AUTOZONE

Case Study

Applied Corporate Finance

Carlos Ramalhinho #2297 . Cristina de Melo #799 . Maria Auler #2671 . Mariana Rocha #2293 . Raquel Pereira #2300

AGENDA
1. Executive Summary
2. Case Overview
3. ROIC
4. Share Repurchase Strategy
5. Dividend Policy

5. Alternative Scenarios
1.

Reduce Debt

2.

Fast Organic Growth

3.

Acquisition Targets

6. Conclusions

Summary
Case
Overview

EXECUTIVE SUMMARY

ROIC

and accessories in the United States;

As of 2014 and since 1998 AutoZone's Board had authorized nearly $15 billion in

Share
Buyback

stock buybacks. That's impressive for a company whose market cap is only $17.3

billion, and it sends investors a positive message.

Dividend
Policy

The company has increased its buyback program nearly every quarter the past years because it generates more
operating income than it needs to grow and maintain its business. That gives AutoZone plenty of free cash to
continue purchasing its shares.

Scenarios

AutoZone is the leading retailer and distributor of automotive replacement parts

However, looking into the firm we can other uses for its excess cash: Autozone has the option to use it to expand
national and/or internationally, distribute dividends or acquire some of its smaller competitors.

With a high growth possibility and more cash than it needs, it seems clear that each of this methods and their
strategic outcomes have to be analyzed and explored.

Summary
Case
Overview

CASE OVERVIEW

ROIC

AUTOZONE: AFTERMARKET AUTOMOTIVE PARTS AND ACCESSORIES RETAILER

Scenarios

Dividend
Policy

Share
Buyback

1979

Opening of AutoZones first store.

AutoZone shareholders had enjoyed

strong price appreciation since 1997, with

1991

2012

Listed on the NYSE after four

years of steady growth.

Johnson & Associates asset management

Leading retailer of automotive

replacement

parts

an average annual return of 11,5%.

and

accessories in the United States.

company concerned about AutoZones

main shareholder liquidating its stake in the

company.

4813 stores located in every state in the contiguous United States, Puerto Rico and Mexico.

Summary
Case
Overview

CASE OVERVIEW

ROIC

In 2008, the U.S. economy had gone through the worst recession since the Great Depression, resulting in
the auto-parts retail business to enjoy strong top-line growth cars sales depression increasing
segments: Do-It-Yourself and Do-It-For-Me)

AutoZone management focused on after-tax return on invested capital ROIC to measure value creation.
The company used share repurchases strategy to return capital to its equity investors.
Consistent use of repurchases funded by strong operating cash flows and debt issuance significant reduction

of shares outstanding 39% from 2007 to 2011 and equity capital reduced to negative $1.2bn in 2011.

Scenarios

Dividend
Policy

Share
Buyback

utilization of older cars and enhancing competition counter-cyclical auto-parts sales (two business

Constant invested capital and increased earnings created attractive ROIC levels.

Summary
Case
Overview
ROIC
Share
Buyback
Dividend
Policy
Scenarios

CASE OVERVIEW
THE ROLE OF EDWARD LAMPERT:

No. 367 on the Forbes world wealthiest people list ($3.1bn)

By 2015, Lampert had fallen to No. 628 ($2.4bn)

Chairman and CEO of Sears Holdings (SHLD)

Founder, chairman and CEO of ESL Investments

Director of AutoZone from 1999 to 2006

A likely driving force behind share repurchase strategy, in Mark Johnsons opinion; repurchases started when he

WEALTHY
BUSINESSMAN

HEDGE FUND TITAN

acquired his stake in the firm and accelerated as he built up his position.

Marker reception: Divestment of AutoZones shares could impact perceptions of the firm. However, in reality,
market interpreted it as Lamperts need for liquidity which would not hurting the firm.
Lampert seemed to be one of the supporters of share buybacks.
Johnson wondered if, now with a reduced stake, AutoZone would keep the strategy.

