Intrinsic value of Integra LifeSciences Holdings - IART

Previous Close

$55.19

  Intrinsic Value

$21.13

stock screener

  Rating & Target

str. sell

-62%

  Value-price divergence*

-102%

Previous close

$55.19

 
Intrinsic value

$21.13

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence*

-102%

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

We calculate the intrinsic value of IART 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 2016), $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 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.34
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  992
  1,084
  1,180
  1,281
  1,385
  1,493
  1,606
  1,723
  1,844
  1,970
  2,102
  2,238
  2,381
  2,528
  2,683
  2,843
  3,010
  3,185
  3,367
  3,557
  3,756
  3,963
  4,180
  4,406
  4,644
  4,892
  5,151
  5,423
  5,708
  6,006
  6,319
Variable operating expenses, $m
 
  742
  804
  867
  934
  1,003
  1,075
  1,149
  1,227
  1,307
  1,391
  1,427
  1,518
  1,612
  1,710
  1,812
  1,919
  2,030
  2,146
  2,268
  2,394
  2,526
  2,665
  2,809
  2,960
  3,118
  3,284
  3,457
  3,639
  3,829
  4,028
Fixed operating expenses, $m
 
  204
  209
  214
  220
  225
  231
  237
  242
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  343
  351
  360
  369
  378
  388
  397
  407
  417
Total operating expenses, $m
  877
  946
  1,013
  1,081
  1,154
  1,228
  1,306
  1,386
  1,469
  1,556
  1,646
  1,688
  1,786
  1,886
  1,991
  2,100
  2,214
  2,333
  2,456
  2,586
  2,720
  2,860
  3,008
  3,160
  3,320
  3,487
  3,662
  3,845
  4,036
  4,236
  4,445
Operating income, $m
  115
  138
  168
  199
  231
  265
  300
  337
  375
  415
  456
  550
  595
  642
  691
  742
  796
  852
  910
  971
  1,035
  1,102
  1,173
  1,246
  1,323
  1,404
  1,489
  1,578
  1,672
  1,770
  1,873
EBITDA, $m
  188
  235
  269
  304
  341
  379
  419
  461
  504
  549
  596
  645
  696
  749
  805
  863
  923
  987
  1,053
  1,122
  1,194
  1,270
  1,350
  1,433
  1,520
  1,612
  1,708
  1,808
  1,914
  2,025
  2,141
Interest expense (income), $m
  0
  23
  26
  30
  33
  37
  40
  44
  48
  52
  57
  61
  66
  71
  76
  81
  87
  92
  98
  104
  111
  118
  125
  132
  140
  148
  156
  165
  175
  184
  195
Earnings before tax, $m
  90
  115
  141
  169
  198
  228
  260
  293
  327
  362
  399
  489
  529
  572
  616
  661
  709
  760
  812
  867
  924
  985
  1,048
  1,114
  1,184
  1,256
  1,333
  1,413
  1,497
  1,586
  1,679
Tax expense, $m
  15
  31
  38
  46
  53
  62
  70
  79
  88
  98
  108
  132
  143
  154
  166
  179
  192
  205
  219
  234
  250
  266
  283
  301
  320
  339
  360
  382
  404
  428
  453
Net income, $m
  75
  84
  103
  123
  145
  167
  190
  214
  239
  264
  292
  357
  387
  417
  449
  483
  518
  554
  593
  633
  675
  719
  765
  813
  864
  917
  973
  1,032
  1,093
  1,158
  1,225

