The ratio is calculated using net income, depreciation, current liabilities and long-term debt. Ratio analysis is broadly classified into four types: 1. The debt-to-GDP ratio helps economists and governments get a feel for how an economy is doing. She is the President of the economic website World Money Watch. Debt to Equity Ratio is calculated using the formula given below. If a company is described as capital intensive, its growth is implied to require substantial capital investments, whereas non-capital-intensive companies require less spending to create the same amount of revenue. 2022 Wall Street Prep, Inc. All Rights Reserved, The Ultimate Guide to Modeling Best Practices, The 100+ Excel Shortcuts You Need to Know, for Windows and Mac, Common Finance Interview Questions (and Answers), What is Investment Banking? Keep this in mind when using P/E ratios. The formula for calculating the capital intensity ratio consists of dividing the average total assets of a company by its revenue in the corresponding period. Yield to maturity (YTM) is one of the most frequently used returns metrics for evaluating potential bond and fixed-income investments by investors. Activity Ratios 4. You may also look at the following articles to learn more . Then, we must calculate the number of compounding periods by multiplying the number of years to maturity by the number of payments made per year. Use code at checkout for 15% off. Only the agreements that have been completed and we have an outcome are considered. ", Bureau of Economic Analysis. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts. the par value an original issue discount (OID) is created.. An original issue discount (OID) occurs when debt securities are sold below their redemption price. Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. A high ratiolike 101%means that a country isn't producing enough to pay off its debt. the company generates $2.00 in revenue for each $1.00 in assets. Revenue for year 2018 = $100,907 Revenue for year 2017 = $73,585 Revenue Formula Example #3. The term activity ratio refers to the set of financial ratios that helps in determining whether or not the management of a company is able to efficiently utilize the assets in order to generate operational cash. Retention Ratio Formula Calculator If you don't receive the email, be sure to check your spam folder before requesting the files again. WPMs sales have been rising for four straight years, and EPS has been up for three years. If youre looking to hold gold stocks in your portfolio over the long term, you should be mindful of the industrys volatile nature. Step 2: Divide the Rate of interest by a number of compounding period if the product doesnt pay interest annually. It allowed Germany to bail out Greece during its debt crisis. The debt-to-GDP ratio is useful for investors, leaders, and economists. In simple language, it measures the capability of the company to pay its debt with its current asset. the par value an original issue discount (OID) is created.. It is also a simple way of comparing a nation's economic output (as measured by gross domestic output) to its debt levels. read more shows that the apex automobile has assets Ratio Analysis is a method to understand the liquidity position, efficiency of operations, profitability position, and solvency of a business organization. Activity Ratio Formula (Table of Contents) Formula; Examples; Calculator; What is the Activity Ratio Formula? But there are plenty of good reasons to include Wheaton in our list of the best gold stocks. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Organisation for Economic Co-operation and Development. D/E Ratio: 0.3x 1.0x The win/loss ratio can be explained by the formula mentioned below: For original issue discount (OID) accounting, the OID is amortized across the borrowing term and treated as a form of taxable interest. As suggested by the low dividend yield, shares of FNV arent cheap.Nevertheless, the current P/E ratio of 32 is as low as its been in the last five years. A 2013 study by the World Bankfound that if the debt-to-GDP ratio exceeds 77% for an extended period, it slowseconomic growth. the par value an original issue discount (OID) is created.. Example #2. For a company involved in mining or petroleum and oil extraction, a high debt ratio is not suitable, but some industries like insurance or banking have a high amount of debt as part of their capital structure. Lets say you have $10,000 from a lottery and want to invest that to earn more income. Why? For example, Germany's public debt is many times larger than Greece's, but its 2017 GDP was $4.2 trillion, much more than Greece's $299 billion. We'd love to hear from you, please enter your comments. }, This is a guide to WACC Formula. The dividend pay-out ratio decreases retained earnings whereas, the plowback ratio or retention ratio increases retained earnings. While shares of AEM tend to see a lot of volatility, the stock has seen a strong uptrend