Summary

+ + +
=
+ + +

Dividend
Policy

Share
Buyback

ROIC

Case
Overview

ROIC: RETURN ON INVESTED CAPITAL

The idea: how much one dollar invested in the company generates. Warren Buffett calls it the $1 test;
Investments in a company (e.g. acquisitions or capital expenditures) are judged as to whether they add or

Scenarios

detract value. High margins, strong cash flows and low cost of capital result in bigger ROIC;
Thus, a company that generates a ROIC bigger than costs of capital (WACC) tends to signal an efficient

employment of resources If ROIC >WACC we say that a firms growth creates value (Annex 1).
ROIC measures a firms ability to be competitive and efficient; its also the return earned on capital invested

Summary
Case
Overview

ROIC: RETURN ON INVESTED CAPITAL

Dividend
Policy

Share
Buyback

ROIC

As ROIC does not depend on a companys capital structure it allows for comparisons between different
firms within the same industry;

Other measures of efficiency include return on equity (ROE) and return on assets (ROA). ROIC is superior to
both measures since it does not account for excess cash that is not employed in the firm.

x ROIC is based on accounting book values instead of cash flows which might mean that, for example
accounting rules alone can lead to changes in ROIC (and EPS) while the underlying FCF are not impacted, it is
impacted by inflation and currency exchange movements and tool for fraud and manipulation e.g. accruals
used to cover up a marginally poor period results, delayed capital spending or advertising campaigns;

Scenarios

x Thus, a high ROIC may also be an indicator of poor management caused by harvest behaviour, by ignoring
growth possibilities, and by long-term value destruction.

ROIC is a lagging indicator; it provides information on how a company has performed in the past.

Summary
Case
Overview

THE IDEA OF EXCESS CASH

ROIC

AutoZone has

too much of it?

excess cash
and has to

Share
Buyback
Buyback

decide what
to do about it!

Should it keep

Scenarios

Dividend
Policy

repurchasing

shares?

Companies love to have cash since it offers protection against tough times. But can they have
The amount a firm should have in its balance sheet depends on its source (i.e. debt, cash flows),
the type of business and future plans.

In theory, companies should keep just enough cash to cover their interest, expenses and capital
expenditures. These factors are translated in the current and quick ratio, for example.

Cash above those levels should be redistributed to shareholders either through dividends or
share buybacks;

Then, if the company wishes to pursue a new investment the firm should go to the capital
markets to raise funds. Debt financing is often time used to help a firm invest so as to boost
returns. However, leveraging can be dangerous if things dont go as planned.

Summary
Case
Overview

SHARE REPURCHASE STRATEGY

Scenarios

Dividend
Policy

Share
Buyback

ROIC

RETURN CASHOR INVEST IT?

Companies often generate more cash than they can reinvest in their business at attractive returns on capital Optimal
amount of cash to return to shareholders versus retain cash for investment and managing volatility? When returning

cash to shareholders: cash dividends or share repurchases?

REASONS TO REPURCHASE SHARES

Restructure the companys capital structure without increasing the companys debt;
Increase shareholders earnings because capital gains are taxed at a lower tax rate than dividends;
When a company is undervalued, stocks are traded below the intrinsic value, thus increasing shareholders earnings.

To control EPSs value through the increase or decrease of the number of shares outstanding;
Reduce the dilution that is often caused by generous employee stock option plans (ESOP).

Summary

Share
Case
Overview
Buyback

SHARE REPURCHASE STRATEGY

These effects can often be perceived by investors as positive signal of the company outperforming the market.

ROA

As cash is considered an asset in the balance

and, consequently, the value of assets.

As net income is provided by

the operational activity of

the company, it is assumed to

remain constant.

Scenarios

Repurchases can be funded with cash or debt.

sheet, a share repurchase decreases cash

Dividend
Policy

Share
Buyback

ROIC

Using share repurchase as an alternative to cash flow distribution leads to impacts on different financial indicators.

ROE

Share repurchase also implies a decrease in

Share repurchases leads both indicators

the number of shares outstanding, thus,

to increase perceived by market as a

reducing the companys equity.

positive signal.

Summary
Case
Overview

SHARE REPURCHASE STRATEGY

Dividend
Policy

Share
Buyback

ROIC

Using share repurchase as an alternative to cash flow distribution leads to impacts on different financial indicators.
These effects can often be perceived by investors as positive signal of the company outperforming the market.

EPS

Investors look at earnings per share as a measure of the money generated by each share of

common stock General preference for high EPS.

As share repurchases decrease the number of shares outstanding, EPS will increase as a

Scenarios

reflection of a mathematical effect. Note however that earnings are generated by

operational activities and therefore are not influenced by financial decisions.

