Intrinsic value of SunPower Corporation - SPWR

Previous Close

$8.38

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$8.38

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of SPWR 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 1.2

 

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, %
  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
  1,761
  1,801
  1,847
  1,899
  1,957
  2,020
  2,089
  2,163
  2,244
  2,330
  2,422
  2,520
  2,625
  2,736
  2,854
  2,979
  3,111
  3,251
  3,399
  3,555
  3,720
  3,894
  4,077
  4,270
  4,474
  4,688
  4,913
  5,150
  5,399
  5,662
Variable operating expenses, $m
  2,766
  2,829
  2,902
  2,984
  3,074
  3,173
  3,281
  3,398
  3,524
  3,659
  3,803
  3,957
  4,121
  4,296
  4,481
  4,678
  4,886
  5,105
  5,338
  5,583
  5,842
  6,115
  6,402
  6,705
  7,025
  7,361
  7,715
  8,087
  8,478
  8,890
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
  2,766
  2,829
  2,902
  2,984
  3,074
  3,173
  3,281
  3,398
  3,524
  3,659
  3,803
  3,957
  4,121
  4,296
  4,481
  4,678
  4,886
  5,105
  5,338
  5,583
  5,842
  6,115
  6,402
  6,705
  7,025
  7,361
  7,715
  8,087
  8,478
  8,890
Operating income, $m
  -1,005
  -1,028
  -1,055
  -1,084
  -1,117
  -1,153
  -1,192
  -1,235
  -1,281
  -1,330
  -1,381
  -1,437
  -1,497
  -1,560
  -1,627
  -1,699
  -1,774
  -1,854
  -1,938
  -2,027
  -2,121
  -2,221
  -2,325
  -2,435
  -2,551
  -2,673
  -2,802
  -2,937
  -3,079
  -3,229
EBITDA, $m
  -875
  -895
  -918
  -944
  -972
  -1,004
  -1,038
  -1,075
  -1,115
  -1,158
  -1,203
  -1,252
  -1,304
  -1,359
  -1,418
  -1,480
  -1,546
  -1,616
  -1,689
  -1,767
  -1,849
  -1,935
  -2,026
  -2,122
  -2,223
  -2,329
  -2,441
  -2,559
  -2,683
  -2,813
Interest expense (income), $m
  36
  77
  43
  47
  52
  57
  63
  70
  77
  85
  94
  103
  112
  123
  134
  146
  158
  171
  185
  200
  215
  232
  249
  268
  287
  307
  329
  351
  375
  400
  426
Earnings before tax, $m
  -1,083
  -1,071
  -1,102
  -1,136
  -1,174
  -1,217
  -1,262
  -1,312
  -1,366
  -1,423
  -1,484
  -1,549
  -1,619
  -1,694
  -1,773
  -1,857
  -1,945
  -2,039
  -2,138
  -2,243
  -2,353
  -2,470
  -2,593
  -2,722
  -2,858
  -3,002
  -3,153
  -3,312
  -3,479
  -3,655
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
Net income, $m
  -1,083
  -1,071
  -1,102
  -1,136
  -1,174
  -1,217
  -1,262
  -1,312
  -1,366
  -1,423
  -1,484
  -1,549
  -1,619
  -1,694
  -1,773
  -1,857
  -1,945
  -2,039
  -2,138
  -2,243
  -2,353
  -2,470
  -2,593
  -2,722
  -2,858
  -3,002
  -3,153
  -3,312
  -3,479
  -3,655

