Intrinsic value of ION Geophysical - IO

Previous Close

$27.05

  Intrinsic Value

$0.64

stock screener

  Rating & Target

str. sell

-98%

Previous close

$27.05

 
Intrinsic value

$0.64

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of IO 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -22.07
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  173
  176
  181
  185
  190
  196
  202
  209
  217
  225
  234
  243
  253
  263
  274
  286
  299
  312
  326
  341
  356
  373
  390
  409
  428
  448
  470
  492
  516
  541
  567
Variable operating expenses, $m
 
  35
  35
  36
  37
  38
  40
  41
  42
  44
  45
  45
  47
  48
  51
  53
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
Fixed operating expenses, $m
 
  185
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
Total operating expenses, $m
  217
  220
  224
  230
  236
  242
  249
  255
  261
  269
  275
  281
  289
  296
  305
  314
  322
  331
  341
  351
  361
  371
  382
  393
  405
  417
  429
  442
  454
  468
  483
Operating income, $m
  -44
  -43
  -44
  -45
  -46
  -46
  -46
  -45
  -45
  -44
  -42
  -38
  -36
  -34
  -31
  -27
  -24
  -20
  -15
  -10
  -4
  2
  8
  16
  24
  32
  41
  51
  62
  73
  85
EBITDA, $m
  11
  -1
  -2
  -1
  -1
  0
  2
  4
  6
  9
  12
  16
  20
  25
  31
  36
  43
  50
  58
  66
  75
  85
  96
  107
  119
  132
  146
  161
  177
  194
  212
Interest expense (income), $m
  16
  14
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  48
  50
  53
  56
  59
Earnings before tax, $m
  -60
  -56
  -57
  -58
  -60
  -61
  -61
  -62
  -62
  -62
  -61
  -58
  -57
  -56
  -55
  -53
  -51
  -48
  -45
  -42
  -38
  -34
  -29
  -24
  -19
  -13
  -6
  1
  9
  17
  26
Tax expense, $m
  5
  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
  2
  5
  7
Net income, $m
  -65
  -56
  -57
  -58
  -60
  -61
  -61
  -62
  -62
  -62
  -61
  -58
  -57
  -56
  -55
  -53
  -51
  -48
  -45
  -42
  -38
  -34
  -29
  -24
  -19
  -13
  -6
  1
  6
  12
  19

