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Date: 02-Feb-2017 Closing Price: $28.55USD 01-Feb-2017
Ticker: NYSE: STRT Headquarters: Milwaukee, WI
Figure 1 Historical Stock Price 1 Year
(Source - Yahoo Finance)
Table 1 - Market Profile
(Source- Yahoo Finance)
Auto Parts Sector, Automotive Industry
New York Stock Exchange (NYSE)
Strattec Security Corporation
Recommendation: Hold
Target Price: $37.01USD
INVESTMENT SUMMARY
We open with a recommendation to HOLD Strattec
Security Corporation (STRT) stock, based on the
empirical results from our valuation techniques. The
forward looking target price is set at $37.01. The
ensuing recommendation for Strattec was predominantly
determined by the following factors:
Growth Opportunities
Strattec has many opportunities for growth by
expansion, and has already taken the steps necessary to
become a global presence. Several joint ventures have
enabled Strattec to operate at reduced risk and cost in
several emerging markets, namely India and Brazil.
Valuation
By developing a Discount Dividend Model, we
determined the most appropriate position for Strattecs
stock is a hold. With projected growth and expansion
into different countries, we foresee positive growth
trends inherent in the stocks value. Placing Strattec in a
Monte Carlo simulation concluded that positive growth
was the most likely outcome, allowing us to draw the
conclusion that the price of the stock will rise over time.
Risk factors
The most significant risk factors facing Strattec in the
future are derived from macro-economic and political
events. Current proliferation of subprime auto loans has
expanded consumer access to the primary automotive
market, but as seen in the past financial crisis this factor
will not last forever. Strattec is positioned in the
secondary, after-market for automotive part recalls,
which has buoyed sales in recent years. So this risk is
short-term. The other primary factor concerns the
1

Figure 2 Strattec Joint Ventures Ownership
Map
(Source Company Presentations)
Figure 3 Strattec Global Footprint
(Source Company Presentations)
political relationship between the US and Mexico.
President Trumps rhetoric has targeted US based
corporations operations in Mexico, and threatened to
implement high tariffs on imported goods. A proposal
that would harm the profitability of Strattecs Mexican
production facilities.
BUSINESS DESCRIPTION
Strattec Security Corporation (STRT) has been an
independent public company since February 27th, 1995,
Following its split from its parent company, Briggs and
Stratton Corporation. It is currently headquartered in
Milwaukee, WI, and has customer bases in the United
States, Canada, Mexico, Europe, South America, Korea
and China (Appendix A). Strattec specializes in
automotive access control products for the motor vehicle
industry (Appendix B). Its mission is to provide
products for the global motor vehicle industry with the
highest quality and ensure customers satisfaction.
Recently, a restructuring within the organization has
improved operating efficiency and expanded production
capabilities. In order to enter new markets and offer a
variety of products, Strattec has established joint
ventures with ADAC, WITTE Automotive, and
Actuator Systems LLC.
ADAC-STRATTEC LLC
ADAC Automotive, headquartered in Grand Rapids,
MI, has been a full service automotive supplier for over
35 years. In 2007, Strattec started a joint venture with
ADAC called ADAC-STRATTEC LLC to penetrate
into the Mexican market and utilize ADACs expertise
in plastic molding injection.
STRATTEC POWER ACCESS LLC
(SPA)
Witte Automotive is a German manufacturer of locking,
handle, and hinge systems, specifically designed for car
doors, hatches, and seats since 1899. In 2009, Strattec
and Witte Automotive established STRATTEC POWER
ACCESS LLC (SPA). This joint venture helped acquire
the North American business of the Delhi Power
Products Group.
2
 Table 2 Customer Base
(Source Company Data)
Table 3 Shareholder Structure
(Source Company Data)
STRATTEC Advanced Logic
Actuator Systems LLC, founded in 2009, is a private
company specialized in custom design products,
focusing primarily in commercial and residential
biometric locks. In 2013, Strattec formed a joint venture
with Actuator Systems LLC, currently known as
STRATTEC Advanced Logic. This operation was
formed with the express purpose of designing new
systems of high-end biometric security products.
VAST
In addition, VAST Alliance (Vehicle Access System
Technology) was founded in 2001 between Witte
Automotive and Strattec. The primary strategy of this
operations is a targeted expansion into the Brazilian and
Chinese markets. In 2006, ADAC Automotive joined
VAST Alliance and expanded the targeted markets to
include Japan and South Korea. In 2015, VAST and
Spark Minda, an Indian automotive supplier, created a
joint venture called MVAST (Minda-Vast Access
System). Operations in MVAST target expansion into
the emerging Indian automotive market, previously
untouched by Strattec.
Corporate Governance
The Strattec executive management and governance
team is comprised of five board members and five
executive officers. Three of the board members are not
affiliated with day to day operations (Appendix C). Each
individual on the executive management team has at
least four years of experience within the company
(Appendix D). Mr. Frank J. Krejci, affiliated with
Strattec since 1995, is currently both on the board as
well as the executive team. Strattec governance
maintains three committees: audit, compensation, and
nominating and corporate governance (Appendix E).
Strattec currently has 3,665,717 shares of common stock
outstanding at a par value per share of $0.01. Mr. Harold
Stratton and Mr. Frank Krejci are the largest
independent shareholders, and 61% of common shares
are held by institutions (Appendix F, G). Strattecs ISS
Governance score is a six, which means that it has
relatively high risk on governance and entrenchment
(Appendix H).
3

