WHY IS ACCENTURE ONE

OF THE WORLDS MOST

VALUABLE BRANDS?

Table of Contents
Executive Summary
Industry Overview
Company Considerations

Share Price Performance

Acquisition History
Operating Performance
Valuation

Trade Idea
Appendix

Executive Summary

This project considers why Accenture (NYSE:ACN) is a valuable global brand from an investors point of view

ACN is a global provider of consulting, technology and outsourcing services with operations in the Americas (47%),
EMEA (40%) and APAC (13%)

ACN has experienced positive revenue growth in past years and is forecasted to continue this trend annually, due to
the following business initiatives:
Outsourcing business witnessing higher growth in contrast to declines in its consulting arm
SMAC stack (social media, big data analytics, cloud)

Pressure for financial institutions to automate services

Acquisitions (increasing domain knowledge)

Revenue increases alongside alliances (SAP, Oracle, Microsoft)
Trend in cost saving initiatives have increased demand for ACN outsourcing services

Healthcare shifting into IT outsourcing

ACN has shown it is still very profitable even under adverse economic conditions/within a very competitive
environment:
Strong US dollar, reducing ACN revenue (high translation risk for their international business).
Trouble in Europe, reducing demand for their consulting businesses

Based on our forecasts for (FY2015-19), applying discounted cash flow and comparable trading multiples
analyses of ACNs closest competitors (IBM, Cognizant, HP, Infosys) we conclude the following:
ACNs $60 billion market valuation price tag is supported by its breadth of experience across industry
segments and diversified geographic footprint
Based on assumed 9.7% WACC and 3% terminal growth, our intrinsic value for ACN shares is $76.1 as
compared to the $89.9 stock market price as at 12 January 2015

INDUSTRY OVERVIEW

Macroeconomic story

US economy showing signs of improvement- key

growth areas in financial and health care

EU GDP growth (%)

4
2

EU shows a slowly declining GDP growth rate

APAC expected to grow at CAGR 2.3% through
to 2015- growing demand in IT services.

0
1Q07 4Q07 3Q08 2Q09 1Q10 4Q10

1Q13

-4
EU GDP growth (%)

12
10

Asia Pacific GDP growth (%)

-2

0
-2

-4

-4

-6
-8

2Q12

-2

-6

US GDP growth (%)

3Q11

-6
US GDP growth (%)

-8

2008

2009

2010

2011

2012

2013

India GDP growth (%)

China GDP growth (%)
Australia GDP growth (%)
JapanGDP growth (%)

Mixed global picture at

corporate level
US corporation profits $bn

The US -showing rising corporate profits,

declining unemployment rates and
stabilizing manufacturing indices.

2500

2000
1500
1000

Expecting a continuation of growth in the

US.
Europe still carries an uncertain climate,
with flat to rising unemployment and
declining manufacturing/consumer
confidence.
APAC sees growth in the demand for IT
services and further need of effective
business operations. There is further
investment in Cloud, mobility, social
media and analytics.

500

US corporation profits $bn

0
1Q07 4Q07 3Q08 2Q09 1Q10 4Q10 3Q11 2Q12 1Q13

Change in EU consumer
confidence
Change in EU
consumer
confidence

-10
-20
-30
-40
Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Competitive Landscape
Whilst consulting companies such as Bain and Mckinsey are competitors, Accentures
closet peers utilise similar technologies in their service to assist clients/businesses.

Competitors to Accentures operating groups:

Communications,
media & technology
IBM
CSC
HP (in
communications)

Financial services
IBM
Cognizant
TCS
Infosys

Products
IBM
Infosys
HCL Tech

Resources
Capgemini
Atos
IBM
TCS
Wipro
Infosys

Health & public

services
Cognizant
IBM

COMPANY
CONSIDERATIONS

Key Company Considerations

Accentures revenues are driven by

macroeconomic conditions
business confidence
economic and geopolitical uncertainty
lower levels of spending

Growth experienced year over year in:

Communications, Media & technology (2.7%)

Products (4.4%)
Health and public services (10.5%)
Financial services (5.8%)

Flat growth experienced year-on-year in:

Resources (3.1%)

Key Company Considerations

Revenue growth was strong in Outsourcing and modest in
consulting.
Clients want more outsourcing services with an emphasis on cost savings
initiatives

A weak USD is favourable for Accenture and a strong US dollar is

considered unfavourable exposure to high translation risk for
international business
During fourth quarter fiscal year 2014 - US dollar weakened
against other currency which was favourable for Accentures P&L.