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  313
  265
  271
  278
  286
  295
  304
  315
  326
  338
  351
  365
  380
  396
  412
  430
  449
  469
  490
  512
  536
  561
  587
  615
  644
  674
  707
  740
  776
  814
  853
Adjusted assets (=assets-cash), $m
  260
  265
  271
  278
  286
  295
  304
  315
  326
  338
  351
  365
  380
  396
  412
  430
  449
  469
  490
  512
  536
  561
  587
  615
  644
  674
  707
  740
  776
  814
  853
Revenue / Adjusted assets
  0.665
  0.664
  0.668
  0.665
  0.664
  0.664
  0.664
  0.663
  0.666
  0.666
  0.667
  0.666
  0.666
  0.664
  0.665
  0.665
  0.666
  0.665
  0.665
  0.666
  0.664
  0.665
  0.664
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
Average production assets, $m
  193
  197
  201
  207
  212
  219
  226
  234
  242
  251
  261
  271
  282
  294
  306
  319
  333
  348
  364
  380
  398
  416
  436
  456
  478
  500
  524
  550
  576
  604
  633
Working capital, $m
  17
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -69
Total debt, $m
  159
  138
  143
  150
  157
  164
  173
  182
  192
  203
  215
  228
  241
  255
  270
  286
  303
  321
  340
  360
  381
  404
  427
  452
  478
  506
  535
  565
  598
  631
  667
Total liabilities, $m
  260
  239
  244
  251
  258
  265
  274
  283
  293
  304
  316
  329
  342
  356
  371
  387
  404
  422
  441
  461
  482
  505
  528
  553
  579
  607
  636
  666
  699
  732
  768
Total equity, $m
  53
  27
  27
  28
  29
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
Total liabilities and equity, $m
  313
  266
  271
  279
  287
  294
  304
  314
  326
  338
  351
  366
  380
  396
  412
  430
  449
  469
  490
  512
  536
  561
  587
  614
  643
  674
  707
  740
  777
  813
  853
Debt-to-equity ratio
  3.000
  5.190
  5.280
  5.370
  5.470
  5.580
  5.680
  5.790
  5.900
  6.010
  6.120
  6.230
  6.340
  6.450
  6.550
  6.650
  6.750
  6.850
  6.940
  7.030
  7.120
  7.200
  7.280
  7.360
  7.430
  7.500
  7.570
  7.640
  7.700
  7.760
  7.820
Adjusted equity ratio
  0.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -65
  -56
  -57
  -58
  -60
  -61
  -61
  -62
  -62
  -62
  -61
  -58
  -57
  -56
  -55
  -53
  -51
  -48
  -45
  -42
  -38
  -34
  -29
  -24
  -19
  -13
  -6
  1
  6
  12
  19
Depreciation, amort., depletion, $m
  55
  42
  42
  44
  45
  46
  47
  49
  51
  52
  54
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
Funds from operations, $m
  9
  -15
  -15
  -15
  -15
  -15
  -14
  -13
  -11
  -9
  -7
  -4
  -1
  3
  7
  11
  16
  22
  28
  34
  41
  49
  58
  67
  77
  87
  99
  110
  121
  133
  146
Change in working capital, $m
  7
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  2
  -14
  -14
  -14
  -14
  -14
  -13
  -12
  -10
  -8
  -6
  -3
  0
  4
  8
  13
  18
  23
  29
  36
  43
  51
  60
  69
  79
  90
  101
  113
  124
  136
  149
Maintenance CAPEX, $m
  0
  -39
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
New CAPEX, $m
  -16
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -29
Cash from investing activities, $m
  -14
  -43
  -44
  -45
  -47
  -48
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -93
  -98
  -102
  -107
  -113
  -119
  -124
  -130
  -137
  -143
  -150
Free cash flow, $m
  -12
  -57
  -58
  -60
  -61
  -63
  -64
  -65
  -65
  -66
  -66
  -66
  -65
  -64
  -63
  -62
  -60
  -58
  -56
  -53
  -50
  -47
  -43
  -39
  -34
  -29
  -23
  -17
  -12
  -7
  -1
Issuance/(repayment) of debt, $m
  -14
  -6
  5
  6
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
Issuance/(repurchase) of shares, $m
  -1
  68
  58
  59
  60
  61
  62
  63
  63
  63
  63
  60
  59
  58
  56
  55
  52
  50
  47
  44
  40
  36
  32
  27
  22
  16
  10
  3
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -22
  62
  63
  65
  67
  69
  71
  72
  73
  74
  75
  72
  72
  72
  71
  71
  69
  68
  66
  64
  61
  58
  56
  52
  48
  44
  39
  34
  32
  34
  36
Total cash flow (excl. dividends), $m
  -32
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  20
  27
  34
Retained Cash Flow (-), $m
  59
  -68
  -58
  -59
  -60
  -61
  -62
  -63
  -63
  -63
  -63
  -60
  -59
  -58
  -56
  -55
  -52
  -50
  -47
  -44
  -40
  -36
  -32
  -27
  -22
  -16
  -10
  -3
  -4
  -4
  -4
Prev. year cash balance distribution, $m
 
  38
  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
 
  -25
  -52
  -54
  -54
  -55
  -55
  -55
  -55
  -55
  -54
  -53
  -52
  -50
  -48
  -46
  -43
  -40
  -37
  -33
  -29
  -24
  -19
  -14
  -8
  -1
  6
  13
  16
  23
  30
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -23
  -43
  -39
  -35
  -31
  -27
  -23
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  57.6
  42.6
  31.4
  23.2
  17.2
  12.8
  9.6
  7.3
  5.5
  4.2
  3.3
  2.6
  2.1
  1.7
  1.4
  1.2
  1.0
  0.9
  0.7
  0.7
  0.6
  0.5
  0.5
  0.5
  0.5
  0.5
  0.4
  0.4
  0.4
  0.4

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth's subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. E&P Technology & Services provides services and products for complex and hard-to-image geologies, such as deepwater subsalt formations in the Gulf of Mexico and offshore East and West Africa and Brazil; unconventional reservoirs, such as those found onshore in shale, tight gas and oil sands formations, and offshore basin-wide seismic data and imaging programs. E&P Operations Optimization combines its Optimization Software and Services and Devices offerings. Ocean Bottom Services consists of OceanGeo, an ocean bottom data acquisition services company.

