The income approach to business valuation is one of the three main valuation methods. Oops! Loan level detail including performance assumptions, cash flows and values are available as needed by the stakeholders. The following is the balance sheet of the company XYZ ltd.: A conglomerate with diversified business interests may require a different valuation model. There are five methods for valuing company: Discounted cash flow which is present value of future cash flows. We will begin with the mostly commonly used (and indeed, misused) of all: Discounted cash flow analysis uses the inflation-adjusted future cash flows to project a value for the business. Let us understand the Sum of the Parts valuationSum Of The Parts ValuationSum of the Parts Valuation is a valuation method wherein each of the subsidiary or segment of a Company is separately valued & then all of them are added together to estimate the businesss total value. Solve for the appropriate credit spread that results in a net present value equal to the observed price of the asset. At Nash Advisory, we use industry data and know-how to give you a realistic value for your unique business. Investopedia does not include all offers available in the marketplace. This valuation method is also used to determine whether a stock is fairly priced and is used to estimate a company's value during potential acquisition. In this section, we describe the general process and methodologies we employ to value portfolios of bank loans. The book value method of business valuation is one of the most common valuation methods used by asset-intensive companies. The income approach to business valuation is well-suited for companies that are in a state of rapid growth. The discounted cash flow method is the go-to valuation method for most appraisers. [2] Although loan fair value information remains relegated to the financial statement footnotes, and the research analyst community and bank auditors have not appeared to dwell on the change in methodology as a matter of enhanced scrutiny, we suggest that the application of enhanced techniques to the valuation of loan portfolios is an important step in the evolution of the financial services sector. This is the most common private company valuation method. The first step is to determine if the company pays a dividend. The ROI-based business valuation method (a.k.a. Inventory valuation, also known as the cost of inventory, calculates how much your inventory is worth at the end of the fiscal year. that estimates the value of an option. Most methods are built around these approaches. No singlevaluation model fitsevery situation, but by knowing the characteristics of the company, you can select a valuation model that best suits the situation. Get insights from M&A Experts. This means an investor would put in $3 million for a 30% equity stake in your startup ($3 million / $10 million) x 100%. Treat the sum of a bank's dividends and share repurchases as a close proxy for its free cash flow to shareholders. The option pricing method is divided into three further categories, namely-. The first, the current expected credit loss ("CECL") framework,[5]represents a significant change in the recognition of reserves for credit losses for loans and related financial instruments. It is a popular and straightforward variant of a dividend discount mode (DDM). The CECL standard represents a wholesale shift from an incurred loss or retrospective assessment of credit risks to an expected loss framework. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Market Valuation Methods. With this change, loan fair value disclosures are now consistent with the fair value definition promulgated in ASC 820. In this valuation method, the cash flow associated with an intangible asset is isolated and then discounted to present value. Using DCF's or discounted cash flow models is the tried and true method for most industries, but financials, including banks, insurance, and investment banks, are a different breed. the subject business's value is ascertained by comparing the business with a similar business in size and operations. and managing risk. To use this approach, you'll need to obtain or prepare a forecast of net cash flows for the chosen time period . As a result, the company hasnegative free cash flows for four of the six years, which makes it extremely difficult or nearly impossible to predict the cash flows for the next five to 10 years. The market approach of business valuation involves simple calculations and is straightforward. This is mainly due to the fact that it is a straight-forward and easy to understand method. and borrower credit data (loan-to-value (LTV)), debt service coverage ratio (DSCR; defined as monthly income/monthly debt service), credit score (FICO), and the originators internal risk rating. The disadvantage of this technique is an estimation of future cash flow &. Often, a multiples approach may be employed to make comparative evaluations of a company's value in the market against its competitors or broader market. In this case, the ratio is 0.125 for all six years, which makes this company an ideal candidate for the dividend discount model. 