cleveland research company stock pitch 2016 entry

8/18/2019 Cleveland Research Company Stock Pitch 2016 Entry

1/24

Ejnvnjdcm Wnsndreh E`fpdcy Ut`eo Yateh 7942

Faehdnj Ornss | Caeh`jds Fnynrs`c | Cluync Cluync | K`snph \hatnsamn


2/24

@vnrvanw & ]hnsas

Acmustry Mycdfaes

Mravnrs & Lr`wth @pp`rtucatans

Rdjudta`c

Bacdj ]h`ulhts

Dppncmax


3/24

Acvnstfnct ]hnsas

@vnrvanw & ]hnsas Acmustry MycdfaesMravnrs & Lr`wth

@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts Dppncma

F`gajnyn C.R. as d tnehc`j`laedj jndmnr ac thn drnd `b s`btwdrn djl`rathfs dcm DMDU ehap tneh

tdoacl dmvdctdln `b thn rdpamjy lr`wacl usdln `b snjb-mravacl bndturns ac dut`f`gajns, dcm as p`

b`r buturn lr`wth mun t` buturn DNG rnlujdta`cs.

F`gajnyn hds d cufgnr `b sugstdctadj @NF e`ctrdets wath e`fpdcans sueh ds Lncnrdj

F`t`rs, Fatsugasha, H`cmd, Cassdc, dcm as snt t` tdon dmvdctdln ̀ b thn acerndsn ac mnfdcm

dut`c`fùs bndturns.

]hn ^catnm Utdtns Mnpdrtfnct `b ]rdcsp`rtdta`c dcm AAHU rnenctjy dccùcenm d pjdc t` f

dut`fdtae nfnrlncey grdoacl d stdcmdrm `c djj cnw vnhaejns gy 7977.

F`gajnyn hds d e`fpntatavn dmvdctdln mun t` thn qudjaty `b ats pr`muet dcm W&M, dcm hds

`pp`rtucaty t` acerndsn rnvncuns thrùlh fdcy mabbnrnct fdronts, sueh ds e`cstrueta`c

vnhaejns.

\n rne`ffncm F`gajnyn ds dGuy wath d 47 f`cth praen tdrlnt `b $


4/24

E`fpdcy @vnrvanw

E`fpdcyMnserapta`c

F`gajnyn C.R. pr`vamns afdln sncsacl dcm prènssacl

tnehc`j`ly b`r dut`f`tavn dppjaedta`cs.

]hn barf snrvns eust`fnrs w`rjmwamn.

E`rp`rdtn hndmqudrtnrs jèdtnm ac Knrusdjnf, Asrdnj

CQUN; FGJQ.

E`fpdcy@utj`ò

OnyUtdtastaes Yraen Ehdrt

F`gajnyn pa`cnnrnm thn usn `b f`c`Dmvdcenm Mravnr Dssastdcen Uystnfs

]hn barf as e`ctacuacl t` rnv`juta`cazdmmacl bndturns sueh ds actnjjalnct hnmnpdrturn wdrcacls, dcm e`jjasa`c wd

5=< edr f`mnjs t` hdvn F`gajnyn‑s Nactnlrdtnm ac 7942.


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhtsDppncma

Eurrnc t Yraen 5.<

794> Wnvncun 7=9.1F Mngt 9

Lr`ss Fdrlac 54% Edsh 1>.8F

NGA]MD Fdrlac 4=% Eurrnct Wdta` 2.8

Yr`bat Fdrlac 78% Tuaeo Wdta` >.>

Rdjun

Edpatdj Utrueturn

Fdront Mdtd

@pnrdta`cs

794> NYU

9

49

79

59

=9

>9

29


5/24

Fdcdlnfnct Marneta`c

Buturn L`djs

Dttdac bujj dut`c`fùs mravacl bndturns whajn rntdacacl thn

p`satavns `b thn hufdc njnfnct ac vnhaejn `pnrdta`c

Wnmuen hufdc edpatdj e`sts thdt drasn br`f f`t`r vnhaejn

erdshns

Wntdac eurrnct e`ctrdets wath jdrln dut`f`gajn

fdcubdeturnrs dcm ]anr4 e`fpntat`rs t` rnfdac e`fpntatavn

]nehc`j`laedj Dmvdcenfnct

Utrdtnlans ^sdln Mavnrsabaedta`c

]hn dgajaty b`r DMDU systnfs t` hdvacerndsacl pnrb`rfdcen dcm rnmueacl

^tajazn rdmdrs dcm jamdrs ac dmmata`c tt` afpr`vn pnrb`rfdcen dcm pr`lrnssdut`c`fùs vnhaejns