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  102
  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
  1,808
  1,866
  2,032
  2,204
  2,383
  2,570
  2,764
  2,965
  3,174
  3,392
  3,618
  3,853
  4,097
  4,352
  4,617
  4,893
  5,181
  5,482
  5,795
  6,122
  6,464
  6,821
  7,194
  7,584
  7,992
  8,419
  8,866
  9,334
  9,824
  10,338
  10,876
Adjusted assets (=assets-cash), $m
  1,706
  1,866
  2,032
  2,204
  2,383
  2,570
  2,764
  2,965
  3,174
  3,392
  3,618
  3,853
  4,097
  4,352
  4,617
  4,893
  5,181
  5,482
  5,795
  6,122
  6,464
  6,821
  7,194
  7,584
  7,992
  8,419
  8,866
  9,334
  9,824
  10,338
  10,876
Revenue / Adjusted assets
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
Average production assets, $m
  694
  758
  825
  895
  968
  1,044
  1,122
  1,204
  1,289
  1,377
  1,469
  1,565
  1,664
  1,767
  1,875
  1,987
  2,104
  2,226
  2,354
  2,486
  2,625
  2,770
  2,922
  3,080
  3,246
  3,419
  3,601
  3,791
  3,990
  4,198
  4,417
Working capital, $m
  371
  294
  320
  347
  375
  405
  435
  467
  500
  534
  570
  607
  645
  685
  727
  770
  816
  863
  912
  964
  1,018
  1,074
  1,133
  1,194
  1,258
  1,326
  1,396
  1,470
  1,547
  1,628
  1,712
Total debt, $m
  665
  755
  849
  947
  1,048
  1,154
  1,264
  1,378
  1,497
  1,620
  1,748
  1,881
  2,020
  2,165
  2,315
  2,472
  2,635
  2,805
  2,983
  3,168
  3,362
  3,564
  3,776
  3,997
  4,229
  4,471
  4,724
  4,990
  5,267
  5,558
  5,863
Total liabilities, $m
  968
  1,058
  1,152
  1,250
  1,351
  1,457
  1,567
  1,681
  1,800
  1,923
  2,051
  2,184
  2,323
  2,468
  2,618
  2,775
  2,938
  3,108
  3,286
  3,471
  3,665
  3,867
  4,079
  4,300
  4,532
  4,774
  5,027
  5,293
  5,570
  5,861
  6,166
Total equity, $m
  840
  808
  880
  954
  1,032
  1,113
  1,197
  1,284
  1,374
  1,469
  1,566
  1,668
  1,774
  1,884
  1,999
  2,119
  2,244
  2,374
  2,509
  2,651
  2,799
  2,953
  3,115
  3,284
  3,461
  3,646
  3,839
  4,042
  4,254
  4,476
  4,709
Total liabilities and equity, $m
  1,808
  1,866
  2,032
  2,204
  2,383
  2,570
  2,764
  2,965
  3,174
  3,392
  3,617
  3,852
  4,097
  4,352
  4,617
  4,894
  5,182
  5,482
  5,795
  6,122
  6,464
  6,820
  7,194
  7,584
  7,993
  8,420
  8,866
  9,335
  9,824
  10,337
  10,875
Debt-to-equity ratio
  0.792
  0.930
  0.970
  0.990
  1.020
  1.040
  1.060
  1.070
  1.090
  1.100
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.170
  1.180
  1.190
  1.200
  1.200
  1.210
  1.210
  1.220
  1.220
  1.230
  1.230
  1.230
  1.240
  1.240
  1.250
Adjusted equity ratio
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  84
  103
  123
  145
  167
  190
  214
  239
  264
  292
  357
  387
  417
  449
  483
  518
  554
  593
  633
  675
  719
  765
  813
  864
  917
  973
  1,032
  1,093
  1,158
  1,225
Depreciation, amort., depletion, $m
  73
  97
  101
  105
  110
  114
  119
  124
  129
  135
  140
  95
  101
  107
  114
  120
  128
  135
  143
  151
  159
  168
  177
  187
  197
  207
  218
  230
  242
  254
  268
Funds from operations, $m
  105
  181
  204
  229
  254
  281
  309
  338
  368
  399
  432
  452
  487
  524
  563
  603
  645
  689
  735
  784
  834
  887
  942
  1,000
  1,061
  1,124
  1,191
  1,261
  1,335
  1,412
  1,493
Change in working capital, $m
  -11
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
Cash from operations, $m
  116
  156
  178
  202
  226
  252
  278
  306
  335
  365
  396
  415
  449
  484
  521
  560
  600
  642
  686
  732
  780
  831
  883
  939
  996
  1,057
  1,121
  1,188
  1,258
  1,331
  1,408
Maintenance CAPEX, $m
  0
  -42
  -46
  -50
  -54
  -59
  -63
  -68
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -114
  -120
  -128
  -135
  -143
  -151
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -254
New CAPEX, $m
  -47
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -158
  -166
  -173
  -182
  -190
  -199
  -208
  -218
Cash from investing activities, $m
  -43
  -106
  -113
  -120
  -127
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -237
  -250
  -262
  -276
  -290
  -304
  -320
  -335
  -353
  -370
  -389
  -408
  -429
  -450
  -472
Free cash flow, $m
  73
  49
  65
  82
  99
  117
  136
  156
  177
  198
  221
  230
  255
  280
  306
  334
  363
  393
  424
  457
  491
  526
  564
  603
  644
  687
  732
  779
  829
  881
  936
Issuance/(repayment) of debt, $m
  -16
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  150
  157
  163
  170
  178
  185
  194
  202
  212
  221
  231
  242
  253
  265
  278
  291
  305
Issuance/(repurchase) of shares, $m
  10
  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 from financing (excl. dividends), $m  
  -15
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  133
  139
  144
  150
  157
  163
  170
  178
  185
  194
  202
  212
  221
  231
  242
  253
  265
  278
  291
  305
Total cash flow (excl. dividends), $m
  54
  139
  159
  179
  201
  223
  246
  270
  295
  322
  349
  364
  393
  424
  457
  491
  526
  563
  602
  642
  684
  729
  775
  824
  875
  929
  985
  1,045
  1,107
  1,172
  1,240
Retained Cash Flow (-), $m
  -89
  -70
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
  -203
  -212
  -222
  -233
Prev. year cash balance distribution, $m
 
