1 Blank Model Template

By obtaining this model you are deemed to have read and
agreed to our Terms of Use. Visit our website for details:

https://www.gutenbergresearch.com/terms-of-use.html
Blue cells = Primary model estimates

Purple cells = Company guidance (updated xx/xx/xxxx)
Orange cells = Consensus estimates (Updated x/xx/xxxx)
Implied P/E 12-month target value #VALUE!
Implied DCF 12-month target value #DIV/0!
Implied 50/50 average target value #VALUE!
Implied target price band #VALUE!
Income Statement Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16
(Dollars in millions, except per share data) 1Q15 2Q15 3Q15 4Q15 2015 1Q16
Sales -
Cost of sales -
Gross Profit - - - - - -
Operating Expense 1 -
Operating Expense 2 -
Total operating expenses - - - - - -
Operating Income - - - - - -
Interest and dividend income -
Interest expense -
Other income/(expense) -
Total other income/(expense) - - - - - -
Income before income taxes - - - - - -
Provisions for income tax -
Net income - - - - - -
Basic shares outstanding #DIV/0!
Diluted shares outstanding #DIV/0!
Basic EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Diluted EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Dividends per share -
Dividend growth rate (YoY) #DIV/0!
Gutenberg Research LLC prohibits the redistribution of this document in whole or part without the written permission. © Gutenberg Research LLC 2016.
Segment & Product Data Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16
1Q15 2Q15 3Q15 4Q15 2015 1Q16
<The segment section is company specific. Refer to the

"Building the Earnings Engine" section for guidance on how
to develop this section>
Ratio Analysis
Revenue growth rate (year over year) #DIV/0!
Revenue growth rate (quarter over quarter) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross margin percentage (GAAP) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating margin (GAAP) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net income to revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Effective tax rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating expense 1 to sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating expense 2 to sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest and dividend income as a % of investments #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest expense as a percentage of average debt #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Share Count Analysis
Change in basic shares (excluding repurchases) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Change in diluted shares (excluding repurchases) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Share repurchase assumptions: average price
Share repurchase: amount in the period ($M)
Shares repurchased (in millions) - - - - -
Diluted share impact (convertible retirement) - - - - -
Balance Sheet Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16
Assets
Cash and equivalents - - - - - -
Short-term marketable securities -
Accounts receivables -
Inventories -
Deferred tax assets -
Vendor non-trade receivables -
Other current assets -
Total Current Assets - - - - - -
Long-term marketable securities -
Property, plant and equipment, net -
Goodwill -
Acquired intangible assets, net -
Other noncurrent assets -
Total Assets - - - - - -
Liabilities
Accounts payable -
Accrued expenses -
Deferred revenue (current portion) -
Commercial paper/current portion of LT debt -
Total Current liabilities - - - - - -
Deferred revenue (non-current) -
Long-term debt -
Other non-current liabilities -
Total liabilities - - - - - -
Commitments and contingencies -
Equity
Common stock -
Retained earnings -
Accumulated other comprehensive income -
Total shareholders' equity - - - - - -
Total liabilities and equity - - - - - -
- - -
Balance Sheet Ratios & Assumptions Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16
1Q15 2Q15 3Q15 4Q15 2015 1Q16
Growth in total investments (QoQ) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Short-term marketable securities as a % total investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Day Count (number of days in the quarter)
Vendor non-trade receivables turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Days of inventory on hand #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Receivables turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Days sales outstanding #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Payables turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Number of days of payables #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash conversion cycle #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Deferred Revenue-to-Prior 4 Quarters of Revenue #DIV/0! #DIV/0!
Current Deferred Revenue-to-Total Deferred Revenue #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation & Amort Exp-to-Average PP&E & Intangibles #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Debt-to-Equity Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Growth in total debt (QoQ) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Commercial Paper and ST Debt-to-Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow Statement Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16

Cash flows from operating activities
Net income (loss) - - - - - -
Amortization of Acquired Intangibles -
All other depreciation and Amortization -
Total Depreciation and amortization - - - - - -
Share-based compensation expense -
Deferred income taxes, net -
Other -
Change in operating assets and liabilities
Accounts receivable -
Inventories -
Vendor non-trade receivables -
Other current and non-current assets -
Accounts payable -
Deferred revenue -
Other current and non-current liabilities -
Net cash provided by operating activities - - - - - -
Cash flows from investing activities

Purchases of marketable securities -
Proceeds from maturities of securities -
Proceeds from sales of securities -
Payments made for acquisitions -
Payments for acquisition of PPE -
Payments for acquisition of intangible assets -
Other investing activities -
Net cash provided by (used for) investing - - - - - -
Cash flows from financing activities

