Double Income - November 2021 Issue 3 November 2021

A New Defense Stock Recommendation and more...

In this Report:
Warren Buffett's shortest and most effective crash course on investing.

Understanding the Great, the Good, and the Gruesome businesses.

Our strategy in Double Income and how we've stayed away from gruesome businesses.

Why we get out of good businesses and don't track every small development around the
stock.

What next for Castrol India and Bajaj Consumer Care?

New buy recommendation for the month.

How to use this month's allocation.

The performance of Double Income in the month gone by.

Summary of all positions.

Dear Valued Subscriber,

Welcome to the November 2021 issue of Double Income.

If you want to go through the shortest and yet one of the most effective crash courses on investing, you will nd it
tucked between page 6 and page 9 of Warren Buffett's 2007 letter to shareholders.

In the letter, Warren Buffett has divided the entire universe of stocks into three distinct categories - The Great, the
Good, and the Gruesome.

Think of a great business as an FD in the bank where your rate of returns increase every year. So, say if you are
getting 7% per annum on your FD the rst year, the next year it will go to 8%, then 9% after that and so on.

In the corporate world, these are businesses like Google and Microsoft where they keep growing year after year
despite investing very little or no capital back into the business.

In India, it would be extremely high capital e cient businesses like Nestle, HUL, Colgate etc. These businesses are
high dividend paying businesses because they don't need a lot of capital to grow.

Most of the pro ts they earn, they pay it back to the shareholders and reinvest very little back in the business. Yet,
they are able to grow year after year, just like an interest rate on the FD.

Unfortunately, there're very few of these businesses not just in India but across the world. Hence, not many options
to choose from.

/
Coming to the second category, a good business is a business that grows but needs infusion of signi cant amount
of capital to do so.

They are like FD accounts where the returns are decent but you must put more principal into the FD account to earn
more interest.

In India, Maruti Suzuki India would be a great example of this kind of a business. The company has grown its pro ts
historically at a strong clip but it has also had to invest a signi cant amount of capital back into the business to
make this growth possible.

Just to put things into perspective, between March 2013 and March 2019, Maruti managed to almost triple its
bottomline but also had to double its asset base in order to achieve this growth.

Nestle, on the other hand, a great business, grew its asset base by just 20% and doubled its bottomline during the
same period. It de nitely acted like an FD where you got more interest as years rolled by.

Now coming to the third category, a gruesome business is like an FD where you are forced to add more to the
account every year but keep getting a declining interest rate.

These are business which require a lot of capital to run them but do a very poor job of earning good returns on those
capital. A gruesome business is often a highly leveraged business that frequently runs into losses.

A good example would be something like Jet Airways where the business kept posting losses even as it kept
increasing its asset base. One should not touch such businesses even with a 10-foot pole no matter how attractive
the valuations.

Our goal in Double Income is to either recommend a great business or a good business but never a gruesome
business.

However, the di culty with recommending a great one is that these are seldom available at attractive valuations. We
don't like to overpay a great deal. So we usually have to settle for a good business.

Besides, unlike Buffett our holding period is not forever. We usually like to exit after making a quick 50%-100% inside
2-3 years.

The reason we do this is because we don't want to be a part of the game where you track every small development
around the stock, scrutinise its quarterly results for every small detail or attend those long conference calls.

All we want to know is whether the stock is undervalued and whether this undervaluation can correct itself over the
next 2-3 years.

If we think there's a strong chance this can happen, we go ahead and recommend the stock.

Trying to gure out what the stock's earnings will look like 5 years from now is an activity meant more for Buffett
type 'forever holding period' investors. We are clear we don't want to be part of this tribe.

Both the approaches have their merits and demerits. As long as you are happy following one of these and are
getting good long-term results from it, you should stick with what you like.

As far as Double Income is concerned, I am very clear about what I like. It has led to strong returns for my
subscribers.

Thus, we would very much like to persist with the same approach going forward.

