View Future GrowthThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsAS Baltika 過去の業績過去 基準チェック /26AS Baltikaは、平均年間31.1%の収益成長を遂げていますが、 Luxury業界の収益は、年間 成長しています。収益は、平均年間23.7% 34.7%収益成長率で 減少しています。 AS Baltikaの自己資本利益率は135.8%であり、純利益率は43%です。主要情報31.07%収益成長率57.88%EPS成長率Luxury 業界の成長7.70%収益成長率-34.70%株主資本利益率135.83%ネット・マージン42.96%次回の業績アップデート31 Aug 2023最近の業績更新Reported Earnings • Jun 02First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022)First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.お知らせ • Dec 24+ 2 more updatesAS Baltika to Report Fiscal Year 2022 Final Results on Apr 28, 2023AS Baltika announced that they will report fiscal year 2022 final results at 8:00 AM, E. Europe Standard Time on Apr 28, 2023お知らせ • Dec 23+ 1 more updateAS Baltika to Report Q1, 2023 Results on May 31, 2023AS Baltika announced that they will report Q1, 2023 results at 8:00 AM, E. Europe Standard Time on May 31, 2023Reported Earnings • Nov 05Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021)Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Reported Earnings • Jul 19Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021)Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.Reported Earnings • Apr 21First quarter 2022 earnings released: €0.025 loss per share (vs €0.031 loss in 1Q 2021)First quarter 2022 results: €0.025 loss per share (up from €0.031 loss in 1Q 2021). Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings.すべての更新を表示Recent updatesお知らせ • Jul 08AS Baltika to Delist from Stock ExchangeInvestors´ interest in connection with AS Baltika's merger and their plan to delist has been significant. Neither AS Baltika nor its main shareholder has considered it necessary to disclose additional information as a market announcement, which would help AS Baltika´s minority shareholders to form an opinion. AS Nasdaq Tallinn, as the organizer of the Regulated Market, plays an important role in ensuring a transparent trading environment as well as better investor communication. Therefore, Nasdaq Tallinn Stock Exchange considers it necessary to clarify the already disclosed information and to disclose the additional information provided by AS Baltika to Nasdaq Tallinn Stock Exchange, which may help the shareholders of AS Baltika to form their opinion, including preparing for the extraordinary general meeting of AS Baltika, to be held on July 27th, 2023, the agenda of which includes the approval of the merger agreements signed between AS Baltika and KJK BLTK Holding OÜ on June 26th, 2023, the takeover of the shares of minority shareholders and the process of delisting of AS Baltika shares.New Risk • Jun 29New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 20% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (93% accrual ratio). Market cap is less than US$10m (€4.76m market cap, or US$5.19m).Reported Earnings • Jun 02First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022)First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.お知らせ • Dec 24+ 2 more updatesAS Baltika to Report Fiscal Year 2022 Final Results on Apr 28, 2023AS Baltika announced that they will report fiscal year 2022 final results at 8:00 AM, E. Europe Standard Time on Apr 28, 2023お知らせ • Dec 23+ 1 more updateAS Baltika to Report Q1, 2023 Results on May 31, 2023AS Baltika announced that they will report Q1, 2023 results at 8:00 AM, E. Europe Standard Time on May 31, 2023Reported Earnings • Nov 05Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021)Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Reported Earnings • Jul 19Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021)Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.Buying Opportunity • May 26Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 13%. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making.Buying Opportunity • May 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.7%. The fair value is estimated to be €0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Apr 21First quarter 2022 earnings released: €0.025 loss per share (vs €0.031 loss in 1Q 2021)First quarter 2022 results: €0.025 loss per share (up from €0.031 loss in 1Q 2021). Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 01Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: €0.05 loss per share (down from €0.007 loss in FY 2020). Revenue: €11.8m (down 40% from FY 2020). Net loss: €2.90m (loss widened €2.52m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings.Reported Earnings • Oct 20Third quarter 2021 earnings released: €0.01 loss per share (vs €0.01 loss in 3Q 2020)The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: €3.82m (down 33% from 3Q 2020). Net loss: €392.0k (loss narrowed 24% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings.Reported Earnings • Jul 18Second quarter 2021 earnings released: EPS €0.001 (vs €0.073 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.21m (down 14% from 2Q 2020). Net income: €37.0k (down 99% from 2Q 2020). Profit margin: 1.2% (down from 107% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings.Executive Departure • Jun 10Member of Management Board & Group CFO Triinu Tarkin has left the companyDuring their tenure, the company went from making losses to turning a profit. On the 4th of June, Triinu Tarkin left the company after less than a year in the role. We don't have any record of a personal shareholding under Triinu's name. Triinu is the only executive to leave the company over the last 12 months.Reported Earnings • Apr 21First quarter 2021 earnings released: €0.031 loss per share (vs €0.048 loss in 1Q 2020)The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: €2.13m (down 65% from 1Q 2020). Net loss: €1.66m (loss narrowed 36% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 28Full year 2020 earnings released: €0.007 loss per share (vs €0.16 loss in FY 2019)The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €19.7m (down 50% from FY 2019). Net loss: €377.0k (loss narrowed 94% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings.収支内訳AS Baltika の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史BST:DN31 収益、費用、利益 ( )EUR Millions日付収益収益G+A経費研究開発費31 Mar 231048031 Dec 221039030 Sep 22938030 Jun 2211-49031 Mar 2212-29031 Dec 2112-39030 Sep 2113-313030 Jun 2115-311031 Mar 2116112031 Dec 2020015030 Sep 2026-214030 Jun 2030-219031 Mar 2037-722031 Dec 1940-622030 Sep 1942-725030 Jun 1943-626031 Mar 1944-626031 Dec 1845-526030 Sep 1845-123030 Jun 1846023031 Mar 1847023031 Dec 1747023030 Sep 1747023030 Jun 1747023031 Mar 1747023031 Dec 1647023030 Sep 1648023030 Jun 1648023031 Mar 1648-124031 Dec 1549-124030 Sep 1543-120030 Jun 1546021031 Mar 1547022031 Dec 1448023030 Sep 1455027030 Jun 1453027031 Mar 1452027031 Dec 1352027030 Sep 1353127030 Jun 1355128031 Mar 1355128031 Dec 1256129030 Sep 1256-2290質の高い収益: DN31 非現金収入 のレベルが高いです。利益率の向上: DN31過去に利益を上げました。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: DN31過去 5 年間で収益を上げており、収益は年間31.1%増加しています。成長の加速: DN31は昨年収益を上げたため、収益成長率を 5 年間の平均と比較することは困難です。収益対業界: DN31昨年収益を上げたため、昨年の収益成長をLuxury業界 ( 20% ) と比較することは困難です。株主資本利益率高いROE: DN31の 自己資本利益率 ( 135.83% ) は 抜群 ですが、負債レベルが高いためこの指標は歪んでいます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YConsumer-durables 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2023/08/19 22:14終値2023/08/16 00:00収益2023/03/31年間収益2022/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレークこのレポートを生成するために使用した分析モデルの詳細は、当社のGitHubページでご覧いただけます。また、レポートの活用方法に関するガイドやYouTubeのチュートリアルも用意しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋AS Baltika これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。1 アナリスト機関Anders WiklundEvli Bank plc
Reported Earnings • Jun 02First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022)First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
お知らせ • Dec 24+ 2 more updatesAS Baltika to Report Fiscal Year 2022 Final Results on Apr 28, 2023AS Baltika announced that they will report fiscal year 2022 final results at 8:00 AM, E. Europe Standard Time on Apr 28, 2023
お知らせ • Dec 23+ 1 more updateAS Baltika to Report Q1, 2023 Results on May 31, 2023AS Baltika announced that they will report Q1, 2023 results at 8:00 AM, E. Europe Standard Time on May 31, 2023
Reported Earnings • Nov 05Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021)Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Jul 19Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021)Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.
Reported Earnings • Apr 21First quarter 2022 earnings released: €0.025 loss per share (vs €0.031 loss in 1Q 2021)First quarter 2022 results: €0.025 loss per share (up from €0.031 loss in 1Q 2021). Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings.
