MercadoLibre, Overweight, $15.69 We are maintaining our Overweight rating on MercadoLibre, as we believe the company remains well-positioned to take advantage of the growth of online com
Trang 1Table 133: IACI Annual Balance Sheet
$ in millions
Current Assets
Cash and cash equivalents (including restricted cash) $1,585.3 $1,850.0 $1,998.0 $2,152.9
Marketable securities $326.8 $121.5 $121.5 $121.5
Receivables from IAC and subsidiaries $116.7 $118.1 $118.1 $118.1
Other current assets $377.4 $186.0 $186.0 $186.0
Current assets of discontinued operations 1020.034 0 0 $0.0
Total current assets $3,426.2 $2,275.7 $2,423.6 $2,578.6
Property, plant and equipment, net $334.3 $343.9 $329.5 $323.8
Intangible assets, net $401.9 $410.7 $410.7 $410.7
Long-term investments and other non-current assets $301.0 $256.8 $256.8 $256.8
Preferred interest exchangeable for common stock $0.0 $0.0 $0.0 $0.0
Other non-current assets $201.8 $401.4 $401.4 $401.4
Non-current assets of discontinued operations $6,101.7 $0.0 $0.0 $0.0
Total Assets $12,590.8 $5,599.5 $5,733.0 $5,882.3
Liabilities and Shareholders' Equity
Current maturiries of long term obligations and short term borrowings $12.1 $0.0 $0.0 $0.0
Other current liabilities $456.8 $404.7 $404.7 $404.7
Current liabilities of discontinued operations $1,265.3 $0.0 $0.0 $0.0
Total Current Liabilities $1,734.2 $404.7 $404.7 $404.7
Long term obligations, net of current maturities $834.5 $95.8 $95.8 $95.8
Non-current liabilities held for sale $0.0 $0.0 $0.0 $0.0
Non-current liabilities of discontinued operations $1,127.5 $0.0 $0.0 $0.0
Deferred income taxes $264.1 $382.3 $382.3 $382.3
Common stock exchangeable for preferred interest $0.0 $0.0 $0.0 $0.0
Total Liabilities $4,007.1 $929.5 $929.5 $929.5
Shareholders' Equity
Common stock $0.01 par value 0.209 0.21 0.21 0.21
Class B convertible common stock $0.01 par value 0.016 0.016 0.016 0.016
Additional paid-in capital $14,744.5 $11,096.5 $11,096.5 11096.47
Retained earnings $567.8 $516.4 $649.9 799.1631
Accumulated other comprehensive income $39.8 -$28.8 -$28.8 -28.792
Treasury stock -$6,768.7 -$6,914.3 -$6,914.3 -6914.33
Note receivable from key executive for common stock insurance $0.0 $0.0 $0.0 0
Total Shareholder Equity $8,583.7 $4,669.7 $4,803.3 $4,952.5
Total Liabilities and Shareholders' equity $12,590.8 $5,599.5 $5,733.0 $5,882.3
Source: Company reports and J.P Morgan estimates
Trang 2Table 134: IACI Annual Cash Flow Statement
$ in millions
Cash flows from operating activities: FY'07 FY'08E FY'09E FY'10E
Adjustments to reconcile earnings from continuing operations to net cash provided by operating
Depreciation and Amortization 95.6 101.2 108.0 118.0
Amortization of non-cash distribution and marketing expense 49.7 15.0 12.8 13.8
Amortization of non-cash compensation expense 73.6 94.8 82.8 91.2
Gain on sale of investments (16.7) 34.1 0.0 0.0
Increase in fair value of derivative assets (29.4) (12.7) 0.0 0.0
Equity in income of unconsolidated affiliates, including VUE (22.4) (30.7) (61.5) (61.5)
Minority interest in income of consolidated subsidiaries (2.0) (0.8) 1.6 2.0
Changes in current assets and liabilities (166.1) 7.2 0.0 0.0
Accounts and notes receivables (8.9) (6.5) 0.0 0.0
Prepaids and other assets (19.0) (6.2) 0.0 0.0
Net cash provided by operating activities (26.5) 187.3 208.0 230.9
Cash flows provided by (used in) investing activities 0.0 0.0 0.0