Figure 4 Employment Graph
(Source Company Slides)
Figure 5 Unemployment Graph
(Source Company Slides)
Industry Overview and
Competitive Positioning
Demand Drivers
The demand for Strattecs line of access-control
products is determined directly by its B2B customer
base. The primary customers in this category are OEM
automotive, light truck manufacturers, and other
automotive related manufacturers. Strattecs most
important customers are Fiat Chrysler Automobiles,
Ford Motor, General Motors, and Hyundai/Kia, which in
total account for 71% of its sales in 2016.
U.S. Economic Growth
According to the Bureau of Economic Analysis,
economic growth in the U.S has slowed down compared
to previous years. In 2016, GDP grew at only 1.6%,
which fell below 2015 growth of 2.6%. In addition,
household income grew only 1.5% in the fourth quarter
of 2016. Meanwhile, price of goods and services has
increased by 1%. These current macro-economic factors
provide an uncertain future for Strattec growth itself.
Job Growth
According to the Bureau of Labor Statistics, the
unemployment rate is 4.7%. However, long-term
unemployment has remained constant. In 2016, 2.2
million jobs were added to the US economy, which fell
below the total growth realized in 2015, of 2.7 million
jobs. Meanwhile, there are no signals indicating an
increase in real average household income. Which is the
greatest influencer of demand for automotive vehicles in
the future.
Automotive-Parts Industry
The automotive industry in the U.S has been a dominant
market, relative to the global market, with low threats of
new entrants. According to the U.S. International Trade
Administration, automobile production surpassed 12
million passenger vehicles in the U.S. alone. The
demand for new autos relies on personal income growth
and fuel cost, while technological innovation pushes
trends in demand growth. Strattec in comparison to its
competitors is relatively small and vulnerable as it lacks
4
 Table 4 Financial Ratios of Strattec
(Source Team Calculations)
Table 5 Forecasted Ratios of Strattec
(Source Team Calculations)
Table 6 ROE Decomposition
(Source Team Calculations)
Table 7 Forecasted ROE Decomposition
(Source Team Calculations)
negotiating power with customers and is slow to create
innovating technologies.
Competitive Positioning
In the automotive-parts industry, Strattec is a relatively
small but strong competitor. With strategic joint
ventures to gain global exposure with minimizing risks,
it has gained more clients and expanded contracts with
existing companies. While preforming a Porters 5 force
analysis (Appendix I) on Strattec, it was evident that the
greatest forces acting on it are buyer power and supplier
power. Since Strattecs main customers are large
automotive manufacturers, it does not have the leverage
to forcefully bargain. Strattec has some leverage with
suppliers, but not enough to offset the power inherent in
their B2B customers. In an effort to remain competitive
and remediate forces from buyers and suppliers, Strattec
formed multiple joint ventures to expand markets and
develop products with strategic globalization (Appendix
J). Another competitive advantage for Strattec is found
in its production locations, which are strategically
accessible to both buyers and suppliers (Appendix K).
Financial Analysis
Overview
Due to the numerous joint ventures used in Strattecs
operations, there is significant risk of distortions
occurring in their financial statements. Looking at ratios
given to the left in Table 4 the company is not in any
financial trouble. Strattecs ratios are not very consistent
year to year, but do trend positive overall. Forecasted
expectations hold the ratios constant for the next five
years, as seen in Table 5.
Joint Venture
Strattec is currently part-owner of four joint ventures
that have helped them expand globally. In two of those
ventures they have a controlling share, and thus account
for them as their own income. The remaining two they
account for on an equity basis. Involvement in so many
joint ventures has created abnormal spikes and dips in
their financial statements as exemplified in year 2016
with a sharp downturn due to a significant loss in the
VAST joint venture in India. The joint ventures have
helped Strattec grow and increase revenues and global
footprint.
5
 Figure 6 Monte Carlo Graph
(Source Team Calculations)
Table 8 Capital Asset Pricing Model
(Source Team Calculations)
Table 9 Weighted Average Cost of Capital
(Source Team Calculations)
Table 10 Valuation
(Source Team Calculations)
Increased Product Mix
Strattec has over the past couple years expanded their
product lines, creating new revenue sources that have
improved their financials. The primary source of new
product innovation has come from their strategic
partnerships. With increased product mix and new
technologies being incorporated at Strattec it has helped
them stay competitive and grow the organization.
Monte Carlo Simulation
A Monte Carlo simulation was utilized to determine the
likelihood of various intrinsic values of Strattecs stock
price. 10,000 simulations were run using vehicle
production, cap rate, economic growth, and the 10-year
treasury rate as key drivers. Our simulation found a
target price of $38.00 and a 72% confidence level in our
hold recommendation (Appendix L).
Valuation
5 Year DCF Model
We used a 5-year discounted cash flow to firm (DCF) to
arrive at an intrinsic value of $37.01. Using historical
financial data and evaluations of future growth, we
forecasted net operating profit after taxes and changes in
operating capital, which lead to our free cash flows.
Using the WACC of 13.73%, we discounted these back
to the present to arrive at $37.01.
Weighted Average Cost of Capital
(WACC)
The WACC was calculated using Strattecs capital
structure of 92.85% equity and 7.15% debt. A cost of
equity of 14.60%, cost of debt of 0.41%, and with an
effective tax rate of 27% we arrived at our calculated
WACC of 10.61%.
Revenue Growth
Strattecs forecasted revenue growth is based on
historical data and increased product mix. The initial
forecast growth rate of 7.53% was derived from
Strattecs historical financial data from the previous five
years (2012-2016), expansion into the door handle and
exterior trim components sector, and continued growth
from their joint ventures. The most prominent sales
growth comes from the guaranteed contracts of ADAC-
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 Figure 7 Risk Matrix
(Source Team Calculations)
Figure 8 Price of Crude Oil Graph 1 Year
(Futures Market)
(Source - Nasdaq)
Strattec joint venture and the new plant in Leon,
Mexico.
Terminal Growth
The terminal growth rate is based on our forecasts of
sales growth and the expected US inflation rate, which
we forecast to be 3%.
Investment Risks
Operational Risks
[OR1] Loss of significant customers, vehicle
content, vehicle models and market share
Strattecs major customers, General Motors Company,
Ford Motor Company, and Fiat Chrysler Automobiles
accounted for 63% of its annual net sales in the fiscal
year 2016. Possible loss of contracts from one of these
customers may pose a serious threat to Strattecs growth.
Mitigation: Enhance Strattecs long-term history of
customer loyalty
[OR2] Cost reduction
Immense pressure from customers to lower prices on
products forces Strattec to continue cutting costs in
materials and productions. Meanwhile, it does not have
power to leverage against its supplier for greater raw
material discounts. Inability to efficiently reduce cost
can greatly affect its future profitability.
Mitigation: Maintain current price point with both
buyers and suppliers
Market Risks
[MR1] Cyclical nature and seasonality in the
automotive market
The cyclical nature of the automotive market is caused
by scheduled customer plant shut downs and new model
changeovers. In addition, rising oil prices have adversely
affected automotive consumption in the past, and with
cuts to the global supply of oil by OPEC, prices can be
expected to rise again.
Mitigation: Predict decrease in sales and net income
due to seasonality and economic factors.
7

