NASDAQ: MGIC MAGIC SOFTWARE ENTERPRISES LTD. By: Sameer Kaul (
[email protected]) SNAPSHOT
INVESTMENT THESIS
All data in USD Millions
Price($/sh.) # of Shares O/S Market Cap
6.4 44 283
Operational Metrics
Revenue – LTM EBITDA – LTM Net Income – LTM Cash+CE- Q115 Free Cash Flow - Q414
164 31 15 88 7
Ratios
Gross Margin % EBITDA % Net Income %
38.7% 18.9% 9.3%
Valuation Metrics
Enterprise Value BVPS EV/Revenue –LTM EV/EBIT–LTM P/E–LTM P/BV–LTM Dividend Yield Source: Capital IQ
TARGET PRICE: None Date: Aug 1st, 2015
203 4.15 1.2x 6.6x 18.8x 1.5x 3.4%
Magic Software Enterprises Ltd. (“Magic” or the “Company”) presents an exciting opportunity to acquire shares of a leading enterprise application development, and process integration company at a discounted price. Based on my analysis, I believe the company is available at a steep discount to its intrinsic value driven by strong fundamentals, ~$2/share cash, and a strong dividend yield. I have not assigned a target price to the company as I believe the intrinsic value of the stock can be realized by external factors. In 2013, the company completed its vertical integration strategy to become an endto-end solution provider in the SaaS segment. The company is at inflection point and 2015/16 can prove to be the take-off years for the firm. Below are several catalysts that may drive the stock price upwards over the next 18 months: 1. Transitioning of Core Business into an End-to-End solutions provider: The company is poised for organic growth as it completed its vertical integration strategy through M&A. 2. Intrinsic Value Discount: Analyzing the current market price as the sum of cash, dividends, and growth potential shows the intrinsic value discount at which Magic is currently available. 3. Margin of Safety: The current discount to intrinsic value and a strong dividend yield present an extremely favorable risk reward investment opportunity.
BUSINESS Magic Software Enterprises Ltd. is a provider of application development, business process integration, and selected vertical software solutions and related professional services. The company is also a vendor of information technology (IT) outsourcing services. The company operates through two business segments: software services and IT professional services. The software services segment includes software technology and complementary services. The IT professional services segment offers IT services in the areas of infrastructure design and delivery, application development, technology planning and implementation services, and communications services and solutions. The software services segment has a product portfolio which includes Magic’s proprietary software platforms and software products. The software products account for 30% revenue and the remaining revenue is generated by software product related services and other IT software services. Software Platforms Magic xpa Application Platform This platform is a metadata driven app platform, which provides a simple, code-free and cost-effective development and deployment environment that lets organizations and MSPs quickly create user-friendly, enterprise-grade, multi-channel mobile and desktop business apps. Appbuilder Application Platform Magic acquired this platform in December 2011 and it serves as a development environment used for managing, maintaining and reusing complicated applications needed by large businesses. It provides the infrastructure for enterprises across several industries, with applications running millions of transactions daily on legacy systems. Magic xpi Integration Platform This platform is a graphical, wizard-based code-free solution delivering fast and simple integration and orchestration of business processes and applications. Software Solutions Leap – offered by subsidiary FTS, this is a proprietary comprehensive core software solution for BSS, including convergent charging, billing, customer management, policy control and payment software solutions for the telecommunications, content, Machine to Machine/Internet of Things or M2M/IoT, payment and other industries. Hermes Solution – offered by subsidiary, Hermes Logistics Technologies Ltd., this is a proprietary comprehensive core software solution for both hubs and traditional air cargo ground handling operations. HR Pulse – offered by subsidiary, Pilat Inc., this is a customized SaaS and on premise solution for HCM. MBS Solution – offered by subsidiary, Complete Business Solutions Ltd., this is a proprietary comprehensive core system for managing TV broadcast channels Competition The markets for Enterprise Mobility Solution, Magic xpa and Magic xpi platforms are characterized by rapidly changing technology, evolving industry standards, frequent new product introductions, mergers and acquisitions, and rapidly changing customer requirements. With Magic xpa, the company competes in the application platform, SOA architecture and enterprise mobility markets, which includes competitors like Kony, IBM, Microsoft, Adobe, Oracle, SAP Sybase and Antenna Software/Pegasystems. With Magic xpi, they compete in the integration platform market, which include IBM, Informatica, TIBCO, and Software AG. There are several similar products in the market utilizing the model driven architecture, or MDA, approach utilized by AppBuilder. The market for this type of platform is highly competitive. Companies such as CA and IBM have tools that compete directly with AppBuilder. In the telecom BSS domain, which includes the global billing, charging and policy control market, they compete against global IT providers and the in-house IT departments of telecommunications operators like Amdocs, Ericsson, Comverse, NetCracker Technology, CSG Systems, Redknee Solutions and Oracle Communications. There are also a number of smaller or regional telecom BSS such as Comarch, Mind CTI, Tecnotree, Cerillion, Openet and Elitcore, among others.