Proceeds from issuance of common stock -
Excess tax benefits from equity awards -
Taxes paid related to equity awards -
Dividends paid -
Repurchase of common stock -
Proceeds from issuance of long-term debt -
Proceeds from issuance of commercial paper -
Other financing activities -
Net cash provided by (used for) financing - - - - - -
Net increase (decrease) in cash and equivalents - - - - -
Cash and equivalents at beginning of period - - - -
Cash and equivalents at end of period - - - - - -
Free Cash Flow to Firm (FCFF)* #DIV/0!
DCF Period (approximate number of years) -
Discounted FCFF #DIV/0!
Net Cash and investments per share
Cash and investments held by foreign subsidiaries -
% of total cash and investments held by foreign subs #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Def Tax Liability (DTL) for unremitted earnings of foreign subs - - - - 26,868 -
DTL to foreign cash and investment balance #DIV/0!
Net cash and investments per share (pre-DTL) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Estimate of tax adjustment on net cash and investments per sh #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Flow Ratios & Assumptions Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16
1Q15 2Q15 3Q15 4Q15 2015 1Q16
Ratios
Share-based compensation to Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Excess tax benefits from equity awards as a percentage of sto #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Taxes paid related to equity awards as a percentage of stock #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Cash from Operations growth rate (YoY) #DIV/0!
Capex-to-Sales #DIV/0!
Capex growth rate (QoQ) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Multiple Valuation
P/E 3-month average (a)
P/E 3-month high
P/E 3-month low
P/E used for valuation
Net cash & investments per share #DIV/0!
Repatriation tax estimate per share #DIV/0!
Adjusted cash per share #DIV/0!
Implied P/E 12-month target value #VALUE!
NOTE: There are many different multiples which could be
applied to various earnings metrics, each of which result in
different valuations. This calculation is for demonstration
only. Please refer to the Terms of Use link for important
details. The DCF and Multiple valuation metrics are kept
constant at certain points during each quarter to isolate the
impact from changes in earnings estimates. The multiple in
this section was last updated on 5/30/2017.
(a) Multiples are calculated excluding the value of net cash
and are based on the 3-month average daily share price
compared to the consensus EPS estimates for the next twelve
month period. For Apple, we adjust the net cash per share to
approximate the tax implications of repatriating cash balances
that are held in foreign countries.
Discounted Cash Flow Valuation

WACC Inputs
Current share price
Shares outstanding -
Market Capitalization ($M) -
Beta (relative to the S&P500)
Constant market Sharpe ratio(b) 0.31
S&P500 implied volatility(c)
Equity market risk premium 0.0%
Risk Free (12 mo ave 10yr US-T)
Required return on equity (CAPM) 0.0%
Equity to total capital #DIV/0!
Average cost of debt #DIV/0!
Effective tax rate #DIV/0!
After tax cost of debt #DIV/0!
S1 Weighted Average Cost of Capital #DIV/0!
Constant Growth Stage Assumptions(d,e)
Revenue growth (in perpetuity)
Constant CFO growth rate
Ave CapEx (% of sales)
Stage 2 Long-Term WACC (f) #DIV/0!
DCF Valuation
PV of terminal value #DIV/0!
NPV of stage-one cash flows #DIV/0!
Plus cash/(debt) per share #DIV/0!
Implied DCF 12-month target value #DIV/0!
NOTE: There are many different methods to calculate a DCF-
based valuation, each of which result in different final
valuation estimates. This calculation is for demonstration
only. Different inputs and assumptions can result in
significantly different valuation estimates. Refer to the Terms
of Use link for important information regarding this
demonstration. The DCF and Multiple valuation metrics are
kept constant at certain points during each quarter to isolate
the impact from changes in earnings estimates. The Beta,
Volatility, and Risk-Free rate used in this DCF section was last
updated on 5/30/2017 .
(b) This model uses the Constant Sharpe approach to estimate

the Equity Risk Premium. The S&P500 Constant Sharpe is
calculated by taking the excess return on the index over the
risk-free rate, divided by the standard deviation of returns.
The Constant Sharpe ratio is multiplied by the estimate of
implied volatility.
(c) The VIX is quoted in percentage points and measures the

implied annualized volatility for the S&P500. The VIX is a
forward looking measure of implied volatility, however, single
day volatility would have too much of an impact on the
overall discount rate, for this reason the twelve month trailing
average is used.
(d) Assumes constant networking capital in the constant

