.14 1.00Riskfree rate = 11.28% 11.28%Risk Premium = 7.85% 7.50%Cost of Debt = 12.58% 9.00% Cost of debt is less than the riskfree rate - Not possibleEffective Tax rate (for cash flow) = 31.65% 34.00%Marginal tax rate (for cost of debt) = 34.00% 34.00% If this is a US company, this tax rate is below the marginal tax rate. Move towards a marginal tax rateReturn on Capital = 53.20% 25.00% Your return on capital exceeds your cost of capital by more than 5%. That is unusually high. Does your company have that sustainable a competitive aReinvestment Rate = 32.05% 40.00% Imputed Return on capital foreve 25.00% !wo'(tage )*)) &iscount Model+age Output from the programCost of Equity = 20.23%Equity/(Debt+Equity ) = 86.65%After-tax Cost of debt = 8.30%Debt/(Debt +Equity) = 13.35%Cost of Capital = 18.64%Intermediate OutputExpected Growth Rate 17.05%Working Capital as percent of revenues = 6.90%(in percent)The FCFF for the high growth phase are shown below (upto 10 years)Current 1 2 3 4 5 6 7 8Expected Growth Rate 17.05% 17.05% 17.05% 17.05% 17.05% 15.64% 14.23% 12.82%Cumulated Growth 117.05% 137.01% 160.37% 187.71% 219.71% 254.07% 290.23% 327.43%Reinvestment Rate 32.05% 32.05% 32.05% 32.05% 32.05% 33.64% 35.23% 36.82%EBIT $1,338$1,566$1,833$2,146$2,511$2,940$3,399$3,883$4,381 Tax rate (for cash flow 31.65% 31.89% 32.12% 32.36% 32.59% 32.83% 33.06% 33.30% 33.53%EBIT * (1 - tax rate) $914$1,067$1,244$1,451$1,693$1,975$2,275$2,590$2,912 - (CapEx-Depreciation $247$259$302$352$410$478$599$738$892 -Chg. Working Capita $46$82$97$113$132$155$166$175$180 Free Cashflow to Firm $621$725$845$986$1,150$1,342$1,510$1,678$1,840 Cost of Capital 18.64% 18.64% 18.64% 18.64% 18.64% 17.90% 17.15% 16.41%Cumulated Cost of Capital 1.1864 1.4075 1.6698 1.9810 2.3502 2.7707 3.2460 3.7787Present Value $611$601$591$581$571$545$517$487 Growth Rate in Stable Phase = 10.00%Reinvestment Rate in Stable Phase = 40.00%FCFF in Stable Phase = $2,338.63 Cost of Equity in Stable Phase = 18.78%Equity/ (Equity + Debt) = 70.00% !wo'(tage )*)) &iscount Model+age AT Cost of Debt in Stable Phase = 5.94%Debt/ (Equity + Debt)= 30.00%Cost of Capital in Stable Phase = 14.93%Value at the end of growth phase = $47,455.92 ValuationPresent Value of FCFF in high growth phase = $5,381.33 Present Value of Terminal Value of Firm = $9,447.10 Value of operating assets of the firm = $14,828.43 Value of Cash, Marketable Securities & Non-operating assets = $1,570.00 Value of Firm = $16,398.43 Market Value of outstanding debt = $2,609.00 Minority Interests $17.70 Market Value of Equity = $13,771.73 Value of Equity in Options = $0.00 Value of Equity in Common Stock = $13,771.73 Market Value of Equity/share = $31.18 !wo'(tage )*)) &iscount Model+age Input Diagnostics Revisit input cellB54B74B77B75B78If this is a US company, this tax rate is below the marginal tax rate. Move towards a marginal tax rate B79Your return on capital exceeds your cost of capital by more than 5%. That is unusually high. Does your company have that sustainable a competitive a B82B81-83 !wo'(tage )*)) &iscount Model+age 9 10 Terminal Year11.41% 10.00%364.79% 