NYSE: AMZN

Industry: Internet and Direct Marketing Retail

Sector: Services

Recommendation: Buy
Current Price: $787.75
Target Price: $797.45

Business Description
Amazon.com Inc. is an American company with
two main business lines, e-commerce retail and
cloud computing. Amazon was founded in 1994
by Jeff Bezos and is headquartered in Washington,
Seattle U.S.A. The e-commerce company has
business units all around the world including
countries like Australia, Brazil, Canada, China,
France, Germany, India, Italy, Japan, Mexico,
Netherlands, United Kingdom and Spain. With the
coming of the Internet, Amazon saw the future of
online retailing and has become the strongest ecommerce company, introducing later cloud
computing services and other business lines.

Strengths

Weaknesses

Biggest variety of products

Not making their employees

happy

Reputation as a safe and innovative

company

Relay on the Internet (No

physical units)

Quality of new strategies

implemented
Continuous growth
Open to new businesses

Opportunities

Threats

New business lines (i.e. Cars, food

delivery)

Competitors (i.e. Alibaba and

Ebay)

E-commerce expected to keep

growing in future years

Market risk

Target new countries

Interest rates

Primary and secondary markets

The online retailer sells over 12 million products
according to 360pi. These products range from
books, electronics, home appliances, food, sports,
outdoors, clothing, jewelry, entertainment, tools
and few years back introduced their cloud
services. Offering cloud storage and maintenance
for competitive prices, quickly succeeding in this
new business line. Amazon differentiates
themselves by putting consumer needs and wants
first and then find ways to make profit from it.
They perfectly analyze their customers purchases
and suggest other products that they might be
interested in buying, raising the probabilities of a
second purchase. Unlike other e-commerce
companies, Amazon started by selling online
items that were manufactured and sold by other
companies, giving these companies access to
market their products online. Today, Amazon
manufactures some of the products themselves and
offers Amazon Prime as a membership for
consumers to have access to their best deals.

Currencies Risk
E-commerce decreasing demand

In 2015, Amazon generated a revenue of $107

billion, profits of $596 million with about 200K
employees. As any other company, Amazon faces
risks, has strengths, opportunities, threats and also
weaknesses.

Peer Description Summary

Amazon.com has two main competitors in the
online retail industry, Alibaba and eBay. Alibaba
Group Holding Limited is an e-commerce
company founded in China in 1999. Alibaba also
has three main sites where users can exchange
goods: Taobao, Tmall, and Alibaba.com. When
Alibaba was first founded, it was used as a
business-to-business portal to connect Chinese
businesses to buyers overseas. Now, it primarily
operates in the Peoples Republic of China (PRC),
with 80% of Chinas market dominated by
Alibaba, and it also provides consumer-tobusiness and consumer-to-consumer portals.
Alibaba is seen as the worlds fastest growing ecommerce company, with transactions totaling
over $248 billion in 2014, more than eBay and
Amazon.com combined. eBay Inc. is an ecommerce, multinational corporation based in
America and founded in 1995. It provides
consumer-to-consumer and consumer-to-business
portals, with auction-style sales.

Assumptions
The assumptions used to forecast Amazons
statement for the next 5 years is that it will grow
gradually, but sometimes their sales can decrease
from year to year. The market will fluctuate due to
economic conditions and this will affect their
sales, however a constant growth seems likely in
their horizons. To forecast Amazons balance
sheet we used Amazons past performance in
years 2014 and 2015. We have forecasted their
balance sheet for the next five years by estimating
a growth rate for each year from historical balance
sheet growth rates to be around 20% which
growing consistently with historical
values. Because the company is famous for
launching the availability of same day delivery
service a couple of years ago, their revenue has

been growing. Their diversified product portfolio

and growing e-commerce business will support
their strong revenue growth. While many other
companies provide fast shipping services, it is
expected that Amazons voice controlled audio
speaker, Echo will support their growing revenue.
Amazon is already one of the largest players in
the online grocery position and it will further
grow as the market will continue to expand.
According to Citi Research, Amazon has the
potential to jump its annual earnings to $20 a
share by 2018. The company could also benefit
from third party sales which carries higher
margins and benefits of expanded distribution
network. Amazon has four business segments
which includes electronic and other general
merchandise, media, Amazon Web Services, and
others. General merchandise represents the bulk of
their revenue, while other rapidly growing units
help make the company less vulnerable if the
general merchandise unit are to dramatically slow
in terms of revenue growth. With enough
increasing cash flow, Amazon has enough
financial liquidity to keep its operations running
on an increasingly larger scale.