^sn j`w gdcmwamth fdppacl tnehc`jactnlrdtn LYU tnehc`j`ly act` dut`c`


@pp`rtucatans

Rdjudta`c &


^sacl er`wmsùreacl t` p`wnr fdppacl b`r dut`c`fùsmravacl, actnlrdtn j`w gdcmwamth prènssacl (WNF) act`

LF dcm R`joswdlnc vnhaejns

Nbbnetavnjy cnutrdjazns thn s`fnwhnrn/nvnrywhnrn trdmn`bb

(L``ljn fdppacl usns 4lg/of, WNF usns 49og/of? 497x

f`rn nbbaeanct)

Nxpdcsa`c `b sdbnty bndturns dcm DMDacmustradj vnhaejns

DMDU systnfs pursunm gy acsurdcenafpr`vnm mravnr raso dcdjysas


6/24

Acmustry @vnrvanw

Eurrnct ]rncms

Acerndsacl rnlujdta`cs `c bunj nbbaeancey, acbjuncen `c eruasne`ctr`j tnehc`j`lans

E`csufnr mdtd dvdajdgajaty mun t` thn usn `b sncs`rtnehc`j`ly

Halhnr e`st `b tnehc`j`ly ac vnhaejns (~5>%) mun t`acerndsnm mnfdcm b`r dut`c`f`us bndturns

Actnlrdta`c gntwnnc tnjnfdtaes bndturns dcm acsurdcene`fpdcans t` acerndsn l``m mravnr acenctavns

DMDU Dm`pta`c

Fdront Uhdrn (gdsnm `c fdront edp) \ajjaclcnss t` Wnpurehdsn


@pp`rtucatans

Rdjudta`c &


4>.=%

5>.7%4


7/24

Dut`c`fùs Bndturns

Acerndsacl Dbb`rmdgajaty Nbbnets

]anr4 Yr`vamnrs ]anr7 Yr`vamnrs

Dut`c`fùs bndturns ac vnhaejns `pnacmustrans t` acerndsn rnvncuns

F`gajn snrvaen pr`vamnrs, s`btwdrn bal`vnrcfnct


@pp`rtucatans

Rdjudta`c &


]anr7 pr`vamnrs sueh ds F`gajnyn supthdt as usnm t` actnlrdtn dut`c`fùs s

]anr7 e`fpntat`rs; Hnjjd, Guseh Jtm,

Gdrranrs t` nctry; F`gajnyn hds dc dmbuturn e`ctrdets, ndrjy nctry (F`gajnyvnhaejns sacen 799,999

$49,999

$4>,999$79,999

$7>,999

$59,999

$5>,999

]anr4 Yr`vamnrs drn acmarnet e`fpntat`rs wath ]anr7 pr`vamnrs

U`fn ]anr4 dcm ]anr7 fdcubdeturnrs pdrtcnr t`lnthnr b`r de`jjnetavn gncnbat

]anr7 fdcubdeturnrs nxpnrancen rdpam acerndsns ac raso whncfdront gne`fns e`fpntatavn mun t` thn cdturn `b thnar

gusacnss f`mnjs


8/24

Mravnrs

Y`wnrbuj ]nehc`j`ly

Edpatdj Utrueturn Uustdacacl Lr`wth


@pp`rtucatans

Rdjudta`c &


F`gajnyn‑s Uhanjm as thn f`st nbbnetavn DMDU edfnrd systnf`c thn fdront, mnsalcnm b`r jdrln e`ffnreadj vnhaejns

^tajazns pr`prantdry djl`rathfs, s`btwdrn, dcm vasudj edfnrdst` rnmuen rasos `b e`jjasa`cs