Customers Magic xpa, Magic xpi and AppBuilder technologies are used by a wide variety of developers, integrators and solution providers, that can generally be divided into two sectors (i) those performing in-house development (corporate IT departments), and (ii) MSPs, including large system integrators and smaller independent developers, and VARs that use our technology to develop or provide solutions to their customers. MSPs who are packaged software publishers use our technology to write standard packaged software products that are sold to multiple customers, typically within a vertical industry sector or a horizontal business function. Below is a sample of customers who are catered by Magic Enterprises.
Management & Ownership Magic is led By Guy Bernstein, who serves as the CEO of the company. Magic is owned 45% by Formula systems, which in turn is owned around 45% by Asseco, the polish IT services giant. Guy also serves as the CEO of Formula systems. The management team has significant experience in the industry and being backed by Formula and Asseco gives significant stability to the company in terms of decision making and following best practices.
INVESTMENT THESIS & RISKS Investment Thesis 1. Transitioning of Core Business as an End to End solutions provider Magic software was founded in 1983 and became listed on NASDAQ in 1991 and on TASE in 2000. It started out as a software services company. Till 2010, Magic was very focused on providing ancillary IT services and the revenues from proprietary products were primarily driven by its Magic xpa platform. In 2011, the company decided to expand its product portfolio and strategically move towards becoming an end to end solutions provider. With a spree of acquisitions from 2011-15, the company embarked upon strong inorganic growth path adding the integration and app builder platforms. Additionally, the company also realized the importance of wallet share concept and began to add software products which they can sell directly to the end user. Hence, not only is Magic now providing the platform to build such applications, it also sells to its customers the actual applications itself. By doing this the company was better able to appreciate the end user requirements and modify its current platform offering to better suit the needs of the end user. Further, with the addition of software products, the company was also able to expand its gamut of IT services offered alongside the products. Revenues from IT services are sticky and recurring in nature, thus adding to the growth of the company faster. The actions resulted in a 17% CAGR in revenues and 13% CAGR in Earnings from 2011- 2014. The company has also brought in strong cash discipline, keeping expenses under control and a unique acquisition strategy, whereby most acquisitions are financed entirely by annual operating cash flow.
Magic Software Timeline 180 160
• Inorganic Growth Strategy • Transitioning business to be an End to End solutions provider
140
Revenues ($mm)
120
100 80 60 - Acquired Magix Integration, AppBuilder platform, Complete Business Solutions, Valinor, Allstates - Upgraded Magic Xpi Integration Platform
40 20 0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: Capital IQ
2. Intrinsic Value Discount Magic Software, at a current market cap of $283mm or $6.4/share presents a very unique value proposition. To understand the intrinsic value of the company, we split the current valuation of the company in three parts: a. Cash value in the company: As per the latest reported earnings, the company has around $88 million of cash and cash equivalent on its books. This cash is equal to $2/share. This cash pile has been constantly growing for the last 4-5 years and is net of all the cash used for acquisitions and dividend distributions. The company has also instituted a very strong cash discipline, whereby all the acquisitions are financed by the annual operating cash flow. See table below for trend:
2010 14.4 (0.6) (12.0) 2.4
Op. Cash Flow Capex Capex + Acq Free Cash Flow
2011 15.2 (0.5) (24.1) (8.9)
2012 22.9 (0.5) (8.1) 14.8
2013 22.3 (0.5) (17.1) 5.2
2014 18.2 (1.0) (10.4) 7.8
