Intrinsic value of Dominion Diamond Corporation - DDC

Previous Close

$17.92

  Intrinsic Value

$5.03

stock screener

  Rating & Target

str. sell

-72%

Previous close

$17.92

 
Intrinsic value

$5.03

 
Up/down potential

-72%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DDC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -20.84
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  771
  912
  1,067
  1,235
  1,417
  1,611
  1,818
  2,038
  2,269
  2,513
  2,768
  3,034
  3,313
  3,603
  3,905
  4,219
  4,545
  4,884
  5,237
  5,603
  5,984
  6,380
  6,792
  7,221
  7,667
  8,131
  8,616
  9,121
  9,647
  10,197
  10,770
Variable operating expenses, $m
 
  517
  605
  700
  803
  913
  1,031
  1,155
  1,286
  1,424
  1,569
  1,720
  1,877
  2,042
  2,213
  2,391
  2,576
  2,768
  2,968
  3,176
  3,392
  3,616
  3,849
  4,092
  4,345
  4,608
  4,883
  5,169
  5,467
  5,779
  6,104
Fixed operating expenses, $m
 
  432
  442
  453
  465
  476
  488
  500
  513
  526
  539
  552
  566
  580
  595
  610
  625
  641
  657
  673
  690
  707
  725
  743
  761
  781
  800
  820
  841
  862
  883
Total operating expenses, $m
  848
  949
  1,047
  1,153
  1,268
  1,389
  1,519
  1,655
  1,799
  1,950
  2,108
  2,272
  2,443
  2,622
  2,808
  3,001
  3,201
  3,409
  3,625
  3,849
  4,082
  4,323
  4,574
  4,835
  5,106
  5,389
  5,683
  5,989
  6,308
  6,641
  6,987
Operating income, $m
  -76
  -37
  20
  82
  149
  222
  299
  382
  470
  563
  660
  762
  869
  981
  1,097
  1,218
  1,344
  1,476
  1,612
  1,755
  1,903
  2,057
  2,218
  2,386
  2,560
  2,743
  2,933
  3,132
  3,339
  3,556
  3,783
EBITDA, $m
  208
  299
  412
  536
  670
  814
  968
  1,131
  1,304
  1,486
  1,677
  1,878
  2,087
  2,305
  2,532
  2,769
  3,015
  3,271
  3,537
  3,814
  4,103
  4,402
  4,715
  5,040
  5,378
  5,731
  6,100
  6,484
  6,885
  7,304
  7,742
Interest expense (income), $m
  4
  0
  25
  53
  84
  116
  151
  189
  228
  270
  314
  360
  408
  458
  511
  565
  622
  681
  742
  806
  872
  940
  1,012
  1,086
  1,163
  1,244
  1,328
  1,415
  1,506
  1,601
  1,700
Earnings before tax, $m
  -55
  -37
  -6
  28
  65
  105
  148
  193
  242
  292
  346
  402
  461
  522
  586
  653
  722
  795
  870
  949
  1,031
  1,117
  1,206
  1,300
  1,397
  1,499
  1,605
  1,717
  1,833
  1,955
  2,083
Tax expense, $m
  -38
  0
  0
  8
  18
  28
  40
  52
  65
  79
  93
  109
  124
  141
  158
  176
  195
  215
  235
  256
  278
  302
  326
  351
  377
  405
  433
  463
  495
  528
  562
Net income, $m
  0
  -37
  -6
  21
  48
  77
  108
  141
  176
  213
  253
  294
  336
  381
  428
  477
  527
  580
  635
  693
  753
  815
  881
  949
  1,020
  1,094
  1,172
  1,253
  1,338
  1,427
  1,521