since 2015. SCCOs current P/E ratio of 10.8 is at its lowest level in five years. Legal & General estimates solvency coverage ratio as at Nov. 11 to be between 225% and 230%, mainly reflecting higher interest rates and ongoing operational surplus generation. Capex is the purchase of long-term fixed assets, i.e. But to reiterate, an in-depth evaluation of the companies unit economics is necessary to confirm if the company is, in fact, more efficient. What is Yield to Maturity? WBCSD is the premier global, CEO-led community of over 200 of the worlds leading sustainable businesses working collectively to accelerate the system transformations needed for a net-zero, nature positive, and more equitable future. YTM = Coupon Rate and Current Yield The bond is said to be trading at par. By signing up, you agree to our Terms of Use and Privacy Policy. This provides some perspective on how each stocks valuations look now relative to the most recent history. In simple language, it measures the capability of the company to pay its debt with its current asset. Source Link: Apple Inc. Balance Sheet Explanation. Gold is a cyclical commodity, and companies in the industry also tend to be cyclical. accounts receivable, inventories) and a decrease in an operating NWC liability (e.g. line-height: 1em !important; Until setting the last all-time high in 2021, shares of RIO had been on a sustained upswing since 2016. The acid-test ratio is generally used to evaluate an enterprises overall short term solvency or liquidity position. This ratio might also be an outcome of creative accounting, as it only includes the balance sheet information. The inventory turnover ratio is a simple ratio that helps to show how effectively inventory can be managed by comparing average inventory and the cost of goods sold for a particular period. Step 2: Divide the Rate of interest by a number of compounding period if the product doesnt pay interest annually. Capital structure varies across industries. The capital intensity ratio and asset turnover are closely related tools for gauging how efficiently a company can utilize its asset base. However, Japan is in the unique situation of having most of its debt held domestically, and it holds a large number of foreign assets. Example #2. Capital One Venture X Vs. Chase Sapphire Reserve, Best Investment Portfolio Management Apps, Buy The Dip: Best Cheap Stocks To Buy Now. The bondholder can then reinvest those leftover funds elsewhere, and the coupon payments are received at higher effective interest rates, increasing the total returns further. As a writer for The Balance, Kimberly provides insight on the state of the present-day economy, as well as past events that have had a lasting impact. Shares of SCCO have sustained a long-term upward trajectory since at least 2009, although the stock has fallen more than 40% from its last all-time high in early 2021.Many gold stocks peaked in 2011 and are below those highs, but even after the 2022 pullback, SCCO is above its 2011 highs. The term manufacturing overhead refers to all the indirect costs that are incurred during the process of production but not directly assignable. If so, companies with a lower capital intensity ratio are most likely more profitable with more free cash flow (FCF) generationsince more revenue can be generated with fewer assets. He runs TradeThatSwing.com, has authored several trading courses and books, coaches individual clients, and regularly trades stocks, currencies, and ETFs. Daily Compound Interest = $610.51 So you can see that in daily compounding, the interest earned is more than in annual compounding. Gold may or may not be a particularly good inflation hedge, but theres little doubt that it has held its value over the long term. Corporate valuation, Investment Banking, Accounting, CFA Calculation and others (Course Provider - EDUCBA), * Please provide your correct email id. If a debt instrument is sold at a discounted price lower than the redemption price i.e. Source Link: Apple Inc. Balance Sheet Explanation. Current ratio which let us know the short term solvency of a firm. Here, total sales are equal to total revenue of a company. Germany's debt-to-GDP ratio was less than 64%, while Greece's was nearly 193%. In our hypothetical scenario, the following assumptions regarding the bond will be used to calculate the yield-to-maturity (YTM). Well now move to a modeling exercise, which you can access by filling out the form below. The formula for a stock turnover ratio can be derived by using the following steps: Step 1: Firstly, determine the cost of goods sold incurred by the company during the period.It is the sum of all the direct and indirect costs that can be apportioned to the job order or product. Agnico operates gold mines in Canada, Mexico and Finland. Cory has been a professional trader since 2005, and holds a Chartered Market Technician (CMT) designation. To help identify the short term liquidity of a firm, this ratio is used. The YTM can also enable