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
  2,399
  2,454
  2,517
  2,588
  2,666
  2,752
  2,846
  2,947
  3,057
  3,174
  3,299
  3,433
  3,576
  3,727
  3,888
  4,059
  4,239
  4,430
  4,631
  4,844
  5,068
  5,305
  5,555
  5,818
  6,095
  6,386
  6,693
  7,016
  7,356
  7,714
Adjusted assets (=assets-cash), $m
  2,399
  2,454
  2,517
  2,588
  2,666
  2,752
  2,846
  2,947
  3,057
  3,174
  3,299
  3,433
  3,576
  3,727
  3,888
  4,059
  4,239
  4,430
  4,631
  4,844
  5,068
  5,305
  5,555
  5,818
  6,095
  6,386
  6,693
  7,016
  7,356
  7,714
Revenue / Adjusted assets
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
  0.734
Average production assets, $m
  1,317
  1,347
  1,382
  1,421
  1,464
  1,511
  1,562
  1,618
  1,678
  1,743
  1,811
  1,885
  1,963
  2,046
  2,135
  2,228
  2,327
  2,432
  2,543
  2,659
  2,783
  2,913
  3,050
  3,194
  3,346
  3,506
  3,675
  3,852
  4,039
  4,235
Working capital, $m
  58
  59
  61
  63
  65
  67
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
Total debt, $m
  496
  546
  603
  666
  737
  814
  899
  990
  1,089
  1,194
  1,307
  1,428
  1,556
  1,692
  1,837
  1,990
  2,153
  2,324
  2,506
  2,697
  2,899
  3,112
  3,337
  3,574
  3,823
  4,085
  4,362
  4,652
  4,958
  5,280
Total liabilities, $m
  2,159
  2,208
  2,265
  2,329
  2,399
  2,477
  2,561
  2,653
  2,751
  2,856
  2,969
  3,090
  3,218
  3,355
  3,499
  3,653
  3,815
  3,987
  4,168
  4,360
  4,562
  4,775
  4,999
  5,236
  5,485
  5,748
  6,024
  6,315
  6,621
  6,942
Total equity, $m
  240
  245
  252
  259
  267
  275
  285
  295
  306
  317
  330
  343
  358
  373
  389
  406
  424
  443
  463
  484
  507
  531
  555
  582
  609
  639
  669
  702
  736
  771
Total liabilities and equity, $m
  2,399
  2,453
  2,517
  2,588
  2,666
  2,752
  2,846
  2,948
  3,057
  3,173
  3,299
  3,433
  3,576
  3,728
  3,888
  4,059
  4,239
  4,430
  4,631
  4,844
  5,069
  5,306
  5,554
  5,818
  6,094
  6,387
  6,693
  7,017
  7,357
  7,713
Debt-to-equity ratio
  2.070
  2.220
  2.390
  2.580
  2.760
  2.960
  3.160
  3.360
  3.560
  3.760
  3.960
  4.160
  4.350
  4.540
  4.720
  4.900
  5.080
  5.250
  5.410
  5.570
  5.720
  5.870
  6.010
  6.140
  6.270
  6.400
  6.520
  6.630
  6.740
  6.840
Adjusted equity ratio
  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
  -1,083
  -1,071
  -1,102
  -1,136
  -1,174
  -1,217
  -1,262
  -1,312
  -1,366
  -1,423
  -1,484
  -1,549
  -1,619
  -1,694
  -1,773
  -1,857
  -1,945
  -2,039
  -2,138
  -2,243
  -2,353
  -2,470
  -2,593
  -2,722
  -2,858
  -3,002
  -3,153
  -3,312
  -3,479
  -3,655
Depreciation, amort., depletion, $m
  130
  133
  137
  141
  145
  149
  154
  160
  166
  172
  178
  185
  192
  201
  209
  218
  228
  238
  249
  261
  273
  286
  299
  313
  328
  344
  360
  378
  396
  415
Funds from operations, $m
  -952
  -938
  -965
  -996
  -1,030
  -1,067
  -1,108
  -1,152
  -1,200
  -1,251
  -1,306
  -1,365
  -1,427
  -1,493
  -1,564
  -1,638
  -1,717
  -1,801
  -1,889
  -1,982
  -2,081
  -2,184
  -2,294
  -2,409
  -2,530
  -2,658
  -2,793
  -2,934
  -3,083
  -3,240
Change in working capital, $m
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
Cash from operations, $m
  -953
  -939
  -966
  -997
  -1,032
  -1,069
  -1,110
  -1,155
  -1,203
  -1,254
  -1,309
  -1,368
  -1,430
  -1,497
  -1,568
  -1,642
  -1,722
  -1,805
  -1,894
  -1,987
  -2,086
  -2,190
  -2,300
  -2,415
  -2,537
  -2,665
  -2,800
  -2,942
  -3,091
  -3,248
Maintenance CAPEX, $m
  -127
  -129
  -132
  -135
  -139
  -144
  -148
  -153
  -159
  -165
  -171
  -178
  -185
  -192
  -201
  -209
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -360
  -378
  -396
New CAPEX, $m
  -26
  -30
  -35
  -39
  -43
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -196
Cash from investing activities, $m
  -153
  -159
  -167
  -174
  -182
  -191
  -199
  -209
  -219
  -229
  -240
  -252
  -263
  -275
  -289
  -303
  -317
  -333
  -349
  -366
  -384
  -403
  -423
  -443
  -465
  -488
  -513
  -537
  -565
  -592
Free cash flow, $m
  -1,106
  -1,098
  -1,133
  -1,172
  -1,214
  -1,260
  -1,310
  -1,364
  -1,421
  -1,483
  -1,549
  -1,619
  -1,694
  -1,773
  -1,856
  -1,945
  -2,039
  -2,138
  -2,243
  -2,354
  -2,470
  -2,593
  -2,722
  -2,859
  -3,002
  -3,153
  -3,312
  -3,480
  -3,656
  -3,841
Issuance/(repayment) of debt, $m
  -403
  50
  57
  64
  71
  77
  84
  91
  98
  106
  113
  121
  128
  136
  145
  153
  162
  172
  181
  192
  202
  213
  225
  237
  249
  262
  276
  291
  306
  322
Issuance/(repurchase) of shares, $m
  1,531
  1,077
  1,108
  1,143
  1,182
  1,225
  1,272
  1,322
  1,377
  1,435
  1,496
  1,563
  1,634
  1,709
  1,789
  1,874
  1,963
  2,058
  2,158
  2,264
  2,376
  2,494
  2,618
  2,748
  2,886
  3,031
  3,184
  3,344
  3,513
  3,691
Cash from financing (excl. dividends), $m  
  1,128
  1,127
  1,165
  1,207
  1,253
  1,302
  1,356
  1,413
  1,475
  1,541
  1,609
  1,684
  1,762
  1,845
  1,934
  2,027
  2,125
  2,230
  2,339
  2,456
  2,578
  2,707
  2,843
  2,985
  3,135
  3,293
  3,460
  3,635
  3,819
  4,013
Total cash flow (excl. dividends), $m
  23
  28
  32
  35
  39
  43
  46
  50
  54
  58
  60
  64
  69
  73
  77
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
Retained Cash Flow (-), $m
  -1,531
  -1,077
  -1,108
  -1,143
  -1,182
  -1,225
  -1,272
  -1,322
  -1,377
  -1,435
  -1,496
  -1,563
  -1,634
  -1,709
  -1,789
  -1,874
  -1,963
  -2,058
  -2,158
  -2,264
  -2,376
  -2,494
  -2,618
  -2,748
  -2,886
  -3,031
  -3,184
  -3,344
  -3,513
  -3,691
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
  -1,508
  -1,049
  -1,076
  -1,108
  -1,143
  -1,183
  -1,226
  -1,272
  -1,323
  -1,377
  -1,436
  -1,498
  -1,565
  -1,636
  -1,712
  -1,792
  -1,877
  -1,967
  -2,062
  -2,162
  -2,268
  -2,380
  -2,498
  -2,622
  -2,753
  -2,891
  -3,036
  -3,189
  -3,350
  -3,519
Discount rate, %
  12.90
  13.55
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.05
  32.60
  34.23
  35.94
  37.74
  39.62
  41.60
  43.68
  45.87
  48.16
  50.57
  53.10
PV of cash for distribution, $m
  -1,336
  -813
  -722
  -635
  -552
  -474
  -401
  -335
  -275
  -222
  -176
  -137
  -104
  -78
  -56
  -40
  -28
  -19
  -12
  -8
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  9.1
  1.7
  0.3
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company's segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation. The Company offers solar module technology and solar power systems that are designed to generate electricity over a system life over 25 years; Integrated Smart Energy software solutions that enable customers to manage and optimize the cooperation center of excellence (CCOE) measurement; Installation, construction, and ongoing maintenance and monitoring services; and financing solutions that provide customers a range of options for purchasing or leasing solar products at competitive energy rates. The Company offers a set of residential solutions that deliver value to homeowners and its dealer partners.