FUNDING CHOICE & ITS IMPACT ON ROIC

Summary
Scenarios

Dividend
Policy

Share
Buyback
Buyback

ROIC

Case
Overview

SHARE REPURCHASE STRATEGY

EXCESS
CASH

Given the configuration of NOPAT, it will not change by decreasing the excess cash. The same is
applied to invested capital, since the decrease of excess cash is offset by the decrease of the number

of shares outstanding, which represents an equity value decrease.

The conclusion is the same because the NOPAT is financing neutral. Even though the adjustments

NEW
DEBT

required due to debt level increase, the income also changes by the same amount. Thus, one
movement is cancelled the other, resulting on unchanged NOPAT. Considering the second

component, invested capital, the increase in debt is offset by the decrease in equity.
Regardless the mean of financing used, ROIC remains unchanged

IMPACT ON ROIC

Summary
Scenarios

Dividend
Policy

Share
Buyback
Buyback

ROIC

Case
Overview

SHARE REPURCHASE STRATEGY

Regardless the mean of financing used, ROIC remains unchanged.

Summary
Case
Overview
ROIC
Share
Buyback
Buyback
Dividend
Policy
Scenarios

SHARE REPURCHASE STRATEGY

IMPACT ON ROIC
Shareholder value is the value delivered by the company to shareholders;
An increase of shareholder value is also the increase of a companys ability to generate earnings

through its operations or financing decisions;

The main value drivers are capacity to generate cash flows, growth rate, sales growth, capital structure,

and cost of capital;

A shareholder value increase is followed by a rise in shareholder return which sends a positive signal to

the market;
Positive Signal: higher return is interpreted as the company making decisions that create earnings to its

shareholders.

Thus, a share repurchase does not create true value to shareholders.

Summary
Case
Overview
ROIC

SHARE REPURCHASE STRATEGY

IMPACT ON ROIC
To evaluate if there is value creation to shareholders (and increase of shareholder value) through

Dividend
Policy

Share
Buyback
Buyback

repurchases we need to look at the real effects:

Some financial indicators improve with share repurchases. However, this does not mean that value
is created. ROA and ROE change with changes in company's capital structure without the creation of
value;
Moreover, as EPS is a measure of value creation, the boost observed in EPS is usually understood as

Scenarios

value creation.

It can be a signal of the future expectation and growth but not of value creation

Summary
Case
Overview
ROIC

SHARE REPURCHASE STRATEGY

IMPACT ON ROIC
Interpretation:

Might be that the company is outperforming the market however it is only a

Dividend
Policy
Scenarios

Share
Buyback
Buyback

mathematical artifice to drive investors expectations.

Investors are willing to pay a premium for companys stock that does not correspond to its fair value
CAPM Theory: if share repurchase is financed with debt, it is expected a higher return which aims to
compensate the investor the additional risk taken.

It can be a signal of the future expectation and growth but not of value creation

Summary
Case
Overview

DIVIDEND POLICY

Scenarios

Dividend
Dividend
Policy

Share
Buyback
Buyback

ROIC

REPURCHASES VS. DIVIDENDS:

They are similar in that they both distribute cash to shareholders;

Under certain assumptions (i.e. no taxes or similar taxation method, no

or similar transaction costs; same rate of reinvestment of proceeds by

shareholders and fair price of stock) they should be identical;

However, in practice none of these hold;

From the point of view of the shareholder, buybacks offer more in the
timing of taxes;

For example, a shareholder can choose to hold on to her shares instead

of selling them back to the company, hence deferring a tax consequence.

Nevertheless, the same shareholder who receives a dividend in a taxable

account must pay taxes at that time.

Summary
Case
Overview
ROIC

DIVIDEND POLICY
The harder we look at the dividend picture, the more it seems like a puzzle with pieces

Scenarios

Dividend
Dividend
Policy

Share
Buyback
Buyback

that just dont fit together.

Fischer Black, on the Dividend Puzzle

The relationship between dividend policy and firm valuation is a major unresolved
issue in corporate finance. Both theoretically and empirically, research evidence proves to
be contradictory
In Country and Industry Influence on Dividend Policy: Evidence From Japan and the U.S.A, Allen J. Michel and Israel Shaked

Summary

1. THEORETICAL PERSPECTIVE MODIGLIANI AND MILLER WORLD OF PERFECT CAPITAL MARKETS

ROIC

Case
Overview

DIVIDEND POLICY

Share
Buyback
Buyback

Retained earnings are used in future projects, resulting

Efficient Future projects and CF are not always

in future CF.

perfectly incorporated in the stock price;

Dividend
Dividend
Policy

Dividend Irrelevance Returns come from dividend

Scenarios

Perfect Capital Markets Assumptions:

payment or from efficient markets incorporating

information about future prosperity in todays

prices.

