ARM Holdings, plc. (NASDAQ: ARMH) Mircoprocessors
Analysts: Tushar Jain, Kyle Samani, Josh Erde Date: 3/4/2011
BUSINESS DESCRIPTION STOCK PRICE PERFORMANCE
ARM Holdings, headquartered in Cabridge, United Kingdom, is the world's leadings 35 14000000
semiconductor intellectual property (IP) supplier and as such is at the heart of the
development of digital electronic products. ARM's business model involves the designing
and licensing of IP rather than the manufacturing and selling of the actual semiconductor 30 12000000
chips. ARM licenses IP to a network of partners who use ARM instruction set architecture to
manufacture system-on-chip designs. Licensees pay ARM a fee for the original IP and a
royalty on every chip or wafer produced. Since 1990, ARM has sold over 600 processor 25 10000000
licenses to more than 200 companies, recieving royalties on the sale of all ARM-based chips.
Over 15 billion ARM based chips have been shipped to date.
20 8000000
15 6000000
INVESTMENT THESIS
Gartner reports the smartphone market grew 72% in 2010 and expects the market to grow 10 4000000
from 280 million units in 2010 to 1.1 billion in 2015. With 95% of smartphones running on
ARM architecture, mobile processing royalties accounting for half of ARM revenues, and
5 2000000
mobile shipments up 50% in 2010, ARM is positioned to grow dramatically in the next few
years with the growth of the smartphone market. Because it does not manufacture or sell the
chips with its designs, ARM is less vulnerable than its licensees to fluctuations in input costs. 0 0
Although it is trading at a 98x PE, low cost of capital, strong free cashflow growth, high
operating margins, and low threat of seroius competition return a base case 45% upside
potential and make ARMH an extremly attractive stock.
FINANCIAL SUMMARY
Result of Operations
FY Ending January 31,
2008 2009 2010 LTM Balance Sheet Data Public Market Overview
Revenue £ 298.9 £ 305.0 £ 406.6 £ 406.6 Total Debt £ - Share Price (3/4/2011) $ 30.11
Growth 15.3% 2.0% 33.3% Cash & Equivalents £ 290.1 52-Week High $ 31.81
EBITDA £ 96.5 £ 94.2 £ 143.1 £ 143.1 Net Debt £ 290.1 52-Week Low $ 9.21
Margin (%) 32.3% 30.9% 35.2% Diluted Shares Outstanding (MM) 447.92
Net Income £ 43.6 £ 40.4 £ 86.0 £ 86.0 Credit Statistics Market Value of Equity (MM) $ 13,486.9
Margin (%) 14.6% 13.3% 21.1% Total Debt/EBITDA 0 Plus: Net Debt $ 290.10
EBITDA/Interest 253 Enterprise Value (MM) $ 13,776.97
CFO £ 100.5 £ 96.6 £ 176.9
Cap Ex £ 8.0 £ 14.0 £ 9.9
D&A £ 27.0 £ 25.0 £ 19.9
Source: Arm Holdings plc., Investor Relations
(Figures in Millions of Pounds Sterling Except Share Data)
Year 2006 2007 2008 2009 2010 2011 2012
Revenue (£m) 263.30 259.20 298.90 305.00 406.60 551.78 796.75
Growth Rate (%) -2% 15% 2% 33% 36% 44%
Cost of Sales (£m) 29.8 27.0 31.8 23.7 23.3 23.3 23.3
Gross Profit (£m) 233.5 232.2 267.1 281.3 383.3 528.5 773.5
Gross Margin (%) 89% 90% 89% 92% 94% 96% 97%
R&D Expenditure (£m) 63.8 61.9 65.8 89.7 107.6 148.98 215.12
% of Revenues 24% 24% 22% 29% 26% 27% 27%
S&M Expenditure (£m) 40.6 43.0 47.4 48.5 54.1 71.73 95.61
% of Revenues 15% 17% 16% 16% 13% 13% 12%
G&A Expenditure (£m) 45.7 45.9 56.4 47.9 57.3 82.77 119.51
% of Revenues 17% 18% 19% 16% 14% 15% 15%
Operating Costs (£m) 150.1 150.8 169.6 186.2 219.0 303.5 430.2
EBIT (£m) 83.4 81.3 97.6 95.1 164.3 225.00 343.21
EBIT Margin (%) 32% 31% 33% 31% 40% 41% 43%
Tax (£m) 18.7 22.9 28.1 25.9 41.1 55.13 84.09
Effective Tax Rate (%) 21% 26% 28% 27% 25% 25% 25%
EBIT(1-T) (£m) 64.7 58.4 69.5 69.2 123.2 169.88 259.12
Growth Rate (%) -10% 19% 0% 78% 38% 53%
Depreciation 26.73 26.91 26.95 24.95 19.95 22.07 23.90
10% 10% 9% 8% 5% 4% 3%
Capital Expenditures 5.33 7.99 14.02 9.92 7.36 11.04 15.94
2% 3% 5% 3% 2% 2% 2%