Firm Valuation

Based on TTM%

P/E

PEG

EBITDA

Amazon.com

196.2

15.44

$ 8,308
MM

eBay

19.3

839.13

$ 705 MM

Alibaba

37.3

316.10

$ 2,381
MM

The interest coverage ratio provides information

on how easily a firm will be able to pay interest
expenses on outstanding debt. Amazon's ratio is at
5.57% with an after tax cost of debt at 3.32%
which says they have a high margin of safety.
Their price-earnings ratio surpasses that of their
primary competitors, Ebay and Alibaba, which
indicates investors are expecting higher earnings
growth in the future. For Amazon, precedent
transactions are not relevant because they were the
first of their kind in 1994 with their current
competitors following after.

Ratio Analysis
The 3 ratios, we found relevant to such huge retail
stores, are current ratio, asset turnover, and return
on equity. Firstly, the current ratio gives a great
measurement how the companies are able to pay
off their soon-maturing debt. As the numbers
indicate, Amazon has been doing worse than its
main competitors, Alibaba and Ebay. Amazon
actually has shown a slightly downward trend in
the recent years, while the others had a great year
in 2015 and have shown a slight decrease this
year. Secondly, the comparison of Asset Turnover
implies that Amazon has been performing better
than its 2 peers with higher numbers. This ratio is
important, because it measures how effectively a
company can use all of its assets to generate
sales. However, the numbers in the analyzed
years reveal a decreasing trend which seems to
continue in the last quarter of 2016. Lastly, our
team decided to choose one of the most wellknown profitability measurements, the ROE. The
greater the percentage, the greater amount of net
income goes to the shareholders. In this
comparison, Amazon is behind their peers in this
race, but as the analysis implies, they show an
upward trend, while their competitors show a
downward trend. Hence, Amazon may be able to
overtake them in the upcoming years. It will be an
interesting competition to watch in the future!

Conclusion
In conclusion, Amazon is a great company with
tremendous market capitalization and an even
more astonishing growth rate. We believe that
Amazon stock is a BUY despite the current,
slightly volatile state of the market. Amazon stock
is currently trading at $787.75 despite our target
price of $797.45 showing that Amazon stock is
undervalued.
Comparison to Competitors
In comparison to its competitors Alibaba and
EBay, Amazon is clearly the stronger opponent.
Amazon has a market capitalization that is
approximately ~90 billion higher than Alibaba and
approximately ~300 billion higher than EBay.
Amazon controls approximately 74.1% of e-

commerce sales in the United States with ecommerce sales of about $79,268 Million. In
addition, Amazon is clearly the stronger opponent
in terms of growth with Price/Earnings ratios
surpassing Alibaba and EBay (as shown in
Valuation) which shows that investors are
anticipating higher growth in the future. Amazons
PEG ratio in comparison to their competitors
shows that it has a higher growth rate to justify
their higher Price/Earnings ratio which hints to
their stock being undervalued.
Market Giant
Amazon is a massive company as shown by their
market capitalization of $363.05 Billion. Despite
their size, being similar to many public companies
such as Johnson & Johnson, Berkshire Hathaway,
and General Electric which have long term growth
forecasts around 12% Amazon has a projected
long term growth forecast of about 50%. This is
because Amazon has been able to expand their
horizons in preparation for future trends. Just this
year they have plans to expand and open around
15 new fulfillment centers all over the United
States. They have been very active in expanding
into new markets; they have plans to open 2000
grocery stores over the next decade, they have
expanded into the food delivery markets by
expanding the service AmazonFresh into Chicago
and Dallas, and theyve recently collaborated with
TheStreet in collaboration with their Echo Dot.
This shows that Amazon is constantly looking into
expanding into new markets to expand and remain
current with trends and this is what is accelerating
their growth.
Balance Sheet
Amazon is a safe option for a BUY despite its
ambitious plans for the future. In the third quarter
they have had about $18.3 billion in total cash and
short term investments showcasing their liquidity
profile in comparison to their total debt of about
$18.9 billion in the third quarter. During this time,
they have also generated free cash flow of 8.46
billion.