Accenture Business Model

Strategy

Digital

Accenture
Growth Platforms

Technology

Operations

Accenture is a world leading provider of management

consulting, technology and outsourcing services firm.
Comprises 4 revenue segments:
I. Strategy
II. Operations
III. Digital
IV. Technology

Accentures operating groups:

Communications, media
& technology
Communication (54%)
Electronic & high tech
(35%)
Media/entertainment
(11%)

Financial services
Banking (51%)
Capital markets (17%)
Insurance (32%)

Products
Airfreight/travel
services
Automotive
Consumer goods/
services
Industrial equipment
Infrastructure and
transportation services
Life sciences
Retail

Resources
Chemicals energy
(33%)
Natural resources
utilities (32%)

Health & public services

Public services (69%)
Health (31%)
US federal govt (28%)

Strategy

Digital

Strategic business outcomes

Engage customers
Marketing

Accenture
Growth Platforms

Analytics
Mobility

Technology

Operations

R&D tech labs

Manage tech platforms

Business process outsourcing

SAP
Oracle
Microsoft

Infrastructure outsourcing
Consulting
Cloud

Key alliances include:

Microsoft, SAP and Oracle
Compliments ACN business model, gain domain knowledge from alliances to
better customer service
ACNs revenue grows with these companies

SMAC
stack-:Social
media, Mobility,
Big data analysts,
Cloud

ACN offer tech

expertise: to help
businesses run
efficiently/more
effectively/reduce
costs

How
Accenture
uses tech to
help clients?

Help companies
achieve
strategic
objectives

Implement tech:
Microsoft,
Oracle, SAP

ACN customer
insight solution:
help business focus
their marketing
strategy

ACN interactive: closer

interaction with
customers, marketing
software (ACN digital
diagnostics), improves
companys website

Manage
companys tech
platforms

Headline Operational Metrics

Sales by Division & Growth (3Yrs)
31,396

10,000
8,000

32,000

Comms, media and tech

31,000

30,002

6,000

Financial services

30,000

Health and public services

29,000

Products

2,000

28,000

Resources

27,000

28,563

4,000

2013

2014

2015

Sales Growth (3Yrs)

32000

4.9

31000

Revenue (m$)

6
4.6

Sales Growth (%)

30000
29000

2.1

2014

2015

4.45

4.35

14.5
14

4.4

1
2013

EBIT Growth & Margins (3Yrs)

28000
27000

Total net revenue

EBIT (bn$)

Margin (%)

14
13.5

13

13

4.3
4.25

13
2013

2014

2015

12.5

Financial Forecasts

The company is forecasted to grow its sales

up to 4.9% y-o-y between 2014-2019

EBIT & Margin (14-19)

14

Cost efficiencies will see EBIT margin

expansion to 13% in FY19

This will translate into higher profit margins

as capital structure will remain constant

13

13

13

13

13

13

2014

2015

2016

2017

2018

2019

0
2013

EBIT (bn$)

40000
35000
30000
25000
20000
15000
10000
5000
0

Sales & Growth (14-19)

4.9

4.6

4.7

4.7

4.7

4.8

6
5
4
3

2.1

2
1
0
2013

2014

2015

Revenue (m$)

2016

2017

2018

Sales Growth (%)

2019

Margin (%)

Net Income & Profit Margin (14-19)

4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2013

2014

2015

2016

Net Income (bn$)

14.2
14
13.8
13.6
13.4
13.2
13
12.8
12.6
12.4

2017

2018

2019

Prot Margin (%)

14.2
14
13.8
13.6
13.4
13.2
13
12.8
12.6
12.4

Forecast Sales by Division: (2013-2019)

Comms, media and tech (m$)
Products (m$)

Financial services (m$)

Resources (m$)

Health and Public Services (m$)

Total net revenue (m$)

10,000
9,000
8,000

28,563

30,002

31,396

32,863

34,407

36,035

37,749

35,000
30,000

7,000

25,000

6,000
5,000

20,000

4,000

15,000

3,000

10,000

2,000

5,000

1,000
0

40,000

2013

2014

2015

2016

2017

2018

2019

Key Financial Metrics - Liquidity

The company overall has good liquidity metrics over the forecast period

Payables decreases and stabilizes over time

Receivables days remain stable from 2014

Receivables Days

50
45

18

40

16

35

14

30

12

25

10

20

15

10

0
2013

2014

2015

2016

2017

Payables Days

20

2018

2019

0
2013

2014

2015

2016

2017

2018

2019

Share Price Performance vs.