Acquisitions, net of cash acquired (45.9) (130.7) 0.0 0.0
(Increase) decrease in long-term investments and notes receivables (120.0) 1.2 0.0 0.0
Proceeds from sale of marketable securities 1367.2 330.3 0.0 0.0
Proceeds from sale of discontinued operations 4.2 32.7 0.0 0.0
Net cash provided by (used in) investing activities 337.4 937.4 (60.0) (76.0)
Cash flows used in financing activities 0.0 0.0 0.0
Excess tax benefits from stock-based awards 75.4 0.7 0.0 0.0
Principal payments on long-term obilgations (7.6) (0.0) 0.0 0.0
Proceeds from issuance of common stock, inluding stock options (59.2) (12.8) 0.0 0.0
Redemption of preferred stock 0.0 0.0 0.0 0.0
0 0 Total cash from discontinued ops 356.5 (170.2) 0.0 0.0
Effect of exchange rates changes on cash and cash equivalents 23.3 (15.7) 0.0 0.0
Net increase in cash and cash equivalents 157.1 264.7 148.0 154.9
Cash and cash equivalents at the beginning of period 1428.1 1585.3 1850.0 1998.0
Cash and cash equivalents at the end of period 1585.3 1850.0 1998.0 2152.9
Source: Company reports and J.P Morgan estimates
Trang 3MercadoLibre, Overweight, ($15.69)
We are maintaining our Overweight rating on MercadoLibre, as we believe the company remains well-positioned to take advantage of the growth of online commerce in South America Our 12-month price target is $24
• We are modeling nearly flat Y/Y dollar-denominated GMV growth through 3Q’09 Although we see continued local-currency growth through the coming
year, MercadoLibre faces a low-double-digit headwind from foreign exchange, as
a result of which we think dollar-denominated GMV could stay roughly flat through the first three quarters even as the volume of trade in each of the countries increases We are modeling a return to dollar-denominated growth once the FX impact is anniversaried in We thus estimate 51% GMV growth in 4Q’09, helped also by our expectation of easy comps from 4Q’08 and in line with GMV growth in 2Q’08 and 3Q’08
• MercadoPago 3.0 rollout to continue, helping drive 29% projected Y/Y Payments revenue growth We expect the seller-pays payment paradigm will
expand to additional geographies in the first half of F’09, to at least one of Brazil, Venezuela, or Mexico
• Ads and classifieds growth may slow, but remains a longer-term catalyst
Although we think near-term ad revenue growth could slow, we think these non-GMV related, higher-margin revenue streams can be a contributor for margin expansion in the medium to long term We are modeling F’10 EBITDA margin of
31.4%, up from 28.9% in F’08E
• 2009 drivers In our view, the following factors will drive shares in 2009: (1)
continuing strong Latin America eCommerce growth in local-currency terms, (2) contagion from a US recession as well as the impact of further currency
fluctuations, (3) the impact of higher interest rates on financing and deferred-payment plans from MercadoPago and (4) the pace and execution of further MercadoPago rollouts
• Maintaining 4Q’08 and F’09 estimates We are maintaining our revenue,
EBITDA and EPS estimates for 4Q’08 and F’09 We are slightly reducing our F’10 estimates, as we believe the economic challenges could continue for somewhat longer than we had previously expected Our new estimates are summarized in the table below:
Table 135: MercadoLibre Financial Snapshot
$ in millions, except per share data