Sources
Griffin, Aidan U. "How Many Products Does Amazon Actually Carry? | 360pi." 360pi. Ketner
Group PR + Marketing, 12 July 2016. Web. 09 Nov. 2016.
"Amazon.Com, Inc.." International Directory of Company Histories. . Encyclopedia.com. 9 Nov.
2016 <http://www.encyclopedia.com>.
Jurevicius, Ovidijus. "Learning from Amazon's Advantage 2016 SWOT Analysis." Strategic
Management Insight. N.p., 19 Oct. 2016. Web. 09 Nov. 2016.
Lajoie, Marc, and Nick Shearman. "What Is Alibaba?" - WSJ.com. N.p., n.d. Web. 09 Nov. 2016.
"Ebay Inc Income Statement Quarterly Report." Ebay Inc (EBAY) Income Statement Sep 30 2016
Quarterly Financial Results. N.p., n.d. Web. 09 Nov. 2016.
"How Amazon Plans On Driving Future Growth." Forbes. Forbes Magazine, 15 May 2015.
Web. 09 Nov. 2016.
Vigna, Paul. "Amazons Big, Profitable Future May Finally Be Approaching Citi." WSJ.
Wsj.com, 07 Dec. 2015. Web. 09 Nov. 2016.
"Alibaba Group Holding Ltd ADR." Growth, Profitability, and Financial Ratios for (BABA)
from Morningstar.com. N.p., n.d. Web. 09 Nov. 2016.
"EBay Inc." Growth, Profitability, and Financial Ratios for (EBAY) from Morningstar.com.
N.p., n.d. Web. 09 Nov. 2016.
Zaczkiewicz, Arthur. "Amazon, Wal-Mart Lead Top 25 E-commerce Retail List." WWD.
Womens Wear Daily, 11 Mar. 2016. Web. 09 Nov. 2016.

WACC AMAZON

All values in USD Millions

Dec-31-2015 USD

Value

Equity
Debt

374,176
8,235

Interest Expense
Tax Rate

Weight
0.98
0.02

459
40.44%

AMAZON
RF

1.79%
1.49
6.65%

RM

Calculation

After Tax

x ( 1 - 40.44%)

RD Interest/LT Debt * 1-Tax Rate

RE calculated using CAPM

3.32%

E(R AMAZ)=R F+ AMAZN [E(R M -R F)]

9.03%

3.32%

CAPITAL STRUCTURE

Yahoo Finance

WACC

Required Rate of Return

9.03%
5.57%

2%

8.91%

CAPITAL STRUCTURE AMAZON

Equity
Debt

0.98
0.02

98%

Equity

FIRM VALUATION AMAZON

Debt

All values in USD millions

PV of Free Cash Flows

Vo
k
FCF0

380,848
8.91% WACC
39,443

Year
1
2
3
4
5
6

FCF
47,302.88
58,175.22
70,186.96
85,342.19
103,604.23
105,751.14

PV
43,433.64
49,047.32
54,334.07
60,662.21
67,619.28
105,751.14
Calculated Value 380,848

Amazon PM
Outstanding Shares

787.5 per share

475.17

Market Value

374,196 Mkt Cap

Calculated stock price

801.50 per Share

 FORCAST FREE CASH FLOW AMAZON (IN MILLIONS)

14-Dec

Dec-15

Forcasted Growth

Year 1
18.2%

Sales Revenue

88,988.00 107,006.00 126,481.09

Operating Costs

31,145.80 37,452.10 44,268.38

EBTD

57,842.20

69,553.90

82,212.71

Depreciation

6,281.00

6,281.00

6,281.00

EBT

51,561.20

63,272.90

75,931.71

Taxes

20,851.35 25,587.56 30,706.78

Net Income

30,709.85

Change in NWC

(1,758.00) (1,758.00) (2,077.96)

Free OCF

32,467.85

37,685.34

39,443.34

45,224.93

47,302.88

Revenue year 0
Operating Margin
Tax Rate
Change in NWC
Depreciation

107,006.00
35% Assuming constant operating marging rate
40.44%
-1758 Asuming same percentage changes in NWC
6281 Assuming no increse in annual depreciation

Accounts receivable
Inventory
Accounts payable

2014
2015
5,612 6,425
8,299 10,243
16,459 20,397

Accrued liabilities

9,807 10,384

TCF

105,751.14

Balance Sheet
Balance Sheet as of:

Reclassified
Dec-31-2011

Dec-31-2012

USD

USD

Cash And Equivalents

5,269.0

8,084.0

Short Term Investments

4,307.0

3,364.0

9,576.0

11,448.0

Accounts Receivable

2,571.0

3,817.0

Total Receivables

2,571.0

3,817.0

4,992.0

6,031.0

351.0

17,490.0

21,296.0

Currency
ASSETS

Total Cash & ST Investments

Inventory
Deferred Tax Assets, Curr.
Other Current Assets
Total Current Assets

Gross Property, Plant & Equipment

Accumulated Depreciation
Net Property, Plant & Equipment

Long-term Investments
Goodwill
Other Intangibles
Deferred Tax Assets, LT
Other Long-Term Assets
Total Assets