Increases(Decreases) in NWC 4.85 14.18 1.96 (30.14) (45.80) 0.00 0.00
Free Cash Flow 81.24 63.14 80.47 114.38 181.59 180.91 267.09
Value of High Growth Period 3,961.81
Terminal Value 7,879.79
Terminal Growth 3%
Cash 275.1
Debt 0
Enterprise Value 12,116.71
Shares Outstanding 447.92
Target Share Price (GBP) 27.05
Exchange Rate USD/GBP 1.63
Target Share Price (USD) 44.00
Current Share Price 30.4
Upside Potential 45%
2013 2014 2015 2016 2017 2018 2019 2020
1,108.88 1,506.07 1,892.82 2,268.59 2,577.82 2,845.76 3,043.98 3,128.48
39% 36% 26% 20% 14% 10% 7% 3%
23.3 23.3 23.3 23.3 23.3 23.3 23.3 23.3
1,085.6 1,482.8 1,869.5 2,245.3 2,554.5 2,822.5 3,020.7 3,105.2
98% 98% 99% 99% 99% 99% 99% 99%
299.40 406.64 511.06 612.52 696.01 768.36 821.88 844.69
27% 27% 27% 27% 27% 27% 27% 27%
121.98 150.61 189.28 226.86 257.78 284.58 304.40 312.85
11% 10% 10% 10% 10% 10% 10% 10%
166.33 225.91 283.92 340.29 386.67 426.86 456.60 469.27
15% 15% 15% 15% 15% 15% 15% 15%
587.7 783.2 984.3 1,179.7 1,340.5 1,479.8 1,582.9 1,626.8
497.87 699.61 885.25 1,065.62 1,214.05 1,342.67 1,437.81 1,478.37
45% 46% 47% 47% 47% 47% 47% 47%
121.98 171.40 216.89 261.08 297.44 328.95 352.26 362.20
25% 25% 25% 25% 25% 25% 25% 25%
375.90 528.21 668.37 804.55 916.61 1,013.71 1,085.55 1,116.17
45% 41% 27% 20% 14% 11% 7% 3%
33.27 30.12 37.86 45.37 51.56 56.92 60.88 62.57
3% 2% 2% 2% 2% 2% 2% 2%
22.18 30.12 37.86 45.37 51.56 56.92 60.88 62.57
2% 2% 2% 2% 2% 2% 2% 2%
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
386.98 528.21 668.37 804.55 916.61 1,013.71 1,085.55 1,116.17
Case:
2
2011 2012 2013 2014 2015 2016 2017
High Case
PD Licensing Growth rate 40.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00%
PD Royalties Growth rate 80.00% 90.00% 70.00% 60.00% 40.00% 30.00% 20.00%
PIPD Licensing Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
PIPD Royalties Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Development Growth Rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Services Growth Rate 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Base Case
PD Licensing Growth rate 30.00% 30.00% 26.25% 22.50% 18.75% 15.00% 11.25%
PD Royalties Growth rate 60.00% 67.50% 52.50% 45.00% 30.00% 22.50% 15.00%
PIPD Licensing Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
PIPD Royalties Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Development Growth Rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Services Growth Rate 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Low Case
PD Licensing Growth rate 20.00% 20.00% 17.50% 15.00% 12.50% 10.00% 7.50%
PD Royalties Growth rate 40.00% 45.00% 35.00% 30.00% 20.00% 15.00% 10.00%
PIPD Licensing Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
PIPD Royalties Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Development Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Services Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2018 2019 2020
12.00% 8.00% 3.00%
15.00% 10.00% 4.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
1.00% 1.00% 1.00%
1.00% 1.00% 1.00%
9.00% 6.00% 2.25%
11.25% 7.50% 3.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.50% 0.50% 0.50%
0.50% 0.50% 0.50%
6.00% 4.00% 1.50%
7.50% 5.00% 2.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
Beta Calculation
ARM S&P 500
Date Close Change Date Close Change
2/25/2011 30.11 6% 2/25/2011 1319.88 1%
2/24/2011 28.33 3% 2/24/2011 1306.1 0%
2/23/2011 27.47 -1% 2/23/2011 1307.4 -1%
2/22/2011 27.88 -9% 2/22/2011 1315.44 -2%
2/18/2011 30.48 -1% 2/18/2011 1343.01 0%
2/17/2011 30.8 0% 2/17/2011 1340.43 0%
2/16/2011 30.92 0% 2/16/2011 1336.32 1%
2/15/2011 30.91 -1% 2/15/2011 1328.01 0%
2/14/2011 31.13 5% 2/14/2011 1332.32 0%
2/11/2011 29.64 1% 2/11/2011 1329.15 1%
2/10/2011 29.31 -1% 2/10/2011 1321.87 0%
2/9/2011 29.68 1% 2/9/2011 1320.88 0%
