Annuncio • Jun 30
Keshun Waterproof Technolgies Co.,Ltd. to Report First Half, 2026 Results on Aug 27, 2026 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report first half, 2026 results on Aug 27, 2026 Declared Dividend • May 21
Dividend reduced to CN¥0.06 Dividend of CN¥0.06 is 80% lower than last year. Ex-date: 26th May 2026 Payment date: 26th May 2026 Dividend yield will be 1.5%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 19% per year over the past 8 years. However, payments have been volatile during that time. Annuncio • Apr 24
Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 15, 2026 Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 15, 2026, at 14:30 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Annuncio • Mar 31
Keshun Waterproof Technolgies Co.,Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Annuncio • Dec 31
Keshun Waterproof Technolgies Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2026 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2026 Annuncio • Sep 30
Keshun Waterproof Technolgies Co.,Ltd. to Report Q3, 2025 Results on Oct 25, 2025 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report Q3, 2025 results on Oct 25, 2025 Annuncio • Aug 30
Keshun Waterproof Technolgies Co.,Ltd. Proposes Interim Cash Dividend for 2025 Keshun Waterproof Technolgies Co.,Ltd. will hold the 1st Extraordinary General Meeting on 15 September 2025, proposed 2025 interim profit distribution plan: Cash dividend/10 shares (tax included): CNY 0.50000000. Annuncio • Jul 02
Keshun Waterproof Technolgies Co.,Ltd. to Report First Half, 2025 Results on Aug 29, 2025 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report first half, 2025 results on Aug 29, 2025 Annuncio • May 22
Keshun Waterproof Technolgies Co.,Ltd. Approves Cash Dividend for 2024 Keshun Waterproof Technolgies Co.,Ltd. at its AGM, held on 16 May 2025, approved profit distribution proposal for 2024 Cash dividend of CNY 3.00000000 per 10 shares (tax included). Annuncio • Apr 25
Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 16, 2025 Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 16, 2025, at 14:00 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Annuncio • Mar 31
Keshun Waterproof Technolgies Co.,Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Annuncio • Dec 31
Keshun Waterproof Technolgies Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2025 Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: CN¥0.028 (vs CN¥0.02 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.028 (up from CN¥0.02 in 3Q 2023). Revenue: CN¥1.67b (down 13% from 3Q 2023). Net income: CN¥32.3m (up 51% from 3Q 2023). Profit margin: 1.9% (up from 1.1% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Annuncio • Oct 15
Keshun Waterproof Technolgies Co.,Ltd. Announces Interim Cash Dividend on A Shares for the Year 2024, Payable on 21 October 2024 Keshun Waterproof Technolgies Co.,Ltd. announced interim cash dividend of CNY 0.80 per 10 shares on A shares (tax included) for the year 2024. Record date: 18 October 2024, Ex-date: 21 October 2024 and Payment date: 21 October 2024. Annuncio • Sep 30
Keshun Waterproof Technolgies Co.,Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Buy Or Sell Opportunity • Sep 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to CN¥4.84. The fair value is estimated to be CN¥4.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 03
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Annuncio • Aug 29
Keshun Waterproof Technolgies Co.,Ltd. Announces the Profit Distribution Proposal for the First Half of 2024 Keshun Waterproof Technolgies Co.,Ltd. announced on 28 August 2024 the profit distribution proposal for the first half of 2024, an interim dividend (tax included) of CNY 8.0 per ten shares for the first half of 2024. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.033 (vs CN¥0.002 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.033 (up from CN¥0.002 in 2Q 2023). Revenue: CN¥1.99b (down 20% from 2Q 2023). Net income: CN¥41.1m (up CN¥38.6m from 2Q 2023). Profit margin: 2.1% (up from 0.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 31
Now 22% overvalued Over the last 90 days, the stock has fallen 3.3% to CN¥4.37. The fair value is estimated to be CN¥3.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jul 01
Now 25% overvalued Over the last 90 days, the stock has fallen 3.6% to CN¥4.53. The fair value is estimated to be CN¥3.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Annuncio • Jun 29
Keshun Waterproof Technolgies Co.,Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Annuncio • May 01
Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 21, 2024 Keshun Waterproof Technolgies Co.,Ltd., Annual General Meeting, May 21, 2024, at 14:00 China Standard Time. Location: The Company's Meeting Room, Foshan, Guangdong China Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CN¥0.05 (vs CN¥0.05 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.05 (in line with 1Q 2023). Revenue: CN¥1.49b (down 20% from 1Q 2023). Net income: CN¥52.7m (down 9.2% from 1Q 2023). Profit margin: 3.6% (up from 3.1% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Annuncio • Mar 30
Keshun Waterproof Technolgies Co.,Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Annuncio • Dec 30
Keshun Waterproof Technolgies Co.,Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2024 Keshun Waterproof Technolgies Co.,Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2024 New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings have declined by 2.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 2.5% per year over the past 5 years. Annuncio • Oct 28
Keshun Waterproof Technolgies Co.,Ltd. (SZSE:300737) announces an Equity Buyback for CNY 100 million worth of its shares. Keshun Waterproof Technolgies Co.,Ltd. (SZSE:300737) announces a share repurchase program. Under the program, the company will repurchase not more than CNY 100 million worth of its shares. The shares will be repurchased at a price not more than CNY 11 per share. The shares repurchased will be used for Equity incentives plan or shares for the Company’s convertible bonds. The program will be valid for not more than 12 months. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: CN¥0.018 (vs CN¥0.02 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.018 (down from CN¥0.02 in 3Q 2022). Revenue: CN¥1.90b (up 4.9% from 3Q 2022). Net income: CN¥21.4m (down 10.0% from 3Q 2022). Profit margin: 1.1% (down from 1.3% in 3Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Buying Opportunity • Sep 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be CN¥9.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.002 (vs CN¥0.12 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.002 (down from CN¥0.12 in 2Q 2022). Revenue: CN¥2.47b (up 2.7% from 2Q 2022). Net income: CN¥2.53m (down 98% from 2Q 2022). Profit margin: 0.1% (down from 6.0% in 2Q 2022). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Annuncio • Jun 13