Bajaj Consumer Care and Castrol have Completed More than 2 Years. What Next?
/
Bajaj Consumer Care and Castrol India, two recommendations that we made more than 2 years back, have stayed
nearly at despite the broader market having gone up signi cantly.

Both the topline as well as bottomline for both the stocks have remained remarkably stable over the last few years.
These companies have strong pricing power and are businesses with asset-light characteristics and pristine
balance sheets.

But the growth seems to be missing.

And with no strong growth visibility in the o ng, we believe that the upside in both the stocks is capped.

One would be better off exiting them and investing in another stock with a better risk-reward ratio. We have found
one such stock.

We recommend subscribers exit Bajaj Consumer and Castrol India and move their proceeds from the sale into our
new recommendation for the month.

We thus recommend a SELL on Bajaj Consumer Care and Castrol India at the current prices.

New Buy Recommendation

Here's a new recommendation that will replace both these stocks in the Double Income service.

We're reasonably con dent this stock is nicely poised right now and should give good returns over the next 1-2
years.

Stock # 1: Bharat Dynamics Ltd.

BUY
Maximum Buy Price: Rs 488.75
Bharat Dynamics was set up in Hyderabad in 1970 as a central public-sector enterprise (CPSE).

The company is the prime production agency for guided weapon systems for the Indian defence forces.

Bharat Dynamics also manufactures underwater weapon systems, surface-to-air missiles, and associated
equipment. Furthermore, it's into refurbishment of vintage defence equipment for the Indian army.

The company has three manufacturing facilities, one in Visakhapatnam (Andhra Pradesh) and two in Telangana. It's
setting up two more facilities, one each in Amravati (Maharashtra) and Ibrahimpatnam (Telangana).

Bharat Dynamics is strategically important to the government of India. It's the primary agency for the production of
guided missiles for the armed forces.

The company is the exclusive service provider for indigenously developed guided missiles such as Akash surface-
to-air missiles and Konkur anti-tank guided missiles.

It also bene ts from the government's thrust on indigenous guided weapon systems production, leading to healthy
order ow and strong nancial support from the government in the form of healthy advances for all its orders.

Bharat Dynamics has a well-developed vendor network and provides continuous assistance to its vendors in tool
development, xture building, and related technologies. Consequently, it has indigenised 90% of major missiles.

Annexure for Bharat Dynamics

Shareholding (%, Sep-21)
Market Data
/
Category (%) Market Data
Promoters 74.9 Price on reco. date (Rs) 425.0

Institutions 19.0 52 week H/L 455 / 285

Others 6.1 BSE code 541143

Total 100.0 NSE Symbol BDL

No. of shares (m) 183.3

Stock Price Performance Face value (Rs) 10.0

FY21 dividend/share (Rs) (Adjusted) 7.4

Stock Price Performance
Free oat (%) 25
(as on 3rd Nov 2021)
Market cap (Rs m) 77,895
  Bharat Dynamics Index#
Average 52-week liquidity (Rs m) 155.1
Over 1-Yr 43.6% 51.0%
Price to sales* (times) 4.1
Over 2-Yrs 11.5% 22.3%
Price to earnings* (times) 24.7
Since 1.5% 17.9%
Listing Price to book^ (times) 2.9

Debt to Equity^ (times) 0.00

#BSE Sensex
Returns over 1 yr are compounded annual Dividend yield (FY21 at current prices) 1.7%
averages
Promoter pledging (% of Total Equity) NIL

Rs 100 Invested Chart *Based on trailing 12-month standalone numbers

^Based on Audited Standalone Balance Sheet as at March 31, 2021

View Updated Chart

Financials at a glance

(Rs m, Standalone) FY17 FY18 FY19 FY20 FY21

Net sales 45,353 45,767 30,694 31,049 19,138

Sales growth (%) 19.8% 0.9% -32.9% 1.2% -38.4%

Operating pro t 8,693 8,415 7,590 8,444 4,401

Operating pro t margin (%) 19.2% 18.4% 24.7% 27.2% 23.0%

Net pro t 5,241 5,282 4,226 5,349 2,578

Net pro t margin (%) 11.6% 11.5% 13.8% 17.2% 13.5%

     