4Q’08E F’08E F’09E F’10E F’08E F’09E F’10E J.P Morgan
EPS $ 0.12 $ 0.36 $ 0.54 $ 0.75 65% 50% 38%
Consensus
EPS $ 0.13 $ 0.39 $ 0.63 $ 1.03 80% 61% 62%
Source: J.P Morgan estimates, Company data, and Bloomberg
Trang 4Key Financial Metrics & Forecasts
The following tables summarize our revenue forecast by business segment and our estimates for Y/Y growth in the company’s Marketplaces and Payments segments through F’10
Table 136: MercadoLibre Marketplaces Forecasts
US$ in millions except where indicated
Gross Merchandise Volume (GMV) $ 1,512 $ 2,020 $ 2,261 $ 2,793
Marketplaces Revenues $ 69.5 $ 109.1 $ 126.9 $ 169.4
GMV per successful item (US$) $ 86.18 $ 96.37 $ 88.14 $ 90.01 Revenue per successful item (US$) $ 3.96 $ 5.20 $ 4.95 $ 5.46 Successful items sold (M) 17.5 21.0 25.6 31.0 Source: Company reports and J.P Morgan estimates
Table 137: MercadoLibre Payments Forecasts
US$ in millions except where indicated
Total Payment Volume $ 158 $ 282 $ 349 $ 457
% of GMV 10.4% 14.0% 15.4% 16.3%
Payments Revenue $ 15.6 $ 28.6 $ 36.9 $ 49.6
Source: Company reports and J.P Morgan estimates
Our Estimates and Outlook for 2009
Our F’09 estimates call for Y/Y revenue, EBITDA and EPS growth of 19%, 27%
and 16%, as we expect a tough macro environment as well as double-digit FX headwinds to result in a deceleration of growth We are modeling revenue of $164M, EBITDA of $50.5M and EPS of $0.54
We expect GMV to grow 12% in F’09, and we think that take rate growth will slow due to the tough environment, with the Marketplaces take rate rising to 5.6% from 5.4% in F’08E On the MercadoPago side, we expect TPV growth to decelerate to 24% and revenue growth of 29%
Our Estimates and Outlook for 2010
We think dollar growth rates are likely to rebound in F’10 once the FX headwind is anniversaried in We are modeling a 24% increase in GMV and a 31% rise in TPV
We think the company will be able to benefit from a re-acceleration of its advertising and classified businesses, resulting in an F’10 take rate above 6% for the first time, at 6.1%
We are modeling F’10 revenue of $219M, from $227M previously; EBITDA of
$68.7M, from $72.0M; and EPS of $0.75, from $0.83
Trang 5We Are Introducing a Price Target of $24
In introducing price targets for our coverage, we have derived multiples based on 5-year forward EBIT CAGRs We believe the historical record does not provide a meaningful guide to valuation as (a) the majority of the companies in our coverage did not have a track record as public companies through the previous recession and (b) even the public companies were still in their early-growth (and, for some, rapid growth) stage during the last economic downturn
As such, given our projection for MercadoLibre of a ~24% F’09 - F’14 EBIT CAGR, and our view of the beginning of a possible economic turnaround in 2H’09, we believe the stock can achieve a 24x EV/EBIT multiple to our F’09 EBIT estimate (reflecting better forward visibility than the current valuation of 15x our F’09 estimate) and thus arrive at our December 2009 price target of $24
The parameters of our EV/EBIT multiple analysis are in the table below:
Table 138: Key Valuation Assumptions
5 yr forward EBIT CAGR 24%
2009 EBIT $ 43 Implied Enterprise Value $ 1,037 + Cash $ 34
Market Value $ 1,071
2009 Price Target $ 24 Source: Company reports and J.P Morgan estimates
Our EV/EBIT valuation is based on the following projections for revenue and operating income growth