FINANCIAL RATIOS  of  SunPower Corporation (SPWR)

Valuation Ratios
P/E Ratio -2.5
Price to Sales 0.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -3.7
Price to Free Cash Flow -2.3
Growth Rates
Sales Growth Rate 62.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.7%
Cap. Spend. - 3 Yr. Gr. Rate 40.8%
Financial Strength
Quick Ratio 6
Current Ratio 0.6
LT Debt to Equity 178.5%
Total Debt to Equity 185.5%
Interest Coverage -15
Management Effectiveness
Return On Assets -9.2%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -15.4%
Ret/ On T. Cap. - 3 Yr. Avg. -3.9%
Return On Equity -38.3%
Return On Equity - 3 Yr. Avg. -10.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 7.4%
Gross Margin - 3 Yr. Avg. 14.5%
EBITDA Margin -13.9%
EBITDA Margin - 3 Yr. Avg. -2.4%
Operating Margin -15.9%
Oper. Margin - 3 Yr. Avg. -6.9%
Pre-Tax Margin -22.1%
Pre-Tax Margin - 3 Yr. Avg. -10.4%
Net Profit Margin -18.4%
Net Profit Margin - 3 Yr. Avg. -7.4%
Effective Tax Rate -1.2%
Eff/ Tax Rate - 3 Yr. Avg. -8%
Payout Ratio 0%

SPWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPWR stock intrinsic value calculation we used $1726 million for the last fiscal year's total revenue generated by SunPower Corporation. The default revenue input number comes from 0001 income statement of SunPower Corporation. 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 SPWR 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 12.9%, whose default value for SPWR is calculated based on our internal credit rating of SunPower Corporation, 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 SunPower Corporation.
    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 SPWR stock the variable cost ratio is equal to 157.1%.

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 SPWR 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 8.6% for SunPower Corporation.

Corporate tax rate of 27% is the nominal tax rate for SunPower Corporation. 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 SPWR 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 SPWR are equal to 74.8%.

Life of production assets of 10.2 years is the average useful life of capital assets used in SunPower Corporation 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 SPWR is equal to 3.3%. 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 - $-208.696 million for SunPower Corporation - 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 141.383 million for SunPower Corporation 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 SunPower Corporation at the current share price and the inputted number of shares is $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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