No taxes Double taxation of dividends and

difference in tax rates;

No transactions costs;

Rational investors have all the information No

signaling effect;

Dividend policy is not relevant

Summary

2. PRACTICAL PERSPECTIVE GORDONS DIVIDEND DISCOUNT MODEL

Dividend
Dividend
Policy

Share
Buyback
Buyback

ROIC

Case
Overview

DIVIDEND POLICY
=
P - Market Price

D Dividend

r Required Rate of Return

Dividend Policy Relevance - Market value determined by the choice of

dividend payments.

Why do investors like dividends?

Certain Cash Flows

The firm decides dividends paid by balancing investment opportunities;

Resolves Low Liquidity concerns

Investors consider dividends certain CFs. Consequently, it enhances

Prevents bad

the value of a stock.

Scenarios

g Growth Rate of the firm

The riskiness of future CF is reflected in the required rate of return.

Dividend policy is relevant.

acquisitions/management
decisions

Summary
Case
Overview
ROIC
Share
Buyback
Buyback

Dividend
Dividend
Policy
Scenarios

DIVIDEND POLICY
POLICY IMPLICATIONS

Cash to all shareholders, not just the ones tendering their shares: More equality but investors might prefer to
have the option to decide to tender their shares;

Tax Concerns Double taxation of income + Capital gains taxed at different rate than dividends;

Investors desire for dividends, given Industry Average 20% payout ratio

Firms that retain earnings are usually perceived as growth firms: Dividend paying firms are perceived as cash
cows;

Stickiness effect of Dividends - Markets expect a constant dividend policy :

If there is an increase in Dividend payments, the market assumes the firm will be prosperous enough to
continue to pay dividends in the future;

x If there is a decrease, the market assumes there is lower revenues forecast.

Stock prices will adjust to signaling

Summary
Case
Overview
ROIC
Share
Buyback
Buyback

DIVIDEND POLICY
Cash/liquidity position;
Debt issues: Repayment, Covenants;

Shareholders preference: Tax Concerns;

Scenarios

Dividend
Dividend
Policy

Countrys Specific tax liability;

Revenue Stability/Future Growth;

Access to Capital Markets;

Legal restrictions.

Summary
Case
Overview
ROIC

IF AUTOZONE STOPPED SHARE REPURCHASES

IMPLICATIONS OF STOPPING SHARE REPURCHASES:

was in place;

The purpose of share repurchase strategy seemed to be signalling AutoZone as an undervalued stock. By buying
more and more of its own stocks, the firm managed to push its price upwards while also distributing money to

Share
Buyback
Buyback

Dividend
Dividend
Scenarios
Policy
Scenarios

Debt levels inside AutoZone were increasing year after year so as to finance the share repurchase strategy that

shareholders who wished to sell their cut. What is more, since the firm used its own cash to repurchase stake in
their own enterprise, the market interpreted it as a sign of commitment and trust.

However, a continued share repurchase strategy alone does not seem sustainable: the benefits
are measured in accounting terms while the debt levels appear very real and dangerously so.

As Lampert began to divest, mostly due to liquidity needs, Johnson began wondering about the
fate of the firm that was part of his asset management companys assets.

The question lay in whether AutoZone would continue with shares buyback as an alternative
to some of its excess cash or choose among other options.

Summary
Case
Overview

SCENARIO 1: Reduce Debt

Scenarios

Dividend
Dividend
Scenarios
Policy

Share
Buyback
Buyback

ROIC

LOWER DEBT LEVEL

Firm gains flexibility to pursue new projects: progressive debt repayments

allows the firm to be more available to invest in projects that might be

attractive.

Lower debt level translates also in easier borrowing (e.g. credit rating) and
better debt rollover conditions. What is more, it reinforces investors

confidence;

Less agency costs risk: less probability of default leads to less conflicts of

interest between holders;

More resilience during a price war: given the highly competitive market, a

less leveraged firm can lower its prices and keep itself safer;

Less interest expenses but lower tax shield.