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  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
Total assets, $m
  2,707
  2,981
  3,487
  4,036
  4,630
  5,265
  5,942
  6,659
  7,415
  8,211
  9,044
  9,916
  10,826
  11,774
  12,760
  13,787
  14,854
  15,962
  17,114
  18,312
  19,556
  20,850
  22,196
  23,597
  25,055
  26,573
  28,156
  29,806
  31,526
  33,322
  35,197
Adjusted assets (=assets-cash), $m
  2,523
  2,981
  3,487
  4,036
  4,630
  5,265
  5,942
  6,659
  7,415
  8,211
  9,044
  9,916
  10,826
  11,774
  12,760
  13,787
  14,854
  15,962
  17,114
  18,312
  19,556
  20,850
  22,196
  23,597
  25,055
  26,573
  28,156
  29,806
  31,526
  33,322
  35,197
Revenue / Adjusted assets
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
Average production assets, $m
  1,757
  2,079
  2,431
  2,815
  3,229
  3,672
  4,144
  4,644
  5,171
  5,726
  6,307
  6,915
  7,550
  8,211
  8,899
  9,614
  10,358
  11,132
  11,935
  12,770
  13,638
  14,541
  15,479
  16,456
  17,473
  18,532
  19,635
  20,786
  21,986
  23,238
  24,545
Working capital, $m
  587
  456
  533
  618
  708
  806
  909
  1,019
  1,135
  1,256
  1,384
  1,517
  1,656
  1,801
  1,952
  2,109
  2,273
  2,442
  2,619
  2,802
  2,992
  3,190
  3,396
  3,610
  3,833
  4,066
  4,308
  4,560
  4,824
  5,098
  5,385
Total debt, $m
  14
  191
  401
  629
  875
  1,139
  1,420
  1,717
  2,031
  2,361
  2,707
  3,069
  3,447
  3,840
  4,250
  4,675
  5,118
  5,578
  6,056
  6,553
  7,070
  7,607
  8,165
  8,747
  9,352
  9,982
  10,639
  11,323
  12,037
  12,783
  13,561
Total liabilities, $m
  1,061
  1,237
  1,447
  1,675
  1,921
  2,185
  2,466
  2,763
  3,077
  3,407
  3,753
  4,115
  4,493
  4,886
  5,296
  5,721
  6,164
  6,624
  7,102
  7,599
  8,116
  8,653
  9,211
  9,793
  10,398
  11,028
  11,685
  12,369
  13,083
  13,829
  14,607
Total equity, $m
  1,647
  1,744
  2,040
  2,361
  2,708
  3,080
  3,476
  3,895
  4,338
  4,803
  5,291
  5,801
  6,333
  6,888
  7,465
  8,065
  8,689
  9,338
  10,012
  10,712
  11,440
  12,197
  12,985
  13,804
  14,657
  15,545
  16,471
  17,436
  18,443
  19,493
  20,590
Total liabilities and equity, $m
  2,708
  2,981
  3,487
  4,036
  4,629
  5,265
  5,942
  6,658
  7,415
  8,210
  9,044
  9,916
  10,826
  11,774
  12,761
  13,786
  14,853
  15,962
  17,114
  18,311
  19,556
  20,850
  22,196
  23,597
  25,055
  26,573
  28,156
  29,805
  31,526
  33,322
  35,197
Debt-to-equity ratio
  0.009
  0.110
  0.200
  0.270
  0.320
  0.370
  0.410
  0.440
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
Adjusted equity ratio
  0.580
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -37
  -6
  21
  48
  77
  108
  141
  176
  213
  253
  294
  336
  381
  428
  477
  527
  580
  635
  693
  753
  815
  881
  949
  1,020
  1,094
  1,172
  1,253
  1,338
  1,427
  1,521
Depreciation, amort., depletion, $m
  284
  335
  392
  454
  521
  592
  669
  749
  834
  924
  1,018
  1,115
  1,218
  1,324
  1,435
  1,551
  1,671
  1,795
  1,925
  2,060
  2,200
  2,345
  2,497
  2,654
  2,818
  2,989
  3,167
  3,353
  3,546
  3,748
  3,959
Funds from operations, $m
  86
  299
  387
  475
  569
  669
  776
  890
  1,011
  1,137
  1,270
  1,409
  1,554
  1,705
  1,863
  2,027
  2,198
  2,376
  2,560
  2,753
  2,953
  3,161
  3,377
  3,603
  3,838
  4,083
  4,339
  4,606
  4,884
  5,175
  5,480
Change in working capital, $m
  -72
  71
  77
  84
  91
  97
  104
  110
  116
  122
  128
  133
  139
  145
  151
  157
  163
  170
  176
  183
  190
  198
  206
  214
  223
  232
  242
  252
  263
  275
  287
Cash from operations, $m
  158
  228
  309
  391
  478
  572
  673
  781
  895
  1,016
  1,142
  1,276
  1,415
  1,560
  1,712
  1,870
  2,035
  2,206
  2,384
  2,569
  2,762
  2,963
  3,171
  3,389
  3,615
  3,851
  4,097
  4,353
  4,621
  4,901
  5,193
Maintenance CAPEX, $m
  0
  -283
  -335
  -392
  -454
  -521
  -592
  -668
  -749
  -834
  -924
  -1,017
  -1,115
  -1,218
  -1,324
  -1,435
  -1,551
  -1,671
  -1,795
  -1,925
  -2,060
  -2,200
  -2,345
  -2,497
  -2,654
  -2,818
  -2,989
  -3,167
  -3,353
  -3,546
  -3,748
New CAPEX, $m
  -418
  -322
  -353
  -384
  -414
  -443
  -472
  -500
  -528
  -555
  -581
  -608
  -634
  -661
  -688
  -716
  -744
  -773
  -803
  -835
  -868
  -902
  -939
  -977
  -1,017
  -1,059
  -1,104
  -1,150
  -1,200
  -1,252
  -1,307
Cash from investing activities, $m
  -292
  -605
  -688
  -776
  -868
  -964
  -1,064
  -1,168
  -1,277
  -1,389
  -1,505
  -1,625
  -1,749
  -1,879
  -2,012
  -2,151
  -2,295
  -2,444
  -2,598
  -2,760
  -2,928
  -3,102
  -3,284
  -3,474
  -3,671
  -3,877
  -4,093
  -4,317
  -4,553
  -4,798
  -5,055
Free cash flow, $m
  -134
  -377
  -379
  -385
  -390
  -392
  -391
  -388
  -382
  -373
  -362
  -350
  -335
  -318
  -300
  -281
  -260
  -238
  -215
  -191
  -166
  -140
  -113
  -85
  -56
  -26
  4
  36
  68
  102
  137
Issuance/(repayment) of debt, $m
  -32
  191
  210
  228
  246
  264
  281
  298
  314
  330
  346
  362
  378
  393
  409
  426
  443
  460
  478
  497
  517
  537
  559
  581
  605
  630
  657
  685
  714
  745
  778
Issuance/(repurchase) of shares, $m
  -42
  303
  302
  301
  299
  295
  288
  278
  266
  252
  235
  216
  196
  173
  149
  124
  97
  68
  39
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -70
  494
  512
  529
  545
  559
  569
  576
  580
  582
  581
  578
  574
  566
  558
  550
  540
  528
  517
  505
  517
  537
  559
  581
  605
  630
  657
  685
  714
  745
  778
Total cash flow (excl. dividends), $m
  -202
  118
  133
  144
  156
  167
  178
  188
  198
  209
  219
  228
  238
  248
  259
  269
  280
  291
  302
  314
  351
  397
  446
  496
  549
  604
  661
  720
  783
  847
  915
Retained Cash Flow (-), $m
  83
  -303
  -302
  -322
  -347
  -372
  -396
  -419
  -443
  -465
  -488
  -510
  -532
  -555
  -577
  -600
  -624
  -649
  -674
  -700
  -728
  -757
  -787
  -819
  -853
  -888
  -926
  -965
  -1,007
  -1,051
  -1,097
Prev. year cash balance distribution, $m
 