Competitors (Last 12 Months)
145
Accenture

IBM

HP

Cognizant

Infosys

135

125

115

105

95

85
20-Dec-13

20-Jan-14

20-Feb-14 20-Mar-14

20-Apr-14 20-May-14

20-Jun-14

20-Jul-14

20-Aug-14

20-Sep-14

20-Oct-14

20-Nov-14

Acquisition History

Accenture have acquired five IT consulting services companies over the past 12 months

M&A Transaction History

Announced Date

Target

Description

ClientHouse GmbH

IT Consulting & Services

Merger/Acquisition

Evopro

IT Consulting & Services

Merger/Acquisition

May 15, 2014

i4C Analytics Srl

IT Consulting & Services

Merger/Acquisition

June 09, 2014

PureApps Ltd

IT Consulting & Services

Merger/Acquisition

June 10, 2014

Enkitec LP

IT Consulting & Services

Merger/Acquisition

February 03, 2014

March 03, 2014

TRADE IDEA

Valuation Commentary (1)

Key financial assumptions used in discounted cash flow analysis:

WACC=9.7%
Terminal growth rate= 3.0%
Tax rate= 26%

Valuation drivers by division:

Communications, media & technology:

Resources:

expecting an increase in CAGR, IT outsourcing is increasing, pressure for financial institutions to automate services

Health & public services:

decrease in CAGR. IT spending in this industry, only expected to increase from $332bn to $369bn (2013 to 2017).

Financial services:

expect an increase in CAGR growth through to 2019. ACN have using the SMAC stack ($200bn market). RBC expects it to
grow with a CAGR of 15% through to 2017.

major CAGR increase promoted by RBC for 2015 by 10.5%. Healthcare institutions are moving into IT outsourcing, CAGR will
lower eventually after initial peak.

Products:

uncertainty in the global economy caused revenue pressures/rising costs (triggered more outsourcing) resulting in a slight
increase in CAGR.

Valuation Commentary (2)

Decrease in CAGR growth from the Americas:
trend in the stronger US dollar adversely affect revenues for ACN
Troubles in Europe have caused the consulting business to suffer

CAGR growth for consulting reduced:

consulting has troughed, however may pick up with the economy
Outsourcing has increased, due to the trend in companies wanting
cost savings initiatives from ACN

Discounted Cash Flow Analysis

Financial Year (Dec. Year end)
Total Turnover
growth (%)

EBIT
margin (%)

Depreciation & Amortisation

Tax @ 26.1%
Capital Expenditure
Capex/Sales (%)

Change in Working Capital

Working Capital / Sales (%)

Free Cash Flow

Discount Factor

Terminal Value

Present Value
Enterprise Value
Net Debt as at (August 2014)
Market Capitalisation ($bn)
No. Shares (m)
Share Price ($)

31-Aug-14
32

31-Aug-15
33
4.6%

31-Aug-16
35
4.7%

31-Aug-17
37
4.7%

31-Aug-18
38
4.7%

4
13.5%

4
13.2%

5
13.2%

5
13.2%

5
13.2%

0.6

0.6

0.4

0.4

0.4

(1.1)
0.3
-1.0%

(1.1)
0.3
-1.0%

(1.2)
0.3
-1.0%

(1.3)
0.4
-1.0%

(1.3)
0.4
-1.0%

0.0
0.0%

(2.9)
8.7%

(0.1)
0.2%

(0.1)
0.2%

(0.1)
0.2%

0.91

0.83

0.76

0.69

48
-4.897174
53
0.692
76.1

0.6

2.8

2.6

31-Aug-19
40
4.8%

5
13.2%

0.4

(1.4)
0.4
-1.0%

(0.1)
0.2%

0.63

2.5

2.4

Terminal Period

4
0.63
59
37

Relative Valuation- Trading

Competitors

Accenture

IBM

Cognizant

Infosys

HP

Market Cap ($m)

57,379

151,280

31,189

35,056

72,569

Total Debt ($m)