2/8/2011 29.44 -1% 2/8/2011 1324.57 0%
2/7/2011 29.68 1% 2/7/2011 1319.05 1%
2/4/2011 29.45 3% 2/4/2011 1310.87 0%
2/3/2011 28.63 0% 2/3/2011 1307.1 0%
2/2/2011 28.71 6% 2/2/2011 1304.03 0%
2/1/2011 27.13 8% 2/1/2011 1307.59 2%
1/31/2011 25.04 1% 1/31/2011 1286.12 1%
1/28/2011 24.78 -4% 1/28/2011 1276.34 -2%
1/27/2011 25.78 0% 1/27/2011 1299.54 0%
1/26/2011 25.69 2% 1/26/2011 1296.63 0%
1/25/2011 25.16 0% 1/25/2011 1291.18 0%
1/24/2011 25.08 1% 1/24/2011 1290.84 1%
1/21/2011 24.84 1% 1/21/2011 1283.35 0%
1/20/2011 24.62 -4% 1/20/2011 1280.26 0%
1/19/2011 25.74 -1% 1/19/2011 1281.92 -1%
1/18/2011 25.92 0% 1/18/2011 1295.02 0%
1/14/2011 25.97 -5% 1/14/2011 1293.24 1%
1/13/2011 27.22 13% 1/13/2011 1283.76 0%
1/12/2011 24.02 3% 1/12/2011 1285.96 1%
1/11/2011 23.41 3% 1/11/2011 1274.48 0%
1/10/2011 22.67 2% 1/10/2011 1269.75 0%
1/7/2011 22.18 2% 1/7/2011 1271.5 0%
1/6/2011 21.78 0% 1/6/2011 1273.85 0%
1/5/2011 21.88 4% 1/5/2011 1276.56 1%
1/4/2011 21.09 1% 1/4/2011 1270.2 0%
1/3/2011 20.86 1% 1/3/2011 1271.87 1%
12/31/2010 20.75 3% 12/31/2010 1257.64 0%
12/30/2010 20.19 0% 12/30/2010 1257.88 0%
12/29/2010 20.27 0% 12/29/2010 1259.78 0%
12/28/2010 20.24 1% 12/28/2010 1258.51 0%
12/27/2010 20.11 0% 12/27/2010 1257.54 0%
12/23/2010 20.15 -1% 12/23/2010 1256.77 0%
12/22/2010 20.43 3% 12/22/2010 1258.84 0%
12/21/2010 19.78 7% 12/21/2010 1254.6 1%
12/20/2010 18.56 1% 12/20/2010 1247.08 0%
12/17/2010 18.43 0% 12/17/2010 1243.91 0%
12/16/2010 18.46 1% 12/16/2010 1242.87 1%
12/15/2010 18.31 -2% 12/15/2010 1235.23 -1%
12/14/2010 18.66 -1% 12/14/2010 1241.59 0%
12/13/2010 18.78 0% 12/13/2010 1240.46 0%
12/10/2010 18.87 0% 12/10/2010 1240.4 1%
12/9/2010 18.93 -1% 12/9/2010 1233 0%
12/8/2010 19.13 1% 12/8/2010 1228.28 0%
12/7/2010 18.93 0% 12/7/2010 1223.75 0%
12/6/2010 18.96 -1% 12/6/2010 1223.12 0%
12/3/2010 19.24 1% 12/3/2010 1224.71 0%
12/2/2010 19.07 0% 12/2/2010 1221.53 1%
12/1/2010 19.06 2% 12/1/2010 1206.07 2%
11/30/2010 18.75 1% 11/30/2010 1180.55 -1%
11/29/2010 18.65 -1% 11/29/2010 1187.76 0%
11/26/2010 18.77 0% 11/26/2010 1189.4 -1%
11/24/2010 18.82 3% 11/24/2010 1198.35 1%
11/23/2010 18.19 -2% 11/23/2010 1180.73 -1%
11/22/2010 18.63 0% 11/22/2010 1197.84 0%
11/19/2010 18.65 4% 11/19/2010 1199.73 0%
11/18/2010 17.91 4% 11/18/2010 1196.69 2%
11/17/2010 17.27 1% 11/17/2010 1178.59 0%
11/16/2010 17.03 0% 11/16/2010 1178.34 -2%
11/15/2010 17.1 0% 11/15/2010 1197.75 0%
11/12/2010 17.11 0% 11/12/2010 1199.21 -1%
11/11/2010 17.09 0% 11/11/2010 1213.54 0%
11/10/2010 17.15 1% 11/10/2010 1218.71 0%
11/9/2010 17.04 0% 11/9/2010 1213.4 -1%
11/8/2010 17.02 -1% 11/8/2010 1223.25 0%
11/5/2010 17.26 4% 11/5/2010 1225.85 0%
11/4/2010 16.66 -2% 11/4/2010 1221.06 2%
11/3/2010 17.05 -1% 11/3/2010 1197.96 0%
11/2/2010 17.18 -1% 11/2/2010 1193.57 1%
11/1/2010 17.34 -2% 11/1/2010 1184.38 0%
10/29/2010 17.68 -1% 10/29/2010 1183.26 0%
10/28/2010 17.93 3% 10/28/2010 1183.78 0%
10/27/2010 17.43 -1% 10/27/2010 1182.45 0%
10/26/2010 17.54 -4% 10/26/2010 1185.64 0%
10/25/2010 18.34 0% 10/25/2010 1185.62 0%
10/22/2010 18.42 2% 10/22/2010 1183.08 0%
10/21/2010 18.14 -1% 10/21/2010 1180.26 0%
10/20/2010 18.35 0% 10/20/2010 1178.17 1%
10/19/2010 18.37 -4% 10/19/2010 1165.9 -2%
10/18/2010 19.11 1% 10/18/2010 1184.71 1%
10/15/2010 18.86 1% 10/15/2010 1176.19 0%
10/14/2010 18.75 3% 10/14/2010 1173.81 0%
10/13/2010 18.27 1% 10/13/2010 1178.1 1%
10/12/2010 18.02 -2% 10/12/2010 1169.77 0%
10/11/2010 18.32 0% 10/11/2010 1165.32 0%
10/8/2010 18.36 -1% 10/8/2010 1165.15 1%
10/7/2010 18.59 1% 10/7/2010 1158.06 0%
10/6/2010 18.43 -4% 10/6/2010 1159.97 0%
10/5/2010 19.2 0% 10/5/2010 1160.75 2%
10/4/2010 19.16 0% 10/4/2010 1137.03 -1%
10/1/2010 19.25 3% 10/1/2010 1146.24 0%
9/30/2010 18.76 -2% 9/30/2010 1141.2 0%
9/29/2010 19.14 -1% 9/29/2010 1144.73 0%