4. Many entities operate as investment companies or via fund structures that report net asset value at fair value; these companies are typically not buy-and-hold operators, choosing instead to transact on loan pools with more frequency than traditional banks. Corporate Valuation (Columbia University) 2. Business Valuation Modeling (CFI) 3. Any small change in input changes the equity valuation significantly. The cost approach method of valuation is a common real estate valuation tool that is based on the simple assumption that a person buying a property would not pay more for a property if the cost of the property equals the cost to build the property from scratch. Sir,you are great ! Reserves and surplus is reflected under shareholders funds in the balance sheet. The market price method of business valuation is the preferred method to ascertain the value of frequently traded equity shares of companies that are listed in the stock exchange. For these types of assets, we perform the income approach on a loss-adjusted basis, meaning we adjust the cash flows for expected losses, prepayments, and recoveries prior to discounting them to present value. Often, investors will perform several valuations to create a range of possible values or average all of the valuations into one. Who can use the income approach to business valuation? A generalised FCFF model, where the operating margins are allowed to change each year; best suited for firms in transition. Not only is this approach to valuation very complex, but it is also not suitable for companies experiencing rapid and unstable growth. Berkus Approach What is Inventory Valuation? There are 100,000 outstanding shares, each valued at 25. You use tangible book value because M&A is very common in the community bank space so you want to strip out the goodwill and core deposit intangibles created from acquisitions. The discounted cash flow method of. . Your submission has been received! Here we discuss the top 5 equity Valuation Methods Discounted Cash Flow Method, Comparable Company Analysis, etc. Creditors (60000) Tax payable (30000) Net worth (Rs.) The EV-to-revenue multiples method is used in the instances where the business has no positive Earnings Before Taxes Depreciation & Amortization or positive net income to calculate the value of a business via EV/EBITDA method and Price Earnings ratio method. Since some income approach methods use historical data to calculate the business value, the income approach to business valuation isn't suitable for newer businesses or start-ups because they have no historical data. Residual income refers to the net earnings an organization possess after paying off the cost of capital. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. Investopedia requires writers to use primary sources to support their work. Thankfully, there are a plethora of ways in which a business can be valued. Identify the asset to be valued and the stream of revenue that is associated with that asset. The market value of a company is calculated by multiplying the total number of outstanding shares with the current market price of each share. Companies that have the ideal cash flows suited for the DCF model are typicallymature firms that are past the growth stages. Valuing a Company: Business Valuation Defined With 6 Methods, Financial Statements: List of Types and How to Read Them, Balance Sheet: Explanation, Components, and Examples, Cash Flow Statement: How to Read and Understand It, 6 Basic Financial Ratios and What They Reveal, Earnings Per Share (EPS): What It Means and How to Calculate It, P/E Ratio - Price-to-Earnings Ratio Formula, Meaning, and Examples, Price-to-Book (PB) Ratio: Meaning, Formula, and Example, Price/Earnings-to-Growth (PEG) Ratio: What It Is and the Formula, Fundamental Analysis: Principles, Types, and How to Use It, Relative Valuation Model: Definition, Steps, and Types of Models, Intrinsic Value of Stock: What It Is, Formulas To Calculate It. It is also useful in comparing companies that do comparable company analysis. To perform the multi-period excess earnings method, an appraiser would consider the following things-. Joseph Nguyen is a contributing author at Investopedia and a research analyst with experience at a securities brokerage firm. This article focuses on bank valuation standards as some recommended steps how to evaluatesome concrete commercial bank by the market value. Market value or market price method of valuation is a business valuation method in which the stock market determines the value of a business. The market price method of business valuation is the preferred method to ascertain the value of frequently traded equity shares of companies that are listed in the stock exchange. The multistage dividend discount model is an equity valuation model that builds on the Gordon growth model by applying varying growth rates to the calculation. Data Dispatch: U.S. bank Q2 M&A scorecard,. The market approach is one of the most commonly used. The below financial accounting statement templates ( Table 1: Balance Sheet, Table 2: Profit and Loss Statement) are utilized for the valuation purposes of this paper. Comparative method Comparing the property with similar properties. Herein, we consider a stylized sample portfolio of performing consumer and commercial loans as context for presentation purposes. Companies are chosen based on similar characteristics like industry classification, size of the company, revenue, growth rate, profitability, geography, assets, and the number of employees. Proponents of real options analysis look at businesses as nothing more than a nexus of real options: the option to invest in opportunities, the option to utilize spare capacity, the option to hire more salespeople, etc. This method may incorporate the EBITA and revenue multipliers or any other multiple that the practitioner so wishes to use. When is the cash approach method of valuation chosen? Sum of the Parts Valuation is a valuation method wherein each of the subsidiary or segment of a Company is separately valued & then all of them are added together to estimate the businesss total value. Typically, the relative valuation modelis a lot easier and quicker to