26.7

39,718.0

0.0

0.0

19,525.0

4,921.3

10,716.0

2,213.0

0.0

15,133.0

-4,894.6

29,002.0

-2,213.0

0.0

4,392.0

Enterprise Value ($m)

52,485

180,282

28,976

35,056

76,961

Sales ($m)

31,875

99,751

8,843

8,249

111,454

EBIT ($m)

4,301

19,524

1,678

1,979

7,185

Depreciation & Amortisation

620.7

3,327.0

179.9

226.0

4,334.0

EBITDA

4,921.3

22,851.0

1,857.8

2,205.0

11,519.0

EPS

4.3

15.9

2.3

1.7

2.6

Share Price ($)

89.7

157.6

53.5

32.6

39.8

Average

Median

EV/Sales

1.65x

1.81x

3.28x

4.25x

0.69x

2.33x

1.81x

EV/EBITDA

10.66x

7.89x

15.60x

15.90x

6.68x

11.35x

10.66x

P/E

21.12x

9.89x

23.34x

19.15x

15.20x

17.74x

19.15x

Cash & Cash Equivalents ($m)

Net debt ($m)

Valuation Summary
EV/EBITDA - Transaction

115

EV/Sales - Transaction

115

60

DCF

EV/EBITDA - Trading

20

105

EV/Sales - Trading

20

33

124

95

EV/EBIT - Trading

50

124

65

100

150

200

250

300

APPENDIX

Income Statement
Accenture

Hist.

Hist.

Hist

Proj.

Proj.

Proj.

Proj.

Proj.

31-Aug-12

31-Aug-13

31-Aug-14

31-Aug-15

31-Aug-16

31-Aug-17

31-Aug-18

31-Aug-19

Net Sales

29.8

30.4

31.9

33.3

34.9

36.5

38.3

40.1

COGS

20.8

21.0

22.2

23.3

24.4

25.5

26.7

28.0

SG&A

5.116

5.045

5.384

5.7

5.9

6.2

6.5

6.8

EBIT

3.872

4.339

4.301

4.4

4.6

4.8

5.1

5.3

0.6

0.593

0.621

0.6

0.4

0.4

0.4

0.4

0.0

0.0

0.0

0.0

0.0

5.0

5.0

5.2

5.4

5.7

0.0

0.0

0.0

0.0

0.0

Income Statement

Depreciation & Amortization

EBITDA

4.5

4.9

4.9

Non-recurring items
Interest Income

0.043

0.033

0.030

0.1

0.1

0.1

0.1

0.2

Interest Expense

0.015

0.014

0.018

0.0

0.0

0.0

0.0

0.0

3.9

4.4

4.3

4.5

4.7

4.9

5.2

5.5

Taxes

1.079

0.785

1.122

1.2

1.2

1.3

1.4

1.4

Profit after tax

2.820

3.573

3.192

3.3

3.5

3.7

3.8

4.1

Net income

2.820

3.573

3.192

3.3

3.5

3.7

3.8

4.1

Profit before taxes

Balance Sheet
Accenture
Balance Sheet

Assets
Current assets
Cash and cash equivalents
Accounts receivable
Prepaid expenses / Unbilled
Other current assets
Deferred income taxes
Total current assets

Non-current assets
Net PP&E
Goodwill
Deferred Income taxes and contracts
Other assets
Total assets
Liabilities
Current liabilities
Short term debt
Accounts payable and accruals
Accrued expenses
Deferred Revenues
Other liabilities
Total current liabilities

Non-current liabilities
Total long-term debt
Deferred Revenues
Retirement Obligation
Income taxes payables
Other long-term liabilities
Total liabilities
Equity
Common stock
Retained earnings
Treasury stock
Total equity
Total Liab.& Equity

Balance?

