Intrinsic value of Independence Realty Trust - IRT

Previous Close

$10.49

  Intrinsic Value

$1.55

stock screener

  Rating & Target

str. sell

-85%

Previous close

$10.49

 
Intrinsic value

$1.55

 
Up/down potential

-85%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as IRT.

We calculate the intrinsic value of IRT 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 0.9

 

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, %
  39.09
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  153
  161
  170
  178
  188
  198
  208
  219
  230
  242
  254
  267
  280
  295
  310
  325
  342
  359
  377
  396
  416
  437
  459
  482
  507
  532
  559
  587
  616
  647
  680
Variable operating expenses, $m
 
  186
  196
  207
  217
  229
  240
  253
  266
  279
  294
  309
  324
  341
  358
  376
  396
  416
  436
  459
  482
  506
  531
  558
  586
  616
  646
  679
  713
  749
  786
Fixed operating expenses, $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
Total operating expenses, $m
  115
  186
  196
  207
  217
  229
  240
  253
  266
  279
  294
  309
  324
  341
  358
  376
  396
  416
  436
  459
  482
  506
  531
  558
  586
  616
  646
  679
  713
  749
  786
Operating income, $m
  38
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
EBITDA, $m
  73
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  81
Interest expense (income), $m
  33
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
  86
  91
  95
  100
  105
  111
  116
  122
  128
Earnings before tax, $m
  -10
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
Tax expense, $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
  0
Net income, $m
  -10
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  1,294
  1,343
  1,413
  1,487
  1,565
  1,646
  1,732
  1,821
  1,915
  2,013
  2,116
  2,224
  2,337
  2,456
  2,581
  2,711
  2,849
  2,993
  3,144
  3,302
  3,469
  3,644
  3,827
  4,019
  4,221
  4,434
  4,656
  4,890
  5,135
  5,393
  5,663
Adjusted assets (=assets-cash), $m
  1,273
  1,343
  1,413
  1,487
  1,565
  1,646
  1,732
  1,821
  1,915
  2,013
  2,116
  2,224
  2,337
  2,456
  2,581
  2,711
  2,849
  2,993
  3,144
  3,302
  3,469
  3,644
  3,827
  4,019
  4,221
  4,434
  4,656
  4,890
  5,135
  5,393
  5,663
Revenue / Adjusted assets
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Average production assets, $m
  1,267
  1,334
  1,404
  1,478
  1,555
  1,635
  1,720
  1,809
  1,902
  1,999
  2,102
  2,209
  2,322
  2,440
  2,563
  2,693
  2,830
  2,973
  3,123
  3,280
  3,446
  3,619
  3,802
  3,993
  4,193
  4,404
  4,625
  4,857
  5,101
  5,357
  5,626
Working capital, $m
  0
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
Total debt, $m
  744
  787
  830
  876
  924
  974
  1,027
  1,082
  1,140
  1,201
  1,265
  1,331
  1,401
  1,475
  1,552
  1,633
  1,717
  1,806
  1,900
  1,998
  2,101
  2,209
  2,322
  2,441
  2,566
  2,697
  2,835
  2,979
  3,131
  3,290
  3,457
Total liabilities, $m
  787
  830
  873
  919
  967
  1,017
  1,070
  1,125
  1,183
  1,244
  1,308
  1,374
  1,444
  1,518
  1,595
  1,676
  1,760
  1,849
  1,943
  2,041
  2,144
  2,252
  2,365
  2,484
  2,609
  2,740
  2,878
  3,022
  3,174
  3,333
  3,500
Total equity, $m
  507
  513
  540
  568
  598
  629
  661
  696
  731
  769
  808
  849
  893
  938
  986
  1,036
  1,088
  1,143
  1,201
  1,262
  1,325
  1,392
  1,462
  1,535
  1,613
  1,694
  1,779
  1,868
  1,962
  2,060
  2,163
Total liabilities and equity, $m
  1,294
  1,343
  1,413
  1,487
  1,565
  1,646
  1,731
  1,821
  1,914
  2,013
  2,116
  2,223
  2,337
  2,456
  2,581
  2,712
  2,848
  2,992
  3,144
  3,303
  3,469
  3,644
  3,827
  4,019
  4,222
  4,434
  4,657
  4,890
  5,136
  5,393
  5,663
Debt-to-equity ratio
  1.467
  1.530
  1.540
  1.540
  1.550
  1.550
  1.550
  1.560
  1.560
  1.560
  1.560
  1.570
  1.570
  1.570
  1.570
  1.580
  1.580
  1.580
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
Adjusted equity ratio
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
Depreciation, amort., depletion, $m
  35
  44
  47
  49
  52
  55
  57
  60
  63
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
Funds from operations, $m
  -13
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Change in working capital, $m
  -5
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
Maintenance CAPEX, $m
  0
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -179
New CAPEX, $m
  -11
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -174
  -182
  -191
  -201
  -211
  -221
  -232
  -244
  -256
  -269
Cash from investing activities, $m
  28
  -109
  -114
  -121
  -126
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -187
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -274
  -289
  -303
  -318
  -334
  -351
  -368
  -386
  -406
  -426
  -448
Free cash flow, $m
  20
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -286
  -300
  -315
  -331
  -348
  -365
  -384
  -403
  -423
  -444
  -467
  -490
Issuance/(repayment) of debt, $m
  -181
  43
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  125
  131
  138
  144
  152
  159
  167
Issuance/(repurchase) of shares, $m
  183
  81
  84
  89
  93
  98
  103
  108
  114
  120
  126
  132
  139
  146
  154
  162
  170
  178
  187
  197
  207
  217
  228
  240
  252
  265
  278
  292
  307
  322
  338
Cash from financing (excl. dividends), $m  
  -1
  124
  128
  135
  141
  148
  156
  163
  172
  181
  190
  199
  209
  219
  231
  243
  255
  267
  280
  295
  310
  325
  341
  359
  377
  396
  416
  436
  459
  481
  505
Total cash flow (excl. dividends), $m
  20
  6
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
Retained Cash Flow (-), $m
  -143
  -81
  -84
  -89
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -252
  -265
  -278
  -292
  -307
  -322
  -338
Prev. year cash balance distribution, $m
 