F`gajnyn‑s pr`muets drn thn bjdlshap pr`muets `b thn acmustry,dcm thr`ulh W&M, thny stdy ac d e`fpntatavn p`sata`c

F`gajnyn as mngt brnn, ds at m`ns c`t edrry sh`rt-tnrf `r j`cl-tnrf mngt

Gj``fgnrl jasts thn jaonjah``m ̀ b F`gajnyn‑s mnbdujt ̀ cjadgajatans ds 9.97%

Barf spneabae raso as halhnr thdc f`st (18.97%), gut edrransjattjn t` c` raso `b gdcoruptey

9%

79%

=9%

29%

89%

499%

479%

7947 7945 794= 794> 7942


9/24

Uustdacacl Lr`wth

Jnldj ]dajwacms Buturn @NF E`ctrdets & Jduc

@NF DF


@pp`rtucatans

Rdjudta`c &


^catnm Utdtns Mnpdrtfnct `b ]rdcsp`rtdta`c fdmn dlrnnfnctwath 79+ dut`f`gajn fdcubdeturnrs

Djj cnw vnhaejns fdcmdtnm t` hdvn dut`fdtnm nfnrlncey grdoacl gy 7977

DNG as halhjy mnpncmnct `c nbbnetavn DMDU systnfs

NynT4, NynT7, NynT5 sacljn edfnrd mnvnj`pfnct b`r jduceh jdtnr thas yndr,

dmmata`cdj bndturns

1 acc`vdtavn cnw bndturns t`tdj

E`ctrdetnm wath Duma, GF\, Eatr`nc,

9

>9

499

4>9

799

7>9

599

5>9

=99

=>9

7944 7947 7945 794= 794> 7942N 7949

29


10/24

U`fnwhnrn/Nvnrywhnrn ]rdmn`bb

‚U`fnwhnrn‖ ‚Nvnrywhnrn‖

F`gajnyn U`juta`c U`juta`c Jduceh


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts

Dppncma

‚U`fnwhnrn‖ wath bujj buceta`cdjaty, trdmn`bb as d jdrln rdcln`b fdppacl

Yr`gjnf snnc ac L``ljn dcm Gdamu‑s dut`c`fùs vnhaejntnehc`j`ly

5M mntdajnm fdps, acnbbaeanct gdcmwamth usdln (4lg/of)

‚Nvnrywhnrn‖ wath pdrtadj buceta`cdjatyfdppacl

Yr`gjnf snnc ac lncnrdj edr acmustry

J`w-rns (cdv) fdps u

W`dmsamn nxpnrancen fdcdlnfnct (WNF)

^tajazns er`wm-sùreacl `b rndj tafn mdtd b`r prneasnjèdjazdta`c

Nxtrnfnjy nbbaeanct, utajazns `cjy 49og/of `b mravacl

F`gajnyn t` jduceh WNF ac cnw Cas

Djs` w`roacl wath R̀ joswdlnc dcm L

Ab er`wm-sùrenm fdppacl as d sueensd burthnr e`fpntatavn nmln ac tnrfs `btnehc`j`ly, dcm acerndsacl buturn ne`


11/24

Uuppjy Ehdac

Uuppjanrs

Uuccy @ptaedj ]nehc`j`ly Lrùp, U]Faer`njnetr`caes

Utr`cl rnjdta`cshap wath suppjanrs? U]Faer`njnetr`caes dcmF`gajnyn hat thn 4,999,999th ucat s`jm gdeo ac 7947

Gj``fgnrl rnp`rtnm vnry j`w jnvnjs `b E@LU (9.79%)

Buturn Yr`muets

F`gajnyn Eust`fnrs Wnvncun & Lr`ss Yr`bat


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts

Dppncma

Duma, GF\, Eatr`nc, B`rm, LF, H`cmd, Hyucmda, Kdludr,

Cassdc, R̀ jv` drn kust d bnw `b thn fdk`r fdcubdeturnrs thdtF`gajnyn as jducehacl wath

F`gajnyn djs` snrvaens acmnpncmnct gusacnssns `c vnhaejntrdeoacl t` afpr`vn qudjaty e`ctr`j dcm deeùctdgajaty