Summary
ROIC

Case
Overview

SCENARIO 1: Reduce Debt

POSSIBLE MARKET REACTIONS:

Belief that the firm is preparing for future expansions by becoming lighter and

Scenarios

Dividend
Dividend
Scenarios
Policy

Share
Buyback
Buyback

less burdened. Investors might interpret it as a sign of future growth;

Market might interpret deleveraging as an effort from the company in complying

with industry average.

IMPLICATIONS:

A reduction would benefit both bondholders and shareholders since it reduces risk of defaults and prevents agency
costs.

Furthermore, if there is a strategic reason (e.g. preparing future expansions) for this reduction like we mentioned
above, that could also be assimilated in the stock price in the future, benefiting stakeholders.

Summary
ROIC

Case
Overview

SCENARIO 2: Fast Organic Growth

FAST ORGANIC GROWTH

Risk of an economic boom: AutoZones auto-parts business strives in recession (is

counter-cyclical). Thus, in an event of growth there would be less need for automight result in low profits;

Scenarios

Risk of domestic market oversaturation: Even though Bill Rhodes, CEO of

AutoZone, believes that he [hasnt ] seen a market yet that was so saturated that we

Dividend
Dividend
Scenarios
Policy

Share
Buyback
Buyback

parts since customers would rather buy new vehicles, and opening new stores

were challenged economically, it is still possible that given the amount of national
competitors business might hit a wall;

Risk of AutoZone lacking managerial capacity to handle expansions: growth

could no longer mean value;

Lower profitability of new domestic locations: remaining areas had lower

profitability and conquering them could reveal supply chain malfunctions.

OVERSEAS INVESTMENTS (Annex 2 & 3)

Summary
ROIC

Case
Overview

SCENARIO 2: Fast Organic Growth

Scenarios

Dividend
Dividend
Scenarios
Policy

Share
Buyback
Buyback

MEXICO

BRAZIL

Exports and imports of vehicle parts are already

a relevant business, which could ease potential
distribution network systems;
Geographic proximity is attractive;
Similar economic cycle stage.

PUERTO RICO

Summary
Case
Overview
ROIC
Share
Buyback
Buyback

Dividend
Dividend
Scenarios
Policy
Scenarios

SCENARIO 2: Fast Organic Growth

POSSIBLE MARKET INTERPRETATIONS:
AutoZone has been following a strategy that involved

opening new stores and conquering new markets and

areas for a long time. It can be the less risky way to
expand, since the firm has already proven it can grow;
There are low entry and exit barriers (Annex 2 & 3);
Market should see it as viable which would end up

reflected in the stock price.

Summary
Case
Overview

GROWTH BY ACQUISITION

Stores can become productive quickly with a quick payback period, it might be a fast
Deal signifies more customers, market power & cost reduction;

However, recent industry consolidation could have turned it inviable. Given the market

Scenarios

Share
Buyback
Buyback

way to grow. Acquiring firms might imply costs after the deal;

Dividend
Dividend
Scenarios
Policy

ROIC

SCENARIO 3: Growth By Acquisition

distribution, if an attractive merger were to occur it would have to be between two large
players which could be blocked;

What is more, there could exist some execution issues that are common in mergers and
acquisitions:

Two partners must see a strategic fit: it should complement and leverage services,
keeping future objectives aligned and cultural values equilibrated;

There is valuable intellectual capital that might leave each company during the
process;

There could exist supply chain problems issues of integrating two of everything.

Summary

POSSIBLE MARKET INTERPRETATIONS:

Dividend
Dividend
Scenarios
Policy
Scenarios

Reaction would depend on the firm acquired, terms, position

in the overall industry etc. For example, if AutoZone acquired

Share
Buyback
Buyback

ROIC

Case
Overview

SCENARIO 3: Growth By Acquisition

smaller firms it could improve its position and solidify its role
as a market leader;

Given the uncertainty and the lack of further information, we

do not see it as the most viable option. The market could either

embrace its (like it seemed to have done before since AutoZone

has acquired 800 stores since 1998) or penalize the firms

stock price.

Summary

Dividend
Dividend
Scenarios
Policy

Share
Buyback
Buyback

ROIC

Case
Overview

CONCLUSIONS
The firm uses ROIC to measure its health. However, as we saw before, ROIC can sometimes be
manipulated, willingly or not, which might render it less accurate in some circumstances.
By analyzing several ratios besides the ROIC (e.g. profitability, liquidity, performance and financial) and
comparing them with the industrys average, we believe that growth is to expected for AutoZone: it has

above average profit margins along with performance indicators which leads us to believe that the firm is
prosperous (Annex 4).