Figure 9 Mexican Peso Exchange Rate Graph 1
Year
(Source Yahoo Finance)
Figure 10 Price of Silver Graph 1 Year
(Futures Market)
(Source Nasdaq)
[MR2] Highly competitive automotive supply
industry
Even though the threat of new entrants in the automotive
market is low, Strattec faces many existing larger and
more technologically advanced competitors. Failure to
compete for new contracts and models may cost Strattec
its current position in the market.
Mitigation: Make strategic acquisition and alliances to
expand globalization
Economic Risks
[ER1] Currency exchange rate fluctuations
Given that Strattec has major operations in Mexico and
its sales are denominated in U.S. dollars, the fluctuation
of both the U.S. dollar and the Mexican peso may have
major effects on its financial position. As the U.S. dollar
depreciated against the Mexican peso, the value of
Mexican operations would also be depreciated when
denominated in U.S. dollars.
Mitigation: Usage of currency swaps
[ER2] Fluctuations in market prices of raw
materials
Due to availability of raw materials, there are
fluctuations in the market prices of the raw materials,
such as zinc, silver, and aluminum, which directly
influence production cost and profitability. Despite the
effort of quoting the material quarterly, many customers
refuse to pay the price adjustments.
Mitigation: Compromise quarterly price adjustments
with customers
Other Risks
[OR3] STRATTEC Advanced Logic, LLC
Joint Venture
Since Strattec Advanced Logic, LLC is a joint venture
between Strattec and Actuator Systems LLC, its
operation depends on proportionally financial source
from each owner. Hence, partners failure to contribute
their portion of the fund for joint venture would cause
adversely affect it operations.
8
Figure 11 Strattec Mexican Operations Mitigation: Enhance partners, joint ventures and
subsidiaries relationship