9/28/2010 19.38 0% 9/28/2010 1147.7 0%
9/27/2010 19.44 -2% 9/27/2010 1142.16 -1%
9/24/2010 19.79 8% 9/24/2010 1148.67 2%
9/23/2010 18.4 0% 9/23/2010 1124.83 -1%
9/22/2010 18.36 -1% 9/22/2010 1134.28 0%
9/21/2010 18.48 -1% 9/21/2010 1139.78 0%
9/20/2010 18.7 2% 9/20/2010 1142.71 2%
9/17/2010 18.34 -1% 9/17/2010 1125.59 0%
9/16/2010 18.55 2% 9/16/2010 1124.66 0%
9/15/2010 18.26 0% 9/15/2010 1125.07 0%
9/14/2010 18.28 -3% 9/14/2010 1121.1 0%
9/13/2010 18.77 1% 9/13/2010 1121.9 1%
9/10/2010 18.66 -1% 9/10/2010 1109.55 0%
9/9/2010 18.83 4% 9/9/2010 1104.18 0%
9/8/2010 18.09 7% 9/8/2010 1098.87 1%
9/7/2010 16.85 -2% 9/7/2010 1091.84 -1%
9/3/2010 17.22 3% 9/3/2010 1104.51 1%
9/2/2010 16.78 0% 9/2/2010 1090.1 1%
9/1/2010 16.79 1% 9/1/2010 1080.29 3%
8/31/2010 16.7 6% 8/31/2010 1049.33 0%
8/30/2010 15.76 -2% 8/30/2010 1048.92 -1%
8/27/2010 16.08 4% 8/27/2010 1064.59 2%
8/26/2010 15.43 -1% 8/26/2010 1047.22 -1%
8/25/2010 15.61 3% 8/25/2010 1055.33 0%
8/24/2010 15.13 -1% 8/24/2010 1051.87 -1%
8/23/2010 15.32 1% 8/23/2010 1067.36 0%
8/20/2010 15.13 1% 8/20/2010 1071.69 0%
8/19/2010 15.02 1% 8/19/2010 1075.63 -2%
8/18/2010 14.87 0% 8/18/2010 1094.16 0%
8/17/2010 14.9 4% 8/17/2010 1092.54 1%
8/16/2010 14.31 -1% 8/16/2010 1079.38 0%
8/13/2010 14.46 0% 8/13/2010 1079.25 0%
8/12/2010 14.45 0% 8/12/2010 1083.61 -1%
8/11/2010 14.48 -4% 8/11/2010 1089.47 -3%
8/10/2010 15.12 -1% 8/10/2010 1121.06 -1%
8/9/2010 15.29 0% 8/9/2010 1127.79 1%
8/6/2010 15.24 -1% 8/6/2010 1121.64 0%
8/5/2010 15.38 0% 8/5/2010 1125.81 0%
8/4/2010 15.32 1% 8/4/2010 1127.24 1%
8/3/2010 15.16 -2% 8/3/2010 1120.46 0%
8/2/2010 15.53 1% 8/2/2010 1125.86 2%
7/30/2010 15.45 -1% 7/30/2010 1101.6 0%
7/29/2010 15.55 -1% 7/29/2010 1101.53 0%
7/28/2010 15.65 0% 7/28/2010 1106.13 -1%
7/27/2010 15.58 -2% 7/27/2010 1113.84 0%
7/26/2010 15.89 -2% 7/26/2010 1115.01 1%
7/23/2010 16.15 12% 7/23/2010 1102.66 1%
7/22/2010 14.39 4% 7/22/2010 1093.67 2%
7/21/2010 13.89 0% 7/21/2010 1069.59 -1%
7/20/2010 13.95 0% 7/20/2010 1083.48 1%
7/19/2010 13.9 1% 7/19/2010 1071.25 1%
7/16/2010 13.79 -3% 7/16/2010 1064.88 -3%
7/15/2010 14.28 -3% 7/15/2010 1096.48 0%
7/14/2010 14.75 5% 7/14/2010 1095.17 0%
7/13/2010 14.08 3% 7/13/2010 1095.34 2%
7/12/2010 13.64 0% 7/12/2010 1078.75 0%
7/9/2010 13.6 3% 7/9/2010 1077.96 1%
7/8/2010 13.23 2% 7/8/2010 1070.25 1%
7/7/2010 13.03 6% 7/7/2010 1060.27 3%
7/6/2010 12.3 -1% 7/6/2010 1028.06 1%
7/2/2010 12.38 -1% 7/2/2010 1022.58 0%
7/1/2010 12.47 1% 7/1/2010 1027.37 0%
6/30/2010 12.4 -1% 6/30/2010 1030.71 -1%
6/29/2010 12.5 -3% 6/29/2010 1041.24 -3%
6/28/2010 12.92 1% 6/28/2010 1074.57 0%
6/25/2010 12.79 0% 6/25/2010 1076.76 0%
6/24/2010 12.81 0% 6/24/2010 1073.69 -2%
6/23/2010 12.83 2% 6/23/2010 1092.04 0%
6/22/2010 12.61 0% 6/22/2010 1095.31 -2%
6/21/2010 12.58 -2% 6/21/2010 1113.2 0%
6/18/2010 12.86 0% 6/18/2010 1117.51 0%
6/17/2010 12.89 0% 6/17/2010 1116.04 0%
6/16/2010 12.92 -2% 6/16/2010 1114.61 0%
6/15/2010 13.13 3% 6/15/2010 1115.23 2%
6/14/2010 12.78 0% 6/14/2010 1089.63 0%
6/11/2010 12.79 4% 6/11/2010 1091.6 0%
6/10/2010 12.3 5% 6/10/2010 1086.84 3%
6/9/2010 11.71 3% 6/9/2010 1055.69 -1%
6/8/2010 11.34 -2% 6/8/2010 1062 1%
6/7/2010 11.59 2% 6/7/2010 1050.47 -1%
6/4/2010 11.32 -3% 6/4/2010 1064.88 -3%
6/3/2010 11.72 4% 6/3/2010 1102.83 0%
6/2/2010 11.28 3% 6/2/2010 1098.38 3%
6/1/2010 10.9 1% 6/1/2010 1070.71 -2%
5/28/2010 10.74 1% 5/28/2010 1089.41 -1%
5/27/2010 10.65 5% 5/27/2010 1103.06 3%
5/26/2010 10.1 0% 5/26/2010 1067.95 -1%
5/25/2010 10.08 -2% 5/25/2010 1074.03 0%
5/24/2010 10.27 0% 5/24/2010 1073.65 -1%
5/21/2010 10.31 3% 5/21/2010 1087.69 2%
5/20/2010 10.01 -4% 5/20/2010 1071.59 -4%
5/19/2010 10.38 -2% 5/19/2010 1115.05 -1%
5/18/2010 10.58 -3% 5/18/2010 1120.8 -1%
5/17/2010 10.91 2% 5/17/2010 1136.94 0%