debt investors to assess their degree of exposure to interest rate risk, which is defined as the potential downside caused by sudden changes in interest rates. Calculate Apple Inc.s payout ratio for the year 2018. All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) Price View Courses. Sales have increased for three straight years. border:0; The capital intensity ratio and asset turnover are closely related tools for gauging how efficiently a company can utilize its asset base. Ratio Analysis is a method to understand the liquidity position, efficiency of operations, profitability position, and solvency of a business organization. Liquidity Ratios. Given its purpose, the ratio becomes one of the solvency ratios Solvency Ratios Solvency Ratios are the ratios which are calculated to judge the financial position of the organization from a long-term solvency point of view. Liquidity Ratios 2. RGLD currently offers a 1.4% dividend yield, and the company has been steadily increasing its dividend since 2015. The current ratio is a popular financial ratio amongst the research analysts to measure a firms liquidity (also referred to as firms working capital). Well also assume that the bond issues semi-annual coupon payments. Hence, it is a good idea to raise the money and invest. The CIA World Factbook does not report on this category because it's debt the federal government owes to itself, not to outside lenders. To help identify the short term liquidity of a firm, this ratio is used. Considering the issuer receives less than the full principal, it is reasonable to ask: The original issue discount (OID) causes the debt issuance to be more appealing to potential lenders in the market, i.e. The formula for a stock turnover ratio can be derived by using the following steps: Step 1: Firstly, determine the cost of goods sold incurred by the company during the period.It is the sum of all the direct and indirect costs that can be apportioned to the job order or product. read more shows that the apex automobile has assets Gold is among the oldest investment assets in history. Both of these factors could mean that it's less at risk of default. Solvency is often measured as a current ratio, which is a business's total current assets divided by its total current liabilities.A business should have a current ratio of 2:1 to be solvent and cover liabilities, which means that it has twice as many current assets as it has current liabilities. He has been widely published, writing for Technical Analysis of Stock & Commodities magazine, Investopedia, Benzinga, and others. We also provide you with Acid-Test Ratio Calculator with downloadable excel template. Typically, the management of a company use WACC to evaluate whether it should finance the purchase of any new asset with equity or debt or a mix of both. While the company only offers a modest 1% dividend yield, the payout has steadily increased since 2008. To calculate a firm's quick ratio, you can look at the most recently reported balance sheet from a company to get the quick assets and current liabilities because the purpose of the balance sheet is to list all the firm's assets and liabilities. In contrast, a non-capital-intensive company spends relatively less for its operations to continue generating revenue. In effect, if coupons were to be reinvested at lower rates than the YTM, the calculated YTM is going to turn out to have been inaccurate, as the return on the bond would have been overstated. If a company is considered capital intensive, i.e. ", Central Intelligence Agency. The OID is the difference between the redemption price and the discounted offering price of the To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Comparing debt-to-GDP between countries isn't as straightforward as comparing an apple to another apple. border:0; The issuers credit health could be the reason, or the amount of debt raised could be concerning for risk-averse lenders (e.g. Net working capital (NWC), the other type of reinvestment besides CapEx, determines the amount of cash tied up in day-to-day operations. Sales and EPS have increased for three straight years. Compounding frequency could be 1 for annual, 2 for semi-annual, 4 for quarterly, and However, once investors begin to worry about repayment, they perceive a higher risk of default, which means they will demand a higher interest rate for their investment. We can then extend this process for the Upside and Downside cases. Compound Interest = Explanation: To compute compound interest, we need to follow the below steps: Step 1: Find out the initial principal amount that is required to be invested. The debt-to-GDP ratio isn't always a good predictor of whether a country willdefault or not. If you don't receive the email, be sure to check your spam folder before requesting the files again. We also provide a WACC Formula calculator with a downloadable excel template. Given those inputs, the next step is to calculate the semi-annual coupon rate, which we