NynT4

Jdcn mnpdrturn wdrcacl, actnjjal

NynT7 & NynT5

Jdcn onnpacl dcm supp`rt, trdbbab`rwdrm e`jjasa`c wdrcacl, hndmwt` rdmdr, pnmnstradc mntneta`c wddmdptavn eruasn e`ctr`j, j`w spnn

9

>9

499

4>9

799

7>9

599

7944 7947 7945


12/24

Acvnct`ry

Wasn ̀ b Acvnct`ry Dldacst Udjns Wnvncun Assuns/Gncnbats ̀ b Wasacl Acvnc

NynT Ehap Lr`wth Wdta`s

F`gajnyn tncms t` upmdtn ats tnehc`jàcvnct`ry as djj`wnm t` deeufujdtn t`

j`ssns mun t` `gs`jnsencen

\ath dc acerndsacl dfùct `b e`ctrdee`csufnr mnfdcm, d rasacl acvnct`rybujbajj sdjns


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts

Dppncma

- -

499.9

799.9

599.9

=99.9

>99.9

299.9

7947 7945 794= 794> 7942N 794

Wnturc `c dssnts; 1.>8%

Wnturc `c nquaty; 4>.9=%


13/24

DF

Dbtnrfdront Dmm-`cs

F`gajnyn snjjs acmavamudj f`c`-edfnrds thdt dttdeh t`

mdshg`drms b`r e`csufnrs

Ace`rp`rdtns s`fn `b thn bndturns `b thn NynT (pnmnstradc

e`jjasa`c wdrcacl, jdcn mnpdrturn, b`rwdrm e`jjasa`c wdrcacl,

hndmwdy f`cat`racl, actnjjalnct halh gndf, spnnm jafat

acmaedta`c)

Ufdrtph`cn Actnlrdta`c

F`gajnyn >-Unrans Lr`wth

48< fajja`c pn`pjn `wc d sfdrtph`c

Gy actnlrdtacl s`fn `b thn bndturns acF`gajnyn as ldacacl dc dmmata`cdj strn

p`ssagjn sustdacnm lr`wth

]hn barf edc rnjndsn bndturns b`r sdjnwhaeh rnsujts ac d j`wnr E@LU dcm jd


@pp`rtucatans

Rdjudta`c &

Bacdj ]h`ulhts

Dppncma

Dbtnrfdront rnvncuns drn rnjdtavnjy srnvncuns, gut lr`wth edc gn sustdacnmsdjns ehdccnjs sueh ds thn sfdrtph`c

^tajazns d sacljn edfnrd

E`ccnets vad Gjunt``th t` sfdrtph`cns

Ncdgjns e`csufnrs t` nxpnrancen gncnbats ̀ b F`gajnyn‑s pr`muets wath`ut guyacl d cnw vnhaejn


14/24

Yr`kneta`cs

Wnvncuns Fnntacl thn Yr`kneta`cs

Yr`knetnm Wnvncuns Yr`knetnm Cnt Ace`fn

Ab thn dut`fdtae nfnrlncey grdoacl rdut`f`tavn acmustry, thnc ats j`cl tnrf

H`wnvnr, ab d e`fpntat`r rasns dcm asthn lr`wth rdtn as ucrndjastae ds acerndthdt jnss `b thn acmustry lr`wth wajj l