growth stage.
(e) Assumes debt balance and interest expense remains
constant in the constant growth stage, and that book value of
debt approximates fair value.
(f) Stage two long-term WACC assumes the weight and cost of
debt remains constant, and cost of equity reaches long term
average based on an ERP of 6.0% and a required return on
equity of 13.9% based on a VIX of 19.5%, Beta of 1.25, Risk-
Free Rate of 6.4%, and Constant Sharpe of 0.31.
Risk Estimation Summary (g)
Mean monthly return 4%
Standard deviation 4%
Implied target value #VALUE!
Implied upper bound #VALUE!
Implied Lower bound #VALUE!
(g) There are many approaches to estimating a stock's risk. In
this demonstration we use the standard deviation and the
monthly average return over the last 12 months to construct
an estimated price target range. Standard deviation is a
measure of dispersion around the mean monthly return. The
larger the historic standard deviation the greater the volatility
in prices. Using a normal distribution, approximately 95% of
observations fall within 2 standard deviations of the mean.
This approach has multiple limitations including: 1) it assumes
that historic results can predict future return characteristics,
and 2) it assumes the stock's returns are normally distributed.
This analysis is for demonstration only, refer to full Terms of
Use at GutenbergResearch.com. The mean & standard
deviation in this section were last updated on 5/30/2017.
June-16 Sept-16 Dec-16 Dec-16 Mar-17 June-17 Sept-17 Dec-17 Dec-17 Mar-18
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E
- <Sales should link to the segment details beginning in row 36>
- #VALUE! - #VALUE! -
- - - - - - #VALUE! - #VALUE! -
- - - - - - #VALUE! - #VALUE! -
- - - - - - #VALUE! - #VALUE! -
- - #DIV/0! #DIV/0! #DIV/0!
- - #VALUE! #VALUE! #VALUE!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - - - #VALUE! #DIV/0! #VALUE! #DIV/0!
- #VALUE! #DIV/0! #VALUE! #DIV/0!
#DIV/0! - - #VALUE! -
#DIV/0! - - #VALUE! -
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0! #VALUE! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - - -
- - - - - - - -
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E
- - - - - - #VALUE! #VALUE! #VALUE! #VALUE!

- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #VALUE! #DIV/0! #DIV/0! #DIV/0!
- - - - -
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - -
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #VALUE! #VALUE! #VALUE! #VALUE!
- - - - - - #VALUE! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - - - #VALUE! #DIV/0! #DIV/0! #DIV/0!
- - - - -

- - - - -
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE!
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E

- -
- - - - - - - - - -
- -
- -
-
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- -
- -
- -
- - - - -
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - - - #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- -
- #DIV/0! #DIV/0! #DIV/0! #DIV/0!
- - - - -
- - - - - - - #VALUE! - #VALUE!
#DIV/0! #VALUE!
- 1
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0!
- - - 31,436 - - #VALUE! #VALUE! #VALUE! #VALUE!
#DIV/0! #VALUE!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #VALUE! #VALUE! #VALUE!
2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17E 4Q17E 2017E 1Q18E

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0!
2Q18E 3Q18E 4Q18E 2018E 1Q19E 2Q19E 3Q19E 4Q19E 2019E 1Q20E
ginning in row 36> - -
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - #DIV/0! - - - - #DIV/0! -
- - - #DIV/0! - - - - #DIV/0! -
#DIV/0! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
- - - - - - - -
- - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
#VALUE! - - - - - - - - -
#VALUE! - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -


#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- -
- - - - - - - - - -
- - - - - - - - - -
- -
- -
- -
#VALUE! #VALUE! - #VALUE! - - - - - -
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#VALUE! #VALUE! - #VALUE! - - - - - -
#DIV/0! #DIV/0!
2 3
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0!
#VALUE! #VALUE!

#DIV/0! #DIV/0!
June-20 Sept-20 Dec-20 Dec-20 Mar-21 June-21 Sept-21 Dec-21 Dec-21
2Q20E 3Q20E 4Q20E 2020E 1Q21E 2Q21E 3Q21E 4Q21E 2021E
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#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
- - - #DIV/0! - - - - #DIV/0!
- - - #DIV/0! - - - - #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
#DIV/0! #DIV/0!
- - - - - - -
- - - - - - -

- - - - - - - - -
- - - - - - - - -

- - - - - - - - -
- - - - - - - - -
- - - - - - - - -

- - - - - - - - -


#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!


- -
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#DIV/0! #DIV/0!
4 5
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE!
#VALUE! #VALUE!


#DIV/0! #DIV/0!
GR

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1 Blank Model Template

Uploaded by

Copyright:

Available Formats

By obtaining this model you are deemed to have read and

agreed to our Terms of Use. Visit our website for details:

Blue cells = Primary model estimates

<The segment section is company specific. Refer to the

Cash Flow Statement Mar-15 June-15 Sept-15 Dec-15 Dec-15 Mar-16

Cash flows from investing activities

Cash flows from financing activities

Discounted Cash Flow Valuation

(b) This model uses the Constant Sharpe approach to estimate

(c) The VIX is quoted in percentage points and measures the

(d) Assumes constant networking capital in the constant

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - #VALUE! #VALUE! #VALUE! #VALUE!

- #VALUE! #DIV/0! #DIV/0! #DIV/0!

- #VALUE! #VALUE! #VALUE! #VALUE!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - - #VALUE! #DIV/0! #VALUE! #DIV/0!

- #VALUE! #DIV/0! #VALUE! #DIV/0!

- #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

June-20 Sept-20 Dec-20 Dec-20 Mar-21 June-21 Sept-21 Dec-21 Dec-21

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

June-20 Sept-20 Dec-20 Dec-20 Mar-21 June-21 Sept-21 Dec-21 Dec-21

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

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