5,786.0

9,582.0

(1,369.0)

(2,522.0)

4,417.0

7,060.0

1,955.0

2,552.0

647.0

725.0

28.0

741.0

922.0

25,278.0

32,555.0

11,145.0

13,318.0

2,372.0

3,213.0

129.0

579.0

1,250.0

1,892.0

14,896.0

19,002.0

255.0

3,084.0

1,160.0

746.0

LIABILITIES
Accounts Payable
Accrued Exp.
Curr. Port. of LT Debt
Curr. Port. of Cap. Leases
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities

Long-Term Debt
Capital Leases

Def. Tax Liability, Non-Curr.

476.0

1,210.0

1,055.0

17,521.0

24,363.0

5.0

5.0

Additional Paid In Capital

6,990.0

8,347.0

Retained Earnings

1,955.0

1,916.0

Treasury Stock

(877.0)

(1,837.0)

Comprehensive Inc. and Other

(316.0)

(239.0)

7,757.0

8,192.0

7,757.0

8,192.0

25,278.0

32,555.0

Other Non-Current Liabilities

Total Liabilities

Common Stock

Total Common Equity

Total Equity

Total Liabilities And Equity

Key Ratios

Industry

Liquidity
Current Ratio

Efficiency
Total Asset Turnover

Profitability
ROE

Current Ratio
Industry
Amazon

2014
1.66
1.12

2015
3.54
1.08

2016
2.81
1.08

Current Ratio

3.5
3
2.5
2

Industry

1.5

Amazon

1
0.5

0.5
0
2014

2015

2016

Year 2

Year 3

21.3%

19.4%

Year 4
20.5%

Year 5
20.5%

Year6
2%

153,421.56 183,185.35 220,738.34 265,989.71 271,309.50

53,697.55 64,114.87 77,258.42 93,096.40 94,958.32
99,724.02

119,070.48 143,479.92 172,893.31 176,351.17

6,281.00

6,281.00

93,443.02

112,789.48 137,198.92 166,612.31 170,070.17

6,281.00

6,281.00

6,281.00

37,788.36 45,612.06 55,483.24 67,378.02 68,776.38

55,654.66

67,177.41

81,715.68

99,234.29

101,293.80

(2,520.56) (3,009.55) (3,626.51) (4,369.94) (4,457.34)

58,175.22

70,186.96

uming constant operating marging rate

ming same percentage changes in NWC

uming no increse in annual depreciation expense
Net Change
813
1,944
3,938

85,342.19

103,604.23 105,751.14

 577

18.2%

21.3%

Dec-31-2013

Dec-31-2014

Dec-31-2015

Dec-31-2016

Dec-31-2017

USD

USD

USD

USD

USD

8,658.0

14,557.0

15,890.0

18,782.0

22,782.5

3,789.0

2,859.0

3,918.0

4,631.1

5,617.5

12,447.0

17,416.0

19,808.0

23,413.1

28,400.0

4,767.0

5,612.0

6,423.0

7,592.0

9,209.1

4,767.0

5,612.0

6,423.0

7,592.0

9,209.1

7,411.0

8,299.0

10,243.0

12,107.2

14,686.1

24,625.0

31,327.0

36,474.0

43,112.3

52,295.2

14,809.0

22,730.0

30,053.0

35,522.6

43,089.0

(3,860.0)

(5,763.0)

(8,215.0)

(9,710.1)

(11,778.4)

10,949.0

16,967.0

21,838.0

25,812.5

31,310.6

2,655.0

3,319.0

3,759.0

4,443.1

5,389.5

645.0

764.0

762.0

900.7

1,092.5

1,285.0

2,128.0

2,611.0

3,086.2

3,743.6

40,159.0

54,505.0

65,444.0

77,354.8

93,831.4

15,133.0

16,459.0

20,397.0

24,109.3

29,244.5

4,535.0

6,587.0

5,020.0

5,933.6

7,197.5

753.0

1,520.0

238.0

281.3

341.2

3,126.0

3,694.9

4,482.0

2,559.0

3,523.0

5,118.0

6,049.5

7,338.0

22,980.0

28,089.0

33,899.0

40,068.6

48,603.2

3,191.0

8,265.0

8,235.0

9,733.8

11,807.1

1,990.0

4,224.0

5,948.0

7,030.5

8,528.0

571.0

1,021.0

1,084.0

1,281.3

1,554.2

1,681.0

2,165.0

2,894.0

3,420.7

4,149.3

30,413.0

43,764.0

52,060.0

61,534.9

74,641.9

5.0

5.0

5.0

5.9

7.2

9,573.0

11,135.0

13,394.0

15,831.7

19,203.9

2,190.0

1,949.0

2,545.0

3,008.2

3,648.9

(1,837.0)