Hist.
31-Aug-12

Hist.
31-Aug-13

Hist.
31-Aug-14

Proj.
31-Aug-15

Proj.
31-Aug-16

Proj.
31-Aug-17

Proj.
31-Aug-18

Proj.
31-Aug-19

5.634
3.333
1.513
0.568
0.795

4.924
3.860
1.804
0.585
0.732

5.8
3.3
1.9
0.7
0.7

9.2
3.5
1.9
0.7
0.7

12.8
3.7
2.0
0.7
0.7

16.5
3.8
2.1
0.8
0.8

20.4
4.0
2.2
0.8
0.8

0.000

11.844

11.904

12.363

16.084

19.949

24.007

28.286

0.780
1.819

0.793
2.396

0.5
2.4

0.4
2.4

0.5
2.4

0.5
2.4

0.5
2.4

1.573
0.851

1.782
1.055

1.8
1.0
18.035

1.8
1.0
21.758

1.8
1.1
25.679

1.8
1.1
29.808

1.8
1.2
34.164

0.000

16.867

17.930

0.000
0.962
3.460
2.231
1.508

0.000
1.064
3.381
2.348
1.365

0.0
0.7
0.1
2.7
1.3
4.8

0.0
0.7
0.1
2.8
1.4
5.0

0.0
0.8
0.1
2.9
1.5
5.3

0.0
0.8
0.1
3.1
1.5
5.5

0.0
0.8
0.1
3.2
1.6
5.8

0.026
0.517
0.873
1.224
0.638

0.026
0.545
1.108
1.303
0.505

0.0
0.5
1.1
1.3
0.7
8.4

0.0
0.5
1.1
1.3
0.7
8.7

0.0
0.5
1.1
1.3
0.7
9.0

0.0
0.5
1.1
1.3
0.8
9.2

0.0
0.5
1.1
1.3
0.8
9.5

0.000

8.161

8.158

0.000

11.439

11.645

0.0

3.3
9.5
(7.3)

4.3
11.4
(9.4)

6.3
17.9

4.3
14.7
(9.4)
9.6
18.0

4.3
18.2
(9.4)
13.0
21.7

4.3
21.9
(9.4)
16.7
25.7

4.3
25.7
(9.4)
20.5
29.8

4.3
29.8
(9.4)
24.6
34.1

OK

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

0.0
0.0

5.4
16.9

Cashflow Statement
Accenture
Cash Flow Statement

Proj.
31-Aug-15

Proj.
31-Aug-16

Proj.
31-Aug-17

Proj.
31-Aug-18

Proj.
31-Aug-19

Net Income
Depreciation
Amortisation
Change in OWC
Change in other assets
Change in other liabilities
Cash from Operating Activities

3.3
0.6
0.0
(2.9)
0.1
0.2
1.2

3.5
0.4
0.0
(0.1)
(0.0)
0.0
3.8

3.7
0.4
0.0
(0.1)
(0.0)
0.0
3.9

3.8
0.4
0.0
(0.1)
(0.1)
0.0
4.1

4.1
0.4
0.0
(0.1)
(0.1)
0.0
4.3

Capex
Cash from Investing Activities

0.3
-0.3

0.3
-0.3

0.4
-0.4

0.4
-0.4

0.4
-0.4

Change in Common Stock

Change in Treasury Stock
Dividends
Long Term Debt Repayment
Cash from Financing Activities

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0

Net Cash Flow

0.9

3.4

3.5

3.7

3.9

4.9
5.8

5.8
9.2

9.2
12.8

12.8
16.5

16.5
20.4

Beginning Cash
Ending Cash

Hist.
31-Aug-12

Hist.
31-Aug-13

Hist.
31-Aug-14

4.9

Revenue forecasts
Operating groups
communications media and
technology

CAGR growth years 13

to 15 Expected (RBC) CAGR growth 13 to 14 Forecast CAGR growth 2013 A (m 2014 A
Actual (%)
15 to 19 (%)
$)
(m$)
(%)

2015 E
(m$)

2016 E
(m$)

2017 E
(m$)

2018 E
(m$)

2019 E
(m$)

2.70%

4.2%

3.5%

5,686

5,924

6,131

6,346

6,568

6,798

7,036

financial services

5.80%

5.6%

5.0%

6,166

6,511

6,837

7,178

7,537

7,914

8,310

Health and public services

10.50%

6.0%

8.0%

4,739

5,022

5,424

5,858

6,326

6,832

7,379

Products

4.40%

8.6%

4.4%

6,807

7,395

7,720

8,060

8,415

8,785

9,172

Resources

3.10%

-0.2%

2.6%

5,143

5,135

5,269

5,405

5,546

5,690

5,838

Other

-31.8%

0.0%

22

15

15

15

15

15

15

Total net revenue

5.0%

n/a

28,563 30,002 31,396 32,863 34,407 36,035 37,749

Total sales growth (%)