5/14/2010 10.72 -3% 5/14/2010 1135.68 -2%
5/13/2010 11.02 -2% 5/13/2010 1157.44 -1%
5/12/2010 11.21 0% 5/12/2010 1171.67 1%
5/11/2010 11.21 2% 5/11/2010 1155.79 0%
5/10/2010 11.04 8% 5/10/2010 1159.73 4%
5/7/2010 10.23 -3% 5/7/2010 1110.88 -2%
5/6/2010 10.56 -5% 5/6/2010 1128.15 -3%
5/5/2010 11.06 -3% 5/5/2010 1165.87 -1%
5/4/2010 11.36 -2% 5/4/2010 1173.6 -2%
5/3/2010 11.58 1% 5/3/2010 1202.26 1%
4/30/2010 11.43 -2% 4/30/2010 1186.69 -2%
4/29/2010 11.71 3% 4/29/2010 1206.78 1%
4/28/2010 11.32 -1% 4/28/2010 1191.36 1%
4/27/2010 11.47 -3% 4/27/2010 1183.71 -2%
4/26/2010 11.79 -1% 4/26/2010 1212.05 0%
4/23/2010 11.89 -2% 4/23/2010 1217.28 1%
4/22/2010 12.08 5% 4/22/2010 1208.67 0%
4/21/2010 11.51 2% 4/21/2010 1205.94 0%
4/20/2010 11.26 2% 4/20/2010 1207.17 1%
4/19/2010 11.04 0% 4/19/2010 1197.52 0%
4/16/2010 11.05 -2% 4/16/2010 1192.13 -2%
4/15/2010 11.3 3% 4/15/2010 1211.67 0%
4/14/2010 11 2% 4/14/2010 1210.65 1%
4/13/2010 10.78 0% 4/13/2010 1197.3 0%
4/12/2010 10.83 -4% 4/12/2010 1196.48 0%
4/9/2010 11.27 1% 4/9/2010 1194.37 1%
4/8/2010 11.11 0% 4/8/2010 1186.44 0%
4/7/2010 11.16 -1% 4/7/2010 1182.45 -1%
4/6/2010 11.32 1% 4/6/2010 1189.44 0%
4/5/2010 11.19 3% 4/5/2010 1187.44 1%
4/1/2010 10.88 2% 4/1/2010 1178.1 1%
3/31/2010 10.67 -1% 3/31/2010 1169.43 0%
3/30/2010 10.81 1% 3/30/2010 1173.27 0%
3/29/2010 10.73 2% 3/29/2010 1173.22 1%
3/26/2010 10.57 1% 3/26/2010 1166.59 0%
3/25/2010 10.5 1% 3/25/2010 1165.73 0%
3/24/2010 10.42 -1% 3/24/2010 1167.72 -1%
3/23/2010 10.55 2% 3/23/2010 1174.17 1%
3/22/2010 10.33 1% 3/22/2010 1165.81 1%
3/19/2010 10.23 -2% 3/19/2010 1159.9 -1%
3/18/2010 10.42 -1% 3/18/2010 1165.83 0%
3/17/2010 10.55 2% 3/17/2010 1166.21 1%
3/16/2010 10.32 2% 3/16/2010 1159.46 1%
3/15/2010 10.1 -3% 3/15/2010 1150.51 0%
3/12/2010 10.43 2% 3/12/2010 1149.99 0%
3/11/2010 10.25 -1% 3/11/2010 1150.24 0%
3/10/2010 10.39 1% 3/10/2010 1145.61 0%
3/9/2010 10.3 -2% 3/9/2010 1140.45 0%
3/8/2010 10.47 -1% 3/8/2010 1138.5 0%
3/5/2010 10.56 4% 3/5/2010 1138.7 1%
3/4/2010 10.13 2% 3/4/2010 1122.97 0%
3/3/2010 9.93 0% 3/3/2010 1118.79 0%
3/2/2010 9.93 4% 3/2/2010 1118.31 0%
3/1/2010 9.55 3% 3/1/2010 1115.71 1%
2/26/2010 9.29 -1% 2/26/2010 1104.49 0%
2/25/2010 9.36 -1% 2/25/2010 1102.94 0%
2/24/2010 9.42 1% 2/24/2010 1105.24 1%
2/23/2010 9.35 -2% 2/23/2010 1094.6 -1%
2/22/2010 9.58 2% 2/22/2010 1108.01 0%
2/19/2010 9.36 -1% 2/19/2010 1109.17 0%
2/18/2010 9.49 0% 2/18/2010 1106.75 1%
2/17/2010 9.45 -1% 2/17/2010 1099.51 0%
2/16/2010 9.5 1% 2/16/2010 1094.87 2%
2/12/2010 9.38 -1% 2/12/2010 1075.51 0%
2/11/2010 9.51 2% 2/11/2010 1078.47 1%
2/10/2010 9.29 -1% 2/10/2010 1068.13 0%
2/9/2010 9.43 1% 2/9/2010 1070.52 1%
2/8/2010 9.35 -3% 2/8/2010 1056.74 -1%
2/5/2010 9.65 0% 2/5/2010 1066.19 0%
2/4/2010 9.67 -2% 2/4/2010 1063.11 -3%
2/3/2010 9.9 1% 2/3/2010 1097.28 -1%
2/2/2010 9.81 9% 2/2/2010 1103.32 1%
2/1/2010 8.96 -1% 2/1/2010 1089.19 1%
1/29/2010 9.07 1% 1/29/2010 1073.87 -1%
1/28/2010 8.99 -7% 1/28/2010 1084.53 -1%
1/27/2010 9.67 4% 1/27/2010 1097.5 0%
1/26/2010 9.26 0% 1/26/2010 1092.17 0%
1/25/2010 9.25 3% 1/25/2010 1096.78 0%
1/22/2010 8.94 -3% 1/22/2010 1091.76 -2%
1/21/2010 9.17 0% 1/21/2010 1116.48 -2%
1/20/2010 9.2 0% 1/20/2010 1138.04 -1%
1/19/2010 9.18 0% 1/19/2010 1150.23 1%
1/15/2010 9.22 0% 1/15/2010 1136.03 -1%
1/14/2010 9.25 0% 1/14/2010 1148.46 0%
1/13/2010 9.27 1% 1/13/2010 1145.68 1%
1/12/2010 9.18 -2% 1/12/2010 1136.22 -1%
1/11/2010 9.38 0% 1/11/2010 1146.98 0%
1/8/2010 9.39 0% 1/8/2010 1144.98 0%
1/7/2010 9.37 3% 1/7/2010 1141.69 0%
1/6/2010 9.12 2% 1/6/2010 1137.14 0%
1/5/2010 8.93 1% 1/5/2010 1136.52 0%
1/4/2010 8.85 3% 1/4/2010 1132.99 2%
12/31/2009 8.56 -1% 12/31/2009 1115.1 -1%
12/30/2009 8.65 2% 12/30/2009 1126.42 0%
12/29/2009 8.51 1% 12/29/2009 1126.2 0%