[OR4] Foreign operations

Strattec has major manufacturing operations in Mexico
including 3 facilities in Juarez, Mexico and a new
facility in Leon, Mexico. However, with the current
political climate of Trump presidency, there is immense
risk in international operations. According to Business
Insider, there is a proposal of 35% tax on automobiles
parts shipped into the US by American companies that
relocate to Mexico. One of Strattec major customers,
Ford, already cancelled its $1.6 billion Mexico plant due
to projected economic and political conditions.

(Source Company Presentation) Mitigation: Predetermined contracts for the plants in

Mexico

9
Appendix A Customer Base
Strattec target customers are OEM automotive and light truck manufacturers, and transportation related
manufacturers. One of its biggest customers are Fiat Chrysler Automobiles, Ford Motor, General Motors, and
Hyundai/Kia.

10
Appendix B Products Offered
Strattec has a large variety of products offered with its impressive access control product portfolio as listed in
the following:

Keys & Locksets

- Electro-mechanical entry keys with remote entry electronics
- Bladeless electronic keys
- Electronic remote entry key fobs
- Codable locks
- Biometric locks

Driver Controls
- Instrument panel mounted ignition lock housings
- Instrument panel docking receivers for bladeless electronic keys
- Instrument panel Push to Start ignition switches for passive security systems

Latches
- Rear compartment (tailgate, liftgate, trunk lid)
- Seat back

Power Access
- Power sliding side door systems
- Power liftgate
- Power trunk lid
- Power cinching latches & strikers
- Electronic control modules

11
Door handles & Functional exterior trim
- Inside and outside handles
- Outside handle chassis
- Rear license plate light bars with park assist cameras
- Concealed switches for releasing rear compartment latches

Miscellaneous industrial
- Zinc die-castings
In the fiscal year 2016, power access & latches and keys & locksets are the main drivers for sales.

12
Appendix C Board Members
Name Background Age Director Independent
Since

FRANK J. President and Chief Executive Officer of STRATTEC since 66 1995 N

KREJCI September 1, 2012. President and Chief Operating Officer
of STRATTEC from January 1, 2010 until August 31,
2012. President of Wisconsin Furniture, LLC (d/b/a The
Custom Shoppe, a manufacturer of custom furniture) from
June 1996 until December 31, 2009.

DAVID R. Retired managing partner and co-founder of Stonebridge 70 2006 Y

ZIMMER Equity LLC (d/b/a Stonebridge Business Partners, a
provider of consulting services and financing strategies
primarily to automotive-related manufacturing businesses
seeking to develop and complement growth plans, strategic
partnerships with foreign companies and merger and
acquisition strategies). Director and chairman of the Audit
and Compensation Committees and a member of the
Nominating and Corporate Governance and Finance
Committees of Twin Disc Inc. Director and chairman of the
Audit Committee and a member of the Nominating and
Corporate Governance and Compensation Committees of
Detrex Corporation.