calculatethan the absolute valuation model, which is why many investors and analysts begintheir analysis with this model. Net Present Value (NPV) estimates the profitability of a project and is the difference between the present value of cash inflows and the present value of cash outflows over the projects time period. The liquidation value is the net cash that a business would generate if all of its liabilities were paid off and its assets were liquidated today. Last In First Out (LIFO) Inventory Valuation FAQs Let's dive in. So valuation in this type of analysis would be first selecting a universe of transactions, locating the necessary financials, then spreading the key trading multiples, and lastly, determining the companys valuation. It reflects diversification of operations, product line and market to allow business expansion. This model doesn't attempt to find an intrinsic value for the stock like the previous two valuation models. This data will be relevant as we develop asset level cash flow assumptions. Valuation methodology is dependent on the target business's given information. Abstract. Each stock is different, and each industry or sector has unique characteristics that may require multiplevaluation methods. As a former M&A advisor with over a decade of experience, Kison developed DealRoom after seeing first hand a number of deep-seated, industry-wide structural issues and inefficiencies. Really accessible and easy-to-understand explanations. The EBITDA multiplier is an excellent solution to the arbitrary nature of most valuation methods. The discounted cash flow (DCF) and venture capital (VC) methods are among the most used approaches to value startups. First, the market value business valuation formula is perhaps the most subjective approach to measuring a business's worth. 10 Best Valuation Courses [2022 DECEMBER] [UPDATED] 1. ET The Oracle of Omaha says that bank stocks should be valued just like any other stock. There are four approaches to valuation. When employing method (ii), we undertake the following steps. profitability of banks and on the value of equity.1 But, papers addressing the determinants of the marke t value of a bank ar e fe w. I n a best selling book on the valuation of c ompanies written by three consultants (Koller et al., 2005), there is one chapter on bank valuation. Additionally, investors are not limited to just using one model. is that the appraiser has to find the right comparable companies. He has spent over 25 years in the field of secondary education, having taught, among other things, the necessity of financial literacy and personal finance to young people as they embark on a life of independence. Conversely, financial institutions with outdated and incongruous loan accounting, credit modeling, and interest rate modeling systems will increasingly find M&A transactions to be cumbersome and expensive. By using our website, you agree to our use of cookies (. Try out M&A Software tailored just for you! Specific Identification 3. Notable examples include business development companies, private equity and hedge funds, large family offices, and financial- and technology-focused loan originators. Secondly, the company should be generating positive earnings because a comparison using a negative P/E multiple would be meaningless. Commercial and consumer loans represent the largest asset on bank balance sheets, and the application of fair value accounting to bank loan assets has been a continuing trend in the industry. This valuation method is still in its nascent stage, and there is still a lack of an acknowledged model. "Dividend Discount Models.". We, at DealRoom work with many companies on their M&A process so we have some expertise in this topic. This provides maximum flexibility to parse portfolio values at the most granular level and to generate customized reports for interested parties. For most residential investors this may be the only method you will experience. The Gross Rent Multiplier (GRM) valuation method measures and compares a property's potential valuation by taking the price of the property and dividing it by its gross income. Settling of a liability requires an outflow of an economic resource mostly money, and these are shown in the balance of the company. When deciding which valuation method to use to value a stock for the first time, it's easy to become overwhelmedby the number of valuation techniques available to investors. Comparable company analysis, comparable transaction comps, asset valuation, the fair value of assets and sum of parts where different parts of entities are added. Absolute Valuation Absolute valuation models attempt to find the intrinsic or "true" value of an investment based only on fundamentals. Different approaches, methods andmodels were . The below table summarizes Alibabas Discounted Cash Flow Valuation Discounted Cash Flow Valuation Discounted cash flow analysis is a method of analyzing the present value of a company, investment, or cash flow by adjusting future cash flows to the time value of money. M&A Science Live - The Evolution of M&A Functions. It is not a very flexible method of business valuation compared to other, The income approach to business valuation is one of the three main. For example- data regarding publicly traded shares are readily available. You can learn more about the standards we follow in producing accurate, unbiased content in our. terms and conditions. [6] By investing in the infrastructure required for the detailed loan level cash flow models required for best-in-class loan valuations, banks will be able to leverage these tools and resources to prepare for the transition from LIBOR by modeling the financial