Free Essay

Fi512 Dcf Valuation Assignment

Submitted By jajohnson
Words 1755
Pages 8
1. [DCF Valuation and Ownership Concepts] The venture investors and founders of ACE Products, a closely held corporation, are contemplating merging the successful venture into a much larger diversified firm that operates in the same industry. ACE estimates its free cash flows that will be available to the enterprise next year at \$5,200,000. Since the venture is now in its maturity stage, ACE’s free cash flows are expected to continue to grow at a 6 percent annual compound growth rate in the future. A weighted average cost of capital (WACC) for the venture is estimated at 15 percent. Interest-bearing debt owed by ACE is \$17.5 million. In addition, the venture has surplus cash of \$4 million. ACE currently has five million shares outstanding, with three million held by venture investors and two million held by founders. The venture investors have an average investment of \$2.50 per share while the founders’ average investment is \$.50 per share.

A. Based on the above information, estimate the enterprise value of ACE Products. What would be the value of the venture’s equity?

According to Chapter 9 of the text: the current value of a growing perpetuity is the next period’s cash flow (VCFT) divided by the spread between the assumed constant discount (r∞) and growth (g) rates:

Enterprise operating value would equal:
Enterprise next year at \$5,200,000/ (WACC for the venture is estimated at 15 percent - expected to continue to grow at a 6 percent) 5,200,000 / (.15 - .06) = 57,777,777.78 or \$57,777,778

Total entreprise value = \$57,777,778 enterprise operating value + \$4,000,0000 surplus cash = \$61,777,778

Equity Value = \$61,777,778 Total enterprise value - \$17,500,000 interest bearing debt owed = \$44,277,778

B. How much of the value of ACE would belong to the venture investors versus the founders? How much would the venture be worth on a per-share basis?

ACE currently has five million shares outstanding, with three million held by venture investors and two million held by founders. The venture investors have an average investment of \$2.50 per share while the founders’ average investment is \$.50 per share.

Owner’s percentage = 3M shares held by venture investor / 5M shares outstanding 3,000,000 / 5,000,000 = 0.60 or 60%
Founder’s percentage = 2M shares held by founders / 5M shares outstanding 2,000,000 / 5,000,000 = 0.40 or 40% Venture worth per-share basis: Venture investors: \$44,277,778 equity value x .60 = \$26,566,667 venture investors value \$26,566,667 / 3,000,000 shares held = \$8.856 or \$8.86 per share Founders: \$44,277,778 equity value x .40 = \$17,711,111 founders value \$17,711,111 / 2,000,000 shares held = \$8.856 or \$8.86 per share Both the venture investors and founders per share cost = \$8.856 or \$8.86 which can also be checked by taking the total shares and divide into the equity value: \$44,277,778 / 5,000,000 shares held = \$8.856 or \$8.86 per share

C. What would be the percentage appreciation on the stock bought by the venture investors versus the investment appreciation for the founders?

The venture investors have an average investment of \$2.50 per share while the founders’ average investment is \$.50 per share.

Venture investor’s percentage appreciation:
[(price per share cost \$8.856 minus average Venture investment cost per share \$2.50) divided by average investment cost per share] x 100
= [(\$8.856 - \$2.50) / \$2.50] x 100
= 6.356 / 2.50) x 100
= 2.5424 x 100
= 254.24 % Venture Investors percentage appreciation

Founder’s percentage appreciation:
[(price per share cost \$8.856 minus average Founder investment cost per share \$.50) divided by average investment cost per share] x 100
= [(\$8.856 - \$.50) / \$.50] x 100
= 8.356 /.50) x 100
= 16,712 x 100
= 1,671.20 % Venture Investors percentage appreciation

D. If the founders have held their investments for five years, calculate the compound annual or internal rate of return on their investments. The venture investors made a first-round investment of 1.5 million shares at \$2 per share four years ago. What was the compound annual rate of return on the first-round investment? Venture investors made a second-round investment of 1.5 million shares at \$3 per share two years ago. Calculate their compound rate of return on this investment.

IRR: Compound rate of return that equates the present value of the cash inflows received with the initial investments
ACE currently has five million shares outstanding, with three million held by venture investors and two million held by founders. The venture investors have an average investment of \$2.50 per share while the founders’ average investment is \$.50 per share.