@pp`rtucatans

Rdjudta`c &

Bacdj ]h`ulhts

Dppncma

F`gajnyn‑s pr`kneta`cs stdtn thdt thn fdcdlnrs gnjanvn thdt at

wajj nxpnrancen =9% dcm =99.9

4,999.9

4,>99.9

7,999.9

7,>99.9

7942N 794


15/24

U\@] Dcdjysas

Utrnclths \ndocnssns

@pp`rtucatans ]hrndts

E`fpntat`rs drn pdrtcnrs? ab thny erndsystnfs thnfsnjvns, F`gajnyn wùjm

M`nsc‑t ̀ wc d rndj gdrranr dldacst ̀ th


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts

Dppncma

Mngt-brnn edpatdj strueturn

Bjdlshap DMDU pr`muet

E`ctrdets wath jdrln dut`f`gajn e`fpdcans C` eurrnct qudjaty e`fpntata`c

E`fpntat`rs drn djs` pdrtcnrs

Dut`fdtae Nfnrlncey Grdon rnlujdta`c ac thn buturn

Ufdrtph`cn e`ccnetavaty Er`wmsùreacl ― fdppacl fnth`m

]anr4 barfs mnvnj`pacl thnar ̀ wc DM

cnnmacl F`gajnyn dcyf`rn E`fpntata`c drasacl ds lr`wth as t``

dttncta`c Bujjy dut`c`fùs vnhaejns gy e`fpd


16/24

Rdjudta`c

E`fpdrdgjns Dcdjysas B``tgdjj Banjm Rdjudta`c

MEB (Ynrpntuaty & Nxat NGA]MD Fujtapjn) Uncsatavaty Dcdjysas


@pp`rtucatans

Rdjudta`c &

Bacdj ]h`ulhts

Dppncma

NR/NGA]MD fujtapjn usnm t` mnravn dc afpjanm shdrn praen

Afpjanm shdrn praen rdclnm br`f $=>.2< - $14.>9 (47.2

=8.<

75.><

=>.2<

9.9 >9.9

MEB Rdjun dt 7.>%-=.>% Ynrpntuaty Wdcln

MEB Rdjun dt x-44.>x NGA]MD Fujtapjn

Gndr Fdront MEB

Gdsn Edsn MEB

Gujj Fdront MEB

>7 \nno Fdront Halh/J`w

E`fpdrdgjns Dcdjysas

\DEE ̀ b 8.7% utajaznm

Ynrpntuaty lr`wth dssufnm t` gn 5.>%

NGA]MD Nxat Fujtapjn edjeujdtnm ds 1.>x

$15.>> 7.>% 5.9%

49% >8.> 27.7

1% 28.2 % 419. > 752.4

Nquaty vdjun pnr

J`cl tnrf lr`w

\D

E

E

$>1.7< x 8.>x

49% =>.1 >9.2

1% =7.2

8% =1.< >=.8

4.< >5.8 >1.=

>% >2.4 24.1

\

D

E

E

Nquaty vdjun pnr

Nxat NGA]MD F


17/24

Rdjudta`c (e`ct.)

Ynrpntuaty Lr`wth Fnth`m NGA]MD Nxat Fujtapjn Fnth`m

Edjeujdta`c ̀b \DEE E`fpdrdgjns Dcdjysas


@pp`rtucatans

Rdjudta`c &

Bacdj ]h`ulhts

Dppncma

Ynrpntuaty dppr`deh

^cjnvnrnm BEB ac jdst b`rnedst pnra`m (t) 4,599

BEBt+4

4,5=2

J`cl tnrf lr`wth rdtn (l) 5.>%

]nrfacdj vdjun 78,51>

Yrnsnct vdjun ̀ b tnrfacdj vdjun 41,>5<

Yrnsnct vdjun ̀ b stdln 4 edsh b j̀ ws 7,7=2

Nctnrprasn vdjun 74,x

Nxat NGA]MD fujtapjn dppr`deh

]nrfacdj yndr NGA]MD

]nrfacdj vdjun NGA]MD fujtapjn

]nrfacdj vdjun

Yrn sn ct vdj un ̀ b tn rfa cdj vdj un

Yrnsnct vdjun ̀ b stdln 4 edsh b j̀ ws

Nctnrprasn vdjun

Afpjanm ]R pnrpntudj lr`wth rdtn

NR/NGA]MD

J`w Fndc Fnm

2.8x 49.5x

Afpj anm Uhdrn Yraen $=>.2< $25.59

^psamn 4%

Mngt dcm nquavdjncts 9

Mngt ds d % `b t`tdj edpatdj 9%

Waso brnn rdtn 4..99%

Nquaty ds % `b t`tdj edpatdj strueturn 499%

E`st `b edpatdj (\DEE) 8.7%


18/24

Bacdj ]hùlhts


@pp`rtucatans

Rdjudta`c &

Bacdj ]hùlhts

Dppncma

F`gajnyn C.R. as d tnehc`j`laedj jndmnr ac thn drnd `b s`btwdrn djl`rathfs dcm DMDU ehap tneh

tdoacl dmvdctdln `b thn rdpamjy lr`wacl usdln `b snjb-mravacl bndturns ac dut`f`gajns, dcm as p`

b`r buturn lr`wth mun t` buturn DNG rnlujdta`cs.