12/28/2009 8.46 0% 12/28/2009 1127.78 0%
12/24/2009 8.45 1% 12/24/2009 1126.48 1%
12/23/2009 8.34 -1% 12/23/2009 1120.59 0%
12/22/2009 8.4 1% 12/22/2009 1118.02 0%
12/21/2009 8.33 1% 12/21/2009 1114.05 1%
12/18/2009 8.25 1% 12/18/2009 1102.47 1%
12/17/2009 8.18 -3% 12/17/2009 1096.08 -1%
12/16/2009 8.39 2% 12/16/2009 1109.18 0%
12/15/2009 8.24 -1% 12/15/2009 1107.93 -1%
12/14/2009 8.32 3% 12/14/2009 1114.11 1%
12/11/2009 8.04 -2% 12/11/2009 1106.41 0%
12/10/2009 8.17 -2% 12/10/2009 1102.35 1%
12/9/2009 8.35 3% 12/9/2009 1095.95 0%
12/8/2009 8.11 2% 12/8/2009 1091.94 -1%
12/7/2009 7.99 -1% 12/7/2009 1103.25 0%
12/4/2009 8.04 0% 12/4/2009 1105.98 1%
12/3/2009 8.02 0% 12/3/2009 1099.92 -1%
12/2/2009 8.02 1% 12/2/2009 1109.24 0%
12/1/2009 7.98 3% 12/1/2009 1108.86 1%
11/30/2009 7.72 -1% 11/30/2009 1095.63 0%
11/27/2009 7.81 -1% 11/27/2009 1091.49 -2%
11/25/2009 7.91 1% 11/25/2009 1110.63 0%
11/24/2009 7.85 2% 11/24/2009 1105.65 0%
11/23/2009 7.72 2% 11/23/2009 1106.24 1%
11/20/2009 7.57 -1% 11/20/2009 1091.38 0%
11/19/2009 7.64 -9% 11/19/2009 1094.9 -1%
11/18/2009 8.37 3% 11/18/2009 1109.8 0%
11/17/2009 8.12 0% 11/17/2009 1110.32 0%
11/16/2009 8.13 2% 11/16/2009 1109.3 1%
11/13/2009 7.98 2% 11/13/2009 1093.48 1%
11/12/2009 7.8 -1% 11/12/2009 1087.24 -1%
11/11/2009 7.86 2% 11/11/2009 1098.51 1%
11/10/2009 7.72 -1% 11/10/2009 1093.01 0%
11/9/2009 7.77 3% 11/9/2009 1093.08 2%
11/6/2009 7.52 0% 11/6/2009 1069.3 0%
11/5/2009 7.54 2% 11/5/2009 1066.63 2%
11/4/2009 7.38 2% 11/4/2009 1046.5 0%
11/3/2009 7.23 -1% 11/3/2009 1045.41 0%
11/2/2009 7.33 1% 11/2/2009 1042.88 1%
10/30/2009 7.27 -1% 10/30/2009 1036.19 -3%
10/29/2009 7.38 4% 10/29/2009 1066.11 2%
10/28/2009 7.08 -2% 10/28/2009 1042.63 -2%
10/27/2009 7.24 -2% 10/27/2009 1063.41 0%
10/26/2009 7.37 0% 10/26/2009 1066.95 -1%
10/23/2009 7.4 -2% 10/23/2009 1079.6 -1%
10/22/2009 7.55 -2% 10/22/2009 1092.91 1%
10/21/2009 7.74 -1% 10/21/2009 1081.4 -1%
10/20/2009 7.83 -1% 10/20/2009 1091.06 -1%
10/19/2009 7.88 4% 10/19/2009 1097.91 1%
10/16/2009 7.56 0% 10/16/2009 1087.68 -1%
10/15/2009 7.54 1% 10/15/2009 1096.56 0%
10/14/2009 7.46 3% 10/14/2009 1092.02 2%
10/13/2009 7.27 0% 10/13/2009 1073.19 0%
10/12/2009 7.27 -1% 10/12/2009 1076.19 0%
10/9/2009 7.36 3% 10/9/2009 1071.49 1%
10/8/2009 7.17 3% 10/8/2009 1065.48 1%
10/7/2009 6.96 1% 10/7/2009 1057.58 0%
10/6/2009 6.86 2% 10/6/2009 1054.72 1%
10/5/2009 6.7 3% 10/5/2009 1040.46 1%
10/2/2009 6.52 -2% 10/2/2009 1025.21 0%
10/1/2009 6.65 -5% 10/1/2009 1029.85 -3%
9/30/2009 7 1% 9/30/2009 1057.08 0%
9/29/2009 6.95 2% 9/29/2009 1060.61 0%
9/28/2009 6.81 1% 9/28/2009 1062.98 2%
9/25/2009 6.72 1% 9/25/2009 1044.38 -1%
9/24/2009 6.64 -2% 9/24/2009 1050.78 -1%
9/23/2009 6.8 1% 9/23/2009 1060.87 -1%
9/22/2009 6.74 1% 9/22/2009 1071.66 1%
9/21/2009 6.7 0% 9/21/2009 1064.66 0%
9/18/2009 6.7 0% 9/18/2009 1068.3 0%
9/17/2009 6.67 -1% 9/17/2009 1065.49 0%
9/16/2009 6.77 -1% 9/16/2009 1068.76 2%
9/15/2009 6.84 1% 9/15/2009 1052.63 0%
9/14/2009 6.8 -1% 9/14/2009 1049.34 1%
9/11/2009 6.87 -1% 9/11/2009 1042.73 0%
9/10/2009 6.94 4% 9/10/2009 1044.14 1%
9/9/2009 6.7 1% 9/9/2009 1033.37 1%
9/8/2009 6.65 4% 9/8/2009 1025.39 1%
9/4/2009 6.39 3% 9/4/2009 1016.4 1%
9/3/2009 6.21 2% 9/3/2009 1003.24 1%
9/2/2009 6.09 -2% 9/2/2009 994.75 0%
9/1/2009 6.24 -2% 9/1/2009 998.04 -2%
8/31/2009 6.35 -2% 8/31/2009 1020.62 -1%
8/28/2009 6.47 2% 8/28/2009 1028.93 0%
8/27/2009 6.35 3% 8/27/2009 1030.98 0%
8/26/2009 6.16 0% 8/26/2009 1028.12 0%
8/25/2009 6.17 -1% 8/25/2009 1028 0%
8/24/2009 6.21 -1% 8/24/2009 1025.57 0%
8/21/2009 6.3 1% 8/21/2009 1026.13 2%
8/20/2009 6.25 1% 8/20/2009 1007.37 1%
8/19/2009 6.19 -1% 8/19/2009 996.46 1%
8/18/2009 6.23 4% 8/18/2009 989.67 1%
8/17/2009 5.98 -4% 8/17/2009 979.73 -2%
8/14/2009 6.2 0% 8/14/2009 1004.09 -1%