With a strong cash pile on the books, growing operating cash flow and tight acquisition financing strategy, I believe the management will eventually need to return this cash to shareholders either by way of special dividends or stock buyback. Since, Formula systems is a majority shareholder in the company, it may be difficult to force the management to return this cash. However, the management recognizes the drag cash is causing on the RoE of the company. Further, the company has zero debt and based on its operating parameters, it has significant capacity to raise debt to finance a bigger acquisition. Given these considerations, the management has enough room to either return the cash to the shareholders or make bigger acquisitions, thus fueling the growth. In either case, the P/E of the stock should get re-rated due to improved RoE’s or stronger growth. b. Dividend value in the company: One of the overlooked value parameters for Magic is certainly its dividend distribution policy. In simple terms, dividend paid by a company is the most certain form of cash flow a shareholder earns by investing in a stock. In the case of Magic, after years of not paying any dividend, the company started to pay out dividends from 2012, with a recent policy to distribute a dividend up to 50% of the annual distributable profits each year. Given the growing earnings and a strong cash position, one can only expect the company to give out increasing dividends each year. Using the dividend discount model for perpetuity, a simple calculation yields a value of $2/share attributable to dividends alone. c. Growth Value in the company At current market price of $6/share, the growth value of Magic attributed by the market is about $2/share. This makes me now question if $2/share or $88million is true valuation of the growth prospects of the company. This is where I believe, Magic offers a truly stupendous intrinsic value discount. At an $88 million growth value, the implied growth P/E of the company is ~ 6x. For a company with sales CAGR (2010-14) of 17% and earnings CAGR (2010-14) of 13%, it is an extremely low premium for growth. Further, the IT services industry globally has been growing aggressively and with the onset of new technologies, the breadth and depth of industry has only grown. Lastly, it is only recently that Magic has consolidated its business and is now poised for faster growth. Given all these factors, I believe $2/share is an extremely low valuation of the growth option in the business. $6
$2
$2
$2
Current Price/Share
Cash/Share
Dividend Value/Share
Growth/Share
3. Margin of Safety Magic’s current valuation allows the investor to buy the stock at an extremely favorable risk reward ratio. While, the intrinsic value discount argument would make us buy the company to realize future gains, the margin of safety in Magic, allows us protect our downside in this investment. To explain this margin of safety, I ran a sensitivity analysis on the current market cap of the company under various operating metrics scenarios. I particularly focused on Net Income margins, Revenue growth, and EBITDA margins. By focusing on these metrics, I was able to establish the downside risk we entail by investing in Magic. As we see from the table below, only a small section (highlighted in orange) of the sensitivity table shows a loss scenario, given we invest at current valuations ($283 mm market cap).
Market Cap Senstivity Analysis EV/Revenue 283.5 1.00x 1.25x 1.50x 1.75x 2.00x 3% 249.8 292.1 334.4 376.7 419.0 6% 254.7 298.3 341.8 385.4 428.9 9% 259.7 304.4 349.2 394.0 438.8 12% 264.6 310.6 356.6 402.6 448.6 15% 269.5 316.8 364.0 411.2 458.5 18% 274.5 322.9 371.4 419.9 468.3 Market Cap Senstivity Analysis EV/EBITDA 282.2 4x 6x 8x 10x 12x 15% 183.6 235.2 286.7 338.2 389.7 17% 197.4 255.8 314.2 372.5 430.9 19% 211.1 276.4 341.6 406.9 472.2 21% 224.8 297.0 369.1 441.2 513.4 23% 238.6 317.6 396.6 475.6 554.6 25% 252.3 338.2 424.1 509.9 595.8
Source: Proprietary Research |
2.25x 461.4 472.4 483.5 494.6 505.7 516.8
14x 441.2 489.3 537.4 585.5 633.6 681.7
: Current Multiples/Margins
Net Income Margin
30x 360.7 463.7 566.8 669.8 772.9 875.9
Revenue Growth
Market Cap Senstivity Analysis P/E Multiple 283.8 15x 18x 21x 24x 27x 7% 180.3 216.4 252.5 288.5 324.6 9% 231.9 278.2 324.6 371.0 417.3 11% 283.4 340.1 396.7 453.4 510.1 13% 334.9 401.9 468.9 535.8 602.8 15% 386.4 463.7 541.0 618.3 695.6 17% 438.0 525.5 613.1 700.7 788.3
EBITDA Margin
EBITDA Margin
Revenue Growth
Net Income Margin
Additionally, I also performed a comparable multiples valuation. Please refer to exhibit II for results. It is evident that Magic is trading a steep discount to its peers even at current valuation. The lowest implied value from the comp group is $9/share (50% upside) and the mean valuation is $18/share (200% upside). This clearly gives us the confidence to invest in Magic and expect relatively less capital loss in adverse scenarios.