お知らせ • Jul 08AS Baltika to Delist from Stock ExchangeInvestors´ interest in connection with AS Baltika's merger and their plan to delist has been significant. Neither AS Baltika nor its main shareholder has considered it necessary to disclose additional information as a market announcement, which would help AS Baltika´s minority shareholders to form an opinion. AS Nasdaq Tallinn, as the organizer of the Regulated Market, plays an important role in ensuring a transparent trading environment as well as better investor communication. Therefore, Nasdaq Tallinn Stock Exchange considers it necessary to clarify the already disclosed information and to disclose the additional information provided by AS Baltika to Nasdaq Tallinn Stock Exchange, which may help the shareholders of AS Baltika to form their opinion, including preparing for the extraordinary general meeting of AS Baltika, to be held on July 27th, 2023, the agenda of which includes the approval of the merger agreements signed between AS Baltika and KJK BLTK Holding OÜ on June 26th, 2023, the takeover of the shares of minority shareholders and the process of delisting of AS Baltika shares.
New Risk • Jun 29New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 20% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (93% accrual ratio). Market cap is less than US$10m (€4.76m market cap, or US$5.19m).
Reported Earnings • Jun 02First quarter 2023 earnings released: €0.01 loss per share (vs €0.025 loss in 1Q 2022)First quarter 2023 results: €0.01 loss per share (improved from €0.025 loss in 1Q 2022). Revenue: €2.16m (up 4.1% from 1Q 2022). Net loss: €641.0k (loss narrowed 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
お知らせ • Dec 24+ 2 more updatesAS Baltika to Report Fiscal Year 2022 Final Results on Apr 28, 2023AS Baltika announced that they will report fiscal year 2022 final results at 8:00 AM, E. Europe Standard Time on Apr 28, 2023
お知らせ • Dec 23+ 1 more updateAS Baltika to Report Q1, 2023 Results on May 31, 2023AS Baltika announced that they will report Q1, 2023 results at 8:00 AM, E. Europe Standard Time on May 31, 2023
Reported Earnings • Nov 05Third quarter 2022 earnings released: EPS: €0.12 (vs €0.007 loss in 3Q 2021)Third quarter 2022 results: EPS: €0.12 (up from €0.007 loss in 3Q 2021). Revenue: €2.43m (down 36% from 3Q 2021). Net income: €6.61m (up €7.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Jul 19Second quarter 2022 earnings released: €0.02 loss per share (vs €0.001 profit in 2Q 2021)Second quarter 2022 results: €0.02 loss per share (down from €0.001 profit in 2Q 2021). Revenue: €2.31m (down 28% from 2Q 2021). Net loss: €1.00m (down €1.04m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.
Buying Opportunity • May 26Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 13%. The fair value is estimated to be €0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making.
Buying Opportunity • May 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.7%. The fair value is estimated to be €0.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 48% over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Apr 21First quarter 2022 earnings released: €0.025 loss per share (vs €0.031 loss in 1Q 2021)First quarter 2022 results: €0.025 loss per share (up from €0.031 loss in 1Q 2021). Revenue: €2.08m (down 2.7% from 1Q 2021). Net loss: €1.35m (loss narrowed 19% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 01Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: €0.05 loss per share (down from €0.007 loss in FY 2020). Revenue: €11.8m (down 40% from FY 2020). Net loss: €2.90m (loss widened €2.52m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings.
Reported Earnings • Oct 20Third quarter 2021 earnings released: €0.01 loss per share (vs €0.01 loss in 3Q 2020)The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: €3.82m (down 33% from 3Q 2020). Net loss: €392.0k (loss narrowed 24% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings.
Reported Earnings • Jul 18Second quarter 2021 earnings released: EPS €0.001 (vs €0.073 in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.21m (down 14% from 2Q 2020). Net income: €37.0k (down 99% from 2Q 2020). Profit margin: 1.2% (down from 107% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings.
Executive Departure • Jun 10Member of Management Board & Group CFO Triinu Tarkin has left the companyDuring their tenure, the company went from making losses to turning a profit. On the 4th of June, Triinu Tarkin left the company after less than a year in the role. We don't have any record of a personal shareholding under Triinu's name. Triinu is the only executive to leave the company over the last 12 months.
Reported Earnings • Apr 21First quarter 2021 earnings released: €0.031 loss per share (vs €0.048 loss in 1Q 2020)The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: €2.13m (down 65% from 1Q 2020). Net loss: €1.66m (loss narrowed 36% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 28Full year 2020 earnings released: €0.007 loss per share (vs €0.16 loss in FY 2019)The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €19.7m (down 50% from FY 2019). Net loss: €377.0k (loss narrowed 94% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings.