Intrinsic value of MasterCraft Boat Holdings, Inc. - MCFT

Previous Close

$20.86

  Intrinsic Value

$850.32

stock screener

  Rating & Target

str. buy

+999%

Previous close

$20.86

 
Intrinsic value

$850.32

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of MCFT 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 0.4

 

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, %
  55.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
Revenue, $m
  516
  774
  1,126
  1,593
  2,196
  2,954
  3,887
  5,010
  6,339
  7,884
  9,653
  11,650
  13,878
  16,335
  19,021
  21,930
  25,058
  28,401
  31,952
  35,708
  39,664
  43,817
  48,165
  52,708
  57,446
  62,380
  67,514
  72,853
  78,402
  84,168
Variable operating expenses, $m
  397
  589
  852
  1,200
  1,649
  2,215
  2,911
  3,749
  4,740
  5,892
  7,200
  8,689
  10,351
  12,184
  14,187
  16,357
  18,690
  21,183
  23,832
  26,633
  29,584
  32,682
  35,925
  39,313
  42,847
  46,527
  50,356
  54,338
  58,477
  62,778
Fixed operating expenses, $m
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  29
  30
  31
Total operating expenses, $m
  413
  606
  869
  1,217
  1,667
  2,233
  2,930
  3,768
  4,759
  5,912
  7,220
  8,710
  10,372
  12,206
  14,209
  16,380
  18,713
  21,207
  23,856
  26,658
  29,609
  32,708
  35,951
  39,340
  42,875
  46,555
  50,385
  54,367
  58,507
  62,809
Operating income, $m
  103
  168
  258
  376
  528
  721
  957
  1,243
  1,580
  1,972
  2,433
  2,940
  3,506
  4,130
  4,812
  5,550
  6,345
  7,194
  8,096
  9,050
  10,055
  11,110
  12,214
  13,368
  14,571
  15,825
  17,129
  18,485
  19,895
  21,359
EBITDA, $m
  119
  187
  279
  402
  560
  759
  1,004
  1,300
  1,649
  2,055
  2,520
  3,045
  3,631
  4,277
  4,984
  5,749
  6,571
  7,451
  8,385
  9,373
  10,413
  11,506
  12,649
  13,844
  15,090
  16,388
  17,739
  19,143
  20,603
  22,120
Interest expense (income), $m
  2
  5
  9
  15
  23
  34
  49
  66
  88
  115
  146
  182
  224
  271
  323
  381
  445
  513
  587
  665
  749
  837
  930
  1,028
  1,130
  1,237
  1,349
  1,465
  1,586
  1,711
  1,842
Earnings before tax, $m
  98
  159
  242
  352
  494
  672
  891
  1,154
  1,465
  1,826
  2,250
  2,716
  3,235
  3,806
  4,430
  5,106
  5,832
  6,607
  7,431
  8,301
  9,217
  10,179
  11,186
  12,238
  13,334
  14,476
  15,664
  16,899
  18,183
  19,517
Tax expense, $m
  27
  43
  65
  95
  133
  181
  241
  312
  396
  493
  608
  733
  873
  1,028
  1,196
  1,379
  1,575
  1,784
  2,006
  2,241
  2,489
  2,748
  3,020
  3,304
  3,600
  3,909
  4,229
  4,563
  4,909
  5,270
Net income, $m
  72
  116
  177
  257
  361
  491
  650
  843
  1,069
  1,333
  1,643
  1,983
  2,361
  2,779
  3,234
  3,727
  4,257
  4,823
  5,424
  6,060
  6,729
  7,431
  8,166
  8,933
  9,734
  10,567
  11,435
  12,336
  13,274
  14,248

