Intrinsic value of Kirkland Lake Gold Ltd. - KL

Previous Close

$32.77

  Intrinsic Value

$1.38

stock screener

  Rating & Target

str. sell

-96%

Previous close

$32.77

 
Intrinsic value

$1.38

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of KL 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 0001), $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 6.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,195
  1,847
  2,762
  4,007
  5,653
  7,772
  10,432
  13,698
  17,626
  22,263
  27,645
  33,799
  40,739
  48,472
  56,994
  66,298
  76,370
  87,193
  98,751
  111,025
  124,000
  137,663
  152,002
  167,012
  182,689
  199,037
  216,062
  233,775
  252,193
  271,336
Variable operating expenses, $m
  795
  1,228
  1,836
  2,665
  3,759
  5,168
  6,937
  9,109
  11,721
  14,805
  18,384
  22,476
  27,092
  32,234
  37,901
  44,088
  50,786
  57,983
  65,669
  73,832
  82,460
  91,546
  101,081
  111,063
  121,488
  132,360
  143,681
  155,461
  167,708
  180,438
Fixed operating expenses, $m
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
Total operating expenses, $m
  842
  1,276
  1,885
  2,715
  3,810
  5,220
  6,991
  9,164
  11,777
  14,862
  18,442
  22,536
  27,153
  32,296
  37,965
  44,153
  50,853
  58,051
  65,739
  73,903
  82,533
  91,620
  101,157
  111,141
  121,567
  132,441
  143,764
  155,546
  167,794
  180,526
Operating income, $m
  353
  571
  876
  1,292
  1,843
  2,551
  3,441
  4,534
  5,849
  7,401
  9,203
  11,263
  13,587
  16,176
  19,029
  22,145
  25,517
  29,142
  33,012
  37,122
  41,467
  46,043
  50,845
  55,871
  61,122
  66,596
  72,298
  78,230
  84,398
  90,809
EBITDA, $m
  592
  939
  1,427
  2,091
  2,970
  4,101
  5,521
  7,266
  9,363
  11,840
  14,716
  18,003
  21,711
  25,842
  30,395
  35,365
  40,746
  46,529
  52,704
  59,262
  66,195
  73,494
  81,156
  89,175
  97,552
  106,287
  115,383
  124,848
  134,689
  144,917
Interest expense (income), $m
  0
  6
  33
  73
  129
  205
  305
  434
  597
  796
  1,036
  1,319
  1,647
  2,023
  2,446
  2,918
  3,438
  4,006
  4,621
  5,282
  5,987
  6,736
  7,528
  8,362
  9,237
  10,153
  11,110
  12,107
  13,147
  14,228
  15,352
Earnings before tax, $m
  348
  538
  803
  1,163
  1,638
  2,246
  3,007
  3,937
  5,053
  6,365
  7,884
  9,616
  11,564
  13,729
  16,111
  18,706
  21,511
  24,521
  27,730
  31,135
  34,731
  38,515
  42,483
  46,634
  50,969
  55,487
  60,191
  65,084
  70,171
  75,458
Tax expense, $m
  94
  145
  217
  314
  442
  606
  812
  1,063
  1,364
  1,719
  2,129
  2,596
  3,122
  3,707
  4,350
  5,051
  5,808
  6,621
  7,487
  8,407
  9,377
  10,399
  11,470
  12,591
  13,762
  14,981
  16,251
  17,573
  18,946
  20,374
Net income, $m
  254
  392
  586
  849
  1,196
  1,640
  2,195
  2,874
  3,688
  4,646
  5,755
  7,019
  8,442
  10,022
  11,761
  13,656
  15,703
  17,900
  20,243
  22,729
  25,354
  28,116
  31,013
  34,043
  37,207
  40,505
  43,939
  47,511
  51,225
  55,084