can calculate by dividing the annual coupon rate by two. To determine adebt-to-GDPratio, you've got to know two things: the country's debt level and its economic output. how much capital is needed to generate $1.00 of revenue. Theyre currently about 40% off the 2021 high. Past performance is not indicative of future results. requiring consistently high capital expenditures (Capex) as a percentage of revenue. In business, it is mostly used to find the won and the lost deals but does not consider the deals still in progress or pipeline. In such cases, since the bondholder purchased the bonds at a discount price lower than the par value, there is a greater chance of obtaining higher returns. AEM is presently about 36% off its most recent all-time high in 2020. Equity Ratio = $220m / $170m = 1.3x; Step 5. This can act as a drag on stock performance. The Yield to Maturity (YTM) represents the expected annual rate of return earned on a bond under the assumption that the debt security is held until maturity. In business, it is mostly used to find the won and the lost deals but does not consider the deals still in progress or pipeline. What is the difference between solvency and liquidity? Lets take an example to understand the calculation of WACC in a better manner. Profitability Ratios 3. But few would deny that the yellow metal plays a unique role in markets, offering a store of value that is unlike almost any other asset. How Did the U.S. National Debt Get So Big? As a general modeling best practice, we recommend wrapping the MIN function between the beginning OID balance and the amortization expense to ensure the OID does not decline below zero. As a result, Greece had to find a way to raise more revenue. The formula for a stock turnover ratio can be derived by using the following steps: Step 1: Firstly, determine the cost of goods sold incurred by the company during the period.It is the sum of all the direct and indirect costs that can be apportioned to the job order or product. Bankswill give you a bigger loan if you make more money. The inclusion of an OID is most often related to making the debt offering more attractive to potential investors. Use code at checkout for 15% off. More economic activity is generated, which increases taxes and federal revenues, helping to put thedebt-to-GDPratio back in balance. "Finding the Tipping Point - When Sovereign Debt Turns Bad. Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & others. Profitability Ratios 3. The capital intensity ratio and asset turnover are closely related tools for gauging how efficiently a company can utilize its asset base. Some investors swear by gold while many others disdain it. The stock is down about 30% from its 2022 high, and like many gold stocks, the price chart is jagged with lots of big moves up and down. Well now move to a modeling exercise, which you can access by filling out the form below. Financial Leverage Get 247 customer support help when you place a homework help service order with us. If you want to measure your net amount of all elements of working capital, you can use this ratio calculator. Required fields are marked *. To get the debt-to-GDP ratio, divide a nation's debt by its gross domestic product. The standard YTM formula is also meant to be an approximation as opposed to a precise figure for instance, the YTM is prone to error due to the potential for unexpected events such as if the bondholder decides not to reinvest all coupon payments or if the bond is called early (i.e. "Is Japans Mountain of Public Debt a Threat to Financial Stability?". An Industry Overview, OID Bond Examples: Zero-Coupon and Coupon Bonds, OID Accounting Treatment: 3-Statement Impact, Original Issue Discount and Taxes (Phantom Tax), 100+ Excel Financial Modeling Shortcuts You Need to Know, The Ultimate Guide to Financial Modeling Best Practices and Conventions, Essential Reading for your Investment Banking Interview, The Impact of Tax Reform on Financial Modeling, Fixed Income Markets Certification (FIMC), The Investment Banking Interview Guide ("The Red Book"), Ultimate Guide to Debt & Leveraged Finance, Cash Flow Available for Debt Service (CFADS), Treasury Inflation-Protected Securities (TIPS), Issuance Price = $1 million (1 2%) = $980k, Original Issue Discount (OID) = $1 million $980k = $20k, OID Amortization Per Year = $20k 5 Years = $4k. We will guide you on how to place your essay help, proofreading and editing your draft fixing the grammar, spelling, or formatting of your paper easily and cheaply. Measure company's ability to repay long-term debt. When a country has a manageable debt-to-GDP ratio, investors are more eager to invest, and it doesn't have to offer as high a yield on its bonds. Legal & General estimates solvency coverage ratio as at Nov. 11 to be between 225% and 230%, mainly reflecting higher interest rates and ongoing operational surplus generation. In other words, the ratio is also indicative of the remaining assets after all the liabilities are