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
  274
  411
  599
  847
  1,167
  1,570
  2,065
  2,662
  3,368
  4,189
  5,129
  6,190
  7,374
  8,680
  10,107
  11,652
  13,315
  15,091
  16,978
  18,973
  21,075
  23,282
  25,593
  28,006
  30,524
  33,146
  35,874
  38,710
  41,659
  44,723
Adjusted assets (=assets-cash), $m
  274
  411
  599
  847
  1,167
  1,570
  2,065
  2,662
  3,368
  4,189
  5,129
  6,190
  7,374
  8,680
  10,107
  11,652
  13,315
  15,091
  16,978
  18,973
  21,075
  23,282
  25,593
  28,006
  30,524
  33,146
  35,874
  38,710
  41,659
  44,723
Revenue / Adjusted assets
  1.883
  1.883
  1.880
  1.881
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
  1.882
Average production assets, $m
  92
  138
  201
  284
  391
  526
  692
  892
  1,128
  1,403
  1,718
  2,074
  2,470
  2,908
  3,386
  3,904
  4,460
  5,055
  5,687
  6,356
  7,060
  7,799
  8,573
  9,382
  10,225
  11,104
  12,018
  12,968
  13,956
  14,982
Working capital, $m
  -26
  -39
  -56
  -80
  -110
  -148
  -194
  -251
  -317
  -394
  -483
  -583
  -694
  -817
  -951
  -1,096
  -1,253
  -1,420
  -1,598
  -1,785
  -1,983
  -2,191
  -2,408
  -2,635
  -2,872
  -3,119
  -3,376
  -3,643
  -3,920
  -4,208
Total debt, $m
  144
  240
  372
  546
  771
  1,054
  1,403
  1,822
  2,319
  2,896
  3,556
  4,303
  5,135
  6,053
  7,056
  8,142
  9,311
  10,559
  11,886
  13,289
  14,767
  16,318
  17,942
  19,639
  21,409
  23,252
  25,170
  27,164
  29,237
  31,391
Total liabilities, $m
  193
  289
  421
  595
  820
  1,103
  1,452
  1,872
  2,368
  2,945
  3,606
  4,352
  5,184
  6,102
  7,105
  8,192
  9,360
  10,609
  11,935
  13,338
  14,816
  16,367
  17,992
  19,688
  21,458
  23,301
  25,219
  27,213
  29,286
  31,440
Total equity, $m
  81
  122
  178
  251
  347
  466
  613
  791
  1,000
  1,244
  1,523
  1,839
  2,190
  2,578
  3,002
  3,461
  3,954
  4,482
  5,042
  5,635
  6,259
  6,915
  7,601
  8,318
  9,066
  9,844
  10,654
  11,497
  12,373
  13,283
Total liabilities and equity, $m
  274
  411
  599
  846
  1,167
  1,569
  2,065
  2,663
  3,368
  4,189
  5,129
  6,191
  7,374
  8,680
  10,107
  11,653
  13,314
  15,091
  16,977
  18,973
  21,075
  23,282
  25,593
  28,006
  30,524
  33,145
  35,873
  38,710
  41,659
  44,723
Debt-to-equity ratio
  1.760
  1.960
  2.090
  2.170
  2.220
  2.260
  2.290
  2.300
  2.320
  2.330
  2.330
  2.340
  2.340
  2.350
  2.350
  2.350
  2.350
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
  2.360
Adjusted equity ratio
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  116
  177
  257
  361
  491
  650
  843
  1,069
  1,333
  1,643
  1,983
  2,361
  2,779
  3,234
  3,727
  4,257
  4,823
  5,424
  6,060
  6,729
  7,431
  8,166
  8,933
  9,734
  10,567
  11,435
  12,336
  13,274
  14,248
Depreciation, amort., depletion, $m
  16
  19
  22
  26
  32
  38
  47
  57
  69
  83
  87
  105
  125
  148
  172
  198
  226
  257
  289
  323
  358
  396
  435
  476
  519
  564
  610
  658
  708
  761
Funds from operations, $m
  88
  135
  199
  283
  392
  529
  697
  900
  1,138
  1,416
  1,730
  2,088
  2,487
  2,926
  3,406
  3,926
  4,484
  5,080
  5,713
  6,382
  7,087
  7,827
  8,601
  9,410
  10,253
  11,131
  12,045
  12,995
  13,982
  15,008
Change in working capital, $m
  -9
  -13
  -18
  -23
  -30
  -38
  -47
  -56
  -66
  -77
  -88
  -100
  -111
  -123
  -134
  -145
  -156
  -167
  -178
  -188
  -198
  -208
  -217
  -227
  -237
  -247
  -257
  -267
  -277
  -288
Cash from operations, $m
  97
  148
  216
  307
  422
  567
  744
  956
  1,205
  1,493
  1,818
  2,188
  2,598
  3,049
  3,540
  4,071
  4,640
  5,247
  5,891
  6,570
  7,285
  8,034
  8,818
  9,637
  10,490
  11,378
  12,301
  13,262
  14,260
  15,297
Maintenance CAPEX, $m
  -3
  -5
  -7
  -10
  -14
  -20
  -27
  -35
  -45
  -57
  -71
  -87
  -105
  -125
  -148
  -172
  -198
  -226
  -257
  -289
  -323
  -358
  -396
  -435
  -476
  -519
  -564
  -610
  -658
  -708
New CAPEX, $m
  -33
  -46
  -63
  -83
  -107
  -135
  -166
  -200
  -237
  -275
  -315
  -356
  -397
  -437
  -478
  -518
  -557
  -595
  -632
  -669
  -704
  -739
  -774
  -809
  -843
  -878
  -914
  -950
  -988
  -1,026
Cash from investing activities, $m
  -36
  -51
  -70
  -93
  -121
  -155
  -193
  -235
  -282
  -332
  -386
  -443
  -502
  -562
  -626
  -690
  -755
  -821
  -889
  -958
  -1,027
  -1,097
  -1,170
  -1,244
  -1,319
  -1,397
  -1,478
  -1,560
  -1,646
  -1,734
Free cash flow, $m
  62
  97
  147
  213
  301
  412
  551
  721
  923
  1,161
  1,432
  1,745
  2,096
  2,486
  2,915
  3,381
  3,885
  4,426
  5,002
  5,613
  6,258
  6,937
  7,649
  8,393
  9,170
  9,980
  10,824
  11,701
  12,614
  13,562
Issuance/(repayment) of debt, $m
  68
  96
  132
  174
  225
  283
  348
  420
  496
  577
  661
  746
  832
  918
  1,003
  1,087
  1,169
  1,249
  1,327
  1,403
  1,478
  1,551
  1,624
  1,697
  1,770
  1,843
  1,918
  1,994
  2,073
  2,154
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  68
  96
  132
  174
  225
  283
  348
  420
  496
  577
  661
  746
  832
  918
  1,003
  1,087
  1,169
  1,249
  1,327
  1,403
  1,478
  1,551
  1,624
  1,697
  1,770
  1,843
  1,918
  1,994
  2,073
  2,154
Total cash flow (excl. dividends), $m
  130
  194
  278
  388
  526
  695
  900
  1,140
  1,419
  1,738
  2,093
  2,491
  2,928
  3,404
  3,918
  4,468
  5,054
  5,674
  6,329
  7,016
  7,736
  8,488
  9,273
  10,090
  10,940
  11,824
  12,742
  13,696
  14,686
  15,716
Retained Cash Flow (-), $m
  -29
  -41
  -56
  -74
  -95
  -120
  -147
  -177
  -210
  -244
  -279
  -315
  -352
  -388
  -424
  -459
  -494
  -527
  -560
  -593
  -624
  -655
  -686
  -717
  -748
  -779
  -810
  -842
  -876
  -910
Prev. year cash balance distribution, $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 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
  101
  153
  223
  314
  431
  576
  752
  963
  1,210
  1,494
  1,814
  2,176
  2,577
  3,016
  3,494
  4,009
  4,560
  5,147
  5,768
  6,423
  7,112
  7,833
  8,587
  9,373
  10,192
  11,045
  11,932
  12,853
  13,811
  14,806
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  97
  139
  192
  255
  328
  409
  495
  583
  669
  750
  819
  877
  918
  941
  945
  930
  896
  847
  785
  712
  633
  552
  471
  393
  321
  256
  200
  152
  113
  82
Current shareholders' claim on cash, %
  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