MICHAEL J. President and Chief Executive Officer of Koss Corporation 62 1995 Y

KOSS (a manufacturer and marketer of high fidelity stereophones
for the international consumer electronics market) since
1989. Director and Chairman of the Board of Koss
Corporation.

HAROLD M. Chairman of the Board of Directors of STRATTEC since 68 1994 N

STRATTON II February 1999 (Non-Executive Chairman since September
2012). Chief Executive Officer of STRATTEC from
February 1999 until August 31, 2012. President of
STRATTEC from October 2004 to December 31, 2009.
President and Chief Executive Officer of STRATTEC from
February 1995 to February 1999. Director and Chairman of
the Pension Committee and a member of the Audit and
Nominating and Corporate Governance Committees of
Twin Disc Inc.

THOMAS W. Chairman of the Board and Chief Executive Officer of the 58 2012 Y
FLORSHEIM, Weyco Group, Inc. since 2002. Prior to that, Mr. Florsheim
JR. was President and Chief Executive Officer of the Weyco
Group, Inc. from 1999 to 2002, President and Chief
Operating Officer from 1996 to 1999, and Vice President
from 1988 to 1996. Chairman and a director of Weyco
Group, Inc.

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Appendix D Executive Members
Name Age Current Position Other Positions

Frank J. 66 President and Chief Executive Officer of President of Wisconsin Furniture, LLC (d/b/a The Custom
Krejci STRATTEC since September 1, 2012. President Shoppe, a manufacturer of custom furniture) from June 1996
and Chief Operating Officer of STRATTEC until December 31, 2009.
from January 1, 2010 until August 31, 2012.

Patrick J. 57 Senior Vice President since October 2005; Chief Vice President of STRATTEC from February 1999 to
Hansen Financial Officer, Treasurer and Secretary since October 2005; Corporate Controller of STRATTEC from
February 1999 February 1995 to February 1999.

Rolando 48 Vice President Mexican Operations since General Manager Mexican Operations of STRATTEC
J. Guillot September 2004. from September 2003 to September 2004. Plant Manager of
STRATTEC de Mexico S.A. de C.V. from January 2002 to
September 2003. Mr. Guillot served in various management
positions for STRATTEC de Mexico S.A. de C.V. from
September 1996 to January 2002.

Richard 50 Vice President Global Sales and Access
P. Control Products since August, 2013; member
Messina of the management team of Vehicle Access
Systems Technology LLC (VAST), a joint
venture entered into by STRATTEC with two
partners, since August 2013
Vice President Access Control Products of STRATTEC
from December 1, 2008 until August, 2013. Chief Engineer-
Power Closures Engineering for North America and Asia for
Delphi Corporation from 2006 until November 2008;
Engineering group manager for Delphi Corporation from
2001 until 2006.

Brian J. 58 Vice President Security Products since Vice President Engineering, Product Development &
Reetz October 1, 2008 Management of STRATTEC from January 2007 until
October 2008; Executive Engineer of STRATTEC from
August 2004 through December 2006.

14
Appendix E Governance Committees

15
Appendix F - Security Ownership

16
Appendix G - ISS Governance Quick Score
STRATTEC Security Corporations ISS Governance QuickScore as of November 1, 2016 is 6. The pillar scores
are:
Audit: 2 Board: 7 Shareholder Rights: 5 Compensation: 8.

17
Appendix H - Executive and Board Members Compensation

18
Appendix I - Porters 5 Force Analysis
Supplier Power
The power of the supplier is a strong force acting on the industry and Strattec. Suppliers of the materials the
companies need have a lot of power over companies that need raw materials to create their product. Price
negotiation is crucial to keeping the cost of creating a good low, Strattec does average in this area. They do not
have the scale to be able to order in such bulk or have the power to dictate price as much as their buyers do to
them. For this, suppliers have a decent amount of sway on Strattec and how much they have to pay for
materials. This is similar throughout the auto parts industry, but is Strattec is able in the future to get better
deals on raw material they could increase profits.

Buyer Power
The power of the buyer is the strongest force acting on Strattec and the industry. The reason it is because they
do not normally sell directly to customers, they sell to companies. In selling to companies they want to best
deals especially because they normally dont buy one part they buy multiple parts for each car. With supplying
parts to companies as big as GM and Ford they have power to set the price they want to buy at, and if the
company does not want to comply they can simply move on to a company that will. Securing contracts with
these big companies are crucial to thriving in this industry it comes at the price of less control over the prices
you sell you product to before market. Strattec has done well with securing contracts with companies and
setting reasonable prices for their products, they need to continue this into the future. In Strattecs aftermarket
they are able to dictate price and sell directly to customers that need their product.