7% 9% 11% 13% 15% 17%
Upside Potential P/E Multiple 15x 18x 21x 24x 27x 30x -36% -24% -11% 2% 15% 27% -18% -2% 15% 31% 47% 64% 0% 20% 40% 60% 80% 100% 18% 42% 65% 89% 113% 136% 36% 64% 91% 118% 145% 173% 54% 85% 116% 147% 178% 209%
3% 6% 9% 12% 15% 18%
Upside Potential EV/Revenue 1.00x 1.25x 1.50x 1.75x 2.00x 2.25x -12% 3% 18% 33% 48% 63% -10% 5% 21% 36% 51% 67% -8% 7% 23% 39% 55% 71% -7% 10% 26% 42% 58% 74% -5% 12% 28% 45% 62% 78% -3% 14% 31% 48% 65% 82%
15% 17% 19% 21% 23% 25%
Upside Potential EV/EBITDA 4x 6x 8x 10x 12x 14x -35% -17% 1% 19% 37% 56% -30% -10% 11% 31% 52% 73% -26% -3% 21% 44% 67% 90% -21% 5% 30% 56% 81% 107% -16% 12% 40% 68% 96% 124% -11% 19% 50% 80% 110% 140%
Risks Investment in Magic Software stock comes with some risks. However, I believe that none of these risks are systemic and uncertain. Management Overhang Since, Formula system owns about 45% of the company, one could expect the management to be less bothered about the minority shareholder. Further, any activist or shareholder coordinated action is hard to push through the management because of their significant ownership. However, since management has such a major stake in the company, they are focused on delivering good results and take actions that benefit the shareholder the most. Industry Headwinds The IT services industry is a subset of the technology sector and is dependent upon the performance of the sector as a whole. Recently, a lot of tech startups have attracted funding and there is general fear/suspicion that we may be in a tech bubble. Given such fears come true, the tech industry could take a hit on the valuations. However, the recent tech boom is not fueled by the public markets and most of the funding has been made available from VC/PE platforms. Also, we haven’t seen a huge number of tech listings in the recent past, thereby limiting the downside exposure of tech sector in the publically listed space. FX Fluctuations Magic operates in a number of countries with significant presence in US, Europe and emerging markets. The recent dollar strengthening and weakening of Euro & EM currencies has impacted the earnings of the company. FX fluctuations have also been a persistent problem for the firm in the past. The management recognizes this issue and has been actively trying to stabilize earnings and minimizing the FX volatility.
EXHIBIT I: Trading Multiples Company Comp Set Com pany Nam e
TEV/Total Revenues LTM 2.9x 3.2x 4.2x 8.5x 1.5x 4.1x
TEV/EBITDA LTM Latest 24.0x 25.1x 23.4x 37.9x 9.2x 14.6x
1.2x
6.5x
High
TEV/Total Revenues LTM 8.5x
TEV/EBITDA LTM Latest 37.9x
Low
1.5x
9.2x
12.4x
27.9x
6.6x
Mean
4.1x
22.4x
28.6x
50.1x
10.7x
Median
3.6x
23.7x
28.8x
47.2x
9.4x
High
1,396.6
1,170.3
940.4
Low
245.0
283.6
276.1
Mean
667.1
691.0
635.3
Median
595.1
732.4
638.5
88.5
88.5
88.5
3.3
3.3
3.3
- Total Pref. Equity
-
-
-
- Minority Interest
4.58
4.58
4.58
High
1,477.1
1,250.9
1,021.0
1,117.68
1,944.7
Low
325.5
364.2
356.6
421.28
637.59
Mean
747.7
771.6
715.9
756.92
1,034.44
Median
675.7
813.0
719.0
712.46
904.76
/ Shares Outstanding
44.22
44.22
44.22
44.22
44.22
High
33.4
28.3
23.1
25.27
43.97
Low
7.4
8.2
8.1
9.53
14.42
Mean
16.9
17.4
16.2
17.12
23.39
Median
15.3
18.4
16.3
16.11
20.46
Pegasystem s Inc. (NasdaqGS:PEGA) Sapiens International Corporation N.V. (NasdaqCM:SPNS) Inform atica Corporation (NasdaqGS:INFA) Tyler Technologies, Inc. (NYSE:TYL) CSG System s International Inc. (NasdaqGS:CSGS) Synchronoss Technologies, Inc. (NasdaqGS:SNCR)
Magic Softw are Enterprises Ltd. (NasdaqGS:MGIC) Sum m ary Statistics
TEV/EBIT LTM P/Diluted EPS Latest Before Extra LTM 34.7x 68.3x 30.8x 36.2x 26.8x 49.3x 42.4x 74.0x 12.4x 27.9x 24.7x 45.1x
9.0x
P/TangBV LTM Latest 9.4x 6.6x 10.1x 20.2x NM 7.4x
18.6x
2.9x
TEV/EBIT LTM P/Diluted EPS Latest Before Extra LTM 42.4x 74.0x
P/TangBV LTM Latest 20.2x
Im plied Enterprise Value
+ Total Cash & ST Investm ents - Total Debt
= Im plied Equity Value
= Im plied Price per Share
Mean Equity Value Across Multiples
Equity Value
Price Per Share
High
1,362.29
30.8
Low
421.05
9.52
Mean
805.31
18.21
Median
764.99
17.3
EXHIBIT II: Key Financials Key Financials¹
12 m onths Dec-31-2010A USD
12 m onths Dec-31-2011A USD
12 m onths Dec-31-2012A USD
12 m onths Dec-31-2013A USD
12 m onths Dec-31-2014A USD
LTM² Press Release 12 m onths Mar-31-2015A USD
12 m onths† Dec-31-2015E USD
12 m onths Dec-31-2016E USD
Total Revenue Growth Over Prior Year
88.6 60.0%
113.3 27.9%
126.4 11.5%
145.0 14.7%
164.3 13.3%
163.7 7.3%
171.75 4.53%
191.85 11.71%
Gross Profit Margin %
37.1 41.9%
46.1 40.7%
53.0 41.9%
59.1 40.7%
64.6 39.3%
63.4 38.7%
40.20%
40.80%
EBITDA Margin %
13.9 15.7%
19.8 17.4%
23.9 18.9%
27.5 19.0%
29.4 17.9%
30.9 18.9%
-
-
EBIT Margin %
9.3 10.5%
14.7 13.0%
16.4 13.0%
19.1 13.2%
20.7 12.6%
22.2 13.5%
28.45 16.57%
30.5 15.90%
Earnings from Cont. Ops. Margin %
9.4 10.6%
15.3 13.5%
16.5 13.0%
16.9 11.6%
16.6 10.1%
16.2 9.9%
-
-
Net Incom e Margin %
9.4 10.6%
15.0 13.3%
16.2 12.8%
15.9 11.0%
15.5 9.4%
15.3 9.3%
22.91 13.34%
29.89 15.58%
Diluted EPS Excl. Extra Item s³ Growth Over Prior Year
0.29 52.6%
0.41 41.4%
0.44 7.3%
0.43 (2.3%)
0.36 (17.2%)
0.34 (22.4%)
0.52 10.11%
0.64 23.03%
For the Fiscal Period Ending Currency
EXHIBIT III: Financial Statements
Income Statement Reclassified 12 m onths Dec-31-2014 USD
LTM Press Release 12 m onths Mar-31-2015 USD
12 m onths Dec-31-2010 USD
12 m onths Dec-31-2011 USD
12 m onths Dec-31-2012 USD
Reclassified 12 m onths Dec-31-2013 USD
Revenue Other Revenue Total Revenue
88.6 88.6
113.3 113.3
126.4 126.4
145.0 145.0
164.3 164.3
163.7 163.7
Cost Of Goods Sold Gross Profit
51.4 37.1
67.3 46.1
73.4 53.0
85.9 59.1
99.7 64.6
100.3 63.4
Selling General & Admin Exp. R & D Exp. Depreciation & Amort. Other Operating Expense/(Income)
25.7 2.1 -
29.3 2.0 -
33.6 2.9 -
36.2 3.7 -
39.1 4.8 -
36.4 4.8 -
27.8
31.4
36.6
39.9
43.9
41.2
9.3
14.7
16.4
19.1
20.7
22.2
Interest Expense Interest and Invest. Income Net Interest Exp.