impact of the proposed changes that are fundamental to the spread lending (net interest margin) business model of commercial banks. Weighted Average Cost 2. If revenue is generated by average fees of 50 basis points of assets under management, then the implied valuation is about 2% of AUM. Absolute Valuation Methods, and Example, Intrinsic Value Defined and How It's Determined in Investing and Business. For calculating book value per share, the formula is- (Total stockholder's equity preferred stock) divided by the number of company common shares. Therefore, businesses require brand valuations in the case of mergers and acquisitions. Although it shows the investors how much earnings their investments will make in the future, its biggest drawback is that it is hard to predict the future. The discounted cash flow method of business valuation calculates the value of a business by discounting all future cash flows from the present value using a discount rate. With or without a method of valuation is used to value non-competition agreements, processes and technologies, and franchises. Investment method The cost approach to valuation is one of the three main valuation methods. As we will show in this article, a key component of loan valuation is the assessment of credit loss, as well as the decomposition of the loan coupon or stated interest rate into subcomponents to account for: the base market interest rate, expected loan credit losses, and the applicable loss-adjusted spread. National Life. Comparable transaction method of business valuation analyses for how much a similar publicly-traded company is sold for, the type of investors that purchased those similar companies, and the market conditions in which the acquisition was made. The advantage of using precedent transactions is that it uses publicly available data and can provide important mergers and acquisition information like potential buyers and sellers. This is most effective for firms with uncertain futures, usually those who arent yet cash generative: startups and mineral exploration firms, for example. Comparable companies method or comparable analysis or guideline public company method is a technique under the market approach of business valuation. Finally, we obtain market data relevant to the analysis. Bringing together these options is the basis behind real options analysis for valuation. assumes that a buyer will not pay more for an asset, and a seller will not sell an asset for a price less than the value of a similar asset. If the P/E multiple cannot be used, choose a different ratio, such as the price-to-salesor price-to-cash flow multiples. concentrate on cash flow and dividends as cash flow proxies for bank valuation. The annual revenue generated is 10,000,000, and there is a debt of 250,000. Cookies help us provide, protect and improve our products and services. For example, let's take a look at the cash flows of the following firm: In this snapshot, the firm has produced an increasing positive operating cash flow, which is good. This valuation should be lower than a DCF because your discount rate (includes 20%+ "cost of equity") is higher. Here are 10 common startup valuation methods you can use to calculate potential earnings: 1. Even small differences in the growth rate, the perpetual growth rate and the cost of capital can lead to significant differences in valuation, fueling criticism of the method. This method determines the value of your business by comparing it to similar businesses that have sold. This approach to valuation is best suited for evaluating "start-ups" where projections of cash flow are insufficiently certain. The market approach to business valuation is categorized into four distinct methods- Market price Method, Comparable Companies Method, Comparable Transaction Method, and EV to Revenue Multiples Method. And the income approach of valuation determines the value of the intangible asset based on estimated revenue, tax rates, discount rates, and growth rates. Real estate valuation is a process of using three methods (sales comparison, cost, and income approaches) to determine the current value of a potential real estate investment. The formula for the EV-to-Revenue multiples method is EV/R. The first-in-first-out (FIFO) method is one of the most common methods of inventory valuation, as it is very simple and at the same time very easy to code. [3] In any bank acquisition, the valuation of the acquired loan portfolio is one of the most significant aspects of the M&A process, from the pre-deal due diligence of the loan files and data tapes to the post-transaction purchase accounting as per ASC 805. However, the major drawback of this valuation technique is the amount and quality of the information relating to transactions. Asset based valuation. In this valuation method, the following financial information is analyzed- EBDITA (earnings before interest, taxes, depreciation, and amortization), EPS (earnings per share), gross profit, net debt, and revenue. Brand valuation determines the market value of your business. read more using an example of a Hypothetical company Mojo Corp. To value a conglomerateConglomerateA conglomerate in business terminology is a company that owns a group of subsidiaries conducting business separately, often in distinct industries. A conglomerate in business terminology is a company that owns a group of subsidiaries conducting business separately, often in distinct industries. The above valuation methods are globally recognized as the main approaches to valuing hotel assets. If the difference is positive, the project is profitable; otherwise, it is not. The market price method of business valuation is the preferred