Table 139: 5-Year Growth Profile
$ in millions
2009E 2010E 2011E 2012E 2013E 2014E Revenues 163.8 219.0 280.3 344.8 403.4 459.8
Less: Operating Expenses 120.9 159.9 204.0 250.3 292.4 332.9
As % of total revenues 73.8% 73.0% 72.8% 72.6% 72.5% 72.4%
Operating Income (Loss) 42.9 59.1 76.2 94.5 110.9 126.9
Operating margin 26.2% 27.0% 27.2% 27.4% 27.5% 27.6% Source: Company reports and J.P Morgan estimates
Valuation and Rating Analysis
On an EV/EBITDA basis, MELI trades at 12.5x our F’09 estimate of $50M, vs its peer group at 12.5x We think the company’s fundamentals and its strong free cash flow generation would justify a premium valuation, and rate the stock Overweight
Risks to Our Rating
We believe there are four primary risks to our Overweight rating on Mercadolibre:
• Economic conditions: Several of MercadoLibre’s core markets have a
history of economic turmoil and financial crises An economic slowdown, brought on by regional or global economic weakness, or an economic
Trang 6upheaval, could negatively impact our estimates for eCommerce growth in the region and therefore growth for MercadoLibre
• Political environment and sovereign issues: MercadoLibre operates in
many countries with a history of political instability Political instability could affect customers’ confidence and therefore their willingness to purchase goods online In addition, governments may limit Internet or commerce activities We believe MercadoLibre’s close work with local governments to monitor sales practices and the ability to track cash flows with MercadoPago mitigates some of this risk
• Expansion plans could stress resources: MercadoLibre has grown through
a number of acquisitions since its inception in 1999 As the company looks
to grow into new product offerings and markets, it may look to acquire other companies or be forced to spend substantial cash to develop its own
products Either event could stress MercadoLibre’s financial resources
• Low cost of entry business model Creating an online marketplace requires
little capital, since the owner does not need to stock merchandise and fulfill orders In addition, if Latin American e-commerce growth proves to be as attractive as some projections estimate, it might attract the interest of larger players, such as eBay, Google, Yahoo or Amazon, which have greater resources available to them than MercadoLibre However, we believe both the first mover advantage and the marketplace scale that MercadoLibre has achieved act as barriers to entry for even deep-pocketed competitors
Trang 7Table 140: MercadoLibre Annual Income Statement
$ in millions
Merchandise GMV 1,511.6 2,020.3 2,260.7 2,793.4
Product & Technology Development 4.4 6.8 8.3 11.1
General and Administrative 13.2 23.8 25.8 33.3
Acquisition-related compensation 1.9
Total Operating Expenses 45.2 74.1 85.8 113.8
Depreciation and amortization 2.3 3.7 6.1 8.1
Income Before Income Taxes 14.5 26.6 39.1 54.4
Income/ asset tax benefit (expense) (4.7) (10.6) (14.8) (20.7)
Net Income before disc 9.8 16.0 24.2 33.7
Add back non-cash effect of warrants 2.0
Net income (loss) available to common 9.5 16.0 24.2 33.7
Pro Forma Net Income to common 11.4 16.0 24.2 33.7
Net income ex attributable to preferred 7.6 16.0 24.2 33.7
EPS ex Attributable to preferred 0.22 0.36 0.54 0.75
% of Revenues