401.27%38.41% 40.00%$4,881$5,369 33.77% 34.00% 34.00%$3,233$3,543$3,897.71 $1,061$1,241$1,325.59 $181$176$233.50 $1,991$2,126$2,338.63 15.67% 14.93%4.3709 5.0233$456$423 !wo'(tage )*)) &iscount Model+age Valuing Options or WarrantsEnter the current stock price = $38.34 Enter the strike price on the option = $40.35 Enter the expiration of the option = 8.3Enter the standard deviation in stock prices = 25.00% (volatility)Enter the annualized dividend yield on stock = 0.00%Enter the treasury bond rate = 11.28%Enter the number of warrants (options) outstanding51.00Enter the number of shares outstanding = 441.71Do not input any numbers below this lineVALUING WARRANTS WHEN THERE IS DILUTIONStock Price= 38.34 # Warrants issued= 50.998Strike Price= 40.35 # Shares outstanding= 442Adjusted S = 36.6287168684 T.Bond rate= 11.28%Adjusted K = 40.35 Variance= 0.0625Expiration (in years) = 8.3 Annualized dividend yield= 0.00%Div. Adj. interest rate= 11.28%d1 =1.5256741541N (d1) = 0.9364544828d2 =0.8054311395N (d2) = 0.7897145358Value per option =$21.81 Value of all options outstanding = $1,112.11 Estimation of Current Cost of CapitalInputsEquityNumber of Shares outstanding = 441.71Current Market Price per share = $38.34 Unlevered beta = 0.97Riskfree Rate = 11.28%Equity Risk Premium = 6.44%DebtBook Value of Straight Debt = $2,609.00 Interest Expense on Debt = $255.26 Average Maturity = 5Pre-tax Cost of Debt = 3.65%Tax Rate = 34%Book Value of Convertible Debt = 0Interest Expense on Convertible = 0Maturity of Convertible Bond = 0Market Value of Convertible = 0Debt value of operating leases =$ - Preferred StockNumber of Preferred Shares = 0Current Market Price per Share= 70Annual Dividend per Share = 5OutputEstimating Market Value of Straight Debt = $3,328.48 Estimated Value of Straight Debt in Convertible = $0.00 Value of Debt in Operating leases = $0.00 Estimated Value of Equity in Convertible = $0.00 Levered Beta for equity = 1.10Equity DebtPreferred Stock CapitalMarket Value $16,935.00$3,328.48$0.00 $20,263.48 Weight in Cost of Capital 83.57% 16.43% 0.00% 100.00%Cost of Component 18.35% 2.41% 7.14% 15.73%If you are a multinational company and have a breakdown by country, you can use this table (for up to 10 countries)Country Revenues ERP WeightBrazil 800 7.85% 100.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%Total 800 100.00%If you are a multinational company and have a breakdown only by region, you can use this table insteadRegion Revenues ERP WeightAfrica 0 10.04% 0.00%Asia 0 6.51% 0.00%Australia & New Zealand 5.00% 0.00%Caribbean 10 12.65% 10.00%Central and South America 8.62% 0.00%Eastern Europe & Russia 7.96% 0.00%Middle East 30 6.14% 30.00%North America 35 5.00% 35.00%Western Europe 15 6.29% 15.00%Global 10 6.35% 10.00%Total 100 100.00%If you are a multi-business company, you can input the followingBusiness Revenues EV/Sales Estimated ValueToiletries/Cosmetics$ 100.001.7329$ 173.29 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - 0.0000$ - *ompany,-..... $ 173.29 If you are a multinational company and have a breakdown by country, you can use this