Founders Valuation for 5 years:
Present Value: Founder’s cost per share \$0.50 x 2,000,000 shares = .50 x 2,000,000 = \$1,000,000
Pre calculated Future Value = \$17,711,111
Compound Annual Growth Rate (CAGR):
FV \$17,711,111 / PV 1,000,000 = 17.711111 1 / year 5 = 0.20 17.711111^.20 = 1.776843
CAGR = 1.776843 – 1 = .776843 or 77.68% Compound rate of return

Venture investors first round investment: 1.5 million shares at \$2 per share; 3M initially held
= 1,500,000 x \$2.00 = \$3,000,000
= 1,500,000 first round shares / 3,000,000 shares
= 0.50 percentage of shares x \$26,566,667 venture investors value = \$13,283,333.50 or \$13,283,334
=Compound Annual Growth Rate (CAGR):
FV \$13,283,334/ PV 3,000,000 = 4.427778 1 / year 4 = 0.25 4.427778^.25 = 1.450595846
CAGR = 1.450595946 – 1 = .450595946 or 45.06% Compound rate of return

Venture investors first round investment:
Second-round investment of 1.5 million shares at \$3 per share; 3M initially held
= 1,500,000 x \$3.00 = \$4,500,000
= 1,500,000 first round shares / 3,000,000 shares
= 0.50 percentage of shares x \$26,566,667 venture investors value = \$13,283,333.50 or \$13,283,334
=Compound Annual Growth Rate (CAGR):
FV \$13,283,334/ PV 4,500,000 = 2.951852 1 / year 2 = 0.50 2.951852^.50 = 1.718095457
CAGR = 1.718095457 – 1 = .718095457 or 71.81% Compound rate of return

3. [Relative Value Concepts Using Multiples] The WestTek privately held venture is considering the sale of the venture to an outside buyer. WestTek has net sales = \$21.2 million, EBITDA = \$11.1 million, net income = \$2.9 million, and interest-bearing debt = \$12 million. Three publicly-traded comparable firms or competitors in the industry have the following net sales, EBITDA, net income, equity value or market capitalization (stock price times number of shares of common stock outstanding), and interest-bearing debt information:

No surplus cash is being held by WestTek or by any of the three comparable firms.

NOTE: | EastTek | \$ 45,000,000 + | \$ 15,000,000 = | \$ 60,000,000 | SouthTek | \$ 60,000,000 + | \$ 20,000,000 = | \$ 80,000,000 | NorthTek | \$ 160,000,000 + | \$ 40,000,000 = | \$ 200,000,000 |

a. Calculate the enterprise value to net sales ratios for each of the three competitors (EastTek, SouthTek, and NorthTek), as well as the average ratio for the competitors.

Enterprise Value / Net Sales Net Sales Ratio
EastTek \$ 60,000,000 / \$25,000,000 = 2.40
SouthTek \$ 80,000,000 / \$37,500,000 = 2.13
NorthTek \$200,000,000 / \$80,000,000 = 2.50

Average ratio = = 7.03 / 3 = 2.3433333 or 2.34

b. Calculate the enterprise value to EBITDA ratios for each of the three competitors, as well as the average ratio for the competitors.

Enterprise Value / EBITDA EBITDA Ratio
EastTek \$ 60,000,000 / \$12,500,000 = 4.80
SouthTek \$ 80,000,000 / \$20,000,000 = 4.00
NorthTek \$200,000,000 / \$37,500,000 = 5.33

Average ratio = = 14.13 / 3 =4.71

c. Calculate the equity value or market “cap” to net income ratios for each of the three competitors, as well as the average ratio for the competitors.

Enterprise Value / NI NI Ratio
EastTek \$ 60,000,000 / \$ 2,500,000 = 24.00
SouthTek \$ 80,000,000 / \$ 3,000,000 = 26.67
NorthTek \$200,000,000 / \$10,000,000 =20.00

Average ratio = = 70.67 / 3 =23.55666667 or 23.56

d. Estimate the enterprise and equity values for WestTek using the individual net sales multiples from EastTek, SouthTek, and NorthTek, as well as for the average of the three comparable firms. Show the valuation ranges from high to low.

Valuation range from high to low: \$53,000,000 \$50,880,000 \$45,156,000 e. Estimate the enterprise and equity values for WestTek using the individual EBITDA multiples from each comparable firm, as well as the average multiple for the three competitors. Show the valuation ranges from high to low.