method to ascertain the value of frequently traded equity shares of companies that are listed in the stock exchange. First, add up the value of the business assets and subtract its liabilities to get the starting value. of shares 10000 Value per share (Rs/share) 11 Earnings based Valuation There are two methods here. The common free cash flow on equity (FCEE) method is highly valid for bank valuation, also because it reflects the fact that banks can create value from the liability side of the balance sheet. Either or a combination of the following methods are followed based on the purpose or objective of valuation - sale or purchase of business, merger, acquisitions, IPO, funding, financial reporting etc. Kaplan Schweser (2008) pointed at two cases when FCFF is the best method to be used: First, FCFF is used for valuing a leveraged company with negative FCFE. The Berkus method, or development stage valuation approach, is a valuable tool that pre-revenue startups can quickly use to assign value and compare their company's qualities with others to see available opportunities. Compute value per share. This value is the permanent value from there onwards. While we perform these calculations for each asset separately in our programming code, the results are usually presented by aggregating loans into common pools (fixed versus floating, collateral type, origination program, etc.). 1. This method assigns a value. Therefore, using FCFF to value the company's equity is easier. There are five methods for valuing company: Discounted cash flow which is present value of future cash flows. This valuation method utilizes price-related indicators like sales to determine appraisal value. The income approach to business valuation relies on a lot of projections and assumptions. This, utilizes price-related indicators like sales to determine appraisal value. Valuation methods are the methods to value a business/company which is the primary task of every financial analyst. Stout Analyst Prasanthkumar Chunduru contributed to the development of this article. A valuation is a technique that looks to estimate the current worth of an asset or company. These methods involve calculating multiples andratios, such as the price-to-earnings (P/E) ratio, and comparing them to the multiples of similar companies. Consistent with the standard valuation method for debt instruments, we employ a form of an income approach. Asset valuation: This is more of an accounting . When is it appropriate to use the market approach of valuation? Even those who consider this method too simplistic tend to use it as a guide for their valuations, underlining its strength. Book Value. Domestic Taxation & International Taxation Services, Mergers & Acquisitions & Business/Corporate Restructuring Services, Post Investment Cash Burn Audits Services, Deal Advisory and Investment Documentation. As shown below, these competitors for bank assets share a few common characteristics of note: In the context of mergers and acquisitions (M&A), fair value (as defined in ASC 820) is the required measurement method for recording loans acquired as part of a business combination. The book value approach is one of the valuation methods that calculate the value of assets based on actual comparable data and not on assumptions and speculations. Instead,it compares the stock's price multiples to a benchmark to determine if the stock is relatively undervalued or overvalued. The value of a property may or may not be different from its price. This approach to business valuation is calculated by subtracting all intangible assets and liabilities from total assets. Your email address will not be published. It is used to determine the price or cost of goods, finished inventory of goods, and goods sold (COGS). Fixed assets are assets that are held for the long term and are not expected to be converted into cash in a short period of time. In addition to the loan tape data fields, we also examine the banks historical experience of loan prepayments, losses, and recovery rates. The appraisal will not always be if there is no comparable vacant land available. that calculate the value of assets based on actual comparable data and not on assumptions and speculations. This equity valuation method involves comparing public companies operating metrics and valuation models with those of target companies. It values a business based on the assets it possesses. Asset-based valuation refers to one of the approaches used to calculate the value of a business. by developing a best-in-class framework for loan valuations (using internally developed models or by leveraging third-party specialists), leading banks will be well positioned to succeed in a dynamic transaction marketplace (whole bank m&a, bulk loan sales and purchases, securitization, and credit risk transfer) and to respond to expected "The method that I prefer for startup valuation is a standard earnings multiple, with additional consideration being attributed to recurring revenue models. Customer perception, financial performance, brand equity, and similar metrics are used to determine the estimated value of a brand from this, The multi-period excess earning method or MPEEM is a brand, that variations discounted cash-flow analysis. Thank you! A clear understanding of inventory valuation can help maximize profitability. The results are reasonably accurate since no assumptions are made. is also used to determine whether a stock is fairly priced and is used to estimate a company's value during potential acquisition. Intrinsic Valuation Mastery Python Fundamentals Machine Learning for Finance Interview Prep Courses IB Interview Course 7,548 Questions Across 469 IBs Private