Product and Technology Development 5.1% 5.0% 5.1% 5.1%
General and Administrative 15.5% 17.3% 15.8% 15.2%
Total Operating Expenses 53.1% 53.8% 52.4% 52.0%
Y/Y Growth Rates
Product and Technology Development 42.4% 56.2% 22.3% 33.1%
Sales and Marketing 18.1% 50.5% 24.3% 34.5%
General and Administrative 62.4% 79.9% 8.4% 28.9%
Total Operating Expenses 30.7% 63.9% 15.8% 32.7%
Source: Company reports and J.P Morgan estimates
Trang 8Table 141: MercadoLibre Quarterly Income Statement
$ in millions
1Q'07 2Q'07 3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08E 1Q'09E 2Q'09E 3Q'09E 4Q'09E Merchandise GMV 312.6 343.0 394.9 461.0 449.7 515.5 590.1 465.0 453.7 512.8 589.9 704.2 Payment GMV 26.4 31.0 43.6 56.8 52.3 66.8 81.5 81.8 70.6 85.5 93.7 99.0
Auction Revenues 14.2 16.1 18.1 21.1 23.5 28.3 31.7 25.6 25.4 28.7 33.3 39.4 Payment Revenues 2.3 2.9 4.7 5.8 5.4 6.2 8.5 8.6 7.3 9.0 10.0 10.6
Total Revenues 16.5 19.0 22.8 26.9 28.8 34.5 40.3 34.2 32.8 37.7 43.3 50.0 Blended Take rate 4.9% 5.1% 5.2% 5.2% 5.7% 5.9% 6.0% 6.2% 6.2% 6.3% 6.3% 6.2% Total Cost of Sales 3.5 4.1 5.2 6.2 6.0 6.9 8.2 7.3 7.1 8.1 9.3 10.7
Gross Profit 13.0 14.9 17.6 20.7 22.8 27.6 32.1 26.8 25.7 29.6 34.0 39.4 Gross Margin 78.8% 78.5% 77.2% 77.1% 79.1% 80.0% 79.7% 78.5% 78.4% 78.5% 78.5% 78.7%
Product & Technology Development 1.0 1.0 1.2 1.2 1.7 1.7 1.7 1.6 1.9 2.1 2.2 2.1 Sales and Marketing 6.3 6.3 7.0 8.0 9.2 10.3 11.4 10.6 10.5 12.1 13.6 15.5 General and Administrative 2.7 2.8 3.5 4.3 4.9 5.9 7.3 5.7 5.3 6.1 7.0 7.5
Total Operating Expenses 10.0 10.2 11.6 13.4 16.3 19.4 20.4 17.9 17.8 20.3 22.7 25.0 Income From Operations 3.0 4.7 6.0 7.3 6.5 8.1 11.7 8.9 7.9 9.3 11.3 14.4 Operating Margin 18.3% 24.9% 26.3% 27.1% 22.7% 23.6% 29.0% 26.0% 24.2% 24.6% 26.1% 28.7% Pro Forma Operating margin 24.7% 28.1% 29.0% 26.0% 24% 25% 26% 29%
Depreciation and amortization 0.5 0.6 0.6 0.6 0.7 0.8 1.0 1.2 1.2 1.4 1.6 1.9
EBITDA 3.5 5.3 6.6 7.9 7.3 9.0 13.0 10.5 9.5 11.1 13.3 16.6
EBITDA Margins 21.6% 28.0% 28.8% 29.5% 25.2% 26.1% 32.3% 30.7% 29.1% 29.3% 30.7% 33.2% Y/Y Growth 182.3% 172.8% 297.7% 211.0% 105.0% 69.4% 98.4% 31.8% 31.0% 23.0% 2.1% 58.5% Interest income 0.1 0.4 0.4 0.7 0.7 0.3 0.3 0.3 0.4 0.4 0.4 0.5 Interest expense (0.4) (0.4) (0.4) (0.8) (1.4) (1.0) (1.1) (1.1) (1.3) (1.3) (1.4) (1.5) Exchange gains (losses) (0.4) (0.6) (0.8) (1.3) (1.0) (2.1) (2.6)
Other income, net (0.3) (1.8) (1.0) - - 0.0 0.0 - - -
Other income (expense) (1.0) (2.3) (1.8) (1.4) (1.6) (2.7) (3.4) (0.9) (0.9) (0.9) (1.0) (1.0) Income Before Income Taxes 2.0 2.4 4.2 5.9 4.9 5.4 8.3 8.0 7.0 8.4 10.3 13.4 Tax Rate 45.0% 75.5% 33.5% 10.4% 58.1% 45.5% 28.9% 36.0% 38.0% 38.0% 38.0% 38.0% Income/ asset tax benefit (expense) (0.9) (1.8) (1.4) (0.6) (2.9) (2.5) (2.4) (2.9) (2.7) (3.2) (3.9) (5.1)
Net Income before disc 1.1 0.6 2.8 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3 Net income (loss) 1.1 0.6 2.8 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3
Add back non-cash effect of warrants 0.2 1.1 0.6
Pro forma Net Income 1.3 1.7 3.4 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3
Accredition of preferred stock (0.1) (0.1) (0.1)
Net income (loss) available to common 1.0 0.5 2.7 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3
Pro Forma Net Income to common 1.1 1.6 3.3 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3
Trang 9Table 141: MercadoLibre Quarterly Income Statement (cont.)