8/13/2009 6.22 0% 8/13/2009 1012.73 1%
8/12/2009 6.22 1% 8/12/2009 1005.81 1%
8/11/2009 6.14 -1% 8/11/2009 994.35 -1%
8/10/2009 6.23 -1% 8/10/2009 1007.1 0%
8/7/2009 6.32 1% 8/7/2009 1010.48 1%
8/6/2009 6.24 -3% 8/6/2009 997.08 -1%
8/5/2009 6.46 -3% 8/5/2009 1002.72 0%
8/4/2009 6.67 1% 8/4/2009 1005.65 0%
8/3/2009 6.58 3% 8/3/2009 1002.63 2%
7/31/2009 6.39 -1% 7/31/2009 987.48 0%
7/30/2009 6.46 4% 7/30/2009 986.75 1%
7/29/2009 6.22 -5% 7/29/2009 975.15 0%
7/28/2009 6.52 0% 7/28/2009 979.62 0%
7/27/2009 6.49 1% 7/27/2009 982.18 0%
7/24/2009 6.44 -1% 7/24/2009 979.26 0%
7/23/2009 6.52 1% 7/23/2009 976.29 2%
7/22/2009 6.47 1% 7/22/2009 954.07 0%
7/21/2009 6.41 -1% 7/21/2009 954.58 0%
7/20/2009 6.45 1% 7/20/2009 951.13 1%
7/17/2009 6.37 0% 7/17/2009 940.38 0%
7/16/2009 6.35 -2% 7/16/2009 940.74 1%
7/15/2009 6.45 4% 7/15/2009 932.68 3%
7/14/2009 6.19 1% 7/14/2009 905.84 1%
7/13/2009 6.12 1% 7/13/2009 901.05 2%
7/10/2009 6.08 2% 7/10/2009 879.13 0%
7/9/2009 5.97 5% 7/9/2009 882.68 0%
7/8/2009 5.69 0% 7/8/2009 879.56 0%
7/7/2009 5.69 -4% 7/7/2009 881.03 -2%
7/6/2009 5.91 -1% 7/6/2009 898.72 0%
7/2/2009 5.94 0% 7/2/2009 896.42 -3%
7/1/2009 5.95 0% 7/1/2009 923.33 0%
6/30/2009 5.97 -1% 6/30/2009 919.32 -1%
6/29/2009 6.04 1% 6/29/2009 927.23 1%
6/26/2009 5.97 3% 6/26/2009 918.9 0%
6/25/2009 5.78 3% 6/25/2009 920.26 2%
6/24/2009 5.61 3% 6/24/2009 900.94 1%
6/23/2009 5.44 1% 6/23/2009 895.1 0%
6/22/2009 5.37 -5% 6/22/2009 893.04 -3%
6/19/2009 5.64 5% 6/19/2009 921.23 0%
6/18/2009 5.36 0% 6/18/2009 918.37 1%
6/17/2009 5.34 0% 6/17/2009 910.71 0%
6/16/2009 5.32 -1% 6/16/2009 911.97 -1%
6/15/2009 5.39 -2% 6/15/2009 923.72 -2%
6/12/2009 5.49 3% 6/12/2009 946.21 0%
6/11/2009 5.31 0% 6/11/2009 944.89 1%
6/10/2009 5.31 -1% 6/10/2009 939.15 0%
6/9/2009 5.36 2% 6/9/2009 942.43 0%
6/8/2009 5.27 2% 6/8/2009 939.14 0%
6/5/2009 5.16 0% 6/5/2009 940.09 0%
6/4/2009 5.18 1% 6/4/2009 942.46 1%
6/3/2009 5.13 -6% 6/3/2009 931.76 -1%
6/2/2009 5.44 1% 6/2/2009 944.74 0%
6/1/2009 5.38 2% 6/1/2009 942.87 3%
5/29/2009 5.26 1% 5/29/2009 919.14 1%
5/28/2009 5.22 -1% 5/28/2009 906.83 2%
5/27/2009 5.25 2% 5/27/2009 893.06 -2%
5/26/2009 5.16 -3% 5/26/2009 910.33 3%
5/22/2009 5.31 -1% 5/22/2009 887 0%
5/21/2009 5.35 -3% 5/21/2009 888.33 -2%
5/20/2009 5.53 1% 5/20/2009 903.47 -1%
5/19/2009 5.47 1% 5/19/2009 908.13 0%
5/18/2009 5.39 8% 5/18/2009 909.71 3%
5/15/2009 5 0% 5/15/2009 882.88 -1%
5/14/2009 4.98 1% 5/14/2009 893.07 1%
5/13/2009 4.91 -3% 5/13/2009 883.92 -3%
5/12/2009 5.04 5% 5/12/2009 908.35 0%
5/11/2009 4.79 -3% 5/11/2009 909.24 -2%
5/8/2009 4.95 -2% 5/8/2009 929.23 2%
5/7/2009 5.04 -4% 5/7/2009 907.39 -1%
5/6/2009 5.23 -6% 5/6/2009 919.53 2%
5/5/2009 5.54 -1% 5/5/2009 903.8 0%
5/4/2009 5.61 4% 5/4/2009 907.24 3%
5/1/2009 5.38 1% 5/1/2009 877.52 1%
4/30/2009 5.31 2% 4/30/2009 872.81 0%
4/29/2009 5.21 4% 4/29/2009 873.64 2%
4/28/2009 5.02 -3% 4/28/2009 855.16 0%
4/27/2009 5.17 0% 4/27/2009 857.51 -1%
4/24/2009 5.16 -2% 4/24/2009 866.23 2%
4/23/2009 5.26 4% 4/23/2009 851.92 1%
4/22/2009 5.08 -2% 4/22/2009 843.55 -1%
4/21/2009 5.18 3% 4/21/2009 850.08 2%
4/20/2009 5.03 -3% 4/20/2009 832.39 -4%
4/17/2009 5.21 0% 4/17/2009 869.6 0%
4/16/2009 5.22 0% 4/16/2009 865.3 2%
4/15/2009 5.22 4% 4/15/2009 852.06 1%
4/14/2009 5.04 -1% 4/14/2009 841.5 -2%
4/13/2009 5.11 0% 4/13/2009 858.73 0%
4/9/2009 5.1 3% 4/9/2009 856.56 4%
4/8/2009 4.95 0% 4/8/2009 825.16 1%
4/7/2009 4.94 -5% 4/7/2009 815.55 -2%
4/6/2009 5.18 1% 4/6/2009 835.48 -1%
4/3/2009 5.11 4% 4/3/2009 842.5 1%
4/2/2009 4.93 3% 4/2/2009 834.38 3%
4/1/2009 4.78 8% 4/1/2009 811.08 2%
3/31/2009 4.42 0% 3/31/2009 797.87 1%
3/30/2009 4.43 0% 3/30/2009 787.53 -3%
3/27/2009 4.45 -3% 3/27/2009 815.94 -2%
3/26/2009 4.58 1% 3/26/2009 832.86 2%
3/25/2009 4.52 1% 3/25/2009 813.88 1%
3/24/2009 4.48 -1% 3/24/2009 806.12 -2%