  170
  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
Cash flow adjustment, $m
 
  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
Cash available for distribution, $m
 
  -16
  -169
  -177
  -191
  -205
  -218
  -231
  -244
  -257
  -269
  -281
  -294
  -306
  -319
  -331
  -344
  -358
  -372
  -387
  -377
  -360
  -341
  -323
  -304
  -285
  -265
  -245
  -224
  -203
  -181
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -15
  -155
  -154
  -158
  -159
  -158
  -156
  -153
  -147
  -141
  -134
  -125
  -116
  -107
  -97
  -88
  -78
  -69
  -60
  -48
  -37
  -28
  -21
  -15
  -11
  -8
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  81.2
  68.0
  58.3
  51.1
  45.5
  41.2
  37.8
  35.1
  32.9
  31.2
  29.8
  28.7
  27.9
  27.2
  26.7
  26.4
  26.1
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0
  26.0

Dominion Diamond Corp is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company's segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine. It controls the Ekati Diamond Mine, as well as the associated diamond sorting and sales facilities in Toronto and Yellowknife, Canada, Mumbai, India, and Antwerp, Belgium. The Ekati Diamond Mine consists of the Core Zone, which includes the operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes having both development and exploration potential, such as the Jay kimberlite pipe and the Lynx kimberlite pipe.

FINANCIAL RATIOS  of  Dominion Diamond Corporation (DDC)

Valuation Ratios
P/E Ratio 0
Price to Sales 1.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow -5.7
Growth Rates
Sales Growth Rate -20.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.2%
Cap. Spend. - 3 Yr. Gr. Rate 20.4%
Financial Strength
Quick Ratio 13
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0.9%
Interest Coverage -13
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 4.7%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 30.2%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin -10%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin -7.1%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 69.1%
Eff/ Tax Rate - 3 Yr. Avg. -33%
Payout Ratio 0%

DDC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DDC stock intrinsic value calculation we used $771 million for the last fiscal year's total revenue generated by Dominion Diamond Corporation. The default revenue input number comes from 2017 income statement of Dominion Diamond Corporation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DDC stock valuation model: a) initial revenue growth rate of 18.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for DDC is calculated based on our internal credit rating of Dominion Diamond Corporation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Dominion Diamond Corporation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DDC stock the variable cost ratio is equal to 56.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $421 million in the base year in the intrinsic value calculation for DDC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 13.3% for Dominion Diamond Corporation.

Corporate tax rate of 27% is the nominal tax rate for Dominion Diamond Corporation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DDC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DDC are equal to 227.9%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Dominion Diamond Corporation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DDC is equal to 50%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1647 million for Dominion Diamond Corporation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 81.772 million for Dominion Diamond Corporation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Dominion Diamond Corporation at the current share price and the inputted number of shares is $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
DMI Diamcor Mining 0.395 0.03  str.sell
Financial statements of DDC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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