  102
  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
 
  171
  87
  105
  123
  142
  162
  183
  205
  228
  251
  262
  287
  314
  342
  371
  401
  433
  466
  500
  536
  574
  614
  655
  699
  744
  792
  842
  895
  950
  1,008
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  160
  76
  84
  91
  96
  98
  99
  99
  96
  92
  82
  77
  70
  63
  56
  48
  41
  34
  28
  23
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Integra LifeSciences Holdings Corporation develops, manufactures, and markets surgical implants and medical instruments for use in neurosurgery, extremity reconstruction, orthopedics, and general surgery. The company operates through two segments, Specialty Surgical Solutions; and Orthopedics and Tissue Technologies. It offers neurosurgery and critical care products, including tissue ablation equipment, dural repair products, cerebral spinal fluid management devices, intracranial monitoring equipment, and cranial stabilization equipment. The company also sells approximately 60,000 instrument patterns, and surgical and lighting products to hospitals, surgery centers, and dental, podiatry, and veterinary offices. In addition, it provides regenerative technology products for the treatment of acute and chronic wounds; and surgical tissue repair products for hernia repair, peripheral nerve repair and protection, and tendon repair. Further, the company sells hardware products, such as bone and joint fixation and joint replacement devices, implants, and instruments, which provide for the orthopedic reconstruction of bone in the hand, wrist, elbow, and shoulder, and the foot, ankle, and leg below the knee in the extremity bone and joint reconstruction procedures. It offers its products directly through various sales forces and other distribution channels in the United States, Europe, and internationally. Integra LifeSciences Holdings Corporation was founded in 1989 and is headquartered in Plainsboro, New Jersey.

FINANCIAL RATIOS  of  Integra LifeSciences Holdings (IART)

Valuation Ratios
P/E Ratio 55
Price to Sales 4.2
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 35.5
Price to Free Cash Flow 59.8
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 79.2%
Total Debt to Equity 79.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 4.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 65.3%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 11.6%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 42.3%
Payout Ratio 0%

IART stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IART stock intrinsic value calculation we used $992 million for the last fiscal year's total revenue generated by Integra LifeSciences Holdings. The default revenue input number comes from 2016 income statement of Integra LifeSciences Holdings. 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 IART stock valuation model: a) initial revenue growth rate of 9.3% 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 6.8%, whose default value for IART is calculated based on our internal credit rating of Integra LifeSciences Holdings, 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 Integra LifeSciences Holdings.
    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 IART stock the variable cost ratio is equal to 68.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $199 million in the base year in the intrinsic value calculation for IART 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 3.5% for Integra LifeSciences Holdings.

Corporate tax rate of 27% is the nominal tax rate for Integra LifeSciences Holdings. 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 IART 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 IART are equal to 69.9%.

Life of production assets of 16.5 years is the average useful life of capital assets used in Integra LifeSciences Holdings 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 IART is equal to 27.1%. 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 - $840 million for Integra LifeSciences Holdings - 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 74.717 million for Integra LifeSciences Holdings 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 Integra LifeSciences Holdings at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Integra misses 1Q profit forecasts   [Apr-26-17 06:08AM  Associated Press]
▶ [$$] Integra Bids $1.05 Billion for J&J Neurosurgery Business   [08:44AM  at The Wall Street Journal]
▶ Integra LifeSciences Buys Derma Sciences for $204M   [Jan-12-17 11:15AM  at Investopedia]
Stock chart of IART Financial statements of IART Annual reports of IART
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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