F`gajnyn hds d cufgnr `b sugstdctadj @NF e`ctrdets wath e`fpdcans sueh ds Lncnrdj

F`t`rs, Fatsugasha, H`cmd, Cassdc, dcm as snt t` tdon dmvdctdln ̀ b thn acerndsn ac mnfdcm

dut`c`fùs bndturns.

]hn ^catnm Utdtns Mnpdrtfnct `b ]rdcsp`rtdta`c dcm AAHU rnenctjy dccùcenm d pjdc t` f

dut`fdtae nfnrlncey grdoacl d stdcmdrm `c djj cnw vnhaejns gy 7977.

F`gajnyn hds d e`fpntatavn dmvdctdln mun t` thn qudjaty `b ats pr`muet dcm W&M, dcm hds

`pp`rtucaty t` acerndsn rnvncuns thrùlh fdcy mabbnrnct fdronts, sueh ds e`cstrueta`cvnhaejns.

\n rne`ffncm F`gajnyn ds dGuy wath d 47 f`cth praen tdrlnt `b $


19/24

Dppncmax


20/24

Ace`fn Utdtnfnct


@pp`rtucatans

Rdjudta`c &


F`gajnyn Hast`raedj dcm Yr`knetnm BacdceadjsAce`fn Utdtnfnct

($ ac fajja`cs)

7944 7947 7945 794= 794> 7942N 794 2 < 8 1 49

Wnvncun

@NF 47.> 7=.7 =.> 7=5.9 792.5 48>.9 >

Lr`ss Fdrlac (%) 2=% )

]`tdj @thnr Ldacs & J`ssns (9.8) 7.4 5.9 (7.9) 7.9 4.5 4.> 4.2 4.8

Yrn-]dx Ace`fn (45.4) 9.5 41.4) (=.=) (42=.7) (5

Cnt Ace`fn (45.>) (9.9) 79.4 (59.4) 28.> 474.5 7=5.9 =79.9 1.9 4,=

C`tns

E`rp`rdtn ]dx Wdtn 7=.9% 7>.9% 7>.9% 72.>% 7% 78.>%

Basedj Qndr Ncmacl Mnenfgnr 54st


21/24

Gdjdcen Uhnnt


@pp`rtucatans

Rdjudta`c &


F`gajnyn Hast`raedj dcm Yr`knetnm BacdceadjsGdjdcen Uhnnt

($ ac fajja`cs)

7947 7945 794= 794> 7942N 794 2 < 8 1 49

Dssnts

Eurrnct DssntsEdsh & Edsh Nquavdjncts 4>.9 7.< 774.> =.1 1=>.< 4,1.= 497.= 48=.> 572.5 >87.2 4,928.>

Dee`ucts Wnenavdgjn 4>.8 75.< 78.4 55.= 58.< ==.9 =1.5

C`tns Wnenavdgjn 9.9 9.9 9.9 9.9 9.9 9.9 9.9 9.9 9.9

Acvnct`rans 1.5 44.= 4) (4.1) (=.2)

@thnr Eurrnct Dssnts 5.9 =.4 44.> 4=.8 41.4 75.5 7>.5 =48.5 715.5 =29.8 191.4 4,.< 8.8 44.9 42.< 59.= >=.4 1=4.7 2=1.>

@thnr C`c-Eurrnct Dssnts >.7 .1 7 =5.7 4.4 4.2 =4.< 27.4 1=.5 4>8.7 725.7 ==2.<


22/24

Utdtnfnct `b Edsh Bj`ws


@pp`rtucatans

Rdjudta`c &


F`gajnyn Hast`raedj dcm Yr`knetnm BacdceadjsUtdtnfnct `b Edsh Bj`ws

($ ac th`usdcms)

7944 7947 7945 794= 794> 7942N 794 2 < 8 1 49

Edsh Bj`ws br`f @pnrdtacl Detavatans

Ndrca cls br`f E`cta cua cl @pnrdta c̀s (45, >99) (9) 79,499 (59,98=) 28,=>9 474,599 7=5,999 =41,1>1 1,97> 4,=58,8>1