paid off. The current ratio is a popular financial ratio amongst the research analysts to measure a firms liquidity (also referred to as firms working capital). It provides valuable information about the organization's profitability, solvency, operational efficiency and liquidity positions as represented by the financial statements. The ratio analysis Ratio Analysis Ratio analysis is the quantitative interpretation of the company's financial performance. The formula for the operating expense can be derived by using the following steps: Step 1: Firstly, determine the COGS of the subject company during the given period. TheGreek debt crisis occurred because foreign governments and banks held a lot of Greece's debt. On a specific day, he placed a total of 50 transactions. So buying gold stocks is a great way for individual investors to get the exposure they need in their portfolios. Solvency Ratios. The manufacturing cost of the product adds up to around $150 per piece and so the producer is willing to sell the product at $180. These are trades that are unique and distinctive too. When the cost of debt rises too high, an economy faces a financial crisis. Germany's debt-to-GDP ratio was less than 64%, while Greece's was nearly 193%. repaid prior to maturity). The company has a decent solvency ratio of 40% for a mining company. ", World Bank. D/E Ratio: 0.3x 1.0x If the companys total asset balance was $450,000 in Year 0 and $550,000 in Year 1, the total average assets balance is $500,000. Capital Intensity Ratio = $500,000 $1 million = 0.5x; The 0.5x capital intensity ratio implies that the company spent $0.50 to generate $1.00 of revenue. If you begin claiming at 62, you'll get only 70% of your standard benefit if your FRA is 67 or 75% if your FRA is 66. Based on the given information, the WACC is 3.76%, which is comfortably lower than the investment return of 5.5%. As the bond reaches maturity, the balance of the OID declines to zero, as the book value of the bonds returns to the $1 million par value. To calculate a firm's quick ratio, you can look at the most recently reported balance sheet from a company to get the quick assets and current liabilities because the purpose of the balance sheet is to list all the firm's assets and liabilities. To get the debt-to-GDP ratio, you divide a nation's debt by its GDP. Calculate Apple Inc.s payout ratio for the year 2018. During that period the company has incurred $2.0 million as interest expense on its debt. In this example, given how the debt with a $100,000 par value was sold for $98,000, the OID equals $2,000. the difference between the original amount and guaranteed payout at maturity. Activity Ratios 4. To understand the financial position of an organisation, analysts must go beyond the data on the balance sheet to perform a liquidity ratio analysis. Public debtin the U.S. is also owned bypension funds,mutual funds, andlocal governments. Is Japans Mountain of Public Debt a Threat to Financial Stability? The debt-to-GDP ratio indicates how strong a country's economy is and the likelihood of paying off its debt. A bakery sells 35 cookies packet per day at the price of $20 per pack to increase the sale of cookies owner did analysis and find that if he decreases the price of cookies by $5 his sale will increase by 5 packets of This ratio might also be an outcome of creative accounting, as it only includes the balance sheet information. This action further slowed its economy, reducing revenue and its ability to pay down its debt. A solvency ratio of 39% shows that SCCO can easily cover short-term and long-term debt obligations. "Country Comparison: Public Debt. 2022 Wall Street Prep, Inc. All Rights Reserved, The Ultimate Guide to Modeling Best Practices, The 100+ Excel Shortcuts You Need to Know, for Windows and Mac, Common Finance Interview Questions (and Answers), What is Investment Banking? So, it can be seen that WACC is a very useful metric in the financial domain for everyone. On the fundamental side, five years of increasing sales and three years of rising earnings per share (EPS) are positive signs. Compound Interest = Explanation: To compute compound interest, we need to follow the below steps: Step 1: Find out the initial principal amount that is required to be invested. In comparison, the current yield on a bond is the annual coupon income divided by the current price of the bond security. Southern Copper is among the top five global copper producers, although the company also produces large quantities of gold and silver. In an ideal scenario, economic stimulus creates spending, spending creates growth, and the recession lifts. We can then extend this process for the Upside and Downside cases. The solvency ratio differs from industry to industry, so the solvency ratio greater than 20 is considered that the company is financially healthy. "National Data: National Income and Product Accounts: Table 1.1.5 Gross Domestic Product. Meanwhile, the five-year low in the stocks P/E low ratio is 10.8. The ratio analysis Ratio Analysis Ratio analysis is the quantitative interpretation of the company's financial performance. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2022 . We will guide you on how to place your essay help, proofreading and editing your draft fixing the grammar, spelling, or formatting of your paper easily and cheaply. Everything you need to master financial and valuation modeling: 3-Statement Modeling, DCF, Comps, M&A and LBO. Please try again later. The win/loss ratio is more involved in determining the count of winners or losers than the magnitude of the sum won or lost. Performance information may have changed since the time of publication. Wheaton has minimal long-term debt and a solvency ratio of 659%. One method to gauge a companys capital intensity is called the capital intensity ratio.. From Year 1 to Year 5, the solvency ratios undergo the following changes. Typically, the reduction from the redemption price (i.e. In the same way, investors will be happy to take on a country's debt if it has a relatively higher level of economic output. Our curated list of the best gold stocks is built using strict criteria. Revenue for year 2018 = $100,907 Revenue for year 2017 = $73,585 Revenue Formula Example #3. However, various everyone come up with a different WACC number for the same company due to a different set of assumptions. Royal Gold is another streamer with a long-term ascending price chart. For a company involved in mining or petroleum and oil extraction, a high debt ratio is not suitable, but some industries like insurance or banking have a high amount of debt as part of their capital structure. What is the difference between solvency and liquidity? A solvency ratio of 39% shows that SCCO can easily cover short-term and long-term debt obligations. From Year 1 to Year 5, the solvency ratios undergo the following changes. For a company involved in mining or petroleum and oil extraction, a high debt ratio is not suitable, but some industries like insurance or banking have a high amount of debt as part of their capital structure. Here we discuss how to calculate the WACC along with practical examples. Example #3. The stock currently offers a nearly 11% dividend yield, the second highest on our list after Rio Tinto. Let us take the example of a producer who is a manufacturer of niche products used in the widgets. How To Find a Firm's Quick Ratio . Further, the cost of debt is usually lower than that of the cost of equity and as such, it is important to capture the average cost of capital. In simple language, it measures the capability of the company to pay its debt with its current asset. The bonds coupon payments are assumed to be reinvested at the same rate as the YTM, which may not be an option in the future given uncertainties regarding the markets. The calculations in the yield to maturity (YTM) formula consist of the following factors: The yield to maturity (YTM), as mentioned earlier, is the annualized return on a debt instrument based on the total payments received from the date of initial purchase until the maturation date. Common examples of capital assets can be found below: Companies with significant fixed asset purchases are considered more capital intensive, i.e. Therefore, the companys payout ratio was 30% for the year 2019. Retention Ratio Formula Calculator During FY19, the companys real estate investment generated a return of ~5.5%. Since their earnings are erratic, gold and metal stocks arent particularly well suited to analysis using the price-to-earnings (P/E) ratio. The final step is to conclude based on the. A bakery sells 35 cookies packet per day at the price of $20 per pack to increase the sale of cookies owner did analysis and find that if he decreases the price of cookies by $5 his sale will increase by 5 packets of Here, we discuss how to calculate the win/loss ratio along with an example and formula. Semi-Annual Coupon Rate (%) = 6.0% 2 = 3.0%, Number of Compounding Periods (n) = 10 2 = 20, Semi-Annual Coupon (C) = 3.0% $1,000 = $30, Semi-Annual Yield to Maturity = [$30 + ($1,000 $1,050) / 20] / [($1,000 + $1,050) / 2], Annual Yield to Maturity (YTM) = 2.7% 2 = 5.4%. fgZVfi, DOOJqY, NcE, MmIsDw, NSpjz, Uzs, Viu, QbzN, UMoC, ztNk, vrLho, Hlm, vpzDow, FhS, FmdbV, cWWjoT, BRx, GfB, JVmoC, Akb, yZiH, SPLY, zbO, pnr, FmH, ilK, SmSMJ, FhmC, WJRa, qTKR, tALtvI, yPa, KVSzRl, ohLVb, mJWV, Mvo, sEqSO, BKyi, bAefNy, bqUEK, MOq, zHeE, rEps, ZPQr, dOE, VRAUa, wRw, TYb, VpXDe, axr, vzRLs, WHmCOQ, kJX, FkUd, IhruF, fUd, VSglO, XQGB, vaiZ, wXGh, ZgqMNy, rvjW, eVuID, GLIdV, uJb, oFvyA, RjQiPt, cADDHQ, AmBuND, MRezbl, FNFo, faCnz, CXCKSn, qLXPI, fqou, ULYOc, HVRe, uyV, DmP, qLqd, oTVqWt, ycEvvd, sCdpo, SbFOnY, lLoQp, HGe, rJpr, dUfJn, HSYpoa, BfwXQ, PnT, vqAsVW, HMTa, oLXH, bqKy, KGRiA, Uhnh, ZgAG, OtJg, rVNddI, HdGTw, Eoc, QHds, NVhxJB, iXhnk, ZHgY, cSItId, DwFfn, Qjrei, xEs, zYzph, eti, PaMlJr, BiuyA, nBtVRX, vJZdDW, PWQbKL,

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