FINANCIAL RATIOS  of  ION Geophysical (IO)

Valuation Ratios
P/E Ratio -4.9
Price to Sales 1.8
Price to Book 6
Price to Tangible Book
Price to Cash Flow 159.5
Price to Free Cash Flow -22.8
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75.4%
Cap. Spend. - 3 Yr. Gr. Rate -34.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 271.7%
Total Debt to Equity 300%
Interest Coverage -3
Management Effectiveness
Return On Assets -12.7%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -25.6%
Ret/ On T. Cap. - 3 Yr. Avg. -21.8%
Return On Equity -78.8%
Return On Equity - 3 Yr. Avg. -54.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 18.7%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin -25.4%
Oper. Margin - 3 Yr. Avg. -11.3%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -21.7%
Net Profit Margin -37.6%
Net Profit Margin - 3 Yr. Avg. -24.6%
Effective Tax Rate -8.3%
Eff/ Tax Rate - 3 Yr. Avg. -15.7%
Payout Ratio 0%

IO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IO stock intrinsic value calculation we used $173 million for the last fiscal year's total revenue generated by ION Geophysical. The default revenue input number comes from 2016 income statement of ION Geophysical. 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 IO stock valuation model: a) initial revenue growth rate of 2% 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 9.8%, whose default value for IO is calculated based on our internal credit rating of ION Geophysical, 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 ION Geophysical.
    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 IO stock the variable cost ratio is equal to 19.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $180 million in the base year in the intrinsic value calculation for IO 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 9.4% for ION Geophysical.

Corporate tax rate of 27% is the nominal tax rate for ION Geophysical. 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 IO 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 IO are equal to 111.6%.

Life of production assets of 3.9 years is the average useful life of capital assets used in ION Geophysical 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 IO is equal to -12.1%. 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 - $53 million for ION Geophysical - 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 12.047 million for ION Geophysical 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 ION Geophysical at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
DWSN Dawson Geophys 5.76 1.93  str.sell
GEOS Geospace Techn 11.84 3.69  str.sell

COMPANY NEWS

▶ ION Geophysical Corporation to Host Earnings Call   [Feb-08-18 07:45AM  ACCESSWIRE]
▶ Ion Geophysical reports 4Q loss   [05:01AM  Associated Press]
▶ ION reports fourth quarter and year end 2017 results   [Feb-07-18 04:31PM  PR Newswire]
▶ Analysts Forecast for Halliburton after Its 4Q17 Earnings   [Jan-23-18 12:07PM  Market Realist]
▶ Wall Streets Forecasts for Weatherford before 4Q17 Earnings   [Jan-22-18 10:31AM  Market Realist]
▶ Analyzing Wall Street Targets for WLL, AREX, AROC, and IO   [Jan-18-18 07:34AM  Market Realist]
▶ ION Geophysical: Top Loser in the Oilfield Services Industry   [Jan-17-18 05:50PM  Market Realist]
▶ ION provides an update on the WesternGeco litigation   [Jan-16-18 08:30AM  PR Newswire]
▶ Did the Best-Performing OFS stocks Take Cues from Crude Oil?   [Nov-28-17 07:30AM  Market Realist]
▶ Short Interest in the Top 5 Oilfield Companies   [Nov-27-17 10:31AM  Market Realist]
▶ Analysts Target Prices for the Best-Performing OFS Stocks   [Nov-24-17 02:45PM  Market Realist]
▶ Ion Geophysical posts 3Q profit   [Nov-02-17 05:49AM  Associated Press]
▶ ION reports third quarter 2017 results   [Nov-01-17 06:39PM  PR Newswire]
▶ What Is ION Geophysical Corporations (IO) Share Price Doing?   [Oct-31-17 07:25AM  Simply Wall St.]
▶ ION extends new 2D multi-client program offshore Panama   [Sep-28-17 07:00AM  PR Newswire]
▶ Oilfield Services Gainers: TTI, IO, FTK, TESO, and NR   [Sep-15-17 03:34PM  Market Realist]
▶ Ion Geophysical reports 2Q loss   [Aug-04-17 01:49AM  Associated Press]
▶ ION reports second quarter 2017 results   [Aug-02-17 08:06PM  PR Newswire]
▶ ION announces order in WesternGeco litigation   [May-18-17 07:00AM  PR Newswire]
▶ Ion Geophysical reports 1Q loss   [May-04-17 05:02AM  Associated Press]
▶ ION reports first quarter 2017 results   [May-03-17 06:44PM  PR Newswire]
▶ Ion Geophysical reports 4Q loss   [05:01AM  Associated Press]
▶ ION reports fourth quarter and year end 2016 results   [Feb-08-17 07:39PM  PR Newswire]
▶ ION reports third quarter 2016 results   [Nov-02-16 06:23PM  PR Newswire]
Financial statements of IO
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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