Dmkustfncts t` rne`ceajn cnt ace`fn;Mnprneadta`c 4,959 4,7>9 4,219 7,>>4 5,547 5,,=82 2,94 884 4,591 4,>97 4,=1<

Deerunm snvnrdcen pdy 4,95< 7,2=2 5,>=2 7,881 7,>17 7,>11

J`ss (ldac) br`f fdrontdgjn sneuratans 4,451 544 455 ) (17,958) (4>2,2>2) (782,74=)

@thnr J] dssnts (121) (4,4=2) (4,7=4) (4,=29) (4,7 4,9>1 (>8>) (7,>82) (>,85= 47>,59) (4,>59) (7,>19) (>,589) (>,988) (2,9=>) (8,42=) (47,775) (79,527)

Yurehdsn /Udj n ̀ b Acvnstfncts 199 5,779 (=,249) 4=,229 (=>2,749) (48>,4>2) ( 4


23/24

Maseùctnm Edsh Bj`w Dcdjysas


@pp`rtucatans

Rdjudta`c &


F`gajnyn Hast`raedj dcm Yr`knetnm BacdceadjsMaseùctnm Edsh Bj`w Dcdjysas

($ ac fajja`cs, nxenpt b`r shdrn mdtd)

Lncnrdj Dssufpta`cs

Uhdrn praen ds ̀ b jdst ej`sn $51.94

Jdtnst ej`sacl shdrn praen mdtn =/44/7942

Jdtnst gdsae shdrn eùct 742. 7942N 794 47/54/7942 47/54/794< 47/54/7948 47/54/7941 47/54/7979

NGA]MD (45.4) 9.5 4 14.9% 7>.9% 72.>% 7% 78.>% 78.>%

NGAD] (C@YD]) (49.>.8 47 79=.1 52>.9 2>2.7 4,7=9.>

Mnprneadta`c = = > > 2

Nxehdcln rdtn mabbnrncens 7 4 4 7 4

Deerunm snvnrdcen pdy = = 5 5 5

J`ss (ldac) br`f fdrontdgjn sneuratans 9 4 9 9 9

J`ss (ldac) br`f snvnrdcen pdy bucm 9 9 9 9 9

Uhdrn-gdsnm e`fpncsdta`c 42< 77> 784

Ehdclns ac dssnt dcm jadgajatans; 9 9 9 9 9

]rdmn deeùcts rnenavdgjns, cnt () (>8) (17) (4>


24/24

E`fpdrdgjns Dcdjysas


@pp`rtucatans

Rdjudta`c &


DMDU ]nehc`j`ly Barfs - Dut` Ydrts

E`fpdcy Cdfn ]aeonrNxehdcl

n

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s Yraen/G``o NR/NGA]MD NR/Udjns

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Mnjpha MJYH CQUN $ 4>.7 4=.5x 1.9x 1.>x 4.2x $>.92 $2.9= 49.5x

Dut`jav DJR CQUN $447..5% 1.1 49.4 4.4 1.7 74.8x 7.8x 1.9x 4.4x $>.4< $2..7x

E` cta cn ctdj D ut`f` ta vn E@C .MN XN]WD $747.24 89. =>.8 2.< =5.5 4=.4x 5.4x 2.8x 4.4x $4>.45 $4.7 5 41.>x 5.x =.5x $7.9< $7.== 4=.=x

Dcsys, Ace. DCUU CDUMDT $82.>< 88.9% x 4>.1x x 5.>x 1.>x 4.2x $>.92 $2.9= 4=.=x

88.9% =7.> =>.8 2.< 5 74.8x 5.x =.5x $>.4< $2..7x

NR/NGA]MD

J`w Fndc Fn madc Halh

2.8x 49.5x 1.>x 4>.1x

Afpjanm Uhdrn Yraen $=>.2< $25.59 $>1.7< $14.>9

^psamn 44.1% 45=.2%

(ac gajja`cs)

4st Tudrtajn

Fndc

Fnmadc

5rm Tudrtajn

cleveland research company stock pitch 2016 entry

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