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,154
  3,327
  4,976
  7,220
  10,186
  14,003
  18,796
  24,681
  31,758
  40,113
  49,812
  60,899
  73,404
  87,337
  102,692
  119,456
  137,603
  157,105
  177,929
  200,045
  223,424
  248,041
  273,878
  300,922
  329,170
  358,626
  389,301
  421,217
  454,402
  488,894
Adjusted assets (=assets-cash), $m
  2,154
  3,327
  4,976
  7,220
  10,186
  14,003
  18,796
  24,681
  31,758
  40,113
  49,812
  60,899
  73,404
  87,337
  102,692
  119,456
  137,603
  157,105
  177,929
  200,045
  223,424
  248,041
  273,878
  300,922
  329,170
  358,626
  389,301
  421,217
  454,402
  488,894
Revenue / Adjusted assets
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
Average production assets, $m
  1,621
  2,504
  3,745
  5,433
  7,666
  10,539
  14,146
  18,574
  23,901
  30,188
  37,487
  45,832
  55,243
  65,728
  77,284
  89,900
  103,557
  118,234
  133,906
  150,550
  168,145
  186,671
  206,115
  226,468
  247,727
  269,895
  292,980
  316,999
  341,974
  367,932
Working capital, $m
  -109
  -168
  -251
  -365
  -514
  -707
  -949
  -1,247
  -1,604
  -2,026
  -2,516
  -3,076
  -3,707
  -4,411
  -5,186
  -6,033
  -6,950
  -7,935
  -8,986
  -10,103
  -11,284
  -12,527
  -13,832
  -15,198
  -16,625
  -18,112
  -19,662
  -21,274
  -22,950
  -24,692
Total debt, $m
  226
  499
  881
  1,402
  2,090
  2,975
  4,087
  5,453
  7,095
  9,033
  11,283
  13,855
  16,757
  19,989
  23,551
  27,440
  31,651
  36,175
  41,006
  46,137
  51,561
  57,272
  63,266
  69,541
  76,094
  82,928
  90,045
  97,449
  105,148
  113,150
Total liabilities, $m
  500
  772
  1,154
  1,675
  2,363
  3,249
  4,361
  5,726
  7,368
  9,306
  11,556
  14,129
  17,030
  20,262
  23,825
  27,714
  31,924
  36,448
  41,280
  46,411
  51,834
  57,546
  63,540
  69,814
  76,367
  83,201
  90,318
  97,722
  105,421
  113,423
Total equity, $m
  1,654
  2,555
  3,821
  5,545
  7,823
  10,754
  14,436
  18,955
  24,390
  30,807
  38,255
  46,771
  56,374
  67,074
  78,868
  91,742
  105,679
  120,656
  136,650
  153,635
  171,590
  190,496
  210,338
  231,108
  252,803
  275,425
  298,983
  323,495
  348,981
  375,470
Total liabilities and equity, $m
  2,154
  3,327
  4,975
  7,220
  10,186
  14,003
  18,797
  24,681
  31,758
  40,113
  49,811
  60,900
  73,404
  87,336
  102,693
  119,456
  137,603
  157,104
  177,930
  200,046
  223,424
  248,042
  273,878
  300,922
  329,170
  358,626
  389,301
  421,217
  454,402
  488,893
Debt-to-equity ratio
  0.140
  0.200
  0.230
  0.250
  0.270
  0.280
  0.280
  0.290
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  392
  586
  849
  1,196
  1,640
  2,195
  2,874
  3,688
  4,646
  5,755
  7,019
  8,442
  10,022
  11,761
  13,656
  15,703
  17,900
  20,243
  22,729
  25,354
  28,116
  31,013
  34,043
  37,207
  40,505
  43,939
  47,511
  51,225
  55,084
Depreciation, amort., depletion, $m
  238
  368
  551
  799
  1,127
  1,550
  2,080
  2,732
  3,515
  4,439
  5,513
  6,740
  8,124
  9,666
  11,365
  13,221
  15,229
  17,387
  19,692
  22,140
  24,727
  27,452
  30,311
  33,304
  36,430
  39,690
  43,085
  46,618
  50,290
  54,108
Funds from operations, $m
  492
  761
  1,137
  1,648
  2,323
  3,189
  4,275
  5,606
  7,203
  9,086
  11,268
  13,759
  16,565
  19,688
  23,126
  26,876
  30,932
  35,287
  39,935
  44,869
  50,081
  55,567
  61,324
  67,347
  73,638
  80,196
  87,024
  94,129
  101,515
  109,192
Change in working capital, $m
  -41
  -59
  -83
  -113
  -150
  -193
  -242
  -297
  -357
  -422
  -490
  -560
  -632
  -704
  -776
  -847
  -917
  -985
  -1,052
  -1,117
  -1,181
  -1,243
  -1,305
  -1,366
  -1,427
  -1,488
  -1,549
  -1,612
  -1,676
  -1,742
Cash from operations, $m
  533
  820
  1,220
  1,762
  2,473
  3,382
  4,517
  5,903
  7,561
  9,508
  11,758
  14,319
  17,197
  20,392
  23,902
  27,723
  31,849
  36,272
  40,987
  45,986
  51,262
  56,811
  62,629
  68,713
  75,064
  81,683
  88,574
  95,741
  103,191
  110,934
Maintenance CAPEX, $m
  -149
  -238
  -368
  -551
  -799
  -1,127
  -1,550
  -2,080
  -2,732
  -3,515
  -4,439
  -5,513
  -6,740
  -8,124
  -9,666
  -11,365
  -13,221
  -15,229
  -17,387
  -19,692
  -22,140
  -24,727
  -27,452
  -30,311
  -33,304
  -36,430
  -39,690
  -43,085
  -46,618
  -50,290
New CAPEX, $m
  -608
  -883
  -1,241
  -1,689
  -2,232
  -2,873
  -3,607
  -4,429
  -5,326
  -6,288
  -7,299
  -8,344
  -9,411
  -10,485
  -11,556
  -12,616
  -13,657
  -14,677
  -15,672
  -16,644
  -17,594
  -18,526
  -19,444
  -20,353
  -21,259
  -22,168