Liquidity can pose a concern since the current debt level implies several commitments which can be a

Scenarios

concern in case of revenue turmoil. Considering the risks of some of the alternatives, using excess cash to
reduce the debt level might inject the flexibility for long-run growth that the company aspires to achieve.
Furthermore, the value of waiting can unravel the true value of domestic and overseas expansions.

AUTOZONE TODAY
Domestic and overseas expansion:

In 50 states in USA;
Focus on online sales acquired leading e-commerce firm, AutoAnything.com;
Brazil First store opened in 2012;
Mexico More than 500 stores;
Share repurchase program continued;

Still doesnt pay dividends;

Maintained above average debt level;

Share Price (26/02/2016): 781.64$

T H A N K

Y OU

Annex 1 WACC estimation

Annex 2: Brazil PESTL

Brazil
Market dimension
AutoZones business model, if successfully implemented, would be have competitive advantage;
90% Urbanization Rate
63th country with highest motor vehicle per 1000 people.
Brazil PESTEL Analysis
Political

High levels of institutional corruption

Country 120 in the world as for facility of carrying on business.

Economical

Expectations of economic growth

Economic strengthening of the middle class.

Social

Higher-Low Class Inequalities

Technological

One of the highest Innovation Index in South&Central America

Environmental

CO2Emission Reduction objective could lead to governmental

incentives of buying new cars

Legal

Higher tax rates and labour costs, which could undermine

efficiency of AutoZones business model.

Annex 3: Mexico PESTL

Mexico
- Market dimension
- 39th easiness country to do business
- 61th country with highest motor vehicle per 1000 people
Mexico PESTEL Analysis

Political

Economical
Social

Technological
Environmental
Legal

Anti-corruption Standards are not met in several areas

Due to economic and political bonds, Mexicos economy Tend

to mirror USAs
Large trading volume with USA in autoparts and vehicle
industry
Improving access to education and literacy rates
Benefits from USA proximity: high tech firms are committing
to tech projects in Mexico
Bureaucratic environment but improving legal standards and
business related decisions

Annex 4 Performance Indicators and the Industry

Identifier

Company Name

AZO

Autozone Inc

AAP.N

Advance Auto Parts Inc

Total Debt to
Total Equity,
Percent
(FY0)

49,3%

ORLY.OQ O'Reilly Automotive Inc

KMX.N

Carmax Inc

288,6%

CPRT.OQ

Copart Inc

67,0%

AN.N

AutoNation Inc

150,2%

BBY.N

Best Buy Co Inc

39,6%

Earnings
Operating
Per
Share
Enterprise Value (Daily
Net Debt Profit - Mean
Time Series)
Mean Estimate Reported Estimate
Mean
(usd)
(FY1, usd)
(FY1, usd)
(FY1, usd)
4.692.762.000,0
2.101.800.00
28.200.635.301,84
40,74
0
0,00
1.113.200.00
12.112.128.379,85 689.175.500,00
8,95
0,00
1.357.055.630,0
1.698.700.00
26.674.092.411,81
10,60
0
0,00
4.852.671.200,0
19.811.561.045,60
3,04
0
372.138.000,
4.829.947.892,58
3.555.000,00
1,91
00
2.785.800.710,0
8.993.034.562,82
4,27
0
1.538.000.00
1.001.676.330,0
9.574.255.173,60
2,86
0,00
0

Gross
Margin,
Percent
(FY0)

Dividend Asset
Long Term Current Quick
Inventory
Per Share - Turnove
Growth - Ratio Ratio
Turnover
Mean
r
Mean
(FY0) (FY0)
(FY0)
(FY1, usd) (FY0)

52,3%

12,3%

0,84

0,12

0,00

1,30

1,48

45,4%

12,5%

1,30

0,20

0,24

1,21

1,33

16,0%

0,00

13,2%

14,8%

2,61

0,51

0,00

1,15

6,64

42,2%

12,9%

3,45

3,41

0,00

0,69

83,50

15,6%

11,4%

0,91

0,21

0,00

2,32

5,41

23,3%

9,9%

1,43

0,70

1,08

2,75

5,93