(0.2) 0.1 (0.1)
(0.1) 0.5 0.4
0 0.1 0.0
(0.4) 0.0 (0.4)
(0.2) 0.1 (0.1)
(0.9) 0.1 (0.8)
Currency Exchange Gains (Loss) Other Non-Operating Inc. (Exp.) EBT Excl. Unusual Item s
(0.2) 0.2 9.3
(0.1) 0.1 15.1
0 0.1 16.6
(0.2) (0.2) 18.4
(1.6) (0.2) 18.9
(1.6) (0.2) 19.6
9.3
15.1
16.6
18.4
18.9
(1.6) 18.0
(0.1) 9.4
(0.2) 15.3
0.1 16.5
1.6 16.9
2.3 16.6
1.8 16.2
Earnings of Discontinued Ops. Extraord. Item & Account. Change Net Incom e to Com pany
9.4
15.3
16.5
16.9
16.6
16.2
Minority Int. in Earnings Net Incom e
9.4
(0.2) 15.0
(0.3) 16.2
(1.0) 15.9
(1.0) 15.5
(0.9) 15.3
For the Fiscal Period Ending Currency
Other Operating Exp., Total Operating Incom e
Impairment of Goodw ill Legal Settlements Other Unusual Items EBT Incl. Unusual Item s Income Tax Expense Earnings from Cont. Ops.
Balance Sheet Balance Sheet as of: Dec-31-2010 USD
Restated Dec-31-2011 USD
Restated Dec-31-2012 USD
Dec-31-2013 USD
Dec-31-2014 USD
Press Release Mar-31-2015 USD
43.7 2.9 46.5
28.7 3.4 32.1
37.7 0.9 38.6
35.1 0.9 36.0
72.5 11.9 84.4
74.0 14.5 88.5
Accounts Receivable Other Receivables Total Receivables
17.8 0.7 18.5
24.9 3.1 28.0
28.4 2.3 30.7
32.0 1.0 32.9
40.4 1.5 41.9
39.5 6.8 46.4
Prepaid Exp. Deferred Tax Assets, Curr. Other Current Assets Total Current Assets
0.6 1.1 1.7 68.4
0.6 1.9 0.8 63.5
1.1 2.5 0.8 73.7
2.0 1.9 0.3 73.2
1.7 0.6 0.1 128.8
134.9
Gross Property, Plant & Equipment Accumulated Depreciation Net Property, Plant & Equipm ent
11.3 (10.2) 1.1
11.9 (10.7) 1.2
12.4 (11.2) 1.2
13.4 (12.0) 1.4
16.3 (14.7) 1.5
2.0
Goodw ill Other Intangibles Deferred Tax Assets, LT Other Long-Term Assets Total Assets
24.6 15.4 2.5 112.0
38.9 28.2 4.2 136.0
44.7 30.8 1.6 1.1 153.0
55.3 32.9 1.7 2.5 167.0
55.5 33.0 1.6 3.8 224.2
87.0 3.7 1.4 229.0
LIABILITIES Accounts Payable Accrued Exp. Short-term Borrow ings Curr. Port. of LT Debt Unearned Revenue, Current Def. Tax Liability, Curr. Other Current Liabilities Total Current Liabilities
3.0 10.9 0.0 1.5 2.2 1.9 19.6
3.5 11.3 5.4 2.5 4.5 27.2
4.7 17.2 0.0 4.2 3.4 29.5
4.1 12.1 1.1 3.3 2.6 4.8 28.0
3.9 13.8 2.9 3.4 0.8 1.2 25.9
4.5 16.5 2.8 8.7 1.3 33.8
Long-Term Debt Def. Tax Liability, Non-Curr. Other Non-Current Liabilities Total Liabilities
0.0 3.5 23.1
3.2 30.3
0.0 0.7 2.4 32.7
2.3 2.2 2.7 35.2
0.5 4.1 3.0 33.5
0.5 3.6 3.2 41.1
0.8 122.9 (35.3) 0.4 88.9
0.8 124.6 (20.2) 0 105.2
0.8 125.3 (7.7) (0.6) 117.8
0.8 127.1 0.4 (0.2) 128.1
1.0 182.1 7.3 (5.3) 185.1
183.3 183.3
-
0.5
2.5
3.7
5.6
4.6
88.9
105.6
120.3
131.9
190.7
187.9
112.0
136.0
153.0
167.0
224.2
229.0
Currency ASSETS Cash And Equivalents Short Term Investments Total Cash & ST Investm ents
Common Stock Additional Paid In Capital Retained Earnings Treasury Stock Comprehensive Inc. and Other Total Com m on Equity Minority Interest Total Equity Total Liabilities And Equity