  -23,086
  -24,019
  -24,975
  -25,958
Cash from investing activities, $m
  -757
  -1,121
  -1,609
  -2,240
  -3,031
  -4,000
  -5,157
  -6,509
  -8,058
  -9,803
  -11,738
  -13,857
  -16,151
  -18,609
  -21,222
  -23,981
  -26,878
  -29,906
  -33,059
  -36,336
  -39,734
  -43,253
  -46,896
  -50,664
  -54,563
  -58,598
  -62,776
  -67,104
  -71,593
  -76,248
Free cash flow, $m
  -224
  -302
  -389
  -478
  -559
  -618
  -640
  -606
  -497
  -295
  20
  462
  1,046
  1,783
  2,680
  3,742
  4,971
  6,367
  7,928
  9,649
  11,528
  13,557
  15,733
  18,049
  20,501
  23,085
  25,798
  28,636
  31,599
  34,686
Issuance/(repayment) of debt, $m
  188
  272
  382
  521
  688
  886
  1,112
  1,365
  1,642
  1,938
  2,250
  2,572
  2,901
  3,232
  3,563
  3,889
  4,210
  4,524
  4,831
  5,131
  5,424
  5,711
  5,994
  6,274
  6,554
  6,834
  7,117
  7,404
  7,699
  8,002
Issuance/(repurchase) of shares, $m
  366
  509
  680
  874
  1,082
  1,292
  1,486
  1,645
  1,747
  1,770
  1,693
  1,496
  1,162
  678
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  554
  781
  1,062
  1,395
  1,770
  2,178
  2,598
  3,010
  3,389
  3,708
  3,943
  4,068
  4,063
  3,910
  3,595
  3,889
  4,210
  4,524
  4,831
  5,131
  5,424
  5,711
  5,994
  6,274
  6,554
  6,834
  7,117
  7,404
  7,699
  8,002
Total cash flow (excl. dividends), $m
  330
  480
  674
  917
  1,212
  1,560
  1,958
  2,404
  2,892
  3,414
  3,963
  4,530
  5,109
  5,693
  6,274
  7,631
  9,181
  10,891
  12,759
  14,780
  16,952
  19,268
  21,727
  24,323
  27,055
  29,919
  32,914
  36,040
  39,298
  42,688
Retained Cash Flow (-), $m
  -620
  -901
  -1,266
  -1,723
  -2,278
  -2,932
  -3,681
  -4,519
  -5,435
  -6,417
  -7,448
  -8,515
  -9,604
  -10,700
  -11,793
  -12,874
  -13,937
  -14,977
  -15,993
  -16,985
  -17,955
  -18,906
  -19,842
  -20,770
  -21,694
  -22,622
  -23,559
  -24,511
  -25,486
  -26,490
Prev. year cash balance distribution, $m
  123
  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
  -167
  -422
  -593
  -806
  -1,066
  -1,372
  -1,723
  -2,115
  -2,544
  -3,003
  -3,486
  -3,985
  -4,494
  -5,007
  -5,519
  -5,244
  -4,756
  -4,086
  -3,234
  -2,205
  -1,003
  363
  1,884
  3,553
  5,360
  7,297
  9,356
  11,529
  13,812
  16,198
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
  -160
  -386
  -516
  -664
  -826
  -996
  -1,164
  -1,322
  -1,461
  -1,574
  -1,655
  -1,701
  -1,709
  -1,681
  -1,620
  -1,333
  -1,035
  -753
  -498
  -280
  -104
  30
  124
  181
  209
  213
  201
  178
  151
  122
Current shareholders' claim on cash, %
  94.4
  89.7
  85.9
  82.7
  80.1
  77.9
  76.1
  74.7
  73.5
  72.7
  72.0
  71.5
  71.2
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1
  71.1

FINANCIAL RATIOS  of  Kirkland Lake Gold Ltd. (KL)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

KL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KL stock intrinsic value calculation we used $747 million for the last fiscal year's total revenue generated by Kirkland Lake Gold Ltd.. The default revenue input number comes from 0001 income statement of Kirkland Lake Gold Ltd.. 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 KL stock valuation model: a) initial revenue growth rate of 60% 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 KL is calculated based on our internal credit rating of Kirkland Lake Gold Ltd., 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 Kirkland Lake Gold Ltd..
    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 KL stock the variable cost ratio is equal to 66.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $46 million in the base year in the intrinsic value calculation for KL 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 14.6% for Kirkland Lake Gold Ltd..

Corporate tax rate of 27% is the nominal tax rate for Kirkland Lake Gold Ltd.. 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 KL 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 KL are equal to 135.6%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Kirkland Lake Gold Ltd. 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 KL is equal to -9.1%. 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 - $1157.596 million for Kirkland Lake Gold Ltd. - 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 209.740 million for Kirkland Lake Gold Ltd. 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 Kirkland Lake Gold Ltd. at the current share price and the inputted number of shares is $6.9 billion.

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