(1,837.0)

(1,837.0)

(2,171.3)

(2,633.8)

(185.0)

(511.0)

(723.0)

(854.6)

(1,036.6)

9,746.0

10,741.0

13,384.0

15,819.9

19,189.5

9,746.0

10,741.0

13,384.0

15,819.9

19,189.5

40,159.0

54,505.0

65,444.0

77,354.8

93,831.4

Industry

Amazon
Forecast

Dec-31-2014

Dec-31-2015

1.66

3.54

2.81

1.12

0.41

0.52

0.39

1.88

19.34%

26.84%

21.13%

8.21%

2014
0.41
1.88

2015
0.52
1.78

2016
0.39
1.64

Asset Turnover
Industry
Amazon

Dec-31-2016

Dec-31-2014

Asset Turnover
2
1.5
1

Industry
Amazon

0.5

0
2014

2015

2016

19.4%

20.5%

20.5%

2.0%

Dec-31-2018

Dec-31-2019

Dec-31-2020

Dec-31-2021

USD

USD

USD

USD

27,202.4

32,778.8

39,498.5

40,288.5

6,707.3

8,082.3

9,739.2

9,933.9

33,909.6

40,861.1

49,237.7

50,222.4

10,995.6

13,249.7

15,965.9

16,285.3

10,995.6

13,249.7

15,965.9

16,285.3

17,535.2

21,129.9

25,461.5

25,970.7

62,440.4

75,240.7

90,665.1

92,478.4

51,448.2

61,995.1

74,704.1

76,198.2

(14,063.4)

(16,946.4)

(20,420.4)

(20,828.8)

37,384.8

45,048.7

54,283.7

55,369.4

6,435.1

7,754.3

9,343.9

9,530.8

1,304.5

1,571.9

1,894.1

1,932.0

4,469.8

5,386.1

6,490.3

6,620.1

112,034.7

135,001.8

162,677.1

165,930.7

34,918.0

42,076.1

50,701.8

51,715.8

8,593.8

10,355.6

12,478.4

12,728.0

407.4

491.0

591.6

603.4

5,351.5

6,448.5

7,770.4

7,925.8

8,761.6

10,557.7

12,722.0

12,976.5

58,032.3

69,928.9

84,264.3

85,949.6

14,097.6

16,987.6

20,470.1

20,879.5

10,182.5

12,269.9

14,785.2

15,080.9

1,855.7

2,236.1

2,694.5

2,748.4

4,954.3

5,969.9

7,193.7

7,337.6

89,122.4

107,392.5

129,407.9

131,996.1

8.6

10.3

12.4

12.7

22,929.4

27,629.9

33,294.1

33,960.0

4,356.8

5,250.0

6,326.2

6,452.7

(3,144.8)

(3,789.5)

(4,566.3)

(4,657.6)

(1,237.7)

(1,491.4)

(1,797.2)

(1,833.1)

22,912.3

27,609.3

33,269.2

33,934.6

22,912.3

27,609.3

33,269.2

33,934.6

112,034.7

135,001.8

162,677.1

165,930.7

2014
19.34%
8.21%

2015
26.84%
10.07%

Forecast
Dec-31-2015

Dec-31-2016

1.08

1.08

1.78

1.64

10.07%

12.09%

ROE
Industry
Amazon

2016
21.13%
12.09%

ROE
30.00%
25.00%
20.00%
Industry

15.00%

Industry

Amazon

10.00%

Amazon

5.00%

5.00%
0.00%

2014

2015

2016

Amazon.com, Inc. (NasdaqGS:AMZN) Balance Sheet

In Millions of the reported currency, except per share items.
Forecasted Growth Rates
18.2%
Balance SheetBalance Sheet
Balance Sheet as of:
Currency