Valuation range from high to low: \$59,163,000 \$53,280,000 \$44,400,000 f. Estimate the equity values for WestTek using the individual net income multiples from each comparable firm, as well as the average multiple for the three firms.

Valuation range from high to low: \$77,343,000 \$69,000,000 \$58,000,000

g. Establish a range of equity value estimates for WestTek based on the highest and lowest overall values generated from the multiples analyses in Parts D, E, and F.

(From Net Sales) Valuation range from high to low: \$53,000,000 \$50,880,000 \$45,156,000
(From EBITDA) Valuation range from high to low: \$59,163,000 \$53,280,000 \$44,400,000
(From Net Income) Valuation range from high to low: \$77,343,000 \$69,000,000 \$58,000,000
Equity Value Estimates from highest to lowest overall values:

Highest \$77,343,000 Lowest \$44,400,000

Range of market value estimates based on WestTek averages from Highest to Lowest:

\$68,324,000 Highest \$52,281,000 \$49,608,000 Lowest

h. From the perspective of the selling venture investors and founders, would you recommend that they negotiate for the final selling price based on the use of top-line valuation multiples (i.e., using net sales) or bottom-line valuation multiples (i.e., using net income)?

I would recommend using net income (bottom-line valuation multiples) for the final selling price as WestTek compared to competitors in the industry exceeds their percentage of net income to sales and therefore could produce a greater value for both the venture investors and the founders.…...

Similar Documents

Valuation

...AMITY INTERNATIONAL BUSINESS SCHOOL ANALYSIS AND VALUATION OF EQUITY SECURITIES OF TATA CONSULTANCY SERVICES , INFOSYS AND WIPRO LTD. SUBMITTED TO: SUBMITTED BY : Ms.Vibha Singh Atreya Vyas A1802011445 Section C MBA IB TABLE OF CONTENTS S.No | Topic | Page Number | 1 | Introduction | 3 | 2 | Research Methodolgy | 4 | 2.1 | Research Objectives | 5 | 2.2 | Proposed Literature Review and Tentative Hypothesis | 5 | 3 | Data Collection | 7 | 4 | About Companies and Research | 8 | 5 | Limitation of Study | 11 | 6 | References | 12 | 1) INTRODUCTION In today’s era every company needs cash or cash equivalents to run its day to day activities smoothly. The major sources through which companies can borrow money are: * Bank Loans * Debenture * Preference Share * Equity Share. Bank Loan is the amount which companies receive after fulfilling all the required information which is mandate according to the rules of banks. Companies need to mortgage its assets as guarantee for the future repayment of its loan amt. on the loan bank charge interest which company has to pay irrespective of the fact that company is in profit or loss. Debentures are the instruments which are used to acknowledge the receipt of the debt form the debenture holders. Debenture Holders are sought lenders for the company. They...

Words: 4106 - Pages: 17

Valuation

...Bank Valuation: Comparable Public Companies & Precedent Transactions Picking a set of comparable companies or precedent transactions for a bank is very similar to what you’d do for any other company – here are the differences: 1. The set has to be more specific due to differing regulatory requirements for different countries and types of banks. For example, if you’re looking at large-cap commercial banks in the US, you should not include regional banks or insurance companies even if they’re also large-cap – nor should you include Credit Suisse or Deutsche Bank, because they’re not US-based. 2. Rather than cutting the set by revenue or EBITDA, you use metrics like total assets or total deposits to determine the “size” of banks. 3. Instead of traditional metrics like revenue and EBITDA, you list the metrics and multiples that are relevant to a bank: EPS, Return on Equity (ROE), Book Value (BV), P / E, P / BV, and so on. Operating Metric Equity Value Book Value (BV) How to Calculate It Shares Outstanding * Share Price Shareholders’ Equity(1) What It Means How much are we worth? How much are we worth according to our assets rather than the market? How much are we worth to everyone except preferred shareholders? How much are we worth according to our incomeproducing assets? How much money do we make after taxes? How much money is left to pass on to common shareholders? How much in dividends could we potentially issue to each common shareholder? Does our market cap overvalue or......