3/23/2009 4.53 2% 3/23/2009 822.92 7%
3/20/2009 4.43 -2% 3/20/2009 768.54 -2%
3/19/2009 4.54 -3% 3/19/2009 784.04 -1%
3/18/2009 4.69 2% 3/18/2009 794.35 2%
3/17/2009 4.62 5% 3/17/2009 778.12 3%
3/16/2009 4.39 -4% 3/16/2009 753.89 0%
3/13/2009 4.55 5% 3/13/2009 756.55 1%
3/12/2009 4.33 6% 3/12/2009 750.74 4%
3/11/2009 4.08 3% 3/11/2009 721.36 0%
3/10/2009 3.95 6% 3/10/2009 719.6 6%
3/9/2009 3.73 -1% 3/9/2009 676.53 -1%
3/6/2009 3.77 -2% 3/6/2009 683.38 0%
3/5/2009 3.83 -3% 3/5/2009 682.55 -4%
3/4/2009 3.95 0% 3/4/2009 712.87 2%
3/3/2009 3.96 1% 3/3/2009 696.33 -1%
3/2/2009 3.93 -6% 3/2/2009 700.82 -5%
2/27/2009 4.19 2% 2/27/2009 735.09 -2%
2/26/2009 4.09 2/26/2009 752.83
WACC Calculation
Risk Free Rate 3.43%
Implied Equity Risk Premium 5.07%
Beta 1.10
CAPM 8.99%
Debt/Capital 0.00%
WACC 8.99%
Statement of Cashflows
(in thousands of pounds stelring)
Fiscal Year Ending December 31
Operating activities 2005 2006 2007
Profit from Operations 35,157 49,248 39,694
Total D&A 28,608 26,726 26,907
Profit on disposal of available-for-sale securities (5,270)
Loss on dispoal of PPE 16 63 317
Impairment of available-for-sale investments 337 2,100
Share-based compensation payments 20,863 17,437 16,786
Provision for doubtful debts 722 255 215
Provision for obsolescence of inventory 22 65 247
Change in currency exchange contracts
Change in embedded derivatives
Changes in working capital
Accounts receivable (21,247) (18,986) 260
Inventories (519) (508) (653)
Prepayed expenses and other assets (61) 1,015 (3,291)
Current exchange contracts 3,382 (2,147) 935
Accounts payable (1,931) (672) 404
Deferred revenues (2,043) 11,071 (3,877)
Accrued and other liabilities (7,199) 5,373 (7,954)
Cash generated by operations before tax 56,107 83,670 72,090
Income taxes paid (14,447) (21,147) (12,265)
Net cash from operating activities 41,660 62,523 59,825
Investing activities
Interest Received 5,444 6,636 5,607
Interest Paid
Purchases of PPE (5,492) (7,189) (4,661)
Purchases of other intangible assets (572) (1,370) (3,332)
Purchases of available-for-sale securities (274) (165) (2,657)
Proceeds on disposal of PPE 37 31
Proceeds on disposal of available-for-sale securities 96 5,567
Purchases of short and long-term deposits
(Purchases)/maturity of short-term securities (599) (4,926) 35,937
Outflow from provision of long-term loan
Purchases of subsidiaries, net of cash acquired (20,304) (17,270) (3,357)
Net cash from investing activities (21,664) (18,686) 27,537
Financing activities
Issue of shares 13,921 811 5,509
Purchase of own shares (16,211) (76,519) (128,561)
Issue of treasury shares 17,049 13,383
Dividends paid to shareholders (10,436) (12,367) (18,547)
Net cash from financing activities (12,726) (71,026) (128,216)
Net in/(de)crease in cash and cash equivalents 7,270 (27,189) (40,854)
Cash and cash equivalents at beginning of year 110,561 128,077 90,743
Effect of foreign exchange rate changes 10,246 (10,822) (380)
Cash and cash equivalents at end of year 128,077 90,066 49,509
al Year Ending December 31
2008 2009 2010
59,943 45,614 106,959
26,952 24,953 19,949
(224) (37)
36 79 255
412
15,409 19,001 27,129
641 1,018 (904)
87 211 (199)
17,961 (18,914) 658
(12,518) 9,818 177
(6,364) 9,531 (39,945)
280 81 95
(8,915) 358 4,695
0 0 0
4,661 (4,673) 2,025
1,548 10,281 53,594
6,831 14,564 25,340
106,552 112,110 199,791
(6,019) (15,559) (22,859)
100,533 96,551 176,932
3,234 1,277 2,101
(566)
(7,236) (6,030) (6,182)
(5,901) (3,888) (1,173)
(1,029) (9,116) (10,997)
49 146
663 142
6,291 (104,902) (153,264)
(758)
(1,934)
(7,371) (563)
(12,770) (122,510) (171,727)
(40,286)
5,581 19,085 24,015
(26,383) (28,961) (34,323)
(61,088) (9,876) (10,308)
26,675 (35,835) (5,103)
49,509 76,502 34,489
317 (6,178) (23)
76,501 34,489 29,363