Competitive Rivalry
The competitive rivalry force is not a strong acting force on Strattec but is on they always need to look out for.
Strattec not only competes with other companies they have to compete with their customers as well. Strattec
must compete with customers in the aspect of making their product appealing and cost effective to the company
so they dont make the item in house or contract the work out to a different company. Strattec is able to
compete with other companies to win out contracts. This means that they are competitive in the industry but
need to make sure this is always a weak force against them since rivalry is coming from bigger companies.

Threat of Substitution
The threat of substitutes is very weak force acting against Strattec. Technology in the field in industry is
evolving but at a pace at which Strattec can keep up, and there are no current substitutes for key fobs and other
features like lift gate on car models. With no current alternatives, this force will be weak and something Strattec
does not need to focus on. Until technology advances to not need a standard key and fob for a car Strattec can
keep up with improving technology.

Threat of New Entry

The Threat of new entrants into the industry are very low. This force is weak because of cost to enter the
business and current competition already in the industry. The cost to enter the industry is high and doesnt give
enough reward for entering the business. Since the industry is also competitive smaller companies have a
difficult time getting contracts because they simply dont have the size and resources that bigger automotive
part companies or joint ventures like Strattec have.

19
Appendix J - Competitive Strategy
Strattec began its foreign market pursuits by creating joint ventures with ADAC and Witte Automotive and
creating their own jointly owned subsidiary-VAST. VAST was created to protect the member companies from
foreign risks. There are other complications that have restricted Vast causing the company to show a negative
net earnings in 2015 and 2016. Being an industry leader is a point of pride for Strattec. The company has stayed
competitive in its niche market by moving into the foreign market. The cost of this is significantly affecting the
companys financing cash flows. Vast had been showing a relatively small deficit in 2014. Their recent
expansion in their facilities in Mexico and the company's preparation to build a new facility has shown a larger
deficit in 2015 and an additional large deficit in 2016.

20
Appendix K - Competitive Advantage
Accessibility is a strength of Strattecs since they are located in the key area of automotive production.
Customers are thrilled with its ability to produce their orders quickly and efficiently with the quality that comes
from experience as an industry leader. For example, in Mexico, Strattec has facilities that are close to both
suppliers and buyers.

These strategic locations have given Strattec sales that have been modestly impressive in most locations,
however the equity losses from the joint ventures in 2016, and the loss in interest income as compared to 2014
and 2015 gave Strattec a much lower average EBITDA margin in 2016 when compared to the industrys
EBITDA margin.

21
All of the locations of Strattecs manufacturing firms are in the top 20 countries of automotive production. This
enables them to be the first to access new technologies from companies in their local networks that produce
manufacturing parts that Strattec needs to continue improving their manufacturing process. Strattec, its partners
and subsidiaries are constantly evolving their equipment make the onsite production as automated as possible.

22
Appendix L Monte Carlo Simulation

Value Frequency Value Frequency Value Frequency

11 0 34 768 41 435

24 3 35 1239 42 243

27 28 36 1474 44 107

29 65 37 1544 45 40

31 138 38 1306 47 16

32 297 39 1043 50 3

33 500 40 750 68 1

Mean 37

Number of Trials 10,000

Minimum 11

Maximum 68

Median 37

Range 57
Standard
Deviation 8

Variance 63
Kurtosis 3.03

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Disclosures:
Ownership and material conflicts of interest:
The author(s), or a member of their household, of this report does not hold a financial interest in the securities of this company.
The author(s), or a member of their household, of this report does not know of the existence of any conflicts of interest that might bias the content or
publication of this report.
Receipt of compensation:
Compensation of the author(s) of this report is not based on investment banking revenue.
Position as a officer or director:
The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company.
Market making:
The author(s) does not act as a market maker in the subject companys securities.
Disclaimer:
The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be
reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness. The information is
not intended to be used as the basis of any investment decisions by any person or entity. This information does not constitute investment advice, nor
is it an offer or a solicitation of an offer to buy or sell any security. This report should not be considered to be a recommendation by any individual
affiliated with CFA Society Madison, CFA Institute or the CFA Institute Research Challenge with regard to this companys stock.

CFA Institute Research Challenge

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