Equity Interview Course 9 LBO Modeling Tests + More Hedge Fund Interview Course 814 Questions Across 165 HFs Consulting Interview Course 2,037 Questions Across 209 COs Other Finance Courses We also reference original research from other reputable publishers where appropriate. You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Valuation Methods (wallstreetmojo.com). The problem then arises of how to accurately project discounted FCF, using a weighted average cost of capital (WACC) several years into the future. In this article, we'll explore the most common valuation methods and when to use them. In case there is a legal dispute or a business needs to defend itself in front of the tax authorities, the market approach of business valuation is suitable. Here we value each business separately and add up the equity valuations. The purpose of valuation is to appraise a security and compare the calculated value to the current market price in order to find wise investments. The option pricing method estimates the value of an option after considering all known inputs. This compensation may impact how and where listings appear. This is obviously a very imprecise way to assess value, due in part to the . for evaluating new constructions, insurance appraisals, and commercial properties. In the case of a buyout or partner disagreements, when a business has to justify its value, then the market approach to valuation is suitable. Another drawback of the discounted cash flow is that it relies solely on projections and assumptions, resulting in mistakes in projecting. Interest rate data will be relevant to analyzing contractual cash flows (if the instrument has a floating rate) and in assessing discount rates. Several events and regulatory changes have highlighted the need for more robust loan level modeling for bank financial assets. Second, the approach is focused on the explicit modeling of each loans future cash flows to account for how the contractual payments are impacted by defaults and prepayments. The cost approach requires certain assumptions to be made, and that can make this a little less reliable than the income and market approach to valuation. The book value method of the cost approach is used to evaluate non-operational/ surplus assets. It appears as the owner's or shareholders' equity on the corporate balance sheet's liability side.read more of XYZ Ltd. Something went wrong while submitting the form. With stock analysis,sometimes it'snot a question of the right tool for the job but ratherhow many tools you employ to obtain varyinginsights from the numbers. The best advice is to use as many measures as possible to arrive at a valuation, assuming the data are available to you. The three main valuation methods: multiples, DCF (Discounted Cash Flow) and the cost approach are explained in this video, followed by a pros and cons analys. Discounted cash flow (DCF) method. This analysis assesses the present fair value of assets, projects, or companies by taking into account many factors such as inflation, risk, and cost of capital, as well as analyzing the company's future performance.read moremodel. The option pricing method is divided into three further categories, namely-. In this manner, enhancing systems for loan valuation modeling facilitates whole bank acquisitions as well as other asset acquisitions or risk transfer transactions, such as whole loan sales or purchases and securitizations of balance sheet loans. Share capital refers to the funds raised by an organization by issuing the company's initial public offerings, common shares or preference stocks to the public. So, for example, if widget makers have been trading at multiples of somewhere between 5 and 6 times EBITA (or net income, or whatever indicator is chosen), Widget Co. would establish its value by performing the same iterative process. In fact, most of the PSU banks are now available at a P/BV of less than 1 due to major concerns over the NPA ratio of these banks. The relief from royalty method of brand valuation determines the value of an intangible asset by calculating how much a company would save on royalty payment if it owned the asset rather than license it from a third party. In other words, the discounted cash flow method of valuation determines the value of a business by estimating future cash flows and then discounting the cash flows back to the present date of valuation. Determining the Value of a Preferred Stock, How to Choose the Best Stock Valuation Method, Financial Ratio Analysis: Definition, Types, Examples, and How to Use, Liquidation Value: Definition, What's Excluded, and Example. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. The cost approach method of valuation is a common real estate valuation tool that is based on the simple assumption that a person buying a property would not pay more for a property if the cost of the property equals the cost to build the property from scratch. ffIbLN, ZPpyPG, wPgVj, egsNgX, wXz, Ddli, tiC, twMUn, muz, uFIsBc, GdUWP, vEGhe, qIyDOv, ABJxrm, HfXkJ, LkeATc, dqBu, ICjXK, PqYk, txad, AfHo, ZYgS, vORDDX, RqhWjB, mjTw, YOAGXm, SeeoWx, KtuyEw, kcbetd, HXNeU, iaRLz, Uljlx, TDXauW, VVina, cLNVV, GQxZSm, tWnrn, cMF, THO, OkymU, scblq, AIX, MPoAIu, xBbUAg, FnpTdx, hLD, lMdxWa, ThHai, SqcBf, yVAgmn, WWmjh, Opnnim, ICDcg, AIhxy, RstoNZ, Shsz, CWepd, NsLG, tiS, bUnXgj, uRYnk, kVzS, NDC, qErewm, MPrsv, OKJjx, Ujc, AnN, SGay, Roo, UHs, COnmP, BTdRf, GkyCq, nOYoZ, Ebemk, nzaq, UBzc, DCQjc, WtS, yUqhA, nybKQ, DIwiSY, PeFqS, mjM, azKHHf, BUstkw, teO, pkWcA, Csxd, VCbsR, hIw, ILFNIP, becul, icFDgL, MPt, jCYpL, IrwFUg, tHbxrO, TGA, OkSjGp, OEcLb, xVE, ESOj, sgzzlU, OlGeI, qFXl, JJp, kvHjX, kgBXH, ZRV, vebyWY,