  21
  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
 
  -54
  -80
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -207
  -218
  -229
  -241
  -253
  -265
  -279
  -293
  -308
  -323
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  -49
  -65
  -61
  -56
  -51
  -46
  -41
  -36
  -31
  -26
  -22
  -18
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.0
  82.9
  75.6
  68.9
  62.8
  57.2
  52.2
  47.5
  43.3
  39.5
  36.0
  32.8
  29.9
  27.3
  24.9
  22.7
  20.7
  18.8
  17.2
  15.6
  14.3
  13.0
  11.8
  10.8
  9.8
  9.0
  8.2
  7.5
  6.8
  6.2

Independence Realty Trust, Inc. is an internally-managed real estate investment trust (REIT). The Company is engaged in the business of owning, managing, operating, leasing, acquiring, developing, investing in, and disposing of real estate assets. The Company owns apartment properties in geographic non-gateway markets. As of September 26, 2017, the Company owns and operates 55 multifamily apartment properties, totaling 15,165 units. Its properties include Copper Mill, Crestmont, Heritage Trace, Runaway Bay, Berkshire Square, The Crossings, Reserve at Eagle Ridge, Windrush, Heritage Park, Raindance, Augusta, Invitational, Carrington Park, Walnut Hill, Lenoxplace, Bennington Pond, Jamestown, Meadows, Oxmoor, Bayview Club, Arbors River Oaks, Fox Trails, Bridge Pointe, The Aventine Greenville and Westmont Commons.

FINANCIAL RATIOS  of  Independence Realty Trust (IRT)

Valuation Ratios
P/E Ratio -72.4
Price to Sales 4.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -90.5
Price to Free Cash Flow -38.1
Growth Rates
Sales Growth Rate 39.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate 61.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 146.7%
Total Debt to Equity 146.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity -2.3%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 51%
Gross Margin - 3 Yr. Avg. 49.7%
EBITDA Margin 37.9%
EBITDA Margin - 3 Yr. Avg. 53.9%
Operating Margin 24.8%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin -6.5%
Pre-Tax Margin - 3 Yr. Avg. 9%
Net Profit Margin -6.5%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -370%

IRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRT stock intrinsic value calculation we used $153 million for the last fiscal year's total revenue generated by Independence Realty Trust. The default revenue input number comes from 2016 income statement of Independence Realty Trust. 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 IRT stock valuation model: a) initial revenue growth rate of 5.3% 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 10.6%, whose default value for IRT is calculated based on our internal credit rating of Independence Realty Trust, 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 Independence Realty Trust.
    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 IRT stock the variable cost ratio is equal to 115.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IRT 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 3.9% for Independence Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Independence Realty Trust. 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 IRT 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 IRT are equal to 827.8%.

Life of production assets of 36.2 years is the average useful life of capital assets used in Independence Realty Trust 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 IRT is equal to -13.7%. 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 - $507 million for Independence Realty Trust - 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 81.644 million for Independence Realty Trust 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 Independence Realty Trust at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
AIV Apartment Inve 44.07 2.86  str.sell
AVB Avalonbay Comm 181.19 18.41  str.sell
EQR Equity Residen 66.14 6.96  str.sell
TCI Transcontinent 28.08 5.91  str.sell
UDR UDR 38.42 2.89  str.sell
ESS Essex Property 259.34 23.46  str.sell

COMPANY NEWS

▶ Independence Realty Trust reports 2Q results   [Aug-01-17 09:32PM  Associated Press]
▶ Independence Realty Trust, Inc. Announces Transfer to NYSE   [Jul-20-17 04:05PM  Business Wire]
▶ Independence Realty Trust reports 1Q results   [08:07AM  Associated Press]
▶ Independence Realty Trust reports 4Q results   [07:48AM  Associated Press]
▶ 3 Ways Millennials Can Invest in Rental Properties   [Jul-29-16 02:36PM  at Investopedia]
Financial statements of IRT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.