MCBC Holdings, Inc. (MCBC) is a holding company. The Company is a designer and manufacturer of inboard tournament ski boats and V-drive runabouts under the MasterCraft brand. The Company operates through two segments: MasterCraft and Hydra-Sports. The MasterCraft product brand consists of recreational performance boats primarily used for water skiing, wakeboarding and wake surfing, and general recreational boating. The Company distributes the MasterCraft product brand through its dealer network. The Company manufactures a range of Hydra-Sports recreational fishing boats. It also leases a parts warehouse in the United Kingdom to expedite service, primarily to dealers and customers in the European Union. Its MasterCraft-branded portfolio includes Star Series, XSeries and NXT boats. In addition, MCBC offers various accessories, including trailers and aftermarket parts. The Company operates primarily through its subsidiaries, MasterCraft Boat Company, LLC and MCBC Hydra Boats, LLC.

FINANCIAL RATIOS  of  MasterCraft Boat Holdings, Inc. (MCFT)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.7
Price to Book 32.4
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 17.7
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 250%
Total Debt to Equity 283.3%
Interest Coverage 17
Management Effectiveness
Return On Assets 25.7%
Ret/ On Assets - 3 Yr. Avg. 15.1%
Return On Total Capital 44.4%
Ret/ On T. Cap. - 3 Yr. Avg. 27.1%
Return On Equity 1000%
Return On Equity - 3 Yr. Avg. 311.3%
Asset Turnover 2.8
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 26.3%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 9.2%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 44.3%
Payout Ratio 0%

MCFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCFT stock intrinsic value calculation we used $333 million for the last fiscal year's total revenue generated by MasterCraft Boat Holdings, Inc.. The default revenue input number comes from 0001 income statement of MasterCraft Boat Holdings, Inc.. 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 MCFT stock valuation model: a) initial revenue growth rate of 55% 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 4.6%, whose default value for MCFT is calculated based on our internal credit rating of MasterCraft Boat Holdings, Inc., 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 MasterCraft Boat Holdings, Inc..
    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 MCFT stock the variable cost ratio is equal to 78.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $16 million in the base year in the intrinsic value calculation for MCFT 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 6.3% for MasterCraft Boat Holdings, Inc..

Corporate tax rate of 27% is the nominal tax rate for MasterCraft Boat Holdings, Inc.. 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 MCFT 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 MCFT are equal to 17.8%.

Life of production assets of 19.7 years is the average useful life of capital assets used in MasterCraft Boat Holdings, Inc. 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 MCFT is equal to -5%. 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 - $52.522 million for MasterCraft Boat Holdings, Inc. - 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 18.728 million for MasterCraft Boat Holdings, Inc. 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 MasterCraft Boat Holdings, Inc. at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
MBUU Malibu Boats, 37.18 439.63  str.buy
MPX Marine Product 12.67 10.22  sell
BC Brunswick Corp 49.73 73.50  buy
TWIN Twin Disc, Inc 16.78 202.06  str.buy

CONTACT US      

About X-FIN       Privacy policy       Terms of use      

Copyright © X-FIN.com 2005-2019. All rigths reserved.