Words: 1938 - Pages: 8

Valuation

...strategy is to provide customers with everyday low prices. It is known for its discount stores. Wal-Mart’s competitors are Sears, Target, Gap, limited, Dillard’s, Macy’s and JC Penny. The major membership only warehouse competitor is Costco Wholsale. Wal-Mart became a publicly traded firm in 1970 with an initial stock price of \$16.50 per share and subsequently, in March 1974, declared its first cash dividend of \$0.05 per share (after two two-for-one stock splits). It had undergone 11 two-for-one stock splits, and thus, an original lot of 100 Wal-Mart shares had grown to 204,800 shares after the most recent split in April 1999. For this valuation we will be using the dividend discount model, the capital asset pricing model (CAPM) and price/earnings multiples. Dividend Discount Model (DDM) In discounted cash flow (DCF) valuation techniques the value of the stock is estimated based upon present value of some measure of cash flow. Dividends are the cleanest and most straightforward measure of cash flow because these are clearly cash flows that go directly to the investor. [pic] I. Dividends in Perpetuity The current stock price of Wal-Mart using this method is the present value of all expected future dividends, discounted at an investor’s required rate of return. A share is valued by forecasting futures dividends of Wal-Mart. • Constant growth dividend discount model. According to the constant growth DDM, the current value of a firm’s......

Words: 1158 - Pages: 5

Valuations

...Valuation Assumptions The models used to value the target firm SkyWest will include: I. Residual Earnings Model (REM) II. Abnormal Growth Model (AGM) III. Dividend Discount Model ((DDM) IV. Discounted Cash Flow Model (DCF) V. Method of Comparables These models have been based on some fundamental assumptions. These assumptions can be found in Appendix 1.1. I. Residual Earning Model The REM splits the intrinsic value of a company into two components; the book value and the present value of the future residual earnings. The discount rate used for future earning was the Cost of Equity found in Appendix 1.1. Through obtaining the earnings per share (EPS), book value per share (BPS) and dividends per share (DPS) from Bloomberg, it is possible to estimate the value of SkyWest. A growth rate of 2.6% (2012 financial statement) was applied. The value per a share shown in Appendix 1.2 is approximately 94 cents. II. Abnormal Growth Model The RE model anchors book value whereas, the AEG model anchors earnings. In applying the model the value per a share is equal to the capitalised earning plus the extra forecasted earning and applying a growth rate of 2.6% for the CV. In Appendix 1.3 the value per a share is \$9.86. However, there seems to be a problem with the CV, through excluding the CV the value per a share is equal to approximately 33cents (0.02076/0.0636). Theoretically, the AEG and RE models should give the same valuations, but due to imperfections, the two......

Words: 499 - Pages: 2

Valuation

...VALUATION TECHNIQUES Vault Guide to Finance Interviews Valuation Techniques How Much is it Worth? Imagine yourself as the CEO of a publicly traded company that makes widgets. You’ve had a highly successful business so far and want to sell the company to anyone interested in buying it. How do you know how much to sell it for? Likewise, consider the Bank of America acquisition of Fleet. How did B of A decide how much it should pay to buy Fleet? For starters, you should understand that the value of a company is equal to the value of its assets, and that Value of Assets = Debt + Equity or Assets = D + E If I buy a company, I buy its stock (equity) and assume its debt (bonds and loans). Buying a company’s equity means that I actually gain ownership of the company – if I buy 50 percent of a company’s equity, I own 50 percent of the company. Assuming a company’s debt means that I promise to pay the company’s lenders the amount owed by the previous owner. The value of debt is easy to calculate: the market value of debt is equal to the book value of debt. (Unless the debt trades and thus has a real “market value.” This information, however, is hard to come by, so it is safe to use the book value.) Figuring out the market value of equity is trickier, and that’s where valuation techniques come into play. The four most commonly used techniques are: 1. 2. 3. 4. Discounted cash flow (DCF) analysis Multiples method Market valuation Comparable transactions method Generally, before...