Geographic regions

5.0%

2013 A (m$)

2014 A (m$)

% SPLIT

% SPLIT

Americas

13519

14201

47.3%

47.3%

EMEA

11047

11915

38.7%

39.7%

Asia Pacific

3997

3886

14.0%

13.0%

Total net revenue

28563

30002

2013 A (m$)

2014 A (m$)

% SPLIT

% SPLIT

Consulting

15383

15738

53.9%

52.5%

Outsourcing

13179

14265

46.1%

47.5%

Total net revenue

28563

30002

Work Type

4.6%

4.7%

4.7%

4.7%

4.8%

Financial Assumptions
Accenture
Financial Assumptions

Income statement
Sales growth %
COGS as % of sales
Annual depr. as % of previous PPE
SG&A as % of sales
Amortization of other intangibles amount
Non-recurring items amount
Effective tax rate
Shareholder info
Diluted weighted average shares outstanding (m)
Dividend per share growth rate
Balance sheet: current assets
Accounts receivable as % of sales
Inventories % of COGS
Other current assets % of sales
Deferred income taxes % of sales
Other Liabilities % of sales
Balance sheet: non-current assets
Capital expenditures % of sales
Other assets % of sales
Balance sheet: liabilities
Accounts payable and accruals % of COGS
Accrued expenses as % sales
Deferred Revenues as % of sales
Deferred Revenues
Retirement Obligation
Income taxes payables
Other long-term liabilities % of sales
Balance sheet: equity
Common stock amount
Share repurchases $ amount (show as positive)
Debt (/$ amount)
Loans due for repayment
Other long-term debt repayment
Interest Rate (%)
Short term debt
Loans due for repayment
Other long-term debt repayment
Cash

Hist.
31-Aug-12

Hist.
31-Aug-13

Hist.
31-Aug-14

Proj.
31-Aug-15

Proj.
31-Aug-16

Proj.
31-Aug-17

Proj.
31-Aug-18

Proj.
31-Aug-19

69.8%

2.1%
69.1%

4.6%
69.8%
79.8%
17.0%
0.0
0.0
26.0%

4.7%
69.8%
79.8%
17.0%
0.0
0.0
26.0%

4.7%
69.8%
79.8%
17.0%
0.0
0.0
26.0%

4.7%
69.8%
79.8%
17.0%
0.0
0.0
26.0%

4.8%
69.8%
79.8%
17.0%
0.0
0.0
26.0%

17.2%
0.0
0.0

16.6%
0.0
0.0
18.1%

4.9%
69.6%
79.6%
16.9%
0.0
0.0
26.1%

0.727

0.713

0.692

0.692
0.0%

0.692
0.0%

0.692
0.0%

0.692
0.0%

0.692
0.0%

0.0%
0.0%
0.0%

11.0%
7.2%
1.9%
2.6%
5.0%

12.1%
8.1%
1.8%
2.3%
4.3%

10.0%
8.0%
2.0%
2.0%
4.0%

10.0%
8.0%
2.0%
2.0%
4.0%

10.0%
8.0%
2.0%
2.0%
4.0%

10.0%
8.0%
2.0%
2.0%
4.0%

10.0%
8.0%
2.0%
2.0%
4.0%

1.2%
0.0%

1.2%
2.8%

1.0%
3.3%

1.0%
3.0%

1.0%
3.0%

1.0%
3.0%

1.0%
3.0%

1.0%
3.0%

3.2%
10.4%
7.3%

3.3%
9.7%
7.4%

0.0%

2.1%

1.6%

3.0%
9.0%
8.0%
0.545
1.108
1.303
2.0%

3.0%
9.0%
8.0%
0.545
1.108
1.303
2.0%

3.0%
9.0%
8.0%
0.545
1.108
1.303
2.0%

3.0%
9.0%
8.0%
0.545
1.108
1.303
2.0%

3.0%
9.0%
8.0%
0.545
1.108
1.303
2.0%

0.0

3.3
7.3

4.3
2.1

4.3
0.0

4.3
0.0

4.3
0.0

4.3
0.0

4.3
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.00%
0.00%
0.00%
1.00%

0.00%
0.00%
0.00%
1.00%

0.00%
0.00%
0.00%
1.00%

0.00%
0.00%
0.00%
1.00%

0.00%
0.00%
0.00%
1.00%

HTTPS://BBK.IO/RITESHP