Balance Sheet

Fixed assets 8,930 9,982 10,040 9,744 9,365

Investments 30 2,390 37 39 45

Other xed assets 600 612 558 564  532

Current assets 72,827 51,074 43,331 45,963 49,199

Total Assets 82,387 64,058 53,966 56,310 59,140

   

Net worth 21,950 19,564 22,685 26,068 26,847

Minority Interest 0 0 0 0 0

Non Current Liabilities 3,572 2,174 2,090 7,095 7,083

Current liabilities 56,865 42,320 29,191 23,147 25,210

Total liabilities 82,387 64,058 53,966 56,310 59,140

/
 Source: Company, Equitymaster

Valuations*

(Rs m) FY17 FY18 FY19 FY20 FY21

Net sales (Rs m) 45,353 45,767 30,694 31,049 19,138

PAT (Rs m) 5,241 5,282 4,226 5,349 2,578

Adj. EPS (Rs) 28.6 28.8 23.1 29.2 14.1

Price to earnings (x) 14.9 14.7 18.4 14.6 30.2

Price to sales (x) 1.7 1.7 2.5 2.5 4.1

Price to book value (x) 3.5 4.0 3.4 3.0 2.9

*Adjusted basis

Using this Month's Allocation to Double Income...

As you would be aware, to guide you towards your monthly investments, we are setting aside a notional sum of Rs
50,000 every month.

Out of this Rs 50,000, we recommend you make stock investments of Rs 18,000 each as and when we recommend
them.

The remaining amount is to be invested in either a low-cost index ETF or a xed deposit/liquid fund.

Since the overall corpus was signi cantly bigger than what we started with, we recommended raising the
investment in each stock to Rs 30,000 last month onwards. This will help us keep the overall allocation from getting
too lopsided.

For this month, of the above notional allocation of Rs 50,000 per month, we are going to notionally allocate Rs
30,000 in the stock recommended today - Bharat Dynamics - and the rest in a xed deposit.

So, here's how we have split this month's notional corpus of Rs 50,000.

Rs 30,000 in Bharat Dynamics Ltd

Rs 20,000 in a xed deposit

Apart from this, we will also park the proceeds from today's Sell recommendations - Castrol India Ltd and Bajaj
Consumer Care Ltd - in a xed deposit.

Allocate Rs 31,954 from Castrol India and Bajaj Consumer Care in a xed deposit.

This puts the corpus into a nice, comfortable position.

Action to Take
Buy Bharat Dynamics at current price or lower. The maximum buy price is Rs
488.75.

Allocate Rs 20,000 in a one year xed deposit that's going for around 5.5%
per annum currently.

Sell Castrol India and Bajaj Consumer Care at current prices and allocate the
proceeds into xed deposits.

/
On that note, let us take a look at the performance of the service in the month gone by.

Month on Month Performance

Looking at the total funds dedicated to Double Income so far (i.e. the money invested in stocks, the low-cost ETF,
and xed deposit) the overall corpus value rose marginally by 0.4% over the last one month.

This compares with a monthly gain of 1.2% for the Sensex, and a monthly loss of 0.3% for the BSE Smallcap index.

As for individual stocks, the month gone by was a mixed bag.

Ambika Cotton Mills, Atul Auto, and Sun TV Networks were the top gainers and rose 16.3%, 15.6%, and 10.5%,
respectively.

On the other hand, Bajaj Consumer Care, Coal India, and Oil India were the top losers, which fell in the range of 8-
13%.

The fall in Coal India and Oil India comes on the back of a strong rally in recent weeks, after the Chinese government
stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity.

We would like to remind you here to not attach a lot of weight to the performance during a span as short as a
month.

Also note, we'll keep reminding you of this standard warning during times both favourable and unfavourable.

One must remember that our dynamic xed income component is as much a part of our overall strategy as is our
stock component.

Thus, the most appropriate way to measure our performance will include its performance along with that of our
collection of stocks.

Since its inception, the service is up 10.1% after including the value of today's allocation.

From our existing open positions, many stocks are up for grabs at current prices.

Refer to the tables below for all details.

Summary of the Double Income Positions

Our Double Income Positions

Equity Portfolio Reco. Date Reco. Max. Buy Amount Current Current % Change Current
Price Price Invested Price Value View
(Rs) (Rs) (Rs) (Rs) (Rs)
Nippon India ETF Nifty 4-Oct-19 118.0 123.9 18,000 193 29,464 63.7% Buy at
BeES lower
prices

Atul Auto Ltd. 27-Nov-19 228.1 262.3 16,000 262 18,392 14.9% Buy

ITC Ltd. 5-Dec-19 246.9 264.2 16,000 226 14,655 -8.4% Buy

Coal India Ltd. 3-Jan-20 212.2 244.0 16,000 169 12,738 -20.4% Buy

Nippon India ETF Nifty 5-Feb-20 127.9 136.9 18,000 193 27,174 51.0% Buy at
BeES lower
prices

National Peroxide Ltd. 5-Feb-20 1,883.4 2071.7 16,000 2068 17,566 9.8% Buy

Multi Commodity 5-Feb-20 1,312.5 1404.4 16,000 1750 21,334 33.3% Buy at
Exchange of India Ltd. lower
prices
/
 Equity Portfolio Reco. Date Reco. Max. Buy Amount Current Current % Change Current
Price Price Invested Price Value View
(Rs) (Rs) (Rs) (Rs) (Rs)
Care Ratings Ltd. 2-Apr-20 334.3 384.4 16,666 669 33,352 100.1% Buy at
lower
prices

Exide Industries Ltd. 5-Nov-20 162.8 187.2 18,000 179 19,808 10.0% Buy

ONGC Ltd. 4-Dec-20   89.9 103.3 18,000 153 30,591 69.9% Buy at
lower
prices

Larsen & Toubro Ltd. 5-Jan-21 1,306.0 1,501.8 18,000 1816 25,034 39.1% Buy at
lower
prices

Gujarat Ambuja 5-Feb-21 134.5 154.7 18,000 170 22,764 26.5% Buy at
Exports Ltd. lower
prices

Oracle Financial 5-Mar-21 3,211.0 3,692.6 18,000 4406 24,701 37.2% Buy at
Services Sofware Ltd. lower
prices

Oil India Ltd. 5-Apr-21 122.3 140.6 18,000 221 32,496 80.5% Buy at
lower
prices

ICRA Ltd. 5-May-21 3,268.0 3,758.2 18,000 3532 19,451 8.1% Buy

Voltamp 4-Jun-21 1,210.3 1,391.8 18,000 1626 24,188 34.4% Buy at

Transformers Ltd. lower
prices

Sun TV Network 5-Jul-21 526.3 605.2 18,000 585 20,025 11.2% Buy

SAIL 5-Aug-21 143.1 164.5 18,000 122 15,408 -14.4% Buy

Wim Plast 3-Sep-21 475.0 546.3 18,000 450 17,045 -5.3% Buy

Sharda Cropchem 3-Sep-21 304.0 349.6 18,000 317 18,752 4.2% Buy

Ambika Cotton Mills 5-Oct-21 1,818.6 2,091.3 30,000 2111 34,825 16.1% Buy at
Ltd. lower
prices

NMDC Ltd. 5-Oct-21 146.7 168.6 30,000 142 29,079 -3.1% Buy

Bharat Dynamics 3-Nov-21 425.0 488.0 30,000 425 30,000 0.0% Buy

*current prices as on 3rd November 2021

Fixed Deposit Investments

Safe Short Term Fixed Deposit Reco.Date Amount Invested Current Value(Rs) Gain/Loss(Rs) Gain/Loss(%)
(5.5%p.a.)#
FD1 5-Nov-19 18,000 20,337 2,337 12.98%

FD2 5-Dec-19 18,000 20,241 2,241 12.45%

FD3 3-Jan-20 18,000 20,148 2,148 11.93%

FD4 5-Mar-20 50,000 54,581 4,581 9.16%

FD5 5-May-20 50,000 54,121 4,121 8.24%

FD6 5-Jun-20 32,000 34,488 2,488 7.8%

FD7 3-Jul-20 50,000 53,677 3,677 7.4%

FD8 5-Aug-20 32,000 34,194 2,194 6.9%

FD9 4-Sep-20 32,000 34,049 2,049 6.4%

FD10 5-Oct-20 32,000 33,900 1,900 5.9%

FD11 5-Nov-20 32,000 33,750 1,750 5.5%

FD12 4-Dec-20 32,000 33,611 1,611 5.0%

FD13 5-Jan-21 32,000 33,456 1,456 4.6%

/
 Safe Short Term Fixed Deposit Reco.Date Amount Invested Current Value(Rs) Gain/Loss(Rs) Gain/Loss(%)
(5.5%p.a.)#
FD14 5-Feb-21 32,000 33,307 1,307 4.1%

FD15 5-Mar-21 32,000 33,172 1,172 3.7%

FD16 5-Apr-21 14,000 14,447 447 3.2%

FD17 5-May-21 32,000 32,878 878 2.7%

FD18 4-Jun-21 32,000 32,733 733 2.3%

FD19 5-Jul-21 32,000 32,583 583 1.8%

FD20 5-Aug-21 32,000 32,434 434 1.4%

FD21 3-Sep-21 14,000 14,129 129 0.9%

FD22 5-Oct-21 40,000 40,175 175 0.4%

FD23 3-Nov-21 20,000 20,000 - 0.0%

Total   708,000 746,409 38,409 5.43%

Sale Proceeds Invested in Fixed Deposit

Safe Short Term Fixed Deposit (5.5% p.a.) # 301,241 308,486 7,245 2.4%

Grand Total

  Amount Invested (Rs) Current Value (Rs) Gain/Loss (Rs) Gain/Loss (%)
Grand Total 1,447,907 1,593,739 145,832 10.1%

Please note that this data is for representation purpose only. Equitymaster has no corpus dedicated for Double Income stocks. It will not invest in any of the stocks
either before or after the date of their recommendation under this service.
# Interest rate assumption for the xed income component of the total corpus is 5.5% which is the current rate for a 7-90 days term deposits. This will be shown as
being accumulated daily on a proportionate basis in the allocation set aside for xed income.

With this, we come to the end of this edition of Double Income. In case you have any queries, please feel free to write
in to us.

Warm regards,

Rahul Shah
Editor, Double Income
Equitymaster Agora Research Private Limited (Research Analyst)

Rahul Shah (Research Analyst), Managing Editor, Microcap Millionaires has led the
team from the front in developing some of our most stringent and rewarding research
processes. As per his own admission, the turning point in Rahul's life as a financial
analyst came a few years back when he got introduced to the works of Warren Buffett
and Charlie Munger. From Buffett, he understood the value of investing in good quality
business with powerful moats and strong management teams. Charlie Munger on the
other hand inspired him to be a lifelong learner and use mental models in order to
arrive at the crux of matters across most disciplines. Rahul firmly believes that in order to be successful at investing,
you have to do the big things right and possess a great temperament and a contrarian streak.

Frequently Asked Questions

These are some of the Most Frequently Asked Questions on Double Income. Please view the others here.

Does the service have any capital protection measure in place? What will be the
recommendation on dealing with the idle cash? /
Capital protection is as important for us in Double Income as maximising returns. To achieve this, in addition to a
stock component, there will also be an index fund component, and a xed deposit component.

So, when we think the markets are expensive and are due for a signi cant correction, we will recommend the
allocation to be reduced for stocks and to be increased for a low-cost index fund, and xed deposits.

Our recommended allocation in this scenario would be only 25% in stocks. The allocation for index fund and xed
deposits will be recommended to be at 35% and 40% respectively.