table (for up to 10 countries)Weighted ERP7.85%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%7.85%If you are a multinational company and have a breakdown only by region, you can use this table insteadWeighted ERP0.0000%0.0000%0.0000%1.2647%0.0000%0.0000%1.8432%1.7500%0.9441%0.6350%6.4369%Unlevered Beta0.97270.00000.00000.00000.00000.00000.00000.00000.00000.00000.00000.0000../010Inputs for synthetic rating estimationEnter the type of firm = 2 (Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)Enter current Earnings before interest and taxes (EBIT) = $1,337.93(Add back only long term interest expense for financial firms)Enter current interest expenses = $255.26(Use only long term interest expense for financial firms)Enter current long term government bond rate = 11.28%OutputInterestcoverage ratio = 5.24Estimated Bond Rating = A3/A-Estimated Default Spread = 1.30%Estimated Cost of Debt = 12.58%For large manufacturing firms For financial service firmsIf interest coverage ratio is If long term interest coverage ratio is> to Rating is Spread is greater than to-100000 0.199999 &12& 12.00% -100000 0.0499990.2 0.649999 *12* 10.50% 0.05 0.0999990.65 0.799999 *a12** 9.50% 0.1 0.1999990.8 1.249999 *aa2*** 8.75% 0.2 0.2999991.25 1.499999 3423' 7.25% 0.3 0.3999991.5 1.749999 3123 6.50% 0.4 0.4999991.75 1.999999 3-235 5.50% 0.5 0.5999992 2.2499999 3a1233 4.00% 0.6 0.7499992.25 2.49999 3a-2335 3.00% 0.75 0.8999992.5 2.999999 3aa12333 2.00% 0.9 1.1999993 4.249999 A42A' 1.30% 1.2 1.499994.25 5.499999 A12A 1.00% 1.5 1.999995.5 6.499999 A-2A5 0.85% 2 2.499996.5 8.499999 Aa12AA 0.70% 2.5 2.999998.50 100000 Aaa2AAA 0.40% 3 100000For smaller and riskier firmsIf interest coverage ratio isgreater than to Rating is Spread is-100000 0.499999 &12& 12.00%0.5 0.799999 *12* 10.50%0.8 1.249999 *a12** 9.50%1.25 1.499999 *aa2*** 8.75%1.5 1.999999 3423' 7.25%2 2.499999 3123 6.50%2.5 2.999999 3-235 5.50%3 3.499999 3a1233 4.00%3.5 3.9999999 3a-2335 3.00%4 4.499999 3aa12333 2.00%4.5 5.999999 A42A' 1.30%6 7.499999 A12A 1.00%7.5 9.499999 A-2A5 0.85%9.5 12.499999 Aa12AA 0.70%12.5 100000 Aaa2AAA 0.40%(Enter 1 if large manufacturing firm, 2 if smaller or riskier firm, 3 if financial service firm)(Add back only long term interest expense for financial firms)(Use only long term interest expense for financial firms)If long term interest coverage ratio isRating is Spread isOperating Income Decline&12& 12.00% -50.00%*12* 10.50% -40.00%*a12** 9.50% -40.00%*aa2*** 8.75% -40.00%3423' 7.25% -25.00%3123 6.50% -20.00%3-235 5.50% -20.00%3a1233 4.00% -20.00%3a-2335 3.00% -20.00%3aa12333 2.00% -20.00%A42A' 1.30% -17.50%A12A 1.00% -15.00%A-2A5 0.85% -10.00%Aa12AA 0.70% -5.00%Aaa2AAA 0.40% 0.00%Industry Name Number of frms Annual Average Revenue growth - Last 5 years Pre-tax Operatng !argn After-tax RO" Average e#e$tve tax rateAdvertising 4- 6.7.8 --.668 --.9/8 -7.:-8Aerospace2&efense 77 -1.448 /.//8 -:..:8 14..48Air !ransport 49 7.9-8 :..68 -7.:.8 17..48Apparel 67 0.6:8 -..0.8 -6.718 -:.:98Auto +arts 96 ../.8 7.::8 -6..78 -0.::8Automotive -- /.778 7.998 7.-.8 -0.0/83ank 409 ....8 ;A ;A -0./-83ank