Dec-31-2014
USD

Dec-31-2015
USD

Dec-31-2016
USD

14,557.0
2,859.0
17,416.0

15,890.0
3,918.0
19,808.0

18,782.0
4,631.1
23,413.1

5,612.0
5,612.0

6,423.0
6,423.0

7,592.0
7,592.0

Inventory
Deferred Tax Assets, Curr.
Other Current Assets
Total Current Assets

8,299.0
31,327.0

10,243.0
36,474.0

12,107.2
43,112.3

Gross Property, Plant & Equipment

Accumulated Depreciation
Net Property, Plant & Equipment

22,730.0
(5,763.0)
16,967.0

30,053.0
(8,215.0)
21,838.0

35,522.6
(9,710.1)
25,812.5

Long-term Investments
Goodwill
Other Intangibles
Deferred Tax Assets, LT
Other Long-Term Assets
Total Assets

3,319.0
764.0
2,128.0
54,505.0

3,759.0
762.0
2,611.0
65,444.0

4,443.1
900.7
3,086.2
77,354.8

LIABILITIES
Accounts Payable
Accrued Exp.
Curr. Port. of LT Debt
Curr. Port. of Cap. Leases
Unearned Revenue, Current
Other Current Liabilities
Total Current Liabilities

16,459.0
6,587.0
1,520.0
3,523.0
28,089.0

20,397.0
5,020.0
238.0
3,126.0
5,118.0
33,899.0

24,109.3
5,933.6
281.3
3,694.9
6,049.5
40,068.6

Long-Term Debt
Capital Leases
Def. Tax Liability, Non-Curr.
Other Non-Current Liabilities
Total Liabilities

8,265.0
4,224.0
1,021.0
2,165.0
43,764.0

8,235.0
5,948.0
1,084.0
2,894.0
52,060.0

9,733.8
7,030.5
1,281.3
3,420.7
61,534.9

Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Total Common Equity

5.0
11,135.0
1,949.0
(1,837.0)
(511.0)
10,741.0

5.0
13,394.0
2,545.0
(1,837.0)
(723.0)
13,384.0

5.9
15,831.7
3,008.2
(2,171.3)
(854.6)
15,819.9

Total Equity

10,741.0

13,384.0

15,819.9

Total Liabilities And Equity

54,505.0

65,444.0

77,354.8

ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments
Accounts Receivable
Total Receivables

sted Growth Rates

21.3%

19.4%

20.5%

20.5%

Dec-31-2017
USD

Dec-31-2018
USD

Dec-31-2019
USD

Dec-31-2020
USD

22,782.5
5,617.5
28,400.0

27,202.4
6,707.3
33,909.6

32,778.8
8,082.3
40,861.1

39,498.5
9,739.2
49,237.7

9,209.1
9,209.1

10,995.6
10,995.6

13,249.7
13,249.7

15,965.9
15,965.9

14,686.1
52,295.2

17,535.2
62,440.4

21,129.9
75,240.7

25,461.5
90,665.1

43,089.0
(11,778.4)
31,310.6

51,448.2
(14,063.4)
37,384.8

61,995.1
(16,946.4)
45,048.7

74,704.1
(20,420.4)
54,283.7

5,389.5
1,092.5
3,743.6
93,831.4

6,435.1
1,304.5
4,469.8
112,034.7

7,754.3
1,571.9
5,386.1
135,001.8

9,343.9
1,894.1
6,490.3
162,677.1

29,244.5
7,197.5
341.2
4,482.0
7,338.0
48,603.2

34,918.0
8,593.8
407.4
5,351.5
8,761.6
58,032.3

42,076.1
10,355.6
491.0
6,448.5
10,557.7
69,928.9

50,701.8
12,478.4
591.6
7,770.4
12,722.0
84,264.3

11,807.1
8,528.0
1,554.2
4,149.3
74,641.9

14,097.6
10,182.5
1,855.7
4,954.3
89,122.4

16,987.6
12,269.9
2,236.1
5,969.9
107,392.5

20,470.1
14,785.2
2,694.5
7,193.7
129,407.9

7.2
19,203.9
3,648.9
(2,633.8)
(1,036.6)
19,189.5

8.6
22,929.4
4,356.8
(3,144.8)
(1,237.7)
22,912.3

10.3
27,629.9
5,250.0
(3,789.5)
(1,491.4)
27,609.3

12.4
33,294.1
6,326.2
(4,566.3)
(1,797.2)
33,269.2

19,189.5

22,912.3

27,609.3

33,269.2

93,831.4

112,034.7

135,001.8

162,677.1