Keshun Waterproof Technology Co.,Ltd. Announces Final Dividend on A Shares for the Year 2022, Payable on June 19, 2023 Keshun Waterproof Technology Co.,Ltd. announced final cash dividend/10 shares (tax included) of CNY 0.50000000 on A shares for the year 2022. Record date is June 16, 2023. Ex-date is May June 19, 2023. Payment date is June 19, 2023. Annuncio • May 19
Keshun Waterproof Technology Co.,Ltd. Approves Final Cash Dividend for the Year 2022 Keshun Waterproof Technology Co.,Ltd. held its Annual General Meeting of 2022 on 17 May 2023, approved final cash dividend of CNY 0.50000000 per 10 shares (tax included) for the year 2022. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CN¥0.05 (vs CN¥0.09 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.05 (down from CN¥0.09 in 1Q 2022). Revenue: CN¥1.87b (up 7.6% from 1Q 2022). Net income: CN¥58.1m (down 41% from 1Q 2022). Profit margin: 3.1% (down from 5.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CN¥12.00, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 9x in the Basic Materials industry in China. Total returns to shareholders of 30% over the past three years. Buying Opportunity • Dec 07
Now 21% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be CN¥17.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 7.8%. Revenue is forecast to grow by 50% in 2 years. Earnings is forecast to grow by 301% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Demin Zeng was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥9.58, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Basic Materials industry in China. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥17.56 per share. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CN¥0.02 (vs CN¥0.18 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.02 (down from CN¥0.18 in 3Q 2021). Revenue: CN¥1.82b (down 5.5% from 3Q 2021). Net income: CN¥23.7m (down 88% from 3Q 2021). Profit margin: 1.3% (down from 11% in 3Q 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.12 (vs CN¥0.26 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.12 (down from CN¥0.26 in 2Q 2021). Revenue: CN¥2.41b (up 4.6% from 2Q 2021). Net income: CN¥145.4m (down 52% from 2Q 2021). Profit margin: 6.0% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 39%, compared to a 19% growth forecast for the Basic Materials industry in China. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 24% per year. Buying Opportunity • Jul 05
Now 20% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be CN¥16.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 67% in 2 years. Earnings is forecast to grow by 157% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥12.16, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Basic Materials industry in China. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥15.89 per share. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: CN¥0.09 (vs CN¥0.15 in 1Q 2021) First quarter 2022 results: EPS: CN¥0.09 (down from CN¥0.15 in 1Q 2021). Revenue: CN¥1.73b (up 19% from 1Q 2021). Net income: CN¥99.0m (down 41% from 1Q 2021). Profit margin: 5.7% (down from 12% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 36%, compared to a 19% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Deputy GM & Director Xingyu Gong was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥11.55, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 8x in the Basic Materials industry in China. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥16.68, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 6x in the Basic Materials industry in China. Total returns to shareholders of 265% over the past three years. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥14.23, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Basic Materials industry in China. Total returns to shareholders of 9.5% over the past year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS CN¥0.18 (vs CN¥0.27 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥1.92b (up 15% from 3Q 2020). Net income: CN¥203.2m (down 29% from 3Q 2020). Profit margin: 11% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥15.72, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Basic Materials industry in China. Total returns to shareholders of 7.3% over the past year. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS CN¥0.26 (vs CN¥0.24 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: CN¥2.30b (up 24% from 2Q 2020). Net income: CN¥304.7m (up 17% from 2Q 2020). Profit margin: 13% (in line with 2Q 2020). Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥34.12, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 7x in the Basic Materials industry in China. Total returns to shareholders of 69% over the past year. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS CN¥0.27 (vs CN¥0.05 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CN¥1.46b (up 81% from 1Q 2020). Net income: CN¥165.5m (up 463% from 1Q 2020). Profit margin: 11% (up from 3.6% in 1Q 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 01
New 90-day high: CN¥26.67 The company is up 18% from its price of CN¥22.61 on 04 November 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥4.28 per share. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥24.11, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 18.4x. This compares to an average P/E of 16x in the Basic Materials industry in China. Total returns to shareholders over the past year are 90%. Is New 90 Day High Low • Jan 14
New 90-day high: CN¥24.76 The company is up 18% from its price of CN¥20.99 on 16 October 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥4.06 per share. Is New 90 Day High Low • Nov 26
New 90-day low: CN¥20.90 The company is down 28% from its price of CN¥29.05 on 28 August 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥2.92 per share. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥668.5m, up 128% from the prior year. Total revenue was CN¥5.66b over the last 12 months, up 28% from the prior year. Valuation Update With 7 Day Price Move • Oct 21
Market pulls back on stock over the past week After last week's 18% share price decline to CN¥21.16, the stock is trading at a trailing P/E ratio of 25.7x, down from the previous P/E ratio of 31.2x. This compares to an average P/E of 17x in the Basic Materials industry in China. Total returns to shareholders over the past year are 102%. Is New 90 Day High Low • Oct 16
New 90-day low: CN¥20.99 The company is down 15% from its price of CN¥24.70 on 17 July 2020. The Chinese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CN¥2.80 per share.