Words: 11224 - Pages: 45

Dcf-Valuation

Words: 3104 - Pages: 13

Dcf Discounted Cash Flow Valuation: Basics Aswath Damodaran

...Discounted Cash Flow Valuation: Basics Aswath Damodaran Aswath Damodaran 1 Discounted Cashflow Valuation: Basis for Approach t = n CF t Value = ∑ t t = 1( 1 +r) where CFt is the cash flow in period t, r is the discount rate appropriate given the riskiness of the cash flow and t is the life of the asset. Proposition 1: For an asset to have value, the expected cash flows have to be positive some time over the life of the asset. Proposition 2: Assets that generate cash flows early in their life will be worth more than assets that generate cash flows later; the latter may however have greater growth and higher cash flows to compensate. Aswath Damodaran 2 Equity Valuation versus Firm Valuation n n Value just the equity stake in the business Value the entire business, which includes, besides equity, the other claimholders in the firm Aswath Damodaran 3 I.Equity Valuation n The value of equity is obtained by discounting expected cashflows to equity, i.e., the residual cashflows after meeting all expenses, tax obligations and interest and principal payments, at the cost of equity, i.e., the rate of return required by equity investors in the firm. t=n Value of Equity = CF to Equity t ∑ (1+ k )t t=1 e where, CF to Equityt = Expected Cashflow to Equity in period t ke = Cost of Equity n The dividend discount model is a specialized case of equity valuation, and the value of a stock is the present value of expected future......

Words: 1532 - Pages: 7

Gii Dcf Valuation

...LEARNING OUTCOMES LEARNING OUTCOMES Program: Master in Wealth Management Professor: Georges Hübner Title of course: Personal Portfolio Management  ECTS Credits (teaching days): 3 Learning Objectives: * Consider the client from the point of view of his/her preferences for risk and return * Determine the risk and return of various asset classes and explain where the risk premium comes from * Understand and master the notion of risk factors and how they explain portfolio returns * Master the Equity Risk Premium and be able to discuss its determinants and evolution * Understand the basics of prospect theory and its influences on the PB client * Link the MiFID “suitability” criterion to investor profiles and identify their dimensions * Identify and avoid the pitfalls in portfolio advice * Go beyond the notions of strategic and tactical asset allocation to better serve the client * Include the investor’s objectives and constraints in the portfolio construction process * Adequately report portfolio performance and explain it is a clear fashion to investors * Adapt the measurement of portfolio performance to the preferences of the investor * Distinguish the types of managerial skills that generate the portfolio returns Topics covered: 1. Personal Portfolio Management I A. Investors’ preferences, risk and return 1. The notion of risk and the risk premium 2. Classical view of investors’......

Words: 550 - Pages: 3

Valuation

...buyouts,” we did not have past cases to examine and compare previous decisions and so all our decisions are based off of our knowledge and extensive research of all the topics presented (Case 2). Objectives Throughout the paper, we will comment on the presenting team’s paper content and figures. Also, we will show why the presenting team’s calculations and paper content lacked some very important issues brought up in the case, such as, shareholder concerns and the proper way to calculate the price for the leveraged buyout (LBO). Some of the main differences between their case and ours are: • How to calculate the price for the LBO o They chose to use EBITDA o After reading various articles on LBOs we feel net present value (NPV) is a better valuation tool 3 • Focus on various financial ratios o They calculated 22 different financial ratios that were not fully analyzed and they unfairly compared Seagate to the industry (Seagate is vertically integrated making it a different entity) o We feel that the Du Pont Identity allows us to better compare Seagate to the industry • Concern for the shareholders of Seagate and VERITAS o The presenting team failed to fully analyze this aspect but the case addressed this as a major concern, “the Silver Lake transaction had to be approved by both Seagate and VERITAS shareholders” (Case 2) While the presenting team touched on some very important issues, they did not follow through with their information. Throughout the paper, we......

Words: 8426 - Pages: 34

Dcf Tutorial

...should always strive to challenge our beliefs through a feedback mechanism. To test our existing constructs with new potentially better ones. It is with this in mind that we explore the classic or naive discounted cash ﬂow modelling techniques. 1 Introduction The essential steps for a DCF are: 1. Gather information: Use historic Income, Balance Sheet & Cash Flow Statements to calculate ‘earnings’, ‘cash ﬂows’ or any other variable you’re trying to obtain data for, 2. Generate Forecast Assumptions: based on our historical observations generate a starting cash ﬂow range, growth rate and discount rate assumptions . . . 3. Actually forecast earnings/EBITDA, cash ﬂows etc. Keep in mind earning/cash ﬂow forecasts must be linked to the underlying asset base. ROC, ROA, ROE cross-checks should be consistent with competitive industry foreces. 4. Discount the cash ﬂows/earnings to generate a valuation estimates, 5. Perform sensitivity analysis (usually altering growth rates and discount rates). However, to decrease forecasted errors terms concentrate on likely cash ﬂow ranges both at t1 and tn . Be mindful of your starting point t1 cash ﬂows. For our class we will focus on DCF to the ﬁrm and to equity holders. Other approaches include: dividend discount, adjusted present value, economic value added, HOLT process, residual income and Monte Carlo based direct cash ﬂow models, are alternative approaches. Background To facilitate communicating the essential......

Words: 3461 - Pages: 14

Valuation

...service offerings. Second, the acquisition could help both companies expand into the business market. Third, ACC was in a unique position to add value to AirThread’s operations because the acquisition could save AirThread more than 20% in backhaul costs. The reasons above make us believe that the synergy is positive and the acquisition is a good idea. Based on the projected cash flow information provided in the case, what is the stand- alone value of AirThread? Show the cash flow forecasts, discount rate, and your valuation model.  (Hint: pay attention to the Working Capital Assumptions provided in Ex 1. For example, Accounts Receivable 41.67× means on average it takes 41.67 days to receive payment from customers. ) According to Jennifer Zhang’s analysis, we divide the stand-alone value of AirThread into two parts—operating value and non-operating value-- and then add the two parts together to get the result. First, when we calculate the operating value, we use the DCF model. We pick the risk-free rate from historical annual returns investments on T-bonds from 1928 to 2007 and use the geometric average, which is 5.4%, and collect the 5% equity market risk premium from the casebook. We assume the equity β as the average equity β of the industry, which is 0.96 (but we exclude one company that is Agile Connections, because the net income of this company is negative), and then use the Harris and Pringle Method to levered β (=1.467) because we assume that the D/E ratio......

Words: 1388 - Pages: 6

Capm Dcf

...sdf Calculating Returns: CAPM vs. DCF Kalen Hickey American Military University The Capital Asset Pricing Model (CAPM) and Discounted Cash Flows Method are different techniques for determining returns on an investment. These concepts deal with the time value of money and the other investment factors. “If decisions are made that ignore the interaction of scale and risk, then cash flows are misvalued and suboptimal operations decisions are made” (Lederer & Mehta). Companies use CAPM and DCF to figure out the greatest potential for highest yield of an investment based on average market returns. The Capital Asset Pricing Model (CAPM) takes the two factors of time value of money and market risk into account for determining risk of investment and returns. “One is the risk of being in the market which is called systematic risk. The other-unsystematic risk-is specific to a company’s fortunes” (Burton, p.20). The two risks are married together, otherwise one would expect to see a positive return on every risk which is never the case. The expected rate of return for the CAPM takes into account risk-free interest rate, a stock beta that determines the relationship between the entire market and an individual investment, and an expected return from a typical market such as the Dow Jones. “The formula states that the expected return of a stock is equal to the risk-free rate of interest, plus the risk associated with all common stocks (market premium risk), adjusted......

Words: 654 - Pages: 3

Dcf Errors

Words: 5194 - Pages: 21

Valuation

...Valuation M&A involves using more than one valuation technique to arrive at a valuation that we think is fair. The most common techniques used are: ➢ Comparable Publicly traded companies (“Public Comps”) – this analysis indicates how the stock markets are valuing companies that are similar to the target ➢ Precedent Comparable Transaction analysis (“Transaction Comps”) – this analysis indicates the valuations at which prior M&A transactions have been done in the same industry as that of the target. ➢ DCF analysis – is one of the most important valuation techniques ➢ Sum-of-the-parts analysis – If a target has more than one lines of business, the financial advisor will value each business separately. Therefore, each “part” might have its own Public Comps, Transaction comps and DCF (with different WACCs for each part). The total value is the sum of the parts ➢ Other –depending on the unique characteristics of the transaction, financial advisors will perform a number of other analyses to arrive at fair value like Leveraged Buyout (“LBO”) Analysis, Historical Exchange Ration analyses etc. Valuation M&A involves using more than one valuation technique to arrive at a valuation that we think is fair. The most common techniques used are: ➢ Comparable Publicly traded companies (“Public Comps”) – this analysis indicates how the stock markets are valuing companies that are similar to the target ➢ Precedent Comparable Transaction analysis......

Words: 343 - Pages: 2