Net Attributable to preferred 0.7 0.3 0.9 - - -
Net income ex attributable to preferred 0.3 0.2 1.8 5.3 2.1 2.9 5.9 5.1 4.4 5.2 6.4 8.3
EPS ex Attributable to preferred 0.02 0.01 0.07 0.12 0.05 0.07 0.13 0.12 0.10 0.12 0.14 0.18 Pro Forma EPS 0.04 0.09 0.09 0.12 0.06 0.10 0.13 0.12 0.10 0.12 0.14 0.18 Sharecount 13.4 14.0 27.5 44.1 44.2 44.2 44.3 44.4 44.5 44.6 44.7 44.8 Diluted Sharecount 13.4 14.0 27.7 44.3 44.4 44.4 44.4 44.6 44.7 44.8 44.9 45.0
% of Revenues
Payment Revenue 13.8% 15.2% 20.4% 21.6% 18.6% 17.9% 21.2% 25.1% 22.4% 23.8% 23.0% 21.2% Auction Revenue 86.2% 84.8% 79.6% 78.4% 81.4% 82.1% 78.8% 74.9% 77.6% 76.2% 77.0% 78.8%
Total Cost of Sales 21.2% 21.5% 22.8% 22.9% 20.9% 20.0% 20.3% 21.5% 21.6% 21.5% 21.5% 21.3% Product and Technology Development 5.9% 5.4% 5.1% 4.5% 6.0% 5.0% 4.3% 4.7% 5.9% 5.7% 5.0% 4.2% Sales and Marketing 38.4% 33.4% 30.6% 29.6% 32.0% 29.8% 28.4% 31.1% 32.1% 32.1% 31.3% 30.9% General and Administrative 16.3% 14.8% 15.3% 15.8% 17.2% 17.1% 18.0% 16.7% 16.2% 16.1% 16.1% 14.9%
Total Operating Expenses 60.5% 53.6% 51.0% 50.0% 56.4% 56.3% 50.7% 52.5% 54.2% 53.9% 52.4% 50.0% Y/Y Growth Rates
Payment Revenues 60.9% 81.5% 141.8% 141.1% 136.7% 113.4% 82.9% 48.1% 37.0% 45.7% 17.2% 23.3% Auction Revenues 48.1% 49.1% 60.6% 61.5% 65.4% 76.0% 75.0% 21.2% 8.2% 1.4% 5.0% 54.2% Total Revenues 49.8% 53.2% 72.4% 73.9% 75.2% 81.7% 76.6% 27.0% 13.6% 9.4% 7.6% 46.4% Product and Technology Development 38.0% 34.7% 48.0% 48.0% 79.0% 68.2% 51.1% 32.4% 10.9% 24.1% 24.1% 30.9% Sales and Marketing 24.9% 14.4% 15.4% 18.6% 45.9% 62.2% 63.6% 33.3% 14.1% 17.9% 18.7% 45.5% General and Administrative 39.1% 48.0% 67.6% 89.7% 84.9% 109.1% 108.4% 34.1% 7.2% 3.2% -4.0% 30.6% Total Operating Expenses 29.7% 24.1% 30.4% 37.3% 63.4% 91.0% 75.8% 33.5% 9.0% 4.6% 11.1% 39.5%
Q/Q Growth Rates
Payment Revenues -5.9% 27.5% 61.3% 24.5% -7.6% 14.9% 38.3% 0.8% -14.5% 22.3% 11.2% 6.1% Auction Revenues 8.7% 13.3% 12.8% 16.3% 11.3% 20.6% 12.1% -19.4% -0.6% 13.0% 16.1% 18.3% Total Revenues 6.4% 15.3% 20.2% 18.0% 7.2% 19.5% 16.8% -15.1% -4.1% 15.1% 14.9% 15.5% Product and Technology Development 18.9% 5.7% 12.2% 5.0% 43.8% -0.7% 0.8% -8.0% 20.3% 11.2% 0.8% -3.0% Sales and Marketing -6.0% 0.2% 10.3% 14.1% 15.6% 11.4% 11.3% -7.0% -1.0% 15.1% 12.0% 14.0% General and Administrative 19.3% 5.1% 23.9% 22.1% 16.3% 18.8% 23.5% -21.4% -7.0% 14.4% 14.9% 6.9% Source: Company reports and J.P Morgan estimates
Trang 10Table 142: MercadoLibre Annual Balance Sheet
$ in millions
2007 2008E 2009E 2010E Assets
Current assets
Cash and cash equivalents 15.7 12.5 41.2 80.2
Funds receivable from customers 29.2 33.2 47.8 66.0
Property & equipment, net 4.1 6.1 6.9 7.7
Gooodwill & intangibles, net 23.4 80.6 80.6 80.6
Accounts payable and accrued expenses 9.3 12.8 19.2 27.1
Funds payable to customers 16.4 15.4 23.7 33.6
Total Current Liabilities 41.8 55.6 73.8 95.9
Additional paid-in capital 121.9 125.7 131.2 138.3
Accumulated other comprehensive income 4.1 0.1 0.1 0.1
Total shareholders' equity (deficit) 91.7 107.5 137.3 178.1
Total Liabilities and shareholders' equity 134.5 167.2 216.3 280.5
Source: Company reports and J.P Morgan estimates