We believe that a higher allocation to index fund and xed deposits in an overheated market could help minimise
loss of capital during periods of deep correction.

Should we buy more if a stock falls below the recommended price?

It is pertinent to remember here that 100% of our recommendations may not go right. In view of this, we would
recommend no single stock to exceed 4%-5% of the overall funds set aside for this service.

This allocation will of course vary from person to person. For something that works best for you, we recommend
you talk to your investment advisor.

How often are the recommendations reviewed and when are the updates expected?
The recommendations are reviewed and results of the open positions surveyed monthly. This aspect is covered in
the monthly Double Income reports sent to subscribers on the 5th of every month.

Where does Double Income t into the asset allocation pyramid?

We will recommend mostly fundamentally strong mid and small-cap stocks in Double Income.

Therefore, while they have greater growth potential, the risk element is also high as compared to large caps.

Subscribers should note that not all mid and small cap stocks tend to be outperformers. In fact, we have seen these
stocks plunge 60-70% when things turn sour. That is the reason mid and small stocks are not recommendable to
those having a low risk pro le. Even for subscribers having an appetite for slightly more risk, we recommend not
more than 7%-10% of one's portfolio be invested in Double Income. This means the corpus one sets aside for Double
Income should not be more than 7%-10% of the total money allocated towards equities.

This allocation will of course vary from person to person. For something that works best for you, we recommend
you talk to your investment advisor.

DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014

INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint
venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research
Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment
opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:

For the terms and conditions for research reports click here.

DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:

a. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report.
/
 b. Equitymaster holds 1 share of Ambika Cotton Mills Limited as per the guidelines prescribed by the Board of Directors of the Company. The investment is made for
research purposes only.
c. Equitymaster has no other nancial interest in Ambika Cotton Mills Limited.
d. Equitymaster has no nancial interest in any other subject company.
e. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any nancial interest in the subject company.
f. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/bene cial ownership of one percent or more securities of the subject company
at the end of the month immediately preceding the date of publication of the research report.
g. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material con ict of interest at the time of publication of the research report.
h. Equitymaster's technical team/other research services have given a 'Hold' and 'Buy at Lower' view on Ambika Cotton Mills Limited and 'Hold' view on Bajaj Consumer
Care.

DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION:

a. Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months.
b. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
c. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject
company in the past twelve months.
d. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage
services from the subject company in the past twelve months.
e. Neither Equitymaster nor it's Associates have received any compensation or other bene ts from the subject company or third party in connection with the research
report.

GENERAL DISCLOSURES:

a. The Research Analyst has not served as an o cer, director or employee of the subject company.
b. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company.

De nitions of Terms Used:

a. Buy recommendation: This means that the subscriber could consider buying the concerned stock at current market price keeping in mind the tenure and objective of
the recommendation service.
b. Hold recommendation: This means that the subscriber could consider holding on to the shares of the company until further update and not buy more of the stock at
current market price.
c. Buy at lower price: This means that the subscriber should wait for some correction in the market price so that the stock can be bought at more attractive valuations
keeping in mind the tenure and the objective of the service.
d. Sell recommendation: This means that the subscriber could consider selling the stock at current market price keeping in mind the objective of the recommendation
service.

Other Disclosures:

This Research Report is sent to you pursuant to your subscribing to the services of Equitymaster Agora Research Private Limited (Company). This recommendation is
general in nature and does not create any account based relationship between you and the Company and pursuant to this recommendation the Company is not obligated
to open any account or deal or maintain your securities or funds.

Prior to receiving this Research Report, you have agreed that your use of Equitymaster Services have been conducted at all times in compliance with the applicable anti-
money laundering laws or any other similar statute or legislations or applicable laws or noti cations, direction issued by any governmental or statutory authority from
time to time.

Feedback:

If you have any feedback or query or wish to report a matter, please do not hesitate to write to us.

MORE FEATURES MORE DOUBLE INCOME

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/
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despite a challenging environment for textile sector. after the IT raids?

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